Asia Cement (China) Holdings Corporation (HKEX: 00743) is best compared with Anhui Conch Cement (00914) and China National Building Material (03323)—but not by lining up headline revenue or profit alone. Compare the same reporting periods, separate cement from other building-materials businesses, and examine regional exposure, selling prices, costs, cash flow, debt, capital spending, dividends and valuation. The available figures below provide context, not enough evidence to rank the stocks as cheaper, safer or better.
Which Hong Kong-listed stocks make useful peers?
Anhui Conch and CNBM are defensible starting points for a comparison with Asia Cement. They are not interchangeable businesses, however, and the comparison should not be treated as a complete universe of Hong Kong-listed cement issuers.
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| Issuer | HKEX code | What to account for |
|---|---|---|
| Asia Cement (China) Holdings Corporation | 00743 | Use the issuer’s FY2025 annual report and results announcement for the latest full-year view. The nine-month 2025 profit figure is interim and unaudited. |
| Anhui Conch Cement | 00914 | Its 2025 third-quarter report identifies the issuer and July–September reporting period. Use the report’s underlying financial and operating disclosures to align periods and definitions with the other issuers. |
| China National Building Material (CNBM) | 03323 | Its “basic building materials” segment includes cement, commercial concrete and aggregate. Segment figures therefore are not cement-only measures. |
HKEX’s issuer filing index lists Asia Cement’s FY2025 annual report, released 29 April 2026, and FY2025 annual results announcement, released 9 March 2026. Those are the appropriate starting points for a current full-year comparison; the FY2024 annual report is a historical baseline, not a substitute for the newer disclosures.
What do the available results actually show?
Asia Cement announced unaudited profit attributable to owners of approximately RMB146.272 million for the nine months ended 30 September 2025. That is a nine-month interim figure, not full-year profit. Its announced nine-month result should be compared with peer figures covering the same period and using the same profit measure—not with another company’s full-year result.
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CNBM’s FY2025 annual report text hosted by FinancialFilings reports basic building materials segment revenue of RMB77,845.7 million, down 14.6% from RMB91,101.6 million in FY2024. It attributes the decline mainly to lower average selling prices and lower sales volumes for cement, commercial concrete and aggregate. The reported segment gross profit was RMB12,039.3 million in FY2025 versus RMB13,171.8 million in FY2024, while segment gross margin increased to 15.5% from 14.5%. These are segment—not cement-only—figures, and the figures come from a secondary report host; confirm them against CNBM’s official FY2025 report before using them in a quantitative investment comparison.
CNBM’s reported revenue decline alongside a higher segment gross margin illustrates why revenue direction alone can mislead: price and volume changes, product mix and costs can move differently. It does not establish how Asia Cement or Anhui Conch performed on the same basis.
How to make the comparison like for like
- Align periods and accounting measures. Start with each issuer’s FY2025 annual report for a full-year comparison. If using interim reports, match the same start and end dates and label unaudited results as such. Keep the reporting currency visible, and do not compare a nine-month result with a full year.
- Separate business mix. Identify which reported figures relate to cement, clinker, concrete, aggregate or other products. Do not treat CNBM’s basic building materials segment as a cement-only business. Where issuers do not disclose equivalent segment data, mark the difference rather than implying direct comparability.
- Disentangle sales volume and price. Compare cement and clinker volumes with realized selling prices where reported. Revenue can rise because volumes increased, prices improved, or the product mix changed; a revenue figure alone does not identify the driver.
- Read margins with input costs and utilization. Check gross and operating margins alongside coal and electricity costs, freight, raw-material access and capacity utilization. Determine whether changes are consistent with selling-price movements, cost changes or a different product mix.
- Test balance-sheet resilience and cash generation. Examine net debt, interest expense, operating cash flow, working-capital movements and capital expenditure. Include capacity replacement or closure costs where disclosed: reported profit does not by itself show how much cash is available for investment or distributions.
- Compare capital allocation using actual disclosures. Use declared dividend amounts and dates, buybacks and reinvestment needs from the reports. A yield calculated from a share price is date-sensitive; do not present a stale yield as a current comparison.
- Use synchronized market data for valuation. Compare market capitalization and enterprise-value or earnings multiples only with share prices from the same stated date and earnings periods defined consistently. The available figures here do not establish current share prices or harmonized valuation multiples.
How should strategy and regional exposure affect the reading?
Footprint matters because regional demand, customer concentration and transport reach can shape volumes and realized prices. Compare the operating regions each issuer actually reports, then consider whether a wider footprint or a more concentrated one changes its exposure to local conditions. Do not infer geographic resilience from company size or a stock listing alone.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →In its 2024 annual report, Asia Cement Chairman Hsu Shu Tong described green, low-carbon and digital upgrades as strategic intentions, writing: “Looking ahead, driven by innovation and guided by green development, Asia Cement (China) will continue to embrace challenges and opportunities brought about by industry reforms.” Treat this as a forward-looking statement from the FY2024 report, not evidence that the upgrades have been completed or that they have already improved performance.
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What can investors conclude now—and what remains unproven?
The evidence supports a focused watchlist and a comparison method, not a stock ranking. Asia Cement’s FY2025 disclosures are available through its HKEX issuer index, but the detailed line-item values needed for a complete comparison are not presented here. The available Anhui Conch reference identifies its 2025 third-quarter reporting period, but does not provide equivalent operating metrics. CNBM’s cited segment data also require care because they combine multiple product categories and are reported through a secondary host.
Before drawing a valuation or investment conclusion, extract comparable FY2025 figures from the three issuers’ original reports and record the reporting period, currency, segment definition and whether each figure is audited or interim. Add same-date market data for price-based measures. Without that alignment, apparent differences may reflect business mix, regional exposure or reporting periods rather than company execution.
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