新加坡證券交易所有限公司、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，概不會就 本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 建議修訂細則及 建議採納新細則 本公告乃由中國光大水務有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則（「聯交所上市規則」）第13.51(1)條作出，內容有關建議修訂本公司之現行細則（「現 行細則」）。 CHINA EVERBRIGHT WATER LIMITED 中國光大水務有限公司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （香港股份代號：1857） （新加坡股份代號：U9E） 本公司董事（「董事」）會（「董事會」）謹此宣佈，建議對現行細則作出若干修訂（「建議修 訂」），以使其符合最新的法律及監管要求。鑑於建議修訂，董事會建議採納一套本公司 新的細則（「新細則」）以取代及摒除現行細則。 建議採納新細則所引入的主要修訂概述如下： 1. 明確規定，在新加坡證券交易所有限公司上市手冊（「新交所上市手冊」）及聯交所 上市規則的規限下，股東大會可在一個 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Consumption building materials have raised prices intensively, and the price transmission has entered the implementation stage. The profitability of leading companies is expected to gradually recover due to the clear pattern of consumption building materials and price - increasing opportunities provided by raw material price hikes [2][7] - After the release of the "15th Five - Year Plan Outline," attention should be paid to the capacity optimization of traditional building materials such as cement, glass, and fiberglass under anti - involution, as well as advanced new materials such as high - end electronic cloth fiberglass and heat - resistant ceramics [5][8] - The AI chain has a high prosperity and an obvious price - increasing trend. The fiberglass field is relatively favored, with electronic cloth entering the price - increasing cycle and roving having a good outlook in the first half of the year. Waterproofing in the second - hand housing transaction and new construction segments is also relatively favored. It is expected that the overall construction demand in 2026 may be similar to that in 2025, and more attention should be paid to individual stock opportunities in segmented fields. Commercial aerospace is in the stage from 0 to 1, with many domestic and foreign catalysts this year, and it still has a high long - term allocation value [5][8] 3. Summary by Directory 3.1 Consumption Building Materials Intensive Price Hikes, Price Transmission Enters the Implementation Stage - Waterproofing leaders raised prices again. From the beginning of 2026 to March 13th, the market price of East China SBS modified asphalt rose 33% to 4,650 yuan/ton. From March 11th to 12th, Orient Yuhong, Beixin Waterproofing, and Keshun Co., Ltd. successively issued new round price - adjustment letters [2][7] - Coating leaders raised prices collectively. From March 13th to 15th, Nippon, SKSHU, and Carpoly successively issued price - increase letters, covering interior and exterior wall latex paints, with a price - adjustment range of 5 - 15% [2][7] 3.2 Weekly Market Review - **Overall Index Performance**: From March 9th to 13th, 2026, the construction index rose 4.28%, and the building materials index rose 2.51%. Among various industry indices, the coal index had the highest increase, and the building index also had a relatively high increase [12][16] - **Sub - sector Performance in Construction**: The professional engineering and other index rose 6.32%, the infrastructure construction index rose 5.48%, etc. [14] - **Sub - sector Performance in Building Materials**: The cement index fell 0.29%, the glass fiber index fell 0.48%, etc. [18] - **Top Five Gainers and Losers in Building Materials**: The top five gainers included Yangzi New Materials with a weekly increase of 12.22% and China Energy Engineering with 29.41%. The top five losers included Yuexin Health with a weekly decline of 15.02% and Hongrun Construction with 7.85% [20] - **Top Five Gainers and Losers in Construction**: The top five gainers included China Energy Engineering with a weekly increase of 29.41%, and the top five losers included Hongrun Construction with a weekly decline of 7.85% [21] - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 1.62%, with some products such as Huatai Jiangsu Expressway REIT rising 1.23% and some products such as Boshi Jinkai Industrial Park REIT falling 5.17% [22][23][24] 3.3 Aggregate Data Tracking - **Real Estate Data**: It includes national real estate new - start, construction, completion, and sales area cumulative year - on - year data, land transaction data (including total, residential, commercial, and industrial land), and real estate transaction data (including second - hand housing prices, listing volume, and 30 - large - city commercial housing transaction volume) [26][35][45] - **Social Financing Data**: It includes monthly new social financing, new RMB loans, new corporate bond financing, etc., as well as their year - on - year increase data [55][57][60] - **Infrastructure Investment Data**: It includes narrow and broad infrastructure cumulative year - on - year growth rates, as well as investment cumulative year - on - year growth rates in power, transportation, and water conservancy industries [64][66][68] - **New Contract Signing of Eight Major Construction Central Enterprises**: It shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q4 [71] - **Special Bond Issuance**: It includes monthly new special bond issuance, replacement special bond issuance, and their cumulative issuance amounts [73][75][77] 3.4 High - Frequency Data Tracking - **Cement Data**: It includes the national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization ratio, and cement production monthly year - on - year growth rate [84][85][91] - **Float Glass Data**: It includes glass spot price, futures price, inventory, and daily melting volume [92][94][98] - **Photovoltaic Glass Data**: It includes 2mm photovoltaic glass price, inventory, daily melting volume, and soda ash price [99][102][103] - **Fiberglass Data**: It includes the prices of SMC roving 2400tex, winding direct roving 2400tex, etc., and fiberglass inventory [106][107][116] - **Carbon Fiber Data**: It includes carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit [113][117][120] - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [130][133] - **Upstream Raw Material Prices**: It includes asphalt, PVC, waste paper, HDPE, acrylic acid, and titanium dioxide prices [135][136][144] - **Physical Workload Data**: It includes high - machine rental rate and asphalt average capacity utilization rate [145][147]

