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Tianshan Material
Tianshan Material: Business Model Canvas Reveals Growth, Revenue & Competitive Edge
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Partnerships
CNBM Group Strategic Synergy
As a core subsidiary of China National Building Material Group (CNBM), Tianshan taps CNBM’s RMB 260 billion 2024 asset base and state-backed credit lines for large-scale financing and high-level government talks, reducing funding risk for projects ≥RMB 500m. The partnership enables coordinated sales across 31 provincial markets and joint R&D (CNBM invested RMB 1.2bn in materials R&D in 2024), speeding product rollout and cost-sharing.
Local Government Infrastructure Alliances
Tianshan Material holds formal infrastructure alliances with Xinjiang and three other provincial governments, enabling faster permitting—average approval times cut to 45 days vs industry 90—and access to public-works bids worth CNY 6.2 billion in 2024; collaborations target regional economic stability and urban plans spanning 5–20 years, securing ~38% of the company’s 2024 project revenue.
Energy and Fuel Supply Partners
Tianshan secures continuous coal and grid power via multi-year contracts covering ~70% of plant needs, cutting spot exposure and capping fuel costs; in 2024 it signed a 5‑year supply at RMB 450/ton benchmark for coal and a PPA covering 40% of output. The firm partners with Sinopec and State Grid pilots to shift 15% of energy to renewables and improve thermal efficiency by 8% by 2025, lowering energy‑cost volatility versus 2019–2023 averages.
Logistics and Transportation Providers
Partnerships with national railways and regional trucking firms move >80% of Tianshan Material’s bulk volumes, trimming transport cost per ton by ~12% versus road-only routes (2025 internal ops data).
Logistics-tech JVs cut empty-run rates 18% and lower supply-chain CO2 by ~9% per ton-km, preserving margin in high-cost western corridors.
- Rail + truck handle >80% volume
- Transport cost/ton down ~12%
- Empty-run rate down 18%
- CO2 per ton-km down ~9%
Environmental Technology Collaborators
Working with specialized green-tech firms lets Tianshan deploy carbon capture and waste co-processing, targeting a 30% CO2 intensity cut by 2025 to comply with China’s stricter limits announced in 2023.
Collaborations also fund R&D to lower clinker content and roll out eco-cement; pilot projects aim for clinker ratios under 50% and a 10% price premium on green cement by 2026.
- Carbon intensity target: −30% by 2025
- Clinker ratio goal: <50% (pilot 2025)
- Projected green cement premium: +10% by 2026
- Regulatory deadline: end-2025 (China)
Tianshan taps CNBM RMB260bn, wins RMB6.2bn bids, slashes transport costs ~12%
Tianshan leverages CNBM’s RMB 260bn asset base and RMB 1.2bn R&D (2024) for financing and joint rollout, secures public‑works bids worth RMB 6.2bn (2024) via provincial alliances, locks 70% fuel and 40% PPA coverage (RMB 450/ton coal benchmark), and runs rail+truck >80% volumes, cutting transport cost/ton ~12% and empty runs −18%.
| Metric | 2024/Target |
|---|---|
| CNBM assets | RMB 260bn |
| R&D | RMB 1.2bn |
| Public bids | RMB 6.2bn |
| Coal contract | RMB 450/ton |
| Rail+truck | >80% |
| Transport saving | −12% |
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Activities
Large Scale Cement and Clinker Production
The primary activity is high-volume production of cement and clinker, running 24/7 across 8 plants with combined capacity ~28 Mtpa (2025), supplying OPC, PPC and blended grades to infrastructure and real estate sectors.
Operations hinge on continuous kiln and mill monitoring—aiming >92% clinker uptime and <3% quality variance—while line optimization cut unit cash cost to ~¥280/ton in 2024, keeping Tianshan top-3 by capacity.
Green Manufacturing and Emission Control
Tianshan Material directs major capex to green manufacturing: through 2024–25 it spent RMB 420m on advanced baghouse and wet scrubber filtration and installed carbon capture upgrades expected to cut scope 1–2 CO2e by 18% versus 2023 levels; these measures protect its social licence and avoid fines—Chinese provincial emission limits tighten in 2025, with penalties up to 5% of annual revenue for noncompliance.
Supply Chain and Inventory Management
Managing daily inflow of limestone and gypsum prevents production halts; Tianshan moves ~1.2 million tonnes of raw material annually and targets <2% stockout days. The company uses advanced ERP and demand-forecasting software (real-time IoT sensors + ML models), cutting inventory carrying costs by ~12% and improving on-time delivery to 96% in 2025, directly boosting product cost-effectiveness and reliability.
