New Risk • Apr 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.4% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Apr 17
Full year 2025 earnings released: EPS: CN¥0.43 (vs CN¥0.43 in FY 2024) Full year 2025 results: EPS: CN¥0.43 (in line with FY 2024). Revenue: CN¥2.55b (up 10.0% from FY 2024). Net income: CN¥216.1m (flat on FY 2024). Profit margin: 8.5% (down from 9.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 1% per year. Announcement • Apr 16
Qian Jiang Water Resources Development Co.,Ltd, Annual General Meeting, May 12, 2026 Qian Jiang Water Resources Development Co.,Ltd, Annual General Meeting, May 12, 2026, at 09:30 China Standard Time. Location: No. 3, Santaishan Road, Hangzhou, Zhejiang China