LUEN THAI HOLDINGS LIMITED 聯泰控股有限公司 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) (Stock Code 股份代號：311) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered Shareholders, Luen Thai Holdings Limited (the "Company") – Notice of Publication of (i) 2024 Annual Report, (ii) Circular dated 16th April 2025 including Notice of Annual General Meeti ng and (iii) Proxy Form (collectively the "Current Corporate Communications") and (iv) 2024 Environmental, Social and Governance Re ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 LUEN THAI HOLDINGS LIMITED 聯泰控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：311） (D) 就本決議案而言： 「有關期間」指由本決議案通過之時直至下列各項最早者為止的期間： (i) 本公司下屆股東週年大會結束時； 股東週年大會通告 茲通告聯泰控股有限公司（「本公司」）謹訂於二零二五年五月二十九日（星期四）下午 三時正在香港九龍觀塘鴻圖道57號南洋廣場10樓會議室舉行股東週年大會，以處理 下列事項： – 1 – 1. 省覽、考慮及採納截至二零二四年十二月三十一日止年度的經審核合併賬目以 及董事局及核數師報告； 2. 重選王衛民先生為本公司執行董事； 3. 重選章民先生為本公司執行董事； 4. 重選金鑫先生為本公司執行董事； 5. 重選李卓然先生為本公司獨立非執行董事； 6. 重選史敏女士為本公司獨立非執行董事； 7. 授權本公司董事局釐定董事酬金； 8. 續聘羅 ...

重 要 文 件 請 即 處 理 閣下如對本通函的任何方面有任何疑問，請諮詢 閣下的股票經紀或其他註冊證券商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的聯泰控股有限公司（「本公司」）股份全部售出或轉讓，應立即將本通函及 隨附的代表委任表格送交買主或承讓人，或經手買賣的銀行、股票經紀或其他代理商，以便 轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 LUEN THAI HOLDINGS LIMITED 聯泰控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：311） 建議有關發行及購回股份的一般授權、 重選退任董事 及 股東週年大會通告 本公司將於二零二五年五月二十九日（星期四）下午三時正在香港九龍觀塘鴻圖道57號南洋 廣場10樓會議室舉行二零二五年股東週年大會（「股東週年大會」），召開大會的通告載於本 通函第AGM-1至AGM-5頁。 無論 閣下能否出席股東週年大會，務請盡快依照隨附的代表委任表格上印列的 ...

目 錄 01 行政總裁引言 15 關於聯泰 我們的位置 17 我們的願景及目標 19 我們的可持續發展之路 20 我們的可持續發展戰略框架 22 我們的五年目標 24 34 可持續發展方針 持份者參與 35 重要性評估 36 41 環境支柱 環境管理 43 加強氣候適應力（風險評估） 44 氣體排放及其他污染物控制 49 能源管理 50 溫室氣體排放控制 58 節水 61 天然資源及原材料消耗 64 廢棄物管理 67 力行環保 73 生物多樣性 75 目 錄 Luen Thai Holdings Limited 聯 泰 控 股 有 限 公 司 環境、社會及管治報告 2024 扭轉局勢，邁向盈利 | 76 | 業務支柱 | | 121 | 管治支柱 | | | --- | --- | --- | --- | --- | --- | | | 供應鏈管理 | 78 | | 董事局 | 123 | | | 產品品質管理 | 81 | | 可持續管治結構 | 127 | | | 客戶滿意度管理 | 83 | | 可持續性委員會 | 128 | | | 創新科技 | 85 | | 操守管理 | 129 | | 87 | ...

