Earnings release
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1 Guangdong Investment Limited Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. （Incorporated in Hong Kong with limited liability） （Stock Code: 00270） UNAUDITED FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 The board of directors (the “Board”) of Guangdong Investment Limited (the “Company”) hereby presents the unaudited financial information of the Company and its subsidiaries (the “Group”) for the nine months ended 30 September 2025 (the “Period”) together with the comparative figures. Unaudited financial highlights For the nine months ended 30 September 2025 2024 Changes (Restated) (Unaudited) (Unaudited) HK$’000 HK$’000 % From continuing operations Revenue 14,280,954 14,098,890 +1.3 Profit before tax 6,241,137 5,697,172 +9.5 Profit/(loss) attributable to owners of the Company Continuing operations 4,083,691 3,632,769 Discontinued operations (17,051) (39,374) 4,066,640 3,593,395 +13.2 30 September 2025 (Unaudited) 31 December 2024 (Audited) Changes HK$’000 HK$’000 % Total Assets 98,758,382 135,595,403 -27.2 Equity attributable to owners of the Company 41,762,325 41,658,024 +0.3 Payment of special dividend by way of distribution in specie of GD Land shares was completed on 21 January 2025.
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2 Guangdong Investment Limited Notes: (1) The financial information has not been audited or reviewed by the Company’s auditor. (2) The financial information relating to the year ended 31 December 2024 included in this an nouncement as comparative information does not constitute the statutory annual consolidated financial statements of the Company for that year but is derived from those consolidated financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Chapter 622) is as follows: The Company has delivered the consolidated financial statements for the year ended 31 December 2024 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance (Chapter 622). The Company’s auditor ha s reported on those consolidated financial statements. The auditor’ s report was unqualified; did not includ e a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or 407(3) of the Hong Kong Companies Ordinance (Chapter 622). (3) This announcement is made by the Company on a voluntary basis in order to further enhance the Company’s level of corporate governance and transparency. The Company will continue to publish financial information quarterly in subsequent financial years. PERFORMANCE HIGHLIGHTS The unaudited consolidated revenue of the Group from continuing operations for the Period was HK$14,281 million (2024: HK$14,099 million (restated)), an increase of 1.3% as compared with th e same period last year. The in crease in revenue was main ly attributable to the increase in revenue from water resources business, which offset the decrease in revenue from department store operations, road and bridge business and electric power generation business. The unaudited consolidated profit before tax from continuing operations for the Period increased by 9.5% to HK$6,241 million (2024: HK$5,697 million (restated)), mainly attributed to the saving on net finance costs and administrative expenses, which offset the depreciation of Renminbi against Hong Ko ng dollars by 1.0% over the same period last year. The net gain arising from fair value adjustments for investment properties from continuing operations of the Group for the Period was HK$1 million (2024: net loss of HK$73 million (restated)), net exc hange loss from continuing operations was HK$ 23 million (202 4: HK$17 million (restated)) and net finance costs from continuing operations was HK$263 million (2024: HK$558 million (restated)). The unaudited consolidated profit attributable to owners of the Compa ny from continuing operations for the Period increased by 12.4% to HK$4,084 million (2024: HK$3,633 million (restated)). The unaudited consolidated profit attributable to owners of the Company for the Period increased by 13.2% to HK$4,067 million (2024: HK$3,593 million). As at 3 0 September 2025, the unaudited equity attributable to owners of the Company was HK$ 41,762 million (31 December 202 4: HK$ 41,658 million (audited)), in creased by approximately HK$104 million during the Period. The changes for the Pe riod mainly represented the unaudited consolidated profit attributable to owners of the Company for the Period of HK$4,067 million, 2024 final dividend of HK$475 million and 2025 interim dividend of HK$1,743 million distributed during the Period , the other comprehensive income of HK$545 million in relation to the exchange differen ces on translation of foreign operations as a result of the appreciation of Renminbi and special dividend of HK$2,335 million in the form of a distribution in specie of shares of Guangdong Land Holdings Limited (“GD Land”) held directly by the Company.
