Beijing ZEHO Waterfront Ecological Environment Treatment Co Ltd

Zhenghe Ecology released its 2026 interim report. Total operating revenue was 87.13 million yuan, down 49.09% year on year. Net profit attributable to the parent company was a loss of 69.41 million yuan, a decrease of 93.55 million yuan compared with the same period last year, down 387.54% year on year, swinging from profit to loss. Net cash flow from operating activities was a negative 56.38 million yuan, down 233.24% year on year. The company's asset-liability ratio rose to 75.41%, gross margin was negative 6.48%, return on equity was negative 11.00%, and diluted earnings per share was negative 0.33 yuan.

Zhenghe Ecology disclosed a performance forecast, expecting a net loss attributable to the parent company of 50 million to 70 million yuan in the first half of 2026, compared with a profit of 24.139 million yuan in the same period last year. The net loss after deducting non-recurring items is also expected to be 50 million to 70 million yuan, compared with a profit of 24.3434 million yuan in the same period last year. The company stated that although it signed a strategic cooperation agreement with the Miyun District People's Government at the beginning of the year and completed the relocation of its registered address, and has won bids for several small engineering projects, large-scale projects have not yet been implemented due to the long construction cycle and complex pre-approval procedures in the water conservancy industry, affecting current revenue. In addition, the intelligent technology subsidiary focused on the research and development of new products in the first half of the year, completing the development of water inspection robots and large models for the water conservancy industry, but the related businesses are still in the market expansion stage, and orders have not yet been implemented in batches, which also impacted the current period's profit.