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Shanghai state-owned waste treatment and incineration operator serving the city's municipal waste-management needs.
Shanghai state-owned waste treatment and incineration operator serving the city's municipal waste-management needs.
Under long concessions, the city pays a treatment fee per tonne of waste burned, and the plants also sell the electricity they generate, so earnings depend on tonnage processed, fee rates and power sales. Shanghai city-owned investors control it.
In one line: A municipal waste utility like a smaller Covanta serving one metro area.
Moat: narrow (regulatory licence, installed base). Long-standing municipal concession for Shanghai's waste treatment infrastructure.
Headquarters: Shanghai, China · Employees: 2,917
Size Shanghai Environment (601200.SS) is a China Industrials company (Environmental Services) with a market value of $1.40B, the 1741st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.91 on 6 Nov 2026.
Performance Over six months the shares fell 15.6%, against -14.9% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 10.4% over the last twelve months (peer median +2.8%); the operating margin is 18.5% (peer median 14.8%).
Valuation It trades at 14.7× forward earnings against a peer median of 14.0× (7th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.3 points below its cost of capital (5.0% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.87B | CN¥6.25B | CN¥6.28B | CN¥6.31B | CN¥6.27B |
| Revenue growth | — | -1% | 0% | +1% | — |
| Gross profit | CN¥2.10B | CN¥1.63B | CN¥1.58B | CN¥1.59B | CN¥1.61B |
| EBITDA | n/a | CN¥1.62B | CN¥1.61B | CN¥1.67B | CN¥1.67B |
| Net income | CN¥552M | CN¥603M | CN¥569M | CN¥547M | CN¥520M |
| Free cash flow | CN¥1.42B | CN¥1.10B | CN¥883M | CN¥327M | CN¥850M |
| Capital expenditure | CN¥559M | CN¥552M | CN¥688M | CN¥893M | CN¥1.01B |
| Total debt | CN¥10.0B | CN¥10.4B | CN¥10.1B | CN¥10.3B | CN¥10.2B |
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 |
|---|---|---|---|---|---|---|
| Shanghai Environment 601200.SS | $1.40B | -16% | -10% | 18% | 14.7× | -2.6% |
| Grandblue Environment 600323.SS | $3.78B | -3% | +24% | 24% | 11.0× | -4.7% |
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 | 601200.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | -3.1% | 10th highest of 21 |
| 6-month return | -15.6% | -14.9% | 9th lowest of 21 |
| Distance from 52-week high | -24.6% | -30.2% | 7th highest of 21 |
| Revenue growth (TTM) | -10.4% | +2.8% | 4th lowest of 21 |
| Operating margin | 18.5% | 14.8% | 7th highest of 19 |
| Forward P/E | 14.7× | 14.0× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -2.6% | -1.3% | 7th least demanding of 13 |
| Growth delivered (Del g) | +6.8% | +10.9% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | -9.3 pp | -11.3 pp | 6th most demanding of 13 |
| ROIC minus cost of capital | -0.3 pp | -0.6 pp | 9th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| Wangneng Environment 002034.SZ | China | $1.12B | -15% | 0% | 30% | 9.6× | -13.6% | +14.1% |
| 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% |
| Beijing GeoEnviron Engineering & Technology 603588.SS | China | $2.55B | -23% | +50% | 12% | 10.5× | 2.7% | +16.6% |
| Shenzhen Lions King Hi-Tech 301305.SZ | China | $758M | -22% | +19% | 18% | 13.4× | n/a | n/a |
| Daiei Kankyo 9336.T | Japan | $2.57B | +8% | +14% | 26% | 24.2× | 4.2% | +7.4% |
| China Resources and Environment 600217.SS | China | $719M | -24% | -19% | -8% | n/a | -13.6% | -2.2% |
| 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% |
| Zhejiang Feida Environmental Science & Technology 600526.SS | China | $596M | -18% | +3% | 7% | n/a | -5.3% | +9.5% |