Group 1 - The core point of the article is that Kunming Dianchi Water Co., Ltd., a subsidiary of Beijing Enterprises Water Group, announced a tender for a project related to the renovation and upgrade of the Kunming City No. 10 Water Purification Plant, with a budget of 142.5 million yuan [1] - The project is described as a comprehensive cost consulting service for the facility and equipment updates [1] - Beijing Enterprises Water Group holds a 4.64% stake in Kunming Dianchi Water Co., Ltd. [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 本月底法定/註冊股本總額： HKD 1,500,000,000 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 北控水務集團有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00371 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 15,000,000,000 | HKD | | 0.1 | HKD | | 1,500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | ...

Core Viewpoint - North Control Water's performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to unexpected impairment losses, but the company maintains a strong dividend policy and potential for cash flow improvement [1][3]. Financial Performance - In 1H25, North Control Water achieved revenue of 10.459 billion yuan, a year-on-year decrease of 7.5%, and a net profit attributable to shareholders of 0.897 billion yuan, down 20.1% year-on-year, which was below previous expectations [1]. - The company declared an interim dividend of 0.674 billion yuan, representing 80% of net profit (excluding perpetual bond distributions), with a corresponding dividend per share (DPS) of 7.35 Hong Kong cents, up 5% from 7.0 Hong Kong cents in 1H24 [1][3]. Business Segments - Water treatment service revenue increased by 2% year-on-year, while water governance construction service revenue decreased by 57% to 0.071 billion yuan [2]. - The revenue from sewage and reclaimed water treatment services grew by 3% to 4.52 billion yuan, with a gross margin increase of 1 percentage point to 60% due to a rise in average water prices [2]. - The supply service revenue remained stable at 1.45 billion yuan, but gross margins declined due to changes in customer structure and rising operational costs [2]. Capital Expenditure and Cash Flow - Capital expenditure in 1H25 decreased by 40% to 0.94 billion yuan, while free cash flow significantly improved to 1.75 billion yuan [3]. - The company’s cash flow showed a positive trend, with operating net cash inflow expected to be 1.94 billion yuan, compared to 0.25 billion yuan in 1H24 [3]. - The company’s design capacity reached 43.3 million tons per day, with new signed projects adding 120,000 tons per day, aligning with its light asset transformation strategy [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been slightly adjusted, with net profit estimates of 1.52 billion yuan for 2025, reflecting a decrease of 1.3% [3]. - The target price is set at 3.15 Hong Kong dollars, based on a target price-to-earnings (PE) ratio of 18.9 times for 2025, indicating a positive outlook for cash flow and profitability improvement [3].

Core Viewpoint - North Control Water Group reported a decline in revenue and net profit for the first half of 2025, while maintaining a slight increase in dividend per share compared to the previous year [1][2]. Revenue Breakdown - Total revenue for H1 2025 was 10.46 billion, a decrease of 7.5% year-on-year, with net profit attributable to shareholders at 0.897 billion, down 20.0% [1]. - Revenue from operational services, including water treatment and urban resource services, accounted for 86.1% of total revenue, reflecting a 10.8 percentage point increase year-on-year [1]. Water Treatment Services - Revenue from wastewater and reclaimed water business reached 4.52 billion, up 3.0% year-on-year, with a domestic gross margin of 60%, an increase of 1 percentage point [2]. - Water supply services generated revenue of 1.45 billion, a slight increase of 0.4% year-on-year, but the domestic gross margin decreased to 41%, down 2 percentage points due to changes in customer structure [2]. Construction Services - Revenue from construction services fell to 0.712 billion, a significant decline of 56.6% year-on-year, attributed to the company's shift to a light asset strategy and completion of existing projects [2]. Technical Services and Equipment Sales - Revenue from technical services and equipment sales was 0.742 billion, down 35.5% year-on-year, but gross margin improved to 34%, an increase of 4 percentage points [2]. Urban Resource Services - Urban resource services generated 3.04 billion in revenue, a year-on-year increase of 13.1%, although gross margin decreased to 20%, down 1 percentage point due to intensified competition in hazardous waste markets [2]. Financial Performance - The company recognized an asset impairment loss of 0.259 billion in H1 2025, impacting overall performance but not cash flow [2]. - Financial expenses decreased by 0.37 billion due to debt structure optimization [2]. Capital Expenditure and Cash Flow - Capital expenditure for H1 2025 was 0.943 billion, a significant decrease of 40.0% from 1.57 billion in the same period last year [3]. - Free cash flow has turned positive since 2022, with expectations for continued improvement as capital expenditures decline [3]. Profit Forecast and Valuation - Projected net profit attributable to shareholders for 2025-2027 is 1.66 billion, 1.70 billion, and 1.71 billion respectively, with expected dividends showing a growth of 3%-5% [3]. - The estimated dividend yield for the stock price as of August 28, 2025, is between 6.4%-6.6%, leading to a "buy" rating [3].

