Group 1 - Core viewpoint: Everbright Environment (00257) saw a stock price increase of over 5%, reaching HKD 5.06 with a trading volume of HKD 178 million [1] - The garbage incineration power generation project in Namangan, Uzbekistan, officially commenced on November 29, led by China Everbright International [1] - The project involves an investment of USD 141.5 million, with a design capacity to process 1,500 tons of waste daily, totaling an annual processing capacity of 547,000 tons, and generating 227.5 million kilowatt-hours of electricity annually, expected to be operational by 2027 [1] Group 2 - Everbright Environment is initiating a return to A-share listing, with Tianfeng Securities indicating a potentially high AH premium that could enhance the valuation of the company's H-shares [1] - The firm anticipates ongoing demand for waste incineration in Central and Southeast Asia, suggesting that the upcoming issuance will provide sufficient funding for future international expansion [1] - The outlook for China's waste incineration industry going global remains positive [1]

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。 重續現有(I)存款服務； (II)貸款服務； (III)僱員健康保障服務； (IV)承銷及諮詢服務；及 (V)物業管理服務的持續關連交易 現有持續關連交易之續期 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） 茲提述本公司日期為二零二二年十二月十五日有關二零二二年總協議的公告。鑑於二 零二二年總協議將於二零二五年十二月三十一日屆滿，本公司與中國光大集團已於二 零二五年十二月十一日訂立二零二五年總協議，包括二零二五年存款服務總協議、二 零二五年貸款服務總協議、二零二五年僱員健康保障服務總協議、二零二五年承銷及 諮詢服務總協議及二零二五年物業管理服務總協議，以重續二零二二年總協議。 1 上市規則的涵義 於本公告日期，中國光大集團透過其全資附屬公司持有本公司約43. ...

Group 1 - The meeting between Dadi Insurance Jiangsu Branch and China Everbright Environment Group focused on cooperation in green industry development, risk assurance services, and overseas investment project risk mitigation [1][3] - China Everbright Environment, a leading global waste-to-energy operator, plans to deepen its development in technology, internationalization, and ecological aspects [3] - Dadi Insurance aims to enhance cooperation with China Everbright Environment by leveraging each other's resources and expertise, exploring new areas of collaboration [3] Group 2 - Dadi Insurance's chairman, Lei Jianming, emphasized the importance of systematic planning for cooperation, aligning with Everbright's green industry layout and Dadi's risk assurance expertise [3] - The proposal includes designing specialized cooperation plans targeting innovative technology applications and personalized risk needs [3] - Establishing an internal collaboration mechanism to efficiently integrate resources and achieve precise business matching was also suggested [3]

Core Viewpoint - The company, China Everbright Environment (00257.HK), has announced the acceptance of a registration notice for the issuance of asset-backed notes, with a total registered principal amount of RMB 4 billion, valid for two years from the date of the notice [1] Group 1 - The board of directors of China Everbright Environment has expressed approval for the issuance of asset-backed notes [1] - The registration notice was issued by the Interbank Market Dealers Association [1] - The total registered principal amount for the proposed issuance is RMB 4 billion [1]

Core Viewpoint - The company, Everbright Environment (00257), has received a notice of acceptance for the proposed issuance of asset-backed notes with a total registered principal amount of RMB 4 billion, valid for two years from the date of acceptance [1] Group 1 - Everbright Environment's wholly-owned subsidiary, Everbright Environmental China, is the entity that received the acceptance notice from the interbank market dealers association [1] - The registered principal amount of the proposed asset-backed notes is set at RMB 4 billion [1] - The validity period for the registered principal amount begins from the date of the acceptance notice, which is November 28, 2025, and lasts for two years [1]

Core Viewpoint - Everbright Environment (00257) has received a registration notice from the Interbank Market Dealers Association regarding the proposed issuance of asset-backed notes, with a total registered principal amount of RMB 4 billion [1] Group 1 - The total registered principal amount for the proposed asset-backed notes is RMB 4 billion [1] - The validity period for the registration notice is two years from the date of issuance, which is November 28, 2025 [1]

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 ...

Summary of the Conference Call for Guangda Environment Company Overview - Guangda Environment plans to return to the A-share market to leverage higher valuation advantages compared to the Hong Kong market, aiming to raise funds through the issuance of up to 11.5% of total shares (maximum of 800 million shares) for project expansion, research investment, and overseas project layout, particularly in Southeast Asia and the Middle East [2][3] Key Points Financial Performance - As of November 2025, the company recorded a free cash flow of 2 billion RMB in the first half of the year, benefiting from strict capital expenditure control, which decreased by over 1 billion RMB year-on-year [2][6] - The company received significant national subsidies in the second half of the year, totaling 32 to 33 billion RMB, far exceeding the previous year's total of 1.9 billion RMB [2][10] Internationalization and Technological Development - The company will focus on internationalization and technological advancement in the coming years, with capital expenditures expected to not exceed 5 billion RMB in 2026-2027, with 30%-40% from overseas projects [2][7] - Research and development efforts are concentrated on four main areas: high-value utilization of biomass, resource utilization of incineration ash, small furnace markets in county regions, and refined resource utilization without residue [2][11] Market Strategy and Operations - The company’s heating business, which began in 2019, aims to reach a total heating volume of 6 million tons by 2024, expanding its customer base in the environmental energy sector [4][15] - The green environmental sector showed good profit recovery in the first half of the year, with expectations for stability in the second half [4][17] Leadership and Management Changes - The new chairman emphasizes execution and has initiated a second entrepreneurial phase, promoting young talent and establishing new departments to enhance receivables management and expand B2B business [4][13] Future Financing and Dividend Plans - Returning to the A-share market is expected to improve financing capabilities, allowing the company to raise more funds with fewer shares, supporting debt repayment, dividends, and overseas expansion [8][14] - Although there are no specific dividend guidelines currently, the management has indicated an increase in absolute dividend amounts following the improvement in free cash flow [12] Challenges and Risk Management - The company faced challenges in the green environmental projects' receivables in the first half of the year, with overall collections being low, but managed to achieve a historical high in free cash flow due to the growth of non-national subsidy businesses [9][10] - The company has implemented refined management practices to enhance profitability, optimizing resource allocation across projects and improving operational efficiency [18] Additional Insights - The company is exploring strategic stock purchase incentives for employees to align management interests with capital market performance [14] - The focus on green methanol and biomass utilization indicates a commitment to sustainable practices and innovation in the energy sector [16]

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].