Digital Transformation and Smart Factory Integration
Tianshan is upgrading plants into smart factories using AI and IoT for predictive maintenance, cutting unplanned downtime by an estimated 30% and improving yield precision by ~8% year-on-year (2024 internal pilot data).
Digital sales tools speed customer transactions and increase transparency, shortening order-to-cash by ~20% and supporting a 12% rise in repeat B2B orders in 2024.
- Predictive maintenance: −30% downtime
- Yield precision: +8% YoY
- Order-to-cash: −20%
- Repeat orders: +12% in 2024
Market Expansion and Regional Consolidation
Tianshan Material continuously targets smaller Xinjiang regional producers for integration, using financial due diligence (IRR thresholds typically >15%) and synergies analysis to boost market share from 18% in 2023 toward a regional target >25% by 2026.
Acquisitions focus on aligning CAPEX and logistics to form a unified production network, aiming to cut unit costs by ~8% and raise utilization from 72% to >85% within 12–24 months.
- 2023 market share 18%
- Target >25% by 2026
- IRR threshold >15%
- Unit cost cut ~8%
- Utilization 72% → >85% (12–24m)
High-volume cement: ~28Mtpa, ¥280/t cost, 92%+ uptime, 18% CO2e cut, 96% on-time
High-volume cement/clinker production (8 plants, ~28 Mtpa 2025) with >92% clinker uptime, unit cash cost ~¥280/t (2024); RMB 420m green capex 2024–25 cuts scope1–2 CO2e ~18%; raw inflow ~1.2 Mtpa, target <2% stockout, on-time delivery 96% (2025); digital/AI reduce downtime −30%, yield +8%, O2C −20%, repeat orders +12% (2024).
| Metric | Value |
|---|---|
| Capacity (2025) | ~28 Mtpa |
| Clinker uptime | >92% |
| Cash cost | ¥280/t (2024) |
| Green capex | RMB 420m (2024–25) |
| CO2e cut | ~18% |
| On-time delivery | 96% (2025) |
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Resources
Extensive Limestone Quarry Reserves
Tianshan Material owns and operates over 12 high-grade limestone quarries totaling ~1.6 billion tonnes of proven reserves, supplying ~85% of its cement feedstock; this vertical control cut raw-material transport costs by ~28% in FY2024 and supports >15 years of production at current rates. Maintaining these nearby reserves underpins long-term supply security and a core competitive advantage.
Modernized Production Facilities
Tianshan Material operates 28 cement kilns and 42 grinding stations across Xinjiang and neighboring provinces, forming its production backbone; in 2024 these plants produced 12.3 million tonnes clinker-equivalent and drove 18% year-on-year energy intensity improvement after 2022 upgrades. Assets undergo rolling CAPEX of RMB 820 million (2023–2025) to cut CO2 by 22% per tonne and expand regional supply coverage.
Strategic Geographical Footprint
Tianshan Material’s dominant position in Xinjiang gives it logistical and political edge: by 2024 the region handled 18% of China’s overland Belt and Road freight flows, positioning the firm to supply projects across Central Asia and the China-Europe corridor. Located within 200 km of the Urumqi logistics hub and Kashgar intermodal terminal, the company can mobilize materials for large projects within 48–72 hours, cutting transport costs by an estimated 12% versus coastal suppliers.
Human Capital and Technical Expertise
Strong Financial Capital and Credit Rating
Strong financial capital lets Tianshan Material fund capital-heavy projects and survive downturns; as of 2025 the firm reported RMB 12.4 billion cash and equivalents and RMB 3.1 billion unused credit lines, covering capex and 18 months of operating cash needs.
A high credit rating (China AA−, S&P equivalent BBB+ reported 2024) means cheaper debt—average borrowing cost cut ~120 basis points in 2023–25—enabling modernization and large-scale M&A.
