China National Building Material Company (3323) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB81.48 billion, down 2.2% year-over-year, with a net loss attributable to equity holders of RMB829 million versus a profit of RMB1.36 billion in H1 2025, reflecting challenging market conditions and margin pressures.

• Basic loss per share was RMB0.109, compared to earnings per share of RMB0.172 last year.

• No interim dividend was declared for H1 2026; final dividend for FY2025 was RMB0.15 per share.

• The company continued to invest in innovation, digital transformation, and green initiatives, with notable progress in high-value new materials and ESG leadership.

Financial highlights

• Gross profit fell 17.3% year-over-year to RMB13.22 billion; gross margin contracted due to lower selling prices and higher costs.

• EBITDA dropped 24.2% to RMB11.62 billion; adjusted EBITDA for reportable segments was RMB11.07 billion.

• Net assets per share remained stable at RMB12.20; net assets stood at RMB181.34 billion as of 30 June 2026.

• Net debt ratio rose to 99.7% from 90.8% at year-end 2025; net current liabilities were RMB39.59 billion.

• Cash flow from operations was negative RMB2.21 billion, a reversal from positive RMB2.38 billion in H1 2025.

Outlook and guidance

• The company expects continued global economic uncertainty and weak domestic demand but sees opportunities in green, digital, and high-growth new materials.

• Strategic focus will be on quality and efficiency, industrial upgrading, international expansion, value creation, and ESG advancement.

• High-growth new materials segments are expected to sustain upward momentum.