August 2025 2025 FIRST HALF RESULTS REVIEW O U R B U S I N E S S 2025 First Half Results Review ~ Stock Code: 0270 F I N A N C I A L H I G H L I G H T S 1 The unaudited consolidated profit attributable to owners of the Company for 1H25 increased by 11.2% to HK$2,682 million and interim dividend per share increased by 11.2% to HK$26.66 cents. 2 The net finance costs from continuing operations was decreased by HK$201 million to HK$188 million and net loss arising from fair value adjustments for investment pro ...

证券代码：601199 证券简称：江南水务 公告编号：临 2025-032 ? 是否可能触及《上海证券交易所股票上市规则》第9.8.1条第一款第（八） 项规定的可能被实施其他风险警示的情形：否 ? 本次利润分配预案无需提交公司股东大会审议。 债券代码：252240 债券简称：23 江南 01 江苏江南水务股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ??每股分配比例：每股派发现金红利0.03元（含税），2025年半年度不进行 资本公积金转增及送股。 ??本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。 ??在实施权益分派的股权登记日前公司总股本发生变动的，公司拟维持每股 分配比例不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 二、公司履行的决策程序 （一）会议的召开、审议和表决情况 东大会授权董事会决定公司 2025 年中期利润分配的议案》。 议表决结果：9 票赞成、0 票反对、0 票弃权。本方案符合《公司章程》规定的 ...

Summary of the Conference Call for Guangda Environment Industry Overview - Guangda Environment operates in the waste incineration power generation sector, with a daily operational capacity of nearly 140,000 tons, leading the industry in scale [2][3] - The waste incineration power generation industry expanded rapidly from 2015 to 2020, reaching a national daily capacity of 1.1 million tons with a utilization rate of approximately 70% [2][6] Key Points and Arguments - **Financial Performance**: Guangda Environment is expected to achieve its first positive free cash flow since its listing in 2024, which may lead to an increase in dividend payout ratio [2][4] - **Capital Expenditure**: The company's capital expenditure has decreased from a peak of 20 billion to 5 billion in 2024, with further reductions anticipated, contributing to financial stability [2][6] - **Water Treatment Segment**: Guangda Water has a sewage treatment capacity exceeding 6 million tons per day, with treatment prices rising from 1.22 RMB to 1.70 RMB from 2017 to 2022. However, the collection rate has declined due to local government financial issues [2][7] - **Biomass Power Generation**: The biomass power generation projects benefit from national subsidies, with Guangdong province having allocated part of its owed funds, improving profitability [2][8] - **Accounts Receivable**: The company has high accounts receivable, primarily due to the high costs associated with biomass power generation, which relies on national subsidies. Slow reimbursement of these subsidies is a reason for the company's low valuation [2][10][11] Risks and Future Outlook - **Earnings Forecast**: The company anticipates a slight decline in mid-2025 earnings due to reduced construction revenue, impairment operations, and foreign exchange losses. However, cash flow is expected to improve [2][12] - **Asset Quality**: The company has over 10 billion in accounts receivable, with total liabilities nearing 100 billion, indicating pressure on absolute value metrics [2][10] - **Regional Distribution**: Guangda Environment's projects are concentrated in economically developed regions, with a capacity utilization rate exceeding 90%, close to 100% [2][14] Additional Insights - **International Expansion**: The company is actively expanding into overseas markets, securing two waste incineration projects in Vietnam and Uzbekistan, each with an investment of approximately 1 billion RMB [2][5] - **Government Support**: The central government has budgeted approximately 120 billion RMB for renewable energy subsidies, indicating ongoing support for the sector, although it may not fully meet all funding needs [2][20] - **Collaboration with Local Governments**: Guangda Environment is working with local governments in cities like Tianjin, Hangzhou, and Suzhou to promote collaborative projects between IDC and waste incineration, although progress may be slow [2][21]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on improving free cash flow and expected dividend increases [5][8]. Core Views - The company is a state-owned water utility in Tianjin, with over 20 years of industry experience, primarily engaged in wastewater treatment, recycled water supply, and tap water supply. The wastewater treatment segment is expected to contribute nearly 80% of revenue and gross profit in 2024 [7][16]. - The company has shown stable profitability with a net profit margin around 17% and a return on equity (ROE) between 8% and 10% from 2019 to 2024. The gross margin has been steadily increasing [19][21]. - Free cash flow turned positive in 2024, with expectations for continued improvement due to reduced capital expenditures and enhanced collection of receivables [10][21]. - The company has a significant potential for dividend increases, with a current dividend payout ratio around 30%, which is lower than industry peers [10][11]. Summary by Sections Market Performance - As of August 1, 2025, the closing price is 5.92 CNY, with a total market capitalization of approximately 9,296.88 million CNY [3]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are 48.64 billion CNY, 49.04 billion CNY, and 50.35 billion CNY, with year-on-year growth rates of 0.8%, 0.8%, and 2.7% respectively. Net profit estimates are 9.58 billion CNY, 9.95 billion CNY, and 10.27 billion CNY, with growth rates of 18.65%, 3.89%, and 3.19% respectively [6][40]. - The current price-to-earnings (P/E) ratios are projected at 10, 9, and 9 for the years 2025, 2026, and 2027, respectively, which is significantly lower than the industry average P/E of 17 [8][40]. Investment Logic - The company has a strong market position in wastewater treatment, with a stable revenue stream and improving margins. The wastewater treatment price has increased from 1.7 CNY/ton to 1.92 CNY/ton from 2021 to 2024, reflecting a consistent upward trend [10][33]. - The company is expected to benefit from the cessation of goodwill impairment losses starting in 2025, which could positively impact net profit by approximately 1.5 billion CNY [11][38]. Key Assumptions - The report assumes new wastewater treatment capacity additions of 9, 5.5, and 6 thousand tons per day for 2025-2027, with a consistent treatment price of 1.92 CNY/ton [9][41].

