ANNUAL REPORT 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| RevenueRMB’000 | 109,520 | 92,916 | PDF p. 47 |
| Cost of sales and services providedRMB’000 | (59,157) | (61,407) | PDF p. 47 |
| Gross profitRMB’000 | 50,363 | 31,509 | PDF p. 47 |
| Other income - OthersRMB’000 | 1,682 | 11,018 | PDF p. 47 |
| Other losses - net | |||
| - Expected credit losses on financial assets at amortised costRMB’000 | (7,996) | (8,866) | PDF p. 47 |
| - OthersRMB’000 | (8,067) | (13,112) | PDF p. 47 |
| Expenses | |||
| - AdministrativeRMB’000 | (10,368) | (10,340) | PDF p. 47 |
| - Other operatingRMB’000 | (15,549) | (17,392) | PDF p. 47 |
| - FinanceRMB’000 | (3,758) | (3,940) | PDF p. 47 |
| Share of net loss of joint venture accounted for using the equity methodRMB’000 | – | (96,357) | PDF p. 47 |
| Profit/(loss) before income taxRMB’000 | 6,307 | (107,480) | PDF p. 47 |
| Income tax expenseRMB’000 | (2,731) | (566) | PDF p. 47 |
| Total comprehensive income/(loss) for the financial year, representing net profit/(loss) for the financial yearRMB’000 | 3,576 | (108,046) | PDF p. 47 |
| Total comprehensive income/(loss), representing net profit/(loss) for the financial year attributable to: | |||
| Equity holders of the CompanyRMB’000 | (2,995) | (111,392) | PDF p. 47 |
| Non-controlling interestsRMB’000 | 6,571 | 3,346 | PDF p. 47 |
| Loss per share for net loss attributable to the equity holders of the Company (RMB (Fen) per share) | |||
| - Basic loss per shareRMB (Fen) per share | (3.83) | (142.70) | PDF p. 47 |
| - Diluted loss per shareRMB (Fen) per share | (3.83) | (142.70) | PDF p. 47 |
Original report: PDF p. 47 ↗
The table heading is “CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME”; the report states total comprehensive income/(loss) represents net profit/(loss) for the financial year.
The printed attribution subtotal is 3,576 for 2025 and (108,046) for 2024; it has no printed row label, so it is not given an inferred label.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| ASSETS; Non-current assets | |||
| Property, plant and equipmentRMB’000 | 161,331 | 176,333 | PDF p. 48 |
| Intangible assetsRMB’000 | 14,195 | 14,555 | PDF p. 48 |
| Investment propertiesRMB’000 | 27,947 | 54,543 | PDF p. 48 |
| Goodwill arising on consolidationRMB’000 | 20,303 | 20,303 | PDF p. 48 |
| Investments in subsidiariesRMB’000 | – | – | PDF p. 48 |
| Investment in a joint ventureRMB’000 | – | – | PDF p. 48 |
| Investment in associateRMB’000 | – | – | PDF p. 48 |
| Deferred income tax assetsRMB’000 | 22,113 | 24,715 | PDF p. 48 |
| ASSETS; Non-current assets; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | 245,889 | 290,449 | PDF p. 48 |
| ASSETS; Current assets | |||
| InventoriesRMB’000 | 2,576 | 2,928 | PDF p. 48 |
| Other current assetsRMB’000 | 17,485 | 18,436 | PDF p. 48 |
| Trade and other receivablesRMB’000 | 260,502 | 253,651 | PDF p. 48 |
| Cash and cash equivalentsRMB’000 | 36,648 | 40,430 | PDF p. 48 |
| ASSETS; Current assets; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | 317,211 | 315,445 | PDF p. 48 |
| LIABLITIES; Current liabilities | |||
| BorrowingsRMB’000 | 51,178 | 33,877 | PDF p. 48 |
| Lease liabilitiesRMB’000 | 114 | 105 | PDF p. 48 |
| Trade and other payablesRMB’000 | 112,642 | 147,125 | PDF p. 48 |
| ProvisionRMB’000 | 11,000 | 11,000 | PDF p. 48 |
| Current income tax liabilitiesRMB’000 | 84 | 57 | PDF p. 48 |
| LIABLITIES; Current liabilities; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | 175,018 | 192,164 | PDF p. 48 |
