公司簡介
碧瑤綠色（「碧瑤」）成立於1980年，為香港最大的綜合環境服務集團之一，提供環衞保潔、資源回收、循環再造、綠色科技、有機肥料生產、園藝綠化工程、蟲害防治、廢物管理等服務。公司的主營業務主要分為四大分部，包括：（1）清潔服務；（2）廢物處理及回收業務；（3）園藝服務；以及（4）蟲害管理業務，客戶涵蓋各行各業及不同類型機構，如政府部門、公營機構及跨國企業集團等。
2025H1純利大幅增長，盈利能力顯著增強
受益於清潔和園藝業務收益增長，2025H1公司收益為13.54億港元，同比增長4.8%。清潔業務是公司的核心業務，收益為10.8億港元，同比增長4%，占總收益79.6%；廢物管理及回收業務收益為1.5億港元，同比減少1.4%，占總收益10.7%；園藝業務收益為1億港元，同比增長40.9%，占總收益7.4%；蟲害管理業務收益為0.32億港元，同比減少16.7%，占總收益2.3%。受益于有效的成本控制和財務費用下降，毛利率為9.8%，同比增長2.3 ppts。清潔業務毛利為8.5億港元，同比增長27.4%，毛利率為7.9%，同比增長1.5 ppts，主要由於公司與政府各部門及不同機構的新清潔服務合約所致。廢物管理及回收業務毛利為0.28億港元，同比增長46.6%，毛利率為19.2%，同比大幅增長6.3 ppts，主要受惠於政府積極推動回收，大幅擴展包括廚餘的回收點網絡，便利市民參與並有效刺激收集量及綠色科技業務所帶動。園藝業務毛利率為19%，同比增長5.7 ppts。蟲害管理業務毛利率為3.6%，同比減少1.5ppts。純利同比大幅增長128.1%至0.59億港元。2025年上半年的每股收益已達14.2港仙，超越2024年全年的13港仙，同比增幅高達142.7%，2021年-2024年，公司每股盈利CAGR達61%。應收賬款平均周轉天數為69天，相較2024年底減少4天，應付帳款平均周轉天數為46天，相較2024年底減少8天，證明公司的營運資金周轉效率提高，回款速度加快。經營活動所得現金淨額為2億港元，同比增長36.8%，可動用現金及銀行結餘約為2.91億港元，相較2024年底增長127.1%，進一步證明公司盈利品質較高，財務健康狀況良好。

首度獲得大規模海上清潔合約，標誌業務戰略突破
公司清潔業務遍佈香港各個區域，全方位覆蓋醫院、警署、街道、康樂場地、機場、展覽中心、賽馬會公眾席以及大學等場所。公司獲得 “香港東部水域海上清潔合約”，該合約由香港政府海事處授予，為期3年（2025年10月1日生效），總值1.5億港元。服務範圍覆蓋香港東部水域核心區域，包括維多利亞港、中環、銅鑼灣、尖沙咀等國際知名地標及西貢、吐露港等生態敏感區域，涵蓋海上垃圾清理及船隻生活垃圾收集，是對香港海洋生態保護與城市形象維護的關鍵支撐。該合約標誌著碧瑤綠業務版圖從陸地向海洋的關鍵突破，成為其綜合環境服務能力的重要里程碑，有助於進一步鞏固清潔服務核心業務的市場地位。同時，作為香港政府“盛事經濟”配套環境服務的重要組成，合約強化了集團與政府的長期合作關係，為後續承接高附加值環保專案奠定基礎。

