FF301 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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: K. Wah International Holdings Limited 嘉華國際集團有限公司 呈交日期: 2025年10月6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) | 00173 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 H ...

(Stock Code 股份代號: 00173) NOTIFICATION LETTER 通知信函 24 September 2025 Dear Non-registered Holders (Note 1) , As a Non-registered Holder, if you would like to receive notification of the publication of the future Corporate Communications on the Websites by email in the future, you should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your shares of the Company are held (collectively the "Intermediaries") and provide your email address to your Intermediarie ...

(Stock Code 股份代號: 00173) NOTIFICATION LETTER 通知信函 Dear Shareholders (Note 1) , K. Wah International Holdings Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communication") The Company's Current Corporate Communication has been published in English and Chinese languages and is available on the Company's website at www.kwih.com and the HKEXnews website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk (collectively the "Websites"). You may access th ...

[Company Profile](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) K. Wah International (KWIH) is the listed property flagship of K. Wah Group, developing high-end residential and commercial properties in Hong Kong and strategic Mainland China regions [Corporate Mission](index=2&type=section&id=%E4%BC%81%E6%A5%AD%E4%BD%BF%E5%91%BD) K. Wah International's mission is to provide quality products and services to customers and ideal investment returns to shareholders, driven by excellence and value creation - Upholding a **customer-centric and excellence-driven spirit**, the company provides **quality products and services** to customers and **ideal investment returns** to shareholders through research, design, and value creation[3](index=3&type=chunk)[9](index=9&type=chunk) [Corporate Profile](index=2&type=section&id=CORPORATE%20PROFILE%20%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) K. Wah International is the listed property flagship of K. Wah Group, deeply rooted in Hong Kong and strategically focused on the Yangtze River Delta and Pearl River Delta regions, developing a comprehensive portfolio of high-end residential, Grade A offices, hotels, serviced apartments, and retail properties, renowned for excellent design and quality - K. Wah International (Stock Code: 00173) is the **property business flagship of K. Wah Group**, with strategic strongholds in Hong Kong, the Yangtze River Delta, and the Pearl River Delta regions[4](index=4&type=chunk)[10](index=10&type=chunk) - Business encompasses **large-scale residential communities, premium residences, Grade A offices, hotels, serviced apartments, and distinctive retail properties**, known for their exquisite quality[5](index=5&type=chunk)[10](index=10&type=chunk) - The Group's K. Wah Property Management provides **professional and high-quality property management services**, covering mainstream and high-end residential, commercial facilities, offices, and integrated property complexes[6](index=6&type=chunk)[10](index=10&type=chunk) [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section lists K. Wah International's board members, committee compositions, company secretary, independent auditor, registered office, principal Hong Kong office, share registrar, company website, and share listing information, including updated appointment dates for the Chairman and Co-Managing Directors - Mr. Lui Yiu-dong was appointed **Chairman of the Board** on March 27, 2025[14](index=14&type=chunk)[16](index=16&type=chunk) - Ms. Tang Lui Wai-yu and Mr. Lui Yiu-wah were appointed **Co-Managing Directors** on March 27, 2025[14](index=14&type=chunk)[16](index=16&type=chunk) - The independent auditor is **PricewaterhouseCoopers**[14](index=14&type=chunk) - The company's shares are listed on The Stock Exchange of Hong Kong Limited, with **stock code 00173**[15](index=15&type=chunk) [Interim Results Summary and Interim Dividend](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81%E5%8F%8A%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) K. Wah International announced its unaudited interim results for the six months ended June 30, 2025, with revenue of HK$1.052 billion and profit attributable to equity holders of HK$114 million. The Board resolved to declare an interim cash dividend of 2 HK cents per share, a decrease from the prior year. The Group's gearing ratio decreased to 11%, indicating a sound financial position Interim Results Summary for H1 2025 | Indicator | H1 2025 (HK$) | H1 2024 (HK$) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,052,000,000 | 1,213,010,000 | -13.1% | | Group's Share of Total Revenue | 7,179,000,000 | - | - | | Profit Attributable to Equity Holders | 114,000,000 | 153,787,000 | -25.9% | | Contracted Sales Attributable | 1,400,000,000 | - | - | | Earnings Per Share | 3.61 HK cents | 4.91 HK cents | -26.5% | | Net Asset Value Per Share (as of 2025/06/30) | 12.9 HK$ | - | - | | Gearing Ratio (as of 2025/06/30) | 11% | 12% (year-end) | -1% | - The Board has resolved to declare an interim cash dividend of **2 HK cents per share** for the six months ended June 30, 2025, totaling HK$63,055,000, a decrease from 4 HK cents per share in the same period of 2024[17](index=17&type=chunk) - As of June 30, 2025, the Group's **contracted sales attributable but yet to be recognized** amounted to approximately **HK$6 billion**, expected to be recognized from the second half of 2025 onwards[18](index=18&type=chunk)[20](index=20&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E4%B9%8B%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews K. Wah International's operating performance, Hong Kong and Mainland China operations, land bank strategy, and investment in Galaxy Entertainment for H1 2025, along with global and regional market outlook. Group revenue and core profit were affected by market downturns, but financial liquidity remains strong with a low gearing ratio. The Group will continue to prudently seek investment opportunities and monitor market recovery [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, the Group's revenue primarily stemmed from property sales of K. Wah Grand Summit in Hong Kong and K. Wah Cloudvale in Guangzhou, as well as rental income from K. Wah Centre in Shanghai. Profit attributable to equity holders was HK$114 million, with core profit declining due to reduced gross profit from downward pressure on sales prices. The Group maintained strong liquidity, with cash and bank deposits reaching HK$8.698 billion - Group revenue was **HK$1.052 billion**, primarily from property sales of K. Wah Grand Summit in Hong Kong, K. Wah Cloudvale in Guangzhou, and rental income from K. Wah Centre in Shanghai[19](index=19&type=chunk) - Profit attributable to equity holders was **HK$114 million**, with core profit (excluding fair value changes of investment properties) at **HK$99 million**, mainly impacted by downward pressure on sales prices[19](index=19&type=chunk) - The Group holds **HK$8.698 billion in cash and bank deposits** and **HK$18.707 billion in unutilized bank loan facilities**, indicating ample financial resources[19](index=19&type=chunk) [Operating Results](index=6&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) In H1 2025, the Group's revenue was HK$1.052 billion, with total revenue attributable to the Group at HK$7.179 billion. Profit attributable to equity holders was HK$114 million, and core profit was HK$99 million, primarily affected by downward pressure on sales prices. The Group maintains strong liquidity with HK$8.698 billion in cash and bank deposits 2025 H1 Operating Results Overview | Indicator | H1 2025 (HK$) | H1 2024 (HK$) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,052,000,000 | 1,213,010,000 | -13.1% | | Group's Share of Total Revenue | 7,179,000,000 | - | - | | Profit