Core Viewpoint - The company reported a decrease in revenue and profit for the first half of 2025, while maintaining a focus on high-quality development and strategic initiatives [1][2] Group 1: Financial Performance - The company achieved revenue of HKD 14.304 billion for the six months ending June 30, 2025, a decrease of 8% year-on-year [1] - Profit attributable to equity holders was HKD 2.207 billion, down 10% year-on-year, with basic earnings per share at HKD 0.3592 [1] - The company proposed an interim dividend of HKD 0.15 per share [1] Group 2: Strategic Initiatives - The company is implementing a development strategy focused on "two transformations and one model" (technological, international, and ecological) to promote high-quality growth [1] - The company emphasizes market orientation and is accelerating the cultivation of new growth drivers while enhancing operational efficiency [1] Group 3: Revenue Breakdown - For the reporting period, operational service revenue was HKD 9.943 billion, an increase of 5% year-on-year, while construction service revenue was HKD 1.844 billion, a decrease of 49% year-on-year [1] - Revenue composition included operational service revenue at 70%, construction service revenue at 13%, and financial income at 17% [1] Group 4: Financial Health and Investments - The company is diversifying its financing channels and optimizing its financing structure, successfully issuing medium-term notes and asset-backed securities [2] - As of June 30, 2025, the company held cash of HKD 8.842 billion and maintained a reasonable debt level, indicating a healthy financial status [2] - The company has invested in 286 environmental energy projects with a total investment of approximately RMB 101.228 billion [2]

Core Viewpoint - China Everbright International (00257.HK) reported a decrease in mid-term performance for the first half of 2025, with total revenue of HKD 14.304 billion, down 8% year-on-year, indicating challenges in the operational environment [1] Financial Performance - Total revenue for the group reached HKD 14.304 billion, a decrease of 8% compared to the same period last year [1] - Earnings before interest, taxes, depreciation, and amortization (EBITDA) were HKD 6.048 billion, also down 8% year-on-year [1] - Profit before tax was HKD 3.703 billion, reflecting a 5% decrease compared to the previous year [1] - Profit attributable to equity holders was HKD 2.207 billion, a decline of 10% year-on-year [1] - The interim dividend declared was HKD 0.15 per share [1] Revenue Breakdown - Operating service revenue amounted to HKD 9.943 billion, an increase of 5% year-on-year [1] - Construction service revenue was HKD 1.844 billion, showing a significant decrease of 49% compared to the same period last year [1] - Revenue composition: operating service revenue accounted for 70%, construction service revenue 13%, and financial income 17% [1] Financing and Cash Management - The group has been diversifying its financing channels and optimizing the structure of financing tools [1] - Successfully issued medium-term notes and asset-backed securities, maintaining a low overall funding cost [1] - Strengthened domestic and international bank credit reserves and foreign debt management [1] - Received approximately RMB 50 million in various government subsidies during the first half of 2025 [1] - As of June 30, 2025, the group held cash of HKD 8.842 billion, indicating a reasonable level of debt and healthy financial status [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，概不對因 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的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國光大環境（集團）有限公司 | | 股份代號 | 00257 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月22日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.15 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.15 HKD | | 匯率 | 1 HKD : 1 HKD | | 除淨日 ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) The company's key financial indicators for H1 2025 show a decrease in revenue and profit, but an increase in interim dividend per share Key Financial Indicators for H1 2025 | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 14,303,933 | 15,612,133 | -8% | | Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) | 6,047,957 | 6,550,295 | -8% | | Profit Before Taxation | 3,702,974 | 3,883,226 | -5% | | Profit Attributable to Equity Holders of the Company | 2,206,751 | 2,453,917 | -10% | | Interim Dividend Per Share | 15.0 HK cents | 14.0 HK cents | +7.14% | [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The consolidated statement of profit or loss for H1 2025 shows a decrease in revenue and profit attributable to equity holders Key Data from Consolidated Statement of Profit or Loss for H1 2025 | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 14,303,933 | 15,612,133 | | Gross Profit | 6,330,963 | 6,046,025 | | Profit from Operations | 4,957,123 | 5,441,810 | | Profit Before Taxation | 3,702,974 | 3,883,226 | | Profit for the Period | 2,780,152 | 3,002,217 | | Profit Attributable to Equity Holders of the Company | 2,206,751 | 2,453,917 | | Basic and Diluted Earnings Per Share | 35.92 HK cents | 39.95 HK cents | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) The consolidated statement of comprehensive income for H1 2025 reflects a significant increase in total comprehensive income due to foreign exchange differences Key Data from Consolidated Statement of Comprehensive Income for H1 2025 | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit for the Period | 2,780,152 | 3,002,217 | | Exchange Differences Arising from Translation of Overseas Operations | 1,918,650 | (826,694) | | Total Comprehensive Income for the Period | 4,608,342 | 2,329,540 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 3,718,487 | 1,867,081 | - In H1 2025, the Group recorded a positive exchange difference of **HKD 1,918,650 thousands** from the translation of overseas operations, compared to a negative **HKD 826,694 thousands** in H1 2024, leading to a significant increase in total comprehensive income for the period[7](index=7&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The consolidated statement of financial position as of June 30, 2025, shows growth in total assets and net assets compared to year-end 2024 Key Data from Consolidated Statement of Financial Position as of June 30, 2025 | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total Non-Current Assets | 140,189,080 | 138,252,572 | | Total Current Assets | 52,039,896 | 47,774,452 | | Total Current Liabilities | 40,617,862 | 35,731,838 | | Total Non-Current Liabilities | 81,071,913 | 83,878,610 | | Net Assets | 70,539,201 | 66,416,576 | | Total Equity | 70,539,201 | 66,416,576 | - As of June 30, 2025, the Group's total assets reached **HKD 192,228,976 thousands**, and net assets were **HKD 70,539,201 thousands**, showing an increase from year-end 2024[8](index=8&type=chunk)[9](index=9&type=chunk) [Notes to the Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Financial%20Information) [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) This interim financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using consistent accounting policies with 2024, except for new standards - Interim financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, and has been reviewed by KPMG[3](index=3&type=chunk)[10](index=10&type=chunk) - The basis of preparation is consistent with the 2024 annual financial statements, with the adoption of new and revised HKFRSs effective for the current period[10](index=10&type=chunk) [2. Changes in Accounting Policies](index=7&type=section&id=2.