Group 1 - The core point of the article is that Kunming Dianchi Water Co., Ltd., a subsidiary of Beijing Enterprises Water Group, announced a tender for the supervision of the renovation and upgrading of the Luolong River sewage treatment plant facilities, with a budget of 1.8016 million yuan [1] Group 2 - The tender was published on August 29, 2025, indicating the company's ongoing projects in the water treatment sector [1] - Beijing Enterprises Water Group holds a 4.64% stake in Kunming Dianchi Water Co., Ltd., highlighting its investment in the company [1]

Group 1 - The core point of the article is the announcement of a tender for the renovation and upgrade of the facilities and equipment at the Laoshe River Wastewater Treatment Plant in Kunming, with a budget of 1.4043 million yuan [1] Group 2 - The project is managed by Kunming Dianchi Water Co., Ltd., which is a subsidiary of Beijing Enterprises Water Group, holding a 4.64% stake in the company [1]

Group 1 - The core point of the article is that Kunming Dianchi Water Co., Ltd., a subsidiary of Beijing Enterprises Water Group, has announced a tender for the renovation and upgrade of water treatment facilities in Kunming, with a budget of 1.5738 million yuan [1] Group 2 - The project is specifically for the supervision of the Kunming Kunyang and Gucheng water purification plants [1] - Beijing Enterprises Water Group holds a 4.64% stake in Kunming Dianchi Water Co., Ltd. [1]

發行人已在上交所網站(www.sse.com.cn)上載以下有關可續期公司債券的文件： - 北控水務(中國)投資有限公司 2025 年公司債券中期報告。詳情請參閱本公司於上交 所網站刊發的公告，網址如下： https://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-08-29/241479_20250829_U28X.pdf 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。 海外監管公告 本海外監管公告乃由北控水務集團有限公司(「本公司」)根據香港聯合交易所有限公司 證券上市規則第 13.10B 條刊發。 謹此提述本公司日期為二零二四年八月十九日就有關中國證券監督管理委員會已批准本 公司全資附屬公司北控水務(中國)投資有限公司(「發行人」)公開發行面值總額不超過 人民幣50億元的可續期公司債券的公告、日期為二零二四年八月二十二日就有關發行第 一期可續期公司債券人民幣 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a revenue of 10.459 billion RMB for 1H25, a year-on-year decrease of 7.5%, and a net profit attributable to the parent company of 0.897 billion RMB, down 20.1% year-on-year, primarily due to an unexpected impairment of 0.26 billion RMB [1][4]. - The interim dividend declared is 0.674 billion RMB, representing 80% of the net profit attributable to the parent company (excluding perpetual bond distributions), with a corresponding DPS of 7.35 HKD, reflecting a 5% increase from 1H24 [1][4]. - Capital expenditure decreased by 40% year-on-year to 0.94 billion RMB, while free cash flow significantly improved to 1.75 billion RMB [1][4]. Revenue and Profitability - The water treatment service revenue increased by 3% year-on-year to 4.52 billion RMB, with a gross margin improvement of 1 percentage point to 60% due to an increase in average water prices in China [2][3]. - The revenue from water governance construction services dropped by 57% year-on-year to 0.71 billion RMB, mainly due to the company's strategy of reducing investments in BOT projects [2][3]. Cash Flow and Capital Expenditure - The company’s cash flow continues to show improvement, with an expected net inflow of operating cash flow of 1.94 billion RMB for 1H25, compared to approximately 0.25 billion RMB in 1H24 [3][4]. - The company’s light asset transformation strategy is expected to further reduce capital expenditures, with a projected decrease in future capital spending [3][4]. Earnings Forecast and Valuation - The report slightly adjusts the company's net profit forecasts for 2025-2027, estimating 1.52 billion RMB for 2025, reflecting a decrease of 1.3% from previous estimates [4][10]. - The target price is set at 3.15 HKD, based on a target PE of 18.9x for 2025, indicating a potential upside from the current market price [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.46 billion HKD for H1 2025, a decrease of 7.5% year-on-year, and a net profit attributable to shareholders of 0.897 billion HKD, down 20.0% year-on-year. The interim dividend per share is 0.0735 HKD, reflecting a 5.0% increase from 0.0700 HKD in the same period last year [2][4]. Summary by Sections Revenue Breakdown - The total revenue of 10.46 billion HKD consists of 86.1% from operational services, 6.8% from construction services, and 7.1% from technical consulting and equipment sales. The operational business's proportion increased by 10.8 percentage points year-on-year [7]. - Water treatment services generated 4.52 billion HKD in revenue, up 3.0% year-on-year, with a domestic gross margin of 60%, an increase of 1 percentage point. Water supply services achieved 1.45 billion HKD, a slight increase of 0.4% year-on-year, with a domestic gross margin of 41%, down 2 percentage points due to changes in customer structure [7]. - Construction services revenue fell to 0.712 billion HKD, a decline of 56.6% year-on-year, attributed to the company's light asset strategy and the completion of existing projects [7]. - Technical services and equipment sales generated 0.742 billion HKD, down 35.5% year-on-year, with a gross margin of 34%, up 4 percentage points [7]. - Urban resource services reported 3.04 billion HKD in revenue, a 13.1% increase year-on-year, with a gross margin of 20%, down 1 percentage point due to intensified competition and reduced demand from upstream industrial enterprises [7]. Financial Performance - The company recognized an asset impairment loss of 0.259 billion HKD in H1 2025, which negatively impacted performance but did not affect cash flow. Financial expenses were optimized, resulting in a reduction of 0.37 billion HKD [7]. - Capital expenditure significantly decreased to 0.943 billion HKD, down 40.0% from 1.57 billion HKD in the same period last year. Free cash flow has turned positive since 2022, with a favorable trend expected to continue as capital expenditures decline [7]. Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 1.66 billion HKD, 1.70 billion HKD, and 1.71 billion HKD for 2025, 2026, and 2027, respectively. Assuming a 3%-5% increase in dividends for 2025, the corresponding dividend yield for the stock price as of August 28, 2025, is estimated to be between 6.4%-6.6% [7].