Company Overview - Everbright Water has a designed daily water treatment capacity of approximately 7.70 million m³ as of December 31, 2024[10]. - The company operates across 13 provinces and regions in China, including major cities like Beijing and Shanghai, and has an overseas presence in Mauritius[10]. - Everbright Water is committed to technological innovation and sustainable development in water environment management, reflecting its long-term vision[3]. - The company has established a full industry chain in the water business, covering project investment, planning, R&D, engineering, and operations management[10]. - The controlling shareholder of Everbright Water is China Everbright Environment Group Limited, listed on the Hong Kong Stock Exchange[9]. - The company focuses on various water-related businesses, including raw water protection, municipal and industrial wastewater treatment, and sludge treatment[10]. - Everbright Water aims to create value for industries through its comprehensive water management services[12]. Financial Performance - Revenue for FY2024 was HK$6,851,918, representing a 2% increase from FY2023's HK$6,704,684[23]. - Gross profit decreased by 7% to HK$2,617,462 in FY2024, down from HK$2,822,383 in FY2023[23]. - EBITDA for FY2024 was HK$2,197,255, reflecting an 11% decline compared to FY2023's HK$2,469,511[23]. - Profit attributable to equity holders of the company fell by 14% to HK$1,019,609 in FY2024 from HK$1,187,412 in FY2023[23]. - Basic earnings per share decreased to 35.64 HK cents in FY2024, down from 41.51 HK cents in FY2023, a 14% drop[23]. - Total assets increased by 5% to HK$35,889,362 as of December 31, 2024, compared to HK$34,220,661 in the previous year[23]. - Total liabilities also rose by 5% to HK$21,897,684 in FY2024 from HK$20,768,319 in FY2023[23]. - The return on shareholders' equity decreased to 8.8% in FY2024, down from 10.6% in FY2023, a decline of 1.8 percentage points[23]. - The total dividend per share for FY2024 was 11.90 HK cents, a decrease of 4% from 12.44 HK cents in FY2023[23]. - Net asset value per share increased by 4% to 4.14 HK$ in FY2024, up from 3.99 HK$ in FY2023[23]. Operational Highlights - The Group treated approximately 1.763 billion m³ of wastewater and produced around 48.5 million m³ of reusable water in FY2024[48]. - The Group secured the Zhengzhou Airport Economy Zone Waste Water Treatment Project, marking significant business expansion in Henan's water market[39]. - The Group established two R&D bases in China to enhance research capabilities for industrial wastewater treatment[46]. - The Group was awarded the "ListCo Excellence Award" for the fifth consecutive year, recognizing its outstanding performance[39]. - The Group launched a series of environmental protection activities, engaging local communities to promote green and low-carbon development[34]. - The Group signed a memorandum of understanding to explore cooperation opportunities in Indonesia, enhancing international collaboration[39]. - The Group's "Five Innovations" initiative improved the quality and efficiency of intelligent water treatment plant construction[47]. - The Group was shortlisted as one of the "Top Ten Influential Enterprises in China's Water Industry" for the seventh consecutive year[34]. - The Group secured the Anyang Municipal Waste Water Treatment Centre Phase I Project, marking a significant breakthrough in Henan's water market[36]. Strategic Initiatives - The Group is actively exploring new strategies for market expansion and technological advancements in its operations[10]. - The Group is focusing on both asset-light and asset-heavy business strategies to enhance synergistic growth[64]. - The Group invested in 5 new projects with a total investment value of approximately RMB 896 million and signed 2 supplementary agreements, while undertaking asset-light businesses with a total contract value of approximately RMB 1.033 billion[67][69]. - The Group's new municipal wastewater treatment capacity added was 103,000 m³/day, with industrial wastewater treatment capacity of 80,000 m³/day and reusable water supply capacity of 9,000 m³/day[69]. - The Group actively diversified financing channels, optimizing loan tenures, currencies, and interest rates to reduce financial costs[78]. Environmental and Social Responsibility - The Group achieved a "three zeros" goal in safety, environment, and occupational health across all construction projects for the third consecutive year[77]. - The Group actively promotes sustainable development in the water environment sector, contributing to national ecological civilization construction[172]. - The Group developed "Low-Carbon Demonstration Projects" to promote low-carbon development within the industry[173]. - The Group ensures compliance with environmental standards, with operational projects meeting Grade 1A or higher discharge standards[174]. - The Group has received multiple awards for corporate governance and social responsibility, including recognition as one of the "Top Ten Influential Enterprises in China's Water Industry" for the seventh consecutive year[85]. Employee and Organizational Development - The Group employed approximately 1,800 employees, with remuneration based on qualifications, experience, job nature, performance, and market conditions[129]. - The Group implemented a talent-driven strategy, focusing on continuous development and training for employees, including specialized training on various management topics[126]. - The Group established a reserve talent pool and conducted regular employee training to enhance the capabilities of reserve talents and young employees[161]. - The Group's organizational structure was streamlined, resulting in improved operational efficiency and compliance levels[125]. Risk Management and Compliance - The Group's risk management initiatives were strengthened, identifying and assessing principal risks, including policy changes and market competition risks[130]. - The Group's comprehensive management system includes the Environmental, Safety, Health, and Social Responsibility Management System, aimed at standardizing management processes[124]. - The Group's response to market competition includes effective analysis and forecasting of market trends to maintain competitive advantages[137]. - The Group faced increased pressure regarding environmental compliance and safety production management due to new regulations introduced by the PRC government[142]. Future Outlook - The Group aims to become China's leading operator in "water-related" business, focusing on green, low-carbon, and high-quality development[87]. - The Group is committed to innovative breakthroughs and consolidating its strengths in the environmental protection industry amidst increasing market competition[89].

