Financial Performance - For the six months ended June 30, 2021, the Group recorded an unaudited profit attributable to Shareholders of HK$260.04 million, an increase of 20.1% compared to the same period in 2020[27]. - Basic earnings per share increased by 20.1% to 43.54 HK cents[27]. - The Group's share of profit after tax from Xiamen International Bank was HK$249.05 million, a 10.6% increase from HK$225.18 million in the same period of 2020[28]. - The financial services business reported an unaudited profit after tax of HK$253.11 million in the first half of 2021, a 9.7% increase from HK$230.7 million in the same period of 2020[37]. - The Group achieved an unaudited profit attributable to shareholders of HK$260.04 million in the first half of 2021, a 20.1% increase from HK$216.5 million in the same period of 2020[37]. - Profit attributable to shareholders decreased by 25.3% to RMB4.28 billion in the first half of 2021, down from RMB5.73 billion in the same period of 2020, primarily due to rising fuel prices[51]. - The Group's total capital commitments related to investment properties and intangible assets amounted to HKD 390,000 as of June 30, 2021, compared to HKD 250,000 as of December 31, 2020, representing a 56% increase[68]. Asset Growth - Total assets of the Group grew by 4.4% to HK$8.77 billion as of June 30, 2021, compared to HK$8.41 billion at the end of 2020[27]. - XIB Group's total assets increased by 2.7% to RMB 977.87 billion as of June 30, 2021, compared to RMB 952.28 billion at the end of 2020[31]. - The company's total assets as of June 30, 2021, amounted to HK$8,773,339,000, compared to HK$8,405,864,000 as of December 31, 2020, reflecting a growth of 4.4%[176]. Revenue and Income - Total revenues for the six months ended June 30, 2021, were HK$88,978,000, representing a 24.2% increase from HK$71,635,000 in the same period of 2020[105]. - Operating profit for the period was HK$21,971,000, significantly up from HK$6,152,000 in 2020, marking an increase of 257.5%[105]. - Net earned insurance premiums were HK$66,404,000, up from HK$42,600,000 in the previous year, indicating a growth of 55.9%[152]. - Revenue from external customers for the financial services segment increased to HK$88,978,000 in 2021 from HK$71,635,000 in 2020, representing a growth of approximately 24.2%[167]. Dividends and Shareholder Returns - The Group distributed the final dividend for 2020 during the review period, providing stable and sustainable returns to shareholders[26]. - Huaneng declared a final dividend of RMB0.18 per share for 2020, with expected dividend income of RMB12.23 million in the second half of 2021[51]. - No interim dividend was declared for the six months ended June 30, 2021, consistent with the previous year[191]. Strategic Focus and Market Position - The Group plans to focus on developing core businesses and strengthening financial services investments in the Greater China region while exploring new market opportunities[34]. - The Group continues to maintain a clear strategic positioning to navigate the uncertainties in the global economy[25]. - The management team of the insurance business will continue to enhance business quality and profitability amid a competitive market environment[34]. Risk Management and Compliance - The Group's financial risk management objectives and policies remain consistent with those disclosed in the 2020 annual report[139]. - The Company has adopted the Corporate Governance Code and complied with all applicable code provisions throughout the six months ended June 30, 2021, except for one deviation regarding non-executive directors' terms[73]. - The Audit Committee reviewed the accounting principles and practices adopted by the Group and discussed risk management and internal control matters for the six months ended June 30, 2021[84]. Employment and Corporate Governance - The Group employed a total of 69 employees as of June 30, 2021, with remuneration based on individual performance and experience[71]. - The interests and short positions of the Directors and Chief Executive in the shares and debentures of the Company were recorded as required under the Securities and Futures Ordinance[89]. Financial Position and Liabilities - Total liabilities amounted to HK$906.63 million, up 11.5% from HK$807.77 million at the end of 2020, with a total liabilities to equity ratio of 11.5%[57]. - The total liabilities of the company as of June 30, 2021, were HK$906,630,000, compared to HK$807,773,000 at the end of 2020, indicating an increase of 12.2%[176]. - The Group's cash and bank balances, after accounting for regulatory deposits, totaled HK$980,505,000, down from HK$1,114,196,000[125]. Investment and Asset Management - The Group recognized a fair value gain of HK$2,974,000 on investment properties during the period, contrasting with a fair value loss of HK$1,073,000 in the previous year[193]. - The Group's investment in associates primarily represented an approximately 8.8543% interest in XIB Group as of June 30, 2021[195]. - The Group's carrying amount in the consolidated financial statements for XIB Group was HK$6,389,652,000 as of June 30, 2021, up from HK$6,067,913,000 at the end of 2020, indicating an increase of approximately 5.3%[199].

