China Resources Building Materials Technology Holdings LimitedHKEX: 1313

PPT of 2025 First Quarter Results Presentation

· Issued by China Resources Building Materials Technology Holdings Limited




1Q25 Results Summary

(RMB million)

1Q24

1Q25

YoY

Turnover

4,788.4

4,626.9

-3.4%

Gross profit

661.5

755.4

+14.2%

Gross margin

13.8%

16.3%

+2.5 ppt

(Loss) profit attributable to owners of the

Company

(28.9)

107.0

Negative to

Positive

Basic (loss) earnings per share

(0.004)

0.015

Negative to Positive

Gearing ratio

39.3%

36.0%

-3.3 ppt

1





Contents Operational Review

03

Financial Highlights

02

Industry Overview

01







Cement Production

  • In 1Q25, China's cement production was approximately 331.2 million tons*, -1.4% YoY.

    (million tons , YoY)

    336*

    331



    1,998 1,825

    National Cement Production (1)

    (YoY)

    2024
    2025

    -2%

    -9%

    -8%

    -12%

    -10%

    -8%

    -2%

    -22%

    -11%

    -12%

    -11%

    -6%



    3%

    Jan-Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-Feb Mar

    2023 2024 1Q24 1Q25

    *Note: Originally 337 million tons but restated as 336 million tons in 1Q25 by the National Bureau of Statistics.

    The Group's Operating Regions(2)

    (million tons)

    131

    2024
    1Q25

    (YoY)

    1.9%

    2024
    1Q25

    95

    89

    73

    64

    53

    28

    41

    20

    14 15 3

    19

    9

    4

    13





    -3.8%

    -5.2%

    -4.1% -5.7%

    -5.9%

    -4.8%





    -8.5%

    -9.0%

    -9.7% -7.4%-7.0%

    -9.0%

    -10.5% -11.2%

    -11.9%

    Guangdong Guangxi Fujian Hainan Yunnan Guizhou Shanxi Hunan

    * Note: Statistics only include enterprises with annual turnover above RMB20 million. 3

    Source: (1) National Bureau of Statistics of China, (2) China Cement Association





    Cement Supply

    • In 2024, there were 7 new clinker production lines nationwide with new annual clinker production capacity of 10.4 million tons in total.

    • There was 1 new clinker production line in Guangdong with new annual clinker capacity of

approximately 1.4 million tons.

New Clinker Capacity in China

(million tons)

New Clinker Capacity in Guangdong & Guangxi

(million tons)

39.4

36.0

34.2

20.5 20.4

23.7

24.9

10.4



13.4

7.8

8.7

6.6

3.1

4.7

5.6

13.4

4.9

2.8

4.7

4.7

3.1

3.3

1.6

2.8

3.1

1.9

1.6

1.4

1.4



2017 2018 2019 2020 2021 2022 2023 2024

Source: Company information, China Cement Association

2017 2018 2019 2020 2021 2022 2023 2024

Guangdong
Guangxi

4





Contents Operational Review

03

Financial Highlights

02

Industry Overview

01







Financial Performance

Turnover Profit (loss) attributable to owners of the Company

(RMB million) (RMB million)

25,550

4,788

4,627



23,038

644

211

107



2023 2024 1Q24 1Q25



-29

2023 2024 1Q24 1Q25

Basic earnings (loss) per share Net assets per share

(RMB) (RMB)

0.092

0.030

0.015



-0.004

2023 2024 1Q24 1Q25

6.32 6.32 6.31 6.34



2023 2024 1Q24 1Q25 6





Dividend Payout

(HK$)

91.4%

48.8%

48.0%

48.2%

47.9%

46.7%

46.5%

46.8%

2017 2018 2019 2020 2021 2022 2023 2024

(HK$)

Interim

0.115

0.275

0.260

0.275

0.240

0.120

0.041

0.020

Final

0.155

0.273

0.335

0.340

0.280

0.009

0.006

0.010

Annual

0.270

0.548

0.595

0.615

0.520

0.129

0.047

0.030

Note:

2024 Dividend and Dividend Payout Ratio are tentative and subject to the exchange rate on the day of the Company AGM.

7





Turnover

Cement products refer to cement & clinker

(RMB million)