Financial Performance - Revenue for the year ended December 31, 2024, decreased to approximately $674.39 million from $696.63 million in 2023, a decline of about $22.25 million or 3.2%[9] - Gross profit for the year was approximately $74.24 million, down by about $21.03 million or 22.1% compared to $95.27 million in 2023[12] - The company recorded a net loss attributable to owners of approximately $33.89 million, compared to a loss of $6.01 million in the previous year[12] - Basic loss per share for 2024 was $(3.3) cents, compared to $(0.6) cents in 2023[9] - In fiscal year 2024, the company's revenue was $674.4 million, with a loss of approximately $33.9 million, primarily due to non-recurring expenses totaling about $33.2 million[35] - Excluding non-recurring factors, the loss attributable to the company's owners would be reduced to no more than $0.7 million[35] - The apparel segment's revenue decreased by approximately $55,689,000 to $399,375,000, a decline of about 12.2% due to reduced customer orders[76] - The accessories segment's revenue increased to approximately $275,011,000, up about $33,441,000 or 13.8% from the previous year[77] Operational Efficiency and Strategy - The company aims to enhance production and operational efficiency and improve profitability through the adoption of automation technologies[15] - The company is exploring printing and dyeing technologies to improve product quality and customer satisfaction[15] - The company plans to diversify its production bases in Southeast Asia to mitigate risks associated with concentrated procurement locations[17] - The company implemented a series of internal restructuring and consolidation measures in 2024 to address challenges and maintain long-term health and profitability[35] - Significant one-off losses were incurred due to severance payments, legal fees, factory closures, divestitures, and prudent provisions for inventory impairment and taxes[37] - The company plans to focus on core businesses and strategies following the discontinuation of unprofitable initiatives[34] - The company aims to improve factory efficiency by 20% to 30%, with a target of achieving over 90% efficiency across all facilities[50] - The company is committed to improving cash management and refinancing existing loans to reduce interest expenses in a high-interest environment[50] Market and Economic Outlook - The global economic growth rate is expected to stabilize at 2.7% in 2025, maintaining the same level as in 2024, amidst ongoing geopolitical tensions[14] - The company anticipates a global economic growth rate of 2.7% in 2025, which is below pre-pandemic levels[82] - The company is optimistic about its performance outlook for 2025, expecting improvements from the groundwork laid in 2024[44] Corporate Governance and Management - The company emphasizes corporate governance as a key element in creating shareholder value and has established various committees to ensure transparency and effective communication[25] - The company is committed to attracting and retaining qualified management and operational staff to execute growth strategies effectively[22] - The company has maintained satisfactory employee relations, with no significant strikes or labor disputes impacting operations during the year[22] - The board includes independent directors with over 30 years of experience in finance and investment banking, ensuring robust governance[114][115] - The company has established mechanisms for independent directors to present their views and suggestions, reviewed annually by the nomination and remuneration committees[190] - The company has strict selection criteria and procedures for the nomination and appointment of directors, ensuring transparency and accountability[192] Sustainability and Social Responsibility - The company is focusing on sustainable practices and has established a strategic partnership to create a dyeing production center equipped with advanced technology, aiming to lead the industry towards a green economy[48] - The company recognizes the growing demand for sustainability and on-demand fashion, and is adapting its capabilities to deliver sustainable products in smaller quantities[58] - The company is actively seeking opportunities to implement practical actions across the value chain to create positive changes for employees, communities, and the environment[62] - Charitable and other donations made by the group during the year totaled approximately $267,000[133] Employee Engagement and Development - The company is focused on employee engagement and human resource strategies to support overall