机构：中金公司 研究员：刘砺寒/刘佳妮 中国光大绿色环保1H25 业绩好于我们预期 公司公布1H25 业绩：实现营业收入34 亿港币，同比-3%，归母净利润1.9亿元，同比+33%。1H25 每股 派息2.8 港仙，同比+50%，对应分红率为30%，同比+10ppt。由于生物质发电板块成本管控得当、财务 费用同时压降，1H25 业绩好于我们的预期。 生物质综合利用：建造收入占比降至1.8%；成本管控得当，供热持续拓展，推动净利润同比+31%。 1H25 公司仅剩2 个在建项目，建造收入同比-17%至仅0.5 亿港币。运营方面，1H25 生物质材料处置量 同比-4%，上网电量同比+3%，吨发电效率提升，运营收入同比+3%至25 亿港币。成本方面，农林生物 质燃料成本管控得当，1H25 同比-8%。同时，期内持续扩大供热规模，蒸汽供应量同比+34%。在成本 管控及供热扩大的推动下，1H25 生物质综合利用板块净利润提升至6.3 亿港币。 危废处置：价格持续承压，减值持续，净利润录得亏损1.8 亿港币。由于危废处置行业仍然处于供给侧 出清阶段，市场竞争激烈，因此1H25公司危废处置价格持续下行，填埋/焚烧平均单价同 ...

Core Viewpoint - China Everbright Greentech (01257.HK) reported a revenue of approximately HKD 3.4 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 3% [1] - The profit attributable to equity shareholders was approximately HKD 191 million, reflecting a year-on-year increase of 32.6% [1] - The earnings per share stood at HKD 0.0923, and the company proposed an interim dividend of HKD 0.028 [1] Financial Performance - Revenue for the period was approximately HKD 3.4 billion, down 3% compared to the previous year [1] - Profit attributable to equity shareholders increased to approximately HKD 191 million, up 32.6% year-on-year [1] - Earnings per share were reported at HKD 0.0923 [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.028 per share [1]

Group 1 - The company, China Everbright Greentech (01257), announced a mid-term dividend of HKD 0.028 per share, which will be distributed on October 14, 2025, for the period ending June 30, 2025 [1]

Group 1 - The company, China Everbright Greentech (01257), announced a mid-term dividend of HKD 0.028 per share, which will be distributed on October 14, 2025, for the period ending June 30, 2025 [1]

Core Viewpoint - China Everbright Greentech (01257.HK) reported a decline in revenue for the first half of 2025, with a total of HKD 3.4 billion, a decrease of 3% compared to the same period last year, while net profit attributable to shareholders increased by 33% to HKD 191 million [1] Financial Performance - Revenue for the first half of 2025 was HKD 3.4 billion, down 3% year-on-year [1] - Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to HKD 974 million, a decrease of 11% compared to the previous year [1] - Net profit attributable to equity shareholders was HKD 191 million, reflecting a 33% increase year-on-year [1] - The interim dividend declared was HKD 0.028 per share [1] Business Operations - The company’s main business segments include biomass comprehensive utilization, hazardous and solid waste disposal, environmental remediation, photovoltaic power generation, and wind power [1] - As of June 30, 2025, the company has secured 142 environmental investment projects with a total investment of approximately RMB 30.65 billion [1] - The company has undertaken 70 light asset projects related to environmental remediation, with a total contract value of approximately RMB 1.855 billion [1] Market Expansion - During the review period, the company added a heating supply capacity of 520,000 tons and launched its first biogas project, increasing biogas production capacity by 10 million tons annually [1] - The company secured new environmental remediation contracts worth approximately RMB 128 million [1] - The electricity sales business achieved a signed electricity volume of 750 million kilowatt-hours for the year [1] Renewable Energy Projects - As of June 30, 2025, the total installed capacity of the company’s photovoltaic projects reached 176.12 megawatts, primarily located in Jiangsu Province, Hong Kong, and Germany [1] - In Hong Kong, the company has a total of 13 photovoltaic projects with a combined designed capacity of 3.60 megawatts [1] - The company’s wind power projects have a total installed capacity of 96 megawatts, mainly located in Shanxi Province [1]

中国光大绿色环保(01257)发布截至2025年6月30日止六个月的中期业绩，收益34亿港元，同比减少 3.01%;权益股东应占溢利1.91亿港元，同比增加32.56%;每股基本盈利9.23港仙;拟派发中期股息每股2.8 港仙。 公告称，于回顾期内，生物质综合利用、危废及固废处置、环境修复和光伏发电及风电分部的收益合计 达约港币34亿元，其中建造服务收益约港币4648.8万元，较去年同期减少74%，至于运营服务收益约港 币31.9亿元，较去年同期增加1%。按收益性质分析，建造服务、运营服务及财务收入分别占总收益 1%、94%及5%。 ...

Core Viewpoint - China Everbright Greentech (01257) reported a decrease in revenue for the six months ending June 30, 2025, while showing an increase in profit attributable to equity shareholders [1] Financial Performance - Revenue for the period was HKD 3.4 billion, a year-on-year decrease of 3.01% [1] - Profit attributable to equity shareholders was HKD 191 million, reflecting a year-on-year increase of 32.56% [1] - Basic earnings per share were HKD 0.0923 [1] - The company proposed an interim dividend of HKD 0.028 per share [1] Revenue Breakdown - Total revenue from biomass comprehensive utilization, hazardous waste and solid waste disposal, environmental restoration, and photovoltaic and wind power segments amounted to approximately HKD 3.4 billion [1] - Revenue from construction services was approximately HKD 46.488 million, a significant decrease of 74% compared to the same period last year [1] - Revenue from operational services was approximately HKD 3.19 billion, showing a slight increase of 1% year-on-year [1] - Revenue composition by nature: construction services accounted for 1%, operational services for 94%, and financial income for 5% of total revenue [1]

EF001 其他信息 其他信息 不適用 發行人董事 董事會包括朱福剛先生、梁海東先生及黃朝雄先生為執行董事；毛靜女士為非執行董事；以及鄒小磊先生、嚴厚民教授及李華強先 生為獨立非執行董事。 EF001 免責聲明 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國光大綠色環保有限公司 | | 股份代號 | 01257 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止之中期股息 | | 公告日期 | 2025年8月15日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 ...

