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證券之要約。 CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）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之任何損失承擔任何責任。 本公司謹此強調，即使光大環保中國已就建議發行資產支持票據獲得接受註冊通知書， 但本公司股東及潛在投資者務必留意，建議發行資產支持票據不一定會進行。本公司股 東及潛在投資者在買賣本公司證券時務請謹慎行事。 承董事會命 中國光大環境（集團）有限公司 梁妍鈺 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 有關銀行間交易商協會就於中國建議發行資產支持票據 發出接受註冊通知書的自願性公告 茲提述中國光大環境（集團）有限公司（「本公司」）日期為二零二五年十月十六日的公 告（「該公告」） ...

FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 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 | 第 2 頁 共 10 頁 v 1.1.1 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11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結 ...

公司此次回 A 上市计划中的增发比例为何设定为 11.5%？未来是否有可能超 过这一规模？ 公司的增发比例上限设定为 8 亿股，占发行后总股本的 11.5%。这一比例主要 根据投募项目及其总投资额决定。目前公司在国内外有多个项目，包括三亚五 期扩建项目、乌兹别克斯坦两个垃圾处理项目等，这些项目都将在投募列表中。 此外，公司还将继续在科研方面投入，并布局海外优质项目，特别是在东南亚、 中东等地区。 光大环境 20251126 摘要 公司计划回归 A 股上市，旨在利用 A 股较高的估值优势，通过发行不超 过总股本 11.5%的股份（上限 8 亿股）募集资金，用于国内外项目扩建、 科研投入及海外优质项目布局，尤其关注东南亚、中东地区的垃圾发电 及水务项目。 截至 2025 年 11 月底，公司上半年录得 20 亿自由现金流，得益于资本 开支严控，同比减少超过 10 亿。下半年国补回款显著改善，截至十月 份累计收到 32 至 33 亿国补，远超去年同期全年 19 亿的规模，有效支 持了现金流。 公司未来几年将重点推进国际化和科技化发展，国际化方面关注东南亚、 中东等地项目，预计 2026-2027 年资本性开支不超过 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][22]. Core Views - The company plans to issue up to 800 million shares of RMB ordinary shares for listing on the Shenzhen Stock Exchange, which represents 11.52% of the total share capital post-issuance. The funds raised will be used for business development and to supplement working capital [3][4]. - The issuance of A-shares is expected to have a limited dilution effect, and the company has sufficient free cash flow to maintain its dividend per share (DPS) [4][18]. - The garbage incineration industry is entering a mature phase, with a slowdown in capacity release. The national capacity for harmless treatment of municipal solid waste has increased to 1.5226 million tons per day, with incineration accounting for 76.08% [4][12]. - The company’s free cash flow has turned positive, reaching HKD 4.416 billion in 2024, indicating a shift from expansion to refined operations, which may lead to a revaluation in the secondary market [18][25]. Summary by Sections Share Issuance Impact - The proposed issuance of A-shares is expected to increase the total share capital from 6.143 billion to 6.943 billion shares, with a potential upper limit of 7.063 billion shares if the overallotment is exercised. The total dividend amount is projected to increase by 11.3% to HKD 15.97 billion, or by 14.9% to HKD 16.24 billion considering the overallotment [10][4]. Industry Analysis - The number of new garbage incineration projects has decreased significantly, with only 20 new projects in 2024, a reduction of 35 from 2023. The total investment in these projects is estimated at approximately HKD 5.26 billion, down about 80% from HKD 28.77 billion in 2023 [4][15]. Financial Performance - The company’s net profit for 2025 is projected to be HKD 3.532 billion, with a growth rate of 4.6% for the following years. The current price-to-earnings ratio (PE) is estimated at 8.7x for 2025, indicating potential for valuation recovery [22][25]. - The company has maintained a consistent dividend policy, with a projected DPS of HKD 0.23 for 2025, reflecting a commitment to returning value to shareholders [25][22]. Valuation Comparison - The current PE ratio of the company’s H-shares is 9.8x, significantly lower than the average issuance PE of over 20x for A-share listed garbage incineration companies, suggesting room for valuation improvement [18][22].

