Conch Venture reported interim revenue of RMB 3.79 billion for the six months ended 30 June 2026, a 22.89% increase year on year, driven chiefly by a trebling of new-energy material sales.

Net profit attributable to equity shareholders slid 35.38% to RMB 0.83 billion, mainly reflecting a 39.31% drop in profit contributions from associate Anhui Conch Holdings and lower margins in the new-energy segment. Basic earnings per share declined to RMB 0.49 from RMB 0.76.

Segment performance • Waste-to-energy solutions contributed RMB 2.46 billion, up 3.10%, with the gross margin edging up 0.52 percentage points to 44.22%. • Energy-saving equipment revenue fell 17.62% to RMB 0.21 billion; gross margin contracted to 28.52%. • New-energy business (lithium iron phosphate cathodes, anode materials and battery recycling) surged 232.22% to RMB 1.03 billion, but a jump in lithium carbonate costs pushed the segment gross margin into negative territory at –6.31%. • Port logistics turnover declined 37.58% to RMB 56.36 million on weaker throughput and pricing; gross margin slid to 41.11%.

Overall gross profit fell 6.91% to RMB 1.10 billion and the consolidated gross margin narrowed to 29.07% from 38.38%. Administrative expenses rose 24.31% to RMB 0.44 billion, reflecting higher R&D spending and a RMB 20.00 million impairment on certain waste-incineration operating rights. Finance costs were stable at RMB 0.33 billion.

Cash flow and balance sheet Operating cash inflow increased 14.03% to RMB 1.04 billion. Net cash used in investing reached RMB 0.68 billion, reflecting project capex and the absence of dividends from associates. Net debt outflow totalled RMB 0.25 billion. Cash and cash equivalents stood at RMB 2.18 billion. Total assets were RMB 85.24 billion and the gearing ratio was 39.93%.

Capital management The company issued three tranches of five-year green medium-term notes in early 2026, raising RMB 2.78 billion at coupon rates of 1.90% and 1.75%, partly to refinance RMB 2.70 billion of maturing 2023 notes.

Dividend The board declared an interim dividend of HK$0.15 per share, up from HK$0.10 a year earlier, payable on 9 November 2026 to shareholders on record as of 23 October 2026.

Operations update At period-end Conch Venture held 128 environmental projects in China and overseas, including 101 grate-furnace waste-to-energy plants with annual capacity of 17.46 million tonnes. Waste processed rose 0.6% to 8.30 million tonnes and on-grid power increased 2.0% to 2.75 billion kWh.

Outlook Management will prioritise efficiency gains in core waste-to-energy assets, expand new-energy materials capacity and scale lithium-battery recycling, while continuing to lower funding costs and maintain a disciplined capital structure.