兴泸水务(02281) - 2025 - 中期业绩

Financial Highlights For the six months ended June 30, 2025, operating revenue slightly decreased, but net profit and basic earnings per share increased, with no interim dividend recommended Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 615.4 | 617.0 | -0.3% | | Net Profit | 72.2 | 68.6 | +5.3% | | Net Profit Attributable to Owners of Parent Company | 70.9 | 63.3 | +12.0% | | Basic Earnings Per Share (RMB) | 0.08 | 0.07 | +14.3% | - The Board does not recommend the distribution of an interim dividend for the six months ended June 30, 2025[3] Unaudited Condensed Consolidated Interim Financial Information This section presents the Group's unaudited condensed consolidated interim financial statements, including the income statement and balance sheet Consolidated Income Statement For the six months ended June 30, 2025, the Group's total operating revenue slightly decreased, but operating profit and net profit increased due to cost control and reduced credit impairment losses, with net profit attributable to owners of the parent company growing significantly Key Data from Consolidated Income Statement (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 615,359 | 617,041 | -0.27% | | Total Operating Costs | 536,599 | 541,233 | -0.86% | | Operating Profit | 94,473 | 88,699 | +6.51% | | Total Profit | 95,103 | 89,672 | +6.06% | | Income Tax Expense | 22,860 | 21,075 | +8.47% | | Net Profit | 72,244 | 68,597 | +5.32% | | Net Profit Attributable to Owners of Parent Company | 70,856 | 63,289 | +11.96% | | Basic Earnings Per Share (RMB/share) | 0.08 | 0.07 | +14.29% | - Credit impairment losses decreased from RMB 20,187 thousand in 2024 to RMB 13,408 thousand in 2025, positively impacting profit growth[4] Consolidated Balance Sheet As of June 30, 2025, the Group's total assets slightly increased from the end of 2024, driven by higher cash and bank balances and accounts receivable, while total current liabilities significantly increased due to higher short-term borrowings and non-current liabilities due within one year Key Data from Consolidated Balance Sheet (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 7,285,140 | 7,188,076 | +1.35% | | Total Current Assets | 1,651,354 | 1,444,270 | +14.34% | | Total Non-current Assets | 5,633,785 | 5,743,806 | -1.92% | | Total Liabilities | 4,104,551 | 4,039,593 | +1.61% | | Total Current Liabilities | 1,816,882 | 1,521,227 | +19.44% | | Total Non-current Liabilities | 2,287,669 | 2,518,366 | -9.16% | | Total Shareholders' Equity | 3,180,589 | 3,148,483 | +1.02% | - Cash and bank balances increased by 41.78% from RMB 447,179 thousand at the end of 2024 to RMB 634,029 thousand as of June 30, 2025[6] - Short-term borrowings increased by 102.03% from RMB 119,374 thousand at the end of 2024 to RMB 241,162 thousand as of June 30, 2025[7] Notes to the Condensed Consolidated Interim Financial Statements This section provides detailed notes explaining the basis of preparation, accounting policies, and specific financial statement items Basis of Preparation and Principal Accounting Policies The Group's financial statements are prepared in accordance with Chinese Enterprise Accounting Standards, the Hong Kong Companies Ordinance, and Listing Rules, based on a going concern assumption and consistent with the accounting policies used for the 2024 consolidated financial statements - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance of the PRC, the Hong Kong Companies Ordinance, and relevant provisions of the Hong Kong Stock Exchange Listing Rules[9] - These financial statements are prepared on a going concern basis, and the accounting policies are consistent with those adopted for the consolidated financial statements for the year ended December 31, 2024[9][10] Revenue The Group's total revenue slightly decreased, with significant growth in wastewater treatment business revenue, a substantial reduction in engineering business revenue, and a decline in other income, all derived from China Breakdown of Revenue from Customer Contracts (For the six months ended June 30) | Service Type | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Water Supply Business | 188,648 | 188,391 | +0.14% | | Wastewater Treatment Business | 357,605 | 323,894 | +10.41% | | Engineering Business | 66,908 | 95,447 | -29.91% | | Other | 2,197 | 9,309 | -76.40% | | Total Revenue | 615,359 | 617,041 | -0.27% | - All of the Group's revenue is derived from China[11] Segment Information The Group primarily operates in two reportable segments: water supply and wastewater treatment, with the wastewater treatment segment showing growth in both revenue and profit, while the water supply segment's revenue declined and continued to incur losses, albeit at a reduced rate - The Group's primary reportable segments are the "Water Supply Segment" (including water supply and engineering services) and the "Wastewater Treatment Segment"[13][14] Revenue and Profit by Reportable Segment (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | Revenue Change (%) | 2025 Profit (RMB thousand) | 2024 Profit (RMB thousand) | Profit Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Water Supply | 255,556 | 283,838 | -10.0% | -30,525 | -30,572 | +0.15% | | Wastewater Treatment | 357,605 | 323,894 | +10.4% | 103,786 | 103,049 | +0.71% | | Other | 2,197 | 9,309 | -76.4% | -1,017 | -3,880 | +73.8% | | Total | 615,359 | 617,041 | -0.3% | 72,244 | 68,597 | +5.3% | Assets and Liabilities by Reportable Segment (As of June 30) | Segment | 2025 Assets (RMB thousand) | 2024 Assets (RMB thousand) | 2025 Liabilities (RMB thousand) | 2024 Liabilities (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Water Supply | 4,499,428 | 4,515,975 | 2,352,408 | 2,346,191 | | Wastewater Treatment | 3,511,415 | 3,310,196 | 1,835,919 | 1,687,320 | | Other |