Summary of the Conference Call for Guangda Environment Industry and Company Overview - Guangda Environment is actively expanding its overseas market presence, particularly in Central Asia and Southeast Asia, with a focus on risk control and investment return rates [2][5][6] Key Points and Arguments Overseas Market Expansion - Guangda Environment has signed projects in Uzbekistan with a total investment of 1.08 billion RMB, expected to be operational by mid-2027, holding an 88% stake [2][5] - The company is also exploring potential projects in Vietnam, Malaysia, Indonesia, and the Middle East [2][5] Investment Return Rates - The target Equity Internal Rate of Return (IRR) for overseas projects is set at no less than 10%, with some projects in Vietnam achieving over 15% IRR [2][6] - The new projects in Uzbekistan are projected to have an IRR close to 12% [2][6] Financial Performance - Financial expenses significantly decreased from 3.23% to 2.72% year-on-year, attributed to interest rate reductions and the replacement of high-interest loans, totaling nearly 24.4 billion RMB [2][14] - Free cash flow turned positive for the first time in 2024, reaching 4.04 billion RMB, with 2 billion RMB in the first half of 2025, a significant year-on-year increase [3][17] Dividend Policy - Despite a 24% decline in 2024 earnings, the company maintained a stable dividend policy, with an increase of 1 cent per share [3][18] - The dividend payout ratio is expected to rise from 42% to 45% [3][18] Capital Expenditure Plans - Capital expenditures for 2025 are projected between 3.5 billion to 4.5 billion RMB, with 30%-40% allocated for overseas projects [3][21] Collaboration and Market Competition - Guangda Environment collaborates with other companies to avoid price competition in overseas markets, particularly in Central Asia [7][8] - The competitive landscape for Chinese companies in overseas markets is intense, leading to price competition that could affect profitability [8] Technology and Project Efficiency - The company’s waste-to-energy projects often exceed internal estimates for waste and power generation, particularly in Vietnam due to high electricity demand [9][10] - The proprietary grate furnace technology allows for flexible scale adjustments, enhancing competitiveness across different regions [10] Challenges and Future Outlook - The IDC business is progressing, with potential projects in Hangzhou, but overall profitability from this segment is not expected to be significant [11] - The company remains cautious about future earnings due to various economic factors, including currency fluctuations and the competitive landscape [19] Investor Engagement - Guangda Environment plans to organize investor visits to key projects in Shenyang and Dalian to showcase operational strengths and profitability [24] Other Important Considerations - Key factors affecting future performance include exchange rate losses, impairment provisions, and capital expenditures, particularly for overseas projects [25]

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10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11月3日 | | | I. 法定/註冊股本變動 | 不適用 | | 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 | | ...

Market Performance - A-shares experienced a significant decline in the afternoon, with the Shenzhen Component Index and ChiNext Index both dropping over 2% [1] - The Hang Seng Tech Index fell by 3%, while the Hang Seng Index decreased by nearly 2% [1] Individual Stock Movements - ZTE Corporation saw a sharp decline, dropping over 11% [1] - BYD Electronics experienced a decrease of over 6% [1] - SMIC (Semiconductor Manufacturing International Corporation) fell by more than 5% [1] Notable Stock Activity - Delixi Electric (德力股份) experienced a sudden surge, achieving a "天地天" market performance with a trading volume exceeding 700 million yuan and a turnover rate of over 26% [1] - The stock had previously reached its daily limit up the day before [1]

Core Points - The company announced the establishment of joint ventures in Uzbekistan for waste-to-energy projects, marking a strategic expansion in the renewable energy sector in Central Asia [1][2] - The registered capital for each project company (A and B) is set at $29.6 million, with the ownership structure being 88% for the company, 10% for Maxsus, and 2% for China Railway 17th Bureau Group [1] - This initiative aligns with the company's international strategy to develop renewable energy infrastructure in emerging markets and meet the growing demand for waste-to-energy solutions [2] Group 1 - The joint ventures will be located in the Fergana and Namangan regions of Uzbekistan [2] - The establishment of these joint ventures is expected to strengthen the company's market position and provide sustainable returns to shareholders [2] Group 2 - The company aims to capitalize on the increasing demand for waste-to-energy solutions in the international market [2]

