Anhui Conch Cement Company (914) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB82,532 million, down 9.33% year-over-year, while net profit attributable to equity shareholders rose 5.12% to RMB8,464 million.

• Earnings per share increased to RMB1.60, up RMB0.07 from 2024.

• Operational resilience was demonstrated through cost reduction, efficiency improvements, and expansion in both domestic and overseas markets.

• Major projects included acquisitions, new production lines, and expansion in aggregates, concrete, and green energy.

Financial highlights

• Gross profit margin for self-produced products increased by 2.95 percentage points to 27.76%.

• Operating profit rose 5.09% to RMB10,208 million; profit before tax up 3.90% to RMB10,420 million.

• Net cash flow from operating activities was RMB16,644 million, down 9.92% year-over-year.

• Total assets reached RMB256,001 million, up 0.54%; total liabilities decreased 3.64% to RMB52,285 million.

• Final dividend proposed at RMB0.61 per share, with total 2025 dividends at RMB4,486 million, 55.29% payout ratio.

Outlook and guidance

• 2026 marks the start of the 15th Five-Year Plan, with government policies expected to support cement demand via infrastructure and urban renewal.

• No new cement/clinker capacity allowed; focus on capacity regulation and green transformation.

• Target sales volume for 2026 is 260 million tonnes of self-produced cement and clinker; cost per tonne expected to remain stable.

• Planned capital expenditure for 2026 is RMB11,820 million, mainly for core business and green initiatives.