HONG KONG FOOD INVESTMENT HOLDINGS LIMITED 香港食品投資控股有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code 股份代號: 60) NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholder(s) (Note 1), HONG KONG FOOD INVESTMENT HOLDINGS LIMITED (the "Company") – Notice of publication of Annual Report 2025 and Circular dated 30 July 2025 containing Notice of Annual General Meeting (collectively the "Current Corporate Communications") Yours faithfully, On behalf of the Board Hong Kong Food Investm ...

HONG KONG FOOD INVESTMENT HOLDINGS LIMITED 香港食品投資控股有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code 股份代號: 60) NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, 30 July 2025 Yours faithfully, On behalf of the Board Hong Kong Food Investment Holdings Limited TAI Chun Kit Chairman Notes: 1. Corporate Communications include any document(s) issued or to be issued by the Company for the information or action of holders of any of its securities or the investing public, includ ...

HONG KONG FOOD INVESTMENT HOLDINGS LIMITED 香港食品投資控股有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code 股份代號: 60) （於香港註冊成立之有限公司） NOTIFICATION LETTER 通知信函 30 July 2025 Dear Shareholders, Hong Kong Food Investment Holdings Limited (the "Company") – Notice of Publication of Environmental, Social and Governance Report 2025 (the "ESG report 2025") The English and Chinese versions of the ESG Report 2025 are available on the websites of the Company at www.hongkongfoodinvestment.com.hk and Hong Kong ...

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。 HONG KONG FOOD INVESTMENT HOLDINGS LIMITED 香港食品投資控股有限公司 （於香港註冊成立之有限公司） （股份代號：60） 股東周年大會通告 茲通告香港食品投資控股有限公司Hong Kong Food Investment Holdings Limited（「本 公司」）謹訂於二零二五年八月二十九日（星期五）下午二時正假座香港九龍尖沙咀 東部麼地道72號千禧新世界香港酒店二樓花園廳舉行股東周年大會（「大會」），藉 以處理下列事項： 普通決議案 1 1. 接納本公司截至二零二五年三月三十一日止年度之經審核綜合財務報告及董 事會與獨立核數師報告。 2. 重選戴進傑先生為本公司董事。 3. 重選謝少雲先生為本公司董事。 4. 重選藍義方先生為本公司董事。 5. 授權本公司董事會釐定董事之酬金。 6. 續聘安永會計師事務所為本公司核數師，並授權本公司董事會釐定核數師酬 金。 ...

閣下如已將名下之香港食品投資控股有限公司Hong Kong Food Investment Holdings Limited股份全 部售出或轉讓，應立即將本通函連同隨附之代表委任表格送交買主或承讓人，或經手買賣或轉讓 之銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊證 券商、銀行經理、律師、專業會計師或其他專業顧問。 HONG KONG FOOD INVESTMENT HOLDINGS LIMITED 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通函的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通函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。 香港食品投資控股有限公司 （於香港註冊成立之有限公司） （股份代號：60） 建議重選退任董事、 建議授予一般授權以 回購股份及發行新股份、 建議採納新組織章程細則、 及 股東周年大會通告 香港食品投資控股有限公司Hong Kong Food Investment Holdings Limited謹訂 ...

