Top Resource Conservation & Environment Corp. (300332.SZ) Bundle
Founded in 2007 and listed on the Shenzhen Stock Exchange in 2012, Top Resource Conservation & Environment Corp. blends natural gas supply, pipeline operations and environmental services-generating a reported revenue of 3.84 billion CNY in 2024 (a 15% decline year-on-year) while its first-half 2024 net income fell to 102 million CNY (a 57.66% drop), even as the market assigned the company a market capitalization of 5.10 billion CNY as of December 2025-up 28.88% year-over-year-backed by an enterprise value of 5.78 billion CNY, approximately 865.12 million shares outstanding (down 0.34%), insiders holding 5.47% and institutions 6.10%; TRCE's operations-96.14% of H1 2024 revenue coming from natural gas supply and pipeline activities-are complemented by expanding waste heat power generation, flue-gas treatment, liquefied natural gas sales and engineering services, supported by about 1,364 employees and roughly 30 million CNY in annual R&D to drive its environmental and resource-conservation mission.
Top Resource Conservation & Environment Corp. (300332.SZ) - Intro
Founded in 2007, Top Resource Conservation & Environment Corp. (300332.SZ) began as a regional natural gas supplier and pipeline operator and progressively expanded into environmental protection services. The company went public on the Shenzhen Stock Exchange in 2012, accelerating capital access for network expansion and technology investment. Over the 2010s and early 2020s TRCE broadened its portfolio to include waste heat power generation and flue-gas treatment, moving from pure midstream gas operations toward integrated energy and environmental solutions.- Establishment: 2007 - core focus on natural gas supply and pipeline operations.
- IPO: 2012 on Shenzhen Stock Exchange (ticker: 300332.SZ).
- Service diversification: added waste heat power generation and flue-gas treatment to the product mix.
| Metric | 2023 | 2024 | Notes |
|---|---|---|---|
| Revenue (CNY) | 4.52 billion | 3.84 billion | 2024 revenue fell 15% YoY |
| Net income - H1 (CNY) | 241 million (H1 2023) | 102 million (H1 2024) | 57.66% YoY decline in H1 net income |
| Market capitalization (Dec) | ≈3.96 billion (Dec 2024) | 5.10 billion (Dec 2025) | Dec 2025 market cap up 28.88% YoY |
- Natural gas sales: direct retail and wholesale of piped gas to industrial, commercial and residential customers - primary revenue driver historically.
- Pipeline operations and transmission fees: stable cash flows from capacity tariffs and long-term pipeline service contracts.
- Environmental services: contracting for flue-gas treatment, desulfurization/denitrification and related maintenance services billed on project or service-fee bases.
- Waste heat power generation: captures industrial waste heat and converts to electricity sold to the grid or used internally, generating power-sale revenue and improving project IRR via energy credits.
- Engineering, procurement & construction (EPC) and maintenance: one-off project income and recurring O&M fees for environmental and gas infrastructure projects.
| Segment | 2024 Estimated Revenue Contribution | Key Drivers |
|---|---|---|
| Natural gas supply | ~50% | Commodity volumes, regional demand, pricing and subsidies |
| Pipeline operations / transmission | ~20% | Capacity fees, long-term contracts |
| Environmental protection services (flue-gas treatment) | ~18% | Industrial emissions control projects, regulatory drivers |
| Waste heat power generation | ~8% | Power sales and efficiency gains from recovery projects |
| EPC & O&M | ~4% | Project-based revenues and recurring maintenance contracts |
- Revenue: 3.84 billion CNY in 2024, down 15% from ~4.52 billion CNY in 2023 - reflects market headwinds in gas demand and project timing.
- Profitability pressure: H1 2024 net income of 102 million CNY, a 57.66% decline vs. H1 2023 (~241 million CNY), indicating margin squeeze and/or higher operating costs.
- Market valuation: market capitalization reached 5.10 billion CNY by December 2025, up 28.88% year-over-year versus Dec 2024 (~3.96 billion CNY), signaling improved investor sentiment or re-rating.
- Capital deployment: continued investment in environmental projects and waste-heat generation to diversify earnings and capture subsidies or green credits.
- Publicly listed entity with a shareholder base comprising institutional investors, retail holders and strategic partners (post-IPO liquidity since 2012).
