There is a company whose net profit attributable to shareholders in 2025 increased by 89.52% year-on-year, and its net profit after deducting non-recurring gains and losses soared by 196.94%, achieving a “counter-cyclical rise.”
It is also this company that, in recent years, has actively promoted the “One Core, Two Wings” strategy, expanding into CCUS and sodium-ion battery sectors in addition to its traditional core business of flue gas treatment. Why did they choose these two sectors?
Moreover, at the end of 2024, the company changed its stock abbreviation from “TONEXUS Environmental” to “TONEXUS Technology.” Why did they do this? Facing the current trend of “de-emphasizing environmental companies,” how do they view this development?
On April 13, during the 27th Shanghai International Environmental Expo, *Environmental Circle* conducted an exclusive interview with Mr. Zheng Yong, General Manager of TONEXUS Technology Co., Ltd. (hereinafter referred to as “TONEXUS Technology”), asking him to answer these questions one by one. As a “post-90s” executive, Zheng Yong was very candid, answering all questions directly without evasion.
1. Net Profit Soars 89.52%, Net Cash Flow RMB 164 Million
Every year, the Shanghai Environmental Expo coincides with the annual reporting season for listed companies. On April 15, the third day of the Expo, TONEXUS Technology disclosed its 2025 annual report.
In the past year, the company achieved operating revenue of RMB 724 million, a slight decrease of 0.09% year-on-year, remaining generally stable.
Net profit attributable to shareholders reached RMB 73.9794 million, a year-on-year increase of 89.52%.
Even more remarkable was the net profit after deducting non-recurring gains and losses, which rose sharply by 196.94%, an increase approaching 200%.
As everyone knows, net profit after deducting non-recurring gains and losses excludes “non-recurring items,” meaning the net profit figure after removing various “unexpected factors.” This measure contains less “water” and better reflects a company’s true profitability.
Therefore, a 196.94% year-on-year increase in net profit after deductions indicates that TONEXUS Technology’s profitability last year was indeed strong, far exceeding the industry average.
In addition to these figures, the company also performed well in other areas last year. For example, net cash flow from operating activities reached RMB 164 million, a year-on-year increase of 52.60%.
Revenue per employee was RMB 1.252 million and profit per employee was RMB 128,000, up 11.15% and 110.83% year-on-year, respectively, showing significant improvement in operational vitality and profitability.
Total operating costs for the year decreased by RMB 45 million, a 6.54% reduction, demonstrating clear effectiveness in expense control.
In terms of core business, sales of SCR denitrification catalysts reached approximately 18,000 cubic meters, setting a historical record.
In overseas markets, the company successfully signed a catalyst project with POSCO in South Korea and delivered the keynote speech as the only Chinese company at the Germany Hydrogen & CCUS Expo.
Looking back over the past three years, TONEXUS Technology’s net profit grew from RMB 25.5437 million in 2023 and RMB 39.0353 million in 2024 to RMB 73.9794 million in 2025, achieving a significant recovery in profitability.
Net cash flow from operating activities also increased from RMB 82.2057 million in 2023 to RMB 164 million in 2025, maintaining growth for three consecutive years.
Overall, 2025 was a fruitful year for TONEXUS Technology. Compared with many peers struggling, TONEXUS Technology has taken the lead in emerging from difficulties and achieved substantial performance recovery.
2. Management Reform “Immediate Impact,” “One Core, Two Wings” Unlocks New Growth
Why was TONEXUS Technology able to achieve such results? It stems from a series of adjustments made at the end of 2023.
First, at the end of 2023, TONEXUS Technology launched a divisional system reform, breaking the previous hierarchical structure and establishing Engineering, Catalyst, CCUS, and Overseas Divisions, enabling decentralized decision-making, faster responses, and clearer accountability.
“We divided the company’s business into several divisions, implementing decentralized authority and responsibility for profit and loss, which also stimulates the vitality of the entire team,” said Zheng Yong.
The operational results showed significantly reduced operating costs, greatly improved profit per employee, and enhanced order quality and delivery efficiency.
Second, based on the current objective environment, TONEXUS Technology focused on high-value industries, high-value clients, and high-value projects, exiting some businesses with severe homogeneous competition.
Through these measures, management reform showed rapid results. Zheng Yong stated, “As long as the direction is correct, the effect is immediate.”
Third, the company introduced a new “One Core, Two Wings” business structure:
The “Core” refers to flue gas treatment, which provides cash flow, customer resources, project delivery, and global channels to support the “Wings.”
The “Left Wing” is CCUS, a natural extension of flue gas treatment, offering industrial clients integrated pollution reduction and carbon reduction solutions, increasing per-client value.
The “Right Wing” is sodium-ion batteries, leveraging the materials and catalyst R&D platform to develop green energy storage solutions that support low-carbon scenarios.
