Core Viewpoint The company has developed an action plan titled "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" to align with national policies and enhance its operational quality and investment value, particularly for small and medium-sized investors. Group 1: Strategic Focus and Business Optimization - The company aims to integrate its development into national and regional strategies, optimizing its strategic layout to strengthen long-term growth foundations [1] - It plans to focus on its core business areas, particularly in water services and new energy, while exploring new growth curves through innovative business models and capital operations [1][2] - The company is committed to enhancing its operational efficiency through technology-driven services and exploring asset-light operational models [2] Group 2: Innovation and Development - The company emphasizes technological innovation as a key driver for new productive forces, increasing R&D investment and establishing a collaborative innovation system [2] - It aims to leverage AI and big data to enhance operational management and customer service efficiency, while also focusing on green technology to improve its service capabilities [2] - The company is committed to expanding its business chain through technology, particularly in high-value utilization of water resources and waste management [2] Group 3: Governance and Compliance - The company is enhancing its governance structure in accordance with relevant laws and regulations, ensuring clear responsibilities and effective decision-making mechanisms [3][4] - It is focused on improving internal control and compliance mechanisms to manage risks related to fund usage and related transactions [4] - The company integrates ESG principles into its management system, promoting sustainable development and improving ESG information disclosure [4] Group 4: Shareholder Returns - The company has established a profit distribution plan for 2024, proposing a cash dividend of 1.70 yuan per 10 shares, totaling approximately 266.97 million yuan, which represents 33.07% of the distributable profits [5] - It aims to enhance the predictability of cash dividends and prioritize cash distribution methods based on profitability and operational needs [5] Group 5: Management of Key Personnel - The company emphasizes the role of key personnel in governance, implementing a performance-based management system that aligns with market development and company sustainability [6] - It is enhancing the capabilities of its key personnel through targeted training and compliance awareness initiatives [6] Group 6: Investor Communication - The company is committed to building a multi-dimensional investor communication system to understand and respond to investor needs and concerns [7] - It regularly conducts performance exchanges after financial reports and engages in timely communication regarding significant events [7]

Group 1 - The company Zhonghuan Environmental Protection (SZ 300692) announced that its fourth board meeting will be held on December 10, 2025, to discuss the proposal for the third extraordinary general meeting of shareholders in 2025 [1] - For the year 2024, the company's revenue composition is as follows: water treatment industry accounts for 50.27%, environmental comprehensive governance business for 30.75%, engineering construction industry for 18.93%, and other businesses for 0.05% [1] - As of the report date, the market capitalization of Zhonghuan Environmental Protection is 4.1 billion yuan [1] Group 2 - The price of Feitian Moutai has dropped by 43% over the past two years, raising concerns about the sustainability of profits for distributors [1]

Group 1 - The core viewpoint of the article is that 科净源 (SZ 301372) held its 23rd meeting of the 5th board of directors on December 5, 2025, to discuss the reappointment of the auditing firm for the fiscal year 2025 [1] - For the fiscal year 2024, the revenue composition of 科净源 is reported to be 98.92% from the water treatment industry and 1.08% from other businesses [1] - As of the report date, the market capitalization of 科净源 is 1.8 billion yuan [1]