%20Changes%20in%20Accounting%20Policies) The Group applied HKAS 21 amendment on exchange rate changes, but it had no material impact on interim financial reporting due to no relevant foreign currency transactions - The Group has applied the amendment to HKAS 21, 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability', but it had no material impact due to no relevant transactions[12](index=12&type=chunk) - No new standards or interpretations not yet effective have been adopted in the current accounting period[13](index=13&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The Group's business is divided into Environmental Energy, Environmental Water, Green Environmental Protection, and Other segments, managed and assessed based on their performance, assets, and liabilities, with segment results presented as 'Adjusted EBITDA' [3.(i) Segment Results, Assets and Liabilities](index=9&type=section&id=3.(i)%20Segment%20Results%2C%20Assets%20and%20Liabilities) In H1 2025, Environmental Energy project construction and operation segment saw increased revenue and EBITDA, while Environmental Water and Green Environmental Protection project revenues slightly decreased, though Green Environmental Protection's EBITDA grew, and all segments experienced asset and liability growth Revenue from External Customers by Segment for H1 2025 | Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Environmental Energy Project Construction and Operation | 7,474,299 | 8,487,864 | -12% | | Environmental Water Project Construction and Operation | 3,273,854 | 3,352,595 | -2% | | Green Environmental Protection Project Construction and Operation | 3,399,409 | 3,504,102 | -3% | | Others | 156,371 | 267,572 | -42% | | **Total** | **14,303,933** | **15,612,133** | **-8%** | Profit by Segment (Adjusted EBITDA) for H1 2025 | Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Environmental Energy Project Construction and Operation | 4,237,222 | 4,015,260 | +6% | | Environmental Water Project Construction and Operation | 1,192,208 | 1,199,661 | -1% | | Green Environmental Protection Project Construction and Operation | 987,264 | 1,108,460 | -11% | | Others | 52,852 | 35,656 | +48% | | **Total** | **6,469,546** | **6,359,037** | **+2%** | Segment Assets and Liabilities as of June 30, 2025 | Segment | Assets as of June 30, 2025 (HKD thousands) | Assets as of December 31, 2024 (HKD thousands) | Liabilities as of June 30, 2025 (HKD thousands) | Liabilities as of December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Environmental Energy Projects | 107,863,604 | 105,640,806 | 49,588,423 | 48,801,680 | | Environmental Water Projects | 37,926,832 | 35,609,199 | 23,386,602 | 21,968,288 | | Green Environmental Protection Projects | 37,688,580 | 36,281,922 | 25,232,274 | 24,668,671 | | Others | 2,121,537 | 2,677,463 | 1,661,042 | 1,909,325 | | **Total** | **185,600,553** | **180,209,390** | **99,868,341** | **97,347,964** | [3.(ii) Information about Major Customers](index=12&type=section&id=3.(ii)%20Information%20about%20Major%20Customers) In H1 2025 and 2024, revenue from the Group's largest customer did not exceed 10% of total revenue - Revenue from the Group's largest customer accounted for less than **10%** of total revenue[21](index=21&type=chunk) [4. Revenue](index=13&type=section&id=4.%20Revenue) In H1 2025, the Group's total revenue was HKD 14,303,933 thousands, an 8% year-on-year decrease, with operating service revenue increasing by 5% and construction service revenue decreasing by 49% Revenue Analysis for H1 2025 | Revenue Category | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Environmental Energy Project Construction Service Revenue | 538,839 | 1,790,227 | -70% | | Environmental Water Project Construction Service Revenue | 1,238,151 | 1,487,009 | -17% | | Green Environmental Protection Project Construction Service Revenue | 46,488 | 178,507 | -74% | | Environmental Energy Project Operation Service Revenue | 5,141,935 | 4,860,974 | +6% | | Environmental Water Project Operation Service Revenue | 1,476,891 | 1,301,259 | +13% | | Green Environmental Protection Project Operation Service Revenue | 3,188,898 | 3,157,512 | +1% | | Others | 156,371 | 267,572 | -42% | | Total Revenue from Contracts with Customers | 11,787,573 | 13,043,060 | -10% | | Finance Income from Service Concession Arrangements | 2,516,360 | 2,569,073 | -2% | | **Total Revenue** | **14,303,933** | **15,612,133** | **-8%** | - Operating service revenue accounted for **70%** of total revenue, construction service revenue for **13%**, and finance income for **17%**[45](index=45&type=chunk) - Total revenue from environmental projects and finance income from local Chinese government agencies was **HKD 12,614,382 thousands**, a year-on-year decrease of **5.4%**[22](index=22&type=chunk) [5. Profit Before Taxation](index=14&type=section&id=5.%20Profit%20Before%20Taxation) In H1 2025, the Group's profit before taxation was HKD 3,702,974 thousands, a 5% year-on-year decrease, with impairment losses on goodwill and property, plant and equipment recognized, and a net exchange gain of HKD 428,008 thousands recorded Items Deducted/Credited to Profit Before Taxation for H1 2025 | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Depreciation – Property, Plant and Equipment | 328,746 | 347,007 | | Amortisation of Intangible Assets | 730,329 | 739,877 | | Government Grants | (33,142) | (36,008) | | VAT Refunds | (353,651) | (208,618) | | Net Expected Credit Losses on Trade Receivables | 193,423 | 20,140 | | Impairment Loss on Goodwill | 65,816 | – | | Impairment Loss on Property, Plant and Equipment | 112,563 | – | | Employee Benefit Expenses | 1,676,619 | 1,714,503 | | Net Exchange Differences | 428,008 | (230,981) | - Impairment loss on property, plant and equipment of **HKD 112,563 thousands** was recognized due to the cessation of operations of certain hazardous and solid waste treatment projects[23](index=23&type=chunk) - VAT refunds significantly increased to **HKD 353,651 thousands**, indicating government support for environmental projects[23](index=23&type=chunk) [6. Finance Costs](index=15&type=section&id=6.%20Finance%20Costs) In H1 2025, the Group's total finance costs were HKD 1,249,303 thousands, a 19% year-on-year decrease, primarily due to lower interest on bank and other borrowings Finance Costs for H1 2025 | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 853,396 | 1,217,407 | | Interest on Corporate Bonds, Asset-Backed Securities and Medium Term Notes | 369,730 | 326,485 | | Interest on Lease Liabilities | 2,548 | 2,592 | | Asset-Backed Note Arrangement Fees | 23,891 | 3,429 | | Less: Interest Expense Capitalised in Construction in Progress | (262) | (2,596) | | **Total** | **1,249,303** | **1,547,317** | - The annual interest rate for capitalised borrowing costs ranged from **2.13% to 3.50%**, lower than **2.65% to 4.48%** in the prior corresponding period[24](index=24&type=chunk) [7. Income Tax](index=15&type=section&id=7.%20Income%20Tax) In H1 2025, the Group's total income tax expense was HKD 922,822 thousands, an increase from H1 2024, with no Hong Kong profits tax provision and Chinese operations taxed at 25%, some enjoying preferential rates Income Tax Expense for H1 2025 | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Current Period Provision | 888,854 | 645,306 | | Under/(Over) Provision in Prior Periods | 8,916 | (18,490) | | Deferred | 25,052 | 254,193 | | **Total Tax Expense for the Period** | **922,822** | **881,009** | - Certain Chinese subsidiaries are subject to a **50%** reduction in the standard tax rate or are fully exempt from income tax[25](index=25&type=chunk) [8. Dividends](index=16&type=section&id=8.%20Dividends) The Board declared an interim dividend of 15.0 HK cents per share for H1 2025, higher than 14.0 HK cents in H1 2024, totaling HKD 921,446 thousands Dividend Distribution for H1 2025 | Dividend Type | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interim Dividend – 15.0 HK cents per ordinary share | 921,446 | 860,017 | | Final Dividend for Previous Financial Year – 9.0 HK cents per ordinary share | 552,868 | 491,438 | - Interim dividend of **15.0 HK cents** per share, an increase of **1 HK cent** compared to the prior corresponding period[4](index=4&type=chunk)[28](index=28&type=chunk) [9. Earnings Per Share Attributable to Equity Holders of the Company](index=16&type=section&id=9.