Core Viewpoint - Chevalier International (00025) announced that its executive director, Mr. Ho Chung Leung, will not seek re-election at the annual general meeting and will retire from the board after the meeting, confirming no disagreements with the board [1] Summary by Sections - **Directorate Changes** - Mr. Ho Chung Leung will retire as executive director after the annual general meeting [1] - He has confirmed that there are no disagreements with the board regarding his retirement [1] - Mr. Ho will also cease to be a member of the executive committee [1] - **New Appointments** - Effective September 1, 2025, Mr. Shih Jung Huai will be appointed as a member of the company's nomination committee [1]

CHEVALIER INTERNATIONAL HOLDINGS LIMITED 其士國際集團有限公司 * 潘宗光教授 施榮懷先生 孫立勳先生 關蕙女士 董事會已設立四個委員會，名為執行委員會、審核委員會、薪酬委員會及提名委 員會。下表提供各董事會成員在這些委員會中所擔任的角色。 | | 委員會 執行 | 審核 | 薪酬 | 提名 | | --- | --- | --- | --- | --- | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | | 郭海生先生 | C | – | M | C | | 周維正先生 | M | – | M | – | | 譚國榮先生 | M | – | – | – | | 馬志榮先生 | M | – | – | – | | 周莉莉小姐 | M | – | – | – | | 潘宗光教授 | – | M | C | M | | 施榮懷先生 | – | M | – | M# | | 孫立勳先生 | – | M | M | – | | 關蕙女士 | – | C | M | M | 董事名單與其角色和職能 其士國際集團有限公司董事會（「董事會」）成員載列如下： 執行董事 郭 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHEVALIER INTERNATIONAL HOLDINGS LIMITED 其士國際集團有限公司 * （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：25） 二零二五年八月二十七日舉行之股東週年大會 投票表決結果 及 執行董事之退任 及 董事委員會組成變更 由於以上每項決議案均獲超過50%之票數贊成，因此所有決議案皆正式通過為普 通決議案。 – 2 – 執行董事退任及董事委員會組成變更 董事會宣佈，本公司之執行董事何宗樑先生（「何先生」）於股東週年大會不尋求膺 選連任，並於股東週年大會結束後退任本公司之執行董事。何先生已確認彼與董 事會並無意見分歧，亦無任何有關其退任董事會之事宜需敦請股東垂注。據此， 彼亦不再擔任執行委員會之成員。 其士國際集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈，於二零 二五年八月二十七日舉行之股東週年大會（「股東週年大會」）上 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 其士國際集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00025 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 540,000,000 | HKD | | 1.25 | HKD | | 675,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 540,000,000 | HKD | | 1.25 | HKD | | 675,000,000 | 本月底法定/註冊股本總額 ...

HERITAGE INNOVATION ENVISIONING THE FUTURE 傳承．開創．啟未來 2025 ANNUAL REPORT 年報 | Vision, Mission and Core Values | 2 | 願景、使命及核心價值 | | --- | --- | --- | | Our Businesses | 3 | 業務概覽 | | Financial Summary | 4 | 財務概要 | | Corporate Information | 8 | 企業資料 | | Project Highlights | 10 | 重點項目 | | CSR Highlights | 12 | 企業社會責任重點活動 | | Letter to Shareholders | 14 | 致股東之函件 | | Management Discussion and Analysis | 17 | 管理層討論及分析 | | Financial Review | 25 | 財務回顧 | | Management Profile | 31 | 管理層簡介 | | Schedule of Major Propert ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHEVALIER INTERNATIONAL HOLDINGS LIMITED 其士國際集團有限公司 * （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：25） 截至二零二五年三月三十一日止年度之 業績公佈 業績 其士國際集團有限公司（「本公司」）董事會（「董事會」）欣然公佈，本公司及其附屬 公司（統稱「本集團」）截至二零二五年三月三十一日止年度之經審核綜合業績，連 同比較數字概列如下： 綜合收益表 截至二零二五年三月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 港幣千元 | 港幣千元 | | 收入 | 4 | 9,265,045 | 8,196,207 | | 銷售成本 | | (8,626,053) | (7,341,510) | | 毛利 | | 638,992 | 854,697 | | ...

