Huaxin Cement (600801) Q4 2025 earnings summary

Executive summary

• Achieved significant global expansion, completing major overseas acquisitions in Nigeria and Brazil, making overseas capacity the largest among Chinese cement companies and boosting international revenue and profit contributions.

• Domestic business maintained industry leadership in aggregates and improved cash flow in concrete operations, shifting from scale to quality growth.

• 2025 saw a 108% increase in market capitalization, with robust improvements in financial fundamentals and operating cash flow.

Financial highlights

• Revenue reached ¥35.35 billion, up 3.31% year-over-year; net profit attributable to shareholders was ¥2.85 billion, up 18.09%.

• Operating cash flow was ¥6.69 billion, up 11.99% year-over-year.

• Basic EPS was ¥1.37, up 18.10% year-over-year; ROE was 9.05%.

• Gross margin improved to 30.22%, up 5.53 percentage points year-over-year.

• Overseas revenue grew 48% to ¥11.8 billion, with overseas net profit up over 50%.

Outlook and guidance

• 2026 revenue is expected to exceed ¥40 billion, with global cement and clinker sales targeted at 67 million tons and aggregate sales at 190 million tons.

• Planned capital expenditure of over ¥15 billion, focusing on overseas capacity upgrades and M&A.

• Asset-liability ratio expected to remain around 54%.