股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年3月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 中國光大環境(集團)有限公司 (於香港註冊成立之有限公司) | | | | 呈交日期: | 2026年4月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.2.1 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 (A). 股份期權（根據發行人的股份期權計劃） 不適用 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00257 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 6,142,975,292 0 6,142,975,292 增加 / 減少 (-) 0 0 本月底結存 6,142,975,292 0 6,142,975,292 足夠公眾持股量的確認(註4) | 根據 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 與獨立非執行董事之變更有關的 補充公告 茲提述中國光大環境（集團）有限公司（「本公司」）日期為二零二六年三月二十日的公 告，內容有關（其中包括）獨立非執行董事之變更（「該公告」）。除文義另有所指外，本公 告所用詞彙將與該公告所界定者具有相同涵義。 董事會謹此補充下列與委任霍啟文先生（「霍先生」）為獨立非執行董事，以及審核委員 會、提名委員會、薪酬委員會及可持續發展委員會各自之成員（「該任命」）有關的額外資 料。 1 除本補充公告及該公告所披露者外，概無有關霍先生的其他事宜須提請股東垂注。 本補充公告所載資料並不影響該公告所載的任何其他資料，除上文披露者外，該公告所 載所有其他資料及內容均維持不變。本公告為該公告之 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The environmental protection industry is experiencing dual growth in cash flow and performance, with an emphasis on increasing dividends and a continuous focus on the bio-oil sector due to the revaluation of oil and gas assets [1] - The report highlights the significant growth potential in waste-to-energy, emphasizing its unique position as a scarce green energy source with substantial cash flow increases and resource value [1][19] - The report suggests that the sector is poised for growth driven by policy support, operational efficiency improvements, and international expansion opportunities [19] Industry Performance - The report indicates a 34% increase in performance for Longjing Environmental in 2025, with a revenue of 6.548 billion yuan and a net profit of 2.245 billion yuan [1] - The report notes that the waste sector is expected to see a significant increase in cash flow and dividend potential, with a projected increase in the dividend payout ratio from 114% to 141% [19] - The report also mentions the strong performance of companies like Green Power and Yongxing Co., with notable increases in revenue and net profit [1] Key Recommendations - The report recommends focusing on companies such as Longjing Environmental, Green Power, and Hanhai Environmental for their strong growth potential and dividend capabilities [1] - It also suggests monitoring companies like Deyu Water and Xinyuan Environment for their potential in the water sector, which is expected to follow a similar growth trajectory as waste-to-energy [20] Bio-Oil Sector Insights - The report states that the prices of bio-jet fuel and waste oil remain stable, with bio-jet fuel prices in Europe averaging $2800 per ton and in China at $2250 per ton [26] - The report highlights the profitability of bio-diesel production, with domestic prices for first-generation bio-diesel at 8100 yuan per ton, reflecting a 1% increase [26][27] Sanitation Equipment Market - The report notes a 208.44% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 32.38% [41] - It emphasizes the growth potential in the sanitation equipment sector driven by policy support and technological advancements [41] Lithium Battery Recycling - The report indicates stable profitability in lithium battery recycling, with prices for lithium and carbonate showing slight fluctuations [53][54] - It highlights the importance of improving recycling rates to enhance profitability in the sector [53]

Investment Rating - The report maintains a "Buy" rating for key companies in the waste incineration sector, including Weiming Environmental, Huanlan Environment, and China Everbright Environment [12]. Core Insights - The domestic demand for new waste incineration capacity is declining, while overseas markets, particularly in Southeast Asia and Central Asia, are experiencing a surge in demand. By 2025, the operational performance of waste incineration companies is expected to stabilize [3][5]. - Leading companies in the waste incineration sector are actively bidding for projects in emerging markets, with a focus on enhancing their operational cash flow and increasing dividend payouts. This trend highlights the absolute return potential of these companies [3][8]. - The report emphasizes a threefold investment logic: focusing on overseas expansion, absolute returns, and valuation recovery [10]. Industry Overview - The domestic waste incineration capacity is nearing saturation, with a projected new bidding scale of 0.59 million tons per day in 2025, representing a 35% year-on-year decline. The urgent need for waste incineration in Southeast Asia and Central Asia is driven by environmental issues [5][19]. - The operational data of leading companies, such as Weiming Environmental and Green Power, shows steady growth in waste processing and electricity generation, alongside an expansion into heating services [6][52]. Trends - **Trend 1: Market Expansion in Southeast Asia and Central Asia** Chinese companies have signed over 20 overseas waste incineration projects in 2023, with a total capacity of approximately 36,000 tons per day, primarily in Vietnam, Thailand, and Indonesia [7]. - **Trend 2: Increased Dividends from Leading Companies** Companies like Junxin and Yongxing have increased their dividend payout ratios to over 60%, reflecting improved cash flow and operational performance [8]. - **Trend 3: Accelerating Financial Performance and Valuation Recovery** The financial metrics of waste incineration companies are improving, with a notable recovery in cash flow and profitability, leading to a positive outlook on valuation [9]. Investment Strategy - The report suggests focusing on companies with strong overseas expansion potential (e.g., Weiming Environmental, Wangneng Environment) and those demonstrating absolute return characteristics (e.g., Huanlan Environment, Yongxing Shares) while also considering those undergoing valuation recovery (e.g., China Everbright Environment) [10].

