Market Operation Landscape and Development Strategy Analysis Report for China's Cement Industry (2026–2032)

(2) Control of Risks Associated with Integration of Management Systems (3) Control of Risks Associated with Integration of Personnel (4) Control of Risks Associated with Integration of Corporate Culture 5.5 M&A and Restructuring Trends in the Cement Industry 5.5.1 Overall Future Trend of Industry M&A and Restructuring 5.5.2 Forecast of Regions Likely to Witness Frequent Acquisitions in the Future 5.5.3 Forecast of Cement Enterprises Within the Industry Most Likely to Be Acquired 5.6 Case Studies of Cement Enterprise M&As 5.6.1 Strategic Analysis of CEMEX’s M&A Activities (1) Selection of High-Potential Regional Markets (2) Establishment of Market Dominance Within Target Regions (3) Analysis of Integration Processes Following Acquisitions (4) Linkage Between M&A Strategy and Market Share Expansion 5.6.2 Case Study: China Resources Cement’s Acquisition of SDIC Hainan Cement (1) Background Analysis of the Acquisition (2) Analysis of the Acquisition Strategy (3) Lessons and Insights Gained from the Acquisition Chapter 6: Competitive Trends and Strategic Choices in the Cement Industry 6.1 Forecast and Analysis of Competitive Trends in the Cement Industry 6.1.1 Overall Industry Competitive Trend Forecasts (1) Controlling Downstream Concrete Mixing Stations to Shorten Sales Radius (2) Further Enhancement of Industry Synergies (3) Vertical Expansion Toward Downstream Products 6.1.2 Increasing Foreign Investment in China by Multinational Enterprises (1) Entry of International Cement Companies into the Chinese Market (2) Analysis of Reasons Behind Increased Investment in China 6.1.3 Regional Structural Optimization Trends in the Industry (1) Regional Analysis for Moderate Development of New Dry-Process Cement Production (2) Regional Analysis for Moderate Development of New Dry-Process Cement via Capacity Replacement (3) Regional Analysis for Total Capacity Control and Phasing-Out of Outdated Production Capacity 6.2 Analysis of Principles Governing Strategic Choices in Industry Competition 6.2.1 Identification and Assessment of Competitors (1) Identification Based on Industry Structure (2) Identification Based on Business Structure (3) Assessment of Competitor Types 6.2.2 Clarifying Competitors’ Targets for Attack or Avoidance (1) “Good” vs. “Bad” Competitors (2) Close-Range vs. Long-Range Competitors (3) Strong vs. Weak Competitors 6.2.3 Principles for Selecting Competitive Strategies for Cement Enterprises (1) Principle of Institutional Innovation (2) Principle of Premium Product Quality (3) Principle of Low-Cost Operations (4) Principle of Refined Service Delivery (5) Principle of Brand Leadership 6.3 Analysis of Competitive Strategy Selection in the Cement Industry 6.3.1 Strategy Analysis for Market Leaders 6.3.2 Strategy Analysis for Market Challengers 6.3.3 Strategy Analysis for Market Followers Chapter 7: Analysis of Leading Domestic Cement Enterprises 7.1 China Building Materials Group Co., Ltd. (Renamed as China National Building Material Group Co., Ltd.) 7.1.1 Group Profile (1) Overview of the Group (2) Development History of the Group (3) Organizational Structure of the Group (4) Qualifications and Honors of the Group 7.1.2 Strategic Analysis of the Group (1) Analysis of the Group’s Management Model (2) Analysis of the Group’s Development Philosophy and Strategic Thinking 7.1.3 Analysis of the Group’s Cement Division (1) Scale of the Group’s Cement Division (2) Competitive Advantages of the Group’s Cement Business (3) Strategic Thinking for the Group’s Cement Development 7.1.4 Analysis of Key Cement Subsidiaries of the Group (1) Analysis of the Group’s Cement Enterprise Acquisition History (2) China United Cement Group Co., Ltd. 1) Company Profile 2) Production Capacity and Geographic Distribution 3) Cement Sales Volume Analysis 4) Analysis of Key Financial Indicators (3) South Cement Co., Ltd. 1) Company Profile 2) Production Capacity and Geographic Distribution

Reprinted | Holcim’s Spin-off of Its North American Business: A Well-Considered Strategic Move

In 2023, Holcim achieved record-breaking performance—unprecedented in strength—and accomplished its 2025 strategic objectives two years ahead of schedule. This milestone comprehensively demonstrates the company’s outstanding performance and strategic achievements over the past year. Concurrently, Holcim plans to spin off its North American business for an initial public offering (IPO), marking a further deepening of its global strategic layout and heralding new growth opportunities in the North American market. I. Record-Breaking Performance in 2023 Table 1: Holcim Group’s 2023 Annual Report Performance Data Source: Cement Big Data (data.ccement.com/) Holcim’s full-year net sales in 2023 amounted to CHF 27.009 billion, representing a 6.1% year-on-year increase. Recurring EBIT reached a record CHF 4.76 billion, reflecting organic growth of 14.7% compared to the prior year. Favorable pricing—where cement, aggregates, and ready-mix concrete prices exceeded costs—drove this record performance. Table 2: Holcim’s North American Business Data Source: Cement Big Data (data.ccement.com/) Record net sales and recurring EBIT propelled a strong recurring EBIT margin of 21.7%. Optimized distribution contributed to robust cement sales in the U.S., while all product lines achieved prices above cost. Over the past year, Holcim expanded its operational footprint through three bolt-on acquisitions in aggregates and ready-mix concrete. II. Significant Growth Potential of the North American Business The proposed spin-off of Holcim’s North American business represents its largest restructuring since its 2015 acquisition of French competitor Lafarge. The spin-off is expected to be completed in the first half of 2025. The North American business accounts for approximately one-quarter of Holcim’s total sales and one-third of its EBIT. Its estimated market valuation stands at USD 11 billion. In the U.S., building materials companies trade at higher price-to-earnings (P/E) ratios than their European peers. Holcim believes its North American business is currently undervalued relative to peers such as Carlisle, RPM, and James Hardie (JHX.US), with a potential valuation approaching USD 30 billion. This estimate reflects Holcim’s dominant position in the North American market and its substantial future growth potential. The North American business operates over 850 facilities and leads the advanced roofing systems sector; it is also the largest cement producer in the region. Holcim itself ranks first in cement production and holds a strong position in both aggregates and ready-mix concrete. Upon listing, the spun-off entity will become the region’s leading pure-play construction solutions provider. It boasts an exceptional track record of profitable growth, achieving average annual revenue growth exceeding 20% and average annual EBIT growth surpassing 26% over the past four years. U.S. construction and manufacturing sectors are experiencing a boom, driven by infrastructure investment initiatives stemming from the Biden administration’s policies. Holcim’s target for its U.S. business is to achieve net sales of approximately CHF 22 billion and EBIT exceeding CHF 4 billion by 2030, alongside free cash flow surpassing CHF 3 billion.

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Holcim Lifts Guidance Again as Strong Demand Drives Profit Beat

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