China Everbright Water Limited (Everbright Water) reported a softer FY2025 top line as construction-related turnover normalised, while operational income became the primary growth engine.
Financial highlights (year ended 31 December 2025): • Revenue declined 22.00 % to HK$5.36 billion, mainly from a 59.00 % fall in construction service revenue to HK$1.09 billion. • Operation income rose 5.00 % to HK$2.97 billion and accounted for 55.40 % of the total, up from 41.20 % a year earlier. • Gross profit slipped 10.00 % to HK$2.36 billion; gross margin expanded 6 ppt to 44 % on the richer revenue mix. • EBITDA fell 12.00 % to HK$1.93 billion. • Profit attributable to equity holders decreased 17.00 % to HK$0.84 billion; basic EPS was 29.45 HK cents.
Balance-sheet and liquidity: • Total assets rose 6.50 % year on year to HK$38.22 billion; total liabilities were HK$23.18 billion, keeping the gearing ratio stable at 60.70 %. • Net asset value per share increased to 4.49 HK dollars. • Operating cash flow swung to an inflow of HK$1.12 billion from a deficit in the prior three years. • Cash and available undrawn facilities reached HK$7.86 billion, up 44.00 %. Total borrowings stood at HK$17.32 billion, 63 % of which are long-term.
Capital-market activity: • Three onshore medium-term note issues in 2025 raised a combined RMB3.20 billion at record-low coupons of 1.78 %–2.07 %, reducing funding cost and extending tenors.
Dividend: • The Board proposes a final dividend of 4.22 HK cents per share, bringing the full-year payout to 10.31 HK cents (-13.00 % YoY) and maintaining a 35 % payout ratio.
Operational metrics: • Waste-water treated totalled 1.81 billion m³; raw water supplied reached 103 million m³. • The Group operates 172 projects with a combined designed daily capacity exceeding 7.60 million m³ across 13 mainland provinces and Mauritius. • New contracts signed in 2025 were valued at approximately RMB266 million, adding 11,050 m³/day of new treatment capacity.
Post-period developments: • In early 2026, the company secured projects adding a further 35,000 m³/day, including Huai’an Huaiyin Phase III (BOT, RMB90 million capex) and Jiangyin High-tech Zone Phase I Stage 2 (EPC+O).
Strategic outlook: Entering China’s 15th Five-Year Plan period, Everbright Water intends to deepen its “water-related” focus, pursue regional breakthroughs, and commercialise proprietary technologies such as intelligent oxygen-supply systems and “dark factory” solutions, while emphasising safety, receivables management and profitability discipline.
AGM agenda: Shareholders will vote on ten resolutions, covering adoption of FY2025 accounts, the final dividend, directors’ fees and re-elections, auditor appointments, share-issue mandates, a share buy-back mandate, an interested-person transaction mandate and updated Bye-laws. The meeting is scheduled for April 2026.