进入12月，港股公用事业上市公司中期业绩(2025年9月30日止6个月)迎来收官，在公用事业领域，上市 公司近半年业绩表现分化，部分企业净利润显著增长，但整体增少降多。其中，水务板块由于面临成本 压力和市场波动影响，个股业绩表现差异化走势明显。 作为公用事业领域的核心标的之一，中国水务(00855.HK)于11月28日披露2025/26年度中期业绩报告。 公告显示，公司实现营业总收入51.83亿港元，同比-12.9%，归母净利润5.71亿港元，较上年同期有所调 整。但看似承压的业绩背后，实则是公司主动调整发展节奏和优化策略，聚焦核心业务稳健经营的战略 性选择，其长期价值基础和底层商业逻辑并未改变。 核心板块韧劲凸显，环保业务表现亮眼 作为我国供水行业龙头企业，城市供水业务始终是中国水务半年报告期的业绩"压舱石"。报告期内，尽 管受建设及安装维护业务下降影响，公司城市供水业务收益同比减少13.1%，但核心供水经营业务表现 稳健，实现收入18.01亿港元，同比(人民币口径)水费收入提升5.6%；售水量同比增长5%，直接带动供 水经营服务收入提升，进一步巩固了核心业务的主导地位。 对于公司供水业务，市场上各大机构均 ...

Core Insights - The company reported a 12.9% year-on-year decline in total revenue and a 24.4% drop in net profit attributable to shareholders for FY26H1, amounting to HKD 5.18 billion and HKD 570 million respectively, primarily due to fluctuations in the mainland real estate market and a decrease in water connection income [1] - Despite the overall decline, the core water supply business showed growth, with related revenue and water sales increasing by 4.5% and 5.0% to HKD 1.80 billion and 7.6 million tons respectively [1] - The company has accelerated water price increases, with 8 water supply projects approved for price hikes, achieving the annual target of 8 to 10 projects, which is expected to exceed expectations for FY26 [1] Financial Performance - The company's capital expenditure decreased by 31.8% year-on-year to HKD 1.24 billion for FY26H1, with a full-year target of less than HKD 2 billion, representing a decline of at least 40.4% [2] - The reduction in capital expenditure is anticipated to support the company's high dividend policy [2] Ratings and Forecasts - The company has revised down its net profit forecasts for FY26-28 by 10.8%, 14.8%, and 14.8% respectively, and adjusted the target price from HKD 6.90 to HKD 6.52, reflecting a potential upside of 10.1% and a price-to-earnings ratio of 9.5 times for FY27 [2] - The company maintains a "Buy" rating based on the FY26H1 performance and anticipated water price increases [2]

