2024 年報 2024 年報 目錄 | 公司資料 | 3 | | --- | --- | | 本集團之主要業務 | 4 | | 財務摘要 | 6 | | 主席報告 | 14 | | 管理層討論及分析 | 16 | | 董事及高層管理人員簡介 | 28 | | 董事報告 | 32 | | 企業管治報告 | 44 | | 獨立核數師報告 | 60 | | 綜合財務報表 | | | 綜合損益表 | 66 | | 綜合全面收入表 | 68 | | 綜合財務狀況表 | 69 | | 綜合權益變動表 | 71 | | 綜合現金流量表 | 73 | | 財務報表附註 | 75 | | 根據香港聯合交易所有限公司證券上市規則披露之交易 | 192 | | 本集團持有之主要物業 | 201 | 2 粵海投資有限公司 | 2024 年年報 白 濤女士 （主席） 林鐵軍先生 （副主席） 温引珩先生 （董事總經理） 曾翰南先生 （副總經理） 梁元娟女士 （財務總監） 非執行董事 蔡 勇先生 馮慶春先生 獨立非執行董事 陳祖澤博士 金紫荊星章、太平紳士 馮華健先生 銀紫荊星章、御用大律師、資深大律師、太平紳士 鄭慕智博士 大紫荊勳賢 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00270） 以實物分派粤海置地股份的方式支付特別股息已於 2025 年 1 月 21 日完成。 1 粤海投資有限公司 備註： 本公司將按香港《公司條例》 ( 第 622 章 ) 第 662(3) 條及附表 6 第 3 部的規定，將截至 2024 年 12 月 31 日止年度的綜合財務報表適時送呈公司註冊處處長。本公司的核數師已就該等綜合財務報表提交報 告。報告中核數師並無保留意見，亦無提述任何其在無提出保留意見下強調須予注意的事項，也沒 有任何根據香港《公司條例》 ( 第 622 章 ) 第 406(2) 、 407(2) 或 (3) 條的述明。 (3) 此公告為本公司自願性披露，以進一步提升本公司的企業管治水平及透明度。本公司將於往後的財 政年度繼續按季度公佈財務資料。 表現摘要 本集團於本期間的未經審核持續經營業務綜合收入為 46.17 億港元（2024 ...

【导读】星光股份（002076）自4月29日起将被实施退市风险警示，4月28日停牌一天 4月27日晚间，星光股份公告称，公司股票4月28日停牌一天，自4月29日开市起复牌并被实施退市风险警示，证 券简称变为*ST星光，股票交易的日涨跌幅限制为5%。 同日晚间，星光股份公告称，公司近日收到广东证监局下发的《警示函》。广东证监局指出，星光股份未在会计 年度结束后的一个月内，披露其将被实施退市风险警示的风险提示公告。 截至4月25日收盘，星光股份股价报1.85元/股，跌幅达9.76%，总市值为20.52亿元。截至3月31日，公司股东人数 为7.847万户。 星光股份披露将被*ST原因 公告显示，星光股份将被实施退市风险警示，主要是2024年度经审计的利润总额、净利润、扣非后净利润三者均 为负值，并且扣除与主营业务无关收入和不具备商业实质收入的营业收入（以下简称扣除后的营业收入）低于3 亿元。 对照《深圳证券交易所股票上市规则（2024年修订）》第9.3.1条第一款第（一）项的规定，星光股份触及被实施 退市风险警示的情形，将在2024年年报披露后被实施退市风险警示。 4月27日晚间，星光股份发布的2024年年报显示， ...

