1月29日标普确认中国水务集团有限公司(China Water Affairs Group Limited简称"中国水 务"00855.HK)"BB+"长期发行人信用评级。 同时确认该公司的高级无抵押债券"BB+"长期发行评级。 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

Core Viewpoint - China Water Affairs (00855) has successfully won the integrated urban and rural water supply operation rights transfer project in Zhecheng County, Henan Province, marking a historic breakthrough in the Central Plains market and expanding its national business footprint [1] Group 1: Project Achievements - The Zhecheng project is the first for China Water Affairs in Henan Province and represents the first integrated urban and rural water supply project in the province to enter the substantive promotion stage [1] - The company has achieved a significant milestone by entering the Central Plains market, which is crucial for its overall growth strategy [1] Group 2: Financial Performance and Projections - During FY26H1, China Water Affairs had 8 water supply projects approved for price increases, with a target of 8 to 10 projects for the entire year [1] - The approved projects include locations such as Hunan Ningxiang, Hubei Jiangling, Hubei Shishou, Jiangxi Yifeng, Shenzhen, Henan Xihua, Guangdong Boluo Changning, and Henan Lushan, with a total daily water supply capacity of 1.05 million tons, equivalent to 14.2% of the company's total water supply capacity of 7.39 million tons as of September 2025 [1] - With the recent approval of the Jiangxi Pengze project for a price increase and ongoing hearings for projects in Heilongjiang and Hunan, the company expects the total number of approved projects for FY26 to exceed expectations [1]

Core Viewpoint - China Water Affairs (00855) has successfully won the integrated urban and rural water supply operation rights transfer project in Zhecheng County, Henan Province, marking a historic breakthrough in the Central Plains market and expanding its national business footprint [1] Group 1: Project Achievements - The Zhecheng County project is the first for China Water Affairs in Henan Province and represents the first integrated urban and rural water supply project in the province to enter the substantive advancement stage [1] - The company has achieved a total of 8 to 10 water supply projects approved for price increases during FY26H1, with the approved projects including locations such as Hunan Ningxiang, Hubei Jiangling, and Guangdong Boluo [1] Group 2: Supply Capacity - The approved projects have a combined daily water supply capacity of 1.05 million tons, which is equivalent to 14.2% of the company's total water supply capacity of 7.39 million tons as of September 2025 [1] - Recent approvals for price increases include the Jiangxi Pengze project, while projects in Heilongjiang Hegang and Hunan Huaihua are currently in the hearing stage, suggesting that the total number of approved projects for FY26 may exceed expectations [1]

Core Viewpoint - China Water Affairs (00855) has achieved a significant milestone by winning the integrated urban and rural water supply operation rights transfer project in Zhecheng County, Henan Province, marking its entry into the Central Plains market and expanding its national business footprint [1] Group 1: Project Achievements - The Zhecheng project is the first for China Water Affairs in Henan Province and represents the first integrated urban and rural water supply project in the province to enter the substantive advancement stage [1] - The company has successfully approved price increases for 8 water supply projects during FY26H1, with a target of 8 to 10 projects for the entire year [1] Group 2: Capacity and Future Expectations - The approved projects include locations such as Hunan Ningxiang, Hubei Jiangling, Hubei Shishou, Jiangxi Yifeng, Shenzhen Dagu Industrial Zone, Henan Xihua, Guangdong Boluo Changning, and Henan Lushan, with a total daily water supply capacity of 1.05 million tons, equivalent to 14.2% of the company's total water supply capacity of 7.39 million tons as of September 2025 [1] - Recent approvals for price increases in the Jiangxi Pengze project and the progression of Heilongjiang Hegang and Hunan Huaihua projects to the hearing stage suggest that the number of approved projects for FY26 will exceed expectations [1]

