The fairest way to compare Anhui Conch Cement with CNBM, Huaxin, Holcim and CRH is to put the companies on the same fiscal date, currency and business scope, then compare both reported and cycle-adjusted results. On the disclosed figures available for this comparison, Conch combines enormous Chinese cement capacity with a weak 2024 sales and profit year, unusually strong operating-cash-flow conversion, and a much lower liabilities-to-assets ratio than CNBM. CRH reports higher consolidated margins, but its global aggregates, ready-mix and building-materials businesses make those margins a poor proxy for cement-only economics.
Use per-tonne price, cash cost and gross profit when product definitions match; use consolidated figures only after separating cement from diversified businesses. A current “cheapest” or “best” stock ranking cannot be made responsibly without prices and forward estimates dated to the same day.
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What the comparison should answer
A useful cement-stock comparison answers four separate questions:
- How profitable is the operating business? Examine revenue, EBITDA, EBIT, net profit, ROE and gross profit per tonne through a full cycle.
- Does profit become cash? Compare operating cash flow, maintenance capital expenditure and free cash flow rather than relying on earnings alone.
- How much financial risk is being taken? Check debt-to-assets, net debt/EBITDA and interest coverage, using the same definitions.
- What will drive the next cycle? Separate China property, infrastructure, overseas construction, aggregates, ready-mix and other building-material exposure.
Dividend policy, buybacks and decarbonisation investment complete the picture. No single ratio answers all of these questions, and a conglomerate such as CNBM or CRH should not be treated as a pure cement producer.
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First normalize the data
The companies below report in different currencies and for different fiscal years. Conch and CRH figures are for 2024; CNBM’s disclosed figures are for 2025. That one-year mismatch is material in a cyclical industry, so label every number with its period instead of placing it in an apparently simultaneous ranking.
- Fix the fiscal date. Use the latest annual reports that overlap, or restate every company to a common trailing period when quarterly data are available.
- Fix the currency. Convert revenue, profit and cash flow at a stated period-average rate; do not convert one company at a year-end rate and another at an average rate.
- Fix the accounting scope. Distinguish continuing operations from discontinued operations, attributable profit from total net income, and adjusted EBITDA from reported EBITDA.
- Fix the share count. Basic EPS and dividend per share are not comparable if one company has substantial dilution or buybacks.
- Fix the business mix. A cement segment, a building-materials group and an engineering conglomerate need segment-level analysis before their margins are compared.
For a cycle-adjusted view, calculate each margin and return metric over at least five years, or use a mid-cycle estimate based on normalized selling prices, volumes and fuel costs. A single-year P/E can make a peak-year producer look cheap and a trough-year producer look expensive.
Same-date financial snapshot
The table shows the disclosed annual figures and the qualifications that accompany them. “Not stated” means that a like-for-like figure is not established for this comparison; it is not a zero.
| Metric | Anhui Conch Cement (FY2024) | CNBM (FY2025) | CRH (FY2024) | Huaxin | Holcim |
|---|---|---|---|---|---|
| Revenue | RMB91.029615bn; down 35.51% year over year | RMB177.847086bn | US$35.6bn | Not stated for a like-for-like date | Not stated for a like-for-like date |
| EBITDA | Not stated as a comparable consolidated figure | RMB21.727726bn | Adjusted EBITDA US$6.930bn | Not stated | Not stated |
| EBIT | Not stated | Not stated | Not stated | Not stated | Not stated |
| Attributable net profit | RMB7.696118bn; down 26.19% year over year | Loss of RMB3.745255bn | US$3.5bn net income attributable to CRH | Not stated | Not stated |
| ROE | 4.09% | Not stated | Not stated on the same basis | Not stated | Not stated |
| Operating cash flow | RMB18.476253bn | Not stated | Not stated | Not stated | Not stated |
| Free cash flow | Not stated; maintenance capex must be identified | Not stated | Not stated on the same definition | Not stated | Not stated |
| Debt-to-assets | About 21.3%, derived from RMB54.298442bn liabilities and RMB254.635244bn assets | 39.4% | Not stated on the same basis | Not stated | Not stated |
| Net debt/EBITDA | Not stated | Net debt ratio 90.8%; not the same as net debt/EBITDA | Not stated | Not stated | Not stated |
| Interest coverage | Not stated | Not stated | Not stated | Not stated | Not stated |
| Basic EPS | RMB1.46 | Not stated in the comparable figures | US$5.06 from continuing operations | Not stated | Not stated |
Conch’s operating cash flow was about 2.40 times attributable profit in 2024 (RMB18.476253bn divided by RMB7.696118bn). That ratio is a useful cash-conversion signal, but it does not by itself prove that free cash flow was high: capital spending, working-capital reversals and one-off receipts still need to be checked.
