香港2026年3月23日 /美通社/ -- 2026年3月中旬，全國兩會勝利閉幕，綠色燃料首次被寫入政府工作報告，標誌著獨立自主的能源戰略已上升至國家戰略高度。此外，國家能源局最新數據顯示，2025年我國原油對外依存度升至73%，同比再增0.7個百分點，能源自主可控的壓力持續加大。疊加近期國際地緣政治風險，全球各國正重新審視能源獨立的戰略重要性。在此背景下，可再生能源產業勢必將迎來全球性的高速增長需求，垃圾發電在其中或將佔有重要的一席之地。生活垃圾發電，已是城市不可或缺的「清道夫」和「能量補充站」，並成為城市環境管理及能源基礎設施的剛需組成部分。這種價值也獲得了政策層面的高度認可，國家發展改革委和能源局將生活垃圾焚燒發電納入可再生能源綠色電力證書（「綠證」）的核發範圍。在日益注重環保和可持續發展的當下，行業龍頭企業將是最大的受益者之一。

作為全球最大垃圾發電投資運營商，光大環境（0257.HK）就是其中的佼佼者。近期，光大環境公佈2025年全年業績。以公司環保能源板塊為例，2025年，該板塊為集團貢獻淨盈利為港幣約45億元，較2024年同比增長17%。其中，累計投資落實項目284個，總投資約人民幣1014億元，另承接各類輕資產業務。這些項目設計規模年處理生活垃圾逾5500萬噸、年上網電量逾190億千瓦時、年處理餐廚及廚餘垃圾逾300萬噸以及年供熱供汽近200萬噸。

報告期內，公司堅持「內外並舉」， 增量空間持續打開。於境內鞏固優勢、拓展ToB新賽道。中標海南三亞垃圾發電項目五期，落地首個生物質天然氣項目，供熱供汽量同比增長；於境外在中亞突破、東南亞深耕。在烏茲別克斯坦有2個垃圾發電項目落地（3,000噸/日），中標泰國、馬來西亞設備供貨項目；設立越南、印尼、中亞代表處。全年新簽項目總投資超人民幣30億元，輕資產業務合同總額近13億元，國際化佈局從「點狀突破」轉向「區域深耕」。

在環保水務板塊，即在新加坡和香港兩地上市的光大水務（U9E.SG及1857.HK），在2025年為集團貢獻淨盈利為港幣約6億元，較2024年同比下降26%。聚焦的「泛水」領域，共投資落實項目172個，總投資近人民幣 319億元，另承接各類輕資產業務。這些項目設計規模（含委託運營處理規模）為年處理污水約23.5億立方米、年供中水近1.2億立方米、年供水約3.1億立方米。

在綠色環保板塊，即在香港主板上市的光大綠色環保（1257.HK）在2025年為集團貢獻淨盈利港幣約8700萬元，由2024年的淨虧損狀態轉為淨盈利。截至2025年12月31日，光大綠色環保共投資落實項目143個，總投資近人民幣307億元，設計規模為年處理生物質原材料近826萬噸、年處理生活垃圾逾400萬噸、年處置危固廢逾200萬噸，年供熱供汽逾600萬噸。

作為世界知名環境集團，整體來看，公司2025年創造收入約港幣275萬元，同比降9%，權益持有人應占盈利約港幣39億元，同比增長16%。從股價觀察，此前公司在5港元附近盤整近半年，市盈率（動）估值為6.93倍，對應股息率4.82%，屬低估高息狀態。去年11月，公司發佈公告啟動「回A上市」，此舉一方面可以拓寬融資渠道，另一方面可以提高公司估值水平。相較於港股的較低估值，A股垃圾發電板塊平均市盈率約為20倍，溢價率為185%，估值差價明顯，相信後市對港股估值有一定的帶動作用。

此外，光銀國際證券預測公司2025年資本開支縮減至35-45億水平，低於市場預期，而「國補」資金又回收加速，預計2025年經營現金流為港幣101億元，較2024的77.5億提升30%，將進一步提升公司的分紅派息比例，加強投資者回報。評級「買入」，目標價5.77港元。綜合來看，公司股價具備一定的估值修復空間。

HORIZONROBOT-W (09660.HK) has high growth potential and a unique positioning, CMBI released a research report saying. Following the launch of the HSD solution, its management raised the guidance for the CAGR of revenue over the next few years from 50% to 60%.

The broker believed that HORIZONROBOT-W, with its increasing market share in the urban NOA solution, upcoming cabin-driving fusion solutions, pilot operation of robotaxis, and collaboration with global tier-1 suppliers to expand overseas markets, possesses unique value and should enjoy a valuation premium.

The Company planned to launch the Agentic CAR cabin-driving fusion system chip this year, with mass production expected by the end of 2026, coinciding with the launch of Qualcomm (QCOM.US)'s SA8797, indicating competitiveness.

HORIZONROBOT-W also planned to start pilot operations of robotaxis with ecosystem partners in 3Q26, showcasing comprehensive autonomous driving capabilities.

Therefore, CMBI dropped its target price from $12.3 to $10, based on a projected 13x PS ratio for 2027, similar to Nvidia (NVDA.US)'s valuation level, with rating kept at Buy.
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AAStocks Financial News
Website: www.aastocks.com

SHANGHAI, March 23, 2026 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK, "Everest", or the "Company"), a biopharmaceutical company focused on the discovery, clinical development, manufacturing, and commercialization of innovative therapeutics, today announced that it has entered into an Asset Purchase Agreement with Corxel Pharmaceuticals Hong Kong Limited ("CORXEL"). Under the agreement, the Company has acquired the rights to develop, manufacture, and commercialize CARDAMYST™ (etripamil) nasal spray in Greater China, including Chinese Mainland, Hong Kong, Macao and Taiwan region.

Under the terms of the agreement, Everest will pay CORXEL an upfront payment of US$30 million (equivalent to approximately RMB344,895,000), as well as potential development milestone payments of up to US$20 million (equivalent to approximately RMB137,958,000). As part of this agreement, Everest will be assigned and transferred rights, interests, claims, duties, obligations and liabilities (other than certain excluded liabilities) under the Milestone License Agreement entered into by CORXEL in May 2021 and certain related ancillary agreements.

CARDAMYST™ (etripamil) nasal spray is a novel, rapid-acting calcium channel blocker as administered as needed via a convenient, portable nasal spray. It offers rapid onset of action, favorable tolerability, and the potential for at-home self-administration, enhancing patient accessibility. In December 2025, CARDAMYST was approved by the U.S. Food and Drug Administration (FDA), becoming the first and only self-administered nasal spray in more than 30 years capable of converting paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. As a rapid-acting treatment option, CARDAMYST can be self-administered outside the emergency department or other healthcare settings, enabling patients to actively manage episodes and gain greater control over their condition. In addition to its approved indication for PSVT, etripamil nasal spray is also under clinical development for atrial fibrillation with rapid ventricular response (AFib-RVR). Phase II trials have shown encouraging results, and Phase III trials are planned, with the potential to further extend its therapeutic impact to a broader patient population.

In China, the New Drug Application (NDA) for etripamil nasal spray was accepted by the National Medical Products Administration (NMPA) on January 17, 2025 and is expected to receive approval in the third quarter of 2026.

PSVT is characterized by abnormalities in the heart's electrical system that cause sudden unexpected and often severely symptomatic episodes of rapid heart rate. There are currently no approved self-administered, fast-acting, non-injectable therapies for acute PSVT, leaving patients with limited treatment options beyond emergency care. Approximately 2.3 to 4 per 1,000 individuals are affected by PSVT, representing an estimated 3 to 6 million patients in China.

AFib-RVR is a type of irregular heart rhythm, characterized by an irregular and elevated heart rate. Its onset is typically gradual, episodes are less likely to terminate spontaneously, and the condition tends to recur, significantly increasing the risk of thromboembolism and serious complications such as stroke and heart failure. In China, atrial fibrillation affects an estimated 1.6% of the population, representing nearly 20 million patients, and is expected to increase with an aging population. Both PSVT and AFib-RVR are associated with a loss of control and a significant psychological burden for patients.

