Kangda International Environmental : 【2024-04-26】Financial Statements/ESG Information - 2023 Annual Report

CONTENTS

目錄

Corporate Information	2
公司資料
Chairman's Statement	4
主席報告
Management Discussion and Analysis	8
管理層討論及分析
Directors and Senior Management	23
董事及高級管理層
Corporate Governance Report	29
企業管治報告
Report of Directors	54
董事會報告
Independent Auditor's Report	75
獨立核數師報告
Consolidated Statement of Profit or Loss and Other Comprehensive Income	83
綜合損益及其他全面收益表
Consolidated Statement of Financial Position	85
綜合財務狀況表
Consolidated Statement of Changes in Equity	87
綜合權益變動表
Consolidated Statement of Cash Flows	88
綜合現金流量表
Notes to the Consolidated Financial Statements	91
綜合財務報表附註
Financial Summary	231
財務概要

Corporate Information

公司資料

BOARD OF DIRECTORS	董事會
Executive Directors	執行董事
Mr. Zhao Juanxian (alias, Zhao Junxian) (Co-Chairman)	趙雋賢先生（聯席主席）
Mr. Li Zhong (Co-Chairman)	李中先生（聯席主席）
Ms. Liu Yujie	劉玉杰女士
Mr. Duan, Jerry Linnan (Chief Executive Officer)	段林楠先生（行政總裁）
Independent Non-executive Directors	獨立非執行董事
Mr. Chau Kam Wing Donald	周錦榮先生
Mr. Chang Qing	常清先生
Mr. Peng Yongzhen	彭永臻先生
AUDIT COMMITTEE	審核委員會
Mr. Chau Kam Wing Donald (Chairman)	周錦榮先生（主席）
Mr. Chang Qing	常清先生
Mr. Peng Yongzhen	彭永臻先生
REMUNERATION COMMITTEE	薪酬委員會
Mr. Peng Yongzhen (Chairman)	彭永臻先生（主席）
Mr. Zhao Juanxian (alias, Zhao Junxian)	趙雋賢先生
Mr. Chau Kam Wing Donald	周錦榮先生
NOMINATION COMMITTEE	提名委員會
Mr. Chau Kam Wing Donald (Chairman)	周錦榮先生（主席）
Mr. Zhao Juanxian (alias, Zhao Junxian)	趙雋賢先生
Mr. Li Zhong	李中先生
Mr. Peng Yongzhen	彭永臻先生
Mr. Chang Qing	常清先生
COMPANY SECRETARY	公司秘書
Mr. Wong Wan Sing	黃尹聲先生
AUTHORISED REPRESENTATIVES	授權代表
Mr. Zhao Juanxian (alias, Zhao Junxian)	趙雋賢先生
Mr. Li Zhong	李中先生
REGISTERED OFFICE	註冊辦事處
Cricket Square	Cricket Square
Hutchins Drive	Hutchins Drive
P.O. Box 2681	P.O. Box 2681
Grand Cayman KY1-1111	Grand Cayman KY1-1111
Cayman Islands	Cayman Islands
HEADQUARTER AND PLACE OF BUSINESS IN	總部及中華人民共和國（「中國」）
THE PEOPLE'S REPUBLIC OF CHINA ("CHINA"	營業地址
OR THE "PRC")
No. 72 Avenue of Stars	中國
High-Tech Park	重慶
North New Zone	北部新區
Chongqing	高新園
The PRC	星光大道72 號

2 KANGDA INTERNATIONAL ENVIRONMENTAL COMPANY LIMITED / ANNUAL REPORT 2023

Corporate Information

公司資料

PRINCIPAL PLACE OF BUSINESS IN HONG KONG	香港主要營業地點
Suite 6409, 64/F	香港
Central Plaza	灣仔港灣道18 號
18 Harbour Road, Wanchai	中環廣場
Hong Kong	64 樓6409 室

