Core Viewpoint - The company reported a decline in main business revenue and net profit for the first half of 2025, primarily due to a significant drop in construction revenue and increased impairment losses, alongside foreign exchange losses [1][2]. Financial Performance - In H1 2025, the company achieved main business revenue of HKD 14.304 billion, down 8% year-on-year, and a net profit attributable to shareholders of HKD 2.207 billion, down 10% year-on-year [1]. - Construction revenue fell to HKD 1.844 billion, a decrease of 49%, accounting for 12.9% of main revenue, while operational revenue increased by 5% to HKD 9.943 billion, representing 69.5% of main revenue [1]. - Impairment losses for receivables and contract assets amounted to HKD 208 million, compared to HKD 34 million in H1 2024, and goodwill and asset impairments totaled HKD 178 million, with no impairments reported in the previous year [1]. Operational Highlights - The company reported a robust growth in operational indicators, with a 32% increase in heating supply [2]. - The environmental energy segment generated operational revenue of HKD 5.142 billion, up 6%, while construction revenue in this segment dropped by 70% [1]. - The company processed 26.5 million tons of municipal waste, a 2% increase, and 4.57 million tons of kitchen waste, a significant increase of 177% [1]. Cash Flow and Dividends - Free cash flow continued to improve, with the dividend payout ratio increasing by 7 percentage points to 42% [2]. - The company issued a carbon-neutral green ABS in January 2025, with a scale of RMB 653 million, enhancing operational and investment efficiency [2]. - The company plans to maintain a stable dividend, projecting a dividend yield of 5.61% if the end-of-year dividend remains the same as the previous year [2]. Strategic Initiatives - The company is actively exploring new business opportunities, including two waste-to-energy projects in Uzbekistan with a total investment of approximately RMB 2.2 billion [2]. - The company is also expanding its operations in Thailand and India, focusing on equipment procurement and supply services [2].
光大环境(00257.HK)：运营提质增效 现金流改善&提分红逻辑持续兑现