Grandblue Environment (600323) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥13.94 billion, up 17.25% year-over-year, with net profit of ¥2.29 billion, up 36.23% year-over-year.

• Completed major acquisition of 粤丰环保, contributing significantly to revenue and profit growth.

• Maintained strong cash flow from operations at ¥4.02 billion, up 22.77% year-over-year.

• Board approved a total cash dividend of ¥856 million, representing 43.39% payout ratio and a 31.25% increase year-over-year.

Financial highlights

• Revenue: ¥13.94 billion (+17.25% YoY); Net profit: ¥2.29 billion (+36.23% YoY); EPS: ¥2.42 (+18.63% YoY).

• EBITDA: ¥5.44 billion, EBITDA margin 39%.

• Total assets: ¥62.22 billion (+58.29% YoY); Net assets: ¥14.61 billion (+9.01% YoY).

• Operating cash flow: ¥4.02 billion (+22.77% YoY).

• Asset-liability ratio: 70.15% (+8.87pp YoY).

Outlook and guidance

• 2026 revenue target set at ¥15.7 billion, total assets at ¥64 billion.

• Plans to further integrate and fully consolidate 粤丰环保, aiming for 100% ownership.

• Focus on green innovation, digital transformation, and expanding green power direct supply and AI data center projects.