Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of HKD 5.183 billion for FY2026H1, a year-on-year decrease of 12.9%. Gross profit was HKD 1.827 billion, down 20.1%, and net profit attributable to shareholders was HKD 571 million, a decline of 24.4%. The interim dividend per share remained flat at HKD 0.13 [2][6]. - The core operating business remains stable, although the installation, maintenance, and construction segments, along with property business, have seen declines, impacting overall profitability. The company has shown signs of a turning point in free cash flow, indicating potential for future dividend increases [2][9]. Business Segment Analysis - **Urban Water Supply**: Revenue decreased by 13.1% to HKD 3.27 billion, with segment profit down 17.4% to HKD 941 million. However, core water supply service revenue increased by 4.5% to HKD 1.801 billion, driven by a 5% increase in water sales. The completion of water price adjustments in eight cities is expected to further boost revenue and profit margins [9]. - **Direct Drinking Water**: Revenue fell by 28.3% to HKD 263 million, with segment profit declining 55.2% to HKD 75 million. Despite this, revenue from direct water supply operations and equipment sales remained stable [9]. - **Environmental Segment**: Benefiting from the Meifeng Wastewater Treatment Project, this segment achieved revenue of HKD 832 million, a year-on-year increase of 8.7%, with segment profit rising 29.7% to HKD 367 million [9]. - **General Contracting**: Revenue decreased by 6.1% to HKD 398 million, with segment profit down 60.2% to HKD 158 million [9]. - **Property Business**: Revenue plummeted by 93.3% to HKD 17 million, with segment profit dropping 96.4% to HKD 500,000, but the impact on overall performance is expected to be limited [9]. Financial Performance - The company experienced a 17.6% decrease in financial expenses during FY2026H1, benefiting from lower financing costs amid domestic and international interest rate cuts [9]. - The interim dividend payout ratio is 37%, with capital expenditures peaking at HKD 5.14 billion in FY2024, decreasing to HKD 3.24 billion in FY2025, leading to a positive free cash flow of HKD 150 million. For FY2026, capital expenditures are projected to be no more than HKD 2 billion, indicating a clear turning point in free cash flow and potential for increased dividends [9]. Earnings Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of HKD 1.14 billion, 1.16 billion, and 1.20 billion for FY2026-2028, with year-on-year growth rates of 6.0%, 2.2%, and 2.7% respectively. The emergence of free cash flow is viewed positively for future dividend increases, with a projected dividend payout ratio of 42.53% for FY2026-2028, corresponding to dividend yields of 5.1%, 5.2%, and 5.3% based on the stock price as of November 28, 2025 [9].

Major Events - Excellence Risen (02687) plans to offer 6.6667 million H-shares globally from November 28 to December 3 [1] - Naxin Micro (02676) plans to offer 19.0684 million shares globally from November 28 to December 3 [1] - Stone Four Pharmaceutical Group (02005) received production registration approval for the sustained-release capsule of Tofacitinib (4mg) [1] - Innovent Biologics (01801) received approval from the National Medical Products Administration for its drug, Xinmeiyue® (Pikankizumab injection), for treating moderate to severe plaque psoriasis [1] - Jiangxi Copper (00358) intends to acquire shares of the overseas-listed company SolGold Plc [1] - ZTO Express-W (02057) plans to acquire 100% equity of Zhejiang Xinglian for 178 million yuan to enhance end-to-end domestic and international air logistics capabilities [1] - China Shenhua (01088) completed 168 hours of trial operation for the Beihai Phase II Unit 3 and transferred it to commercial operation [1] - Zhidatech (02650) signed a major contract worth over 100 million yuan for electric vehicle charging stations with Saudi Controls Ltd, expanding into the Middle East market [1] - Hendry (03389) received a voluntary cash offer from Junya at a 12% premium and will resume trading on December 1 [1] - Zijin Mining (02899) donated 20 million HKD to support post-fire reconstruction in Hong Kong's Tai Po District [1] - Guoquan (02517) donated 10 million HKD for fire rescue efforts in Hong Kong's Tai Po [1] - InnoCare Pharma (02577) donated 2 million HKD to assist in fire rescue efforts in Hong Kong's Tai Po [1] Operating Performance - Meituan-W (03690) reported Q3 revenue of approximately 95.5 billion HKD, a year-on-year increase of about 2%, with highlights in flash purchase and global expansion [1] - China Gas (00384) reported a mid-term profit attributable to shareholders of 1.334 billion HKD, with an interim dividend of 0.15 HKD per share [1] - Zhixing Group Holdings (01539) reported a mid-term profit attributable to shareholders of 27.533 million HKD, a year-on-year increase of 35.68%, with gross margin rising to approximately 67.3% [1] - Guofu Quantum (00290) reported mid-term revenue of 1.027 billion HKD, a year-on-year increase of 4564.52% [1] - Yuhua Education (06169) reported an annual adjusted profit attributable to shareholders of 914 million HKD, a year-on-year increase of 95.6% [1] - China Water Affairs (00855) achieved mid-term revenue of approximately 5.183 billion HKD, with a dividend of 0.13 HKD per share [1] - Zhonghui Group (00382) reported annual revenue of approximately 2.489 billion HKD, a year-on-year increase of 7.7% [1]

