转自：中国证券报·中证网 "供水能力从19万立方米增加到49万立方米，供水管网总长从2000多公里增加到4300余公里，服务人口 从数十万到逾120万；从单一供水业务到涵盖城乡供水一体化、智慧水务的全产业链，从水质检测江苏 省CMA及Ⅰ级实验室到国家认可实验室（CNAS），从改制之初的步履蹒跚到区域供水领域的标杆企 业……"淮安自来水有限公司党委书记、总经理陆建平说。 淮安自来水有限公司的发展轨迹正是中国水务二十载改革发展画卷的生动缩影和精彩注脚。纪录片《淮 水长安》首映仪式近日在淮安举行，该纪录片真实述说了中国水务与淮安这座"运河之都"共同谱写的水 务华章，展现了央地合作在中国式现代化进程中的生动实践。 二十年来，中国水务从初创时期"摸着石头过河"，市场版图持续拓展，新兴业务多点开花，直饮水业务 在淮安、永康、青岛等地投入运营，形成3款产品、2项专利授权；合同节水管理试点在邯郸市多个区县 推广，探索全域节水新模式，逐步向"供水-排水-水环境治理-再生水利用"全产业链延伸，构建可持续发 展的水生态体系。 中证报中证网讯（记者 刘丽靓）覆盖全国16个省（自治区、直辖市）、水处理规模达1600万吨/日、年 水处理 ...

Core Insights - The company reported a total revenue of HKD 12.2 billion for FY2025, a decrease of 5.1% year-on-year, and a net profit attributable to shareholders of HKD 1.075 billion, down 29.9% year-on-year [1][2] Revenue Breakdown - The company's main business revenue was HKD 11.656 billion, a decline of 9.4% year-on-year, primarily due to reduced income from water supply and direct drinking water installation, maintenance, and construction services [2] - Revenue from the urban water supply segment was HKD 7.498 billion, down 9.4% year-on-year, with segment profit slightly increasing by 0.1% to HKD 2.493 billion due to cost control [2] - The direct drinking water segment saw revenue drop by 61.9% to HKD 0.657 billion, with segment profit decreasing by 58.9% [2] - The environmental protection segment achieved revenue of HKD 1.523 billion, up 42.2% year-on-year, with segment profit increasing by 56.9% [2] - Total construction revenue was HKD 0.664 billion, down 19.7% year-on-year, with segment profit decreasing by 9.3% [2] - Property revenue reached HKD 0.361 billion, with segment profit increasing by 16.5% [2] Operational Performance - Water supply operations generated revenue of HKD 3.526 billion, an increase of 6.5% year-on-year, with water sales volume rising by 7.4% to 1.5 billion tons [3] - The average water price was HKD 2.35 per ton, with over 20 projects initiating price adjustment procedures [3] - Direct drinking water operations revenue increased by 7.2% to HKD 0.315 billion, with a compound annual growth rate of 29.8% from FY22 to FY25 [4] - Direct drinking water equipment revenue surged by 226.3% to HKD 0.078 billion [4] Capital Expenditure and Cash Flow - Capital expenditure peaked at HKD 5.33 billion in FY2024 and is projected to decrease to HKD 3.4 billion in FY2025, with a target of under HKD 2 billion for FY2026 [4] - The company maintained a stable total dividend of HKD 0.28 per share, with a dividend payout ratio of 42.5%, reflecting a year-on-year increase of 12.7 percentage points [4] Profit Forecast - The decline in FY2025 performance was primarily due to one-time impairment losses, with net profit forecasts for FY2026 and FY2027 adjusted down to HKD 1.372 billion and HKD 1.387 billion, respectively [4] - The projected net profit for FY2028 is HKD 1.415 billion, corresponding to price-earnings ratios of 7.2, 7.1, and 6.9 times for FY2026, FY2027, and FY2028 [4]

Group 1 - The company reported a revenue of HKD 11.657 billion and a profit attributable to shareholders of HKD 1.075 billion for the fiscal year ending March 31, 2025, with a basic earnings per share of HKD 0.66 and a proposed final dividend of HKD 0.15 per share [1] - The company is benefiting from a low inflation environment and the acceleration of market-oriented water price adjustments, with cities like Guangzhou and Shenzhen recently implementing water price reform, which is expected to catalyze price increases in other cities [1] - The overall resilience of the water industry is highlighted, with a gradual improvement in profitability and a trend of declining financing costs due to interest rate cuts and reserve requirement ratio reductions [1] Group 2 - The company aims to adhere to its mission of "water as the foundation, benefiting society" by leveraging policy dividends and technological innovations to promote a sustainable development model that combines light and heavy assets [2] - The focus will be on the main track of "quality differentiated water supply," enhancing the synergy between water supply and direct drinking water businesses, and upgrading technology and services to transition from "safe water" to "healthy water" [2] - The company plans to seize opportunities for green and low-carbon transformation, expand the coverage of direct drinking water projects, and create differentiated competitive advantages to foster sustainable growth and meet public demand [2]