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。

（完）

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.

-End-

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

香港2026年3月20日 /美通社/ -- KLN Logistics Group Limited（「KLN」；股份代號0636.HK）與香港消防處於3月20日簽署合作備忘錄，以物流專業能力支援國際人道救援工作。此次合作期望提升香港消防處國際救援行動的調配效率及物流支援。KLN憑藉其環球網絡覆蓋、物流及國際貨運專業知識，以及多元基建設施，於災區提供全面的物流服務及所需的支援設施。

KLN執行董事及首席財務主管鄭志偉表示：「KLN一直致力服務社區，在救災及支援弱勢群體方面不遺餘力。我們有幸曾參與緬甸及土耳其的地震救援任務。此次合作標誌著雙方在國際救援應急行動合作關係上取得策略性進展。除了迅速調配物資與供應鏈管理外，KLN將運用其環球佈局、貨運代理專業知識及強大的在地資源，支援中國香港特區救援隊在現場的各項需求，使救援隊伍抵達現場後便可迅速投入運作。」

透過簽署合作備忘錄，雙方將就下列四個領域奠定合作基礎：

1. 在KLN網絡範圍策略性地建立預置物資樞紐，整合先進技術實現智能設備及人員管理，以提升規劃程序；
2. 共同開發以人工智能驅動的應變模式，融合KLN端到端物流服務與當地救援行動支援，全面提升運作效率與調配能力；
3. 利用先進的設備與物資管理平台，結合KLN跨國及地區的專業服務，以確保精準追蹤及資源管控；及
4. 支援智能行動後檢討分析以優化資源使用，同時配合KLN的資源卸貨及補充支援，實現未來部署的高效運作。 

此次合作使KLN得以發揮其物流專業能力，同時履行企業社會責任以支持世界各地社群。KLN十分榮幸與香港消防處並肩同行，作為致力提升國際救援行動的堅定夥伴。

-完-

關於KLN Logistics Group Limited（股份代號0636.HK）

KLN是以亞洲為基地，擁有高度多元化業務及強大亞洲網絡覆蓋的國際第三方物流服務供應商，業務涵蓋一系列供應鏈解決方案，包括綜合物流、國際貨運（海陸空、鐵路及多式聯運）及電子商貿，以及工業項目物流和基建投資等。

KLN的辦事處遍佈全球59個國家及地區，於全球一半新興市場設立據點，其多元基建設施、廣泛國際樞紐覆蓋和本地專業知識遍及中國內地、印度、東南亞、獨聯體、中東、拉美及其他地區。

KLN於2024年全年收入*近600億港元，於香港聯合交易所上市，並是恒生可持續發展企業基準指數成份股。

* 僅就持續經營業務而言

HONG KONG, March 20, 2026 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces today that Mr. Huang Yongzhang has been appointed as the Vice Chairman, an Executive Director, the Chief Executive Officer, the President and a member of the Strategy and Sustainability Committee.

The biographical details of Mr. Huang Yongzhang are set out below:   

Born in 1966, Mr. Huang is a professor-level senior engineer with a Doctor of Science degree. Mr. Huang previously served as Vice President of CNPC International (Nile) Ltd., Vice President and Chief Safety Officer of China Oil Exploration and Development Corporation, Executive Vice President and President of CNPC Middle East Corporation, and Director of CNPC Middle East Regional Coordination Committee. From April 2020 to September 2025, Mr. Huang served as Vice President of China National Petroleum Corporation during which he concurrently served as the Chief Safety Officer. From September 2020 to September 2025, Mr. Huang served as a Director of PetroChina Company Limited, during which he concurrently served as the President from March 2021. Mr. Huang has served as a Director and the General Manager of China National Offshore Oil Corporation since September 2025.

— End —

Notes to Editors:

More information about the Company is available at https://www.cnoocltd.com.

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This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

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For further enquiries, please contact:

Liu Cui
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: [email protected]

Cheng Yao
Ever Bloom (HK) Communications Consultants Group Limited
Tel: +852 5540 0725
Fax: +852 2111 1103
E-mail:[email protected]

香港2026年3月20日 /美通社/ -- 中國海洋石油有限公司（「公司」或「中國海油」，香港聯交所股票代碼：00883（港幣櫃台）及80883（人民幣櫃台），上海證券交易所股票代碼：600938）今天宣佈，黃永章先生獲委任為副董事長、執行董事、首席執行官、總裁及戰略與可持續發展委員會成員。