Driven by its 2030 Strategy, and led by Mr. Yifang Wu, Chairman of the Board, Everest is accelerating growth through a dual-engine approach that combines strategic business development partnerships with in-house R&D. This transaction further strengthens Everest's expanding cardiovascular franchise, building on recent strategic initiatives and reinforcing the Company's disciplined approach to constructing focused therapeutic verticals with meaningful lifecycle expansion potential. Through continued advancement of its pipeline and product portfolio globally, Everest aims to deliver innovative therapies to more patients, create sustainable long-term value, and advance its position to become a leading global biopharmaceutical company.

"We are pleased to collaborate with CORXEL, this agreement marks an important step in our continued expansion in the cardiovascular field and a meaningful milestone in advancing our growth 2030 strategy," said Mr. Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines. "PSVT is a large and significantly underserved market in China, with no fast-acting, non-injectable, self-administered therapies approved for the acute treatment of PSVT. CARDAMYST provides an innovative on-demand treatment option that empowers patients to manage episodes anytime and anywhere. It is currently the only therapy designed for at-home self-administration to enable the acute termination of PSVT and AFib-RVR episodes, addressing a significant unmet medical need among patients in China. We will leverage our clinical development expertise and established commercialization platform to accelerate its advancement and future launch in Greater China, while further strengthening our cardiovascular franchise and unlocking its broader potential across atrial arrhythmias."

"Since acquiring the rights to develop and commercialize etripamil nasal spray in 2021 in Greater China, CORXEL has quickly rolled out its clinical development program and submitted its NDA application following positive topline data from the China Phase 3 trial for treating PSVT. This demonstrates CORXEL's strong execution capability in developing innovative medicines with speed and quality," said Ms. Sandy Mou, Board Executive Director and Chief Executive Officer of CORXEL. "We are pleased with the purchase agreement with Everest Medicines，and are confident that Everest, with its deep expertise in cardiovascular therapeutics and strong commercialization capabilities, is the ideal partner to successfully bring etripamil nasal spray to clinical practice and benefit patients in China. This agreement also allows CORXEL to further focus its resources on advancing the global development of its core pipeline."

The NDA for etripamil nasal spray was accepted by the NMPA based on data from the pivotal global Phase 3 RAPID study and the China Phase 3 JX02002 study. Both trials met their primary endpoints. In the JX02002 study, a greater number of patients receiving etripamil achieved the conversion to sinus rate within 30 minutes, compared with placebo (hazard ratio [HR] = 3.02; p=0.0005). Overall, the treatment emergent adverse events (TEAEs) were comparable between the etripamil and placebo groups. Notably, no serious adverse events (SAEs) were reported within 24 hours of etripamil administration in either Phase 3 trial. 

The FDA approval of CARDAMYST was supported by a robust clinical program that included safety data from more than 1,800 participants across more than 2,000 PSVT episodes. This included the Phase 3 RAPID trial, a global, randomized, double-blind comparison of etripamil versus placebo, published in The Lancet in 2023. The RAPID trial achieved its primary endpoint, with 64% of participants who self-administered etripamil (N=99) converting from supraventricular tachycardia (SVT) to sinus rhythm within 30 minutes compared with 31% on placebo (N=85) (HR = 2.62; p<0.001). The median time to conversion was 17 minutes (95% CI: 13.4, 26.5) for etripamil versus 54 minutes (95% CI: 38.7, 87.3) for placebo. The most common adverse events (≥5%) were generally mild-to-moderate and transient in nature, including local-site nasal discomfort, nasal congestion, rhinorrhea, throat irritation, and epistaxis. Fewer than 2% of participants discontinued therapy due to adverse events. 

Etripamil nasal spray is also under clinical development for AFib-RVR. In the randomized, controlled Phase 2 ReVeRA study, etripamil demonstrated rapid and significant reduction in ventricular rate in patients with AFib‑RVR, achieving its primary endpoint. A greater number of patients receiving etripamil achieved a ventricular rate of less than 100 bpm (58.3%) than those receiving placebo (4%). The safety profile was consistent with previous studies.

About CARDAMYST™（etripamil) Nasal Spray

Etripamil is a novel calcium channel blocker developed by Milestone Pharmaceuticals Inc. (Nasdaq: MIST). It is designed as a rapid-response therapy for episodic cardiovascular conditions. As a self-administered nasal spray, etripamil has the potential to shift treatment from emergency department-based care to a patient-managed setting. In May 2021, JIXING (now CORXEL) and Milestone entered into an exclusive license agreement for the development and commercialization of investigational drug etripamil for PSVT and other cardiovascular indications in Greater China ("Milestone License Agreement").  

About Everest Medicines

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative pharmaceutical products that address critical unmet medical needs for patients in global markets. The management team of Everest Medicines has deep expertise and an extensive track record both in China and with leading global pharmaceutical companies.

The Company's therapeutic areas of focus include autoimmune, ophthalmology, critical care, and CKM (cardiovascular, kidney, and metabolic) diseases. Everest Medicines has developed a fully integrated commercialization platform that combines omnichannel commercial capabilities with end-to-end product lifecycle management. Leveraging its proprietary mRNA platform, the Company is advancing its existing pipeline, including mRNA in vivo CAR-T and mRNA cancer vaccines, while selectively expanding into additional high-value therapeutic areas with blockbuster potential, and accelerating its global expansion. For more information, please visit the Company's website: www.everestmedicines.com.

About CORXEL

CORXEL is a clinical-stage biopharmaceutical company dedicated to developing innovative therapies for patients with cardiometabolic conditions around the world. CORXEL is led by an experienced management team that has a strong track record of identifying, in-licensing and developing attractive clinical product candidates directed at validated targets with proven mechanisms of action (MoAs). CORXEL's diverse portfolio of clinical-stage product candidates has the potential to redefine treatment standards and address key limitations of current therapies for multiple cardiometabolic indications. CORXEL is developing selective small molecule compounds across the cardiometabolic spectrum with the lead product candidate CX11, an oral small molecule GLP-1 RA under clinical development for obesity and overweight conditions and T2DM, JX10, a thrombolytic and anti-inflammatory agent for acute ischemic stroke and CX12, an oral small molecule amylin RA under pre-clinical development. CORXEL also has additional small molecule programs in development targeting validated obesity targets. 

For further information about CORXEL, please visit www.corxelbio.com 

Forward-Looking Statements

This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.

美國馬里蘭州羅克維爾市和中國蘇州2026年3月23日 /美通社/ -- 致力於在腫瘤等領域開發創新藥物的領先的生物醫藥企業——亞盛醫藥（納斯達克代碼：AAPG；香港聯交所代碼：6855）宣佈，公司原創1類新藥利沙托克拉片（商品名：利生妥^®）自2025年7月獲批上市8個月以來，已經獲得26個省184個城市74個項目的重特大疾病補充保險或惠民保報銷，大大減輕慢性淋巴細胞白血病/小淋巴細胞淋巴瘤（CLL/SLL）患者的就醫負擔，提高用藥可及性。

同時公司也不斷探索商業醫療健康險的解決方案，目前利生妥^®已經可以通過「藍醫保 •長期醫療險（好醫好藥版）2026版」、「太無憂百萬醫療險」、「微醫保百萬醫療險」、「金醫保3號」、「眾安尊享e生2025版」和「星相守百萬醫療險」等百萬醫療商業健康險進行報銷。此外，在2026年退役軍人家庭「防癌抗癌專屬保險卡」項目中，利生妥^®已獲納入該項目特藥目錄中，為全國眾多退役軍人家庭提供保障服務減輕醫療負擔。

截至目前，利生妥^®共在重慶市、天津市、河北省、山西省、陝西省、黑龍江省、湖南省、安徽省、潮州、自貢、蘇州、武漢、樂山等37個省級或者地市被納入惠民保、百萬醫療等項目特殊藥品目錄。

利生妥^®是亞盛醫藥自主研發的新型口服Bcl-2選擇性抑制劑，通過選擇性抑制Bcl-2蛋白，恢復癌細胞的正常凋亡過程，從而達到治療腫瘤的目的。2025年7月，該藥物在中國獲批上市，用於既往經過至少包含布魯頓酪氨酸激酶抑制劑（BTKi）在內的一種系統治療的成人CLL/SLL患者。利生妥^®是中國首個上市的國產原創Bcl-2抑制劑，也是全球第二個上市的Bcl-2抑制劑、全球首個單藥治療BTK抑制劑經治的Bcl-2抑制劑，具有重大臨床價值。

