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: 2025年10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: 萬事昌國際控股有限公司 呈交日期: 2025年11月3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) | 00898 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.05 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.05 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD ...

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) | 00898 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.05 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.05 | HKD | | 500,000,000 | 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: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萬事昌國際控股有限公司 呈交日期: 2025年10月6日 ...

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告全部或任何部份內 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。 承董 事 會命 萬 事 昌 國 際 控股 有限 公 司 主席 劉志勇 MULTIFIELD INTERNATIONAL HOLDINGS LIMITED 萬事昌國際控股有限公司＊ 香港 ， 二零 二 五年 九月 二 十二 日 (於 百 慕達 註 冊成 立 之有 限 公司 ) (股份代號: 898) 更改香港股份過戶登記分處 萬事 昌 國際 控 股有 限公 司（「本公司 」）董 事會 宣 佈自 二 零 二五 年 九月 三 十日 起， 本公 司 之香 港 股份 過戶 登 記分 處 將更 改為 :- 卓佳 證 券登 記 有限 公司 香港 夏 慤道 16號 遠東 金 融中 心17樓 電話 ： (852) 2980 1333 傳真 ： (852) 2810 8185 由 二零二五 年 九 月 三 十 日 起 ， 有 關 本 公 司 之 股 份 過 戶 及 登 記 手 續 將 由 卓 佳 證 券 登記有限公司辦理 。 ...

[Company Information](index=3&type=section&id=Company%20Information) This section details the company's governance structure, key professional relationships, and operational locations [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board comprises three executive directors and four independent non-executive directors, with established audit, remuneration, and nomination committees - The Board of Directors consists of **three executive directors** and **four independent non-executive directors**, with Mr. Liu Zhiyong serving as Chairman[5](index=5&type=chunk) - Audit, Remuneration, and Nomination Committees have been established, with their respective chairpersons and members clearly defined[5](index=5&type=chunk) - Mr. Wong Ka Chun was appointed Company Secretary on August 8, 2025, while Ms. Tang Cheung Kai resigned on the same day[5](index=5&type=chunk) [Principal Banks, Solicitors, and Auditors](index=3&type=section&id=Principal%20Banks,%20Solicitors,%20and%20Auditors) The report lists the company's principal banks, legal advisors, and auditors supporting its operations - Principal banks include Bank of China (Hong Kong) Limited, Hong Leong Bank Berhad, Bank of Communications (Hong Kong) Limited, J. Safra Sarasin Bank (Hong Kong Branch), and Bank of China[5](index=5&type=chunk) - Legal advisors are Messrs. Wong & Tung and Guangdong Langqian Law Firm[5](index=5&type=chunk) - The auditor is Beijing Xinghua Dingfeng Certified Public Accountants Co., Ltd[5](index=5&type=chunk) [Registered Office and Principal Place of Business](index=3&type=section&id=Registered%20Office%20and%20Principal%20Place%20of%20Business) The company maintains its registered office in Bermuda and its principal place of business in Hong Kong - The registered office is located at Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda[5](index=5&type=chunk) - The principal place of business is at Units 22-28, 25th Floor, Tower A, Southmark, 11 Yip Hing Street, Wong Chuk Hang, Hong Kong[6](index=6&type=chunk) - The Hong Kong branch share registrar and transfer office is Tricor Tengis Limited[6](index=6&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement presents the company's financial performance, highlighting revenue, expenses, and profit for the period [Interim Results Overview](index=4&type=section&id=Interim%20Results%20Overview) For the six months ended June 30, 2025, profit for the period surged by 80.08% to HK$286,250 thousand, driven by fair value changes in financial assets despite a slight revenue dip Condensed Consolidated Statement Key Financial Data (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 140,661 | 141,050 | -0.28% | | Cost of services provided | (23,418) | (22,803) | +2.70% | | Gross profit | 117,243 | 118,247 | -0.85% | | Other income and gains | 14,737 | 11,698 | +25.98% | | Fair value changes of financial assets at fair value through profit or loss, net | 207,503 | 90,627 | +128.96% | | Operating and administrative expenses | (17,161) | (18,630) | -7.89% | | Finance costs | (27,635) | (34,925) | -20.90% | | Share of results of investments accounted for using the equity method | (20) | (5) | +300.00% | | Profit before tax | 294,667 | 167,012 | +76.43% | | Income tax expense | (8,417) | (7,937) | +6.05% | | Profit for the period | 286,250 | 159,075 | +80.08% | | Profit for the period attributable to owners of the Company | 238,382 | 128,541 | +85.45% | | Non-controlling interests | 47,868 | 30,534 | +56.77% | | Basic and diluted earnings per share | 28.51 HK cents | 15.37 HK cents | +85.49% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the company's total comprehensive income, including profit for the period and other comprehensive income items [Analysis of Total Comprehensive Income](index=5&type=section&id=Analysis%20of%20Total%20Comprehensive%20Income) Total comprehensive income for the six months ended June 30, 2025, reached HK$286,276 thousand, an 80.18% increase, primarily due to higher profit for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 286,250 | 159,075 | +80.08% | | Other comprehensive income/(loss): Exchange differences on translation of overseas operations | 26 | (186) | N/A | | Total comprehensive income for the period | 286,276 | 158,889 | +80.18% | | Total comprehensive income for the period attributable to: Owners of the Company | 238,410 | 128,402 | +85.68% | | Total comprehensive income for the period attributable to: Non-controlling interests | 47,866 | 30,487 | +57.00% | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity at a specific point in time [Assets and Liabilities Position](index=6&type=section&id=Assets%20and%20Liabilities%20Position) As of June 30, 2025, net assets grew 2.70% to HK$10,226,789 thousand, with current assets up 35.65% driven by financial assets and cash, while current liabilities also rose significantly Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 11,152,524 | 11,153,960 | -0.01% | | Total current assets | 3,015,980 | 2,223,354 | +35.65% | | Of which: Amounts due from investments accounted for using the equity method | 51,712 | 27,649 | +87.03% | | Of which: Financial assets at fair value through profit or loss | 1,191,652 | 1,004,358 | +18.65% | | Of which: Cash and cash equivalents | 963,178 | 388,261 | +148.08% | | Total current liabilities | 1,091,953 | 539,875 | +102.26% | | Of which: Interest-bearing bank borrowings | 798,594 | 248,594 | +221.25% | | Net current assets | 1,924,027 | 1,683,479 | +14.29% | | Total non-current liabilities | 2,849,762 | 2,879,623 | -1.04% | | Net assets | 10,226,789 | 9,957,816 | +2.70% | | Total equity | 10,226,789 | 9,957,816 | +2.70% | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the company's equity components over the reporting period [Analysis of Changes in Equity](index=8&type=section&id=Analysis%20of%20Changes%20in%20Equity) Equity attributable to owners increased by 2.73% to HK$8,331,649 thousand for the six months ended June 30, 2025, driven by profit, partially offset by dividends Condensed Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2025 Jan 1 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 8,331,649 | 8,109,960 | +2.73% | | Non-controlling interests | 1,895,140 | 1,847,856 | +2.56% | | Total equity | 10,226,789 | 9,957,816 | +2.70% | | Profit for the period (attributable to owners of the Company) | 238,382 | 128,541 (2024) | +85.45% | | Final dividend paid for 2024 | (16,721) | (16,721) (2024) | 0% | [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities [Cash Flow Analysis](index=9&type=section&id=Cash%20Flow%20Analysis) For the six months ended June 30, 2025, net cash inflows from operating and investing activities increased, while financing activities shifted to a net inflow, boosting cash and cash equivalents by 148.08% to HK$963,178 thousand Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Net cash inflow from operating activities | 115,392 | 90,836 | +27.03% | | Net cash inflow from investing activities | 7,597 | 5,186 | +46.48% | | Net cash inflow/(outflow) from financing activities | 451,981 | (111,965) | N/A (from outflow to inflow) | | Net increase/(decrease) in cash and cash equivalents | 574,970 | (15,943) | N/A (from decrease to increase) | | Cash and cash equivalents at beginning of period | 388,261 | 452,539 | -14.19% | | Effect of foreign exchange rate changes, net | (53) | (705) | -92.50% | | Cash and cash equivalents at end of period | 963,178 | 435,891 | +121.00% | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures supporting the unaudited condensed consolidated financial statements [1. Basis of Preparation and Principal Accounting Policies](index=10&type=section&id=1.%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) These interim financial statements are prepared under HKAS 34 and Listing Rules; HKAS 21 (Revised) was first applied with no material impact - The unaudited condensed consolidated interim financial statements are prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[26](index=26&type=chunk) - HKAS 21 (Revised) "Lack of Exchangeability" was first applied during the period, but these amendments had no impact on the Group's condensed consolidated interim financial statements[26](index=26&type=chunk)[27](index=27&type=chunk) [2. Segment Information](index=10&type=section&id=2.