Shenzhen Stock Exchange's first performance meeting held; China National Building Material Group signals strong transformation momentum

Securities Times reporter Wu Shaolong

Recently, the first collective performance briefing session of SZSE for 2025, themed “Build Foundational Strength and Brave Responsibility · Strengthen Hard Support for the Real Economy,” was held in the Listing Hall of the Shenzhen Stock Exchange. Listed companies under China National Building Materials Group, including Tianshan Co., Beixin Building Materials, Sinoma Technology, Rui Tai Technology, and others, made a concentrated appearance. Company management directly faced key market concerns such as adjustments to industry cycles and pressure on traditional demand, and answered questions from investors.

Against the backdrop of the deep adjustment of China’s domestic real-estate supply chain and the ongoing pressure on demand in the traditional building materials market, the building materials industry is undergoing a crucial transformation from scale expansion to quality improvement and from price competition to value competition. As a leading company in the building materials sector, the listed companies of the CNBM-related group have demonstrated strong resilience that enables them to get through cycles with solid operating data, and also provide practical samples that can be referenced for the industry’s high-quality development.

Tapping Internal Potential

The Core Lever to Survive the Cycle

Facing dual pressures from fluctuations in raw-material prices and intensifying market competition, cost reduction and efficiency improvement have become the core measures for the CNBM-related companies to stabilize their “core base” and ensure the safety of their cash flows. Through approaches such as whole-chain management, internal coordination optimization, and digital upgrades, many companies have achieved controllable costs and sound cash flow, laying a solid foundation for long-term development.

Data show that Sinoma Technology achieved a substantial increase in performance. In 2025, operating revenue exceeded 30 billion yuan, up 26% year over year; attributable net profit was 1.82 billion yuan, up 104% year over year. Core drivers included optimization of the structure of glass fiber products and growth in sales of wind power blades. In 2025, Beixin Building Materials achieved revenue of 25.28 billion yuan and attributable net profit of 2.91 billion yuan; revenue from its core gypsum board business was 11.96 billion yuan. Tianshan Co.’s international business delivered strong results, with revenue up 95.93% year over year; the overseas business gross profit margin reached 40.30%. Against the backdrop of low-end internal competition in the refractory materials industry, Rui Tai Technology has steadily advanced product-structure upgrades, laying the groundwork for breakthroughs in the high-end track ahead.

Tianshan Co. said that in 2025, affected by the overall industry environment, the company’s operating performance was under pressure. However, through internal optimization and control, the company reduced selling costs for products such as cement and ready-mix concrete, and maintained sound operating cash flow, demonstrating strong operating resilience.

From the industry perspective, the logic of competition in the building materials industry has undergone a fundamental change. Competition for scale and price is gradually exiting the stage, while organizational efficiency, operating resilience, and cash flow management capability have become companies’ core competitive strengths. By tapping internal potential as a breakthrough, CNBM-related companies have validated central state-owned enterprises’ management capabilities and risk-resilience capabilities during a period of cyclical downturn.

New Quality Productive Forces

Open Up a New Space for Growth

If cost reduction and efficiency improvement address the “stability” issue for enterprises, then high-end transformation and the layout of emerging tracks determine how much “upward” space enterprises will have in the future. Faced with growth bottlenecks in traditional businesses, CNBM-related companies have focused on technological innovation, product upgrading, and higher value-added areas, stepping up efforts in tracks such as new energy, semiconductors, and special materials, and building a second curve for performance growth.

Among them, Rui Tai Technology said that the industry is getting out of low-end homogenization and low-price, vicious competition and is gradually moving toward value competition and barrier competition. The company will build core competitiveness from multiple dimensions, focusing efforts on high-end, high value-added areas such as new energy and semiconductors, and promote upgrades to its business model toward system-wide overall solutions. At present, demand in the high-end refractory materials market remains on a favorable trend.

Sinoma Technology, meanwhile, continues to go deep into technological innovation and promote quality upgrades across its three major businesses. Its ultra-thin lithium battery separator product has achieved a breakthrough into mass production; its special fiber products have completed customer certifications. At the same time, the company keeps expanding application scenarios for fiber-reinforced composites in emerging fields, opening up a brand-new growth space.

Overseas Business Becomes a Core Growth Engine

Against the backdrop of cyclical fluctuations in the domestic market, internationalization has shifted from being an “optional” item for enterprise development to a “required question” for hedging risks and optimizing the structure. The overseas layout of CNBM-related companies has moved from the planning stage to implementation that produces results and into a period of profit realization. Diversified expansion models and impressive profitability data confirm the feasibility and growth potential of a globalization strategy.

After completing the acquisition of the Tunisia project, initiating a greenfield project in Kazakhstan, and piloting light-asset operations in Zimbabwe—leveraging the advantages of special cements to expand into major overseas engineering markets… In 2025, Tianshan Co.’s overseas business achieved both revenue and profit growth. Its gross profit margin performed strongly, multiple overseas projects advanced smoothly, and the profitability potential of its internationalization strategy gradually became visible. At the same time, the company will also seize opportunities from key domestic regional engineering projects and expand market share.

Beixin Building Materials adopts an internationalization approach of “starting from points to cover the full area.” It focuses on the layout across four major global regions and advances its overseas business through diversified methods such as greenfield development and investment and acquisitions. Multiple overseas capacity projects have already been put into operation and started production, and in the future it will also promote multiple business lines to go overseas in parallel.

This first SZSE collective performance briefing session is not only a concentrated presentation of the 2025 operating results of CNBM-related companies, but also a statement by central state-owned enterprises to directly face cyclical challenges and proactively break through through transformation. At a critical stage of structural adjustments in the industry, CNBM-related companies, through cost reduction and efficiency improvement to solidify their foundations, high-end transformation to expand space, and a global layout to counter cyclical impacts, have demonstrated both the hard-core supporting capability of the real economy and sent a clear signal of long-term value investment to the capital market.