亞盛醫藥董事長、CEO楊大俊博士表示：「利生妥^®的上市是我們在Bcl-2靶點新藥開發領域『30年磨一劍』的創新成果，並具有更高效、更安全、更便捷的明顯的臨床優勢。隨著利生妥^®各地補充保險和惠民保項目的廣泛覆蓋，有效降低了患者用藥負擔，讓更多血液腫瘤患者切實受益。未來，我們將繼續加速提升該藥物的可負擔性與可及性，以患者為中心，持續推動創新成果惠及更廣泛人群。」

關於亞盛醫藥

亞盛醫藥是一家綜合性的全球生物醫藥企業，致力於研發創新藥，以解決腫瘤等領域全球患者尚未滿足的臨床需求。2019年10月28日，公司在香港聯交所主板掛牌上市，股票代碼：6855.HK；2025年1月24日，公司在美國納斯達克證券交易所掛牌上市，股票代碼：AAPG。

亞盛醫藥已建立豐富的創新藥產品管線，包括抑制Bcl-2和 MDM2-p53 等細胞凋亡通路關鍵蛋白的抑制劑；新一代針對癌症治療中出現的激酶突變體的抑制劑等。

公司核心品種耐立克^®是中國首個獲批上市的第三代BCR-ABL抑制劑，且獲批適應症均被成功納入國家醫保藥品目錄，目前，亞盛醫藥正在開展耐立克^®一項獲美國FDA許可的全球註冊III期臨床研究（POLARIS-2），用於治療既往接受過治療的慢性髓細胞白血病慢性期（CML-CP）成年患者。此外，耐立克^®聯合治療新診斷費城染色體陽性急性淋巴細胞白血病（Ph+ ALL）患者和治療琥珀酸脫氫酶（SDH）缺陷型胃腸道間質瘤（GIST）患者的全球註冊III期研究正在開展中。

公司另一重磅品種利生妥^®是中國首個獲批上市的國產原創Bcl-2抑制劑，已獲批用於既往經過至少包含布魯頓酪氨酸激酶（BTK）抑制劑在內的一種系統治療的成人慢性淋巴細胞白血病/小淋巴細胞淋巴瘤（CLL/SLL）患者。目前，亞盛醫藥正在開展利生妥^®四項全球註冊III期臨床研究，分別為獲美國FDA許可的治療經治CLL/SLL患者的GLORA研究；治療初治CLL/SLL患者的GLORA-2研究；治療新診斷老年或體弱急性髓系白血病（AML）的GLORA-3研究；以及獲美國FDA、歐洲EMA與中國CDE同步批准開展的治療新診斷中高危骨髓增生異常綜合征（MDS）患者的GLORA-4研究。

截至目前，公司4個在研新藥共獲16項FDA和1項歐盟孤兒藥資格認定，2項FDA快速通道資格以及2項FDA兒童罕見病資格認證。憑借強大的研發能力，亞盛醫藥已在全球範圍內進行知識產權佈局，並與武田、默沙東、阿斯利康、輝瑞、信達等領先的生物製藥公司，以及梅奧醫學中心（Mayo Clinic）、丹娜法伯癌症研究院（Dana-Farber Cancer Institute）、美國國家癌症研究所（NCI）和密西根大學等學術機構達成全球合作關係。

亞盛醫藥已在原創新藥研發與臨床開發領域建立經驗豐富的國際化人才團隊，以及成熟的商業化生產與市場營銷團隊。亞盛醫藥將不斷提高研發能力，加速推進公司產品管線的臨床開發進度，真正踐行「解決中國乃至全球患者尚未滿足的臨床需求」的使命，以造福更多患者。

前瞻性聲明

本新聞稿包含根據美國《1995年私人證券訴訟改革法案》，以及經修訂的《1933年證券法》第27A條和《1934年證券交易法》第21E條所界定的前瞻性陳述。除歷史事實陳述外，本新聞稿中的所有內容均可能構成前瞻性陳述，包括亞盛醫藥對未來事件、經營成果或財務狀況所發表的意見、預期、信念、計劃、目標、假設或預測。

這些前瞻性陳述受到諸多風險和不確定性的影響，具體內容已在亞盛醫藥向美國證券交易委員會（SEC）提交的文件中詳細說明，包括2025年1月21日提交的經修訂的F-1表格註冊說明書和2025年4月16日提交的20-F表格中的「風險因素」和「關於前瞻性陳述及行業數據的特別說明」章節、2019年10月16日提交的首次發行上市招股書中的「前瞻性聲明」、「風險因素」章節，以及我們不時向SEC或HKEX提交的其他文件。這些因素可能導致實際業績、運營水平、經營成果或成就與前瞻性陳述中明示或暗示的信息存在重大差異。本前瞻性聲明中的陳述不構成公司管理層的利潤預測。

因此，該等前瞻性陳述不應被視為對未來事件的預測。本新聞稿中的前瞻性陳述僅基於亞盛醫藥當前對未來發展及其潛在影響的預期和判斷，且僅代表截至陳述發表之日的觀點。無論出現新信息、未來事件或其他情況，亞盛醫藥均無義務更新或修訂任何前瞻性陳述。

SAN FRANCISCO and SUZHOU, China, March 23, 2026 /PRNewswire/ -- Innovent Biologics, Inc. ("Innovent", HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of oncology, cardiovascular and metabolic, autoimmune, ophthalmology and other major diseases, announced that the xanthine oxidase inhibitor (XOI) Tigulixostat(R&D code: IBI128) have the first participant dosed in a Phase 3 clinical study in head-to-head comparison of febuxostat, aiming to provide a better treatment option for Chinese gout patients. In a previous Phase 2 clinical study, tigulixostat showed a more significant urate-lowering effect and a good safety profile compared with the febuxostat group. The Phase 2 clinical data were published at the Asia-Pacific League of Associations for Rheumatology (APLAR) conference in 2025.

This study adopts a randomized, double-blind, multi-center Phase 3 design, and plans to enroll 600 Chinese patients who meet the 2015 ACR/EULAR gout diagnostic criteria, and randomize them in a 1:1 ratio to receive tigulixostat 100 mg or febuxostat 40 mg for 24 weeks. The treatment period of the trial was one year. The primary endpoint was the proportion of patients with serum uric acid (sUA) < 360 μmol/L at week 24.

The Principal Investigator of the Study, Professor Zou Hejian from Huashan Hospital, Fudan University, said: "Current gout treatment has dual challenges of drug safety concerns and insufficient efficacy. The Phase 2 data of IBI128 have shown significant advantages in lowering uric acid. This Phase 3 study, through head-to-head design and long-term observation, is expected to provide high-level evidence-based evidence for clinical practice. As a metabolic disease with the fastest growth rate in prevalence in China, gout also has multiple unmet medical needs, including the safety risks of existing drugs, such as cardiovascular risks, hypersensitivity reactions limiting clinical application, and the risk of acute kidney injury caused by excessive uric acid excretion load; the lack of efficacy, such as insufficient drug compliance rate and medication restrictions for patients with renal impairment. Tigulixostat is expected to provide a new treatment option to better meet the above needs. As a new-generation highly selective XOI, the 100 mg dose group in the Phase 2 study (CIBI128A201) had a sUA compliance rate (< 360 μmol/L) of 81% at 16 weeks, which was significantly better than that in the febuxostat 40 mg group. In addition, it showed good safety characteristics in previous clinical studies, with good renal and cardiovascular safety. This Phase 3 study will further verify its long-term therapeutic benefits and fill the unmet medical needs. "

Dr. Lei Qian, Chief R&D Officer of General Biomedicine of Innovent Biologics, stated, "Gout is one of the largest chronic diseases in China, which has long brought a sustained health burden to millions of patients. However, compared with chronic diseases such as diabetes and hypertension, the current therapeutic options are still relatively limited. Gout patients urgently need innovative drugs that have potent uric acid-lowering effects and good safety, and the development of IBI128 reflects Innovent Biologics' proactive response, as an innovation-driven biopharmaceutical company, to address this significant unmet medical need. At the same time, Innovent has established a systematic pipeline strategy in the field of gout and hyperuricemia. In addition to IBI128, the company is advancing multiple innovative programs, including IBI3011, an IL-1RAP monoclonal antibody designed to control acute gout flares, as well as mazdutide, a globally innovative GCG/GLP-1 dual receptor agonist that may provide therapeutic benefits for patients with obesity complicated by hyperuricemia. By building a product portfolio covering different disease stages and patient needs, Innovent Biologics is expected to significantly enhance its comprehensive competitiveness in this therapeutic field and provide patients with a more comprehensive and personalized treatment option. "

About Tigulixostat (IBI128)

IBI128 (tigulixostat) is a novel non-purine selective xanthine oxidase inhibitor (XOI) for the treatment of hyperuricemia associated with gout.^[1] Preclinical studies have confirmed its unique mechanism of action, while early clinical trials (including Phase 1 and Phase 2) have shown significant urate-lowering efficacy and good safety, and the Phase 2 results have actively promoted the initiation of Phase 3 studies. 

