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The fairest way to compare Anhui Conch Cement with CNBM, Huaxin, Holcim, CRH and other cement stocks is to align fiscal year, currency, accounting scope and cycle position before looking at valuation. On the disclosed figures, Conch combines very large Chinese capacity with weak 2024 sales and profit growth, but its operating cash flow was about 2.4 times attributable profit. CNBM is larger and more diversified but reported a 2025 attributable loss and substantially higher leverage. CRH produced stronger consolidated margins, although its global aggregates, ready-mix and building-materials mix is not directly comparable with a cement-focused Chinese producer.
The tables below separate what is directly disclosed from what still needs a company report or dated market price. That distinction matters more than a simple price-to-earnings ranking.
Start with a like-for-like comparison
Cement earnings are cyclical. Selling prices, dispatch volumes, coal and electricity costs, property construction and infrastructure spending can all change sharply within a year. A stock that looks cheap on one year’s earnings may merely be near the top of its cycle, while a high multiple can reflect temporarily depressed profit.
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Before comparing Conch with another company, standardize these items:
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- Fiscal period: do not place Conch’s 2024 results beside a peer’s 2025 results without labeling the mismatch. CNBM’s figures below are for 2025; Conch and CRH figures are for 2024.
- Currency and units: retain RMB for Chinese companies and US dollars for CRH, or convert every line at one dated exchange rate. Do not mix converted revenue with unconverted per-tonne prices.
- Accounting scope: distinguish attributable net income, total net income, continuing operations, adjusted EBITDA and reported EBITDA.
- Business mix: consolidated CRH and CNBM numbers include businesses beyond cement. A cement-only gross margin should not be compared with a diversified building-materials margin as if they were the same product.
- Cycle position: compare a reported year with a multi-year average or a mid-cycle estimate. Show reported and cycle-adjusted margins separately rather than replacing one with the other.
- Share count and dividend basis: use the same share class and a clearly dated market price when calculating earnings multiples or dividend yield.
Reported figures at a glance
| Metric | Anhui Conch Cement (2024) | CNBM (2025) | CRH (2024) | Huaxin / Holcim |
|---|---|---|---|---|
| Revenue | RMB91.029615 billion | RMB177.847086 billion | US$35.6 billion | Not stated in the comparable figures used here |
| EBITDA | Not stated | RMB21.727726 billion | Adjusted EBITDA US$6.930 billion | Not stated |
| EBIT / operating profit | Not stated | Not stated | Not stated | Not stated |
| Attributable net profit | RMB7.696118 billion, down 26.19% year over year | RMB3.745255 billion loss | US$3.5 billion net income attributable to CRH | Not stated |
| Basic EPS | RMB1.46 | Not stated | US$5.06 from continuing operations | Not stated |
| ROE | 4.09% | Not stated | Not stated | Not stated |
| Operating cash flow | RMB18.476253 billion | Not stated | Not stated | Not stated |
| Debt-to-assets | Approximately 21.3%, calculated from RMB54.298442 billion liabilities divided by RMB254.635244 billion assets | 39.4% | Not stated | Not stated |
| Net debt / EBITDA | Not stated | Net debt ratio 90.8%; net debt / EBITDA not stated | Not stated | Not stated |
| 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 comparable cement-only basis | Not stated |
| Average selling price | RMB246 per tonne | RMB235.6 per tonne for combined cement and clinker | Not stated per tonne | Not stated |
| Cash cost and gross profit per tonne | RMB187 cost; RMB59 gross profit | Not stated | Not stated | Not stated |
Conch’s annual report was published on March 24, 2025. CNBM’s figures are for its 2025 reporting year. CRH’s figures come from its 2024 Form 10-K. The different reporting dates are material: this is an operating comparison, not a same-day valuation screen.
Profitability: separate reported results from mid-cycle economics
Conch’s 2024 result
Conch reported RMB91.029615 billion of revenue and RMB7.696118 billion of attributable net profit in 2024. Revenue fell 35.51% year over year and attributable profit fell 26.19%. Reported ROE was 4.09%. Those figures describe a weak year; they do not by themselves establish what Conch earns through a full cement cycle.
To make a cycle-adjusted comparison, collect at least five years of revenue, EBITDA, EBIT, net income and average equity, then calculate the median or an explicitly chosen mid-cycle year. Keep the reported 2024 column beside that adjusted column so a reader can see whether an apparently low multiple depends on a temporary earnings peak.
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CNBM generated RMB177.847086 billion of 2025 revenue and RMB21.727726 billion of EBITDA, yet attributable profit was a RMB3.745255 billion loss. Its conglomerate structure includes cement as well as new-materials, engineering and other activities. Consolidated EBITDA, margins and leverage therefore cannot be read as a clean cement plant benchmark.
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CRH’s margin advantage has a mix explanation
CRH reported US$35.6 billion of 2024 revenue, US$12.7 billion of gross profit and a 35.7% gross margin. Adjusted EBITDA was US$6.930 billion; net income attributable to CRH was US$3.5 billion and basic EPS from continuing operations was US$5.06. These margins reflect a global, diversified building-materials portfolio rather than cement alone.
