Group 1 - The company reported a revenue of HKD 11.657 billion and a profit attributable to shareholders of HKD 1.075 billion for the fiscal year ending March 31, 2025, with a basic earnings per share of HKD 0.66 and a proposed final dividend of HKD 0.15 per share [1] - The company is benefiting from a low inflation environment and the acceleration of market-oriented water price adjustments, with cities like Guangzhou and Shenzhen recently implementing water price reform, which is expected to catalyze price increases in other cities [1] - The overall resilience of the water industry is highlighted, with a gradual improvement in profitability and a trend of declining financing costs due to interest rate cuts and reserve requirement ratio reductions [1] Group 2 - The company aims to adhere to its mission of "water as the foundation, benefiting society" by leveraging policy dividends and technological innovations to promote a sustainable development model that combines light and heavy assets [2] - The focus will be on the main track of "quality differentiated water supply," enhancing the synergy between water supply and direct drinking water businesses, and upgrading technology and services to transition from "safe water" to "healthy water" [2] - The company plans to seize opportunities for green and low-carbon transformation, expand the coverage of direct drinking water projects, and create differentiated competitive advantages to foster sustainable growth and meet public demand [2]

（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） 2.1 提名委員會成員（「成員」）由董事會委任，須由不少於三(3)名成員組成。 3. 責任 提名委員會之職能為向董事會就董事委任提出建議，以確保所有提名均在公 平及具透明度的情況下進行。 4. 職權 提名委員會獲董事會授權，對其職權範圍內之任何活動進行調查，本公司全 體僱員亦獲指示要與提名委員會成員合作，以便調查。提名委員會獲董事會 授權，如有需要可尋求法律或其他獨立專業意見，以協助提名委員會，費用 由本公司支付。並可獲本公司提供充足資源，以履行其職責。 * 僅供識別 1 提名委員會職權範圍 1. 組成 本公司董事會（「董事會」）成立及任命一個提名委員會（「提名委員會」），其 職權、責任及具體職責詳述如下。 2. 成員 (a) 至少每年檢討董事會的架構、人數及成員多元化（包括但不限於性別、 年齡、文化及教育背景、種族、專業經驗、技能、知識及服務任期方面）; 協助董事會編製董事會技能表，並就任何為配合本公司的企業策略而 擬對董事會作出的變動提出建議； (b) 物色具備合適資格可擔任董事的人士，並挑選提名有關人士出任董事 或就此向董事會提供意見 ...

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3月31日止年度的末期股息 | | 公告日期 | 2025年6月30日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 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 | 2025年3月31日 | | 宣派股息 | 每 股 0.15 HKD | | 股東批准日期 | 2025年9月19日 | | 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 0.15 HKD | | 匯率 | 1 HKD : 1 HKD | | 除淨 ...