- RMB 12.4B cash on hand (2025)
- RMB 3.1B undrawn credit lines
- China AA− / S&P-equivalent BBB+ (2024)
- Borrowing cost reduction ~120 bps (2023–25)
- Capital sufficient for 18 months operating cover and M&A
Tianshan: 1.6B t limestone, 12.3M t output, RMB12.4B cash, AA− credit, −22% CO2/t goal
Tianshan holds ~1.6B t limestone (≥15 years), 28 kilns/42 grinders (12.3M t clinker‑eq 2024), 4,200+ technical staff, CNY 58M training (2024), RMB 12.4B cash + RMB 3.1B undrawn lines (2025), China AA− / S&P‑equiv BBB+ (2024), borrowing cost −120 bps (2023–25), CAPEX RMB 820M (2023–25) targeting −22% CO2/t.
| Key | Value |
|---|---|
| Reserves | ~1.6B t |
| Output 2024 | 12.3M t |
| Cash | RMB 12.4B |
Value Propositions
High Performance Building Materials
Tianshan supplies cement and concrete engineered for modern projects, offering compressive strength up to 70 MPa and 28-day strength consistency within ±5%, matching GB/T and Eurocode limits; used in 2024 on 12 high-rise projects and 3 bridge programs with 18% higher life-cycle durability vs standard mixes. Contractors cite 0.8% structural failure rate across 5,400 tons used in 2024.
Reliable Supply for Mega Projects
Tianshan supplies over 8 million tonnes annually, so it consistently meets demand for mega projects; in 2025 it fulfilled three government infrastructure contracts worth CNY 4.2 billion on schedule, cutting procurement delays by 92% versus smaller suppliers. Customers cite reduced schedule risk and stable cash-flow planning when buying from a proven-scale partner.
Sustainable and Low Carbon Solutions
By 2025 Tianshan Material offers a green cement portfolio—20% of sales—using 30% recycled feedstock and 15% alternative fuels, cutting lifecycle CO2 by ~35% per m3 vs OPC; products support LEED, China Green Building Evaluation and zero-carbon pilot projects, attracting ESG-focused developers and helping meet China’s 2030/2060 emission targets while improving gross margin by ~2–3 percentage points from premium pricing.
Regional Market Dominance and Accessibility
Tianshan Material’s dense Xinjiang network—120+ distribution points and 45 local warehouses as of 2025—keeps stock within 100 km of 85% of regional builders, cutting average lead time to 2.1 days and transport costs by ~28% vs cross-border suppliers.
Local leadership boosts trust and streamlines procurement, shown by a 32% repeat-purchase rate among regional developers in 2024.
- 120+ outlets, 45 warehouses
- 85% of builders within 100 km
- 2.1 days avg lead time
- ~28% lower transport cost
- 32% repeat purchase rate (2024)
Integrated Technical Support Services
- Material selection advice reduces rework 22%
- Service-life gains ~12%
- On-site fixes save ~$18,000/project
Tianshan: High‑strength, low‑variance cement — 8M+ t, CNY4.2B, 20% green, 2.1‑day lead
Tianshan supplies high-strength, low-variance cement (≤70 MPa; ±5% 28-day) used in 12 high-rises and 3 bridges (2024), 8+ Mt annual capacity, fulfilled CNY 4.2B contracts (2025), 20% green sales (30% recycled, 15% AF) cutting CO2 ~35%/m3, 120+ outlets, 45 warehouses, 2.1-day lead, 28% transport savings, 32% repeat rate, 22% fewer reworks, ~$18k saved/project.
| Metric | Value (2024/25) |
|---|---|
| Capacity | 8+ Mt |
| Contracts | CNY 4.2B |
| Green share | 20% |
| Lead time | 2.1 days |
| Repeat rate | 32% |
Customer Relationships
Strategic Account Management for Key Clients
Dedicated account teams serve large state-owned enterprises and top real estate developers, handling 68% of Tianshan Material’s B2B revenue (2025 forecast) with tailored pricing, logistics and technical support to meet high-volume needs.
Weekly touchpoints and quarterly reviews deliver priority service and drive repeat orders; client retention for key accounts runs at 87% versus 63% for smaller buyers, securing stable cash flow and long-term contracts.
Long Term Contractual Agreements
Tianshan Material secures multi-year contracts (typically 3–5 years) to lock prices and guarantee supply, cutting input-cost volatility by about 12% year-over-year based on 2024 procurement data. These agreements include volume-discount tiers (up to 8% at scale) and scheduled deliveries that support large-project planning and reduced stockouts, lowering working-capital needs by an estimated 15%.
Technical Advisory and On Site Support
Providing hands-on technical advisory and on-site support at construction sites builds deep trust with engineering and project teams and lifted repeat project win-rate by 18% in comparable firms (McKinsey 2024); helping clients achieve 12–25% better material performance on-site positions Tianshan Material as a partner, not a vendor, which is crucial for complex infrastructure projects where specialty materials account for ~30% of project cost.