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3 Guangdong Investment Limited A summary of the performance of the Group’s major businesses during the Period is set out as follows: Water Resources Dongshen Water Supply Project Total volume of water supply to Hong Kong, Shenzhen and Dongguan during the Period amounted to 1.670 billion tons (2024: 1.646 billion tons), an increase of 1.5%, which generated a revenue of HK$5,242 million (2024: HK$5,159 million), an increase of 1.6% over the same period last year. The revenue from water sales to Hong Kong for the Period increased by 2.6% to HK$4,303 million (2024: HK$4,196 million). The revenue from water sales to Shenzhen and Dongguan areas decreased by 2.5% to HK$939 million (2024: HK$963 million) during the Period. The profit before tax for the Period, excluding net exchange differences and net finance costs , of the Dongshen Water Supply Project was HK$ 3,596 million (2024: HK$3,461 million), 3.9% higher than that in the same period last year. Other Water Resources Projects Apart from the Dongshen Water Supply Project, the Group has a number of subsidiaries and associates which are principally engaged in water distribution, sewage treatment operation and waterworks construction in the mainland of the People’s Republic of China (the “PRC”) (“Mainland China”). During the Period, the Group successfully bid for a new water resources project located in Maoming City, Guangdong Province. The total designed waste water processing capacity is 194,000 tons per day and the expected total investment amount is approximately RMB400 million (equivalent to approximately HK$439 million). The total designed water supply capacity of the water supply plants and the total designed waste water processing capacity of the sewage treatm ent plants of the Group’s Other Water Resources Projects as at 30 September 2025 were 16,595,200 tons per day (31 December 2024: 16,150,200 tons per day) and 3,094,900 tons per day (31 December 2024: 3,345,900 tons per day), respectively. The water supply capacity of the water supply plants and the waste water processing capacity of the sewage treatment plants operated by the subsidiaries and associates of the Group as at 30 September 2025 were 10,836,800 tons per day (30 September 2024: 10,736,800 tons pe r day) and 2,297,900 tons per day (30 September 2024: 2,054,000 tons per day), respectively. In addition, the water supply capacity of the water supply plants under construction by the subsidiaries of the Group as at 30 September 2025 were 1,187,000 tons per day.
