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China's largest cement producer, manufacturing and distributing cement, clinker and aggregates nationwide.
China's largest cement producer, manufacturing and distributing cement, clinker and aggregates nationwide.
Cement is heavy, so each plant serves a regional market and profit depends on local prices relative to coal and power costs. Its own limestone quarries and plants close to them keep costs low. Overseas plants in Southeast Asia, such as Indonesia and Cambodia, are a newer part.
In one line: China's CRH/Cemex.
Moat: narrow (scale, cost advantage). Largest domestic scale and low-cost limestone-quarry access support cost leadership.
Headquarters: Wuhu, China · Founded: 1997 · Employees: 48,286
Size Anhui Conch Cement (600585.SS) is a China Materials company (Construction Materials) with a market value of $13.9B, the 173rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥18.54 on 6 Nov 2026.
Performance Over six months the shares fell 12.3%, against -2.8% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 16 in its peer set.
Growth Revenue fell 8.0% over the last twelve months (peer median +1.6%); the operating margin is 4.5% (peer median 14.7%).
Valuation It trades at 19.4× forward earnings against a peer median of 16.1× (6th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is -14%, so the hurdle is +6 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 1.4 points below its cost of capital (5.1% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥77.5B | CN¥82.2B | CN¥90.7B | CN¥141B | CN¥132B |
| Revenue growth | — | -9% | -36% | +7% | — |
| Gross profit | CN¥20.4B | CN¥18.5B | CN¥18.4B | CN¥22.1B | CN¥26.5B |
| EBITDA | n/a | CN¥16.9B | CN¥16.5B | CN¥18.8B | CN¥23.7B |
| Net income | CN¥4.55B | CN¥8.11B | CN¥7.70B | CN¥10.4B | CN¥15.7B |
| Free cash flow | CN¥7.26B | CN¥8.98B | CN¥8.94B | CN¥7.77B | -CN¥13.8B |
| Capital expenditure | CN¥8.03B | CN¥9.64B | CN¥11.3B | CN¥14.2B | CN¥26.6B |
| Total debt | CN¥26.7B | CN¥28.0B | CN¥30.5B | CN¥23.7B | CN¥22.7B |
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 600585.SS | $13.9B | -12% | -8% | 4% | 19.4× | -7.7% |
| Huaxin Building Materials 600801.SS | $7.16B | +28% | +16% | 18% | 14.8× | -10.9% |
| China National Building Material 3323.HK | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% |
| CRH CRH | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% |
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 | 600585.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | +12.1% | 4th lowest of 16 |
| 6-month return | -12.3% | -2.8% | 4th lowest of 16 |
| Distance from 52-week high | -31.1% | -14.3% | 3rd lowest of 16 |
| Revenue growth (TTM) | -8.0% | +1.6% | 4th lowest of 16 |
| Operating margin | 4.5% | 14.7% | lowest of 16 |
| Forward P/E | 19.4× | 16.1× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -7.7% | 4.4% | 2nd least demanding of 16 |
| Growth delivered (Del g) | -14.1% | +5.4% | lowest of 16 |
| Hurdle (Req g minus delivered) | +6.4 pp | +1.9 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | -1.4 pp | +0.4 pp | 7th lowest of 16 |
| 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 600585.SS | China | $13.9B | -12% | -8% | 4% | 19.4× | -7.7% | -14.1% |
| 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% |