Group 1 - The core focus of the news is the implementation of safety production measures in the Chengdu Shuangliu water system, emphasizing the importance of safety training and awareness among employees [1][4][6] - A specialized training session on confined space operation safety management was held on March 12, featuring a national registered safety engineer who provided in-depth analysis of risks and preventive measures [1] - The Chengdu Hangdu Water Company conducted a fire safety training on June 11, highlighting common fire hazards and practical skills for using firefighting equipment [2] Group 2 - A safety production month training meeting was convened on June 12, attended by over 60 safety personnel from various departments and water treatment facilities, reinforcing the necessity of safety awareness and strict adherence to safety measures [4] - The series of activities aims to enhance safety awareness and emergency response capabilities among all personnel in the water system and related enterprises [6] - The Shuangliu District Water Bureau plans to leverage safety production month as an opportunity to strengthen safety management and establish a long-term safety mechanism for high-quality development in the water sector [6]

Core Insights - Li Ka-shing's wealth is primarily concentrated in the UK rather than Hong Kong, challenging the perception of his business empire being rooted in his home city [1][3] - His investments in the UK span essential services such as water, electricity, and gas, which provide stable and significant returns compared to the volatile Hong Kong real estate market [5][7] Investment Strategy - Li Ka-shing's acquisition of Thames Water in 1991 marked the beginning of his strategic investment in the UK, which has expanded to include significant stakes in gas and electricity distribution [5][7] - His investments are characterized by a focus on essential infrastructure, which ensures consistent cash flow and minimizes risk [7][9] Market Timing and Risk Management - Li Ka-shing has demonstrated a keen ability to time his investments, often capitalizing on market downturns, such as acquiring UK Power Networks during the Brexit-induced depreciation of the pound [9][11] - His withdrawal from certain investments, like the sale of UK Power Networks, reflects a strategic response to emerging political and economic risks, showcasing his proactive risk management approach [9][11] Global Asset Allocation - The narrative of Li Ka-shing's wealth migration illustrates the concept that capital transcends borders, driven by a relentless calculation of risk and return [13] - His global investments are not limited to the UK, as he is also exploring opportunities in regions like Singapore and Vietnam, indicating a broader strategy for wealth diversification [13]

