(Incorporated in Bermuda with limited liability) ( ) CSI PROPERTIES LIMITED 資 本 策 略 地 產 有 限 公 司* 於百慕達註冊成立之有限公司 (Stock Code 股份代號：497) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered Shareholders, CSI Properties Limited (the "Company") – Notice of Publication of 2025 Annual Report, Circular containing Notice of Annual General Meeting and Proxy Form (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication are available on the Company's website a ...

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。 資本策略地產有限公司 * CSI PROPERTIES LIMITED （於百慕達註冊成立之有限公司） （股份代號：497） 股東週年大會通告 茲通告資本策略地產有限公司（「本公司」）謹訂於二零二五年八月二十八日（星期四） 上午十時正假座香港金鐘道88號太古廣場香港港麗酒店七樓寶宏廳舉行股東週年 大會（「股東週年大會」），以處理下列事項： 作為一般事務 考慮並酌情通過以下決議案（不論有否修訂）為本公司的普通決議案： * 僅供識別 1 (1) 省覽本公司截至二零二五年三月三十一日止年度的經審核綜合財務報表、董 事會報告以及獨立核數師報告。 (2) 重選（各自為獨立決議案）下列退任董事為本公司董事（「董事」）： (a) 簡士民先生為執行董事。 (b) 周厚文先生為執行董事。 (c) 盧慶雄先生為非執行董事。 (d) 翟廸強先生為獨立非執行董事。 作為特別事務 普通決議案 2 考慮並酌情通過以下決議案（不論有 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢持牌證券交易商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有資本策略地產有限公司（「本公司」）股份，應立即將本通函 及隨附的代表委任表格送交買方或承讓人或經手買賣或轉讓的銀行、股票經紀人或其他 代理商，以便轉交買方或承讓人。 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，並明確表示概不會就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。 資本策略地產有限公司 * CSI PROPERTIES LIMITED （於百慕達註冊成立之有限公司） （股份代號：497） (1)擬議重選董事； (2)發行及購回股份的一般授權； (3)建議修訂公司細則及採納新公司細則； 及 (4)股東週年大會通告 本公司之股東週年大會（「股東週年大會」）謹訂於二零二五年八月二十八日（星期四）上午 十時正假座香港金鐘道88號太古廣場香港港麗酒店七樓寶宏廳舉行，大會通告載於本通 函第84至88頁。股東週年大會適用的代表委任表格已隨附於本通函。無論 ...

公司資料 董事會 執行董事： 鍾楚義 （主席） 簡士民 周厚文 何樂輝 梁景賢 鍾宛彤 ANNUAL REPORT 2025 年 報 Stock Code 股份代號: 497 目錄 2 公司資料 3 財務回顧 7 主席報告 9 管理層討論與分析 14 企業管治報告 28 環境、社會及管治報告 51 董事會報告 67 獨立核數師報告 72 綜合損益表 73 綜合損益及其他全面收益表 74 綜合財務狀況表 76 綜合權益變動表 77 綜合現金流量表 80 綜合財務報表附註 158 財務概要 159 本集團所持主要物業表 非執行董事： 盧慶雄 （於二零二五年六月十七日獲委任） （葉浩宏作為其替任董事） 獨立非執行董事： 鄭毓和 石禮謙 (GBS, JP) 盧永仁 (JP) 翟廸強 （於二零二五年六月十七日獲委任） 審核委員會 鄭毓和 （主席） 石禮謙 (GBS, JP) 盧永仁 (JP) 薪酬委員會 鄭毓和 （主席） 鍾楚義 盧永仁 (JP) 提名委員會 鍾楚義 （主席） 鄭毓和 盧永仁 (JP) 執行委員會 鍾楚義 （主席） 簡士民 周厚文 何樂輝 梁景賢 鍾宛彤 公司秘書 鄧煒傑 主要往來銀行 中國銀行（香港） ...