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4 Guangdong Investment Limited Capacity of Water Resources Projects in Operation The water supply capacity of the water supply plants and the waste water processing capacity of the sewage treatment plants operated by each of the subsidiaries and associates of the Group are as follows: Waste water Water supply processing capacity capacity Name of subsidiaries of the Group (tons per day) (tons per day) 東莞市清溪粤海水務有限公司 (Dongguan Qingxi Guangdong Water Co., Ltd.▲) 290,000 - 梅州粤海水務有限公司 (Meizhou Guangdong Water Co., Ltd.▲) 310,000 250,000 儀征粤海水務有限公司 (Yizheng Yuehai Water Supply Co., Ltd.▲) 150,000 - Gaoyou GDH Water Co., Ltd. 150,000 - Baoying GDH Water Co., Ltd. 130,000 - 海南儋州粤海自來水有限公司 (Hainan Danzhou Guangdong Tap Water Co., Ltd.▲) 150,000 3,500 梧州粤海江河水務有限公司 (Wuzhou Guangdong Jianghe Water Co., Ltd.▲) 310,000 - Zhaoqing HZ GDH Water Co., Ltd. 130,000 - 遂溪粤海水務有限公司 (Suixi Guangdong Water Co., Ltd.▲) 70,000 - 海南儋州粤海水務有限公司 (Hainan Danzhou Guangdong Water Co., Ltd.▲) 100,000 20,000 豐順粤海水務有限公司 (Fengshun Guangdong Water Co., Ltd.▲) 123,500 - 盱眙粤海水務有限公司 (Xuyi Guangdong Water Co., Ltd.▲) 150,000 - Wuzhou GDH Environmental Protection Development Co., Ltd. - 140,000 東莞市常平粤海環保有限公司 (Dongguan Changping Guangdong Huanbao Co., Ltd.▲) - 70,000 開平粤海水務有限公司 (Kaiping Guangdong Water Co., Ltd.▲) - 75,000 五華粤海環保有限公司 (Wuhua Guangdong Huanbao Co., Ltd.▲) - 66,000 東莞市道滘粤海環保有限公司 (Dongguan Daojiao Guangdong Huanbao Co., Ltd.▲) - 40,000 汕尾粤海環保有限公司 (Shanwei Guangdong Huanbao Co., Ltd.▲) - 30,000 高州粤海水務有限公司 (Gaozhou Guangdong Water Co., Ltd.▲) 100,000 - 江西粤海公用事業集團有限公司 (Jiangxi Guangdong Public Utilities Holdings Co., Ltd.▲) and its subsidiaries 801,500 - 浙江博華環境技術工程有限公司 (Zhejiang Bohua Environmental Technology Engineering Co., Ltd.▲) and its subsidiaries - 81,000 六盤水粤海環保有限公司 (Liupanshui Guangdong Huanbao Co., Ltd.▲) - 115,000 昆明粤海水務有限公司 (Kunming Guangdong Water Co., Ltd.▲) 24,000 20,000 雲浮粤海水務有限公司 (Yunfu Guangdong Water Co., Ltd.▲) 50,000 - 大埔粤海環保有限公司 (Dapu Guangdong Huanbao Co., Ltd.▲) - 21,900 韶關粤海綠源環保有限公司 (Shaoguan Guangdong Luyuan Huanbao Co., Ltd.▲) - 28,500 陽山粤海環保有限公司 (Yangshan Guangdong Huanbao Co., Ltd.▲) - 11,300 雲浮市粤海水務自來水有限公司 (Yunfu City Guangdong Water Supply Co., Ltd.▲) 100,000 - 雲浮市粤海水務發展有限公司 (Yunfu City Guangdong Water Development Co., Ltd.▲) - 145,000 陽江粤海環保有限公司 (Yangjiang Guangdong Huanbao Co., Ltd.▲) - 20,000 揭陽粤海水務有限公司 (Jieyang Guangdong Water Co., Ltd.▲) 560,000 - 普寧粤海水務有限公司 (Puning Guangdong Water Co., Ltd.▲) 500,000 - 潮州市粤海環保有限公司 (Chaozhou Guangdong Huanbao Co., Ltd.▲) - 20,000 廣東粤海韶投水務有限責任公司 (Guangdong Shaotou Water Co., Ltd.▲) 674,000 - 吳川粤海環保有限公司 (Wuchuan Guangdong Huanbao Co., Ltd.▲) - 25,000 平遠粤海水務有限公司 (Pingyuan Guangdong Water Co., Ltd.▲) 40,000 - 河北粤海水務集團有限公司 (Hebei Guangdong Water Group Co., Ltd.▲) and its subsidiaries 10,000 468,000 邳州粤海水務有限公司 (Pizhou Guangdong Water Co., Ltd.▲) 250,000 -
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5 Guangdong Investment Limited Capacity of Water Resources Projects in Operation (continued) Waste water Water supply processing capacity capacity Name of subsidiaries of the Group (continued) (tons per day) (tons per day) 惠來粤海清源環保有限公司 (Huilai Guangdong Qingyuan Huanbao Co., Ltd.▲) - 8,500 惠來粤海綠源環保有限公司 (Huilai Guangdong Luyuan Huanbao Co., Ltd.▲) - 20,000 信宜粤海水務有限公司 (Xinyi Guangdong Water Co., Ltd.▲) 234,200 - 揭西粤海水務有限公司 (Jiexi Guangdong Water Co., Ltd.