Environmental, Social and Governance Report 環境、社會及管治報告 INTRODUCTION TO REPORTING Hong Kong Food Investment Holdings Limited (the "Company"), together with its subsidiaries (collectively, the "Group"), is pleased to present its annual Environmental, Social and Governance ("ESG") report for the year ended 31 March 2025 (the "report"), which has been prepared in accordance with ESG Reporting Guide set out in Appendix C2 of Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (th ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) Details essential corporate information: board members, company secretary, registered office, share registrar, principal bankers, and auditor - The report details core company information including board members, company secretary, registered office, share registrar, principal bankers, and auditor[8](index=8&type=chunk)[9](index=9&type=chunk)[11](index=11&type=chunk) [Chairman's Statement](index=5&type=section&id=Chairman's%20Statement) Reviews FY2025 performance, noting revenue decline but narrowed losses amidst global challenges, detailing segment performance and future strategies [Results Overview](index=5&type=section&id=Results) FY2025 consolidated revenue decreased amidst challenging markets, but effective cost control narrowed losses attributable to equity holders and loss per share FY2025 Performance Summary | Metric | FY2025 (HKD thousands) | FY2024 (HKD thousands) | | :--- | :--- | :--- | | Consolidated Revenue | 186,787 | 211,845 | | Loss Attributable to Equity Holders | 18,821 | 19,352 | | Loss Per Share (HK cents) | 7.27 | 7.45 | [Business Review](index=5&type=section&id=Business%20Review) This section analyzes the operating conditions of key segments, noting stable frozen meat trading, pressured catering, and a strategic investment in FSMHL [Frozen Meats Trading](index=6&type=section&id=Frozen%20Meats%20Trading) Despite stable Hong Kong economic growth but challenging local demand, the frozen meat trading business maintained stable revenue by introducing new products - Through strategic marketing and market penetration, new products like Japan's "Hokkaido Yukiyume Buta" achieved good sales in their first year, maintaining stable revenue for the frozen meat trading business in a challenging environment[27](index=27&type=chunk)[33](index=33&type=chunk) - To adapt to market changes, the company will continue to focus on chain fast-food restaurants and actively expand its product portfolio, especially high-quality frozen meats, cooked foods, and premium products from Japan and Southeast Asia[27](index=27&type=chunk)[33](index=33&type=chunk) [Catering Business](index=7&type=section&id=Catering%20Business) The catering business faced severe challenges from economic stagnation and cross-border consumption trends, but achieved revenue and gross margin growth through strategic adjustments - Facing market difficulties, the company achieved growth in revenue and gross margin by introducing affordable meal options, optimizing ingredient procurement, and conducting social media promotions in mainland China[30](index=30&type=chunk)[34](index=34&type=chunk) [Other Business](index=7&type=section&id=Other%20Business) The communications and advertising design business segment achieved stable growth during the year, contributing positively to the Group's performance - The communications and advertising design business achieved stable growth throughout the year, contributing positively to the Group's performance and successfully expanding into new business areas in catering and banking[32](index=32&type=chunk)[35](index=35&type=chunk) [Food Business Investment](index=8&type=section&id=Food%20Business%20Investment) The Group maintains a strategic investment of approximately 29.85% in associate FSMHL, which contributed significantly reduced profit this fiscal year Profit from Associates | Fiscal Year | Profit from Associates (HKD) | | :--- | :--- | | 2025 | 3,034,000 | | 2024 | 10,393,000 | - FSMHL's core business is food agency, possessing an extensive distribution network and focusing on high-quality daily necessities like Japanese eggs, milk, tofu, and rice, creating stable revenue streams[39](index=39&type=chunk)[43](index=43&type=chunk) [Prospects](index=8&type=section&id=Prospects) Facing global economic uncertainty and Hong Kong's market transformation, the Group plans flexible marketing, accelerated product development, and strengthened partnerships - The Group plans to actively respond to the volatile market environment