| LIABLITIES | |||
| Net current assetsRMB’000 | 142,193 | 123,281 | PDF p. 48 |
| Total assets less current liabilitiesRMB’000 | 388,082 | 413,730 | PDF p. 48 |
| LIABLITIES; Non-current liabilities | |||
| BorrowingsRMB’000 | 46,076 | 70,874 | PDF p. 48 |
| Lease liabilitiesRMB’000 | 90 | – | PDF p. 48 |
| Deferred incomeRMB’000 | 11,410 | 12,225 | PDF p. 48 |
| Deferred income tax liabilitiesRMB’000 | 2,616 | 6,301 | PDF p. 48 |
| LIABLITIES; Non-current liabilities; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | 60,192 | 89,400 | PDF p. 48 |
| Net assetsRMB’000 | 327,890 | 324,330 | PDF p. 48 |
| EQUITY; Equity attributable to equity holders of the Company | |||
| Share capitalRMB’000 | 19,566 | 19,488 | PDF p. 48 |
| ReservesRMB’000 | 920,710 | 923,411 | PDF p. 48 |
| Accumulated lossesRMB’000 | (729,209) | (728,821) | PDF p. 48 |
| EQUITY; Equity attributable to equity holders of the Company; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | 211,067 | 214,078 | PDF p. 48 |
| EQUITY | |||
| Non-controlling interestsRMB’000 | 116,823 | 110,252 | PDF p. 48 |
| TOTAL EQUITYRMB’000 | 327,890 | 324,330 | PDF p. 48 |
Original report: PDF p. 48 ↗
The source spells the section heading “LIABLITIES.” The statement prints an asterisk for investment in subsidiaries in the Company columns, with the footnote “* Less than RMB1,000”; Group values are dashes.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| ASSETS; Non-current assets | |||
| Investments in subsidiariesRMB’000 | * | * | PDF p. 48 |
| Investment in a joint ventureRMB’000 | – | – | PDF p. 48 |
| Investment in associateRMB’000 | – | – | PDF p. 48 |
| Deferred income tax assetsRMB’000 | – | – | PDF p. 48 |
| ASSETS; Non-current assets; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | * | * | PDF p. 48 |
| ASSETS; Current assets | |||
| InventoriesRMB’000 | – | – | PDF p. 48 |
| Other current assetsRMB’000 | – | – | PDF p. 48 |
| Trade and other receivablesRMB’000 | 551,223 | 545,130 | PDF p. 48 |
| Cash and cash equivalentsRMB’000 | 1 | 1 | PDF p. 48 |
| ASSETS; Current assets; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | 551,224 | 545,131 | PDF p. 48 |
| LIABLITIES; Current liabilities | |||
| BorrowingsRMB’000 | – | – | PDF p. 48 |
| Lease liabilitiesRMB’000 | – | – | PDF p. 48 |
| Trade and other payablesRMB’000 | 58,638 | 48,467 | PDF p. 48 |
| ProvisionRMB’000 | – | – | PDF p. 48 |
| Current income tax liabilitiesRMB’000 | – | – | PDF p. 48 |
| LIABLITIES; Current liabilities; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | 58,638 | 48,467 | PDF p. 48 |
| LIABLITIES | |||
| Net current assetsRMB’000 | 492,586 | 496,664 | PDF p. 48 |
| Total assets less current liabilitiesRMB’000 | 492,586 | 496,664 | PDF p. 48 |
| LIABLITIES; Non-current liabilities | |||
| BorrowingsRMB’000 | – | – | PDF p. 48 |
| Lease liabilitiesRMB’000 | – | – | PDF p. 48 |
| Deferred incomeRMB’000 | – | – | PDF p. 48 |
| Deferred income tax liabilitiesRMB’000 | – | – | PDF p. 48 |
| LIABLITIES; Non-current liabilities; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | – | – | PDF p. 48 |
| Net assetsRMB’000 | 492,586 | 496,664 | PDF p. 48 |
| EQUITY; Equity attributable to equity holders of the Company | |||
| Share capitalRMB’000 | 19,566 | 19,488 | PDF p. 48 |
| ReservesRMB’000 | 891,433 | 895,354 | PDF p. 48 |
| Accumulated lossesRMB’000 | (418,413) | (418,178) | PDF p. 48 |
| EQUITY; Equity attributable to equity holders of the Company; subtotal (unlabelled in source) | |||