[Financial Highlights](index=1&type=section&id=財務摘要) China Everbright Greentech Limited announced its unaudited interim financial results for the six months ended June 30, 2025, with revenue decreasing by 3% and EBITDA by 11% year-on-year, but profit attributable to equity holders of the Company increased by 33%, and interim dividend doubled to 2.8 HK cents per share Key Financial Data for H1 2025 | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 3,400,122 | 3,505,577 | -3% | | EBITDA | 974,366 | 1,100,415 | -11% | | Profit attributable to equity holders of the Company | 190,791 | 143,925 | +33% | | Interim dividend (per share) | 2.8 HK cents | 1.4 HK cents | +100% | - Profit attributable to equity holders of the Company increased by **33%** year-on-year, and interim dividend doubled to **2.8 HK cents** per share[4](index=4&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=綜合財務報表) This section presents the unaudited consolidated statement of profit or loss, consolidated statement of comprehensive income, and consolidated statement of financial position for the six months ended June 30, 2025, showcasing the company's financial performance and position at period-end [Consolidated Statement of Profit or Loss](index=2&type=section&id=綜合損益表) During the period, the company reported revenue of **HKD 3,400,122 thousands**, gross profit of **HKD 856,778 thousands**, profit before tax of **HKD 244,429 thousands**, profit attributable to equity holders of the Company of **HKD 190,791 thousands**, and basic and diluted earnings per share of **9.23 HK cents** Consolidated Statement of Profit or Loss Summary | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 3,400,122 | 3,505,577 | | Gross Profit | 856,778 | 681,102 | | Profit before tax | 244,429 | 207,087 | | Profit attributable to equity holders of the Company | 190,791 | 143,925 | | Basic and diluted earnings per share | 9.23 HK cents | 6.97 HK cents | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=綜合全面收益表) For the six months ended June 30, 2025, the company's profit for the period was **HKD 163,859 thousands**, other comprehensive income (primarily due to exchange differences) was **HKD 288,670 thousands**, resulting in a total comprehensive income for the period of **HKD 452,529 thousands** Consolidated Statement of Comprehensive Income Summary | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit for the period | 163,859 | 136,718 | | Other comprehensive income (net of tax) | 288,670 | 1,643 | | Total comprehensive income for the period | 452,529 | 138,361 | | Total comprehensive income attributable to equity holders of the Company | 468,284 | 146,567 | - Exchange differences arising from the translation of overseas operations shifted from a negative **HKD 159,132 thousands** in H1 2024 to a positive **HKD 336,716 thousands** in H1 2025, which is the primary reason for the significant increase in other comprehensive income[6](index=6&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=綜合財務狀況表) As of June 30, 2025, the company's total non-current assets were **HKD 23,280,840 thousands**, total current assets were **HKD 14,459,129 thousands**, total current liabilities were **HKD 11,180,745 thousands**, and net assets were **HKD 12,437,445 thousands** Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total non-current assets | 23,280,840 | 23,414,866 | | Total current assets | 14,459,129 | 12,916,735 | | Total current liabilities | 11,180,745 | 10,298,028 | | Net assets | 12,437,445 | 11,662,300 | | Total equity attributable to equity holders of the Company | 10,142,825 | 9,609,839 | - Total current assets increased from **HKD 12,916,735 thousands** as of December 31, 2024, to **HKD 14,459,129 thousands** as of June 30, 2025, primarily due to a significant increase in cash and cash equivalents[7](index=7&type=chunk) - Goodwill decreased from **HKD 65,681 thousands** as of December 31, 2024, to **HKD 0** as of June 30, 2025, indicating goodwill impairment during the reporting period[7](index=7&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=財務報表附註) This section details the basis of preparation, changes in accounting policies, operating segment information, revenue composition, finance costs, profit before tax components, income tax, dividends, earnings per share, trade and other receivables, contract assets, and trade and other payables, along with their specific circumstances and changes [Basis of Preparation](index=6&type=section&id=編製基準) The interim financial report is prepared in accordance with HKAS 34 and the Listing Rules, with accounting policies consistent with the prior year's financial statements, except for anticipated changes - The report is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[9](index=9&type=chunk) - The accounting policies adopted are consistent with those used in the annual financial statements for the year ended December 31, 2024, except for changes in accounting policies expected to be reflected in the full-year 2025 financial statements[9](index=9&type=chunk) [Changes in Accounting Policies](index=6&type=section&id=會計政策變動) The Group has applied HKAS 21 amendment "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability", but it has no significant impact on this interim report due to the absence of relevant transactions - The Group has applied the amendment to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" in the interim financial report for the current accounting period[10](index=10&type=chunk) - As the Group has not entered into any transactions denominated in a foreign currency that cannot be exchanged into other currencies, these amendments have no significant impact on this interim report[10](index=10&type=chunk) [Operating Segment Information](index=6&type=section&id=運營分部資料) The Group is divided into four reportable segments: Biomass Integrated Utilization, Hazardous and Solid Waste Treatment, Environmental Remediation, and Photovoltaic and Wind Power Generation, with segment performance assessed based on adjusted EBITDA, and major customer information disclosed [Segment Classification and Basis of Assessment](index=6&type=section&id=分部劃分與評估基準) The Group is classified into four reportable segments: Biomass Integrated Utilization, Hazardous and Solid Waste Treatment, Environmental Remediation, and Photovoltaic and Wind Power Generation, with "adjusted EBITDA" used by top management to assess segment performance and allocate resources - The Group reports four reportable segments: Biomass Integrated Utilization project construction and operation, Hazardous and Solid Waste Treatment project construction and operation, Environmental Remediation project operation, and Photovoltaic and Wind Power Generation project operation[12](index=12&type=chunk)[16](index=16&type=chunk) - Segment performance is reported using "adjusted earnings before interest, tax, depreciation and amortisation (non-GAAP measure)" ("adjusted