business plans and strategic directions[113] - The management team emphasizes the importance of succession planning and talent management for long-term sustainability[113] - The company employs approximately 27,000 employees globally and continues to promote open communication with staff through various channels[102] Related Party Transactions - The estimated total value of related party transactions for the year ending December 31, 2024, is $1,920,000 for technical support services provided by IST BVI[154] - The company expects to continue related party transactions with LTG and IST BVI due to the benefits derived from these longstanding relationships[156] - The logistics master agreement with CTSI will incur maximum costs of $1,600,000, $1,700,000, and $1,800,000 for the years ending December 31, 2023, 2024, and 2025 respectively[158] Audit and Compliance - The audit committee held four meetings in the fiscal year 2024, with all members attending all sessions[198] - The total fees paid to the external auditor, PwC, for audit services amounted to approximately $600,000, while non-audit services fees were around $200,000[199] - The audit committee's responsibilities include reviewing the financial reporting system and internal control procedures[200] - The company plans to propose the reappointment of PwC as the external auditor for the fiscal year 2025 at the upcoming annual general meeting[198]

Financial Performance - Revenue for the year ended December 31, 2024, was $674,386 thousand, a decrease of 3.6% from $696,634 thousand in 2023[3] - The operating loss for 2024 was $(14,184) thousand compared to an operating profit of $6,332 thousand in 2023[4] - Loss attributable to owners of the company was $(33,891) thousand, significantly higher than $(6,008) thousand in the previous year, representing a 463.5% increase in loss[4] - Basic loss per share for 2024 was $(3.3), compared to $(0.6) in 2023, indicating a substantial decline in profitability[4] - Total comprehensive loss for the year was $(33,073) thousand, compared to $(7,715) thousand in 2023, reflecting a worsening financial position[5] - The company reported a total segment loss of $20,381,000 for 2024, compared to a profit of $4,923,000 in 2023[17] - Gross profit fell significantly from $95,271,000 to $74,238,000 due to internal restructuring and integration measures[40] - The company recorded a net loss attributable to equity holders of approximately $33,891,000, compared to a net loss of about $6,008,000 in the previous year[41] Revenue Breakdown - Revenue from the apparel segment was $399,375,000, down 11.5% from $455,064,000 in the previous year[15][16] - The accessories segment generated revenue of $275,011,000, an increase of 14% from $241,570,000 in 2023[15][16] - Revenue from the United States was $284,125,000, a decrease of 11.2% from $319,781,000 in 2023[19] - Revenue from China (including Hong Kong and Macau) was $135,870,000, down 7.7% from $147,300,000 in the previous year[19] - Revenue from the U.S., Europe, and Asia accounted for 42.1%, 17.6%, and 23.2% of total revenue, respectively[45] Assets and Liabilities - Non-current assets decreased to $165,811 thousand in 2024 from $188,425 thousand in 2023, a decline of 12.0%[6] - Current assets slightly decreased to $280,172 thousand in 2024 from $286,572 thousand in 2023, a reduction of 2.2%[6] - Total liabilities increased to $289,281 thousand in 2024 from $283,311 thousand in 2023, an increase of 2.4%[7] - Non-current assets in China (including Hong Kong and Macau) decreased from $71,479 thousand in 2023 to $61,292 thousand in 2024, a decline of approximately 14.5%[21] - The group's total non-current assets decreased from $182,825 thousand in 2023 to $160,306 thousand in 2024, representing a reduction of about 12.3%[21] Financial Expenses - The company reported a net financial expense of $(13,119) thousand in 2024, compared to $(12,432) thousand in 2023, indicating increased financial costs[4] - The company incurred total financial expenses of $13,778,000 in 2024, compared to $13,940,000 in 2023[17] - Financial expenses net increased from $12,432 thousand in 2023 to $13,119 thousand in 2024, reflecting an increase of about 5.5%[22] - Current tax expenses rose from $4,066 thousand in 2023 to $6,787 thousand in 2024, an increase of approximately 67.0%[25] - The provision for tax liabilities increased significantly from $811 thousand in 2023 to $5,811 thousand in 2024, a rise of about 617.5%[26] - The interest expense on bank borrowings decreased slightly from $12,281 thousand in 2023 to $12,160 thousand in 2024, a decrease of