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 ...

Core Viewpoint - China Water Affairs Group Limited has signed a financing agreement with the Asian Development Bank to receive a loan of USD 100 million to support an integrated sewage treatment and pipeline rehabilitation project in Hunan Province [1][5]. Group 1: Financing and Partnership - The financing agreement was signed on November 24, 2025, marking a continuation of the partnership that began in 2011, with a total of USD 800 million in loans provided by ADB over four agreements [1][6]. - The funds will primarily be used to improve urban water supply conditions, increase coverage, and promote wastewater treatment and integrated water supply and drainage projects [6]. Group 2: Project Focus and Objectives - The project addresses existing issues in the sewage treatment system in Ningxiang City, focusing on the aging infrastructure in medium and low-tier cities [5]. - Key components include the construction of a smart sewage treatment plant, the promotion of rainwater and sewage diversion system renovations, and the introduction of smart technologies to enhance treatment efficiency and water quality [5]. - The project aims to improve pipeline leakage issues and promote workplace gender equality [5]. Group 3: Future Outlook and Strategic Focus - The company plans to continue its commitment to the principle of "water as the foundation, benefiting society," focusing on the main track of "quality-based water supply" [6]. - Through technological upgrades and continuous optimization of smart water systems, the company aims to elevate water quality from "safe water" to "healthy water," solidifying its industry-leading position and creating long-term value for society and returns for shareholders [6].

Core Viewpoint - The company is a leading player in the water supply industry in China, with a stable development in its main water supply business and a first-mover advantage in pipeline drinking water [1] Group 1: Company Overview - The company serves over 30 million people in urban water supply and approximately 12 million in pipeline drinking water as of FY2025 [1] - The revenue structure includes urban water supply (64.3%), environmental protection (13.1%), general contracting (5.7%), pipeline drinking water (5.6%), property development and investment (3.1%), and other segments (8.2%) [1] - The company has no controlling shareholder, with a diversified and balanced ownership structure, including major shareholders such as the chairman Duan Chuanliang (27.4%), Orix (27.3%), and Great Wall Life Insurance [1] Group 2: Financial Highlights - The company has passed its peak capital expenditure phase, with FY2024 capital expenditure at HKD 5.14 billion, decreasing to HKD 3.24 billion in FY2025, leading to a positive free cash flow of HKD 150 million [1] - The capital expenditure is expected to be capped at HKD 2 billion in FY2026, indicating a clear turning point for capital expenditure and potential for increasing free cash flow and dividends [1] Group 3: Industry Insights - The water supply and sewage treatment sectors are experiencing stable growth, with municipal public facility investments showing signs of recovery due to national equipment renewal policies [2] - The projected CAGR for water supply and sewage treatment from 2025 to 2027 is 0.37% and 1.2%, respectively [2] - The company’s operational capacity as of FY2025 includes water supply (730,000 tons/day), sewage (90,000 tons/day), and raw water (189,000 tons/day), with ongoing construction capacities showing limited growth [2] Group 4: Drinking Water Segment - The company has made strategic acquisitions in the pipeline drinking water sector, which are expected to stabilize profitability despite a decline in connection and construction business [3] - Forecasted net profit for FY2026-2028 is HKD 1.25 billion, HKD 1.28 billion, and HKD 1.31 billion, with year-on-year growth rates of 16.5%, 2.2%, and 2.4% respectively [3] - Assuming a dividend payout ratio of 42.53% for FY2026-2028, the corresponding dividend yields are projected to be 5.3%, 5.4%, and 5.5% [3]

