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的內容概不負責，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的任何損失承擔任何責任。 （於香港註冊成立的有限公司） (股份代號：00270) 持續關連交易 2025 年電力服務框架協議 2025 年電力服務框架協議 茲提述本公司日期為 2022 年 10 月 28 日的公告，內容有關中山能源服務（本公司 的間接非全資附屬公司）與粤海水務股份（粵海控股的全資附屬公司）訂立的 2022 年電力服務框架協議，由中山能源集團（通過電網輸配電公司的輸配電網 絡）向粵海控股集團於中國供應電力。 由於中山能源集團擬繼續向粵海控股集團於中國供應電力，及 2022 年電力服務 框架協議將於 2025 年 12 月 31 日終止，故中山能源服務與粤海水務股份於 2025 年 10 月 31 日訂立 2025 年電力服務框架協議，期限為自 2026 年 1 月 1 日至 2028 年 12 月 31 日。 上市規則涵義 於本公告日期，粤海控股（本公司的最終控股股東）透過其全資附屬公司持有本 公司已發行總股數約 ...

Core Viewpoint - The Huangmaoxia Reservoir construction meeting was held to accelerate the project, which is a significant water conservancy initiative aimed at flood control and comprehensive utilization, including navigation, irrigation, and power generation [2][5][11]. Group 1: Project Overview - The Huangmaoxia Reservoir is located on the Lianjiang River in Qingyuan, with a total storage capacity of 570 million cubic meters and a total investment of 12.388 billion yuan [6]. - The project officially commenced on July 22, 2025, and aims to enhance the flood control system in the middle and lower reaches of the Beijiang River, alleviating flood pressure on cities like Guangzhou and Foshan [7][6]. Group 2: Current Progress - As of now, 19 culvert foundations have been excavated and constructed, with 7.6 kilometers of access roads cleared and 47,000 cubic meters of earthwork completed [8][9]. - The focus is on commencing the main construction work by November [10]. Group 3: Strategic Goals - The project is not only a flood control initiative but also a long-term public welfare project, aiming to be a benchmark for quality and sustainability [11][12]. - The meeting emphasized the need for high standards in project planning and execution, integrating it with broader development initiatives [12][13]. Group 4: Collaborative Efforts - The meeting highlighted the importance of collaboration between the provincial water resources department and the Qingyuan municipal government to address challenges effectively [15][20]. - The project will leverage the strengths of the Yuehai Group in funding, technology, and talent, incorporating advanced management techniques such as digital twin technology [21][22].

Core Viewpoint - Yuehai Investment reported a year-on-year revenue increase of 1.3% to HKD 14.281 billion for the first three quarters of 2025, primarily driven by growth in water resource business revenue [1] - The company achieved a net profit of HKD 4.067 billion, reflecting a 13.2% year-on-year increase, attributed to reduced financial and administrative expenses, net gains from investment properties, and the divestment of Yuehai Land [1] Group 1: Financial Performance - The company's pre-tax profit rose by 9.5% to HKD 6.241 billion, supported by lower financial and administrative costs, with financial expenses decreasing to HKD 263 million [1] - The net gain from ongoing investment properties was HKD 1 million, a significant improvement from a net loss of HKD 73 million in the same period last year [1] - The divestment of Yuehai Land resulted in a reduced loss of HKD 17 million, compared to a loss of HKD 39 million in the previous year [1] Group 2: Water Resource Business - The Dongshen Water Supply project reported a total water supply of 1.67 billion tons, with revenue of HKD 5.242 billion, marking a year-on-year increase of 1.6% [2] - Revenue from water supply to Hong Kong was HKD 4.303 billion, up 2.6% year-on-year, while supply to Shenzhen and Dongguan decreased by 2.5% to HKD 939 million [2] - Other water resource revenues increased by 5.8% to HKD 5.611 billion, although pre-tax profit decreased by 2.6% to HKD 1.601 billion [2] Group 3: Strategic Acquisitions - Yuehai Investment announced the acquisition of a 51% stake in Yangjiang Yuehai Qingyuan for RMB 156 million, enhancing its operational scale in wastewater pipeline