%20Earnings%20Per%20Share%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) In H1 2025, basic earnings per share attributable to equity holders was 35.92 HK cents, lower than 39.95 HK cents in H1 2024, mainly due to decreased profit attributable to equity holders Earnings Per Share for H1 2025 | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (HKD thousands) | 2,206,751 | 2,453,917 | | Number of Ordinary Shares in Issue | 6,142,975,292 | 6,142,975,292 | | Basic and Diluted Earnings Per Share (HK cents) | 35.92 | 39.95 | - The Group had no ordinary shares with potential dilutive effects in issue during H1 2025 and H1 2024[29](index=29&type=chunk) [10. Contract Assets](index=17&type=section&id=10.%20Contract%20Assets) As of June 30, 2025, the Group's total contract assets were HKD 109,523,100 thousands, an increase from year-end 2024, primarily comprising service concession arrangement assets and unbilled renewable energy tariff subsidies Composition of Contract Assets as of June 30, 2025 | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Service Concession Arrangement Assets | 103,153,387 | 101,679,370 | | Unbilled Renewable Energy Tariff Subsidies | 6,002,721 | 5,200,296 | | Other Contract Assets | 522,625 | 518,122 | | Less: Loss Allowance | (155,633) | (115,911) | | **Total** | **109,523,100** | **107,281,877** | - Service concession arrangement assets accrue interest at annual rates ranging from **3.85% to 7.83%**, with **HKD 94,652,392 thousands** related to BOT, BOO, and TOT arrangements already in operation[31](index=31&type=chunk) - All current portions of service concession arrangement assets are expected to be recovered within one year[32](index=32&type=chunk) [11. Trade and Other Receivables, Deposits and Prepayments](index=19&type=section&id=11.%20Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, the Group's total trade and other receivables, deposits, and prepayments were HKD 29,163,611 thousands, with HKD 27,064,842 thousands being current, and receivables over thirteen months constituting the largest portion Trade and Other Receivables, Deposits and Prepayments as of June 30, 2025 | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade Receivables, Net of Loss Allowance | 23,843,812 | 21,126,596 | | Other Receivables, Deposits and Prepayments, Net of Loss Allowance | 5,319,799 | 5,498,619 | | **Total** | **29,163,611** | **26,625,215** | | Current Portion | 27,064,842 | 24,713,884 | Ageing Analysis of Trade Receivables as of June 30, 2025 | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Not more than one month | 2,816,028 | 2,459,066 | | Over thirteen months | 11,459,574 | 9,875,977 | - Trade receivables primarily arise from operating services for environmental energy, environmental water, green environmental protection projects, and equipment construction and installation services for environmental projects[37](index=37&type=chunk) [12. Trade and Other Payables and Accruals](index=21&type=section&id=12.%20Trade%20and%20Other%20Payables%20and%20Accruals) As of June 30, 2025, the Group's total trade and other payables and accruals were HKD 16,776,642 thousands, with HKD 16,035,569 thousands being current, and construction payables amounting to HKD 7,412,189 thousands Trade and Other Payables and Accruals as of June 30, 2025 | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade Payables | 11,319,089 | 11,382,917 | | Other Payables, Accruals and Deferred Income – Government Grants | 5,457,553 | 5,713,321 | | **Total** | **16,776,642** | **17,096,238** | | Current Portion | 16,035,569 | 16,372,025 | Ageing Analysis of Trade Payables as of June 30, 2025 | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Not more than six months | 8,273,329 | 9,264,576 | | Over six months | 3,045,760 | 2,118,341 | - Trade payables include construction payables under BOT, BOO, and TOT arrangements of **HKD 7,412,189 thousands**[41](index=41&type=chunk) [Business Review and Outlook](index=23&type=section&id=Business%20Review%20and%20Outlook) [Operating Performance](index=23&type=section&id=Operating%20Performance) In H1 2025, the Group maintained stable operating performance with an 8% decrease in revenue and a 10% decrease in profit attributable to equity holders, while optimizing financing and declaring an interim dividend [Business Overview](index=23&type=section&id=Business%20Overview) The Group's H1 2025 revenue was HKD 14,303,933 thousands, an 8% year-on-year decrease, with operating service revenue up 5% and construction service revenue down 49% - The Group adheres to the 'seeking progress while maintaining stability, promoting stability through practical actions' principle, actively implementing the 'Two Modernizations and One Type' (technological, international, ecological) development strategy, and fully advancing its 'Second Entrepreneurship'[43](index=43&type=chunk) Key Operating Performance Indicators for H1 2025 | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 14,303,933 | 15,612,133 | -8% | | Earnings Before Interest, Tax, Depreciation and Amortisation | 6,047,957 | 6,550,295 | -8% | | Profit Attributable to Equity Holders of the Company | 2,206,751 | 2,453,917 | -10% | | Basic Earnings Per Share (HK cents) | 35.92 | 39.95 | -10% | - Operating service revenue was **HKD 9,943,304 thousands**, a **5%** year-on-year increase; construction service revenue was **HKD 1,844,269 thousands**, a **49%** year-on-year decrease[45](index=45&type=chunk) [Financing Arrangements](index=24&type=section&id=Financing%20Arrangements) The Group diversified financing channels, optimizing its structure by issuing medium-term notes and asset-backed securities, maintaining low comprehensive funding costs, and holding HKD 8.842 billion in cash as of June 30, 2025 - The Group and its listed subsidiaries successfully issued medium-term notes and asset-backed securities, optimizing the financing instrument structure[45](index=45&type=chunk) - In H1 2025, approximately **RMB 50 million** in various government grants were received[45](index=45&type=chunk) - As of June 30, 2025, the Group held **HKD 8.842 billion** in cash, indicating a healthy financial position[45](index=45&type=chunk) Key Financing Arrangements for H1 2025 | Issue Date | Financing Arrangement and Use of Proceeds | Issue Size (RMB) | | :--- | :--- | :--- | | January 2025 | Everbright Water issued the first tranche of medium-term notes | 1.5 billion | | January 2025 | Everbright Greentech issued the first tranche of carbon-neutral green asset-backed securities | 0.653 billion | | April 2025 | The Company issued the first tranche of perpetual medium-term notes | 1.5 billion | | June 2025 | Everbright Environmental (China) Limited issued the first tranche of technology innovation bonds | 1 billion | [Corporate Governance and Dividends](index=26&type=section&id=Corporate%20Governance%20and%20Dividends) The Board declared an interim dividend of 15.0 HK cents per share, a 42% payout ratio, up 7 percentage points year-on-year, while enhancing corporate governance, board diversity, and establishing a Sustainability Committee - Interim dividend of **15.0 HK cents** per share, with a payout ratio of **42%**, an increase of **7 percentage points** compared to H1 2024[49](index=49&type=chunk) - Appointed Ms. Qu Li as Non-executive Director and Professor Zhang Xiang as Independent Non-executive Director, enhancing board diversity[49](index=49&type=chunk) - Established a Sustainability Committee under the Board and implemented President's Office Meeting and Special Management Meeting mechanisms[49](index=49&type=chunk) [Business Presence and