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

Securities Times reporter Wu Shaolong

Recently, the first group performance briefing session of Shenzhen-listed companies in 2025, themed “Building Foundational Strength and Braving Responsibility · Strengthening Hard Support for the Real Economy,” was held in the Shenzhen Stock Exchange’s listing hall.

Listed companies under China National Building Materials Group, such as Tianshan Shares, Beixin Building Materials, Sinoma Science & Technology, and Ruetai Technology, made a concentrated appearance. Company management addressed the market’s core concerns such as adjustments to industry cycles and pressure on traditional demand, and responded to investors’ questions.

Against the broad industry backdrop of a deep reshuffle across the domestic real estate supply chain and continued pressure on demand in the traditional building materials market, the building materials industry is undergoing a critical transformation from scale expansion to quality improvement, and from price competition to value competition. As a leading enterprise in the building materials sector, the listed companies under CBNBM have demonstrated strong resilience that allows them to ride through cycles through solid operating data, and have also provided practical reference samples for high-quality development of the industry.

Internal potential exploitation

The core lever for going through cycles

Facing dual pressures from fluctuations in raw material prices and intensifying market competition, cost reduction and efficiency improvement have become the core measures for companies under CBNBM to steady the fundamentals and ensure the safety of cash flow. Many companies have used methods such as end-to-end management, internal coordination optimization, and digital upgrades to achieve controllable costs and stable cash flow, laying a solid foundation for long-term development.

Data show that Sinoma Science & Technology saw a substantial increase in performance. In 2025, operating revenue exceeded RMB 30 billion, up 26% year over year; attributable net profit was RMB 1.82 billion, up 104% year over year. Optimization of the structure of fiberglass products and growth in wind power blade sales became the core drivers. In 2025, Beixin Building Materials achieved revenue of RMB 25.28 billion and attributable net profit of RMB 2.91 billion. For its core gypsum board business, revenue was RMB 11.96 billion. Tianshan Shares’ internationalized business performed remarkably well: revenue grew 95.93% year over year, and the gross margin for overseas business was 40.30%. In the context of low-end “involution” in the refractory materials industry, Ruetai Technology steadily advanced product-structure upgrading, laying the groundwork for breakthroughs in high-end tracks.

Tianshan Shares said that in 2025, due to the impact of the overall industry environment, the company’s operating performance faced pressure. However, by optimizing and managing internally, the company reduced sales costs for products such as cement and commercial concrete, kept operating cash flow stable, and demonstrated strong operational resilience.

From the industry perspective, the logic of competition in the building materials industry has fundamentally changed. Competitions on scale and price are gradually fading out; organizational efficiency, operating resilience, and cash flow management capability have become enterprises’ core competitiveness. Companies under CBNBM have used internal potential exploitation as a breakthrough point, validating the capability and risk-resilience of central state-owned enterprises during the downturn phase of the cycle.

New-Quality Productive Forces

Open up a new space for growth

If cost reduction and efficiency improvement solve the “stability” problem for enterprises, then high-end transformation and the layout of emerging tracks determine the “growth” space for their future. Faced with bottlenecks in growth for traditional businesses, companies under CBNBM have focused on technological innovation, product upgrades, and high value-added areas. They have stepped up efforts in tracks such as new energy, semiconductors, and special materials, building a second growth curve for performance.

Among them, Ruetai Technology said that the industry is getting away from low-end homogenization and low-price vicious competition and is gradually shifting toward value competition and barrier competition. The company will reinforce its core competitiveness from multiple dimensions, with a focus on high-end, high value-added fields such as new energy and semiconductors, and will promote upgrading the business model toward system-wide integrated solutions. Currently, demand in the high-end refractory materials market remains favorable.

Sinoma Science & Technology, meanwhile, continues to deepen technological innovation and drive quality upgrades for its three major core businesses. Its ultra-thin lithium battery separator products achieved breakthroughs in mass production. Its special fiber products completed customer certifications. At the same time, it continuously expands application scenarios for fiber composite materials in emerging fields, opening up entirely new growth space.

Overseas business becomes the core growth engine

Against the backdrop of cyclical fluctuations in the domestic market, internationalization has shifted from being an “optional” choice in corporate development to a “required answer” for hedging risks and optimizing the structure. The overseas layout of companies under CBNBM has moved from planning to execution with tangible results, entering the period of profit realization. Their diversified expansion models and impressive profitability figures prove the feasibility and growth potential of the globalization strategy.

After completing the acquisition of the Tunisia project, starting a greenfield project in Kazakhstan, and piloting low-asset operations in Zimbabwe—leveraging advantages in special cement to expand major overseas engineering markets… In 2025, Tianshan Shares’ overseas business delivered growth in both revenue and profit. Its gross margin performed impressively, multiple overseas projects were advanced smoothly, and the profitability potential of the internationalization strategy became increasingly visible. At the same time, the company will also seize major engineering opportunities in key domestic regions to expand market share.

Beixin Building Materials adopts an “expand from points to a full coverage” approach to internationalization. Focusing on four major global regions, it advances overseas business through diversified methods such as greenfield construction and investment and acquisitions. Multiple overseas capacity projects have already been landed and started production. In the future, it will also push multiple businesses to go global in parallel.

This Shenzhen-listed first group performance briefing is not only a concentrated showcase of the operating results of companies under CBNBM for 2025, but also a declaration by central state-owned enterprises to face cycle challenges head-on and proactively transform and break through. At a critical stage of structural adjustment in the industry, companies under CBNBM achieve stable fundamentals through cost reduction and efficiency improvement, expand room for high-end transformation, and withstand cyclical risks through global layout. They not only demonstrate the hard-core support capability of the real economy, but also send a clear signal of long-term value investing to the capital markets.