| SubtotalRMB’000 | 492,586 | 496,664 | PDF p. 48 |
| EQUITY | |||
| Non-controlling interestsRMB’000 | – | – | PDF p. 48 |
| TOTAL EQUITYRMB’000 | 492,586 | 496,664 | PDF p. 48 |
Original report: PDF p. 48 ↗
Company investments in subsidiaries are shown as * (less than RMB1,000), retained as printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; RMB’000, except loss per share | 2024Group; RMB’000, except loss per share | Source |
|---|---|---|---|
| Income | |||
| RevenueRMB’000 | 109,520 | 92,916 | PDF p. 47 |
| Cost of sales and services providedRMB’000 | (59,157) | (61,407) | PDF p. 47 |
| Gross profitRMB’000 | 50,363 | 31,509 | PDF p. 47 |
| Other income - OthersRMB’000 | 1,682 | 11,018 | PDF p. 47 |
| Other losses - net | |||
| - Expected credit losses on financial assets at amortised costRMB’000 | (7,996) | (8,866) | PDF p. 47 |
| - OthersRMB’000 | (8,067) | (13,112) | PDF p. 47 |
| Expenses | |||
| - AdministrativeRMB’000 | (10,368) | (10,340) | PDF p. 47 |
| - Other operatingRMB’000 | (15,549) | (17,392) | PDF p. 47 |
| - FinanceRMB’000 | (3,758) | (3,940) | PDF p. 47 |
| Income | |||
| Share of net loss of joint venture accounted for using the equity methodRMB’000 | – | (96,357) | PDF p. 47 |
| Profit/(loss) before income taxRMB’000 | 6,307 | (107,480) | PDF p. 47 |
| Income tax expenseRMB’000 | (2,731) | (566) | PDF p. 47 |
| Total comprehensive income | |||
| Total comprehensive income/(loss) for the financial year, representing net profit/(loss) for the financial yearRMB’000 | 3,576 | (108,046) | PDF p. 47 |
| Total comprehensive income/(loss), representing net profit/(loss) for the financial year attributable to | |||
| Equity holders of the CompanyRMB’000 | (2,995) | (111,392) | PDF p. 47 |
| Non-controlling interestsRMB’000 | 6,571 | 3,346 | PDF p. 47 |
| Attribution subtotalRMB’000 | 3,576 | (108,046) | PDF p. 47 |
| Loss per share for net loss attributable to the equity holders of the Company (RMB (Fen) per share) | |||
| - Basic loss per shareRMB (Fen) per share | (3.83) | (142.70) | PDF p. 47 |
| - Diluted loss per shareRMB (Fen) per share | (3.83) | (142.70) | PDF p. 47 |
Original report: PDF p. 47 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; RMB’000 | 2024Group; RMB’000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit/(loss) before income taxRMB’000 | 6,307 | (107,480) | PDF p. 49 |
| Cash flows from operating activities; Adjustments for | |||
| - Amortisation of intangible assetsRMB’000 | 360 | 367 | PDF p. 49 |
| - Amortisation of deferred incomeRMB’000 | (815) | (815) | PDF p. 49 |
| - Depreciation of property, plant and equipmentRMB’000 | 18,818 | 30,962 | PDF p. 49 |
| Cash flows from operating activities; Adjustments for; Expected credit losses on financial assets at amortised cost | |||
| - Contract assetsRMB’000 | 7,996 | 7,562 | PDF p. 49 |
| - Other receivablesRMB’000 | – | 1,304 | PDF p. 49 |
| Cash flows from operating activities; Adjustments for | |||
| - Employee share based paymentRMB’000 | – | 188 | PDF p. 49 |
| - Finance expensesRMB’000 | 3,758 | 3,940 | PDF p. 49 |
| - Fair value losses on investment properties - netRMB’000 | 5,786 | 10,260 | PDF p. 49 |
| - Gain on disposal of property, plant and equipmentRMB’000 | (3) | (4) | PDF p. 49 |
| - Interest incomeRMB’000 | (205) | (183) | PDF p. 49 |
| - Loss on disposal of investment propertiesRMB’000 | 2,086 | – | PDF p. 49 |
| - Loss on derecognition of investment properties - netRMB’000 | – | 2,712 | PDF p. 49 |