Operating scale and per-tonne economics
Per-tonne data are the cleanest operating comparison when the products, consolidation perimeter and price definitions match. Conch reports cement-plus-clinker figures; CNBM reports a combined cement and clinker measure. CRH’s consolidated disclosures cover a much broader product portfolio, so its group gross margin should not be substituted for a cement tonne margin.
| Operating measure | Anhui Conch Cement (2024) | CNBM (2025) | CRH, Huaxin and Holcim |
|---|---|---|---|
| Cement and clinker sales | 268 million tonnes, down 6% year over year | 216.706 million tonnes, down 11.5% year over year | Not stated on a matching cement-plus-clinker basis |
| Average selling price | RMB246 per tonne | RMB235.6 per tonne for the combined measure | Not stated on a matching basis |
| Cash cost | RMB187 per tonne | Not stated | Not stated |
| Gross profit | RMB59 per tonne | Not stated | Not stated |
| Clinker capacity | 274 million tonnes | Not stated in the comparable figures | Not stated |
| Cement capacity | 403 million tonnes | Not stated in the comparable figures | Not stated |
| Aggregate capacity | 163 million tonnes | Not stated | Not stated |
| Commercial-concrete capacity | 51.9 million cubic metres | Not stated | Not stated |
| Capacity utilization | Not stated | Not stated | Not stated |
Conch’s RMB59 per tonne gross profit is calculated from its reported RMB246 selling price and RMB187 cost. Do not compare that number with a peer’s EBITDA per tonne unless both companies define revenue, freight, intercompany transfers, clinker, cement and cost of sales in the same way. CNBM’s lower disclosed combined selling price, RMB235.6 per tonne, is informative but cannot be turned into a margin without a comparable cost figure.
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Why volume alone is not enough
Conch sold more cement and clinker than CNBM on the disclosed periods, but its volume still fell 6% in 2024. CNBM’s volume decline was steeper at 11.5% in 2025. A producer can protect profit during a volume decline by raising realized prices, reducing fuel and power costs, increasing alternative-fuel use, or shifting toward higher-value products. Conversely, high utilization at a weak price can destroy returns.
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Anhui Conch’s annual report published on March 24, 2025, records a difficult year. Revenue was RMB91.029615 billion, down 35.51% from the prior year, while attributable net profit fell 26.19% to RMB7.696118 billion. Reported ROE was 4.09%. Those figures point to weak profitability despite the company’s scale and should be kept separate from any mid-cycle thesis.
Total assets were RMB254.635244 billion and total liabilities RMB54.298442 billion. The resulting liabilities-to-assets ratio is approximately 21.3%, calculated from the reported totals. This is not the same measure as net debt/EBITDA, and Conch’s comparable net debt/EBITDA and interest-coverage figures are not established here.
The operating footprint is substantial: 274 million tonnes of clinker capacity, 403 million tonnes of cement capacity, 163 million tonnes of aggregate capacity and 51.9 million cubic metres of commercial-concrete capacity at the end of 2024. It also operated 645 megawatts of solar-storage capacity. Scale can lower procurement and logistics costs, but it also leaves earnings exposed to regional oversupply and construction demand.
How CNBM changes the interpretation
CNBM is the larger consolidated revenue comparator on the disclosed numbers, with RMB177.847086 billion of 2025 revenue and RMB21.727726 billion of EBITDA. Yet it recorded an attributable loss of RMB3.745255 billion. Its debt-to-assets ratio was 39.4%, and its reported net debt ratio was 90.8%.
