康达环保2025年度报告

CONTENTS目錄 Chairman’sStatement5 ManagementDiscussionandAnalysis8 DirectorsandSeniorManagement21 CorporateGovernanceReport27 Corporate Information公司資料 董事會 執行董事 Mr. Li Zhong(Chairman)(ceased to be Chairman with effect from 4 February 2026)Ms. Liu YujieMr. Duan, Jerry Linnan(Chief Executive Officer)Mr. Zhou Wei(Chief Financial Officer)(resigned with effect from 4 February 2026)Mr. Du Lindong(Chairman)(appointed as an Executive Directorand Chairman on 4 February 2026) 非執行董事 Non-Executive Directors Mr. Zhao Juanxian (alias, Zhao Junxian)(ceased to be Co-Chairman and re-designated asnon-executive director with effect from 1 January 2025) 獨立非執行董事 Independent Non-executive Directors Mr. Chau Kam Wing DonaldMr. Chang QingMr. Peng Yongzhen 審核委員會 AUDIT COMMITTEE Mr. Chau Kam Wing Donald(Chairman)Mr. Chang QingMr. Peng Yongzhen REMUNERATION COMMITTEE 薪酬委員會 Mr. Peng Yongzhen(Chairman)Mr. Zhao Juanxian (alias, Zhao Junxian)Mr. Chau Kam Wing Donald 提名委員會 NOMINATION COMMITTEE Mr. Chau Kam Wing Donald(Chairman)Mr. Li ZhongMs. Liu Yujie (appointed on 20 June 2025)Mr. Peng YongzhenMr. Chang QingMr. Zhao Juanxian (alias, Zhao Junxian)(ceased to be a member with effect from 20 June 2025) 公司秘書 COMPANY SECRETARY Corporate Information公司資料 授權代表 AUTHORISED REPRESENTATIVES Mr. Li ZhongMr. Zhou Wei (appointed on 1 January 2025and resigned with effect from 4 February 2026)Mr. Du Lindong (appointed on 4 February 2026)Mr. Zhao Juanxian (alias, Zhao Junxian)(resigned with effect from 1 January 2025) REGISTERED OFFICE 註冊辦事處 Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111 Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111 Cayman Islands 總 部 及 中 華 人 民 共 和 國（「中 國」）營業地址 HEADQUARTER AND PLACE OF BUSINESS INTHE PEOPLE’S REPUBLIC OF CHINA (“CHINA”OR THE“PRC”) 72 No. 72 Avenue of StarsHigh-Tech ParkNorth New ZoneChongqingThe PRC 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 18646409 Suite 6409, 64/FCentral Plaza18 Harbour Road,WanchaiHong Kong 開曼群島股份過戶登記處 SHARE REGISTRAR AND TRANSFER OFFICE INTHE CAYMAN ISLANDS Suntera (Cayman) LimitedSuite 3204Unit 2ABlock 3Building DP.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands 香港股份過戶登記分處 HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWan ChaiHong Kong Corporate Information公司資料 法律顧問Conyers Dill & Pearman LEGAL ADVISERAs to Cayman Islands law:Conyers Dill & Pearman 主要往來銀行 PRINCIPAL BANKERIndustrial and Commercial Bank of ChinaChina Construction BankBank of ChinaChina Minsheng BankThe Export-Import Bank of China 核數師 AUDITORErnst & Young 股份代號6136 STOCK CODE6136 公司網址http://www.kangdaep.com COMPANY WEBSITEhttp://www.kangdaep.com Chairman’s Statement主席報告 Dear Shareholders, On behalf of the board (the“Board”) of directors (the“Directors”)of Kangda International Environmental Company Limited (the“Company”) together with its subsidiaries (collectively, the“Group”),I am pleased to present the annual report of the Group for the yearended 31 December 2025 to you. 業績回顧 RESULTS REVIEW 41.2%237.3 Throughout the year, the Group maintained a prudent approach inoperation, which strictly controlled costs, while capitalizing on thedomestic interest rate downtrend cycle to optimize debt conditionsand reducing liabilities through the disposal of underperformingprojects. It effectively managed operating expenses and substantiallylowered administrative and financing costs. Consequently, profitattributable to owners of the parent for the year increased by 41.2% toRMB237.3 million compared with last year. 2,426.97.3%93.4%92.8%512.884%1,247.64.3%44.9%48.2%3.31,090.60.1% To conclude, in 2025, the Group continued to focus on Urban WaterTreatment. Total revenue for the year was RMB2,426.9 million,representing an increase of 7.3% year-on-year, with Urban WaterTreatment accounting for 93.4% of the total. Driven by an increase inproject upgrading and renovation projects during the year, revenuefrom construction services increased by 92.8% to RMB512.8 millioncompared to last year. The wastewater treatment operation had beendeveloping steadily, as the wastewater treatment plant operated at ahigh utilization rate of 84%. The actual wastewater treatment volumefor the year was 1,247.6 million tonnes, representing a slight decreasefrom the previous year due to the disposal of the project. Revenuefrom operations decreased by approximately 4.3% compared to lastyear, primarily due to reduced operational revenue from Rural WaterImprovement and the disposal of Urban Water Treatment projects.Since the proportion of revenue from construction services, which carryrelatively lower gross margins, increased during the year, the overallgross margin for th