Financial Performance - Profit attributable to shareholders for 2020 was HK$ 436,062,000, a decrease from HK$ 571,486,000 in 2019[9]. - Profit before taxation for 2020 was HK$ 472,187,000, down from HK$ 593,585,000 in 2019, with an income tax expense of HK$ 36,125,000[9]. - The company reported a profit before taxation of HK$ 272,087,000 in 2016, which increased to HK$ 610,526,000 in 2018 before declining in subsequent years[9]. - The five-year financial summary indicates a peak profit attributable to shareholders of HK$ 578,090,000 in 2018[9]. - The company has experienced fluctuations in profit over the past five years, with a notable decline in 2020 compared to previous years[9]. - The financial data reflects a consistent growth trend from 2016 to 2018, followed by a decrease in 2019 and 2020[9]. - The income tax expense has varied, with the highest recorded in 2018 at HK$ 32,436,000[9]. - The company’s financial performance indicates a need for strategic adjustments to address the declining profit trend observed in recent years[9]. - The Group recorded a profit after tax of HK$436.06 million in 2020, a decrease of 23.7% compared to HK$571.49 million in 2019[28]. - Basic earnings per share decreased by 23.7% to 73.01 HK cents in 2020[28]. - The Group's financial services business reported a profit after tax of HK$405.99 million in 2020, a decrease of 27.6% compared to HK$560.87 million in 2019[37]. Assets and Liabilities - Total assets increased by 9.1% to HK$8.4 billion at 31 December 2020, compared to HK$7.7 billion at the end of 2019[28]. - The banking business accounted for 72.2% of the Group's total assets as of 31 December 2020[28]. - The net asset value per share was HK$12.7 at 31 December 2020, with approximately 79.9% derived from the investment in Xiamen International Bank[28]. - Total liabilities amounted to HK$807.77 million, representing 10.6% of total equity attributable to shareholders, up from 9.4% in 2019[59]. - The current ratio decreased to 2.4 from 4.1 in 2019, with current assets at HK$1,409.54 million and current liabilities at HK$583.44 million[59]. - Borrowings increased by 13.4% to HK$521.6 million compared to HK$460 million at the end of 2019[59]. Investment and Contributions - Xiamen International Bank contributed about 89.7% of the Group's results in 2020[28]. - The profit after tax of Xiamen International Bank for the Group's reporting purpose decreased by 22% compared to 2019[28]. - The Group's share of results from Xiamen International Bank was HK$444.78 million in 2020, down 22.7% from HK$575.17 million in 2019[28]. - Xiamen International Bank's total assets grew by 3.7% to RMB952.28 billion at 31 December 2020 compared to RMB918.34 billion at the end of 2019[28]. - The Group recognized a loss on dilution of HK$28.75 million due to the dilution of its shareholding in Xiamen International Bank from approximately 9.7635% to 8.8543%[28]. Insurance and Underwriting - Total gross insurance premiums increased by 79.1% to HK$160.86 million in 2020[30]. - Underwriting profit after management expenses for underwriting business was HK$14.35 million in 2020, an increase of 37.8% compared to HK$10.41 million in 2019[30]. - Min Xin Insurance recorded gross insurance premiums of HK$160.86 million in 2020, a 79.1% increase from HK$89.82 million in 2019[50]. - Underwriting profit for Min Xin Insurance increased by 37.8% to HK$14.35 million after deducting management expenses[50]. - Min Xin Insurance achieved a profit after tax of HK$15.49 million in 2020, a significant increase of 349% from HK$3.45 million in 2019[50]. Leadership and Management - Mr. Yan Zheng has been appointed as Executive Director and Chairman of the Board since April 2018, with extensive experience in financial institutions management and corporate management[74]. - Mr. Chen Jie has been appointed as