开始请稍后感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 大家好欢迎参加动物环保光荣月海投资评论会线上交流目前所有的参会者均处于静音状态现在开始播报名字声明声明播报完毕后主持人可直接开始发言谢谢本次电话会议以面向居高投资者或社交客户以专家发言内容以代表其个人观点宣布高层对具体证券在具体价位具体时点具体市场表现的判断或投资建议 未经合法授权 严禁录音 转发及相关解读 各位投资者大家早上好非常感谢大家参加东吴特别会我们这场是邀请到了我们东吴环保团队一直在持续研究和覆盖的一家公司粤海投资来给大家做交流我们知道粤海投资其实是在水污板块中间真正实现水价市场化的公司通过对付黄河水源水的业务源水水价在过去十年基本上年均是可以成长 在线的是公司的执行董事、副总经理曾总 和觉醒董事财务总监梁总两位领导都已经在线了然后投关部门的这个Hebe总也在线非常感谢抽出时间来参加我们的交流欢迎公司领导那曾总您看是请您就公司的情况给大家做一个介绍我们再开始提问回答 ...

Group 1 - The Invesco Great Wall Hong Kong Stock Connect Dividend Low Volatility ETF (159569) closed down 0.68% on July 15, with a trading volume of 62.97 million yuan [1] - The fund was established on August 14, 2024, with an annual management fee of 0.50% and a custody fee of 0.08% [1] - As of July 14, 2024, the fund had 157 million shares and a total size of 207 million yuan, showing a 38.89% increase in shares and a 59.71% increase in size year-to-date [1] Group 2 - The current fund managers are Zhang Xiaonan and Gong Lili, with returns of 35.38% and 34.17% respectively since their management began [2] - The latest report indicates that the top holdings of the fund include Orient Overseas International, Seaspan Corporation, Yanzhou Coal Mining Company, Swire Properties B, CNOOC, China Hongqiao Group, Minsheng Bank, Yuehai Investment, CITIC Bank, and Far East Horizon [2] Group 3 - The top holdings and their respective weightings are as follows: - Orient Overseas International: 10.26% - Seaspan Corporation: 5.70% - Yanzhou Coal Mining Company: 3.95% - Swire Properties B: 3.88% - CNOOC: 3.78% - China Hongqiao Group: 3.76% - Minsheng Bank: 3.53% - Yuehai Investment: 3.29% - CITIC Bank: 3.28% - Far East Horizon: 3.27% [3]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The report emphasizes the improvement in cash flow and dividend potential due to reduced capital expenditures in the waste management sector, alongside enhanced return on equity (ROE) through quality improvements in heating and IDC collaborations [1][11][15]. Summary by Sections Industry Trends - The environmental protection sector is experiencing a significant shift with a 9% increase in the sector's performance compared to the Shanghai and Shenzhen 300 indices [3]. - The report highlights a 73% increase in sales of new energy sanitation vehicles, with a penetration rate rising to 14.95% [25]. Key Recommendations - The report recommends several companies for investment, including Huaneng Environment, Green Power, and Yongxing Co., among others, due to their strong dividend potential and operational efficiency [5][11]. - It suggests focusing on companies like Yuehai Investment and Xingrong Environment for their robust cash flow and high dividend yields [17]. Policy Tracking - The Ministry of Ecology and Environment has issued a notice to enhance the quality of law enforcement, which is expected to improve operational efficiency and compliance in the industry [9][10]. - The report notes that the government is concentrating on environmental governance funding for 2025, which may positively impact the sector [7]. Financial Performance - The waste management sector is projected to see a significant increase in free cash flow, with dividends expected to rise as capital expenditures decrease [11][12]. - Specific companies are highlighted for their dividend growth, such as Junxin Co. with a 37% increase in cash dividends and Green Power with a 100% increase [12][13]. Market Dynamics - The report discusses the trend of garbage incineration and IDC collaborations as a new growth avenue, emphasizing the advantages of clean and efficient energy generation [14]. - The water utility sector is also highlighted for its stable growth and high dividends, with ongoing water price reforms expected to enhance profitability [15][17]. Sector Performance - The environmental protection and public utilities index rose by 2.69% during the week of July 7-11, 2025, outperforming the broader market indices [45].