by accelerating product development, strengthening brand building, expanding customer platforms, and deepening overseas cooperation[47](index=47&type=chunk)[52](index=52&type=chunk) - Strategic partner FSMHL will continue its "rooted in Hong Kong, deeply cultivated in mainland China, looking globally" strategy, focusing on snack food development to maintain industry leadership[49](index=49&type=chunk)[53](index=53&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the Group's operating results and financial position, noting an 11.8% revenue decline, reduced gross margin, but improved operating expense ratio and stable financial health [Business Segment Analysis](index=10&type=section&id=Business%20Segment%20Analysis) The Group's total revenue decreased by 11.8% to HKD 187 million, primarily due to a halving of catering business revenue from restaurant closures Frozen Meats Trading Business Performance | Metric | FY2025 (HKD) | FY2024 (HKD) | | :--- | :--- | :--- | | Revenue | 157,565,000 | 157,525,000 | | Segment Result | (6,425,000) Loss | (5,108,000) Loss | | Overall Profit Margin | 5.0% | 6.6% | Catering Business Performance | Metric | FY2025 (HKD) | FY2024 (HKD) | | :--- | :--- | :--- | | Revenue | 25,137,000 | Approx. 50,431,000 (estimated) | | Revenue Change | -50.2% | - | | Segment Result | (5,601,000) Loss | (10,036,000) Loss | Other Business (Communications and Advertising Design) Performance | Metric | FY2025 (HKD) | FY2024 (HKD) | | :--- | :--- | :--- | | Revenue | 4,085,000 | 3,889,000 | | Revenue Change | +5.0% | - | | Segment Profit | 1,592,000 | 1,821,000 | [Key Performance Indicators](index=11&type=section&id=Key%20Performance%20Indicators) Key performance indicators show a significant drop in overall gross margin to 15.0%, stable turnover days, and an improved operating expense to sales ratio Key Performance Indicators | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue (HKD thousands) | 186,787 | 211,845 | | Gross Margin (%) | 15.0 | 21.4 | | Trade Receivables Turnover (days) | 33 | 32 | | Inventory Turnover (days) | 92 | 90 | | Operating Expenses to Sales Ratio (%) | 20.3 | 24.4 | - The Group's gross margin decline is primarily due to a decrease in the trading segment's gross margin from **6.6% to 5.0%**, despite an increase in the catering segment's gross margin from **63.0% to 67.1%**, which was offset by its revenue decline[78](index=78&type=chunk)[83](index=83&type=chunk) - The decrease in the operating expenses to sales ratio is mainly attributed to improved operational efficiency, enhanced cost control, and reduced expenses from closing two restaurants[81](index=81&type=chunk)[86](index=86&type=chunk) [Food Business Investment Review](index=13&type=section&id=Food%20Business%20Investment%20Review) The Group's strategic investment in FSMHL yielded significantly lower profit this fiscal year, though FSMHL's core distribution business remains solid - The Group's equity holding in FSMHL slightly decreased from **29.99% to 29.85%**, with attributable profit significantly reduced to **HKD 3,034,000** this fiscal year from **HKD 10,393,000** last year[88](index=88&type=chunk)[92](index=92&type=chunk) - FSMHL's core food distribution business, with its extensive network, focuses on high-quality daily foods like Japanese eggs and dairy products, and the acquisition of Miyata Co., Ltd. strengthened its synergies in the Japanese market[89](index=89&type=chunk)[90](index=90&type=chunk)[93](index=93&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains a sound financial position, relying on internal cash flow and bank credit, with low gearing and increased cash reserves Financial Resources Overview (as at March 31, 2025) | Metric | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Bank Credit Facilities | 200,753,000 | 200,753,000 | | Utilized Credit Ratio | 13% | 15% | | Gearing Ratio | 5% | 6% | | Cash and Cash Equivalents | 80,294,000 | 74,575,000 | [Report of the Directors](index=15&type=section&id=Report%20of%20the%20Directors) This report outlines the company's principal activities, financial performance, and corporate governance for FY2025, including a loss, no dividend, and share repurchases [Principal Activities and Business Review](index=15&type=section&id=Principal%20Activities%20and%20Business%20Review) The company's principal activity is investment holding, with subsidiaries engaged in frozen meat, seafood, vegetable trading, restaurant operations, and advertising design - The company's principal business is