股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 茂業國際控股有限公司 呈交日期: 2026年4月1日 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00848 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,000,000,000 | HKD | | 0.1 | HKD | | 900,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 9,000,000,000 | HKD | | 0.1 | HKD | | 900,000,000 | 本月底法定/註冊股本總額： HKD 900,0 ...

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 。 MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：848） 於其他海外監管市場發佈的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而 發表。 以下公告的中文原稿由茂業國際控股有限公司旗下一間於上海證券交易所 上市的A股附屬公司，茂業商業股份有限公司於2026年3月27日於中國境內 發佈。 承董事會命 茂業國際控股有限公司 董事長 黃茂如先生 香港，2026 年 3 月 27 日 於本公告刊發日期，本公司董事會包括三位執行董事黃茂如先生、盧小娟女士及 唐海峰先生；一位非執行董事黃維正先生；以及三位獨立非執行董事饒永先生、 浦炳榮先生及徐靜女士。 茂业商业股份有限公司2025 年年度报告 公司代码：600828 公司简称：茂业商业 茂业商业股份有限公司 2025 年年度报告 1 ...

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 。 MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：848） 於其他海外監管市場發佈的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條的規定而 發表。 以下公告的中文原稿由茂業國際控股有限公司旗下一間於上海證券交易所 上市的A股附屬公司，茂業商業股份有限公司於2026年3月27日於中國境內 發佈。 承董事會命 茂業國際控股有限公司 董事長 黃茂如先生 香港，2026 年 3 月 27 日 於本公告刊發日期，本公司董事會包括三位執行董事黃茂如先生、盧小娟女士及 唐海峰先生；一位非執行董事黃維正先生；以及三位獨立非執行董事饒永先生、 浦炳榮先生及徐靜女士。 茂业商业股份有限公司2025 年年度报告 公司代码：600828 公司简称：茂业商业 茂业商业股份有限公司 2025 年年度报告 1 ...

Financial Performance - Total retail sales (including leased merchants) reached RMB 6,382.4 million[2] - Total sales revenue and rental income amounted to RMB 5,294.8 million[2] - The company recorded a pre-tax loss of RMB 429.4 million and a net loss of RMB 243.9 million for the year[3] - Basic loss per share for the year was RMB 9.87, with the board recommending no final dividend for the year ended December 31, 2025[3] - Total revenue for 2025 was RMB 3,034.6 million, a decrease of 24.5% from RMB 4,018.4 million in 2024[3] - Operating profit decreased to RMB 142.5 million from RMB 897.3 million in the previous year, reflecting a decline of 84.1%[3] - The company reported a comprehensive loss of RMB 273.0 million for the year, compared to a loss of RMB 394.8 million in 2024[5] - The company’s equity attributable to ordinary shareholders decreased to RMB 12,444.9 million in 2025 from RMB 12,930.3 million in 2024[10] - The total sales revenue and rental income for the year ended December 31, 2025, was RMB 5,294.8 million, a decrease of 28.4% compared to 2024, primarily due to insufficient consumer confidence and a shift in the business model towards shopping center leasing[80] - The total sales from franchised counters amounted to RMB 3,113.0 million, down 37.7% from 2024, while direct sales revenue was RMB 1,071.1 million, a decrease of 10.2%, and rental income was RMB 1,110.7 million, down 8.0%[81] Assets and Liabilities - Total assets decreased to RMB 44,567.8 million in 2025 from RMB 46,462.5 million in 2024[7] - Total liabilities decreased to RMB 23,091.8 million in 2025 from RMB 24,228.0 million in 2024[8] - The group's current liabilities net amount is approximately RMB 3,581,090,000, with current bank and other borrowings due within the next 12 months amounting to RMB 5,187,109,000[16] - The company has pledged assets including land and buildings valued at RMB 2,077.8 million, investment properties at RMB 10,803.0 million, and right-of-use assets at RMB 204.5 million as collateral for borrowings[96] Operational Insights - The group operates three reportable segments: department store operations, property development, and other services including hotel operations[29] - The company has shifted its strategy from traditional leasing to a selection-based approach, focusing on empowering brands and optimizing the operational ecosystem[65] - The group is focusing on optimizing store formats based on local consumer trends, with significant upgrades in Chengdu and Jinan to enhance shopping and entertainment experiences[63] - The company aims to transition from traditional department stores to shopping centers and smart retail complexes, emphasizing high-quality development[61] - The overall performance is under pressure due to a weak supply-demand balance and ongoing industry adjustments, but certain regions like South China and Inner Mongolia remain strong[62] Revenue and Expenses - The cost of goods and real estate sales for 2025 was RMB 1,173,568, down from RMB 1,765,841 in 2024, reflecting a reduction of about 33.5%[42] - Employee expenses decreased to RMB 333,439 in 2025 from RMB 394,844 in 2024, a decline of approximately 15.6%[43] - Financing costs for 2025 were RMB 571,872, down from RMB 690,243 in 2024, representing a decrease of about 17.1%[44] - Capital expenditures for 2025 totaled RMB 216,630, compared to RMB 362,497 in 2024, indicating a reduction of approximately 40.3%[33] - The company reported a net loss attributable to equity holders of RMB 507,140 for 2025, compared to a loss of RMB 97,178 in 2024, reflecting a worsening of approximately 420.5%[33] Customer and Market Trends - The retail sales of consumer goods in China reached approximately RMB 50.12 trillion in 2025, reflecting a year-on-year growth of 3.7%[56] - The online retail sales in China were approximately RMB 15.97 trillion, with a year-on-year increase of 8.6%[56] - The company has no single customer contributing 5% or more to total revenue, indicating a diversified customer base[36] - Domestic beauty brands have captured 57.37% of the Chinese market share, while international brands face sales pressure due to price sensitivity and competition[69] Digital and Membership Initiatives - The company has enhanced its digital business platform, integrating multiple online channels to capture both public and private traffic effectively[68] - The company implemented a one-stop membership management system, "Maoyuehui," to improve customer interaction and enhance the shopping experience[68] - Total membership for "Mao Le Hui" exceeded 3.7 million, a year-on-year increase of 2.71%, while new member spending rose by 16.73% to approximately RMB 73.5 million[71] - The "Mao Yue Hui" membership management system added approximately 637,800 new members, bringing the total to about 19.29 million, with total member spending reaching approximately RMB 2.374 billion[71] Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance company value[102] - The board believes that having the same individual serve as both chairman and CEO is in the best interest of the group due to the founder's extensive experience in the retail and commercial real estate sectors[104] - The company plans to ensure compliance with corporate governance codes, including appointing a board member of a different gender to the nomination committee[103] Future Outlook - The retail industry is expected to transition towards experiential and integrated commercial models, emphasizing value creation and operational depth in 2026[74] - The group aims to achieve dual breakthroughs in department store operations and commercial management output, enhancing the shopping experience and operational quality[75] - The group is committed to enhancing the shopping experience for consumers, particularly targeting the emerging Z generation with a focus on local characteristics and digital integration[75] - Overall, the group is navigating the challenges of the retail sector by actively transforming and exploring new commercial avenues, positioning itself for future growth[73]