Core Viewpoint - The company reported a decline in total revenue and net profit for the first half of FY2026, with total revenue at HKD 5.183 billion, down 12.9% year-on-year, and net profit at HKD 571 million, down 24.4% year-on-year [1] Revenue Breakdown - The company's revenue decreased by HKD 769 million year-on-year, with the largest declines in the following segments: water supply construction (down HKD 456 million), property sales (down HKD 241 million), water supply connections (down HKD 223 million), and direct drinking water construction (down HKD 80 million) [2] - The net profit of HKD 571 million reflects a 24.4% year-on-year decline, but adjusted for a non-cash loss of HKD 64 million due to a share dilution from a takeover offer, the adjusted net profit would be approximately HKD 635 million, down 15.9% year-on-year [2] Cost Management - The company has successfully reduced costs, with selling and administrative expenses down 9.0% to HKD 437 million and financial expenses down 17.6% to HKD 352 million [2] - The debt-to-asset ratio showed a downward trend, decreasing by 2.5 percentage points to 64.3% at the end of FY26H1 compared to the beginning of the period [2] Segment Performance - In the urban water supply segment, revenue was HKD 3.271 billion, down 13.1%, with segment profit at HKD 941 million, down 17.4%, primarily due to a reduction in installation, maintenance, and construction projects [2] - The pipeline direct drinking water segment saw revenue of HKD 263 million, down 28.3%, with segment profit at HKD 75 million, down 55.2%, also affected by reduced installation and maintenance projects [2] - The environmental segment reported revenue of HKD 832 million, up 8.7%, with segment profit at HKD 367 million, up 29.7%, driven by increased revenue from the Huizhou Daya Bay Mobil project [2] - The total contracting construction segment had revenue of HKD 398 million, down 6.1%, with segment profit at HKD 158 million, down 60.2%, mainly due to a decrease in water supply project construction [2] - The property segment generated revenue of HKD 170 million, with segment profit of HKD 500,000, down 96.4% year-on-year due to a decline in property project sales [2] Water Supply Operations - The company reported a 5% year-on-year increase in water supply volume, with revenue from water supply operations at HKD 1.801 billion, up 4.5% [3] - The average water price was HKD 2.37 per ton, with 8 projects completing price adjustments and over 20 projects initiating price adjustment procedures, which is expected to enhance profit margins [3] Capital Expenditure and Dividends - Capital expenditure decreased by 31.8% to HKD 1.243 billion, while the total dividend remained stable at HKD 0.13 per share, maintaining a dividend yield of 4.8% [4] - The company anticipates steady growth in core water supply operations, with no accounts receivable risk and increasing free cash flow, enhancing dividend capacity [4] Profit Forecast - Due to the ongoing decline in connection and construction revenue, the company has revised its net profit forecasts for FY2026-2028 from HKD 1.372 billion, 1.387 billion, and 1.415 billion to HKD 1.136 billion, 1.206 billion, and 1.232 billion, respectively, corresponding to PE ratios of 8.4, 7.9, and 7.8 times [4]

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (855 HK) with a target price adjusted to HKD 6.52, reflecting a potential upside of 10.1% from the current price of HKD 5.92 [5][8]. Core Insights - Despite a decline in overall revenue and net profit for FY26H1, the core water supply business showed resilience with a revenue increase of 4.5% and a sales volume increase of 5.0% [2][5]. - The company has accelerated its water price adjustments, with 8 projects approved for price increases, surpassing the annual target of 8 to 10 projects [3][5]. - A significant reduction in capital expenditure by 31.8% to HKD 12.4 billion in FY26H1 is expected to support the company's high dividend policy [4][5]. Financial Performance Summary - For FY26H1, total revenue and net profit decreased by 12.9% and 24.4% year-on-year, amounting to HKD 5.18 billion and HKD 570 million respectively [1][5]. - The water supply connection revenue fell by 28.6% to HKD 560 million, primarily due to fluctuations in the mainland real estate market [1][5]. - The wastewater treatment service revenue increased by 14.5% to HKD 360 million, driven by the Huizhou Mobil project contributing revenue since FY25 [2][5]. Revenue and Profit Forecast Adjustments - The forecast for shareholder net profit has been reduced by 10.8%, 14.8%, and 14.8% for FY26, FY27, and FY28 respectively [5][17]. - The target price adjustment reflects these changes, with the new estimates indicating a decrease in revenue projections for FY26 to HKD 9.899 billion, down from previous forecasts [5][17].

公司跟踪：【龙净环保】紫金大幅增持，赋能龙净逻辑不变且持续深化，继续推荐。陈董事长任终身荣 誉董事长紫金核心团队稳定，新老交替不影响紫金优异稳健经营。紫金矿业即将选举出最新一届董事 会，龙净前任现任董事长均列于紫金新一届执行董事候选人名单，紫金对于龙净业务的赋能有望进一步 深化。【中国水务】FY26H1供水运营稳健增长，资本开支持续下降。FY26H1实现营收51.83亿港元， 同比-12.9%，主要系接驳及建造下滑，归母净利润5.71亿港元，同比-24.4%，剔除因康达要约收购导致 的公司股权摊薄损失（约0.64亿港元非现金损失）后的归母净利润约6.35亿港元，同比-15.9%。公司降 本增效，销售及行政费用同比-9.0%至4.37亿港元，财务费用同比-17.6%至3.52亿港元。FY26H1末资产 负债率较期初下降2.5pct至64.3%。FY26H1资本开支12.43亿港元，同比-31.8%，每股派息13港仙，同比 持平，股息率（ttm）4.8%。（估值日期：2025/11/28） 固废观点：25Q3业绩基本面强+国补回收加速，提质增效提ROE+现金流改善提分红持续兑现！1）运营 提质增效主导业绩增长&财 ...

