Asia Cement China (743) Q4 2025 earnings summary

Executive summary

• Revenue declined 13% year-over-year to RMB5,109 million due to lower sales volume and average selling prices.

• Net profit rebounded to RMB89 million from a loss of RMB263 million in 2024, driven by lower coal costs and improved gross margin.

• Gross profit margin increased to 14% from 10% year-over-year.

• The Group launched clinker export business in 2025 to offset domestic market weakness.

Financial highlights

• Revenue: RMB5,109 million (down 13% year-over-year).

• Gross profit: RMB700 million (up from RMB593 million in 2024).

• Net profit: RMB89 million (vs. net loss of RMB263 million in 2024).

• Basic EPS: RMB0.055 (vs. loss per share RMB0.168 in 2024).

• Total assets: RMB19,802 million (up 1% year-over-year).

• Net assets: RMB16,965 million (up 1% year-over-year).

Outlook and guidance

• 2026 cement demand expected to remain weak but decline will slow; infrastructure investment to partially offset real estate drag.

• Cement prices likely to remain volatile at low levels; sales volume expected to slightly decrease in 2026.

• Group to focus on efficiency, quality, service, environmental protection, and overseas market expansion.