NATIONAL ELECTRONICS HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code: 213) （股份代號：213） NOTIFICATION LETTER 通知信函 31 July 2025 Dear Existing Registered Shareholder(s), NATIONAL ELECTRONICS HOLDINGS LIMITED ("the Company") – Notice of publication of corporate communication(s) on the Company's website The Chinese and English versions of the following corporate communication(s) (the "Current Corporate Communications") of the Company are available on the website of the ...

NATIONAL ELECTRONICS HOLDINGS LIMITED （於百慕達註冊成立之有限公司） （股份代號：213） 各新登記股東： 選擇公司通訊之收取方式及語言版本 根據香港聯合交易所有限公司（「聯交所」）證券上市規則第2.07A條及第2.07B條以及NATIONAL ELECTRONICS HOLDINGS LIMITED（「本公司」）的公司細則，本公司現向 閣下提供下列方案，以供選擇收取日後本公司之公司通訊（「公司通訊」），此乃 指本公司發出或將予發出以供本公司任何證券之持有人參照或採取行動之文件，包括但不限於(a)董事會報告、年度賬目連同核數 師報告及（如適用）財務摘要報告；(b)中期報告及（如適用）中期摘要報告；(c)會議通告；(d)上市文件；(e)通函；及(f)代表委任表 格。 方案四： 同時收取所有日後公司通訊之英文及中文印刷本。 為支持環保及促進與 閣下之有效溝通，本公司鼓勵及推薦 閣下選擇上述方案一以收取所有日後公司通訊之網上版本。為方 便 閣下作出選擇，請根據隨本函附上之回條（「回條」）上所列印之指示填妥及簽署，並郵寄或親身交回本公司於香港之股份過戶 登記分處卓佳證券登記有限公 ...

NATIONAL ELECTRONICS HOLDINGS LIMITED （於百慕達註冊成立之有限公司） （股份代號：213） 股東週年大會通告 茲通告National Electronics Holdings Limited（「本公司」）謹訂於2025年8月26日 （星期二）上午十時正假座香港干諾道中8號遮打大廈2樓Centricity 202室舉行股東週年 大會（「股東週年大會」），藉以處理下列事項： 作為特別事項，考慮並酌情通過（不論會否作出修訂）下列將予提呈之決議案為 普通決議案： 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佈之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 一、 省覽及考慮本公司截至2025年3月31日止年度之經審核綜合財務報表以及 董事會及核數師報告書； 二、 考慮及酌情批准董事會就截至2025年3月31日止年度建議派發之末期股息； 三、 考慮及酌情批准重選李源鉅先生為本公司非執行董事； 四、 考慮及酌情批准重選李源如女士為本公司非執行董事； 五、 考慮及酌情批准重選 ...

NATIONAL ELECTRONICS HOLDINGS LIMITED （於百慕達註冊成立之有限公司） （股份代號：213） 附註： 訂於2025年8月26日舉行之股東週年大會適用之代表委任表格 本人╱吾等1 （地址為 ） 乃持有National Electronics Holdings Limited（「本公司」）股本中2 股 每股面值0.10港元之股份（「股份」）之登記持有人，茲委任 （地址為 ）， 或如其未克出席則大會主席為本人╱吾等之代表，代表本人╱吾等出席本公司訂於2025年8月26日（星期二）上午十時正假座 香港干諾道中8號遮打大廈2樓Centricity 202室舉行藉以考慮及酌情通過大會通告所列之決議案之股東週年大會（及其任何續會 或延會）（「大會」），並於大會（或其任何續會或延會）上以本人 ╱ 吾等之名義代表本人 ╱ 吾等按下列指示參與該等決議案之表 決，而倘無該等指示則由本人╱吾等之代表自行酌情表決。本人╱吾等之代表亦可就任何正式提呈大會之事項自行酌情表決。 普通決議案： 贊成4 反對4 一、 省覽及考慮本公司截至2025年3月31日止年度之經審核綜合財務報表以及董事會及核數師 報告書 ...

NATIONAL ELECTRONICS HOLDINGS LIMITED （於百慕達註冊成立之有限公司） （股份代號：213） 建議授出回購股份及發行股份之一般授權、 建議重選退任董事、 建議採納新公司細則 及 股東週年大會通告 National Electronics Holdings Limited謹訂於2025年8月26日（星期二）上午十時正假座 香港干諾道中8號遮打大廈2樓Centricity 202 室舉行股東週年大會，大會通告載於本通 函第20至24頁。隨函亦附上本公司股東週年大會適用之代表委任表格。此代表委任表格 亦分別刊載於香港交易及結算所有限公司網站( http://www.hkexnews.hk )及本公司網站 ( http://www.irasia.com/listco/hk/national/ ）。 此乃要件 請即處理 閣下如對本通函之內容或應辦之手續有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之National Electronics 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 ...

