中国水务(00855) - 2025 - 年度业绩

Financial Highlights 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 Consolidated Statement of Profit or Loss 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] Consolidated Statement of Financial Position 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] Summary of Notes to Financial Statements 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][34] - 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] - 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] Management Discussion and Analysis Business Review and Segment Performance 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] 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 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] 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] - 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] - 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] Corporate Actions and Corporate 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] - 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] - 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][58]