New Risk • Jun 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Earnings have declined by 64% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (HK$200.0m market cap, or US$25.5m). Reported Earnings • Mar 29
Full year 2025 earnings released: CN¥0.36 loss per share (vs CN¥0.48 loss in FY 2024) Full year 2025 results: CN¥0.36 loss per share (improved from CN¥0.48 loss in FY 2024). Revenue: CN¥606.4m (flat on FY 2024). Net loss: CN¥71.6m (loss narrowed 25% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Announcement • Mar 28
Taizhou Water Group Co., Ltd., Annual General Meeting, Jun 26, 2026 Taizhou Water Group Co., Ltd., Annual General Meeting, Jun 26, 2026. Announcement • Mar 17
Taizhou Water Group Co., Ltd. to Report Fiscal Year 2025 Results on Mar 27, 2026 Taizhou Water Group Co., Ltd. announced that they will report fiscal year 2025 results on Mar 27, 2026 Announcement • Jan 30
Taizhou Water Group Co., Ltd. Announces Appointment of Yang Feng as Non-Executive Director and Member of Nomination Committee, Effective January 30, 2026 Taizhou Water Group Co., Ltd. announced that Mr. Yang Feng was appointed as a non-executive Director and a member of the Nomination Committee, effective from January 30, 2026. The Extraordinary General Meeting was held on January 30, 2026. The extraordinary general meeting held on 30 January 2026. Mr. Yang Feng has confirmed that there are no other matters that need to be brought to the attention of the Shareholders or the Stock Exchange. Mr. Yang Feng has entered into a director's service contract with the Company in relation to his appointment as a non-executive Director for a term of service commencing from the date of EGM until the end of the term of the sixth session of the Board. Mr. Yang Feng will not obtain any remuneration from the Company. Reported Earnings • Sep 01
First half 2025 earnings released: CN¥0.099 loss per share (vs CN¥0.18 loss in 1H 2024) First half 2025 results: CN¥0.099 loss per share (improved from CN¥0.18 loss in 1H 2024). Revenue: CN¥274.9m (down 8.5% from 1H 2024). Net loss: CN¥19.9m (loss narrowed 45% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Aug 19
Taizhou Water Group Co., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Taizhou Water Group Co., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Announcement • Jun 27
Taizhou Water Group Co., Ltd. Announces Board and Committee Changes, with Effect from 27 June 2025 Taizhou Water Group Co., Ltd. announced that at the AGM held on 27 June 2025, approved the appointment of Mr. Ye Xiaofeng as a non-executive director, with effect from 27 June 2025. Reference is made to the announcement of the Company dated 28 March 2025 in relation to, among others, the resignation of Ms. Mo Danjun as a non-executive Director and a member of the strategy committee of the Company. The Board announced that Mr. Ye Xiaofeng has been appointed as a member of the strategy committee of the Company in replacement of Ms. Mo Danjun with effect from 27 June 2025. Due to the aforementioned change in the composition of the Board, the composition of each of the Audit Committee, the Remuneration Committee, the Nomination Committee and the Strategy Committee is as follows: Audit Committee: Mr. Li Wai Chung (Chairman), Mr. Lin Genman, Ms. Hou Meiwen. Remuneration Committee: Mr. Wang Yongyue (Chairman), Mr. Yang Jun, Mr. Pan Gang, Mr. Huang Chun, Ms. Lin Suyan. Nomination Committee: Mr. Yang Jun (Chairman), Mr. Yu Yangbin, Mr. Yang Yide, Mr. Huang Chun, Ms. Lin Suyan, Ms. Hou Meiwen, Mr. Wang Yongyue. Strategy Committee: Mr. Yang Jun (Chairman), Mr. Pan Gang, Mr. Shao Aiping, Ms. Fang Ya, Mr. Lin Yang, Mr. Huang Chun, Mr. Ye Xiaofeng. Reported Earnings • Mar 30
Full year 2024 earnings released Full year 2024 results: Revenue: CN¥600.8m (flat on FY 2023). Net loss: CN¥95.6m (loss widened 14% from FY 2023). Announcement • Mar 29
Taizhou Water Group Co., Ltd., Annual General Meeting, Jun 27, 2025 Taizhou Water Group Co., Ltd., Annual General Meeting, Jun 27, 2025. Announcement • Mar 18
Taizhou Water Group Co., Ltd. to Report Fiscal Year 2024 Results on Mar 28, 2025 Taizhou Water Group Co., Ltd. announced that they will report fiscal year 2024 results on Mar 28, 2025 Announcement • Aug 20