中国水务(00855.HK)公布，将于2026年6月18日派发中期股息每股13港仙。 本文源自：金融界AI电报 ...

中国水务(00855)公布，将于2026年6月18日派发中期股息每股13港仙。 ...

智通财经APP讯，中国水务(00855)公布，将于2026年6月18日派发中期股息每股13港仙。 ...

在产业结构方面，该集团将结合政府发行的超长期国债和专项债政策导向，积极推进轻资产发展策略， 实现轻重资产结合的业务发展路径，通过降低资本开支，优化财务杠杆水平，增强经营的灵活性和抗风 险能力，提高自由现金流创造能力，为股东分红和业务发展提供充足资金保障。 智通财经APP讯，中国水务(00855)公布截至2025年9月30日止6个月的中期业绩，收益约51.83亿港元， 公司拥有人应占溢利约5.71亿港元，每股基本盈利35.12港仙，每股中期股息13港仙。 ...

中国水务(00855)公布截至2025年9月30日止6个月的中期业绩，收益约51.83亿港元，公司拥有人应占溢 利约5.71亿港元，每股基本盈利35.12港仙，每股中期股息13港仙。 在产业结构方面，该集团将结合政府发行的超长期国债和专项债政策导向，积极推进轻资产发展策略， 实现轻重资产结合的业务发展路径，通过降低资本开支，优化财务杠杆水平，增强经营的灵活性和抗风 险能力，提高自由现金流创造能力，为股东分红和业务发展提供充足资金保障。 ...

回顾期间内，集团分占联营公司业绩整体减少，主要可归因于出售康达国际环保有限公司(「康达」， 其普通股于联交所主板上市)部分股权之一次性视作出售亏损。 集团优化发展策略，以加强对核心业务之项目管理。集团更加注重项目回报，并在资源分配上优先选择 可带来最佳回报之项目，导致建设业务量放缓及相关建设收益下降。于回顾期间内，「城市供水」、 「管道直饮水供应」及「环保」分部所带来的收益总额由48.979亿港元减少至43.664亿港元，换言的分 部收益录得10.9%的减少，主因是该期间「城市供水」及「管道直饮水供应」分部的安装及维护工程及 建设工程整体减少。 格隆汇11月28日丨中国水务(00855.HK)公布中期业绩，截至2025年9月30日止六个月，公司收益为 51.833亿港元，同比减少12.9%；公司股东应占期内盈利为5.713亿港元，同比减少24.4%；基本每股盈 利为35.12港仙，拟派中期息每股13港仙。 ...

EF001 免責聲明 | 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2025年9月30日止六個月之中期股息 | | 公告日期 | 2025年11月28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 | 2026年3月31日 | | 宣派股息的報告期末 | 2025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 ...

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。 （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） 截至二零二五年九月三十日止六個月 中期業績公佈 | 截至九月三十日止六個月之未經審核財務摘要 | | | | | | --- | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | 變動 | | | | 港幣百萬元 | 港幣百萬元 | % | | | | | | 附註(1) | | 收益 總計 | | 5,183.3 | 5,952.6 | (12.9) | | 管道直飲水供應經營及管道直飲水供應安裝 | | | | | | 及維護服務 | | 192.2 | 218.3 | (12.0) | | 管道直飲水供應建設服務 | | 52.9 | 132.9 | (60.2) | | 城市供水經營及城市供水安裝及維護服務 | | 2,357.5 | 2,503.3 | (5.8) | | 城市供水建設 ...