investment holding, with specific business activities of its subsidiaries and associates detailed in notes 1 and 16 to the financial statements[104](index=104&type=chunk)[108](index=108&type=chunk) [Results and Dividend](index=15&type=section&id=Results%20and%20Dividend) The Group recorded a loss for the year ended March 31, 2025, and the Board of Directors does not recommend any dividend payment - The Board of Directors does not recommend the payment of any dividend for the current year[106](index=106&type=chunk)[110](index=110&type=chunk) [Summary Financial Information](index=16&type=section&id=Summary%20Financial%20Information) This report provides a summary of key financial data for the past five fiscal years, showing a decline in revenue and a consistent loss in FY2025 Summary of Five-Year Financial Performance (HKD millions) | Fiscal Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 186.8 | 211.8 | 231.6 | 183.1 | 131.1 | | **Profit/(Loss) for the Year** | (19.4) | (19.1) | 2.3 | (15.8) | (3.7) | | **Total Assets** | 584.7 | 611.4 | 653.6 | 685.2 | 684.0 | | **Total Liabilities** | (57.5) | (66.9) | (69.4) | (80.3) | (59.2) | [Purchase, Sale or Redemption of Listed Securities](index=17&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) In FY2025, the company repurchased and cancelled 2.162 million ordinary shares for approximately HKD 0.982 million to enhance net asset value per share Share Repurchase Details | Month of Repurchase | Number of Shares | Highest Price Per Share (HKD) | Lowest Price Per Share (HKD) | Total Consideration (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | October 2024 | 1,064,000 | 0.460 | 0.425 | 467 | | December 2024 | 912,000 | 0.495 | 0.430 | 430 | | January 2025 | 186,000 | 0.480 | 0.450 | 85 | | **Total** | **2,162,000** | | | **982** | [Directors' and Chief Executive's Interests](index=20&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests) As of March 31, 2025, the report discloses directors' share interests in the company and its associate, FSMHL - Mr. TAI Tak Fung, Stephen, holds a total of **90,739,177 shares**, representing **35.25%** of the company's issued share capital, through personal and controlled corporations[147](index=147&type=chunk) - In associate FSMHL, Mr. TAI Tak Fung holds **234,528,000 shares** (**61.69%**), and Mr. TAI Chun Kit holds **11,600,000 shares** (**3.05%**)[149](index=149&type=chunk) [Substantial Shareholders' Interests](index=23&type=section&id=Substantial%20Shareholders'%20Interests) This section discloses the shareholdings of substantial shareholders, excluding directors, including SAL, CGL, and Ms. WU Mei Yung, Quinly Substantial Shareholders' Shareholdings | Name of Substantial Shareholder | Number of Shares Held | Nature of Interest | Approximate Percentage | | :--- | :--- | :--- | :--- | | Special Access Limited (SAL) | 52,907,250 | Corporate Interest | 20.55% | | Careful Guide Limited (CGL) | 30,914,000 | Corporate Interest | 12.01% | | WU Mei Yung, Quinly (胡美容) | 90,739,177 | Family and Corporate Interest | 35.25% | [Continuing Connected Transactions](index=28&type=section&id=Continuing%20Connected%20Transactions) The Group engaged in continuing connected transactions with Kamichiku Holdings Co., Ltd. for beef procurement, which were confirmed to be compliant and fair - The Group procured high-quality beef products from connected person Kamichiku Holdings Co., Ltd., with transaction amounts for the year ended March 31, 2025, totaling approximately **HKD 16,344,000**, below the annual cap of **HKD 50,000,000**[188](index=188&type=chunk)[192](index=192&type=chunk) - Independent non-executive directors and the company's auditor, Ernst & Young, have reviewed and confirmed that these continuing connected transactions were entered into in the ordinary course of the Group's business on normal commercial terms, fair and reasonable, and in the overall interest of shareholders[193](index=193&type=chunk)[194](index=194&type=chunk) [Corporate Governance Report](index=31&type=section&id=Corporate%20Governance%20Report) This report details the company's adherence to corporate governance codes in FY2025, covering board structure, committees, risk management, and shareholder rights [Board of Directors](index=32&type=section&id=Board%20of%20Directors) The Board comprises seven directors, meeting listing rule requirements, responsible for strategy and risk oversight, with active participation and ongoing professional development - The Board of Directors, chaired by