FY26H1供水量同增5%，8个项目完成水价调整 FY26H1，公司1)供水运营：营收18.01亿港元，同比+4.5%(人民币口径同比+5.6%)。①售水量7.6亿吨， 同比+5.0%。根据项目明细统计，截至2025/9/30，自来水和原水项目投运规模合计928万吨/日(同比 +7.8%)，在建85万吨/日，拟建403万吨/日。②水价平均2.37港元/吨，FY26H1公司8个项目实现调价， 超过20个项目已启动调价程序，调价机制常态化将进一步推动利润率回升。2)供水安装及维护：营收 5.56亿港元；3)供水建设：营收11.64亿港元。 直饮水板块优化拓展策略，推动轻资产高质量发展 FY26H1，1)直饮水运营：营收1.85亿港元；2)直饮水安装及维护：营收0.07亿港元，3)直饮水建设：营 收0.53亿港元；4)设备销售：营收0.19亿港元，同比+34.1%；5)桶装水/瓶装水：营收0.04亿港元，同比 +145.4%。 东吴证券发布研报称，维持中国水务(00855)"买入"评级，核心供水运营业务稳健增长，且无应收风 险，资本开支向下，自由现金流持续增厚，现金流价值凸显，分红能力提升。 东吴证券主要观点如下： ...

Core Viewpoint - Dongwu Securities maintains a "buy" rating for China Water Affairs (00855), highlighting the robust growth of its core water supply operations, absence of receivable risks, decreasing capital expenditures, and increasing free cash flow, which enhances its dividend capacity [1] Financial Performance - For the first half of FY26, the company reported total revenue of HKD 5.183 billion and a net profit attributable to shareholders of HKD 571 million, with a reduction in sales and administrative expenses by 9.0% to HKD 437 million and financial expenses down by 17.6% to HKD 352 million [2] - The debt-to-asset ratio showed a downward trend, decreasing by 2.5 percentage points to 64.3% at the end of FY26H1 compared to the beginning of the period [2] Segment Performance - In FY26H1, revenue from urban water supply reached HKD 3.271 billion with a segment profit of HKD 941 million, influenced by a reduction in installation, maintenance, and construction projects [2] - The pipeline drinking water segment generated revenue of HKD 263 million with a segment profit of HKD 75 million [2] - The environmental segment saw revenue of HKD 832 million, up 8.7% year-on-year, with a segment profit of HKD 367 million, a 29.7% increase, primarily due to revenue growth from the Huizhou Daya Bay Mobil project [2] - Total construction contracting revenue was HKD 398 million with a segment profit of HKD 158 million, while the property segment generated revenue of HKD 170 million with a segment profit of HKD 500,000 [2] Water Supply Operations - The company achieved a 5% year-on-year increase in water supply volume, with revenue from water supply operations at HKD 1.801 billion, a 4.5% increase year-on-year [3] - The total water sales volume was 76 million tons, with an average water price of HKD 2.37 per ton; 8 projects completed price adjustments, and over 20 projects have initiated adjustment procedures [3] Direct Drinking Water Strategy - The direct drinking water segment reported revenue of HKD 185 million, with equipment sales increasing by 34.1% to HKD 19 million and bottled water sales soaring by 145.4% to HKD 4 million [4] - Capital expenditures decreased by 31.8% to HKD 1.243 billion, while the total dividend remained stable at HKD 0.13 per share, resulting in a dividend yield of 4.8% [4]