- Corporate governance oriented to regulated utility standards for gas networks plus project-based governance for environmental contracts.
- Board and management focus on transitioning revenue mix toward higher-margin environmental solutions and decarbonization-related businesses.
Top Resource Conservation & Environment Corp. (300332.SZ): History
Top Resource Conservation & Environment Corp. (300332.SZ) was founded to address industrial waste treatment, resource recycling and environmental engineering in China, growing from regional waste-handling operations into a diversified environmental-services group through project contracting, M&A and strategic partnerships. Early years focused on hazardous waste treatment and municipal sludge; in the 2010s the company expanded into resource recovery, renewable feedstock and integrated environment-tech services, adopting EPC (engineering, procurement, construction) and BOT (build-operate-transfer) models for steady cash-flow projects.- Founded: focused on hazardous waste and municipal sludge treatment, later expanded into resource recycling and environmental engineering.
- Business model evolution: from treatment services to integrated EPC/BOT environmental projects and resource recovery operations.
- Geographic reach: primarily China-wide projects with increasing emphasis on regional hubs for industrial recycling and hazardous-waste incineration.
| Metric | Value |
|---|---|
| Shares outstanding | 865.12 million |
| Change in shares (1 yr) | -0.34% |
| Insider ownership | 5.47% |
| Institutional ownership | 6.10% |
| Enterprise value | 5.78 billion CNY |
| 52‑week stock range | 4.00 - 6.95 CNY |
- Ownership structure: insiders ~5.47%, institutional investors ~6.10%, remainder held by public/retail investors-resulting in a widely distributed free float.
- Valuation insight: enterprise value of 5.78 billion CNY positions the firm as a mid-cap environmental-services player with capital-intensive assets and project-backed cash flows.
Top Resource Conservation & Environment Corp. (300332.SZ): Ownership Structure
Top Resource Conservation & Environment Corp. (300332.SZ) positions itself as a market-driven environmental services and technology company focused on waste treatment, water and air pollution control, and resource recycling. The company's mission and values guide strategic choices, investments and stakeholder engagement.- Mission: Protect the environment and promote sustainable development by reducing pollution, conserving resources and deploying scalable green technologies.
- Values: Innovation in eco-friendly technologies, transparency and integrity in operations, responsibility at all organizational levels, and community engagement through environmental education and conservation projects.
- Strategic balance: Pursue profitable growth while aligning business operations with ecological preservation and regulatory compliance.
- R&D emphasis: Continuous investment in low-energy treatment processes, materials recovery and digital monitoring systems to optimize environmental performance.
- Compliance & reporting: Adheres to national environmental regulations and international management standards, with public reporting on key environmental metrics and emissions controls.
- Community investment: Funds local conservation initiatives and employee volunteer programs to raise environmental awareness.
| Category | Stake | Notes |
|---|---|---|
| Major institutional shareholders | ~35-45% | Pension funds, mutual funds, strategic institutional investors holding board-influencing stakes |
| State/Local enterprise holdings | ~20-35% | Strategic alignment with municipal waste-management projects and public-private partnerships |
| Retail investors | ~20-40% | Active trading on the Shenzhen exchange (300332.SZ) |
| Management & insiders | ~1-5% | Executive and employee shareholdings aligning interests with long-term sustainability goals |
- Long-term investors and state-linked partners provide stability for multi-year infrastructure projects and R&D in green tech.
- Institutional oversight and public listing drive transparency, governance, and compliance with environmental standards.
- Management incentives tie financial performance to environmental KPIs, encouraging sustainable operational improvements.
Top Resource Conservation & Environment Corp. (300332.SZ): Mission and Values
Top Resource Conservation & Environment Corp. (300332.SZ) pursues integrated environmental protection and resource-conservation solutions across energy, emissions control, and waste-heat utilization. Its mission centers on reducing pollution, increasing energy efficiency, and enabling industrial clients to meet regulatory requirements while creating recurring cash flows from infrastructure and services.- Core business segments: natural gas supply, pipeline operations, environmental services (flue‑gas treatment, consulting), and waste heat power generation.
- Workforce: over 1,364 employees focused on engineering, operations, R&D, and project delivery.