Group 1 - The core viewpoint of the article is that Everbright Environment (00257) is expanding its renewable energy business in Central Asia by establishing joint ventures for waste-to-energy projects in Uzbekistan [1][2] - The joint ventures will consist of Project Company A and Project Company B, each with a registered capital of $29.6 million, funded by China Everbright International, Maxsus, and China Railway 17th Bureau Group [1][2] - After establishment, China Everbright International will hold 88% equity in both project companies, while Maxsus and China Railway 17th Bureau Group will hold 10% and 2% respectively [1][2] Group 2 - The projects will be located in the Fergana and Namangan regions of Uzbekistan, marking a strategic expansion for the group in the renewable energy sector [2] - This initiative aligns with the company's international strategy to develop renewable energy infrastructure in emerging markets and capitalize on the growing demand for waste-to-energy solutions [2] - The board believes that this expansion will strengthen the company's market position and is expected to provide sustainable returns to shareholders [2]

Core Viewpoint - The announcement indicates that Everbright Environment (00257.HK) is expanding its renewable energy portfolio in Central Asia by establishing joint ventures for waste-to-energy projects in Uzbekistan, aligning with its international strategy to meet the growing demand for waste-to-energy solutions [1] Group 1: Joint Venture Formation - The company has signed a shareholder agreement with Maxsus and China Railway 17th Bureau Group to establish joint ventures, Project Company A and Project Company B, for waste-to-energy projects in Uzbekistan [1] - Project Company A and Project Company B will be located in the Fergana and Namangan regions of Uzbekistan, respectively [1] Group 2: Strategic Expansion - The formation of these joint ventures marks a strategic expansion of the company's renewable energy business in the Central Asian region [1] - This initiative aligns with the company's strategy to develop renewable energy infrastructure in emerging markets and capitalize on the increasing demand for waste-to-energy solutions [1] Group 3: Market Position and Shareholder Returns - The board believes that this expansion will help solidify the company's market position [1] - The company anticipates that this move will provide sustainable returns for its shareholders [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。 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） 須予披露交易 成立合營企業 成立合營企業 董事會欣然宣佈，於二零二五年十月十六日，本公司之全資附屬公司中國光大國際與 Maxsus及中鐵十七局第二工程公司（均為獨立第三方）就成立合營企業訂立股東協議及 其他相關成立文件，據此，將分別成立項目公司A及項目公司B，以投資、設計、建設、 運營及維護其各自於烏茲別克斯坦境內的垃圾發電項目。 根據股東協議 A的 條 款，項 目 公 司 A的註冊資本應為29,600,000美 元（ 相 當 於 港幣229,992,000元），當中26,048,000美元（相當於港幣202,392,960元）、2,960,000美元 （相當於港幣22,999,200元）及592,000美元（相 ...

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。 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） 自願性公告 向中國銀行間市場交易商協會申請註冊及 建議發行資產支持票據及承銷協議 1 建議發行資產支持票據須待（其中包括）交易商協會批准後方可作實，並受市場狀況所 限，故不一定會進行。因此，本公司股東及潛在投資者於買賣本公司證券時務必審慎行 事。本公司將就建議發行資產支持票據適時作出進一步公告。 承銷協議 於二零二五年十月十六日，光大環保中國與光大證券股份有限公司（「光大證券」）就建 議發行資產支持票據訂立承銷協議（「承銷協議」），據此，光大證券作為主承銷商，將負 責按照承銷協議的條款發行資產支持票據。 董事（包括獨立非 ...

