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China Resources Building Materials Technology (HKEX: 1313) is not an automatic winner over CNBM (HKEX: 3323) or Anhui Conch Cement (HKEX: 0914). The latest filings show three different exposures: 1313 is a relatively focused cement, concrete and aggregates business whose attributable profit turned into a substantial first-half 2026 loss; CNBM is a diversified building-materials, new-materials and engineering group that reported a large 2025 attributable loss; and Conch provides large-scale cement and clinker exposure while its first-half 2026 product revenue also fell. “Better” therefore depends on the valuation you can verify on one date, the earnings recovery you expect, the business mix you want and the amount of cyclical risk you can accept.
This is a filing-based comparison, not a buy recommendation. The issuers report different periods, scopes and segment definitions, so the figures below are labelled rather than treated as a like-for-like league table.
At a glance
| Name | Best for | Key spec | Platforms | Checked |
|---|---|---|---|---|
| China Resources Building Materials Technology (1313) | Investors seeking a focused cement, concrete and aggregates recovery case | 2025 turnover RMB21,054.8m; 2026 first-half attributable loss RMB441.2m; gearing 32.2% at 30 June 2026 | Hong Kong Stock Exchange | November 2026 |
| China National Building Material (CNBM, 3323) | Investors wanting diversified basic materials, new materials and engineering exposure | 2025 basic-materials revenue RMB77,845.7m; 2025 group attributable loss RMB3,745.3m | Hong Kong Stock Exchange | November 2026 |
| Anhui Conch Cement (0914) | Investors prioritising large cement-and-clinker operating scale | 2026 first-half self-produced cement and clinker sales 121m tonnes; related revenue RMB28,635m | Hong Kong Stock Exchange | November 2026 |
The table is a starting map, not a ranking by expected return. No synchronized share prices or valuation multiples were supplied in the reviewed filings.
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There is no single winner because each company answers a different investment question. Define the outcome before comparing numbers:
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- Recovery potential: Can selling prices, volumes and margins recover from the construction downturn?
- Diversification: Can new materials or engineering services offset weakness in traditional cement?
- Earnings quality: Are profits supported by operating cash flow, or affected by impairments and other non-recurring items?
- Income: Is the dividend covered by sustainable cash generation rather than one interim payment?
- Valuation: What price are you paying for the next twelve months or for normalized-cycle earnings?
- Risk tolerance: How much exposure can you accept to Chinese construction demand, energy costs, regional oversupply and company-specific execution?
A stock with higher revenue or more tonnes sold is not automatically the better equity. A higher volume base can coexist with lower prices and margins, while a diversified group can report large revenue but weak attributable earnings after impairments or losses in other segments.
How did China Resources Building Materials perform?
China Resources Building Materials Technology (1313) offers the clearest focused cement-and-concrete comparison, but its earnings direction changed sharply between its 2025 annual report and the six months ended 30 June 2026.
| Measure | 2025 full year | Six months ended 30 June 2026 |
|---|---|---|
| Turnover | RMB21,054.8m, down 8.6% year over year | RMB8,636.0m, down 15.4% from the comparable half |
| Profit/(loss) attributable to owners | RMB479.4m, compared with RMB210.9m in 2024 | Loss of RMB441.2m, compared with profit of RMB306.7m in the prior-year half |
| Basic EPS | RMB0.069 | Basic loss per share RMB0.063 |
| Dividend | Proposed final dividend HK$0.024 per share | Interim dividend HK$0.014 per share, unchanged from the prior-year period |
| Defined gearing ratio | 30.7% at 31 December 2025 | 32.2% at 30 June 2026 |
Prices checked November 2026.
These figures come from the company’s 2025 annual results announcement and 2026 interim results announcement. The 2025 profit recovery is historical, not a forecast that the 2026 loss will reverse.
What caused the interim weakness?
The segment figures show that the decline was not simply a smaller top line. In the first half of 2026, the cement segment produced a negative result of RMB173.068m, aggregates and others produced a negative RMB24.560m, while concrete remained positive at RMB82.152m. External sales were RMB5,175.381m for cement, RMB1,960.307m for concrete and RMB1,500.283m for aggregates and others.
The 2025 operating data also show price pressure. Cement-and-clinker sales volume was 216.706m tonnes, down 11.5% year over year, while the average selling price was RMB235.6 per tonne, down 6.0%. The average selling price of commercial concrete was RMB286.1 per cubic metre, down 8.2%. The annual report attributes lower selling prices to the downturn in China’s construction industry. A recovery case therefore needs both improved demand or market discipline and adequate pricing; volume alone may not restore profit.
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What does CNBM add that 1313 does not?
CNBM is not a like-for-like cement peer. Its 2025 annual report separates basic building materials, new materials and engineering technical services. Basic building materials generated RMB77,845.7m of revenue, down 14.6%, and RMB12,039.3m of segment gross profit, down 8.6%. Despite the lower gross profit, reported segment gross margin rose from 14.5% to 15.5%.