Projects](index=26&type=section&id=Business%20Presence%20and%20Projects) As of June 30, 2025, the Group's operations spanned 229 cities/counties in 25 Chinese provinces and 16 overseas countries, with 604 environmental projects totaling approximately RMB 164.307 billion in investment, including 4 new projects and several light-asset contracts in H1 - Business presence in **229 cities/counties** across **25 provinces** (municipalities), autonomous regions in China, and overseas markets in **16 countries** including Germany, Poland, Vietnam, and Uzbekistan[50](index=50&type=chunk) - Invested in **604 environmental projects**, with a total investment of approximately **RMB 164.307 billion**[50](index=50&type=chunk) Design Treatment and Supply Capacity of Major Business Categories as of June 30, 2025 | Project Category | Design Treatment/Supply Capacity | | :--- | :--- | | Municipal Solid Waste | 162,900 tonnes/day | | Food Waste and Kitchen Waste | 8,743 tonnes/day | | Water Treatment and Supply | 7,618,600 cubic meters/day | | Biomass Raw Materials | 8,259,800 tonnes/year | | Steam and Heat Supply | 8,217,495 tonnes/year | | Photovoltaic Power Generation, Wind Power Generation | 272.12 MW | | Energy Storage Capacity | 22.20 MW | - In H1, **4 new projects** were invested, with a total investment of approximately **RMB 2.396 billion**; new light-asset business contracts totaled approximately **RMB 520 million**[52](index=52&type=chunk) - Breakthrough in Central Asian solid waste treatment market with two waste-to-energy projects in Uzbekistan; plans to establish representative offices in Indonesia, Vietnam, Central Asia, and other regions[51](index=51&type=chunk) [Innovation Empowerment](index=29&type=section&id=Innovation%20Empowerment) The Group established a comprehensive R&D system, focusing on '3+1' key research topics like fly ash resource utilization, successfully commissioning an anaerobic ammonia oxidation system in Zhejiang Ninghai, and achieving international leading levels in anaerobic MBR leachate treatment technology, holding 2,240 authorized intellectual properties as of June 30, 2025 - Established a comprehensive R&D institutional system, revising core policies such as the 'Science and Technology Expense Management Measures'[53](index=53&type=chunk) - China's first waste-to-energy project anaerobic ammonia oxidation system successfully commissioned at Zhejiang Ninghai waste-to-energy project[53](index=53&type=chunk) - Anaerobic Membrane Bioreactor (MBR) technology for leachate treatment was assessed to be at an international leading level[53](index=53&type=chunk) Authorized Patents and Key Technical Papers Published as of June 30, 2025 | Item | H1 2025 | As of June 30, 2025 (Cumulative) | | :--- | :--- | :--- | | Authorized Intellectual Properties (items) | 91 | 2,240 | | Invention Patents | 35 | 317 | | Utility Model Patents | 50 | 1,530 | | Software Copyrights | 6 | 338 | | Design Patents | – | 55 | | Key Papers Published (articles) | 2 | 104 | [Operations Management and Project Construction](index=30&type=section&id=Operations%20Management%20and%20Project%20Construction) The Group enhanced operational efficiency through refined management, with Environmental Energy's waste-to-energy output up 3% and plant power consumption down 0.3 percentage points, Environmental Water's sewage treatment volume stable, Green Environmental Protection's biomass fuel acquisition price down 8%, and 7 projects completed and 7 new projects commenced in H1 - Environmental Energy segment's average power generation per tonne of waste incinerated was approximately **460 kWh**, a **3%** year-on-year increase[56](index=56&type=chunk) - Environmental Energy segment's integrated plant power consumption rate was approximately **14.7%**, a **0.3 percentage point** year-on-year decrease[56](index=56&type=chunk) - Environmental Water segment's sewage treatment volume was approximately **835.1 million cubic meters**, largely consistent with H1 2024[56](index=56&type=chunk) - Green Environmental Protection segment's biomass fuel acquisition unit price decreased by **8%** year-on-year[56](index=56&type=chunk) - In H1, **7 projects** were completed and put into operation, **3 projects** were completed; **7 new projects** commenced construction[56](index=56&type=chunk) [Environmental Contribution and Social Responsibility](index=30&type=section&id=Environmental%20Contribution%20and%20Social%20Responsibility) The Group actively promoted energy conservation and emission reduction, treating 28.572 million tonnes of municipal solid waste and providing 14.836 billion kWh of green electricity, reducing COD emissions by 421,000 tonnes in H1 2025, while continuously fulfilling corporate social responsibility through public environmental education, with 226 projects open to the public Key Environmental Contributions for H1 2025 | Treatment Scale | Environmental Contribution | | :--- | :--- | | Municipal solid waste treated: 28,572,000 tonnes | Provided 14,836,000,000 kWh of green electricity; saved 5,935,000 tonnes of standard coal; offset 18,895,000 tonnes of CO2 emissions | | Sewage treated: 835,143,000 cubic meters | Reduced Chemical Oxygen Demand (COD) emissions by 421,000 tonnes | Cumulative Key Environmental Contributions of the Group (since the first project commenced operation in 2005) | Treatment Scale | Environmental Contribution | | :--- | :--- | | Municipal solid waste treated: 355,099,000 tonnes | Provided 173,865,000,000 kWh of green electricity; saved 69,546,000 tonnes of standard coal; offset 144,951,000 tonnes of CO2 emissions | | Sewage treated: 19,079,705,000 cubic meters | Reduced COD emissions by 7,899,000 tonnes | - As of June 30, 2025, the Group had a cumulative total of **226 environmental projects** open to the public, receiving approximately **20,000 visitors** in H1[57](index=57&type=chunk) [Awards and Accolades](index=32&type=section&id=Awards%20and%20Accolades) In H1 2025, the Group received numerous domestic and international awards for business operations, sustainable development, and social responsibility, including being featured in 'China's Solutions for Waste Incineration,' winning the 'Golden Lotus Award,' and being listed among 'China's Top Ten Influential Water Enterprises' - The Group was selected as one of the top ten representatives in 'China's Solutions for Waste Incineration' and awarded the 'Golden Lotus Award'[58](index=58&type=chunk) - Everbright Water was listed among 'China's Top Ten Influential Water Enterprises' for the **eighth consecutive year**[58](index=58&type=chunk) - Self-developed water-cooled grate complete equipment and battery recycling resource utilization complete equipment were selected for the 'First (Set) Major Technical Equipment Insurance Compensation Project'[60](index=60&type=chunk) - The Group's Zhejiang Quzhou waste-to-energy project was awarded the 'National AAA-level Municipal Solid Waste Incineration Plant' honor, becoming the **20th project** of the Group to receive this title[61](index=61&type=chunk) - The Group was included in 'The Sustainability Yearbook' (eighth time) and 'The Sustainability Yearbook (China Edition)' (third consecutive year)[65](index=65&type=chunk) - Multiple projects of the Group were included in the 'National List of Open Environmental Facilities and Urban Sewage and Waste Treatment Facilities' and the 'List of Youth Ecological Civilization Education Practice Venues'[67](index=67&type=chunk) [Environmental Energy](index=37&type=section&id=Environmental%20Energy) Environmental Energy, a core business segment, contributed HKD 4,237,222 thousands in EBITDA in H1 2025, up 6% year-on-year, and HKD 2,566,785 thousands in profit attributable to the Group, up 12%, achieving a breakthrough in Central Asian solid waste treatment and increasing waste-to-energy output by 3% - Environmental Energy segment contributed **HKD 4,237,222 thousands** in