Taizhou Water Group Co., Ltd. to Report First Half, 2024 Results on Aug 30, 2024 Taizhou Water Group Co., Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Reported Earnings • Mar 30
Full year 2023 earnings released: CN¥0.42 loss per share (vs CN¥0.28 profit in FY 2022) Full year 2023 results: CN¥0.42 loss per share (down from CN¥0.28 profit in FY 2022). Revenue: CN¥606.3m (up 12% from FY 2022). Net loss: CN¥84.0m (down 250% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • Mar 29
Taizhou Water Group Co., Ltd., Annual General Meeting, Jun 28, 2024 Taizhou Water Group Co., Ltd., Annual General Meeting, Jun 28, 2024. Announcement • Mar 19
Taizhou Water Group Co., Ltd. to Report Fiscal Year 2023 Results on Mar 28, 2024 Taizhou Water Group Co., Ltd. announced that they will report fiscal year 2023 results on Mar 28, 2024 New Risk • Nov 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 17% per year over the past 5 years. Minor Risk Market cap is less than US$100m (HK$550.0m market cap, or US$70.5m). Reported Earnings • Sep 02
First half 2023 earnings released: CN¥0.25 loss per share (vs CN¥0.16 profit in 1H 2022) First half 2023 results: CN¥0.25 loss per share (down from CN¥0.16 profit in 1H 2022). Revenue: CN¥280.3m (up 19% from 1H 2022). Net loss: CN¥50.4m (down 259% from profit in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Aug 22
Taizhou Water Group Co., Ltd. to Report First Half, 2023 Results on Aug 31, 2023 Taizhou Water Group Co., Ltd. announced that they will report first half, 2023 results on Aug 31, 2023 Upcoming Dividend • Jun 27
Upcoming dividend of CN¥0.075 per share at 2.8% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (8.3%). Announcement • May 09
Taizhou Water Group Co., Ltd. Announces Resignation of Wang Haibo as Non-Executive Director Taizhou Water Group Co., Ltd. announces that Mr. Wang Haibo ("Mr. Wang") has tendered his resignation as non-executive Director of the Company and member of the strategy committeeof the Company (the "Strategy Committee") on 8 May 2023 due to retirement. The resignation of Mr. Wang will take effect immediately. Mr. Wang has confirmed that he has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company (the "Shareholders") and The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The Board has confirmed that there are no matters concerning the resignation of Mr. Wang that need to be brought to the attention of the Shareholders. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$3.11, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 6x in the Water Utilities industry in Hong Kong. Total returns to shareholders of 6.8% over the past three years. Reported Earnings • Sep 02
First half 2022 earnings released: EPS: CN¥0 (vs CN¥0.30 in 1H 2021) First half 2022 results: EPS: CN¥0 (down from CN¥0.30 in 1H 2021). Revenue: CN¥236.0m (down 9.1% from 1H 2021). Net income: CN¥31.6m (down 48% from 1H 2021). Profit margin: 13% (down from 23% in 1H 2021). The decrease in margin was primarily driven by lower revenue. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 16% share price gain to HK$3.00, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 5x in the Water Utilities industry in Hong Kong. Total loss to shareholders of 2.6% over the past year. Announcement • Aug 20
Taizhou Water Group Co., Ltd. to Report First Half, 2022 Results on Aug 31, 2022 Taizhou Water Group Co., Ltd. announced that they will report first half, 2022 results on Aug 31, 2022 Announcement • Aug 06
Taizhou Water Group Co., Ltd. Announces Board Changes The board (the "Board") of directors of Taizhou Water Group Co., Ltd. hereby announced that Mr. Wang Haiping ("Mr. Wang") has tendered his resignation as a non-executive Director and a member of the audit committee of the Board (the "Audit Committee") on 5 August 2022 due to retirement. The resignation of Mr. Wang will take effect from the date of the next general meeting (the "General Meeting") of the shareholders of the Company (the "Shareholders") to approve the appointment of Mr. Lin Genman ("Mr. Lin") as a non-executive Director. The Board proposed to elect Mr. Lin as a non-executive Director for a term commencing from the date of the General Meeting until the expiration of the term of the fifth session of the