West China Cement (02233) saw its shares drop more than 6%. At the time of writing, the stock was down 4.25% to HK$2.03, with a turnover of HK$57.46 million. The decline follows the company's recent release of its 2025 performance forecast. Jefferies noted that the company projected a net profit of between RMB 833 million and RMB 896 million for 2025, which triggered a more than 25% drop in its share price on the day of the announcement. Based on calculations, the net profit for the second half of the year is estimated to be only between RMB 85 million and RMB 148 million, significantly below market expectations. The firm believes the underperformance was mainly due to one-off factors, the impact of which is not expected to recur in 2026. The company reported overseas sales volume of approximately 8 million tons last year, unchanged from the first half but double the previous year's figure, indicating that fundamental demand in its key African markets has not weakened.