CNBM (03323) fell nearly 4% before the midday break, last trading down 3.89% at HK$3.46, with turnover reaching HK$83.19 million.

On the news front, the company recently released its 2026 interim results. According to Huatai Securities, CNBM recorded revenue of RMB 81.483 billion in 1H26, a year-on-year decline of 2.2%, while its net profit attributable to shareholders swung to a loss of RMB 829 million, compared with a profit of RMB 1.36 billion in 1H25. The figure came in slightly better than the company's earlier profit warning of an RMB 890 million loss.

The interim loss was primarily driven by the basic building materials segment, which was impacted by weak market demand and falling prices. However, the company's new materials segment posted simultaneous growth in both revenue and profit, becoming a key pillar of its earnings.

Huatai noted that, according to the half-year report, national fixed-asset investment, real estate development investment, and infrastructure investment all declined year-on-year in 1H26. China's cement industry has entered a new phase of output reduction and intensified competition, putting pressure on the profitability of CNBM's basic materials business.

In 1H26, cement clinker prices dropped sharply, with the average selling price (ASP) falling 16.7% year-on-year to RMB 208 per tonne. Commercial concrete sales volume reached 33.36 million cubic meters, down 5.0% year-on-year, with ASP declining 14.8%. Aggregate sales volume rose 4.3% to 65.68 million tonnes, while ASP was down 11.3% year-on-year.