Financial Data and Key Metrics Changes - Delek Logistics Partners reported approximately $136 million in quarterly adjusted EBITDA, an increase from $107 million in the same period last year [3][10] - The full-year EBITDA midpoint guidance has been raised to the upper end of the range, now expected between $500 million and $520 million [3][12] - Distributable cash flow, as adjusted, totaled $74 million, with a DCF coverage ratio of approximately 1.24 times [10] Business Line Data and Key Metrics Changes - For the gathering and processing segment, adjusted EBITDA for the quarter was $83 million compared to $55 million in the third quarter of 2024, primarily due to the acquisition of H2O and Gravity [10] - Wholesale marketing and terminaling adjusted EBITDA was $21 million, down from $25 million in the prior year, mainly due to last summer's amend and extend agreements [10] - Storage and transportation adjusted EBITDA remained stable at $19 million compared to the same quarter last year [11] - Investments in the pipeline joint venture segment contributed $22 million this quarter, up from $16 million in the third quarter of 2024 [11] Market Data and Key Metrics Changes - The company noted strong operations in crude and water gathering segments, with record volumes for DDG [4][7] - The competitive position in both Midland and Delaware Basins is increasing due to two water acquisitions and increasing dedication [4] Company Strategy and Development Direction - The company aims to become a strong, independent, full-suite midstream service provider, focusing on prudent management of leverage and coverage while seizing growth opportunities [4][5] - The commissioning of the new Libby 2 plant is a key initiative, enhancing the company's capabilities in acid gas injection and sour gas handling [3][6] - The company plans to optimize synergies and realize associated EBITDA uplift from recent acquisitions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory and the ability to fill the Libby 2 plant to capacity, indicating a need for earlier expansion due to market demand for sour gas solutions [18] - The company remains focused on achieving long-term leverage and coverage targets while maintaining a strong financial position with approximately $1 billion of availability on credit facilities [9] Other Important Information - The Board of Directors approved a 51st consecutive increase in the quarterly distribution to $1.12 per unit [4] - Capital expenditures for the third quarter were approximately $50 million, with $44 million allocated to growth capex [11] Q&A Session Summary Question: Inquiry about producers' increasing activity on acreage ahead of Libby 2 - Management noted that while crude and water operations are strong, there has not been a material change in drilling activity, but synergies between different streams are increasing [15][17] Question: Follow-up on CapEx and 2026 trends - Management indicated that planning for next year is ongoing and further guidance will be provided in the next earnings call [20] Question: Discussion on equity income line performance - The strong performance was attributed to the Wink to Webster joint venture, with expectations for sustainable run rates going forward [27] Question: Inquiry about the water landscape and competition - Management highlighted the favorable timing of past acquisitions and the challenges in permitting new facilities, positioning the company well in the market [29] Question: Clarification on Libby 3 expansion timing and AGI disposal - Management confirmed confidence in handling sour gas and indicated that planning for expansion will be detailed in future communications [31]

Core Viewpoint - North Control Water's performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to unexpected impairment losses, but the company maintains a strong dividend policy and potential for cash flow improvement [1][3]. Financial Performance - In 1H25, North Control Water achieved revenue of 10.459 billion yuan, a year-on-year decrease of 7.5%, and a net profit attributable to shareholders of 0.897 billion yuan, down 20.1% year-on-year, which was below previous expectations [1]. - The company declared an interim dividend of 0.674 billion yuan, representing 80% of net profit (excluding perpetual bond distributions), with a corresponding dividend per share (DPS) of 7.35 Hong Kong cents, up 5% from 7.0 Hong Kong cents in 1H24 [1][3]. Business Segments - Water treatment service revenue increased by 2% year-on-year, while water governance construction service revenue decreased by 57% to 0.071 billion yuan [2]. - The revenue from sewage and reclaimed water treatment services grew by 3% to 4.52 billion yuan, with a gross margin increase of 1 percentage point to 60% due to a rise in average water prices [2]. - The supply service revenue remained stable at 1.45 billion yuan, but gross margins declined due to changes in customer structure and rising operational costs [2]. Capital Expenditure and Cash Flow - Capital expenditure in 1H25 decreased by 40% to 0.94 billion yuan, while free cash flow significantly improved to 1.75 billion yuan [3]. - The company’s cash flow showed a positive trend, with operating net cash inflow expected to be 1.94 billion yuan, compared to 0.25 billion yuan in 1H24 [3]. - The company’s design capacity reached 43.3 million tons per day, with new signed projects adding 120,000 tons per day, aligning with its light asset transformation strategy [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been slightly adjusted, with net profit estimates of 1.52 billion yuan for 2025, reflecting a decrease of 1.3% [3]. - The target price is set at 3.15 Hong Kong dollars, based on a target price-to-earnings (PE) ratio of 18.9 times for 2025, indicating a positive outlook for cash flow and profitability improvement [3].