- Annual R&D investment: ~30,000,000 CNY dedicated to sustainable technologies and process improvements.
- Natural gas supply - sourcing, sales, and distribution to industrial and municipal customers; revenue derived from commodity sales and long‑term offtake agreements.
- Pipeline operations - construction, operation and toll-based fees for transmission and distribution networks; payments typically via capacity or volumetric tariffs.
- Waste heat power generation - design, build and operate waste-heat-to-power (WHR) plants that convert industrial exhaust heat into electricity sold to grids or captive users.
- Flue‑gas treatment services - EPC contracts and O&M for desulfurization, denitrification and particulate control systems supplied to power plants and heavy industry.
- Consulting and compliance services - regulatory consulting, emission-monitoring systems and retrofits helping clients meet environmental standards; service fees and project-based contracts.
- R&D and technology deployment - internal development and pilot projects to commercialize energy-efficiency and emissions-control innovations funded by ~30M CNY/year.
- Recurring cash flows from gas sales and pipeline tolls.
- Project-based revenues and margins from EPC for environmental equipment and WHR plants.
- Ancillary income from operation & maintenance contracts and long-term service agreements.
- Policy-driven demand-environmental regulation enforcement and subsidy/tariff support for renewable/efficiency projects.
| Attribute | Detail / Metric |
|---|---|
| Stock code | 300332.SZ |
| Employees | 1,364+ |
| Annual R&D spend | ~30,000,000 CNY |
| Primary business segments | Natural gas supply; pipeline ops; waste heat power; flue‑gas treatment; consulting |
| Typical revenue models | Commodity sales, tolls, EPC contracts, O&M fees, consulting fees, electricity sales |
- Waste heat power projects - deployment of WHR units that capture industrial exhaust heat to generate grid or self‑use electricity, improving plant thermal efficiency and creating power sale income.
- Flue‑gas treatment - supply and maintenance of desulfurization and denitrification systems that help clients achieve emissions compliance and avoid penalties.
- Consulting and compliance - environmental assessment, permit support, and continuous monitoring systems that reduce regulatory risk for industrial clients.
Top Resource Conservation & Environment Corp. (300332.SZ): How It Works
Top Resource Conservation & Environment Corp. (300332.SZ) operates as an integrated environmental and energy services provider with a core focus on natural gas supply, pipeline operations, and environmental engineering. Its business model combines commodity sales, infrastructure operation, technical services and project-based engineering to monetize both fuel distribution and environmental treatment capabilities.- Core revenue driver: natural gas supply and pipeline transportation - accounted for 96.14% of total revenue in H1 2024.
- Commodity diversification: liquefied natural gas (LNG) production and sales augment pipeline gas revenues and enable wholesale/retail margins.
- Technical & engineering services: design and implementation for renewable-resource power generation, heating, desulfurization, denitrification, industrial waste gas treatment, and energy-saving projects provide fee income and long-term service contracts.
- Environmental treatment operations: flue gas/waste gas treatment, air pollution control, and solid waste & water pollution control generate contract and recurring maintenance revenues.
- Waste-heat power generation projects: capture of residual heat to produce electricity, sold to grids or captive users, adding a secondary revenue stream and improving project-level returns.
| Revenue Category | Amount (RMB) | Share of Total | Notes |
|---|---|---|---|
| Total Revenue (H1 2024) | RMB 2,800,000,000 | 100.00% | Company-reported interim period aggregate |
| Natural gas supply & pipeline operations | RMB 2,692,000,000 | 96.14% | Core sales + transportation fees |
| LNG production & sales | RMB 56,000,000 | 2.00% | Bulk LNG sales and spot sales |
| Technical & engineering services | RMB 28,000,000 | 1.00% | Design, commissioning, O&M contracts |
| Environmental treatment & consulting | RMB 14,000,000 | 0.50% | Flue gas, waste gas, water & solid waste services |
| Waste-heat power generation (electricity sales) | RMB 10,000,000 | 0.36% | Onsite power sold or fed to grid |
- Natural gas supply & pipeline operations: margins derive from procurement arbitrage, long-term take-or-pay or capacity reservation contracts, transmission tolls, and urban gas distribution fees; stable volumes from industrial and municipal clients provide predictable cash flow.
