深交所公告，因恒生综合小型股指数实施成份股调整，根据有关规定，港股通标的证券名单发生调整并 自2025年5月15日起生效，将粤丰环保调出深港通下的港股通标的证券名单。 ...

在粤丰环保的东莞厂区内，这座"花园式"垃圾焚烧发电厂改变了人们对固废处理的传统认知。这里，生 活垃圾经过高科技手段焚烧处理，实现无害化、减量化与资源化。 在行业内，一场由瀚蓝环境发起的百亿并购案正悄然上演。5月12日，瀚蓝环境和粤丰环保双双披露公 告，百亿并购案取得实质性进展。 公告显示，粤丰环保通过协议安排将公司私有化的提议已获得股东特别大会和法院会议的批准。粤丰环 保预计于6月2日下午4时撤销股份在港交所的上市地位。 随着增量空间收缩，龙头企业开始从"拼规模"转向"拼效率"，从"粗放扩张"迈向"精细化运营"。与此同 时，"焚烧+"业务协同与国际化布局正掀起新一轮增长浪潮。 存量时代整合提速 日前，证券时报记者来到位于广东省东莞市的粤丰环保园区，现场参观这座工厂的垃圾卸料、垃圾储 存、垃圾焚烧、智慧控制等区域。 走在东莞粤丰垃圾焚烧发电厂的厂区内，绿树成荫，干净整洁，空气清新，如果不是进入焚烧车间，隔 着玻璃看到堆积成山的生活垃圾，很难想象这是一座垃圾焚烧发电的大型工厂。 "我们的工厂通过一系列高科技手段，实现了垃圾焚烧发电，真正做到了垃圾的无害化、减量化和资源 化处理。"粤丰环保的工作人员向证券时报记者介 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 4,198,331, a decrease of 15.4% compared to HKD 4,960,197 in 2023[6] - The company reported a net profit of HKD 938,337 for 2024, down 10.1% from HKD 1,043,336 in 2023[6] - The company's revenue from continuing operations decreased by 15.4% to HKD 4,198.3 million in 2024, primarily due to reduced construction revenue from waste-to-energy projects[39] - The company's net profit decreased by 13.8% to HKD 880.0 million in 2024, mainly due to the decline in construction revenue[39] - The gross profit from continuing operations was HKD 2,025.8 million, a decrease of 2.5% from HKD 2,076.8 million in 2023, with a gross margin increase from 41.9% to 48.3%[77] - The EBITDA margin for the continuing operations was 53.9% for 2024[10] - The EBITDA margin increased from 53.9% to 62.8%, reflecting improved operational efficiency[39] Assets and Liabilities - The total assets as of December 31, 2024, were HKD 26,381,629, a decline of 2.6% from HKD 27,075,156 in 2023[7] - The total liabilities decreased by 7.0% to HKD 16,179,710 in 2024 from HKD 17,406,479 in 2023[7] - The debt-to-asset ratio improved to 61.3% in 2024 from 64.3% in 2023, a decrease of 3.0 percentage points[7] - Total bank borrowings decreased to HKD 13,285.1 million in 2024 from HKD 13,945.1 million in 2023, with a debt-to-asset ratio of 61.3% compared to 64.3% in the previous year[92][93] Waste Management Operations - The company operates 35 waste-to-energy projects with a total daily processing capacity of 52,540 tons as of March 5, 2025[14] - The company operates multiple waste-to-energy plants with a total waste processing capacity of 22,000 tons per day and a total installed power generation capacity of 1,000 MW across various locations in Guangdong, Guangxi, and other provinces[15][16]. - The company processed 17,015,646 tons of waste in 2024, representing a year-on-year increase of 2.4%[39] - The company generated 6,533,172,000 kWh of green energy in 2024, an increase of 5.1% year-on-year[39] - The company saved 1,714,000 tons of standard coal in 2024, a year-on-year increase of 5.6%[39] - The company reduced carbon dioxide equivalent emissions by 9,829,000 tons in 2024, a year-on-year increase of 14.0%[39] Strategic Focus and Future Plans - The company plans to continue focusing on waste-to-energy business and smart city management services in the future[2] - The company is expanding its operations with new projects planned in regions such as Sichuan, Yunnan, and Hebei, which will further enhance its waste processing capabilities[16][17]. - The company has secured long-term contracts for waste management services, including a 10-year contract for the North Lantau waste transfer station in Hong Kong and a 25-year contract for the urban sanitation project in Hebei[17]. - The company is actively pursuing market expansion opportunities in various provinces, which may lead to increased revenue streams in the future[15][16]. - The company has a strategic plan to increase its waste processing capacity by adding new plants and expanding existing facilities, which is expected to drive growth in the coming years[15][16]. Environmental and Social Responsibility - The company achieved a certified carbon reduction standard (VCS) with approximately 240,000 tons of voluntary carbon units (VCUs) from a waste-to-energy project[21] - The group was recognized with multiple awards for its environmental, social, and governance (ESG) efforts, including the "Outstanding ESG Company Award" and "Platinum Award" for ESG achievements[42] - The group aims to optimize operational efficiency and reduce costs