智通财经APP获悉，中办、国办印发《关于完善价格治理机制的意见》。意见提到，优化居民阶梯水 价、电价、气价制度。推进非居民用水超定额累进加价、垃圾处理计量收费，优化污水处理收费政策。 4月2日，国家发展改革委有关负责人答记者问时指出，健全宏观经济治理体系，要求完善价格治理机 制，引导价格总水平和重要商品价格合理运行。 近日，深圳市发改委宣布，深圳市自来水价格调整听证会将于4月11日举行。根据两个调价方案，自来 水综合价格均拟由3.449元/立方米上调13.1%至3.8991元/立方米 (含税)。 中信证券发布研报称，历史经验看核心城市调价对水价改革起到催化作用，各地市理顺供水价格机制有 望提速。该行统计，近期已有多个城市陆续出台价格调整方案，价格机制完善有助改善国内供水行业回 报长期偏低的问题。随着水价政策的不断完善以及行业价格机制的不断理顺，行业整体低回报的问题或 迎来改观，水务运营类资产有望显著受益，首推中国水务(00855)。 中泰国际研报指出，期望水价上调趋势在全国各地延续，并可直接有利供水运营商。港股企业例如中国 水务(00855)、粤海投资(00270)、北控水务集团(00371)皆可受惠。当中该 ...

股票研究 /[Table_Date] 2025.03.25 [Table_Report] 相关报告 | 实物分派剥离粤海置地，价值重估可预期 | | --- | | 2024.12.11 | | 维持高分红，现金流充足 2024.09.21 | | 掌握香港供水核心资产的平台型公司 2023.12.06 | | [Table_Finance] 财务摘要（百万港元） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 23,428 | 24,355 | 18,505 | 18,080 | 18,554 | 18,924 | | (+/-)% | -21.45% | 3.96% | -24.0% | -2.3% | 2.6% | 2.0% | | 毛利润 | 9,823 | 10,075 | 9,822 | 9,601 | 9,852 | 10,049 | | 净利润 | 4,764 | 3,122 | 3,142 | 4,415 | 4,533 | 4,663 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00270） 2024年度業績公告 | 截至 12 月 31 日止年度財務摘要 | | | | | --- | --- | --- | --- | | | 2024 年 | 2023 年 | 變動 | | | | （經重列） | | | | 千港元 | 千港元 | % | | 來自持續經營業務 | | | | | 收入 | 18,505,293 | 20,322,478 | -8.9 | | 稅前利潤 | 6,493,854 | 6,425,773 | +1.1 | | 歸屬於本公司所有者的溢利 | | | | | 持續經營業務 | 4,102,893 | 4,221,183 | | | 終止經營業務 | (960,755) | (1,099,114) | | | | 3,142,138 | 3,122,069 | +0.6 | | 每股盈利－基本 | 港幣 4 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The company plans to spin off its real estate business (Yuehai Properties) through a special dividend distribution, allowing it to focus on its core water business [7] - After the spin-off, the company's operating performance and overall value are expected to significantly improve, as it will no longer be affected by the volatility of the real estate business [7] - The company's water business is stable, with high-quality assets in the Dongjiang water project, and its valuation is expected to rise after the spin-off [8] Financial Performance - In 2023, the company's net profit attributable to shareholders dropped by 34% YoY to HKD 3.12 billion, mainly due to a HKD 1.81 billion impairment loss from Yuehai Properties [7] - Excluding the impact of the real estate business, the company's core profit in 2023 was HKD 4.93 billion [7] - The company's operating cash flow in 2023 was HKD 10.71 billion, with HKD 7.1 billion coming from the core business after excluding Yuehai Properties [9] - In H1 2024, the company's operating cash flow was HKD 4.88 billion, with HKD 3.59 billion from the core business after excluding Yuehai Properties [9] Valuation and Forecast - The report maintains the company's profit forecasts for 2024-2026 at HKD 4.003 billion, HKD 4.101 billion, and HKD 4.120 billion, respectively [8] - The current market capitalization corresponds to a PE ratio of 8.5x, 8.3x, and 8.3x for 2024-2026 [8] Debt and Dividend - As of H1 2024, the company's total assets were HKD 139.8 billion, with a debt-to-asset ratio of 58% [11] - After spinning off Yuehai Properties, which has a higher debt-to-asset ratio of 87%, the company's overall debt level is expected to decrease significantly [11] - The company's dividend payout ratio in 2024H1 was 65%, consistent with 2023 [12] Business Focus - The company will no longer hold any shares in Yuehai Properties after the spin-off, allowing it to fully focus on its water business [7] - The spin-off is expected to enhance the company's operational efficiency and valuation by eliminating the drag from the real estate sector [7][8]

