Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company's revenue decreased due to a decline in construction income, while the total dividend payout saw a slight increase. Capital expenditures continue to contract, leading to improved free cash flow [3][8]. Financial Summary - In 2024, the company achieved revenue of 24,270 million RMB, a year-on-year decline of 1%. The net profit attributable to shareholders was 1,678 million RMB, down 12% year-on-year. The decline in revenue was primarily due to a 42% drop in BOT water project construction income, which amounted to 2,616 million RMB [8]. - The total dividend payout for the year was 1,435 million RMB, slightly up from 1,420 million RMB in 2023 [8]. - The overall gross margin remained stable at 37%, while management expenses decreased by 7% to 3,071 million RMB [8]. Operational Performance - The company operated sewage treatment capacity of 19.65 million tons and recycled water plants of 2.09 million tons in 2024, with sewage treatment volume increasing by 5%. The average contract price for water treatment rose to 1.54 RMB/ton from 1.49 RMB/ton in 2023, with a gross margin increase of 2 percentage points to 57% [8]. - The operational water supply capacity was 10.24 million tons, with a 2% increase in supply volume. The actual average contract price for water supply remained stable at 2.15 RMB/ton, while the gross margin decreased by 5 percentage points to 40% due to increased amortization from more water pipe construction and renovation [8]. - Revenue from technical services and equipment sales reached 2,549 million RMB, a 4% year-on-year increase, with a gross margin of 42%, down 1 percentage point [8]. - Urban resource service revenue grew by 19% year-on-year to 6,028 million RMB, with a gross margin of 19%, down 1 percentage point [8]. Capital Expenditure - The company's total capital expenditure for 2024 was 4,105 million RMB, a significant decrease from 6,990 million RMB in 2023. Of this, 1,694 million RMB was allocated for the acquisition of property, plant, and equipment, while 2,350 million RMB was used for the construction and acquisition of water plants [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.74 [7]. Core Views - The company reported a revenue of RMB 24.27 billion for 2024, a decrease of 1.0% year-on-year, primarily due to a decline in contributions from BOT water projects. The net profit attributable to shareholders was RMB 1.678 billion, down 11.5% year-on-year, which was below expectations due to increased impairment losses. The dividend per share (DPS) for 2024 is set at HKD 0.161, a 2.5% increase from 2023, resulting in a dividend yield of 6.9% based on the closing price on March 27, 2025 [1][4]. Revenue and Profitability - The wastewater and reclaimed water treatment service revenue increased by 6% to RMB 9.18 billion, driven by new water volume from plants that commenced operations during the year. However, the water governance construction service revenue fell by 36% to RMB 3.44 billion, with BOT plant construction revenue down 42% to RMB 2.62 billion, reflecting the company's strategy to reduce investments in line with its asset-light transformation [2][3]. Cash Flow and Dividend Policy - The company has maintained positive free cash flow for three consecutive years. The capital expenditure for 2024 is expected to decrease by 41% to RMB 4.11 billion, with further reductions anticipated. The implementation of user-pay trends and potential increases in water prices are expected to contribute positively to performance. The payout ratio for dividends is projected to reach 94% in 2024, indicating strong potential for future dividend increases as free cash flow improves [3][4]. Earnings Forecast - The report revises down the earnings forecast for the company, projecting net profits attributable to shareholders of RMB 1.543 billion, RMB 1.643 billion, and RMB 1.724 billion for 2025, 2026, and 2027 respectively. The expected earnings per share (EPS) for 2025 is RMB 0.15, with a target price based on a 16.5x PE ratio for 2025 [4][6].

免責聲明 | 代扣所得稅信息 | | | --- | --- | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公佈日期，本公司董事會由七名執行董事包括熊斌先生(主席)、周敏先生(行政總裁)、李海楓先生、沙寧女士、張文江先生、 | 董渙樟先生及李力先生，一名非執行董事袁建偉先生，以及五名獨立非執行董事包括佘俊樂先生、郭銳先生、周安達源先生、戴曉 | | 虎先生及陳肇始女士組成。 | | 第 2 頁 共 2 頁 v 1.1.1 EF002 | 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 | 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。 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 北控水務集團有限公司 | | 股份代號 | 00371 | | 多櫃檯股份 ...