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Why CRH’s margin cannot be copied onto Conch
CRH reported 2024 revenue of US$35.6 billion, gross profit of US$12.7 billion, a 35.7% gross margin, adjusted EBITDA of US$6.930 billion and attributable net income of US$3.5 billion. Basic EPS from continuing operations was US$5.06.
That gross margin reflects a global, diversified building-materials portfolio rather than cement alone. Aggregates, ready-mix, infrastructure products, acquisitions and regional pricing can carry different margins and capital intensity from cement and clinker. Compare CRH with Conch first on geography, product mix, cash generation and capital allocation; only then use group margins as a broad quality indicator.
Property, infrastructure and geographic exposure
Chinese cement demand is highly sensitive to the property cycle, infrastructure spending, regional capacity discipline and local pricing. Conch’s large domestic footprint gives it scale but does not remove that cyclicality. A proper model should split sales and profit by province or region where disclosed, then identify exposure to property starts, completions, infrastructure investment and rural construction.
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CNBM adds another layer of complexity because its engineering and new-materials operations can respond differently to property and infrastructure cycles. CRH’s geographic diversification can reduce dependence on one country, but weather, construction activity, acquisitions and divestitures affect its reported results. Huaxin and Holcim should be assessed with the same map: country mix, export dependence, local pricing power, import competition and exposure to public works versus private real estate.
A practical exposure checklist
- Estimate the percentage of revenue and EBITDA tied to cement and clinker rather than all building materials.
- Separate domestic property demand from infrastructure and export demand.
- Check whether production is concentrated in regions with chronic overcapacity or stronger pricing discipline.
- Identify currency, energy-price and imported-coal or petcoke exposure for overseas operations.
- Adjust valuation multiples for businesses whose cycle, margins or capital intensity differ from cement.
Cash flow: the check that earnings miss
Start with operating cash flow divided by attributable net income:
cash-conversion ratio = operating cash flow / attributable net income
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For Conch in 2024, the ratio is approximately 2.40 times. Investigate why it is high: a release of working capital, depreciation, customer advances and inventory movements can all lift cash flow without representing repeatable earnings power.
Then calculate free cash flow consistently:
free cash flow = operating cash flow − maintenance capital expenditure
Total capital expenditure is not automatically maintenance expenditure. Separate new plants, acquisitions, environmental projects and growth capacity from spending required to keep existing kilns operating. If a company does not disclose maintenance capex, mark free cash flow as not comparable rather than substituting total capex without explanation.
For each peer, review at least five years of operating cash flow, capital expenditure, working capital and dividends. A cement producer with lower accounting profit but durable cash generation may be financially stronger than a high-margin producer whose cash is absorbed by expansion.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Balance sheet and interest risk
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| Debt-to-assets | total liabilities or interest-bearing debt / total assets |
Broad balance-sheet leverage and asset backing | Mixing total liabilities for one company with interest-bearing debt for another |
| Net debt/EBITDA | (interest-bearing debt − cash) / EBITDA |
Approximate debt repayment burden relative to operating earnings | Using adjusted EBITDA and reported net debt without reconciling definitions |
| Interest coverage | EBIT or EBITDA / net interest expense |
Ability to service interest during a downturn | Ignoring floating-rate debt and exceptional interest income |
Conch’s approximately 21.3% liabilities-to-assets ratio and CNBM’s 39.4% ratio are not a complete solvency ranking. CNBM’s reported 90.8% net debt ratio signals materially heavier leverage, but it is not interchangeable with net debt/EBITDA. Obtain debt maturity schedules, average interest rates, restricted cash and lease liabilities before making a default-risk judgment.
Dividends, buybacks and valuation
Conch proposed a 2024 cash dividend of RMB0.71 per share, including tax. It is a proposed distribution, not a permanently guaranteed yield. To calculate dividend yield, use a clearly dated A-share or H-share closing price and state whether the price is before or after the ex-dividend date:
dividend yield = proposed or paid dividend per share / dated share price
Do not rank Conch against CNBM, CRH, Huaxin or Holcim on yield using prices from different dates. Confirm payout ratios against normalized free cash flow, not only one year’s net profit. Check buybacks separately: a repurchase can reduce share count and support per-share results, while a high payout funded by borrowing can weaken the balance sheet.
