Group 1 - The State Intellectual Property Office of China has granted a patent to Everbright Environmental Technology (China) Co., Ltd., Everbright Environmental Technology Research Institute (Shenzhen) Co., Ltd., and Everbright Environmental Technology Research Institute (Nanjing) Co., Ltd. for a method of predicting the distribution of syngas products from a biomass updraft fixed bed gasifier, with the authorization announcement number CN116525020B and application date of March 2023 [1] - Everbright Environmental Technology (China) Co., Ltd. was established in 2016 in Nanjing, focusing on research and experimental development, with a registered capital of 37.701 million USD. The company has invested in 5 enterprises, participated in 1,394 bidding projects, holds 1,114 patents, and has 17 administrative licenses [1] - Everbright Environmental Technology Research Institute (Shenzhen) Co., Ltd. was founded in 2014 in Shenzhen, also focusing on research and experimental development, with a registered capital of 20 million RMB. The institute has participated in 43 bidding projects, holds 800 patents, and has 9 administrative licenses [1] - Everbright Environmental Technology Research Institute (Nanjing) Co., Ltd. was established in 2016 in Nanjing, with a registered capital of 20 million RMB. The institute has participated in 21 bidding projects, holds 867 patents, and has 9 administrative licenses [2]

Group 1 - The stock of Everbright Environment (00257.HK) increased by over 4% during trading, with a current rise of 3.53% to HKD 4.99 [1] - The trading volume reached HKD 115 million [1]

Core Viewpoint - Everbright Environment (00257) has seen a stock price increase of over 4% during trading, currently up 3.53% at HKD 4.99, with a trading volume of HKD 115 million [1] Group 1: Company Developments - Everbright Environment announced plans to issue up to 800 million RMB shares on the Shenzhen Stock Exchange last November [1] - On December 26, the China Securities Regulatory Commission confirmed that Everbright Environment has completed the filing for guidance registration with the Shenzhen Securities Regulatory Bureau, initiating the listing guidance process [1] Group 2: Market Analysis - According to a report by Guangyin International, a successful A+H listing for Everbright Environment would enhance the company's long-term value and provide access to financing channels in the A-share market [1] - Tianfeng Securities believes that this issuance will provide sufficient funding reserves for the company's future overseas expansion, maintaining a positive outlook on the Chinese waste incineration industry's international ventures [1]

Core Viewpoint - Everbright Environment (00257) has seen a stock price increase of over 4% during trading, currently up 3.53% at HKD 4.99, with a trading volume of HKD 115 million [1] Group 1: Company Developments - Everbright Environment announced plans to issue up to 800 million RMB shares on the Shenzhen Stock Exchange last November [1] - On December 26, the China Securities Regulatory Commission confirmed that Everbright Environment completed the filing for guidance registration with the Shenzhen Securities Regulatory Bureau, initiating the listing guidance process [1] Group 2: Market Analysis - According to a report by Everbright International, a successful A+H listing could enhance the company's long-term value and provide access to financing channels in the A-share market [1] - Tianfeng Securities believes that this issuance will provide sufficient capital reserves for the company's future overseas expansion, maintaining a positive outlook on the Chinese waste incineration industry's international ventures [1]

Group 1 - The company, Everbright Environment (00257.HK), announced that its board meeting will be held on March 20, 2026, to approve the annual performance for the year ending December 31, 2025, and to consider the distribution of a final dividend, if any [1] - The company has received approval from the China Interbank Market Dealers Association for the registration of multiple debt financing instruments [1]

（股份代號：257） 董事會會議日期 中國光大環境（集團）有限公司（「本公司」）董事會（「董事會」）宣佈，本公司董事會會 議將於二零二六年三月二十日（星期五）舉行，藉以批准（其中包括）本公司及其附屬公 司截至二零二五年十二月三十一日止年度之全年業績及其發佈，以及考慮派發末期股息 （如有）。 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 ） 中國光大環境（集團）有限公司 梁妍鈺 公司秘書 香港，二零二六年一月十六日 於本公告日期，董事會包括：(i)兩名執行董事－王思聯先生（董事會主席）及欒祖盛先生 （總裁）；(ii)兩名非執行董事－康國明先生及瞿利女士；及(iii)三名獨立非執行董事－ 范仁鶴先生、李淑賢女士及張翔教授，JP.。 承董事會命 ...