April 2025 2025 FIRST QUARTER RESULTS REVIEW 2025 First Quarter Results Review ~ Stock Code: 0270 F I N A N C I A L H I G H L I G H T S 1 The unaudited consolidated profit attributable to owners of the Company from continuing operations for 1Q25 increased by 1.9% to HK$1,322 million On 21 January 2025, 99.9% of GD Land shares held by the Company was distributed to the shareholders. The unaudited consolidated loss attributable to owners of the Company from GD Land (discontinued operations) up to 21 January 2 ...

Market Overview - On May 29, the A-share market saw major indices fluctuate and close higher, with the Shanghai Composite Index rising by 0.7%. The total trading volume reached 1.21 trillion yuan, an increase of nearly 180 billion yuan compared to the previous trading day. Approximately 4,500 stocks closed higher, while 831 stocks declined, with 120 stocks hitting the daily limit up and 16 stocks hitting the limit down [1]. Sector Performance - The digital currency sector led the market with a 6.5% increase, featuring over 10 stocks hitting the daily limit up, including Lakala, Xiongdi Technology, and Sifang Chuangxin [1]. - The innovative drug sector also performed strongly, with stocks like Ruizhi Pharmaceutical, Shutaishen, and Yifang Bio-U hitting the daily limit up. Shutaishen's stock price has surged by 108.7% over the past eight trading days, with individual investors buying 4.832 billion yuan worth of shares, accounting for 65.17% of total purchases [1]. - The autonomous driving sector experienced a wave of limit-up stocks, including Sanyou Technology and Wanma Technology [1]. Historical Highs - A total of 27 stocks reached historical closing highs, with the pharmaceutical and biological sector leading with 8 stocks, followed by machinery equipment with 6 stocks, and retail with 2 stocks. The average increase for these stocks was 7.5% [2][3]. Institutional Activity - On May 29, 8 stocks saw net purchases exceeding 10 million yuan from institutions, with Wangzi New Materials leading at 41.11 million yuan. Other notable net purchases included Sifang Chuangxin and Jiusheng Electric, each exceeding 30 million yuan [4][5]. - Conversely, Xiongdi Technology faced a net sell-off exceeding 100 million yuan, with other stocks like Yong'an Pharmaceutical and Youfu Co., Ltd. also experiencing significant net selling [4]. Northbound Capital - Northbound capital saw significant net purchases, with Sifang Chuangxin receiving 149.95 million yuan, followed by Lakala with 89.21 million yuan. The largest net sell-offs were recorded for Xue Ren Co., Ltd. and Guangju Energy [6]. Company Announcements - Guangyang Co., Ltd. announced the termination of its planned acquisition of Ningbo Yinqiu Technology Co., Ltd. due to a lack of consensus among parties involved. The stock will resume trading on May 30 [7]. - Fengcai Technology is in the process of applying for an H-share listing on the Hong Kong Stock Exchange and has received a filing notice from the China Securities Regulatory Commission [7]. - Zhongke Xingtou announced that it has been suspended from participating in military procurement activities starting May 28, 2025 [7]. - Pingao Co., Ltd. signed a service contract worth 397 million yuan with Shenzhen Yuanmai for providing computing power resources [7]. - Zoomlion plans to issue asset-backed securities (ABS) up to 4 billion yuan and credit bonds up to 1 billion yuan [7]. Land Acquisition - Xiaoshangpin City successfully acquired a state-owned construction land use right in Hangzhou for 569 million yuan, intended for the Yiwu market project [8].