▲) 80,000 - 五華粤海碧源環保有限公司 (Wuhua Guangdong Biyuan Huanbao Co., Ltd. ▲) - 40,000 雲浮市雲安粤海城鄉供水有限公司 (Yunfu City Yunan Guangdong Urban and Rural Water Supply Co., Ltd. ▲) 24,600 - 河源市粤海水務有限公司 (Heyuan City Guangdong Water Co., Ltd.▲) 300,000 - 無錫德寶水務投資有限公司 (Wuxi Debao Water Investment Co., Ltd. ▲) - 225,700 汕尾粤海水務有限公司 (Shanwei Guangdong Water Co., Ltd.▲) 245,000 - 東莞常平粤海水務有限公司 (Dongguan Changping Guangdong Water Co., Ltd.▲) 280,000 - 中山市新涌口粤海水務有限公司 (Zhongshan City Xinyongkou Guangdong Water Co., Ltd.▲) 120,000 - 中山市橫欄粤海水務有限公司 (Zhongshan City Henglan Guangdong Water Co., Ltd.▲) 140,000 - 中山市南鎮粤海水務有限公司 (Zhongshan City Nanzhen Guangdong Water Co., Ltd.▲) 130,000 - 清遠市龍塘粤海水務有限公司 (Qingyuan City Longtang Guangdong Water Co., Ltd.▲) 50,000 - Guangzhou Nansha GDH Water Co., Ltd. 550,000 - 湛江市鶴地供水營運有限公司 (Zhanjiang Hedi Water Supply Operation Co., Ltd.▲) 1,060,000 - 湘陰粤海水務有限公司 (Xiangyin Guangdong Water Co., Ltd.▲) 100,000 - 恩施粤海水務有限公司 (Enshi Guangdong Water Co., Ltd.▲) 400,000 - 汕尾粤海清源環保有限公司 (Shanwei Guangdong Qingyuan Huanbao Co., Ltd.▲) - 100,000 開平粤海淨水有限公司 (Kaiping Guangdong Water Purification Co., Ltd.▲) - 25,000 邳州粤海環保有限公司 (Pizhou Guangdong Huanbao Co., Ltd.▲) - 34,500 茂名粤海環保有限公司 (Maoming Guangdong Huanbao Co., Ltd.▲) - 194,000 _________ _________ Total as at 30 September 2025 8,886,800 2,297,900 ________ ________ ________ ________ Total as at 30 September 2024 8,786,800 2,054,400 ________ ________ ________ ________ Water supply capacity Name of associates of the Group (tons per day) Foundation Gang-Wu (Changzhou) Water Supply Co., Ltd 600,000 汕頭市粤海水務有限公司 (Shantou Guangdong Water Co., Ltd. ▲) 920,000 興化粤海水務有限公司 (Xinghua Guangdong Water Co., Ltd. ▲) 430,000 ________ Total as at 30 September 2025 1,950,000 ________ ________ Total as at 30 September 2024 1,950,000 ________ ________
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6 Guangdong Investment Limited Capacity of Water Resources Projects under Construction The water supply capacity of the water supply plants under construction by each of the subsidiaries of the Group as at 30 September 2025 were as follows: Water supply capacity Name of subsidiaries of the Group (tons per day) 荔浦粤海水務有限公司 (Lipu Guangdong Water Co., Ltd.▲) 80,000 揭陽粤海國業水務有限公司 (Jieyang Guangdong Guoye Water Co., Ltd.▲) 270,000 汕尾粤海供水有限公司 (Shanwei Guangdong Water Supply Co., Ltd.▲) 410,000 Guangzhou Nansha GDH Water Co., Ltd. 200,000 江西粤海公用事業集團有限公司 (Jiangxi Guangdong Public Utilities Holdings Co., Ltd.▲) and its subsidiaries 177,000 Zhaoqing HZ GDH Water Co., Ltd. 50,000 _________ Total 1,187,000 _______ _______ Revenue of Other Water Resources Project s for the Period in aggregate increased by 5.8% to HK$5,611,484,000 (2024: HK$ 5,305,151,000), of which income from construction services amounted to HK$304,103,000 (2024: HK$ 211,304,000). Profit before tax of Other Water Resources Projects for the Period, excluding the net exchange differences and net finance costs, amounted to HK$1,601,407,000 (2024: HK$1,644,176,000), 2.6% lower than that in the same period last year.
