Group 1 - The company announced the appointment of Mr. He Zhifeng as a non-executive director effective from October 28, 2025 [1] - Ms. Wang Surong has submitted her resignation as a non-executive director of the company [1]

自 2025 年 10 月 28 日起，粤海投資有限公司董事會及董事委員會的成員 如下： | | | | 董事委員會 | 審核 | 薪酬 | 提名 | | --- | --- | --- | --- | --- | --- | --- | | 董事會 | | | | 委員會 | 委員會 | 委員會 | | 執行董事 | | | | | | | | 白 | 濤女士 | （主席） | | - | - | C | | 曠 | 虎先生 | （董事總經理） | | - | - | - | | 曾翰南先生 | | （副總經理） | | - | - | - | | 梁元娟女士 | | （財務總監） | | - | - | - | | 非執行董事 | | | | | | | | 王 | 閔先生 | | | - | - | - | | 李文昌先生 | | | | - | - | - | | 賀志鋒先生 | | | | - | - | - | | 獨立非執行董事 | | | | | | | | 陳祖澤博士 | | | | M | C | M | | 金紫荊星章、太平紳士 | | | | | | | | 馮華健先生 | | | | ...

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份 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） 非執行董事變更 賀志鋒先生，47 歲。彼於中國中山大學取得經濟學學士學位（國際企業管 理專業）和法學博士學位（經濟社會學專業）。彼於 2006 年 12 月至 2017 年 7 月期間在廣東粵財投資控股有限公司（「粤財控股」）擔任包括辦公 室經理、辦公室高級經理、信託管理一部副總經理，以及粤財控股附屬公 司中銀粵財股權投資基金管理（廣東）有限公司總監、副總經理等多個職 務。彼亦於 2015 年 7 月至 2016 年 5 月期間曾兼任粤財控股另一附屬公司 廣東粤財創業投資有限公司總經理。彼於 2017年 7月至 2020年 9月期間， 1 董事會宣佈以下變更由 2025 年 10 月 28 日起生效： （1） 賀志鋒先生將獲委任為本公司非執行董事； （2） 王蘇榮女士提出辭任本公司非執行董事。 粤海投資有限公司（「本公司」）董事會（「董事會」）宣佈 ...

Core Insights - The company reported a consolidated revenue of HKD 14.281 billion for the nine months ending September 30, 2025, representing a 1.3% increase compared to HKD 14.099 billion in the same period of 2024 [1] - The unaudited consolidated profit attributable to the owners of the company increased by 13.2% to HKD 4.067 billion, up from HKD 3.593 billion in 2024 [1] - The revenue growth was primarily driven by an increase in the water resources business, which offset declines in revenue from department store operations, road and bridge businesses, and power generation [1]

Financial Performance - The group's unaudited revenue from continuing operations for the nine months ended September 30, 2025, was HKD 14,280.95 million, an increase of 1.3% compared to HKD 14,098.89 million in 2024[4] - The group's unaudited profit before tax from continuing operations increased by 9.5% to HKD 6,241.14 million, up from HKD 5,697.17 million in 2024[7] - The unaudited profit attributable to owners of the company from continuing operations was HKD 4,083.69 million, a 12.4% increase from HKD 3,632.77 million in 2024[7] - The unaudited equity attributable to owners of the company was HKD 41,762.33 million, a slight increase of 0.3% from HKD 41,658.02 million as of December 31, 2024[4] - The group distributed a special dividend of HKD 2,335 million in the form of shares of Yuehai Land Holdings Limited[8] Water Supply Operations - The group achieved a total water supply of 1.67 billion tons for the period, generating revenue of HKD 5,242 million, which is a 1.6% increase from HKD 5,159 million in 2024[10] - The pre-tax profit from the Dongshen Water Supply Project was HKD 3,596 million, reflecting a 3.9% increase from HKD 3,461 million in 2024[10] - The total water supply capacity of the group's subsidiaries and joint ventures is 8,886,800 tons per day, with wastewater treatment capacity at 2,297,900 tons per day as of September 30, 2025[14] - The total water supply capacity of ongoing water resource projects is 1,187,000 tons per day as of September 30, 2025[15] - Revenue from other water resource projects increased by 5.8% to HKD 5,611,484,000 for the period, compared to HKD 5,305,151,000 in 2024[15] - The pre-tax profit from other water resource projects decreased by 2.6% to HKD 1,601,407,000, down from HKD 1,644,176,000 in 2024[15] - The construction service revenue for other water resource projects was HKD 304,103,000, up from HKD 211,304,000 in 2024[15] Property Investment - Property investment income from Guangdong Tianhe City increased by 4.8% to HKD 1,261,736,000, compared to HKD 1,204,167,000 in 2024[16] - The pre-tax profit from property investment activities rose by 11.3% to HKD 767,178,000, up from HKD 689,281,000 in 2024[16] - The average rental rate for Tianhe City shopping centers showed a mixed performance, with some centers experiencing increases while others saw declines[17] - The total revenue from the Hong Kong investment building increased by 2.6% to HKD 35,984,000, compared to HKD 35,057,000 in 2024[18] Hotel and Management Services - The average room rate for the Sheraton Hotel was HKD 1,174, a decrease from HKD 1,217 in 2024, while the average occupancy rate increased to 93.5% from 92.7% in 2024[21] - The hotel management business revenue increased by 7.3% to HKD 504,805,000, compared to HKD 470,543,000 in 2024, but the pre-tax profit decreased by 20.3% to HKD 68,930,000[22] Energy and Transportation - The electricity sales volume of the Guangdong Energy Project increased by 24.0% to 2.594 billion kWh, but the revenue decreased by 3.5% to HKD 1,173,074,000 due to lower electricity prices[23] - The revenue from Guangdong Electric Power decreased by 21.4% to HKD 4,161,390,000, with a pre-tax profit of HKD 189,347,000, down from HKD 426,959,000 in 2024[24] - The average daily toll traffic for the Xingliu Expressway decreased by 7.1% to 24,472 vehicles, resulting in a toll revenue of HKD 445,555,000, down 7.0%[25] Economic Outlook and Strategic Plans - The global economic downturn risk is increasing, with major international organizations lowering global growth forecasts by an average of 0.4 percentage points[30] - The company aims to maintain steady improvement in core business operations while optimizing governance and risk management mechanisms[30] - The company plans to extend its water resource segment into high value-added areas, promoting business structure transformation and upgrading[30] - The company is focusing on the potential development opportunities brought by the "Guangdong-Hong Kong-Macao Greater Bay Area Development Plan" and is actively seeking market investment and acquisition opportunities[30] - The company aims to achieve new breakthroughs in profit growth and enhance overall operational performance and value[30] Audit and Financial Reporting - The unaudited financial data for the nine months ending September 30, 2025, has been reviewed by the company's audit committee[31] - Shareholders and potential investors are advised that the information provided is unaudited and should not be considered as an indicator of the company's financial performance[32]