In December 2022, Innovent Biologics entered a strategic collaboration with LG Chem, in-licensing exclusive development and commercialization rights for tigulixostat in China.

About Gout

The prevalence of gout is increasing rapidly worldwide and in China, with prominent characteristics of younger age. According to the latest research, the overall prevalence of hyperuricemia in China is 17.7%, and the prevalence of gout is 3.2%. The patient base is large, with approximately 177 million people in hyperuricemia, including more than tens of millions of patients with gout.^[4] The young population has become a high-incidence population: nearly 60% of the patients are between the ages of 18 and 35 years, and the average age of onset has decreased to 48.28 years, which is closely related to high-purine diet, intake of sugar-containing beverages, and sedentary lifestyle. The harm of gout far exceeds that of joint pain, and it has been identified as a systemic disease. Long-term uncontrolled gout can lead to irreversible organ damage and serious complications, including joint and motor function damage, kidney and metabolic system risks, socioeconomic burden, etc.^[1,2,4], which may lead to a decline in the quality of life of patients, as well as negative effects such as labor loss.

About Innovent Biologics

Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 18 products in the market. It has 5 assets in Phase 3 or pivotal clinical trials and 14 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Eli Lilly, Roche, Takeda, Sanofi, Incyte, LG Chem and MD Anderson Cancer Center.

Guided by the motto, "Start with Integrity, Succeed through Action" Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

Statement: Innovent Biologics does not recommend the use of unapproved drugs/indications. 

Forward-Looking Statement

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent's competitive environment and political, economic, legal and social conditions.

Innovent, the Directors and the employees of Innovent assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turn out to be incorrect.

References

Starting from last Saturday (21st), the content of Nanjing's new car purchase subsidy policy has been tweaked according to the policy adjustment at the provincial level.

During the activity period, the subsequent new car purchase subsidy policies introduced by various regions will be implemented with reference to this adjustment. Vehicles purchased on or before last Friday (20th) that meet the application conditions of various regions will follow the original policy content.

Based on the price of each level of cars, the subsidy amount has been adjusted to RMB1,000-6,000 for fuel vehicles and to RMB2,000-7,000 for new energy vehicles.
~



AAStocks Financial News
Web Site: www.aastocks.com

SHANGHAI, March 22, 2026 /PRNewswire/ -- On the occasion of World Water Day, WuXi Biologics reaffirms its commitment to sustainability through responsible operations and efficient, circular water‑use practices that reduce environmental impact.

WuXi Biologics has been named to the CDP Water Security "A List" for three consecutive years, underscoring an industry-leading performance in environmental stewardship and transparency. This achievement reflects the company's long-standing dedication to sustainable water management, including its diligent efforts to meet water targets, fulfill clients' sustainability expectations, and continually enhance water management practices.

Significant Progress in Systematic Water Management 

WuXi Biologics actively supports the United Nations Sustainable Development Goal regarding clean water and sanitation (SDG 6), and has established a comprehensive water management framework with clear targets and ongoing progress tracking. With 2019 as the base year, the company aimed to reduce water consumption intensity by 30% by 2025, and, at the conclusion of 2025, had fully achieved this ambitious goal, demonstrating the company's unflagging commitment to excellence in water stewardship, and the success of its endeavors to improve water efficiency and minimize its environmental footprint.

Roll Out of WES Across Global Operations

To promote and support site-specific water stewardship and management across the company, WuXi Biologics launched a Water Excellence Stewardship (WES) program in 2024 covering such material topics as water governance, water balance, water quality, and safe water/environmental and personal hygiene (WASH). Through WES, each site can assess its own sustainable water management performance, identify improvement opportunities, and ensure alignment with international best practices. By the end of 2025, the WES program had been rolled out at 10 of the company's global sites.

Dr. Chris Chen, WuXi Biologics CEO and Chairman of the ESG Committee, commented, "Natural resources are fundamental to the human well-being, and are indispensable in the the research, development and production of biologics. WuXi Biologics is committed to protecting the environment and pursuing sustainability by operating responsibly, while advancing exemplary water stewardship, and promoting universal access to water and sanitation. As a global leader in Green CRDMO, we consistently deliver ESG excellence, enable partners worldwide to fulfill ESG commitments, and jointly work with all stakeholders to promote responsible practices throughout the entire value chain."

As a participant of the United Nations Global Compact (UNGC) and the Pharmaceutical Supply Chain Initiative (PSCI), WuXi Biologics proactively advocates sustainability and has earned widespread recognitions for its efforts. In addition to being named to the CDP "A List" for Water Security, the company was named to the CDP "A List" for Climate Change and rated "A" in the CDP Supplier Engagement Assessment; granted an MSCI AAA Rating; awarded an EcoVadis Platinum Medal; listed in the Dow Jones Best-in-Class Indices; given the highest negligible-risk rating by Sustainalytics, and recognized as a Sustainalytics industry and regional ESG top-rated company for five consecutive years; selected as a Constituent of the FTSE4Good Index Series; listed in the Hang Seng Corporate Sustainability Benchmark Index; and rated as Prime by ISS ESG Corporate Rating.

About WuXi Biologics

WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide.

With over 12,000 skilled employees in China, the United States, Ireland, Germany and Singapore, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of December 31, 2025, WuXi Biologics is supporting 945 integrated client projects, including 74 in Phase III and 25 in commercial manufacturing.

WuXi Biologics regards sustainability as the cornerstone of long-term business growth. The company continuously drives green technology innovations to offer advanced end-to-end Green CRDMO solutions for its global partners while consistently achieving excellence in Environment, Social and Governance (ESG). Committed to creating shared value, it collaborates with all stakeholders to foster positive social and environmental impacts and promote responsible practices that empower the entire value chain.

For more information about WuXi Biologics, please visit: www.wuxibiologics.com.

Contacts

ESG
[email protected]

Media
[email protected]

HONG KONG, March 20, 2026 /PRNewswire/ -- China Everbright Environment Group Limited ("Everbright Environment" or the "Company") (257.HK) announces the consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2025 ("2025" or the "year under review").

During the year under review, facing a complex and severe internal and external environment, the Group remained focused on its core responsibilities and core business areas. It empowered industrial development through technological innovation, expanded development horizons through international expansion, and solidified development foundations through industrial ecosystem construction, steadily implementing all business operations to deliver tangible results, while advancing high-quality development. As a result, the Group deepened its three major development strategies, namely technology as a driving force, an internationalisation path, and an industrial ecological system, making every effort to drive its "Second-Stage Entrepreneurship" and laying a solid foundation for a smooth commencement of the 15th Five-Year Plan period.

In terms of operating results, during the year under review, the Group recorded a total revenue of approximately HK$27.521 billion; gross profit amounted to approximately HK$11.085 billion; earnings before interest, taxes, depreciation and amortisation ("EBITDA") amounted to approximately HK$10.273 billion; profit attributable to equity holders of the Company amounted to HK$3.925 billion; and basic earnings per share amounted to HK63.90 cents.

The Group upholds the principle of sharing its operating results with shareholders of the Company (the "Shareholders"). To reward the Shareholders' support and in line with business development and strategic planning, the board of directors of the Company recommended the distribution of a final dividend of HK12.0 cents per share for the year ended 31 December 2025 (2024: HK9.0 cents per share), with a full-year dividend per share of HK27.0 cents (2024: HK23.0 cents per share). The proposed dividend payout ratio stood at 42.3%, representing an increase of 0.5 percentage point from 2024.

As of 31 December 2025, the Group's business presence had expanded to 24 provinces, autonomous regions, municipalities and 1 special administrative region in China, with its footprint spanning 228 districts, counties and cities, in addition to overseas markets in 16 countries, including Germany, Poland, Vietnam and Uzbekistan. The total number of environmental protection projects invested in and held by the Group was 605, with an aggregate investment of approximately RMB164.691 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 196 Waste-to-Energy ("WTE") projects under its environmental energy and greentech sectors, with a designed daily household waste processing capacity of 163,050 tonnes (including capacity under the operation and management ("O&M") model).