At group level, however, profit attributable to equity holders was a loss of RMB3,745.3m in 2025, compared with a profit of RMB2,387.3m in 2024. The report discusses impairment provisions among the reasons for weaker basic-materials operating performance. This distinction matters: a segment gross-profit figure cannot be substituted for group attributable profit, and a higher segment margin does not by itself mean the shareholders’ earnings recovered.
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CNBM’s mix can be an advantage if new materials and engineering services grow while traditional materials remain weak. It can also make analysis harder because debt, impairments, minority interests, project timing and results from several businesses influence the group number. A reproduction of CNBM’s 2026 interim report says first-half revenue was RMB81.483bn and that basic building materials remained under pressure while new-materials profit increased. Because that source is not a direct issuer-hosted page, verify the exact interim figures against the company or exchange report before relying on them.
For a reader choosing between 1313 and CNBM, the key question is not which group has the larger revenue. It is whether the diversification discount, balance-sheet obligations and non-basic-materials earnings justify the complexity and the 2025 attributable loss.
How does Anhui Conch compare on scale and economics?
Anhui Conch is a useful large-scale cement-and-clinker benchmark, but its product-level interim data should not be compared directly with another company’s consolidated profit. The reproduced 2026 interim filing reports 121m tonnes of self-produced cement and clinker sales, down 3.96% year over year, and RMB28,635m of revenue from those products, down 16.49%.
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The filing also demonstrates why product and regional mix matter. Self-produced 42.5-grade cement generated RMB19,887.047m of revenue with a reported gross margin of 21.91%. Aggregate and manufactured sand generated RMB1,889.794m with a reported gross margin of 40.78%. Those are product-level interim amounts, not group-wide returns, and they do not establish that Conch will deliver a higher shareholder return than either 1313 or CNBM.
The Conch figures are from a filing reproduction. Confirm the numbers in the company’s or exchange-hosted report before publication or investment use. Its scale may provide procurement, logistics or network advantages, but scale cannot prevent selling-price declines across a weak construction cycle.
Which business mix is most attractive?
| Exposure | 1313 | CNBM | Anhui Conch |
|---|---|---|---|
| Traditional cement and clinker | Core business; 2025 sales volume 216.706m tonnes | Part of the basic-building-materials segment | Core at very large scale; 2026 first-half self-produced sales 121m tonnes |
| Concrete | Material business; 2026 first-half segment result positive RMB82.152m | Included within a broader group structure where disclosed | Concrete activities are reported alongside cement, aggregates and trading |
| Aggregates and manufactured sand | Aggregates-and-others segment result negative RMB24.560m in 2026 first half | May sit within broader materials operations | 2026 first-half aggregate and manufactured-sand revenue RMB1,889.794m |
| New materials and engineering | Not the central reported exposure | Distinct new-materials and engineering technical-services segments | Not the main basis of the supplied comparison |
1313 is the most direct expression of a focused cement, concrete and aggregates recovery. CNBM offers the broadest mix and therefore the greatest need to analyse each segment. Conch is the clearest scale comparison for cement and clinker, but its recent product revenue decline shows that scale does not remove cycle risk.
How should you compare valuation when the filings do not give a winner?
Use a common valuation date and share-class basis. The reviewed issuer filings do not provide synchronized market prices or valuation multiples, so they cannot establish which stock is cheaper or better value.
- Fix the date and listing. Record the closing price on the same date for each Hong Kong-listed security. Do not mix a delayed price, a different share class or a different currency without documenting the conversion.
- Choose the earnings denominator. For a cyclical company, compare reported trailing earnings and a clearly labelled normalized or mid-cycle estimate separately. Do not use a forecast as if it were a filing fact.
- Check attributable earnings. Use profit attributable to ordinary shareholders for a P/E calculation, and reconcile minority interests and exceptional items.
- Use more than one multiple. P/E can be meaningless when earnings are negative. Add price-to-book, enterprise value to operating profit or EBITDA where the definitions are consistent, and free-cash-flow yield when cash flow is available.
- Adjust for debt and commitments. Enterprise-value comparisons need consistent treatment of borrowings, leases, cash, restricted cash and project obligations.
- Stress-test the cycle. Model lower selling prices, weaker volumes, higher coal or fuel costs and delayed construction demand. The objective is to see how much valuation depends on a rapid recovery.
- Reconcile segment scope. CNBM’s basic-materials revenue is not the same denominator as 1313’s group turnover or Conch’s self-produced product revenue.
A low P/E after a temporary earnings peak can be more expensive than a higher P/E on depressed earnings. Conversely, a negative P/E does not mean a stock has no value; it means another valuation framework and a credible path to normalized cash earnings are required.
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What do the dividends and balance sheets tell you?
1313 proposed a final dividend of HK$0.024 per share for 2025 and declared an interim HK$0.014 per share for the first half of 2026, the same as the prior-year interim payment. Its defined gearing ratio rose from 30.7% at the end of 2025 to 32.2% at 30 June 2026. The interim dividend is a reported payment decision, not proof that future dividends are secure; test coverage against recurring free cash flow, capital spending and debt maturities.