Investment Rating - The report assigns a "Buy" rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - The solid waste sector shows potential for dividend growth, with a focus on AI recycling [1]. - The report highlights the stable growth and high dividend attributes of solid waste and water service companies, with 10 out of 16 companies reporting positive earnings growth for 2025 [12]. - The report emphasizes the opportunities for growth and valuation re-evaluation in the solid waste sector, driven by synergies in slag, green gas, and electricity generation [5]. - The rise of the "AI waste" sector is supported by new regulations and the expected growth in electronic waste recycling, with a projected market size of 500 billion yuan by the end of the 14th Five-Year Plan [5]. Summary by Sections Solid Waste and Water Service Companies - As of March 27, 2026, 16 environmental companies released their 2025 annual reports, with 10 showing positive growth. Notable performances include: - **China Everbright Environment**: 2025 revenue of 27.52 billion HKD (down 9% YoY), net profit of 3.925 billion HKD (up 16% YoY), with a dividend of 0.27 HKD per share [12]. - **C&E Environmental**: 2025 revenue of 4.76 billion CNY (up 6.11% YoY), net profit of 862 million CNY (up 6.83% YoY), with a dividend of 2.09 CNY per 10 shares [14]. - **Yongxing Environmental**: 2025 revenue of 4.287 billion CNY (up 13.9% YoY), net profit of 861 million CNY (up 4.9% YoY), with a commitment to a dividend payout ratio of over 60% [15]. Growth Opportunities in Solid Waste - The report identifies growth acceleration and valuation re-evaluation opportunities in the solid waste sector, particularly through the monetization of slag and the integration of electricity generation with waste incineration [5]. - The average earnings elasticity for 12 listed waste incineration companies could reach 44% under favorable conditions, indicating significant growth potential [5]. AI Waste Recycling Sector - The introduction of new regulations for electronic waste recycling is expected to formalize the AI waste recycling market, with a projected annual recovery market of 60-76 billion CNY from 2027-2028 [5]. - Companies with qualifications for electronic waste dismantling, such as Dadi Ocean and Huaxin Environmental, are expected to benefit significantly from this trend [5]. Policy and Market Trends - The report notes that multiple regions are enhancing green electricity direct connection policies, which will benefit waste incineration projects as they provide stable and low-cost green electricity [19]. - The government's focus on "computing power and electricity synergy" as a national strategy is expected to further drive growth in the sector [19][24].

Core Viewpoint - The company experienced a decline in revenue but achieved a significant increase in net profit due to a higher proportion of construction revenue and reduced impairments [1][2]. Group 1: Financial Performance - In 2025, the company reported an operating income of 27.521 billion HKD, a year-on-year decrease of 9.05%, primarily due to a reduction in new projects leading to lower construction revenue [1]. - The net profit attributable to shareholders reached 3.925 billion HKD, reflecting a year-on-year growth of 16.23%, driven by an increase in the proportion of higher-margin construction revenue and a reduction in impairments [1]. - The gross margin for the reporting period was 40.28%, an increase of 2.15 percentage points year-on-year, while the net margin improved to 17.1%, up by 4 percentage points [1]. Group 2: Segment Performance - The Environmental Energy segment generated revenue of 15 billion HKD, down 6% year-on-year, with operating income of 10.1 billion HKD (up 4%) and construction income of 1.3 billion HKD (down 49%) [1]. - The Environmental Water segment reported revenue of 5.4 billion HKD, a decline of 22%, with operating income of 3 billion HKD (up 5%) and construction income of 1.3 billion HKD (down 56%) [2]. - The Green Environmental segment achieved revenue of 6.7 billion HKD, down 4%, with operating income of 6.3 billion HKD (down 2%) and construction income of 0.1 billion HKD (down 59%) [2]. Group 3: Dividend Policy - The company has enhanced its dividend capability and willingness, with a proposed dividend of 0.27 HKD per share for 2025, increasing the payout ratio from 41.8% in 2024 to 42.3% [2]. - The absolute value of dividends rose from 1.41 billion HKD to 1.66 billion HKD, corresponding to a dividend yield of approximately 5.2% based on the closing price on March 23, 2026 [2]. Group 4: Investment Outlook - The company has raised its profit forecasts and target price, maintaining an "outperform" rating, citing the increasing proportion of higher-margin operating income and improved cash flow [3]. - Projected net profits for 2026-2028 are estimated at 4.127 billion HKD, 4.386 billion HKD, and 4.475 billion HKD, with year-on-year growth rates of 5.1%, 6.3%, and 2.0% respectively [3]. - The current stock price corresponds to a PE ratio of 7.7, 7.2, and 7.1 times for the years 2026-2028, with a fair valuation estimated between 5.75 and 6.03 HKD, indicating a premium of 11%-16% over the current stock price [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has shown a significant increase in net profit attributable to shareholders, with a year-on-year growth of 16.23%, driven by a higher proportion of construction revenue with better gross margins and reduced impairments [8][3]. - The company is expected to enhance its dividend capacity and willingness, with a projected dividend per share of 0.27 HKD for 2025, reflecting an increase in the payout ratio from 41.8% in 2024 to 42.3% [2][3]. - The report anticipates a recovery in the company's valuation due to improved cash flow and increased operational revenue, which is expected to exceed 70% of total revenue [3][8]. Financial Performance Summary - The company achieved an operating revenue of 27.52 billion HKD in 2025, a decrease of 9.05% year-on-year, primarily due to a reduction in new projects [8]. - The breakdown of revenue sources in 2025 was 71% from operations, 10% from construction, and 18% from financial income [8]. - The gross profit margin for the reporting period was 40.28%, an increase of 2.15 percentage points year-on-year, while the net profit margin rose by 4 percentage points to 17.1% [8]. - The company’s net profit for 2025 is projected at 39.25 billion HKD, reflecting a year-on-year increase of 16.23% [8]. Segment Performance Summary - **Environmental Energy**: Revenue of 15 billion HKD, down 6% year-on-year, with operational revenue increasing by 4% [9]. - **Environmental Water**: Revenue of 5.4 billion HKD, down 22% year-on-year, with operational revenue increasing by 5% [9]. - **Green Environmental**: Revenue of 6.7 billion HKD, down 4% year-on-year, with operational revenue decreasing by 2% [9]. Dividend Policy - The company plans to increase its dividend payout, with the absolute value of dividends rising from 1.41 billion HKD in 2024 to 1.66 billion HKD in 2025, corresponding to a dividend yield of approximately 5.2% based on the closing price on March 23, 2026 [2][3]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2026-2028 is 41.27 billion HKD, 43.86 billion HKD, and 44.75 billion HKD, with year-on-year growth rates of 5.1%, 6.3%, and 2.0% respectively [3][4]. - The projected earnings per share for 2026-2028 are 0.67 HKD, 0.71 HKD, and 0.73 HKD [4]. Valuation - The estimated fair value of the company is between 5.75 and 6.03 HKD, indicating a premium of 11%-16% over the current stock price [3][22]. - The current price-to-earnings ratio (PE) is projected to be 7.7 for 2026, 7.3 for 2027, and 7.1 for 2028 [4][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has shown a significant increase in net profit attributable to shareholders, with a year-on-year growth of 16.23% for 2025, reaching HKD 39.25 billion, primarily due to an increase in the proportion of higher-margin operational revenue and a reduction in impairments [8][3]. - The company is expected to enhance its dividend capacity and willingness, with a projected dividend per share of HKD 0.27 for 2025, reflecting an increase in the payout ratio from 41.8% in 2024 to 42.3% [2][3]. - The report anticipates a recovery in the company's valuation driven by improved cash flow and increased dividends, with a target price adjustment to a range of HKD 5.75 to HKD 6.03, indicating a premium of 11%-16% over the current stock price [3][22]. Financial Performance Summary - The company achieved total revenue of HKD 275.21 billion in 2025, a decrease of 9.05% year-on-year, mainly due to a reduction in new projects leading to lower construction revenue [8][9]. - The operational revenue accounted for 71% of total revenue, while construction and financial revenues made up 10% and 18%, respectively [8]. - The gross profit margin improved to 40.28%, up by 2.15 percentage points year-on-year, and the net profit margin increased to 17.1%, up by 4 percentage points [8][9]. - The environmental energy segment generated revenue of HKD 150 billion, down 6% year-on-year, while the environmental water segment saw a 22% decline in revenue to HKD 54 billion [9][2]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2026-2028 is projected at HKD 41.27 billion, HKD 43.86 billion, and HKD 44.75 billion, with year-on-year growth rates of 5.1%, 6.3%, and 2.0%, respectively [3][4]. - The earnings per share are expected to increase from HKD 0.64 in 2025 to HKD 0.67 in 2026, and further to HKD 0.71 in 2027 [4][3]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 7.7 for 2026, decreasing to 7.1 by 2028, indicating a favorable valuation compared to industry peers [4][3]. - The estimated fair value of the company based on absolute valuation is HKD 5.75, while the relative valuation suggests a price of HKD 6.03, both indicating potential upside from the current market price [17][22].