The designed treatment or supply capacities of new projects secured in 2025 are summarised below:

*Including treatment capacity under the O&M model

On the market expansion front, during the year under review, the Group adhered to the principle of pursuing development at home and abroad and advancing both asset-light and

asset-heavy businesses, steadily advancing its expansion efforts. On the one hand, the Group continued to solidify and innovate domestic market deployment: while further consolidating its strengths in areas such as WTE and waste water treatment ("WWT"), the Group vigorously expanded the Business-to-Business market and other emerging growth drivers; it achieved business breakthroughs in key regions such as Beijing and Guangzhou and successfully signed the first biomethane project, marking a breakthrough in high-value utilisation of biomass. The diversification and contribution of synergy-based businesses, such as heat and steam supply, continued to increase, leading to ongoing optimisation of the business structure. At the same time, the Group accelerated its internationalisation progress, steadily building its global service capability: It secured 2 WTE projects in Uzbekistan, marking a key footprint in the Central Asia market; in markets such as Egypt, Thailand, and Malaysia, it secured asset-light businesses, with contract value of overseas equipment sales reaching new highs. It established representative offices in Vietnam, Indonesia, and Central Asia, driving the transformation of the overseas expansion structure from a project-driven model to a region-focused model.

On the technology deployment front, during the year under review, the Group centred on the "3+1" key directions and made solid progress: forming a 100 tonnes/day waste charcoal production process and a fly ash recirculation treatment process; and completing the straw natural gas explosion + enzymatic hydrolysis research trails. The Group also completed independent research and development ("R&D") and full set manufacturing of micro-scale waste grate furnace. In respect of commercialisation and application of research results, technologies for energy-saving, efficiency enhancement, digitalisation were converted into tangible commercial applications. For example, technologies for efficiently producing biomethane from biogas in synergy with waste incineration facilitated the Group's projects to sell biomethane to external clients; breakthroughs were achieved in selective catalytic reduction ("SCR") high-dust denitrification technology for biomass boilers with a water-cooled vibrating grate; key technologies for high efficiency pyrolysis of waste power batteries and complete equipment for recovering valuable components were included in a national catalogue, helping to establish the first full-industry-chain battery recycling demonstration project in Jiangsu Province. As of 31 December 2025, the Group had cumulatively been granted more than 2,300 intellectual property rights.

On the operations management front, during the year under review, the Group pursued incremental improvements while also digging into the potential to reduce costs and enhance efficiency in existing businesses. Leveraging on measures such as the "Twenty Refined Management Measures", the "Fifteen Special Measures to Increase Operating Revenue" and other requirements to enhance the operating quality and efficiency of existing projects, operating indicators have been continuously improved. In the environmental energy sector, WTE projects generated about 467 kWh of electricity per tonne of incoming waste fed into the furnace, an increase of 1% from 2024; heat and steam supply volume was about 3.50 million tonnes, an increase of 39% from 2024; slag production volume was about 12 million tonnes, an increase of 55% from 2024. In the environmental water sector, WWT volume was about 1.811 billion m³, an increase of 3% from 2024; more than 30 external business contracts were signed leveraging existing projects, generating additional revenue streams; the "In-Plant Solar Power" program continued to advance. In the greentech sector, heat and steam supply volume of integrated biomass utilisation projects and solid waste treatment projects increased 17% compared with 2024.

On the project construction front, during the year under review, 31 projects of the Group commenced operation, 1 project completed construction, and 8 environmental remediation services were completed and delivered. Meanwhile, 18 projects commenced construction, and 4 environmental remediation services entered the implementation phase.

On the environmental contribution front, in 2025, the Group processed a total of nearly 66 million tonnes of household waste, hazardous and solid waste and agricultural and forestry waste, generating approximately 28.5 billion kWh of electricity, equivalent to saving more than 11 million tonnes of standard coal. The volume of heat and steam supplied was approximately 8.19 million. Nearly 15 million tonnes of CO₂ equivalent greenhouse gas emissions were displaced in total. The volume of waste water and WTE plants' leachate treated exceeded 1.8 billion m³, reducing chemical oxygen demand emission by more than 920,000 tonnes.

Mr. Luan Zusheng, Executive Director and CEO of Everbright Environment, said, "In 2025, Everbright Environment focused on its core responsibilities and core businesses, strived to increase revenue and create value, prevented and resolved risks, and steadily implemented all business operations to deliver tangible results, deepen its three major development strategies, and made every effort to drive its 'Second-Stage Entrepreneurship'. In the future, the Group will anchor its strategic directions and deepen its core responsibilities and core businesses. By solidifying its business fundamentals, it will focus on market expansion, promote industrial upgrading, and maintain risk bottom lines, in order to push its own high-quality development to a new level, thereby creating sustainable value for the Shareholders and other stakeholders."

Mr. Wang Silian, Executive Director and Chairman of the Board of Everbright Environment, said, "In 2026, Everbright Environment will anchor the goal and vision of 'Building a World-Class Environmental Company with Chinese Characteristics', seize the 'Four Adherences' including problem orientation, people-centeredness, focus on core businesses and unite efforts. By focusing on the 'Six Key Areas' namely solidifying the leading position, racing to the front, controlling risks, creating value, taking the lead in innovation and expanding into international markets, the Group will effectively enhance its core competitiveness. With a strong start to the 15th Five-Year Plan, the Group will strive to create more achievements through high-quality development, in order to contribute to building a Beautiful China and a beautiful world."

Business Review by Sectors

ENVIRONMENTAL ENERGY

In respect of market expansion, during the year under review, environmental energy continued to pursue both domestic and international growth. Internationally, it achieved new breakthroughs in Central Asia and Thailand by securing WTE projects in the Fergana Region and Namangan Region of Uzbekistan, and signing a WTE plant engineering management service contract in Thailand. Domestically, it secured Hainan Sanya WTE Project Phase V, continuing to solidify its market position in the region. At the same time, environmental energy further diversified its market expansion, with asset-light and WTE synergy-based business in areas such as waste sorting, sanitation integration, and heat and steam supply as key driving forces. It also actively explored new business opportunities, such as pilot projects on gasification for hydrogen production and methanol synthesis at biomass grate furnace, expanding the space for business development. In 2025, environmental energy invested in and secured 4 new projects with a total investment of approximately RMB2.953 billion, and signed contracts for asset-light businesses, with a total contract value of approximately RMB240 million. These new projects added a designed daily household waste processing capacity of 3,750 tonnes.

As of 31 December 2025, environmental energy business had invested in and held a total of 284 projects, with an aggregate investment of approximately RMB101.378 billion, and undertook different types of asset-light businesses including 4 O&M and EPCO (Engineering Design-Procurement-Construction-Operation) projects. The designed capacities of these projects (including processing capacity under the O&M model) include but not limited to: an annual processing capacity of 55,297,500 tonnes of household waste, an annual on-grid electricity generation of 19,288,795,800 kWh, an annual processing capacity of 3,151,045 tonnes of food and kitchen waste, and an annual heat and steam supply capacity of 1,910,832 tonnes.

In respect of operations management, during the year under review, environmental energy advanced refined management measures, including deeper application of intelligent power plant-related results to improve operating performance against the headwinds. The core indicators improved as compared with 2024: the average power generation per tonne of incoming waste fed into the furnace of the WTE projects was approximately 467 kWh, increased by 1% as compared with 2024; the comprehensive plant power consumption rate was approximately 15.5%, maintained at a similar level as compared with 2024; supply of heat and steam increased by 39% as compared with 2024; and 2 WTE projects received regulatory approval to increase waste treatment fee.

In respect of project construction, during the year under review, 17 projects commenced operation, and 10 projects commenced construction.

ENVIRONMENTAL WATER

As of 31 December 2025, the Group held a 72.87% stake in China Everbright Water Limited ("Everbright Water").