EBITDA, a **6%** year-on-year increase; contributed **HKD 2,566,785 thousands** in profit attributable to the Group, a **12%** year-on-year increase[72](index=72&type=chunk) - As of June 30, 2025, **286 projects** were invested, with a total investment of approximately **RMB 101.228 billion**[68](index=68&type=chunk) - Achieved a breakthrough in the Central Asian solid waste treatment market with waste-to-energy projects in Fergana and Namangan provinces, Uzbekistan[70](index=70&type=chunk) - Waste-to-energy projects generated an average of approximately **460 kWh** per tonne of waste incinerated, a **3%** year-on-year increase; the integrated plant power consumption rate was approximately **14.7%**, a **0.3 percentage point** year-on-year decrease[71](index=71&type=chunk) Key Operating Data for Environmental Energy in H1 2025 | Indicator | 2025 (tonnes/MWh) | 2024 (tonnes/MWh) | Percentage Change | | :--- | :--- | :--- | :--- | | Waste Treated | 26,498,000 | 25,978,000 | 2% | | Food Waste, Kitchen Waste, Sludge and Other Waste Treated | 4,568,000 | 1,652,000 | 177% | | On-grid Power Generation | 8,859,563 | 8,395,422 | 6% | [Environmental Water](index=40&type=section&id=Environmental%20Water) Environmental Water segment contributed HKD 1,192,208 thousands in EBITDA in H1 2025, a 1% year-on-year decrease, and HKD 408,927 thousands in profit attributable to the Group, a 4% decrease, mainly due to increased exchange losses, while optimizing business layout, expanding light-asset businesses, and operating photovoltaic power generation equipment in 12 projects - Environmental Water segment contributed **HKD 1,192,208 thousands** in EBITDA, a **1%** year-on-year decrease; contributed **HKD 408,927 thousands** in profit attributable to the Group, a **4%** year-on-year decrease[77](index=77&type=chunk) - The decrease in profit was primarily due to a year-on-year increase in recognized exchange losses during the review period[77](index=77&type=chunk) - As of June 30, 2025, **170 projects** were invested, with a total investment of approximately **RMB 31.630 billion**[74](index=74&type=chunk) - New light-asset business contracts totaled approximately **RMB 60 million**, with an additional design capacity of **10,000 cubic meters/day** for industrial wastewater treatment[76](index=76&type=chunk) - As of June 30, 2025, photovoltaic power generation equipment in **12 projects** commenced operation, with a total installed capacity of approximately **20 MW**[76](index=76&type=chunk) Key Operating Data for Environmental Water in H1 2025 | Indicator | 2025 (thousand cubic meters) | 2024 (thousand cubic meters) | Percentage Change | | :--- | :--- | :--- | :--- | | Sewage Treated | 835,143 | 835,360 | 0% | | Reclaimed Water Reused | 19,324 | 22,450 | -14% | [Green Environmental Protection](index=42&type=section&id=Green%20Environmental%20Protection) Green Environmental Protection segment contributed HKD 987,264 thousands in EBITDA in H1 2025, an 11% year-on-year decrease, and HKD 139,484 thousands in profit attributable to the Group, a 30% increase, mainly due to enhanced operational efficiency through refined management, securing its first bio-natural gas project, increasing heat and steam supply by 27%, and reducing biomass fuel acquisition price by 8% - Green Environmental Protection segment contributed **HKD 987,264 thousands** in EBITDA, an **11%** year-on-year decrease; contributed **HKD 139,484 thousands** in profit attributable to the Group, a **30%** year-on-year increase[82](index=82&type=chunk) - The increase in profit was primarily due to enhanced operational efficiency and profitability through refined management initiatives[82](index=82&type=chunk) - As of June 30, 2025, **143 projects** were invested, with a total investment of approximately **RMB 30.827 billion**[79](index=79&type=chunk) - Secured its first bio-natural gas project, marking a significant breakthrough in high-value biomass utilization[80](index=80&type=chunk) - Heat and steam supply from related projects increased by approximately **27%** year-on-year; biomass fuel acquisition unit price decreased by **8%** year-on-year[81](index=81&type=chunk) Key Operating Data for Green Environmental Protection in H1 2025 | Indicator | 2025 (tonnes/MWh) | 2024 (tonnes/MWh) | Percentage Change | | :--- | :--- | :--- | :--- | | Waste Treated | 2,074,000 | 2,057,000 | 1% | | Biomass Raw Materials Treated | 3,742,000 | 3,883,000 | -4% | | Hazardous and Solid Waste Disposed | 240,000 | 247,000 | -3% | | Steam Supplied | 2,176,000 | 1,707,000 | 27% | | On-grid Power Generation | 3,426,000 | 3,335,000 | 3% | [Equipment Manufacturing](index=45&type=section&id=Equipment%20Manufacturing) The Equipment Manufacturing segment continued to deepen its presence in the domestic market and expand overseas, signing 8 export contracts for complete sets of equipment totaling approximately RMB 112 million in H1, with its self-developed fly ash low-temperature pyrolysis and water washing technology gaining authoritative recognition, and small-scale modular solid waste incineration technology rated as internationally advanced - Continued to deepen its presence in the domestic market and expand overseas, signing supply contracts for high-energy incinerators in Thailand and slag removers in India, and winning the bid for the Langkawi Phase I renovation project in Malaysia[84](index=84&type=chunk) - In H1, **8 export contracts** for complete sets of equipment were signed, with a total contract value of approximately **RMB 112 million**[85](index=85&type=chunk) - Self-developed fly ash low-temperature pyrolysis and water washing technology passed expert review and gained authoritative recognition[86](index=86&type=chunk) - 'Small-scale Modular Solid Waste Incineration Technology and Engineering Application' was rated as internationally advanced[86](index=86&type=chunk) [Environmental Research Institute](index=47&type=section&id=Environmental%20Research%20Institute) The Environmental Research Institute, as the Group's engine for scientific research and innovation, steadily advanced '3+1' key R&D directions, including fly ash resource utilization, waste-to-carbon, biomass saccharification, and micro-grate furnace technology, successfully commissioning an anaerobic ammonia oxidation system in Zhejiang Ninghai and promoting the commercialization of multiple technological achievements - Steadily advanced '3+1' key R&D directions, including fly ash resource utilization, waste-to-carbon, biomass saccharification, and micro-grate furnace technology[87](index=87&type=chunk) - The anaerobic ammonia oxidation system has been successfully commissioned at the Group's Zhejiang Ninghai waste-to-energy project[87](index=87&type=chunk) - Continuously promoted the commercialization of technological achievements such as Automatic Combustion Control (ACC) and Semi-dry Flue Gas Automatic Control (AFC)[87](index=87&type=chunk) [Outlook](index=48&type=section&id=Outlook) The Group aims to become a world-class environmental comprehensive service provider with Chinese characteristics, focusing on annual targets, strategic leadership, employee incentives, and systematic team optimization, while executing strategy, expanding investment, increasing revenue, controlling costs, forward-looking planning, and risk prevention to ensure a successful conclusion to the '14th Five-Year Plan' and a strong start to the '15th Five-Year Plan' - Aims to build a 'world-class environmental comprehensive service provider with Chinese characteristics'[88](index=88&type=chunk) - Focus on strategic execution, systematically optimizing the '15th Five-Year Plan' strategic planning, and ensuring the implementation of strategic goals[88](index=88&type=chunk) - Strive to increase overseas business contributions, seize M&A opportunities, and expand core businesses[88](index=88&type=chunk) - Implement multiple