The three components form a synergy of joint R&D, shared clients, shared channels, and co-built brand, helping TONEXUS Technology transition from a single flue gas treatment company to a comprehensive pollution reduction and carbon reduction solution provider.
Why choose CCUS and sodium-ion batteries? Zheng Yong explained that the choice is based on several factors:
1. Sector Extension: Both serve pollution reduction + industrial net zero, sharing customers, channels, and R&D systems with flue gas treatment.
2. Large Market Potential: CCUS and sodium-ion batteries are trillion-level markets, aligning with carbon neutrality and energy transition.
3. Transferable Capabilities:Chemical materials, catalysts, and system integration capabilities can be directly reused, forming differentiated advantages.
In short, the 2025 performance reflects the triple resonance of “strategic transformation + organizational reform + product upgrade.” The results are concentrated delivery of high-value projects, continuous cost reduction and efficiency improvement, and simultaneous improvement in cash flow and profitability.
3. Independently Developed TX Series Carbon Capture Absorbents, Acquisition of Ma’anshan Haosheng to Boost Sodium-ion Batteries
With the new business structure in place, 2025 also saw many breakthroughs.
In CCUS, the company independently developed the TX series carbon capture absorbents, forming a complete wet carbon capture technology system including TX-1, TX-S, and TXio. Among them, TX-1’s oxidation resistance can be up to 300 times higher than similar products and has been successfully applied to multiple 10,000-ton-level capture units in steel, shipping, and cement industries, with five units deployed in total. The TX-P two-phase absorbent effectively solved slow phase separation and limited application conditions, breaking through key technology bottlenecks for large-scale deployment.
“Particularly at the 2025 Hamburg Carbon Capture Expo, TONEXUS Technology delivered a dedicated presentation on CCUS technology, the only Chinese company to give a keynote at the expo, reflecting our international competitiveness in this field,” said Zheng Yong.
During the Shanghai Environmental Expo, Mr. Huang Zhongbin, Vice General Manager of the CCUS Division, gave a presentation titled *“Shaping a Net-Zero Industrial Future: Innovating Carbon Capture Technology and Collaborating Globally for Sustainable Industry.”* The talk covered industrial carbon capture trends, technical pain points, and innovation paths, sharing insights on low-energy carbon capture technologies and industrial application prospects based on TONEXUS Technology’s CCUS experience.
“Today at the expo, many clients came specifically to learn about CCUS,” said Zheng Yong.
In sodium-ion batteries, TONEXUS Technology showcased industry-leading high-capacity cathode materials (such as NFPP composite sodium iron phosphate), which demonstrate excellent high-rate performance and outstanding cycle stability, retaining 80% capacity even after 10,000 cycles.
In 2025, TONEXUS Technology acquired 100% equity of Ma’anshan Haosheng New Energy Technology Co., Ltd., securing land and production capacity in Anhui Hanshan, accelerating integrated R&D, pilot, and mass production for sodium-ion batteries, and laying the foundation for large-scale cost reduction.
4. Not “De-emphasizing Environmental,” but “Upgrading Environmental,” Better Aligning with the “One Core, Two Wings” Strategy
Going back two years, in December 2024, TONEXUS Technology changed its stock abbreviation from “TONEXUS Environmental” to “TONEXUS Technology.” Why did they do this?
According to the announcement, this was to better reflect the “One Core, Two Wings” strategic positioning. At that time, the company’s main business already covered pollution reduction and carbon reduction solutions as well as key new energy materials. The new abbreviation helps clarify the company’s development goals and industry positioning.
Zheng Yong explained that the name change is not “de-emphasizing environmental” but “upgrading environmental.” The company has expanded from flue gas treatment to a comprehensive technology enterprise covering pollution reduction + carbon reduction and new energy materials. The name change better matches the “One Core, Two Wings” strategy, highlighting its new positioning as a technology-driven global net-zero partner, and aligns more closely with business substance and long-term strategy.
“Actually, environmental protection and sustainable development have always been in the company’s genes. Regardless of the business, we always operate around these principles,” said Zheng Yong.
In his view, the industry is shifting from end-of-pipe treatment to coordinated pollution reduction and carbon reduction, green manufacturing, and upgraded new energy materials. TONEXUS Technology’s name change is a reflection of value elevation rather than exiting a sector.
In the future, TONEXUS Technology will continue to leverage technology as its core, developing environmental protection into a high-value, sustainable, and global growth sector.
Zheng Yong stated that 2026 marks the first year of the “15th Five-Year Plan,” and TONEXUS Technology will steadfastly advance the “One Core, Two Wings” strategy, focusing on building a diversified, high-value industrial ecosystem, accelerating global expansion, steadily executing investment and mergers & acquisitions, and expanding the industrial ecosystem footprint.
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