When the whole industry is trapped in the cold winter, some people have climbed over the wall. In the first half
of 2026, the cement industry was still wintering-demand continued to decline, prices bottomed out at a ten-year low, and industry profits in some regions dropped from a peak of 186.7 billion yuan in 2019 to about 26 billion yuan in 2025, with capacity utilization of only about 50%. In the
performance forecast, the loss has become the main theme. Tianshan Stock is expected to have a net loss of 2.8 billion yuan to 3.36 billion yuan in the first half of 2026; Jinyu Jidong is expected to have a net loss of 900 million yuan to 980 million yuan in the first half of 2026; Fujian Cement is expected to have a net loss of about 69.21 million yuan..
However, in such an ice cellar, the two cement companies handed over their report cards, which showed that the net profit of Shangfeng Material increased by 426% to 467% year on year. The net profit of Huaxin Building Materials increased by 51.4% year-on-year to 61. They have only one thing in common: while their peers are struggling in the domestic market, they have already found a new way-one has stepped out of the industry, the other has stepped out of the country, and now they are all in the harvest period. On the evening
of July 13, Shangfeng Materials issued a semi-annual report performance forecast: the net profit attributable to the parent company was 1.3 billion to 1.4 billion yuan, an increase of 426.59% to 467. In the cement market, this figure can be called "burst".
However, more than 80% of the profits come from semiconductor equity investment , which recognizes the fair value change income through the underlying equity such as Shenghe Jingwei held by the fund. Increase the net profit by about 11.
And the main business of cement? Between 500 million and 1. One increase and one decrease, Shangfeng Material has found the second growth curve with "cross-border investment".
Huaxin Building Materials: Go out, profits will come back
. Huaxin Building Materials, which is also soaring against the trend, is taking another road-going to sea. And this road has been going for more than ten years.
In the first half of the year, Huaxin Building Materials is expected to have a net profit of 1.62 billion to 1.73 billion yuan, an increase of 550 million to 660 million yuan over the same period of last year. The key statement in the announcement was that all overseas businesses showed steady growth and efficient operation. "All" and "all"-this is not the accidental brilliance of one or two projects, but the systematic growth of the whole overseas sector.
By the end of 2025, the overseas clinker production capacity of Huaxin Building Materials reached 2659. From Tajikistan to Cambodia, from Uzbekistan to Tanzania, the overseas chess game was sown ten years ago. Now it has entered the stage of full harvest- the overseas market " has stabilized the basic market at home and supported the growth pole overseas. When the peer is still in the domestic "volume and volume can not move, retreat and retreat", Huaxin Building Materials used the strategic vision of more than ten years ago, in exchange for today's profit growth against the trend. This is not the breakthrough of this year, but the realization of ten years of sharpening a sword.
, the peak material has chosen the" upward transition "-to enter the semiconductor industry chain with equity investment. Leverage the profit increment far exceeding the main business.
Huaxin Building Materials has chosen to "break through outward"-to expand its production capacity along the Belt and Road in ten years, and the high price difference and high utilization rate in overseas markets have become the biggest bottom card for profit growth against the trend.
These two cases just show that it is better to take the initiative to change and open up the second growth curve as soon as possible than to wait for the recovery in the main business.The sooner we go out and step out, the more likely we are to see a new way out. In the cold winter of cement, the one who can really rise against the trend is never the one who can "roll" the most, but the one who is the first to "change".
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