measures to strengthen operational cost reduction and efficiency improvement, cultivate new growth drivers, and promote the construction of technology innovation platforms[88](index=88&type=chunk) - Orderly dispose of non-performing assets, vigorously pursue accounts receivable recovery, and strictly and practically ensure safe production[88](index=88&type=chunk) [Management Discussion and Analysis](index=49&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Position](index=49&type=section&id=Financial%20Position) As of June 30, 2025, the Group's total assets were approximately HKD 192,228,976 thousands, net assets HKD 70,539,201 thousands, net asset value per share increased by 7% to HKD 8.412, and the asset-liability ratio decreased by 1 percentage point to 63% Financial Position Overview as of June 30, 2025 | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 192,228,976 HKD thousands | 186,027,024 HKD thousands | | Net Assets | 70,539,201 HKD thousands | 66,416,576 HKD thousands | | Net Asset Value Per Share Attributable to Equity Holders of the Company | 8.412 HKD | 7.848 HKD | | Asset-Liability Ratio | 63% | 64% | - Net asset value per share attributable to equity holders of the Company increased by **7%** compared to year-end 2024[89](index=89&type=chunk) [Financial Resources](index=49&type=section&id=Financial%20Resources) The Group maintains a prudent approach to cash and financial management, holding approximately HKD 8,841,584 thousands in cash and bank balances as of June 30, 2025, a 10% increase from year-end 2024, with most cash held in HKD and RMB - As of June 30, 2025, the Group held approximately **HKD 8,841,584 thousands** in cash and bank balances, a **10%** increase from year-end 2024[90](index=90&type=chunk) - The majority of the Group's cash and bank balances, approximately **98%**, were denominated in HKD and RMB[90](index=90&type=chunk) [Indebtedness](index=49&type=section&id=Indebtedness) As of June 30, 2025, the Group's total outstanding interest-bearing borrowings were approximately HKD 93,490,211 thousands, a 2% increase from year-end 2024, primarily denominated in RMB and mostly at floating interest rates - As of June 30, 2025, total outstanding interest-bearing borrowings were approximately **HKD 93,490,211 thousands**, a **2%** increase from year-end 2024[91](index=91&type=chunk) - Borrowings included secured interest-bearing borrowings of **HKD 38,896,560 thousands** and unsecured interest-bearing borrowings of **HKD 54,593,651 thousands**[91](index=91&type=chunk) - The Group's bank facilities amounted to **HKD 97,417,565 thousands**, of which **HKD 33,447,256 thousands** remained unutilized[91](index=91&type=chunk) [Foreign Exchange Risk](index=50&type=section&id=Foreign%20Exchange%20Risk) The Group's primary operations are in mainland China, with most assets, borrowings, and transactions denominated in RMB, creating a natural hedge, and foreign exchange risk is managed through matching currency borrowings and financial instruments - China is the Group's primary business location, accounting for over **95%** of total investment and revenue[92](index=92&type=chunk) - The majority of assets, borrowings, and major transactions are denominated in RMB, forming a natural hedge[92](index=92&type=chunk) [Pledge of Assets](index=50&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's pledged assets and equity interests in subsidiaries had a total net book value of approximately HKD 101,560,680 thousands, used for certain bank facilities and lease liabilities - Total net book value of pledged assets and equity interests in subsidiaries was approximately **HKD 101,560,680 thousands**[93](index=93&type=chunk) - Pledged assets include certain revenue and receivables under service concession arrangements, bank deposits, property, plant and equipment, right-of-use assets, and equity interests in subsidiaries[93](index=93&type=chunk) [Commitments](index=50&type=section&id=Commitments) As of June 30, 2025, the Group's contractual commitments for construction contracts amounted to HKD 643,430 thousands - Contractual commitments for construction contracts amounted to **HKD 643,430 thousands**[94](index=94&type=chunk) [Contingent Liabilities](index=50&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Company provided financial guarantees for subsidiaries with a maximum liability of HKD 245,495 thousands, which the Board believes are unlikely to result in claims - The Company provided financial guarantees for subsidiaries, with a maximum liability of **HKD 245,495 thousands**[95](index=95&type=chunk) [Internal Management](index=51&type=section&id=Internal%20Management) The Group continuously improved its management structure, regularly holding President's Office meetings to review operational management and ensure sustainable development, with clear departmental responsibilities, sound internal control processes, and a commitment to establishing a robust risk management culture to comprehensively strengthen management and control risks - The Group's management regularly holds President's Office meetings to review current operations and management status[96](index=96&type=chunk) - The Group is committed to establishing a sound risk management culture and implementing effective risk management models[96](index=96&type=chunk) - Continuously upholds 'safe and stable operation, compliant discharge' as the fundamental principle of safety and environmental management, comprehensively investigating and rectifying safety and environmental risks and hidden dangers[97](index=97&type=chunk) [Human Resources](index=52&type=section&id=Human%20Resources) The Group highly values human resource management, strengthening talent development through internal training, social recruitment, overseas recruitment, and campus recruitment, employing approximately 15,000 staff as of June 30, 2025, and offering diverse development platforms and benefits - Strengthened talent development through internal training, social recruitment, overseas recruitment, and campus recruitment[98](index=98&type=chunk) - Established Asset Preservation Management Department, Market Development Department, and adjusted the Information and Network Security Leading Group, among others[98](index=98&type=chunk) - As of June 30, 2025, the Group employed approximately **15,000 staff** in total[99](index=99&type=chunk) - Provided cross-segment, cross-regional rotation and internal recruitment opportunities to unleash employee potential[98](index=98&type=chunk) [Key Risks and Uncertainties](index=53&type=section&id=Key%20Risks%20and%20Uncertainties) The Group continuously advanced risk management, effectively controlling risks related to accounts receivable, environmental compliance and safety management, market competition, policy changes, procurement compliance, operational stability, and personnel allocation - Key risks include accounts receivable risk, environmental compliance and safety management risk, market competition risk, policy change risk, procurement compliance risk, operational stability risk, and personnel allocation risk[100](index=100&type=chunk) [Environmental and Social Management](index=53&type=section&id=Environmental%20and%20Social%20Management) The Group highly prioritizes environmental and social impacts, establishing a comprehensive safety and environmental management system, strictly adhering to national laws and regulations, and proactively disclosing project emission data and environmental management information to ensure all projects operate in compliance - The Group has established a comprehensive safety and environmental management system and continuously implements relevant management policies[101](index=101&type=chunk) - Implemented a full-staff safety production responsibility system, clarifying safety production and environmental management responsibilities and assessment