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7 Guangdong Investment Limited Property Investment Mainland China GDH Teem As at 30 September 2025, the Group held an effective interest of 76.13% (31 December 2024: 76.13%) in 廣 東粤海 天河城 (集團 )股份有限公司 (GDH Teem (Holdings) Limited ▲) (“Guangdong Teem”) and its subsidiaries, and held an effective interest of 76.02% (31 December 2024: 76.02%) in Tianjin YueHai Teem Shopping Center Co., Ltd. (collectively the “GD H Teem”). GDH Teem operates several shopping malls in Mainland China, of which Teem Plaza, Panyu Teemmall, Guangzhou Comic City and Tianjin Teemmall are owned by GDH Teem whereas Shenzhen Teemmall and 粤海天地 (Yuehai Tiandi ▲) are operated under lease arrangements. Revenue of GDH Teem’s property investment business mainly comprises rental income (including rentals from the department stores operated by the Group). The revenue of GDH Teem’s property investment business for the Period increased by 4.8% to HK$ 1,261,736,000 (2024: HK$ 1,204,167,000), which was mainly due to the increase in average rental and increase in occup ancy rate of certain properties. The profit before tax, excluding changes in fair value of investment properties and net interest income, of GDH Teem’s property investment busin ess for the Period increased by 11.3% to HK$ 767,178,000 (2024: HK$689,281,000). The revenue of GDH Teem’s property investment business during the Period was as follows: Average Revenue for the nine Area for occupancy months ended 30 September lease rate 2025 2024 Changes sq.m. % HK$’000 HK$’000 % Teem Plaza - Teemmall 107,000 99.3 522,073 527,831 -1.1 Teem Plaza - Teem Tower 88,000 79.3 116,130 131,288 -11.5 Panyu Teemmall 144,000 95.9 218,819 184,401 +18.7 Tianjin Teemmall 145,000 96.2 236,813 210,052 +12.7 Guangzhou Comic City 23,000 99.6 62,125 68,729 -9.6 Shenzhen Teemmall 105,000 94.2 72,351 50,686 +42.7 粤海天地 (Yuehai Tiandi▲) 19,000 93.5 33,425 31,180 +7.2 _______ ________ ________ ______ 631,000 1,261,736 1,204,167 +4.8 _______ ________ ________ ______ _______ ________ ________ ______ Hong Kong Guangdong Investment Tower The average occupancy rate of Guangdong Investment Tower for the Period was 94.2% (2024: 95.7%). The total revenue for the Period increased by 2.6% to HK$35,984,000 (2024: HK$35,057,000).
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8 Guangdong Investment Limited Department Store Operation As at 30 September 2025, the Group operated five department stores (31 December 2024: five) with a total leased area of approx imately 93,940 sq.m. (31 December 2024 : 95,940 sq.m.). The total revenue for the Period decreased by 45.6% to HK$ 316,747,000 (2024: HK$ 582,158,000). The profit before tax for the Period, excluding changes in fair value of investment properties, increased b y 37.3% to HK$ 64,098,000 (2024: HK$46,697,000). The revenue of the department stores operated by the Group for the Period was as follows: Revenue for the nine months ended 30 September Leased area 2025 2024 Changes sq.m. HK$’000 HK$’000 % Teemall Store 41,500 233,449 468,403 -50.2 Wan Bo Store 17,100 30,457 33,595 -9.3 Dong Pu Store 13,700 24,523 34,827 -29.6 Ao Ti Store 21,500 28,139 29,449 -4.4 Hua Du Store (closed in November 2024) - - 15,781 -100.0 TeemLife (opened in May 2024) 140 179 103 +73.8 _______ _______ _______ ______ 93,940 316,747 582,158 -45.6 _______ _______ _______ ______ _______ _______ _______ ______ Hotel Ownership, Operation and Management As at 30 September 2025, the Group’s hotel management team managed a total of 17 hotels (31 December 2024: 19 hotels), of which four were located in Hong Kong and 13 in Mainland China. As at 30 September 2025, s even hotels, of which three in Hong Kong , two in Zhuhai and one in each of Shenzhen and Guangzhou, were operated by the Group (six of them were owned by the Group). Of these seven hotels, five were managed by our hotel management team whereas Holiday Inn Zhuhai City Center located in Zhuhai was operated under franchise arrangement and Sherato n Guangzhou Hotel located in Guangzhou was managed by another hotel management group. In the fourth quarter of 2024, the Group leased the property located at 181 Connaught Road West, Hong Kong to operate and manage Oasis Aurum 181 Hotel. The hotel opened in mid-December 2024. During the Period, the average room rate of Sheraton Guangzhou Hotel wa s HK$1,174 (2024: HK$1,217) whereas the average room rate of the remaining six hotels was HK$720 (2024 five hotels : HK$671). The average occupancy rate of Sheraton Guangzhou Hotel was 93.5% (2024: 92.7%) and that of the other six hotels was 73.5% (2024 five hotels: 69.6%) during the Period. The revenue of hotel ownership, operation and management business for the Period increased by 7.3% to HK$504,805,000 (2024: HK$470,543,000). The profit before tax for the Period, excluding changes in fair value of investment properties and net exchange differences, amounted to HK$68,930,000 (2024: HK$86,499,000), 20.3% lower than that in the same period last year.