Revenue and Profitability - Revenue for the six months ended September 30, 2024, was HK$4,032,804, an increase of 2.7% from HK$3,926,559 in the same period of 2023[18] - Profit for the period increased to HK$77,003, up 12.5% from HK$68,469 in the same period last year[18] - Earnings per share rose to HK$0.27, compared to HK$0.19 in the previous year, reflecting a 42.1% increase[18] - Profit for the period increased to HK$77,003,000 from HK$68,469,000, representing a growth of approximately 23%[25] - Total comprehensive income for the period reached HK$190,726,000, compared to a loss of HK$159,654,000 in the previous period[25] - Profit attributable to shareholders for the six months ended 30 September 2024 is HK$80,318,000, an increase of 37% compared to HK$58,596,000 in 2023[116] Costs and Expenses - Gross profit decreased to HK$348,056, down 25.4% from HK$466,422 in the previous year[18] - Operating profit for the period was HK$122,827, a decline of 6.4% compared to HK$131,891 in 2023[18] - Finance costs rose to HK$131,788, an increase of 53.0% from HK$86,132 in the previous year[18] - Selling and distribution costs decreased to HK$83,147, down 13.0% from HK$95,562 in the previous year[18] - Administrative expenses decreased to HK$195,140, a reduction of 4.9% from HK$205,183 in 2023[18] - Interest expenses on lease liabilities and borrowings totaled HK$145.0 million, compared to HK$119.0 million in the previous year, reflecting an increase of 21.8%[100] Assets and Liabilities - Non-current assets rose to HK$12,477,022,000 from HK$11,547,152,000, indicating an increase of about 8%[28] - Current assets decreased to HK$8,276,417,000 from HK$8,817,403,000, reflecting a decline of approximately 6%[29] - Total liabilities increased to HK$10,267,826,000 from HK$10,022,219,000, representing a rise of 2.5%[85] - Total segment assets as of 30 September 2024 amounted to HK$20,447,163,000, up from HK$19,711,482,000 as of 31 March 2024, indicating a growth of 3.7%[85] Cash Flow and Financing - The company reported a net cash used in operating activities of HK$432.781 million, compared to HK$447.234 million in the same period last year[35] - Cash and cash equivalents at the end of the period decreased to HK$1,930,284,000 from HK$2,376,450,000, a decline of 18.8%[37] - Net cash from financing activities was HK$123,657,000, down 73.8% from HK$471,337,000 in the previous year[37] - The drawn down of bank and other borrowings was HK$1,168,699,000, compared to HK$1,734,499,000, a decrease of 32.6%[37] Investments and Financial Performance - Finance income increased significantly to HK$63,422, up 64.1% from HK$38,648 in 2023[18] - The company reported an unrealized loss on investments at fair value through profit or loss of HK$53,134, indicating challenges in investment performance[66] - The net gain on investments at fair value was HK$5.2 million, a significant recovery from a loss of HK$53.4 million in the previous year[97] - The company recognized revenue from contracts with customers of HK$2,760,686, with HK$2,108,136 recognized at a point in time and HK$890,224 recognized over time[54] Dividends and Shareholder Returns - An interim dividend of HK$0.08 per share has been declared, compared to HK$0.06 per share in the previous year, reflecting a 33% increase[124] - Dividends paid decreased to HK$42,265,000 from HK$84,540,000, a reduction of 50% year-over-year[37] - The final dividend for the 2023/24 fiscal year was HK$0.14 per share, totaling HK$42,270,000, which was paid on 20 September 2024[119] Segment Performance - Segment revenue from construction and engineering was HK$2,759,264, while healthcare investment generated HK$96,973, and car dealership contributed HK$390,253[54] - The group reported a segment profit before finance costs of HK$232,880, compared to HK$206,184 in the previous year, indicating an increase of about 12.96%[64] - Revenue from the Construction and Engineering segment increased by 10% from HK$2,511 million to HK$2,759 million, although segment profit before net finance costs decreased by 38% to HK$121 million[192] Market and Operational Insights - The company plans to continue focusing on market expansion and new product development to drive future growth[58] - The