FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國水務集團有限公司 呈交日期： 2025年3月3日 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 第一章節註釋： 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | ...

Group 1 - The core point of the article is that China Water Affairs announced a share buyback on February 28, purchasing 2.16 million shares at a price range of HKD 5.780 to HKD 6.050, totaling HKD 12.9483 million [1] - The closing price of the stock on the same day was HKD 6.000, reflecting an increase of 3.09% [1] - The total trading volume for the day reached HKD 230 million [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國水務集團有限公司 呈交日期： 2025年2月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00855 | 說明 | 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | | 已發行股份（不包括庫存股份）數 目 | ...

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佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公佈並不構成在美國出售或徵求提出購買任何證券之要約，而倘根據任何其他 司法權區之證券法律作出有關要約、徵求或出售將屬違法，則本公佈亦不構成在 任何該司法權區作出上述事項之要約。於本公佈內所述之證券將不會根據美國證 券法登記，且除該等根據美國證券法之登記規定獲豁免之情況或該等不受美國證 券法之登記規定規限之交易外，不得在美國境內要約發售或出售有關證券。於本 公佈內所述之證券將依據美國證券法下之S規例僅於離岸交易中在美國境外發售 及出售。任何於美國進行之證券公開發售將須以章程形式進行。有關章程將載有 作出有關要約之公司及其管理層以及財務報表之詳細資料。本公司無意在美國進 行任何證券公開發售。 於本公佈內所述之證券並無（亦將不會）在美國提呈公開發售。於本公佈內所述之 證券概不會在香港境內向香港法例第571章證券及期貨條例及該條例下所訂之任 何規則中所界定之「專業投資者」以外之公眾人士發售。 （於開曼群島註冊成 ...

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佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公佈並不構成在美國出售或徵求提出購買任何證券之要約，而倘根據任何其他 司法權區之證券法律作出有關要約、徵求或出售將屬違法，則本公佈亦不構成在 任何該司法權區作出上述事項之要約。於本公佈內所述之證券將不會根據美國證 券法登記，且除該等根據美國證券法之登記規定獲豁免之情況或該等不受美國證 券法之登記規定規限之交易外，不得在美國境內要約發售或出售有關證券。於本 公佈內所述之證券將依據美國證券法下之S規例僅於離岸交易中在美國境外發售 及出售。任何於美國進行之證券公開發售將須以章程形式進行。有關章程將載有 作出有關要約之公司及其管理層以及財務報表之詳細資料。本公司無意在美國進 行任何證券公開發售。 於本公佈內所述之證券並無（亦將不會）在美國提呈公開發售。於本公佈內所述之 證券概不會在香港境內向香港法例第571章證券及期貨條例及該條例下所訂之任 何規則中所界定之「專業投資者」以外之公眾人士發售。 （於開曼群島註冊成 ...

本公佈並不構成在美國出售或徵求提出購買任何證券之要約，而倘根據任何其他 司法權區之證券法律作出有關要約、徵求或出售將屬違法，則本公佈亦不構成在 任何該司法權區作出上述事項之要約。於本公佈內所述之證券將不會根據美國證 券法登記，且除該等根據美國證券法之登記規定獲豁免之情況或該等不受美國證 券法之登記規定規限之交易外，不得在美國境內要約發售或出售有關證券。於本 公佈內所述之證券將依據美國證券法下之S規例僅於離岸交易中在美國境外發售 及出售。任何於美國進行之證券公開發售將須以章程形式進行。有關章程將載有 作出有關要約之公司及其管理層以及財務報表之詳細資料。本公司無意在美國進 行任何證券公開發售。 於本公佈內所述之證券並無（亦將不會）在美國提呈公開發售。於本公佈內所述之 證券概不會在香港境內向香港法例第571章證券及期貨條例及該條例下所訂之任 何規則中所界定之「專業投資者」以外之公眾人士發售。 （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） 建議發行有擔保藍色債券 本公司建議向若干機構投資者發行該等債券，其將由CGIF提供無條件及不可撤 回之擔保。 該等債券之定價，包括本金總額、要約價格及利率， ...

