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China's largest cement producer, making cement and clinker for construction nationwide.
China's largest cement producer, making cement and clinker for construction nationwide.
Same company as the Shanghai-listed 600585, with the same economics: it sells cement and clinker by the tonne, so profit depends on regional prices relative to coal and power costs, and it keeps costs down through its own limestone quarries.
In one line: China's Vulcan Materials/CEMEX for cement.
Moat: narrow (scale, cost advantage). Largest domestic cement capacity and limestone reserve access give a leading cost position.
Headquarters: Wuhu, China · Founded: 1997 · Employees: 48,286
Size Anhui Conch Cement (0914.HK) is a Hong Kong Materials company (Construction Materials) with a market value of $13.9B, the 121st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$17.88 on 6 Nov 2026.
Performance Over six months the shares fell 11.5%, against -2.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 16 in its peer set.
Growth Revenue fell 6.9% over the last twelve months (peer median +1.6%); the operating margin is 7.6% (peer median 14.7%).
Valuation It trades at 16.0× forward earnings against a peer median of 16.1× (8th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is -15%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.9 points below its cost of capital (8.6% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$87.2B | HK$89.5B | HK$98.7B | HK$156B | HK$154B |
| Revenue growth | — | -9% | -37% | +2% | — |
| Gross profit | HK$17.5B | HK$20.6B | HK$20.4B | HK$24.8B | HK$31.6B |
| EBITDA | HK$15.9B | HK$18.7B | HK$18.4B | HK$21.1B | HK$27.0B |
| Net income | HK$7.30B | HK$9.18B | HK$8.73B | HK$11.8B | HK$18.4B |
| Free cash flow | HK$9.11B | HK$10.5B | HK$10.6B | HK$8.19B | -HK$2.96B |
| Capital expenditure | HK$8.31B | HK$10.5B | HK$12.3B | HK$15.7B | HK$31.0B |
| Total debt | n/a | HK$31.2B | HK$31.7B | HK$25.8B | HK$25.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Anhui Conch Cement 0914.HK | $13.9B | -11% | -7% | 8% | 16.0× | 1.0% |
| Huaxin Building Materials 6655.HK | $6.91B | +9% | +22% | 18% | 8.1× | -7.8% |
| Cemex SAB de CV Sponsored ADR CX | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% |
| China National Building Material 3323.HK | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% |
| China Resources Building Materials Technology 1313.HK | $873M | -31% | -12% | -3% | n/a | -8.1% |
| BBMG Jidong Cement 000401.SZ | $1.35B | -21% | -8% | n/a | n/a | 37.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0914.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.2% | +12.1% | 8th highest of 16 |
| 6-month return | -11.5% | -2.8% | 6th lowest of 16 |
| Distance from 52-week high | -34.1% | -14.3% | 3rd lowest of 16 |
| Revenue growth (TTM) | -6.9% | +1.6% | 4th lowest of 16 |
| Operating margin | 7.6% | 14.7% | lowest of 16 |
| Forward P/E | 16.0× | 16.1× | 8th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 1.0% | 4.4% | 5th least demanding of 16 |
| Growth delivered (Del g) | -14.7% | +5.4% | lowest of 16 |
| Hurdle (Req g minus delivered) | +15.7 pp | +1.9 pp | 2nd most demanding of 16 |
| ROIC minus cost of capital | -5.9 pp | +0.4 pp | 2nd lowest of 16 |
| EV / EBITDA | 5.0× | 11.3× | cheapest of 14 |
| Net debt / EBITDA | -2.6× | 2.0× | least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anhui Conch Cement 0914.HK | Hong Kong | $13.9B | -11% | -7% | 8% | 16.0× | 1.0% | -14.7% |
| James Hardie Industries JHX | United States | $16.2B | +33% | +43% | 14% | 21.0× | 26.1% | +10.7% |
| Cemex SAB de CV Sponsored ADR CX | United States | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% | +4.7% |
| Amrize AMRZ | United States | $22.9B | -21% | +4% | 16% | 17.2× | -0.1% | +3.3% |
| Buzzi BZU.MI | Italy | $8.04B | -9% | +2% | 18% | 9.3× | 2.8% | +7.0% |
| Huaxin Building Materials 600801.SS | China | $7.16B | +28% | +16% | 18% | 14.8× | -10.9% | +3.7% |
| ROCKWOOL A/S ROCK-A.CO | Denmark | $6.72B | +11% | -1% | 13% | 16.2× | -4.8% | +8.3% |
| TCC 1101.TW | Taiwan | $6.09B | +11% | -6% | 8% | 29.2× | 9.1% | +7.2% |
| Eagle Materials EXP | United States | $5.71B | -12% | +2% | 22% | 16.1× | 9.7% | +7.3% |
| Heidelberg Materials HEI.DE | Germany | $34.3B | -5% | 0% | 15% | 13.5× | 4.9% | +4.0% |
| Vulcan Materials VMC | United States | $36.3B | 0% | +2% | 21% | 29.5× | 18.7% | +10.3% |
| Martin Marietta Materials MLM | United States | $36.8B | -12% | +9% | 20% | 28.8× | 23.2% | +5.4% |
| FLSmidth & Co. A/S FLS.CO | Denmark | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% | -2.3% |
| Beijing New Building Materials (Group) 000786.SZ | China | $4.41B | -33% | -3% | 10% | 11.4× | -2.3% | +8.4% |
| Holcim HOLN.SW | Switzerland | $48.4B | -3% | -26% | 16% | 19.5× | 1.4% | -7.4% |
| Asia Cement 1102.TW | Taiwan | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% | -1.9% |