Executive Director and Vice Chairman of the Board since December 2020, holding a Doctor of Management degree and extensive experience in financial capital management[76]. - The Company has a strong leadership team with members holding advanced degrees and extensive experience in finance and management[74][76][79]. - The Company is focused on enhancing its financial management capabilities through experienced executives[76]. - The leadership team includes members who have held significant positions in government and financial institutions, contributing to the Company's strategic direction[76][79]. Corporate Governance - The Company has adopted a Board Diversity Policy to enhance Board effectiveness and corporate governance, considering factors such as gender, age, cultural background, and professional experience[100]. - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the year ended December 31, 2020, except for the non-specific term of Non-executive Directors[99]. - The Company is committed to maintaining high standards of corporate governance to achieve business objectives and sustainable development[99]. - The Board will continue to monitor and periodically review the Company's corporate governance practices to ensure compliance with the Corporate Governance Code[99]. - The Company has established measurable objectives for its Board Diversity Policy to ensure effectiveness[176]. Risk Management - The Board has adopted a Risk Management Policy covering the Group's risk appetite and management framework at strategic and operational levels, including credit risk, market risk, insurance risk, operational risk, investment risk, and compliance risk[193]. - The Audit Committee reviewed the effectiveness of the Group's risk management and internal control systems, ensuring compliance with the CG Code's provisions[193]. - The risk management and internal control systems are designed to manage risks within an acceptable risk profile rather than eliminate them entirely[193]. - The Group's risk management framework includes measures to monitor and control various risks, ensuring a comprehensive approach to risk management[193]. Shareholder Rights - Shareholders representing at least 2.5% of total voting rights can request the company to issue a notice of resolution for the AGM[200]. - Shareholders must submit their request for resolution at least 6 weeks before the AGM[200]. - The company is required to reimburse reasonable expenses incurred by shareholders due to the failure of directors to convene a meeting[198]. - Any general meeting convened by shareholders must be held within three months from the date of the request[198].

Financial Performance - For the six months ended June 30, 2020, the Group recorded an unaudited profit attributable to shareholders of HK$216.5 million, a decrease of 20.7% compared to the same period in 2019[22]. - Basic earnings per share decreased by 20.7% to HK$0.3625[22]. - The Group recorded a loss of HK$109.8 million in the first half of 2020 due to net fair value changes, compared to a loss of HK$88.44 million in the same period of 2019, representing an increase in loss of 24.5%[44]. - Profit attributable to shareholders increased by 49.7% to RMB5.73 billion in the first half of 2020, up from RMB3.83 billion in the same period of 2019, primarily due to a decline in fuel prices[44]. - The Group recorded a fair value loss of HK$1.08 million in the first half of 2020, a decrease of 29.4% from a loss of HK$1.53 million in the same period of 2019[47]. - Total comprehensive income for the period was a loss of HK$34,096,000, contrasting with a gain of HK$227,270,000 in the previous year[100]. - The profit attributable to shareholders for the six months ended June 30, 2020, was HK$216,495,000, a decrease of 20.5% compared to HK$272,968,000 in 2019[171]. Assets and Liabilities - Total assets of the Group decreased by 0.1% to HK$7.69 billion as of June 30, 2020, compared to HK$7.7 billion at the end of 2019[22]. - Total liabilities amounted to HK$742.63 million, representing 10.7% of total equity attributable to shareholders, up from 9.4% at the end of 2019[50]. - The current ratio decreased to 2.7 from 4.1 as of December 31, 2019, with current assets at HK$1,033.03 million and current liabilities at HK$377.98 million[50]. - Borrowings increased by 13% to HK$520 million compared to HK$460 million at the end of 2019, with HK$220 million maturing within one year[50]. - Total bank deposits were HK$1,114.19 million, a decrease from HK$1,352.64 million as of December 31, 2019, with 81.3% in Renminbi[52]. - The company reported cash and bank balances of HK$1,114,196,000, down from HK$1,352,644,000, indicating a decrease of about 17.6%[104]. Revenue and Expenses - Total revenues for the six months ended June 30, 2020, were HK$71,635,000, a decrease of 13.2% from HK$82,320,000 in the same period of 2019[98]. - Operating profit for the period was HK$6,152,000, down 74.5% from HK$24,228,000 in 2019[98]. - Net insurance claims incurred and commission expenses increased to HK$34,394,000, up from HK$19,838,000 in 2019[98]. - The company reported a write-back of impairment loss on loans to customers and interest receivable of HK$5,909,000, an increase from HK$3,884,000 in 2019[98]. - The company’s operating expenses were HK$44,780,000, down from HK$30,579,000 in 2019, which is an increase of 46.2%[148]. Investments and Shareholder Information - The Group's investment in associates, primarily XIB Group, was valued at HK$5,589,927,000 as of June 30, 2020, an increase from HK$5,482,955,000 at the beginning of the year[177]. - The company’s substantial shareholders include Fujian Investment & Development Group Co., Ltd., which is deemed to have an interest in 355,552,883 shares through its control of Vigour Fine[89]. - The company did not purchase, sell, or redeem any of its issued shares during the period under review[77]. - The public float of the company was approximately 25.03% as of July 10, 2020, meeting the minimum requirement under the Listing Rules[95]. Economic Outlook and Strategic Plans - The economic outlook for the second half of the year is expected to be challenging due to the ongoing pandemic, but the Group aims to seize opportunities and enhance operational efficiency[27]. - The management team will continue to allocate resources to identify new opportunities and improve business quality and profitability in a competitive market[27]. - XIB plans to continue developing green finance and inclusive finance to better serve the real economy despite a challenging operating environment anticipated in the second half of 2020[32]. Risk Management and Compliance - The Group did not enter into any derivative contracts to minimize exchange rate risks during the review period[60]. - The company has complied with all applicable code provisions of the Corporate Governance Code throughout the six months ended June 30, 2020, except for the non-specific term of non-executive directors[74]. - Financial risk management objectives and policies remain consistent with those disclosed in the 2019 annual report, indicating a stable approach to risk management[133].

WX Min Xin Holdings Limited 閩 信 集 團 有 限 公 司 Stock Code 股份代號 : 222 聞 信 聚 劇 ぞ 末 融 來 ○ 19 f ANNUAL REPORT 年報 目錄 CONTENTS 頁次 Pages 本集團持有之主要物業權益附表 Schedule of Principal Property Interests Held by the Group 276 Corporate Information 2 | --- | |----------------------------| | | | 公司資料 | | 五年財務摘要 | | 主席報告書 | | 管理層討論及分析 | | 董事及高級管理人員個人簡歷 | | 企業管治報告 | | 風險管理及內部監控披露報告 | | 環境、社會及管治報告 | | 董事會報告 | | 獨立核數師報告 | | 綜合損益表 | | 綜合全面收益表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 綜合財務報表註釋 | Five-Year Financial Summary 4 Chairman's S ...