Group 1 - The core index, the China Securities Hong Kong Dividend Equal Weight Index (HK Dividend EW), reported a value of 2925.69 points, showing a monthly increase of 10.78%, a three-month increase of 5.02%, and a year-to-date increase of 3.83% [1] - The index consists of 30 securities selected from the Hong Kong Stock Connect, characterized by high cash dividend yields, stable dividends, and certain liquidity, calculated using equal weight to reflect the overall performance of high dividend yield securities [1] - The index's top ten holdings include China Unicom (4.23%), China People's Insurance Group (3.95%), CITIC Bank (3.94%), China Telecom (3.9%), Bank of China (3.82%), Minsheng Bank (3.82%), Yuehai Investment (3.82%), Bank of Communications (3.78%), Agricultural Bank of China (3.7%), and China Mobile (3.68%) [1] Group 2 - The industry composition of the index holdings shows that finance accounts for 36.88%, energy for 20.24%, industrials for 12.68%, communication services for 11.81%, materials for 9.32%, real estate for 5.25%, and utilities for 3.82% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 20% [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample security is delisted or undergoes mergers, acquisitions, or splits [2]

Financial Performance - The company reported a total revenue of HKD 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[5]. - Revenue from continuing operations for 2024 was HKD 18,505,293, a decrease of 8.9% compared to HKD 20,322,478 in 2023[24]. - Net profit attributable to owners for 2024 was HKD 3,142,138, reflecting a slight increase of 0.6% from HKD 3,122,069 in 2023[24]. - Basic earnings per share for 2024 increased to HKD 0.4806 from HKD 0.4775 in 2023, marking a 0.6% growth[55]. - The gross profit margin improved to 40%, up from 35% in the previous year, due to better cost management[5]. - The total assets increased to HKD 5 billion, marking a 12% growth year-over-year[5]. - The total assets decreased by 3.1% to HKD 135,595,403 from HKD 139,965,972 in 2023[24]. - The company's equity totalled HKD 56,675,473 as of December 31, 2024, down from HKD 58,029,625 in 2023, indicating a decrease of 2.3%[133]. - The total liabilities decreased to HKD 78,919,930 in 2024 from HKD 81,936,347 in 2023, showing a reduction of 3.7%[133]. - The company reported a significant increase in distributable reserves to HKD 5,367,032,000 in 2024, up from HKD 3,484,663,000 in 2023, marking a growth of 54.0%[136]. Market Expansion and Strategy - The company expects a revenue growth guidance of 10-12% for the next fiscal year, driven by new product launches and market expansion[5]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[5]. - The company aims to strengthen its core business in water resources while expanding into high-value areas and improving operational efficiency across all business segments[62]. - The company is actively investing in water resource management, property investment, and infrastructure, aiming to strengthen its core business and maintain industry leadership[183]. - The company plans to enhance project acquisition efficiency and expand new business capabilities to further scale its operations[183]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.0727 per share, reflecting a 5% increase from the previous year[5]. - The proposed final dividend for the year ending December 31, 2024, is HKD 0.0727 per share, combined with an interim dividend of HKD 0.2397 per share, totaling HKD 0.3124 for the year (2023: HKD 0.3104)[57]. - The company reported a mid-term dividend of HKD 0.2397 per share, an increase from HKD 0.1871 in 2023[128]. - The board proposed a final dividend of HKD 0.0727 per share for the year ending December 31, 2024, down from HKD 0.1233 in 2023[128]. Operational Efficiency and Technology - Investment in new technologies increased by 25%, totaling HKD 300 million, focusing on sustainable water management solutions[5]. - The company introduced a new water purification technology that is expected to reduce operational costs by 20%[5]. - The company is focusing on enhancing operational efficiency and employee accountability to improve market competitiveness and achieve high-quality development goals[106]. - The company is committed to optimizing product offerings and operational management to mitigate competition risks and enhance project profitability[103]. Risk Management and Governance - The company is actively monitoring macroeconomic conditions and capital market trends to adapt its strategies and maintain competitiveness amid external economic pressures[101]. - The company has implemented a dynamic monitoring system for foreign exchange risk exposure and will adjust strategies based on market conditions[100]. - The company emphasizes the importance of effective risk management for success in a complex and rapidly changing