Zejiang Weiming Environment Protection (603568) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was RMB 4.894bn, down 16.77% YoY; attributable net income was RMB 1.403bn, down 34.29% YoY.

• Profit declines reflected lower equipment, EPC and service revenue, higher credit and asset impairment losses, and increased FX losses.

Financial highlights

• Q3 revenue was RMB 1.825bn, down 7.64% YoY; total profit was RMB 541.1m, down 35.51%, and attributable net income was RMB 473.3m, down 33.36%.

• 9M attributable net income was RMB 1.403bn, down 34.29% YoY; adjusted to exclude non-recurring gains, net income was RMB 1.338bn, down 35.52%.

• 9M operating cash flow was RMB 1.582bn, down 31.12% YoY, as cash received from sales and services fell and other operating cash outflows increased.

• 9M total net income was RMB 1.476bn versus RMB 2.238bn a year earlier; operating profit was RMB 1.651bn versus RMB 2.238bn.

Segment performance

• Environmental projects processed 11.270m tonnes of waste in 9M, up 6.8% YoY; grid electricity sales were 3.138bn kWh, up 11.4%, and steam supply was 97,900 tonnes, up 24.2%.

• Environmental operations sold 497,800 green certificates in 9M; the Kunshan recycling project entered formal operation.

• JiaMan and Weiming Shengqing recorded 9M revenue of RMB 592m and RMB 1.522bn, respectively; Weiming Shengqing revenue was excluded from consolidated revenue.

• A consortium led by the Hong Kong subsidiary signed a Zimbabwe 1,000-tonne/day waste-to-energy EPC contract worth about US$75m, marking an entry into the African equipment market.