Core Viewpoint - The company, Guangda Environment, has officially initiated its "back to A-share" listing process, which is expected to enhance its financing channels and improve its valuation due to higher average valuations in the A-share market compared to the Hong Kong market [1][2]. Summary by Sections Company Announcement - Guangda Environment's board has approved a preliminary proposal to issue RMB shares and list them on the Shenzhen Stock Exchange, contingent on market conditions, shareholder approval, and necessary regulatory approvals [1]. - The initial plan proposes to issue no more than 800 million A-shares, which would account for 11.52% of the company's expanded share capital post-issuance [1]. Market Context - The "back to A-share" listing is expected to further broaden the company's financing channels and optimize its capital structure, as A-share listed companies in the environmental sector generally have higher valuations than their Hong Kong counterparts [2]. - According to Bloomberg data, the average valuation for A-share environmental waste-to-energy companies is projected at 13.4 times PE for 2025, compared to 9.2 times PE for Hong Kong companies, indicating a 46% valuation premium for A-shares [2]. Operational Performance - Guangda Environment has successfully operated 159 waste-to-energy projects with a design capacity exceeding 50 million tons per year, leading to continuous growth in waste processing and electricity generation [2]. - The company has achieved positive free cash flow since 2024, driven by refined operations and increased cash returns from its heating and steam supply business [2]. International Expansion - The company is actively expanding its environmental energy projects in overseas markets, particularly in Central Asia, with two waste-to-energy projects in Uzbekistan, totaling a design capacity of 3,000 tons per day [2][3]. - Future market focus includes Indonesia, Vietnam, and Central Asia to enhance its overseas project reserves [3]. Financial Outlook - The company maintains a "buy" rating with a target price of HKD 5.80, corresponding to a projected PE of 10 times for 2025, and offers an attractive dividend yield of 5.1% for 2026 [3]. - Profit forecasts for the company are projected at HKD 3.57 billion, HKD 3.79 billion, and HKD 3.98 billion for the years 2025, 2026, and 2027, respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.80, corresponding to a 10x forecast PE for 2025 [1][4][6]. Core Insights - The company has officially initiated the process for a "back to A-share" listing, which is expected to enhance its valuation as A-share environmental companies generally have higher valuations compared to their Hong Kong counterparts [2][3]. - The proposed issuance of up to 800 million A-shares aims to raise funds for business development and working capital, with the new shares representing approximately 11.52% of the expanded share capital post-issuance [2][3]. - The average PE for A-share environmental companies is projected at 13.4x for 2025, compared to 9.2x for Hong Kong-listed companies, indicating a 46% valuation premium for A-shares [3][11]. - The company has achieved positive free cash flow since 2024, driven by operational efficiency and increased cash inflows from its heating and steam supply business [3][4]. - The company is expanding its environmental energy projects in overseas markets, particularly in Central Asia, with two waste-to-energy projects in Uzbekistan [4]. Financial Summary - The company’s revenue for FY 2023 is reported at HKD 32,090 million, with a projected decline to HKD 29,513 million in FY 2025, followed by a slight recovery in subsequent years [10][12]. - Net profit is expected to decrease from HKD 4,429 million in FY 2023 to HKD 3,568 million in FY 2025, with a gradual increase to HKD 3,975 million by FY 2027 [10][12]. - The company’s dividend yield is projected to be 5.1% in 2026, making it an attractive investment option [4][10].

（ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 自願性公告 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，概不就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 本公司已獲信用評級機構聯合資信評估股份有限公司的「AAA」信用評級。 本公司將於適當時候另行作出公告。 本公司不一定會進行建議發行，而實施建議發行須視乎多項事宜而定，包括但不限於市 場狀況。本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 中國光大環境（集團）有限公司 向中國銀行間市場交易商協會申請註冊及 建議發行多品種債務融資工具 本公告由中國光大環境（集團）有限公司（「本公司」）自願作出。 本公司董事（「董事」）會（「董事會」）宣佈，本公司今天向中國銀行間市場交易商協會 （「交易商協會」）作出申請（「申請」），以註冊總金額不高於人民幣150億元且本公司將於 適當時候分多個批次發行 ...

