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Jiangxi-based waste-to-energy and environmental-utility operator.
Jiangxi-based waste-to-energy and environmental-utility operator.
Moat: narrow (regulatory licence). Long-term municipal waste-treatment concessions provide locked-in local operating rights.
Headquarters: Nanchang, Jiangxi, China · Employees: 6,660
Size Jiangxi Hongcheng Environment (600461.SS) is a China Utilities company (Water Utilities) with a market value of $1.69B, the 1472nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.56 on 6 Nov 2026.
Performance Over six months the shares fell 16.7%, against -8.5% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 11.4% over the last twelve months (peer median +4.4%); the operating margin is 23.7% (peer median 20.7%).
Valuation It trades at 9.1× forward earnings against a peer median of 18.0× (3rd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.06B | CN¥7.47B | CN¥8.21B | CN¥8.04B | CN¥7.77B |
| Revenue growth | — | -9% | +2% | +3% | — |
| Gross profit | CN¥3.26B | CN¥2.47B | CN¥2.53B | CN¥2.40B | CN¥2.25B |
| EBITDA | n/a | CN¥2.73B | CN¥2.84B | CN¥2.70B | CN¥2.53B |
| Net income | CN¥1.15B | CN¥1.19B | CN¥1.19B | CN¥1.08B | CN¥962M |
| Free cash flow | CN¥952M | CN¥866M | CN¥84.6M | -CN¥139M | CN¥580M |
| Capital expenditure | CN¥923M | CN¥1.04B | CN¥1.89B | CN¥1.87B | CN¥1.62B |
| Total debt | CN¥7.76B | CN¥7.89B | CN¥8.34B | CN¥8.16B | CN¥7.34B |
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 |
|---|---|---|---|---|---|---|
| Jiangxi Hongcheng Environment 600461.SS | $1.69B | -17% | -11% | 24% | 9.1× | -10.2% |
| China Everbright Environment 0257.HK | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% |
| Dynagreen Environmental Protection 1330.HK | $1.59B | +8% | +17% | 31% | 10.3× | -2.7% |
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 | 600461.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.7% | -2.4% | 10th lowest of 21 |
| 6-month return | -16.7% | -8.5% | 9th lowest of 21 |
| Distance from 52-week high | -19.1% | -22.6% | 9th highest of 21 |
| Revenue growth (TTM) | -11.4% | +4.4% | 2nd lowest of 21 |
| Operating margin | 23.7% | 20.7% | 8th highest of 21 |
| Forward P/E | 9.1× | 18.0× | 3rd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -10.2% | -0.1% | least demanding of 11 |
| Growth delivered (Del g) | +2.6% | +7.9% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | -12.8 pp | -7.8 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +4.8 pp | -0.1 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangxi Hongcheng Environment 600461.SS | China | $1.69B | -17% | -11% | 24% | 9.1× | -10.2% | +2.6% |
| Indium Target Advanced Materials (Harbin) 000711.SZ | China | $1.54B | -27% | +46% | -4% | n/a | n/a | n/a |
| Zhongshan Public Utilities 000685.SZ | China | $2.36B | -8% | -11% | 11% | 6.2× | 9.9% | +16.2% |
| 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% |
| Chongqing Water 601158.SS | China | $3.01B | -6% | +1% | 14% | 22.6× | -5.0% | +3.5% |
| H2O America HTO | United States | $3.04B | +9% | +4% | 21% | 22.5× | n/a | n/a |
| Beijing Capital Eco-Environment Protection 600008.SS | China | $3.09B | -8% | -8% | 21% | 10.8× | 0.3% | -0.4% |
| Pennon PNN.L | United Kingdom | $3.18B | -35% | +23% | 25% | 13.3× | n/a | n/a |
| California Water Service CWT | United States | $3.21B | +17% | +7% | 21% | 19.0× | n/a | n/a |
| Chengdu Xingrong Environment 000598.SZ | China | $3.27B | +7% | +1% | 29% | 10.3× | -8.2% | +10.8% |
| China Water Affairs 0855.HK | Hong Kong | $823M | -22% | -11% | 25% | 5.8× | -0.6% | 0.0% |
| American States Water AWR | United States | $3.57B | +17% | +13% | 32% | 23.9× | 9.3% | +6.2% |
| Jiangsu Jiangnan Water 601199.SS | China | $763M | +2% | -4% | 12% | n/a | -1.5% | +8.9% |
| Wuhan Xianglong Power Industry 600769.SS | China | $687M | -24% | +4% | 20% | n/a | n/a | n/a |
| Qianjiang Water Resources Development 600283.SS | China | $627M | -19% | +7% | 11% | 16.9× | n/a | n/a |
| Guangxi Nanning Waterworks 601368.SS | China | $601M | -9% | 0% | 22% | n/a | n/a | n/a |
| Haitian Water 603759.SS | China | $535M | -17% | +112% | 5% | n/a | n/a | n/a |
| York Water YORW | United States | $529M | +10% | +9% | 37% | 20.1× | n/a | n/a |
| Jiangsu United Water Technology 603291.SS | China | $476M | -35% | -13% | 11% | 16.0× | -0.5% | +6.9% |
| Consolidated Water CWCO | United States | $436M | -17% | -1% | 12% | 19.4× | 4.5% | +12.7% |