standards[101](index=101&type=chunk) - Waste-to-energy project design and operation fully comply with all applicable national environmental regulations and standards, with daily average flue gas online monitoring indicators superior to the EU Industrial Emissions Directive[103](index=103&type=chunk) - Proactively discloses project emission data and environmental management information on the company website and links to the National Ministry of Ecology and Environment's automatic monitoring information disclosure platform[103](index=103&type=chunk) [Corporate Governance](index=54&type=section&id=Corporate%20Governance) [Compliance with the Corporate Governance Code](index=54&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Group adheres to high standards of corporate governance, adopting the Corporate Governance Code in Appendix C1 of the Listing Rules, and complied with all applicable code provisions in H1 2025, except for the Chairman's absence from the AGM due to other important commitments - The Group has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules as its corporate governance practices[105](index=105&type=chunk) - In H1 2025, the Company complied with all applicable code provisions, except for the Chairman's inability to attend the Annual General Meeting[105](index=105&type=chunk) [Standard Code for Securities Transactions by Directors](index=55&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Group adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as guidance, and all directors confirmed compliance during their tenure in H1 2025 - The Group adopted the 'Standard Code for Securities Transactions by Directors of Listed Issuers' as a guide for directors' dealings in the Company's securities[107](index=107&type=chunk) - All Directors confirmed compliance with the 'Standard Code' throughout their tenure in H1 2025[107](index=107&type=chunk) [Interim Dividend](index=55&type=section&id=Interim%20Dividend) The Board declared an interim dividend of 15.0 HK cents per share for the six months ended June 30, 2025, payable on October 20, 2025, to shareholders on record as of September 26, 2025 - The Board declared an interim dividend of **15.0 HK cents** per share for the six months ended June 30, 2025[108](index=108&type=chunk) - The dividend will be paid on **October 20, 2025**, to shareholders whose names appear on the Company's register of members on **September 26, 2025**[108](index=108&type=chunk) [Closure of Register of Members](index=56&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the Company will suspend share transfer registration from September 24 to September 26, 2025 (both dates inclusive) - To determine shareholders' eligibility for the interim dividend, the Company will suspend share transfer registration from **September 24 to September 26, 2025** (both dates inclusive)[109](index=109&type=chunk) [Purchase, Sale or Redemption of the Company’s Listed Securities](index=56&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%E2%80%99s%20Listed%20Securities) In H1 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - In H1 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[110](index=110&type=chunk) [Review of Interim Financial Results](index=56&type=section&id=Review%20of%20Interim%20Financial%20Results) The Company's Audit Committee reviewed the interim financial results for the six months ended June 30, 2025, for Board approval - The Company's Audit Committee has reviewed the Company's interim financial results for the six months ended June 30, 2025, for Board approval[111](index=111&type=chunk) [Publication of Interim Results and Interim Report](index=57&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement is published on the Company's and HKEX websites, and the 2025 interim report, containing all information required by the Listing Rules, will be published and dispatched to shareholders in due course - This announcement is published on the Company's website and the HKEX website[112](index=112&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be published on the Company's and HKEX websites and dispatched to shareholders in due course[112](index=112&type=chunk) [Board of Directors](index=57&type=section&id=Board%20of%20Directors) The Board of Directors comprises two executive directors, two non-executive directors, and three independent non-executive directors - The Board of Directors includes two executive directors (Mr. Wang Silian, Mr. Luan Zusheng), two non-executive directors (Mr. Kang Guoming, Ms. Qu Li), and three independent non-executive directors (Mr. Fan Renhe, Ms. Li Shuxian, Professor Zhang Xiang)[114](index=114&type=chunk)

Summary of the Conference Call for Guangda Environment Industry Overview - Guangda Environment operates in the waste incineration power generation sector, with a daily operational capacity of nearly 140,000 tons, leading the industry in scale [2][3] - The waste incineration power generation industry expanded rapidly from 2015 to 2020, reaching a national daily capacity of 1.1 million tons with a utilization rate of approximately 70% [2][6] Key Points and Arguments - **Financial Performance**: Guangda Environment is expected to achieve its first positive free cash flow since its listing in 2024, which may lead to an increase in dividend payout ratio [2][4] - **Capital Expenditure**: The company's capital expenditure has decreased from a peak of 20 billion to 5 billion in 2024, with further reductions anticipated, contributing to financial stability [2][6] - **Water Treatment Segment**: Guangda Water has a sewage treatment capacity exceeding 6 million tons per day, with treatment prices rising from 1.22 RMB to 1.70 RMB from 2017 to 2022. However, the collection rate has declined due to local government financial issues [2][7] - **Biomass Power Generation**: The biomass power generation projects benefit from national subsidies, with Guangdong province having allocated part of its owed funds, improving profitability [2][8] - **Accounts Receivable**: The company has high accounts receivable, primarily due to the high costs associated with biomass power generation, which relies on national subsidies. Slow reimbursement of these subsidies is a reason for the company's low valuation [2][10][11] Risks and Future Outlook - **Earnings Forecast**: The company anticipates a slight decline in mid-2025 earnings due to reduced construction revenue, impairment operations, and foreign exchange losses. However, cash flow is expected to improve [2][12] - **Asset Quality**: The company has over 10 billion in accounts receivable, with total liabilities nearing 100 billion, indicating pressure on absolute value metrics [2][10] - **Regional Distribution**: Guangda Environment's projects are concentrated in economically developed regions, with a capacity utilization rate exceeding 90%, close to 100% [2][14] Additional Insights - **International Expansion**: The company is actively expanding into overseas markets, securing two waste incineration projects in Vietnam and Uzbekistan, each with an investment of approximately 1 billion RMB [2][5] - **Government Support**: The central government has budgeted approximately 120 billion RMB for renewable energy subsidies, indicating ongoing support for the sector, although it may not fully meet all funding needs [2][20] - **Collaboration with Local Governments**: Guangda Environment is working with local governments in cities like Tianjin, Hangzhou, and Suzhou to promote collaborative projects between IDC and waste incineration, although progress may be slow [2][21]

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7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: | 2025年8月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 (B). 承諾發行發行人股份的權證 不適用 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 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 | | | | | | ...

