On July 28, CNBM fell 5.01% in regular trading, trading at HKD 3.59 per share, with turnover of HKD 67.45 million. The stock has now declined over 40% from its June high.

On the news front, the company previously issued a profit warning projecting an H1 net loss of approximately RMB 8.9 billion, compared to a profit of RMB 13.6 billion in the same period last year, marking a swing from profit to loss. The decline was driven by falling selling prices of cement, ready-mixed concrete, and aggregates, reduced sales volumes, increased impairment provisions on property, plant, equipment and goodwill, and higher fair value losses on financial assets.

At the industry level, national cement output totaled only 736 million tons in H1, down 8% year-over-year to a 17-year low, while P.O42.5 bulk cement averaged RMB 334 per ton, plunging 14% year-over-year. The industry is estimated to have recorded aggregate losses of RMB 20-30 billion, with approximately 60% of companies unprofitable. While the company's new materials segment showed profit growth, its lower shareholding ratio in that segment was insufficient to offset the drag from its higher-stake basic building materials business.

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