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。 資本策略地產有限公司 * CSI PROPERTIES LIMITED （於百慕達註冊成立之有限公司） （股份代號：497） 建議修訂本公司之公司細則 本公告乃由資本策略地產有限公司（「本公司」）根據香港聯合交易所有限公司（「聯 交所」）證券上市規則（「上市規則」）第13.51(1)條而作出。 根據聯交所於二零二五年一月刊發的建議進一步擴大無紙化上市機制及其他<上 市規則>修訂的諮詢總結，聯交所採納了多項建議，其中包括要求上市發行人的 組織章程文件須能夠舉行股東大會，使股東可以透過虛擬方式出席，並在適用於 上市發行人的法律及規例允許的範圍內，以電子方式進行表決。上市發行人須於 二零二五年七月一日後舉行的首次股東週年大會前，對其組織章程文件作出必要 修訂，以確保其可根據上市規則經修訂附錄A1第14(6)段的規定，舉行虛擬股東大 會及以電子方式進行投票。 因此，本公司董事會（「董事會」）建議修訂本公司之現有 ...

Financial Performance & Disposals - CSI made sales of approximately HK$1.55 billion and had unrecognized contracted sales commitments of approximately HK$1.22 billion for FY2025 [9] - Key disposals were completed in FY2025, including car parking spaces in Tuen Mun, units at Broadway Center (CSI-60%) in Macau, and units at Dukes Place (CSI-60%) in Jardine's Lookout [10] - Pre-sales achieved up to June 2025 are expected to generate approximately HK$2.57 billion in future bookings [10] - Gross revenue from property business decreased to HK$521 million in FY25 from HK$1,579 million in FY24 [11] - The company reported a loss attributable to equity holders of HK$1.692 billion in FY25, primarily due to adverse changes in the fair value of JV properties [11] Balance Sheet & Debt Management - Total assets decreased from HK$26.238 billion in FY24 to HK$22.325 billion in FY25 [12] - Bank loans decreased from approximately HK$7.9 billion in FY24 to approximately HK$6.9 billion in FY25 [17] - The company successfully refinanced a US$296 million bond due in July 2025 with a new US$150 million bond issue at 10.5% [21] - A strategic rights issue closed in April 2025 brought in approximately HK$1.49 billion, and a private bond issued to Gaw Capital added approximately HK$500 million to enhance cash liquidity [12] Strategic Initiatives - A strategic funding and partnership proposal was announced, including a rights issue (approximately HK$1.5 billion) and bond issuance (HK$500 million), with Gaw Capital becoming a long-term strategic investor [24] - The company commits to a sale target of at least HK$9 billion in sales in the next 4 years [24, 38] - The company has a robust pipeline of quality assets to support the HK$9 billion+ active asset disposal program, with over HK$2.57 billion in pre-sales achieved up to June 2025 [38, 40]

[Management Discussion and Analysis](index=1&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the year ended March 31, 2025, the Group recorded a loss attributable to owners of the Company of **HKD 1.69 billion**, a significant increase from HKD 0.426 billion in the prior year, with revenue decreasing by **67%** to **HKD 0.521 billion** year-on-year, primarily due to reduced property sales and non-cash items like fair value changes and impairment provisions on investment properties, yet the Group maintains a sound financial, business, and operational position Financial Performance Summary | Metric | For the year ended March 31, 2025 | For the year ended March 31, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 0.521 billion HKD | 1.579 billion HKD | -67.0% | | Loss attributable to owners of the Company | 1.692 billion HKD | 0.426 billion HKD | Loss widened by 297% | | Loss per Share | 36.73 HK cents | 9.18 HK cents | Loss widened by 300% | | Total Property Sales Revenue (incl. JVs & Associates) | 1.573 billion HKD | 3.128 billion HKD | -49.7% | - Annual loss primarily attributed to: (i) reduced property sales revenue; (ii) adverse fair value changes in investment properties, write-downs of properties held for sale, and impairment provisions for properties in joint ventures/associates, totaling approximately **HKD 1.122 billion**, which are non-cash items and do not impact the Group's operating cash flow[3](index=3&type=chunk) [Business Review and Market Outlook](index=2&type=section&id=Business%20Review%20and%20Market%20Outlook) The Group's profitability is under pressure amidst high interest rates and economic weakness, with Hong Kong's residential market showing improved sales but price adjustments after government policy relaxation, while the commercial property market faces ongoing challenges due to weak demand, prompting the Group to successfully raise **HKD 1.992 