In respect of market expansion, during the year under review, Everbright Water proactively promoted market expansion. First, it accelerated its key regional presence. Domestically, it acquired a minority equity stake in an industrial WWT project serving the cosmetics manufacturing sector in Huadu District, Guangzhou City of Guangdong Province. This marked a dual breakthrough in both new markets and niche business areas. Internationally, it expanded its footprint in Southeast Asia by securing equipment procurement service contracts for a municipal water plant in Thailand, further supporting China's "Belt and Road" Initiative. Second, it broadened its business scope, continuing to extend along both the upstream and downstream segments of the industry value chain. Notably, it signed an investment cooperation agreement with Daxing District People's Government of Beijing Municipality in relation to zero-carbon energy projects, and also explored opportunities in agricultural waste resource utilisation across multiple provinces. In 2025, Everbright Water invested in and secured 2 projects, in addition to the extension of the concession rights for 1 existing project, with a total investment value of approximately RMB223 million. It also undertook various asset-light projects and services, with a total contract value of approximately RMB266 million. The newly secured projects and services have added a designed daily water treatment capacity of 11,050 m³ (including O&M capacity).

As of 31 December 2025, Everbright Water had invested in and held 172 projects, with a total investment of approximately RMB31.853 billion. It also undertook 16 O&M services and other asset-light businesses. The designed capacities of these projects (including treatment capacity under the O&M model) are as follows: an annual WWT capacity of 2,352,443,250 m³, an annual reusable water supply capacity of 118,479,000 m³, an annual water supply capacity of 310,250,000 m³, an annual sludge treatment capacity of 793,875 tonnes, and an annual livestock and poultry manure treatment capacity of 109,500 tonnes.

In respect of operations management, during the year under review, in respect of cost control, Everbright Water streamlined its supply chain and optimised procurement processes, achieving notable reductions in key operating cost items, including unit procurement costs and chemical consumption per tonne of water. In respect of efficiency enhancement, supported by the development of intelligent capabilities, it deployed a range of practical digital applications such as "dark factory", artificial intelligence-driven visual inspections and intelligent dosing algorithms. These initiatives effectively strengthened automation, improved operational efficiency and reduced reliance on manual labour and material consumption. As of 31 December 2025, solar power generation facilities had been put into operation at 12 projects, with a total installed capacity of approximately 20 MWp, generating an average annual power of approximately 20 million kWh.

In respect of project construction, during the year under review, Everbright Water had 9 projects that commenced operation upon completion of construction work and 4 projects that commenced construction,

GREENTECH

As of 31 December 2025, the Group held a 69.70% stake in China Everbright Greentech Limited ("Everbright Greentech").

In respect of market expansion, during the year under review, Everbright Greentech continued to push forward its business structure transformation and achieved remarkable results: it implemented the Group's first biomethane project, supplying natural gas to Jingjiang Special Steel Co., Ltd., marking an important advance in high-value utilisation of biomass; secured Jiangsu Huai'an Xinhuai Energy Heat Pipeline Network Project, strengthening its advantages in heat and steam supply; and further boosted the market share and earnings contribution of the electricity sales business. In 2025, Everbright Greentech invested in and secured 2 new projects with a total investment of approximately RMB72 million, and signed new contracts for 6 environmental remediation services with a total contract value of approximately RMB155 million. The new projects are designed to have an annual biomass raw material processing capacity of 50,000 tonnes and a biomethane supply capacity of 10,000,000 Nm³.

As of 31 December 2025, Everbright Greentech had invested in and held 143 projects, with a total investment of approximately RMB30.663 billion. These projects are designed to have an annual biomass raw material processing capacity of 8,259,800 tonnes, an annual household waste processing capacity of 4,237,650 tonnes, an annual hazardous and solid waste processing capacity of 2,234,876 tonnes, an annual on-grid electricity supply capacity of 7,144,334,985 kWh, an annual heat and steam supply of 6,306,663 tonnes, a solar and wind power installed capacity of 276.91 MW, and an energy storage capacity of 22.2 MW. In addition, Everbright Greentech undertook 14 environmental remediation services (excluding services that had been completed and delivered).

In respect of operations management, during the year under review, Everbright Greentech focused on revenue growth, cost reduction, and green value-add initiatives, effectively enhancing the competitiveness of its projects. In terms of revenue growth, the heat and steam supply volume of relevant projects increased by about 17% from 2024, driving a significant increase in related revenue. In terms of cost reduction, the biomass fuel settlement costs declined by 8.6% from 2024, effectively easing cost pressures. Notably, Anhui Dangshan Biomass Utilisation Project became the Group's first benchmark for turning a loss into a profit without relying on national subsidies. In terms of green value-added initiatives, the green certificate trading volume increased approximately 11.3 times from 2024, further strengthening green profitability.

In respect of project construction, during the year under review, Everbright Greentech had 3 projects that commenced operation, and 8 environmental remediation services were completed and delivered. In addition, 4 projects commenced construction, and 4 environmental remediation services started remediation works.

EQUIPMENT MANUFACTURING

In respect of market expansion, during the year under review, equipment manufacturing adhered to the approach of "seizing major market opportunities, expanding overseas markets, and seeking breakthroughs in new fields", achieving solid domestic and international sales results. In the domestic market, it tackled key challenges and tapped internal potential to solidify growth support: winning the bid for SCR denitrification upgrade works, achieving a breakthrough in turnkey EPC (Engineering, Procurement and Construction) projects for flue gas treatment in the coal-fired power sector; deeply developing mini-scale waste incineration technology and securing related projects in Sichuan Province and other places; focusing on sub-fields such as flue gas treatment upgrading and implementing multiple projects, further extending the technology road map for the industry chain. In overseas markets, it shifted from equipment import to service upgrading: signing an equipment supply project in Thailand, achieving a breakthrough in overseas application of its self-developed water-cooled grate technology; subsequently signing or winning the bid for asset-light contracts for equipment supply and technical services in Malaysia, Italy, Turkey, and other countries, laying a solid foundation for deeper expansion into the European and Asian markets.

In 2025, equipment manufacturing signed 20 contracts for external sales of equipment, with a total contract value of approximately RMB528 million. On the equipment supply and after-sales service front, supply services were initiated for 211 projects; production was completed for 5 sets of grate furnaces for internal and external clients; 48 sets of furnaces and leachate treatment systems were delivered; and 66 instances of unmanned coking services were completed. The sector also signed 210 contracts in relation to external after-sale services, with a total contract value of approximately RMB88 million. In 2025, equipment manufacturing provided 199 after-sales service projects for internal and external clients.

ENVIROTECH

In respect of technological innovation, during the year under review, envirotech advanced in an orderly manner around the Group's "3+1" priority directions: developing a unique charcoal production process plan and a key performance indicator system, and forming a 100 tonnes/day waste charcoal production process; developing a fly ash recirculation treatment process with independent intellectual property rights; completing the straw natural gas explosion + enzymatic hydrolysis research trails; and completing the independent R&D and full-set manufacturing of 10 tonnes/day micro-scale waste grate furnace.

In addition, envirotech actively participated in developing industry standards during the year under review, including driving the formulation of 2 national standards, undertaking 1 national key R&D project, and, as part of the core team, driving the formulation of multiple association standards, thereby continuously enhancing its industry influence.

(End)

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 operator, Everbright Environment has a designed daily household waste processing capacity of more than 160,000 tonnes. The Company has a business presence in 24 provinces, autonomous regions, municipalities and a special administrative region in China, as well as 18 overseas markets including Germany, Poland, Vietnam and Uzbekistan. 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.

