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。 ...

Core Viewpoint - China Water Affairs (00855.HK) reported a decline in mid-term performance for the six months ending September 30, 2025, with revenue decreasing by 12.9% to HKD 5.1833 billion and net profit attributable to shareholders down by 24.4% to HKD 571.3 million [1] Financial Performance - Revenue for the period was HKD 5.1833 billion, a decrease of 12.9% year-on-year [1] - Net profit attributable to shareholders was HKD 571.3 million, reflecting a 24.4% decline compared to the previous year [1] - Basic earnings per share were HKD 0.3512, with an interim dividend proposed at HKD 0.13 per share [1] Business Strategy and Operations - The company is optimizing its development strategy to enhance project management in core business areas [1] - There is a greater focus on project returns, leading to a slowdown in construction activities and a decline in related construction revenue [1] - Revenue from the segments of "Urban Water Supply," "Pipeline Drinking Water Supply," and "Environmental Protection" decreased from HKD 4.8979 billion to HKD 4.3664 billion, representing a 10.9% reduction [1] - The decline in revenue is primarily attributed to reduced installation, maintenance, and construction activities in the "Urban Water Supply" and "Pipeline Drinking Water Supply" segments [1] Joint Venture Performance - The group's share of joint venture performance decreased, mainly due to a one-time loss recognized from the sale of a portion of the equity in Kangda International Environmental Company [1]

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 ...

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]