股份代號 : 213 Stock Code: 213 二〇二五年度環境、社會及管治報告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 2025 目錄 | | | 頁次 | | --- | --- | --- | | 1. | 關於本報告 | 2 | | 1.1 | 本集團業務總覽 | 2 | | 1.2 | 本報告範圍 | 2 | | 1.3 | 報告參考及資料來源 | 3 | | 1.4 | 報告原則 | 3 | | 1.5 | 聯絡方法 | 3 | | 2. | 本集團的方針 | 4 | | 2.1 | 董事會聲明 | 4 | | 2.2 | 管治環境、社會及管治事宜 | 4 | | 2.3 | 持份者參與 | 4 | | 2.4 | 重要性評估 | 5 | | 3. 環境 | | 6 | | 3.1 | 資源使用 | 7 | | 3.2 | 排放 | 8 | | | 3.2.1 廢物管理 | 8 | | | 3.2.2 氣體排放 | 10 | | | 3.2.3 其他排放 | 10 | | | 3.2.4 監管合規 | 10 | | 3.3 | 氣候變化 | 1 ...

股份代號 : 213 二 0 二 五年度年報 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 主席報告書 | 3 | | 管理層討論與分析 | 6 | | 董事及高級管理層 | 8 | | 董事會報告書 | 10 | | 企業管治報告 | 15 | | 環境、社會及管治報告 | 30 | | 獨立核數師報告 | 31 | | 綜合損益表 | 37 | | 綜合損益及其他全面收益表 | 38 | | 綜合財務狀況表 | 39 | | 綜合權益變動表 | 41 | | 綜合現金流量表 | 42 | | 綜合財務報表附註 | 44 | | 本集團所持主要物業一覽表 | 134 | | 財務摘要 | 136 | 1 NATIONAL ELECTRONICS HOLDINGS LIMITED 公司資料 執行董事 李源清 主席 李本智 董事總經理 李源初 衛光遠 非執行董事 李源鉅 李源如 獨立非執行董事 陳國偉 孫大為 Pius Ho 核數師 國衛會計師事務所有限公司 香港執業會計師 律師 孖士打律師行 公司秘書 黃錦基 主要銀行 香港上海滙豐銀行有限公司 恒生銀行有限公司 中國銀行（ ...

[Annual Performance Overview](index=1&type=section&id=%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E6%A6%82%E8%A7%88) This section provides an overview of the Group's annual financial performance, including key consolidated statements and earnings per share data [Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E8%A1%A8) For the year ended March 31, 2025, the Group's profit for the year significantly increased by 128.82% to HKD 93,898,000, driven by higher other income and fair value gains on investment properties, despite a decrease in revenue Consolidated Statement Key Financial Data (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 502,305,226 | 578,222,575 | -13.13% | | Cost of sales | (375,280,700) | (457,295,476) | -17.94% | | Gross profit | 127,024,526 | 120,927,099 | +5.04% | | Other income, other gains or losses, net | 79,782,120 | 36,869,644 | +116.39% | | Increase in fair value of investment properties | 207,125,031 | 223,301,069 | -7.25% | | Finance costs | (202,349,585) | (213,297,264) | -5.04% | | Profit before tax | 73,933,897 | 42,243,499 | +75.02% | | Profit for the year | 93,898,000 | 41,036,362 | +128.82% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive income for the year significantly increased by 86.33% to HKD 43,512,010, primarily due to a substantial rise in profit for the year, despite negative impacts from exchange differences on foreign operations and fair value changes of other assets Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the year | 93,898,000 | 41,036,362 | +128.82% | | Exchange differences on translating foreign operations | (44,069,375) | (17,268,835) | +155.10% (Loss widened) | | Total comprehensive income for the year | 43,512,010 | 23,341,325 | +86.33% | | Total comprehensive income attributable to owners of the Company | 43,512,010 | 23,438,221 | +85.65% | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of March 31, 2025, the Group's total assets and liabilities both increased, with investment properties in non-current assets decreasing by 35.10% and properties under development for sale in current assets growing by 121.77%, while current bank loans significantly rose by 153.81% Consolidated Statement of Financial Position Key Data (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Investment properties | 3,284,050,034 | 5,059,548,397 | -35.10% | | **Current assets** | | | | | Properties under development for sale | 4,631,511,895 | 2,088,401,093 | +121.77% | | Bank balances and cash | 534,090,057 | 475,025,611 | +12.43% | | **Current liabilities** | | | | | Bank loans | 3,860,818,248 | 1,521,118,410 | +153.81% | | **Non-current liabilities** | | | | | Bank loans | 1,785,184,191 | 3,408,181,457 | -47.62% | | Total equity attributable to owners of the Company | 2,581,108,668 | 2,548,821,270 | +1.27% | [Earnings Per Share and Dividends](index=2&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E4%B8%8E%E8%82%A1%E6%81%AF) Basic and diluted earnings per share for the year both significantly increased by 128.89% to HKD 10.3 cents, while the Board's proposed final dividend decreased from HKD 1.2 cents to HKD 0.5 cents per share Earnings Per Share and Dividends (2025 vs 2024) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Basic earnings per share | 10.3 HKD cents | 4.5 HKD cents | +128.89% | | Diluted earnings per share | 10.3 HKD cents | 4.5 HKD cents | +128.89% | | Proposed final dividend | 0.5 HKD cents | 1.2 HKD cents | -58.33% | - Profit attributable to owners of the Company for the year ended March 31, 2025, was **HKD 93,898,000**, a significant increase from **HKD 41,133,258** in 2024[28](index=28&type=chunk) [Notes to the Consolidated Financial Statements](index=6&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section details the basis of financial statement preparation, accounting policies, revenue and segment information, other income, finance costs, income tax, and specific financial note disclosures [Basis of Preparation and Accounting Policies](index=6&type=section&id=%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99) The consolidated financial statements are prepared in accordance with HKFRSs and Listing Rules, primarily using the historical cost convention, with investment properties and certain financial instruments measured at fair value, and new standards applied this year having no material impact on financial position [Basis of Preparation](index=6&type=section&id=%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The consolidated financial statements are prepared in