On March 14, China Resources Building Materials Technology Holdings Co., Ltd. (Stock Code: 1313) announced its performance for the year 2024. Throughout the year, the company's comprehensive revenue decreased by 9.8% year-on-year to RMB 23.04 billion, and the net profit attributable to company’s owners dropped by 67.2% year-on-year to RMB 210 million, with a basic earnings per share of RMB 0.03. As of December 31, 2024, the company's total assets amounted to RMB 71.96 billion, with a net asset per share of RMB 6.32.
In terms of business performance, the company's external sales volumes for cement, concrete, and aggregates were approximately 61.71 million tons, 13.03 million cubic meters, and 69.35 million tons, respectively. The capacity utilization rates of the cement, concrete, and aggregates production lines were 69.2%, 33.9%, and 85.9%, respectively. The average selling prices per ton were RMB 244 for cement and clinker, RMB 320 per cubic meter for concrete, and RMB 36 per ton for aggregates.
On March 17, China Resources Building Materials Technology held its 2024 annual performance release conference. Chairman of the Board Jing Shiqing, CEO Xie Ji, Chief Financial Officer Huang Hu, and Investor Relations Officer Xing Tao attended the meeting at China Resources Building in Hong Kong. The conference attracted over 20 analysts and fund managers from domestic and international financial institutions including Citi, Macquarie, Bank of America, HSBC, CICC, and Guotai Junan, who participated in discussions on the company's annual performance, industry development, market outlook, cost control, capacity expansion, regional integration, carbon market, and state-owned enterprise value management.
Ms. Huang Hu stated that China Resources Building Materials Technology has continued to deepen operational capital management, achieved good progress in reducing costs and increasing efficiency along the entire value chain. The company has maintained borrowings and capital expenditures at healthy levels, and despite a decrease in performance, cash flow from operations has been favorable, free cash flow has turned positive, and capital expenditures have steadily decreased. In the future, the company will further optimize cost control, actively respond to the requirements of improving the quality and market value management of listed companies by the State-owned Assets Supervision and Administration Commission, fully consider shareholder structure and demands, and maintain a competitive dividend payout ratio.
CEO Xie Ji introduced the company's performance in production operations and shared progress and plans in regional integration, market strategies, carbon markets, and internationalization. He emphasized that in mergers and acquisitions, the company will adhere to reasonable prices, appropriate pace, and rigorous analysis, focusing on potential targets in the Guangdong and Guangxi regions; in terms of market strategy, maintaining a relatively stable market share rather than pursuing absolute growth; and in internationalization, maintaining appropriate attention to overseas projects, conducting risk assessments, making cautious decisions, being pragmatic, and proceeding within capabilities.
In his closing remarks, Chairman Jing Shiqing emphasized that 2024 was a year of overcoming challenges and making solid progress for the company. Faced with a complex and severe external environment, all staff members have shown strong confidence, tackled difficulties, and gradually enhanced regional competitiveness. The company maintained a leading market share in Guangdong and Guangxi, achieved breakthroughs in reducing costs along the entire value chain, and initial results were seen in the integration strategy. Looking to 2025, the company will focus on the annual management theme of "Deepening Reform, Embracing Innovation," strive to achieve performance growth, reshape the sales system, strengthen operational foundations, optimize resource allocation, and aim to repay shareholders' trust and support through excellent performance.
During the media meeting, the management presented an overview of China Resources Building Materials Technology's operations and development direction, answering questions from the media on industry demands, competitive landscape, cost control, coal procurement, and engineered stone business. Eight media outlets including Daily Economic News, Asdak Finance, Gelonghui, and China Financing attended the meeting. The conference was livestreamed through Futu Securities' platform for individual investors in mainland China and Hong Kong.