黃永章先生簡歷

生於一九六六年，黃先生是正高級工程師，工學博士。黃先生曾任中國石油尼羅河公司副總經理，中國石油勘探開發公司副總經理、安全總監，中國石油中東公司常務副總經理、總經理，中東地區協調組組長等。二零二零年四月至二零二五年九月任中國石油天然氣集團有限公司副總經理，期間曾兼任安全總監。二零二零年九月至二零二五年九月任中國石油天然氣股份有限公司董事，期間曾於二零二一年三月起兼任總裁。二零二五年九月起任中國海洋石油集團有限公司董事、總經理。

— 完 —

編者注：

如需瞭解中國海洋石油有限公司更多信息，請登錄公司網站https://www.cnoocltd.com

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本新聞稿包含公司的前瞻性資料，包括關於本公司和其附屬公司業務相當可能有的未來發展的聲明，例如預期未來事件、業務展望或財務結果。「預期」、「預計」、「繼續」、「估計」、「目標」、「持續」、「可能」、「將會」、「預測」、「應當」、「相信」、「計劃」、「旨在」等詞匯以及相似表達意在判定此類前瞻性聲明。這些聲明以本公司在此日期根據其經驗以及對歷史發展趨勢，目前情況以及預期未來發展的理解，以及本公司目前相信的其它合理因素所做出的假設和分析為基礎。然而，實際結果和發展是否能夠達到本公司的目前預期和預測存在不確定性。實際業績、表現和財務狀況可能與本公司的預期產生重大差異，這些因素包括但不限於宏觀政治及經濟因素、原油和天然氣價格波動有關的因素、石油和天然氣行業高競爭性的本質、氣候變化及環保政策因素、公司價格前瞻性判斷、併購剝離活動、HSSE及保險安排、以及反腐敗反舞弊反洗錢和公司治理相關法規變化。

因此，本新聞稿中所做的所有前瞻性聲明均受這些謹慎性聲明的限制。本公司不能保證預期的業績或發展將會實現，或者即便在很大程度上得以實現，本公司也不能保證其將會對本公司、其業務或經營產生預期的效果。

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如有進一步查詢，請聯絡：

劉  翠
媒體/公共關係
中國海洋石油有限公司
電話：+86-10-8452-6641
傳真：+86-10-8452-1441
電郵：[email protected]

程  遙
九富（香港）財訊公關集團有限公司
電話: +852 5540 0725
傳真: +852 2111 1103
電郵：[email protected]

香港2026年3月20日 /美通社/ -- 2025年，國內環保行業在複雜嚴峻的內外部環境中步入轉型與深度的重塑期。作為中國環境行業的龍頭企業，光大環境（00257.HK）迎來了深化「兩化一型」（科技化、國際化、生態型）發展戰略的關鍵之年，也是公司「十五五」謀篇佈局的重要節點。

面對行業新週期，光大環境聚焦主責主業，以「建設具有中國特色的世界一流環境綜合服務商」為目標，推動「二次創業」落地。年內，公司首次構建了以「總體規劃引領、5項子規劃與5項專項規劃支撐」的「十五五」戰略規劃體系，為新一輪高質量發展明確路徑與抓手。

戰略實施成效：「兩化一型」逐步落地

回顧年度內，光大環境在科技創新、全球佈局與生態構建三大維度均取得突破性進展。

科技化：創新機制持續完善，關鍵技術取得突破
公司圍繞價值鏈關鍵環節推進創新能力建設，將科技作為產業發展的核心驅動力。在機制層面，完善覆蓋科研全流程的制度體系，持續推進「揭榜掛帥」等科研管理機制。在研發攻關方面，圍繞生物質高值化利用等重點方向取得進展，形成100噸/日垃圾制炭工藝包及飛灰回爐協同處理工藝包，自主研發的微型垃圾焚燒爐及成套裝備亦完成製造。

在成果轉化方面，沼氣高效協同垃圾焚燒製取生物天然氣技術，已實現商業化應用，助力公司拓展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，並助力打造江蘇首個電池回收全產業鏈示範項目。在數智化建設方面，渣吊無人值守等智慧電廠技術在多個項目中推廣，「裝備雲服」平台的上線，初步構建起裝備技術產品全流程數字化服務體系。

國際化：重點區域佈局深化，輕資產模式逐步成型
回顧年度內，光大環境穩步推進國際化佈局。在市場拓展方面，堅持輕重並舉：成功取得烏茲別克斯坦2個垃圾發電項目，實現了中亞市場突破；於埃及、泰國、馬來西亞等市場落實多項輕資產業務，裝備銷售合同金額再創新高，技術與服務出海模式逐步成熟。此外，公司設立越南、印尼及中亞代表處，推動海外拓展組織架構從項目投資向技術、裝備與標準出海的「輕資產」模式轉型。