Financial Performance - The unaudited profit attributable to shareholders increased by 21.7% to HK$272.97 million compared to the same period in 2018, with basic earnings per share also rising by 21.7% to 45.7 HK cents [44]. - The unaudited profit attributable to shareholders for the first half of 2019 was HK$272.97 million, an increase of 21.7% compared to HK$224.28 million in the same period of 2018 [69]. - Basic earnings per share for the period was 45.7 HK cents, up 21.7% from 37.55 HK cents in the same period of 2018, representing an increase of 8.15 HK cents [69]. - The financial services business reported an unaudited profit after tax of HK$261.09 million in the first half of 2019, a 21.1% increase from HK$215.51 million in the same period of 2018, primarily due to the share of results from XIB Group [71]. - Profit for the period was HK$272,968,000, compared to HK$224,280,000 in the same period last year, reflecting a growth of approximately 21.7% [197]. - Basic and diluted earnings per share increased to HK$45.70 from HK$37.55, representing a rise of about 21.8% [195]. - Operating profit was reported at HK$24,228,000, up from HK$23,327,000, indicating a slight increase of 3.9% [195]. Asset and Liability Overview - Total assets of the Group as of June 30, 2019, reached HK$7.6 billion, reflecting a 4.1% increase from HK$7.3 billion at the end of 2018 [47]. - The net asset value per share was HK$11.55, with approximately 76% derived from the investment in Xiamen International Bank Co., Ltd. and its subsidiaries [48]. - Total liabilities increased to HK$695.76 million as of June 30, 2019, from HK$565.07 million at the end of 2018, representing 10.1% of equity [118]. - The Group's borrowings increased by 15% to HK$460 million as of June 30, 2019, compared to HK$400 million at the end of 2018 [119]. - As of June 30, 2019, the total liabilities of the Group were HK$695.76 million, with a total liabilities to equity ratio of 10.1% [122]. Banking and Financial Services - The banking business accounted for 69% of the Group's total assets as of June 30, 2019 [48]. - The banking business contributed 92.9% of the Group's profit attributable to shareholders in the first half of 2019 [48]. - The Group's share of results from Xiamen International Bank Group was HK$259.32 million, a 19.2% increase from HK$217.52 million in the same period of 2018 [49]. - Xiamen International Bank Group's total assets grew by 12.3% to RMB906.01 billion as of June 30, 2019, compared to RMB806.42 billion at the end of 2018 [50]. - Net interest income grew by 59% in the first half of 2019 compared to the same period of 2018, driven by growth in loan portfolios [79]. - Non-interest income increased by 51.3% in the first half of 2019, mainly due to an increase in commission income [79]. - Gross loans to customers increased by 19% to RMB428.17 billion from RMB359.86 billion at the end of 2018 [80]. - Customer deposits rose by 11.6% to RMB599.53 billion from RMB537.16 billion at the end of 2018 [80]. - Non-performing loan balances decreased by 2.2% to RMB238.83 million as of June 30, 2019, from RMB244.12 million at the end of 2018 [89]. Insurance Business - Gross insurance premiums increased significantly by 39.2% to HK$44.06 million in the first half of 2019 [63]. - Underwriting profit after management expenses for the insurance business was HK$6.75 million, a 33.4% increase compared to HK$5.06 million in the corresponding period of 2018 [63]. - Min Xin Insurance recorded gross insurance premiums of HK$44.06 million in the first half of 2019, an increase of 39.2% compared to HK$31.65 million in the same period of 2018 [97]. - Underwriting profit increased by 33.4% to HK$6.75 million in the first half of 2019 compared to HK$5.06 million in the same period of 2018 [98]. - Min Xin Insurance's profit after tax decreased by 65.8% to HK$2.24 million in the first half of 2019, down from HK$6.55 million in the same period of 2018 [99]. - An additional capital of HK$60 million was injected into Min Xin Insurance to support its long-term development [104]. Corporate Governance - The Company has complied with the applicable provisions of the Corporate Governance Code throughout the six months ended June 30, 2019, except for the non-executive directors not being appointed for a specific term [156]. - The non-executive directors are subject to retirement by rotation and re-election at the annual general meeting, which the Board considers fair and reasonable [156]. - The Audit Committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the Group [169]. - The Company has adopted a code of conduct for directors' securities transactions that meets or exceeds the standards set out in the Model Code [167]. - The Company will continue to monitor and review its corporate governance practices to ensure compliance with the CG Code [158]. Shareholder Information - Substantial shareholders' interests were disclosed as required under the Securities and Futures Ordinance [179]. - Samba Limited holds 144,885,000 shares, representing approximately 24.26% of the issued share capital [180]. - Vigour Fine Company Limited directly holds 210,667,883 shares, accounting for approximately 59.53% of the issued share capital [188]. - Citychamp Watch & Jewellery Group Limited owns 88,150,000 shares, which is about 14.76% of the issued share capital [183]. - The company has a significant concentration of ownership among its major shareholders, impacting governance and strategic decisions [188].