Attributable to Equity Holders | 114,000,000 | 153,787,000 | -25.9% | | Core Profit (excluding fair value changes of investment properties) | 99,000,000 | - | - | - During the period, total comprehensive income attributable to equity holders of the Company was **HK$553 million**, mainly including fair value changes of the equity interest in Galaxy Entertainment Group Limited and exchange differences on RMB-denominated net assets[20](index=20&type=chunk) - Contracted sales attributable during the period were approximately **HK$1.4 billion**, primarily from Kai Tak Riviera, Victoria Harbour and K. Wah Cloudvale in Guangzhou[20](index=20&type=chunk) [Hong Kong Operations](index=6&type=section&id=%E9%A6%99%E6%B8%AF%E6%A5%AD%E5%8B%99) In H1 2025, the Hong Kong property market gradually stabilized, and the Group continued to sell units at Kai Tak Riviera, a Kai Tak joint venture project, recording HK$500 million in contracted sales attributable. Pre-sold units at Grand Mayfair in Yuen Long, K. Summit in Tseung Kwan O, and Kai Tak Riviera have begun handover, with related sales recognized. Investment property occupancy rates remained stable, with J SENSES achieving an average occupancy rate of 98% - The Hong Kong property market gradually **stabilized in H1 2025**, driven by ample liquidity and falling interest rates[21](index=21&type=chunk) - The Kai Tak Riviera project recorded **HK$500 million in contracted sales attributable**[21](index=21&type=chunk) - Pre-sold units at Grand Mayfair in Yuen Long, K. Summit in Tseung Kwan O, and Kai Tak Riviera began handover in late March and early April, with **related attributable sales recognized**[21](index=21&type=chunk) - Investment property occupancy rates remained stable, with **J SENSES averaging 98% occupancy**, and the commercial portions of K. Summit and K. Wah Grand Summit retail units fully leased[21](index=21&type=chunk) [Mainland China Operations](index=7&type=section&id=%E5%85%A7%E5%9C%B0%E6%A5%AD%E5%8B%99) The Group continued to sell remaining units at projects like K. Wah Cloudvale in Guangzhou and K. Wah Grandeur in Suzhou, and launched new units at K. Wah New Metropolis in Jiangmen, generating approximately RMB400 million in contracted sales. Projects under development are progressing as planned, and leasing performance is strong, with Shanghai K. Wah Centre averaging 85% occupancy and serviced apartments achieving about 95% overall occupancy - Mainland China operations recorded approximately **RMB400 million in contracted sales**, primarily from K. Wah Cloudvale in Guangzhou, K. Wah Grandeur in Suzhou, and K. Wah New Metropolis in Jiangmen[22](index=22&type=chunk) - Shanghai K. Wah Centre achieved an average occupancy rate of approximately **85%**, while serviced apartments in Shanghai's Jing'an and Xuhui districts achieved an overall occupancy rate of approximately **95%**[23](index=23&type=chunk) - Shanghai Yingkai Creative Plaza is **fully leased**, and Shanghai Jade Mansion achieved an occupancy rate of **80%** at period-end[23](index=23&type=chunk) [Land Bank Replenishment](index=7&type=section&id=%E8%A3%9C%E5%85%85%E5%9C%9F%E5%9C%B0%E5%84%B2%E5%82%99) The Group will continue to monitor the land market, assess opportunities to replenish its land bank in Hong Kong and Mainland China, and seek new investment opportunities through various channels to maximize potential returns - The Group will continue to monitor the land markets in Hong Kong and Mainland China, seeking new investment opportunities to **replenish its land bank**[24](index=24&type=chunk) [Investment in Galaxy Entertainment](index=7&type=section&id=%E9%8A%80%E6%B2%B3%E5%A8%9B%E6%A8%82%E7%9A%84%E6%8A%95%E8%B3%87) The Group continues to hold approximately 3.71% equity (162 million shares) in Galaxy Entertainment, accounted for at fair value. At period-end, Galaxy Entertainment's share price was HK$34.85 per share, an increase from the end of last year, with a fair value change of approximately HK$300 million recognized in reserves. Galaxy Entertainment has declared a final dividend and an interim dividend - The Group holds **162 million shares in Galaxy Entertainment**, representing approximately **3.71% equity**, accounted for at fair value[25](index=25&type=chunk) - Galaxy Entertainment's share price at period-end was **HK$34.85 per share**, an increase from HK$33 per share as of December 31, 2024[25](index=25&type=chunk) - A fair value change of approximately **HK$300 million** has been recognized directly in reserves[25](index=25&type=chunk) [Market Review and Outlook](index=7&type=section&id=%E5%B8%82%E5%A0%B4%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) In H1 2025, global economic conditions were mixed, with slower global growth and persistent inflation expected. Hong Kong's economy saw moderate growth, but private consumption expenditure continued to decline marginally. The Mainland China property market gradually stabilized with government support, but sales area and value still decreased year-on-year. The second half of the year remains challenging, and the Group will continue to focus on quality projects and strict cost control - In H1 2025, global economic growth was moderate, but escalating trade tensions and policy uncertainties led to slower growth, with global economic growth expected to slow to **2.3% to 2.9%** from 3.3% in 2024[26](index=26&type=chunk) - Hong Kong's economy recorded a **3.1% year-on-year increase in real GDP** in Q1, but private consumption expenditure continued to decline marginally[27](index=27&type=chunk) - The Mainland China property market gradually stabilized with government policy support, but national new commercial residential sales area and sales value decreased by **3.5% and 5.5% year-on-year**, respectively[29](index=29&type=chunk) [Global, Mainland China, and Hong Kong](index=7&type=section&id=%E7%92%B0%E7%90%83%E3%80%81%E5%85%A7%E5%9C%B0%E5%8F%8A%E9%A6%99%E6%B8%AF) In H1 2025, global economic growth was moderate but slowed due to trade tensions and policy uncertainties, with global growth projected to decrease from 3.3% in 2024 to 2.3%-2.9%. Global inflation is expected to ease, but tariffs may push it higher. Hong Kong's economy grew 3.1% in Q1 GDP, but private consumption expenditure declined marginally. China's economy is expected to slow to 4.5%-4.7% - Global economic growth is projected to slow from **3.3% in 2024 to approximately 2.3% to 2.9% in 2025**[26](index=26&type=chunk) - Hong Kong's economy recorded a **3.1% year-on-year increase in real GDP** in Q1 2025, higher than the 2.5% growth in the previous quarter[27](index=27&type=chunk) - China's economic growth is expected to slow to **4.5% to 4.7% in 2025**[26](index=26&type=chunk) [Hong Kong Property Market](index=8&type=section&id=%E9%A6%99%E6%B8%AF%E7%89%A9%E6%A5%AD%E5%B8%82%E5%A0%B4) In H1 2025, the Hong Kong property market showed signs of recovery, with 9,334 primary residential transactions, a 25% increase from H2 2024. Declining HIBOR rekindled buyer interest, but high residential property inventory may exert pressure on sales prices - In H1 2025, Hong Kong's primary residential market recorded **9,334 transactions**, a **25% increase** from H2 2024[28](index=28&type=chunk) - The Hong Kong Interbank Offered Rate (HIBOR) has been **decreasing since mid-May**, positively impacting the market[28](index=28&type=chunk) - High residential property inventory may lead to **pressure on sales prices**[28](index=28&type=chunk) [Mainland China Property Market](index=8&type=section&id=%E5%85%A7%E5%9C%B0%E7%89%A9%E6%A5%AD%E5%B8%82%E5%A0%B4) The Mainland China property market gradually stabilized with government intervention and policy support, showing a gradual recovery in housing demand, especially in first-tier cities. Major cities like Shanghai have limited housing supply and strong rigid demand. However, national new commercial residential sales area and sales value still decreased by 3.5% and 5.5% year-on-year, respectively, reflecting weak buyer confidence. Long-term growth is