今日，大小盘指数走势分化，上证指数全天宽幅震荡。 截至收盘，上证指数涨0.17%，报3615.72点；深证成指跌0.77%，创业板指跌1.62%。全市场成交额超1.87万亿元。 盘面上，今日上午，权重板块全线上扬，银行、保险、钢铁等板块集体走强，午后震荡回落，收盘涨幅收窄。三胎概念午后走强，14时11分，贝因美 （002570）（002570）直线冲高，3分钟涨停。影视院线、可燃冰等板块走高，创新药概念继续活跃。 值得注意的是，电池、数字货币、多元金融板块、兵装重组概念、稀土永磁等近期热门题材今天集体回调。 母婴概念股午后异动 今日午后，三胎概念股、母婴概念股、乳业板块异动拉升。 14时11分，贝因美（002570）直线冲高，3分钟涨停。截至收盘，贝因美报7.39元/股；阳光乳业（001318）、泰慕士（001234）涨停，孩子王 （301078）、爱婴室（603214）等跟涨。 | | 贝因美 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 002570 融 深股通 L1 | | | | | | | 高 7.39 | | 7.39 | ...

Summary of the Conference Call for Everbright Environment Company Overview - **Company**: Everbright Environment - **Period**: First half of 2025 Key Points Financial Performance - Revenue decreased by approximately 1 billion HKD in the first half of 2025, primarily due to the appreciation of RMB against HKD and impairment of fixed assets in hazardous waste business, although core profitability remained stable and showed slight improvement [2][3] - Free cash flow was positive in the first half of 2025, benefiting from reduced capital expenditures, but national subsidy recovery was lower than the same period last year [2][4] - The company plans to maintain a stable dividend, with discussions ongoing among management, including the CEO and CFO, to formulate an actionable plan [2][5][6] National Subsidy Recovery - Progress was noted in national subsidies, with some previously unlisted projects now included in the social list, potentially converting to receivables within the year [2][8] - The Ministry of Finance is raising 200 billion RMB to address subsidy arrears, which could positively impact cash recovery [2][8] Capital Expenditure - Total capital expenditure for 2025 is expected to be controlled between 4 to 5 billion HKD, influenced by the progress of international projects, particularly in Uzbekistan [2][10] - The water and green environmental sectors are projected to have capital expenditures of approximately 1.5 billion HKD and 450 to 500 million HKD, respectively [11] Uzbekistan Projects - Two new projects in Uzbekistan commenced in April 2025, with a total investment of 2.16 billion RMB, benefiting from higher processing and electricity fees compared to domestic rates [12][13] - The projects operate under a 100% guaranteed model, ensuring payment even if actual processing volume is below capacity [12][13] Waste Treatment Sector - The hazardous waste sector underwent fixed asset impairment in the first half of 2025 to stabilize annual performance, with processing prices showing some recovery but not significantly improved [2][9] Operational Efficiency and New Revenue Streams - The company is expanding into kitchen waste treatment and heating services to diversify income sources, with a focus on developing the IDC business in collaboration with major operators [17][18] - The heating business aims to increase output from 6 million tons in 2024 to at least 7 million tons in 2025, as it has a higher profit margin than power generation [17][18] Reducing Dependence on National Subsidies - Measures to reduce reliance on national subsidies include adjusting processing fees and developing new business lines such as heating and kitchen waste treatment [21] - The company aims to eliminate dependence on national subsidies by 2030 through various operational improvements and revenue diversification strategies [21] Shareholder Engagement - The new chairman values shareholder feedback and incorporates it into decision-making processes, ensuring ongoing communication with investors [25] Additional Important Information - The company is currently working on eight power network construction projects with a total investment of approximately 1.4 billion RMB to enhance operational efficiency and support new business developments [20] - The company is actively pursuing ABN or ABS financing models, contingent on stable national subsidy recovery [15]

Group 1 - Human robot concept stocks surged on June 19, with notable gains in several companies, including Zhongjing Electronics, Jiangsu Leili, Shuanglin Co., and Hanwei Technology [1][2] - Jiangsu Leili's stock rose by 11.76% to 40.20, while Zhongjing Electronics hit the daily limit with a price of 9.91, reflecting a 9.99% increase [2] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs announced a pilot program for smart elderly care service robots, set to run from 2025 to 2027, requiring extensive application validations [1][2] Group 2 - The first professional exhibition for humanoid robots in China, the 2025 Hangzhou International Humanoid Robot and Robot Technology Exhibition, is set to take place, featuring major companies like Tesla [3] - Tesla's CEO Elon Musk revealed the development of the third-generation Optimus robot, expected to improve coordination and complex task execution, with a production target of 100,000 units next year [3] - China Mobile, in collaboration with partners, launched the world's first humanoid robot based on 5G-Advanced technology, enhancing connectivity and operational capabilities [3] Group 3 - Morgan Stanley predicts China's humanoid robot market will grow at a rate of 63% annually, from $300 million this year to $3.4 billion by 2030, with an expected 252,000 units by 2030 [4] - The report indicates that by 2050, China will have 302 million humanoid robots, accounting for 30% of the global total [4] - Analysts suggest that the humanoid robot sector is entering a golden cycle of technological breakthroughs, mass production, and market penetration, positioning it as a core investment theme by 2025 [5]

Core Viewpoint - The transformation and upgrade of the environmental protection industry are driven by green productivity, which is essential for achieving high-quality development and ecological governance [1][2][3]. Group 1: Industry Transformation - The environmental protection industry is undergoing a comprehensive transformation in positioning, logic, and connotation, moving beyond traditional end-of-pipe treatment to become a key player in promoting green transition [2][3]. - The strategic value of the environmental protection industry is reflected in three aspects: as a practical carrier for ecological civilization, a crucial support for economic transformation, and a strategic point for international competition [2][3]. Group 2: Economic and Policy Environment - The environmental protection industry is entering a golden period of innovation and upgrade, with annual revenue expected to exceed 2.2 trillion yuan by 2024, indicating significant scale benefits [4]. - A supportive policy environment is being established, with multiple ministries collaborating to enhance technological innovation in the ecological environment sector, providing financial and talent support for enterprises [5]. Group 3: Technological Advancements - New technologies and models are emerging, such as biogas production from organic waste and zero-carbon park solutions, which are facilitating the green transition of traditional manufacturing sectors [6]. - The industry has seen a rapid increase in R&D investment, with an average annual growth rate of 12% over the past five years, reaching over 80 billion yuan in 2023 [7]. Group 4: Talent Development - The environmental protection industry has seen a significant increase in workforce, with over 3.4 million employees by the end of 2024, indicating a growing talent pool [7]. - The structure of talent is improving, with a notable number of graduates entering the industry, enhancing the capacity for high-quality development [7]. Group 5: Collaborative Development - Developing green productivity requires a collaborative effort across society, with enterprises needing to enhance their role in market-driven innovation and actively participate in global environmental governance [8][9]. - A focus on common key technology breakthroughs is essential to reshape the technological system of the environmental protection industry, addressing new demands for pollution reduction and carbon neutrality [9].