Core Viewpoint - The company is projected to achieve a main business revenue of HKD 27.52 billion in 2025, a year-on-year decrease of 9%, while the net profit attributable to shareholders is expected to reach HKD 3.93 billion, an increase of 16% year-on-year [1] Revenue Structure - The revenue structure continues to optimize, with operational revenue in 2025 expected to be HKD 19.83 billion (up 2% year-on-year), accounting for 72% of main revenue (an increase of 8 percentage points) [1] - Construction revenue is projected to be HKD 2.72 billion (down 53%), making up 10% of main revenue (a decrease of 9 percentage points) [1] - Financial revenue is expected to be HKD 4.97 billion (down 2%), representing 18% of main revenue (an increase of 1 percentage point) [1] Financial Performance - Financial expenses are expected to decrease to HKD 2.39 billion in 2025, down HKD 613 million year-on-year [1] - Impairment losses are projected to narrow, with provisions for receivables and contract assets estimated at HKD 449 million (down from HKD 544 million in 2024) [1] - Total impairment for goodwill, property, and equipment is expected to be HKD 881 million (down from HKD 1.44 billion in 2024) [1] Segment Performance - In the environmental energy segment, operational revenue is expected to be HKD 10.15 billion (up 4%), with construction revenue at HKD 1.30 billion (down 49%) and financial revenue at HKD 3.54 billion (down 3%) [2] - The environmental energy segment is projected to contribute HKD 4.51 billion to net profit (up 17%) due to savings in financial expenses and operational efficiency [2] - The green environmental segment is expected to contribute HKD 87 million to net profit (up from a loss of HKD 285 million in 2024) [3] - The environmental water segment is projected to contribute HKD 602 million to net profit (down 26%) due to a decline in construction service profitability [3] Cash Flow and Dividends - Free cash flow is expected to significantly increase to HKD 10.13 billion (up from HKD 4.04 billion in 2024) [4] - The dividend per share is projected to be HKD 0.27 (up 17%), with a payout ratio increasing to 42.3% (up 0.5 percentage points) [4] - The company anticipates a stable operating cash flow of HKD 11.5 billion under conservative estimates, with capital expenditures of HKD 3.5-4 billion [4] Profit Forecast and Investment Rating - The company has revised its net profit forecasts for 2026-2027 upwards to HKD 4.16 billion and HKD 4.27 billion, respectively, with an expected net profit of HKD 4.37 billion in 2028 [5] - The projected price-to-earnings ratios for 2026-2028 are 8, 7, and 7 times, respectively, with a current price-to-book ratio of 0.61, maintaining a "buy" rating [5]

Core Viewpoint - The company reported better-than-expected performance for 2025, with a decline in revenue but an increase in net profit, indicating effective operational transformation and cost control [1][2]. Financial Performance - Revenue for 2025 decreased by 9% to HKD 27.5 billion, while net profit attributable to shareholders increased by 16% to HKD 3.9 billion, surpassing expectations [1]. - The company maintained a dividend of HKD 0.27 per share, a 17% increase from HKD 0.23 in 2024, with a payout ratio of 42.3%, up by 0.5 percentage points year-on-year [1]. Segment Performance - Environmental Energy: Adjusted EBITDA rose by 3% to HKD 7.1 billion, with waste processing volume increasing by 3% to 53.7 million tons and electricity generation per ton of waste up by 1% to 467 kWh [1]. - Environmental Water: Adjusted EBITDA fell by 13% to HKD 1.9 billion, primarily due to a decrease in construction activities, with construction service revenue down by 56% to HKD 1.3 billion, although operational service revenue grew by 5% [1]. Development Trends - The company is focusing on operational transformation and accelerating cash flow, with the environmental energy and green environmental segments achieving record recovery rates in 2025 [2]. - The company is expanding non-electric businesses such as heating and steam supply, which is expected to enhance cash flow performance [2]. Profit Forecast and Valuation - The net profit estimates for 2026 and 2027 have been raised by 4.9% and 4.6% to HKD 4.3 billion and HKD 4.7 billion, respectively [2]. - The current stock price corresponds to a price-to-earnings ratio of 7.4 times and 6.8 times for 2026 and 2027, respectively, with a target price increase of 18% to HKD 6.16, indicating a potential upside of 20% from the current price [2].