截至2025年12月31日，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，海外市場佈局德國、波蘭、越南、烏茲別克斯坦等16個國家。

生態型：構建多層次合作網絡，推動產業鏈協同
回顧年度內，光大環境圍繞「生態型」發展，推進產業、能源與社會三個方面的生態構建。在產業生態層面，推動產業鏈延伸與內部協同，拓展供熱供汽、生物天然氣供應等垃圾發電協同服務，成功打造動力電池回收技術與裝備等市場化產品。在能源生態方面，依托「虛擬電廠」平台開展電力交易，售電業務用戶規模持續擴大；「零碳園區」逐步形成綜合能源解決方案能力。在社會生態方面，推動國家級環保裝備製造業創新中心建設，打造「產學研用」一體化平台；與政府部門、協會機構及各界夥伴達成戰略合作，逐步構建多方共贏的合作網絡。

回顧年度內，光大環境收益近275.21億港元，其中，運營服務收益占比持續提升，約198.33億港元，同比增長2%；建造服務收益約27.22億港元。運營服務收益占總收益比重已增至72%，顯示業務結構持續改善。

「十五五」戰略引領：錨定目標，穩步推進

展望未來，光大環境將努力將「十五五」戰略規劃高質量落地，推動固廢、泛水、清潔能源三大領域、五大業務板塊的協同發展，將戰略藍圖轉化為可持續的增長動能。

• 搶佔綠色關鍵技術制高點（科技化）： 圍繞規劃設定的創新目標，重點攻堅飛灰資源化、生物質高值化利用等關鍵技術，升級智慧運營平台與數據治理水平，提升技術對經營效率的實際貢獻。
• 穩步推進全球佈局（國際化）：落實規劃中的全球佈局，深耕中亞、東南亞等重點區域，加快從項目投資到技術、裝備與標準出海的模式升級，推動國際業務的本地化與規模化發展。
• 構建互利共贏產業鏈生態（生態型）： 依據規劃指引，強化產業鏈協同，通過綜合解決方案創造價值，打造「零碳園區」、虛擬電廠等標桿項目，持續構建具有韌性的產業生態圈。

在推進戰略落地的同時，公司也將持續強化風險防控，重點攻堅應收賬款回收，嚴守安全生產底線，確保增長有質量、發展可持續，為股東創造長期價值，為建設美麗中國持續貢獻「光大力量」。

• The Company achieved a positive net profit of RMB0.38 billion in the fourth quarter of 2025, recorded a positive net profit for a single quarter for the first time.
• Cash position^[i] was RMB47.66 billion (US$6.81 billion) as of December 31, 2025
• Quarterly total revenues were RMB22.25 billion, a 38.2% increase year-over-year
• Quarterly gross margin was 21.3%, an increase of 6.9 percentage points over the same period of 2024
• Quarterly vehicle margin was 13.0%, an increase of 3.0 percentage points over the same period of 2024
• Full year vehicle deliveries reached 429,445, a 125.9% increase year-over-year
• Full year revenues reached RMB76.72 billion, an 87.7% increase year-over-year
• Full year gross margin was 18.9%, an increase of 4.6 percentage points year-over-year

GUANGZHOU, China, March 20, 2026 /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company," NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2025.

Operational and Financial Highlights for the Three Months Ended December 31, 2025

• Total deliveries of vehicles were 116,249 for the fourth quarter of 2025, representing an increase of 27.0% from 91,507 in the corresponding period of 2024.
• XPENG's physical sales network had a total of 721 stores, covering 255 cities as of December 31, 2025.
• XPENG self-operated charging station network reached 3,159 stations, including 2,108 XPENG ultra-fast charging stations as of December 31, 2025.
• Total revenues were RMB22.25 billion (US$3.18 billion) for the fourth quarter of 2025, representing an increase of 38.2% from the same period of 2024, and an increase of 9.2% from the third quarter of 2025.
• Revenues from vehicle sales were RMB19.07 billion (US$2.73 billion) for the fourth quarter of 2025, representing an increase of 30.0% from the same period of 2024, and an increase of 5.6% from the third quarter of 2025.
• Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025.
• Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 13.0% for the fourth quarter of 2025, compared with 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025.
• Net profit was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net profit was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
• Net profit attributable to ordinary shareholders of XPENG was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared a loss of with RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net profit attributable to ordinary shareholders of XPENG was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
• Basic and diluted net profit per American depositary share (ADS) were both RMB0.40 (US$0.06) and basic and diluted net profit per ordinary share were both RMB0.20 (US$0.03) for the fourth quarter of 2025. Each ADS represents two Class A ordinary shares.
• Non-GAAP basic and diluted net profit per ADS were RMB0.53 (US$0.08) and RMB0.52 (US$0.07), respectively, and non-GAAP basic and diluted net profit per ordinary share were both RMB0.26 (US$0.04) for the fourth quarter of 2025.
• Cash position was RMB47.66 billion (US$6.81 billion) as of December 31, 2025, compared with RMB41.96 billion as of December 31, 2024.