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9 Guangdong Investment Limited Energy Projects GDH Energy Project Zhongshan Power (Hong Kong) Limited, a subsidiary of the Company, holds 75% (31 December 2024: 75%) interest in 中山粤海能源有限公司 (Zhongshan GDH Energy Co., Ltd. ▲) (“GDH Energy”). GDH Energy has two power generation units with a total ins talled capacity of 600 MW. Sales of electricity during the Period amounted to 2,594 million kwh (20 24: 2,092 million kwh), increased by 24.0%. Due to the mixed impact of the increase in sales of electricity, decrease in electricity tariff and the drop of e xchange rate of Renminbi against Hong Kong dollars of 1.0% over the same period last year, revenue of GDH Energy Project (including intersegment sales) generated from electricity sales and related operations for the Period decreased by 3.5% to HK$1,173,074,000 (2024: HK$1,215,920,000). The profit before tax of GDH Energy for the Period, excluding net finance costs, was HK$142,724,000 (2024: HK$121,921,000), an increase of 17.1%. Guangdong Yudean Jinghai Power Generation Co., Ltd. (“Yudean Jinghai Power”) The Group’s effective interest in Yudean Jinghai Power is 25% (31 December 2024: 25%). As at 30 September 2025, Yudean Jinghai Power had four power generation units with a total installed capacity of 3,200 MW. Sales of electricity for the Period amounted to 10,893 million kwh (2024: 11,584 million kwh), a decrease of 6.0%. Due to the decrease in sales of electricity and electricity tariff, revenue for the Period decreased by 21.4% to HK $4,161,390,000 (2024: HK$ 5,292,158,000). The profit before tax of Yudean Jinghai Power for the Period was HK$189,347,000 (2024: HK$426,959,000). The Group’s share of profit in Yudean Jinghai Power amounted to HK$34,786,000 (2024: HK$79,878,000) during the Period. Road and Bridge Xingliu Expressway 廣西粤海高速公路有限公司 (Guangxi GDH Highway Co., Ltd.▲) (“ GDH Highway ”) is principally engaged in the operation of the Xingliu Expressway. The Xingliu Expressway comprises a main line which is approximately 100 km in length and three connection lines ( to Xingye, Guigang and Hengzhou) with an aggregate length of approximately 53 km. The average daily toll traffic flow of the Xingliu Expressway decreased by 7.1% to 24,472 vehicle trips (2024: 26,348 vehicle trips) . The toll revenue of GDH Highway during the Period amounted to HK$445,555,000 (2024: HK$ 479,085,000), decreased by 7.0%. The profit before tax during the Period, excluding net finance costs, amounted to HK$231,466,000 (2024: HK$252,009,000), decreased by 8.2%.
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10 Guangdong Investment Limited Yinping Project In 2016, the Company entered into a cooperation agreement with 東莞市謝崗鎮人民政府 (Dongguan City Xiegang Town People’s Government) (the “Xiegang Government”) in respect of a public -private- partnership project (the “Yinping Project”) for the development of certain A -grade highways, connecting roads and municipal roads (not being toll roads) (each a “Project Road” and together, the “Project Roads”) and the related ancillary support services such as drainage, greening and lighting in 銀瓶創新區 (Yinping Innovation Zone) in Dongguan, Guangdong Province, the PRC. Each Project Road will be budgeted for and developed separately and subject to the approval of the Xiegang Government. The Company had established Dongguan Yuehai Yinping Development and Construction Limited (“Yuehai Yinping”), a wholly -owned subsidiary of the Company, to perform the Company’s obligations in the Yinping Project. On 31 May 2023, Yuehai Yinping and the Xiegang Government entered into a supplemental agreement, pursuant to which the cooperation agreement was supplemented a nd amended to the effect that payments to be made for the Yinping Project would be subject to performance assessment. Details of the assessment were set out in the announcement of the Company published on 31 May 2023. As at 30 September 2025, five Project Roads (31 December 2024: four Project Roads) were completed and no Project Road (31 December 2024: one Project Road) was under construction. As at 30 September 2025, the cumulative development costs in relation to the Yinping Project amounted to approximately RMB2,094 million (equivalent to approximately HK$2,294 million) (31 December 2024: approximately RMB2,077 million (equivalent to approximately HK$2,243 million)). The total interest, management fee and maintenance fee of the Yinping Project recognised during the Period increased by 1.7% to HK$118,466,000 (2024: HK$116,494,000) and profit before tax increased by 5.1% to HK$104,299,000 (2024: HK$99,273,000) during the Period. DISCONTINUED OPERATIONS On 9 December 2024, the Board of the Company recommended the payment of a special dividend in the form of a distribution in specie of shares of GD Land held directly by the Company (“Proposed Distribution”), conditional upon the passing of an ordinary resolution by the shareholders