Financial Performance - For the year ending December 31, 2024, the company's profit attributable to shareholders decreased by 11.5% to RMB 1,677,600,000 from RMB 1,895,700,000 in the previous year[4]. - The company's EBITDA was RMB 8,525,300,000, a decrease of 4.5% compared to RMB 8,931,300,000 last year[4]. - The total revenue for the year was RMB 24,270,499,000, down from RMB 24,519,374,000 in the previous year, representing a decline of approximately 1.0%[5]. - The gross profit for the fiscal year 2024 was RMB 8,989,098,000, slightly down from RMB 9,000,753,000 in 2023, indicating a stable gross margin[18][19]. - The net profit attributable to shareholders for 2024 was RMB 1,677,600,000, compared to RMB 1,895,681,000 in 2023, reflecting a decrease of approximately 11.5%[19][22]. - The company's operating profit for 2024 was RMB 7,528,297,000, down from RMB 7,841,632,000 in 2023, reflecting a decrease of about 4%[18][19]. - The total tax expense for the year is RMB 812,083,000, a decrease of 15.8% from RMB 964,112,000 in the previous year[26]. - The basic earnings per share for the year is RMB 1.567694 billion, down from RMB 1.825397 billion in the previous year, reflecting a decrease of 14.1%[29]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.091 per share, with a total annual dividend of HKD 0.161 per share[4]. - The proposed final dividend per share is HKD 0.091, an increase from HKD 0.087 in the previous year, resulting in a total proposed dividend of RMB 1,474,902,000[26]. - The board proposed a final dividend of HKD 0.091 per share for the fiscal year ending December 31, 2024, subject to shareholder approval[114]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 166,571,603,000, compared to RMB 165,493,193,000 in the previous year[9]. - Total equity as of December 31, 2024, is RMB 54,133,475,000, an increase from RMB 31,171,095,000 in 2023[10]. - Total liabilities decreased slightly to RMB 110,609,173,000 from RMB 111,359,718,000 year-over-year[10]. - The company’s bank and other borrowings decreased to RMB 10,366,940,000 from RMB 13,145,188,000[10]. - The company’s total non-current liabilities increased to RMB 68,861,047,000 from RMB 67,340,367,000[10]. - The company’s total current liabilities decreased to RMB 42,498,671,000 from RMB 43,268,806,000[10]. - The group recorded revenue of RMB 828,200,000 from integrated governance projects, a slight decrease from RMB 839,900,000 in the previous year, with net profit from these projects dropping to RMB 490,000,000[61]. Revenue Streams - The company reported a significant increase in revenue from wastewater and recycled water treatment services, reaching RMB 9,178,030,000 in 2024, up from RMB 8,643,409,000 in 2023, marking a growth of 6.2%[22]. - The revenue from construction services decreased significantly to RMB 3,444,184,000 in 2024 from RMB 5,380,463,000 in 2023, a decline of approximately 36.1%[22]. - The revenue from urban services increased to RMB 5,310,493,000 in 2024, compared to RMB 4,343,559,000 in 2023, showing a growth of 22.2%[22]. - The total interest income from service concession arrangements was RMB 3,100,665,000 in 2024, up from RMB 3,023,301,000 in 2023, indicating a positive trend in this revenue stream[22]. - The water treatment services segment generated revenue of RMB 12,249.2 million, an increase of 5% from RMB 11,622.2 million in 2023[45]. - The technology services and equipment sales segment reported revenue of RMB 2,549.4 million, a 4% increase from RMB 2,459.1 million in 2023[45]. Operational Efficiency and Management - Management and financial expenses have been continuously reduced, contributing to improved operational efficiency[4]. - The company has been recognized as the top influential enterprise in China's water industry for 14 consecutive years[4]. - The company is actively promoting the research and development of new technologies and processes, including AOA, to enhance water plant quality and efficiency[4]. - The company has changed its functional currency from HKD to RMB to better reflect its economic substance[12]. - The group aims to enhance customer communication and experience, focusing on responsible marketing and improving customer satisfaction[105]. - The group is committed to building a sustainable development partner network, integrating sustainability into the entire lifecycle management of suppliers[105]. Employee and Corporate Governance - As of December 31, 2024, the total employee cost was RMB 5,615,717,000, an increase from RMB 5,330,504,000 for the previous year[107]. - The group employed 85,870 employees as of December 31, 2024, including 67,219 from North Control Urban Resources[108]. - The board consists of seven executive directors, one non-executive director, and five independent non-executive directors as of the announcement date[128]. - The audit committee, consisting of three independent non-executive directors, has reviewed and approved the financial results for the year ending December 31, 2024[119]. Future Outlook and Strategic Initiatives - The group has planned a systematic digital transformation project for 2024, focusing on operational efficiency and data service analysis, aiming for comprehensive digital transformation in financial management[103]. - The establishment of two technology platforms, North Water Technology and North Water Cloud Service, aims to enhance sustainable development and digital transformation in the water industry[102]. - The company will suspend share transfer registration from June 12 to June 13, 2025, to qualify for the proposed final dividend[116].

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。 董事會召開日期 於本公告日期，本公司董事會由七名執行董事包括熊斌先生(主席)、周敏先生(行政總 裁)、李海楓先生、沙寧女士、張文江先生、董渙樟先生及李力先生，一名非執行董事袁 建偉先生，以及五名獨立非執行董事包括佘俊樂先生、郭銳先生、周安達源先生、戴曉 虎先生及陳肇始女士組成。 北控水務集團有限公司(「本公司」)宣佈，本公司將於二零二五年三月二十六日 (星期三)舉行董事會會議，藉以(其中包括)批准刊發本公司及其附屬公司截至二零 二四年十二月三十一日止年度之末期業績公告，以及考慮派發末期股息之建議 (如適用)。 承董事會命 北控水務集團有限公司 主席 熊斌 香港，二零二五年三月三日 ...