renovation [3] - The company also acquired a 2% stake in Shantou Yuehai Water for RMB 70.88 million, increasing its ownership to 51% [3] - Post-acquisition, the operational scale of the company will rise from 11.18 million tons per day to 12.10 million tons per day, strengthening its market presence [3] Group 4: Profit Forecast and Target Price - The company maintains its profit forecast, expecting net profits of HKD 4.218 billion, HKD 4.397 billion, and HKD 4.576 billion for 2025-2027, with year-on-year growth rates of 34.2%, 4.2%, and 4.1% respectively [3] - The estimated EPS for the same period is projected at HKD 0.65, HKD 0.67, and HKD 0.70 [3] - The target price is set at HKD 9.11, based on a 2026 PE ratio of 13.6 times, reflecting the company's stable growth and strong cash flow [3]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown a stable fundamental performance with a strong free cash flow, which is expected to continue providing high dividend returns [1][2] - The profit growth is driven by reduced financial and administrative expenses, as well as the divestment of certain assets [2] - The company has successfully focused on its core water resource business after divesting from certain real estate operations [2][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of HKD 14.281 billion, a year-on-year increase of 1.3%, primarily due to increased income from water resource operations [1] - The net profit attributable to shareholders was HKD 4.067 billion, reflecting a year-on-year growth of 13.2% [1] - The company's tax profit increased by 9.5% to HKD 6.241 billion, driven by lower financial and administrative costs [2] Water Resource Operations - The Dongshen water supply project reported a total supply of 1.670 billion tons, with revenue of HKD 5.242 billion, marking a year-on-year increase of 1.6% [3] - Other water resource operations generated revenue of HKD 5.611 billion, with a slight decrease in tax profit by 2.6% [3] Strategic Acquisitions - The company acquired a 51% stake in Yangjiang Yuehai Qingyuan for RMB 156 million and a 2% stake in Shantou Yuehai Water for RMB 70.88 million, enhancing its operational scale to 12.1 million tons per day [4] Profit Forecast and Valuation - The report maintains profit forecasts with expected net profits for 2025-2027 at HKD 4.218 billion, HKD 4.397 billion, and HKD 4.576 billion, respectively [5] - The target price is set at HKD 9.11, based on a projected PE ratio of 13.6 times for 2026 [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - For the first three quarters of 2025, the company reported a revenue of HKD 14.281 billion, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of HKD 4.083 billion, reflecting a year-on-year growth of 12.4% [2][4] - The company has effectively controlled expenses, divested from Yuehai Land, and maintained stable performance in its water resources business, with positive results in property and department store sectors, indicating a robust outlook for dividend growth [2][4] Financial Performance - The net financial expenses for the continuing operations significantly decreased to HKD 263 million from HKD 558 million in the previous year, demonstrating effective debt management [8] - The fair value adjustment of investment properties yielded a net gain of HKD 1 million, a recovery from a net loss of HKD 73 million in the same period last year [8] - The water supply business showed steady performance, with total water supply to Hong Kong, Shenzhen, and Dongguan increasing by 1.5% to 1.670 billion tons, generating revenue of HKD 5.242 billion, up 1.6% [8] Segment Performance - Property investment revenue increased by 4.8% to HKD 1.262 billion, driven by higher average rental rates and improved occupancy [8] - Department store operations saw a revenue decline of 45.6% to HKD 317 million, but tax profit increased by 37.3% to HKD 64 million due to prior year