environment[196]. - The independent non-executive directors and audit committee regularly review the financial and operational performance of the group to ensure independence from major shareholders[147]. Human Resources and Corporate Culture - The total employee count as of December 31, 2024, was 10,759, down from 11,495 in 2023, with total salary expenses approximately HKD 2.337 billion, a decrease from HKD 2.502 billion in 2023[106]. - The company is enhancing its employee training programs to foster a learning organization and improve compliance and professional skills[107]. - The company is committed to a corporate culture that promotes integrity and transparency, with a zero-tolerance policy towards corruption and bribery[185]. Financial Liabilities and Loans - As of December 31, 2024, the total financial liabilities of the group were HKD 23.86 billion, a decrease from HKD 42.43 billion in 2023[94]. - The group recorded a net loss of HKD 25.27 million from fair value adjustments of investment properties, a decline from a net gain of HKD 230.12 million in 2023[90]. - The company is committed to ensuring compliance with loan agreements to avoid defaults and immediate repayment obligations[165]. - A loan of HKD 5 billion was secured on February 29, 2024, with an outstanding principal of HKD 4.5 billion as of December 31, 2024[172]. Corporate Governance - The board of directors consists of five executive directors, two non-executive directors, and four independent non-executive directors, with recent changes effective from March 25, 2025[191]. - The company emphasizes the importance of corporate governance and has adhered to the principles outlined in the Corporate Governance Code[186]. - The company has adopted a code of conduct for securities trading that aligns with the standards set out in the listing rules[189]. - Independent non-executive directors possess extensive experience in various industries, contributing valuable insights and governance knowledge[198].

Financial Performance - The group's unaudited revenue from continuing operations for the three months ended March 31, 2025, was HKD 4,617.39 million, a decrease of 0.7% compared to HKD 4,648.65 million in 2024[4] - The unaudited profit before tax from continuing operations increased by 2.0% to HKD 2,035.59 million, up from HKD 1,996.17 million in 2024[4] - The unaudited profit attributable to owners of the company from continuing operations was HKD 1,321.65 million, reflecting a slight increase from HKD 1,296.62 million in 2024[4] - The equity attributable to owners of the company decreased by 2.0% to HKD 40,812.24 million from HKD 41,658.02 million[4] - The net loss from fair value adjustments of investment properties was HKD 10 million, compared to a loss of HKD 21 million in 2024[6] Water Supply and Treatment - The total water supply for the East Shenzhen Water Supply Project was 549 million tons, a decrease of 8.8% from 602 million tons in 2024, generating revenue of HKD 1,734 million, down 1.5%[9] - The profit before tax for the East Shenzhen Water Supply Project increased by 2.1% to HKD 1,203 million compared to HKD 1,178 million in 2024[9] - The total water supply capacity of the group's subsidiaries and joint ventures reached 8,886,800 tons per day as of March 31, 2025, an increase from 8,786,800 tons per day in 2024[12] - The total wastewater treatment capacity of the group was 2,103,900 tons per day as of March 31, 2025, compared to 2,054,400 tons per day in 2024[12] - The total water supply capacity of ongoing projects is projected to reach 1,187,000 tons per day by March 31, 2025[13] Property Investment - Property investment income from Guangdong Tianhe City increased by 3.0% to HKD 429,018,000, compared to HKD 416,509,000 in 2024[14] - The pre-tax profit from property investment activities rose by 8.8% to HKD 270,631,000, up from HKD 248,632,000 in 2024[14] - The total income from the group's property investment business was primarily driven by rental income, reflecting improvements in average rental levels and occupancy rates[14] Department Stores and Hotel Management - The average occupancy rate of the group's department stores decreased to 94.3% from 97.1% in 2024, with total revenue dropping by 17.6% to HKD 107,934,000[17] - The revenue from department stores for the three months ended March 31, 2025, decreased by 17.6% to HKD 95,840,000 compared to HKD 107,934,000 in 2024[18] - The average room rate for the Yuehai Sheraton Hotel was HKD 1,168, down from HKD 1,248 in 2024, while the average occupancy rate was 94.8%, slightly down from 95.4% in 2024[19] - The hotel management business revenue increased by 6.0% to HKD 172,668,000, but the pre-tax profit decreased by 19.4% to HKD 30,021,000 compared to HKD 37,266,000 in 2024[20] Energy and Construction - Electricity sales volume from the Yuehai Energy project increased by 21.9% to 