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Chinese waste-to-energy operator that builds and runs municipal garbage-incineration power plants.
Chinese waste-to-energy operator that builds and runs municipal garbage-incineration power plants.
Wins long-term concessions to build, run and hand back waste-to-energy plants (BOT, build-operate-transfer), then earns a fee per tonne of garbage burned from the city plus income from selling the electricity generated. Revenue arrives for many years once a plant runs, while municipal payment timing and subsidy changes are risks.
In one line: A smaller Covanta of China's waste-to-energy sector.
Moat: narrow (regulatory licence, installed base). Long-term municipal concession contracts create high switching costs and stable local monopolies.
Headquarters: Hangzhou, China · Employees: 4,256
Size Zhejiang Weiming Environment Protection (603568.SS) is a China Industrials company (Engineering & Construction) with a market value of $4.01B, the 639th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.05 on 6 Nov 2026.
Performance Over six months the shares fell 27.1%, against -12.5% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 25.1% over the last twelve months (peer median +10.9%); the operating margin is 35.9% (peer median 8.3%).
Valuation It trades at 11.0× forward earnings against a peer median of 19.4× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points below its cost of capital (7.1% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.25B | CN¥6.21B | CN¥7.15B | CN¥5.97B | CN¥4.43B |
| Revenue growth | — | -13% | +20% | +35% | — |
| Gross profit | CN¥2.95B | CN¥3.10B | CN¥3.65B | CN¥2.77B | CN¥2.04B |
| EBITDA | n/a | CN¥3.44B | CN¥3.88B | CN¥3.06B | CN¥2.45B |
| Net income | CN¥1.48B | CN¥2.21B | CN¥2.70B | CN¥2.05B | CN¥1.66B |
| Free cash flow | CN¥947M | CN¥1.14B | -CN¥616M | CN¥58.3M | -CN¥47.3M |
| Capital expenditure | CN¥1.57B | CN¥2.09B | CN¥3.05B | CN¥2.27B | CN¥2.25B |
| Total debt | CN¥8.66B | CN¥7.81B | CN¥7.33B | CN¥7.13B | CN¥6.03B |
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 |
|---|---|---|---|---|---|---|
| Zhejiang Weiming Environment Protection 603568.SS | $4.01B | -27% | -25% | 36% | 11.0× | 6.4% |
| 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% |
| Shanghai Environment 601200.SS | $1.40B | -16% | -10% | 18% | 14.7× | -2.6% |
| Dynagreen Environmental Protection 1330.HK | $1.59B | +8% | +17% | 31% | 10.3× | -2.7% |
| China Conch Venture 0586.HK | $1.79B | -36% | +21% | 18% | 5.5× | n/a |
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 | 603568.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.3% | -5.9% | 9th highest of 21 |
| 6-month return | -27.1% | -12.5% | 7th lowest of 21 |
| Distance from 52-week high | -46.7% | -39.4% | 8th lowest of 21 |
| Revenue growth (TTM) | -25.1% | +10.9% | lowest of 21 |
| Operating margin | 35.9% | 8.3% | 2nd highest of 21 |
| Forward P/E | 11.0× | 19.4× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.4% | 4.9% | 7th most demanding of 16 |
| Growth delivered (Del g) | +15.0% | +10.7% | 6th highest of 16 |
| Hurdle (Req g minus delivered) | -8.5 pp | -3.0 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | -0.2 pp | +2.8 pp | 6th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Weiming Environment Protection 603568.SS | China | $4.01B | -27% | -25% | 36% | 11.0× | 6.4% | +15.0% |
| Guangdong Provincial Expressway Development 000429.SZ | China | $4.01B | +9% | +1% | 58% | 18.2× | n/a | n/a |
| Exponent EXPO | United States | $3.99B | +37% | +15% | 21% | 32.6× | 10.8% | +7.8% |
| Wuxi Taiji Industry 600667.SS | China | $3.98B | +32% | -14% | 3% | 21.9× | 13.0% | +11.5% |
| MYR MYRG | United States | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% | +10.2% |
| Everus Construction ECG | United States | $3.91B | -53% | +33% | 8% | 12.2× | 13.9% | +11.5% |
| China Everbright Environment 0257.HK | Hong Kong | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% | -8.5% |
| Argan AGX | United States | $3.89B | -59% | +29% | 15% | 20.5× | 0.3% | +19.2% |
| Guangdong Hongda 002683.SZ | China | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% | +26.1% |
| Koninklijke BAM Groep BAMNB.AS | Netherlands | $3.85B | +37% | +7% | 3% | 11.5× | -5.2% | +0.8% |
| L&K Engineering 6139.TW | Taiwan | $3.81B | -23% | +78% | 17% | 6.5× | -9.1% | +41.0% |
| China Nuclear Engineering and Construction 601611.SS | China | $4.22B | -29% | -14% | 4% | 26.9× | n/a | n/a |
| Offshore Oil Engineering 600583.SS | China | $4.22B | -6% | +7% | 8% | 12.1× | n/a | n/a |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |
| China Southern Power Grid Technology 688248.SS | China | $3.71B | -20% | +28% | 12% | 47.6× | 25.8% | +27.0% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| Sacyr SCYR.MC | Spain | $3.58B | -14% | +6% | 24% | 20.5× | -5.4% | +0.5% |
| Comsys 1721.T | Japan | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% | +2.3% |