[Financial Highlights](index=1&type=section&id=financial_highlights) [Financial Summary](index=1&type=section&id=financial_summary) The Group's total revenue decreased by 9.4% to HKD 11.66 billion, primarily due to declines in construction services, resulting in a 29.9% drop in net profit attributable to owners of the company to HKD 1.07 billion Financial Summary | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | **11,655.6 Million HKD** | **12,858.5 Million HKD** | **(9.4)** | | - Piped Drinking Water Supply and Construction Services | 219.8 Million HKD | 1,274.6 Million HKD | (82.8) | | - Urban Water Supply and Construction Services | 2,832.8 Million HKD | 3,927.6 Million HKD | (27.9) | | - Wastewater Treatment and Drainage Operation Services | 641.4 Million HKD | 377.4 Million HKD | 69.9 | | **Segment Profit** | | | | | - Piped Drinking Water Supply | 243.2 Million HKD | 591.7 Million HKD | (58.9) | | - Environmental Protection | 555.8 Million HKD | 354.2 Million HKD | 56.9 | | **Profit Attributable to Owners of the Company for the Year** | **1,074.7 Million HKD** | **1,533.5 Million HKD** | **(29.9)** | | **Earnings Per Share - Basic** | **0.66 HKD** | **0.94 HKD** | **(29.8)** | | **Final Dividend Per Share** | **15 HK cents** | **15 HK cents** | **–** | [Consolidated Financial Statements](index=2&type=section&id=consolidated_financial_statements) [Consolidated Statement of Profit or Loss](index=2&type=section&id=income_statement) Revenue decreased by 9.4% to HKD 11.66 billion, with gross profit down 7.8% and operating profit declining 12.9% due to a significant increase in expected credit losses, leading to a 29.9% drop in net profit attributable to owners of the company Consolidated Statement of Profit or Loss | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 11,655,565 | 12,858,515 | -9.4% | | Gross Profit | 4,404,978 | 4,775,964 | -7.8% | | Profit from Operations | 3,527,513 | 4,050,171 | -12.9% | | Profit Before Income Tax | 2,750,145 | 3,369,658 | -18.4% | | Profit Attributable to Owners of the Company | 1,074,663 | 1,533,543 | -29.9% | | Basic Earnings Per Share | 0.66 HKD | 0.94 HKD | -29.8% | - The expected credit loss provision significantly increased to **HKD 498 million** this year, compared to only **HKD 10 million** in the prior year, significantly impacting operating profit[3](index=3&type=chunk) [Consolidated Statement of Financial Position](index=5&type=section&id=balance_sheet) As of March 31, 2025, total assets reached HKD 65.89 billion and net assets HKD 21.87 billion, with notable net current liabilities of HKD 3.79 billion indicating short-term liquidity pressure Consolidated Statement of Financial Position | Item | March 31, 2025 (HKD Thousands) | March 31, 2024 (HKD Thousands) | | :--- | :--- | :--- | | **Total Assets** | **65,891,643** | **63,242,070** | | Non-current Assets | 48,271,896 | 46,366,408 | | Current Assets | 17,619,747 | 16,875,662 | | **Total Liabilities** | **44,018,957** | **41,789,528** | | Current Liabilities | 21,409,424 | 20,747,409 | | Non-current Liabilities | 22,609,533 | 21,042,119 | | **Net Current Liabilities** | **(3,789,677)** | **(3,871,747)** | | **Net Assets** | **21,872,686** | **21,452,542** | - The Group faces net current liabilities of approximately **HKD 3.79 billion**, indicating short-term liabilities exceed short-term assets and posing liquidity risk, which management addresses through strategic investments, new financing, and enhanced collection management[8](index=8&type=chunk) [Summary of Notes to Financial Statements](index=7&type=section&id=notes_to_financials) Financial statements are prepared on a going concern basis, supported by strategic investments and financing, with revenue primarily from urban water supply and construction services across five identified segments in China - To address liquidity pressure, the company secured an equity investment of **RMB 1.5 billion** from Taikang Asset, with **RMB 1.3 billion** received in May 2025 for debt repayment and working capital replenishment[8](index=8&type=chunk)[34](index=34&type=chunk) - As of March 31, 2025, the Group held approximately **HKD 2.71 billion** in undrawn committed bank facilities, secured credit facility letters of intent for approximately **HKD 8.14 billion** from multiple banks, and obtained approval to issue **RMB 3 billion** in Panda Bonds[9](index=9&type=chunk) - The Group has identified five principal operating segments: Urban Water Supply, Piped Drinking Water Supply, Environmental Protection, General Contracting, and Property Development and Investment[20](index=20&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=management_discussion_and_analysis) [Business Review and Segment Performance](index=20&type=section&id=business_review) Total revenue decreased by 9.4% due to strategic optimization and reduced lower-return construction projects, while environmental business showed strong growth, offsetting declines in piped drinking water and stable urban water supply profits - The Group proactively optimized its development strategy, focusing on project returns and prioritizing resource allocation to high-return projects, leading to a slowdown in construction business volume and a decrease in related construction revenue[39](index=39&type=chunk) Business Segment Performance | Business Segment | Revenue (Million HKD) | Y-o-Y Change | Profit (Million HKD) | Y-o-Y Change | Summary | | :--- | :--- | :--- | :--- | :--- | :--- | | Urban Water Supply | 7,498.1 | -9.4% | 2,492.9 | +0.1% | Reduced construction projects, but effective cost control maintained stable profit | | Piped Drinking Water Supply | 656.8 | -61.9% | 243.2 | -58.9% | Overall significant decrease in installation and construction projects | | Environmental Protection | 1,523.5 | +42.2% | 555.8 | +56.9% | New wastewater treatment projects led to increased operating service revenue | | General Contracting | 664.4 | -19.7% | 553.6 | -9.3% | Reduced construction projects for water supply | | Property | 361.3 | +74.1% | 47.8 | +16.5% | Benefited from fair value gains on investment properties, partially offset by property write-downs and declining profit margins | [Liquidity and Financial Resources](index=23&type=section&id=liquidity_and_financial_resources) Despite net current liabilities of HKD 3.79 billion, the Group maintains strong liquidity with HKD 5.45 billion in cash and deposits, a 66.6% gearing ratio, and HKD 13.35 billion in undrawn facilities Liquidity and Financial Resources | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Cash and Deposits | Approx. 5.45 Billion HKD | Approx. 5.55 Billion HKD | | Gearing Ratio | 66.6% | 66.1% | | Net Current Liabilities | 3.79 Billion HKD | 3.87 Billion HKD | | Total Outstanding Borrowings | 25.19 Billion HKD | 24.85 Billion HKD | | Total Undrawn Facilities | 13.35 Billion HKD | 9.86 Billion HKD | - The Group is improving its debt structure by refinancing short-term loans into long-term loans and actively expanding financing channels to gradually enhance its liquidity position[51](index=51&type=chunk) [Future Outlook](index=22&type=section&id=future_outlook) The Group is optimistic about the water industry, anticipating benefits from national policies and water price reforms, while focusing on 'differentiated water supply' and technological innovation to enhance quality and consolidate leadership - The company believes that the initiation of water price adjustment procedures in many parts of the country, especially the implementation of water price reform plans in Guangzhou and Shenzhen, will catalyze profit improvement in the water industry[47](index=47&type=chunk) - The core strategy is to deeply cultivate the 'differentiated water supply' main track, strengthen the synergistic development of water supply and direct drinking water as dual core businesses, and promote a quality leap from 'safe water' to 'healthy water' through technological upgrades[48](index=48&type=chunk) - In January 2025, the company successfully issued **RMB 1 billion** in secured blue-green bonds, used for repaying offshore debt and supporting projects under the blue-green financing framework[46](index=46&type=chunk) [Corporate Actions and Corporate Governance](index=19&type=section&id=corporate_actions_and_governance) The company proposes a final dividend of HKD 0.15 per share, repurchased 4.774 million shares, and largely complied with corporate governance codes, though some deviations exist regarding Chairman and CEO roles - The Board recommends a final dividend of **HKD 0.15** per share, consistent with the prior year, demonstrating confidence in the company's future development[36](index=36&type=chunk) - For the year ended March 31, 2025, the company repurchased **4,774,000** shares on the Stock Exchange for a total consideration of approximately **HKD 27.515 million**, holding the repurchased shares as treasury stock[52](index=52&type=chunk) - The company has deviations from corporate governance code provisions, including the Chairman also serving as Chief Executive Officer and the Chairman not being subject to retirement by rotation[57](index=57&type=chunk)[58](index=58&type=chunk)