Management Commentary

"In 2025, XPENG delivered a total of 429,445 vehicles, representing a 125.9% year-over-year increase. We continue to push the boundaries of Physical AI, accelerating the mass production and commercialization of product innovations as we expand our global footprint," said Mr. Xiaopeng He, Chairman and CEO of XPENG. "I believe XPENG is at a historical inflection point for Physical AI applications. Our goal is not only to grow our global market share of AI-defined vehicles and bridge the gap from L2+ assisted driving to L4 autonomous driving, but also to bring our second-generation VLA model to international markets and achieve scale production of advanced humanoid robots."

"In the fourth quarter of 2025, XPENG's gross margin reached 21.3%, reaching a new record high, with net profit hitting RMB0.38 billion. By leveraging a business model driven by technological leadership, we have established a profitability path that sets us apart from traditional automakers," added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. "Our cash on hand of RMB47.66 billion at 2025 year-end provides a solid foundation for our unwavering investment in Physical AI R&D."

Recent Developments

Deliveries in January and February 2026

• Total deliveries were 20,011 vehicles in January 2026.
• Total deliveries were 15,256 vehicles in February 2026.
• As of February 28, 2026, year-to-date total deliveries were 35,267 vehicles.

Deployment Progress and Technological breakthroughs of VLA 2.0 Intelligent Driving System

During XPENG's "The Future" VLA Media Experience Day on March 2, 2026, the company unveiled the architecture and deployment plan for its VLA 2.0 intelligent driving system.

Unaudited Financial Results for the Three Months Ended December 31, 2025

Total revenues were RMB22.25 billion (US$3.18 billion) for the fourth quarter of 2025, representing an increase of 38.2% from RMB16.11 billion for the same period of 2024 and an increase of 9.2% from RMB20.38 billion for the third quarter of 2025.

Revenues from vehicle sales were RMB19.07 billion (US$2.73 billion) for the fourth quarter of 2025, representing an increase of 30.0% from RMB14.67 billion for the same period of 2024, and an increase of 5.6% from RMB18.05 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.

Revenues from services and others were RMB3.18 billion (US$0.45 billion) for the fourth quarter of 2025, representing an increase of 121.9% from RMB1.43 billion for the same period of 2024 and an increase of 36.7% from RMB2.33 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from (i) technical research and development services ("technical R&D services") rendered to a car manufacturer (the "Manufacturer") with the successful achievement of certain key milestones in the current quarter, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.

Cost of sales was RMB17.51 billion (US$2.50 billion) for the fourth quarter of 2025, representing an increase of 27.1% from RMB13.78 billion for the same period of 2024 and an increase of 7.6% from RMB16.28 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly in line with vehicle deliveries as described above.

Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025.

Vehicle margin was 13.0% for the fourth quarter of 2025, compared with 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.

Services and others margin was 70.8% for the fourth quarter of 2025, compared with 59.6% for the same period of 2024 and 74.6% for the third quarter of 2025. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.

Research and development expenses were RMB2.87 billion (US$0.41 billion) for the fourth quarter of 2025, representing an increase of 43.2% from RMB2.01 billion for the same period of 2024 and an increase of 18.3% from RMB2.43 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB2.79 billion (US$0.40 billion) for the fourth quarter of 2025, representing an increase of 22.7% from RMB2.28 billion for the same period of 2024 and an increase of 12.0% from RMB2.49 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the higher commission to the franchised stores related to sales volume and the launch of new models. The year-over-year increase was further due to higher marketing and advertising expenses.

Other income, net was RMB0.84 billion (US$0.12 billion) for the fourth quarter of 2025, representing an increase of 327.5% from RMB0.20 billion for the same period of 2024 and an increase of 498.6% from RMB0.14 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the increase in receipt of government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with gain of RMB0.20 billion for the same period of 2024 and loss of RMB0.07 billion for the third quarter of 2025. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with RMB1.56 billion for the same period of 2024 and RMB0.75 billion for the third quarter of 2025.

Non-GAAP profit from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.08 billion (US$0.01 billion) for the fourth quarter of 2025, compared with a loss of RMB1.62 billion for the same period of 2024 and a loss of RMB0.52 billion for the third quarter of 2025.

Net profit was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.

Non-GAAP net profit, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.