accordance with HKFRSs issued by the HKICPA, the Listing Rules of HKEX, and the Hong Kong Companies Ordinance, primarily using the historical cost convention, with investment properties and certain financial instruments measured at fair value - The consolidated financial statements are prepared in accordance with **Hong Kong Financial Reporting Standards (HKFRSs)** issued by the Hong Kong Institute of Certified Public Accountants, the **Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited**, and the **Hong Kong Companies Ordinance**[8](index=8&type=chunk) - The statements are prepared principally under the **historical cost convention**, except for investment properties, certain financial instruments, and other assets which are measured at **fair value**[8](index=8&type=chunk) [Application of New and Revised HKFRSs](index=6&type=section&id=%E5%BA%94%E7%94%A8%E6%96%B0%E8%AE%A2%E5%8F%8A%E4%BF%AE%E8%AE%A2%E9%A6%99%E6%B8%AF%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99) The Group first applied several new and revised HKFRSs this year, including lease liabilities for sale and leaseback transactions and classification of liabilities as current or non-current, with no material impact on the financial position or performance for current and prior periods - The Group first applied amendments to **HKFRS 16**, **HKAS 1**, **HKAS 7**, and **HKFRS 7** during the current year[9](index=9&type=chunk) - The application of these new and revised standards had **no material impact** on the Group's financial position, financial performance, and/or disclosures in the consolidated financial statements for the current and prior years[9](index=9&type=chunk)[10](index=10&type=chunk) [Revenue and Segment Information](index=8&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) The Group's revenue primarily derives from watch manufacturing and movement trading and rental income, with watch manufacturing and movement trading revenue decreasing by 6.80%, property sales revenue at zero, and rental income down by 7.00%, categorizing its business into three reportable segments [Revenue Analysis](index=8&type=section&id=%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) Total revenue for 2025 was HKD 502,305,226, a 13.13% decrease from 2024, with reduced revenue from watch and movement sales, zero revenue from property sales, and a decline in rental income Revenue Sources Analysis (2025 vs 2024) | Revenue Source | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Watches and watch movements | 383,753,379 | 411,751,950 | -6.80% | | Sales of properties | – | 38,998,062 | -100.00% | | Rental income | 118,551,847 | 127,472,563 | -7.00% | | **Total Revenue** | **502,305,226** | **578,222,575** | **-13.13%** | [Operating Segments](index=8&type=section&id=%E7%BB%8F%E8%90%A5%E5%88%86%E9%83%A8) The Group's reportable and operating segments include watch manufacturing and movement trading, residential and other property development and investment, and commercial property investment, with "Commercial Property Investment" renamed to better reflect its business nature - The Group's reportable and operating segments include **watch manufacturing and watch movement trading**, **residential and other property development and investment**, and **commercial property investment**[14](index=14&type=chunk) - The business unit engaged in holding commercial properties for investment and leasing purposes has been renamed **"Commercial Property Investment"**[13](index=13&type=chunk) [Segment Revenue and Results](index=9&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A%E5%8F%8A%E4%B8%9A%E7%BB%A9) In 2025, the watch manufacturing and movement trading segment saw a slight decrease in revenue and results, the residential and other property development and investment segment had no external sales revenue and a significant drop in results, while the commercial property investment segment experienced decreased revenue but substantially increased results Segment Revenue and Results (2025 vs 2024) | Segment | 2025 Revenue (HKD) | 2024 Revenue (HKD) | 2025 Segment Results (HKD) | 2024 Segment Results (HKD) | | :--- | :--- | :--- | :--- | :--- | | Watch manufacturing and watch movement trading | 383,753,379 | 411,751,950 | 5,080,072 | 5,214,140 | | Residential and other property development and investment | – | 38,998,062 | 62,243,758 | 151,167,739 | | Commercial property investment | 118,551,847 | 127,472,563 | 227,838,761 | 115,117,649 | | **Consolidated Total Revenue** | **502,305,226** | **578,222,575** | **295,162,591** | **271,499,528** | [Segment Assets and Liabilities](index=11&type=section&id=%E5%88%86%E9%83%A8%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA) As of March 31, 2025, assets in the residential and other property development and investment segment and commercial property investment segment significantly increased, while watch manufacturing and movement trading segment assets decreased, and liabilities across all segments rose Segment Assets and Liabilities (2025 vs 2024) | Segment | 2025 Segment Assets (HKD) | 2024 Segment Assets (HKD) | 2025 Segment Liabilities (HKD) | 2024 Segment Liabilities (HKD) | | :--- | :--- | :--- | :--- | :--- | | Watch manufacturing and watch movement trading | 160,325,791 | 190,455,728 | 63,373,518 | 46,899,768 | | Residential and other property development and investment | 5,621,213,397 | 4,844,479,930 | 926,935,933 | 764,049,989 | | Commercial property investment | 2,555,243,558 | 2,397,592,896 | 18,861,395 | 15,149,545 | | **Total Segment Assets** | **8,336,782,746** | **7,432,528,554** | **1,009,170,846** | **826,099,302** | [Capital