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 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 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） 持續關連交易 2025年至2027年售電框架協議 茲提述本公司日期為2024年12月11日的公告，內容有關2025年售電框架協議，年期自 2025年1月1日至2025年12月31日止為期一年。 董事會欣然宣佈，於2025年3月18日，本公司（作為電力用戶）與光大綠色環保技術服 務（作為售電公司）訂立2025年至2027年售電框架協議，據此，本公司同意於截至 2025年、2026年及2027年12月31日止三個年度促使其附屬公司向光大綠色環保技術 服務購買電力，而光大綠色環保技術服務同意於中國江蘇省及山東省透過電網公司向 本集團供應電力。此外，根據2025年至2027年售電框架協議，2025年售電框架協議將 ...

中國光大水務有限公司（「本公司」）董事會（「董事會」）成員載列如下： 非執行董事： 欒祖盛先生 （董事長） 執行董事： 陶俊杰先生（ 總裁） 王悅興先生 （副總裁） 獨立非執行董事： 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） 董事名單與其角色和職能 蘇國良先生（ 主席） 翟海濤先生 郝剛女士 黃裕喜先生 薪酬委員會： 郝剛女士（ 主席） 翟海濤先生 蘇國良先生 –1– 提名委員會： 翟海濤先生（ 主席） 欒祖盛先生 黃裕喜先生 蘇國良先生 戰略委員會： 翟海濤先生 郝剛女士 黃裕喜先生 蘇國良先生 陳佩珊女士 董事會設立四個董事會委員會，其委員會成員載列如下： 審計委員會： 欒祖盛先生（ 主席） 陶俊杰先生 王悅興先生 郝剛女士 黃裕喜先生 香港及新加坡，2025年3月13日 –2– ...

证券研究报告 2025 年 2 月 26 日 公司研究 | 业绩报告总结 (持有，目标价 1.57 元) 光大水务(1857 HK) | 主要数据 | | --- | | 2025E 平均市盈率 (x) 3.6 | | 2025E 平均市净率(x) 0.37 | | 2025E 平均股息收益率(%) 8.5 | | 资料来源：彭博 | | 股价表现 (%) | | | --- | --- | | 个月 1.4 | 1 | | 个月 2.9 | 3 | | 今年以来 -0.7 | | | 资料来源：彭博 | | 2024 年纯利下跌 14%；派息率提高 2024 年盈利同比下跌 14%。光大水务公布 2024 年业绩，期内收入 68.5 亿港元， 同比增长 2%，归属于母公司盈利 10.2 亿港元，同比减少 14%，每股中期股息 5.81 港仙，全年派息 11.9 港仙，派息比率由 30%提高至 33%。收入增长惟盈利下跌主 要因为 1）建造服务收入比重增加及建造服务成本增加，令整体毛利率下调 4 个 百分点至 38%；2)行政开支同比增长 10%。 建造收入占比上升至 39%。由于期内筹建项目先后开工，年内建 ...

