EVERBRIGHT ENVIRONMENT ANNOUNCES 2024 ANNUAL RESULTS

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25 March 2025, Hong Kong－China Everbright Environment Group Limited (“Everbright Environment” or the “Company”) (257.HK) announces its consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2024 (“2024” or the “year under review”).

In terms of operating performance, during the year under review, the Group, based on in-depth study and research, as well as studies of domestic and international environment, formulated a preliminary strategic development plan for the 15th Five-year Plan period, clearly identifying three major development directions, namely technology as a driving force, an internationalisation path, and an industrial ecological system, initiating the call for a “Second-stage Entrepreneurship”. The Group strengthened its investment and market expansion efforts in both domestic and international markets, bolstering its growth momentum. It reinforced operations management and optimised financial and budgetary coordination, enhancing revenue, controlling costs, and improving the overall quality and efficiency of its business operations. The Group also emphasised technological innovation, accelerating the transformation of technological achievements, empowering business development, and fostering the establishment of a “Research Ecosystem”. Furthermore, the Group strengthened its management foundation, utilising digitalisation and intelligence-driven tools to enhance governance capabilities. Additionally, efforts were intensified to mitigate risks associated with existing assets of the Group and production safety, thereby solidifying the foundation for its sustainable development.

During the year under review, the Group recorded a total revenue of approximately HK$30.258 billion, a decrease of 6% from 2023; gross profit amounted to approximately HK$11.536 billion, a decrease of 16% from 2023; earnings before interest, taxation, depreciation and amortisation (“EBITDA”) amounted to approximately HK$10.075 billion, a decrease of 21% from 2023; profit attributable to equity holders of the Company amounted to HK$3.377 billion, a decrease of 24% from 2023; and basic earnings per share amounted to HK54.98 cents, a decrease of 24% from 2023.

In terms of market expansion, during the year under review, the Group continued to focus on three major areas, namely solid waste, water-related business and clean energy. It solidified its traditional business areas, explored new businesses and development models, further extended its business chains, expanded synergistic businesses, and promoted a balanced growth between asset-light and asset-heavy businesses. In 2024, the Group invested in and secured 12 new projects with a total investment of approximately RMB1.764 billion, and signed new contracts for asset-light business worth RMB1.835 billion.

The designed treatment and supply capacities of the new projects secured in 2024 are summarised below: In respect to expansion highlights, during the year under review, for traditional business areas, the Group invested in multiple projects in areas such as waste-to-energy, waste water treatment and solar power, and expanded its asset-light services, including integrated sanitation solutions, industrial waste water treatment, and equipment supply, further solidifying its business chains in waste-to-energy and industrial waste water treatment. For new business development, the Group expanded its clean energy business portfolio by investing in its first energy storage project in Guangzhou City, Guangdong Province. It also developed its first biomass gasification project in Xiao County, Anhui Province, to further enhance its overall biomass utilisation capabilities. In Changzhou City, Jiangsu Province, the Group implemented its first waste battery recycling project, which was not only the Group’s inaugural project of this kind but also the first benchmark project for the implementation of the national major technical equipment of this kind in China. Furthermore, the Group secured its biogas purification business and established its channels for sales of biomethane to external clients, further optimising the value of its operating projects and enhancing efficiency through synergy. The Group also developed a virtual power plant and electricity trading platform, refining its “zero-carbon park + virtual power plant” business model. It also completed its first electricity transaction, marking its entry into the power trading business. In the international market, the Group actively pursued business opportunities in the Republic of Uzbekistan (“Uzbekistan”), Malaysia, and other countries and regions. The Group signed a joint development agreement with Uzbekistan regarding the waste-to-energy projects in the Fergana and Namangan Provinces. Meanwhile, the Group successfully secured or won the bidding for asset-light business contracts in Egypt, Indonesia, Malaysia, and India. These efforts have facilitated the global expansion of the Group’s self-developed environmental protection equipment and technical solutions, reinforcing its commitment to green development under the Belt and Road Initiative.