Additions and Depreciation](index=12&type=section&id=%E8%B5%84%E6%9C%AC%E5%A2%9E%E5%8A%A0%E5%8F%8A%E6%8A%98%E6%97%A7) Total capital additions significantly increased to HKD 768,828,078 in 2025, primarily driven by the residential and other property development and investment segment, while fair value gains on investment properties decreased Capital Additions and Depreciation (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Capital additions | 768,828,078 | 228,523,460 | | Depreciation of property, plant and equipment | 6,063,622 | 6,214,764 | | Depreciation of right-of-use assets | 12,238,943 | 18,737,419 | | Increase in fair value of investment properties | 207,125,031 | 223,301,069 | [Geographical Information](index=13&type=section&id=%E5%9C%B0%E7%90%86%E4%BD%8D%E7%BD%AE%E4%BF%A1%E6%81%AF) The Group's main operations are in Hong Kong and China, North America, and Europe, with 2025 seeing decreased revenue and non-current assets from Hong Kong and China, a significant drop in North American revenue, and increased European revenue Geographical Revenue and Non-current Assets (2025 vs 2024) | Region | 2025 Revenue (HKD) | 2024 Revenue (HKD) | 2025 Non-current Assets (HKD) | 2024 Non-current Assets (HKD) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong and China | 489,547,720 | 529,685,802 | 3,507,126,072 | 5,253,932,829 | | North America | 700,194 | 39,478,788 | 225,026,478 | 259,776,244 | | Europe | 11,610,727 | 8,975,171 | 140,805,700 | 144,772,765 | | Other locations | 446,585 | 82,814 | – | 13,748,210 | | **Total** | **502,305,226** | **578,222,575** | **3,872,958,250** | **5,672,230,048** | [Major Customer Information](index=13&type=section&id=%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B7%E4%BF%A1%E6%81%AF) Customer A remained a major client for the Group in both 2025 and 2024, with revenue primarily generated from the watch manufacturing and movement trading segment Major Customer Revenue (2025 vs 2024) | Customer | 2025 Revenue (HKD) | 2024 Revenue (HKD) | | :--- | :--- | :--- | | Customer A | 94,506,989 | 103,462,636 | - Revenue from **Customer A** primarily derived from **watch manufacturing and watch movement trading**[22](index=22&type=chunk) [Other Income and Finance Costs](index=14&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E4%B8%8E%E8%B4%A2%E5%8A%A1%E6%94%AF%E5%87%BA) Other income surged by 116.39% to HKD 79,782,120 in 2025, mainly from gains on disposal of property, plant and equipment and occupancy income, while finance costs decreased by 5.13% due to increased capitalization for investment properties and properties under development Other Income and Finance Costs (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | **Other Income** | | | | | Bank interest income | 15,124,715 | 17,936,559 | -15.68% | | Gain on disposal of property, plant and equipment | 37,643,010 | 3,848,577 | +878.09% | | Occupancy income | 18,910,281 | – | N/A | | **Total Other Income** | **79,782,120** | **36,869,644** | **+116.39%** | | **Finance Costs** | | | | | Total borrowing costs | 354,529,506 | 340,304,695 | +4.18% | | Less: Amounts capitalised for investment properties and properties under development | (152,179,921) | (127,007,431) | +19.82% (Capitalisation increased) | | **Net Finance Costs** | **202,349,585** | **213,297,264** | **-5.13%** | [Profit Before Tax and Income Tax](index=15&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%E6%BA%A2%E5%88%A9%E4%B8%8E%E6%89%80%E5%BE%97%E7%A8%8E) Profit before tax significantly increased in 2025 due to higher other income and lower finance costs, while income tax shifted from an expense to a credit, primarily influenced by deferred tax credits [Components of Profit Before Tax](index=15&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%E6%BA%A2%E5%88%A9%E6%9E%84%E6%88%90) In 2025, staff costs, depreciation of property, plant and equipment, and right-of-use assets all decreased, while inventory costs reduced and net exchange losses increased Components of Profit Before Tax (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Staff costs | 86,107,403 | 101,436,200 | -15.09% | | Depreciation of property, plant and equipment | 6,063,622 | 6,214,764 | -2.43% | | Depreciation of right-of-use assets | 12,238,943 | 18,737,419 | -34.68% | | Cost of inventories recognised as an expense | 343,279,959 | 376,746,091 | -8.89% | | Net exchange losses | 6,379,306 | 1,054,470 | +504.98% | | Net rental income from investment properties | (90,506,073) | (101,566,855) | -10.99% | [Income Tax](index=15&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E) Income tax shifted to a credit of HKD 19,964,103 in 2025, mainly due to deferred tax credits of HKD 22,235,699, with Hong Kong profits tax and Canadian corporate income tax rates remaining unchanged, and Chinese subsidiaries taxed at 25% Income Tax Credit/(Expense) (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 1,712,820 | 1,974,673 | | Other jurisdictions | 558,776 | (4,978,143) | | Deferred tax | (22,235,699) | 4,210,607 | | **Total Income Tax Credit/(Expense)** | **(19,964,103)** | **1,207,137** | - Hong Kong Profits Tax is calculated at **16.5%** of the estimated assessable profits, with the first **HKD 2,000,000** of assessable profits for qualifying corporations taxed at **8.25%**[25](index=25&type=chunk) - Canadian subsidiaries are subject to **Canadian corporate income tax at 26.5%**, while Chinese subsidiaries are taxed at **25%**[26](index=26&type=chunk) [Details of Financial Statement Notes](index=16&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8%E8%AF%A6%E6%83%85) This