Core Viewpoint - The Ministry of Ecology and Environment of China has released the fifth batch of the national public open unit list for environmental facilities and urban sewage and waste treatment facilities, marking the first new list in nearly five years since 2020. Everbright Environment has successfully included 18 environmental projects, showcasing the company's commitment to green industry practices and corporate responsibility in line with the "Two Mountains" concept [1][3]. Group 1: Company Initiatives - Everbright Environment's 18 selected projects serve as benchmarks for the company's "open and share" philosophy and demonstrate the integration of technology in environmental protection [1][3]. - The company has opened 226 projects to the public since the second half of 2018, receiving approximately 220,000 visitors over three years, making it the earliest and largest enterprise in China to open environmental facilities to the public [3]. Group 2: Project Highlights - The Suzhou waste-to-energy project features China's first ecological exhibition hall within a waste incineration power plant, promoting environmental education [1]. - The Ninghai waste-to-energy project collaborates with other enterprises to enhance local tourism and environmental education [2]. - The Dongping waste-to-energy project successfully co-fires local agricultural waste with municipal waste, demonstrating practical environmental solutions [2]. - The Jiujiang waste-to-energy project has established an environmental education base, integrating education, science popularization, and industrial tourism [2]. - The Binhai sewage treatment project has innovated public engagement activities in collaboration with local government [2]. - The Rugao biomass direct combustion project has become a model for sustainable development and education in the Nantong area [2]. Group 3: Project List - The list of projects included in the fifth batch of national public open units features: 1. Tianjin Xiqing waste-to-energy project 2. Hebei Zhangjiakou waste-to-energy project 3. Heilongjiang Harbin waste-to-energy project 4. Jiangsu Yixing waste-to-energy project 5. Jiangsu Suzhou waste-to-energy project 6. Jiangsu Rugao biomass direct combustion project 7. Jiangsu Danyang waste-to-energy project 8. Zhejiang Ninghai waste-to-energy project 9. Zhejiang Shengzhou waste-to-energy project 10. Jiangxi Jiujiang waste-to-energy project 11. Shandong Zhucheng waste-to-energy project 12. Shandong Dongping waste-to-energy project 13. Shandong Binhai sewage treatment project 14. Henan Nanyang waste-to-energy project 15. Henan Xinyang waste-to-energy project 16. Henan Taikang waste-to-energy project 17. Hunan Xiangtan waste-to-energy project 18. Hunan Shaoyang waste-to-energy project [4][5].

Core Viewpoint - CICC reports that Everbright Environment (00257) will experience a slowdown in new project expansion in 2025, potentially impacting revenue performance, but significant optimization of existing assets is expected to improve asset quality and cash flow [1] Group 1: Financial Performance - The company is projected to achieve single-digit growth in profit year-on-year in 2025, with a substantial improvement in cash flow [1] - Core profit is steadily increasing due to a focus on optimizing existing assets, despite ongoing operational pressures in hazardous waste business and potential impairment risks [2] - The company anticipates a foreign exchange loss due to the continuous appreciation of the RMB, which rose by 4.2% throughout the year, impacting profit growth [2] Group 2: Capital Expenditure and Cash Flow - Capital expenditure is expected to decline, with a focus on overseas and water projects, potentially controlling capital expenditure within 3 billion yuan in 2025 [3] - Accelerated recovery of renewable energy subsidies in the second half of 2025 is expected to enhance cash inflow, supporting the company's positive free cash flow and increasing dividend potential [3] Group 3: Profit Forecast and Valuation - The profit forecast for 2025/26 has been revised down by 16.2%/7.5% to 3.58 billion yuan and 4.08 billion yuan, with a new forecast for 2027 at 4.46 billion yuan [4] - The current stock price corresponds to a price-to-earnings ratio of 7.3x/6.7x for 2026/27, with an expected dividend yield of 6.0%/6.6%, indicating strong cash flow and high dividend characteristics [4]

Core Viewpoint - CICC reports that Everbright Environment (00257) is expected to experience a slowdown in new project expansion in 2025, which may impact revenue performance, but optimization of existing assets is showing significant results, leading to improved asset quality and cash flow [1] Group 1: Financial Performance - The company is projected to achieve single-digit growth in profit year-on-year for 2025, with a significant improvement in cash flow [1] - Core business indicators are continuously improving, although one-time factors may still disrupt profit performance in 2025 [2] - The company’s core profit is steadily increasing, with key metrics such as tonnage output and heating supply showing ongoing improvement [2] Group 2: Capital Expenditure and Cash Flow - Capital expenditure is expected to decline, with a focus on overseas and water projects, potentially controlling capital expenditure within 3 billion yuan in 2025 [3] - Accelerated recovery of renewable energy subsidies in the second half of 2025 is anticipated to enhance the company’s cash inflow [3] - The company is expected to maintain positive free cash flow and improve its cash capabilities, which will enhance dividend levels and shareholder returns [3] Group 3: Profit Forecast and Valuation - The company’s profit forecasts for 2025 and 2026 have been revised down by 16.2% and 7.5% to 3.58 billion yuan and 4.08 billion yuan, respectively, with a new forecast for 2027 at 4.46 billion yuan [4] - The current stock price corresponds to a price-to-earnings ratio of 7.3x for 2026 and 6.7x for 2027, with an expected dividend yield of 6.0% and 6.6% for the adjusted years [4]

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。 自願性公告 中國銀行間市場交易商協會 批准多品種債務融資工具的註冊 本公告由中國光大環境（集團）有限公司（「本公司」）自願作出。 謹此提述本公司日期為二零二五年十一月十八日的公告，內容有關本公司向中國銀行間 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 元的多品種債務融資工具（「債務融資工具」）。 本公司董事會（「董事會」）謹此宣佈，於二零二六年一月八日，本公司已取得來自交易商 協會的申請批准及完成債務融資工具的註冊。故此，本公司可於交易商協會的接受註冊 通知書日期（即二零二六年一月七日）起計為期兩年內於適當時候分多批次發行多品種 債務融資工具（「建議發行」）。 1 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） 本公 ...