进入12月，港股公用事业上市公司中期业绩(2025年9月30日止6个月)迎来收官，在公用事业领域，上市 公司近半年业绩表现分化，部分企业净利润显著增长，但整体增少降多。其中，水务板块由于面临成本 压力和市场波动影响，个股业绩表现差异化走势明显。 作为公用事业领域的核心标的之一，中国水务(00855.HK)于11月28日披露2025/26年度中期业绩报告。 公告显示，公司实现营业总收入51.83亿港元，同比-12.9%，归母净利润5.71亿港元，较上年同期有所调 整。但看似承压的业绩背后，实则是公司主动调整发展节奏和优化策略，聚焦核心业务稳健经营的战略 性选择，其长期价值基础和底层商业逻辑并未改变。 核心板块韧劲凸显，环保业务表现亮眼 作为我国供水行业龙头企业，城市供水业务始终是中国水务半年报告期的业绩"压舱石"。报告期内，尽 管受建设及安装维护业务下降影响，公司城市供水业务收益同比减少13.1%，但核心供水经营业务表现 稳健，实现收入18.01亿港元，同比(人民币口径)水费收入提升5.6%；售水量同比增长5%，直接带动供 水经营服务收入提升，进一步巩固了核心业务的主导地位。 对于公司供水业务，市场上各大机构均 ...

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (855 HK) with a target price adjusted to HKD 6.52, reflecting a potential upside of 10.1% from the current price of HKD 5.92 [5][8]. Core Insights - Despite a decline in overall revenue and net profit for FY26H1, the core water supply business showed resilience with a revenue increase of 4.5% and a sales volume increase of 5.0% [2][5]. - The company has accelerated its water price adjustments, with 8 projects approved for price increases, surpassing the annual target of 8 to 10 projects [3][5]. - A significant reduction in capital expenditure by 31.8% to HKD 12.4 billion in FY26H1 is expected to support the company's high dividend policy [4][5]. Financial Performance Summary - For FY26H1, total revenue and net profit decreased by 12.9% and 24.4% year-on-year, amounting to HKD 5.18 billion and HKD 570 million respectively [1][5]. - The water supply connection revenue fell by 28.6% to HKD 560 million, primarily due to fluctuations in the mainland real estate market [1][5]. - The wastewater treatment service revenue increased by 14.5% to HKD 360 million, driven by the Huizhou Mobil project contributing revenue since FY25 [2][5]. Revenue and Profit Forecast Adjustments - The forecast for shareholder net profit has been reduced by 10.8%, 14.8%, and 14.8% for FY26, FY27, and FY28 respectively [5][17]. - The target price adjustment reflects these changes, with the new estimates indicating a decrease in revenue projections for FY26 to HKD 9.899 billion, down from previous forecasts [5][17].