Turnover by Product

Product

1Q24

1Q25

Cement Products

3,185

2,854

Concrete

818

943

Aggregates

530

585

Others

255

245

Total

4,788

4,627

Aggregates

Product

2024 YoY

1Q25 YoY

Cement Products

-20.4%

-10.4%

Concrete

+21.6%

+15.3%

Aggregates

+56.2%

+10.5%

Others

-19.3%

-4.3%

Total

-9.8%

-3.4%

1Q25

Others

5.3%

Cement Products

Concrete

Aggregates

Others

25,550

1,625

23,038

1,616

1,312

3,423

2,525

4,162

18,886

15,039

12.6%

2023 2024 1 Q 24 1 Q 25

Concrete

20.4%

61.7%

Note: Others consists of Prefabricated Construction and Engineered Stone businesses.

Cement Products

8





Sales Volume

('000 tons)

Cement Products Sales Volume By Product Type

17.2%

2024

82.8%



16.7%

2023

83.3%



17,839

69,301

61,714

13,033

11,328



11,328



2024

2025

42.5 or higher grades cement



29.7%

2024

70.3%

Bulk



28.7%

2023

71.3%



15,930

14,912

13,033



Others

2023 2024 1Q24 1Q25

Cement Products

1Q 2Q 3Q 4Q

Bag

('000 m3)

Concrete Sales Volume
2024
2025

('000 tons)

69,352

Aggregates Sales Volume
2024
2025

13,029

3,135

4,736

9,334

3,236

2,752

2,305

3,135

2,305



45,583

14,158

15,982



15,982

23,069

16,786



14,158 15,339

2023 2024 1Q24 1Q25

1Q 2Q 3Q 4Q

2023 2024 1Q24 1Q25

1Q 2Q 3Q 4Q

9





Average Selling Price

Cement Products

(RMB per m3)

Concrete

(RMB per ton)

2024

YoY

1Q25

YoY

Cement Products

244

-10.6%

+3.1%

2024

YoY

1Q25

YoY

Concrete

320

-12.9%

-15.2%

2024

355

334

320

294



2025

301

1Q 2Q 3Q 4Q

Aggregates

252

233

237

259

244



2024

YoY

1Q25

YoY

Aggregates

36

+2.8%

-2.1%

(RMB per ton)

2024

2025

1Q 2Q 3Q 4Q

2024

2025



37 35

37 36 37

1Q 2Q 3Q 4Q 10





Cost Structure of Cement Products Unit Cost Average Coal Purchase Price

(RMB per ton) (RMB per ton)

239.4

208.4

929

802



2023 2024

2023 2024

Unit Cost Breakdown

Materials

18.0%

2024

Coal

39.4%

Others

28.8%

Electricity

13.8%

(RMB per ton)

2023

2024

YoY

Coal

97.2

82.1

-15.5%

Electricity

31.0

28.8

-7.1%

Materials

48.4

37.5

-22.5%

Others

62.8

60.0

-4.5%

Total

239.4

208.4

-12.9%

Notes:

  1. Exclusive of sales from related parties;

  2. Others: Staff, transportation, depreciation, repairs and maintenance costs and other indirect costs accounting for 8.4%,

3.1%, 9.9%, 3.6% and 3.8% respectively of total unit cost. 11





Gross Profit & Margin

(RMB per ton)

Cement Products Concrete

2024

1Q25

Gross Profit

37

42

Gross Margin

15.1%

16.7%

2024

1Q25

Gross Profit

39

40

Gross Margin

12.2%

13.2%

(RMB per m3)











13%

12%

12%

12%

13%

46

41

39

35

40



1Q24

2Q24

3Q24

4Q24

Aggregates

1Q25

21%

17%

11%

13%

13%



54

27

30

32

42



1Q24 2Q24 3Q24 4Q24 1Q25

(RMB per ton)

2024

1Q25

Gross Profit

13

9

Gross Margin

35.1%

24.4%

12





SGA Expenses & Finance Costs

(RMB million)

