Comprehensive review: In 2025, Huaxin Building Materials will achieve an operating income of 35.348 billion yuan, with a year-on-year increase of 3.31%; the net profit attributable to shareholders of listed companies will be 2.853 billion yuan, with a year-on-year increase of 18.09%; Net profit attributable to the parent company after deducting non-recurring profit and loss amounted to RMB2.694 billion, representing a significant increase of 50% as compared with the same period of last year. During this period, the Company's main cement business achieved cost reduction and efficiency enhancement, and its profitability was significantly improved, making a major contribution to profit growth. At the same time, the company has completed the acquisition of Lafarge Africa and Brazil Embu Aggregate Project, and the overseas cement business capacity has leaped to the first place in the country, and the overseas high-margin business will continue to bring performance growth space in the future.
Figures 1 and 2: Revenue and net profit attributable to parent company of Huaxin Cement in 2025 (Unit: 100 million yuan,%)
Data source: Cement big data (https://data.ccement.com/)
The volume and price of cement business increased simultaneously. Significant improvement
in profitability In 2025, the domestic cement industry as a whole was under pressure, with the national cement output of 1.693 billion tons, representing a year-on-year decrease of 6. Against this background, Huaxin Building Materials achieved a sales volume of 61.96 million tons of cement and clinker, representing a year-on-year increase of 2. Among them, the domestic sales volume of cement and clinker was 41.65 million tons, representing a year-on-year decrease of 5.5%. Overseas sales of cement and clinker totaled 20.3 million tons, with a year-on-year growth rate of 25.
During the reporting period, the unit selling price of Huaxin Building Materials' cement business was approximately RMB353 per ton, representing an increase of approximately 11.7% as compared to 2024 (approximately RMB316 per ton); The unit cost is about 235 yuan/ton, which is about 2.7% lower than that in 2024 (about 241 yuan/ton); The unit gross profit of cement business is about 119 yuan/ton, which is about 57% higher than that in 2024 (about 75 yuan/ton). This improvement is due to the overall average price increase brought about by the completion of mergers and acquisitions in overseas high-priced markets, as well as the decrease in fuel costs-the total cost of fuel and power is 6.447 billion yuan.
Benefiting from the improvement in volume and price and cost control, the gross profit margin of the cement business increased significantly from 23.75% in 2024 to 33.57%, representing an increase of about 9. The gross profit of the cement and clinker business in 2025 was RMB6.965 billion, representing a year-on-year increase of over 50%.
Table 1: Sales data of unit products of Huaxin Cement in 2025 (unit: yuan/ton, yuan/m3,%)
Source: Cement Big Data (https://data.ccement.com/)
For aggregate business, In 2025, the aggregate output reached 219 million tons, with a year-on-year increase of 5.15%, and the external sales volume was 161 million tons, with a year-on-year increase of 12. From the perspective of efficiency, affected by the loose supply and demand of the domestic aggregate market and price pressure, the average aggregate sales price during the reporting period was about 34.12 yuan/ton, with a year-on-year decrease of 13.4%, and the gross profit rate was about 43.01%. Although the unit output benefit of aggregate business has weakened, it is still the business sector with the highest gross profit margin of the company, with a gross profit of 2.358 billion yuan, accounting for 22% of the total gross profit.
In terms of concrete business, due to the continued weakness of the domestic real estate market, the sales volume dropped to 28.32 million square meters in 2025. During this period, the average sales price of concrete was about 253.62 yuan per square meter, down about 4. Although the decline in the sales volume and price of concrete led to the shrinkage of the revenue of the business sector, through strengthening cost control, the gross profit rate of the business did not fall but rose, and the unit gross profit was restored to 39.20 yuan per square meter, an increase of 23.22% compared with 2024. Gross profit margin increased from 12.02% to 15.46%, representing a year-on-year increase of approximately 3. Concrete business achieved a positive growth in EBITDA year-on-year, and the net operating cash flow turned positive historically, indicating the continuous improvement in the operating quality of the segment.
Figures 3 and 4: Gross profit margin and gross profit of each business segment of Huaxin Cement in 2025 (Unit: RMB100 million,%)
Source: Cement Big Data (https://data.ccement. During the reporting period, the Company made comprehensive breakthroughs in its overseas strategy. It has completed the equity acquisition of Nigeria Lafarge Africa Company, making the annual production capacity of cement grinding in overseas operation and under construction of Huaxin Building Materials exceed 40 million tons, and the annual production capacity of clinker in operation reaches more than 26 million tons, making it the largest Chinese enterprise in overseas cement and clinker production capacity. At the same time, Huaxin Building Materials also completed the acquisition of Brazil's Embu Aggregate Project, adding 8.8 million tons of aggregate production capacity per year in the Americas.
In 2025, the overseas business revenue of Huaxin Cement reached 11.804 billion yuan, an increase of 46.76% over the previous year, accounting for 33.39% of the total revenue, an increase of about 9% over 2024. Among them, the overseas cement and clinker sales increased by more than 25% over the previous year, which is the main component of the overseas business revenue.
Figure 5: Revenue Scale and Proportion of Huaxin Cement's Overseas Business in 2025 (Unit: 100 million yuan,%)
Data Source: Cement Big Data (https://data.ccement.com/)
From the perspective of profitability, During the reporting period, the gross profit rate of overseas business of Huaxin Building Materials reached 41.9%, which was about 8.8 percentage points higher than that in 2024. Compared with the overall gross profit rate of the company (30.2025), the total gross profit of overseas business of Huaxin Building Materials was 4.95 billion yuan, accounting for 46% of the total gross profit. After the consolidation of African assets in Nigeria, Lafarge contributed 430 million yuan to the company's net profit in that year, and Brazil's Enbu Aggregate Project realized a net profit of 0.6 billion yuan in that year.
Figure 6: Proportion of gross profit of Huaxin Cement by region in 2025 (Unit:%)
Data source: Cement Big Data (https://data.ccement.
Market outlook: Cost reduction in domestic business is still the key.
In 2026, although the policy side strengthened the control of capacity compliance, considering the downward pressure of demand, it is still difficult for the domestic cement industry to achieve a balance between supply and demand, and market competition is still the main theme of the industry. Huaxin Building Materials put forward the concept of extreme cost reduction in order to achieve the cost reduction of the whole chain. Whether the target of cost reduction can be effectively implemented will be the key to the profitability of Huaxin Building Materials' domestic business.
Overseas, Huaxin Building Materials plans to achieve 27 million tons of cement sales in the whole year (an increase of more than 30% compared with 2025), with EBITDA contribution exceeding 7 billion yuan. Huaxin Building Material's overseas business countries (especially in Africa) have great potential for demand growth, coupled with the gradual implementation of newly acquired capacity expansion and upgrading projects, the release of production and sales is expected to be relatively smooth, which will continue to bring incremental performance to the company.
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