Core Viewpoint - Yuehai Investment (00270.HK) announced the acceptance of a commitment for a revolving loan financing of HKD 1.75 billion from a bank, intended for general working capital needs [1] Group 1 - The loan financing is subject to the terms and conditions outlined in the loan financing letter [1] - The duration of the loan financing is set for 364 days from the date of the first drawdown [1]

Core Points - The company, Yuehai Investment (00270), announced the acceptance of a committed revolving loan facility of HKD 1.75 billion from a bank [1] - The loan is intended to be used for the company's general working capital needs [1] - The loan facility is subject to the terms and conditions outlined in the financing letter [1] - The duration of the loan financing is set for 364 days from the date of the first drawdown [1]

Core Viewpoint - The company, Yuehai Investment, has announced the acceptance of a committed revolving loan facility of HKD 1.75 billion from a bank, intended for general working capital needs [1] Group 1 - The loan facility is subject to the terms and conditions outlined in the financing letter [1] - The loan has a maturity period of 364 days from the date of the first drawdown [1]

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。 本公司茲根據《上市規則》第 13.18 條規定刊發本公告。 粤海投資有限公司（「本公司」）茲根據《香港聯合交易所有限公司證 券上市規則》（「《上市規則》」）第 13.18 條規定刊發本公告。 於 2025 年 10 月 28 日，本公司接受一家銀行提供本金 1,750,000,000 港元 的承諾性循環貸款融資（「該貸款融資」），受限於貸款融資函件（「該 融資函件」）所載條款及條件，以用於本公司一般營運資金需求。該貸 款融資的期限為自首次提款日起計第 364 天。 根據該融資函件，本公司向銀行承諾（其中包括）： 倘本公司違反該融資函件項下的任何上述承諾，根據該貸款融資所貸出 的全部款項將立即到期並須償還。 （於 香 港註 冊 成立 的有 限 公司 ） (股份代號 ： 00270) 本金 1,750,000,000 港元承諾性循環貸款及 根據《上市規則》第 13.18 條披露資料 1 曾翰南 董事 香港， ...

Core Viewpoint - Yuehai Investment (0270.HK) has seen a significant increase in its stock price, reaching a new high since February 14, 2023, with a market capitalization of approximately HKD 48.8 billion [1] Financial Performance - For the nine months ending September 30, 2025, the comprehensive revenue from continuing operations was HKD 14.281 billion, representing a year-on-year increase of 1.3% [1] - The unaudited comprehensive profit attributable to the owners of the company increased by 13.2% to HKD 4.067 billion [1] - The revenue growth was primarily driven by an increase in water resources business income, which offset declines in department store operations, road and bridge business, and power generation income [1] Property Business Insights - Citigroup's research report indicates that the profit from Yuehai Investment's property business grew by 11.3% year-on-year, supported by a 4.8% increase in rental income during the period [1] - Rental income remains the second-largest source of profit for Yuehai Investment [1] Dividend Outlook - Citigroup maintains a "Buy" rating for Yuehai Investment, predicting a dividend payout ratio of no less than 65% this year [1] - The forecasted dividend yield for 2025 is expected to reach 6.2%, which is considered attractive [1] - The company has committed to maintaining dividends until 2030, suggesting sustainability in its dividend payments [1] - The target price set by Citigroup for the stock is HKD 8 [1]

Core Viewpoint - Citigroup's research report indicates that Yuehai Investment recorded a net profit of HKD 4.067 billion in the first three quarters, representing a year-on-year growth of 13.2% [1] Financial Performance - In the third quarter, net profit increased by 12.6% year-on-year to HKD 1.4 billion, primarily due to the absence of losses following the sale of GD Land in January this year [1] - Other business segments showed stable performance, with contributions from water services, rental income, and department store operations increasing [1] - Conversely, contributions from hotel operations, power generation, and toll road businesses decreased [1] Investment Outlook - Citigroup maintains a "Buy" rating for Yuehai Investment, with a target price set at HKD 8 [1] - The expected dividend payout ratio for this year is projected to be no less than 65%, with a forecasted dividend yield of 6.2% by 2025, which is considered attractive [1] - The company has committed to maintaining its dividend payments until 2030, suggesting sustainability in its dividend policy [1]

Group 1 - The core viewpoint of the article highlights that Yuehai Investment (00270) has seen a stock price increase of over 3%, with a current price of 7.35 HKD and a trading volume of 50.6043 million HKD [1] - Yuehai Investment reported a 1.3% year-on-year increase in total revenue from continuing operations, amounting to 14.281 billion HKD, primarily driven by growth in the water resources business, which offset declines in department store operations, road and bridge businesses, and power generation [1] - The company's net profit attributable to shareholders rose by 13.2% to 4.067 billion HKD during the same period [1] Group 2 - Huatai Securities expressed concerns regarding uncertainties related to the renewal of the Dongshen water supply project's franchise rights, water pricing, and transaction pricing; however, they believe that Yuehai Investment serves as an important platform for the Guangdong provincial state-owned assets in managing the Dongshen project, indicating strong visibility for renewal [1] - The DCF valuation for the Dongshen project is estimated to be between 45 billion to 62 billion HKD, and other water resources and business segments are expected to contribute stable profits and cash flow [1] - Even under pessimistic assumptions regarding transaction pricing, Yuehai Investment is still considered to have investment value [1]

Core Viewpoint - Yuehai Investment (00270) reported a 1.3% year-on-year increase in revenue for the first three quarters, driven primarily by growth in water resource business, despite declines in department store operations, road and bridge business, and power generation [1] Financial Performance - The unaudited consolidated revenue from continuing operations for the period was HKD 14.281 billion [1] - The unaudited consolidated profit attributable to owners of the company increased by 13.2% to HKD 4.067 billion [1] Market Concerns and Analysis - Concerns exist regarding the uncertainty of the East Shenzhen water supply project's franchise renewal, water pricing, and transaction pricing [1] - Huatai Securities believes that Yuehai Investment serves as an important platform for the Guangdong provincial state-owned enterprise in managing the East Shenzhen project, indicating strong visibility for renewal [1] - The discounted cash flow (DCF) valuation for the East Shenzhen project is estimated to be between HKD 45 billion to HKD 62 billion [1] Future Outlook - The East River water project is expected to maintain reasonable pricing levels [1] - Other water resources and business segments are anticipated to contribute stable profits and cash flow, suggesting that Yuehai Investment retains investment value even under pessimistic transaction pricing assumptions [1]

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

Core Points - Yuehai Investment (00270) announced the appointment of Mr. He Zhifeng as a non-executive director effective from October 28, 2025 [1] - Ms. Wang Su Rong has submitted her resignation as a non-executive director of the company [1]