2024 YoY

1Q25 YoY

General & administration

+13.3%

+2.7%

Selling & distribution

-16.0%

-9.3%

Total

+8.0%

+0.5%

Selling, general & administrative expenses

Finance costs

137

116



536 536

2,828

506

3,055



425



9.1%

11.4%

9.4%



9.9%

2,322 2,630

549 552

101 92

448 460

2.0% 1.8% 2.1% 2.0%





2023 2024 1Q24 1Q25

Selling & distribution

General & administration

2023 2024 1Q24 1Q25

General & administrative

expenses to turnover

Selling & distribution expenses to turnover

2023 2024 1Q24 1Q25

13





Share of results of Associates & JVs

(RMB million)

Share of results of associates Share of results of joint ventures

47



44

15

12



-61 -46

-101 -114

2023 2024 1Q24 1Q25

RMB million

2023

2024

Fujian

-74

-38

Yunnan

-45

-66

Inner Mongolia

36

34

2023 2024 1Q24 1Q25

Note:

  1. The Group holds 49.0%, 50.0%, 40.6%, in our cement-related Associates in Fujian, Yunnan and Inner Mongolia respectively.

    14





    Financial Position

    (RMB million)

    31 Dec 2024

    31 Mar 2025

    Change

    Cash and bank balances

    2,235.2

    2,078.6

    -7.0%

    Total assets

    71,963.1

    71,951.6

    -

    Gearing ratio

    34.6%

    36.0%

    +1.4 ppt

    Net assets per share (RMB)

    6.32

    6.34

    +0.3%

    Notes:

    1. Gearing ratio is calculated by dividing the total bank borrowing, loans from related parties and medium-term notes by equity attributable to owners of the Company.

    2. Net assets per share is calculated by dividing equity attributable to owners of the Company by the number of issued shares at the end of the year/the relevant reporting period.

15





Cash Flow

(RMB million)

31 Dec 2023

31 Dec 2024

Change

Net cash generated from operating activities

3,917.6

3,846.3

-1.8%

Net cash used in investing activities

(4,675.4)

(2,902.9)

-37.9%

Net cash generated from (used in) financing activities

1,410.2

(1,313.8)

N/A

Net increase (decrease) in cash and cash

equivalents for the year

652.4

(370.5)

N/A

Cash and cash equivalent at end of the year

2,603.7

2,235.2

-14.2%

  • Total payment for capital expenditure of the Group in 2024 was RMB3,025 million.

  • Expected capital expenditures are approximately RMB2,524 million in 2025.

16





Capital Expenditure

(RMB million)

10,434

10,737

5,209

2,825

4,438

3,025

2,524



2019 2020 2021 2022 2023 2024 2025

Actual
Expected

(RMB Million)

2019

2020

2021

2022

2023

2024

2025E

Aggregates

163

3,240

5,429

5,757

2,417

1,889

1,189

Functional Building Materials

812

-

614

1,493

194

68

119

Others

100

331

428

394

373

19

-

New Business Total

1,076

3,571

6,470

7,644

2,984

1,976

1,308

% of Total Capex

38%

80%

62%

71%

57%

65%

52%

17





Free Cash Flow

(RMB million)

2022 2023 2024

-1,291



821

-8,070

Note:

Free cash flow is calculated by operating cash flow minus capital expenditure.

18





Debt Structure

(RMB million)

18.9%

13.8%

19.0%

5.3%

33.5% 36.9% 34.6% 36.0%

2,777

3,000

4,100

3,000

6,998

1,516

14,068

1,000

14,717

1,000

199

14,146

16,090



28.0% 30.0% 28.4% 30.2%

Net Gearing Ratio

Gearing Ratio

Currency (31 Dec 2024)

-12.2% -13.6%

533

191

HK$,

14%

RMB,

86%



194

Duration (31 Mar 2025)

2019.12

2020.12

2021.12

2022.12 2023.12 2024.12

2025.03

38%

62%



Due within 1 year
Due after 1 year

Bank Loan Mid-Term Notes

Loans from Related Parties

Notes:

  1. Net gearing ratio is calculated by dividing net borrowings by equity attributable to owners of the Company.

  2. Gearing ratio is calculated by dividing the total bank borrowings, unsecured bonds, loans from related parties and medium-term notes by equity attributable19 to owners of the Company.