As of 31 December 2024, the Group had a business presence in 229 cities, counties, and districts across 25 provinces, municipalities, autonomous regions, and one special administrative region in China, and overseas markets spanning Germany, Poland, Vietnam, and Mauritius. The total number of environmental protection projects invested in and held by the Group was 604, with an aggregate investment of approximately RMB162.425 billion. Additionally, the Group undertook various asset-light services, including environmental remediation, waste sorting, design and consulting, equipment supply, and technical services. The Group secured a total of 193 waste-to-energy projects under its environmental energy and greentech sectors, with a designed daily household waste processing capacity of 159,900 tonnes (including capacity under the operation and management (“O&M”) model).

In terms of innovation-driven empowerment, during the year under review, the Group focused on tackling technical challenges and driving the transformation of scientific and technological achievements. It established the Technology Committee to coordinate the Group’s research and development projects. In terms of technological innovation and application, the Group successfully completed the transformation and commercialisation of 30 technical projects in areas such as desulfurisation and denitrification, gasification heating, and waste battery recycling. These initiatives contributed to optimising costs, enhancing efficiency, increasing revenue, and reducing risks in safety production in related projects. The construction of digital platforms for the integration of business and finance, document management, and intelligent management, made solid progress, further showcasing the effectiveness of digital empowerment in the Group’s operational management. As of 31 December 2024, the Group had been granted a total of 2,149 intellectual property rights and had received more than 20 provincial and ministerial-level scientific and technological awards, serving as a testament to the Group’s innovation capabilities and achievements.

In terms of operations management, during the year under review, the Group focused on increasing revenue and enhancing efficiency, reducing carbon emission and energy consumption, cutting costs and expenses to improve operational quality and efficiency, and ensuring the delivery of high-quality environmental management services across different regions. Among these efforts, the environmental energy sector ensured the volume of waste entering the plants and enhanced waste storage efficiency, achieving a record-breaking average power generation efficiency of incoming waste at waste-to-energy projects surpassing 400 kWh/tonne. The environmental water sector actively promoted the “Five Innovations” initiative (small inventions, small transformations, small innovations, small designs, and small suggestions) and piloted the “Dark Factory” model. The green environmental sector deeply explored the localisation of fuel resources, reduced related costs, and explored the resource utilisation and high-value application of biomass energy, accelerating business transformation and development.

In terms of project construction, during the year under review, the Group adhered to a refined and dynamic management model, focusing on strengthening the comprehensive monitoring and control of safety risk factors to ensure the safety and steady progress of all construction projects. The Prime Minister of Vietnam attended the completion ceremony of the Group’s Hue Waste-to-energy Project (“Hue Project”) in Vietnam, demonstrating the Vietnamese government’s full recognition of the Group’s capability in project construction. On the other hand, the Group’s Guangdong Nanxiong Livestock and Poultry Manure Resource Utilisation Project commenced operation upon completion of construction work, laying a good foundation for the Group’s effort to create new business growth points. In 2024, 33 projects of the Group commenced operation upon completion of construction works, 4 projects (including EPCO (Engineering Design - Procurement - Construction – Operation) projects) completed construction, and 9 environmental remediation services were completed and delivered. 21 projects of the Group (including an EPCO project) commenced construction and 10 environmental remediation services were started.

In terms of environmental contributions, the Group processed approximately 64 million tonnes of household waste, hazardous and solid waste, and agricultural and forestry waste in 2024. This resulted in the provision of nearly 27.7 billion kWh of green electricity, equivalent to saving more than 11 million tonnes of standard coal and displacing over 13 million tonnes of carbon emissions. Additionally, approximately 1.777 billion m³ of waste water and leachate from waste-to-energy plants were treated, resulting in a reduction of chemical oxygen demand emissions surpassing about 850,000 tonnes.

The Group remains dedicated to sharing its development and operating results with shareholders of the Company (the “Shareholders”). To reward the Shareholders for their support, and taking into account the Group’s business development and strategic planning, the board of directors of the Company (the “Board”) recommended the distribution of a final dividend of HK9.0 cents per share for the year ended 31 December 2024 (2023: HK8.0 cents per share), with the total dividend for the year amounting to HK23.0 cents per share (2023: HK22.0 cents per share). The dividend payout ratio stood at 41.8%, representing an increase of 11.3 percentage points compared to 2023.

