Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2025, the company reported a revenue of 22.06 billion, a year-on-year decrease of 9.1%, and a net profit attributable to shareholders of 1.56 billion, down 7% [2][6]. - The dividend for 2025 is set at 1.66 HKD per share, reflecting a 3.1% increase, with a dividend yield of 5.9% [2][6]. - The operational business remains stable, with construction revenue declining, leading to an improved revenue structure and ongoing optimization of financial expenses [2][10]. Summary by Sections Revenue and Profitability - The core operational business showed stable growth, with water treatment services contributing 12.46 billion in revenue, a 1.8% increase year-on-year, and accounting for 4.93 billion in net profit, up 1.5% [10]. - The average contract price for water supply services in 2025 was approximately 2.13 CNY per ton, a slight decrease of 0.9% from 2024, while the average price for sewage and reclaimed water treatment services rose by 1.9% to 1.57 CNY per ton [10]. Business Transformation - The company is undergoing a business transformation, with construction service revenue declining by 40% to approximately 498 million, and BOT project revenue down 57% to 1.13 billion, primarily due to reduced new investments and project completions [10]. - The profit structure indicates that operational service revenue now accounts for 88% of total profit, an increase of 8 percentage points year-on-year, suggesting that fluctuations in construction business will have a manageable impact on profits [10]. Financial Performance - Financial expenses decreased significantly by 24.5% to 2.33 billion, attributed to ongoing debt structure optimization and effective cost control [10]. - Capital expenditures dropped sharply to 1.92 billion, a 53% decrease from 4.11 billion in 2024, indicating successful implementation of a light asset transformation strategy [10]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 1.51 billion, 1.57 billion, and 1.65 billion for the years 2026 to 2028, respectively [10]. - The anticipated dividend growth for 2026 is projected at 3%-5% based on 2025 figures, leading to a dividend yield of 6.1%-6.2% for the stock price as of March 25, 2026 [10].

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code: 371) （股份代號：371） NOTIFICATION LETTER 通知信函 31 March 2026 Dear Non-registered Shareholders(1), Beijing Enterprises Water Group Limited (the "Company") — Notice of publication of Circular dated 31 March 2026 containing Notice of the Special General Meeting together with the Form of Proxy (collectively the "Current Corporate Communications") The Current Corporate Communications of the Company, in both English and Chinese versions, is n ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code: 371) （股份代號：371） Dear Registered Shareholders(1), Beijing Enterprises Water Group Limited (the "Company") — Notice of publication of Circular dated 31 March 2026 containing Notice of the Special General Meeting together with the Form of Proxy (collectively the "Current Corporate Communications") The Current Corporate Communications of the Company, in both English and Chinese versions, is now available on the website of the Company ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 普通決議案 （ 於百慕達註冊成立之有限公司） （股份代號：371） 「動議： 承董事會命 北控水務集團有限公司 主席 股東特別大會通告 茲通告北控水務集團有限公司（「本公司」）謹訂於二零二六年四月二十二日（ 星期三 ）下午三 時 正 假 座 香 港 灣 仔 港 灣 道 18 號 中 環 廣 場 66 樓 舉 行 股 東 特 別 大 會（「 股 東 特 別 大 會 」或「 大 會 」）， 以 考 慮 及 酌 情 通 過 本 公 司 下 列 決 議 案（ 無 論 有 否 修 訂 ）為 普 通 決 議 案 。 除 另 有 指 明 外，本通告所用詞彙與本公司日期為二零二六年三月三十一日之通函（「通函」）所界定者具 有相同涵義。 – 1 – (a) 批准、確認及追認二零二六年存款服務主協議（ 二零二六年存款服務主協議的詳情載於 通函，分別註有「A」及「B」字樣之二零二六年存款服務主協議及通函副本已呈交大會並 由大 ...

（ 於百慕達註冊成立之有限公司） （股份代號：371） 為北控水務集團有限公司（「本公司」）股本中每股面值0.10港元之股份共 股 茲委任 （ 附 註 3 ） （ 附 註 2 ） 之登記持有人， 地址為 或如其未能出席，則大會主席為本人╱吾等之受委代表，代表本人╱吾等出席於二零二六年四月二十二日（ 星期三 ）下午 三時正假座香港灣仔港灣道18號中環廣場66樓舉行之大會（ 或其任何續會 ），並代表本人╱吾等依照下列欄內所示之方式 就日期為二零二六年三月三十一日之大會通告所載之決議案投票。如未有任何指示，則由本人╱吾等委任之代表自行酌 情投票。 除另有界定者外，本代表委任表格所用之詞彙與本公司日期為二零二六年三月三十一日通函所界定者具有相同涵義。 | 附 | 註 | 附 | 註 | （ | ） | （ | ） | 普通決議案 | 贊成 | 反對 | 4 | 4 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 批准、確認及追認二零二六年存款服務主協議及其項下擬進行之交易； | (a) | | | ...

