Xiamen Wanli Stone Stock (SZ:002785) Chan Ye Xin Xi Wang·2025-06-03 01:10Overview - The granite block industry is a significant traditional sector in China, experiencing rapid growth due to urbanization and increased demand in infrastructure, real estate, and landscaping. However, recent years have seen a decline in demand due to slowing investment in infrastructure, with projected demand in 2024 dropping to 33.22 million cubic meters and a market size of approximately 32.89 billion yuan, where black granite accounts for 22.4% and other colors for 77.6% [1][10]. Market Policy - A series of policies have been implemented in China to enhance the quality and safety standards in the granite block industry, including guidelines for geological exploration, carbon peak action plans, and regulations on mineral resource management. These policies aim to phase out non-compliant companies and promote high-quality development in the granite block sector [4]. Industry Chain - The upstream of the granite block industry includes mineral exploration, mining machinery, and civil blasting, which are essential for assessing and extracting granite resources. The downstream market encompasses applications in construction, decoration, and landscaping [6]. Market Demand - The construction and decoration sector is the largest consumer of granite blocks, accounting for over 50% of the market. The demand is significantly influenced by the performance of the construction industry, with the value added in construction projected at 89,949 billion yuan in 2024, reflecting a growth of 3.8%, while real estate investment is expected to decline by 10.6% [8]. Competitive Landscape - The granite block industry in China is characterized by a fragmented market with many small to medium-sized enterprises. Over 70% of companies have registered capital below 1 million yuan, while those with over 50 million yuan account for less than 3%. Major players include Tengchong Shangyuan Stone Industry Co., Ltd., Dongguan Dongcheng Stone Co., Ltd., and Xiamen Wanli Stone Co., Ltd. [12]. Company Profiles - Xiamen Wanli Stone Co., Ltd. operates three owned mines and seven modern processing plants, with an annual production capacity of 100,000 cubic meters of blocks and 3 million square meters of slabs. The company reported a total revenue of 1.277 billion yuan in 2024, with stone processing contributing 86.69% of this revenue [13]. - Tengchong Shangyuan Stone Industry Co., Ltd. focuses on developing unique stones in Yunnan and surrounding areas, including various types of granite and volcanic stones. The company is involved in mining investment and production, offering a range of stone products and specialized surface finishes [16]. Development Trends - The demand for high-end and personalized granite products is expected to grow, particularly in luxury residential and commercial projects. The industry is also shifting towards green and sustainable practices, with investments in energy-efficient technologies and eco-friendly materials to minimize environmental impact [18].