Tianjin Capital Environmental Protection Group Company Limited (TIANJIN CAPITAL) released its unaudited interim results for the six months ended 30 June 2026.
Revenue and Earnings • Operating revenue rose 3.28 % year on year to RMB 2.25 billion, driven mainly by higher wastewater treatment volumes and EPC construction income. • Net profit attributable to shareholders increased 3.28 % to RMB 488.43 million; total profit advanced 6.22 % to RMB 621.99 million. • Basic and diluted EPS came in at RMB 0.31 (H1 2025: RMB 0.30). • Net profit margin held at 21.7 %; net profit after extraordinary items grew 13.83 % to RMB 451.20 million.
Cash Flow and Liquidity • Net cash generated from operating activities surged 76.90 % to RMB 916.08 million, reflecting stronger collections from the Tianjin Water Authority. • Free cash was partly offset by RMB 450.20 million of capital expenditure, mainly for sewage, recycled-water and energy-storage projects. • Net cash used in financing reached RMB 902.71 million as the company prioritised debt repayment, interest outlays and dividend distributions to minority shareholders.
Balance Sheet Highlights • Total assets stood at RMB 25.57 billion; net assets attributable to shareholders totalled RMB 10.42 billion, up 1.56 % from year-end 2025. • Total borrowings amounted to RMB 9.75 billion, giving a gearing ratio of 54.68 % (-2.53 ppts versus 31 Dec 2025). • Cash and cash equivalents were RMB 4.21 billion; restricted cash was RMB 94.16 million. • No interim dividend was proposed for the period.
Operational Metrics • Water-treatment volume reached 879 million cubic metres, with an 81.2 % load factor across facilities. • Equity-attributable daily treatment capacity rose to 5.31 million m³ for sewage, 0.53 million m³ for recycled water and 0.32 million m³ for water supply. • Service coverage for renewable energy-based heating and cooling expanded to 6.96 million m²; photovoltaic installed capacity totalled 35 MWp, while energy-storage installations hit 21.66 MWh. • Hazardous-waste disposal capacity reached 181,300 tpa, complemented by a 75,000-tpa waste PAC utilisation facility.
Capital Expenditure and Projects • Key investments included RMB 115.73 million in concession assets, mainly for BOT expansions in Wuhu, Baoying and Karamay. • Construction-in-progress closed at RMB 260.00 million, centred on Tianjin’s recycled-water pipeline network and energy-storage installations.
Financing and Debt Profile • Short-term borrowings were RMB 154.51 million; long-term borrowings totalled RMB 7.96 billion, predominantly floating-rate loans. • Outstanding medium-term notes and green corporate bonds remained at RMB 1.50 billion. • Average borrowing costs trended lower, cutting finance expenses 19.18 % to RMB 118.30 million.
Strategic and Operational Developments • The company emphasised digital upgrades, green technology R&D and integration of water, energy and waste services. • Market expansion continued with new projects in Deqing, Karamay, Wuhu and Tianjin, alongside concession-capacity upgrades and energy projects. • Technological innovation yielded eight new patents and two software copyrights; the firm secured multiple industry awards during the period.
Risk Management • Key risks highlighted include government credit exposure for service-fee receivables, policy shifts and operational compliance. • Accounts-receivable provisions rose to RMB 486.67 million, with targeted collection and restructuring measures in place.
Outlook and Decisions • No interim profit distribution was proposed by the board. • Management will maintain disciplined capital allocation, cost control and proactive debt management to support continued urban environmental services growth.