Investment Rating - The report upgrades the company's investment rating to "Buy" with a target market capitalization of HKD 41 billion, representing a 24% upside from the current market capitalization [6] Core Views - The company's Q3 2024 unaudited financial results show revenue of HKD 18.142 billion, up 10.4% YoY, while net profit attributable to owners decreased 6.1% YoY to HKD 3.593 billion, slightly exceeding expectations [4] - Operating cash flow continues to improve, with H1 2024 operating cash flow (excluding Yuehai Properties) reaching HKD 3.584 billion, up from HKD 2.286 billion in H1 2023 [4] - The water business remains stable, with pre-tax profit increasing 0.3% to HKD 6.167 billion in the first three quarters of 2024, driven by steady growth in the water resources segment [5] - The real estate segment shows resilience, with no impairment in the first three quarters of 2024 and contracted sales of 212,000 square meters, slightly higher than the 209,000 square meters in the same period last year [5] - The company's dividend payout ratio remains stable at 65% in 2024, consistent with 2023, with an interim dividend of 23.97 HK cents per share announced [4] Financial Performance - The company's revenue for 2024E is projected at HKD 29.551 billion, a 22% YoY increase, with net profit attributable to owners expected to reach HKD 4.003 billion, up 28% YoY [7] - EPS for 2024E is forecasted at HKD 0.61, with a P/E ratio of 8.3x and a P/B ratio of 0.85x [7] - ROE is expected to improve to 10.3% in 2024E, up from 7.47% in 2023 [7] Industry Comparison - The company's 2024E P/E ratio of 8.3x is lower than the average P/E ratio of 12x for comparable companies with stable earnings and high dividends [6] - The company's dividend yield of 6.13% in 2023 is higher than the average dividend yield of 3.66% for comparable companies [10] Real Estate Segment Outlook - The real estate inventory is expected to decrease, with the book value of real estate inventory at HKD 32.8 billion at the end of 2023 and HKD 30 billion in the first three quarters of 2024, with prepayments of HKD 10.494 billion [5] - The report anticipates a reduction in real estate inventory impairment pressure in 2024 due to the decrease in inventory size and the implementation of macro policies [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） (股份代號: 00270) 截至 2024 年 9 月 30 日止九個月 未經審核財務資料 粤海投資有限公司（「本公司」）董事會（「董事會」）謹宣佈本公司及其附屬公司（「本 集團」）截至 2024 年 9 月 30 日止九個月（「本期間」）（連同比較數字）之未經審核財務 資料。 | --- | --- | --- | --- | |--------------------------|---------------------------------------------|--------------------------------------------|-------| | | | | | | 未經審核財務摘要 | 截至 9 月 30 | 日止九個月 | | | | | | | | | 2024 年 ( 未經審核 ) | 2023 年 ( 未經審核 ) | 變動 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 12,290,690, an increase of 8.1% from HKD 11,369,355 in the same period of 2023[7]. - Gross profit for the same period was HKD 5,469,042, slightly up from HKD 5,461,429, indicating stable profitability[7]. - Profit before tax decreased to HKD 3,664,178, down 7.1% from HKD 3,942,351 in the previous year[7]. - Net profit for the period was HKD 2,665,782, a decrease of 6.5% compared to HKD 2,851,135 in 2023[7]. - Basic and diluted earnings per share were HKD 0.3688, down from HKD 0.3865 in the same period last year[7]. - Total comprehensive income for the period was HKD 2,259,527, significantly up from HKD 934,897 in the previous year, reflecting a substantial recovery[8]. - The company's profit for the six months ended June 30, 2024, was HKD 2,665,782, a decrease of 6.5% compared to HKD 2,851,135 for the same period in 2023[8]. - The pre-tax profit for the consolidated group for the six months ended June 30, 2024, was HKD 3,664,178, a decrease of 7.1% from HKD 3,942,351 in the same period of 2023[22]. - The net profit for the consolidated group for the six months ended June 30, 2024, was HKD 2,665,782, a decrease of 6.5% from HKD 2,851,135 in the same period of 2023[22]. - The unaudited consolidated profit attributable to owners for the six months ended June 30, 2024, was HKD 2.411 billion, a decrease of 4.6% compared to HKD 2.527 billion in the same period last year[80]. Expenses and Costs - Total operating expenses, including selling and administrative expenses, decreased to HKD 1,501,480 from HKD 1,636,782, reflecting cost control measures[7]. - The total finance costs for the period amounted to HKD 646,553, an increase from HKD 586,302 in the previous