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3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: | 中國光大環境(集團)有限公司 (於香港註冊成立之有限公司) | | | | 呈交日期: | 2026年4月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.2.1 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 (A). 股份期權（根據發行人的股份期權計劃） 不適用 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) 00257 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 6,142,975,292 0 6,142,975,292 增加 / 減少 (-) 0 0 本月底結存 6,142,975,292 0 6,142,975,292 足夠公眾持股量的確認(註4) | 根據 ...

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。 CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 與獨立非執行董事之變更有關的 補充公告 茲提述中國光大環境（集團）有限公司（「本公司」）日期為二零二六年三月二十日的公 告，內容有關（其中包括）獨立非執行董事之變更（「該公告」）。除文義另有所指外，本公 告所用詞彙將與該公告所界定者具有相同涵義。 董事會謹此補充下列與委任霍啟文先生（「霍先生」）為獨立非執行董事，以及審核委員 會、提名委員會、薪酬委員會及可持續發展委員會各自之成員（「該任命」）有關的額外資 料。 1 除本補充公告及該公告所披露者外，概無有關霍先生的其他事宜須提請股東垂注。 本補充公告所載資料並不影響該公告所載的任何其他資料，除上文披露者外，該公告所 載所有其他資料及內容均維持不變。本公告為該公告之 ...