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Decarbonisation and operating resilience
Cement is energy-intensive, so emissions strategy can affect both regulation risk and unit cost. Compare clinker factor, alternative-fuel substitution, waste-heat recovery, renewable electricity, carbon-capture plans, emissions intensity and the capital required to meet targets.
Conch reported 645 MW of operating solar-storage capacity at the end of 2024 and alternative-fuel use at 61 subsidiaries during 2024. Those projects can reduce purchased electricity or fossil-fuel exposure, but assess their return on invested capital, utilization and accounting treatment rather than treating capacity alone as a profit measure.
For CNBM, CRH, Huaxin and Holcim, collect the same indicators from sustainability and annual reports. A larger renewable-power portfolio is valuable only if it lowers delivered energy cost, reduces compliance exposure or creates a product premium without excessive capex.
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Quick Recap
A repeatable comparison workflow
- Build a date-controlled spreadsheet. Give every figure a fiscal year, reporting currency, exchange-rate convention and source document date.
- Separate segments. Create columns for cement, clinker, aggregates, ready-mix, engineering, new materials and other businesses.
- Calculate reported margins. Revenue, EBITDA, EBIT, net profit and ROE should use matching scopes.
- Calculate cycle-adjusted margins. Use a five-year average or a transparent mid-cycle price, volume and fuel-cost assumption.
- Reconcile tonnes. Record whether sales include clinker, cement, exports, intercompany shipments or only external customers.
- Compare unit economics. Put selling price, cash cost and gross profit per tonne side by side only when definitions match.
- Bridge profit to cash. Record operating cash flow, working-capital movements, maintenance capex and free cash flow.
- Stress the balance sheet. Model lower prices, weaker volumes and higher fuel or interest costs; then check covenant headroom and maturities.
- Map demand exposure. Split property, infrastructure, exports and geographies, and identify which businesses are not cement.
- Score capital allocation and emissions. Review dividends, buybacks, acquisitions, renewable power and alternative fuels together with returns on capital.
- Apply valuation last. Use same-day prices and forward estimates only after the operating and financial comparisons are complete.
Common comparison errors
- Comparing different years as if they were simultaneous. Conch’s 2024 downturn and CNBM’s 2025 loss may reflect different points in the cycle.
- Calling group gross margin a cement margin. CRH’s 35.7% gross margin includes diversified building materials.
- Mixing per-tonne definitions. Conch’s RMB59 gross profit per tonne and CNBM’s RMB235.6 selling price are not enough to calculate a peer margin without matching costs.
- Using revenue scale as quality. CNBM’s larger revenue coexists with a 2025 attributable loss and high reported leverage.
- Confusing proposed dividends with yields. RMB0.71 per Conch share needs a dated market price and payment status.
- Calling operating cash flow free cash flow. Capital expenditure must be classified before free cash flow is known.
- Ignoring dilution and accounting scope. Basic EPS, attributable profit and continuing-operations profit must be reconciled.
- Treating renewable capacity as an earnings guarantee. Solar-storage megawatts and alternative-fuel projects need utilization and return analysis.
What the disclosed comparison suggests
- Conch has the largest disclosed cement-and-clinker sales volume in this comparison and substantial clinker, cement, aggregate and concrete capacity, but 2024 revenue, profit, volume and ROE were weak.
- Conch’s operating cash flow materially exceeded attributable profit in 2024, making cash conversion a central diligence question.
- CNBM is a larger and more diversified Chinese benchmark, but its 2025 attributable loss and higher reported leverage make its risk profile different from Conch’s.
- CRH’s strong consolidated margin and global diversification are relevant quality indicators, not directly comparable cement-only unit economics.
- Price, cost and gross profit per tonne are the most informative operating measures when product and accounting definitions match.
- A current valuation winner cannot be identified from these annual figures alone; live prices and forward estimates must be added on one date.
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