EBITDA")[14](index=14&type=chunk) [Segment Performance, Assets and Liabilities](index=8&type=section&id=分部業績%E3%80%81資產及負債) During the period, Biomass Integrated Utilization projects contributed the highest revenue and adjusted EBITDA, while Environmental Remediation projects recorded a loss, with detailed segment asset and liability totals presented Segment Performance, Assets and Liabilities Summary (H1 2025) | Segment | Revenue (HKD thousands) | Adjusted EBITDA (HKD thousands) | Segment Assets (HKD thousands) | | :--- | :--- | :--- | :--- | | Biomass Integrated Utilization | 2,711,473 | 1,021,719 | 27,146,714 | | Hazardous and Solid Waste Treatment | 515,235 | 26,738 | 6,447,862 | | Environmental Remediation | 72,680 | (59,052) | 624,314 | | Photovoltaic and Wind Power Generation | 100,734 | 86,761 | 1,408,163 | | Total | 3,400,122 | 1,076,166 | 35,627,053 | - The Environmental Remediation project operation segment recorded an adjusted EBITDA loss of **HKD 59,052 thousands**[17](index=17&type=chunk) [Major Customer Information](index=9&type=section&id=主要客戶資料) For the six months ended June 30, 2025, the Group's revenue from two local Chinese government agencies accounted for over **10%** of total revenue, with one agency contributing **HKD 1,261,485 thousands** - For the six months ended June 30, 2025, the Group transacted with two local government agencies in the People's Republic of China ("China"), with these transactions individually accounting for over **10%** of the Group's revenue[18](index=18&type=chunk) - Revenue from this Chinese local government agency was **HKD 1,261,485 thousands** (H1 2024: **HKD 892,286 thousands**)[18](index=18&type=chunk) [Revenue](index=9&type=section&id=收益) For the six months ended June 30, 2025, the Group's total revenue was **HKD 3,400,122 thousands**, primarily contributed by operating service revenue from biomass integrated utilization projects, with financial income from service concession arrangements also accounting for a certain proportion Revenue Analysis (H1 2025) | Revenue Type | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Biomass Integrated Utilization project construction service revenue | 46,488 | 178,507 | | Biomass Integrated Utilization project operating service revenue | 2,502,922 | 2,436,265 | | Hazardous and Solid Waste Treatment project operating service revenue | 513,275 | 562,378 | | Environmental Remediation project operating service revenue | 72,680 | 63,026 | | Photovoltaic and Wind Power Generation project operating service revenue | 100,734 | 97,320 | | Total revenue from contracts with customers | 3,236,099 | 3,337,496 | | Financial income from service concession arrangements | 164,023 | 168,081 | | Total Revenue | 3,400,122 | 3,505,577 | - Revenue from biomass integrated utilization project construction services significantly decreased by **74%** year-on-year, from **HKD 178,507 thousands** to **HKD 46,488 thousands**[19](index=19&type=chunk) [Finance Costs](index=10&type=section&id=財務費用) For the six months ended June 30, 2025, the Group's total finance costs were **HKD 294,302 thousands**, a significant decrease from the prior period, primarily due to reduced interest on bank and other borrowings Finance Costs Analysis (H1 2025) | Finance Cost Type | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank and other borrowings | 186,021 | 334,442 | | Interest on lease liabilities | 282 | 473 | | Interest on medium-term notes | 88,954 | 78,172 | | Asset-backed securities right maintenance fees | 19,307 | – | | Finance costs incurred | 294,564 | 413,087 | | Less: Interest capitalized | (262) | (2,596) | | Total | 294,302 | 410,491 | - Interest on bank and other borrowings significantly decreased from **HKD 334,442 thousands** in H1 2024 to **HKD 186,021 thousands** in H1 2025[20](index=20&type=chunk) - New asset-backed securities right maintenance fees amounted to **HKD 19,307 thousands**[20](index=20&type=chunk) [Profit Before Tax](index=11&type=section&id=除稅前盈利) During the period, the Group's profit before tax was **HKD 244,429 thousands**, primarily impacted by intangible asset amortization, depreciation, cost of inventories consumed, and impairment losses on goodwill and property, plant and equipment - Amortization of intangible assets was **HKD 291,759 thousands**, and depreciation of property, plant and equipment was **HKD 131,558 thousands**[21](index=21&type=chunk) - Cost of inventories consumed was **HKD 1,186,532 thousands**, and credit losses on trade and contract assets were **HKD 13,000 thousands**[21](index=21&type=chunk) - Impairment losses on goodwill and property, plant and equipment of **HKD 178,379 thousands** were recognized, including a full impairment of goodwill for Everbright Ecological Remediation (Jiangsu) Co., Ltd. of **HKD 65,816 thousands**, and impairment of property, plant and equipment of **HKD 112,563 thousands** due to the cessation of operations of certain hazardous and solid waste treatment projects[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Income Tax](index=12&type=section&id=所得稅) The Group's total income tax expense for the six months ended June 30, 2025, was **HKD 80,570 thousands**, primarily from Chinese operations, calculated at a statutory rate of **25%** under Chinese tax laws, with some Chinese subsidiaries enjoying tax incentives Income Tax Expense Analysis (H1 2025) | Income Tax Type | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Current – Other locations: Provision for the period | 100,758 | 66,004 | | Under/(over) provision in prior periods | 2,675 | (442) | | Deferred | (22,863) | 4,807 | | Total tax expense for the period | 80,570 | 70,369 | - Taxation for Chinese operations is calculated at a statutory rate of **25%** on taxable profits in accordance with Chinese tax laws and regulations, with certain Chinese subsidiaries enjoying tax incentives[24](index=24&type=chunk) - Management assesses that the Group currently has no significant tax risks arising from global minimum tax reform[25](index=25&type=chunk) [Dividends](index=12&type=section&id=股息) The Board declared an interim dividend of **2.8 HK cents** per share for the six months ended June 30, 2025, doubling from the prior period, with a payout ratio of **30.32%**, payable on or about October 14, 2025 - The Board declared an interim dividend of **2.8 HK cents** per ordinary share (H1 2024: **1.4 HK cents** per share), totaling approximately **HKD 57,850 thousands**[26](index=26&type=chunk) - The interim dividend payout ratio for the six months ended June 30, 2025, was **30.32%** (2024: **20.1%**)[81](index=81&type=chunk) [Earnings Per Share Attributable to Equity Holders of the Company](index=12&type=section&id=本公司權益股東應佔每股盈利) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to equity holders of the Company were **9.23 HK cents**, an increase from **6.97 HK cents** in the prior period Earnings Per Share Analysis (H1 2025) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company (HKD thousands) | 190,791 | 143,925 | | Weighted average number of ordinary shares (thousands) | 2,066,078 | 2,066,078 | | Basic and diluted earnings per share | 9.23 HK cents | 6.97 HK cents | - Profit for the period attributable to equity holders of the Company increased from **HKD 143,925 thousands** in H1 2024 to **HKD 190,791 thousands** in H1 2025[27](index=27&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=13&type=section&id=應收賬款%E3%80%81其他應收款項%E3%80%81按金及預付款項) As of June 30, 2025, total trade receivables were **HKD 6,663,649 thousands**, with a significant portion overdue by more than thirteen months, and loss allowance at period-end was **HKD 207,684 thousands** Trade Receivables Ageing Analysis (June 30, 2025) | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Not more than one month | 548,607 | 569,029 | | Over thirteen months | 4,508,782 | 4,322,342 | | Total trade receivables (net of loss allowance) | 6,663,649 | 6,458,757 | - The loss allowance for trade receivables at period-end was **HKD 207,684 thousands**, an increase from **HKD 196,776 thousands** at the beginning of the year[30](index=30&type=chunk) - The carrying amount of trade receivables measured at fair value through other comprehensive income increased from **HKD 4,733,080 thousands** as of December 31, 2024, to **HKD 5,107,229 thousands** as of June 30, 2025[29](index=29&type=chunk) [Contract Assets](index=14&type=section&id=合約資產) As of June 30, 2025, the Group's total contract assets were **HKD 10,482,092 thousands**, primarily comprising service concession arrangement assets and unbilled renewable energy tariff subsidies Contract Assets Composition (June 30, 2025) | Contract Asset Type | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Service concession arrangement assets | 6,525,979 | 6,494,201 | | Unbilled renewable energy tariff subsidies | 3,530,348 | 3,106,104 | | Environmental remediation contract assets | 442,695 | 402,969 | | Total contract assets (net of impairment) | 10,482,092 | 9,992,953 | - Unbilled renewable energy tariff subsidies increased from **HKD 3,106,104 thousands** as of December 31, 2024, to **HKD 3,530,348 thousands** as of June 30, 2025[31](index=31&type=chunk) - Service concession arrangement assets arise from Build-Operate-Transfer (BOT) and Build-Operate-Own (BOO) arrangements, bearing interest at annual rates ranging from **4.65%** to **6.60%**[32](index=32&type=chunk) [Trade and Other Payables and Accruals](index=16&type=section&id=應付賬款%E3%80%81其他應付款項及應計費用) As of June 30, 2025, the Group's total trade and other payables and accruals were **HKD 2,430,921 thousands**, with trade payables primarily consisting of amounts due to third parties and fellow subsidiaries Trade and Other Payables and Accruals Composition (June 30, 2025) | Liability Type | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade payables – Third parties | 1,112,755 | 1,310,870 | | Trade payables – Fellow subsidiaries | 40,840 | 21,841 | | Other payables and accruals | 1,060,140 | 1,187,301 | | Deferred income – Government grants | 187,759 | 167,948 | | Total | 2,430,921 | 2,716,308 | - Total trade payables decreased from **HKD 1,332,711 thousands** as of December 31, 2024, to **HKD 1,153,595 thousands** as of June 30, 2025[37](index=37&type=chunk) - Of the trade payables, **HKD 377,817 thousands** were construction payables for the Group's BOT and certain BOO arrangements[37](index=37&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=管理層討論與分析) During the period, amidst a complex international economic and trade environment, the Group maintained steady progress, focusing on "dual carbon" strategy and "new quality productive forces" to drive business transformation and achieve stable and improving operating performance. The company made progress in market expansion, technological innovation, operations management, risk control, and ESG, while ensuring ample funding through diversified financing channels [Operating Performance Overview](index=18&type=section&id=經營業績概覽) In H1 2025, amidst a complex and changing international economic and trade environment, the Group maintained steady progress, focusing on the "dual carbon" strategy and ecological civilization construction, driving transformation into a technology-led environmental enterprise, achieving stable and improving operating performance with both quality and efficiency - The Group resolutely implemented national decisions on deepening the "dual carbon" strategy and promoting ecological civilization construction, fully driving the company's transformation into a technology-led environmental enterprise[39](index=39&type=chunk) - The Group achieved stable and improving operating performance in the first half of the year, demonstrating a positive development trend with both quality and efficiency[39](index=39&type=chunk) - As of June 30, 2025, the Group had implemented **142** environmental investment projects with a total investment of approximately **RMB 30.65 billion**; it had cumulatively undertaken **70** light-asset projects such as environmental remediation, involving total contract amounts of approximately **RMB 1.855 billion**[40](index=40&type=chunk) [Business Development and Strategy](index=18&type=section&id=業務發展與戰略) The Group advanced its "second entrepreneurship" around the "Two-Modernizations and One-Type" strategy, focusing on "clean energy" as its core business, expanding into biomass heating, distributed PV, user-side energy storage, and virtual power plant projects, while actively promoting high-value biomass utilization and landfill ecological remediation light-asset projects - The Group fully advanced its "second entrepreneurship" journey, anchored by "clean energy" as its core business, centered on the "Two-Modernizations and One-Type" (technological, international, ecological) core development strategy[41](index=41&type=chunk) - Continued focus on clean energy projects targeting "zero-carbon parks" such as biomass heating, distributed photovoltaic, user-side energy storage, and virtual power plants, as well as light-asset projects with a focus on "landfill ecological remediation"[41](index=41&type=chunk) - Added **520,000 tons** of annual heating capacity, expanded the first bio-natural gas project, added **10 million tons** of annual bio-natural gas production capacity, and added approximately **RMB 128 million** in environmental remediation business contract value[41](index=41&type=chunk) [Technological Innovation and R&D](index=19&type=section&id=科技創新與研發) The Group firmly centered on technological innovation, focusing on R&D of cutting-edge technologies like bio-natural gas, biomass gasification heating, and green methanol, successfully launching its first bio-natural gas project through industry-academia-research collaboration, and partnering with Alibaba Cloud to build a "Virtual Power Plant and Power Trading Auxiliary Decision Platform" - The Group firmly positioned