Core Points - Jiangnan Water Co., Ltd. announced a cash dividend of CNY 0.11 per share for its A-shares, totaling CNY 102,873,132.12 to be distributed to shareholders [1][2][5] - The dividend distribution was approved at the annual general meeting held on May 15, 2025, and the key dates for the dividend process include the record date on June 20, 2025, and the ex-dividend date on June 23, 2025 [1][2] - The company will not implement any differential dividend distribution or capital increase through bonus shares [1] Dividend Distribution Details - The cash dividend will be distributed based on a total share capital of 935,210,292 shares, with the payment being made to shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1][2] - For individual shareholders holding shares for more than one year, the cash dividend is exempt from personal income tax, while those holding for one year or less will have tax withheld upon stock transfer [2][3] - For qualified foreign institutional investors (QFIIs), a 10% corporate income tax will be withheld, resulting in a net cash dividend of CNY 0.099 per share [4] Taxation Information - Shareholders holding shares for less than one month will incur a 20% tax on their dividend income, while those holding for one month to one year will have a 10% tax [3][4] - Hong Kong investors will also receive a net cash dividend of CNY 0.099 per share after a 10% tax withholding, with provisions for tax treaty benefits available [4]

Group 1 - The core issue of water supply difficulties faced by residents in Jinbing Village, Xiamen, Fujian Province has been resolved, leading to improved living conditions for the villagers [1] - The local disciplinary inspection and supervision team identified the water supply issues during routine oversight and prioritized the problem for resolution [1] - A collaborative effort involving the municipal government and water management authorities was initiated to develop a water supply improvement plan for Jinbing Village [1] Group 2 - The inspection team has encouraged similar problem investigations across the city, resulting in the initiation of water supply facility upgrades in 15 villages, benefiting approximately 10,000 households [2] - A total of 54.49 kilometers of pipeline has been laid as part of the water supply facility improvements [2]

Core Points - Beijing has issued an orange high-temperature warning and has entered the summer peak water supply guarantee mode due to rising temperatures and increased water demand [1] - The maximum daily water supply in Beijing is expected to reach approximately 3.9 million cubic meters this summer, while the current comprehensive supply capacity is 4.7 million cubic meters, sufficient to meet peak demand [1] - The water supply company has completed 211 preparatory tasks, including equipment maintenance and safety checks, to ensure reliable and stable operations during peak supply [1] Group 1 - The company will enhance equipment inspections and maintenance during peak supply periods, ensuring optimal operational status of water supply facilities [1] - Emergency response measures are in place, with 843 emergency personnel, 189 repair vehicles, and 770 mechanical devices on standby to address any sudden pipeline incidents [1] - The company encourages the public to conserve water and suggests industries with high water usage to control their consumption and avoid peak residential usage times [2]

Investment Rating - The report maintains a "Hold" rating for the company [5] Core Views - The company reported a revenue of 1.14 billion yuan in 2024, a year-on-year increase of 1.12%, while the net profit attributable to the parent company was 150 million yuan, down 5.89% year-on-year [2] - The company is facing short-term pressure but anticipates improvements with the implementation of a water price adjustment plan [3] - Cost reduction and efficiency improvement measures have shown significant results, with a notable decrease in chemical costs despite an increase in wastewater treatment volume [4] - The company is actively expanding its overseas business in South Asia, Southeast Asia, and the Middle East, leveraging the "Belt and Road" initiative for growth opportunities [5] Financial Summary - In 2024, the company achieved an operating income of 1.14 billion yuan, with a projected increase to 1.16 billion yuan in 2025 and 1.26 billion yuan in 2026 [7] - The net profit is expected to recover to 170 million yuan in 2025 and 197 million yuan in 2026, with a further increase to 216 million yuan in 2027 [7] - The earnings per share (EPS) for 2025 is projected at 0.40 yuan, increasing to 0.47 yuan in 2026 and 0.51 yuan in 2027 [7]