Overview
Baguio Green ("Baguio") was established in 1980 and is one of Hong Kong's largest integrated environmental services groups, providing services such as environmental hygiene, resource recycling, waste recovery and recycling, green technology, organic fertilizer production, landscaping projects, pest control, and waste management. The company's main business is primarily divided into four segments, including: (1) cleaning services; (2) waste treatment and recycling business; (3) landscaping services; and (4) pest management business. Its clientele spans various industries and types of organizations, such as government departments, public organizations, and multinational corporations.
Net Profit Surged in H1 2025, Profitability Improved Significantly
Benefiting from revenue growth in the Cleaning and Landscaping segments, the Company's revenue for the first half of 2025 reached HKD 1.354 billion, representing a year-on-year increase of 4.8%. The Cleaning business, being the core operation, generated revenue of HKD 1.08 billion, up 4% year-on-year, accounting for 79.6% of the total revenue. Revenue from the Waste Management and Recycling business was HKD 150 million, down 1.4% year-on-year, accounting for 10.7% of the total revenue. The Landscaping business reported revenue of HKD 100 million, a significant increase of 40.9% year-on-year, accounting for 7.4% of the total revenue. The Pest Management business generated revenue of HKD 32 million, down 16.7% year-on-year, accounting for 2.3% of the total revenue. Benefiting from effective cost control and a decrease in financial expenses, the gross profit margin was 9.8%, an increase of 2.3 percentage points year-on-year. The gross profit for the Cleaning business was HKD 850 million, an increase of 27.4% year-on-year, with a gross margin of 7.9%, up 1.5 percentage points year-on-year, primarily due to new cleaning service contracts with various government departments and different organizations. The gross profit for the Waste Management and Recycling business was HKD 28 million, up 46.6% year-on-year, with a gross margin of 19.2%, a substantial increase of 6.3 percentage points year-on-year, mainly driven by the government's active promotion of recycling, significant expansion of the recycling point network including food waste, which facilitated public participation and effectively stimulated collection volumes, as well as contributions from the green technology business. The gross margin for the Landscaping business was 19%, an increase of 5.7 percentage points year-on-year. The gross margin for the Pest Management business was 3.6%, a decrease of 1.5 percentage points year-on-year. Net profit surged by 128.1% year-on-year to HKD 59 million. Earnings per share (EPS) for the first half of 2025 already reached 14.2 HK cents, surpassing the full-year 2024 EPS of 13.0 HK cents, representing a remarkable year-on-year increase of 142.7%. From 2021 to 2024, the Company's EPS achieved a compound annual growth rate (CAGR) of 61%. The average accounts receivable turnover days were 69 days, a decrease of 4 days compared to the end of 2024. The average accounts payable turnover days were 46 days, a decrease of 8 days compared to the end of 2024, demonstrating improved working capital turnover efficiency and faster collection times. Net cash generated from operating activities was HKD 200 million, an increase of 36.8% year-on-year. Available cash and bank balances were approximately HKD 291 million, an increase of 127.1% compared to the end of 2024, further proving the high quality of the Company's earnings and its sound financial health.
Securing First Large-Scale Marine Cleaning Contract, Marking a Strategic Business Breakthrough
The company's cleaning services span across various districts in Hong Kong, comprehensively covering venues such as hospitals, police stations, streets, recreational facilities, airports, exhibition centers, the public stands of the Jockey Club, and universities.

投資摘要
碧瑤綠色（「碧瑤」）作為香港領先的生活服務綜合企業，憑藉在清潔服務、廢物管
理與回收、園藝及蟲害管理等多元業務，在 2024 年上半年展現出穩健的財務表現。
得益於公司與政府新合約的簽訂及核心業務的剛性需求，碧瑤於經濟環境疲弱下依然
實現了收益與盈利的雙增長。
公司於 2024 年上半年錄得收益約 12.91 億（港元．下同），同比增長 16.6%；期內溢
利達 2576.5 萬元，同比增長 18.5%。儘管毛利率因勞動力成本上升略微下降至
7.5%，但清潔服務及廢物回收業務的強勁表現有效支撐了整體盈利能力。我們認為，
公司作為香港剛性需求服務的核心提供者，受宏觀經濟週期波動的影響有限，並得益
於政府對環保政策的加碼推行，未來增長潛力顯著。基於碧瑤穩定的財務基礎、可觀
的市場份額及清晰的業務增長前景，我們預測公司 2024 至 2025 年 EPS 為 12.6 及
14.5 仙，目標價為 0.98 港元，評級為“買入”，並對未來業績保持樂觀預期。