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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國水務集團有限公司 呈交日期: 2026年1月2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) | 00855 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | 本月底法定 ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 5,183,257, a decrease of 12.9% compared to HKD 5,952,633 in 2024[9] - Gross profit for the same period was HKD 1,827,001, down 20.1% from HKD 2,286,230 in 2024[9] - Profit for the period was HKD 955,561, reflecting a decline of 22.8% from HKD 1,238,001 in 2024[9] - Operating profit for the six months was HKD 1,608,686, compared to HKD 2,019,134 in 2024, reflecting a decline of approximately 20.4%[33] - Profit attributable to the company's owners for the period was HKD 571,251, down from HKD 755,649 in 2024, a decrease of about 24.4%[35] - Basic and diluted earnings per share for the period were both HKD 35.12, compared to HKD 46.29 in 2024, a decline of approximately 24.0%[35] - Total comprehensive income for the period was HKD 1,283,533, down from HKD 1,574,104 in 2024, representing a decrease of about 18.5%[37] - The company reported a net decrease in cash and cash equivalents of HKD 757,998 for the period, with a closing balance of HKD 4,042,256[42] - The net cash flow from operating activities for the six months ended September 30, 2025, was HKD 390,607, down from HKD 715,128 in the previous year[42] Assets and Liabilities - The company’s net assets increased by 10.8% to HKD 24,226,275 from HKD 21,872,686 in the previous year[9] - The total assets rose by 2.9% to HKD 67,826,821 compared to HKD 65,891,643 as of March 31, 2025[9] - As of September 30, 2025, total liabilities amounted to HKD 43,938,423, a decrease from HKD 44,482,219 as of March 31, 2025[39] - Non-current assets as of September 30, 2025, totaled HKD 49,912,466, an increase from HKD 48,271,896 as of March 31, 2025[38] - Current assets amounted to HKD 17,914,355, slightly up from HKD 17,619,747 as of March 31, 2025[38] - The total outstanding borrowings decreased to HKD 24,456,400,000 as of September 30, 2025, from HKD 25,185,200,000 as of March 31, 2025, primarily due to debt repayments[113] Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 0.13 per share, unchanged from the previous year[9] - The proposed interim dividend was HKD 212,202 thousand, reflecting the company's commitment to returning value to shareholders[44] - The board declared an interim dividend of HKD 0.13 per ordinary share for the six months ended September 30, 2025, consistent with the previous year[96] Segment Performance - Revenue from urban water supply operations was HKD 1,801,219, an increase from HKD 1,724,342, reflecting a growth of about 4.5%[55] - The environmental business, including wastewater treatment, showed a revenue increase of 8.7% to HKD 832,400 compared to HKD 765,600 in 2024[24] - Revenue from the Urban Water Supply segment was HKD 3,270,800,000, down 13.1% from HKD 3,765,200,000 in the previous year, with profit decreasing by 17.4% to HKD 941,300,000[99] - Revenue from the Direct Drinking Water Supply segment was HKD 263,200,000, a decrease of 28.3% from HKD 367,100,000, with profit declining by 55.2% to HKD 74,600,000[100] - The environmental segment reported revenue of HKD 832,400,000, an increase of 8.7% compared to HKD 765,600,000 in the previous year, with profit rising by 29.7% to HKD 366,600,000 from HKD 282,700,000[101] Financial Management and Strategy - The company continues to assess the impact of new accounting standards on its financial position and performance, with no significant effects reported so far[47] - The company is focused on enhancing its digital capabilities and financial strategies to manage foreign exchange risks effectively[117] - The company plans to leverage government-issued long-term bonds and special bonds to promote a light asset development strategy, aiming to enhance operational flexibility and cash flow generation[111] - The company aims to deepen smart water management by integrating AI, IoT, and big data technologies to improve operational efficiency and service resilience[110] Shareholder Information - The total number of issued and fully paid ordinary shares as of September 30, 2025, was 1,632,322,000, with a par value of HKD 0.01 per share[84] - The company has a total of 447,311,901 shares held by Mr. Duan Chuanliang, representing approximately 27.40% of the issued share capital[125] - Asset Full Resources Limited, wholly owned by Mr. Duan, holds 218,044,301 shares, accounting for 13.36% of the issued share capital[125] - ORIX Corporation holds 445,136,277 shares, which is about 27.27% of the issued share capital[125] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code, except for certain deviations regarding the roles of the Chairman and CEO[127] - The audit committee, composed of four independent non-executive directors, has reviewed the accounting principles and practices adopted by the group[133] - The interim financial statements for the six months ending September 30, 2025, have been reviewed by Ernst & Young according to the relevant Hong Kong standards[134]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].

