Shares of CNBM (03323) have extended their decline, falling more than 4% and marking a drop exceeding 40% from the June peak.
As of this report, the stock is down 3.91%, trading at HK$3.69 with a turnover of HK$105 million.
The downturn follows the company's announcement forecasting an attributable net loss of approximately 890 million yuan for the first half of the year, a sharp reversal from the 1.36 billion yuan profit recorded in the same period last year.
The company attributed the loss primarily to declining selling prices for its key products, including cement, commercial concrete, and aggregates, coupled with reduced sales volumes for commercial concrete and plasterboard.
Increased impairment provisions for property, plant, equipment, and goodwill, alongside a net increase in fair value losses on financial assets recognized in profit or loss, further contributed to the negative result.
The company noted that some losses were offset by factors such as rising selling prices for glass fiber and electronic cloth, increased sales volumes for electronic cloth and lithium battery separators, and lower sales costs for cement and commercial concrete.
However, the profit growth from the new materials segment, in which the group holds a relatively low equity stake, was insufficient to fully counterbalance the profit decline in the basic building materials segment, where the group maintains a higher ownership interest.
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