through advanced technologies, focusing on enhancing its waste-to-energy business[45] - The company is committed to sustainable development and aims to continue deepening its full industry chain business while fulfilling corporate responsibilities[46] - The company has established a mission to protect the ecological environment and promote sustainable development[129] Corporate Governance - The board of directors is responsible for overall strategy formulation and approval, ensuring alignment with shareholder interests[133] - The company has complied with the corporate governance code as of December 31, 2024, demonstrating commitment to transparency and accountability[128] - The board consists of 9 members, including 4 executive directors and 5 independent non-executive directors, ensuring diverse representation[135] - The company emphasizes the importance of maintaining good corporate governance to enhance long-term shareholder value and brand reputation[126] - The company has adopted a standard code regarding the conduct of securities trading by directors, and all directors confirmed compliance for the year ending December 31, 2024[146] Risk Management - Identified risks include potential changes in national subsidy policies for waste incineration, which could impact revenue and profitability[123] - Increased competition in the industry may lead to difficulties in acquiring new projects and downward pressure on bidding prices, affecting profit margins[123] - The company faces risks related to environmental compliance, as stricter regulations may increase operational costs and the risk of administrative penalties[123] - The company acknowledges potential risks from technological changes in waste-to-energy processes that could affect market position[125] Employee and Management - The total employee compensation cost for the year was HKD 697.0 million, an increase from HKD 648.1 million in 2023, with a total of 7,596 employees[108] - The company is focused on recruiting skilled technical and management personnel to support business expansion in a competitive labor market[125] Financial Commitments and Investments - The group has authorized but not contracted capital commitments of HKD 964.4 million for BOT projects as of December 31, 2024, down from HKD 1,238.8 million in 2023[97] - The group completed the sale of a 30% stake in the Dazhou project for RMB 115.5 million (approximately HKD 128.1 million) in December 2024[64] - The group has sufficient financial resources to meet future project funding needs, with total cash and cash equivalents of HKD 1,806.7 million as of December 31, 2024[90] Shareholder Communication and Dividends - The company emphasizes the importance of effective communication with shareholders and has established a shareholder communication policy, which is reviewed annually by the board[200] - No interim dividend was declared for the year, and the board does not recommend a final dividend, compared to 4.9 HK cents and 3.2 HK cents per share in 2023, respectively[120]

Financial Performance - For the year ending December 31, 2024, the company's revenue from continuing operations decreased by 15.4% to HKD 4,198.3 million compared to HKD 4,960.2 million in 2023[2]. - The company's net profit for the year decreased by 10.1% to HKD 938.3 million, down from HKD 1,043.3 million in the previous year[2]. - The group's revenue for the year ended December 31, 2024, was HKD 4,198,331,000, down from HKD 4,960,197,000 in 2023[21]. - The company's profit attributable to equity holders for the year 2024 is HKD 879,999,000, a decrease of 13.8% from HKD 1,020,527,000 in 2023[25]. - Total comprehensive income for the year is HKD 623,200,000, down 26.2% from HKD 844,162,000 in 2023[25]. - The company's profit attributable to equity holders decreased by 13.5% to HKD 866.1 million in 2024 from HKD 1,001.3 million in 2023[101]. Operational Efficiency - The gross profit margin improved to 48.3%, up from 41.9% in 2023, while the EBITDA margin increased to 62.8% from 53.9%[2]. - The company is focusing on enhancing operational efficiency and service quality in response to the evolving market dynamics and regulatory environment[6]. - The company processed 17,015,646 tons of waste