Financial Performance - Total revenue for the six months ended September 30, 2024, was HKD 5,952,633, a decrease of 13.0% compared to HKD 6,845,957 for the same period in 2023[32]. - Gross profit for the same period was HKD 2,286,230, down 9.4% from HKD 2,523,900 in the previous year[32]. - Profit attributable to the company's owners for the period was HKD 755,649, representing an 8.5% decline from HKD 825,896 in the prior year[32]. - Basic earnings per share for the period were HKD 46.29, down 8.5% from HKD 50.60 in the previous year[32]. - Operating profit was HKD 2,019,134, compared to HKD 2,126,888 in the previous year, representing a decline of 5.0%[55]. - Net profit for the period was HKD 1,238,001, down from HKD 1,377,784, a decrease of 10.1%[55]. - Total comprehensive income for the period was HKD 1,574.1 million, compared to a loss of HKD 346.5 million in the same period last year[77]. - The total tax expense for the six months ended September 30, 2024, was HKD 399,240,000, a decrease from HKD 414,345,000 in the previous year[134]. Assets and Liabilities - Total segment assets amounted to HKD 57,065,650 as of September 30, 2024[8]. - Total assets increased to HKD 66,320,111, up 4.9% from HKD 63,242,070[46]. - Total liabilities rose to HKD 43,751,404, an increase of 4.7% from HKD 41,789,528[46]. - The total accounts receivable and notes amounted to HKD 2,579,362,000, an increase from HKD 2,135,973,000 as of March 31, 2024, representing a growth of 20.8%[123]. - The total accounts payable and accrued liabilities as of September 30, 2024, was HKD 3,151,140,000, up from HKD 2,685,314,000 as of March 31, 2024[161]. - The group reported a current liability exceeding current assets by approximately HKD 4,400,305,000 as of September 30, 2024, compared to HKD 3,871,747,000 as of March 31, 2024[101]. Cash Flow and Financing - Cash and cash equivalents at the end of the period were HKD 4,689.8 million, a decrease from HKD 5,433.2 million at the end of the previous period[68]. - Operating cash inflow for the period was HKD 715.1 million, compared to HKD 1,153.1 million in the same period last year, indicating a significant decline[68]. - The group has unutilized loan facilities, offers, and note registration amounting to approximately HKD 10,700,000,000 as of September 30, 2024, up from HKD 9,864,100,000 as of March 31, 2024[101]. - The group continues to seek new debt financing and bank loans with acceptable terms[101]. - The company continues to deepen cooperation with existing banks and expand financing channels to improve liquidity[176]. Segment Performance - The company is focusing on expanding its urban water supply and environmental services sectors[30]. - Revenue from the urban water supply operations was HKD 1,724,342, compared to HKD 1,614,677 in the previous year, showing an increase of about 6.8%[110]. - Revenue from the pipeline drinking water supply segment for the six months ended September 30, 2024, was HKD 367,100,000, a decrease of 64.3% compared to HKD 1,027,400,000 in the previous year[168]. - Environmental segment revenue increased by 20.1%, reaching HKD 765,600,000, compared to HKD 637,400,000 last year[152]. - The group reported a total segment profit of HKD 2,172.7 million for the period ending September 30, 2024, compared to HKD 1,996.6 million for the same period in 2023, an increase of 8.8%[48]. Strategic Initiatives - The company is actively pursuing new product development and technological advancements in its operations[30]. - Future outlook includes strategic initiatives for market expansion and potential acquisitions to enhance growth[30]. - The company has suspended the proposed spin-off plan after careful consideration of its development strategy and recent capital market conditions[172]. - The group aims to optimize development strategies and reduce capital expenditures to enhance management and investment efficiency[196]. Shareholding and Corporate Governance - As of September 30, 2024, the company has significant shareholdings, with Mr. Duan Chuanliang holding 471,036,301 shares, representing approximately 28.86% of the company[199]. - The overall shareholding structure indicates a strong commitment from key executives towards the company's growth and stability[199]. - The group is committed to maintaining high corporate governance standards to enhance shareholder value[186].