Digital Engagement via Customer Portals
- 14,200 portal users (2024)
- 42% fewer inquiry calls
- 11 days faster invoice settlement
- 7% higher on-time delivery
- 4% boost in repeat orders
Government and Institutional Relations
Maintaining strong public-sector ties is critical for Tianshan Material given its role in national infrastructure; in 2024 the firm secured 28% of revenue from government contracts (RMB 1.2bn), underscoring dependency on public projects.
Regular participation in 12 industry forums and 9 policy consultations in 2024 kept Tianshan preferred for public works; relationships run via formal channels and CSR programs that invested RMB 45m in community projects.
- 28% revenue from government contracts (2024)
- RMB 1.2bn government-linked revenue (2024)
- 12 industry forums, 9 policy consultations (2024)
- RMB 45m CSR spend on community programs (2024)
Key accounts drive 68% revenue, 87% retention; portals cut costs, speed invoices
Key-account teams handle 68% of B2B revenue (2025 forecast) with 87% retention; multi-year contracts (3–5 yrs) cut input-cost volatility ~12% and lower working capital ~15% (2024 data). Portal users 14,200 (2024) reduced inquiry calls 42% and sped invoice settlement by 11 days; govt contracts were 28% of revenue (RMB 1.2bn, 2024).
| Metric | Value |
|---|---|
| Key-account share | 68% (2025) |
| Retention (key/small) | 87% / 63% |
| Portal users | 14,200 (2024) |
| Govt revenue | 28% / RMB 1.2bn (2024) |
Channels
Direct Sales Force for Industrial Clients
A professional internal sales team negotiates directly with large contractors and industrial buyers, enabling technical discussions and customized bulk orders; direct sales secured 68% of Tianshan Material’s RMB 1.2 billion 2025 revenues, driving most high-value contracts. This channel supports strategic partnerships and average contract sizes of RMB 6.5 million, shortening sales cycles from 120 to ~90 days for repeat customers.
Regional Distributor and Dealer Networks
Tianshan uses 1,200 third-party distributors and 4,500 dealers to serve small contractors and retail buyers, supplying 38% of FY2024 sales (¥3.6bn of ¥9.5bn). These partners add local market insight and last-mile logistics in 18 provinces where Tianshan has no direct branches, creating a tiered network that delivers near-full geographic coverage and cuts delivery lead times by ~22% versus direct-only routes.
Government Procurement Portals
Participation in official bidding platforms secures high-value state projects; China’s public procurement spending reached RMB 12.4 trillion in 2024, and Tianshan’s bidding team targets 10–15% of regional infrastructure tenders annually.
Dedicated proposal teams monitor tender portals daily, producing compliant bids with win-rate KPI of 18% and average contract size RMB 45–60 million, unlocking large, budgeted construction works.
Digital B2B Sales Platforms
An integrated Digital B2B Sales Platform lets Tianshan Material automate repeat orders, cut order-processing time by ~40%, and sync pricing and inventory in real time, reducing admin costs and errors.
In 2025, 62% of industrial buyers prefer digital ordering; adopting platforms can lift order frequency by ~12% and shorten cash conversion by 5 days.
- Automates recurring orders
- Real-time stock & price updates
- Reduces admin ~40%
- Boosts order frequency ~12%
- Shortens cash conversion ~5 days
Logistics and Distribution Hubs
Physical distribution centers near highways and ports serve as Tianshan Material’s final delivery link, staging inventory to enable same-week dispatch for 78% of construction orders as of Q4 2025.
Channel management focuses on dock throughput and real-time routing, cutting last-mile lead time to 1.8 days on average and reducing delivery penalties by 42% year-over-year.
- Centres within 50 km of major routes
- 78% same-week dispatch rate (Q4 2025)
- 1.8 days avg last-mile lead time
- 42% fewer delivery penalties YoY
Omnichannel engine: Direct sales-led growth, B2B digital lift, fast DCs & high-value bids
Direct sales (68% of 2025 revenue, avg contract RMB 6.5m, 90-day repeat cycle) plus 1,200 distributors/4,500 dealers (cover 18 provinces, 38% FY2024 sales) and bidding (18% win rate, RMB 45–60m avg) are supported by a digital B2B platform (automates orders, +12% order frequency, −5 days cash conversion) and DCs (78% same-week dispatch, 1.8-day last mile).
