China National Building Material Company (3323) Q1 2025 earnings summary

Executive summary

• For Q1 2025, China National Building Material Company Limited reported consolidated operating revenue of RMB36.64 billion, a slight decrease from RMB37.02 billion year-over-year.

• Net profit attributable to owners was RMB101.62 million, a significant turnaround from a net loss of RMB922.27 million in Q1 2024.

• Operating profit improved to RMB475.19 million from a loss of RMB740.05 million in the prior year period.

Financial highlights

• Total assets increased to RMB504.98 billion as of 31 March 2025, up from RMB493.97 billion at year-end 2024.

• Total liabilities rose to RMB312.86 billion from RMB299.44 billion sequentially.

• Net cash flows from operating activities were negative RMB5.05 billion, an improvement from negative RMB5.99 billion year-over-year.

• Net cash flows from financing activities increased to RMB8.30 billion from RMB11.29 billion in Q1 2024.

Capital allocation and financing

• Issued RMB2 billion in super short-term commercial paper in January 2025 at a 1.67% coupon, 260-day maturity.

• Issued two tranches of corporate bonds in January 2025: RMB1 billion (Type I, 3 years, 1.74%) and RMB1 billion (Type II, 5 years, 1.87%).

• Issued two tranches of renewable corporate bonds in February and April 2025, totaling RMB4.6 billion, with options to extend or redeem at 1.99%-2.13% coupon rates.

• Total current liabilities increased to RMB184.93 billion from RMB175.71 billion at year-end 2024.