Net profit attributable to ordinary shareholders of XPENG was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.

Non-GAAP net profit attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.

Basic and diluted net profit per ADS were both RMB0.40 (US$0.06) for the fourth quarter of 2025, compared with RMB1.40 basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.40 basic and diluted net loss per ADS for the third quarter of 2025.

Non-GAAP basic and diluted net profit per ADS were RMB0.53 (US$0.08) and RMB0.52 (US$0.07) for the fourth quarter of 2025, respectively, compared with RMB1.47 non-GAAP basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.16 non-GAAP basic and diluted net loss per ADS for the third quarter of 2025.

Balance Sheets

As of December 31, 2025, the Company had cash position of RMB47.66 billion (US$6.81 billion), compared with RMB41.96 billion as of December 31, 2024 and RMB48.33 billion as of September 30, 2025.

Unaudited Financial Results for the Fiscal Year Ended December 31, 2025

Total revenues were RMB76.72 billion (US$10.97 billion) for fiscal year of 2025, representing an increase of 87.7% from RMB40.87 billion for the prior year.

Revenues from vehicle sales were RMB68.38 billion (US$9.78 billion) for fiscal year of 2025, representing an increase of 90.8% from RMB35.83 billion for the prior year. The year-over-year increase was mainly attributable to higher deliveries.

Revenues from services and others were RMB8.34 billion (US$1.19 billion) for fiscal year of 2025, representing an increase of 65.6% from RMB5.04 billion for the prior year. The year-over-year increase was primarily attributable to the increased revenues from (i) technical R&D services rendered to the Manufacturer with the successful achievement of certain key milestones in the current period, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.

Cost of sales was RMB62.25 billion (US$8.9 billion) for fiscal year of 2025, representing an increase of 77.7% from RMB35.02 billion for the prior year. The year-over-year increase was mainly in line with vehicle deliveries as described above.

Gross margin was 18.9% for fiscal year of 2025, compared with 14.3% for the prior year.

Vehicle margin was 12.8% for fiscal year of 2025, compared with 8.3% for the prior year. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.

Services and others margin was 68.2% for fiscal year of 2025, compared with 57.2% for the prior year. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.

Research and development expenses were RMB9.49 billion (US$1.36 billion) for fiscal year of 2025, representing an increase of 47.0% from RMB6.46 billion for the prior year. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB9.40 billion (US$1.34 billion) for fiscal year of 2025, representing an increase of 36.8% from RMB6.87 billion for the prior year. The year-over-year increase was primarily due to the higher commission to the franchised stores driven by higher sales volume, higher marketing and advertising expenses and higher employee compensation as a result of the growth in number of employees.

Other income, net was RMB1.76 billion (US$0.25 billion) for fiscal year of 2025, representing an increase of 198.9% from RMB0.59 billion for the prior year. The year-over-year increase was primarily due to the increase in receipt of government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was loss of RMB0.12 billion (US$0.02 billion) for fiscal year of 2025, compared with gain of RMB0.23 billion for the prior year. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB2.77 billion (US$0.40 billion) for fiscal year of 2025, compared with RMB6.66 billion for the prior year.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB2.09 billion (US$0.30 billion) for fiscal year of 2025, compared with RMB6.42 billion for the prior year.

Net loss was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.

Net loss attributable to ordinary shareholders of XPENG was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.

Basic and diluted net loss per ADS were both RMB1.20 (US$0.17) for fiscal year of 2025, compared with RMB6.12 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB0.48 (US$0.07) for fiscal year of 2025, compared with RMB5.87 for the prior year.

Business Outlook

For the first quarter of 2026, the Company expects:

• Deliveries of vehicles to be between 61,000 and 66,000, representing a year-over-year decrease of approximately 29.79% to 35.11%.
• Total revenues to be between RMB12.20 billion and RMB13.28 billion, representing a year-over-year decrease of approximately 16.01% to 22.84%.

The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 20, 2026 (8:00 PM Beijing/Hong Kong Time on March 20, 2026).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title:               XPENG Fourth Quarter and Fiscal Year 2025 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10052981-bng765.html

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until March 27, 2026, by dialing the following telephone numbers:

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company's Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP (loss) profit from operations, non-GAAP net (loss) profit, non-GAAP net (loss) profit attributable to ordinary shareholders, non-GAAP basic (loss) profit per weighted average number of ordinary shares and non-GAAP basic (loss) profit per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net (loss) profit or other consolidated statements of comprehensive (loss) profit data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries
IR Department
XPeng Inc.
E-mail: [email protected]

Jenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: [email protected]

For Media Enquiries
PR Department
XPeng Inc.
E-mail: [email protected]

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