证券研究报告 2025 年 2 月 26 日 公司研究 | 业绩报告总结 (持有，目标价 1.57 元) 光大水务(1857 HK) | 主要数据 | | --- | | 2025E 平均市盈率 (x) 3.6 | | 2025E 平均市净率(x) 0.37 | | 2025E 平均股息收益率(%) 8.5 | | 资料来源：彭博 | | 股价表现 (%) | | | --- | --- | | 个月 1.4 | 1 | | 个月 2.9 | 3 | | 今年以来 -0.7 | | | 资料来源：彭博 | | 2024 年纯利下跌 14%；派息率提高 2024 年盈利同比下跌 14%。光大水务公布 2024 年业绩，期内收入 68.5 亿港元， 同比增长 2%，归属于母公司盈利 10.2 亿港元，同比减少 14%，每股中期股息 5.81 港仙，全年派息 11.9 港仙，派息比率由 30%提高至 33%。收入增长惟盈利下跌主 要因为 1）建造服务收入比重增加及建造服务成本增加，令整体毛利率下调 4 个 百分点至 38%；2)行政开支同比增长 10%。 建造收入占比上升至 39%。由于期内筹建项目先后开工，年内建 ...

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。 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） (1) 獨立非執行董事退任； (2) 委任獨立非執行董事；及 CHINA EVERBRIGHT WATER LIMITED (3) 董事會委員會成員組成變更 董事會宣佈： –1– (a) 自2025年3月13日起，陳佩珊女士將獲委任為獨立非執行董事； (b) 自股東週年大會結束起，翟海濤先生將退任獨立非執行董事、提名委員會主席、 審計委員會成員及薪酬委員會成員，並且將不再於股東週年大會上尋求膺選連 任；及 (c) 自股東週年大會結束起，黃裕喜先生將由提名委員會成員調任為提名委員會主 席。 翟海濤先生退任獨立非執行董事 中國光大水務有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，根據新加坡 證券交易所有限公司（「新交所」）上市手冊（「新交所上市手冊」）第 ...

其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事會成員包括： (i)一名非執行董事－欒祖盛先生（董事長）；(ii)兩名執行董事－陶俊杰先生（總裁）及 王悦興先生；以及(iii)四名獨立非執行董事－翟海濤先生、郝剛女士、黃裕喜先生及蘇國良先生。 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 EF001 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 | 中國光大水務有限公司 | | 股份代號 | 01857 | | 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2024年12月31日止年度之建議末期股息 | | 公告日期 | 2025年2月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | ...

