Core Viewpoint - China Everbright Greentech (01257) has successfully issued CNY 1 billion of green perpetual medium-term notes, indicating a strategic move to enhance its financial position and support environmental projects [1] Group 1: Financial Details - The company issued the 2025 second phase of green perpetual medium-term notes on November 6, 2025, with a principal amount of CNY 1 billion [1] - The fixed coupon rate for the first three years is set at 2.23% [1] Group 2: Use of Proceeds - The proceeds from the issuance will be utilized for repaying the group's interest-bearing debts, supplementing working capital, and investing in environmental projects and other business development purposes [1]

Core Viewpoint - China Everbright Greentech (01257) has successfully issued its second tranche of green perpetual medium-term notes for 2025, amounting to RMB 1 billion, with a fixed coupon rate of 2.23% for the first three years [1] Group 1: Financial Details - The total amount of the issued green medium-term notes is RMB 1 billion [1] - The fixed coupon rate for the first three years is set at 2.23% [1] Group 2: Use of Proceeds - The proceeds from the issuance will be used to repay the company's interest-bearing debts, supplement working capital, and/or invest in and develop environmental projects and other business initiatives [1]

Core Viewpoint - China Everbright Green Environmental Protection (01257.HK) has successfully issued its second tranche of green perpetual medium-term notes for the year 2025, with a principal amount of RMB 1 billion [1] Group 1 - The issuance took place on November 6, 2025, in China [1] - The total amount of the green perpetual medium-term notes issued is RMB 1 billion [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之內容概不負責， 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之任何損失承擔任何責任。 本公告僅供參考用途，並不構成收購、購買或認購證券之邀請或要約，亦不邀請任何 該等要約或邀請。尤其本公告並不構成亦並非在香港、美國或其他地方進行證券銷 售或邀請或招攬購買或認購任何證券之任何要約。 CHINA EVERBRIGHT GREENTECH LIMITED 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 ） （股份代號：1257） 完成發行2025年度第二期綠色永續中期票據 本公司董事會（「董事會」）欣然宣佈，本公司已於2025年11月6日於中國完成發行本 公司2025年度第二期綠色永續中期票據，即「中國光大綠色環保有限公司2025年度第 三期綠色中期票據（鄉村振興）」（「2025年度第二期綠色永續中期票據」）。2025年度 第二期綠色永續中期票據的主要條款如下： | | | 本金額： 人民幣10億元 起息日： 2025年11月7日 內 ...

FF301 截至月份: 2025年10月31日 狀態: 新提交 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) 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 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 FF301 第 2 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 | 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 ...

Core Viewpoint - China Everbright Green Environmental Protection (01257) has entered into a collaborative waste disposal agreement with Baoying Energy, which involves the incineration of excess municipal waste generated from a project [1] Group 1: Agreement Details - The agreement, effective until October 23, 2025, involves Everbright Ecological Restoration hiring Baoying Energy to handle excess municipal waste [1] - Baoying Energy is expected to process a total of 48,000 tons of excess municipal waste, with 25,000 tons to be processed by December 31, 2025, and 23,000 tons by December 31, 2026 [1] Group 2: Financial Implications - Baoying Energy will charge a processing fee of RMB 126.29 per ton for the disposal of the excess municipal waste [1] - The total cost for Everbright Ecological Restoration to pay Baoying Energy for the disposal of 48,000 tons of waste is approximately RMB 6.0619 million [1]

Core Viewpoint - China Everbright Green Environmental Protection (01257) has entered into an agreement with Baoying Energy for the collaborative disposal of excess municipal solid waste, indicating a strategic partnership in waste management services [1] Group 1: Agreement Details - The agreement is set to be effective until October 23, 2025, and involves China Everbright's wholly-owned subsidiary, Everbright Ecological Restoration, hiring Baoying Energy for waste disposal [1] - Baoying Energy will utilize its facilities to incinerate a total of 48,000 tons of excess municipal solid waste as per the agreement [1] Group 2: Financial Implications - The expected waste disposal volume includes 25,000 tons for the fiscal year ending December 31, 2025, and 23,000 tons for the fiscal year ending December 31, 2026 [1] - Baoying Energy will charge a processing fee of RMB 126.29 per ton for the disposal services, leading to a total payment of approximately RMB 6.0619 million for the entire 48,000 tons of waste [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。 有關超量生活垃圾處置之關連交易 超量生活垃圾協同處置協議 於二零二五年十月二十三日（交易時段後），光大生態修復與寶應能源訂立超量生 活垃圾協同處置協議。 根據超量生活垃圾協同處置協議，光大生態修復已同意委聘寶應能源，而寶應能 源已同意接受委聘，透過使用寶應能源之設施，以焚燒方式處置項目產生之超量 生活垃圾。根據超量生活垃圾協同處置協議，預期寶應能源將處置總計48,000噸超 量生活垃圾，據此，於截至二零二五年十二月三十一日止年度將處置25,000噸超量 生活垃圾，及截至二零二六年十二月三十一日止年度將處置23,000噸超量生活垃 圾。 CHINA EVERBRIGHT GREENTECH LIMITED 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 ） （股份代號：1257） 寶應能源就處置該等超量生活垃圾將收取之處理費為每噸人民幣126.2 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental industry [13] Core Insights - Since 2024, China has accelerated the establishment of a national carbon market regulatory framework, with significant progress in the CCER (China Certified Emission Reduction) methodology since October 2023. As of September 2025, the cumulative transaction volume of CCER is approximately 2.43 billion yuan, with an average transaction price of 86.41 yuan per ton [2][6][8] Summary by Sections Carbon Emission Control System - The carbon emission control system is gradually improving, with a unified national carbon market being constructed. The market includes both the national carbon quota trading market (CEA) and the voluntary greenhouse gas emission reduction trading market (CCER), which operate independently but are interconnected through a quota offset mechanism [6][19][21] CCER Methodology Expansion - The CCER methodology has been continuously expanded, with four batches of methodologies released since October 2023. The first batch includes forestry carbon sinks and offshore wind power, while subsequent batches cover various energy-saving and emission reduction projects. As of September 2025, 29 voluntary emission reduction projects have been registered, with an expected annual reduction of 10.438 million tons [7][26][27] CCER Market Performance - The average transaction price of CCER is currently higher than that of CEA, reflecting a temporary supply-demand imbalance due to strict project approvals and limited issuance. The report anticipates that as the issuance of CCER increases and market mechanisms mature, prices will gradually return to a reasonable relationship. The average transaction price of CCER from January to September 2025 is 86.41 yuan per ton, while CEA's average is 69.29 yuan per ton [8][34] Benefits of Agricultural and Forestry Biomass Projects - The report highlights the potential benefits of agricultural and forestry biomass projects under the CCER framework. For instance, assuming a CCER price of 80 yuan per ton, companies like Changqing Group and China Everbright Green Environmental Protection could see significant revenue contributions from CCER sales, amounting to 139 million yuan and 384 million HKD, respectively [9][44][45] Investment Logic for CCER - The investment logic for CCER emphasizes the importance of additionality in projects, focusing on profitability compensation rather than mere emission reduction. Key areas of interest include carbon monitoring equipment and consulting services, as well as the acceleration of related industries such as biomass power generation and hydrogen energy [10][49]

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9月30日 狀態: 新提交 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) 呈交日期: 2025年10月2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 | | 500,000,000 ...