section details the aging analysis and changes in bills receivable, trade and other receivables, deposits and prepayments, and trade and other payables and bills payable, also noting the reclassification of comparative figures [Bills Receivable](index=16&type=section&id=%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) Bills receivable decreased by over 50% to HKD 508,747 in 2025 compared to 2024, with all balances aged within 30 days Bills Receivable (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Bills receivable | 508,747 | 1,054,152 | -51.74% | - Bills receivable are aged **within 30 days**[29](index=29&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=17&type=section&id=%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other receivables, deposits and prepayments significantly increased by 114.36% to HKD 316,148,274 in 2025, primarily due to a substantial rise in deposits and prepayments, while credit loss allowance for trade receivables decreased Trade and Other Receivables, Deposits and Prepayments (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables (net of allowance) | 23,354,971 | 21,306,548 | +9.61% | | Deposits | 167,911,442 | 22,063,056 | +661.06% | | Prepayments | 96,224,573 | 82,432,490 | +16.73% | | **Total** | **316,148,274** | **147,492,672** | **+114.36%** | - The Group offers an average credit period of up to **30 days** to its trade customers[30](index=30&type=chunk) [Trade and Other Payables and Bills Payable](index=18&type=section&id=%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) Total trade and other payables and bills payable significantly increased by 72.54% to HKD 48,816,011 in 2025, primarily concentrated in balances aged within 30 days and 31-90 days Trade and Other Payables and Bills Payable Aging Analysis (2025 vs 2024) | Aging | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 31,514,427 | 17,543,197 | +79.64% | | 31 to 90 days | 16,893,603 | 10,288,642 | +64.20% | | **Total** | **48,816,011** | **28,293,164** | **+72.54%** | - The average credit period for purchases is **30 days**[31](index=31&type=chunk) [Comparative Figures](index=18&type=section&id=%E6%AF%94%E8%BC%83%E6%95%B8%E5%AD%97) Certain comparative figures have been reclassified to conform with the current year's presentation - Certain comparative figures have been **reclassified** to conform with the current year's presentation[33](index=33&type=chunk) [Dividend Distribution and AGM Arrangements](index=19&type=section&id=%E8%82%A1%E6%81%AF%E5%88%86%E6%B4%BE%E5%8F%8A%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E5%AE%89%E6%8E%92) This section outlines the proposed final dividend distribution and the associated share transfer registration procedures for the Annual General Meeting [Final Dividend and Registration Procedures](index=19&type=section&id=%E6%9C%AB%E6%9C%9F%E8%82%A1%E6%81%AF%E5%8F%8A%E7%99%BB%E8%AE%B0%E6%89%8B%E6%89%8B%E7%BB%AD) The Board proposes a final dividend of HKD 0.5 cents per share, a decrease from last year, with share transfer registration suspended twice to determine AGM voting rights and dividend entitlement - The Board recommends a final dividend of **HKD 0.5 cents per share** for the year ended March 31, 2025 (2024: **HKD 1.2 cents**)[34](index=34&type=chunk) - Share transfer registration will be suspended from **August 19 to August 26, 2025**, to determine eligibility for voting at the Annual General Meeting[34](index=34&type=chunk) - Share transfer registration will be suspended from **September 2 to September 3, 2025**, to determine eligibility for the proposed dividend distribution[35](index=35&type=chunk) - The proposed dividend is expected to be paid on or about **September 17, 2025**[36](index=36&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive review of the Group's financial performance, business operations, future outlook, liquidity, treasury policies, investment plans, asset pledges, and human resources [Performance Review](index=19&type=section&id=%E4%B8%9A%E7%BB%A9%E5%9B%9E%E9%A1%B9) For the year ended March 31, 2025, profit attributable to company shareholders significantly increased by 128.82% to HKD 93,898,000, with basic and diluted earnings per share rising to HKD 10.3 cents Performance Review (2025 vs 2024) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to company shareholders | 93,898,000 HKD | 41,133,258 HKD | +128.82% | | Basic and diluted earnings per share | 10.3 HKD cents | 4.5 HKD cents | +128.89% | [Business Review](index=20&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B9) The Group's business segments showed mixed performance during the review period, with watch manufacturing and components maintaining profit margins despite slightly lower turnover, residential and other property development projects progressing well, and commercial property investment performing strongly [Watch Manufacturing and Watch Components](index=20&type=section&id=%E6%89%8B%E9%8C%B6%E8%A3%BD%E9%80%A0%E5%8F%8A%E6%89%8B%E9%8C%B6%E9%85%8D%E4%BB%B6) During the review period, the watch manufacturing and watch components trading segment experienced a slight decrease in turnover but successfully maintained its profit margin - The turnover of the **watch manufacturing and watch components trading segment** experienced a **slight decrease**[38](index=38&type=chunk) - The segment successfully **maintained its profit margin**[38](index=38&type=chunk) [Residential and Other Property Development and Investment](index=20&type=section&id=%E4%BD%8F%E5%AE%85%E5%8F%8A%E5%85%B6%E4%BB%96%E7%89%A9%E6%A5%AD%E7%99%BC%E5%B1%95%E5%8F%8A%E6%8A%95%E8%B3%87) The