Judging from the situation in 2025 and the first three months of 2026, the building materials industry continues to face the impact of the market environment, and the coldness continues unabated.
Data on new real estate construction starts and completions are still hovering at low levels, and retail sales have declined year-on-year.
According to data from the National Bureau of Statistics, the total retail sales of construction and decoration materials in 2025 will be 167.1 billion yuan, a year-on-year decrease of 2.7%.
From January to February 2026, the retail sales of construction and decoration materials were 20.4 billion yuan, a year-on-year decrease of 2.2%.
Specific to market entities, the performance of many listed companies has not recovered, and has even declined significantly.
It is worth noting that there are still some brands whose building materials business has maintained growth, and there are even companies whose overall revenue and net profits are relatively stable, becoming a touch of warmth in the cold, such as Rose Island Home Furnishings, Carbaoli of Beijing New Construction Building Materials, etc.
In March, Rose Island Home Furnishing released its 2025 annual report.
In 2025, the company’s operating income will be 911 million yuan, a year-on-year increase of 10.71%; the net profit attributable to shareholders of the listed company will be approximately 96.4949 million yuan, a year-on-year increase of 39.44%.
Among them, the revenue of sanitary ware products was approximately 678 million yuan, a year-on-year increase of 2.63%, and the gross profit margin was 33.33%.
Panoramic door revenue was approximately 171 million yuan, a year-on-year increase of 63.62%.
Revenue from hardware and accessories was approximately 28.4814 million yuan, a year-on-year increase of 12.01%.
Looking by region, domestic revenue was approximately 641 million yuan, a year-on-year increase of 13.78%, and the gross profit margin was 35.03%.
Overseas revenue was approximately 270 million yuan, a year-on-year increase of 4.06%, and the gross profit margin was 26.41%.
Rose Island is still a company on the New Third Board and is applying for an IPO on the North Exchange.
Around the time of the release of the annual report, the company’s IPO review was officially resumed, which had previously been suspended due to expired financial information.
Since at least 2022, Rose Island’s revenue has maintained a slight growth, rising from 752 million yuan in 2022 to 823 million yuan in 2024, and then to 911 million yuan in 2025.
Net profit has fluctuated, but overall it has been relatively stable, having previously exceeded 100 million yuan.
For a long time, Rose Island mainly engaged in the shower room business, and later expanded to bathroom cabinets, smart toilets, panoramic doors, ecological doors and other categories, striving to run through the multi-category + customization model.
What is different from many sanitary ware companies is that Rose Island is working hard to establish differentiated competitive advantages and win the chance of winning through differentiation. For example, panoramic doors are a typical example.
In the 2025 report, Rose Island mentioned the performance changes of panoramic doors. The revenue of this business increased by 66.3354 million yuan year-on-year, a year-on-year increase of 63.62%, while the cost increased by 41.9983 million yuan compared with the same period last year, a year-on-year increase of 60.33%.
The main reason for the increase in this business is that the company has vigorously promoted panoramic doors in the bulk business channel. This year, significant progress has been made in the implementation of bulk business projects, and operating income and operating costs have increased. Because the cost of bulk commodity materials has dropped compared with the same period last year, the growth rate of operating costs has been lower than the growth rate of operating income.
Look at Beixin Building Materials again.
In 2025, this large-scale company will achieve revenue of approximately 25.28 billion yuan, a year-on-year decrease of 2.09%.
Operating profit was approximately 3.263 billion yuan, a year-on-year decrease of 17.91%; net profit attributable to shareholders of listed companies was 2.906 billion yuan, a year-on-year decrease of 20.31%.
The total amount has indeed dropped, and gypsum board, keel, waterproof membrane, waterproofing engineering, etc. have all declined to varying degrees.
However, coatings revenue was approximately 5.093 billion yuan, a year-on-year increase of 22.99%.
The main player in this sector is Beixin Jiabaoli.
There are operational reasons behind the changes in performance.
BNBM has deeply promoted the four transformations of “public decoration to home decoration, cities to counties and villages, base materials to surface materials, and products to services”, and continues to develop and launch full-product, prefabricated interior solutions for the home decoration market.
Channel deepening and strategy optimization continued to advance, and offline channels such as “Small Town Big Store” were created. Thousands of new privately owned stores were added, and the coverage of county and township outlets was further improved.
At the same time, the “Beixin Swift Anju Preferred” service platform has been created to provide customers with one-stop professional solutions for all categories of green building materials such as gypsum boards, waterproof materials, coatings, and powders, as well as shingle oil repair and renewal.
In addition, the four major sectors of Longpai Company, Taishan Gypsum, Mengpai New Materials and Integrated Business Unit will be integrated to promote the synergy of the gypsum board business to deepen and solidify, further stimulating business development potential.
Promote the in-depth synergy of the “one body and two wings” business, strengthen the linkage between gypsum board, waterproofing, and coatings businesses, open mature channels for gypsum board to provide waterproofing and coatings businesses, promote the joint construction of e-commerce flagship stores between BNBM Waterproofing and Carpoly, and strengthen internal resource collaboration and value sharing.
At present, the new housing market has shrunk significantly, but it is still worth exploring.
With the release of demand for existing renovations and the continued advancement of urban renewal policies, companies must focus on new tracks, such as the renovation of old local communities and affordable housing projects.
Today’s growth is no longer waiting for the wind to come, but is achieved bit by bit through the implementation of key strategies such as proactive transformation of retail and services, optimization of category structure, creation of trendy products, and in-depth operations in the existing market.