CRH described 2024 as a year of resilient underlying demand, commercial progress and acquisition contributions, partly offset by lower activity in certain regions because of adverse weather and divestitures.
That operating context is useful when comparing business quality, but it should not be converted into a claim that CRH’s cement plants have a 35.7% margin.
Cash generation and balance-sheet risk
Conch’s cash conversion
Conch generated RMB18.476253 billion of operating cash flow against RMB7.696118 billion of attributable profit in 2024. The simple operating-cash-flow-to-attributable-profit ratio is approximately 18.476253 ÷ 7.696118 = 2.40x. A ratio above one can reflect working-capital releases, depreciation and other non-cash charges; it is not automatically recurring free cash flow. Subtract maintenance capital expenditure before judging how much cash is available for dividends, debt reduction or expansion.
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Leverage comparison
Conch’s 2024 assets were RMB254.635244 billion and liabilities were RMB54.298442 billion, implying liabilities of approximately 21.3% of assets. The report figures supplied here do not establish Conch’s net debt/EBITDA or interest-coverage ratio, so those cells should remain open until the balance sheet and finance-cost notes are collected.
CNBM reported debt-to-assets of 39.4% and a 90.8% net debt ratio for 2025. Its attributable loss means a conventional net-debt/earnings comparison is especially unstable. Compare debt maturities, average interest rate, cash balances and interest coverage in the notes rather than relying on one leverage percentage.
For every peer, calculate:
Operating cash-flow conversion = operating cash flow ÷ attributable net incomeFree cash flow = operating cash flow − maintenance capital expenditureDebt-to-assets = total debt or total liabilities ÷ total assets, using the same definition for all companiesNet debt ÷ EBITDAandEBIT ÷ net interest expensewhen both numerator and denominator are disclosed
Per-tonne economics: the cleanest plant-level test
When product definitions match, realized price, cash cost and gross profit per tonne remove much of the distortion created by different company sizes. They should still be checked for cement-only versus cement-plus-clinker scope and for regional mix.
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|---|---|---|---|
| Cement plus clinker volume | 268 million tonnes | 216.706 million tonnes | Conch sold more volume in the disclosed periods, but the years are different. |
| Year-over-year volume change | Down 6% | Down 11.5% | Both indicate weaker dispatches; do not infer equal market exposure. |
| Average selling price | RMB246 per tonne | RMB235.6 per tonne | Conch’s disclosed average was RMB10.4 higher, with different reporting years and mix. |
| Cost per tonne | RMB187 | Not stated | A matching CNBM cost is needed before comparing cost leadership. |
| Gross profit per tonne | RMB59 | Not stated | Conch’s figure equals its disclosed price less cost. |
Do not compare Conch’s RMB59 per tonne with CRH’s consolidated gross margin. CRH does not disclose a comparable cement-plus-clinker price, cost and volume set in the figures above. For Huaxin and Holcim, obtain the same three measures from the relevant annual or results report before ranking operators.
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Capacity, utilization, geography and product mix
Conch’s physical footprint
At the end of 2024, Conch had 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. It also had 645 MW of operating solar-storage capacity. These are year-end capacities, not production or utilization rates.
A rough volume-to-capacity calculation can be misleading because 268 million tonnes of sales includes cement and clinker while the 274 million-tonne figure is clinker capacity and the 403 million-tonne figure is cement capacity. Use the company’s own utilization definition and plant-level denominator rather than dividing sales by one of those headline capacities.
CNBM and CRH require mix adjustments
CNBM is a larger Chinese comparator by consolidated revenue but includes new-materials and engineering businesses. CRH is a global building-materials company whose aggregates, ready-mix, asphalt and related products affect margins and demand exposure. Conch also has aggregates and commercial concrete, so compare segment margins and volumes where disclosed instead of treating each group as a single cement producer.
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Map each company across four exposure questions:
- Property: what share of demand comes from residential and commercial construction, and how concentrated is it in stressed regions?
- Infrastructure: how much volume is tied to roads, rail, utilities and public works?
- Geography: are plants concentrated in one country or spread across regions with different pricing and weather cycles?
- Mix: what portion of revenue and EBITDA comes from cement, clinker, aggregates, ready-mix, new materials and other building products?
Dividends, buybacks and decarbonization
Conch’s proposed dividend
Conch proposed a 2024 cash dividend of RMB0.71 per share, including tax. Dividing that proposal by the reported basic EPS of RMB1.46 gives an approximate payout ratio of 48.6%. It is an approximation because the dividend and EPS can use different share-count and tax conventions, and the proposal is not the same as a cash yield.
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Dividend yield requires a dated A-share or H-share price: yield = annual dividend per share ÷ share price on the stated date. Without that date and share class, no fair yield ranking can be made. Check whether a peer’s distribution is a recurring dividend, a special dividend or a buyback authorization.
