The cement sector in China may have turned a corner in 2025. Cement output and revenue from some of the largest producers continued to fall. However, profits at some of them rose in 2025. The signs from the start of 2026 suggest that national production may have recovered from the levels seen early in 2025.
Graph 1: Cement output in China, 2020 to 2025. Source: National Bureau of Statistics of China.
Data from the National Bureau of Statistics of China continues to show the declining trend in production since 2020. Output fell by just under 8.5% year-on-year to 1.67Bnt in 2025 from 1.83Bnt in 2024. The China Cement Association (CCA) noted that real estate investment fell by 17% to US$120bn in 2025. Yet, as mentioned above, the picture has started to look more positive in 2026. Cement production grew by 7% year-on-year to 178Mt in January and February. Whether this trend will continue in 2026 remains to be seen.
Graph 2: Sales revenue from selected Chinese cement producers. Source: Company financial reports.
Graph 3: Sales volumes of cement and clinker from selected Chinese cement producers. Source: Company financial reports.
Looking at the major cement producers in China, CNBM’s sales revenue and profit fell in 2025. This was mainly due to the declining price of heavy building materials, including cement, and a decrease in sales volumes. Total sales of cement and clinker, for example, fell by 11.5% to 217Mt in 2025 from 245Mt in 2024. CNBM also noted an impairment provision of around US$400m for “the exit of capacity in respect of certain cement and clinker production lines in the course of production capacity replacement and other factors…” As Graph 1 shows above, cement production in China has been shrinking and companies like CNBM are paying for this by retiring their production lines.
In comparison, Anhui Conch’s revenue fell but its profit rose in 2025. It increased its profit by improving its efficiency and cutting costs. It also managed to keep its drop in cement and clinker sales volumes lower than the industry average by increasing overseas and export sales. The group was also keen to point out that its installed capacity of wind, photovoltaic power generation and energy storage reached 1377MW by the end of 2025.
BBMG had a tougher time of it in 2025 with revenue down significantly and profit much reduced. However, this was caused by a major decrease in revenue from the group’s property development business. Sales volumes of cement and clinker fell by 1% to 83Mt in 2025 but booked gross-floor area from the property development business plummeted by 52% to 532,000m2. Building materials made up 70% of group revenue in 2024. In 2025 they made up 86%.
As has been usual in recent years, Huaxin Cement performed best out of the larger cement producers featured here. Its revenue and profits grew in 2025. This was due to its growing overseas business that reached 20Mt in 2025, up by 25%. Domestically, cement and clinker sales volumes fell slightly. Notably, operating revenue from the overseas part of the business surpassed that of the Central China Region, becoming the group’s largest division. The company completed its acquisition of Nigeria-based Lafarge Africa in 2025. It also achieved the successful maiden voyage of its first self-owned international cargo vessel, to Mozambique.
Finally, China Resources Building Materials Technology (CRBMT) reported falling turnover but rising profit. Cement sales volumes were down but concrete and aggregate volumes were up. The group noted that average prices for cement, concrete and aggregates all fell in 2025. The profits appear to have risen due to cutting costs in a variety of ways.
The financial results above are just a snapshot from some of the larger cement companies in China. However, the picture is starting to look better than it has in previous years. Some commentators are even starting to predict modest profit rises in 2026 with price rises reported in Anhui, Jiangsu, Zhejiang, Jilin and other provinces in March 2026. The domestic profits reported at the cement companies covered here mostly appeared to be related to cost cutting. It’s a start though for a sector that has been adjusting downwards over the last five years. The next step will be to stabilise sales volumes of cement. One hurdle in 2026 will be how local cement companies and the wider Chinese economy deal with the energy shock from the Iran war. China is reportedly better prepared for higher oil prices compared to many of its Asian neighbours but there may be many unforeseen consequences.