SHARE REGISTRAR AND TRANSFER OFFICE IN	開曼群島股份過戶登記處
THE CAYMAN ISLANDS
Suntera (Cayman) Limited	Suntera (Cayman) Limited
Suite 3204, Unit 2A	Suite 3204, Unit 2A
Block 3, Building D	Block 3, Building D
P.O. Box 1586	P.O. Box 1586
Gardenia Court, Camana Bay	Gardenia Court, Camana Bay
Grand Cayman, KY1-1100	Grand Cayman, KY1-1100
Cayman Islands	Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR AND	香港股份過戶登記分處
TRANSFER OFFICE
Computershare Hong Kong Investor Services Limited	香港中央證券登記有限公司
Shops 1712-1716, 17th Floor	香港
Hopewell Centre	灣仔
183 Queen's Road East	皇后大道東183 號
Wan Chai	合和中心
Hong Kong	17 樓1712-1716號舖

LEGAL ADVISER	法律顧問
As to Hong Kong law:	有關香港法律：
Norton Rose Fulbright Hong Kong	諾頓羅氏香港
PRINCIPAL BANKER	主要往來銀行
Industrial and Commercial Bank of China	中國工商銀行
Chongqing Rural Commercial Bank	重慶農村商業銀行
Bank of China	中國銀行
Shanghai Pudong Development Bank	上海浦東發展銀行
AUDITOR	核數師
Ernst & Young	安永會計師事務所
STOCK CODE	股份代號
6136	6136
COMPANY WEBSITE	公司網址
http://www.kangdaep.com	http://www.kangdaep.com

康達國際環保有限公司 / 二零二三年度報告

3

Chairman's Statement

主席報告

Dear Shareholders,	尊敬的各位股東：
On behalf of the board (the "Board") of directors (the "Directors") of	本人僅代表康達國際環保有限公司（「本公司」）
Kangda International Environmental Company Limited (the	連同其附屬公司（統稱「本集團」）董事（「董
"Company") together with its subsidiaries (collectively, the "Group"), I	事」）會（「董事會」），欣然向 閣下提呈本集
am pleased to present the annual report of the Group for the year	團截至二零二三年十二月三十一日止年度的
ended 31 December 2023 to you.	年報。
RESULTS REVIEW	業績回顧
Despite the full relaxation of anti-pandemic measures in Chinese	雖然中國內地於二零二三年初全面放鬆防疫
Mainland in early 2023, the overall economic recovery has been slower	措施，整體經濟恢復速度卻較預期緩慢，投
than expected, and the lack of active investment activities has put	資活動不積極等亦對地方政府財政收入造成
pressure on local government fiscal revenues, with the adjustment of	壓力，污水處理價格的調整工作也明顯滯後。
wastewater treatment tariff lagging behind significantly. Meanwhile,	與此同時，包括電費及藥劑費等運營成本持
operating costs, including electricity and chemical fees, continue to	續上升，壓縮了國內污水處理與環保行業的
rise, compressing the profitability of the domestic wastewater	盈利能力。因此，本集團於年內採取謹慎的
treatment and environmental protection industry. Accordingly, the	經營方針，一方面壓縮建造工程開支，降低
Group adopted a prudent operating policy during the year by	資本性支出，並通過各種節能降耗措施減少
compressing construction project expenses, reducing capital	成本上升的影響，維持現金持有水平，同時
expenditures and minimizing the impact of rising costs through various	優化借貸組合，增加長期負債比重，控制融
energy-saving and consumption-reducing measures to maintain cash	資成本。另外，為增加流動資金及更好地分
holdings, while optimizing its loan portfolio, increasing the proportion	配資源以發展業務，本集團於二零二三年
of long-term liabilities and controlling the cost of financing. In addition,	十二月在獲得獨立股東批准後，完成出售於
in order to increase liquidity and better allocate resources for business	中原水務集團有限公司31% 的非控股權益，
development, the Group completed the disposal of 31% non-	盤活了本集團的非控股投資。
controlling interest in Zhongyuan Water Group Co., Ltd. in December
2023 after obtaining approval from the independent shareholders,
revitalizing the Group's non-controlling investment.