luxury residential project at 1 South Bay Road, Repulse Bay, Hong Kong, has been further enhanced, and the provisional occupancy program for sold units at 88 Queen Street East, Toronto, Canada, is proceeding as scheduled - The luxury residential project at **1 South Bay Road, Repulse Bay, Hong Kong**, has undergone further enhancements to its exterior decoration, landscaping, common areas, recreational facilities, and interior decoration works to achieve the highest standards[39](index=39&type=chunk) - The provisional occupancy program for sold units at the Phase 3 mixed-use project at **88 Queen Street East, Toronto, Canada**, is proceeding as scheduled[39](index=39&type=chunk) [Commercial Property Investment](index=20&type=section&id=%E5%95%86%E6%A5%AD%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) The Group's boutique investments in this sector performed well during the period - The Group's boutique investments in this sector performed **well**[40](index=40&type=chunk) [Outlook](index=20&type=section&id=%E5%89%8D%E6%99%AF%E5%B1%95%E6%9C%9B) The Group anticipates the watch manufacturing and components segment to be less affected by tariff disputes than industry peers, plans new project launches for residential and other property development, and expects stable performance from commercial property investments [Watch Manufacturing and Watch Components](index=20&type=section&id=%E6%89%8B%E9%8C%B6%E8%A3%BD%E9%80%A0%E5%8F%8A%E6%89%8B%E9%8C%B6%E9%85%8D%E4%BB%B6) Despite global tariff disputes creating uncertainty, the company expects a lower impact than industry peers due to most products being manufactured in Japan and enjoying lower tariffs in the US - Global tariff disputes create **uncertainty** for the world economy, impacting consumer demand and supply chains[41](index=41&type=chunk) - Due to most products being manufactured in Japan and enjoying **lower tariffs in the US**, the Group anticipates a **lower impact** compared to other companies in the industry[41](index=41&type=chunk) [Residential and Other Property Development and Investment](index=20&type=section&id=%E4%BD%8F%E5%AE%85%E5%8F%8A%E5%85%B6%E4%BB%96%E7%89%A9%E6%A5%AD%E7%99%BC%E5%B1%95%E5%8F%8A%E6%8A%95%E8%B3%87) The luxury residential project at 1 South Bay Road, Repulse Bay, Hong Kong, is set for a trial launch in Q3 2025, and registration for residential apartments at 88 Queen Street East, Toronto, Canada, has commenced - The luxury residential project at **1 South Bay Road, Repulse Bay, Hong Kong**, is scheduled for a **trial launch in the third quarter of 2025**[42](index=42&type=chunk) - The mixed-use project at **88 Queen Street East, Toronto, Canada**, has commenced the **registration application process for residential apartments**[42](index=42&type=chunk) [Commercial Property Investment](index=20&type=section&id=%E5%95%86%E6%A5%AD%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) The Group expects its boutique investments in the commercial property sector to maintain their performance - The Group expects its boutique investments in this sector to **maintain their performance**[43](index=43&type=chunk) [Liquidity and Financial Resources](index=21&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E5%8F%8A%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90) As of March 31, 2025, total borrowings increased by HKD 717 million to HKD 5.646 billion, with approximately HKD 3.861 billion repayable within one year, while the gearing ratio significantly decreased to 0.69 and bank balances and cash increased by 12.42% to HKD 534 million Liquidity and Financial Resources (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total borrowings | 5,646,000,000 | 4,929,000,000 | +717,000,000 | | Borrowings repayable within one year | 3,861,000,000 | 1,521,118,410 | +153.81% | | Gearing ratio | 0.69 | 1.34 | -48.51% | | Total bank balances and cash | 534,000,000 | 475,000,000 | +12.42% | - The Group maintains a **reasonable level of cash resources and available credit facilities**, providing sufficient liquidity for its commitments and working capital needs[44](index=44&type=chunk) [Treasury Policy](index=21&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group's borrowings are primarily denominated in HKD and CAD, while bank balances and cash are mainly in HKD and USD; all borrowings are floating rate, and the Group will prudently monitor foreign exchange and interest rate risks - **71%** of the Group's borrowings are denominated in **HKD**, **26%** in **CAD**, **2%** in **GBP**, and **1%** in **JPY and USD**[45](index=45&type=chunk) - **53%** of bank balances and cash are in **HKD**, **37%** in **USD**, **7%** in **CAD**, **2%** in **JPY**, and **1%** in **RMB and others**[45](index=45&type=chunk) - All borrowings are **floating rate**, and the Group will prudently monitor **foreign exchange and interest rate risks**, utilizing financial instruments like forward contracts and interest rate swaps when necessary[45](index=45&type=chunk) [Future Material Investment Plans](index=21&type=section&id=%E6%9C%AA%E4%BE%86%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E8%A8%88%E5%8A%83) The Group currently has no other material investment plans, and any acquisitions will be funded by internal resources and bank borrowings - The Group currently has **no other material investment plans**[46](index=46&type=chunk) - Any acquisitions will be funded by the Group's **internal resources and bank borrowings**[46](index=46&type=chunk) [Pledge of Assets](index=21&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of March 31, 2025, approximately HKD 8.192 billion of the Group's properties and fixed deposits were pledged for bank financing, an increase from the previous year Pledge of Assets (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total pledged assets | 8,192,000,000 | 7,417,000,000 | +775,000,000 | - Certain properties and fixed deposits have been **pledged as security** for the Group's bank financing[47](index=47&type=chunk) [Employees](index=22&type=section&id=%E5%83%B1%E5%93%A1) As of March 31, 2025, the Group had approximately 175 employees, with staff costs decreasing during the year, and remuneration determined by market levels, qualifications, and annual review Employees and Staff Costs (2025 vs 2024) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of employees | Approx. 