Mr. Luan Zusheng, Executive Director and Chief Executive Officer of Everbright Environment, said, “In 2024, Everbright Environment adhered to the principle of ‘Making Steady Progress and Promoting Stability through Practical Measures’. By focusing on its principal businesses and core responsibilities, it drove business performance improvement, and continuously consolidated its industry-leading position. Looking forward, the Group will coordinate domestic and international markets, and extend the business chains. Furthermore, the Group will strengthen refining operations management, and accelerate digital transformation. It will deepen the integration of technology and industry to cultivate new-quality productive forces. The Group will also persist in the continuous emphasis on safety production, be well prepared for various risk prevention and response, and make every effort to recover accounts receivable. The Group will stay committed to high-quality development and creating sustained and good returns for the Shareholders and the society.”

Mr. Wang Silian, Executive Director and Chairman of the Board of Everbright Environment,said, “For a long time, Everbright Environment has adhered to the philosophy of ‘Devoted to Ecology and Environment for a Beautiful China’, persevering through challenges and working diligently to achieve steady and sustainable development. Currently, the macroeconomic environment continues to face difficulties and challenges. The traditional environmental protection industry is encountering significant developmental bottlenecks. The Group itself is also encountering various new situations and challenges. In response, the Group will nurture new opportunities amidst crises and establish new strategies in a changing landscape. In the next step of work, the Group will continue to pursue progress while maintaining stability and promoting stability through progress. By focusing on its principal businesses and core responsibilities, the Group will deepen the strategies of using technology as a driving force, pursuing an internationalisation path, and developing an industrial ecological system. It will strive to vigorously increase revenue and create value, actively prevent and mitigate risks in key areas, and consolidate its leading position in the environmental protection industry. By enhancing its role in supporting ecological civilisation construction and social welfare, the Group will bolster its core competencies and embark on a new journey of ‘Second-stage Entrepreneurship’, laying robust foundations for a strong start to the 15th Five-Year Plan period. The Group is committed to working hand-in-hand with all stakeholders to develop a world-class integrated environmental service provider with Chinese characteristics.”

Business Review by Sector

ENVIRONMENTAL ENERGY

In 2024, environmental energy invested in and secured 2 new projects, with a total investment of approximately RMB568 million. It also signed new contracts for asset-light business, covering areas such as waste sorting, sanitation integration, and heating and steam supply, with a total contract value of approximately RMB384 million. The newly-secured projects contributed to an additional designed daily household waste processing capacity of 1,000 tonnes. As of 31 December 2024, environmental energy had invested in and held 283 projects, with a total investment of approximately RMB98.892 billion, and undertook 2 O&M projects, 2 EPCO projects, and other types of asset-light services.

In terms of operations management, during the year under review, environmental energy advanced operations management through the approach of “Think Beyond Operations, Leverage Strengths and Address Weaknesses, and Implement Category-Specific Management”. It deepened the implementation of the “12 Measures + Pre-Testing and Post-Evaluation” strategies for waste volume growth to ensure stable waste intake and enhance waste storage efficiency; optimised slag treatment efficiency to strengthen pricing authority and realise annualised efficiency gains; and expanded the adoption of technologies such as coke-cleaning robots and pipeline inspection robots to significantly reduce frontline operational risks. In 2024, key metrics include an average electricity generation of 461 kWh per tonne of waste incinerated in waste-to-energy projects, a comprehensive plant power consumption rate of 15.4%, and 2 waste-to-energy projects that were approved for increased waste treatment fees.

In terms of project construction, during the year under review, 13 projects completed construction and commenced operation, with a total designed daily household waste processing capacity of 4,600 tonnes, and a designed daily food and kitchen waste processing capacity of 425 tonnes. 8 projects commenced construction, with a total designed daily household waste processing capacity of 1,900 tonnes, and a designed daily food waste processing capacity of 525 tonnes.

