TSC(SZ:000877) Zheng Quan Shi Bao Wang·2025-10-23 12:09Core Viewpoint - Tianshan Co., Ltd. reported a narrowing net loss of 1.18 billion yuan for Q3 2025, despite weak market demand and a challenging industry environment, attributed to effective cost control and a focus on green transformation [1][2]. Group 1: Financial Performance - As of the end of Q3 2025, the company achieved operating revenue of 54.938 billion yuan, with a net profit loss reduced by 68.50% year-on-year [1]. - The company's cash flow from operating activities was 4.869 billion yuan, with a weighted average return on equity of -1.44% [2]. - The gross profit margin for the first three quarters was 17.6%, with a quarterly net profit showing year-on-year growth [2]. Group 2: Cost Management and Efficiency - The company implemented a "Three Precision Management" model to enhance cost efficiency and operational effectiveness amid a declining market [2]. - Measures included centralized procurement, direct sourcing, and online platform purchasing, leading to reduced costs in cement and concrete production [2]. - The company focused on optimizing production processes and reducing energy consumption through technical improvements [2]. Group 3: Green Transformation Initiatives - Tianshan Co., Ltd. integrated green development and technological innovation into its operations, aiming to become a benchmark for sustainability in the cement industry [3]. - The company is advancing energy transition, product innovation, and carbon capture technologies, aligning with national policies for green transformation [3]. - The goal is to minimize environmental impact while achieving economic benefits, contributing to the sustainable development of the industry [3]. Group 4: Industry Context and Opportunities - The cement industry is currently in a deep adjustment phase, with a 5.2% year-on-year decline in national cement production from January to September 2025 [4]. - Despite the industry's challenges, structural opportunities are emerging in the infrastructure sector, supported by government policies aimed at stabilizing growth [4]. - Increased funding and the commencement of major projects in various regions are expected to accelerate construction activities in the fourth quarter [4]. Group 5: Market Outlook - Analysts predict that cement prices may rise due to seasonal production adjustments and marginal improvements in demand [5]. - The ongoing optimization of industry supply is expected to alleviate supply-demand imbalances, potentially restoring profitability for leading regional enterprises [5].