technological innovation as its core development engine, strategically focusing on key areas such as bio-natural gas, biomass gasification heating, biomass-to-green methanol, and biomass-to-sugar[42](index=42&type=chunk) - Actively collaborated with institutions like the Chinese Academy of Sciences to develop efficient anaerobic fermentation technology for bio-natural gas from biomass, successfully launching the first bio-natural gas project[42](index=42&type=chunk) - Jointly with Alibaba Cloud, developed an "Virtual Power Plant and Power Trading Auxiliary Decision Platform" based on AI algorithm technology, successfully signing **136** power users[42](index=42&type=chunk) [Operations Management and Risk Control](index=20&type=section&id=運營管理與風險控制) The Group deepened cost-saving and revenue-generating efforts through refined operations management, optimizing fuel quality and procurement costs, and implemented "one enterprise, one policy" and asset optimization strategies to address challenges in the hazardous and solid waste treatment market. Concurrently, it strengthened its comprehensive risk management system, revised the "Risk Factor List," and optimized related party transaction management policies - In biomass integrated utilization, actively expanded the heating market, opened green certificate trading channels, and optimized fuel quality and procurement costs[43](index=43&type=chunk) - In hazardous and solid waste treatment, adopted a strategy emphasizing both quality improvement and efficiency enhancement, and asset optimization, through organizational restructuring, implementing "one enterprise, one policy," reducing production costs, and disposing of inefficient and non-performing assets[43](index=43&type=chunk) - Comprehensive risk management is integrated into the company's development strategy, by establishing an efficient risk management system, revising the "Risk Factor List," and defining the scope of "key controlled risks"[44](index=44&type=chunk) [Environmental, Social and Governance (ESG)](index=21&type=section&id=環境%E3%80%81社會及管治%20(ESG)) The Group highly prioritizes ESG risks, integrating them into its comprehensive risk management system, deepening climate-related risk management, advancing TCFD work, and earning multiple honors for its outstanding ESG performance, including the "2025 ESG Model Enterprise Award" and improved ESG ratings from Wind and Huazheng Index - The Group consistently prioritizes Environmental, Social, and Governance (ESG) related risks, integrating them into its comprehensive risk management system for key control[45](index=45&type=chunk) - Deepened the work on Task Force on Climate-related Financial Disclosures (TCFD), clarifying the impact of climate-related risks and opportunities on the Group's business operations through scenario analysis[45](index=45&type=chunk) - With its outstanding ESG performance, the Group received multiple honors, including the "**2025 ESG Model Enterprise Award**," and achieved improved ESG ratings from both Wind and Huazheng Index, two authoritative institutions[45](index=45&type=chunk) [Social Responsibility](index=21&type=section&id=社會責任) The Group continued to deepen public access to environmental facilities, with its Rugao Biomass Power Generation project included in the national list of open environmental facilities; as of June 30, 2025, **47** projects were officially open to the public, having cumulatively hosted **1,635** visitors - The Group continued to deepen its commitment to opening environmental facilities to the public, disclosing project environmental impact assessment reports and environmental monitoring data through various media channels[46](index=46&type=chunk) - The Group's Rugao Biomass Power Generation project was included by the Ministry of Ecology and Environment in the fifth batch of national environmental facilities and urban sewage and waste treatment facilities open to the public[46](index=46&type=chunk) - As of June 30, 2025, the company had a total of **47** projects officially open to the public, cumulatively holding **79** offline public open days and receiving a total of **1,635** visitors[46](index=46&type=chunk) [Financial Performance Summary](index=22&type=section&id=財務表現總結) During the period, the Group's revenue decreased by **3%** year-on-year to **HKD 3,400,122 thousands**, and EBITDA decreased by **11%** to **HKD 974,366 thousands**, but profit attributable to equity holders of the Company increased by **33%** year-on-year to **HKD 190,791 thousands**, primarily due to reduced operating costs - The Group recorded revenue of approximately **HKD 3,400,122 thousands**, a **3%** decrease from the prior period; EBITDA was approximately **HKD 974,366 thousands**, an **11%** decrease from the prior period[47](index=47&type=chunk) - Profit attributable to equity holders of the Company was approximately **HKD 190,791 thousands**, a **33%** increase from the prior period[47](index=47&type=chunk) - The decrease in revenue was mainly due to reduced construction service revenue; the increase in profit attributable to equity holders of the Company benefited from exploring cost reduction potential during the period, leading to a decrease in operating costs[47](index=47&type=chunk) [Financing Activities](index=22&type=section&id=融資活動) In H1 2025, the Group successfully broadened its financing channels by issuing the first tranche of asset-backed special plans (**RMB 630 million** priority class) and two tranches of green medium-term notes (totaling **RMB 2 billion**), with proceeds used to supplement working capital, repay debt, and invest in projects - In January 2025, the first tranche of asset-backed special plans was issued, with a priority asset-backed securities issuance size of **RMB 630 million** and a coupon rate of **1.79%**[48](index=48&type=chunk) - In February 2025, the first tranche of 2025 green medium-term notes was issued, with an issuance amount of **RMB 1 billion** and a fixed annual coupon rate of **2.39%**[49](index=49&type=chunk) - In May 2025, the second tranche of 2025 green medium-term notes was issued, with a principal amount of **RMB 1 billion** and an annual coupon rate of **1.98%**[49](index=49&type=chunk) [Segment Revenue and Profit Analysis](index=24&type=section&id=分部收益與盈利分析) During the period, the Biomass Integrated Utilization, Hazardous and Solid Waste Treatment, Environmental Remediation, and Photovoltaic and Wind Power Generation segments collectively generated **HKD 3,400,122 thousands** in revenue, with operating service revenue accounting for **94%**. The Biomass Integrated Utilization segment contributed the highest EBITDA, while the Environmental Remediation segment recorded a loss Segment Revenue and EBITDA (H1 2025) | Segment | Revenue (HKD thousands) | EBITDA (HKD thousands) | | :--- | :--- | :--- | | Biomass Integrated Utilization projects | 2,711,473 | 1,021,719 | | Hazardous and Solid Waste Treatment