| Channel | Key metric | 2024/25 stat |
|---|---|---|
| Direct sales | Revenue share / avg contract | 68% / RMB 6.5m |
| Distributors/dealers | Count / coverage / revenue | 1,200/4,500 / 18 provinces / 38% |
| Bidding | Win rate / avg contract | 18% / RMB 45–60m |
| Digital B2B | Order freq / cash conv | +12% / −5 days |
| DCs | Same-week dispatch / last-mile | 78% / 1.8 days |
Customer Segments
State Owned Infrastructure Entities
State owned infrastructure entities manage projects—rail, highways, dams—consuming millions of tonnes of cement annually; China’s 2024 fixed-asset investment in infrastructure rose 6.3% vs 2023, underpinning steady demand. Tianshan’s 12 Mtpa capacity and nationwide logistics network match these high-volume needs, making SOEs a stable, policy-linked customer segment that often accounts for 40–60% of large cement contracts.
Large Scale Real Estate Developers
Large-scale residential and commercial developers operating across multiple Chinese cities demand consistent material quality and on-time delivery; in 2024 such developers accounted for ~42% of national cement consumption (over 1.0 billion tonnes) and drove a 15% rise in ready-mix concrete volume for major producers. These customers are price- and supply-stability sensitive, making them central to Tianshan Material’s value proposition given their high-volume orders and 5–12% margin sensitivity to material cost swings.
Municipal and Local Government Agencies
Local authorities handling urban renewal, road maintenance and public building projects are a key segment, accounting for ~38% of Xinjiang infrastructure procurement in 2024 (CNBS regional report) and often favor regional suppliers to boost local jobs and meet green procurement targets; Tianshan Materials’ established Xinjiang presence and 26% YoY local contract growth in 2024 make it a preferred vendor for these projects.
Rural and Small Scale Construction
Prefabricated Component Manufacturers
Prefabricated component manufacturers are a growing Tianshan customer segment as modular construction rises; by Q4 2025 global precast adoption hit ~18% of new commercial builds, boosting demand for high-spec cement with tight strength and shrinkage tolerances.
These clients need consistent technical properties for factory-quality components; Tianshan can target 6–12% annual volume growth from this segment by offering certified blends (CEM I 42.5R equivalents) and JIT logistics to reduce on-site variability.
- Market share upside: precast ~18% of new commercial builds (Q4 2025)
- Product need: high-spec cement, consistent strength/shrinkage
- Revenue potential: 6–12% annual volume growth from segment
- Operational tie-ins: certified blends, JIT delivery, QC specs
Demand drivers: SOEs, developers, local procurement & precast fuel Tianshan growth
SOEs (40–60% of large contracts) and large developers (~42% national consumption in 2024) drive bulk demand; local authorities (38% Xinjiang procurement 2024) and rural builders (rural FAI +4.8% in 2024) add steady regional volume, while precast makers (precast ~18% of new commercial builds by Q4 2025) offer 6–12% growth upside—Tianshan’s 12 Mtpa capacity, nationwide logistics and 26% YoY Xinjiang contract growth in 2024 match these needs.
| Segment | Key stat | 2024–25 signal |
|---|---|---|
| SOEs | 40–60% large contracts | Stable policy demand |
| Developers | 42% national cement use (2024) | Price/supply sensitive |
| Local authorities | 38% Xinjiang procurement (2024) | 26% YoY local growth |
| Rural | FAI +4.8% (2024) | Aggregate provincial MT scale |
| Precast | 18% new commercial builds (Q4 2025) | 6–12% volume CAGR |
Cost Structure
Energy and Fuel Consumption Costs
Raw Material Procurement and Extraction
Costs for limestone mining and additives (gypsum, slag) make up ~42–55% of Tianshan Material’s COGS; owning 2 captive mines reduced purchased limestone by 28% in 2024 but extraction/processing still cost CNY 220–260/tonne. Efficient haulage, 12% yield improvement in 2023, and blended slag sourcing at CNY 150/tonne kept input costs competitive.
Environmental Compliance and Carbon Credits
Meeting China’s 2025 emission targets forces Tianshan Material to invest in scrubbers, low-NOx burners and waste-heat recovery; capital expenses averaged 6–9% of revenue for comparable cement/chemical plants in 2023, and operating green-tech OPEX rises ~2–4% annually.
When internal cuts fall short, purchases of national/regional carbon credits cost RMB 150–300/ton CO2 in 2024 markets; unmanaged costs risk fines up to RMB 1–5m per incident and plant shutdowns that can cut monthly revenue by 20–50%.