Financial Performance - Revenue for the fiscal year ended December 31, 2024, was HKD 6,851,918,000, a slight increase of 2% compared to HKD 6,704,684,000 in the fiscal year 2023[3] - EBITDA for the fiscal year 2024 was HKD 2,197,255,000, a decrease of 11% from HKD 2,469,511,000 in fiscal year 2023[3] - Profit before tax for fiscal year 2024 was HKD 1,446,060,000, down 13% from HKD 1,666,123,000 in fiscal year 2023[4] - Profit attributable to equity holders of the company was HKD 1,019,609,000, a decrease of 14% from HKD 1,187,412,000 in fiscal year 2023[4] - Gross profit for the fiscal year 2024 was HKD 2,617,462,000, a decrease of 7% from HKD 2,822,383,000 in fiscal year 2023[4] - Total comprehensive income for the fiscal year 2024 was HKD 856,471,000, an increase of 5% from HKD 815,293,000 in fiscal year 2023[4] - The overall gross profit margin was 38%, down 4 percentage points from 42% in fiscal year 2023[63] - Basic and diluted earnings per share for 2024 were HKD 35.64, compared to HKD 41.51 in 2023, indicating a decline of about 14.2%[39] Dividends - The total dividend for fiscal year 2024 was HKD 0.1190 per share, compared to HKD 0.1244 per share in fiscal year 2023, representing a decrease of 4.3%[3] - The company declared a total dividend of HKD 340,516 thousand for the year, which includes HKD 165,424 thousand for the 2023 final dividend and HKD 175,092 thousand for the 2024 interim dividend[12] - The group proposed a final dividend of HKD 5.81 per share for 2024, unchanged from 2023, while the interim dividend decreased from HKD 6.63 to HKD 6.09 per share[36] - The board has proposed a final dividend of HKD 0.0581 per share for the fiscal year 2024, totaling HKD 0.1190 per share for the year[80] Assets and Liabilities - Non-current assets totaled HKD 25,931,236,000 as of December 31, 2024, an increase from HKD 24,619,309,000 in 2023[8] - Total assets increased to HKD 28,367,951 thousand in 2024 from HKD 26,282,210 thousand in 2023, representing a growth of 7.93%[10] - The company's total liabilities decreased to HKD 21,847,684 thousand in 2024 from HKD 22,768,319 thousand in 2023, a decrease of 4.05%[10] - The group's total equity rose to HKD 13,991,678 thousand in 2024, up from HKD 13,452,342 thousand in 2023, marking an increase of 4.01%[10] - The group's accounts receivable increased to HKD 6,071,978,000 in 2024 from HKD 5,060,763,000 in 2023, reflecting an increase of about 20%[40] - The group's total borrowings amounted to HKD 16.39 billion, an increase of HKD 984.24 million from HKD 15.41 billion at the end of the 2023 fiscal year[116] Cash Flow - Cash and cash equivalents were HKD 1,847,805,000 as of December 31, 2024, compared to HKD 1,881,401,000 in 2023[8] - The net cash flow used in investing activities was HKD (296,431), significantly higher than HKD (16,641) in 2023, indicating increased investment expenditures[16] - The company reported a net cash flow from financing activities of HKD 358,231, a turnaround from a negative cash flow of HKD (379,285) in the previous year[16] - The group recorded a net cash outflow from operating activities of HKD 57.94 million for the fiscal year 2024, with cash inflow before working capital changes at HKD 2.33802 billion[107] Operational Highlights - The group operates a single business segment focused on water environment management, including municipal wastewater treatment and industrial wastewater treatment[24] - The group has diversified its financing channels, issuing asset-backed securities in April 2024 to raise RMB 2 billion for debt repayment and operational funding[75] - The group has implemented energy-saving transformations through technical upgrades, resulting in cost reductions and efficiency improvements[72] - The group has received approval to increase water prices at 5 wastewater treatment plants by 6% to 87%, with total subsidies amounting to approximately RMB 41 million[72] Risk Management - The group has identified major risks including policy changes related to water treatment and environmental regulations, which could adversely affect operational performance[131] - The group faces accounts receivable risks due to potential delays in payments from local governments, which could impact cash flow and profitability[139] - The company faced engineering management risks due to design defects, personnel shortages, and material price fluctuations, impacting project progress and cost control[142] Corporate Governance - The company maintains high standards of corporate governance, adhering to the principles of the Singapore Corporate Governance Code and the Hong Kong Listing Rules[157] - The strategic committee is responsible for overseeing the group's strategic plans and performance related to sustainability and governance factors[166] - The nomination committee has reviewed the independence of independent non-executive directors and the overall performance of the board[165] Employee Engagement - The group has implemented a talent development strategy, conducting various training programs to empower employees and enhance their skills[128] - The group employs approximately 1,800 employees as of December 31, 2024, providing various benefits including retirement plans and medical coverage[129] - The company is committed to continuous employee education and skill enhancement to improve overall workforce capabilities[129]

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） 關連交易 成立合資公司 概要 董事會欣然宣佈，於2025年2月19日，本公司與光大環境、光大裝備、光大綠色環 保、光大環保及光大環境科技訂立合資協議，以成立合資公司。合資公司的註冊資本 總額將為50,000,000元人民幣（相當於約53,515,000港元），其中5,000,000元人民幣 （相當於約5,351,500港元，佔註冊資本總額的10%）將由本公司出資。本公司將以現金 出資，並由本集團的內部資源撥付。 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。 聯交所上市規則的涵義 於本公告日期，光大環境為本公司的控股股東，因此為本公司的關連人士。光大裝 備、光大綠色環保、光大環保及光大環境科技各為光大環境的附屬公司，因此為光大 環境的聯繫人並為本公司的關 ...

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 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 承董事會命 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） 董事會會議日期 中國光大水務有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於2025年2月25日 （星期二）舉行董事會會議，藉以批准（其中包括）本公司及其附屬公司截至2024年12月 31日止財政年度的全年業績及其發佈，以及考慮派發股息（如有）。 香港及新加坡，2025年1月24日 於本公告日期，董事會成員包括： (i) 一名非執行董事－欒祖盛先生（董事長）； (ii) 兩名執 行董事－陶俊杰先生（總裁）及王悅興先生；以及 (iii) 四名獨立非執行董事－翟海濤先 生、郝剛女士、黃裕喜先生及蘇國良先生。 中國光大水務有限公司 法律顧問兼聯席公司秘書 關詠蔚 ...