Core Viewpoint - The company plans to issue up to 800 million RMB shares and list them on the Shenzhen Stock Exchange, which may lead to an 11.52% dilution in EPS for 2026, but the influx of new capital is expected to support new project development and ultimately compensate for this dilution [1][2]. Group 1: Fundraising and EPS Impact - The board has approved a preliminary proposal to issue RMB shares not exceeding 800 million, which represents 11.52% of the post-issue share capital [1]. - The funds raised are intended for the company's core business development and to supplement general working capital, with potential for further EPS growth due to existing capacity yet to be utilized [1]. Group 2: Market Expansion and Dividend Potential - The recent implementation of waste incineration regulations in Indonesia opens new market opportunities for the company, with potential project investments supported by the Indonesian sovereign wealth fund [2]. - The company has room to increase its dividend payout ratio, which currently stands at 41.8%, and could rise to 55%, potentially supporting a market valuation of HKD 33.1 billion by 2025 [2]. Group 3: Valuation and Profit Forecast - The company’s H-share valuation is expected to recover due to improved operating cash flow, while A-shares are likely to trade at a higher valuation due to lower dividend yield requirements [3]. - Profit forecasts for 2025 to 2027 estimate net profits of HKD 3.7 billion, HKD 4.1 billion, and HKD 4.2 billion respectively, with corresponding P/E ratios of 8.1x, 7.4x, and 7.1x [3].

Group 1 - Core viewpoint: The company plans to issue up to 800 million shares, representing a maximum of 11.52% of the expanded share capital, with potential dilution being limited due to steady operational growth and financial optimization [1][2] - The company has achieved positive free cash flow since 2024, with projected cash flow of 4.62 billion and 2.262 billion for 2025H1, indicating ongoing financial improvement [1] - The dividend policy remains stable, with a proposed interim dividend of 15 Hong Kong cents per share for 2025H1, reflecting a payout ratio of 42%, which is an increase of 7 percentage points year-on-year [2] Group 2 - The issuance of shares is expected to facilitate the company's A+H listing, optimizing capital structure and enhancing financing channels [2] - The company’s A-share issuance price is expected to be no less than 1x price-to-book ratio, which is higher than the current Hong Kong stock valuation of 0.6, potentially providing a long-term valuation anchor [2] - The company maintains profit forecasts for 2025-2027 at 3.589 billion, 3.810 billion, and 4.055 billion Hong Kong dollars, with corresponding price-to-earnings ratios of 8, 8, and 7, indicating a stable operational outlook [3]

Group 1 - The board has approved a preliminary proposal to issue RMB shares for listing on the Shenzhen Stock Exchange, with the funds aimed at developing the main business and supplementing general working capital, reinforcing the company's absolute leading position in the industry [1] - The company maintains a "buy" rating, with projected net profits for 2025-2027 at 4.048, 4.182, and 4.288 billion HKD, corresponding to EPS of 0.66, 0.68, and 0.70 HKD [1] - The total share capital is 6.143 billion shares, with a proposed issuance of no more than 800 million shares, accounting for 11.52% of the post-issue share capital, and an overallotment option of up to 15% of the proposed issuance [1] Group 2 - The company received 2.064 billion RMB in national subsidies from July 1 to August 31, 2025, exceeding expectations and significantly improving operating cash flow [2] - The company’s DPS for the first half of 2025 is 0.15 HKD, a year-on-year increase of 7%, with a dividend payout ratio of 41.76%, up from 35% in the first half of 2024 [2] - The improvement in free cash flow and the initiation of the A-share listing are optimistic signals for accelerating value reassessment in the future [2]