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。 1 持續關連交易 修訂有關提供存款服務的年度上限 謹此提述本公司日期為二零二三年十二月二十日及二零二四年一月三日的該等公 告，有關(其中包括) 2024年存款服務主協議之持續關連交易。除非另有界定，否則 本公告所用詞彙具有該等公告所賦予的相同涵義。 於二零二五年二月十八日，本公司與北控集團財務訂立2025年補充協議，據此，本 公司與北控集團財務同意修訂2024年存款服務主協議餘下期內提供存款服務的現有 年度上限。 於本公告日期，北控集團及北京控股各自為本公司的控股股東，因此，根據上市規 則，各自均屬本公司的關連人士。由於北控集團及北京控股各自持有北控集團財務 不少於30%股本權益，故北控集團財務是北控集團及北京控股各自的聯繫人，因 此，根據上市規則第14A章，存款服務構成本公司的持續關連交易。 由於經修訂年度上限之適用百分比率(定義見上市規則第14.07條)(不包括盈利比率) 均超過0.1%但低於5%， ...

發行2025年度第一期中期票據募集資金用於償還有息債務本息。 公告 完成發行2025年度第一期中期票據 茲提述本公司日期為二零二五年一月七日就本公司發行2025年度第一期中期票據的 公告(「該公告」)。除另有界定外，本公告所用詞彙與該公告所用者具有相同涵 義。 本公司董事會謹此公佈，本公司已於二零二五年一月九日完成向合資格投資者發行 2025年度第一期中期票據。根據簿記建檔結果，2025年度第一期中期票據發行總金 額為人民幣10億元，分別為品種一發行金額為人民幣6億元，期限為五年，於二零 三零年一月到期，票面利率為每年1.80%，以及品種二發行金額為人民幣4億元， 期限為十年，於二零三五年一月到期，票面利率為每年2.20%。 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。 2025 年 度 第 一 期 中 期 票 據 發 行 情 況 的 有 關 公 佈 已 載 於 中 國 貨 幣 網 (www.chinamoney.com.cn)和上海清算所網站(w ...

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。 及 按上市規則第13.18條規定作出之一般披露 本公告乃遵照香港聯合交易所有限公司之證券上市規則(「上市規則」)第13.18 條之披露規定而發表。 發行2025年度第一期中期票據 茲提述本公司於二零二三年三月二十日、二零二三年三月二十四日、二零二三 年五月二十九日、二零二三年六月五日、二零二四年三月八日、二零二四年三 月十四日、二零二四年七月二日及二零二四年七月八日有關本公司於中華人民 共和國境內註冊總金額不超過人民幣80億元之中期票據的公告（「該等公 告」）。其中，本金額為人民幣15億元的2023年度第一期中期票據、人民幣10 億元的2023年度第三期中期票據、人民幣10億元的2024年度第一期中期票據及 人民幣10億元的2024年度第三期中期票據已分別於二零二三年三月二十三日、 二零二三年六月二日、二零二四年三月十二日及二零二四年七月四日完成發 行。除另有界定外，本公告所用詞彙與該等公告所用者具有相 ...

(「本公司」) 董事名單與其角色和職能 本公司董事會(「董事會」)成員載列如下:- 執行董事 董事會設立三個委員會。各董事會成員在這些委員會中所擔任的職位載列如下:- 審核委員會 佘俊樂先生 ( 主席 郭 銳先生 周安達源先生 提名委員會 熊 斌先生 (主席) 郭 銳先生 佘俊樂先生 薪酬委員會 熊 斌先生 (主席) 周 敏先生 ( 行政總裁 ) 李海楓先生 沙 寧女士 張文江先生 董渙樟先生 李 力先生 ( 執行總裁 ) 非執行董事 袁建偉先生 獨立非執行董事 佘俊樂先生 郭 銳先生 周安達源先生 戴曉虎先生 陳肇始女士 ) 郭 銳先生 ( 主席 ) 董渙樟先生 佘俊樂先生 香港，二零二五年一月六日 ...

執行董事辭任 執行董事辭任 北控水務集團有限公司(「本公司」)董事會(「董事會」)宣佈，姜新浩先生(「姜 先生」) 因已屆退休年齡，提呈辭任為本公司之執行董事，自二零二五年一月六 日起生效。 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。 北控水務集團有限公司 主席 熊斌 香港，二零二五年一月六日 於本公告日期及緊接姜先生辭任後，本公司董事會由七名執行董事包括熊斌先生 ( 主 席 ) 、周敏先生 ( 行政總裁 ) 、李海楓先生、沙寧女士、張文江先生、董渙樟先生及李力 先生，一名非執行董事袁建偉先生，以及五名獨立非執行董事包括佘俊樂先生、郭銳 先生、周安達源先生、戴曉虎先生及陳肇始女士組成。 姜先生已確認彼與董事會並無意見分歧，亦無任何彼之辭任有關的其他事項敦 請本公司證券持有人及香港聯合交易所有限公司垂注。 董事會藉此機會衷心感謝姜先生於任期內對本公司作出的寶貴貢獻。 承董事會命 ...