ENVIRONMENTAL WATER

As of 31 December 2024, the Group held a 72.87% stake in China Everbright Water Limited (“Everbright Water”).

In 2024, Everbright Water invested in and secured 5 new projects and signed 2 complementary agreements to its existing projects, with a total investment of approximately RMB896 million, and signed various new contracts for asset-light business, with a total contract value of approximately RMB1.033 billion. The new projects are designed to have a daily waste water treatment capacity of 183,000 m³ and a daily reusable water supply capacity of 9,000 m³. As of 31 December 2024, Everbright Water had invested in and held 171 projects, with a total investment of approximately RMB31.675 billion. It also undertook 12 O&M projects and other types of asset-light services. In terms of operations management, during the year under review, Everbright Water leveraged digitalisation, innovative models, the “Five Innovations” initiative, and other key initiatives to enhance project operations management, diversify income streams, and improve efficiency. Some of its projects implemented energy management contracting, making technological energy-saving improvements to reduce costs and increase efficiency. Some of its projects recycled residual oxygen to generate additional profit. Everbright Water further refined evaluation criteria for star-rated factories, continuously improving the proficiency and efficiency of intelligent water plant construction. Based on industry exchanges and in-depth learning, Everbright Water explored the development of a “Dark Factory” model and an implementation roadmap that meets its needs. Additionally, it further solidified the “Solar Power +” model that integrates new energy with environmental protection business scenario. As at 31 December 2024, 7 projects of Everbright Water had seen their solar power facilities commence operation, with a total installed capacity of approximately 14 MWp, generating over 13 million kWh of green electricity per annum. In 2024, 5 waste water treatment plants of Everbright Water received regulatory approval for tariff hikes. In terms of project construction, during the year under review, Everbright Water had 13 projects that either commenced construction or commenced operation upon completion of construction works, with a designed daily water treatment capacity of 209,000 m³; 8 projects that commenced construction, with a designed daily water treatment capacity of 154,000 m³.

GREENTECH

As of 31 December 2024, the Group held a 69.70% stake in China Everbright Greentech Limited (“Everbright Greentech”).

In 2024, Everbright Greentech invested in and secured 5 new projects and a sub-project under the existing project, with a total investment of approximately RMB300 million. It also signed new contracts for 9 environmental remediation services, with a total contract value of approximately RMB134 million. The new projects are designed to have an annual biomass raw material processing capacity of 70,000 tonnes, a solar power installed capacity of 56.46 MW, and an energy storage capacity of 12.20 MW. As of 31 December 2024, Everbright Greentech had invested in and held 145 projects, with a total investment of approximately RMB31.236 billion. In addition, Everbright Greentech undertook 17 environmental remediation services (excluding services that had been completed and delivered).

In terms of operations management, during the year under review, Everbright Greentech focused on tapping into the potential of local fuel resources and strengthened the management of secondary fuel costs, resulting in significant savings in production costs. It also actively explored the resource utilisation and high-value application of biomass, accelerating its transformation and development. By enhancing centralised market coordination, the overall disposal costs for hazardous waste were further reduced.

With respect to project construction, during the year under review, Everbright Greentech had 11 projects that completed construction and commenced operation, contributing an additional designed annual household waste processing capacity of 255,500 tonnes, a solar power installed capacity of 53.96 MW, and an energy storage capacity of 2.20 MW. 9 environmental remediation services were completed and delivered. In addition, 5 projects commenced construction, with a total solar power installed capacity of 60.19 MW and an energy storage capacity of 12.20 MW. 10 environmental remediation services commenced their respective remediation work in succession.

