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的任何損失承擔任何責任。 （於香港註冊成立的有限公司） (股份代號：00270) 潛在須予披露的交易 潛在出售事項 - 廣東永旺股權 最低代價（即潛在出售事項的最低投標價）為人民幣 152,184,700 元，而潛在出 售事項的最終代價將取決於最終投標價，惟於任何情況下均不得低於最低代 價。 如潛在出售事項落實並完成，賣方將不再持有廣東永旺的任何股權。 《上市規則》的涵義 根據最低代價，由於按《上市規則》計算的有關潛在出售事項的最高適用百分 比率超過 5%，但所有適用百分比率均低於 25%，故潛在出售事項（倘落實）將 構成本公司的須予披露的交易，因此須遵守《上市規則》第 14 章項下的申報及 公告規定。根據本公司目前可得的資料，本公司預期最終代價不會導致最高適 用百分比率超過 25%。 - 1 - 潛在出售事項 董事會宣佈，賣方（本公司的間接非全資附屬公司）擬於廣東股權交易中心進 行公開招標，出售其持有的廣東永旺（本公司的聯營公 ...

Core Viewpoint - Yuehai Investment (00270.HK) will hold a board meeting on March 30, 2026, to consider and approve the audited annual results for the year ending December 31, 2025, and to discuss the proposal for the final dividend payment and related matters [1] Group 1 - The board meeting is scheduled for March 30, 2026 [1] - The meeting will focus on the audited annual performance for the year ending December 31, 2025 [1] - The company will also consider the proposal for the final dividend payment [1]

粤海投資有限公司（「本公司」）董事會（「董事會」）謹此宣佈本 公司將於 2026 年 3 月 30 日（星期一）舉行董事會會議，藉以考慮及 批准（當中包括）本公司及其附屬公司截至 2025 年 12 月 31 日止年度 之經審核年度業績及考慮建議派付末期股息等相關事宜。 承董事會命 總法律顧問兼首席合規官 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的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00270） 董事會會議日期 香港，2026 年 3 月 18 日 於本公告日期，本公司董事會由三名執行董事曠虎先生、曾翰南先生和梁元娟 女士；三名非執行董事王閔先生、李文昌先生和賀志鋒先生；以及四名獨立非 執行董事陳祖澤博士、馮華健先生、鄭慕智博士和李民斌先生組成。 和公司秘書 阳娜 ...

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: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 粤海投資有限公司 | | | 呈交日期: | 2026年3月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 | 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) | 00270 | 說明 | 不適用 | | | | | | | | 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 | | | 6,537,821,440 | | 0 | | 6,537,821,440 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 6, ...

FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 00270 | 說明 | 不適用 | | | | | | | | 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 | | | 6,537,821,440 | | 0 | | 6,537,821,440 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 6,537,821,440 | | 0 | | 6,537,821,440 | 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: | 2026年1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: | 粤海投資有限公司 | ...

Summary of the Conference Call for Yuehai Investment Industry and Company Overview - **Company**: Yuehai Investment - **Industry**: Water Supply, Real Estate, Highway, Power Generation, Hotel and Department Store Key Points and Arguments Water Supply Business - The Dongjiang water business is expected to grow by 2.4% in the 2026 base price agreement, with stable water supply in Shenzhen and Dongguan. Non-Dongjiang water business has seen a decline, but acquisition projects are expected to mitigate this impact [2][4] - The estimated renewal amount for Dongjiang water is between HKD 50 billion to 54 billion, requiring significant financial preparation [2][8] - The company plans to negotiate price increases for eligible water supply and sewage treatment projects to achieve a slight average price increase, compensating for the decline in water pipe connection business [2][11] Real Estate Business - The rental rate for Tianhe City Mall is good, close to 80%, while office leasing faces challenges with a rate below 80%. The mall's rental income may increase due to its favorable location [2][4] Highway Business - Revenue has been affected by new highway diversions, but it is expected that the impact will gradually diminish, leading to a recovery in traffic volume and toll income [2][7] Power Generation Business - The power generation sector benefits from low coal prices, leading to favorable profit expectations for 2026 [2][7] Financial Performance and Strategy - The company plans to maintain a 65% dividend payout ratio and control capital expenditures to address the significant funding needs for Dongjiang water source renewal [2][6] - In 2025, the overall performance met market expectations with a significant increase in net profit. Cash flow improved but still requires time to digest bond issuance [3][13] - The company aims to control capital expenditures at approximately HKD 2 billion annually and considers acquiring profitable projects worth HKD 1 billion to 2 billion to offset the decline in non-Dongjiang water profits [3][6] Future Outlook - The negotiations for Hong Kong water supply prices for 2027-2029 are expected to reference inflation rates and exchange rates, with limited increases anticipated [2][10] - The company has six ongoing projects, but new projects are expected to incur losses this year, relying on existing projects for profit growth [2][11] Cash Flow and Accounts Receivable - Cash flow is projected to reach HKD 9 billion in 2024, with overall cash flow manageable to support dividends, capital expenditures, and debt repayment [3][13] - The company has a significant portion of its loans (83%) denominated in RMB, with limited room for reducing financial costs in the future [3][16] Acquisition Strategy - The company prioritizes acquiring water supply projects over sewage treatment projects due to more stable returns and less impact from government payments [2][14][15] Conclusion - Yuehai Investment is strategically positioned in the water supply industry with a focus on maintaining profitability through careful financial management, strategic acquisitions, and adapting to market conditions. The company’s long-standing relationship with the Guangdong provincial government provides a competitive advantage in future negotiations and contract renewals [2][9]