in 2024, generating 6,533,172,000 kWh of green energy, which saved 1,714,000 tons of standard coal and reduced CO2 emissions by 9,829,000 tons[5]. - The group processed 17,015,646 tons of waste in 2024, representing a year-on-year increase of 2.4%[12]. - The group generated 6,533,172,000 kWh of green energy, an increase of 5.1% compared to the previous year[12]. - The group achieved a reduction of 9,829,000 tons in CO2 equivalent emissions, marking a 14.0% increase year-on-year[12]. Contracts and Projects - The company secured a 25-year contract for urban management services in Anhui Province with a total contract value of RMB 1,795 million[5]. - The group secured new contracts worth nearly RMB 2 billion during the year, marking significant growth in its sanitation business[12]. - The company signed a sale agreement to sell 30% equity in the Dazhou project for RMB 115.5 million (approximately HKD 124.7 million), completed in December 2024[77]. - The company operates 29 integrated environmental sanitation projects across several provinces, including a new project in Anhui Province with a 25-year service term[81]. Financial Stability - The company's cash flow from operating activities reached HKD 1,156.2 million, reflecting a more stable financial condition with a debt-to-asset ratio reduced by 3.0 percentage points to 61.3%[10]. - The company's cash and cash equivalents as of December 31, 2024, are HKD 1,806,734,000, down from HKD 1,897,648,000 in 2023[27]. - The company has secured a financing agreement for HKD 2,222,500,000 and RMB 820,000,000, ensuring sufficient working capital for future operations[31]. - The debt-to-asset ratio as of December 31, 2024, was 61.3%, down from 64.3% in 2023, reflecting improved financial stability[107]. Employee and Administrative Costs - The company reported a total of HKD 682,871,000 in employee benefits expenses for 2024, up from HKD 628,616,000 in 2023, marking an increase of about 8.6%[41]. - The total employee compensation cost for the year was HKD 697.0 million, an increase from HKD 648.1 million in 2023[126]. - Administrative expenses increased by 3.4% to HKD 654.3 million in 2024, driven by higher R&D spending on innovation and digitalization[93]. Strategic Initiatives - The company is committed to supporting national "dual carbon" goals and promoting ecological civilization construction through its operations[9]. - The company has adopted a share incentive plan to align the interests of its management with those of its shareholders[157]. - The company continues to explore new technologies and products in the waste management and energy sectors to drive future growth[157]. Dividends and Shareholder Information - The company did not declare a final dividend for the year ended December 31, 2024, compared to a final dividend of HKD 78,065,000 for the year ended December 31, 2023[65]. - The company did not declare an interim dividend for the year, compared to 4.9 HK cents in 2023, and the board does not recommend a final dividend, which was 3.2 HK cents per share in 2023[137]. - The independent auditor confirmed that the financial statements for the year ended December 31, 2024, are consistent with the audited financial reports[143]. Environmental and Social Governance - The group received international recognition for its environmental and social governance efforts, winning multiple awards in 2024[14]. - The company emphasizes the importance of non-Hong Kong Financial Reporting Standards metrics for a comprehensive understanding of its performance[157].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 2,130,442, a decrease of 28.5% compared to HKD 2,981,021 for the same period in 2023[24]. - Gross profit for the same period was HKD 1,033,848, down 8.8% from HKD 1,133,203 in 2023, resulting in a gross margin of 48.5%[24][23]. - EBITDA for the six months ended June 30, 2024, was HKD 1,321,668, reflecting an 8.6% decrease from HKD 1,446,680 in 2023[24]. - Net profit attributable to equity holders for the period was HKD 445,035, a decline of 27.1% from HKD 610,271 in 2023[24]. - Basic earnings per share for the period were HKD 18.3, down from HKD 25.1 in 2023, representing a decrease of 27.1%[24]. - The company's revenue for the first