Zejiang Weiming Environment Protection (603568) H2 2024 earnings summary

Executive summary

• Achieved revenue of ¥7.17 billion in 2024, up 19.03% year-over-year; net profit attributable to shareholders rose 31.99% to ¥2.70 billion.

• Operating cash flow reached ¥2.43 billion, up 4.69% year-over-year; gross margin improved to 51.56%.

• Major business segments—environmental project operations, equipment/EPC/services, and new energy materials—showed coordinated growth.

• Board proposes a cash dividend of ¥0.48 per share, totaling approximately ¥813 million.

Financial highlights

• Revenue: ¥7.17 billion (+19.03% YoY); net profit: ¥2.70 billion (+31.99% YoY).

• Net assets: ¥13.31 billion (+19.85% YoY); total assets: ¥27.48 billion (+14.02% YoY).

• Basic EPS: ¥1.60 (+32.23% YoY); ROE: 22.24% (+2.20ppt YoY).

• Main business gross margin: 51.56% (+4.2ppt YoY); equipment/EPC/services revenue up 28.88%.

• Cash dividend payout ratio: 30.07% of net profit.

Outlook and guidance

• 2025 targets: waste intake 14.2 million tons, on-grid power 3.88 billion kWh.

• Focus on expanding environmental projects, accelerating new energy material capacity, and enhancing R&D.

• Plans to maintain stable dividend policy and continue high-quality growth.