此 乃 要 件 請 即 處 理 閣下 如對 本通 函任 何方 面或 應採取 的行 動有 任何 疑問 ，應 諮詢 閣下 的持 牌證券 商或 其他 註冊 證券 機構 、 銀行經理、律師、專業會計師或其他專業顧問以獲取獨立意見。 閣下 如已 出售 或轉 讓所 有名下 的北 控水 務集 團有 限公司 股份 ，應 立即 將本 通函及 隨附 的代 表委 任表 格送交 買主 或承 讓人 ，或 經手 買賣或 轉讓 的銀 行、 持牌 證券商 或註 冊證 券機 構或 其他代 理商 ，以 便轉 交買 主或承 讓人。 香港 交易 及結 算所 有限 公司及 香港 聯合 交易 所有 限公司 對本 通函 的內 容概 不負責 ，對 其準 確性 或完 整性亦 不發 表任 何聲 明， 並明 確表示 概不 對因 本通 函全 部或任 何部 份內 容而 產生 或因倚 賴該 等內 容而 引致 的任何 損失承擔任何責任。 （ 於百慕達註冊成立之有限公司） （股份代號：371） 有關存款服務主協議 及 提供存款服務的 須予披露交易及持續關連交易 及 股東特別大會通告 獨立董事委員會及獨立股東的 獨立財務顧問 除另有說明者外，本封面頁所用詞彙與本通函所界定者 ...

Core Viewpoint - The company reported a revenue of 22.06 billion yuan for 2025, a year-on-year decrease of 9.1%, primarily due to a 53% decline in water governance construction revenue to 1.62 billion yuan [1][2] Financial Performance - The net profit attributable to shareholders for 2025 was 1.56 billion yuan, down 6.9%, which was in line with expectations [1] - The company declared a dividend per share (DPS) of 16.6 Hong Kong cents for 2025, a 3.1% increase from 16.1 Hong Kong cents in 2024, resulting in a dividend yield of 5.9% [1] - Total dividends for the year amounted to 1.528 billion yuan, representing 104.7% of net profit attributable to shareholders after excluding perpetual bond distributions [1][2] Revenue Breakdown - Revenue from water treatment services increased by 2% year-on-year to 9.46 billion yuan, driven by new water plant operations and adjustments in sewage water pricing [1] - Revenue from supply water services decreased by 2% to 3.01 billion yuan, with a decline in gross margin by 2 percentage points to 38% due to changes in customer structure [2] - The revenue from water governance construction services plummeted by 53% to 1.62 billion yuan, with BOT water plant construction revenue down 57% to 1.13 billion yuan, reflecting the company's strategy to reduce investments in BOT projects [2] Capital Expenditure and Cash Flow - Capital expenditure for 2025 was reduced by 53% to 1.92 billion yuan, while free cash flow significantly increased to 5.23 billion yuan, up from 1.5 billion yuan in 2024 [2] - The company expects a net cash inflow from operating activities of 5.74 billion yuan for 2025 [2] Future Outlook - The company anticipates that the trend of user payment will contribute positively to performance, with potential increases in water prices expected to enhance revenue [2] - The ongoing debt resolution policies are expected to improve cash collection, indicating potential for future dividend increases [2] Earnings Forecast and Valuation - The company projects net profits attributable to shareholders of 1.59 billion yuan, 1.65 billion yuan, and 1.72 billion yuan for 2026-2028, with adjustments reflecting updated profit forecasts [3] - The target price is set at 3.44 Hong Kong dollars, based on a 19.2x PE for 2026E, reflecting an optimistic view on profitability improvement and dividend growth [3]

Group 1 - The company Beikong Water Group (00371) announced a management change, with Executive Director Zhou Min being appointed as Vice Chairman of the Board effective March 27, 2026, to align with the company's strategic development needs [2] - Following Zhou Min's transition, the current Senior Vice President and Co-CEO Wang Zupin will take over as Chief Executive Officer, also effective March 27, 2026, focusing on the daily management of the group's business and operations [2]

Core Viewpoint - The announcement details a leadership change at Beijing Enterprises Water Group, with Zhou Min transitioning to Vice Chairman and Wang Zhupin appointed as CEO effective March 27, 2026 [1] Group 1 - Zhou Min, currently the Executive Director and CEO, will be appointed as Vice Chairman to align with the company's strategic development needs [1] - Wang Zhupin, the current Senior Vice President and Executive Vice President, will succeed Zhou Min as CEO starting March 27, 2026 [1] - Wang Zhupin will focus on the daily management of the group's business and operations [1]

格隆汇3月27日丨北控水务集团(00371.HK)发布公告，公司执行董事周敏，现同时为公司行政总裁，为 配合公司策略发展的需要调任为董事会副主席，自2026年3月27日起生效。 于周先生调任为董事会副主席后，公司现任高级副总裁及轮席执行总裁王助贫将接替周先生获委任为行 政总裁，自2026年3月27日起生效。 ...