（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） 更改董事會會議日期 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。 於本公佈日期，董事會包括四名執行董事，即段傳良先生、丁斌小姐、李中先生 及段林楠先生；四名非執行董事，即李浩先生、白力先生、王小沁小姐及劉玉杰 小姐；及四名獨立非執行董事，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 主席 段傳良 香港，二零二五年六月二十七日 茲提述中國水務集團有限公司（「本公司」）日期為二零二五年六月六日之公佈，內 容有關本公司董事會（「董事會」）謹定於二零二五年六月二十七日（星期五）舉行董 事會會議，以考慮及批准本公司及其附屬公司截至二零二五年三月三十一日止年 度之全年業績（「二零二五年財政年度全年業績」）公佈及其刊發，並考慮建議派發 末期股息（如有），以及處理任何其他事項。 由於需要更多時間完成二零二五年財政年度全年業績之內容，董事會茲宣佈董事 ...

董事會召開日期 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） 香港，二零二五年六月六日 於本公佈日期，董事會包括四名執行董事，即段傳良先生、丁斌小姐、李中先生 及段林楠先生；四名非執行董事，即李浩先生、白力先生、王小沁小姐及 劉玉杰小姐；及四名獨立非執行董事，即周錦榮先生、邵梓銘先生、何萍小姐及 肖喆先生。 * 僅供識別 中國水務集團有限公司（「本公司」）之董事會（「董事會」）茲通告謹定於二零二五年 六月二十七日（星期五）舉行董事會會議，以考慮及批准本公司及其附屬公司截至 二零二五年三月三十一日止年度之全年業績公佈，並考慮及建議派發末期股息（如 有），以及處理其他事項。 承董事會命 中國水務集團有限公司 主席 段傳良 ...