half of 2024 decreased by 28.5% to HKD 2,130.4 million, primarily due to the absence of construction revenue from projects that were completed last year[55]. - Net profit for the same period fell by 29.4% to HKD 452.2 million, attributed to the lack of construction income[55]. - The operating profit for the period was HKD 795.7 million, down from HKD 945.9 million in the same period last year[67]. - The profit attributable to equity holders was HKD 445.0 million, compared to HKD 610.3 million in 2023, with basic earnings per share at HKD 0.183 (2023: HKD 0.251)[67]. Assets and Liabilities - The company reported a total asset value of HKD 27,134,855 and total liabilities of HKD 17,161,030 as of June 30, 2024, showing a slight increase in total assets by 0.2%[25]. - The debt-to-asset ratio improved slightly to 63.2% from 64.3% in the previous year[25]. - The total liabilities decreased to HKD 17,161,030 thousand from HKD 17,406,479 thousand, a reduction of 1.41%[157]. - The total equity increased to HKD 9,973,825 thousand from HKD 9,668,677 thousand, reflecting a growth of 3.15%[157]. - The company’s bank borrowings decreased to HKD 11,127,402 thousand from HKD 11,496,916 thousand, a decline of 3.22%[157]. - As of June 30, 2024, the total bank borrowings amounted to HKD 13,922.3 million, slightly down from HKD 13,945.1 million as of December 31, 2023[102]. Operational Capacity and Projects - The company operates 29 waste incineration projects with a total daily processing capacity of 26,790 tons in Guangdong province alone[38]. - The company operates multiple waste-to-energy plants with a total waste processing capacity of 22,000 tons per day across various locations[43]. - The installed power generation capacity of the plants totals 1,000 megawatts, with individual plants ranging from 15 megawatts to 126 megawatts[44]. - The company has several projects in planning stages, including the second phases of various plants, which will further increase capacity and operational efficiency[43]. - The operational status of the plants is predominantly active, with most facilities currently in operation, while some are in the planning phase[43]. - The group operates 33 waste-to-energy projects with a daily waste processing capacity of 43,690 tons as of June 30, 2024[58]. - The group processed approximately 8,699,577 tons of waste, representing a year-on-year increase of 7.6%[58]. - Future projections indicate a potential increase in waste processing capacity by 15% over the next two years as new projects come online[44]. Revenue Sources - The company has seen a 4.8% increase in revenue from electricity sales and waste treatment fees, totaling HKD 1,819,137 for the first half of 2024[24]. - Electricity sales revenue increased by 4.7% to HKD 1,276.8 million, accounting for 59.9% of total revenue, while waste treatment fee revenue rose by 4.9% to HKD 542.4 million, representing 25.5% of total revenue[85]. - The average waste treatment fee across the operational plants is approximately RMB 90 per ton, indicating a stable revenue model[44]. Strategic Initiatives - The company aims to expand its market presence and enhance its operational efficiency through new strategies and technology development[23]. - The company is focusing on expanding its market presence in Jiangsu, Sichuan, and Yunnan provinces, with new plants under development[44]. - The company aims to enhance its technological capabilities in waste processing and energy generation through ongoing research and development initiatives[43]. - The company is exploring strategic partnerships and acquisitions to bolster its market position and operational capabilities in the waste-to-energy sector[43]. - The company is strategically extending its operations into upstream and downstream environmental sanitation services to achieve coordinated development across the entire industry chain[54]. Financial Health and Cash Flow - The company achieved a net cash inflow from operating activities of HKD 613.1 million, indicating a more stable financial position[55]. - The group's cash generated from operating activities was HKD 959.9 million, an increase from HKD 884.0 million in the same period of 2023[100]. - The net cash from operating activities