华润建材科技季报点评:基本面承压 叠加管理费用增加 盈利下滑

长江证券
Nov 11, 2025

公司披露3 季报:实现收入151 亿,同比下降4.5%;净利润3.3 亿,同比增长7.3%。测算25Q3 公司归属净利润0.24 亿,同期为1.43 亿;同比下降83%。事件评论水泥2025 年持续承压,公司积极维护市场秩序,销量降幅大于行业。需求承压,公司销量降幅大于行业,积极挺价,单季度业绩减亏。从水泥行业层面来看,2025 年前3 季度,全国水泥产量12.59 亿吨,同比下降5.2%。9 ...

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