Environmental operating metrics
Conch reported alternative-fuel use at 61 subsidiaries in 2024 and 645 MW of operating solar-storage capacity. These figures show deployment, not a complete emissions-intensity ranking. A fuller comparison should include Scope 1 emissions per tonne of cementitious product, clinker ratio, alternative-fuel substitution, renewable electricity share, carbon costs and the capital required to meet stated targets.
Buybacks should be assessed alongside dividends: record the authorization date, amount actually repurchased, average repurchase price and the change in diluted share count. The comparable figures above do not establish buyback totals for Conch, CNBM, Huaxin, Holcim or CRH.
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A practical workflow for comparing the stocks
- Freeze the comparison date. Write down the market-close date, fiscal year, reporting currency and exchange rate. Label Conch and CRH as 2024 and CNBM as 2025 in any table.
- Build a reported-statistics sheet. Enter revenue, EBITDA, EBIT, attributable profit, EPS, ROE, operating cash flow, capex, assets, liabilities, debt, interest expense, cement volume, price and cost exactly as reported.
- Reconcile scope. Separate continuing operations, discontinued operations, joint ventures and non-cement segments. Keep consolidated and cement-only columns rather than forcing one blended number.
- Calculate cash conversion. Compute operating cash flow divided by attributable profit, then subtract maintenance capex to obtain a comparable free-cash-flow measure.
- Calculate leverage consistently. Use one definition for debt-to-assets and net debt. Add net debt/EBITDA and interest coverage only where the accounting definitions match.
- Normalize operations. Compare cement-plus-clinker tonnes with the same product scope, then compare realized price, cash cost and gross profit per tonne. Record whether figures are regional, segmental or group-wide.
- Estimate mid-cycle earnings. Use a multi-year median or a clearly documented normalized price and volume assumption. Present the resulting margin beside, not instead of, the reported margin.
- Value the equity last. On the same date, calculate P/E, EV/EBITDA, price-to-book and dividend yield using the normalized earnings case and the reported case. Show the sensitivity to cement price, volume and fuel cost.
- Stress-test the thesis. Model a lower selling price, weaker property demand, higher coal and electricity costs, currency moves for overseas operations and refinancing at a higher interest rate.
How the disclosed profiles differ
| Investor question | What the disclosed figures indicate | What still needs checking |
|---|---|---|
| Who has the largest cement operating scale? | Conch disclosed 268 million tonnes of cement-plus-clinker sales and 403 million tonnes of cement capacity; CNBM disclosed 216.706 million tonnes of sales in its 2025 figures. | Comparable year, utilization, plant ownership and regional mix. |
| Who converted profit into cash most clearly? | Conch’s 2024 operating cash flow was approximately 2.40 times attributable profit. | Maintenance capex, working-capital reversals and multi-year conversion. |
| Who carries the greater reported leverage? | CNBM’s debt-to-assets was 39.4% and net debt ratio 90.8%, versus Conch’s approximately 21.3% liabilities-to-assets calculation. | Identical debt definitions, lease liabilities, maturity schedule and interest coverage. |
| Which margin is strongest? | CRH reported a 35.7% consolidated gross margin and US$6.930 billion adjusted EBITDA, while Conch’s disclosed cement gross profit was RMB59 per tonne. | Segment-level cement margins; diversified products make the consolidated figures non-equivalent. |
| Which dividend is most attractive? | Conch proposed RMB0.71 per share for 2024, approximately 48.6% of reported basic EPS. | Current share price, share class, withholding tax, payout policy and buybacks for every peer. |
What to collect before adding Huaxin or Holcim
A credible Huaxin or Holcim comparison needs the same-date items used for Conch: cement and clinker tonnes, realized price, cash cost, gross profit per tonne, clinker and cement capacity, utilization, segment EBITDA, operating cash flow, maintenance capex, debt-to-assets, net debt/EBITDA, interest coverage, dividend per share and repurchases. If a company does not disclose one of those measures, mark it as not stated instead of substituting a group-wide number.
For global groups, also record reporting currency, geographic revenue, energy hedging, emissions obligations and acquisitions or disposals during the period. A higher margin may reflect aggregates or ready-mix rather than superior cement pricing, while a lower margin may reflect a deliberate expansion or restructuring cycle.
Bottom line for a stock comparison
Conch is the clearest scale-and-cash-conversion case in the disclosed numbers: very large Chinese capacity, RMB59 gross profit per tonne and operating cash flow well above 2024 attributable profit, set against steep revenue and profit declines. CNBM is a broader and more leveraged Chinese benchmark with a 2025 attributable loss, so its consolidated results need segment analysis. CRH is the stronger global diversified building-materials benchmark on reported consolidated margin, but that margin cannot be treated as a cement-only result.
The best ranking comes from a two-layer scorecard: first compare matching per-tonne economics, volumes, utilization, cash flow and leverage; then compare cycle-adjusted earnings and the dated market valuation. Until the missing peer metrics and live prices are added on the same basis, no defensible claim can be made that one of these stocks is simply the cheapest or best.
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