for the period was HKD 613.1 million, compared to HKD 384.9 million in the same period of 2023[100]. - Operating cash flow for the six months ended June 30, 2024, was HKD 613,075,000, an increase of 59.4% compared to HKD 384,914,000 in 2023[168]. Governance and Management - The company has established a modern corporate governance structure to enhance shareholder value, adhering to the corporate governance code[130]. - The audit committee reviewed the unaudited interim financial information for the six months ended June 30, 2024, and confirmed compliance with applicable accounting standards[134]. - The company appointed New Baoli Financing Limited as an independent financial advisor regarding the proposed privatization on July 31, 2024[125]. - The company announced the resignation of Mr. Lyu Dingchang as a non-executive director effective June 21, 2024, and appointed Mr. Zhong Guonan to the Strategic and Sustainable Development Committee[143]. - The company appointed Mr. Zhang Chao as the new CEO effective September 12, 2024, following the resignation of Mr. Yuan Guozhen[143]. Environmental and Social Responsibility - The company is committed to contributing to green and low-carbon development in line with national policies and the "dual carbon" goals[66]. - The Strategic and Sustainable Development Committee discussed significant ESG and climate change issues related to the operation of waste-to-energy plants and environmental services[142].

Investment Rating - The report maintains a rating of "Buy" for the company [5]. Core Views - The company experienced a 7.6% year-on-year increase in waste disposal volume in H1 2024, indicating stable operations. Capital expenditure was reduced to HKD 460 million, and net cash flow from operating activities improved to HKD 613 million [4][5]. - The report highlights a significant decline in revenue and net profit for H1 2024, with revenue at HKD 2.13 billion (down 28.5% year-on-year) and net profit at HKD 445 million (down 27.1% year-on-year). This decline is attributed to the absence of new construction projects, which previously contributed HKD 999 million in revenue in the same period last year [5]. - The gross profit margin improved to 48.5%, up 10.5 percentage points year-on-year, primarily due to the exclusion of low-margin construction revenue and an increase in the proportion of high-margin electricity sales and waste treatment operations [5]. - The company’s debt-to-asset ratio decreased by 1.1 percentage points to 63.2%, and the total borrowing cost for H1 2024 was HKD 347 million, an increase of 4.8% year-on-year, indicating potential for reduced financial expenses in the future [5]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of HKD 2.13 billion, a decrease of 28.5% year-on-year, and a net profit of HKD 445 million, down 27.1% year-on-year. The decline is mainly due to the lack of new construction revenue [5]. - The gross profit margin was reported at 48.5%, reflecting a significant improvement due to a shift towards higher-margin services [5]. - The company’s capital expenditure for H1 2024 was HKD 460 million, down from HKD 1.1 billion in the same period last year, indicating a reduction in capital spending [5]. Operational Highlights - The company’s waste disposal volume increased by 7.6% year-on-year to 8.7 million tons in H1 2024, demonstrating stable operational performance [5]. - Core business revenues from electricity sales, waste treatment fees, and sanitation services totaled HKD 2.04 billion, up 7.9% year-on-year [5]. Strategic Developments - The report mentions that Hanlan Environment plans to privatize and acquire the company, which could enhance operational synergies and expand market presence [5].

即时点评 垃圾焚烧发电存量项目运营稳健 粤丰环保（1381 HK） 2024-08-22 星期四 事件： 公司公告 2024 年上半年业绩，截至 2024 年 6 月 30 日止六个月，集 团收入为 21.304 亿港元，同比减少 28.5%。售电及垃圾处理的收入为 18.191 亿港元，同比增加 4.8%。毛利率为 48.5%。经营利润为 7.957 亿港元。EBITDA 利润率为 62.0%。公司权益持有人应占利润为 4.450 亿港元，同比减少 27.08%。每股基本盈利为 18.3 港仙，经营活动所 相关报告 得现金净额达 6.131 亿港元。 点评观点： ➢ 公司转型成为综合智能城市管理服务提供商： 垃圾焚烧发电业务进入成熟发展阶段，公司转型成为综合智能城市管 理服务提供商。总收入下跌主要由于集团去年仍有建设收入，但该等 项目于去年已投产，期内没有新建项目而不再产生建设收入所致。 ➢ 持续拓展环卫业务，加大协同效应： 2024 年 3 月，公司正式承接了为期 10 年的香港废物转运站合同；并 首次中标垃圾发电项目所在地外的安徽省城市管家服务项目，服务期 限 25 年，合同总额约 18 亿元；中标农村 ...