175 | N/A | N/A | | Staff costs (including directors' emoluments) | Approx. 86,000,000 HKD | Approx. 101,000,000 HKD | -14.9% | - Remuneration is determined by reference to **market levels and the qualifications of the relevant employees**, reviewed annually, with discretionary bonuses[48](index=48&type=chunk) [Purchase, Sale or Redemption of Company's Shares](index=22&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD) During the financial year, the Company repurchased a total of 516,000 of its own shares on the Stock Exchange for a total consideration of HKD 234,993, representing an 85.58% decrease in repurchased volume compared to the previous year Share Repurchase Details (2025 vs 2024) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total shares repurchased | 516,000 shares | 3,578,000 shares | -85.58% | | Total consideration paid (including expenses) | 234,993 HKD | N/A | N/A | [Corporate Governance and Disclosure](index=23&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E4%B8%8E%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2) This section covers the Group's environmental, social, and governance practices, corporate governance compliance, information publication, and changes in board committee composition [Environmental, Social and Governance Report](index=23&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) The Company's environmental, social, and governance details will be separately published in an ESG Report in accordance with Listing Rule 13.91 and Appendix C2 - The Company's environmental, social, and governance details will be contained in a separate **Environmental, Social and Governance Report**, to be published in accordance with **Listing Rule 13.91 and Appendix C2**[50](index=50&type=chunk) [Corporate Governance](index=23&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules for the year ended March 31, 2025, except for the Chairman and Managing Director being exempt from rotation, and has established an Audit and Risk Management Committee and adopted the Model Code for Securities Transactions by Directors - The Company has complied with the **Corporate Governance Code** set out in Appendix C1 of the Listing Rules for the year ended March 31, 2025, except for the **Chairman and Managing Director being exempt from rotation**[51](index=51&type=chunk) - The Board believes the Chairman and Managing Director play a **pivotal role** in formulating the Group's corporate strategy and direction, and should not be subject to retirement by rotation[51](index=51&type=chunk) - The Company has established an **Audit and Risk Management Committee** and adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules[51](index=51&type=chunk) [Publication on HKEX and Company Website](index=24&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%88%8A%E7%99%BB%E8%B3%87%E6%96%99) This results announcement has been published on the HKEX and Company websites, with the relevant annual report to be dispatched to shareholders and made available on the same websites in due course - This results announcement has been published on the **HKEX website** (http://www.hkex.com.hk) and the **Company's website** (http://www.irasia.com/listco/hk/national/index.htm)[52](index=52&type=chunk) - The Company's relevant annual report will be dispatched to shareholders and made available on the same websites in due course[52](index=52&type=chunk) [Changes in Composition of Nomination Committee](index=24&type=section&id=%E6%8F%90%E5%90%8D%E5%A7%94%E5%93%A1%E6%9C%83%E7%B5%84%E6%88%90%E4%B9%8B%E8%AE%8A%E5%8B%95) Effective June 27, 2025, Ms. Li Yuanru, a Non-executive Director, was appointed to the Nomination Committee, while Mr. Li Benzhi, Managing Director and Executive Director, ceased to be a member, a change the Board believes enhances effectiveness, diversity, and corporate governance - Effective **June 27, 2025**, Ms. Li Yuanru, a Non-executive Director, was appointed as a member of the Nomination Committee[53](index=53&type=chunk) - Mr. Li Benzhi, the Managing Director and Executive Director, ceased to be a member of the Company's Nomination Committee[53](index=53&type=chunk) - The Board believes this change will **enhance the effectiveness and diversity of the Board** and **improve corporate governance standards**[55](index=55&type=chunk) [Updated Composition of Board Committees](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A7%94%E5%93%A1%E6%9C%83%E6%9C%80%E6%96%B0%E4%B9%8B%E7%B5%84%E6%88%90%E6%83%85%E6%B3%81) Following changes, the Nomination Committee is chaired by Mr. Li Yuanqing, with Ms. Li Yuanru, Mr. Chan Kwok Wai, Mr. Sun Dawei, and Mr. Pius HO as members, while Mr. Chan Kwok Wai chairs the Audit and Risk Management Committee and Mr. Sun Dawei chairs the Remuneration Committee Updated Composition of Board Committees (Effective