expected to be driven by urbanization and infrastructure development - The Mainland China property market gradually showed signs of **stabilization with government intervention and policy support**, including relaxed credit conditions and promotion of affordable housing programs[29](index=29&type=chunk) - National new commercial residential sales area and sales value decreased by **3.5% and 5.5% year-on-year**, respectively[29](index=29&type=chunk) - The Mainland China property market is expected to **grow in the long term**, although the pace of growth may vary by region[29](index=29&type=chunk) [Outlook for Second Half of 2025](index=8&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E4%B8%8B%E5%8D%8A%E5%B9%B4%E5%B1%95%E6%9C%9B) Looking ahead to H2 2025, the global economic environment remains challenging, with US trade policy uncertainties expected to curb global demand growth, and inflation remaining a market focus. The Group anticipates slower growth and increased market volatility but will continue to focus on quality projects in Hong Kong and first-tier Mainland China cities, strictly control costs, and prepare for market recovery - The global economic environment in H2 2025 remains challenging, with **US trade policy uncertainties expected to curb global demand growth**[30](index=30&type=chunk) - The market is expected to remain focused on inflation, with both composite and core consumer price indices projected to **exceed 3% by the end of 2025**[30](index=30&type=chunk) - The Group will continue to focus on **quality projects in Hong Kong and first-tier Mainland China cities**, seek new investment opportunities, and rigorously implement cost control and project management[30](index=30&type=chunk) [Financial Review](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E6%AA%A2%E8%A8%8E) As of June 30, 2025, the Group maintained a sound financial position, with total capital employed of HK$56 billion. Total borrowings decreased to HK$13.437 billion, and the average borrowing cost fell to 3.2%. The gearing ratio decreased to 11% from 12% at the end of last year. The Group possesses ample unutilized bank loan facilities and cash reserves, and has enhanced its financing capabilities through refinancing arrangements - As of June 30, 2025, the Group's total capital employed was **HK$56 billion**, indicating a sound financial position[31](index=31&type=chunk) - The Group's total borrowings amounted to **HK$13.437 billion**, with **27% repayable within one year**[32](index=32&type=chunk) - The average borrowing cost decreased from 4.3% last year to **3.2%**[32](index=32&type=chunk) - The gearing ratio decreased from 12% at the end of last year to **11%**[33](index=33&type=chunk) [Financial Position](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) As of June 30, 2025, the Group's financial position remained sound, with total capital employed (total equity and total borrowings) at HK$56 billion, a slight decrease from HK$57 billion at the end of 2024. The number of issued shares remained unchanged Financial Position Overview | Indicator | 2025/06/30 (HK$) | 2024/12/31 (HK$) | Change | | :--- | :--- | :--- | :--- | | Total Capital Employed | 56,000,000,000 | 57,000,000,000 | -1.75% | | Number of Issued Shares | 3,152,728,607 | 3,152,728,607 | No change | [Liquidity, Financial Resources and Gearing Ratio](index=8&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B2%A0%E5%80%B5%E6%AF%94%E7%8E%87) The Group's total borrowings amounted to HK$13.437 billion, with 27% repayable within one year, and the average borrowing cost decreased to 3.2%. Unutilized bank loan facilities were HK$18.707 billion, and cash and bank deposits were HK$8.698 billion. The gearing ratio decreased to 11% from 12% at the end of last year. The Group enhanced its financing capabilities through new revolving loan agreements Liquidity and Gearing Ratio | Indicator | 2025/06/30 (HK$) | 2024/12/31 (HK$) | Change | | :--- | :--- | :--- | :--- | | Total Borrowings | 13,437,000,000 | 14,563,000,000 | -7.7% | | Average Borrowing Cost | 3.2% | 4.3% | -1.1% | | Unutilized Bank Loan Facilities | 18,707,000,000 | 17,666,000,000 | +5.9% | | Cash and Bank Deposits | 8,698,000,000 | 9,649,000,000 | -9.8% | | Gearing Ratio | 11% | 12% | -1% | - The Group signed a **HK$750 million five-year revolving loan** in February and a **HK$750 million four-year revolving and term loan** in April, refinancing at favorable costs and enhancing financing capabilities[33](index=33&type=chunk) [Treasury Policy](index=9&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group adopts a conservative policy to manage foreign exchange risk, utilizing forward foreign exchange contracts and interest rate swap contracts to mitigate risks. As of period-end, total interest rate swap contracts amounted to HK$600 million, and cross-currency swap contracts had a notional principal amount of approximately HK$2.8 billion, used to hedge exchange rate risk for net investments in Mainland China operations. The Group does not use derivative financial instruments for speculative purposes - The Group adopts a **conservative policy to manage foreign exchange risk**, utilizing forward foreign exchange contracts and interest rate swap contracts[34](index=34&type=chunk) - As of period-end, the remaining total notional amount of interest rate swap contracts was **HK$600 million** (2024 year-end: HK$1.4 billion)[34](index=34&type=chunk) - Cross-currency swap contracts had a notional principal amount of approximately **HK$2.8 billion**, used to hedge exchange rate risk for net investments in Mainland China operations[34](index=34&type=chunk) - Approximately **65% of the Group's bank borrowings are denominated in HK$**, with the remainder in RMB, and approximately 50% bear floating interest rates[34](index=34&type=chunk) [Pledged Assets](index=9&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E4%B9%8B%E6%8A%B5%E6%8A%BC) As of June 30, 2025, certain subsidiaries of the Group pledged assets, including investment properties and properties under development, with a total carrying value of HK$4.56 billion, as collateral for the Group's borrowings Pledged Assets Carrying Value | Indicator | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Carrying Value of Pledged Assets | 4,560,000 | 4,341,000 | +5.05% | [Guarantees](index=9&type=section&id=%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group provided guarantees to banks for credit facilities of HK$5.264 billion for joint ventures and HK$980 million for associates. Additionally, the Group provided HK$1.365 billion in guarantees for property buyers' mortgage loans. The Company also provided guarantees for credit facilities totaling HK$34.84 billion obtained by subsidiaries, joint ventures, and associates Group External Guarantees | Guaranteed Party | 2025/06/30 Existing (HK$ thousand) | 2025/06/30 Utilized (HK$ thousand) | 2024/12/31 Existing (HK$ thousand) | 2024/12/31 Utilized (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Joint Ventures Credit Facilities | 5,264,000 | 4,707,000 | 8,151,000 | 6,735,000 | | Associates Credit Facilities | 980,000 | 980,000 | 980,000 | 980,000 | | Property Buyers' Mortgage Loans | 1,365,000 | 1,365,000 | 1,617,000 | 1,617,000 | - The Company has provided guarantees to banks for credit facilities totaling **HK$28.596 billion for certain subsidiaries**, **HK$5.264 billion for joint ventures**, and **HK$980 million for associates**[37](index=37&type=chunk) [Employees and Remuneration Policy](index=10&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 779 employees in Hong Kong and Mainland China, with employee costs of approximately HK$192 million. The Group's remuneration system aims to provide competitive compensation to attract, retain, and motivate talent, while also emphasizing employee training and development Employees and Remuneration Overview | Indicator | 2025/06/30 | H1 2024 (HK$) | | :--- | :--- | :--- | | Total Number of Employees | 779 people | - | | Employee Costs (excluding