Core Viewpoint - The company experienced a decline in revenue but achieved a significant increase in net profit due to a higher proportion of construction revenue and reduced impairments [1][2]. Group 1: Financial Performance - In 2025, the company reported an operating income of 27.521 billion HKD, a year-on-year decrease of 9.05%, primarily due to a reduction in new projects leading to lower construction revenue [1]. - The net profit attributable to shareholders reached 3.925 billion HKD, reflecting a year-on-year growth of 16.23%, driven by an increase in the proportion of higher-margin construction revenue and a reduction in impairments [1]. - The gross margin for the reporting period was 40.28%, an increase of 2.15 percentage points year-on-year, while the net margin improved to 17.1%, up by 4 percentage points [1]. Group 2: Segment Performance - The Environmental Energy segment generated revenue of 15 billion HKD, down 6% year-on-year, with operating income of 10.1 billion HKD (up 4%) and construction income of 1.3 billion HKD (down 49%) [1]. - The Environmental Water segment reported revenue of 5.4 billion HKD, a decline of 22%, with operating income of 3 billion HKD (up 5%) and construction income of 1.3 billion HKD (down 56%) [2]. - The Green Environmental segment achieved revenue of 6.7 billion HKD, down 4%, with operating income of 6.3 billion HKD (down 2%) and construction income of 0.1 billion HKD (down 59%) [2]. Group 3: Dividend Policy - The company has enhanced its dividend capability and willingness, with a proposed dividend of 0.27 HKD per share for 2025, increasing the payout ratio from 41.8% in 2024 to 42.3% [2]. - The absolute value of dividends rose from 1.41 billion HKD to 1.66 billion HKD, corresponding to a dividend yield of approximately 5.2% based on the closing price on March 23, 2026 [2]. Group 4: Investment Outlook - The company has raised its profit forecasts and target price, maintaining an "outperform" rating, citing the increasing proportion of higher-margin operating income and improved cash flow [3]. - Projected net profits for 2026-2028 are estimated at 4.127 billion HKD, 4.386 billion HKD, and 4.475 billion HKD, with year-on-year growth rates of 5.1%, 6.3%, and 2.0% respectively [3]. - The current stock price corresponds to a PE ratio of 7.7, 7.2, and 7.1 times for the years 2026-2028, with a fair valuation estimated between 5.75 and 6.03 HKD, indicating a premium of 11%-16% over the current stock price [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has shown a significant increase in net profit attributable to shareholders, with a year-on-year growth of 16.23%, driven by a higher proportion of construction revenue with better gross margins and reduced impairments [8][3]. - The company is expected to enhance its dividend capacity and willingness, with a projected dividend per share of 0.27 HKD for 2025, reflecting an increase in the payout ratio from 41.8% in 2024 to 42.3% [2][3]. - The report anticipates a recovery in the company's valuation due to improved cash flow and increased operational revenue, which is expected to exceed 70% of total revenue [3][8]. Financial Performance Summary - The company achieved an operating revenue of 27.52 billion HKD in 2025, a decrease of 9.05% year-on-year, primarily due to a reduction in new projects [8]. - The breakdown of revenue sources in 2025 was 71% from operations, 10% from construction, and 18% from financial income [8]. - The gross profit margin for the reporting period was 40.28%, an increase of 2.15 percentage points year-on-year, while the net profit margin rose by 4 percentage points to 17.1% [8]. - The company’s net profit for 2025 is projected at 39.25 billion HKD, reflecting a year-on-year increase of 16.23% [8]. Segment Performance Summary - **Environmental Energy**: Revenue of 15 billion HKD, down 6% year-on-year, with operational revenue increasing by 4% [9]. - **Environmental Water**: Revenue of 5.4 billion HKD, down 22% year-on-year, with operational revenue increasing by 5% [9]. - **Green Environmental**: Revenue of 6.7 billion HKD, down 4% year-on-year, with operational revenue decreasing by 2% [9]. Dividend Policy - The company plans to increase its dividend payout, with the absolute value of dividends rising from 1.41 billion HKD in 2024 to 1.66 billion HKD in 2025, corresponding to a dividend yield of approximately 5.2% based on the closing price on March 23, 2026 [2][3]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2026-2028 is 41.27 billion HKD, 43.86 billion HKD, and 44.75 billion HKD, with year-on-year growth rates of 5.1%, 6.3%, and 2.0% respectively [3][4]. - The projected earnings per share for 2026-2028 are 0.67 HKD, 0.71 HKD, and 0.73 HKD [4]. Valuation - The estimated fair value of the company is between 5.75 and 6.03 HKD, indicating a premium of 11%-16% over the current stock price [3][22]. - The current price-to-earnings ratio (PE) is projected to be 7.7 for 2026, 7.3 for 2027, and 7.1 for 2028 [4][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has shown a significant increase in net profit attributable to shareholders, with a year-on-year growth of 16.23% for 2025, reaching HKD 39.25 billion, primarily due to an increase in the proportion of higher-margin operational revenue and a reduction in impairments [8][3]. - The company is expected to enhance its dividend capacity and willingness, with a projected dividend per share of HKD 0.27 for 2025, reflecting an increase in the payout ratio from 41.8% in 2024 to 42.3% [2][3]. - The report anticipates a recovery in the company's valuation driven by improved cash flow and increased dividends, with a target price adjustment to a range of HKD 5.75 to HKD 6.03, indicating a premium of 11%-16% over the current stock price [3][22]. Financial Performance Summary - The company achieved total revenue of HKD 275.21 billion in 2025, a decrease of 9.05% year-on-year, mainly due to a reduction in new projects leading to lower construction revenue [8][9]. - The operational revenue accounted for 71% of total revenue, while construction and financial revenues made up 10% and 18%, respectively [8]. - The gross profit margin improved to 40.28%, up by 2.15 percentage points year-on-year, and the net profit margin increased to 17.1%, up by 4 percentage points [8][9]. - The environmental energy segment generated revenue of HKD 150 billion, down 6% year-on-year, while the environmental water segment saw a 22% decline in revenue to HKD 54 billion [9][2]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2026-2028 is projected at HKD 41.27 billion, HKD 43.86 billion, and HKD 44.75 billion, with year-on-year growth rates of 5.1%, 6.3%, and 2.0%, respectively [3][4]. - The earnings per share are expected to increase from HKD 0.64 in 2025 to HKD 0.67 in 2026, and further to HKD 0.71 in 2027 [4][3]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 7.7 for 2026, decreasing to 7.1 by 2028, indicating a favorable valuation compared to industry peers [4][3]. - The estimated fair value of the company based on absolute valuation is HKD 5.75, while the relative valuation suggests a price of HKD 6.03, both indicating potential upside from the current market price [17][22].

