HUAXIN BUILDING MATERIALS GROUP(SH:600801) 光大证券研究·2025-09-11 23:06Core Viewpoint - The company reported a mixed performance in its cement and concrete businesses for the first half of 2025, with notable growth in overseas markets despite a slight decline in domestic revenue [4][5][6]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 16 billion yuan, a year-on-year decrease of 1%, while net profit attributable to shareholders increased by 51% to 1.1 billion yuan [4]. - In Q2 2025, the company reported revenue of 8.9 billion yuan, a decrease of 3% year-on-year, but net profit rose by 57% to 870 million yuan [4]. Group 2: Cement Business - The cement business generated revenue of 9.15 billion yuan in H1 2025, reflecting a 6% increase year-on-year, with domestic revenue slightly declining by 1% to 5.02 billion yuan and overseas revenue growing by 15% to 4.13 billion yuan [5]. - The average selling price of cement increased by 26 yuan per ton to 330 yuan, while costs decreased by 9.4 yuan per ton to 232 yuan, resulting in a gross margin improvement to 30%, up by 9 percentage points [5]. Group 3: Concrete and Aggregate Business - The aggregate business reported revenue of 2.76 billion yuan in H1 2025, down 7% year-on-year, with sales volume increasing by 6% to 76.05 million tons [6]. - The concrete business saw revenue decline by 12% to 3.46 billion yuan, with sales volume down 10% to 13.25 million cubic meters [6]. Group 4: Overseas Business - The company's overseas operations showed strong growth, with revenue from Africa reaching 2.1 billion yuan (up 22% year-on-year) and from Asia at 2.2 billion yuan (up 12%) [7]. - The company has entered the Americas market, generating 160 million yuan in revenue, and has established production bases in 12 countries, with an overseas cement production capacity of 24.7 million tons per year [7][8].