香港2026年3月20日 /美通社/ -- 中國光大環境（集團）有限公司（「光大環境」或「本公司」，股份代號：257.HK）謹此宣佈本公司及其附屬公司（統稱「本集團」）截至二零二五年十二月三十一日止年度（「二零二五年」或「回顧年度」）之綜合業績。

回顧年度內，面對複雜嚴峻的內外部環境，本集團聚焦主責主業，以科技創新賦能產業發展，以國際佈局拓寬發展空間，以生態構建夯實發展根基，穩步推動各項經營工作落地見效，紮實推進高質量發展，深化「兩化一型」（科技化、國際化、生態型）發展戰略，全力推動「二次創業」，為「十五五」順利開局奠定堅實基礎。

經營業績方面，回顧年度內，本集團錄得收益約港幣275.21億元，毛利約港幣110.85億元，除利息、稅項、折舊及攤銷前盈利約港幣102.73億元，本公司權益持有人應佔盈利約港幣39.25億元，每股基本盈利63.90港仙。

本集團秉持與本公司股東（「股東」）分享企業經營成果的理念，為回饋股東支持，並結合業務發展情況及戰略規劃，本公司董事會建議就截至二零二五年十二月三十一日止年度派發末期股息每股12.0港仙（二零二四年：每股9.0港仙），全年股息每股27.0港仙（二零二四年：每股23.0港仙）。派息比率為42.3%，較二零二四年增加0.5個百分點。

截至二零二五年十二月三十一日，本集團業務分佈已拓展至國內24個省、自治區、直轄市及1個特別行政區，足跡遍及228個市縣區，海外市場佈局德國、波蘭、越南、烏茲別克斯坦等16個國家；投資落實的環保項目共605個，總投資約人民幣1,646.91億元；另承接環境修復、垃圾分類、設計諮詢、設備供貨、技術服務等各類輕資產業務。本集團旗下環保能源及綠色環保板塊合共落實垃圾發電項目196個，設計日處理生活垃圾約163,050噸（含委託運營規模）。

二零二五年，新增項目的設計處理及供應規模摘要如下：

*包含委託運營的處理規模

市場拓展方面，回顧年度內，本集團堅持「內外並舉」、「輕重並進」，紮實推進拓展工作。境內市場持續鞏固創新，在深耕垃圾發電、污水處理等優勢業務的同時，大力拓展面向企業端的市場與新興增長點；於北京、廣州等重點區域取得業務突破；成功簽署首個生物質天然氣項目，實現生物質高值化利用突破；供熱供汽等協同業務多元化水平與貢獻持續提升，業務結構持續優化。與此同時，本集團提速「國際化」，穩步打造全球服務能力：取得烏茲別克斯坦2個垃圾發電項目，實現中亞市場關鍵佈局；於埃及、泰國、馬來西亞等市場落實輕資產業務，裝備海外銷售合同金額再創新高；設立越南、印度尼西亞及中亞代表處，推動海外拓展組織架構從「項目驅動」向「區域深耕」轉型。

科技化佈局方面，回顧年度內，本集團圍繞「3+1」重點方向攻關並取得良好進展：形成100噸╱日垃圾製炭工藝包、飛灰回爐協同處理工藝包；完成秸稈「中性氣爆+酶解」研究試驗；完成微型垃圾焚燒爐的自主研發與成套裝備製造。成果轉化應用層面，節能增效、信息化等技術實現成果轉化與應用：沼氣高效協同垃圾焚燒制取生物天然氣技術，助力本集團旗下項目落實生物天然氣外售業務；水冷振動爐排生物質鍋爐選擇性催化還原（「SCR」）高塵脫硝技術取得突破；廢舊動力電池高效熱解關鍵技術及有價組分回收成套裝備入選國家級目錄，並助力打造江蘇省首個電池回收全產業鏈示範項目。截至二零二五年十二月三十一日，本集團累計獲授權知識產權逾2,300項。

運營管理方面，回顧年度內，本集團做優增量的同時，深挖存量降本增效潛力，通過「精細化管理措施二十條」、「運營增收專項措施十五條」等舉措和要求，提升存量項目運營質效，核心運營指標持續向好。環保能源板塊，垃圾發電項目平均每噸入爐垃圾發電量約467千瓦時，較二零二四年同比增長1%；供熱供汽量約350萬噸，較二零二四年同比增長39%；爐渣產量約1,200萬噸，較二零二四年同比增長55%。環保水務板塊，污水處理量約18.11億立方米，較二零二四年增長3%；依託存量項目，簽訂三十多份對外業務合同，實現開源增收；「廠內光伏」工作持續推進。綠色環保板塊，生物質綜合利用及固廢處理項目供熱供汽量較二零二四年增長17%。

工程建設方面，回顧年度內，本集團投運項目31個，完工項目1個，完工並交付的環境修復服務8項；新開工項目18個及新執行環境修復服務4項。

環境貢獻方面，本集團於二零二五年處理生活垃圾、危險與固體廢物和農林廢棄物近6,600萬噸，產生綠色電力約285億千瓦時，相當於節約標煤逾1,100萬噸；供熱供汽量約819萬噸；合共替代溫室氣體排放近1,500萬噸二氧化碳當量；處理污水和垃圾發電廠滲濾液逾18億立方米，減少化學需氧量排放逾92萬噸。

光大環境執行董事兼董事長欒祖盛先生表示：「二零二五年，光大環境聚焦主責主業，著力增收創效，防範化解風險，扎實推進各項經營發展工作落地見效，深化『兩化一型』戰略，全力推動『二次創業』。未來，本集團將錨定戰略航向，深耕主責主業，在夯實經營基本盤的基礎上，聚焦市場攻堅，促進產業升級，堅守風險底線，推動自身高質量發展邁上新台階，為股東等利益相關方創造可持續價值。」

光大環境執行董事兼董事會主席王思聯先生指出：「二零二六年，光大環境將錨定『建設具有中國特色的世界一流環境企業』目標願景，把握好問題導向、以人為本、主業深耕、勠力同心『四個堅持』，聚焦鞏固龍頭地位、進位爭先、風險管控、價值創造、創新引領、國際市場拓展『六場關鍵戰役』，切實提升核心競爭力，為『十五五』發展開好局、起好步，在高質量發展新征程上再創佳績，為建設美麗中國貢獻力量，也為共建美麗世界添磚加瓦。」

板塊業務回顧

環保能源

市場拓展方面，回顧年度內，環保能源堅持境內外並進，在境外取得烏茲別克斯坦費爾幹納州垃圾發電項目及納曼幹州垃圾發電項目，簽署泰國垃圾發電站工程管理服務合同，於中亞、泰國地區實現新突破；在境內取得海南三亞垃圾發電項目五期，持續鞏固區域市場地位。與此同時，環保能源業務拓展也呈現多元化，輕資產及垃圾發電協同業務全面發力，涵蓋垃圾分類、環衛一體化、供熱供汽等領域，同時積極探索推動生物質爐排爐氣化製氫製甲醇技術中試研究合作項目等新興業務，拓寬業務發展空間。二零二五年，環保能源共投資落實新項目4個，總投資約人民幣29.53億元，新簽署多項輕資產業務，合同總額約人民幣2.40億元，新增設計規模為日處理生活垃圾3,750噸。

截至二零二五年十二月三十一日，環保能源共投資落實項目284個，總投資約人民幣1,013.78億元，另承接4個委託運營及EPCO（工程設計-採購-建設-運營）項目等各類輕資產業務。該等項目設計規模（含委託運營處理規模）包含但不限於年處理生活垃圾55,297,500噸、年上網電量19,288,795,800千瓦時、年處理餐廚及廚餘垃圾3,151,045噸以及年供熱供汽1,910,832噸。

運營管理方面，回顧年度內，環保能源通過深化智慧電廠成果應用等精細化管理舉措，推動項目運營效能逆勢提升，核心指標較二零二四年均有所優化：垃圾發電項目平均每噸入爐垃圾發電量約467千瓦時，較二零二四年同比增長1%；綜合廠用電率約15.5%，與二零二四年基本持平；供熱供汽量較二零二四年同比增長39%；2個垃圾發電項目獲批調增處理費。

工程建設方面，回顧年度內，17個項目投運，10個項目開工建設。

環保水務

截至二零二五年十二月三十一日，本集團持有中國光大水務有限公司（「光大水務」）72.87%的權益。

市場拓展方面，回顧年度內，光大水務積極推動市場拓展。重要區域佈局方面，通過收購少數股權取得廣東廣州花都化妝品工業廢水處理項目，實現新市場與細分業務的雙重突破；承接泰國設備採購服務，響應國家「一帶一路」倡議。業務縱深拓展方面，光大水務積極向產業鏈上下遊延伸，於北京大興簽訂零碳能源項目建設簽訂投資合作協議，並在多個省份探索開拓農業廢棄物資源化利用業務。二零二五年，光大水務投資落實新項目2個並完成1個現有項目的特許經營權延期，總投資額約人民幣2.23億元，新簽署多項輕資產業務，合同總額約人民幣2.66億元，新增日水處理設計規模11,050立方米（含委託運營規模）。

截至二零二五年十二月三十一日，光大水務共投資落實項目172個，總投資約人民幣318.53億元，另承接16項委託運營服務及其他輕資產業務。該等項目設計規模（含委託運營處理規模）為年處理污水2,352,443,250立方米、年供中水118,479,000立方米、年供水310,250,000立方米、年處置污泥793,875噸、年處理畜禽糞污109,500噸。