Core Viewpoint - The company is projected to achieve a main business revenue of HKD 27.52 billion in 2025, a year-on-year decrease of 9%, while the net profit attributable to shareholders is expected to reach HKD 3.93 billion, an increase of 16% year-on-year [1] Revenue Structure - The revenue structure continues to optimize, with operational revenue in 2025 expected to be HKD 19.83 billion (up 2% year-on-year), accounting for 72% of main revenue (an increase of 8 percentage points) [1] - Construction revenue is projected to be HKD 2.72 billion (down 53%), making up 10% of main revenue (a decrease of 9 percentage points) [1] - Financial revenue is expected to be HKD 4.97 billion (down 2%), representing 18% of main revenue (an increase of 1 percentage point) [1] Financial Performance - Financial expenses are expected to decrease to HKD 2.39 billion in 2025, down HKD 613 million year-on-year [1] - Impairment losses are projected to narrow, with provisions for receivables and contract assets estimated at HKD 449 million (down from HKD 544 million in 2024) [1] - Total impairment for goodwill, property, and equipment is expected to be HKD 881 million (down from HKD 1.44 billion in 2024) [1] Segment Performance - In the environmental energy segment, operational revenue is expected to be HKD 10.15 billion (up 4%), with construction revenue at HKD 1.30 billion (down 49%) and financial revenue at HKD 3.54 billion (down 3%) [2] - The environmental energy segment is projected to contribute HKD 4.51 billion to net profit (up 17%) due to savings in financial expenses and operational efficiency [2] - The green environmental segment is expected to contribute HKD 87 million to net profit (up from a loss of HKD 285 million in 2024) [3] - The environmental water segment is projected to contribute HKD 602 million to net profit (down 26%) due to a decline in construction service profitability [3] Cash Flow and Dividends - Free cash flow is expected to significantly increase to HKD 10.13 billion (up from HKD 4.04 billion in 2024) [4] - The dividend per share is projected to be HKD 0.27 (up 17%), with a payout ratio increasing to 42.3% (up 0.5 percentage points) [4] - The company anticipates a stable operating cash flow of HKD 11.5 billion under conservative estimates, with capital expenditures of HKD 3.5-4 billion [4] Profit Forecast and Investment Rating - The company has revised its net profit forecasts for 2026-2027 upwards to HKD 4.16 billion and HKD 4.27 billion, respectively, with an expected net profit of HKD 4.37 billion in 2028 [5] - The projected price-to-earnings ratios for 2026-2028 are 8, 7, and 7 times, respectively, with a current price-to-book ratio of 0.61, maintaining a "buy" rating [5]

Core Viewpoint - The company reported better-than-expected performance for 2025, with a decline in revenue but an increase in net profit, indicating effective operational transformation and cost control [1][2]. Financial Performance - Revenue for 2025 decreased by 9% to HKD 27.5 billion, while net profit attributable to shareholders increased by 16% to HKD 3.9 billion, surpassing expectations [1]. - The company maintained a dividend of HKD 0.27 per share, a 17% increase from HKD 0.23 in 2024, with a payout ratio of 42.3%, up by 0.5 percentage points year-on-year [1]. Segment Performance - Environmental Energy: Adjusted EBITDA rose by 3% to HKD 7.1 billion, with waste processing volume increasing by 3% to 53.7 million tons and electricity generation per ton of waste up by 1% to 467 kWh [1]. - Environmental Water: Adjusted EBITDA fell by 13% to HKD 1.9 billion, primarily due to a decrease in construction activities, with construction service revenue down by 56% to HKD 1.3 billion, although operational service revenue grew by 5% [1]. Development Trends - The company is focusing on operational transformation and accelerating cash flow, with the environmental energy and green environmental segments achieving record recovery rates in 2025 [2]. - The company is expanding non-electric businesses such as heating and steam supply, which is expected to enhance cash flow performance [2]. Profit Forecast and Valuation - The net profit estimates for 2026 and 2027 have been raised by 4.9% and 4.6% to HKD 4.3 billion and HKD 4.7 billion, respectively [2]. - The current stock price corresponds to a price-to-earnings ratio of 7.4 times and 6.8 times for 2026 and 2027, respectively, with a target price increase of 18% to HKD 6.16, indicating a potential upside of 20% from the current price [2].