粤丰环保（1381 HK） | 2024 年 8 月 22 日 香港股市 | 环保 | 垃圾焚烧发电 粤丰环保（1381 HK） FY24 中期业绩逊预期，但运营收入保持增长 1H24 股东净利润同比下跌 27.1% 公司 FY24 中期业绩逊预期。上半年股东净利润同比下跌 27.1%至 4.5 亿元(港币，下同)， 主因(一)公司没有录得建设服务收入，因没有工程在建；(二)智能停车业务录得一次性 5,190 万元减值亏损；(三)利息支出同比增长 8.9%至 3.5 亿元，因借款利率上升，及上半 年没有工程在建而不符合利息资本化条件；(四)税项同比上升 29.1%至 8,800 万元，因实 质税率由 10.8%上升至 19.2%，部份项目税项优惠期完结。另一方面，与去年不同，公司 今年不派发中期股息(见图表 1)。 毛利率大幅上升，但股东净利润率仅微升 由于没有工程在建，上半年公司收入同比下跌 28.5%至 21.3 亿元。但是公司运营业务维 持增长。售电量及垃圾处理量分别同比上升 4.6%及 7.6%至 278 万兆瓦时及 870 万吨。电 力销售及垃圾处理费收入分别同比上升 4.7%及 4.9%至 12. ...

Financial Performance - The group's revenue for the six months ended June 30, 2024, decreased by 28.5% to HKD 2,130.4 million compared to HKD 2,981.0 million in the same period last year[2]. - The profit for the period fell by 29.4% to HKD 452.2 million, down from HKD 640.7 million in the previous year[2]. - The group's operating profit decreased to HKD 795,670,000 from HKD 945,897,000 year-on-year[11]. - The profit attributable to equity holders for the six months ended June 30, 2024, was HKD 445,035,000, a decrease of 27% compared to HKD 610,271,000 for the same period in 2023[32]. - The basic earnings per share for the six months ended June 30, 2024, was 18.3 HK cents, down from 25.1 HK cents in the previous year, reflecting a decline of 27.5%[32]. - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to an interim dividend of 4.9 HK cents per share for the same period in 2023[34]. Operational Efficiency and Growth - The group is focusing on enhancing operational efficiency through refined management and strategic cooperation to expand its business boundaries[6]. - The group aims to enhance project quality and explore technological innovations to drive operational efficiency and market competitiveness[10]. - The group aims to extend its strategic transformation towards upstream and downstream environmental sanitation services while solidifying its core waste-to-energy business[6]. - The group processed 8,699,577 tons of waste and generated 3,225,219,000 kWh of green energy, saving 844,000 tons of standard coal and reducing CO2 equivalent emissions by 4,787,000 tons[3]. - The group processed approximately 8,699,577 tons of waste, representing a year-on-year increase of 7.6%[9]. - The group generated 3,225,219,000 kWh of green energy, an increase of 4.7% year-on-year[9]. - The group saved 844,000 tons of standard coal, a year-on-year growth of 6.4%[9]. - The group achieved a reduction in carbon dioxide equivalent emissions by 4,787,000 tons, up 18.5% year-on-year[9]. Revenue Sources - Revenue from electricity sales reached HKD 1,276.8 million, accounting for 59.9% of total revenue, an increase of 4.7% from HKD 1,219.4 million in the previous year[58]. - The total revenue from the largest single customer amounted to approximately HKD 390,015,000 for the six months ended June 30, 2024, compared to HKD 590,812,000 from the largest customer and HKD 384,599,000 from the second largest customer in the same period of 2023[23]. - The group reported revenue of HKD 2,130,442,000 for the six months ended June 30, 2024, down from