projects | 515,235 | 26,738 | | Environmental Remediation projects | 72,680 | (59,052) | | Photovoltaic and Wind Power Generation projects | 100,734 | 86,761 | | Total | 3,400,122 | 1,076,166 | - Construction service revenue was approximately **HKD 46,488 thousands**, a **74%** decrease from the prior period; operating service revenue was approximately **HKD 3,189,611 thousands**, a **1%** increase from the prior period[50](index=50&type=chunk) - By revenue nature, construction services, operating services, and financial income accounted for **1%**, **94%**, and **5%** of total revenue, respectively[50](index=50&type=chunk) [Segment Business Details](index=25&type=section&id=分部業務詳情) This section details the operating models, project layouts, key operating data, and financial performance of the Group's four core business segments—Biomass Integrated Utilization, Hazardous and Solid Waste Treatment, Environmental Remediation, and Photovoltaic and Wind Power Generation—revealing their growth drivers and challenges [Biomass Integrated Utilization](index=25&type=section&id=生物質綜合利用) The Group's biomass integrated utilization business primarily generates electricity and heat from biomass raw materials, combined with waste-to-energy, achieving an urban-rural integrated model. As of June 30, 2025, it had **57** projects with a total investment of approximately **RMB 17.354 billion**, contributing approximately **HKD 1,021,719 thousands** in EBITDA during the period, a **15%** year-on-year increase - The Group primarily utilizes biomass raw materials for power generation and heating, and has developed a unique urban-rural integrated business model, combining biomass integrated utilization projects with waste-to-energy projects[51](index=51&type=chunk) - As of June 30, 2025, the Group owned a total of **57** biomass integrated utilization projects, with a total investment of approximately **RMB 17.354 billion** and a total designed installed capacity of **1,069 MW**[51](index=51&type=chunk) Biomass Integrated Utilization Segment Key Operating Data (H1 2025) | Operating Data | H1 2025 | H1 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Grid-connected electricity (MWh) | 3,265,205 | 3,176,136 | 3% | | Biomass raw material processed (tons) | 3,742,000 | 3,883,000 | -4% | | Municipal solid waste processed (tons) | 2,074,000 | 2,057,000 | 1% | | Steam supplied (tons) | 1,773,000 | 1,328,000 | 34% | [Hazardous and Solid Waste Treatment](index=26&type=section&id=危廢及固廢處置) The Group's hazardous and solid waste treatment business covers incineration, landfill, physical-chemical treatment, and comprehensive utilization, capable of treating **44** categories of hazardous waste listed in the "National Hazardous Waste List". As of June 30, 2025, it had **48** projects with a total investment of approximately **RMB 11.257 billion**. During the period, this segment's EBITDA decreased by **76%** year-on-year and recorded a net loss, primarily due to weak market recovery, intensified competition, and asset disposal losses - The Group primarily engages in the safe disposal and comprehensive utilization of general industrial solid waste, hazardous waste, dead animals, etc., capable of safely disposing of **44** out of **46** categories of hazardous waste listed in the "National Hazardous Waste List"[54](index=54&type=chunk) - As of June 30, 2025, the Group owned a total of **48** hazardous and solid waste treatment projects, with a total investment of approximately **RMB 11.257 billion**[54](index=54&type=chunk) Hazardous and Solid Waste Treatment Segment Key Operating Data (H1 2025) | Operating Data | H1 2025 | H1 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Hazardous and solid waste treated (tons) – Harmless disposal | 212,000 | 217,000 | -2% | | Hazardous and solid waste treated (tons) – Resource comprehensive utilization | 27,300 | 30,200 | -10% | | Resource utilization product sales (tons) | 7,300 | 6,500 | 12% | | Grid-connected electricity (MWh) | 13,039 | 14,023 | -7% | | Steam supplied (tons) | 403,000 | 379,000 | 6% | [Environmental Remediation](index=27&type=section&id=環境修復) The Group's environmental remediation business covers landfill ecological restoration, industrial contaminated site remediation, etc., possessing multiple professional qualifications. As of June 30, 2025, there were **19** projects under execution, with total contract amounts of approximately **RMB 814 million**. During the period, this segment recorded an EBITDA loss of approximately **HKD 59,052 thousands**, and net loss increased, mainly due to lower-than-expected market conditions and goodwill impairment - The Group's environmental remediation business primarily covers landfill ecological restoration, industrial contaminated site remediation, polluted farmland remediation, and river and lake sediment treatment[57](index=57&type=chunk) - As of June 30, 2025, the Group had a total of **19** environmental remediation projects under execution, with total contract amounts of approximately **RMB 814 million**[58](index=58&type=chunk) - The Group's environmental remediation projects recorded a loss before interest, tax, depreciation, and amortization of approximately **HKD 59,052 thousands**, an **820%** increase in loss from the prior period[59](index=59&type=chunk) - The increased loss was primarily due to the environmental remediation market conditions developing below expectations, continuous project operating losses, and goodwill impairment losses[59](index=59&type=chunk) [Photovoltaic and Wind Power Generation](index=28&type=section&id=光伏發電及風電) As of June 30, 2025, the Group's photovoltaic and wind power generation business had **33** photovoltaic projects and **2** wind power projects, with a total designed installed capacity of **246.66 MW**. During the period, both EBITDA and net profit for this segment decreased by **2%** year-on-year, mainly due to reduced grid-connected electricity from wind power projects and increased maintenance costs - As of June 30, 2025, the Group had a total of **33** operational and completed photovoltaic power projects and **2** operational wind power projects, with a total designed installed capacity of **246.66 MW**[60](index=60&type=chunk) - The Group's photovoltaic and wind power generation projects contributed approximately **HKD 86,761 thousands** in earnings before interest, tax, depreciation, and amortization, a **2%** decrease from the prior period[61](index=61&type=chunk) Photovoltaic and Wind Power Generation Segment Key Operating Data (H1 2025) | Operating Data | H1 2025 | H1 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Grid-connected electricity (MWh) | 145,970 | 144,832 | 1% | [Business Outlook](index=29&type=section&id=業務展望) Looking ahead to 2025, the Group will adhere to the "seek progress while maintaining stability, promote stability through practical efforts" approach, focusing on the "clean energy" strategy, responding to