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Chengdu-based water supply and wastewater-treatment utility.
Chengdu-based water supply and wastewater-treatment utility.
Water is billed at tariffs set by the local government, and wastewater treatment is paid for by fees agreed with the city, so income follows volumes handled and the pace at which tariffs are raised. Customers are mostly households and industry within Chengdu, which ties the business to one city's growth.
Moat: narrow (regulatory licence, scale). Regulated municipal franchise gives a de facto monopoly on local water supply and treatment.
Headquarters: Chengdu, Sichuan, China · Employees: 5,338
Size Chengdu Xingrong Environment (000598.SZ) is a China Utilities company (Water Utilities) with a market value of $3.27B, the 796th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.35 on 6 Nov 2026.
Performance Over six months the shares gained 6.5%, against -6.9% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 15 in its peer set.
Growth Revenue grew 0.6% over the last twelve months (peer median +6.9%); the operating margin is 29.5% (peer median 24.2%).
Valuation It trades at 10.3× forward earnings against a peer median of 16.2× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.44B | CN¥9.04B | CN¥9.04B | CN¥8.07B | CN¥7.62B |
| Revenue growth | — | 0% | +12% | +6% | — |
| Gross profit | CN¥5.50B | CN¥3.92B | CN¥3.70B | CN¥3.20B | CN¥2.89B |
| EBITDA | n/a | CN¥4.55B | CN¥4.32B | CN¥3.76B | CN¥3.44B |
| Net income | CN¥2.05B | CN¥2.01B | CN¥2.00B | CN¥1.84B | CN¥1.62B |
| Free cash flow | CN¥870M | CN¥334M | -CN¥914M | -CN¥1.06B | -CN¥882M |
| Capital expenditure | CN¥2.72B | CN¥3.37B | CN¥4.59B | CN¥4.45B | CN¥4.20B |
| Total debt | CN¥15.7B | CN¥15.7B | CN¥14.8B | CN¥16.3B | CN¥14.4B |
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 |
|---|---|---|---|---|---|---|
| Chengdu Xingrong Environment 000598.SZ | $3.27B | +7% | +1% | 29% | 10.3× | -8.2% |
| Beijing Capital Eco-Environment Protection 600008.SS | $3.09B | -8% | -8% | 21% | 10.8× | 0.3% |
| Chongqing Water 601158.SS | $3.01B | -6% | +1% | 14% | 22.6× | -5.0% |
| Beijing Enterprises Water 0371.HK | $1.86B | -48% | -5% | 24% | 9.5× | 4.2% |
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 | 000598.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.7% | +1.5% | 6th highest of 15 |
| 6-month return | +6.5% | -6.9% | 6th highest of 15 |
| Distance from 52-week high | -1.6% | -16.1% | 2nd highest of 15 |
| Revenue growth (TTM) | +0.6% | +6.9% | 5th lowest of 15 |
| Operating margin | 29.5% | 24.2% | 5th highest of 15 |
| Forward P/E | 10.3× | 16.2× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -8.2% | -0.2% | 2nd least demanding of 9 |
| Growth delivered (Del g) | +10.8% | +3.0% | 3rd highest of 9 |
| Hurdle (Req g minus delivered) | -19.0 pp | -3.5 pp | least demanding of 9 |
| ROIC minus cost of capital | +3.8 pp | -1.3 pp | 2nd highest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chengdu Xingrong Environment 000598.SZ | China | $3.27B | +7% | +1% | 29% | 10.3× | -8.2% | +10.8% |
| California Water Service CWT | United States | $3.21B | +17% | +7% | 21% | 19.0× | n/a | n/a |
| Pennon PNN.L | United Kingdom | $3.18B | -35% | +23% | 25% | 13.3× | n/a | n/a |
| Beijing Capital Eco-Environment Protection 600008.SS | China | $3.09B | -8% | -8% | 21% | 10.8× | 0.3% | -0.4% |
| H2O America HTO | United States | $3.04B | +9% | +4% | 21% | 22.5× | n/a | n/a |
| Chongqing Water 601158.SS | China | $3.01B | -6% | +1% | 14% | 22.6× | -5.0% | +3.5% |
| American States Water AWR | United States | $3.57B | +17% | +13% | 32% | 23.9× | 9.3% | +6.2% |
| Zhongshan Public Utilities 000685.SZ | China | $2.36B | -8% | -11% | 11% | 6.2× | 9.9% | +16.2% |
| Jiangxi Hongcheng Environment 600461.SS | China | $1.69B | -17% | -11% | 24% | 9.1× | -10.2% | +2.6% |
| Guangdong Investment 0270.HK | Hong Kong | $6.81B | 0% | +25% | 38% | 10.8× | -1.8% | -4.1% |
| Indium Target Advanced Materials (Harbin) 000711.SZ | China | $1.54B | -27% | +46% | -4% | n/a | n/a | n/a |
| Middlesex Water MSEX | United States | $1.15B | +16% | +9% | 31% | 21.7× | n/a | n/a |
| Guangdong Shunkong Development 003039.SZ | China | $1.12B | -16% | +6% | 25% | n/a | 4.3% | +12.5% |
| Essential Utilities WTRG | United States | $12.9B | +21% | +9% | 36% | 19.8× | n/a | n/a |
| China Water Affairs 0855.HK | Hong Kong | $823M | -22% | -11% | 25% | 5.8× | -0.6% | 0.0% |