Core Insights - The report titled "2026-2032 China Water Engineering Industry Development Potential Forecast and Investment Strategy Consulting Report" aims to provide insights into the development trends and potential investment opportunities in the water engineering industry in China [1][20] - The water engineering sector encompasses two main areas: water resource development and utilization, and water environment protection and disaster prevention [1][5] Industry Overview - The water engineering industry in China is facing challenges such as rising costs related to network maintenance, water quality improvement, and ecological protection, leading to many water companies experiencing "cost inversion" [2] - The total water supply in China is projected to be approximately 592.8 billion cubic meters in 2024 [2][9] - The industry is characterized by strong local monopolies, insufficient scale, single property rights structure, and low industry concentration [2] Market Dynamics - The sales revenue of the water engineering industry in China is expected to reach approximately 489.16 billion yuan in 2024, driven by initiatives like rural drinking water safety enhancement and stricter wastewater treatment standards [2][12] - The application of technologies such as IoT, big data, and artificial intelligence is becoming increasingly prevalent in the water engineering sector, enhancing operational efficiency and service quality [2][12] Key Players - Major companies in the water engineering industry include Chongqing Water, Xingrong Environment, Greentown Water, and Jiangnan Water [2] - Chongqing Water has a daily water supply capacity of 3.2715 million cubic meters and a wastewater treatment capacity of 4.71595 million cubic meters, with a reported revenue of 3.518 billion yuan in the first half of 2025 [2][15] Report Structure - The report includes various sections such as analysis of the current state of the water industry, development status of sub-sectors, project financing and operation models, and regional project conditions [4][20]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment [12]. Core Insights - The company is a leading player in the water supply industry, with steady growth in its core water supply business and a first-mover advantage in pipeline drinking water [4][7]. - By FY2025, the company's urban water supply business will serve over 30 million people, while its pipeline drinking water business will serve approximately 12 million [4][7]. - The company has reached a turning point in free cash flow, with expectations for increased dividends in the future [4][11]. Summary by Sections Company Overview - The company operates primarily in urban water supply and pipeline drinking water, with a diversified revenue structure [19][21]. - As of FY2025, the revenue breakdown includes urban water supply (64.3%), environmental protection (13.1%), and other segments [24]. Financial Highlights - The company’s capital expenditure peaked at HKD 51.4 billion in FY2024, decreasing to HKD 32.4 billion in FY2025, leading to a positive free cash flow of HKD 1.50 billion [8][32]. - The dividend payout ratio for FY2025 is projected to be 42.53%, with potential for future increases as free cash flow improves [32]. Water Sector Analysis - The urban water supply and sewage treatment sectors are experiencing stable growth, with a projected CAGR of 0.37% for water supply and 1.2% for sewage treatment from 2025 to 2027 [9][40]. - The company’s operational capacity as of FY2025 includes 730,000 tons/day for water supply and 90,000 tons/day for sewage treatment, with ongoing projects across various provinces [47][49]. Strategic Positioning - The company primarily operates under the Transfer-Own-Operate (TOO) model, which enhances its asset value compared to other models [51]. - The company is expected to benefit from the current round of price adjustments in the water supply sector, with recent increases in basic water prices averaging 21.3% [52].

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

Core Viewpoint - China Water Affairs (00855.HK) announced that it will hold a board meeting on November 28, 2025, to discuss and approve the interim results for the six months ending September 30, 2025, and to consider the payment of an interim dividend, if any [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for November 28, 2025 [1] - The meeting will focus on approving the interim results for the six months ending September 30, 2025 [1] - The company will also consider the payment of an interim dividend [1]

（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） 董事會召開日期 中國水務集團有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零二五 年十一月二十八日（星期五）舉行董事會會議，以便商議（其中包括）批准本公司及 其附屬公司截至二零二五年九月三十日止六個月之中期業績及公佈，以及考慮派 付中期股息（如有）。 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。 主席 段傳良 香港，二零二五年十一月十一日 於本公佈日期，董事會包括四位執行董事，即段傳良先生、丁斌小姐、李中先生 及段林楠先生，四位非執行董事，即李浩先生、白力先生、許研先生及王小沁小姐， 以及四位獨立非執行董事，即周錦榮先生、邵梓銘先生、何萍小姐及肖喆先生。 * 僅供識別 承董事會命 中國水務集團有限公司 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

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 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/註冊股本總額： HKD 200,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年10月31日 狀態: ...