directors' emoluments) | - | 192,000,000 | - The Group's remuneration system aims to provide **competitive compensation** to attract, retain, and motivate talent, and includes a performance management system and results-oriented reward programs[38](index=38&type=chunk) - The Group emphasizes **employee training and development**, organizing training courses annually through internal and external resources[38](index=38&type=chunk) [Review Report on Interim Financial Information](index=11&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) PricewaterhouseCoopers has reviewed K. Wah International's interim financial information for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410. The scope of the review is less than an audit, but nothing has come to their attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 - PricewaterhouseCoopers has reviewed K. Wah International's interim financial information for the **six months ended June 30, 2025**[39](index=39&type=chunk) - The review was conducted in accordance with **Hong Kong Standard on Review Engagements 2410**, with a scope less than an audit, thus no audit opinion is expressed[40](index=40&type=chunk) - Nothing has come to their attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants[41](index=41&type=chunk) [Condensed Consolidated Financial Statements](index=12&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section contains K. Wah International's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the statement of profit or loss, statement of comprehensive income, statement of financial position, statement of cash flows, and statement of changes in equity, providing an overview of the Group's financial performance, financial position, and cash flows during the period [Condensed Consolidated Statement of Profit or Loss](index=12&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's revenue was HK$1.052 billion, gross profit was HK$366 million, and profit for the period was HK$112 million. Profit attributable to equity holders of the Company was HK$114 million, with basic earnings per share of 3.61 HK cents Condensed Consolidated Statement of Profit or Loss Summary (for the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,052,049 | 1,213,010 | -13.1% | | Cost of Sales | (686,046) | (528,930) | +29.7% | | Gross Profit | 366,003 | 684,080 | -46.5% | | Profit Before Taxation | 222,256 | 413,316 | -46.2% | | Profit for the Period | 112,445 | 177,852 | -36.8% | | Profit Attributable to Equity Holders of the Company | 113,898 | 153,787 | -25.9% | | Basic Earnings Per Share (HK cents) | 3.61 | 4.91 | -26.5% | [Condensed Consolidated Statement of Comprehensive Income](index=13&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's profit for the period was HK$112 million, with other comprehensive income of HK$468 million, primarily from fair value changes of financial assets at fair value through other comprehensive income and exchange differences. Total comprehensive income for the period was HK$581 million Condensed Consolidated Statement of Comprehensive Income Summary (for the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the Period | 112,445 | 177,852 | | Fair Value Changes of Financial Assets at Fair Value Through Other Comprehensive Income | 300,595 | (1,194,258) | | Exchange Differences Arising from Translation (Subsidiaries) | 362,551 | (202,001) | | (Loss) / Gain on Net Investment Hedge | (225,615) | 28,708 | | Other Comprehensive Income / (Loss) for the Period | 468,099 | (1,433,849) | | Total Comprehensive Income / (Loss) for the Period | 580,544 | (1,255,997) | | Total Comprehensive Income / (Loss) Attributable to Equity Holders of the Company | 552,885 | (1,214,708) | [Condensed Consolidated Statement of Financial Position](index=14&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets were HK$65.629 billion, total equity was HK$42.538 billion, and total liabilities were HK$23.091 billion. Investment properties and investments in joint ventures were major components of non-current assets. Net current assets amounted to HK$18.29 billion Condensed Consolidated Statement of Financial Position Summary | Indicator | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 65,629,197 | 66,371,047 | -1.12% | | Total Equity | 42,538,293 | 41,957,749 | +1.38% | | Total Liabilities | 23,090,904 | 24,413,298 | -5.42% | | Investment Properties | 16,555,307 | 16,349,981 | +1.26% | | Properties Under Development | 18,587,768 | 18,634,218 | -0.25% | | Cash and Bank Deposits | 8,698,185 | 9,649,379 | -9.80% | | Net Current Assets | 18,290,368 | 19,099,335 | -4.24% | [Condensed Consolidated Statement of Cash Flows](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's net cash outflow from operating activities was HK$170 million, net cash inflow from investing activities was HK$817 million, and net cash outflow from financing activities was HK$1.275 billion. Cash and cash equivalents at period-end amounted to HK$7.258 billion Condensed Consolidated Statement of Cash Flows Summary (for the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash from Operating Activities | (170,132) | 679,701 | | Net Cash from Investing Activities | 816,872 | 1,099,816 | | Net Cash from Financing Activities | (1,275,051) | (1,474,260) | | Net (Decrease) / Increase in Cash and Cash Equivalents | (628,311) | 305,257 | | Cash and Cash Equivalents at End of Period | 7,257,803 | 6,687,453 | [Condensed Consolidated Statement of Changes in Equity](index=16&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's share capital remained unchanged, other reserves increased to HK$5.143 billion, and retained earnings increased to HK$35.173 billion. Total comprehensive income attributable to equity holders of the Company was HK$553 million Condensed Consolidated Statement of Changes in Equity Summary (for the six months ended June 30) | Indicator | 2025/06/30 (HK$ thousand) | 2024/01/01 (HK$ thousand) | | :--- | :--- | :--- | | Share Capital | 315,273 | 313,289 | | Other Reserves | 5,143,035 | 6,930,788 | | Retained Earnings | 35,173,213 | 35,084,009 | | Equity Attributable to Owners | 40,631,521 | 42,328,086 | | Non-controlling Interests | 1,906,772 | 2,769,355 | | Total Equity | 42,538,293 | 45,097,441 | [Notes to the Interim Financial Information](index=17&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed notes to K. Wah International's interim financial information, covering general company information, basis of financial statement preparation, key accounting estimates, financial risk management, segment information, composition and changes in various financial indicators, as well as detailed explanations of derivative financial instruments, receivables and payables, cash, share capital, and borrowings [General Information](index=17&type=section&id=1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) K. Wah International Holdings Limited is a public company incorporated in Bermuda, primarily engaged in property development and investment in Hong Kong and Mainland China. This interim financial information is presented in HK$ and was approved for issue by the Board on August 21, 2025 - K. Wah International Holdings Limited is a public company incorporated in Bermuda, primarily engaged in **property development and investment in Hong Kong and Mainland China**[50](index=50&type=chunk)[51](index=51&type=chunk) - This interim financial information is presented in **HK$** and was approved for issue by the Board on **August 21, 2025**[51](index=51&type=chunk) [Basis of Preparation](index=17&type=section&id=2%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This interim financial information is prepared on a historical cost basis, modified by the revaluation of investment properties and certain financial assets at fair value, and in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting". The Group has adopted amendments to standards effective in 2025, but these are not expected to have a significant impact on operating results and financial position - This interim financial