773 million kWh, but revenue decreased by 7.1% to HKD 362,952,000 due to lower electricity prices and currency exchange rate impacts[21] - The sales volume from Guangdong Yuedian Jinghai Power Company decreased by 36.5% to 2 billion kWh, leading to a 40.0% revenue drop to HKD 930,127,000, with a pre-tax loss of HKD 25,644,000[22] - The average daily toll traffic on the Xingliu Expressway decreased by 9.1% to 27,039 vehicles, resulting in a toll revenue decrease of 7.8% to HKD 154,318,000[23] - Cumulative construction costs for the Yinping project reached approximately RMB 2.08 billion (about HKD 2.25 billion), with a pre-tax profit decrease of 1.0% to HKD 33,572,000[25] - The construction services revenue for the period was HKD 94,889,000, significantly higher than HKD 68,903,000 in 2024[13] Market Conditions and Strategic Focus - The geopolitical tensions and trade protectionism have intensified since 2025, impacting global economic recovery[28] - China's export growth has slowed, but domestic macro policies are becoming more proactive, leading to a recovery in domestic demand[28] - The company aims to focus on core business stability and risk management while creating long-term value for stakeholders[28] - The company will extend its water resources segment into high value-added areas and promote business structure transformation[28] - The company is actively looking for investment and acquisition opportunities related to the Guangdong-Hong Kong-Macao Greater Bay Area development plan[28] Audit and Financial Reporting - The unaudited financial data for the three months ending March 31, 2025, has been reviewed by the company's audit committee[29] - Shareholders and potential investors are advised that the information provided is unaudited and should not be considered as an indicator of financial performance[30]

Core Viewpoint - Starlight Co., Ltd. (002076) will be subject to delisting risk warning starting April 29, following a one-day suspension on April 28, with its stock trading limit set at 5% [1][3]. Financial Performance - For the fiscal year 2024, Starlight reported an audited total revenue of 191.89 million yuan, a 27.22% increase from 150.83 million yuan in 2023, but still recorded a net loss of 30.98 million yuan, a 136.35% decline compared to a profit of 24.63 million yuan in 2022 [4][5]. - The company’s net profit attributable to shareholders was -30.98 million yuan, and the net profit after deducting non-recurring gains and losses was -26.97 million yuan, indicating a significant deterioration in financial health [5][11]. - The total assets at the end of 2024 were reported at 611.99 million yuan, reflecting a 15.62% increase from 529.31 million yuan in 2023, while the net assets attributable to shareholders decreased by 8.85% to 289.90 million yuan [5][6]. Regulatory Actions - The Guangdong Securities Regulatory Bureau issued a warning letter to Starlight for failing to disclose the risk of delisting within one month after the fiscal year-end, which is a violation of disclosure regulations [3][7][13]. - The warning letter highlighted discrepancies between the company's previous earnings forecast and the actual results, indicating a significant change in profit and loss status [7][13]. Business Operations - Starlight's business includes LED lighting, UV disinfection, automotive lighting, lithium battery production equipment, and information security and system integration [6]. - The company aims to revoke the delisting risk warning by focusing on core business areas, improving product profit margins, enhancing business cooperation, and increasing operational efficiency in 2025 [6].

Group 1 - The central government has issued opinions to optimize the pricing mechanism for water, electricity, and gas, emphasizing the need for a reasonable operation of price levels and important commodity prices [1] - The new pricing policy aims to enhance the profitability of water supply operators by implementing a progressive pricing system for non-residential water usage, which is expected to drive profit recovery and growth [1] - The 2021 urban water pricing management measures have been reiterated, focusing on cost auditing as the basis for setting water prices, ensuring that water supply companies can achieve reasonable returns [1] Group 2 - Shenzhen's water price adjustment hearing is scheduled for April 11, with proposed increases of 13.1% to a new price of 3.8991 yuan per cubic meter [2] - Historical trends indicate that price adjustments in major cities can catalyze water price reforms, potentially improving the long-term low returns in the domestic water supply industry [2] - Companies such as China Water Affairs (00855) are expected to benefit significantly from the ongoing improvements in water pricing policies, with a notable portion of their revenue derived from water supply operations [2]