4 KANGDA INTERNATIONAL ENVIRONMENTAL COMPANY LIMITED / ANNUAL REPORT 2023

Chairman's Statement

主席報告

For the year 2023, the wastewater treatment operation became the	總結二零二三年，由於大多數主要建設工程
Group's business focus as most of the major construction projects had	已經完成及投產，污水處理業務成為本集團
been completed and commissioned. Revenue from construction	業務重心。本年度建設服務收益較去年度下
services for the year decreased by RMB719.5 million (approximately	降人民幣719.5 百萬元（約81% ）至人民幣
81%) to RMB173.6 million compared with the last year, and its	173.6 百萬元，在總收益中佔比由上年度約
percentage in total revenue dropped from approximately 31% in the	31% 下降至本年度不足8%。受建設服務收益
last year to less than 8% this year. As a result of the decline in revenue	下降影響，本年度總收益同比下降23.5% 至
from construction services, total revenue for the year decreased by	人民幣2,216.4 百萬元。污水處理業務方面則
23.5% year-on-year to RMB2,216.4 million. The wastewater treatment	平穩發展，本年實際污水處理量達1,265.7 百
operation has been developing steadily, with the actual wastewater	萬噸，較去年增長3.2%，污水處理廠及再生
treatment volume reaching 1,265.7 million tonnes this year,	水 處 理 廠 使 用 率 由 去 年 度 的 82% 提 升 至
representing an increase of 3.2% compared with last year. The	85%，反映產能得以妥善利用。運營類收入
utilization rate of the wastewater treatment plants and reclaimed water	較去年上升約2%，創歷史新高，並且預期逐
plants increased from 82% last year to 85%, reflecting the proper	年增長。由於毛利率較低的建設服務收益佔
utilization of production capacity. Revenue from operations increased	比下降，本年度整體毛利率為48.5%，較去年
by approximately 2% from last year, reaching a record high, and is	同期上升4.7 個百份點。受總收益減少影響，
expected to grow year-on-year. Overall gross profit margin for the year	本期毛利及母公司擁有人應佔溢利分別較去
was 48.5%, representing an increase of 4.7 percentage points	年下降15.2% 及47.1%，為人民幣1,076.0 百萬
compared to the same period last year, due to the decrease in the	元及人民幣124.8 百萬元。
share of revenue from construction services, which had a lower gross
profit margin. As a result of the decrease in total revenue, gross profit
and profit attributable to owners of the parent for the period
decreased by 15.2% and 47.1% to RMB1,076.0 million and RMB124.8
million respectively compared with last year.
During the year, the management was dedicated to strengthen the	年內，管理層致力加強本集團經營性現金流
Group's operating cash flow and optimize its balance sheet. Capital	及優化資產負債表，本年度資本性支出人民
expenditure for the year was RMB127.1 million, representing a	幣127.1 百萬元，同比減少約75%。本年度錄
decrease of approximately 75% year-on-year. Net operating cash	得經營性現金淨流入人民幣292.9 百萬元，自
inflow of RMB292.9 million was recorded for the year, which has	二零一九年起連續5 年維持正值。資產負債表
remained positive for five consecutive years since 2019. The balance	相關比率稍有改善，於二零二三年十二月
sheet ratios improved slightly. As at December 31 2023, the Group's	三十一日，本集團資產負債比率及流動比率
gearing ratio and current ratio were 69.6% and 1.15 (as at December 31	分別為69.6% 及1.15（於二零二二年十二月
2022: 69.7% and 1.11) respectively.	三十一日：69.7% 及1.11）。
In respect of financing activities, the average borrowing interest rate	在融資活動方面，本年度平均借款利率為
for the year was 5.95%, down 0.01 percentage points as compared to	5.95%，較去年下降0.01 個百分點，融資成本
last year, and finance costs amounted to approximately RMB578.7	約人民幣578.7 百萬元，較上年度增加2.2%。
million, representing an increase of 2.2% as compared to last year. As	於二零二三年十二月三十一日，長期借款佔
at December 31 2023, the proportion of long-term borrowings to total	總借款比例為64.7%（於二零二二年十二月
borrowings was 64.7% (as at December 31 2022: 69.8%).	三十一日：69.8%）。

