Zheneng Jinjiang Environment Holding Company (BWM) H2 2025 earnings summary

Executive summary

• FY2025 revenue was RMB3,784.9m, up 1.4% YoY; net profit rose 18.6% to RMB736.9m, while PATMI increased 17.2% to RMB724.8m.

• 2H2025 PATMI declined 4.6% YoY to RMB392.8m.

• Operational capacity reached 46,305 tonnes/day across 41 facilities; three facilities were added during FY2025.

Financial highlights

• Gross profit rose 4.7% to RMB1,398m; gross margin expanded 1.1 ppts to 36.9%.

• Profit before tax increased 12.6% to RMB933.7m; basic and diluted EPS rose 18.3% to RMB50.37 cents.

• 2H2025 revenue grew 2.3% to RMB1.96bn, while gross profit was nearly flat at RMB699.1m and net profit fell 5.8% to RMB496.5m.

• Finance costs declined RMB90.9m to RMB348.4m, reflecting lower domestic loan rates and refinancing ahead of scheduled maturities.

Outlook and guidance

• Priorities include optimising existing operations, completing ongoing projects, advancing developments, and pursuing domestic and overseas expansion amid heightened competition.

• Five projects are under construction and 16 in the pipeline; capacity is expected to reach 57,455 tonnes/day and 1,201MW upon completion.

• High-parameter systems are expected to improve incineration power-generation efficiency by 2–5% for sub-high-pressure and 5–8% for ultra-high-pressure technology versus medium-temperature, medium-pressure technology.