EQUIPMENT MANUFACTURING

In 2024, during the year under review, equipment manufacturing insisted on integrating its professional advantages with market demand, actively deployed market opportunities at home and abroad, and followed up on multiple projects with good progress. Notably, equipment manufacturing implemented the first waste battery recycling and resource utilisation project in Changzhou City, Jiangsu Province. Equipment manufacturing also won the bid for an equipment supply service in Malaysia, marking its first small-scale furnace equipment project in the overseas market, and won another bid in India for a grate furnace supply service, accelerating the international rollout of the Group’s independently developed environmental protection equipment and services. Additionally, five equipment products, including incinerators (including the small-scale type), passed the relevant assessment and received the CE Marking, providing strong support for the Group’s in-depth expansion into the European market.

In 2024, equipment manufacturing signed 191 external sales contracts (including contracts for external sales of equipment), with a total contract value of RMB285 million. With respect to the equipment supply and after-sales services, equipment manufacturing commenced service items to 205 clients, provided 15 sets of grate furnaces to the Group’s internal projects and external clients, and provided 81 sets of equipment for incinerator, boiler, flue gas purification system and membrane system. The sector also signed 167 contracts in relation to external after-sale services, with a total contract value of approximately RMB171.7 million. In 2024, the sector provided 195 after-sales service projects.

ENVIROTECH

In 2024, envirotech strengthened technical exchanges and communication with various business sectors within the Group. It delved into demands, identified pain points, effectively addressed practical issues in project operations, and promoted the transformation of outcomes. In the meantime, by leveraging projects under the Group, envirotech has actively implemented major initiatives such as beautifying rural areas, flue gas purification, and small-scale waste incinerators, thereby supporting the Group’s expansion into new businesses, elevating processing technologies, and fostering equipment innovation.

Centred on the Group’s “Second-stage Entrepreneurship” initiative and the exploration of the “Second Curve” development goals, envirotech, during the year under review, focused on the challenges and opportunities facing the domestic environmental protection industry. From the perspective of leading technological innovation, envirotech aimed to establish itself as the Group’s platform for collecting and sharing policy and industry information. With specific concentration on areas such as solid waste recycling, green fuels, bio-based materials, and solar energy storage, envirotech systematically conducted policy research, industry surveys, and model exploration.

Guided by China’s goals of “Peaking Carbon Emission and Achieving Carbon Neutrality”, during the year under review, envirotech actively promoted asset development and management work. Among these efforts, envirotech collaborated with environmental energy to complete the registration of the International verified carbon standard (“VCS”) programme for the Group’s Gansu Wuwei Waste-to-energy Project, making it the Group’s first waste-to-energy project with the VCS verification. Furthermore, it expedited the VCS verification for Hue Project. Envirotech also facilitated the internal adoption of a self-developed carbon asset management system within the Group’s systems, which has spanned over 370 projects. This advancement further enhances the intelligent management of carbon emission data and establishes a solid foundation for the disclosure of carbon emission data.

In 2024, the Group was granted 193 intellectual property rights.



About China Everbright Environment Group Limited
China Everbright Environment Group Limited (“Everbright Environment”) is a flagship enterprise of China Everbright Group Ltd. in the industrial sector. Everbright Environment is listed on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”) (257.HK). It has two listed subsidiary companies: China Everbright Water Limited, which is dual listed on Singapore Exchange Securities Trading Limited and HKEX (U9E.SG and 1857.HK) and China Everbright Greentech Limited, which is listed on HKEX (1257.HK). Since its transformation into the environmental field in 2003, Everbright Environment has become the largest environmental enterprise in China, a leading player in Asia’s environmental protection industry, as well as a world-renowned environmental group.

As the world’s largest waste-to-energy, Everbright Environment has a designed daily household waste processing capacity of nearly 160,000 tonnes. The Company has a business presence in 25 provinces, municipalities, autonomous regions and one special administrative region in China, as well as overseas markets including Germany, Poland, Vietnam and Mauritius. Focusing on the areas of solid waste, water-related business and clean energy, the Company’s main businesses cover waste-to-energy and synergistic waste treatment, integrated biomass utilisation, hazardous and solid waste treatment, new energy, environmental remediation, water environment management, equipment manufacturing, waste sorting, environmental sanitation integration, resource recycling, development of zero-waste cities, research and development relating to green technologies, ecological and environmental planning and designing, as well as environmental protection industrial parks.

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