Core Viewpoint - North Control Water Group reported a decline in revenue and net profit for the first half of 2025, while maintaining a slight increase in dividend per share compared to the previous year [1][2]. Revenue Breakdown - Total revenue for H1 2025 was 10.46 billion, a decrease of 7.5% year-on-year, with net profit attributable to shareholders at 0.897 billion, down 20.0% [1]. - Revenue from operational services, including water treatment and urban resource services, accounted for 86.1% of total revenue, reflecting a 10.8 percentage point increase year-on-year [1]. Water Treatment Services - Revenue from wastewater and reclaimed water business reached 4.52 billion, up 3.0% year-on-year, with a domestic gross margin of 60%, an increase of 1 percentage point [2]. - Water supply services generated revenue of 1.45 billion, a slight increase of 0.4% year-on-year, but the domestic gross margin decreased to 41%, down 2 percentage points due to changes in customer structure [2]. Construction Services - Revenue from construction services fell to 0.712 billion, a significant decline of 56.6% year-on-year, attributed to the company's shift to a light asset strategy and completion of existing projects [2]. Technical Services and Equipment Sales - Revenue from technical services and equipment sales was 0.742 billion, down 35.5% year-on-year, but gross margin improved to 34%, an increase of 4 percentage points [2]. Urban Resource Services - Urban resource services generated 3.04 billion in revenue, a year-on-year increase of 13.1%, although gross margin decreased to 20%, down 1 percentage point due to intensified competition in hazardous waste markets [2]. Financial Performance - The company recognized an asset impairment loss of 0.259 billion in H1 2025, impacting overall performance but not cash flow [2]. - Financial expenses decreased by 0.37 billion due to debt structure optimization [2]. Capital Expenditure and Cash Flow - Capital expenditure for H1 2025 was 0.943 billion, a significant decrease of 40.0% from 1.57 billion in the same period last year [3]. - Free cash flow has turned positive since 2022, with expectations for continued improvement as capital expenditures decline [3]. Profit Forecast and Valuation - Projected net profit attributable to shareholders for 2025-2027 is 1.66 billion, 1.70 billion, and 1.71 billion respectively, with expected dividends showing a growth of 3%-5% [3]. - The estimated dividend yield for the stock price as of August 28, 2025, is between 6.4%-6.6%, leading to a "buy" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company reported a revenue of 10.459 billion RMB for 1H25, a year-on-year decrease of 7.5%, and a net profit attributable to the parent company of 0.897 billion RMB, down 20.1% year-on-year, primarily due to an unexpected impairment of 0.26 billion RMB [1][4]. - The interim dividend declared is 0.674 billion RMB, representing 80% of the net profit attributable to the parent company (excluding perpetual bond distributions), with a corresponding DPS of 7.35 HKD, reflecting a 5% increase from 1H24 [1][4]. - Capital expenditure decreased by 40% year-on-year to 0.94 billion RMB, while free cash flow significantly improved to 1.75 billion RMB [1][4]. Revenue and Profitability - The water treatment service revenue increased by 3% year-on-year to 4.52 billion RMB, with a gross margin improvement of 1 percentage point to 60% due to an increase in average water prices in China [2][3]. - The revenue from water governance construction services dropped by 57% year-on-year to 0.71 billion RMB, mainly due to the company's strategy of reducing investments in BOT projects [2][3]. Cash Flow and Capital Expenditure - The company’s cash flow continues to show improvement, with an expected net inflow of operating cash flow of 1.94 billion RMB for 1H25, compared to approximately 0.25 billion RMB in 1H24 [3][4]. - The company’s light asset transformation strategy is expected to further reduce capital expenditures, with a projected decrease in future capital spending [3][4]. Earnings Forecast and Valuation - The report slightly adjusts the company's net profit forecasts for 2025-2027, estimating 1.52 billion RMB for 2025, reflecting a decrease of 1.3% from previous estimates [4][10]. - The target price is set at 3.15 HKD, based on a target PE of 18.9x for 2025, indicating a potential upside from the current market price [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 10.46 billion HKD for H1 2025, a decrease of 7.5% year-on-year, and a net profit attributable to shareholders of 0.897 billion HKD, down 20.0% year-on-year. The interim dividend per share is 0.0735 HKD, reflecting a 5.0% increase from 0.0700 HKD in the same period last year [2][4]. Summary by Sections Revenue Breakdown - The total revenue of 10.46 billion HKD consists of 86.1% from operational services, 6.8% from construction services, and 7.1% from technical consulting and equipment sales. The operational business's proportion increased by 10.8 percentage points year-on-year [7]. - Water treatment services generated 4.52 billion HKD in revenue, up 3.0% year-on-year, with a domestic gross margin of 60%, an increase of 1 percentage point. Water supply services achieved 1.45 billion HKD, a slight increase of 0.4% year-on-year, with a domestic gross margin of 41%, down 2 percentage points due to changes in customer structure [7]. - Construction services revenue fell to 0.712 billion HKD, a decline of 56.6% year-on-year, attributed to the company's light asset strategy and the completion of existing projects [7]. - Technical services and equipment sales generated 0.742 billion HKD, down 35.5% year-on-year, with a gross margin of 34%, up 4 percentage points [7]. - Urban resource services reported 3.04 billion HKD in revenue, a 13.1% increase year-on-year, with a gross margin of 20%, down 1 percentage point due to intensified competition and reduced demand from upstream industrial enterprises [7]. Financial Performance - The company recognized an asset impairment loss of 0.259 billion HKD in H1 2025, which negatively impacted performance but did not affect cash flow. Financial expenses were optimized, resulting in a reduction of 0.37 billion HKD [7]. - Capital expenditure significantly decreased to 0.943 billion HKD, down 40.0% from 1.57 billion HKD in the same period last year. Free cash flow has turned positive since 2022, with a favorable trend expected to continue as capital expenditures decline [7]. Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 1.66 billion HKD, 1.70 billion HKD, and 1.71 billion HKD for 2025, 2026, and 2027, respectively. Assuming a 3%-5% increase in dividends for 2025, the corresponding dividend yield for the stock price as of August 28, 2025, is estimated to be between 6.4%-6.6% [7].

