China Everbright Environment Group Limited Announces 2025 Annual Results: Strategic Progress, Financial Highlights, and Future Outlook

Key Financial Highlights for 2025

• Revenue: HK\$27.52 billion, representing a decrease of 9% from 2024.
• EBITDA: HK\$10.27 billion, up 2% year-on-year.
• Profit Attributable to Equity Holders: HK\$3.93 billion, up 16% from 2024.
• Basic Earnings Per Share: HK63.90 cents (2024: HK54.98 cents), a 16% increase.
• Final Dividend: HK12.0 cents per share (2024: HK9.0 cents), total dividend for the year HK27.0 cents per share, payout ratio 42.3%.

Strategic Developments and Business Expansion

The Group advanced its three major development strategies: technology innovation, internationalisation, and ecosystem construction. Key milestones include:

• Establishment of the 15th Five-Year Plan strategic planning system, positioning the Group for sustainable growth.
• Breakthroughs in technology, including commercialisation of biomethane production, high-dust denitrification for biomass boilers, and battery recycling technology now included in a national catalogue.
• Significant international expansion with new waste-to-energy projects in Uzbekistan and asset-light contracts in Egypt, Thailand, Malaysia, and expanded offices in Vietnam, Indonesia, and Central Asia.
• Implementation of an “Equipment Cloud Service” platform, and digital upgrades for project management and equipment servicing.

Operational Performance

• Revenue from Operation Services: HK\$19.83 billion (+2% from 2024).
• Revenue from Construction Services: HK\$2.72 billion (-53% from 2024).
• Operation services, construction services, and finance income accounted for 72%, 10%, and 18% of total revenue, respectively.
• Major environmental contributions: 57.9 million tonnes of household waste processed, generating 28.5 billion kWh of electricity, 8.19 million tonnes of heat and steam supplied, and reducing CO2 emissions by 14.9 million tonnes.

Business Segment Performance

Environmental Energy

• Largest core business sector, invested in 284 projects with RMB101.4 billion aggregate investment.
• EBITDA: HK\$7.11 billion (+3%). Net profit attributable: HK\$4.51 billion (+17%).
• Waste processing volume: 53.7 million tonnes (+3%). Food/kitchen/sludge/other waste: 7.95 million tonnes (+87%).
• On-grid electricity: 17.86 million MWh (+5%).

Environmental Water

• Held 172 projects, RMB31.85 billion investment, 16 asset-light services.
• EBITDA: HK\$1.92 billion (-13%). Net profit attributable: HK\$601 million (-26%).
• WWT volume: 1.811 billion m³ (+3%).
• Solar power generation facilities at 12 projects (20 MWp, 20 million kWh/year).

Greentech

• 143 projects, RMB30.66 billion investment, 14 environmental remediation services.
• EBITDA: HK\$1.64 billion (+62%). Net profit attributable: HK\$87 million (turnaround from HK\$285 million net loss in 2024).
• Heat and steam supply volume: 4.69 million tonnes (+17%).
• Biomass fuel cost reduced by 8.6%, green certificate trading volume up 11.3 times.

Financing and Capital Structure

• Major RMB-denominated financing arranged in 2025, including medium-term notes, asset-backed securities, and innovation bonds totaling over RMB10.44 billion.
• Cash and cash equivalents: HK\$10.5 billion; borrowings: HK\$88.5 billion (down HK\$3.1 billion from 2024); banking facilities: HK\$94.38 billion with HK\$34.28 billion unused.
• Gearing ratio: 62%, down from 64% in 2024.
• Low foreign exchange risk as 96% of investments and revenue are Renminbi-denominated.

Corporate Governance and ESG

• Establishment of a Sustainability Committee for ESG governance.
• Ongoing compliance with Corporate Governance Code except for the chairman missing the 2025 AGM due to business commitments.
• Received multiple awards in ESG, operational management, and industry leadership.
• 226 projects opened to the public, 40,000 visitors in 2025, 30,000 participants in online activities.

Price Sensitive and Shareholder-Relevant Information

• Profit Growth: Significant 16% increase in profit attributable to shareholders, driven by reduced finance costs and lower impairment losses.
• Dividend Increase: Final dividend up 33% (HK12.0 cents vs HK9.0 cents), total annual dividend up 17% (HK27.0 cents vs HK23.0 cents). Increased payout ratio to 42.3%.
• RMB-Denominated Share Listing Plan: Announced intention to list RMB-denominated shares on Shenzhen Stock Exchange, which may broaden the investor base and raise capital.
• International Expansion: Entry into Central Asia, new asset-light business models, and regional offices signal long-term growth potential.
• Turnaround in Greentech Segment: From net loss to net profit, indicating resolution of impairment issues and improved segment profitability.
• Event After Reporting Period: Issuance of RMB2 billion medium-term notes in February 2026 for refinancing, maintaining liquidity and financial stability.

Risks and Uncertainties

• Accounts receivable risk, environmental compliance and safety management risk, market competition risk, policy change risk, procurement compliance risk, operational stability risk, and staff placement risk were identified and managed.

Business Prospects for 2026

• The Group aims to achieve a high-quality start to the “15th Five-Year Plan,” prioritising technology innovation, international expansion, and ecosystem development.
• Focus on fly ash resource utilisation, high-value biomass, intelligent operations, and global technology/equipment export.
• Continued emphasis on risk control, resilience, receivables collection, and production safety.

Important Dates for Shareholders

• Annual General Meeting: 27 May 2026
• Final Dividend Record Date: 8 June 2026; Payment Date: on or around 2 July 2026
• Register Closure: 21–27 May 2026 (AGM), 4–8 June 2026 (final dividend)

Corporate Actions

• No purchase, sale, or redemption of listed securities in 2025.

Disclaimer

The information presented above is based on the official annual results announcement of China Everbright Environment Group Limited for the year ended 31 December 2025. This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult professional advisers before making any investment decisions. The Group’s future performance is subject to risks and uncertainties as outlined in the report.

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