Zejiang Weiming Environment Protection (603568) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached RMB 1.98 billion, up 2.28% year-over-year; year-to-date revenue was RMB 5.88 billion, down 2.74% from the prior year.

• Net profit attributable to shareholders for Q3 was RMB 710 million, up 3.23% year-over-year; year-to-date net profit was RMB 2.13 billion, up 1.14%.

• Cash flow from operating activities for the first nine months was RMB 2.30 billion, up 26.15% year-over-year.

Financial highlights

• Gross margin improved as operating costs decreased to RMB 2.97 billion from RMB 3.17 billion year-over-year.

• Basic EPS for Q3 was RMB 0.42; year-to-date basic EPS was RMB 1.26.

• Total assets at quarter-end were RMB 29.95 billion, up 8.98% from year-end 2024.

• Shareholders’ equity increased 9.97% to RMB 14.63 billion.

Outlook and guidance

• Waste treatment projects processed 10.55 million tons of waste in the first three quarters, up 7.5% year-over-year; power generation from waste increased 5.11%.

• New equipment orders in the first three quarters totaled RMB 4.47 billion, up from RMB 2.69 billion in the prior year.

• New materials subsidiaries achieved profitability and signed a major supply agreement for battery materials.