| - Share of net loss of joint venture accounted for using the equity methodRMB’000 | – | 96,357 | PDF p. 49 |
| - Unrealised currency translation (gain)/lossRMB’000 | (65) | 36 | PDF p. 49 |
| Adjustments subtotalRMB’000 | 44,023 | 45,206 | PDF p. 49 |
| Cash flows from operating activities; Change in working capital | |||
| - InventoriesRMB’000 | 352 | 259 | PDF p. 49 |
| - Other current assetsRMB’000 | 951 | 514 | PDF p. 49 |
| - Trade and other receivablesRMB’000 | (15,750) | (25,642) | PDF p. 49 |
| - Trade and other payablesRMB’000 | (35,322) | (9,927) | PDF p. 49 |
| Cash flows from operating activities | |||
| Cash generated from operationsRMB’000 | (5,746) | 10,410 | PDF p. 49 |
| Income tax paidRMB’000 | (3,786) | (7,381) | PDF p. 49 |
| Net cash (used in)/provided by operating activitiesRMB’000 | (9,532) | 3,029 | PDF p. 49 |
| Cash flows from investing activities | |||
| Interest receivedRMB’000 | 205 | 183 | PDF p. 50 |
| Repayment of amount due from joint ventureRMB’000 | – | 123 | PDF p. 50 |
| Purchases of property, plant and equipmentRMB’000 | (4,099) | (4,976) | PDF p. 50 |
| Purchase of investment propertiesRMB’000 | (716) | (856) | PDF p. 50 |
| Proceeds from disposal of property, plant and equipmentRMB’000 | 3 | 4 | PDF p. 50 |
| Proceeds from disposal of investment propertiesRMB’000 | 16,141 | – | PDF p. 50 |
| Net cash provided by/(used in) investing activitiesRMB’000 | 11,534 | (5,522) | PDF p. 50 |
| Cash flows from financing activities | |||
| Interest and other finance expenses paidRMB’000 | (1,847) | (2,044) | PDF p. 50 |
| Principal payment of lease liabilitiesRMB’000 | (134) | (115) | PDF p. 50 |
| Cash flows from financing activities; Proceeds from borrowings | |||
| - Non-related partiesRMB’000 | 2,360 | 27,808 | PDF p. 50 |
| Cash flows from financing activities; Repayments of borrowings | |||
| - Non-related partiesRMB’000 | (6,176) | (3,476) | PDF p. 50 |
| Cash flows from financing activities | |||
| (Increase)/decrease in restricted cashRMB’000 | (70) | 12 | PDF p. 50 |
| Share awards vested – cashRMB’000 | (16) | (14) | PDF p. 50 |
| Net cash (used in)/provided by financing activitiesRMB’000 | (5,883) | 22,171 | PDF p. 50 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalentsRMB’000 | (3,881) | 19,678 | PDF p. 50 |
| Beginning of financial yearRMB’000 | 40,430 | 20,789 | PDF p. 50 |
| Effects of currency translation on cash and cash equivalentsRMB’000 | 29 | (37) | PDF p. 50 |
| End of financial yearRMB’000 | 36,578 | 40,430 | PDF p. 50 |
Original report: PDF p. 49 ↗ PDF p. 50 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Per-share data | |||
| - Basic loss per shareRMB (Fen) per share | (3.83) | (142.70) | PDF p. 47 |
| - Diluted loss per shareRMB (Fen) per share | (3.83) | (142.70) | PDF p. 47 |
Original report: PDF p. 47 ↗
Loss per share is for net loss attributable to equity holders of the Company. The report states that basic loss per share is calculated by dividing the attributable net loss by the weighted average number of ordinary shares outstanding. Diluted loss per share adjusts the attributable net loss and weighted average number of shares for dilutive potential ordinary shares; no adjustment is made to net profit/(loss) for share options, and share awards are treated as if vested. The report says share options of 3,450,000 (2024: 5,750,000) were anti-dilutive because the Group recorded a loss in both years. Definitions and anti-dilution disclosure: physical page 87. No adjusted-versus-reported earnings-per-share series is disclosed.