Financial Performance - The consolidated profit attributable to owners of the Company for 9M25 increased by 13.2% to HK$4,067 million[2, 10] - Revenue for 9M25 increased by 1.3% to HK$14,281 million[10] - Net finance costs from continuing operations decreased by HK$295 million to HK$263 million[2] - Net gain arising from fair value adjustments for investment properties from continuing operations was HK$1 million (9M24: net loss of HK$73 million)[2] - Interim dividend increased by 11.2% to HK$0.2666 per share[10] Segment Results (Water Resources) - Dongjiang (East River) Water Supply Concession revenue and profit before tax (excluding net exchange differences and net finance costs) for 9M25 amounted to HK$5,242 million and HK$3,596 million respectively[18] - Other Water Projects revenue and profit before tax excluding net exchange differences and net finance costs for 9M25 amounted to HK$5,611 million and HK$1,601 million respectively[23] - The total designed water supply capacity of the Group's Other Water Resources Projects as at 30 September 2025 are 16.60 million tons per day[21] - The total waste water processing capacity of the Group's Other Water Resources Projects as at 30 September 2025 are 3.09 million tons per day[21] Segment Results (Property Investment & Department Store Operation) - GDH Teem's Property Investment Business Revenue for 9M25 was HK$767 million[31] - Department Store Operation Revenue for 9M25 was HK$582 million[34] Segment Results (Hotel Operations and Management) - Total hotels operated as at 30 September 2025: 7 hotels[37]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

Core Viewpoint - The news provides an overview of the upcoming IPOs, earnings announcements, shareholder meetings, and dividend distributions for various companies listed on the Hong Kong Stock Exchange as of October 23, 2025 [1]. New IPO Activities - Companies currently in the IPO process include: - Baima Tea Industry - Cambridge Technology - Sany Heavy Industry - Dipu Technology - Prada - Lijuz Pharmaceutical [1] Earnings Announcement Dates - Companies scheduled to announce earnings include: - Faraday - Ping An Good Doctor - Longyuan Power - Orient Overseas International - Qingdao Port - China Innovation Investment - Chongqing Machinery and Electric [1] Shareholder Meeting Dates - Companies holding shareholder meetings include: - Datang Power - Andeli Juice - Hongye Futures - Tibet Water Resources - China Anshun Energy [1] Dividend Distribution - Companies with upcoming dividend distributions include: - Hang Seng Bank (ex-dividend date) - Huaxun (dividend payment date) - Wansichang International (dividend payment date) - Zhifeng Industrial Electronics (dividend payment date) - Haitian Flavoring and Food (dividend payment date) - China Shipbuilding Defense (dividend payment date) - Dongfang Xingye Holdings (dividend payment date) - China Resources Mixc Life (dividend payment date) [1][3][4]

Core Viewpoint - Yuehai Investment (00270) announced the acceptance of a commitment for a term loan financing of HKD 2 billion from a bank, intended for refinancing existing debt and meeting short-term working capital needs [1] Group 1 - The loan financing is subject to the terms and conditions outlined in the financing letter [1] - The term of the loan financing is not to exceed 364 days from the date of the first drawdown [1]

Core Viewpoint - Yuehai Investment (00270.HK) announced a commitment for a term loan of HKD 2 billion from a bank, intended for refinancing existing debt and meeting short-term working capital needs, with a loan term not exceeding 364 days from the first drawdown [1] Group 1: Loan Details - The loan amount is HKD 2 billion, which will be used for refinancing existing debts and short-term operational needs [1] - The loan has a term of up to 364 days from the date of the first drawdown [1] Group 2: Conditions and Shareholding - The company is required to ensure that its parent company, Yuehai Holdings Group Limited, continues to be ultimately and beneficially controlled by the People's Government of Guangdong Province, holding a majority stake [1] - Yuehai Holdings currently holds approximately 58.26% of the company's equity, with the ultimate control held by the Guangdong Provincial Government [1]