June 27, 2025) | Director | Audit and Risk Management Committee | Nomination Committee | Remuneration Committee | | :--- | :--- | :--- | :--- | | Mr. Li Yuanqing (Executive Director) | – | Chairman | Member | | Mr. Li Benzhi (Executive Director) | – | – | Member | | Ms. Li Yuanru (Non-executive Director) | – | Member | – | | Mr. Chan Kwok Wai (Independent Non-executive Director) | Chairman | Member | Member | | Mr. Sun Dawei (Independent Non-executive Director) | Member | Member | Chairman | | Mr. Pius HO (Independent Non-executive Director) | Member | Member | Member | [Schedule of Major Properties](index=27&type=section&id=%E4%B8%BB%E8%A6%81%E7%89%A9%E6%A5%AD%E4%B8%80%E8%A6%BD%E8%A1%A8) This section presents a detailed schedule of the Group's major investment properties, properties under development for sale, and unsold property inventories [Investment Properties](index=27&type=section&id=%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) The Group holds various commercial, industrial, and residential investment properties in Hong Kong, Nanning, China, and London, UK, all with 100% equity interest and long-term or medium-term lease tenures - The Group holds commercial investment properties in **Sheung Wan, Hong Kong**, including The Putman, 99 Bonham, One96, and The Jervois, all with **100% equity interest**[58](index=58&type=chunk) - The Group holds two industrial land parcels in **Nanning, China**, and two residential apartments in **London, UK**, all with **100% equity interest**[58](index=58&type=chunk) - The Group owns a residential property at **House 26, The Royalton, 8 White Head Road, Hong Kong**, with **100% equity interest**[59](index=59&type=chunk) [Properties Under Development for Sale](index=28&type=section&id=%E5%8F%AF%E4%BE%9B%E9%8A%B7%E5%94%AE%E7%99%BC%E5%B1%95%E4%B8%AD%E7%89%A9%E6%A5%AD) The Group owns two properties under development for sale in Toronto, Canada, and Repulse Bay, Hong Kong, both with 100% equity interest and expected completion in 2025 - The mixed-use project at **88 Queen Street East, Toronto, Canada**, spans **3,197 sqm** of land area, with **37,357 sqm** of residential area and **10,360 sqm** of retail and office area, with provisional occupancy for pre-sold units underway and expected completion in **2025**[60](index=60&type=chunk) - The luxury residential project at **1 South Bay Road, Repulse Bay, Hong Kong**, has a residential area of **2,471 sqm**, with improvement works for the show flat to be completed shortly and expected completion in **2025**[60](index=60&type=chunk) [Unsold Property Inventories](index=28&type=section&id=%E6%9C%AA%E5%94%AE%E5%87%BA%E7%89%A9%E6%A5%AD%E5%AD%98%E8%B2%A8) The Group holds 50% equity interest in unsold residential property inventory at House 1, 45 Tai Tam Road, Hong Kong, through a joint venture, with the property already completed - The Group holds **50% equity interest** in unsold residential property inventory at **House 1, 45 Tai Tam Road, Hong Kong**, through a joint venture[61](index=61&type=chunk) - The property is **completed**, with the Group's attributable area being **222.55 sqm**[61](index=61&type=chunk)

Group 1 - The article reports on share buybacks conducted by various companies on May 12, 2025, with AIA Group (01299) having the largest buyback amount of 1.25 billion, purchasing 2 million shares [1][2] - Other notable buybacks include China COSCO Shipping Holdings (01919) with 4.21 million shares bought back for 53.77 million, and Times Electric (03898) with 1.43 million shares for 47.22 million [2][3] - The total number of shares repurchased by AIA Group in the year reached 5.93 billion, accounting for 5.276% of its total share capital [2] Group 2 - China Hongqiao Group (01378) repurchased 1.13 million shares for 15.96 million, representing only 0.380% of its total share capital [2] - Swire Properties (00019) bought back 181,000 shares for 12.67 million, with a total annual repurchase of 5.56 million shares, which is 6.652% of its total [2] - The buyback activity reflects a trend among companies to utilize excess cash for share repurchases, potentially signaling confidence in their financial health [1][2]

Group 1 - The article reports on share buybacks conducted by various companies on April 30, 2025, highlighting the total amounts and quantities repurchased [1][2][3] - AIA Group (01299) had the largest buyback amount, repurchasing 3.7736 million shares for a total of 217 million [1][2] - China Merchants Industry Holdings (01919) and China Hongqiao Group (01378) also had significant buybacks, with 12.9715 million shares for 151 million and 4.6665 million shares for approximately 64.83 million respectively [2][3] Group 2 - The cumulative buyback amounts for the year show that AIA Group has repurchased a total of 584 million shares, representing 5.198% of its total share capital [2] - China Merchants Industry Holdings has repurchased 241 million shares, accounting for 7.530% of its total share capital [2] - Other notable companies include Times Electric (03898) with 8.016% of its total shares repurchased and Swire Properties (01972) with 1.530% [2][3] Group 3 - The buyback activities reflect a trend among companies to return capital to shareholders, with varying percentages of total share capital being repurchased across different firms [1][2] - Companies like FOSUN Pharma (02196) and Jitu Express (01519) have lower buyback percentages, at 1.800% and 0.645% respectively, indicating a more conservative approach [2][3] - The data suggests a strategic move by companies to enhance shareholder value amidst market conditions [1][2]