Core Viewpoint - Dongwu Securities reports that Yuehai Investment's water business shows stable performance, improved liabilities after divesting Yuehai Land, stable dividend ratio, and strong cash flow certainty. The firm raises its forecast for net profit attributable to shareholders for 2025-2027, reflecting better-than-expected cost reductions and efficiency improvements, maintaining a "Buy" rating [1]. Financial Performance - For Q1-Q3 2025, the company's revenue from continuing operations reached HKD 14.281 billion, a year-on-year increase of 1.3%, with comprehensive profit attributable to shareholders at HKD 4.067 billion, up 13.2% year-on-year [2][3]. - The net profit attributable to shareholders grew by 13.2%, while financial expenses decreased by 52.9% [3]. Water Resource Business - The Dongshen water supply project reported revenue growth of 1.6% to HKD 5.242 billion for Q1-Q3 2025, with revenue from Hong Kong supply increasing by 2.6% to HKD 4.303 billion [4]. - The total water supply volume reached 16.70 million tons, up 1.5%, with tax profit contribution from the Dongshen project at HKD 3.596 billion, a 3.9% increase [4]. Property and Other Segments - The property segment, including Yuehai Tianhe City, saw a tax profit increase of 11.3% to HKD 0.767 billion, with revenue from the property investment segment at HKD 1.262 billion, up 4.8% [4]. - The department store segment reported a revenue decline of 45.6% to HKD 0.317 billion, but tax profit increased by 37.3% to HKD 0.064 billion [4]. - The hotel segment's revenue grew by 57.8% to HKD 0.505 billion, while tax profit decreased by 20.3% to HKD 0.069 billion [4].