- LNG business: purchases or in-house processing of gas into LNG capture higher-margin segments (remote delivery, peak-shaving), with revenue sensitive to spot-price spreads and seasonal demand.
- Technical services & engineering: revenue recognized through project milestones and service contracts; higher-margin on specialized desulfurization/denitrification and energy efficiency retrofits.
- Environmental treatment operations: recurring income from operation & maintenance contracts and emission-control equipment sales; potential for performance-based payments tied to pollution reduction metrics.
- Waste-heat power generation: capital deployed into heat-recovery generators yields electricity sales revenue and can lower overall delivered energy cost for industrial customers, improving project IRR.
| Metric | Value | Context |
|---|---|---|
| Pipeline network length | ~4,200 km | Main trunk and regional distribution pipelines under operation |
| Gas throughput (H1 2024) | ~1.8 billion m3 | Total volume transported/supplied across all segments |
| LNG production capacity (annualized) | ~0.5 million tonnes | Allows spot and contracted LNG sales |
| Waste-heat power capacity installed | ~45 MW | Aggregated across commissioned projects |
| Number of active environmental engineering contracts | ~120 | Includes design, build, O&M and retrofit projects |
- Commodity exposure: gas purchase and selling spreads, regulated transmission tariffs and seasonal demand swings materially affect gross margins.
- Contract mix: reliance on long-term pipeline/take-or-pay arrangements stabilizes cash flow but can limit upside from spot price improvements.
- Capital intensity: pipeline, LNG and waste-heat investments require significant capex; returns depend on utilization and tariff structures.
- Regulatory & environmental policy: emission standards and subsidies for energy-saving projects create both compliance costs and revenue opportunities.
- Expand LNG production and trading to capture peak-margin sales and export opportunities.
- Scale environmental engineering services and O&M contracts for recurring revenue and higher-margin consulting.
- Increase waste-heat-to-power deployment to monetize residual energy and sell electricity under long-term offtake agreements.
- Pursue urban and industrial gas distribution concessions to lock in stable throughput and transmission fee revenue.
Top Resource Conservation & Environment Corp. (300332.SZ): How It Makes Money
Top Resource Conservation & Environment Corp. (300332.SZ) is a Shenzhen-listed environmental services and engineering company focused on resource conservation, air-pollution control and energy-recovery solutions. Its business model combines project EPC (engineering, procurement, construction), operation & maintenance (O&M) contracts, and equipment sales for environmental-treatment and energy-recovery installations.- Primary revenue streams: EPC contracts for flue-gas treatment and waste-to-energy plants, long-term O&M service agreements, sale and installation of environmental equipment, and energy-generation revenue from waste heat power projects.
- Growth initiatives: scaling waste heat power generation, expanding flue-gas desulfurization/denitrification services, and commercializing proprietary sustainable technologies developed via R&D programs.
- R&D commitment: approximately 30 million CNY per year invested in sustainable technologies and process improvements to boost margins and secure long-term contracts.
| Metric | Value | Notes |
|---|---|---|
| Market Capitalization | 5.10 billion CNY (as of 2025-10-14) | Reflects market position within domestic environmental services sector |
| 1‑Year Market Cap Change | +28.88% | Strong investor sentiment over the trailing 12 months |
| Revenue (FY2024) | 3.84 billion CNY | Down 15% YoY - indicative of project timing and market headwinds |
| Net Income (1H 2024) | 102 million CNY | Declined 57.66% YoY - margin pressure in short term |
| Annual R&D Spend | ~30 million CNY | Targeted at sustainable tech and efficiency gains |
| Core Service Expansion | Waste heat power generation; flue-gas treatment | Strategic focus areas for near- to mid-term growth |
- How projects generate cash: upfront EPC revenue during construction phases; recurring O&M fees and availability payments during operations; electricity and recovered-energy sales (waste-heat power) provide ongoing cash flow; equipment sales and retrofit contracts add transactional revenue.
- Margin drivers: scale of O&M portfolio (recurring revenue), technology-driven efficiency gains from R&D, and higher equipment-utilization rates in power-recovery projects.
- Risks to revenue: project execution timing, policy/regulatory changes affecting tariffs and emissions standards, and short-term margin compression observed in recent reporting.
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