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Chinese environmental protection group operating waste-to-energy incineration plants, after pivoting from its earlier bus-manufacturing business.
Chinese environmental protection group operating waste-to-energy incineration plants, after pivoting from its earlier bus-manufacturing business.
Is paid in two ways at each plant: a fee per tonne of waste from the local government, and electricity sold to the grid, partly supported by a national renewable-energy subsidy that is slow to be paid. Long concessions give predictable volumes, but expansion depends on winning local waste contracts.
In one line: A Chinese waste-to-energy operator akin to a smaller Covanta.
Moat: narrow (regulatory licence, installed base). Long-term municipal incineration concessions provide stable, utility-like cash flow.
Headquarters: Yixing, Jiangsu, China · Employees: 18,035
Size China Tianying (000035.SZ) is a China Industrials company (Environmental Services) with a market value of $1.64B, the 1504th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.59 on 6 Nov 2026.
Performance Over six months the shares fell 29.7%, against -14.4% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 0.6% over the last twelve months (peer median +3.0%); the operating margin is 16.4% (peer median 17.2%).
Valuation It trades at 21.9× forward earnings against a peer median of 14.0× (3rd most expensive of 17).
Capital Return on invested capital runs 0.7 points below its cost of capital (5.0% WACC).
Next results Next results expected around 4 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.31B | CN¥5.27B | CN¥5.65B | CN¥5.31B | CN¥6.69B |
| Revenue growth | — | -7% | +6% | -21% | — |
| Gross profit | CN¥2.11B | CN¥1.46B | CN¥1.59B | CN¥1.40B | CN¥1.24B |
| EBITDA | n/a | CN¥1.71B | CN¥1.64B | CN¥1.37B | CN¥1.24B |
| Net income | CN¥254M | CN¥284M | CN¥280M | CN¥337M | CN¥123M |
| Free cash flow | -CN¥1.56B | -CN¥917M | -CN¥1.31B | -CN¥1.93B | -CN¥3.20B |
| Capital expenditure | CN¥2.22B | CN¥1.57B | CN¥1.97B | CN¥2.41B | CN¥3.82B |
| Total debt | CN¥16.6B | CN¥13.8B | CN¥11.6B | CN¥10.5B | CN¥8.68B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Tianying 000035.SZ | $1.64B | -30% | -1% | 16% | 21.9× | n/a |
| Grandblue Environment 600323.SS | $3.78B | -3% | +24% | 24% | 11.0× | -4.7% |
| China Everbright Environment 0257.HK | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000035.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | +1.5% | 8th lowest of 21 |
| 6-month return | -29.7% | -14.4% | lowest of 21 |
| Distance from 52-week high | -46.6% | -27.8% | 2nd lowest of 21 |
| Revenue growth (TTM) | -0.6% | +3.0% | 7th lowest of 21 |
| Operating margin | 16.4% | 17.2% | 9th lowest of 19 |
| Forward P/E | 21.9× | 14.0× | 3rd most expensive of 17 |
| ROIC minus cost of capital | -0.7 pp | -0.3 pp | 9th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Tianying 000035.SZ | China | $1.64B | -30% | -1% | 16% | 21.9× | n/a | n/a |
| Befesa BFSA.DE | Germany | $1.67B | +6% | -2% | n/a | 13.0× | 3.1% | +14.4% |
| Hunan Junxin Environmental Protection 301109.SZ | China | $1.73B | -9% | +1% | n/a | 14.2× | n/a | n/a |
| Shanghai Environment 601200.SS | China | $1.40B | -16% | -10% | 18% | 14.7× | -2.6% | +6.8% |
| Wuhan Tianyuan 301127.SZ | China | $1.31B | -5% | +5% | 17% | 31.1× | n/a | n/a |
| Wangneng Environment 002034.SZ | China | $1.12B | -15% | 0% | 30% | 9.6× | -13.6% | +14.1% |
| Beijing GeoEnviron Engineering & Technology 603588.SS | China | $2.55B | -23% | +50% | 12% | 10.5× | 2.7% | +16.6% |
| Daiei Kankyo 9336.T | Japan | $2.57B | +8% | +14% | 26% | 24.2× | 4.2% | +7.4% |
| Zhongyuan Environmental Protection 000544.SZ | China | $1.05B | -15% | 0% | 32% | 5.1× | n/a | n/a |
| Daiseki 9793.T | Japan | $1.02B | -20% | +4% | 21% | 14.0× | -7.6% | +6.9% |
| China Sciences Ecorizon Tech 301175.SZ | China | $1.01B | -7% | +42% | 25% | 18.1× | n/a | n/a |
| Huaxin Resources Technology 301265.SZ | China | $1,000M | -14% | +13% | 7% | n/a | n/a | n/a |
| EIT Environmental Development 300815.SZ | China | $962M | -25% | +4% | 13% | 10.7× | -7.0% | +12.3% |
| Cleanaway 8422.TW | Taiwan | $937M | -20% | +5% | 30% | 21.0× | n/a | n/a |
| Onterris ONT | United States | $770M | -1% | -1% | 1% | n/a | 44.1% | +20.4% |
| Shenzhen Lions King Hi-Tech 301305.SZ | China | $758M | -22% | +19% | 18% | 13.4× | n/a | n/a |
| China Resources and Environment 600217.SS | China | $719M | -24% | -19% | -8% | n/a | -13.6% | -2.2% |
| Grandblue Environment 600323.SS | China | $3.78B | -3% | +24% | 24% | 11.0× | -4.7% | +13.3% |
| Seche Environnement SCHP.PA | France | $689M | -7% | +2% | 6% | 19.9× | 4.8% | +13.3% |
| Jiangxi JDL Environmental Protection 688057.SS | China | $662M | +28% | -22% | -6% | n/a | -5.3% | -19.8% |
| QiaoYin City Management 002973.SZ | China | $661M | -14% | -12% | 10% | 14.0× | 8.9% | +4.9% |