Core Insights - The company experienced a decline in both revenue and profit, with a significant optimization in revenue structure [1][2] - The operating income increased while construction revenue saw a substantial decrease, indicating a shift towards higher-margin operations [1][2] Revenue and Profit Analysis - In H1 2025, the company reported operating revenue of HKD 14.304 billion, a year-on-year decrease of 8% due to reduced new projects [1] - The net profit attributable to shareholders was HKD 2.07 billion, down 10% year-on-year, primarily due to decreased construction profits and increased foreign exchange losses [1] - The operating income, which has a higher gross margin, was HKD 9.943 billion, up 5% year-on-year, while construction revenue fell to HKD 1.844 billion, down 49% [1] Margin Improvement - The sales gross margin improved to 44.26%, an increase of 5.53 percentage points year-on-year [1] - The net profit margin rose to 19.4%, up 0.8 percentage points year-on-year [1] - Management expenses increased to 11.7%, up 4.6 percentage points, mainly due to expanded foreign exchange losses [1] Segment Performance - The environmental energy segment achieved operating revenue of HKD 5.142 billion, a 5.8% increase, while construction revenue dropped by 69.9% [2] - The green environmental segment reported operating revenue of HKD 3.189 billion, up 1%, with construction revenue declining by 74.3% [2] - The environmental water segment saw operating revenue of HKD 1.477 billion, a 13.5% increase, while construction revenue decreased by 16.7% [2] Shareholder Returns - The company increased its interim dividend payout ratio to 42%, reflecting improved cash flow from operating income [2] - The dividend per share was set at HKD 0.15, with the total dividend amount rising from HKD 860 million to HKD 920 million [2] Investment Outlook - The profit forecast has been slightly adjusted downwards, maintaining an "outperform" rating [2] - Expected net profits for 2025-2027 are projected at HKD 3.532 billion, HKD 3.715 billion, and HKD 3.887 billion, with year-on-year growth rates of 4.6%, 5.2%, and 4.6% respectively [2] - The current stock price corresponds to a PE ratio of 7.4, 7.1, and 6.8 for the respective years [2]
光大环境(00257.HK)：运营收入占比超70% 中期派息比例提升7PCT