Mr. TAI Chun Kit, includes executive, non-executive, and independent non-executive directors, with its structure and committee members clearly outlined[225](index=225&type=chunk) - Ms. WONG Ting Yuk was appointed as an executive director on **July 1, 2024**, to enhance the Board's composition[227](index=227&type=chunk)[231](index=231&type=chunk) - All directors complied with continuous professional development requirements during the reporting year, updating their knowledge and skills through seminars, internal training, and relevant readings[246](index=246&type=chunk)[249](index=249&type=chunk) [Board Committees](index=37&type=section&id=Board%20Committees) The company has established Audit, Remuneration, and Nomination Committees to assist the Board, ensuring oversight of financial reporting, executive compensation, and board composition - The Audit Committee, composed of three independent non-executive directors, held two meetings during the year to review annual and interim financial statements[257](index=257&type=chunk)[259](index=259&type=chunk)[262](index=262&type=chunk) - The Remuneration Committee, comprising one executive director and three independent non-executive directors, held one meeting during the year to review remuneration policies and executive compensation packages[265](index=265&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk) - The Nomination Committee adopted a Board Diversity Policy and appointed a female director on **July 1, 2024**, to achieve gender diversity[286](index=286&type=chunk)[295](index=295&type=chunk)[302](index=302&type=chunk) [Risk Management and Internal Controls](index=42&type=section&id=Risk%20Management%20and%20Internal%20Controls) The Board affirms its responsibility for maintaining effective risk management and internal control systems, which are regularly monitored and deemed sufficient - The Board bears ultimate responsibility for maintaining risk management and internal control systems, designed to manage rather than eliminate business risks, ensuring the security of shareholder investments and Group assets[312](index=312&type=chunk)[318](index=318&type=chunk) - The Board has reviewed and confirmed the effectiveness and adequacy of the risk management and internal control systems for the current year, including resources and staff qualifications for accounting and financial reporting functions[325](index=325&type=chunk)[328](index=328&type=chunk) [Shareholders' Rights](index=44&type=section&id=Shareholders'%20Rights) This section clarifies shareholders' rights and procedures for convening meetings, nominating directors, and proposing resolutions, in compliance with Hong Kong Company Ordinance - Shareholders holding at least **5%** of the voting rights can request to convene a general meeting[333](index=333&type=chunk)[340](index=340&type=chunk) - Shareholders holding at least **2.5%** of the voting rights or at least **50** shareholders can request circulation of resolutions at an annual general meeting[335](index=335&type=chunk)[342](index=342&type=chunk) [Independent Auditor's Report](index=47&type=section&id=Independent%20Auditor's%20Report) Ernst & Young issued an unqualified opinion on the Group's FY2025 consolidated financial statements, highlighting "Impairment assessment of investments in associates" as a key audit matter [Opinion](index=47&type=section&id=Opinion) Ernst & Young issued an unqualified opinion, stating the consolidated financial statements fairly present the Group's financial position, performance, and cash flows for FY2025 - The auditor issued an **unqualified opinion** on the Group's consolidated financial statements[362](index=362&type=chunk)[364](index=364&type=chunk) [Key Audit Matter](index=48&type=section&id=Key%20Audit%20Matter) The key audit matter is the impairment assessment of investments in associates, particularly FSMHL, due to its significant carrying amount and management's critical judgments - The key audit matter is the impairment assessment of investments in associates (primarily FSMHL), due to its significant carrying amount of **HKD 370,590,000** and the significant management judgments involved in the assessment[370](index=370&type=chunk) - The auditor addressed this key audit matter by reviewing management's discounted cash flow forecasts, performing sensitivity analyses, and utilizing internal valuation experts to assess methodologies and discount rates[370](index=370&type=chunk) [Audited Financial Statements](index=52&type=section&id=Audited%20Financial%20Statements) This