---
title: "首創環境控股有限公司 (03989.HK)"
type: "quote"
locale: "en"
url: "https://longbridge.com/en/quote/03989.HK.md"
symbol: "03989.HK"
name: "首創環境控股有限公司"
industry: "環境與設施服務"
---

# 首創環境控股有限公司 (03989.HK)

| Item | Detail |
|------|--------|
| Industry | 環境與設施服務 |
| Location | 港股市場 |
| Website | [www.cehl.com.hk](https://www.cehl.com.hk) |

## Company Profile

首創環境控股有限公司是一家投資控股公司,主要從事提供廢物處理技術及服務業務,專注於廢物處理設施的開發、設計、系統集成、項目投資、顧問、運營及維護,尤其是廢物轉化能源項目。該公司通過其子公司還從事城市固體垃圾再造處理業務。

## Financial Score

> *Longbridge Financial Score™ — Proprietary multi-factor rating model by [Longbridge](https://longbridge.com). This score is independently calculated by Longbridge and is not affiliated with any third-party rating agency.*
> Updated: 2026-02-18T04:30:11.000Z

**Overall: D (0.61)**

**Industry**: Environmental and Facilities Services

| Metric | Value |
|--------|-------|
| Industry Ranking | 30 / 37 |
| Industry Median | C |
| Industry Average | C |

- **Style**: Value - Stocks where the company's main business is in a mature stage.
- **Scale**: Small - The company's operation has a high degree of growth and volatility, making it easy to achieve high investment returns.

### Score Analysis

**Style Score**: 

#### Growth Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Revenue YoY | -4.89% |  |
| Net Profit YoY | -17.54% |  |

#### Value Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| P/B Ratio | 0.18 |  |
| Dividend Ratio | 0.00% |  |


**Size Score**: 

#### Market Cap Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Market Cap | 1.39B |  |

#### Revenue Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Revenue | 4.07B |  |


**Multi Score**: D

#### Profit Score: C

| Indicator | Value | Rating |
|-----------|-------|--------|
| ROE | 3.74% | C |
| Profit Margin | 6.70% | B |
| Gross Margin | 37.64% | B |

#### Growth Score: D

| Indicator | Value | Rating |
|-----------|-------|--------|
| Revenue YoY | -4.89% | D |
| Net Profit YoY | -17.54% | D |
| Total Assets YoY | 4.26% | C |
| Net Assets YoY | 5.73% | B |

#### Cash Score: C

| Indicator | Value | Rating |
|-----------|-------|--------|
| Cash Flow Margin | 1492.48% | B |
| OCF YoY | -4.89% | D |

#### Operating Score: D

| Indicator | Value | Rating |
|-----------|-------|--------|
| Turnover | 0.18 | D |

#### Debt Score: D

| Indicator | Value | Rating |
|-----------|-------|--------|
| Gearing Ratio | 65.89% | D |


```chart-data:radar
{
  "title": "Longbridge Financial Score - 首創環境控股有限公司",
  "chart_type": "radar",
  "dimensions": [
    {
      "name": "Profit",
      "grade": "C",
      "indicators": [
        {
          "name": "ROE",
          "value": "3.74%",
          "rating": "C"
        },
        {
          "name": "Profit Margin",
          "value": "6.70%",
          "rating": "B"
        },
        {
          "name": "Gross Margin",
          "value": "37.64%",
          "rating": "B"
        }
      ]
    },
    {
      "name": "Growth",
      "grade": "D",
      "indicators": [
        {
          "name": "Revenue YoY",
          "value": "-4.89%",
          "rating": "D"
        },
        {
          "name": "Net Profit YoY",
          "value": "-17.54%",
          "rating": "D"
        },
        {
          "name": "Total Assets YoY",
          "value": "4.26%",
          "rating": "C"
        },
        {
          "name": "Net Assets YoY",
          "value": "5.73%",
          "rating": "B"
        }
      ]
    },
    {
      "name": "Cash",
      "grade": "C",
      "indicators": [
        {
          "name": "Cash Flow Margin",
          "value": "1492.48%",
          "rating": "B"
        },
        {
          "name": "OCF YoY",
          "value": "-4.89%",
          "rating": "D"
        }
      ]
    },
    {
      "name": "Operating",
      "grade": "D",
      "indicators": [
        {
          "name": "Turnover",
          "value": "0.18",
          "rating": "D"
        }
      ]
    },
    {
      "name": "Security",
      "grade": "D",
      "indicators": [
        {
          "name": "Gearing Ratio",
          "value": "65.89%",
          "rating": "D"
        }
      ]
    }
  ]
}
```

### Peer Comparison

| Rank | Name | Profit | Growth | Operation | Security | Cash | Rating |
|------|------|--------|--------|-----------|----------|------|--------|
| 01 | 升輝清潔 (HK.2521) | B | B | A | B | B | B |
| 02 | 鴻承環保科技 (HK.2265) | A | A | D | B | B | B |
| 03 | 碧瑤綠色集團 (HK.1397) | B | B | A | D | B | B |
| 04 | 泓盈城市服務 (HK.2529) | B | C | B | D | B | B |
| 05 | HYGIEIA GROUP (HK.1650) | C | C | A | B | B | B |

## Valuation Analysis

| Metric | Current | Industry Ranking | High | Median | Low |
|--------|---------|-----------------|------|--------|-----|
| PE (TTM) | 5.02 | 6/37 | 4.66 | 4.30 | 3.84 |
| PB | 0.18 | 2/37 | 0.17 | 0.15 | 0.15 |
| PS (TTM) | 0.34 | 15/37 | 0.31 | 0.28 | 0.26 |
| Dividend Yield | 0.00% | - | - | - | - |

## References

- [Company Overview](https://longbridge.com/en/quote/03989.HK/overview.md) - Shareholders, executives, business segments
- [Financials](https://longbridge.com/en/quote/03989.HK/norm.md) - Income statement, balance sheet, cash flow, distribution plan
- [Topics & Discussions](https://longbridge.com/en/quote/03989.HK/topics.md) - Community topics and discussions

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.