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 5.46 and a fair value of HKD 6.14 [5]. Core Insights - The company's performance exceeded expectations, with a reported revenue of HKD 27.52 billion for 2025, a year-on-year decrease of 9%, while net profit attributable to shareholders was HKD 3.93 billion, reflecting a year-on-year increase of 16% [8]. - Key drivers of this performance included a significant reduction in financial expenses by 20% to HKD 2.39 billion and a turnaround in the green environmental sector due to reduced impairment losses [8]. - The company maintained a high accounts receivable collection rate of over 98%, which improved by 12 percentage points year-on-year, supporting a strong cash flow position that underpins dividend increases [8]. Financial Projections - Revenue projections for the company are as follows: HKD 30.26 billion in 2024, HKD 27.52 billion in 2025, and a slight increase to HKD 27.77 billion in 2026, with a projected growth rate of 0.9% for 2026 [4]. - EBITDA is expected to be HKD 10.06 billion in 2024, decreasing to HKD 8.02 billion in 2025, and then increasing to HKD 10.80 billion in 2026 [4]. - Net profit attributable to shareholders is forecasted to grow from HKD 3.38 billion in 2024 to HKD 4.19 billion in 2026, with a growth rate of 6.7% in 2026 [4]. Operational Metrics - The company processed approximately 58 million tons of waste in 2025, a year-on-year increase of 3%, with a power generation output of 180 billion kWh, up 5% year-on-year [8]. - The heating supply volume increased by 25% to approximately 8.19 million tons, with the environmental energy sector contributing 3.5 million tons [8]. Strategic Initiatives - The company is actively developing overseas projects, with two projects in Uzbekistan having a combined capacity of 3,000 tons per day already under construction [8]. - It is exploring integrated power and computing models and opportunities in the management of volatile organic compounds, aiming to expand its B2B business [8].

Core Viewpoint - The report from CICC indicates that despite a 9% year-on-year decline in revenue to HKD 27.5 billion for China Everbright Environment (00257), the net profit attributable to shareholders increased by 16% to HKD 3.9 billion, outperforming expectations [1] Group 1: Financial Performance - Revenue from construction services decreased by 53% to HKD 2.7 billion, while effective cost control led to a 1.2 percentage point reduction in financial expense ratio to 8.7% [1] - The asset-liability ratio further declined by 2 percentage points to 62% by the end of last year [1] - The annual dividend per share increased by 17% to HKD 0.27, with the payout ratio rising to 42.3% [1] Group 2: Profit Forecast and Ratings - The net profit forecasts for the next two years have been raised by 4.9% and 4.6% respectively, maintaining an "outperforming the industry" rating [1] - The target price has been adjusted upward by 18% to HKD 6.16 [1] Group 3: Operational Highlights - Adjusted EBITDA for the environmental energy business grew by 3% to HKD 7.1 billion, with waste processing volume increasing by 3% to 53.7 million tons [1] - Electricity generation from waste increased by 1% to 467 GWh, while grid electricity supply rose by 5% to 17.6 billion kWh [1] - The heat and steam supply volume reached approximately 3.5 million tons, with a continuous year-on-year growth rate exceeding 30% since 2021 [1] Group 4: Environmental Business Developments - The adjusted EBITDA for the environmental water business decreased by 13% to HKD 1.9 billion, primarily due to a reduction in the number of ongoing projects and construction activities [1] - Revenue from construction services in the water business fell by 56% to HKD 1.3 billion, while operational service revenue showed a stable growth of 5% [1] - Wastewater treatment volume increased by 3% year-on-year [1] Group 5: Cash Flow and Subsidy Status - The repayment rates for the environmental energy and green environmental sectors reached historical highs last year, with the unissued subsidy balance reduced to HKD 2.3 billion by the end of the year [2] - The company continues to advance non-electricity business expansions, enhancing operational efficiency of existing projects and improving cash flow performance [2]

Core Viewpoint - Everbright Environment (00257.HK) experienced a significant increase in stock price, rising over 4% at one point and closing with a gain of 3.86% at HKD 5.37, with a trading volume of HKD 66.50 million [2] Company Summary - Everbright Environment's stock price showed strong performance on March 24, with a peak increase of over 4% [2] - The closing price was HKD 5.37, reflecting a 3.86% increase [2] - The total trading volume reached HKD 66.50 million [2]