billion** and issue **USD 150 million** notes to strengthen its balance sheet and liquidity, maintaining cautious optimism for a gradual market recovery by focusing on asset disposals, prudent financial management, and refinancing - Market environment: Persistent high interest rates suppressed property investment sentiment, while economic weakness in Hong Kong and Mainland China led to sluggish asset sales and property impairment provisions, exacerbating losses[6](index=6&type=chunk) - Residential market: Following the Hong Kong government's relaxation of property market measures, sales improved but prices declined, with the Group remaining optimistic about the residential market outlook, especially amid improved stock market performance and capital inflows[6](index=6&type=chunk) - Commercial property market: Facing significant challenges with subdued demand for office and retail leasing, though the Group holds hope for medium to long-term improvement[7](index=7&type=chunk) - Financial strategy: The Group successfully raised **HKD 1.992 billion** through a **HKD 1.492 billion** rights issue and **HKD 0.5 billion** senior unsecured bonds, introducing Gaw Capital as a shareholder, and also successfully issued **USD 150 million** 3-year secured notes, demonstrating investor confidence[7](index=7&type=chunk)[8](index=8&type=chunk) - Future outlook: The market is expected to gradually improve, with the Group maintaining cautious optimism and continuing to focus on asset disposals, prudent financial management, and refinancing strategies[9](index=9&type=chunk) [Property Portfolio Review](index=3&type=section&id=Property%20Portfolio%20Review) The Group's commercial and residential property portfolios in Hong Kong and Mainland China are progressing as planned, with Hong Kong commercial projects like the Central URA project and Jordan "The High Park" advancing well, residential projects such as "The Hampton" and "La Montagne" achieving good sales or pre-sales, and Mainland China operations seeing strong sales for Beijing's "Jinyu Donghua" and ongoing renovations for Shanghai malls [Hong Kong Commercial Property Portfolio](index=3&type=section&id=Hong%20Kong%20Commercial%20Property%20Portfolio) The Group continues to advance the development and repositioning of several commercial properties, with the Central Gage Street/Graham Street project expected to complete by mid-2026, Kowloon Bay "The Quayside" successfully increasing leases, Jordan "The High Park" (former Novotel hotel redevelopment) achieving strong residential pre-sales with over **230 units** sold, and **10 floors** sold at Central "Dah Sing Life Building" - Central Gage Street/Graham Street project: A joint venture with Wing Tai Properties for a mixed-use commercial development, expected to be completed by mid-2026[10](index=10&type=chunk) - Jordan "The High Park" (former Novotel hotel redevelopment): Residential portion pre-sales commenced in May 2024, with over **230 units** pre-sold out of 259 units[11](index=11&type=chunk) - Central "Dah Sing Life Building": Stratified sales progressing well, with **10 floors** already sold[11](index=11&type=chunk) [Hong Kong Residential Property Portfolio](index=4&type=section&id=Hong%20Kong%20Residential%20Property%20Portfolio) The Group's portfolio of luxury and mass-market residential projects in Hong Kong is progressing, with most units sold at "The Hampton" in Jardine's Lookout, strong pre-sale response for "La Montagne" Phase 5A at MTR Wong Chuk Hang Station with over **340 units** pre-sold, and the MTR Yau Tong project expected to commence pre-sales in the second half of 2025 - Jardine's Lookout "The Hampton": An ultra-luxury joint venture project, with most units successfully sold[13](index=13&type=chunk) - MTR Wong Chuk Hang Station "La Montagne": Phase 5A pre-sales commenced in June 2025, attracting strong buyer interest with over **340 units** pre-sold[15](index=15&type=chunk) - MTR Yau Tong Ventilation Building project: Expected to commence pre-sales in the second half of 2025[14](index=14&type=chunk) [Mainland China Business](index=5&type=section&id=Mainland%20China%20Business) Sales for the Beijing luxury residential project "Jinyu Donghua" are