section presents the Group's complete audited financial statements for FY2025, including income, position, cash flow statements, and detailed notes [Consolidated Statement of Profit or Loss](index=53&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) In FY2025, the Group reported consolidated revenue of HKD 187 million, a 11.8% decrease, with gross profit down 38%, and a slight increase in annual loss Consolidated Statement of Profit or Loss Summary (HKD thousands) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 186,787 | 211,845 | | Gross Profit | 28,084 | 45,316 | | Loss Before Tax | (18,443) | (17,310) | | Loss for the Year | (19,352) | (19,084) | | Loss Attributable to Equity Holders of the Company | (18,821) | (19,352) | | Basic and Diluted Loss Per Share (HK cents) | (7.27) | (7.45) | [Consolidated Statement of Financial Position](index=55&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets decreased to HKD 585 million, primarily due to reduced non-current assets, while total liabilities also decreased, maintaining a robust equity structure Consolidated Statement of Financial Position Summary (HKD thousands) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Total Non-Current Assets | 440,575 | 460,893 | | Total Current Assets | 144,126 | 150,547 | | **Total Assets** | **584,701** | **611,440** | | **Liabilities and Equity** | | | | Total Current Liabilities | 53,561 | 61,136 | | Total Non-Current Liabilities | 3,928 | 5,737 | | **Total Liabilities** | **57,489** | **66,873** | | **Total Equity** | **527,212** | **544,567** | [Consolidated Statement of Cash Flows](index=59&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In FY2025, net cash inflow from operating activities significantly improved to HKD 7 million, with net cash inflow from investing activities and net cash outflow from financing activities Consolidated Statement of Cash Flows Summary (HKD thousands) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash Inflow/(Outflow) from Operating Activities | 7,003 | (13,294) | | Net Cash Inflow from Investing Activities | 11,560 | 12,440 | | Net Cash Outflow from Financing Activities | (12,848) | (5,958) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 5,715 | (6,812) | | Cash and Cash Equivalents at End of Year | 80,294 | 74,575 | [Notes to Financial Statements](index=61&type=section&id=Notes%20to%20Financial%20Statements) These notes provide detailed explanations and supplementary information for the financial statements, covering segment information, revenue recognition, investments, financial instruments, and related party transactions [Note 4. Operating Segment Information](index=91&type=section&id=Note%204.%20Operating%20Segment%20Information) The Group operates in three segments: Trading, Catering, and Other, with Trading being the primary revenue source but incurring a loss in FY2025 FY2025 Segment Performance (HKD thousands) | Segment | External Sales Revenue | Segment Result | | :--- | :--- | :--- | | Trading | 157,565 | (6,425) | | Catering | 25,137 | (5,601) | | Other | 4,085 | 1,592 | - Major customer A contributed **HKD 41,721,000** in revenue, accounting for **22.3%** of the Group's total revenue[637](index=637&type=chunk) [Note 16. Investments in Associates](index=111&type=section&id=Note%2016.%20Investments%20in%20Associates) The Group's most significant associate investment is a 29.85% stake in FSMHL, with a carrying amount of HKD 371 million as of March 31, 2025 Investments in Associates (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Carrying Amount of Investment | 370,590 | 381,015 | | Of which: Share of Net Assets | 357,343 | 367,130 | | Of which: Goodwill Arising on Acquisition | 13,247 | 13,885 | - FSMHL's fair value (market capitalization) is **HKD 295 million**, which is lower than the Group's carrying amount of **HKD 371 million** for its investment[724](index=724&type=chunk) [Note 26. Share Capital](index=123&type=section&id=Note%2026.%20Share%20Capital) As of March 31, 2025, the company's issued and fully paid share capital was HKD 116.333 million, corresponding to 257.424 million ordinary shares - The company repurchased and cancelled **2,162,000 shares** during the year, reducing the number of issued shares from **259,586,000** to **257,424,000**[767](index=767&type=chunk) [Note 32. Financial Risk Management Objectives and Policies](index=134&type=section&id=Note%2032.