Core Viewpoint - Xi'an Yichai is going public today, focusing on the production of 12-inch silicon wafers, becoming a significant player in the semiconductor industry in China and globally [2] Group 1: Company Announcements - Xi'an Yichai is issuing 537.8 million shares at a price of 8.62 yuan per share, with a total of 5.378 billion shares available for public offering [2] - The company is the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally, with a market share of approximately 6% in monthly shipment volume and 7% in production capacity by the end of 2024 [2] - The National Integrated Circuit Industry Investment Fund holds a 7.5% stake in Xi'an Yichai, indicating confidence in the company's role in the semiconductor supply chain [2] Group 2: Financing Activities - Three companies announced non-public issuance plans, with DeLi Co. planning to issue up to 118 million shares at 6.12 yuan per share, raising approximately 720 million yuan for working capital and loan repayment [3] - Digital政通 plans to raise 1.05 billion yuan through a non-public issuance to fund urban management service platform projects [5] - Junpu Intelligent aims to raise 1.161 billion yuan for smart robotics and healthcare technology projects through a non-public issuance [5] Group 3: Market Trends - As of October 15, the total market financing balance reached 2.43 trillion yuan, marking an increase of 23.14 billion yuan, continuing a trend of growth for three consecutive trading days [6] - 451 stocks saw net financing purchases exceeding 10 million yuan, with 29 stocks having net purchases over 100 million yuan [7] - Leading the net purchases was Sunshine Power with 918 million yuan, followed by Shenghong Technology and Antai Technology with 485 million yuan and 361 million yuan, respectively [8] Group 4: Earnings Forecasts - Thirteen companies released third-quarter earnings forecasts, with nine expecting profit increases, including Shuo Beid with an anticipated profit of 49.53 million to 51.53 million yuan, representing a year-on-year increase of 1258.39% to 1313.24% [11] - Other companies like Meinian Health and Tailin Microelectronics also forecasted significant profit increases, with expected growth rates exceeding 100% [11][12]

Core Viewpoint - DeLi Co., Ltd. is undergoing a significant ownership change, with shares to be issued to Xinjiang Bingxin New Construction Partnership, which will become the largest shareholder, holding 23.08% of the company after the issuance [4][6]. Group 1: Ownership Change - DeLi Co., Ltd. plans to issue shares at a price of 6.12 CNY per share to raise up to 720 million CNY, which will be used for working capital or repaying bank loans [4]. - The current controlling shareholder, Shi Weidong, will relinquish all voting rights associated with his shares [5]. - After the completion of the share issuance, the controlling shareholder will change to Xinjiang Bingxin New Construction Partnership, with actual control shifting to the Fourth Division of Keke Dara City Silk Road Financial Development Promotion Center [6]. Group 2: Strategic Implications - Xinjiang Bingxin New Construction Partnership's entry is expected to leverage its cross-border trade background and advanced manufacturing capabilities to enhance DeLi Co., Ltd.'s operational efficiency and market competitiveness [7]. - The partnership aims to create a virtuous cycle of "industry guiding capital and capital supporting industry," aligning with the Belt and Road Initiative to expand overseas order channels [7]. Group 3: Business Transformation - DeLi Co., Ltd. is actively pursuing business transformation, including the establishment of a neutral silica pharmaceutical glass project and a photovoltaic glass project, although the latter faced challenges due to industry downturns [8]. - The company has halted production of photovoltaic glass and pharmaceutical glass projects in response to market conditions [8]. Group 4: International Expansion - DeLi Co., Ltd. has made strides in international expansion, with its first overseas project in Pakistan achieving sales revenue of 160 million CNY in 2024 and meeting monthly profit targets [9]. - Plans are in place to expand production capacity in Pakistan and establish a production base in Egypt, with an estimated investment of 50 million USD for a glassware project [10]. Group 5: Financial Outlook - The company's debt-to-asset ratio has been increasing, projected to reach 68.55% by mid-2025, but the upcoming share issuance and ownership change are expected to improve the asset structure and reduce liquidity risks [10]. - DeLi Co., Ltd. has set a strategic goal for 2025 focused on structural adjustment, capacity optimization, and cost reduction, with commitments to maintain positive cash flow and net profit in its glass business from 2026 to 2028 [11].