information is prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**, using the historical cost convention, modified by the revaluation of investment properties and certain financial assets[53](index=53&type=chunk) - Amendments to standards adopted in 2025 (e.g., "Lack of Exchangeability" for HKAS 21 and HKFRS 1) have **no significant impact on the Group's accounting policies**[54](index=54&type=chunk)[55](index=55&type=chunk) - The Group has initially assessed new standards and amendments not yet effective and expects **no significant impact on its operating results and financial position**[56](index=56&type=chunk) [Critical Accounting Estimates and Judgements](index=18&type=section&id=3%20%E9%97%9C%E9%8D%B5%E6%9C%83%E8%A8%88%E4%BC%B0%E8%A8%88%E5%8F%8A%E5%88%A4%E6%96%B7) The key accounting estimates and judgments made by management, and the major sources of estimation uncertainty, in preparing the interim financial information are consistent with those used in the annual financial statements for the year ended December 31, 2024 - Key accounting estimates and judgments are **consistent with those used in the 2024 annual financial statements**[57](index=57&type=chunk) [Financial Risk Management](index=19&type=section&id=4%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces market risks (foreign exchange, interest rate, price), credit risk, and liquidity risk. During the period, there were no significant changes in the contractual undiscounted cash flows of financial liabilities, and fair value estimates of financial instruments were not materially affected by commercial or economic conditions. The Group has no Level 3 financial instruments, with Level 1 primarily comprising financial assets at fair value through other comprehensive income - The Group faces **market risks (foreign exchange, interest rate, price), credit risk, and liquidity risk**[59](index=59&type=chunk) - There were **no significant changes in the contractual undiscounted cash outflows of financial liabilities**, and fair value estimates of financial instruments were not materially affected by commercial or economic conditions[60](index=60&type=chunk)[61](index=61&type=chunk) - The Group has **no Level 3 financial instruments**, with Level 1 primarily comprising financial assets at fair value through other comprehensive income[62](index=62&type=chunk) - The valuation process and methods for fair value of investment properties are **consistent with the 2024 annual financial statements**[66](index=66&type=chunk) [Segment Information](index=20&type=section&id=5%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group is primarily engaged in property development and investment in Hong Kong and Mainland China, with business segments including property development and property investment. Segment performance is measured by "adjusted earnings before interest, tax, depreciation, and amortization". In H1 2025, property development (Hong Kong) generated a profit of HK$73.31 million, property development (Mainland China) incurred a loss of HK$40.43 million, and property investment generated a profit of HK$211 million - The Group is primarily engaged in **property development and investment in Hong Kong and Mainland China**, with business segments including property development and property investment[67](index=67&type=chunk) - Segment performance is measured by "**adjusted earnings before interest, tax, depreciation, and amortization**," excluding results from joint ventures and associates[67](index=67&type=chunk) 2025 H1 Segment Profit (Adjusted EBITDA) | Segment | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Property Development (Hong Kong) | 73,305 | 149,968 | | Property Development (Mainland China) | (40,429) | 131,823 | | Property Investment | 211,015 | 241,289 | | Others | (91,288) | (115,660) | | **Total** | **152,603** | **407,420** | 2025 H1 Geographical Revenue | Region | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 265,223 | 399,534 | | Mainland China | 786,826 | 813,476 | | **Total** | **1,052,049** | **1,213,010** | [Revenue](index=22&type=section&id=6%20%E7%87%9F%E6%A5%AD%E9%A1%8D) For the six months ended June 30, 2025, the Group's revenue was HK$1.052 billion, primarily comprising property sales (HK$710 million) and rental income (HK$302 million). Property sales decreased year-on-year, and rental income also saw a slight reduction Revenue Composition (for the six months ended June 30) | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Property Sales | 710,122 | 846,318 | -16.09% | | Rental Income | 302,455 | 321,815 | -6.02% | | Hotel Operations | 39,472 | 44,877 | -12.04% | | **Total Revenue** | **1,052,049** | **1,213,010** | **-13.10%** | [Finance Costs](index=23&type=section&id=7%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) For the six months ended June 30, 2025, the Group's total interest expense was HK$309.7 million, of which HK$111.4 million was capitalized as costs of properties under development, resulting in finance costs of HK$198.3 million recognized in the statement of profit or loss, a decrease from the prior year Finance Costs (for the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Interest Expense | 309,761 | 452,420 | -31.54% | | Capitalized as Costs of Properties Under Development | (111,441) | (240,740) | -53.71% | | **Finance Costs Recognized in Profit or Loss** | **198,320** | **211,680** | **-6.31%** | [Profit Before Taxation](index=23&type=section&id=8%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) For the six months ended June 30, 2025, the Group's profit before taxation was HK$222 million. This included bank interest income of HK$66.63 million, interest income from joint ventures and associates of HK$27.8 million, and dividend income from financial assets at fair value through other comprehensive income of HK$81.24 million. Cost of properties sold amounted to HK$629.6 million Profit Before Taxation Components (for the six months ended June 30) | Income/Expense Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank Interest Income | 66,625 | 83,966 | | Interest Income from Joint Ventures and Associates | 27,804 | 33,155 | | Dividend Income from Financial Assets at Fair Value Through Other Comprehensive Income | 81,242 | 48,745 | | Cost of Properties Sold | 629,630 | 469,579 | | Selling and Marketing Expenses | 67,562 | 86,284 | | Net Fair Value Loss on Derivative Financial Instruments | 18,488 | 19,830 | [Taxation](index=24&type=section&id=9%20%E7%A8%85%E9%A0%85%E6%94%AF%E5%87%BA) For the six months ended June 30, 2025, the Group's total taxation expense was HK$109.8 million, primarily comprising Hong Kong profits tax, Mainland China income tax, and land appreciation tax. Hong Kong profits tax is provided at a rate of 16.5%, and Mainland China income tax at 25%. The Group has assessed the impact of Pillar Two rules and expects no significant impact on its income tax position Taxation Expense (for the six months ended June 30) | Tax Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 11,664 | 17,707 | | Mainland China Income Tax | 46,135 | 85,886 | | Mainland China Land Appreciation Tax | 8,872 | 64,882 | | Deferred Taxation | 43,292 | 57,666 | | **Total Taxation Expense** | **109,811** | **235,464** | - Hong Kong profits tax is provided at a rate of **16.5%**, and Mainland China operating income tax is provided at **25%**[71](index=71&type=chunk) - The Group has assessed the impact of the OECD Pillar Two rules and expects **no significant impact on its income tax position**[72](index=72&type=chunk) [Earnings Per Share](index=25&type=section&id=10%20%E6%AF%8F%E8%82%A1%E7%86%84%E5%88%A9) For the six months ended June 30, 2025, profit attributable to equity holders of the Company was HK$113.9 million, with basic and diluted earnings per share both at 3.61 HK cents Earnings Per Share (for the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (HK$ thousand) | 113,898 | 153,787 | | Basic Earnings Per Share (HK cents) | 3.61 | 4.91 | | Diluted Earnings Per Share (HK cents) | 3.61 | 4.91 | [Dividends](index=25&type=section&id=11%20%E8%82%A1%E6%81%AF) The Board has resolved to declare an interim cash dividend of HK$63.055 million, or 2 HK cents per share, a decrease from 4 HK cents per share in the same period of 2024. This dividend will be recognized as a distribution from retained earnings for the year ending December 31, 2025 Interim Dividend Declaration | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Interim Cash Dividend (per share) | 2 HK cents | 4 HK cents | | Total Interim Cash Dividend (HK$ thousand) | 63,055 | 126,109 | [Capital Expenditure](index=25&type=section&id=12%20%E8%B3%87%E6%9C%AC%E6%94%AF%E5%87%BA) For the six months ended June 30, 2025, the Group's capital expenditure on property, plant, and equipment was HK$1.1 million, consistent with the prior year Capital Expenditure on Property, Plant and Equipment (for the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Capital Expenditure | 1,100 | 1,100 | [Derivative Financial Instruments](index=25&type=section&id=13%20%E8%A1%8D%E7%94%9F%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7) As of June 30, 2025, the Group's outstanding interest rate swap contracts had a notional principal amount of HK$600 million (HK$1.4 billion as of December 31, 2024), and cross-currency swap contracts had a notional principal amount of HK$2.825 billion. The cross-currency swap contracts generated a loss of HK$117 million during the period, recognized as an effective hedge Notional Principal Amount of Derivative Financial Instruments | Instrument Type | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | | :--- | :--- | :--- | | Interest Rate Swap Contracts | 600,000 | 1,400,000 | | Cross-Currency Swap Contracts | 2,825,000 | 2,825,000 | - For the six months ended June 30, 2025, cross-currency swap contracts generated a **loss of HK$117 million**, recognized in other comprehensive income[77](index=77&type=chunk) [Trade and Other Receivables and Prepayments](index=26&type=section&id=14%20%E6%87%89%E6%94%B6%E8%B3%B7%E6%AC%BE%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE) As of June 30, 2025, the Group's total trade and other receivables and prepayments amounted to HK$568.6 million, primarily comprising other receivables, prepaid sales taxes, and tender prepayments. Trade receivables mainly originated from rental income, with the majority due within one month Trade and Other Receivables and Prepayments Composition | Item | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | | :--- | :--- | :--- | | Trade Receivables | 6,396 | 7,508 | | Other Receivables | 179,444 | 181,269 | | Tender Prepayments | 50,000 | — | | Prepaid Sales Taxes | 296,276 | 278,908 | | **Total** | **568,610** | **503,910** | Trade Receivables Ageing Analysis | Ageing | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 5,085 | 4,618 | | 2 to 3 months | 832 | 2,541 | | 4 to 6 months | 252 | 334 | | Over 6 months | 227 | 15 | | **Total** | **6,396** | **7,508** | [Cash and Cash Equivalents and Bank Deposits](index=27&type=section&id=15%20%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9%E5%8F%8A%E9%8A%80%E8%A1%8C%E5%AD%98%E6%AC%BE) As of June 30, 2025, the Group's total cash and bank deposits amounted to HK$8.698 billion, of which cash and cash equivalents were HK$7.258 billion. Approximately 69% of cash and bank deposits were held in RMB Cash and Bank Deposits Composition | Item | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | | :--- | :--- | :--- | | Cash and Bank Balances | 2,856,264 | 5,650,837 | | Short-term and Other Bank Deposits | 4,401,539 | 2,157,922 | | **Cash and Cash Equivalents** | **7,257,803** | **7,808,759** | | Short-term Bank Deposits Matured Over 3 Months | 1,007,891 | 1,403,888 | | Restricted Cash | 432,491 | 436,732 | | **Total Cash and Bank Deposits** | **8,698,185** | **9,649,379** | - Approximately **69% of cash and bank deposits are held in RMB**[33](index=33&type=chunk) [Share Capital](index=27&type=section&id=16%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Group's authorized share capital was HK$500 million, and issued and fully paid share capital was HK$315 million, comprising 3,152,728,607 shares, with no changes during the period. Under the 2011 Share Option Scheme, 18,890,000 share options remain unexercised, with an exercise price of HK$3.462 Share Capital Overview | Indicator | 2025/06/30 | 2024/12/31 | | :--- | :--- | :--- | | Authorized Share Capital (HK$ thousand) | 500,000 | 500,000 | | Issued and Fully Paid Share Capital (HK$ thousand) | 315,273 | 315,273 | | Number of Issued Shares | 3,152,728,607 | 3,152,728,607 | - As of June 30, 2025, under the 2011 Share Option Scheme, **18,890,000 share options remain unexercised**, with an exercise price of **HK$3.462** and an exercise period until July 14, 2026[81](index=81&type=chunk) [Borrowings](index=28&type=section&id=17%20%E5%80%9F%E8%B2%B8) As of June 30, 2025, the Group's total long-term bank borrowings amounted to HK$13.437 billion, comprising HK$1.408 billion in secured borrowings and HK$12.029 billion in unsecured borrowings. The current portion classified as current liabilities was HK$3.646 billion. The Group designated HK$3.299 billion of RMB-denominated borrowings to hedge net investment risk in Mainland China operations Borrowings Composition | Item | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | | :--- | :--- | :--- | | Long-term Bank Borrowings (Secured) | 1,407,795 | 1,448,612 | | Long-term Bank Borrowings (Unsecured) | 12,028,740 | 13,113,930 | | **Total Long-term Bank Borrowings** | **13,436,535** | **14,562,542** | | Current Portion Classified as Current Liabilities | (3,646,414) | (3,759,888) | - The Group designated **HK$3.299 billion of RMB-denominated borrowings** to hedge the risk arising from net investments in certain subsidiaries in Mainland China operations[82](index=82&type=chunk) [Trade and Other Payables and Accruals](index=28&type=section&id=18%20%E6%87%89%E4%BB%98%E8%B3%B7%E6%AC%BE%E3%80%81%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group's total trade and other payables and accruals amounted to HK$1.226 billion, primarily comprising trade payables (HK$504 million) and accrued operating expenses (HK$422 million). The vast majority of trade payables were due within one month Trade and Other Payables and Accruals Composition | Item | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 503,788 | 790,514 | | Other Payables | 74,290 | 108,691 | | Accrued Operating Expenses | 422,492 | 411,851 | | Deposits Received for Rent and Others | 223,236 | 226,146 | | Lease Liabilities — Current Portion | 1,803 | 2,591 | | **Total** | **1,225,609** | **1,539,793** | Trade Payables Ageing Analysis | Ageing | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 502,029 | 788,891 | | 2 to 3 months | 55 | 123 | | 4 to 6 months | 71 | 12 | | Over 6 months | 1,633 | 1,488 | | **Total** | **503,788** | **790,514** | [Other Information](index=29&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section discloses other important information about K. Wah International, including the Group's capital commitments, external guarantees, related party transactions, directors' and major shareholders' interests in the company's securities, as well as disclosures under the Listing Rules, securities trading, corporate governance practices, and updated director information [Commitments](index=29&type=section&id=19%20%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's total contracted but unprovided commitments amounted to HK$3.56 billion, primarily for property development (HK$2.567 billion for subsidiaries, HK$833 million for joint ventures and associates) and property investment (HK$161 million) Contracted But Unprovided Commitments | Item | 2025/06/30 (HK$ thousand) | 2024/12/31 (HK$ thousand) | | :--- | :--- | :--- | | Property Investment | 160,632 | 122,986 | | Property Development (Subsidiaries) | 2,567,180 | 2,369,738 | | Property Development (Joint Ventures and Associates) | 832,684 | 1,528,669 | | **Total** | **3,560,496** | **4,021,393** | [Guarantees](index=29&type=section&id=20%20%E6%8B%85%E4%BF%9D) As of June 30, 2025, the Group provided existing guarantees totaling HK$7.61 billion to banks and financial institutions for joint ventures, associates, and property buyers' mortgage loans, of which HK$7.052 billion was utilized. The Company also provided guarantees for credit facilities totaling HK$34.84 billion obtained by subsidiaries, joint ventures, and associates Group External Guarantees (Existing and Utilized) | Guaranteed Party | 2025/06/30 Existing (HK$ thousand) | 2025/06/30 Utilized (HK$ thousand) | 2024/12/31 Existing (HK$ thousand) | 2024/12/31 Utilized (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Joint Ventures | 5,264,447 | 4,707,078 | 8,150,687 | 6,734,987 | | Associates | 980,000 | 980,000 | 980,000 | 980,000 | | Property Buyers | 1,365,355 | 1,365,355 | 1,617,295 | 1,617,295 | | **Total** | **7,609,802** | **7,052,433** | **10,747,982** | **9,332,282** | - The Company has provided guarantees to banks for credit facilities totaling **HK$28.596 billion for certain subsidiaries**, **HK$5.264 billion for joint ventures**, and **HK$980 million for associates**[87](index=87&type=chunk) [Related Party Transactions](index=30&type=section&id=21%20%E6%9C%89%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, the Group conducted several transactions with related parties, including payment of HK$19.97 million in key management personnel emoluments, receipt of HK$365 thousand in rental income from associated companies, and payment of HK$2.893 million in rental expenses to associated companies Related Party Transactions Summary (for the six months ended June 30) | Transaction Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Key Management Personnel Emoluments | 19,970 | 33,165 | | Rental Income from Associated Companies | 365 | 707 | | Rental Expenses Paid to Associated Companies | 2,893 | 2,799 | [Directors' Interests in Securities and Related Shares](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E8%AD%89%E5%88%B8%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Directors Mr. Lui Yiu-dong, Ms. Tang Lui Wai-yu, and Mr. Lui Yiu-wah held interests in the company's shares and related shares, with Mr. Lui Yiu-dong holding a total of 2,100,459,280 shares, representing approximately 66.62% of the issued share capital. Additionally, directors and employees held unexercised share options under the 2011 Share Option Scheme Directors' Interests in Shares and Related Shares (as of June 30, 2025) | Director Name | Total Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | Lui Yiu-dong | 2,100,459,280 | 66.62% | | Tang Lui Wai-yu | 1,735,647,306 | 55.05% | | Lui Yiu-wah | 1,738,027,187 | 55.13% | | Cheong Ying-chew, Henry | 729,175 | 0.02% | | Wong Kwai-lam, Lawrence | 720,000 | 0.02% | | Nip Jun-rong, Raymond | 160,000 | 0.01% | - As of June 30, 2025, under the 2011 Share Option Scheme, directors and employees collectively held **18,890,000 unexercised share options**, with an exercise price of **HK$3.462**[81](index=81&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk) [Major Shareholders' Interests](index=33&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E4%B9%8B%E6%AC%8A%E7%9B%8A) As of June 30, 2025, HSBC International Trustee Limited, as trustee, held 1,686,018,737 shares, representing 53.48% of the issued share capital, making it one of the major shareholders. Other major shareholders include CWL Assets (PTC) Limited and Super Focus Company Limited Major Shareholders' Interests in Shares and Related Shares (as of June 30, 2025) | Shareholder Name | Capacity | Number of Shares Held (Long Position) | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | HSBC International Trustee Limited | Trustee | 1,686,018,737 | 53.48% | | CWL Assets (PTC) Limited | Trustee | 1,684,776,769 | 53.44% | | Super Focus Company Limited | Beneficial Owner | 1,120,247,673 | 35.53% | | Star II Limited | Interest in Controlled Corporation | 264,752,460 | 8.40% | | Favor Right Investments Limited | Beneficial Owner | 229,857,444 | 7.29% | | K. Wah Lui Che Woo Foundation Limited | Beneficial Owner | 206,285,639 | 6.54% | | Premium Capital Profits Limited | Beneficial Owner | 184,229,079 | 5.84% | [Disclosure under Rule 13.22 of the Listing Rules](index=34&type=section&id=%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E7%AC%AC13.22%E6%A2%9D%E7%9A%84%E6%8A%AB%E9%9C%B2) As of June 30, 2025, the Group provided financial assistance and guarantees to its associated companies. The consolidated statement of financial position of associated companies showed total assets of HK$82.358 billion, total liabilities of HK$33.243 billion, and the Group's attributable equity of HK$18.867 billion Associated Companies Consolidated Statement of Financial Position Summary (as of June 30, 2025) | Item | Consolidated Statement of Financial Position (HK$ thousand) | Group's Attributable Equity (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 1,940,082 | 486,000 | | Current Assets | 80,418,427 | 20,966,321 | | Current Liabilities | (9,606,305) | (2,585,709) | | **Total (Net Current Assets)** | **72,752,204** | **18,866,612** | | Share Capital | 1,872,919 | 825,456 | | Reserves | 2,738,591 | 797,222 | | Amounts Due to Shareholders | 44,503,921 | 11,551,934 | | Non-current Liabilities | 23,636,773 | 5,692,000 | | **Total (Equity and Liabilities)** | **72,752,204** | **18,866,612** | [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=%E8%B3%BC%E5%85%A5%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities. As of period-end, the Company held no treasury shares - For the six months ended June 30, 2025, neither the Company nor its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities**[100](index=100&type=chunk) - As of June 30, 2025, the Company **held no treasury shares**[100](index=100&type=chunk) [Audit Committee](index=35&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Company's Audit Committee convened a meeting on August 15, 2025, to review accounting principles and practices, and discuss audit strategy, risk management, internal controls, and financial reporting matters. The interim results were reviewed by the Audit Committee and by the independent auditor, PricewaterhouseCoopers - The Audit Committee convened a meeting on **August 15, 2025**, to review accounting principles, audit strategy, risk management, internal controls, and financial reporting[101](index=101&type=chunk) - The Group's unaudited interim results for the six months ended June 30, 2025, have been **reviewed by the Audit Committee and the independent auditor, PricewaterhouseCoopers**[101](index=101&type=chunk) [Code for Securities Transactions by Directors](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E8%A1%8C%E7%82%BA%E5%AE%88%E5%89%87) The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions. Upon enquiry, all directors confirmed compliance with the code for the six months ended June 30, 2025 - The Company has adopted the **Model Code set out in Appendix C3 of the Listing Rules** as its code of conduct for directors' securities transactions[102](index=102&type=chunk) - All directors have confirmed compliance with the standards set out in the Model Code for the **six months ended June 30, 2025**[102](index=102&type=chunk) [Corporate Governance](index=35&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Board and management are committed to upholding sound corporate governance principles, striving to enhance company transparency and accountability. The Company complied with the code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during H1 2025, and previous minor deviations explained in the annual report have been properly addressed - The Board and management are committed to upholding **sound corporate governance principles**, striving to enhance company transparency and accountability[103](index=103&type=chunk) - The Company has complied with the code provisions of the **Corporate Governance Code in Appendix C1 of the Listing