year[30]. - The effective tax expense for the period was HKD 998,396, down from HKD 1,091,216 in the same period of 2023[34]. Assets and Liabilities - Non-current assets totaled HKD 85,505,815 as of June 30, 2024, compared to HKD 84,688,161 at the end of 2023, indicating a growth in asset base[9]. - Current assets decreased slightly to HKD 54,324,280 from HKD 55,277,811, primarily due to changes in inventory and properties held for sale[9]. - Total liabilities decreased to HKD 80,562,132 from HKD 81,936,347, indicating effective management of obligations[10]. - The company's equity increased to HKD 59,267,963 as of June 30, 2024, up from HKD 58,029,625, reflecting a stronger financial position[10]. - The total assets of the company reached HKD 43,117,947,000 as of June 30, 2024, compared to HKD 41,802,210,000 at the start of the year, indicating a growth of approximately 3.14%[11]. - The company's total liabilities as of June 30, 2024, were HKD 80,562,132, down from HKD 81,936,347 as of December 31, 2023[25]. - Total liabilities as of June 30, 2024, were HKD 27,244,841, a decrease from HKD 28,576,924 as of December 31, 2023[45]. - Current liabilities amounted to HKD 25,856,851, down from HKD 27,193,739 as of December 31, 2023[45]. Cash Flow - Net cash inflow from operating activities for the six months ended June 30, 2024, was HKD 4,875,738, an increase of 12% from HKD 4,353,697 in the same period of 2023[13]. - Cash and cash equivalents at the end of the period were HKD 12,361,739, down from HKD 13,685,986 at the end of June 2023, a decrease of 10%[14]. - The net increase in cash and cash equivalents for the six months was HKD 1,044,227, compared to HKD 5,209,539 in the same period last year, indicating a significant decline[14]. - The financing activities resulted in a net cash outflow of HKD 1,528,835, contrasting with a net inflow of HKD 2,326,172 in the same period of 2023[13]. Segment Performance - Water resources segment revenue for the six months ended June 30, 2024, was HKD 7,051,438, a decrease of 11.3% from HKD 7,950,125 in the same period of 2023[19]. - Property investment and development segment revenue for the six months ended June 30, 2024, was HKD 3,582,522, an increase of 114.5% from HKD 1,673,223 in the same period of 2023[19]. - The hotel operations and management segment reported a pre-tax profit of HKD 60,216 for the six months ended June 30, 2024, down from HKD 91,160 in the same period of 2023[21]. - The water resources segment generated revenue of HKD 6,653,978, down 12.0% from HKD 7,567,492 in the previous year[29]. - The property investment and development segment saw a significant increase in revenue to HKD 2,890,506, up 171.5% from HKD 1,064,468[29]. Dividends - The interim dividend declared is HKD 0.2397 per share, to be distributed around October 30, 2024[3]. - The interim dividend declared was HKD 23.97 cents per share, an increase from HKD 18.71 cents per share in the previous year[35]. - The board declared an interim dividend of HKD 0.2397 per share for the six months ending June 30, 2024, an increase from HKD 0.1871 per share in 2023[133]. Strategic Focus - The company plans to maintain its focus on market expansion and new product development in the upcoming quarters[7]. - The company plans to continue expanding its investment in infrastructure projects in mainland China, focusing on roads and bridges[18]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and service offerings[24]. - The company aims to enhance operational efficiency and market competitiveness through strategic transformation and a focus on high-quality development[112]. - The company is actively pursuing high-value business opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area[114]. Governance and Compliance - The company has complied with the corporate governance code during the six months ended June 30, 2024[123]. - The company has no purchases, sales, or redemptions of its listed securities during the six months ended June 30, 2024[127].