Core Viewpoint - Yuehai Investment (00270) experienced a stock price increase of over 4%, reaching HKD 7.4, with a trading volume of HKD 124 million, following the release of its interim results [1] Financial Performance - The revenue from continuing operations was HKD 9.428 billion, a year-on-year decrease of 0.6%, primarily due to declines in department store operations, road and bridge businesses, and power generation [1] - The profit attributable to owners was HKD 2.682 billion, reflecting a year-on-year increase of 11.2%, mainly due to savings in financial expenses and exchange gains from the appreciation of the RMB [1] - Basic earnings per share were HKD 0.4102, with an interim dividend proposed at HKD 0.2666 per share [1] Business Segments - The water resources business showed stable revenue growth, with the Dongshen water supply project contributing 68.95% of pre-tax profit, achieving both revenue and profit growth despite a slight decline in water supply volume, indicating a smooth market-based pricing mechanism and strong profitability [1] - Following the divestment of Yuehai Land, the company's capital liability ratio decreased to 24.70%, and financial expenses were reduced by HKD 201 million compared to the same period last year [1] Analyst Insights - Dongwu Securities noted the stable performance of the water segment and improvements in the liability side post-divestment, highlighting a stable dividend payout ratio and strong dividend certainty, maintaining a "buy" rating [1]

August 2025 2025 FIRST HALF RESULTS REVIEW O U R B U S I N E S S 2025 First Half 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 for 1H25 increased by 11.2% to HK$2,682 million and interim dividend per share increased by 11.2% to HK$26.66 cents. 2 The net finance costs from continuing operations was decreased by HK$201 million to HK$188 million and net loss arising from fair value adjustments for investment pro ...

Core Viewpoint - The company reported a slight decline in main business revenue but an increase in net profit, driven by growth in water resources and hotel businesses, alongside cost savings and currency exchange gains [1][4]. Revenue and Profit Summary - In H1 2025, the company achieved main business revenue of HKD 9.428 billion, a year-on-year decrease of 0.6%, while net profit attributable to shareholders was HKD 2.682 billion, an increase of 11.2% [1]. - The increase in net profit was primarily due to savings in financial expenses and exchange gains from the appreciation of the Renminbi [1]. Business Segment Performance - Water Resources Division: Contributed HKD 7.184 billion in revenue (up 0.6%), with mainland China water supply revenue at HKD 2.284 billion (up 3.7%) and Hong Kong water supply revenue at HKD 2.869 billion (up 2.4%) [1][2]. - Property Investment: Contributed HKD 124 million in revenue (up 10.6%) and segment profit of HKD 480 million (up 12.7%) [1]. - Department Store Operations: Revenue decreased by 45.5% to HKD 202 million, primarily due to a 49.4% drop in Tianhe City department store revenue [2]. - Hotel Division: Revenue increased by 7.4% to HKD 320 million, but segment profit decreased by 14.6% [2]. - Roads and Bridges Division: Revenue decreased by 6.9% to HKD 301 million, with segment profit down by 1.8% [2]. - Power Generation Division: Revenue decreased by 2.9% to HKD 611 million, while segment profit increased by 9.4% [2]. Water Resources Project Insights - The Dongshen Water Supply Project achieved revenue of HKD 3.506 billion (up 0.6%) and contributed a pre-tax profit of HKD 2.396 billion (up 3.1%) [2][3]. - Despite a slight decline in total water supply volume by 1.0% to 1.147 billion tons, the project demonstrated strong profitability due to effective market pricing mechanisms [3]. Financial Metrics and Dividends - The company maintained a dividend payout ratio of 65%, with an interim dividend of HKD 0.2666 per share, an increase of 11.22% [3]. - Operating cash flow decreased by 31.52% to HKD 3.339 billion, while capital expenditure increased by 27.19% to HKD 566 million [3]. - After the divestment of Yuehai Land, the capital debt ratio improved to 24.70%, with financial expenses reduced by HKD 201 million [4]. Profit Forecast and Investment Rating - The company maintains stable performance in the water sector and improved debt metrics post-divestment, with a forecasted net profit attributable to shareholders of HKD 4.274 billion, HKD 4.357 billion, and HKD 4.453 billion for 2025-2027, corresponding to PE ratios of 10.5, 10.3, and 10.1 times [4].

Core Viewpoint - The company operates in water supply and sewage treatment, with multiple business segments contributing to its revenue, including water resources, property investment, retail, power generation, hotel management, and toll road operations [9]. Revenue and Profit Growth - The company has shown fluctuations in revenue and net profit growth rates over the years, with a notable increase in revenue in 2023 compared to previous years [11][14]. - The revenue composition for the first half of 2025 indicates that water resources remain the largest segment, contributing 71.531 billion HKD, followed by property investment and power generation [15]. Financial Ratios - As of the first half of 2025, the company's average return on equity was 6.4%, an increase of 0.72 percentage points from the previous year [19]. - The company’s asset turnover ratio has shown variations, with a notable increase in 2025 compared to previous years [21]. Asset and Liability Changes - Significant changes in assets include a 100% decrease in assets classified as held for sale, while intangible assets decreased by 0.71% [25]. - On the liabilities side, long-term borrowings decreased by 1.68%, while deferred tax liabilities increased by 4.67% [28]. Liquidity Ratios - The company reported a current ratio of 1.18 and a quick ratio of 1.15 in the first half of 2025, indicating a stable liquidity position [31].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business revenue for H1 2025 was HKD 9.428 billion, a year-on-year decrease of 0.6%, while the net profit attributable to shareholders was HKD 2.682 billion, an increase of 11.2% year-on-year [2][7] - The water resources segment showed stable revenue growth, contributing HKD 7.184 billion in H1 2025, with specific contributions from mainland China and Hong Kong water supply [7] - The company has maintained a dividend payout ratio of 65%, with an interim dividend of HKD 0.2666 per share, reflecting an increase of 11.22% [7] Financial Summary - Total revenue forecast for 2023A is HKD 24.355 billion, with a projected decline of 24.02% in 2024A, followed by a slight recovery in subsequent years [1][8] - The net profit attributable to shareholders is expected to be HKD 3.142 billion in 2024A, increasing to HKD 4.274 billion in 2025E, representing a growth of 36.01% [1][8] - The earnings per share (EPS) is projected to be HKD 0.48 in 2023A, increasing to HKD 0.65 in 2025E [1][8] - The price-to-earnings (P/E) ratio is forecasted to be 14.43 in 2023A, decreasing to 10.54 in 2025E [1][8]

粤海投资(00270)发布公告，李文昌获委任为公司非执行董事，自2025年8月26日起生效。 ...

粤海投资(00270)发布公告，将于2025年10月23日派发截至2025年6月30日止六个月的中期股息每股 0.2666港元。 ...

期内收入的减少主要来自百货营运、道路及桥梁业务和发电业务的收入减少。 智通财经APP讯，粤海投资(00270)发布截至2025年6月30日止六个月业绩，持续经营业务收入94.28亿港 元，同比下降0.6%;公司所有者应占溢利26.82亿港元，同比增长11.2%;每股基本盈利41.02港仙，拟派中 期股息每股26.66港仙。 ...

智通财经APP讯，粤海投资(00270)发布公告，将于2025年10月23日派发截至2025年6月30日止六个月的 中期股息每股0.2666港元。 ...

智通财经APP讯，粤海投资(00270)发布公告，李文昌获委任为公司非执行董事，自2025年8月26日起生 效。 ...