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Cement companies' half-year reports under pressure; overseas business becomes breakout lever
In the first half of 2026, domestic cement industry performance generally declined, and overseas business became a breakout lever for a few companies. Tapai Group, which has disclosed its half-year report, posted operating revenue of 1.742 billion yuan, down 15.3 percent year on year, and net profit attributable to the parent of 219 million yuan, down 49.6 percent year on year. Qingsong Jianhua posted operating revenue of 1.574 billion yuan, down 11.05 percent year on year, and net profit attributable to the parent of 124 million yuan, up 13.19 percent year on year. Huaxin Cement expects first-half net profit attributable to the parent of 1.65 billion to 1.76 billion yuan, up 50 to 60 percent year on year, mainly benefiting from high prosperity in overseas markets such as Africa and Central Asia. Analysts pointed out that the current price increases are mainly forced by high coal prices and large-scale industry losses, demand has not yet substantially recovered, room for cement price rebounds in the second half of the year is limited, and the foundation for industry profit recovery is fragile.