Core Viewpoint - The article discusses the historical struggle for control over China's water resources, highlighting the shift from foreign dominance to a more balanced domestic control, emphasizing the importance of water security as a national priority [1][2][25]. Group 1: Historical Context - The Chinese water industry was once on the brink of being dominated by foreign capital, with 60% of the water supply market controlled by foreign entities, affecting nearly 100 million people's access to water [2][10]. - In the 1990s and early 2000s, rapid urbanization led to significant infrastructure gaps, particularly in water services, prompting the government to open up to foreign investment to fill these gaps [4][6]. Group 2: Foreign Investment and Its Impact - Major foreign companies like Veolia and Suez entered the Chinese market, often outbidding local firms for contracts, which resulted in substantial financial gains for local governments but raised concerns about long-term implications for water quality and pricing [8][10]. - Water prices surged significantly after foreign companies took over operations, with examples like Tianjin experiencing price increases from 0.68 yuan to 3.4 yuan per ton, a nearly fivefold rise [13]. Group 3: Water Quality Concerns - Numerous incidents of water quality issues arose under foreign management, including severe contamination cases in Lanzhou and other cities, leading to public health scares and loss of trust [15][18]. - The article cites global examples of foreign water management failures, indicating a pattern of profit-driven practices that compromise local water quality and accessibility [20][25]. Group 4: Policy Response and Domestic Growth - In response to the challenges posed by foreign control, the Chinese government initiated a "de-foreignization" policy in 2015, which included the cancellation of special operating rights for foreign companies and the strengthening of local water management [27][29]. - Domestic companies like Beijing Enterprises Water Group and Beijing Capital Water have emerged as key players, leveraging government support and technological advancements to reclaim market share from foreign firms [31][33]. Group 5: Current Market Dynamics - The current landscape of the Chinese water market is characterized by a "state-owned enterprise-led, multi-party collaboration" model, ensuring better water quality and pricing stability for consumers [35][36]. - Partnerships between local firms and foreign companies, such as the collaboration between Suez and Chongqing Water Group, illustrate a new cooperative approach that maintains local control while benefiting from foreign expertise [40][42]. Group 6: Future Challenges and Strategies - Despite progress, challenges remain, particularly in rural areas where water infrastructure is still lacking, and urbanization continues to strain water resources [49][50]. - Ongoing efforts are needed to enhance domestic technological capabilities, improve regulatory frameworks, and ensure sustainable water management practices to safeguard water resources for future generations [52].

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 或任何部分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。 （於開曼群島註冊成立並遷冊往百慕達之有限公司） （股份代號：855） KANGDA INTERNATIONAL ENVIRONMENTAL COMPANY LIMITED （於開曼群島註冊成立的有限公司） （股份代號：6136） 康 達 國 際 環 保 有 限 公 司 聯合公告 重續有關工程服務的 持續關連交易 工程服務協議 茲提述(i)康達日期為二零二二年十一月八日的公告；及(ii)中國水務日期為二零 二五 年 十 月六 日 的公 告 ，該 兩 份 公告 內 容均 涉 及（ 其中 包 括 ）康 達香 港（ 康 達的 間接 全 資 附屬 公 司 ）與江 西 銀龍（ 中 國 水 務的 附 屬公 司 ）根 據現 有 工程 服 務 協議 進行的持續關連交易。 由於現有工程服務協議將於二零二五年十二月三十一日屆滿，於二零二五年十 二月二十二日，康 ...