progressing well, with over **90 units** sold out of 114, indicating strong demand in the high-end Mainland market, while Shanghai's "Sifang Plaza" and "The Mansion Plaza" are undergoing renovations to improve occupancy and tenant mix - Beijing "Jinyu Donghua": A luxury residential joint venture project, with over **90** of 114 renovated units sold at high prices[17](index=17&type=chunk) - Shanghai malls: High-end shopping centers "Sifang Plaza" and "The Mansion Plaza" are undergoing renovations to improve occupancy rates and tenant mix[17](index=17&type=chunk) [Securities Investment](index=6&type=section&id=Securities%20Investment) As of March 31, 2025, the Group's financial assets at fair value through profit or loss amounted to approximately **HKD 0.251 billion**, a decrease from HKD 0.352 billion in the prior year, with the portfolio recording a net fair value loss of **HKD 0.107 billion** during the year and interest and dividend income decreasing to **HKD 29.4 million** Securities Investment Portfolio Summary | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Market Value of Financial Assets | 0.251 billion HKD | 0.352 billion HKD | | Net Fair Value Loss for the Year | 0.107 billion HKD | - | | Interest and Dividend Income for the Year | 29.4 million HKD | 45 million HKD | - Investment portfolio composition: **34.9%** in listed debt securities, **2.8%** in listed equity securities, and **62.3%** in unlisted equity and debt securities, with **97.2%** denominated in USD[18](index=18&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=8&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group's total revenue was **HKD 0.521 billion**, a **67%** year-on-year decrease, resulting in a loss before tax of **HKD 1.765 billion** and a loss for the year of **HKD 1.711 billion**, with loss attributable to owners of the Company at **HKD 1.692 billion** and basic loss per share at **36.73 HK cents**, primarily due to cost of sales, various impairments, and expenses Consolidated Statement of Profit or Loss (Thousand HKD) | Item ('000 HKD) | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenue** | **520,623** | **1,579,132** | | Gross Profit | 15,736 | 786,093 | | Finance Costs | (577,418) | (663,740) | | Share of Results of Joint Ventures | (825,562) | 62,263 | | Loss Before Tax | (1,765,401) | (497,414) | | **Loss for the Year** | **(1,710,851)** | **(455,952)** | | **Loss Attributable to Owners of the Company** | **(1,691,529)** | **(425,605)** | | **Basic Loss Per Share (HK cents)** | **(36.73)** | **(9.18)** | [Consolidated Statement of Financial Position](index=10&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 22.44 billion**, total liabilities were **HKD 10.51 billion**, and total equity was **HKD 11.93 billion**, with non-current assets primarily comprising investment properties, interests in joint ventures, and amounts due from joint ventures, while current liabilities included approximately **HKD 3.42 billion** in bank borrowings and secured notes due within one year Consolidated Statement of Financial Position (Thousand HKD) | Item ('000 HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | **15,526,613** | **17,639,981** | | **Current Assets** | **6,912,228** | **8,598,367** | | **Total Assets** | **22,438,841** | **26,238,348** | | **Current Liabilities** | **4,596,236** | **6,059,085** | | **Non-current Liabilities** | **5,913,078** | **6,443,145** | | **Total Liabilities** | **10,509,314** | **12,502,230** | | **Total Equity** | **11,929,527** | **13,736,118** | | Bank Balances and Cash | 1,411,918 | 2,520,518 | [Notes to the Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Note 3: Segment Information](index=15&type=section&id=Note%203%20Segment%20Information) The Group's business is divided into four main segments: Commercial Property Holding, Residential Property Holding, Macau Property Holding, and Securities Investment, with Residential Property Holding contributing the highest segment revenue of **HKD 1.15 billion** in FY2025, but Commercial Property Holding recording the largest segment loss of **HKD 0.871 billion**, primarily due to share of losses from joint ventures, and the Securities Investment segment recording