China Conch Environment Protection Holdings Limited (0587.HK) reported QQ4 2024 revenue of RMB 882.98 million, up 100% QoQ from Q3 2024 (RMB 441.49 million), signaling a notable ramp in project activity and utilization of installed capacity. Despite the QoQ revenue surge, operating profit remained negative at RMB -122.05 million and net income posted a loss of RMB -75.87 million, translating to an EPS of RMB -0.0416 for the quarter. The gross margin stood at 30.53%, with EBITDA of RMB 148.29 million (EBITDA margin ≈ 16.8%), underscoring the business’s ability to generate cash flow at the EBITDA level even as depreciation, interest, and other non-cash/financing items pressure the bottom line. On a YoY basis, revenue declined roughly 0.9% versus Q4 2023 (RMB 891.03 million), while net income swung from a positive RMB 62.72 million in Q4 2023 to a negative RMB 75.87 million in Q4 2024, a deterioration of about 221% in quarterly earnings performance.