11月14日晚间，光大环境(00257.HK)发布公告，公司董事会批准可能进行发行人民币股份及将该等人民 币股份在深交所上市的初步建议。建议发行人民币股份需取决并受限于(其中包括)市场情况、股东于公 司股东大会的批准以及必要的监管批准。 根据公告，光大环境拟发行人民币股份数量不超过8亿股，募集资金净额初步拟用于公司发展主营业务 及补充一般营运资金，但以经相关监管机构同意的招股说明书的披露为准。 今年6月，中共中央办公厅、国务院办公厅印发的《关于深入推进深圳综合改革试点深化改革创新扩大 开放的意见》提出，允许在香港联合交易所上市的粤港澳大湾区企业，按照政策规定在深圳证券交易所 上市。光大环境正是该政策发布后，首家公告回归A股并拟登陆深交所的港股公司，如上市成功，则有 望打通深港两地资本市场双向上市通道。 光大环境是光大集团旗下实业企业，自2003年转型环境领域以来，已逐步成长为中国最大的环境企业和 全球最大垃圾发电投资运营商。公司聚焦固废、泛水、清洁能源三大领域，主营业务包括垃圾发电及协 同处理、生物质综合利用、危废及固废处置、新能源、环境修复、水环境综合治理等。光大环境还下辖 两家港股上市公司——中国光大水务 ...

Core Viewpoint - China Everbright Greentech (01257) saw a significant stock increase of over 10%, closing at HKD 1.07 with a trading volume of HKD 6.1633 million, following the announcement of receiving additional subsidy funds from the State Grid Corporation of China totaling approximately RMB 2.064 billion [1] Group 1 - The company announced that from July 1, 2025, to August 31, 2025, its 33 subsidiaries involved in biomass utilization, photovoltaic power generation, and wind power projects have received a notification regarding the settlement of additional subsidy funds [1] - The recovery of these additional subsidy funds is expected to improve the company's cash flow, reduce liabilities, and positively impact the operations of its biomass utilization, photovoltaic power generation, and wind power projects [1] - The additional subsidy funds have been recognized as revenue in the corresponding fiscal year upon electricity sales [1] Group 2 - CICC noted that the company has established cogeneration as its primary development direction after the expiration of subsidies [1] - As of the end of the first half of 2025, the company's heating supply capacity reached 2.18 million tons per year, with an expected increase to 2.5 million tons by the end of 2025 [1] - The company is actively expanding its virtual power plant and zero-carbon park initiatives, with 136 signed manufacturers for the virtual power plant [1] - Given the company's heating business has achieved scalable profit contributions, there is optimism regarding the recovery of profitability in biomass power generation for the year [1]

Core Viewpoint - China Everbright Greentech (01257) saw a stock price increase of over 10%, reaching HKD 1.07, with a trading volume of HKD 6.1633 million, following the announcement of receiving additional subsidy funds from the State Grid Corporation of China totaling approximately RMB 2.064 billion [1][1][1] Group 1 - The company announced that from July 1, 2025, to August 31, 2025, its 33 subsidiaries involved in biomass utilization, photovoltaic power generation, and wind power projects have received a total of approximately RMB 2.064 billion in additional subsidy funds [1][1][1] - The recovery of these additional subsidy funds is expected to improve the company's cash flow, reduce liabilities, and positively impact the operations of its biomass utilization, photovoltaic power generation, and wind power projects [1][1][1] - The additional subsidy funds have been recognized as revenue in the corresponding fiscal year upon electricity sales [1][1][1] Group 2 - The company has established cogeneration as its primary development direction after the expiration of subsidies, with a heating supply scale reaching 2.18 million tons per year as of the end of the first half of 2025, and is expected to reach 2.5 million tons by the end of 2025 [1][1][1] - The company is actively expanding into virtual power plants and zero-carbon parks, with 136 signed manufacturers for virtual power plants [1][1][1] - Given that the company's heating business has achieved scalable profit contributions, there is optimism regarding the recovery of profitability in biomass power generation for the year [1][1][1]

Core Viewpoint - China Everbright Greentech (01257) has received a notification from the State Grid Corporation regarding the settlement of additional subsidy funds amounting to approximately RMB 2.064 billion, which will positively impact the company's cash flow and reduce liabilities [1] Group 1: Financial Impact - The total amount of additional subsidy funds received is approximately RMB 2.064 billion [1] - The company has confirmed the recognition of this subsidy in the corresponding annual electricity sales revenue [1] Group 2: Operational Impact - The recovery of additional subsidy funds will improve the cash flow of the company's biomass comprehensive utilization, photovoltaic power generation, and wind power projects [1] - The reduction in liabilities will have a positive effect on the future operations of the company's biomass comprehensive utilization, photovoltaic power generation, and wind power projects [1]

Group 1 - The core point of the article is that China Everbright Green Environmental Protection (01257.HK) has received a total of approximately RMB 2.064 billion in renewable energy price supplementary subsidy funds from the State Grid Corporation of China for its projects [1] Group 2 - The supplementary subsidy funds will improve the cash flow of the company's biomass comprehensive utilization, photovoltaic power generation, and wind power projects, and reduce the company's liabilities [1] - The receipt of these funds will have a positive impact on the future operations of the company's biomass comprehensive utilization, photovoltaic power generation, and wind power projects [1] - The supplementary subsidy funds have been recognized as revenue in the corresponding year's electricity sales [1]

Core Viewpoint - China Everbright Greentech (01257) reported a decrease in revenue for the six months ending June 30, 2025, while showing an increase in profit attributable to equity shareholders [1] Financial Performance - Revenue for the period was HKD 3.4 billion, a year-on-year decrease of 3.01% [1] - Profit attributable to equity shareholders was HKD 191 million, reflecting a year-on-year increase of 32.56% [1] - Basic earnings per share were HKD 0.0923 [1] - The company proposed an interim dividend of HKD 0.028 per share [1] Revenue Breakdown - Total revenue from biomass comprehensive utilization, hazardous waste and solid waste disposal, environmental restoration, and photovoltaic and wind power segments amounted to approximately HKD 3.4 billion [1] - Revenue from construction services was approximately HKD 46.488 million, a significant decrease of 74% compared to the same period last year [1] - Revenue from operational services was approximately HKD 3.19 billion, showing a slight increase of 1% year-on-year [1] - Revenue composition by nature: construction services accounted for 1%, operational services for 94%, and financial income for 5% of total revenue [1]