a **HKD 0.153 billion** loss FY2025 Segment Performance ('000 HKD) | FY2025 Segment Performance ('000 HKD) | Commercial Property Holding | Residential Property Holding | Macau Property Holding | Securities Investment | Consolidated | | :--- | :--- | :--- | :--- | :--- | :--- | | **Segment Revenue** | **687,271** | **1,150,723** | **31,809** | **29,362** | **1,899,165** | | **Segment Loss** | **(870,809)** | **(200,650)** | **(34,919)** | **(153,344)** | **(1,259,722)** | - The substantial loss in the Commercial Property segment primarily stemmed from a **HKD 0.875 billion** share of losses from joint ventures[37](index=37&type=chunk) [Note 10: Dividends](index=22&type=section&id=Note%2010%20Dividends) The Board of Directors does not recommend a final dividend for the year ended March 31, 2025, consistent with the prior year - The Board of Directors does not recommend a final dividend for the year ended March 31, 2025[47](index=47&type=chunk)[52](index=52&type=chunk) [Financial Guarantees and Pledge of Assets](index=25&type=section&id=Financial%20Guarantees%20and%20Pledge%20of%20Assets) As of the reporting period end, the Group provided bank credit guarantees totaling **HKD 8.61 billion** for joint ventures and associates, of which **HKD 7.35 billion** was utilized, and pledged assets valued at approximately **HKD 8.33 billion** (including investment properties and properties held for sale) as collateral for bank financing Financial Guarantees and Pledged Assets ('000 HKD) | Item ('000 HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Guarantees Provided for JVs/Associates** | **8,611,628** | **9,343,354** | | Utilized Guarantees | 7,354,628 | 7,969,297 | | **Total Value of Pledged Assets** | **8,332,557** | **8,809,924** | [Other Information](index=25&type=section&id=Other%20Information) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) During the year, the Company complied with the Corporate Governance Code in the Listing Rules, with the only deviation being the non-segregation of roles between the Chairman and Chief Executive Officer as the Company has no CEO position, yet the Board believes the existing structure is effective with necessary control mechanisms, and the Audit Committee has reviewed the annual financial statements - The Company complied with the Corporate Governance Code, but deviated from Code Provision C.2.1 regarding the separation of roles between the Chairman and Chief Executive Officer, as the Company has no Chief Executive Officer position[58](index=58&type=chunk) - The Audit Committee has reviewed accounting principles and practices with management and reviewed the annual financial statements[61](index=61&type=chunk)

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，概不對因本公佈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。 CSI PROPERTIES LIMITED 資本策略地產有限公司＊ * 僅供識別 （於百慕達註冊成立之有限公司） （股份代號：497） 董事會召開日期 資本策略地產有限公司(「本公司」)董事會(「董事會」)謹此公佈，本公司訂於二零二五 年六月三十日(星期一)舉行董事會議，其中議程包括批准本公司及其附屬公司截至二零 二五年三月三十一日止年度之年終業績公佈，以及考慮宣派股息(如有)。 承董事會命 CSI PROPERTIES LIMITED 資本策略地產有限公司 公司秘書 鄧煒傑 香港，二零二五年六月十八日 於本公告日期，本公司執行董事為鍾楚義先生（主席）、簡士民先生、周厚文先生、何 樂輝先生、梁景賢先生及鍾宛彤女士；本公司非執行董事為盧慶雄先生（葉浩宏先生作 為其替任董事）；而本公司獨立非執行董事為鄭毓和先生、石禮謙先生(GBS, JP)、盧永 仁博士(JP)及翟廸強先生。 ...

CSI PROPERTIES LIMITED 資本策略地產有限公司＊ （於百慕達註冊成立之有限公司） （股份代號：497） 非執行董事 盧慶雄先生 （葉浩宏先生作為其替任董事） 獨立非執行董事 鄭毓和先生 石禮謙先生， GBS, JP 盧永仁博士， JP 翟廸強先生 董事會設立四個委員會。各董事會成員於該等委員會中所擔任的職位載列如下： 董事名單與角色和職能 資本策略地產有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 鍾楚義先生 （主席） 簡士民先生 周厚文先生 何樂輝先生 梁景賢先生 鍾宛彤女士 執行委員會 * 僅供識別 2 薪酬委員會 鄭毓和先生（ 主席） 鍾楚義先生 盧永仁博士， JP 提名委員會 鍾楚義先生 （主席） 鄭毓和先生 盧永仁博士， JP 香港，二零二五年六月十七日 鍾楚義先生 （主席） 簡士民先生 周厚文先生 何樂輝先生 梁景賢先生 鍾宛彤女士 1 審核委員會 鄭毓和先生 （主席） 石禮謙先生， GBS, JP 盧永仁博士， JP ...

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，概不對因本公佈全部或任 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。 資本策略地產有限公司 * CSI PROPERTIES LIMITED （於百慕達註冊成立之有限公司） （股份代號：497） (1)委任非執行董事； (2)委任替任董事； 及 (3)委任獨立非執行董事 資本策略地產有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）欣然宣佈以下委任，自二零二五年六月十七日起： 委任非執行董事 盧先生已獲委任為非執行董事，自二零二五年六月十七日起生效。 盧先生，62歲，現任基滙資本董事總經理及合夥人－投資部及投資委員會成員。 於加入基滙資本之前，盧先生曾擔任美聯銀行之董事，負責大中華區的房地產債 務及股權投資。彼曾於香港仲量聯行及戴德梁行擔任投資主管超過15年。盧先生 畢業於香港理工大學，自一九八九年起成為特許測量師。 * 僅供識別 1 (i) 盧慶雄先生（「盧先生」）已獲委任為非執行董事； (ii) 葉浩宏先生（「葉先生」）已獲委任為盧 ...