company continues to expand its operations across various regions, including Hong Kong, Mainland China, and the USA, enhancing its market presence[86] - The construction division has successfully integrated Modular Integrated Construction (MiC) technology in projects, enhancing quantity, speed, efficiency, and quality[196] Financial Risk Management - The Group is exposed to various financial risks, including market risk, credit risk, and liquidity risk[174] - The Group's financial risk management policies have remained unchanged since March 31, 2024[175]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 4,032,804, an increase of 2.7% compared to HKD 3,926,559 for the same period in 2023[3] - Operating profit for the period was HKD 122,827, a decrease of 6.4% from HKD 131,891 in the previous year[3] - Net profit attributable to shareholders for the period was HKD 80,318, up 37.0% from HKD 58,596 in the same period last year[5] - Basic and diluted earnings per share increased to HKD 0.27 from HKD 0.19, representing a growth of 42.1%[5] - Total comprehensive income for the period was HKD 190,726, compared to a loss of HKD 159,654 in the same period last year[7] - The company reported financial income of HKD 63,422, up from HKD 38,648 in the previous year, indicating a growth of 64.1%[5] - The net profit after deducting finance costs for the group was HKD 243,798 thousand, an increase from HKD 192,047 thousand, showing a growth of about 26.9%[26] - For the six months ended September 30, 2024, the company reported a pre-tax profit of HKD 80,318,000, compared to HKD 58,596,000 for the same period in 2023, representing a year-over-year increase of approximately 37%[52] Revenue Breakdown - Total revenue for the six months ended September 30, 2024, was HKD 4,088,446 thousand, an increase from HKD 3,994,315 thousand for the same period in 2023, representing a growth of approximately 2.36%[22] - The group's revenue from construction and machinery engineering was HKD 2,134,112 thousand, up from HKD 1,802,930 thousand, reflecting a year-on-year increase of about 17.4%[22] - The revenue from property investment was HKD 97,991 thousand, slightly up from HKD 96,299 thousand, indicating a growth of approximately 1.76%[22] - The revenue from healthcare investment was HKD 431,000 thousand, compared to HKD 405,596 thousand, reflecting an increase of about 6.25%[22] - The revenue from automotive agency was HKD 530,427 thousand, a decrease from HKD 804,515 thousand, representing a decline of approximately 34%[22] - The total income from joint ventures and associates was HKD 1,024,223 thousand, a slight decrease from HKD 1,105,315 thousand, indicating a decline of about 7.35%[22] Assets and Liabilities - Non-current assets increased to HKD 12,477,022 as of September 30, 2024, from HKD 11,547,152 as of March 31, 2024[9] - Current liabilities amounted to HKD 4,905,785, a slight increase from HKD 4,878,300 as of March 31, 2024[11] - Total assets as of September 30, 2024, amounted to HKD 20,753,439,000, an increase from HKD 20,364,555,000 as of March 31, 2024[30] - Total liabilities as of September 30, 2024, were HKD 10,267,826,000, compared to HKD 10,022,219,000 as of March 31, 2024[30] - The company’s bank and other borrowings increased to HKD 4,663,159,000 as of September 30, 2024, from HKD 4,470,905,000 as of March 31, 2024[30] - The company’s total equity increased to HKD 10,485,613,000 as of September 30, 2024, from HKD 10,342,336,000 as of March 31, 2024[30] Market and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2] - The company is focusing on market expansion in regions including Canada, Singapore, and the UK, enhancing its global footprint[32] - The company continues to adopt innovative construction technologies such as MiC and BIM to address labor shortages and improve efficiency and quality[93] - The company is closely monitoring the performance of its healthcare investment portfolio and will explore opportunities to rebalance it as necessary[95] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.08 per share, up from HKD 0.06 per share in the previous year, totaling HKD 24,101,000 for the current period[55] - The interim dividend declared is HKD 0.08 per share, an increase from HKD 0.06 