Zheneng Jinjiang Environment Holding Company (BWM) investor relations material

Executive summary

• 1H2026 revenue rose 11.7% YoY to RMB2,035.7m; net profit attributable to equity holders increased 28.4% to RMB426.2m, while net profit was RMB437.2m.

• Results benefited from stronger WTE output, efficiency gains, more BOT construction activity and lower finance costs; the return of lower-margin BOT construction revenue weighed on consolidated gross margin.

• The portfolio had 47,705 tonnes/day of operational treatment capacity and 1,065 MW of power capacity; projects under construction and in planning are expected to lift these to 56,855 tonnes/day and 1,201 MW.

Financial highlights

• Revenue was RMB2,035.7m, up 11.7% YoY; gross profit rose to RMB763.4m from RMB699.1m.

• Profit before tax increased 26.4% to RMB552.5m; net profit rose to RMB437.2m from RMB337.1m, and net profit attributable to equity holders reached RMB426.2m, up 28.4%.

• Basic and diluted EPS increased to RMB0.2972 from RMB0.2304; total comprehensive income was RMB414.2m versus RMB336.5m.

• Operating cash flow was RMB498.5m, investing cash outflow RMB411.6m and financing cash inflow RMB99.7m.

Outlook and guidance

• Eleven projects under construction and ten in preparation or planning are expected to increase total treatment capacity to 56,855 tonnes/day and installed power capacity to 1,201 MW upon completion.

• Priorities include commissioning expansion and renovation projects, improving existing plant efficiency, advancing construction, and growing heating and steam supply.

• RMB242.75m in policy support funds was secured for equipment upgrades, ultra-low-emissions retrofits and fly-ash resource utilisation.

• Green-power direct connection, residual-heat utilisation and solid-waste co-incineration policies may support new revenue and facility utilisation.