HX BLDG MAT (06655) saw its shares jump over 7% during Friday's morning session, with the stock last trading up 5.70% at HK$16.70, on turnover of HK$68.29 million.

The rally follows the company's interim results release, which showed first-half revenue of RMB 19.497 billion, a 21.5% year-on-year increase, while net profit attributable to shareholders surged 55.22% to RMB 1.713 billion. The earnings growth was primarily driven by continued steady expansion in overseas operations, higher average selling prices for cement products, and strengthened cost control measures.

According to the company's announcement, overseas revenue reached RMB 9.01 billion in the first half, representing a substantial 103.6% year-on-year increase, maintaining a high growth trajectory. Analysts at CICC noted in a research report that HX BLDG MAT's first-half performance met market expectations. The key development, however, is not the recovery of the domestic cement cycle but rather the reshaping of its earnings structure through overseas capacity expansion. The overseas business is transitioning from a supplementary profit source to a primary growth driver, helping to offset downward pressure on domestic demand. This shift is transforming the company from a domestic cyclical cement producer into a global building materials platform, potentially triggering a re-rating of its valuation methodology.