Zejiang Weiming Environment Protection (603568) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was ¥6.24 billion, down 13.04% year-over-year, with net profit attributable to shareholders at ¥2.21 billion, down 18.14%.

• Decline mainly due to lower equipment, EPC, and service income; cash flow from operations increased 32.57% to ¥3.22 billion.

• Board proposes a cash dividend of ¥0.60 per share and a 0.2 share capital increase per share, totaling ¥1.026 billion in dividends.

• Audit opinion is standard unqualified; no major legal, compliance, or governance issues reported.

Financial highlights

• Operating income: ¥6.24 billion (–13.04% YoY); net profit: ¥2.21 billion (–18.14% YoY); operating cash flow: ¥3.22 billion (+32.57% YoY).

• Gross margin: 50.73% (–0.83pp YoY); basic EPS: ¥1.31 (–18.13% YoY); ROE: 15.72% (–6.52pp YoY).

• Total assets: ¥30.17 billion (+9.79% YoY); net assets: ¥14.99 billion (+12.66% YoY); asset-liability ratio: 43.94%.

• Non-recurring profit: ¥115 million; adjusted net profit after share-based payment: ¥2.34 billion (–17.09% YoY).

Outlook and guidance

• 2026 plan: stable domestic operations, overseas project breakthroughs, equipment business to accelerate new product R&D and order expansion, and new materials to focus on cost control and capacity ramp-up.

• Targeted waste intake: 14.5 million tons; grid power: 4.08 billion kWh; focus on project delivery and market expansion.