impairments [8] - Hotel operations revenue rose by 7.3% to HKD 505 million, although tax profit fell by 20.3% to HKD 69 million due to decreased average room rates [8] Dividend Policy - The interim dividend increased by 11.2% to HKD 0.2666 per share, maintaining a payout ratio of 65%, reflecting confidence in the company's stable dividend growth [8] Earnings Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of HKD 4.540 billion, HKD 4.752 billion, and HKD 4.834 billion for 2025, 2026, and 2027 respectively, with a consistent dividend payout ratio of 65% [8] - The estimated dividend yields based on the stock price as of October 27, 2025, are 6.32%, 6.62%, and 6.73% for the respective years, with corresponding PE ratios of 10.28x, 9.82x, and 9.66x, indicating strong dividend value [8]

Core Viewpoint - Dongwu Securities reports that Yuehai Investment's water business shows stable performance, improved liabilities after divesting Yuehai Land, stable dividend ratio, and strong cash flow certainty. The firm raises its forecast for net profit attributable to shareholders for 2025-2027, reflecting better-than-expected cost reductions and efficiency improvements, maintaining a "Buy" rating [1]. Financial Performance - For Q1-Q3 2025, the company's revenue from continuing operations reached HKD 14.281 billion, a year-on-year increase of 1.3%, with comprehensive profit attributable to shareholders at HKD 4.067 billion, up 13.2% year-on-year [2][3]. - The net profit attributable to shareholders grew by 13.2%, while financial expenses decreased by 52.9% [3]. Water Resource Business - The Dongshen water supply project reported revenue growth of 1.6% to HKD 5.242 billion for Q1-Q3 2025, with revenue from Hong Kong supply increasing by 2.6% to HKD 4.303 billion [4]. - The total water supply volume reached 16.70 million tons, up 1.5%, with tax profit contribution from the Dongshen project at HKD 3.596 billion, a 3.9% increase [4]. Property and Other Segments - The property segment, including Yuehai Tianhe City, saw a tax profit increase of 11.3% to HKD 0.767 billion, with revenue from the property investment segment at HKD 1.262 billion, up 4.8% [4]. - The department store segment reported a revenue decline of 45.6% to HKD 0.317 billion, but tax profit increased by 37.3% to HKD 0.064 billion [4]. - The hotel segment's revenue grew by 57.8% to HKD 0.505 billion, while tax profit decreased by 20.3% to HKD 0.069 billion [4].

Core Viewpoint - Dongwu Securities reports that Yuehai Investment's water business performance is stable, with improved liabilities after the divestment of Yuehai Land, stable dividend ratio, and strong cash flow certainty. The firm has raised its forecast for net profit attributable to shareholders for 2025-2027 due to better-than-expected cost reduction and efficiency improvements, maintaining a "Buy" rating [1]. Financial Performance - For Q1-Q3 2025, the company's continuing operations revenue reached HKD 14.281 billion, a year-on-year increase of 1.3%, with comprehensive profit attributable to shareholders at HKD 4.067 billion, up 13.2% year-on-year [2][3]. - The net profit attributable to shareholders grew by 13.2%, while financial expenses decreased by 52.9% [3]. Water Resource Business - The Dongshen Water Supply Project generated revenue of HKD 5.242 billion (+1.6%) in Q1-Q3 2025, with HKD 4.303 billion (+2.6%) from Hong Kong supply and HKD 0.939 billion (-2.5%) from Shenzhen and Dongguan supply. The project contributed a pre-tax profit of HKD 3.596 billion (+3.9%) [4]. - Total water supply volume reached 16.70 million tons (+1.5%), indicating strong market pricing capabilities and profitability [4]. - Other water resource projects achieved revenue of HKD 5.611 billion (+5.8%) with a pre-tax profit of HKD 1.601 billion (-2.6%) [4]. Property Segment - The property segment, including Yuehai Tianhe City, reported a pre-tax profit increase of 