Financial Performance - Profit attributable to shareholders of the Company for 2018 was HK$578,090,000, an increase from HK$516,890,000 in 2017, representing a growth of approximately 11.5%[10] - Profit before taxation for 2018 was HK$610,526,000, compared to HK$536,923,000 in 2017, reflecting an increase of about 13.7%[10] - The five-year financial summary shows a consistent increase in profit attributable to shareholders from HK$472,687,000 in 2014 to HK$578,090,000 in 2018[11] - The company reported a profit before taxation of HK$491,202,000 in 2014, which has increased to HK$610,526,000 in 2018, marking a growth of about 24.3% over five years[10] - The company has maintained a strong performance in ordinary business operations, with profits showing a steady upward trend over the past five years[12] - The financial results reflect the company's strategic initiatives and operational efficiencies that have contributed to its profitability[10] - The Group's profit attributable to shareholders was HK$578.09 million, an increase of 11.8% compared to HK$516.89 million in 2017[52] Taxation and Expenses - The income tax expense for 2018 was HK$32,436,000, up from HK$20,033,000 in 2017, indicating a rise of approximately 62.0%[10] - The financial data indicates that the company has effectively managed its tax expenses, with a significant increase in profit before taxation outpacing the growth in tax expenses[10] Assets and Liabilities - Total assets of the Group stood at HK$7.3 billion, representing a slight increase of 0.8% compared to HK$7.24 billion at the end of 2017[27]. - Total assets of the banking business accounted for 67.7% of the Group's total assets at the end of 2018[28]. - The total liabilities of the Group were HK$565.07 million at the end of 2018, down from HK$731.52 million in 2017, resulting in a total liabilities to equity ratio of 8.4%[102] - Borrowings from local banks decreased by 28.2% to HK$400 million at the end of 2018, compared to HK$556.88 million at the end of 2017[104] Dividends - A final dividend of 10 HK cents per share for 2018 was recommended, an increase of 25% compared to 8 HK cents per share in 2017[33]. Banking and Financial Services - The Group's banking business contributed 101.9% of the profit attributable to shareholders in 2018[28]. - Financial services business reported a profit after tax of HK$585 million in 2018, up 20.1% from HK$486.9 million in 2017[54] - The banking business is expected to continue delivering reasonable returns and long-term capital appreciation[167] Insurance Business - Gross insurance premium increased by 8.9% to HK$60.57 million in 2018[41] - Underwriting profit after management expenses was HK$4.98 million in 2018, significantly increased due to a decrease in claims reserve[41] - Min Xin Insurance recorded an underwriting profit of HK$4.98 million in 2018, a turnaround from an underwriting loss of HK$5.74 million in 2017[73] Market Expansion and Strategy - The company continues to explore opportunities for market expansion and product development to sustain growth in the future[10] - The Group is focusing on diversifying income sources and exploring new financial services investment opportunities in response to slower economic growth expectations[45] Leadership and Management - Mr. Chen Yu has been appointed as Executive Director and General Manager since September 2018, with extensive experience in financial technology and capital operations[179] - The company has a strong management team with extensive experience in corporate finance and risk management[200] - The leadership team is composed of individuals with significant experience in both banking and technology, which is crucial for future growth strategies[180] Economic and Market Conditions - The growth of XIB Group is influenced by macroeconomic factors in Mainland China, Hong Kong, and Macau, including GDP growth and inflation levels[139] - The Sino-US trade disputes and geopolitical tensions indicate slower global economic growth in 2019, with financial markets expected to remain volatile[166] Risk Management - The company is actively involved in risk management and financial oversight through its experienced board members[194] - The Group must maintain reserves for estimated losses related to reported and unreported claims, which can be significantly affected by variables outside its control[146]