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 ...

Financial Performance - Total revenue for the six months ended September 30, 2024, was HKD 5,952.6 million, a decrease of 13.0% compared to HKD 6,846.0 million in the same period last year[4]. - The segment profit from the direct drinking water supply decreased by 50.3% to HKD 166.6 million, down from HKD 335.3 million[4]. - The profit attributable to the owners of the company for the period was HKD 755.6 million, representing an 8.5% decline from HKD 825.9 million in the previous year[4]. - Basic earnings per share decreased to HKD 46.29 cents from HKD 50.60 cents, reflecting an 8.5% drop[4]. - The gross profit for the period was HKD 2,286.2 million, down from HKD 2,523.9 million, indicating a decline in profitability[7]. - The company reported a net profit of HKD 1,238.0 million, compared to HKD 1,377.8 million in the same period last year[11]. - Segment profit for the period was HKD 1,996,558,000, compared to HKD 2,172,721,000 in the previous year, reflecting a decline of approximately 8.1%[31]. - The company reported a net profit of HKD 1,238,001,000 for the current period, down from HKD 1,377,784,000 in the prior year[34]. - The company reported a total tax expense of HKD 399,240,000, slightly down from HKD 414,345,000 in the same period last year[40]. Revenue Breakdown - The city water supply segment generated revenue of HKD 1,724,342,000, up 6.81% from HKD 1,614,677,000 in the previous year[23]. - The city water construction service revenue decreased to HKD 1,619,811,000 from HKD 2,083,743,000 year-over-year[23]. - Revenue from the urban water supply segment decreased from HKD 4,210,000,000 to HKD 3,765,200,000, a reduction of 10.6%[51]. - Revenue from the pipeline drinking water supply segment decreased significantly by 64.3%, from HKD 1,027,400,000 to HKD 367,100,000[52]. - Environmental segment revenue increased by 20.1%, from HKD 637,400,000 to HKD 765,600,000[53]. - Total external customer revenue from the general contracting construction segment decreased by 18.1%, from HKD 517,500,000 to HKD 424,000,000[55]. - Property segment revenue increased from HKD 85,900,000 to HKD 252,700,000, while profit decreased by 15.8%[56]. Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 0.13 per share, unchanged from the previous year[4]. - The interim dividend declared was HKD 0.13 per share, consistent with the previous year's dividend[42]. - The company repurchased a total of 380,000 shares at a total cost of approximately HKD 1,918,000, with a maximum price per share of HKD 5.17 and a minimum price of HKD 4.90[75]. - The share repurchase was authorized by shareholders at the last annual general meeting[76]. Assets and Liabilities - Non-current assets increased to HKD 48,851.2 million from HKD 46,366.4 million, showing growth in asset base[13]. - Cash and cash equivalents decreased to HKD 4,689.8 million from HKD 4,804.8 million, indicating a reduction in liquidity[13]. - The total liabilities exceeded 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[20]. - The company reported unused loan facilities and offers amounting to approximately HKD 10,700,000,000 as of September 30, 2024, an increase from HKD 9,864,100,000 as of March 31, 2024[20]. - The net asset value increased to HKD 22,568,707,000 as of September 30, 2024, compared to HKD 21,452,542,000 as of March 31, 2024[23]. - The company’s total equity as of September 30, 2024, was HKD 22,568,707,000, reflecting an increase from HKD 21,452,542,000[23]. - The company’s total liabilities as of September 30, 2024, were HKD 21,882,209,000, compared to HKD 21,042,119,000 as of March 31, 2024[23]. - Trade receivables increased from HKD 2,135,973,000 to HKD 2,579,362,000, with a notable rise in amounts overdue for more than 180 days[10]. - Trade payables increased from HKD 6,849,362,000 to HKD 7,108,245,000, with a slight increase in amounts overdue for 91 to 180 days[45]. - The total outstanding borrowings amounted to HKD 25,620,800,000 as of September 30, 2024, an increase from HKD 24,850,300,000 as of March 31, 2024[63]. - 71.3% of the outstanding borrowings are at floating interest rates, while 28.7% are at fixed rates[63]. Strategic Focus and Future Plans - The company plans to continue seeking new debt financing and bank loans to support its operations[20]. - The group plans to optimize development strategies and reduce capital expenditures to enhance management and investment efficiency[60]. - The government has introduced a series of stimulus policies to stabilize the economy and expand domestic demand, which is expected to benefit the water supply sector[59]. - The group aims to provide upgraded drinking water services, transitioning from safe to healthy water quality, to meet public demand for high-quality living[59]. - The group is focused on sustainable development by combining light and heavy assets to create good returns for shareholders[60]. - The group has not utilized derivative financial instruments to hedge foreign currency risks, but closely monitors the foreign exchange market[68]. Audit and Reporting - The audit committee, composed of four independent non-executive directors, reviewed the accounting principles and practices adopted by the group and discussed internal controls and financial reporting matters[77]. - The interim results announcement has been published on the company's and the stock exchange's websites, with the interim report to be sent to shareholders at an appropriate time[79]. Other Information - The company has decided to suspend the proposed spin-off of its subsidiary, Silver Dragon Water Group, from the main board of the stock exchange[58]. - As of September 30, 2024, the group's cash and cash equivalents totaled approximately HKD 5,032,400,000, a decrease from HKD 5,550,200,000 as of March 31, 2024[62]. - The capital debt ratio as of September 30, 2024, was 66.0%, slightly down from 66.1% as of March 31, 2024[62].

