云南水务投资股份有限公司2025年度报告

Contents Corporate Information2Definitions5Financial Highlights8Chairman’s Statement9General Manager’s Report11Management Discussion and Analysis14Directors and Senior Management28Directors’ Report34Corporate Governance Report50Independent Auditor’s Report69Consolidated Statement of Profit or Loss and Other Comprehensive Income80Consolidated Statement of Financial Position82Consolidated Statement of Changes in Equity84Consolidated Statement of Cash Flows86Notes to the Consolidated Financial Statements87Five-year Financial Summary232Environmental, Social & Governance Report233 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Zhu Zhen(Chairman)Mr. Zheng Guangfeng(Vice-Chairman)Mr. Liu Hui Non-executive Directors Mr. Li ZhengzhengMr. Xia LinMs. Duan Tao Independent Non-executive Directors Mr. Liu Shuen KongMr. Zhong WeiMr. Zhou Beihai AUDIT COMMITTEE Mr. Liu Shuen Kong(Chairman)Mr. Zhong WeiMr. Zhou Beihai REMUNERATION COMMITTEE Mr. Zhong Wei(Chairman)Mr. Liu HuiMr. Zhou Beihai NOMINATION COMMITTEE Mr. Zhu Zhen(Chairman)Ms. Duan TaoMr. Liu Shuen KongMr. Zhou BeihaiMr. Zhong Wei RISK MANAGEMENT, INTERNAL CONTROL ANDCOMPLIANCE COMMITTEE Mr. Zhong Wei(Chairman)Mr. Zheng GuangfengMr. Liu Shuen KongMr. Zhou BeihaiMr. Mo Wenyi COMPANY SECRETARY Mr. Li Bo AUTHORISED REPRESENTATIVES Mr. Zhu ZhenMr. Zheng Guangfeng HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESSIN THE PEOPLE’S REPUBLIC OF CHINA 2089 Yunnan Water2089 Haiyuan Bei RoadGaoxin DistrictKunming, YunnanPRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 251313110-11 Suite 3110-1131/F, Tower 1, The Gateway, Harbour City25 Canton Road, Tsim Sha TsuiKowloonHong Kong BRANCH SHARE REGISTRAR IN HONG KONG 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong LEGAL ADVISERS As to Hong Kong law: 15323203–3207 Jingtian & Gongcheng LLPSuite 3203-320732/F Edinburgh Tower, The Landmark15 Queen’s Road CentralHong Kong As to PRC law: 126B5 DeHeng Law Offices (Kunming)3/F & 4/F Tower B5, Rongcheng Youjun126 Xiyuan RoadXishan DistrictKunming, Yunnan Province, PRC 33 Grandall Law Firm (Kunming)33/F, Hang Lung Plaza,Panlong DistrictKunming, Yunnan Province, China CORPORATE INFORMATION PRINCIPAL BANKERS Industrial Bank Co., Ltd.China Development BankAgricultural Bank of China LimitedAgricultural Development Bank of ChinaChina Construction Bank CorporationBank of Communications Co., Ltd.Shanghai Pudong Development Bank Co., LtdChina CITIC Bank Corporation LimitedIndustrial and Commercial Bank of China LimitedChina Everbright Bank Company Limited AUDITOR 1842 Forvis Mazars CPA LimitedCertified Public Accountants42/F, Central Plaza,18 Harbour Road,Wanchai,Hong Kong STOCK CODE 6839 6839 http://www.yunnanwater.com.cn COMPANY’S WEBSITEhttp://www.yunnanwater.com.cn In this annual report, unless the context otherwise requires, the following expressions shall have the following meanings: DEFINITIONS the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)571 Yunnan Green Environmental Protection Industry Group Co., Ltd.*(formerly known as Yunnan Green Environmental Protection IndustryInvestment Co., Ltd.*), a limited liabilitycompany incorporated in the PRC *For identification purposes only* FINANCIAL HIGHLIGHTS 1,8561,739 During the Reporting Period, the Group’s audited loss attributable to ordinaryShareholders of the Company amounted to approximately RMB1,856 million (forthe year ended 31 December 2024: approximately RMB1,739 million). 1.7291.4581,193,213,4571,193,213,457 Loss per share for the Reporting Period was approximately RMB1.729 (for the yearended 31 December 2024: loss per share approximately RMB1.458), the calculationof such basic loss per share amount is based on the loss attributable to ordinaryShareholders of the Company, and the weighted average number of Shares ofapproximately 1,193,213,457 (2024: 1,193,213,457) shares in issue during theReporting Period. The Board does not recommend the payment of a final dividend for the year ended31 December 2025 (for the year ended 31 December 2024: nil). The Company didnot declare or pay any interim dividend or special dividend for the year ended 31December 2025. On behalf of the Board, I am pleased to present the Group’s annual report for thefinancial year ended 31 December 2025. The year 2025 was a crucial year for the Group to deepen its reforms, improvequality and efficiency, and consolidate its foundation for development. Amidstthe complex and volatile economic situation and market uncertainties, the Boardclosely adhered to the main direction of high-quality development, focused oncore tasks such as cost reduction and efficiency enhancement, debt collection,asset disposal and the advancement of projects under construction, achievingphasedprogress across various initiatives.First,the operation quality andefficiency improved steadily, with cost reduction and efficiency enhancementintegratedthroughout the e