Where the money comes from
| Item / unit | 2025Water supply services segment | 2025Land development segment | 2025Investment/corporate segment | 2025Total | 2024Water supply services segment | 2024Land development segment | 2024Investment/corporate segment | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Financial year ended 31 December | |||||||||
| Total segment revenueRMB'000 | 150,122 | – | – | 150,122 | 116,564 | – | – | 116,564 | PDF p. 135PDF p. 136 |
| Inter-segment revenueRMB'000 | (40,602) | – | – | (40,602) | (23,648) | – | – | (23,648) | PDF p. 135PDF p. 136 |
| Revenue from external segmentRMB'000 | 109,520 | – | – | 109,520 | 92,916 | – | – | 92,916 | PDF p. 135PDF p. 136 |
| Segment results (1)RMB'000 | 50,363 | – | – | 50,363 | 31,509 | – | – | 31,509 | PDF p. 135PDF p. 136 |
| Interest incomeRMB'000 | 203 | – | 2 | 205 | 119 | 1 | 63 | 183 | PDF p. 135PDF p. 136 |
| Rental incomeRMB'000 | 39 | – | 1,140 | 1,179 | – | – | 1,288 | 1,288 | PDF p. 135PDF p. 136 |
| Other incomeRMB'000 | 218 | – | 80 | 298 | PDF p. 135 | ||||
| Employee benefit expenseRMB'000 | (2,525) | (1,095) | (8,581) | (12,201) | (2,619) | (1,413) | (8,800) | (12,832) | PDF p. 135PDF p. 136 |
| Administrative expensesRMB'000 | – | – | (5,563) | (5,563) | – | – | (4,271) | (4,271) | PDF p. 135PDF p. 136 |
| Other operating expensesRMB'000 | (1,474) | (672) | (6,007) | (8,153) | (3,116) | (653) | (6,860) | (10,629) | PDF p. 135PDF p. 136 |
| Fair value gain/(loss) on investment properties - netRMB'000 | 874 | – | (6,660) | (5,786) | PDF p. 135 | ||||
| Loss on disposal of investment propertiesRMB'000 | (699) | – | (1,387) | (2,086) | PDF p. 135 | ||||
| Gain on disposal of property, plant and equipmentRMB'000 | 3 | – | – | 3 | – | – | 4 | 4 | PDF p. 135PDF p. 136 |
| Currency exchange loss, netRMB'000 | – | – | (198) | (198) | – | – | (100) | (100) | PDF p. 135PDF p. 136 |
| Finance expensesRMB'000 | (2,416) | – | (1,342) | (3,758) | (2,726) | – | (1,214) | (3,940) | PDF p. 135PDF p. 136 |
| Expected credit loss on contract assetsRMB'000 | (7,996) | – | – | (7,996) | (7,562) | – | – | (7,562) | PDF p. 135PDF p. 136 |
| Income tax (expenses)/creditRMB'000 | (4,428) | – | 1,697 | (2,731) | PDF p. 135 | ||||
| Depreciation and amortisationRMB'000 | (16,552) | (11) | (1,800) | (18,363) | (29,151) | (6) | (1,805) | (30,962) | PDF p. 135PDF p. 136 |
| Other income – netRMB'000 | 9,528 | – | 19 | 9,547 | PDF p. 136 | ||||
| Other losses – netRMB'000 | (44) | – | – | (44) | PDF p. 136 | ||||
| Fair value losses on investment properties - netRMB'000 | (3,991) | – | (6,269) | (10,260) | PDF p. 136 | ||||
| Loss on derecognition of investment properties - netRMB'000 | – | – | (2,712) | (2,712) | PDF p. 136 | ||||
| Share of loss of joint venture accounted for using the equity methodRMB'000 | – | – | (96,357) | (96,357) | PDF p. 136 | ||||
| Expected credit loss on other receivablesRMB'000 | – | – | (1,304) | (1,304) | PDF p. 136 | ||||
| Income tax creditRMB'000 | (1,799) | – | 1,233 | (566) | PDF p. 136 | ||||
(1) Segment results represent revenue from external customers less the related cost of sales and services.
Expected credit loss on contract assets row is printed twice in the source (second time before Depreciation and amortisation). Net profit for the financial year printed only in Total column.
Net loss for the financial year printed only in Total column.