Board, and if his appointment is approved by the Shareholders at the General Meeting, he will replace Mr. Wang as a member of the Audit Committee. Mr. Lin has confirmed that he has no disagreement on such nomination. Mr. Lin Genman, aged 49, graduated with a bachelor's degree in accounting from Zhejiang University of Finance & Economics (formerly known as Zhejiang College of Finance & Economics* in June 2004 and was accredited as a senior accountant by the Zhejiang Provincial Department of Human Resources and Social Security in April 2012. Mr. Lin has served as: (i) the chief accountant of Yuhuan County Foreign Economic and Trade Cooperation Bureau from September 1993 to February 1999; (ii) the chief accountant of Taizhou Urban Construction and Investment Development Group Co., Ltd. (formerly known as Taizhou Infrastructure Construction Investment Group Co., Ltd., a substantial shareholder of the Company ("Taizhou Urban Construction"), from February 1999 to July 2011; (iii) the deputy manager of the planning and finance department of Taizhou Urban Construction from July 2011 to September 2017; (iv) the manager of the investment management department of Taizhou Urban Construction from September 2017 to May 2019; (v) the founder of the investment development department of Taizhou Urban Construction from May 2019 to November 2019; (vi) the manager of the planning and finance department of Taizhou Urban Construction from November 2019 to March 2022; and (vii) the manager of the finance and treasury department of Taizhou Urban Construction since April 2022. Mr. Lin has also served as (i) the manager and executive director of Taizhou Asset Management Co., Ltd., a wholly-owned subsidiary of Taizhou Urban Construction, from September 2017 to December 2019; (ii) the chairman of the board of directors of Universal Car Sharing Taizhou Car Rental Co., Ltd., a non-wholly owned subsidiary of Taizhou Urban Construction from December 2017 to November 2018; and (iii) the chairman of the board of directors and manager of Taizhou Luda Investment Co., Ltd. since June 2018. Mr. Lin was the manager, executive director and legal representative of Taizhou Yuanlu Highway Construction and Development Co., Ltd. ("Taizhou Yuanlu") from December 2019 to January 2022, prior to its dissolution in January 2022. Taizhou Yuanlu was a limited liability company established in the PRC and its principal activity was road tolling. It was dissolved by way of liquidation by its shareholders on 21 January 2022 due to cessation of business as the relevant government has cancelled toll charges for the relevant areas. Mr. Lin confirmed that, to the best of his information and belief after making reasonable enquiries, Taizhou Yuanlu was solvent and had ceased operations at the time of its dissolution. Upcoming Dividend • Jun 23
Upcoming dividend of CN¥0.17 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 6.9%. Lower than top quartile of Hong Kong dividend payers (7.9%). In line with average of industry peers (6.7%). Announcement • May 27
Taizhou Water Group Co., Ltd. Proposes Final Profit Distribution Plan for the Year Ended December 31, 2022 The Board of Taizhou Water Group Co., Ltd. has resolved to submit to the Shareholders for their consideration and approval a profit distribution plan for the year ended December 31, 2021. The Board proposed the payment of a final dividend of RMB 0.17 (tax inclusive) per Share for the year ended December 31, 2021 to Shareholders. Based on the Company's total number of Shares in issue as at the Latest Practicable Date, the total dividend to be paid to the Shareholders amounts to RMB 34 million. If such proposal is approved at the AGM, the Proposed Final Dividend will be distributed to Shareholders whose names appear on the register of members of the Company on Sunday, 10 July 2022. Pursuant to the requirements under the Articles of Association, dividend shall be denominated and declared in RMB. Dividend for Domestic Shares will be paid in RMB, while dividend for H Shares will be paid in HKD. The Proposed Final Dividend will be paid to holders of Domestic Shares in RMB and to holders of H Shares in HKD as converted based on the average closing rate for converting RMB into HKD of the five business days prior to the date on which the Proposed Final Dividend is declared at the AGM as quoted by the People's Bank of China. The Proposed Final Dividend is subject to the approval of Shareholders at the AGM and, upon approval at the AGM, is expected to be distributed on or before Friday, 23 September 2022. Announcement • Apr 08
