Beijing SPC Environment Protection Tech Co., Ltd. Class A

Beijing SPC Environment Protection Tech Co., Ltd. Class A

SSZSE:002573
2.94
CNY
+0.02
(+0.68%)
4.16BMarket Cap
Oct 26Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.72
1.18
2.1
3.19
3.81
3.78
3.12
4.35
5.2
5.72
6.03
6.21
6.44
- -
Basic EPS, GAAP
0.17
0.25
0.47
0.7
0.61
0.49
0.35
0.32
0.43
0.32
0.09
-0.27
-0.3
- -
Free Cash Flow per Basic Share
-0.63
-0.66
-0.46
-1.98
-0.69
0.71
1.06
-0.65
-0.19
0.01
-0.03
0.66
0.76
- -
Dividend per Share
0.09
0.14
0.18
0.21
0.21
0.26
0.23
0.37
0.49
0.4
0.4
0.4
0.27
0.17
Book Value per Share
2.09
2.27
2.71
3.38
3.92
4.3
4.28
5.87
4.34
4.47
4.46
4.18
3.87
3.9
Tangible Book Value per Share
1.96
2.12
2.57
3.15
3.48
3.82
3.78
1.72
0.77
0.76
0.64
-0.47
-0.56
-0.42
Basic Weighted Avg Shares
1,059
1,082
1,079
1,066
1,073
1,081
1,081
1,081
1,323
1,404
1,428
1,407
1,415
1,417
Sales/Revenue/Turnover
765
1,277
2,268
3,394
4,094
4,088
3,375
4,701
6,880
8,032
8,614
8,734
9,112
- -
Operating Margin (%)
26.28
25.3
28.69
29.07
24.41
22.97
15.77
9.91
14.99
15.12
10
6.96
6.85
- -
Depreciation Expense
93
126
185
273
397
429
330
467
753
815
847
1,019
1,143
- -
Net Income, GAAP
180
271
507
744
652
525
380
341
568
448
127
-375
-421
- -
Effective Tax Rate (%)
10.01
8.27
11.77
15.53
14.2
9.29
8.34
- -
12.01
12.64
9.46
- -
- -
- -
Profit Margin (%)
23.53
21.19
22.37
21.93
15.92
12.84
11.26
7.25
8.26
5.57
1.48
-4.29
-4.62
- -
Working Capital
579
14
174
819
1,004
775
382
34
1,637
1,365
930
-1,351
-1,425
-581
LT Debt
369
667
427
1,314
1,320
614
563
3,186
5,660
6,440
6,585
5,411
5,190
5,662
Total Equity
2,366
2,604
3,028
4,007
4,644
4,817
4,832
6,668
6,896
7,624
7,834
7,505
6,878
6,842
Return on Invested Capital (%)
6.02
7.79
11.78
11.01
7.72
6.9
5.04
- -
4.56
3.3
1.16
- -
- -
- -
Return on Capital (%)
6.4
7.77
12.56
13.07
10.24
8.77
7.05
- -
5.96
4.41
2.14
- -
- -
- -
Return on Common Equity (%)
8.3
11.63
19.1
22.83
16.58
11.81
8.18
6.21
9.14
7.16
1.99
-6.06
-7.37
- -

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
6,049
5,864
5,312
LT Borrowings
5,082
5,362
5,560
LT Finance Leases
108
108
102
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,415
1,415
1,415
Market Capitalization
5,293
5,350
4,161

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
9,571
9,525
9,483
Cash, Cash Equivalents & STI
1,348
1,258
1,061
Accounts Receivable, Net
3,585
3,827
3,520
Inventories
1,436
1,499
1,658
Total Current Liabilities
10,996
10,562
10,064
Payables & Accruals
- -
- -
- -
ST Debt
6,049
5,864
5,312
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.45%
0.84%
-8.36%
Free Cash Flow
-308.76%
-607.18%
16.8%
Net Income, GAAP
-43.09%
-81.56%
12.34%
Sales/Revenue/Turnover
16.8%
15.21%
4.33%
Total Cash Common Dividend
10.61%
2.91%
-31.76%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,146
1,775
1,964
2,831
8,734
2025
1,905
2,186
- -
3,027
9,112
2026
1,680
2,027
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.08
-0.03
-0.01
-0.31
-0.27
2025
0.01
- -
- -
-0.31
-0.3
2026
0.02
0.02
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.03
0.11
0.15
0.1
0.4
2025
0.06
0.07
- -
0.09
0.27
2026
0.03
0.05
- -
- -
- -

Company Description

CEO
Qi Lin Li
Full Time Employees
6,305
Sector
Industrial services
Industry
Engineering & construction
Address
People's Political Consultative Conference Daily Building Beijing BE China 100036
IPO Date
Apr 8, 2011
Business
Beijing SPC Environment Protection Tech Co., Ltd. is a China-based environmental protection technology company principally engaged in the design, manufacturing, investment, construction, and operation of advanced environmental equipment and systems. Founded in 2001 and headquartered in Beijing, the company specializes in industrial flue gas desulfurization, denitrification, and dust removal technologies for coal-fired power plants and other heavy industries. Its core products and services include wet and dry flue gas desulfurization equipment, SPC single tower desulfurization and dedusting depth purification systems, dry flue gas purification, lignite-to-coke technology, flue gas denitrification, SPC flue gas dehydration, zero wastewater discharge technologies, industrial water treatment, energy conservation, sewage treatment, and solid waste disposal. The firm provides comprehensive technology research and development, engineering design, procurement, installation, system testing, technical consulting, construction, and operational services primarily within the Chinese domestic market, with a subsidiary in Poland supporting overseas power plant projects. In the last two years, Beijing SPC Environment Protection Tech has undertaken significant strategic initiatives including public issuance of technology innovation company bonds in 2025 to support research and expansion efforts. The company has actively divested non-core assets such as transferring 60% equity in Sichuan Tianshengyuan Environmental Protection Co., Ltd., and is focusing on strengthening its core business segments related to environmental technologies for industrial emissions control and resource utilization. The company's major strategic shifts involve expanding its science and technology innovation capabilities through capital raised via bond offerings and optimizing its asset portfolio to focus on environmental protection engineering and technology services. Beijing SPC Environment Protection Tech operates within the industrial pollution control and energy conservation industries, targeting power generation, steel, and cement sectors requiring stringent environmental compliance across China and select international markets through its Poland-based subsidiary and partnerships. The company employs over 5,400 full-time employees and is listed on the Shenzhen Stock Exchange under ticker 002573.SZ. Beijing SPC Environment Protection Tech plays a critical role in China's environmental governance by enabling major industrial clients to meet regulatory air quality standards and advance green energy transitions through technological innovation and comprehensive environmental system solutions. Its product portfolio and business operations align closely with China's broader environmental protection policies and sustainable development goals. The firm’s capabilities in system design, installation, operation, and technical consulting position it as a leading provider of environmental protection technologies and services in China’s industrial sector.