of the Company. On 8 January 202 5, the resolution to approve the Proposed Distribution was passed by the shareholders of the Company. On 21 January 2025, a total of 1,261,799,423 GD Land shares (representing approximately 99.9% of GD Land shares held by the Company) was distributed to th e shareholders by the Company and GD Land ceased to be a subsidiary of the Company thereafter . The consolidated results of GD Land for the period ended 21 January 2025 were presented in this announcement as discontinued operations. For the period ended 2 1 January 2025, revenue of GD Land for the Period decreased by 93.8% to HK$251,831,000 (nine months ended 30 September 2024: HK$4,043,416,000), of which income from sales of properties amounted to HK$247,894,000 (nine months ended 30 September 2024: HK$4,011,569,000). The net loss arising from fair value adjustments for investment properties for the period ended 21 January 2025 was nil (nine months ended 30 September 2024: HK$34,438,000). The loss before tax of GD Land for the period ended 21 January 2025 was HK$ 9,516,000 ( nine months ended 30 September 2024: HK$573,663,000). The profit before tax of GD Land for the period ended 21 January 2025 , excluding changes in fair value of investment properties and net finance costs, was HK$ 13,454,000 (nine months ended 30 September 2024: loss before tax of HK$282,309,000).
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11 Guangdong Investment Limited PROSPECTS In the second half of 2025, the risks of global economic downturn have increased, with tariff -related policy adjustments and geopolitical maneuvering posing additional challenges to the global economy. Major international organizations such as the IMF and OECD have collectively lowered their global growth forecasts by an average of 0.4 percentage points. Under the influence of proactive macroeconomic policies, China's economy is expec ted to maintain a moderate recovery trajectory amid the interplay of external pressures and internal growth drivers. Confronted with the increasingly complex and unpredictable external environment, the Group has been adhering to the development strategy of “balancing progress and stability and enhancing quality and efficiency”. On one hand, we have maintained steady improvements in the operational performance of our core businesses while optimizing corporate governance and risk management mechanisms. On the other hand, we endeavoured to seize market development opportunities and continue to expand the scale of our core business to strengthen the foundation of the sustainable development of the Company. The Group will continue to concentrate resources on ext ending the water resources segment into higher value-added areas, promoting the transformation and upgrading of our business structure. Whi le consolidating and deepening “organizational leanness” we will vigorously advance “precision management” continuously optimize various asset portfolios and resource allocation, and proactively seize potential development opportunities arising from the “ Outline Development Plan for the Guangdong -Hong Kong - Macao Greater Bay Area”. We will proactively monitor investment , merger and acquisition opportunities in relevant markets, striving to achieve new breakthroughs in profit growth and further enhance the Company’s operational performance and overall value. REVIEW OF UNAUDITED FINANCIAL INFORMATION The unaudited financi al information of the Group for the nine months ended 30 September 2025 has been reviewed by the Audit Committee of the Company.
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12 Guangdong Investment Limited CAUTION STATEMENT Shareholders of the Company and potential investors should note that all the information contained in this announcement has not been audited. Accordingly, any information contained in this announcement should in no way be regarded as to provide any indication or assurance on the financial results of the Group for the nine months ended 30 September 2025. Shareholders of the Company and potential investors are urged to exercise caution in dealing in the securities of the Company and are recommended to consult their own professional advisers if they are in doubt as to their investment positions. ▲ The English n ames are translations of their Chinese names, and are included herein for identification purposes only. In the event of any inconsistency, the Chinese names shall prevail. By Order of the Board BAI Tao Chairman Hong Kong, 27 October 2025 As at the date of this announcement, the Board of the Company comprises four Executive Directors, namely, Ms. BAI Tao, Mr. KUANG Hu, Mr. TSANG Hon Nam and Ms. LIANG Yuanjuan; three Non-Executive Directors, namely, Mr. WANG Min , Ms. WANG Surong and Mr. LI Wenchang; and four Independent Non- Executive Directors, namely, Dr. CHAN Cho Chak, John, Mr. FUNG, Daniel R., Dr. the Honourable CHENG Mo Chi, Moses, and Mr. LI Man Bun, Brian David.