11.3% to HKD 0.767 billion, with revenue from Yuehai Tianhe City and Yuehai Investment Building at HKD 1.262 billion (+4.8%) and HKD 0.036 billion (+2.6%) respectively [5]. - The department store segment contributed revenue of HKD 0.317 billion (-45.6%) with a pre-tax profit of HKD 0.064 billion (+37.3%) [5]. - The hotel segment saw revenue growth of 57.8% to HKD 0.505 billion, although pre-tax profit decreased by 20.3% [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's net profit attributable to shareholders increased by 13.2% year-on-year, driven by stable water business and cost reduction efforts [7] - The water resources segment showed steady performance, with revenue from the Dongshen water supply project increasing, and overall water supply revenue up by 2.6% [7] - The report adjusts the net profit forecasts for 2025-2027 upwards due to better-than-expected cost reduction and efficiency improvements, projecting net profits of HKD 45.36 billion, HKD 46.49 billion, and HKD 47.41 billion respectively [7] Financial Performance Summary - For Q1-Q3 2025, the company reported total revenue of HKD 14.281 billion, a year-on-year increase of 1.3%, and a pre-tax profit of HKD 6.241 billion, up by 9.5% [7] - The water resources business generated revenue of HKD 5.242 billion, with a pre-tax profit contribution of HKD 3.596 billion [7] - The property segment, specifically the Yuehai Tianhe City, saw a pre-tax profit increase of 11.3% to HKD 767 million [7] Earnings Forecast and Valuation - The earnings per share (EPS) is projected to be HKD 0.69 for 2025, with a price-to-earnings (P/E) ratio of 10.29 [1][8] - The report anticipates a dividend payout ratio of 65% for 2025, resulting in a forecasted dividend yield of 6.3% [7]

Core Viewpoint - The company is strategically acquiring stakes in two water resource companies to enhance its water resource business and market influence, aligning with its long-term goals of focusing on water resources [1][2][4] Group 1: Acquisition Details - Water Investment, a wholly-owned subsidiary of the company, will acquire 51% of Yangjiang Yuehai Qingyuan Environmental Co., Ltd. for RMB 156 million in cash [1] - Water Holdings, another wholly-owned subsidiary, will acquire 2% of Shantou Yuehai Water Co., Ltd. for RMB 70.8764 million in cash [1] - Following the completion of these acquisitions, the target companies will become subsidiaries of the company, allowing for better management and operational control [3] Group 2: Business Impact - The acquisitions will increase the company's water treatment capacity from 11,184,700 tons per day to 12,104,700 tons per day, representing an 8.2% increase [2] - The strategic control over the acquired companies will enable the company to optimize its capital structure and improve its investment returns [3] - The integration of these companies is expected to enhance brand building, cost efficiency, and operational effectiveness, thereby increasing revenue and profitability for the company [4] Group 3: Market Positioning - The acquisitions will strengthen the company's competitive position in bidding for water treatment projects and related engineering works [4] - The recent price adjustments in water tariffs in cities like Guangzhou, Shenzhen, and Dongguan will provide the company with a more favorable position in pricing negotiations [3]

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的內容概不負責，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的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00270） （1）有關建議收購兩間標的公司股權的須予披露及關連交易 及 （2）交割後的持續關連交易 該等建議收購事項 董事會欣然宣佈，於2025年10月28日： 股權轉讓協議（陽江）及股權轉讓協議（汕頭）各自的交割： (a) 並非取決於另一項協議的完成；及 — 1 — (i) 水務投資（作為買方）（為本公司的全資附屬公司）與粵海水務股份（作為賣方）（為粵 海控股的全資附屬公司）訂立股權轉讓協議（陽江），據此，水務投資同意購買，而 粵海水務股份同意出售佔標的公司（陽江）總股權51%的出售股權（陽江），對價為 人民幣155,977,800元（根據股權轉讓協議（陽江）的條款可予調整（如有）），以現金 支付；及 (ii) 水務控股（作為買方）（為本公司的全資附屬公司）與粵海水務股份（作為賣方）（為粵 海控股的全資附屬公司）訂立股權轉讓協議（汕頭），據此，水務控股同意購 ...