Group 1: Bond ETF Market - The bond ETF market has seen significant growth, with over 40 billion yuan in net inflows in May alone, reaching a new high in total scale [1] - On May 30, 10 out of the top 12 ETF products by trading volume were bond ETFs, indicating strong market participation [1] - Nine bond ETFs have been approved for use as collateral in general pledge-style repurchase agreements, which may accelerate the expansion of the bond ETF market [1] Group 2: Public Fund Issuance - In May, bond funds dominated the public fund issuance market with a 55.07% issuance ratio, while equity products faced uneven demand [1] - The issuance of ETFs has declined for four consecutive months, raising only 11.068 billion units in May [1] - The market reflects a struggle between stability and change, with bond funds providing a safety net while equity products seek growth in niche segments [1] Group 3: Private Equity and ETF Investment - Private equity firms have shown strong interest in newly listed ETFs, with 104 firms holding a total of 1.783 billion shares in 97 ETFs [2] - The preferred themes for private equity investments are technology innovation and free cash flow [2] Group 4: Insurance Companies' Stock Purchases - As of the end of May, seven insurance companies have made 15 stock purchases this year, surpassing the total for 2023 and the first nine months of 2024 [2] - The majority of these purchases have been in bank stocks, with additional investments in public utilities, energy, and transportation sectors [2] Group 5: Corporate Developments - 28 companies have successfully removed their ST (Special Treatment) status this year, primarily through financial improvements, internal control repairs, and bankruptcy restructuring [3] - The airline industry is expected to see improved profitability due to falling oil prices and recovering demand, with a projected net profit margin of 3.7% for 2025 [3] - Domestic new energy vehicle manufacturers reported significant sales growth in May, with several companies achieving monthly sales exceeding 40,000 units, driven by extended-range vehicles [4] Group 6: Tesla's Sales Decline - Tesla's sales in France plummeted by 67% in May, marking the lowest sales level in nearly three years, despite the launch of a new version of its Model Y [6]

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的任何損失承擔任何責任。 主席 段傳良 （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） 更改香港股份過戶登記分處 中國水務集團有限公司（「本公司」）董事會宣佈自二零二五年五月三十日起，本公 司之香港股份過戶登記分處將更改為：– 卓佳證券登記有限公司 香港夏愨道16號 遠東金融中心17樓 電話：(852) 2980 1333 傳真：(852) 2810 8185 由二零二五年五月三十日起，有關本公司之股份過戶及登記手續將由卓佳證券登 記有限公司辦理。於二零二五年五月二十九日下午四時三十分後仍未領取之股票， 可於二零二五年五月三十日起從卓佳證券登記有限公司領取。 承董事會命 中國水務集團有限公司 * 僅供識別 香港，二零二五年五月二十二日 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、王小沁小姐及劉玉杰 小姐，以及四位獨立非執行董事，即 ...

須予披露交易 有關泰康資產作出股權投資的視作出售事項首期完成 本公司的財務顧問 謹此提述本公司日期為二零二五年三月二十一日有關泰康資產對目標公司作出股 權投資的公佈（「該公佈」）。除另有界定外，本公佈所用詞彙與該公佈所界定者具 有相同涵義。 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） 董事會欣然宣佈，所有首期完成先決條件均已達成，首期完成已根據股權投資協 議於二零二五年五月十五日作實。於首期完成後，本公司（透過銀龍）及泰康資產 分別持有目標公司約83.95%及16.05%股權。 本公司將於適當時候就二期完成作出進一步公佈。 1 * 僅供識別 2 由於二期完成須待股權投資協議所載若干先決條件達成或獲豁免後方可作實，二 期完成可能會或可能不會作實。本公司股東及潛在投資者於買賣本公司證券時， 務請審慎行事。 承董事會命 中國水務集團有限公司 主席 段傳良 香港，二零二五年五月十五日 於 ...

Core Viewpoint - The water price reform plan in Guangzhou will take effect on June 1, 2025, addressing the long-standing cost pressures faced by local water supply companies and potentially catalyzing similar reforms in other cities [1][2] Summary by Sections Water Price Adjustment Details - The new pricing scheme will increase residential water prices to 2.55, 3.82, and 7.65 CNY per ton for the first, second, and third tiers, representing increases of 29%, 29%, and 93% respectively compared to the current rates [2] - Non-residential water prices will rise to 4.40 CNY per ton, reflecting a 27% increase [2] Financial Performance of Water Supply Companies - Guangzhou's water supply companies have faced continuous losses, with profits dropping from 333 million CNY in 2017 to a loss of 334 million CNY in 2023, excluding other income [2] - The current water pricing has not changed for over 12 years, leading to a ranking of 28th among 36 major cities in terms of residential water prices [2] Cost Transmission Mechanism - The lack of a smooth cost transmission mechanism is identified as a core reason for the declining profitability of Guangzhou's water supply companies [3] - The implementation of new management measures in 2021 aims to enhance the market-oriented nature of water pricing and establish a regulatory cycle for pricing adjustments every three years [3] Historical Context and Future Implications - Historical data indicates that price adjustments in major cities can catalyze reforms in other regions, with recent adjustments in cities like Shanghai, Nanjing, and Shenzhen [4] - As of April 2025, 39 cities have adjusted their water prices since the new management measures were introduced, indicating a trend towards improving the long-term returns of the water supply industry [4] Investment Recommendations - The ongoing improvements in water pricing policies and mechanisms are expected to benefit water utility assets significantly, with recommendations for companies such as China Water Affairs, Yuehai Investment, and others [5]