Group 1 - The board has approved a preliminary proposal to issue RMB shares for listing on the Shenzhen Stock Exchange, with the funds aimed at developing the main business and supplementing general working capital, reinforcing the company's absolute leading position in the industry [1] - The company maintains a "buy" rating, with projected net profits for 2025-2027 at 4.048, 4.182, and 4.288 billion HKD, corresponding to EPS of 0.66, 0.68, and 0.70 HKD [1] - The total share capital is 6.143 billion shares, with a proposed issuance of no more than 800 million shares, accounting for 11.52% of the post-issue share capital, and an overallotment option of up to 15% of the proposed issuance [1] Group 2 - The company received 2.064 billion RMB in national subsidies from July 1 to August 31, 2025, exceeding expectations and significantly improving operating cash flow [2] - The company’s DPS for the first half of 2025 is 0.15 HKD, a year-on-year increase of 7%, with a dividend payout ratio of 41.76%, up from 35% in the first half of 2024 [2] - The improvement in free cash flow and the initiation of the A-share listing are optimistic signals for accelerating value reassessment in the future [2]
光大环境(0257.HK)：回A开始启动 价值重估持续