Contents Operational Review

03

Financial Highlights

02

Industry Overview

01





6.3 million tons of coal as at 2024

81% direct procurement

Coal Procurement

Unit Coal Consumption

(kg per ton of clinker)

Standard Coal Consumption

(kg per ton of clinker)





Operations Management

Utilization Rate

(%)

2023

2024

71.8

69.2

93.4

85.9

25.9

33.9

Cement

Concrete

Aggregates



132.0

130.0

23%

Northern China

Neighbouring Areas

9% 68%



98.2



97.2



Overseas

2023

2024

2023

2024

Residual Heat Recovery - 1,415.6 million kwh of

Electricity Management

Electricity Consumption

(kwh per ton of cement)

electricity generated (28.1% of total

electricity

70.9

68.3

consumption)

2023

2024

21







The Group's Production Capacity

Controlled by the Group (As at 31 Dec 2024)

Cement

Clinker

Concrete

Province/AR/SAR

No. of lines

million tons

No. of lines

million tons

No. of plants

million m3

Guangdong

32

27.7

12

15.5

22

16.0

Guangxi

35

34.8

19

27.9

30

19.6

Fujian

14

10.1

6

7.0

1

0.6

Hainan

5

4.4

3

2.9

6

3.3

Yunnan

7

5.1

4

4.2

1

0.6

Guizhou

4

4.0

2

2.8

1

0.8

Shanxi

2

2.0

1

1.5

1

0.6

Hunan

2

2.1

2

1.5

-

-

Zhejiang

-

-

-

-

2

1.1

Hong Kong

-

-

-

-

4

1.6

Total

101

90.2

49

63.3

68

44.2

Controlled by associates and joint ventures

Cement

Clinker

Concrete

Province/AR/SAR

No. of lines

million tons

No. of lines

million tons

No. of plants

million m3

Guangdong

6

7.3

2

3.7

-

-

Fujian

16

16.2

7

9.6

8

5.1

Yunnan

31

23.9

16

16.7

3

1.2

Inner Mongolia

21

17.3

5

7.0

4

1.2

Hong Kong

-

-

-

-

4

0.9

Total

74

64.7

30

37.0

19

8.4

Attributable

-

22.3

-

12.0

-

3.9

Note: The Group holds 50.0% in our Joint Ventures operating in Guangdong and Hong Kong as well as 49.0%, 50.0% and 22

40.6% in our Associates in Fujian, Yunnan and Inner Mongolia respectively.





Disclaimer & Contact Information

This document is prepared by China Resources Building Materials Technology Holdings Limited (the "Company") solely for this investor presentation. Copying or redistribution of this document to any person is strictly prohibited. The distribution of this document in other jurisdiction may be restricted by laws of that jurisdiction, and persons who possess this document should observe such restriction. Apart from the figures extracted from our Annual Reports, other financial information or data has not been reviewed or audited by our independent auditor. The information contained in this document has not been independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The purpose of this document is not for complete or fully analysis made to the financial or trading position or prospect of the Company, and any person who will in possession of this document shall be aware that no reliance should be placed on the content contained herein. The information and opinions contained in this document are subject to change without notice. This document is not intended to constitute an offer to, or a solicitation for offer to sell, purchase or subscribe the securities of the Company. The Company or any of their respective affiliates, advisors or representatives shall not have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its content or otherwise arising in connection with this document.

This document may contain forward-looking statements that reflect risks and uncertainties. These forward-looking statements are generally expressed in forward-looking expressions, such as expectations, estimation,

planning, projections, goals, the possibilities, probabilities or so on to reflect the actions that the Company expects to or may take in future or the results from these actions. You should not have excess reliance on these forward-looking statements, which are based on our own information and other source of information that we consider reliable. Our actual results may differ from these forward-looking statements which may lead to the fluctuation of the share price of the Company.

Investor Relations Inquiries:

Tel:

E-mail: Website: Address:

(852) 3118 6800

crcement@crc.com.hk https://www.cr-bmt.com

Room 3001-05, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong



23



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