Core Viewpoint - The company forecasts a 43% year-on-year growth in net profit for 2025, benefiting from the divestment of Yuehai Land and a decrease in financial expenses [1] Group 1: Financial Performance - The company expects net profit attributable to shareholders to reach nearly HKD 4.5 billion in 2025, based on a 2024 figure of HKD 3.142 billion [1] - The asset-liability ratio significantly decreased by 15.1 percentage points to 42.5% after the divestment of Yuehai Land, with interest-bearing asset-liability ratio down by 8 percentage points to 21.8% [1] - Accounts receivable as of the first half of 2025 amounted to HKD 4.81 billion, a 25.4% increase compared to the end of 2024, with 78.4% of accounts receivable due within one year, indicating low risk [1] Group 2: Water Business Performance - The Dongshen water supply project reported a supply volume of 1.67 billion tons in the first three quarters of 2025, a year-on-year increase of 1.5%, with revenue from Hong Kong at HKD 4.303 billion (up 2.6%) and revenue from mainland China at HKD 939 million (down 2.5%) [2] - The tax profit from the Dongshen project was HKD 3.596 billion, reflecting a year-on-year increase of 3.9%, while other water resource projects generated revenue of HKD 5.611 billion (up 5.8%) with a tax profit of HKD 1.601 billion (down 2.6%) [2] Group 3: Dividend and Valuation - The company maintains a high dividend payout, with a dividend ratio of 65% from 2023 to the first half of 2025, projecting a dividend yield of 6.3% for 2025 based on an estimated net profit of HKD 4.493 billion [2] - The company is expected to achieve net profits of HKD 4.493 billion, HKD 4.638 billion, and HKD 4.770 billion for 2025-2027, corresponding to PE ratios of 10.4, 10.1, and 9.8 [2] - Given the scarcity of resources in the Dongshen project and improved performance post-divestment, a target price of HKD 10.64 per share is set based on a 15x PE for 2026, maintaining a "buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 7.13 and a fair value estimate of HKD 10.64 [3]. Core Insights - The company is expected to achieve a 43% year-on-year growth in net profit attributable to shareholders for 2025, primarily due to the divestment of Yuehai Land and a reduction in financial expenses [7]. - The water supply revenue shows stable growth, highlighting the company's robust attributes, with a supply volume of 1.67 billion tons in Q1-Q3 2025, reflecting a 1.5% increase year-on-year [7]. - The company is projected to maintain a high dividend payout, with an expected dividend yield of 6.3% for 2025, supported by a consistent dividend payout ratio of 65% [7]. - The earnings forecast for 2025-2027 indicates net profits of HKD 44.93 billion, HKD 46.38 billion, and HKD 47.70 billion, respectively, with corresponding P/E ratios of 10.4, 10.1, and 9.8 [7]. Financial Summary - The company's main revenue for 2023 is projected at HKD 20.32 billion, with a decline of 12.4% year-on-year, followed by a slight recovery in subsequent years [2]. - EBITDA is expected to be HKD 9.92 billion in 2023, with a stable outlook for the following years [2]. - The net profit attributable to shareholders for 2023 is estimated at HKD 4.37 billion, with a decrease of 8.3% year-on-year [2]. - The company’s return on equity (ROE) is projected to remain stable around 10.3% to 10.5% over the forecast period [2].

Core Viewpoint - Citigroup reaffirms "Buy" rating on Yuehai Investment (00270) following its earnings surprise, projecting a net profit increase of 43% to HKD 4.493 billion, exceeding market expectations by approximately 2% due to lower-than-expected interest expenses [1] Financial Performance - The company is expected to achieve a net profit growth of 43% to HKD 4.493 billion, which is above market expectations by about 2% [1] - Citigroup has adjusted its net profit forecasts for the next two years upward by 2.1% to 2.6% based on the recent performance [1] Valuation and Target Price - The target price for Yuehai Investment has been raised by 10%, from HKD 8 to HKD 8.8, reflecting the anticipated earnings growth and forward valuation [1] Dividend Outlook - The group forecasts a dividend payout ratio of 6.3% for 2025, which is attractive and the highest among its peers, maintaining its position as Citigroup's preferred choice in Hong Kong utility stocks [1]

Core Viewpoint - Citigroup reaffirms a "Buy" rating for Yuehai Investment (00270) following its earnings surprise, projecting a net profit increase of 43% to HKD 4.493 billion, exceeding market expectations by approximately 2% due to lower-than-expected interest expenses [1] Financial Performance - The company is expected to achieve a net profit growth of 43% to HKD 4.493 billion, which is above market expectations by about 2% [1] - Citigroup has raised its net profit forecasts for the company for the next two years by 2.1% to 2.6% based on the earnings growth and valuation adjustments [1] Target Price and Dividend Yield - The target price for Yuehai Investment has been increased by 10%, from HKD 8 to HKD 8.8, reflecting the anticipated earnings growth and valuation adjustments [1] - The group forecasts a dividend yield of 6.3% for 2025, which is attractive and the highest among its peers, maintaining its position as Citigroup's preferred choice in Hong Kong utility stocks [1]