康達國際環保有限公司 / 二零二三年度報告

5

Chairman's Statement

主席報告

During the year, the State continued to focus on the healthy	於年內，國家繼續關注污水處理與水資源行
development of the wastewater treatment and water resources	業的健康發展，推出了《關於推進建制鎮生活
industry, and introduced policy documents such as the	污水垃圾處理設施建設和管理的實施方案》及
"Implementation Plan on Promoting the Construction and	《國家水網建設規劃綱要》等政策文件，並推
Management of Domestic Wastewater and Waste Treatment Facilities	出《環境基礎設施建設水平提升行動（2023-
in Established Towns" 《( 關於推進建制鎮生活污水垃圾處理設施建設	2025 年）》，制訂至2025 年提升環境基礎設施
和管理的實施方案》) and the "Outline of the National Water Network	建設水平的具體目標。此外，為促進經濟發
Construction Plan" 《( 國家水網建設規劃綱要》), as well as the "Action	展及扶持民營企業，《中共中央國務院關於促
for Upgrading the Standard of Environmental Infrastructure	進民營經濟發展壯大的意見》、《國家發展改
Construction (2023-2025)" (《環境基礎設施建設水平提升行動(2023-	革委等部門關於實施促進民營經濟發展近期
2025 年）》), which sets out specific goals for raising the standard of	若干舉措的通知》、《關於規範實施政府和社
environmental infrastructure construction by 2025. In addition, in order	會資本合作新機制的指導意見》及《推進工程
to promote economic development and support private enterprises,	建設項目審批標準化規範化便利化》等陸續印
the "Opinions of the State Council of the Central Committee of the	發，著力改善營商環境，降低交易成本，促
Communist Party of China on Promoting the Development and	進公平准入，明確管理責任分工，加強運營
Strengthening of the Private Economy" 《( 中共中央國務院關於促進民	監管，做好融資支持，並明確提出擴大基礎
營經濟發展壯大的意見》), the "Notice on the National Development	設施領域不動產投資信托基金(REITs) 發行規
and Reform Commission and Other Departments on Implementing	模，推動符合條件的民間投資項目發行基礎
Certain Measures to Promote the Development of the Private Economy	設施REITs，進一步擴大民間投資。本集團相
in the Near Future" 《( 國家發展改革委等部門關於實施促進民營經濟	信營商環境將有所改善，污水處理行業將會
發展近期若干舉措的通知》), the "Guiding Opinions on Regularizing	朝著更健康的方向發展。
the Implementation of New Mechanisms for Cooperation between the
Government and Social Capital" 《( 關於規範實施政府和社會資本合作
新機制的指導意見》), and the "Facilitation and Standardization of the
Approval of Engineering and Construction Projects" (《推進工程建設
項目審批標準化便利化》), etc., have been issued successively, which
focus on improving the business environment, reducing transaction
costs, promoting fair access, clarifying the division of management
responsibilities, strengthening operational supervision and providing
proper financing support. The policies explicitly propose to expand the
scale of issuance of real estate investment trusts ("REITs") in the
infrastructure domain, and promote the issuance of REITs for
infrastructure projects by eligible private investment projects, so as to
further expand private investment. The Group believes that the
business environment will improve and the wastewater treatment
industry will develop in a healthier direction.

