China National Building Material Co (HKSE:03323) Operating Income: HK$4,701 Mil (TTM As of Jun. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:03323 China National Building Material Co Ltd HKSE:03323
74 GF Score
Price HK$3.21
GF Value HK$4.03
Valuation Modestly Undervalued
! 9 Warning Signs
View Full Analysis

What is China National Building Material Co Operating Income?

China National Building Material Co HKSE:03323 -3.75% 74 Operating Income is HK$4,701 Mil as of Jun. 2026. GuruFocus rates HKSE:03323 with a GF Score™ of 74/100 and a GF Value™ of HK$4.03 (Modestly Undervalued). The stock has 9 warning signs investors should review.

China National Building Material Co's Operating Income for the six months ended in Jun. 2026 was HK$1,988 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was HK$4,701 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. China National Building Material Co's Operating Income for the six months ended in Jun. 2026 was HK$1,988 Mil. China National Building Material Co's Revenue for the six months ended in Jun. 2026 was HK$92,889 Mil. Therefore, China National Building Material Co's Operating Margin % for the quarter that ended in Jun. 2026 was 2.14%.

Warning Sign:

China National Building Material Co Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -26.5%.

China National Building Material Co's 5-Year average Growth Rate for Operating Margin % was -26.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. China National Building Material Co's annualized ROC % for the quarter that ended in Jun. 2026 was 0.00%. China National Building Material Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 2.36%.


China National Building Material Co  (HKSE:03323) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

China National Building Material Co's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=3975.3738009378 * ( 1 - 100% )/( (544800.8573196 + 569375.33521929)/ 2 )
=0/557088.09626944
=0.00 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=545259.34886937 - 54043.698045763 - ( 37349.512607915 - max(0, 214506.61275745 - 160921.40626146+37349.512607915))
=544800.8573196

Invested Capital(Q: Jun. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=579514.19377186 - 55895.893531361 - ( 41666.237582339 - max(0, 228209.60929033 - 182452.57431154+41666.237582339))
=569375.33521929

Note: The Operating Income data used here is two times the semi-annual (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

China National Building Material Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=6739.5966551998/( ( (253719.4439074 + max(25732.701092278, 0)) + (253590.30229604 + max(38976.158092743, 0)) )/ 2 )
=6739.5966551998/( ( 279452.14499968 + 292566.46038878 )/ 2 )
=6739.5966551998/286009.30269423
=2.36 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(100799.17357956 + 20108.768567074 + 56.614056867697) - (54043.698045763 + 12459.842928028 + 28728.314137433)
=25732.701092278

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(112367.11343144 + 24937.795277788 + 51.975222182922) - (55895.893531361 + 15112.855648643 + 27371.976658664)
=38976.158092743

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Jun. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

China National Building Material Co's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=1987.6869004689/92888.787249422
=2.14 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


China National Building Material Co Operating Income Related Terms


China National Building Material Co Operating Income Historical Data

* Premium members only.

The historical data trend for China National Building Material Co's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

China National Building Material Co Operating Income Chart

China National Building Material Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 45,461.09 19,064.05 15,607.85 9,507.47 8,308.43

China National Building Material Co Semi-Annual Data
Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1,366.22 8,144.92 5,566.89 2,713.17 1,987.69
HKSE:03323
74GF Score
China National Building Material Co Ltd HKSE:03323
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

China National Building Material Co Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$4,701 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of HK$4,701 Mil mean?
China National Building Material Co (HKSE:03323) has a Operating Income of HK$4,701 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on China National Building Material Co and its competitors.
Is China National Building Material Co's Operating Income too high?
China National Building Material Co's current Operating Income is HK$4,701 Mil. Overall, China National Building Material Co has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China National Building Material Co's Operating Income compare to CRH and MLM?
China National Building Material Co's Operating Income of HK$4,701 Mil can be compared against companies in the Building Materials industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Building Materials company?
A good Operating Income depends on the Building Materials industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on China National Building Material Co and its competitors. China National Building Material Co's current Operating Income is HK$4,701 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China National Building Material Co stock overvalued right now?
Based on GuruFocus' analysis, China National Building Material Co (HKSE:03323) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$4.03, compared to a current price of HK$3.21 — trading 20.5% below its estimated fair value. The current Operating Income is HK$4,701 Mil. China National Building Material Co's overall GF Score™ is 74/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For China National Building Material Co (HKSE:03323), the current Operating Income is HK$4,701 Mil as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is China National Building Material Co (HKSE:03323) Overvalued in 2026?

Based on GuruFocus' analysis, China National Building Material Co stock appears to be undervalued. The current stock price of HK$3.21 is trading 20.5% below its estimated GF Value™ of HK$4.03. GuruFocus considers China National Building Material Co to be Modestly Undervalued.

Key valuation signals for HKSE:03323:

  • Operating Income: HK$4,701 Mil
  • GF Value™: HK$4.03 vs. price of HK$3.21 (20.5% below fair value)
  • GF Score™: 74/100 with 9 warning signs

No single metric tells the full story. See the HKSE:03323 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


China National Building Material Co Business Description

Address No. 17 Fuxing Road, 21st Floor, Tower 2 (Building B), Guohai Plaza, Haidian District, Beijing, CHN, 100036
China National Building Material Co Ltd. is a state-owned building material holding company. It has three reportable segments: Basic building materials segment, New materials segment, and Engineering technology service segment. The company's majority of revenue is from the Basic building materials segment. Geographically, the company operates in the PRC, Asia, Europe, the Middle East, Africa, the Americas, and other regions, with the maximum revenue from the PRC and Africa.
74GF Score

Get the complete analysis for HKSE:03323

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$3.21
Price
HK$4.03
GF Value