Weekly Stock Review: Beijing Jinyu Group (601992) expects a 122.07% increase in net profit attributable to parent in 2025

As of the close on April 3, 2026, Jiny Group (601992) closed at RMB 1.71, down 4.47% from last week’s RMB 1.79. This week, Jiny Group’s intraday highest price on March 31 was RMB 1.86. The intraday lowest price on April 3 was RMB 1.70. Jiny Group’s current latest total market cap is RMB 18.26B. In the cement sector, it ranks 4/21 by market cap; among A-shares across the two markets, it ranks 1063/5193.

Key focuses for the week

• From earnings disclosure highlights: Jiny Group’s 2025 attributable net profit was RMB 219 million, up 122.07% year over year.
• From institutional research highlights: The company has driven price increases in regions such as Northeast China, Shaanxi, central Hebei (Jizhongnan), and Inner Mongolia, and has achieved results.
• From institutional research highlights: Mamba Company’s annual clinker capacity is 0.87 million tons, cement capacity is 1.0 million tons. It is currently operating at full production and full sales, with total profit exceeding RMB 100 million.

Earnings disclosure highlights

Jiny Group’s 2025主营 revenue (main business revenue) was RMB 24.5B, down 3.11% year over year; attributable net profit was RMB 219 million, up 122.07% year over year; non-recurring profit or loss after deducting (扣非净利润) was RMB -227 million, up 79.35% year over year.

In Q4 2025, single-quarter main business revenue was RMB -44.99B, down 233.59% year over year; single-quarter attributable net profit was RMB 1.64B, up 1485.76% year over year; single-quarter non-recurring profit or loss after deducting (扣非净利润) was RMB 3.15B, up 594.82% year over year.

Liability ratio 48.39%, investment income RMB 156 million, finance expenses RMB 458 million, gross margin 22.14%.

Institutional research highlights

2026 is the first year of the “15th Five-Year Plan” period. The issuance scale of special-purpose bonds and ultra-long-term special treasury bonds is expected to continue expanding. Infrastructure investment such as urban renewal, water conservancy, energy, and pipelines is expected to grow positively, providing support for cement demand. It is expected that the full-year decline in cement demand will narrow noticeably. The company will leverage its integrated operational advantage of “cement + aggregates + concrete,” deepen its differentiated marketing strategy, stabilize existing volume, and grow incremental volume. In Q1 2026, cement prices nationwide are expected to start at a low level; over the full year, prices are expected to show a pattern of volatility and adjustment. The extent of price recovery will depend on supply-side regulation and the effectiveness of policy implementation. The company has already promoted price increases in regions such as Northeast China, Shaanxi, central Hebei (Jizhongnan), and Inner Mongolia, and has achieved results. In 2026, the company will promote more precise off-peak production during the non-heating season and will continue to stabilize volumes and raise prices.

The company’s core regions for its cement business, especially the Jing-Jin-Ji area, are currently advancing supervision of overproduction at cement enterprises. In some cities, implementation plans have already been issued for standardized industry capacity management. For different degrees of overproduction, differentiated disposal measures have been clarified: for ordinary overproduction, the company requires shutdown and rectification for a corresponding number of days; for severe overproduction, in addition to increasing the shutdown and rectification days, it also shortens the next year’s production days. Other regions have not yet released specific implementation measures. The company will actively respond to and strictly implement the relevant regulatory requirements.

The company adheres to a strategic layout of “one core and one body with two wings,” continuously selecting M&A targets that have strategic location advantages, strong resource endowments, high asset quality, and strong profitability. It will optimize its industrial layout through mergers and acquisitions, joint ventures, and other collaborative approaches. The results of prior integration have been significant: the acquisition of Shuangyashan cement filled the company’s industrial blank in the Longdong area of Heilongjiang; the acquisition of Hengwei Cement and its related companies strengthened its market position in the Liaozhong area. Both projects are operating steadily, with good profitability.

As of Q1 2026, the company has cumulatively completed announcements for the replacement of production lines for 34 production lines, involving 16 production lines to be withdrawn and 18 production lines to be added. For production lines after withdrawing capacity indicators, the company is exploring transformation paths. By relying on its existing cement kiln equipment, it will develop new materials businesses such as metallurgical lime and production of sulfuric acid from industrial by-product gypsum, calcium powder, and others, promoting the revitalization of assets and value reconstruction. In the future, the company will steadily推进 (advance) capacity replacement work in accordance with policy requirements.

Mamba Company in northern South Africa has an annual clinker capacity of 0.87 million tons and cement capacity of 1.0 million tons. It is currently operating at full production and full sales, with total profit exceeding RMB 100 million, indicating strong profitability. The company is steadily推进 (advancing) the construction of the second line at Mamba Company, and has achieved some progress. At the same time, it is accelerating its “product going overseas” initiative to support a “capacity going overseas” strategy, increasing the scale of product exports and expanding market coverage. It is also actively seeking investment opportunities in countries along the “Belt and Road” and in countries that have signed cooperation memorandums.

In its real estate development business, it achieved settlement revenue of RMB 8.17 billion in 2025, with a settled area of 532k sq m. Settlement gross margin was 9.6% (including first-level development gains), up 2.4 percentage points year over year. Contract signed amount was RMB 10.91 billion, contract signed area was 508k sq m, and it absorbed funding of RMB 11.79 billion.

In its new materials business, operating revenue was RMB 13.14 billion, up 4% year over year; overall gross margin was 15.1%.

The above information has been compiled by Securities Star from publicly available information and generated by an AI algorithm (Cybersecurity Record No. 310104345710301240019). It does not constitute investment advice.