2025年中期业绩简报 2025年8月 中国光大水务有限公司 前瞻性陈述 本简报或包含前瞻性陈述，该等陈述乃建基于有关中国光大水务有限公司(「光大水务」或「本公司」，连 同其附属公司统称「本集团」)业务的大量假设及不受本公司控制的因素，并受到重大风险及不明朗因素的 影响，因此实际业绩或与该等前瞻性陈述出现重大偏差。本公司概不承担就日后发生的事件或情况而更新 该等陈述的责任。 本简报包含的资料应以简报作出时候为准，本公司未曾作出更新及将不会更新该等资料以反映本简报日后 或发生的重大发展。本简报的投影片只供支持有关本公司背景资料作出讨论。本公司不会明示或暗示陈述 或保证本简报包含的任何资料或意见是公平、准确、完整或正确，因此不应依赖该等资料或意见。收件人 在作出判断时不应以该等资料或意见为基础，本简报包含的资料和意见或基于或取自本公司管理层的判断 及意见，因此该等资料不可能经常获得核实或确认。本公司或本公司的财务顾问、或任何有关董事、高级 职员、雇员、代理人或顾问概不会就内容承担责任，或因使用本简报的资料或本简报而引起的任何损失承 担责任。本简报并无考虑任何投资者的投资目标、财务状况或特别需要，因此不构成招揽或邀 ...

Group 1 - The stock price of Jinko Environment closed at 24.22 yuan on August 5, down by 0.72 yuan, representing a decline of 2.89% [1] - The trading volume on that day was 54,500 hands, with a transaction amount of 1.34 billion yuan, and a turnover rate of 4.43% [1] - The company is located in Beijing and specializes in the water treatment sector as a high-tech enterprise [1] Group 2 - Jinko Environment recently participated in the establishment of Jinko Smart Water (Wuhan) Technology Co., Ltd., which focuses on artificial intelligence software development, integrated circuit design, and intelligent robot research and development [1] - On August 5, the net outflow of main funds was 1.8997 million yuan, with a cumulative net outflow of 3.4557 million yuan over the past five days [1] - The current total market value of the company is 2.982 billion yuan, with a price-to-earnings ratio of 64.49 times [1]