Baguio Green Group (“Baguio”) a leading integrated environmental services provider in
Hong Kong, demonstrated robust financial performance in the first half of 2024, driven by its
core business resilience and successful government contracts. Operating in essential service
sectors including cleaning, waste management and recycling, landscaping, and pest control,
the Company maintained growth momentum despite a challenging macroeconomic
environment.
For the six months ended June 30, 2024, Baguio reported revenue of HK$1.291 billion, a
year-on-year increase of 16.6%, with profit for the period rising 18.5% to HK$25.8 million.
While the gross profit margin declined slightly to 7.5% due to rising labor costs, the strong
performance of its cleaning and waste management segments offset this pressure. Baguio
remains well-positioned as a provider of essential services with limited exposure to
economic cycles, benefiting from growing government initiatives in sustainability and
recycling. With a solid financial foundation, diverse revenue streams, and a clear growth
trajectory supported by environmental policies, we expect FY2025E-FY2026E EPS to be
HK$12.6 cents and HK$14.5 cents respectively, with PT of HK$0.98, implies a FY2025E P/E of
7.8x (~3-yrs historical average). Our investment rating is “Buy”, with an optimistic outlook
for its future performance.

碧瑤綠色（「碧瑤」）成立於 1980 年，為香港最大的綜合環境服務集團之一，提供環
衞保潔、資源回收、循環再造、綠色科技、有機肥料生產、園藝綠化工程、蟲害防
治、廢物管理等服務。公司的主營業務主要分為四大分部，包括：（1）清潔服務；
（2）廢物處理及回收業務；（3）園藝服務；以及（4）蟲害管理業務，客戶涵蓋各行
各業及不同類型機構，如政府部門、公營機構及跨國企業集團等。
核心清潔業務上半年繼續錄得可觀增長
公司截至 2022 年 6 月底止中期（1H2022），整體收入約 714.1 百萬元（港元．下
同），按年增加約 21.6%，增加主要由於本期間內清潔分部合約及訂單數量增加導致
收益增加所致。期內，股東應佔溢利為約 17.8 百萬元（1H2021：12.2 百萬元），按年
大升約 45.3%。每股基本盈利約 4.29 仙（1H2021：2.95 仙）；不派中期股息。
回顧期內，整體毛利為約 57.7 百萬元，按年增加約 17.6%；儘管清潔分部表現強勁，
但被廢物及回收分部新項目的初始運營成本部分抵銷。然而，毛利率按年下滑 0.3 個
百分點至 8.1%，主要由於廢物及回收分部新項目的初始運營成本。短期內相關收入或
會與開支不成正比。此外，園藝項目的進度延遲及高水平的蟲害管理服務市埸競爭激
烈，連同高能源價格亦對毛利率造成相對負面的影響。

Originated in 1980, Baguio Green Group (“Baguio”) has developed into a group of providing
integrated environmental services, ranging from Professional Cleaning, Recycling, Waste
Management and Collection, Horticulture and Landscaping, and Integrated Pest
Management. The company's main business is mainly divided into four segments, including:
(1) Cleaning services business; (2) Waste management and recycling business; (3)
Landscaping services business; and (4) Pest management business, customers cover all walks
of life and different Types of institutions, such as HKSAR Government, public utilities, and
private corporations.
Core cleaning services recorded a considerable growth in 1H2022
For the six months ended 30 June 2022 (1H2022), revenue amounted to HK$714.1mn,
representing an increase of 21.6% YoY. The increase was mainly due to the increase in
revenue in cleaning segment with increase in number of contracts and orders during the
Period. Net profit attributable to equity shareholders for the period amounted to
HK$17.8mn (1H2021: HK$12.2mn), representing an increase of 45.3% YoY. Basic EPS was
HK$4.29 cents (1H2021: HK$2.95 cents), with no interim dividend