per share in the previous year, representing a growth of 33.3%[66] - The company repurchased a total of 632,000 shares at a total cost of HKD 3,023,580, believing that the share price did not reflect its intrinsic value[100] Governance and Compliance - The group has adopted the Hong Kong Financial Reporting Standards (HKFRS) and the relevant accounting policies remain consistent with the annual consolidated financial statements for the year ending March 31, 2024[14] - The group expects no significant impact from the newly issued accounting standards that will take effect from April 1, 2024, on its financial performance and position[17] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the six months ending September 30, 2024, except for specific provisions[102] - The audit committee consists of four independent non-executive directors, who reviewed the accounting policies and practices of the group for the six months ending September 30, 2024[105] Economic Environment - The macroeconomic environment remains challenging due to geopolitical tensions, inflation, and potential impacts from the U.S. presidential election[88] - The government aims to provide 7,000 hectares of land and develop the Northern Metropolis area by 2048 to stabilize long-term housing supply[90] - The government has implemented measures to stimulate the real estate market, including the removal of stamp duty and relaxation of mortgage restrictions, which have shown signs of recovery[92]

Revenue and Profitability - Revenue for the year ended March 31, 2024, was HKD 8,196,207, an increase of 11.8% from HKD 7,134,302 in the previous year[2] - Gross profit for the same period was HKD 854,697, slightly up from HKD 846,267, indicating a stable gross margin[2] - The net loss attributable to the company's operations was HKD 154,488, compared to a profit of HKD 406,693 in the previous year, marking a significant downturn[2] - Total revenue for the year ending March 31, 2024, reached HKD 8,196,207 thousand, reflecting a decrease of HKD 129,253 thousand compared to the previous year[37] - The group recorded a post-tax loss of HKD 323 million for the year ending March 31, 2024, compared to a post-tax profit of HKD 293 million for the previous year[89] - The company reported a loss of HKD 322.764 million for the year, compared to a profit of HKD 292.655 million in the previous year[165] Financial Position - Total liabilities as of March 31, 2024, amounted to HKD 4,878,300, an increase from HKD 4,562,371 in the previous year[7] - Total equity decreased to HKD 10,342,336 from HKD 11,033,762, indicating a reduction in shareholder value[7] - The total assets of the company increased to HKD 20,364,555 thousand from HKD 20,129,189 thousand, showing a growth of HKD 235,366 thousand[41] - The total liabilities rose to HKD 10,022,219 thousand, up from HKD 9,095,427 thousand, indicating an increase of HKD 926,792 thousand[41] - The company’s liabilities totaled HKD 4,961,277 as of March 31, 2024, compared to HKD 4,675,045 in the previous year, indicating an increase in financial obligations[55] - The net asset value attributable to shareholders as of March 31, 2024, was HKD 9.785 billion, down HKD 642 million from HKD 10.427 billion (restated) in the previous year[148] Expenses and Costs - Financial expenses increased to HKD 127,376 from HKD 84,758, reflecting higher borrowing costs[3] - The company reported a tax expense of HKD 161,512, compared to HKD 153,784 in the previous year, representing a 5.3% increase[18] - The company’s financial expenses increased to HKD 82,500, up from HKD 54,712 in the previous year[54] - The company recognized a decrease in government grants to HKD 7,494 from HKD 48,154 in the previous year[45] - The company experienced a significant increase in operational costs due to inflation, impacting overall performance despite successful customer retention[147] Revenue Segmentation - The group's income from property development and operations amounted to HKD 622,881 thousand, down HKD 45,022 thousand year-on-year[37] - The healthcare investment segment generated revenue of HKD 1,552,983 thousand, with no year-on-year change reported[37] - Revenue from construction and installation contracts was HKD 3,886,381, up 