Beijing Building Materials Group, as a core member company of China National Building Materials Group, occupies an important position in the building materials industry.
As of the close of the previous trading day (February 13, 2026), BNBM closed at 27.05 yuan, down 3.91% that day.
The core focus lies in the deepening of the “One Body, Two Wings” strategy and the strong growth of the waterproofing and coatings business despite the industry’s adverse trends, which have become an important support for the company’s performance.
The company’s main business covers new green building materials such as gypsum boards, keels, waterproof materials, and coatings. It implements the strategy of “one body, two wings, global layout” and is committed to creating a world-class industrial benchmark.
From the perspective of financial data, in the first three quarters of 2025, the company achieved operating income of 19.905 billion yuan, a slight decrease of 2.25% year-on-year; net profit attributable to the parent company was 2.586 billion yuan, a year-on-year decrease of 17.77%.
The performance is under pressure mainly due to weak demand from the main gypsum board business, but the waterproofing and coatings businesses performed well.
The gross profit margin in the first three quarters was 29.53%, and the net profit margin was 13.34%.
Although overall profits declined, net operating cash flow remained positive, indicating that the company’s operating quality remains solid.
In terms of business structure, lightweight building materials (gypsum board) revenue accounted for approximately 65.65%, waterproof building materials accounted for 18.40%, and coating building materials accounted for 15.96%.
The business structure is changing from single gypsum board to diversified and balanced development.
There are many investment highlights.
The waterproof business grew against the trend in the first three quarters of 2025, with revenue of 3.766 billion yuan, a year-on-year increase of 5.24%; net profit of 216 million yuan, a year-on-year increase of 15.80%.
Against the background of overall pressure on the industry, the company’s waterproof business achieved “outperforming the market.”
The paint business is even more prosperous, with revenue in the first three quarters of 2025 reaching 3.351 billion yuan, a year-on-year increase of 31.54%; net profit is 269 million yuan, a year-on-year increase of 59.83%.
The paint business has become the company’s fastest growing segment.
The acceleration of internationalization is also a major attraction.
The Tanzania and Uzbekistan bases have been put into production, the Thailand project has entered trial production, and the Bosnia and Herzegovina project is advancing in an orderly manner.
In the first three quarters of 2025, overseas revenue increased by 66% year-on-year, and the internationalization strategy has achieved remarkable results.
However, the company also faces some risks.
In terms of real estate downside risks, if real estate investment and completed area continue to slump, it will directly affect demand in the building materials industry and put pressure on the company’s performance.
Fluctuations in raw material prices cannot be ignored. Prices of major raw materials such as gypsum board covering paper, waterproof asphalt, and paint emulsions have risen sharply, which may squeeze the company’s profit margins.
In addition, the waterproofing and coatings business has expanded through mergers and acquisitions, and there is uncertainty about the subsequent integration effects in management, channels, culture, etc.
In general, BNBM has achieved certain results in business transformation and global layout, but it also needs to pay attention to the risks and challenges it faces in order to achieve more stable development.
