According to incomplete statistics, at present, there are more than 30 listed companies developing mixed business in a shares, Hong Kong shares and Taiwan shares. Among them, there are 7 companies with mixed business as their main business. In 2025, there were 26 listed companies with specific mixed business income disclosed in the annual report, while Qingsong Jianhua, China Nengjian, Yatai Group, Fujian Cement, Anhui Construction and other enterprises did not disclose the mixed business income data. With regard to the sales volume, selling price, gross profit margin and payment collection performance of the listed companies in 2025, the detailed analysis is as follows:
I. More than 80% of the enterprises' commercial mixed revenue declined, and the total revenue maintained a double-digit decline
. In 2025, 26 listed companies achieved a total commercial mixed revenue of 77.926 billion yuan. The year-on-year decrease was 10.04%, and the decline was about 2.83 percentage points narrower than that in 2024.
From the perspective of total income, CNBM achieved a commercial mixed income of 21.681 billion yuan in 2025, which is still the listed company with the largest scale of commercial mixed business; the second to fifth places of commercial mixed income are Western Construction, Shanghai Construction Engineering, Huaxin Building Materials and Huarun Building Materials Technology, and the ranking remains unchanged. The top five listed companies achieved a total commercial mixed income of 61.627 billion yuan, accounting for 79.08% of the total commercial mixed income of 26 listed companies, a decrease of about 1.54 percentage points compared with 2024. Finally, the annual mixed revenue of Tapai Group, Tailin Kejian, Asia Cement, Leizhi Group and Xinwei International is between 0.99 billion yuan and 144 million yuan, ranking in the bottom five.
From the perspective of income growth, in 2025, 21 listed companies'mixed business income decreased year-on-year, with a decline of more than 30% for Shanshui Cement (-37.30%), Sansheng Shares (-37.13%) and Yonggu Group (-30.28%). The mixed revenue of the remaining 18 listed companies fell between 4.15% and 29.01% year on year.
At the same time, 5 listed companies achieved year-on-year growth in commercial mixed revenue. Among them, the largest increase was in Yunnan Jiantou Concrete, with a year-on-year increase of 69.00% in commercial mixing income; followed by Tailin Kejian, Conch Cement and BBMG Group, with a year-on-year increase of 57.27%, 20.04% and 17.24% in commercial mixing income respectively; the increase in commercial mixing income of China Resources Building Materials Technology was slightly smaller, with a year-on-year increase of 5.40%.
Table 1: Commercial Mixed Income of 26 Listed Companies in 2023-2025 (Unit: 100 million yuan,%)
Data Source: Cement Big Data (https://data.ccement.com/)
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