30.4% from HKD 2,980,732 in the previous year[45] - Revenue from information technology equipment, automotive, and other sales increased to HKD 1,668,583, a rise of 7.7% from HKD 1,549,244[45] - The total income from property sales was HKD 163,925, significantly up from HKD 101,709 in 2023, marking a 61.0% increase[45] - Revenue from healthcare investment rose by 3.9% to HKD 956 million, primarily due to increased occupancy rates in nursing homes in Oregon, USA[140] Asset Management - The company confirmed impairment losses on properties under development amounting to HKD 190,500 thousand, reflecting ongoing challenges in asset valuation[37] - Non-current assets by region show significant investments in Hong Kong, China, and the United States, with total non-current assets valued at HKD 10,334,872[58] - The company reported a significant increase in investment property fair value, netting HKD 3,023,000 in 2024 compared to HKD 103,879,000 in 2023[70] - The company reported a loss of HKD 190,500,000 for development properties in 2024, indicating a significant financial challenge[70] - Non-current assets increased to HKD 11,547,152 thousand as of March 31, 2024, compared to HKD 11,881,679 thousand in the previous year, reflecting a decrease of 2.8%[166] Dividends and Shareholder Returns - The proposed final dividend per share for 2024 is HKD 0.14, down from HKD 0.28 in 2023, with total dividends for the year amounting to HKD 60,386 compared to HKD 114,733 in the previous year[68] - The board proposed a final cash dividend of HKD 0.14 per share, down from HKD 0.28 per share in the previous year, resulting in a total dividend of HKD 0.20 for the year[107] Strategic Initiatives and Future Outlook - The company is focusing on capitalizing cash flows from all product lines and systematically allocating them to issued and expected insurance contracts[12] - The company plans to expand its operations in Canada and Australia, enhancing its market presence in these regions[57] - The group plans to develop a modern industrial building on a site of approximately 88,000 square feet in Fanling, aligning with the government's vision for the Northern Metropolis[138] - The group is actively participating in the development of a "medical-social integration" retirement project in Happy Valley, with operations expected to commence by the end of 2024[141] - The group aims to enhance operational efficiency and provide reliable services while cautiously underwriting new business[123] Market Conditions and Economic Factors - The automotive agency in Canada anticipates a slowdown in car sales due to economic deceleration, despite a boost from new government policies and consumer savings[122] - The group remains confident in the Hong Kong economy, citing low tax rates and a stable political environment as key factors for future growth[148]

Financial Performance - Segment profit for the six months ended September 30, 2023, was HK$192,047,000, an increase from HK$175,063,000 in 2022, representing a growth of approximately 9.4%[7] - Profit before taxation for the same period was HK$129,756,000, slightly down from HK$135,560,000 in 2022, indicating a decrease of about 4.0%[7] - The Group's net assets attributable to shareholders decreased by HK$247 million to HK$10,180 million as of 30 September 2023, primarily due to an exchange difference of HK$217 million and dividend payments of HK$85 million[32] - The consolidated profit for the period was HK$68 million, representing a drop of 28% from HK$95 million in 2022, primarily due to provisions for properties for sale in Hong Kong[80] - Profit attributable to the Company's shareholders decreased to HK$59 million, resulting in earnings per share of HK$0.19, down from HK$0.32 in 2022[80] - For the six months ended September 30, 2023, the profit attributable to shareholders was HK$58,596,000, a decrease of 38.7% compared to HK$95,537,000 in 2022[9] - Earnings per share for the period was HK$0.19, down from HK$0.32 in the previous year[187] Revenue and Growth - For the six months ended September 30, 2023, the Group reported a consolidated revenue of HK$3,927 million, an increase of 18% compared to HK$3,339 million in 2022[80] - Revenue from property investment