| Item / unit | 2025Water supply services segment | 2025Land development segment | 2025Investment/corporate segment | 2025Total | 2024Water supply services segment | 2024Land development segment | 2024Investment/corporate segment | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| As at 31 December | |||||||||
| Total assetsRMB'000 | 527,306 | 15 | 35,779 | 563,100 | 532,697 | 603 | 72,594 | 605,894 | PDF p. 137PDF p. 138 |
| Total assets include | |||||||||
| Property, plant and equipmentRMB'000 | 155,553 | – | 5,778 | 161,331 | 168,955 | 10 | 7,368 | 176,333 | PDF p. 137PDF p. 138 |
| Intangible assetsRMB'000 | 14,195 | – | – | 14,195 | 8,643 | – | 5,912 | 14,555 | PDF p. 137PDF p. 138 |
| Goodwill arising on consolidationRMB'000 | 20,303 | – | – | 20,303 | 20,303 | – | – | 20,303 | PDF p. 137PDF p. 138 |
| Investment propertiesRMB'000 | 4,047 | – | 23,900 | 27,947 | 5,593 | – | 48,950 | 54,543 | PDF p. 137PDF p. 138 |
| Deferred income tax assetsRMB'000 | 20,048 | – | 2,065 | 22,113 | 22,651 | – | 2,064 | 24,715 | PDF p. 137PDF p. 138 |
| Contract assetsRMB'000 | 206,701 | – | – | 206,701 | PDF p. 137 | ||||
| InventoriesRMB'000 | 2,576 | – | – | 2,576 | 2,928 | – | – | 2,928 | PDF p. 137PDF p. 138 |
| Other current assetsRMB'000 | 17,485 | – | – | 17,485 | 18,436 | – | – | 18,436 | PDF p. 137PDF p. 138 |
| Trade and other receivablesRMB'000 | 52,275 | 6 | 1,520 | 53,801 | 248,985 | 101 | 4,565 | 253,651 | PDF p. 137PDF p. 138 |
| Cash and cash equivalentsRMB'000 | 34,123 | 9 | 2,516 | 36,648 | 36,203 | 492 | 3,735 | 40,430 | PDF p. 137PDF p. 138 |
| Disposal of | |||||||||
| - Investment propertiesRMB'000 | (16,141) | – | (5,596) | (21,737) | PDF p. 137 | ||||
| Additions to | |||||||||
| - Property, plant and equipmentRMB'000 | 1,806 | 1,796 | 225 | 3,827 | 255 | – | – | 255 | PDF p. 137PDF p. 138 |
| - Investment propertiesRMB'000 | 927 | – | – | 927 | 9,584 | – | 1,137 | 10,721 | PDF p. 137PDF p. 138 |
| As at 31 December | |||||||||
| Total liabilitiesRMB'000 | 146,626 | – | 88,584 | 235,210 | 188,100 | 4,997 | 88,467 | 281,564 | PDF p. 137PDF p. 138 |
| Total liabilities include | |||||||||
| Short-term borrowingsRMB'000 | 23,178 | – | 28,000 | 51,178 | 5,877 | – | 28,000 | 33,877 | PDF p. 137PDF p. 138 |
| Trade and other payablesRMB'000 | 86,381 | – | 26,261 | 112,642 | 119,700 | 4,997 | 22,428 | 147,125 | PDF p. 137PDF p. 138 |
| ProvisionRMB'000 | – | – | 11,000 | 11,000 | – | – | 11,000 | 11,000 | PDF p. 137PDF p. 138 |
| Current income tax liabilitiesRMB'000 | 28 | – | 56 | 84 | – | – | 57 | 57 | PDF p. 137PDF p. 138 |
| Deferred income tax liabilitiesRMB'000 | 1,505 | – | 1,111 | 2,616 | 3,275 | – | 3,026 | 6,301 | PDF p. 137PDF p. 138 |
| Deferred incomeRMB'000 | 11,410 | – | – | 11,410 | 12,225 | – | – | 12,225 | PDF p. 137PDF p. 138 |
| Lease liabilitiesRMB'000 | – | – | 204 | 204 | – | – | 105 | 105 | PDF p. 137PDF p. 138 |
| Long term borrowingsRMB'000 | 24,124 | – | 21,952 | 46,076 | 47,023 | – | 23,851 | 70,874 | PDF p. 137PDF p. 138 |
| Disposal and reclassification | |||||||||
| - Property, plant and equipmentRMB'000 | (1,992) | – | – | (1,992) | PDF p. 138 | ||||
| - Investment propertiesRMB'000 | – | – | (47,130) | (47,130) | PDF p. 138 | ||||
| Additions to | |||||||||
| - Intangible assetsRMB'000 | 37 | – | – | 37 | PDF p. 138 | ||||
Total assets and Total liabilities sub-item lists end with a Total-column-only total line (563,100 and 235,210).
Total assets and Total liabilities sub-item lists end with a Total-column-only total line (605,894 and 281,564).