運營管理方面，回顧年度內，光大水務在降本方面，通過整合供應鏈、優化採購模式，實現單品採購成本、噸水藥劑費用等關鍵運營成本顯著下降。增效方面，以智慧化建設為支撐，落地黑燈工廠、人工智能圖像識別巡檢、智能加藥算法等務實的數字化應用，有效提升項目的自動化運行水平與效率，減少人工依賴與物耗損失。截至二零二五年十二月三十一日，已有12個項目的光伏發電設施投入運營，總裝機容量約20兆瓦，每年可提供電力約2,000萬千瓦時。

工程建設方面，回顧年度內，9個項目建成投運，4個項目開工建設。

綠色環保

截至二零二五年十二月三十一日，本集團持有中國光大綠色環保有限公司（「光大綠色環保」）69.70%的權益。

市場拓展方面，回顧年度內，光大綠色環保持續推動業務結構轉型，並取得成效：落地本集團首個生物天然氣項目，為靖江特殊鋼有限公司提供天然氣，實現生物質高值化利用的重要進展；取得江蘇淮安市鑫淮能源供熱管網項目，鞏固供熱供汽業務優勢；售電業務市場份額與收益貢獻持續提升。二零二五年，光大綠色環保共投資落實新項目2個，總投資約人民幣7,200萬元；新簽署6項環境修復服務，合同總額約人民幣1.55億元。新增設計規模為年處理生物質原材料50,000噸、年供生物質天然氣10,000,000標準立方米。

截至二零二五年十二月三十一日，光大綠色環保共投資落實項目143個，總投資約人民幣306.63億元，設計規模為年處理生物質原材料8,259,800噸、年處理生活垃圾4,237,650噸、年處置危固廢2,234,876噸、年上網電量7,144,334,985千瓦時、年供熱供汽6,306,663噸；光伏發電及風電裝機容量達276.91兆瓦，儲能項目儲能規模達22.2兆瓦。此外，光大綠色環保承接環境修復服務14項（不含已完工交付的服務）。

運營管理方面，回顧年度內，光大綠色環保圍繞增收、降本、綠色增值系統施策，有效提升項目競爭力。增收方面，相關項目的供熱供汽量較二零二四年同比增長約17%，帶動相關收入顯著增加。降本方面，生物質燃料結算費用較二零二四年同比減少8.6%，有效緩解成本壓力。其中，安徽碭山生物質利用項目成為本集團首個不依賴國補實現扭虧為盈的標竿。綠色增值方面，綠證交易量較二零二四年增長約11.3倍，綠色收益能力進一步增強。

工程建設方面，回顧年度內，3個項目投運，8個環境修復服務完成修復工程並交付。4個項目開工建設，4個環境修復服務項目開始提供修復工程。

裝備製造

市場拓展方面，回顧年度內，裝備製造堅持「重大市場抓機遇、海外市場擴增量、新領域市場尋突破」的思路，境內外銷售成果良好。境內市場方面攻堅挖潛，築牢業務增長支撐：中標SCR脫硝提標工程項目，實現在煤火電領域煙氣治理工程總包（EPC）業務突破；深耕小型化垃圾焚燒技術，並於四川等地中標相關項目；深耕煙氣提標改造等細分領域並落地多項業務，進一步延伸產業鏈技術路徑。境外市場推動從設備輸入到服務升級：簽署泰國設備供貨項目，實現自主研發生產的水冷爐派技術海外應用「零的突破」；先後於馬來西亞、意大利、土耳其等國家簽署或中標設備供貨、技術服務等輕資產服務合同，為深入拓展歐亞市場奠定了良好基礎。

二零二五年，裝備製造共簽署外銷成套設備合同20份，合同金額約人民幣5.28億元。設備供貨及售後服務方面，啟動項目供貨服務211個；完成內外部客戶爐排爐生產5台套；完成焚燒爐系統、滲濾液處理等成套設備供貨48台套╱條線；完成無人打焦服務66次。簽署外銷售後服務及其他合同210份，合同總金額約人民幣8,800萬元。二零二五年向內外部客戶提供售後服務項目199個。

環境研究院

科技創新方面，回顧年度內，環境研究院圍繞「3+1」重點方向有序推進：形成特有的製炭工藝方案及關鍵性能指標體系，形成100噸╱日垃圾製炭工藝包；形成具有自主知識產權的飛灰回爐協同處理工藝包；完成秸稈「中性氣爆+酶解」研究試驗；完成10噸╱日微型垃圾焚燒爐的自主研發與成套裝備製造。

此外，環境研究院於回顧年度內積極參與行業標準建設：參與2項國家標准制定，承擔1項國家重點研發專項課題，並作為核心團隊推動多項團體標準制定，持續提升行業影響力。

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有關中國光大環境（集團）有限公司

中國光大環境（集團）有限公司（「光大環境」）為中國光大集團股份公司的實業旗艦企業、香港聯交所主板上市公司（257.HK）。下轄兩家上市企業：於新加坡證券交易所及香港聯交所兩地雙重主板上市之中國光大水務有限公司（U9E.SG及1857.HK）、於香港聯交所主板上市之中國光大綠色環保有限公司（1257.HK）。2003年轉型環境領域以來，光大環境已逐步成長為中國最大環境企業、亞洲環保領軍企業及世界知名環境集團。

作為全球最大垃圾發電投資運營商，光大環境設計日處理生活垃圾能力超過16萬噸。公司業務足跡遍及國內24個省、自治區、直轄市和1個特別行政區，海外市場佈局德國、波蘭、越南、烏茲別克斯坦等18個國家，聚焦固廢、泛水、清潔能源三大領域，主營業務涵蓋垃圾發電及協同處理、生物質綜合利用、危固廢處置、新能源、環境修復、水環境綜合治理、裝備製造、垃圾分類、環衛一體化、資源循環利用、無廢城市建設、綠色技術研發、生態環境規劃設計、環保產業園等。

HONG KONG, March 20, 2026 /PRNewswire/ -- KLN Logistics Group Limited ('KLN'; Stock Code 0636.HK) and the Hong Kong Fire Services Department (HKFSD) signed a Memorandum of Understanding (MOU) at a ceremony on 20 March that turns logistics expertise into a lifeline for people in need around the globe. This partnership is expected to boost mobilisation efficiency and logistics support for HKFSD's international rescue operations. KLN will leverage its global coverage, logistics and international freight expertise and diverse infrastructure to deliver comprehensive logistics services and necessary support facilities in disaster zones.

Ellis Cheng, Executive Director and Chief Financial Officer of KLN, said, "KLN is committed to the community and goes all out in disaster relief and aiding the vulnerable. We are honoured to have participated in the earthquake rescue missions in Myanmar and Turkey. This collaboration is a strategic progression of our partnership with the HKFSD for international emergency rescue operations. Alongside rapid material dispatch and supply chain management, KLN will also draw on its global network, freight expertise and robust local resources to support the Hong Kong, China Search and Rescue Team's mobility and on-ground needs, enabling their rescue teams to operate effectively as soon as they arrive on‑site."

Through signing of this MOU, both parties set the foundation for collaboration in the following four areas:  

1. Establishing pre-positioned supply hubs strategically located across KLN's global network, integrating advanced technology for smart equipment and personnel management to streamline planning procedures;
2. Jointly developing an AI-driven adaptive model that incorporates KLN's end-to-end logistics services and support for local rescue operations, enhancing operational and mobilisation capabilities;
3. Utilising sophisticated equipment and supply management platform, combined with KLN's professional services across countries and regions, to ensure precise tracking and resource control; and
4. Supporting smart post-mission analysis to optimise resource use, alongside KLN's devanning and replenishment services for efficient future deployments.

This collaboration enables KLN to leverage its advanced logistics capabilities while fulfilling its corporate social responsibility to support communities worldwide. KLN is proud to stand alongside the HKFSD as a committed partner in enhancing global rescue efforts.

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About KLN Logistics Group Limited (Stock Code 0636.HK)

KLN is an Asia-based, global 3PL with a highly diversified business portfolio and extensive coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal) and e-commerce to industrial project logistics and infrastructure investment.

With a global presence across 59 countries and territories, KLN has established a solid foothold in half of the world's emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across the Chinese Mainland, India, Southeast Asia, the CIS, Middle East, LATAM and other locations.

KLN generated a revenue* of close to HK$60 billion in 2024. It is listed on the Hong Kong Stock Exchange and is a constituent of the Hang Seng Corporate Sustainability Benchmark Index.

* For continuing operations only