increased by 2% to HK$95 million, with a 10% rise in profit before net finance costs to HK$69 million[50] - Revenue from property development and operations rose by 27% to HK$371 million, driven by increased sales in Changchun and Hong Kong[51] - Revenue from the Healthcare Investment segment increased by 4% from HK$451 million to HK$467 million compared to the same period last year, with segment loss decreasing by 8% from HK$63 million to HK$58 million[54] - Revenue from the Car Dealership segment increased by 14% from HK$895 million to HK$1,016 million, with losses narrowing from HK$30 million to HK$17 million[54] - The Group's total revenue, including contributions from associates and joint ventures, was HK$5,032 million, an 11% increase from HK$4,523 million in 2022[80] Assets and Liabilities - Total assets as of September 30, 2023, amounted to HK$20,598,448,000, compared to HK$20,129,189,000 in 2022, reflecting an increase of approximately 2.3%[14] - Total liabilities increased to HK$9,877,951,000 as of September 30, 2023, from HK$9,095,427,000 in 2022, marking a rise of about 8.6%[14] - The Group's total financial assets as of September 30, 2023, were HK$1,955,479,000, reflecting a diverse investment portfolio[86] - The total debt increased to HK$4,484,522,000 as of September 30, 2023, compared to HK$3,881,128,000 as of March 31, 2023, representing a 15.5% increase[103] - Current liabilities increased to HK$5,728,181,000 as of September 30, 2023, up from HK$5,344,213,000 as of March 31, 2023, representing a growth of 7.2%[195] - Total liabilities amounted to HK$3,014,011,000 as of September 30, 2023, an increase from HK$2,968,571,000 as of March 31, 2023[119] Expenses and Costs - Unallocated corporate expenses for the period were HK$28,944,000, up from HK$22,809,000 in 2022, representing an increase of approximately 27.5%[7] - Unallocated finance costs were HK$40,627,000, compared to HK$21,170,000 in 2022, reflecting an increase of about 91.5%[7] - Interest expenses on bank overdrafts and other borrowings increased to HK$84.25 million from HK$56.73 million year-over-year[74] - The Group's net finance costs were impacted by derivative financial instruments, which reported a liability of HK$1,267,000[86] Shareholder Information - As of September 30, 2023, Dr. Chow Yei Ching (deceased) holds 189,490,248 shares, representing 62.76% of the company's total shares[113] - Ms. Miyakawa Michiko, as the spouse of the late Dr. Chow, is deemed to have an interest in the same 189,490,248 shares, also representing 62.76%[113] - The interim dividend declared is HK$0.06 per share, down from HK$0.10 per share in 2022[105] - The company has not identified any other substantial shareholders with 5% or more of the nominal value of any class of share capital as of September 30, 2023[114] Market Conditions and Future Outlook - The annual total construction output in Hong Kong is forecast to reach approximately HK$300 billion annually over the next ten years, driven by government policies to increase housing supply[60] - The residential property market in Hong Kong has seen a decline in prices and low transaction volumes due to high interest rates, but government initiatives like the Top Talent Pass Scheme are expected to stimulate demand[162] - The 2023 Policy Address reduced the Buyers' Stamp Duty and New Residential Stamp Duty rates from 15% to 7.5%, aiming to encourage property market transactions[163] - The Group's commitment to sound financial practices has allowed it to maintain a healthy financial position, building resilience against economic fluctuations[162] - The Group will closely monitor the performance of its senior housing facilities in the USA, considering the elimination of underperforming facilities when appropriate[162] Employee and Operational Insights - The Group employed approximately 3,500 full-time staff globally as of September 30, 2023, with total staff costs of HK$726 million for the period[148] - The company is closely monitoring the impact of labor shortages in the healthcare sector on its operations, particularly in the U.S. senior care facilities[164] - Management is committed to maintaining a prudent financial policy to ensure resilience amid economic fluctuations[164]