UBS has revised its price target for CR BLDG MAT TEC (01313) downward from HK$1.81 to HK$1.70, while maintaining a "Neutral" rating. The company's management anticipates a stable dividend outlook. Total capital expenditure for 2025 is projected at RMB 1.8 billion, with an expected increase to RMB 3.2 billion in 2026.

The company's financial performance for the 2025 fiscal year was largely in line with expectations, as improved margins helped offset volume pressures. Net profit for the year reached RMB 479 million, exceeding the bank's forecast by 11% but falling 6% below market expectations.

Sales of cement and clinker declined by 10% year-on-year to 55 million tons, though gross profit per ton rose 6% to RMB 39. Concrete sales increased by 18% to 15 million cubic meters, with gross profit per cubic meter up 5% to RMB 41. Meanwhile, aggregate sales grew 23% year-on-year to 86 million tons, although gross profit per ton dropped 40% to RMB 8.