Taizhou Water Group Co., Ltd., Annual General Meeting, Jun 28, 2022 Taizhou Water Group Co., Ltd., Annual General Meeting, Jun 28, 2022. Reported Earnings • Mar 30
Full year 2021 earnings released Full year 2021 results: Revenue: CN¥520.3m (up 7.5% from FY 2020). Net income: CN¥120.3m (up 17% from FY 2020). Profit margin: 23% (up from 21% in FY 2020). The increase in margin was driven by higher revenue. Announcement • Mar 29
Taizhou Water Group Co., Ltd. Recommends Final Dividend for the Year Ended 31 December 2021, Payable on or Before 23 September 2022 The Board of Taizhou Water Group Co., Ltd. recommends to distribute a final dividend in respect of the year ended 31December 2021 at RMB 0.17 (tax inclusive) per share (for the year ended 31 December 2020: RMB 0.17 (tax inclusive) per share), which is subject to the approval by the Shareholders at the 2022 AGM and is expected to be distributed on or before 23 September 2022 to the Shareholders whose names appear on the register of members of the Company on 10 July 2022. Reported Earnings • Aug 29
First half 2021 earnings released: EPS CN¥0.30 (vs CN¥0.22 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥259.8m (up 16% from 1H 2020). Net income: CN¥60.9m (up 40% from 1H 2020). Profit margin: 23% (up from 19% in 1H 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 18
Upcoming dividend of CN¥0.17 per share Eligible shareholders must have bought the stock before 25 June 2021. Payment date: 18 August 2021. Trailing yield: 6.7%. Within top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (5.3%). Reported Earnings • Apr 25
Full year 2020 earnings released: EPS CN¥0.52 (vs CN¥0.62 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥483.8m (up 2.5% from FY 2019). Net income: CN¥103.1m (up 11% from FY 2019). Profit margin: 21% (up from 20% in FY 2019). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS CN¥0.52 (vs CN¥0.62 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥483.8m (up 2.5% from FY 2019). Net income: CN¥103.1m (up 11% from FY 2019). Profit margin: 21% (up from 20% in FY 2019). Announcement • Mar 16
Taizhou Water Group Co., Ltd. to Report Fiscal Year 2020 Results on Mar 25, 2021 Taizhou Water Group Co., Ltd. announced that they will report fiscal year 2020 results on Mar 25, 2021 Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 24% share price gain to CN¥3.60, the stock is trading at a trailing P/E ratio of 5.9x, up from the previous P/E ratio of 4.7x. This compares to an average P/E of 5x in the Water Utilities industry in Hong Kong. Total returns to shareholders over the past year are 23%. Is New 90 Day High Low • Feb 18
New 90-day high: HK$3.30 The company is up 7.0% from its price of HK$3.09 on 20 November 2020. The Hong Kong market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Water Utilities industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 10
New 90-day low: HK$2.90 The company is down 24% from its price of HK$3.80 on 11 September 2020. The Hong Kong market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is flat over the same period. Is New 90 Day High Low • Nov 19
New 90-day low: HK$3.10 The company is down 18% from its price of HK$3.80 on 21 August 2020. The Hong Kong market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 04
New 90-day low: HK$3.37 The company is down 12% from its price of HK$3.81 on 06 August 2020. The Hong Kong market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 4.0% over the same period. Reported Earnings • Sep 25
First half earnings released Over the last 12 months the company has reported total profits of CN¥89.8m, down 13% from the prior year. Total revenue was CN¥470.8m over the last 12 months, down 3.3% from the prior year. Announcement • Aug 14
Taizhou Water Group Co., Ltd. to Report First Half, 2020 Results on Aug 26, 2020 Taizhou Water Group Co., Ltd. announced that they will report first half, 2020 results on Aug 26, 2020 