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (00855.HK) [1] Core Views - The company reported a total operating revenue of HKD 5.953 billion for FY2025 H1, a decrease of 13.0% year-on-year, and a net profit attributable to shareholders of HKD 756 million, down 8.5% year-on-year. The interim dividend per share remains unchanged at HKD 0.13 [1] - Operating income continues to grow, while connection and construction revenues decline, leading to an optimized profit structure and a downward trend in capital expenditure [1] - The decline in revenue for FY25H1 is attributed to the peak construction period of projects having passed, resulting in reduced construction income across various segments [1] Summary by Sections Revenue and Profitability - Total revenue for FY2025 H1 was HKD 5.953 billion, with a year-on-year decline of 13.0% - Net profit attributable to shareholders was HKD 756 million, down 8.5% year-on-year - The gross profit margin for FY25H1 was 38.4%, an increase of 1.5 percentage points year-on-year [1] Segment Performance - Urban Water Supply: Revenue of HKD 3.765 billion, down 10.6% year-on-year; segment profit of HKD 1.140 billion, down 5.4% [1] - Direct Drinking Water: Revenue of HKD 367 million, down 64.3% year-on-year; segment profit of HKD 167 million, down 50.3% [1] - Environmental Protection: Revenue of HKD 766 million, up 20.1% year-on-year; segment profit of HKD 283 million, up 12.7% [1] - General Contracting Construction: Revenue of HKD 424 million, down 18.1% year-on-year; segment profit of HKD 398 million, up 10.7% [1] - Property: Revenue of HKD 253 million, segment profit of HKD 129 million, down 15.8% year-on-year [1] Financial Health - The debt-to-asset ratio was stable at 65.97% as of September 30, 2024, a slight decrease from March 31, 2024 [1] - Total outstanding loans amounted to HKD 25.621 billion, an increase of 3.1% from March 31, 2024 [1] - The average interest rate for FY25H1 was 5.71%, a year-on-year increase of 0.09 percentage points [1] Future Outlook - The report adjusts the net profit forecasts for FY2025-2027 from HKD 1.626 billion, 1.789 billion, and 1.989 billion to HKD 1.450 billion, 1.393 billion, and 1.438 billion, respectively, with corresponding P/E ratios of 5.0, 5.2, and 5.0 times [1]

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (855 HK) with a target price of HK$6.23, implying a 43.6% upside potential from the current price of HK$4.34 [10][12][26] Core Views - FY25 interim results exceeded expectations, with operating revenue growth accelerating and a smaller-than-expected decline in shareholder net profit [9] - Water supply tariff adjustments have passed hearings in several regions, with over 20 cities initiating tariff adjustment procedures [9] - Direct drinking water and wastewater treatment operations showed strong growth, offsetting declines in construction revenue [9][10] - Capital expenditure is expected to decrease significantly from FY24 to FY26, supporting higher dividend payout ratios [10] Financial Performance Summary - FY25 interim revenue reached HK$5,953 million, with operating revenue up 16.6% YoY to HK$2,240 million [9] - Gross margin improved by 1.5 percentage points to 38.4% in 1H FY25 [9] - Shareholder net profit declined 8.5% YoY to HK$756 million in 1H FY25, better than expected [9] - Dividend payout ratio increased to 28.1%, with interim dividend maintained at HK$0.13 per share [9] Segment Performance Water Supply - Water supply volume increased 6.5% YoY to 720 million tons in 1H FY25 [9] - Water supply operating revenue grew 6.8% YoY to HK$1,724 million [9] - Tariff adjustments expected to drive 6.4%, 7.3%, and 2.5% YoY growth in water supply operating revenue for FY25-27 respectively [9] Direct Drinking Water - Direct drinking water operating revenue surged 57.1% YoY to HK$196 million in 1H FY25 [10] - Service population coverage expanded 42.5% YoY to 11.4 million people [10] - Projected YoY growth of 31.2%, 8.0%, and 5.0% in direct drinking water operating revenue for FY25-27 [10] Wastewater Treatment - Wastewater treatment operating revenue jumped 76.8% YoY to HK$315 million in 1H FY25 [10] - Growth driven by the operation of Huizhou ExxonMobil petrochemical wastewater treatment project [10] - Expected YoY growth of 64.8%, 7.3%, and 2.5% in wastewater treatment operating revenue for FY25-27 [10] Financial Forecasts - FY25-27 shareholder net profit forecasts revised upward by 11.9%, 2.1%, and 5.2% respectively [10] - EPS forecasts for FY25-27 adjusted to HK$0.90, HK$0.83, and HK$0.84 [10] - Dividend per share forecasts for FY25-27 increased to HK$0.27, HK$0.25, and HK$0.25 [10] - Capital expenditure expected to decrease from HK$5,330 million in FY24 to approximately HK$3,600 million in FY25 and HK$2,000 million in FY26 [10] Valuation Metrics - Current P/E ratios: 3.8x (FY24), 4.6x (FY25), 4.8x (FY26) [8] - Current P/B ratio: 0.55x [8] - Dividend yield: 7.8% (FY24), 6.5% (FY25), 6.2% (FY26) [8] - Target P/E multiple: 7.5x FY25 earnings [10]

| 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公告 | | | 發行人名稱 | 中國水務集團有限公司 | | 股份代號 | 00855 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年9月30日止六個月之中期股息 | | 公告日期 | 2024年11月29日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年3月31日 | | 宣派股息的報告期末 | 2024年9月30日 | | 宣派股息 | 每 股 0.13 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.13 HKD | | 匯率 | 1 HKD : 1 HKD | | 除 ...