Huaibei GreenGold Industry Investment (2450) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 14.9% YoY to RMB127.3m as aggregate volumes increased; net loss narrowed 69.3% to RMB3.4m and attributable loss narrowed 63.7% to RMB2.8m.

• Higher aggregate sales supported recovery despite lower prices and a difficult construction market; no interim dividend was declared.

Financial highlights

• Revenue was RMB127.301m vs RMB110.752m YoY; gross profit was RMB51.514m vs RMB40.403m.

• Operating profit rose to RMB32.573m from RMB25.426m; finance costs fell to RMB33.481m from RMB35.164m, leaving a pre-tax loss of RMB0.908m vs RMB9.738m.

• Consolidated loss was RMB3.423m vs RMB11.147m; loss attributable to shareholders was RMB2.788m vs RMB7.678m.

• Aggregate and other product revenue rose 44.5% to RMB127.2m; ready-mixed concrete and cement-stabilised macadam sales were nil.

Outlook and guidance

• 2025 aggregate output is expected to reach 6m tonnes following Phase II commissioning, with annual production planned to rise gradually thereafter.

• Infrastructure construction in Huaibei and surrounding areas is expected to support demand; priorities include customer development, capacity use and operating efficiency.

• Gaoloushan Phase II has annual capacity of 8m tonnes; estimated reserves are 164m tonnes and mine life is 16 years.