The supplied CNBM and Conch evidence does not provide a synchronized dividend, net-debt and cash-flow comparison suitable for ranking them. Obtain each company’s cash-flow statement, borrowings, maturity profile, capital commitments and dividend policy from the same reporting period. A group with higher accounting profit but weak operating cash conversion may have less capacity to maintain distributions than the headline number suggests.
What risks could change the comparison?
- Construction-cycle risk: Chinese infrastructure, property and construction demand affect volumes and pricing across all three companies.
- Selling-price risk: 1313’s 2025 cement-and-clinker price fell 6.0%, commercial-concrete price fell 8.2%, and Conch’s 2026 first-half self-produced product revenue fell faster than volume. A small volume recovery may not offset continued price pressure.
- Fuel and input-cost risk: Coal, electricity, transport and other inputs can compress margins when selling prices are set by a weak market.
- Regional mix: Local supply, demand and competition mean that a national volume number can hide very different plant economics.
- Impairment and restructuring risk: CNBM’s 2025 report links weaker performance partly to impairment provisions. Future write-downs can overwhelm operating improvements.
- Business-mix risk: CNBM’s diversification can reduce dependence on cement but introduces more segment, project and execution variables.
- Leverage and capital-allocation risk: Debt-funded capacity, acquisitions or environmental upgrades can reduce cash available for dividends.
- Reporting risk: Reproduced interim reports and different segment definitions require verification before precise cross-company calculations.
- Currency and market risk: Hong Kong-listed prices, RMB reporting and investor sentiment can move independently of operating results.
Which stock fits each investor objective?
| If your priority is… | Initial candidate to investigate | Evidence to verify before deciding |
|---|---|---|
| A focused construction-materials recovery | 1313 | Whether cement and aggregates return to positive segment results, prices stabilize and the 2026 loss reverses without excessive leverage |
| Broader exposure beyond traditional cement | CNBM | New-materials and engineering profitability, impairment normalization, cash conversion and the effect of group liabilities on equity value |
| Large cement-and-clinker operating scale | Anhui Conch | Regional margins, realized prices, cost performance and whether scale translates into cash returns rather than only tonnes |
| Dividend dependability | No automatic winner | Multi-year free-cash-flow coverage, payout policy, balance-sheet headroom and the sustainability of distributions through a downcycle |
| Lowest valuation | Cannot be determined from the supplied filings | Same-date price, share count, net debt, normalized earnings and consistent accounting adjustments |
These are research starting points, not suitability recommendations. An investor who values simplicity may prefer a focused operating story, while one who accepts conglomerate complexity may value CNBM’s breadth. Neither preference resolves the need for a synchronized valuation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What should you check before buying any of them?
- Download the latest issuer-hosted annual and interim reports and note the publication date.
- Write down whether every figure is a group total, segment result or product amount.
- Build a two- to five-year series for revenue, selling price, volume, operating profit, attributable profit and operating cash flow.
- Separate reported results from management explanations and from your own recovery assumptions.
- Reconcile borrowings, cash, leases, capital commitments and minority interests.
- Calculate dividend coverage using recurring cash flow, not only accounting profit.
- Compare all three share prices on one date and use the same valuation definitions.
- Run downside cases for lower prices, lower volumes and higher fuel costs.
- Set a position size that reflects cyclical and company-specific risks rather than the apparent cheapness of one multiple.
- Recheck the thesis after each results announcement; a recovery thesis depends on subsequent evidence, not on the 2025 baseline alone.
So, which Chinese building-materials stock is better?
The evidence supports conditional conclusions rather than a universal winner. 1313 is the focused recovery candidate, but its RMB441.2m attributable loss in the first half of 2026 and negative cement and aggregates segment results demand proof of a turnaround. CNBM supplies broader exposure, yet its RMB3,745.3m 2025 attributable loss and impairment sensitivity make group-level analysis essential. Anhui Conch supplies the strongest scale reference, but its 121m-tonne first-half sales base and declining product revenue do not by themselves demonstrate superior returns.
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The defensible choice is the company whose business mix matches your objective and whose same-date valuation still compensates you for the downside scenario. Until prices, cash flow, leverage, dividend coverage and normalized earnings are compared on a consistent basis, the filings do not justify calling one stock “better” for every investor.
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Frequently Asked Questions
Why can a company’s segment margin improve while shareholders still report a loss?
Segment gross profit excludes some group-level items, including impairments, finance costs, tax, minority interests and results from other businesses. A higher margin in one operating segment can therefore coexist with a negative consolidated profit attributable to equity holders.
What is a synchronized valuation date, and why does it matter?
It means using each share price, share count, debt figure and cash balance from the same calendar date or reporting cut-off. Without synchronization, market moves and different reporting periods can make one company appear cheaper or more profitable simply because the inputs are stale.
Should I compare cement tonnes or revenue first?
Use both, but do not treat either as a profitability measure. Tonnes show physical demand and capacity utilization; revenue also reflects selling prices and mix, while margins and cash flow reveal whether those sales create shareholder value.
Does 1313’s unchanged interim dividend prove its payout is safe?
No. The HK$0.014 interim payment is a declared distribution for that period, not a guarantee of future payments. Future coverage depends on recurring cash flow, capital spending, debt obligations and the board’s policy through the cycle.