policy changes, building a "traditional business strengthening + emerging areas breakthrough" dual-driven pattern, deepening regional synergy, and accelerating industrial upgrading, embarking on a new journey of "second entrepreneurship" [Macro Environment and Policy Trends](index=29&type=section&id=宏觀環境與政策趨勢) In 2025, the global economy will see a differentiated recovery amidst green transformation and geopolitical reshaping, as China concludes its "14th Five-Year Plan," ecological environment governance enters a new "precise, intelligent, systematic" stage, and new energy electricity price marketization reforms and "zero-carbon park" construction bring new development opportunities and challenges - **2025** marks the final year of the "14th Five-Year Plan" and a critical year for deeply integrating new quality productive forces with green development, as ecological environment governance enters a new stage of "precision, intelligence, and systematization"[65](index=65&type=chunk) - The National Development and Reform Commission and the National Energy Administration jointly issued a notice to promote the full market entry of new energy grid-connected electricity and establish a unified institutional framework for direct green power connections[65](index=65&type=chunk) - The "Notice on Carrying out Zero-Carbon Park Construction" clarifies "carbon emissions per unit of energy consumption" as a core indicator, which will further promote the energy structure transformation and green upgrading of industrial parks[65](index=65&type=chunk) [Strategic Direction and Future Plans](index=30&type=section&id=戰略方向與未來規劃) The Group will build a "traditional business strengthening + emerging areas breakthrough" dual-driven pattern, focusing on "cogeneration + green empowerment," expanding the heating market, extending the industrial chain to high-value utilization projects such as biomass-to-sugar, biomass-to-carbon, and bio-natural gas, deepening regional synergy, accelerating the divestment of inefficient assets, and building a leader in the biomass energy industry with its "clean energy" strategy - The Group is focused on building a dual-driven pattern of "traditional business strengthening + emerging areas breakthrough," with "cogeneration + green empowerment" as its core direction[66](index=66&type=chunk) - Actively accelerated the expansion of heating users, broadened heating areas, and increased heating revenue to enhance cash flow; promoted the extension of the industrial chain to high-value-added segments, focusing on the implementation of high-value utilization projects such as biomass-to-sugar, biomass-to-carbon, and bio-natural gas[66](index=66&type=chunk) - During the "15th Five-Year Plan" period, the Group will focus on the "clean energy" strategy, aiming to become a leading enterprise in China's biomass energy industry and build a new multi-energy complementary pattern of "green electricity + green steam + green hydrogen + green methanol"[67](index=67&type=chunk) [Financial Review](index=32&type=section&id=財務回顧) This section reviews the Group's financial position, financial resources, indebtedness, foreign exchange risk, pledge of assets, commitments, contingent liabilities, tax relief, and human resources as of June 30, 2025, indicating a robust asset-liability structure, good liquidity, and continuous optimization of financing structure [Financial Position](index=32&type=section&id=財務狀況) As of June 30, 2025, the Group's total assets were approximately **HKD 37,739,969 thousands**, net assets approximately **HKD 12,437,445 thousands**, and net asset value per share increased to **HKD 4.91**. The gearing ratio remained stable at **67.04%**, and the current ratio increased to **129.32%** Financial Position Summary (June 30, 2025) | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Total assets | 37,739,969 | 36,331,601 | +3.88% | | Net assets | 12,437,445 | 11,662,300 | +6.65% | | Net asset value per share attributable to equity holders of the Company | 4.91 HKD | 4.65 HKD | +5.59% | | Gearing ratio | 67.04% | 67.90% | -0.86 percentage points | | Current ratio | 129.32% | 125.40% | +3.92 percentage points | - The gearing ratio remained stable, primarily benefiting from the company's cautious investment strategy amidst economic uncertainties[69](index=69&type=chunk) [Financial Resources](index=32&type=section&id=財務資源) The Group adopted prudent principles for cash and financial management; as of June 30, 2025, cash and bank balances were approximately **HKD 2,610,492 thousands**, an increase of approximately **HKD 936,776 thousands** from end-2024, with primary funding sources being medium-term notes, internal cash flow, and bank loans - The Group adopted prudent principles for cash and financial management, effectively managing risks and reducing funding costs[70](index=70&type=chunk) - As of June 30, 2025, the Group held cash and bank balances of approximately **HKD 2,610,492 thousands**, an increase of approximately **HKD 936,776 thousands** from end-2024[70](index=70&type=chunk) - Working capital primarily originated from proceeds from medium-term note issuance, internal cash flow, and bank loans[70](index=70&type=chunk) [Indebtedness](index=32&type=section&id=負債狀況) As of June 30, 2025, the Group's total outstanding loans were approximately **HKD 21,913,625 thousands**, with **52%** at fixed interest rates and **48%** at floating interest rates. Bank financing facilities were ample, with unused facilities of approximately **HKD 7,081,449 thousands** - As of June 30, 2025, the Group's total outstanding loans were approximately **HKD 21,913,625 thousands**, an increase of approximately **HKD 913,473 thousands** from end-2024[71](index=71&type=chunk) - The Group's fixed-rate and floating-rate loans accounted for **52%** and **48%**, respectively[71](index=71&type=chunk) Maturity Profile of Interest-Bearing Bank and Other Borrowings (HKD millions) | Maturity | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 8,901 | 7,718 | | In the 2nd year | 4,702 | 4,787 | | In the 3rd to 5th year | 5,782 | 5,571 | | After the 5th year | 2,529 | 2,924 | | Total | 21,914 | 21,000 | [Foreign Exchange Risk](index=33&type=section&id=外匯風險) The Group's primary operations are in mainland China, with most assets, loans, and transactions denominated in RMB, creating a natural hedge, and foreign exchange risk is managed through appropriate matching of currency loans and financial instruments - The Group has foreign exchange risk from investments outside Hong Kong (including mainland China), but China is the Group's primary business location, accounting for over **95%** of total investments and revenue[73](index=73&type=chunk) - Most of the Group's assets, loans, and major transactions are denominated in RMB, essentially forming a natural hedge[73](index=73&type=chunk) [Pledge of Assets](index=33&type=section&id=資產抵押) As of June 30, 2025, the Group's total net book value