Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvements in operational efficiency, cash flow, and dividend logic continues to be fulfilled [7] - The company's main business revenue for H1 2025 was HKD 14.304 billion, a year-on-year decrease of 8%, with a net profit attributable to shareholders of HKD 2.207 billion, down 10% year-on-year [2] - The report highlights a decline in construction revenue and an increase in impairment losses and foreign exchange losses impacting net profit [7] Financial Summary - Total revenue forecast for 2023A is HKD 32.495 billion, with a year-on-year decrease of 13.92% [1] - Net profit attributable to shareholders for 2023A is projected at HKD 4.429 billion, a decrease of 3.75% year-on-year [1] - The latest diluted EPS for 2023A is HKD 0.72, with a P/E ratio of 5.94 [1] - The company’s cash flow has improved, with a mid-year dividend payout ratio increasing by 7 percentage points to 42% [7] - The company’s construction revenue for H1 2025 was HKD 1.844 billion, down 49% year-on-year, while operational revenue increased by 5% to HKD 9.943 billion [7] - The company has a market capitalization of approximately HKD 26.292 billion and a price-to-book ratio of 0.51 [5] Operational Highlights - The environmental energy segment contributed HKD 5.142 billion in operational revenue for H1 2025, a 6% increase [7] - The company has implemented cost reduction and efficiency improvement measures, leading to a 12% increase in net profit contribution from the environmental energy segment [7] - The company is actively exploring new business opportunities, including projects in Uzbekistan and Thailand [7]

证券研究报告 | 2025年08月24日 光大环境（00257.HK） 优于大市 运营收入占比超 70%，中期派息比例提升 7pct 营收利润双降但结构明显优化。2025H1 年公司实现营业收入 143.04 亿港元， 同比下滑 8%，主要原因是新建项目减少，导致建造收入下降；公司实现归母 净利 2.07 亿港元，同比下滑 10%，主要系建造利润减少和汇兑损失扩大所致。 报告期内，公司收入结构明显优化，毛利率较高的运营收入为 99.43 亿港元， 同比增长 5%；毛利率相对较低的建造收入为 18.44 亿港币，同比下滑 49%； 公司运营/建造/财务收入占比为 70%/13%/17%。 毛利率净利率双升。2025H1 公司的销售毛利率为 44.26%，较去年同期提升 5.53pct；净利率为 19.4%，同比提升 0.8pct；管理费用率为 11.7%，同比提 升 4.6pct，主要系汇兑损失扩大所致（为降低财务费用，公司使用利用较低 的人民币贷款置换外币，2025H1 人民币出现明显升值，在汇率折算时，人民 币负债以港币计价的金额相应增加）；财务费用率为 8.7%，同比下降 0.9pct。 分板块来看，环保 ...

光大环境(00257)发布公告，自2025年9月15日起生效：(1)由于退休缘故，潘婉玲女士辞任公司秘书及替 任授权代表。(2)于考虑公司提名委员会的推荐建议后，董事会委任梁妍钰女士为公司秘书及替任授权 代表。 ...

格隆汇8月22日丨光大环境(00257.HK)发布公告，自2025年9月15日起生效：(1)由于退休缘故，潘婉玲 女士辞任公司秘书及替任授权代表。(2)于考虑公司提名委员会的推荐建议后，董事会委任梁妍钰女士 为公司秘书及替任授权代表。 ...

智通财经APP讯，光大环境(00257)发布公告，自2025年9月15日起生效：(1)由于退休缘故，潘婉玲女士 辞任公司秘书及替任授权代表。(2)于考虑公司提名委员会的推荐建议后，董事会委任梁妍钰女士为公 司秘书及替任授权代表。 ...

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。 中國光大環境（集團）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，由於退休緣 故，潘婉玲女士（「潘女士」）辭任本公司之公司秘書（「公司秘書」）及《香港聯合交易所 有限公司證券上市規則》（「《上市規則》」）第3.06(2)條下之替任授權代表（「替任授權代 表」），自二零二五年九月十五日起生效。潘女士已確認彼與董事會並無任何意見分歧， 亦無任何有關彼辭任須知會本公司股東之事宜。 1 (1) 由於退休緣故，潘婉玲女士辭任公司秘書及替任授權代表。 (2) 於考慮本公司提名委員會的推薦建議後，董事會委任梁妍鈺女士為公司秘書及替 任授權代表。 於考慮本公司提名委員會的推薦建議後，董事會委任梁妍鈺女士（「梁女士」）為公司秘 書及替任授權代表，自二零二五年九月十五日起生效。梁女士現為本公司公司秘書部╱ 香港法務部總經理。梁女士持有香港中文大學法律博士學位及法學專業證書。梁女士於 二零一四年成為香港高等法院執業律師 ...

本文源自：财华网 【财华社讯】光大环境(00257.HK)公布，截至2025年6月30日止六个月，收益约143.04亿港元，同比减 少8%；公司权益持有人应占盈利约22.07亿港元，同比减少10%；每股盈利35.92港仙。派中期息15港 仙。 ...

本文源自：金融界AI电报 光大环境(00257.HK)发布公告，该公司将于2025年10月20日派发中期股息每股0.15港元。 ...

光大环境(00257)发布公告，该公司将于2025年10月20日派发中期股息每股0.15港元。 ...

Core Viewpoint - The company reported a decrease in revenue and profit for the first half of 2025, while emphasizing its commitment to high-quality development and strategic initiatives [1][2]. Financial Performance - The company achieved revenue of HKD 14.304 billion, a year-on-year decrease of 8% [1] - Profit attributable to equity holders was HKD 2.207 billion, down 10% year-on-year [1] - Basic earnings per share were HKD 0.3592 [1] - A mid-term dividend of HKD 0.15 per share is proposed [1] Strategic Initiatives - The company is implementing a "two transformations and one type" strategy focusing on technological, international, and ecological development [1] - The company is advancing its "second entrepreneurship" and promoting high-quality development [1] - The strategic path of the "two transformations and one type" is becoming clearer [1] Revenue Breakdown - Operating service revenue was HKD 9.943 billion, an increase of 5% compared to the first half of 2024 [1] - Construction service revenue was HKD 1.844 billion, a decrease of 49% year-on-year [1] - Revenue composition: operating service revenue (70%), construction service revenue (13%), and financial income (17%) [1] Financial Health - The company is diversifying its financing channels and optimizing its financing tool structure [2] - It successfully issued medium-term notes and asset-backed securities, maintaining a low overall funding cost [2] - As of June 30, 2025, the company held cash of HKD 8.842 billion and maintained a reasonable debt level [2] Project Investments - The company has invested in 286 environmental energy projects with a total investment of approximately RMB 101.228 billion [2] - The projects include handling 55.2428 million tons of municipal waste annually and generating 19.123 billion kWh of electricity [2]