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (855 HK) with a target price of HKD 6.10, reflecting a potential upside of 29.1% from the current price of HKD 4.73 [3][11]. Core Insights - The company has adjusted its development strategy following the suspension of its plan to spin off its water supply and pipeline drinking water businesses, focusing on strengthening operational management to reduce capital expenditures. This shift is expected to lead to a decline in non-cash construction revenue contributions from the water supply and pipeline drinking water segments [1]. - The company has initiated price adjustment applications for over 20 water supply projects, which represent about one-third of its total water supply capacity. The price adjustments are anticipated to start reflecting in FY26 [2]. - The reduction in cash outflows for investment activities during FY25-27, along with favorable financing conditions due to declining domestic and international interest rates, is expected to provide the company with more room to increase its dividend payout ratio [2]. Financial Summary - Revenue is projected to decline from HKD 12,859 million in FY24 to HKD 11,044 million in FY25, with a further decrease to HKD 10,991 million in FY26 and HKD 10,642 million in FY27, reflecting growth rates of 9.6%, -14.1%, -0.5%, and -3.2% respectively [5]. - Shareholder net profit is expected to decrease from HKD 1,534 million in FY24 to HKD 1,319 million in FY25, with slight recoveries to HKD 1,328 million in FY26 and HKD 1,307 million in FY27, showing growth rates of -17.4%, -14.0%, and 0.7% respectively [5]. - The earnings per share (EPS) is forecasted to be HKD 0.94 in FY25, HKD 0.81 in FY26, and HKD 0.80 in FY27 [5][6]. Adjustments to Forecasts - The report has revised down the forecasts for shareholder net profit by 16.6% for FY25 and 23.3% for FY26, while introducing a new forecast for FY27 [2][6]. - The target price has been adjusted from HKD 6.30 to HKD 6.10, reflecting the updated market conditions and risk assessments [2].

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。 本公佈僅供參考，並不構成收購、購買或認購股份或本公司其他證券之邀請或要約。 （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） 配售可交換債券 本公佈乃中國水務集團有限公司（「本公司」）自願作出，旨在向股東及潛在投資者 提供有關可交換債券之最新資料。 謹此提述本公司日期為二零二零年四月一日、二零二一年七月十二日及二零二三 年十二月四日之公佈（「該等公佈」），內容有關（其中包括）認購可交換債券以及修 訂可交換債券之條款。除文義另有所指外，本公佈所用詞彙與該等公佈所界定者 具有相同涵義。 本公司董事（「董事」）會（「董事會」）謹此宣佈，於二零二四年十一月八日（交易時 間後），全資附屬公司Sharp Profit（即可交換債券之持有人）與一名配售代理（「配 售代理」，其為根據香港法例第571章證券及期貨條例可從事第1類（證券交易）、 第4類（就證券提供意見）及第6類（就機構融資提供意見）受規管 ...

中國水務集團有限公司 主席 段傳良 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，本公司將於二零二四 年十一月二十九日（星期五）舉行董事會會議，以便商議（其中包括）批准本公司及 其附屬公司截至二零二四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）。 承董事會命 香港，二零二四年十一月七日 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，三名非執行董事，即李浩先生、王小沁小姐及劉玉杰小姐， 以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 ...

Investment Rating - The report maintains a rating of "Buy" for China Water Affairs (0855) [2][5]. Core Insights - The company's performance in FY2024 is impacted by a decline in installation, maintenance, and construction businesses, while the pipeline drinking water business is experiencing rapid growth [3][5]. - Revenue for FY2024 is projected at HKD 12.86 billion, a decrease of 9% year-on-year, with net profit expected to be HKD 1.53 billion, down 17% year-on-year [5][6]. - The dual-driven strategy of water supply and pipeline drinking water continues to progress, with the decline in profits primarily due to reduced installation and maintenance projects in urban water supply and environmental protection businesses, as well as the depreciation of the RMB [5]. Financial Summary - For FY2024, the company achieved revenue of HKD 12.86 billion, a year-on-year decline of 9%, and a net profit of HKD 1.53 billion, down 17% [5][6]. - The urban water supply segment generated revenue of HKD 8.28 billion, a decrease of 5%, with segment profit down 12% to HKD 2.49 billion [5]. - The environmental protection business saw revenue drop by 24% to HKD 1.07 billion, with segment profit also down by 24% to HKD 0.35 billion [5]. - The total construction business revenue fell by 31% to HKD 0.83 billion, with segment profit down 23% to HKD 0.61 billion [5]. - The pipeline drinking water business, however, reported a revenue increase of 31% to HKD 1.72 billion, with segment profit rising 17% to HKD 0.59 billion [5]. Future Projections - The net profit forecasts for FY2025, FY2026, and FY2027 have been adjusted to HKD 1.63 billion (previously HKD 1.97 billion), HKD 1.71 billion (previously HKD 2.06 billion), and HKD 1.80 billion respectively [5]. - Corresponding EPS for these years are projected at HKD 1.00, HKD 1.05, and HKD 1.10 [5]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of HKD 2.78 billion, indicating a healthy cash flow situation [5]. - For FY2024, the total dividend payout is set at HKD 0.28 per share, maintaining a dividend payout ratio of 30% consistent with previous years [5].