China Shanshui Cement Group Limited (SHANSHUI CEMENT) released unaudited results for the three months ended 31 March 2026. The figures are extracted from internal management accounts and have not yet been reviewed by the audit committee or independent auditor.

Operating performance • Operating revenue fell 27.45% year-on-year to RMB 1,175.56 million (Q1 2025: RMB 1,620.87 million). • Operating cost declined 25.32% to RMB 1,145.84 million, narrowing less than the revenue contraction and compressing gross profit to RMB 29.72 million (Q1 2025: RMB 86.86 million). Gross margin slid to 2.5%, down from 5.4% a year earlier. • Selling and marketing expenses decreased 17.06% to RMB 45.53 million, while administrative expenses surged 43.70% to RMB 341.69 million, becoming the largest cost escalator. • Expenses linked to off-peak suspension edged down 6.81% to RMB 399.05 million. • Finance costs improved, down 22.62% to RMB 27.87 million.

Earnings • Operating loss expanded to RMB 742.64 million from RMB 619.48 million. • Loss before taxation reached RMB 775.42 million (Q1 2025: RMB 660.11 million). • Net loss attributable to equity shareholders widened 19.30% to RMB 716.42 million, driving the Group’s total net loss to RMB 787.02 million, up 17.79% year-on-year. • Other comprehensive expense, primarily currency translation, amounted to RMB 8.89 million, bringing total comprehensive loss to RMB 795.91 million.

Balance-sheet highlights (31 March 2026) • Total net assets stood at RMB 16.31 billion, declining from RMB 16.98 billion at year-end 2025 and RMB 17.60 billion a year earlier. • Current assets were RMB 7.90 billion against current liabilities of RMB 10.60 billion, translating into a current ratio of 0.75 (31 December 2025: 0.79; 31 March 2025: 0.83). • Non-current liabilities fell to RMB 1.87 billion from RMB 2.07 billion three months earlier, reflecting continued deleveraging on the long-term portion of debt.

Management reminder The disclosed figures are preliminary and unaudited; they may be adjusted after further internal review and external audit. Shareholders and potential investors are advised to exercise caution when interpreting these results and when dealing in SHANSHUI CEMENT shares.