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Hong KongRMB'000 | – | – | 249 | 157 | PDF p. 139 |
| PRC except Hong KongRMB'000 | 109,520 | 92,917 | 266,159 | 290,292 | PDF p. 139 |
| Total (unlabelled)RMB'000 | 109,520 | 92,917 | 266,408 | 290,449 | PDF p. 139 |
In presenting the geographical information, revenue is based on the geographical locations of the customers which the revenue are derived from and is measured in a manner consistent with that in the statement of comprehensive income.
Inter-segment sales are carried out based on agreed term.
Revenue from major customers: Revenue of RMB49,891,000 (2024: RMB62,684,000) are derived from four (FY2024: four) external customers. These revenues are attributable to the water supply services (FY2024: water supply services) segment.
Unlabelled total row printed as 109,520 92,917 266,408 290,449.
Debt
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Variable rate borrowing - repricing | |||
| 6 months or lessRMB'000 | 7,086 | 9,023 | PDF p. 123 |
| 6 – 12 monthsRMB'000 | 8,954 | 12,193 | PDF p. 123 |
| Fixed rate borrowings - maturity date | |||
| 6 – 12 monthsRMB'000 | 46,000 | 29,000 | PDF p. 123 |
| 1 – 5 yearsRMB'000 | 35,214 | 54,535 | PDF p. 123 |
Printed as exposure to interest rate changes and contractual repricing dates.
| Item / unit | 2025Group Less than 1 year | 2025Group Between 1 and 5 years | 2025Group More than 5 years | 2025Group Total | 2024Group Less than 1 year | 2024Group Between 1 and 5 years | 2024Group More than 5 years | 2024Group Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| BorrowingsRMB'000 | 51,178 | 47,393 | – | 98,571 | 33,877 | 75,241 | – | 109,118 | PDF p. 77 |
| Lease liabilitiesRMB'000 | 114 | 90 | – | 204 | 105 | – | – | 105 | PDF p. 77 |
Contractual undiscounted cash flows.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Current - Borrowings from non-related parties | |||
| - Loan IRMB'000 | 28,000 | 28,000 | PDF p. 121 |
| Current - Borrowings from a financial institution | |||
| - Loan VRMB'000 | 5,178 | 4,877 | PDF p. 121 |
| - Loan VIRMB'000 | 18,000 | 1,000 | PDF p. 121 |
| Current | |||
| Total current borrowingsRMB'000 | 51,178 | 33,877 | PDF p. 121 |
| Non-current - Borrowings from non-related parties | |||
| - Loan IIRMB'000 | 21,952 | 23,851 | PDF p. 121 |
| - Loan IIIRMB'000 | 10,930 | 10,474 | PDF p. 121 |
| - Loan IVRMB'000 | 2,332 | 2,210 | PDF p. 121 |
| Non-current - Borrowings from a financial institution | |||
| - Loan VRMB'000 | 10,862 | 16,339 | PDF p. 121 |
| - Loan VIRMB'000 | – | 18,000 | PDF p. 121 |
| Non-current | |||
| Total non-current borrowingsRMB'000 | 46,076 | 70,874 | PDF p. 121 |
| Total | |||
| Total borrowingsRMB'000 | 97,254 | 104,751 | PDF p. 121 |
All the borrowings are denominated in Renminbi.
Loan I unsecured, interest-free, repayable on demand. Loan II fixed 6% p.a., due Nov 2029, secured by third mortgages. Loan III fixed 4.50% p.a., due June 2027, secured over contract assets. Loan IV fixed 6% p.a., due April 2028, secured by third mortgages. Loan V variable rates, due August 2027, secured by second mortgages and guarantees. Loan VI fixed 4.5% p.a., due December 2026, secured by first mortgages and guarantees (pages 122-123).
Fair value discount rate 3.50% (2024: 3.60%) p.a. Group not required to comply with any loan covenants.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company currently does not have a fixed dividend policy. | Company | PDF p. 34 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | the Board is of the view not to propose any dividend payment for FY2025. | FY2025 | PDF p. 34 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | CLA Global TS Public Accounting Corporation | Group FY2025 | PDF p. 46 |
| Engagement director | Lim Hui Ki | Group FY2025 | PDF p. 46 |
| Basis for Disclaimer of Opinion | we were unable to obtain sufficient appropriate audit evidence regarding the implications of the findings, including the extent to which the matters identified may affect the consolidated financial statements | Group consolidated financial statements FY2025 | PDF p. 45 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern assumption | the Directors believe that the use of the going concern assumption in preparing these financial statements remains appropriate | Group FY2025 | PDF p. 54 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.