6 KANGDA INTERNATIONAL ENVIRONMENTAL COMPANY LIMITED / ANNUAL REPORT 2023

Chairman's Statement

主席報告

DEVELOPMENT STRATEGY AND FUTURE	本集團發展策略及未來展望
OUTLOOK
The Group continue to focus on the development of the municipal	本集團將抓緊國家政策提供的機會，繼續專
wastewater treatment principal business by seizing the opportunity	注發展市政污水處理主業，全力以赴將在建
provided by the national policy, and make every effort to transfer the	及在調試的污水處理設施轉入商業運營階段，
wastewater treatment facilities under construction and commissioning	以進一步提升污水處理量及處理標準，加快
into commercial operation stage, to further enhance the wastewater	污水處理價格合理上調。而國內降息周期的
treatment capacity and treatment standard, and to accelerate the	開始，亦利好重資產的污水處理行業。本集
reasonable upward adjustment of the wastewater treatment tariff. The	團會深化節能降耗措施，及探索包括污水資
beginning of the domestic interest rate cut cycle also benefits the	源化和再生水利用業務等方式，在幫助國家
asset-heavy wastewater treatment industry. The Group will deepen its	達成污染防治、水資源管理和利用及節能減
energy saving and consumption reduction measures and explore the	排等目標的同時增加集團收入與利潤，長遠
businesses of wastewater resource utilization and reclaimed water, etc.,	增強經營性現金流，嚴格及科學管控資本性
so as to help the State achieve the objectives of pollution prevention,	支出，降低負債比率並減少利息開支，為股
water resources management and utilization, energy saving and	東創造更大價值。
emission reduction, while increasing the Group's revenue and profit,
enhancing its operating cash flow in the long term, strictly and
scientifically controlling its capital expenditures, lowering its gearing
ratio and reducing its interest expenses, so as to create greater value
for its shareholders.
Finally, I would like to take this opportunity to express our gratitude to	最後，本人亦借此機會衷心感謝本集團的全
all the Shareholders and all the collaborative partners of our Group for	體股東及所有合作夥伴對於本集團的發展一
their dedicated support to the Group's development, and also to all	直給予的支持，並向本集團全體員工於年內
staff of our Group for their endeavors and contributions made during	作出的努力和貢獻致以敬意。
the year.

Li Zhong	聯席主席
Co-Chairman	李中
Hong Kong, 28 March 2024	香港，二零二四年三月二十八日

康達國際環保有限公司 / 二零二三年度報告

7

Management Discussion and Analysis

管理層討論及分析

BUSINESS REVIEW

During the year ended 31 December 2023 (the "Reporting Period"), the Group's principal business activities remained focusing on the Urban Water Treatment, followed by the existing projects of Water Environment Comprehensive Remediation and the Rural Water Improvement.

The scope of Urban Water Treatment includes the design, construction, upgrade and operation of wastewater treatment plants (the "WTPs"), reclaimed water treatment plant (the "RWTPs"), sludge treatment plants (the "STPs"), water distribution plants (the "WDPs"), and in the operation and maintenance of wastewater treatment facilities entrusted by governments (the "O&M"). The Group's business has covered the overall industry chain in Urban Water Treatment industry by executing contracts of Build-Operate-Transfer ("BOT"), Transfer-Operate- Transfer (the "TOT"), Public-Private-Partnership (the "PPP"), Build- Own-Operate (the "BOO"), Engineering-Procurement-Construction (the "EPC") and O&M. The Group had 103 service concession arrangement projects under operation while its operational treatment capacity was over 4 million tons per day as at 31 December 2023.

The scope of Water Environment Comprehensive Remediation includes river harnessing and improvement, foul water body treatment and sponge city construction. The Group engages in Water Environment Comprehensive Remediation by executing previously signed contracts of PPP and EPC.

The scope of Rural Water Improvement includes the construction and operation related to "the Water Environment Facilities of Beautiful Village" such as: wastewater treatment facilities and pipeline construction for collecting wastewater so as to achieve rural living environment improvement. The Group has carried out this business since 2016 by executing the contracts of PPP.