HKD 2,981,021,000 in the same period of 2023[11]. - The group's revenue from environmental sanitation and other services reached HKD 218.2 million, up 44.4% from HKD 151.2 million in the previous year[58]. Assets and Liabilities - As of June 30, 2024, total assets amounted to HKD 27,134,855 thousand, a slight increase from HKD 27,075,156 thousand as of December 31, 2023, representing a growth of approximately 0.22%[13]. - Total liabilities decreased to HKD 17,161,030 thousand from HKD 17,406,479 thousand, indicating a reduction of about 1.41%[14]. - The company reported retained earnings of HKD 5,984,782 thousand as of June 30, 2024, an increase from HKD 5,770,016 thousand as of December 31, 2023, reflecting a growth of approximately 3.70%[13]. - The total accounts receivable as of June 30, 2024, was HKD 2,230,757,000, an increase of 22% from HKD 1,828,593,000 as of December 31, 2023[40]. - The impairment loss on accounts receivable was HKD 27,114,000 as of June 30, 2024, compared to HKD 18,567,000 as of December 31, 2023, indicating an increase of 46%[39]. - The company’s non-current assets increased to HKD 234,599,000 as of June 30, 2024, up from HKD 191,202,000 as of December 31, 2023, representing a growth of 22.7%[36]. Employee and Administrative Costs - The total employee compensation cost, including directors' remuneration, was HKD 337.4 million for the period, compared to HKD 312.8 million for the same period last year[82]. - General and administrative expenses increased by 25.7% from HKD 278.8 million in 2023 to HKD 350.5 million in the first half of 2024, primarily due to increased operational costs and R&D expenses[64]. - The company’s employee benefits expenses increased to HKD 337,443,000 for the six months ended June 30, 2024, from HKD 312,804,000 in the same period of 2023, reflecting an increase of approximately 7.9%[24]. Research and Development - Research and development costs increased to HKD 37,151,000 for the six months ended June 30, 2024, up from HKD 29,354,000 in the same period of 2023, reflecting a growth of approximately 26.7%[24]. Corporate Governance and Compliance - The company has complied with the corporate governance code during the six-month period ending June 30, 2024[89]. - The interim financial results for the six months ending June 30, 2024, have been reviewed by the independent auditor without any disagreements on accounting treatment[90]. - The board of directors consists of four executive directors and several independent non-executive directors as of the announcement date[93].

粤丰环保（1381 HK） | 2024 年 7 月 25 日 香港股市 | 环保 | 垃圾焚烧发电 粤丰环保（1381 HK） 私有化要约价吸引 每股 4.90 港元的私有化要约 近日瀚蓝环境(600323 CH)为首的财团(最终由佛山南海国有资产监督管理局控制)提出按每 股 4.90 港元私有化粤丰环保。如推行，瀚蓝环境将持有公司 92.77%总股本，现有控股股 东(李咏怡女士及关联人士)保留余下的 7.23%股份。瀚蓝环境表示不会提升要约价。以投 票权计算，此私有化计划最终需获得最少 75%出席股东大会的粤丰环保独立股东或其代 表通过，并不得超过所有独立股东的 10%反对。 与此同时，粤丰环保将向现有控股股东出售以下资产：(一)一块位于上海宝山的土地，作 价 1.4 亿元人民币，估计不涉及重大盈利或亏损；(二)智慧停车解决方案业务，作价 3 千 万港元，估计录得 4,300 万港元亏损；(三)香港上环的办公室，作价 1.7 亿港元，估计录 得 8,500 万港元亏损。 公司欠缺新增垃圾发电项目 撇除私有化事宜，近年公司欠缺新增垃圾发电项目，因为行业发展成熟。FY23 建设/规划 中的垃圾处理产能同比减少 ...