of pledged assets was approximately **HKD 17,888,150 thousands**, primarily used for bank financing and other loans - The total net book value of pledged assets was approximately **HKD 17,888,150 thousands** (December 31, 2024: **HKD 17,920,001 thousands**)[74](index=74&type=chunk) - Pledged assets include certain revenue rights related to the Group's service concession arrangements, contract assets, intangible assets and receivables, bank deposits, the Group's property, plant and equipment, and right-of-use assets[74](index=74&type=chunk) [Commitments](index=34&type=section&id=承擔) As of June 30, 2025, the Group had purchase commitments contracted for construction contracts of approximately **HKD 36,885 thousands**, and capital commitments related to investments in joint ventures, associates, and financial asset entities of approximately **HKD 45,558 thousands** - As of June 30, 2025, the Group had purchase commitments contracted for construction contracts of approximately **HKD 36,885 thousands**[75](index=75&type=chunk) - Capital commitments related to investments in joint ventures, associates, and financial asset entities amounted to **HKD 45,558 thousands**[75](index=75&type=chunk) [Contingent Liabilities](index=34&type=section&id=或有負債) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities[76](index=76&type=chunk) [Tax Relief and Exemptions](index=34&type=section&id=稅務寬減及豁免) The Company is unaware of any tax relief or exemptions enjoyed by shareholders due to their holding of the Company's shares - The Company is unaware of any tax relief or exemptions enjoyed by shareholders due to their holding of the Company's shares[77](index=77&type=chunk) [Human Resources](index=34&type=section&id=人力資源) As of June 30, 2025, the Group employed over **3,200** staff in Hong Kong and mainland China, with total staff costs of approximately **HKD 294,243 thousands**, and provided continuous training and other benefits - As of June 30, 2025, the Group employed over **3,200** staff in Hong Kong and mainland China[78](index=78&type=chunk) - Total staff costs for the six months ended June 30, 2025, were approximately **HKD 294,243 thousands**[78](index=78&type=chunk) [Other Information](index=34&type=section&id=其他資料) This section covers other important information regarding the Group's corporate governance, compliance with the standard code for securities transactions by directors, interim dividend distribution, closure of register of members, dealings in listed securities, and publication of interim report and board members [Corporate Governance](index=34&type=section&id=企業管治) The Group is committed to maintaining robust corporate governance, having adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules, and complied with all applicable code provisions during the reporting period - The Group has adopted the Corporate Governance Code as set out in Appendix C1 of the Listing Rules as its corporate governance practice code[79](index=79&type=chunk) - For the six months ended June 30, 2025, the Company complied with all applicable code provisions set out in Part 2 of the Corporate Governance Code[79](index=79&type=chunk) [Standard Code for Securities Transactions by Directors](index=35&type=section&id=董事進行證券交易之標準守則) The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules and confirmed that all Directors complied with the code during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as the code of conduct for Directors' securities transactions[80](index=80&type=chunk) - Following specific enquiries made to all Directors, the Company confirmed that they had complied with the required standards set out in the Standard Code throughout the review period[80](index=80&type=chunk) [Interim Dividend](index=35&type=section&id=中期股息) The Board declared an interim dividend of **2.8 HK cents** per share for the six months ended June 30, 2025, with a payout ratio of **30.32%**, payable on or about October 14, 2025 - The Board declared an interim dividend of **2.8 HK cents** per share for the six months ended June 30, 2025 (2024: **1.4 HK cents** per share)[81](index=81&type=chunk) - The interim dividend payout ratio for the six months ended June 30, 2025, was **30.32%** (2024: **20.1%**)[81](index=81&type=chunk) - The interim dividend will be paid in cash on or about Tuesday, October 14, 2025[81](index=81&type=chunk) [Closure of Register of Members](index=35&type=section&id=暫停辦理股份過戶登記) To qualify for the interim dividend, the Company will suspend its register of members from September 19 to September 23, 2025, with all share transfer documents to be lodged with the Hong Kong share registrar by 4:30 p.m. on September 18, 2025 - The Company's register of members will be closed from Friday, September 19, 2025, to Tuesday, September 23, 2025 (both dates inclusive)[82](index=82&type=chunk) - To qualify for the interim dividend, all share transfer documents and relevant share certificates must be lodged with the Company's Hong Kong share registrar by **4:30 p.m.** on Thursday, September 18, 2025[82](index=82&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=購買%E3%80%81出售或贖回本公司之上市證券) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[83](index=83&type=chunk) [Publication and Despatch of Interim Report](index=36&type=section&id=刊載及寄發中期報告) The Company's interim results announcement for the six months ended June 30, 2025, has been published on the HKEX and company websites, and the interim report will be published and despatched to shareholders who have opted for printed copies in due course - The Company's interim results announcement for the six months ended June 30, 2025, has been published on the Hong Kong Stock Exchange and the Company's website[84](index=84&type=chunk) - The Company's 2025 interim report will be published on the HKEX and the Company's website and despatched to shareholders who have opted for printed copies in due course[84](index=84&type=chunk) [Board of Directors](index=36&type=section&id=董事會成員) As of the announcement date, the Board of Directors includes Mr. Zhu Fugang (Chairman, Executive Director), Mr. Liang Haidong (CEO, Executive Director), Mr. Huang Chaoxiong (Executive Director), Ms. Mao Jing (Non-executive Director), and Mr. Zou Xiaolei, Professor Yan Houmin, Mr. Li Huaqiang (Independent Non-executive Directors) - The Board of Directors includes Mr. Zhu Fugang (Chairman, Executive Director), Mr. Liang Haidong (CEO, Executive Director), Mr. Huang Chaoxiong (Executive Director), Ms. Mao Jing (Non-executive Director), Mr. Zou Xiaolei (Independent Non-executive Director), Professor Yan Houmin (Independent Non-executive Director), and Mr. Li Huaqiang (Independent Non-executive Director)[86](index=86&type=chunk)

致：香港交易及結算所有限公司 公司名稱: 中國光大綠色環保有限公司 (於開曼群島註冊成立之有限公司) FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01257 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.1 | USD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.1 | USD ...