In the future, the Group will continuously focus on the business of Urban Water Treatment to get steady cash flows and invest in high- quality, value-adding upstream and downstream businesses of water industry. The Group is very confident about its prospects and future profitability and we will dedicate more efforts to enhance the profitability and effectiveness of the Group.

業務回顧

截至二零二三年十二月三十一日止年度（「報 告期」），本集團主要業務仍集中在城鎮水務 領域，兼顧水環境綜合治理及鄉村污水治理 等領域的現有項目。

城鎮水務的範圍包括設計、建設、升級及營 運污水處理廠（「污水處理廠」）、再生水處理 廠（「再生水處理廠」）、污泥處理廠（「污泥處 理廠」」）、供水廠（「供水廠」）、及營運及維護 政府委託的污水處理設施（「運營及維護」）。 本集團業務通過執行建設 - 運營 - 移交 （「BOT」）、移交 - 運營 - 移交（「TOT」）、 公私營合作（「PPP 」）、建設 - 擁有 - 運營 （「BOO」）、設計 - 採購 - 施工（「EPC」）以 及運營及維護合約，已覆蓋城鎮水務行業的 整體產業鏈。於二零二三年十二月三十一日， 本集團在運營服務特許經營安排項目達到103 個，在運營處理能力突破每日四百萬噸。

水環境綜合治理的範圍包括流域綜合治理及 改善、黑臭水體處理及海綿城市建設等。本 集團通過執行過往已簽訂的PPP 和EPC 合約， 從事水環境綜合治理業務。

鄉村污水治理的範圍包括建設及營運「美麗鄉 村水環境設施」，例如：污水處理設施設備和 污水收集管網建設以達至鄉村居住環境改善。 本集團於二零一六年開始通過執行PPP 合約 開展此類業務。

未來，本集團將繼續以獲得穩定現金流的城 鎮水務業務為發展重心，同時擇優投資水務 產業鏈上下游的增值領域。本集團對其前景 及未來的盈利能力充滿信心，並且我們將更 加努力提升本集團的盈利能力和效益。

8 KANGDA INTERNATIONAL ENVIRONMENTAL COMPANY LIMITED / ANNUAL REPORT 2023

Management Discussion and Analysis

管理層討論及分析

1.1 Urban Water Treatment			1.1 城鎮水務
	As at 31 December 2023, the Group had entered into a total of	於二零二三年十二月三十一日，本集團
	112 service concession arrangements projects, including 106	共訂立112 個服務特許經營安排項目，
	wastewater treatment plants, 1 water distribution plant, 3 sludge	包括106 個污水處理廠，1 個供水廠，3
	treatment plants and 2 reclaimed water treatment plants. The	個污泥處理廠及2 個再生水處理廠。未
	Group will further expand its Urban Water Treatment chain in the	來本集團將通過進一步擴展城鎮水務處
	future, in order to improve its profitability and competitiveness.	理產業鏈，實現盈利能力與競爭力的提
				升。
	Analysis of the Group's projects on hand as at 31 December 2023	本集團於二零二三年十二月三十一日的
	is as follows:			現有項目分析如下：
					Daily
			Daily		reclaimed	Daily
			wastewater	Daily water	water	sludge
			treatment	distribution	treatment	treatment
			capacity	capacity	capacity	capacity	Total
			日污水	日供水	日再生水	日污泥
			處理能力	能力	處理能力	處理能力	總計
(Tonnes)	（噸）
	In operation	運營中	4,024,500	-	65,000	550	4,090,050
	Not yet start operation/	尚未開始運營╱尚未移交
	Not yet transferred		240,500	30,000	-	-	270,500
	Total	總計	4,265,000	30,000	65,000	550	4,360,550
(Number of projects)	（項目數量）
	In operation	運營中	98	-	2	3	103
	Not yet start operation/	尚未開始運營╱尚未移交
	Not yet transferred		8	1	-	-	9
	Total	總計	106	1	2	3	112

康達國際環保有限公司 / 二零二三年度報告

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