Rules** during H1 2025[103](index=103&type=chunk) - Following the appointments of the Chairman and Co-Managing Directors, previous minor deviations explained in the annual report have been **properly addressed**[103](index=103&type=chunk) [Update on Directors' Information](index=36&type=section&id=%E6%A0%B9%E6%93%9A%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E7%AC%AC13.51B(1)%E6%A2%9D%E6%8F%90%E4%BE%9B%E4%B9%8B%E8%91%A3%E4%BA%8B%E6%9C%80%E6%96%B0%E8%B3%87%E6%96%99) Since the publication of the 2024 annual report, Dr. Cheong Ying-chew, Henry, a Non-executive Director, has been appointed Chairman of the Hong Kong Maritime and Port Board by the HKSAR Government for a three-year term, effective July 1, 2025 - Dr. Cheong Ying-chew, Henry was appointed **Chairman of the Hong Kong Maritime and Port Board** for a three-year term, effective July 1, 2025[104](index=104&type=chunk) [Closure of Register of Members](index=36&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E6%89%8B%E7%BA%8C) The Company will suspend its register of members from September 10 to September 15, 2025, to determine shareholders' eligibility for the interim dividend. Shareholders must lodge transfer documents by 4:30 p.m. on September 9, 2025 - The Company will **suspend its register of members from September 10 to September 15, 2025**[105](index=105&type=chunk) - Shareholders must lodge transfer documents by **4:30 p.m. on September 9, 2025**, to determine eligibility for the interim dividend[105](index=105&type=chunk)

Group 1 - The core issue revolves around the significant quality discrepancies in the Jia Jun Ting project, leading to widespread homeowner protests and a trust crisis for the developer, Jia Hua International [1][6] - Homeowner participation in the pre-viewing phase was only about 9%, with approximately 75% of homeowners explicitly resisting the viewing due to quality concerns [1] - Major quality issues reported include defects in public areas and individual units, such as exterior wall problems, significant color differences, and various safety hazards within the units [1][6] Group 2 - The developer's response to homeowner concerns has been inadequate, with restricted communication and dismissive attitudes during meetings, exacerbating homeowner dissatisfaction [6][8] - A notable statement from a project partner indicated a willingness to accept refunds, which could lead to the first large-scale homeowner refunds in Shanghai if implemented [6][8] - This incident reflects a broader awakening among buyers, who are increasingly scrutinizing developers' product quality and integrity rather than relying solely on brand reputation [8] Group 3 - The article highlights three critical quality issues in Shanghai's real estate market, emphasizing the need for buyers to be vigilant [9] - The first issue is the mismatch between location advantages and product defects, as seen in the Jing'an District's Jing'an Xi Yue project, which has underperformed despite its prime location [10][12] - The second issue involves the disillusionment with promised educational resources, as demonstrated by the Pu Kai Yun Jing project, which failed to deliver on its initial school district claims [16][35] Group 4 - The third issue pertains to the disconnect between community quality and pricing, particularly in the Chang Ping Yun An project, which has faced significant quality complaints despite its high-end positioning [36][41] - The article concludes that the current market demands a shift towards quality competition, urging developers to prioritize integrity and product quality to regain consumer trust [43]

Group 1 - The article provides a list of Hong Kong listed companies along with their upcoming shareholder meeting dates and earnings announcement dates [1][2][3] - Companies mentioned include Jiangnan Buyi, Zhongguancun Technology Leasing, Huatai Ruilin, and many others, indicating a diverse range of sectors represented [3][4] - Dividend distribution dates are highlighted for several companies, such as Beijing Waterworks Group and Evergrande Group, which may attract investor interest [3][4] Group 2 - The document outlines specific companies that will have their earnings announced or shareholder meetings scheduled, which is crucial for investors tracking performance [3][4] - The inclusion of dividend payment dates for companies like NetEase and Hong Kong Electric indicates potential income opportunities for shareholders [3][4] - The information serves as a resource for investors to plan their investment strategies based on upcoming corporate events [1][2][3]

FF301 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 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: K. Wah International Holdings Limited 嘉華國際集團有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 截至月份: 2025年8月31日 狀態: 新提交 | 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) | 00173 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000 ...

Group 1 - The core viewpoint of the article is that 嘉华国际 (K Wah International) reported a significant decline in its mid-term financial performance, leading to a drop in its stock price [1] - For the six months ending June 30, 2025, the company's revenue was HKD 1.052 billion, a decrease of 13.27% year-on-year [1] - The profit attributable to equity holders was approximately HKD 114 million, down 25.94% compared to the previous year [1] Group 2 - Earnings per share were reported at HKD 0.0361, with an interim dividend of HKD 0.02 per share [1] - The company has signed sales amounting to HKD 1.4 billion during the period [1] - As of June 30, 2025, the company had unrecognized signed sales of HKD 6 billion [1] Group 3 - The company's debt ratio decreased from 12% at the end of the previous year to 11% as of June 30, 2025 [1]

Group 1 - The core viewpoint of the article highlights that 嘉华国际 (K. Wah International) experienced a significant decline in its stock price following the announcement of its interim results, with a drop of over 8% and currently trading at 2.28 HKD [1] - For the reporting period, the company reported a revenue of 1.052 billion HKD, representing a year-on-year decrease of 13.27% [1] - The profit attributable to equity holders was 114 million HKD, down 25.94% year-on-year, with basic earnings per share at 3.61 HKD cents [1] - The company declared an interim dividend of 2 HKD cents per share, which is a 50% reduction compared to the previous year [1] Group 2 - As of the first half of 2025, the company has signed contracts for attributable sales amounting to 1.4 billion HKD, with unconfirmed attributable sales of 6 billion HKD as of June 30, 2025 [1] - The company's debt ratio decreased from 12% at the end of the previous year to 11% as of June 30, 2025 [1] - The company plans to continue seeking opportunities in Hong Kong, the Pearl River Delta, and the Yangtze River Delta regions, while prudently replenishing its land reserves as needed [1]

Core Viewpoint - 嘉华国际 reported a significant decline in both revenue and profit for the interim period, leading to a drop in stock price following the earnings announcement [1] Financial Performance - The company achieved a revenue of HKD 1.052 billion, representing a year-on-year decrease of 13.27% [1] - Profit attributable to equity holders was HKD 114 million, down 25.94% year-on-year [1] - Basic earnings per share were HKD 0.0361 [1] - The interim dividend declared was HKD 0.02 per share, a reduction of 50% compared to the previous year [1] Future Sales and Financial Position - For the first half of 2025, the company has signed contracts for attributable sales amounting to HKD 1.4 billion [1] - As of June 30, 2025, the company has HKD 6 billion in signed but unrecognized attributable sales [1] - The debt ratio decreased from 12% at the end of last year to 11% as of June 30, 2025 [1] Strategic Outlook - The company plans to continue seeking opportunities in Hong Kong, the Pearl River Delta, and the Yangtze River Delta regions, while prudently replenishing land reserves as needed [1]