%20Financial%20Risk%20Management%20Objectives%20and%20Policies) This note details the Group's financial risk management policies, covering interest rate, foreign exchange, credit, liquidity, and price risks, with a healthy gearing ratio Capital Gearing Ratio | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest-Bearing Bank Loans | 26,441 | 29,709 | | Equity Attributable to Owners of the Company | 521,176 | 537,837 | | **Capital Gearing Ratio** | **5%** | **6%** | [Particulars of Properties](index=141&type=section&id=Particulars%20of%20Properties) This section lists the Group's investment properties, including a commercial property in Tokyo, Japan, held under a short-term lease - The Group holds a commercial investment property in Shinbashi, Minato-ku, Tokyo, Japan, under a short-term lease, with **100%** interest held by the Group[863](index=863&type=chunk)[864](index=864&type=chunk)

Core Viewpoint - On July 28, 10 Hong Kong-listed companies conducted share buybacks, totaling 12.86 million shares and an amount of 10.74 million HKD [1][2] Group 1: Buyback Details - China Eastern Airlines repurchased 2.5 million shares for 7.50 million HKD, with a highest price of 3.030 HKD and a lowest price of 2.970 HKD, accumulating a total buyback amount of 613.45 million HKD for the year [1][2] - Carrot repurchased 160,000 shares for 816,000 HKD, with a highest price of 5.250 HKD and a lowest price of 5.080 HKD, accumulating a total buyback amount of 7.50 million HKD for the year [1][2] - Miniso repurchased 15,000 shares for 557,900 HKD, with a highest price of 37.200 HKD and a lowest price of 37.150 HKD, accumulating a total buyback amount of 313.34 million HKD for the year [1][2] Group 2: Buyback Rankings - The highest buyback amount on July 28 was from China Eastern Airlines at 7.50 million HKD, followed by Carrot at 816,000 HKD, and Miniso among others [1][2] - In terms of buyback quantity, Ying Group had the highest with 9.20 million shares, followed by China Eastern Airlines with 2.5 million shares and Maple Leaf Education with 428,000 shares [1][2]

Summary of Key Points Core Viewpoint - Several companies, including China Eastern Airlines and Miniso, conducted share buybacks on July 28, 2025, with China Eastern Airlines having the largest buyback amount of 749.83 million yuan for 2.5 million shares [1]. Group 1: Buyback Details - China Eastern Airlines (00670) repurchased 2.5 million shares for 749.83 million yuan, with a total annual buyback of 109 million shares, representing 2.106% of its total share capital [2]. - Carrot (N24025) repurchased 160,000 shares for 816,000 yuan, with a total annual buyback of 823,500 shares, accounting for 1.480% of its total share capital [2]. - Miniso (09896) repurchased 15,000 shares for 557,900 yuan, with a total annual buyback of 3.2419 million shares, representing 0.261% of its total share capital [2]. - Ying Group (00397) repurchased 9.2 million shares for 487,600 yuan, with a total annual buyback of 89.8 million shares, accounting for 3.780% of its total share capital [2]. - Modern Dental (03600) repurchased 100,000 shares for 424,600 yuan, with a total annual buyback of 4.1 million shares, representing 0.437% of its total share capital [2]. - Gacos (B) (01167) repurchased 47,400 shares for 354,500 yuan, with a total annual buyback of 110,400 shares, accounting for 0.014% of its total share capital [2]. - Lihong Inspection (01586) repurchased 76,000 shares for 235,600 yuan, with a total annual buyback of 1.484 million shares, representing 2.507% of its total share capital [2]. - Maple Leaf Education (01317) repurchased 428,000 shares for 158,400 yuan, with a total annual buyback of 42.554 million shares, accounting for 1.432% of its total share capital [2]. - Wanka Yilian (01762) repurchased 200,000 shares for 146,000 yuan, with a total annual buyback of 17.814 million shares, representing 1.006% of its total share capital [2]. - Hong Kong Food Investment (00060) repurchased 130,000 shares for 60,200 yuan, with a total annual buyback of 3.932 million shares, accounting for 1.515% of its total share capital [2].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 第 1 頁 共 7 頁 v 1.3.0 | 1). | 購回股份擬註銷但尚未註銷 | | 108,000 | 0.04195 % | HKD | 0.43713 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年4月1日 | | | | | | 2). | 購回股份擬註銷但尚未註銷 | | 308,000 | 0.11965 % | HKD | 0.45545 | | | 變動日期 | 2025年4月2日 | | | | | | 3). | 購回股份擬註銷但尚未註銷 | | 124,000 | 0.04817 % | HKD | 0.46 | | | 變動日期 | 2025年4月3日 | | | | | | 4). | 購回股份擬註銷但尚未註銷 | | 136,000 | 0.05283 % | HKD | 0.45993 | | | 變動日期 | 2025年4月8日 | | | | | | 5) ...