Asia Cement China (743) Q3 2026 earnings summary

Executive summary

• 9M 2026 attributable net loss of RMB300.854m, versus attributable profit of RMB146.272m in 9M 2025.

• Performance reflected lower revenue and gross profit amid weak cement demand, price pressure and high coal costs.

Financial highlights

• Revenue was RMB3,329.248m versus RMB3,731.711m in 9M 2025; gross profit was RMB133.889m versus RMB563.931m.

• Operating expenses included selling and distribution costs of RMB302.698m, up from RMB258.673m, and administrative expenses of RMB209.970m versus RMB212.680m.

• Loss before tax was RMB273.671m, compared with profit before tax of RMB213.523m; net loss was RMB309.147m versus net profit of RMB149.773m.

• Net cash from operating activities was RMB232.953m versus RMB423.121m; investing activities used RMB113.360m versus RMB694.665m.

Outlook and guidance

• Q4 cement prices are expected to rise amid volatility, supported by infrastructure investment, year-end construction, staggered peak production and high coal prices; demand-side improvement remains limited.

• Target is quarter-on-quarter operating performance improvement in Q4 through end-user and major-project sales, cost controls and transport and storage synergies.

• Full-year cement prices are expected to remain significantly below the prior year despite the September rebound; regional recovery and price increases will vary.