Investment Rating - The report maintains a "Hold" rating for China Everbright Water (1857 HK) with a target price of HKD 1.56 [1][4]. Core Insights - In 2025, the company's revenue decreased by 21.8% to HKD 5.355 billion, and net profit fell by 17.4% to HKD 842.5 million. The dividend payout ratio increased from 33% in 2024 to 35% in 2025, with a final dividend of HKD 0.0422 per share [2][3]. - The construction service revenue share dropped to 20.3%, with a 59% year-on-year decline due to fewer projects. Operating revenue increased by 5%, accounting for 55.4% of total revenue, while financial income made up 20.6% and equipment sales and technical services contributed 3.7% [3]. - The overall gross margin improved to 44% from 38% in 2024, driven by a higher proportion of operating business revenue, which has a better margin compared to construction services [3]. Financial Projections - For 2026, the expected revenue is HKD 5.848 billion, representing a 9.2% year-on-year growth, with a projected profit of HKD 917.1 million, an 8.9% increase [4][5]. - The estimated earnings per share for 2026 is HKD 0.32, with a forecasted price-to-earnings ratio of 4.7 times and a dividend yield of 8.0% [4][10].

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國光大水務有限公司 呈交日期: 2026年3月3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) | 01857 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | 本月底法定/註冊股本總額： HKD 10 ...

Core Viewpoint - China Everbright Water (01857) experienced a significant decline in stock price, dropping over 9% and closing at HKD 1.53, with a trading volume of HKD 4.4348 million [1] Financial Performance - The company reported revenue of HKD 5.355 billion for the fiscal year ending December 31, 2025, representing a 22% decrease year-on-year [1] - Profit attributable to equity holders was HKD 842 million, down 17% compared to the previous year [1] - Earnings per share were HKD 0.2945, with a proposed final dividend of HKD 0.0422 per share, down from HKD 0.0581 in the same period last year [1] Revenue Breakdown - Construction service revenue decreased to HKD 1.08854 billion [1] - Operating revenue increased to HKD 2.96774 billion [1] - Financial income remained stable at approximately HKD 1.10314 billion [1] Gross Profit - The group's gross profit fell from HKD 2.61746 billion in the 2024 fiscal year to HKD 2.35792 billion in the 2025 fiscal year, a decline of 10% [1]

Core Viewpoint - China Everbright Water (01857) experienced a significant decline of over 9% in its stock price following the announcement of its annual results, which revealed a 17% decrease in net profit year-on-year and a reduction in final dividend to 4.22 HK cents per share from 5.81 HK cents in the previous year [1] Financial Performance - The company reported revenue of 5.355 billion HKD for the fiscal year ending December 31, 2025, representing a 22% decrease compared to the previous year [1] - Profit attributable to equity holders was 842 million HKD, down 17% year-on-year [1] - Earnings per share were 29.45 HK cents, with a proposed final dividend of 4.22 HK cents per share [1] Revenue Breakdown - Construction service revenue decreased to 1.08854 billion HKD [1] - Operating revenue increased to 2.96774 billion HKD [1] - Financial income remained stable at approximately 1.10314 billion HKD [1] Gross Profit - The group's gross profit fell from 2.61746 billion HKD in the 2024 fiscal year to 2.35792 billion HKD in the 2025 fiscal year, marking a decline of 10% [1]

Core Viewpoint - China Everbright Water (01857) reported a revenue of HKD 5.355 billion for the year ending December 31, 2025, representing a year-on-year decrease of 22% [1][5]. Financial Performance - The profit attributable to equity holders was HKD 842 million, down 17% year-on-year [1][5]. - Earnings per share were HKD 0.2945, with a proposed final dividend of HKD 0.0422 per share [1][5]. - Construction service revenue decreased to HKD 1.08854 billion from HKD 2.64630 billion in the fiscal year 2024 [1][5]. - Operating revenue increased to HKD 2.96774 billion from HKD 2.82098 billion in the fiscal year 2024 [1][5]. - Financial income remained stable at approximately HKD 1.10314 billion compared to HKD 1.09701 billion in the fiscal year 2024 [1][5]. - The gross profit decreased from HKD 2.61746 billion in the fiscal year 2024 to HKD 2.35792 billion in the fiscal year 2025, a decline of 10% [1][5].

格隆汇2月27日｜中国光大水务发布截至2025年12月31日止年度业绩，该集团取得收入53.55亿港元，同 比减少22%；公司权益持有人应占盈利8.42亿港元，同比减少17%；每股盈利29.45港仙，拟派发末期股 息每股4.22港仙。期内，建造服务收入减少至10.8854亿港元(2024财政年度：26.4630亿港元)，运营收入 增加至29.6774亿港元(2024财政年度：28.2098亿港元)，财务收入维持在相约水平，为11.0314亿港元 (2024财政年度：10.9701亿港元)。本集团的毛利由2024财政年度的26.1746亿港元减少至2025财政年度 的23.5792亿港元，降幅为10%。 ...

中国光大水务(01857)发布公告，该公司将于2026年5月22日派发截至2025年12月31日止年度的末期股息 每股0.0422港元。 ...

智通财经APP讯，中国光大水务(01857)发布公告，该公司将于2026年5月22日派发截至2025年12月31日 止年度的末期股息每股0.0422港元。 ...