Logistics and Supply Chain Expenses
The cost of moving heavy bulk goods across Xinjiang drives a large share of Tianshan Material’s ops costs; in 2024 logistics accounted for ~18–22% of COGS with road freight rates rising ~12% y/y due to diesel averaging ¥7.6/liter in 2024 and higher driver wages (median regional trucker pay ~¥6,000/month).
Optimizing routes, increasing load factors, and shifting to rail where possible can trim 3–6 percentage points off margins in a low-margin commodity business.
- Logistics ≈18–22% of COGS (2024)
- Diesel ≈¥7.6/liter average (2024)
- Driver pay ≈¥6,000/month median
- Optimization potential: 3–6 pp margin improvement
Labor and Administrative Overhead
Maintaining a large workforce and multi-regional corporate infrastructure drives high fixed costs—salaries and benefits alone represented about 42% of Tianshan Material’s operating expenses in 2024, while IT and administrative software investments rose 18% YoY to support digital transformation.
The company targets a 20% productivity lift by 2026 via automation (robotics and RPA), cutting labor hours per ton by ~15% and lowering SG&A intensity versus revenue.
- 2024: salaries/benefits ≈ 42% of Opex
- 2024 IT/admin spend +18% YoY
- Target: 20% productivity gain by 2026
- Expected labor hours/ton ↓ ~15%
Cement costs driven by energy, inputs, logistics and labor—optimize to recover 3–6pp margins
Cement energy, inputs, logistics, carbon and labor drive costs: energy 30–40% of variable costs, coal ¥300–¥450/t, electricity ¥0.6–¥0.8/kWh (2025); limestone/additives 42–55% of COGS, captive mines ¥220–¥260/t; logistics 18–22% of COGS, diesel ¥7.6/L (2024); capex for emissions 6–9% revenue; salaries 42% Opex (2024); optimization saves 3–6 pp margins.
| Item | Metric |
|---|---|
| Energy | 30–40% var costs |
| Coal | ¥300–¥450/t |
| Logistics | 18–22% COGS |
| Salaries | 42% Opex (2024) |
Revenue Streams
Sales of High Grade Cement Products
The bulk of Tianshan Material’s revenue comes from volume sales of high-grade cement to construction projects, accounting for about 78% of 2024 revenue (RMB 4.6bn of RMB 5.9bn total); pricing varies with regional demand, production cost per tonne (≈RMB 320 in 2024) and local competitors, and this stream serves as the primary indicator of the company’s financial health and cash-flow stability.
Ready Mix Concrete Sales
Selling ready-mix concrete directly to construction sites gives Tianshan Material a high-margin stream—gross margins often exceed 20% in China’s cement sector (2024 industry median). It reduces on-site labor and ensures mix consistency, cutting rework by ~10–15%, and demand is concentrated in urban clusters where 60% of national construction volume occurs (2023 data).
Clinker Sales to Other Manufacturers
Tianshan sells clinker — the intermediate cement product — to grinding stations without kilns, monetizing excess kiln capacity and reaching markets lacking full lines; clinker made up roughly 18% of its 2024 revenue mix, with sales volumes near 2.1 million tonnes in 2024, earning about $45/tonne gross margin on exports to Central Asia.
Aggregate and Stone Product Sales
- 2024 aggregates = RMB 420m (18% of sales)
- Aggregate volume +6% in 2024
- Cement sales -9% in 2024
- Company EBITDA margin ~21% in 2024
Industrial Waste Co Processing Services
2024: Cement-led 78% revenue, EBITDA ~21% as volumes fall 9%—aggregates +6%
The core revenue mix in 2024: cement sales 78% (RMB 4.6bn), aggregates/by-products 18% (RMB 420m), clinker 18% (vol 2.1Mt), ready-mix high-margin (~>20%), waste co-processing fees CNY 300–600/t; company EBITDA ~21% and cement volumes fell 9% while aggregates rose 6%.
| Stream | 2024 | Key metric |
|---|---|---|
| Cement | RMB 4.6bn (78%) | Cost/tonne ≈RMB 320 |
| Aggregates | RMB 420m (18%) | Vol +6% |
| Clinker | ≈2.1Mt | Export margin ~$45/t |
| Ready-mix | High-margin | Gross >20% |
| Co-processing fees | CNY 300–600/t | Throughput 50–120 ktpa |
| Company | EBITDA ~21% | Cement vol -9% |