Group 1: China Gas Performance - China Gas reported a revenue of HKD 34.481 billion for the six months ending September 30, 2025, a year-on-year decrease of 1.8% [3] - The gross profit was HKD 5.506 billion, down 6.0% year-on-year, while the net profit attributable to shareholders fell by 24.2% to HKD 1.334 billion [3] - The company experienced a decline in new residential connections, with 676,300 new users added, a decrease of approximately 25.2% compared to the previous year [4] Group 2: Industry Challenges - The domestic natural gas consumption in China saw a slight decline of 0.2% year-on-year, totaling 317.75 billion cubic meters from January to September [3] - The ongoing challenges in the real estate market have led to a decrease in new user development for the gas industry [4] - China Gas is actively participating in the national initiative for urban gas pipeline upgrades and is pushing for reforms in natural gas pricing mechanisms [3] Group 3: China Water Performance - China Water reported a revenue of HKD 5.183 billion for the six months ending September 30, 2025, down 12.9% from HKD 5.953 billion in the same period last year [6] - The profit attributable to shareholders decreased to HKD 571 million, down from HKD 756 million year-on-year [6] - The company is focusing on optimizing its development strategy, prioritizing projects with the best returns, which has led to a slowdown in construction activities and related revenues [9] Group 4: Water Industry Insights - China Water's revenue from urban water supply and pipeline drinking water supply segments decreased significantly, with urban water supply revenue falling by 13.1% to HKD 3.271 billion [9] - The environmental business saw an increase in revenue by 8.7%, primarily due to growth in wastewater treatment services [9] - Long-term operational models like TOO (Transfer-Own-Operate) are expected to provide higher intrinsic value compared to other models, benefiting the company's water supply business [10]

Core Viewpoint - Recent performance reports from certain Hong Kong utility companies, particularly China Gas, have led to significant declines in their stock prices due to decreased revenue and profit, raising market concerns about their profitability [1][4]. Group 1: China Gas Performance - For the six months ending September 30, 2025, China Gas reported revenue of HKD 34.481 billion, a year-on-year decrease of 1.8%, and a net profit of HKD 1.334 billion, down 24.2% [4]. - The company has established a comprehensive energy supply structure, primarily focusing on pipeline natural gas, liquefied petroleum gas, and smart energy services [4]. - The domestic natural gas consumption faced challenges, with a slight decline of 0.2% year-on-year to 317.75 billion cubic meters from January to September [4]. - China Gas connected 676,300 new residential users during the first half of the fiscal year, a decrease of approximately 25.2% compared to the previous year [5]. Group 2: China Water Performance - China Water reported revenue of HKD 5.183 billion for the six months ending September 30, 2025, down 12.9% from HKD 5.953 billion in the same period last year [7][10]. - The company's profit attributable to shareholders was HKD 571 million, a decrease from HKD 756 million year-on-year [7]. - The decline in revenue was attributed to a strategic shift towards optimizing project management and prioritizing high-return projects, leading to a slowdown in construction activities [10]. - The urban water supply segment generated revenue of HKD 3.271 billion, down 13.1% year-on-year, while the pipeline drinking water supply segment saw a revenue drop of 28.3% [10][11].

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (00855.HK) [1] Core Views - The company demonstrates resilient core operations with a focus on cost reduction and efficiency improvements, despite a decline in revenue and net profit [7] - Capital expenditures continue to decrease, and the company is expected to enhance its free cash flow and dividend capacity [7] Financial Performance Summary - For FY2026, total revenue is projected at HKD 10,026 million, reflecting a year-on-year decline of 13.98% [1] - The net profit attributable to shareholders is estimated at HKD 1,136 million, showing a year-on-year increase of 5.70% [1] - The latest diluted EPS is forecasted to be HKD 0.70, with a P/E ratio of 8.44 [1] Segment Performance - The urban water supply segment reported revenue of HKD 32.71 billion, down 13.1% year-on-year, with segment profit decreasing by 17.4% [7] - The environmental protection segment saw revenue growth of 8.7% year-on-year, with a segment profit increase of 29.7% [7] - The direct drinking water segment experienced a significant revenue decline of 28.3% year-on-year [7] Capital Expenditure and Dividends - Capital expenditures for FY26H1 were HKD 12.43 billion, down 31.8% year-on-year [7] - The total dividend per share remains stable at HKD 0.13, with a dividend yield of 4.8% [7] Earnings Forecast Adjustments - The forecast for net profit attributable to shareholders for FY2026-2028 has been revised down to HKD 11.36 billion, HKD 12.06 billion, and HKD 12.32 billion respectively [7] - Corresponding P/E ratios are projected at 8.4, 7.9, and 7.8 for FY2026, FY2027, and FY2028 [7]