Zheneng Jinjiang Environment Holding Company (BWM) H1 2025 earnings summary

Executive summary

• H1 revenue rose 0.6% YoY to RMB1,821.9m; profit attributable to equity holders increased 60.5% to RMB332.0m.

• Improved WTE efficiency, higher gross margins, lower finance costs and the non-recurrence of a prior-year India subsidiary disposal loss supported earnings growth.

Financial highlights

• Gross profit increased 10.1% to RMB699.1m; gross margin expanded 3.3 percentage points to 38.4%.

• Profit before tax rose 44.5% to RMB437.2m; net profit was RMB337.1m, versus RMB207.8m in H1 2024.

• Basic and diluted EPS increased to RMB23.04 cents from RMB14.23 cents.

• Operating cash flow was RMB457.4m, investing outflow RMB749.8m and financing inflow RMB214.8m; period-end cash was RMB516.3m.

Outlook and guidance

• Projects in operation, construction and planning are expected to lift installed treatment capacity to 58,205 tonnes/day and installed power capacity to 1,212MW.

• Six projects were under construction and 16 WTE projects in preparation; planned upgrades at four facilities are expected to add 500 tonnes/day of treatment capacity.

• Priorities include China and Indonesia expansion, technical upgrades, efficiency and diversification across heat, sludge, kitchen waste and resource recycling.

• Green-certificate trading and direct green-power connections could provide additional revenue opportunities; policy support may aid WTE equipment upgrades.