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Employees: 1,618
Size WELLE (300190.SZ) is a China Industrials company (Environmental Services) with a market value of $471M, the 4005th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥3.30 on 6 Nov 2026.
Performance Over six months the shares fell 21.4%, against -13.7% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 16.5% over the last twelve months (peer median -2.0%); the operating margin is -9.4% (peer median 9.1%).
Valuation It trades at 6.7× forward earnings against a peer median of 14.0× (cheapest of 10).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is -12%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.8 points below its cost of capital (6.4% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.53B | CN¥1.64B | CN¥2.04B | CN¥2.21B | CN¥2.08B |
| Revenue growth | — | -20% | -8% | +6% | — |
| Gross profit | CN¥222M | CN¥228M | CN¥156M | CN¥309M | CN¥326M |
| EBITDA | CN¥92.4M | CN¥123M | -CN¥55.7M | CN¥164M | CN¥48.6M |
| Net income | -CN¥281M | -CN¥350M | -CN¥736M | -CN¥197M | -CN¥450M |
| Free cash flow | CN¥500M | CN¥344M | CN¥349M | -CN¥147M | -CN¥167M |
| Capital expenditure | CN¥144M | CN¥99.4M | CN¥50.0M | CN¥223M | CN¥343M |
| Total debt | CN¥1.59B | CN¥2.49B | CN¥3.01B | CN¥3.45B | CN¥4.02B |
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.
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 | 300190.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.5% | -4.8% | 7th lowest of 21 |
| 6-month return | -21.4% | -13.7% | 9th lowest of 21 |
| Distance from 52-week high | -36.3% | -30.2% | 8th lowest of 21 |
| Revenue growth (TTM) | -16.5% | -2.0% | 4th lowest of 21 |
| Operating margin | -9.4% | 9.1% | 3rd lowest of 21 |
| Forward P/E | 6.7× | 14.0× | cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -8.9% | -2.1% | 2nd least demanding of 13 |
| Growth delivered (Del g) | -12.5% | +3.2% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +3.5 pp | -4.1 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | -8.8 pp | -1.8 pp | 6th lowest of 21 |
| EV / EBITDA | 48.4× | 11.6× | most expensive of 11 |
| Net debt / EBITDA | 13.2× | 3.3× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| WELLE 300190.SZ | China | $471M | -21% | -17% | -9% | 6.7× | -8.9% | -12.5% |
| BGT 300774.SZ | China | $475M | -52% | +3% | 4% | 9.9× | n/a | n/a |
| Dongjiang Environmental 002672.SZ | China | $478M | -24% | -4% | -31% | n/a | 3.1% | +0.9% |
| Fujian Haixia Environmental Protection 603817.SS | China | $480M | -24% | -1% | 26% | 11.7× | n/a | n/a |
| China Everbright Water U9E.SI | Singapore | $462M | -13% | -33% | 34% | n/a | -1.4% | -1.7% |
| Shanghai Conglin Environmental Protection Technology 688370.SS | China | $499M | -3% | -4% | 7% | 53.6× | n/a | n/a |
| Jinyuan EP 000546.SZ | China | $510M | -49% | +34% | -3% | n/a | n/a | n/a |
| Yonker Environmental Protection 300187.SZ | China | $428M | -22% | +5% | 11% | n/a | 9.0% | +1.5% |
| Wuhan Sanzhen Industry 600168.SS | China | $539M | -13% | -3% | 8% | n/a | n/a | n/a |
| ECOVE Environment 6803.TWO | Taiwan | $545M | -12% | +6% | 18% | n/a | -4.5% | +11.4% |
| Cambi CAMBI.OL | Norway | $390M | +7% | -9% | 11% | 44.3× | 0.1% | +23.8% |
| Zhejiang Feida Environmental Science & Technology 600526.SS | China | $596M | -18% | +3% | 7% | n/a | -5.3% | +9.5% |
| Mo-BRUK MBR.WA | Poland | $365M | +15% | +29% | 35% | 14.7× | -6.8% | +12.4% |
| Tus Environmental Science & Technology Development 000826.SZ | China | $364M | -13% | -13% | -38% | n/a | -2.7% | -11.7% |
| QiaoYin City Management 002973.SZ | China | $661M | -14% | -12% | 10% | 14.0× | 8.9% | +4.9% |
| Jiangxi JDL Environmental Protection 688057.SS | China | $662M | +28% | -22% | -6% | n/a | -5.3% | -19.8% |
| SIIC Environment BHK.SI | Singapore | $327M | -10% | -8% | 23% | n/a | n/a | n/a |
| Seche Environnement SCHP.PA | France | $689M | -7% | +2% | 6% | 19.9× | 4.8% | +13.3% |
| Enviro Infra Engineers EIEL.NS | India | $319M | -22% | +15% | 20% | 10.7× | n/a | n/a |
| China Resources and Environment 600217.SS | China | $719M | -24% | -19% | -8% | n/a | -13.6% | -2.2% |
| Shenzhen Lions King Hi-Tech 301305.SZ | China | $758M | -22% | +19% | 18% | 13.4× | n/a | n/a |