Qingyan Environment's 2026 Interim Report: Revenue Doubles, but Profit Fails to Follow

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Qingyan Environment released its 2026 interim report on August 27, showing revenue doubled during the reporting period, while net profit attributable to the parent company saw a widening loss, presenting a typical case of rising revenue without rising profit. Financial data shows the company achieved operating revenue of 76.281 million yuan, up 199.79 percent year on year. Net profit attributable to the parent company was negative 17.5476 million yuan, with the loss widening from negative 2.8828 million yuan in the same period last year. Net profit after deducting non-recurring items was negative 18.7167 million yuan. Net cash flow from operating activities was negative 7.9951 million yuan. Although still a net outflow, it improved by 51.15 percent compared with the same period last year. In terms of business structure, solid and hazardous waste disposal and resource-based products achieved operating revenue of 38.7462 million yuan, up 510.88 percent year on year. Water treatment process package sales revenue was 29.524 million yuan, surging 650.45 percent year on year, with gross margin rising to 26.09 percent. The change in performance was mainly affected by three factors. The completion and transfer to fixed assets of the Guangdong Qingyan high-end environmental protection equipment research and manufacturing base project led to increased depreciation. The controlling subsidiary Tonghai Nickel was affected by maintenance and equipment upgrades, slowing output. Research and development investment and share-based payment expenses increased, and administrative expenses surged 128.02 percent year on year to 20.66 million yuan. In addition, the company acquired a 51 percent stake in Sichuan Zhengmai Shidai Environmental Technology Company, extending into the field of oil and gas field oil sludge treatment. This subsidiary contributed revenue of 7.1898 million yuan during the reporting period but generated a net loss.

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Qingyan acquired a 51% stake in Sichuan Zhengmai Shidai to extend into oil-related environmental field, but no financial detail or impact is given.

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