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。 香港，2026 年 3 月 12 日 於本公告刊發日期，董事會包括三位執行董事黃茂如先生、盧小娟女士及唐海峰先 生；一位非執行董事黃維正先生；以及三位獨立非執行董事饒永先生、浦炳榮先生及 徐靜女士。 MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公司 （於開曼群島註冊成立之有限公司） (股份代號: 848) 董事會會議召開日期 茂業國際控股有限公司 (「本公司」) 之董事會 (「董事會」) 謹此宣佈，本公司將於 2026 年 3 月 27 日 (星期五) 舉行董事會會議，藉以 (其中包括) 批准刊發本公司及其附 屬公司截至 2025 年 12 月 31 日止十二個月之綜合全年業績公告，以及考慮派發末期股 息之建議(如有)。 代表董事會 茂業國際控股有限公司 董事長 黃茂如先生 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 茂業國際控股有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00848 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,000,000,000 | HKD | | 0.1 | HKD | | 900,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 9,000,000,000 | HKD | | 0.1 | HKD | | 900,000,000 | 本月底法定/註冊股本 ...

Maoye International Holdings Limited 茂業國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：848） NOTIFICATION LETTER 通知信函 Dear Non-registered Holder(s) (Note 1) , Maoye International Holdings Limited (the "Company") – Notice of publication of Circular relating to major transaction - disposal of shares in Maoye Commercial Co., Ltd. (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are av ...

Maoye International Holdings Limited 茂業國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：848） If you have difficulty in receiving email notification or gaining access to the Website Version of the Corporate Communications and would like to receive the Current Corporate Communication and all future Corporate Communications in printed form, please complete, sign the enclosed Reply Form and return it to the Company's branch share registrar and transfer offic ...

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 閣下的股票經紀或 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。 閣下如已出售或轉讓名下全部茂業國際控股有限公司股份，應立即將本通函送交買 主或承讓人，或經手出售或轉讓的銀行、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。 MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：848） 主要交易 出售茂業商業股份有限公司股份 本通函僅為供股東參考而寄發，且已根據上市規則取得股東書面批准以取代舉行本 公司股東大會。 2026年2月25日 | 釋義 | 1 | | --- | --- | | 董事會函件 | 4 | | 附錄一 — 本集團的財務資料 I-1 | | | 附錄二 — 一般資料 II-1 | | 釋 義 在本通函內， ...

Core Viewpoint - The company, Maoye International (00848), anticipates a net loss of approximately RMB 200 million to RMB 250 million for the fiscal year 2025, primarily due to impairment losses on investment properties and goodwill [1] Financial Performance - For the fiscal year 2024, the company reported a net loss of approximately RMB 99.92 million [1] - Excluding the impairment losses of approximately RMB 300 million on investment properties and RMB 100 million on goodwill and construction properties, the operating net profit for 2025 is expected to be around RMB 100 million [1] Impairment Losses - The expected net loss for 2025 is mainly attributed to the impairment losses on investment properties and goodwill, with a projected fair value decline of investment properties from approximately RMB 21.8 billion to about RMB 21.5 billion, representing a decrease of about 1.4% [1] - The company anticipates recognizing a fair value change loss of approximately RMB 300 million, which will impact net profit by about RMB 230 million [1] - Additionally, the company expects to recognize impairment losses on goodwill and construction properties of around RMB 100 million [1]