about 1.0%[22] Operational Insights - The company operates manufacturing facilities in China, Cambodia, the Philippines, India, and Myanmar, focusing on garment and apparel accessories manufacturing and trading[8] - The group continues to implement strict cost control measures, including reducing production, distribution, and administrative costs[50] - The board remains cautiously optimistic about the long-term prospects of the group's core business despite global economic challenges, with a projected growth rate of 2.7% by 2025[49] - The group will continue to monitor market conditions closely and adjust its business strategies as necessary[50] - The group has approximately 27,000 employees globally, focusing on employee welfare and development opportunities[56] Corporate Governance - The audit committee has reviewed the year-end results for the year ending December 31, 2024[61] - The company will not declare a final dividend for the year ending December 31, 2024, consistent with the previous year[63] - The public float has been maintained in accordance with the listing rules as of the announcement date[65] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[66] Customer Concentration - Approximately $168,475,000 of revenue in 2024 came from three single external customers, representing over 10% of total revenue[20] Contingent Liabilities - The group has contingent liabilities related to potential risks of import duties and other taxes totaling approximately $16,723,000 as of December 31, 2024, unchanged from the previous year[51] Investments and Assets - The company had no significant investments, acquisitions, or disposals in subsidiaries, associates, or joint ventures during the year[46] - There are no specific plans for significant investments or capital assets as of December 31, 2024[47] - The company had no asset pledges to third parties as of December 31, 2024[48] - Trade receivables increased to $108,440,000 from $83,812,000, with a net amount of $104,197,000 after provisions[36] - The group's cash and bank deposits totaled approximately $54,871,000 as of December 31, 2024, a decrease of about $20,909,000 compared to the previous year[53] - The total bank borrowings amounted to approximately $143,501,000 as of December 31, 2024, an increase of about $846,000 from December 31, 2023[53] - The capital debt ratio was approximately 56.8% as of December 31, 2024, defined as net debt (bank borrowings minus cash and bank balances) divided by shareholders' equity[54] Inventory Management - The impairment provision for slow-moving inventory increased from a reversal of $1,785 thousand in 2023 to a provision of $5,824 thousand in 2024[21]

自二零二五年三月二十九日起，聯泰控股有限公司董事局（「董事局」）成員載列如 下。 執行董事 王衛民 （董事局主席） 陳守仁 （永遠榮譽主席） 陳祖龍 （行政總裁） 章民 金鑫 非執行董事 霍宇山 LUEN THAI HOLDINGS LIMITED 聯泰控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：311） 董事名單與其角色及職能 C 相關董事委員會主席 M 相關董事委員會成員 二零二五年三月二十八日 獨立非執行董事 陳銘潤 史敏 李卓然 董事局設有四個委員會。下表載列若干董事局成員於該等委員會所出任的職位資 料。 | | 審核委員會 | 提名委員會 | 薪酬委員會 | 融資及銀行 委員會 | | --- | --- | --- | --- | --- | | 王衛民 | | C | | | | 陳祖龍 | | | | C | | 章民 | | | M | | | 金鑫 | | | M | M | | 霍宇山 | M | | | | | 陳銘潤 | M | M | C | | | 史敏 | M | M | M | | | 李卓然 | C | M | M | | 附註： ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 LUEN THAI HOLDINGS LIMITED 聯泰控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：311） 除上述者外，史女士於過往三年內並無於任何於香港或海外的上市公司擔任任何董 事職位；亦無於本公司或其附屬公司擔任任何其他職務，且與本公司任何董事、高 級管理人員、主要股東或控股股東概無任何關係。於本公告日期，史女士並無於本 公司任何股份中擁有任何權益（定義見香港法例第571章證券及期貨條例第XV部）。 獨立非執行董事的委任及退任 及 董事委員會組成變動 獨立非執行董事的委任 聯泰控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事局（「董事局」）欣 然宣佈，史敏女士（「史女士」）獲委任為本公司獨立非執行董事（「獨立非執行董 事」）、審核委員會、薪酬委員會及提名委員會成員，自二零二五年三月二十九日起 生效。 史女士的履歷詳情載列如下： 史女士，54歲，在會計及財務管理方面擁 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，董事局包括以下董事： LUEN THAI HOLDINGS LIMITED 聯泰控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：311） 董事局會議日期 聯泰控股有限公司（「本公司」）董事局（「董事局」）謹此宣佈，董事局會議將於二零二 五年三月二十八日（星期五）舉行，以（其中包括）考慮及批准本公司及其附屬公司截 至二零二四年十二月三十一日止財政年度的年終業績及建議派發末期股息（如有）。 承董事局命 聯泰控股有限公司 公司秘書 陳曉亮 香港，二零二五年三月十四日 執行董事： 王衛民 （主席） 陳守仁 （永遠榮譽主席） 陳祖龍 （行政總裁） 章民 金鑫 非執行董事： 霍宇山 獨立非執行董事： 陳銘潤 王京 李卓然 本公司網站：www.luenthai.com ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：311） 盈利警告 本公告由聯泰控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯 合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券及 期貨條例第XIVA部的內幕消息條文（定義見上市規則）作出。 本公司董事局（「董事局」）謹此知會本公司的股東及潛在投資者，基於對本集團截至 二零二四年十二月三十一日止年度的未經審核合併管理賬目的初步評估及董事局現 時可得的其他資料，預期截至二零二四年十二月三十一日止年度（「二零二四財年」） 的歸屬於本公司所有者的虧損介乎3,200萬美元至3,400萬美元，而截至二零二三年 十二月三十一日止年度（「二零二三財年」）則錄得歸屬於本公司所有者的虧損約600 萬美元。 誠如本公司日期為二零二四年七月三十日的公告及本公司截至二零二四年六月三十 日止六個月的中期報告所披露，本集團的業務受到多項因素影響，包括但不限 於：(i ...