%20Segment%20Information) The Group operates in property investment, serviced apartment and property management, and trading and investment segments, with segment results assessed by adjusted profit/loss before tax - The Group is divided into three reportable business segments: property investment, provision of serviced apartments and property management services, and trading and investment[28](index=28&type=chunk)[30](index=30&type=chunk) Business Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2025 Segment Results (HK$ thousand) | 2024 Segment Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Property investment | 94,355 | 97,506 | 80,358 | 83,253 | | Provision of serviced apartments and property management services | 15,385 | 16,313 | (1,710) | (1,198) | | Trading and investment | 30,921 | 27,231 | 236,972 | 116,788 | | **Total** | **140,661** | **141,050** | **315,620** | **198,843** | Geographical Revenue (For the six months ended June 30) | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 66,604 | 63,722 | +4.52% | | Mainland China | 74,057 | 77,328 | -4.23% | | **Total** | **140,661** | **141,050** | -0.28% | [3. Revenue, Other Income and Gains](index=12&type=section&id=3.%20Revenue,%20Other%20Income%20and%20Gains) Total revenue slightly decreased, but other income and gains significantly increased, primarily from government grants, bank interest, and interest from equity-accounted investments Revenue Sources (For the six months ended June 30) | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Provision of serviced apartments and property management services | 15,385 | 16,313 | -5.69% | | Fixed rental income from investment properties | 94,355 | 97,506 | -3.13% | | Dividend income from listed equity investments | 30,765 | 27,075 | +13.63% | | Interest income from debt securities | 156 | 156 | 0% | | **Total Revenue** | **140,661** | **141,050** | -0.28% | Other Income and Gains (For the six months ended June 30) | Other Income and Gains | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Government grants and subsidies | 3,983 | 3,283 | +21.32% | | Interest income from bank deposits | 7,548 | 5,180 | +45.71% | | Interest income from amounts due from investments accounted for using the equity method | 361 | – | N/A | | Others | 2,845 | 3,235 | -12.06% | | **Total Other Income and Gains** | **14,737** | **11,698** | +25.98% | - Revenue from provision of serviced apartments and property management services is recognized over time using the output method, based on monthly statements issued by the Group's property management agent[37](index=37&type=chunk) [4. Profit Before Tax](index=13&type=section&id=4.%20Profit%20Before%20Tax) Profit before tax was influenced by depreciation, foreign exchange differences, and employee benefits, with a notable increase in right-of-use asset depreciation and a shift to foreign exchange gains Components of Profit Before Tax (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,408 | 1,278 | +10.17% | | Depreciation of right-of-use assets | 160 | 4 | +3900% | | Foreign exchange differences, net | (3,328) | (83) | N/A (from loss to gain) | | Employee benefit expenses (including directors' and chief executive's emoluments): Salaries, wages and other benefits | 15,260 | 14,065 | +8.50% | | Employee benefit expenses (including directors' and chief executive's emoluments): Contributions to retirement benefit schemes (defined contribution schemes) | 1,993 | 2,065 | -3.49% | | **Total Staff Costs** | **17,253** | **16,130** | +6.96% | [5. Finance Costs](index=13&type=section&id=5.%20Finance%20Costs) The Group's finance costs, primarily bank loan interest, decreased by 20.90% for the six months ended June 30, 2025 Finance Costs (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 27,635 | 34,925 | -20.90% | [6. Income Tax](index=14&type=section&id=6.%20Income%20Tax) Income tax expense slightly increased, with Hong Kong tax at 16.5% (or 8.25% for the first HK$2 million), Mainland China subsidiaries at 25%, and non-resident enterprises generally at 10% - Hong Kong profits tax provision is calculated at 16.5% of the estimated assessable profit, with qualifying subsidiaries taxed at 8.25% for the first HK$2,000,000[43](index=43&type=chunk) - Mainland China subsidiaries are subject to a 25% tax rate, and non-resident enterprises generally pay enterprise income tax at a rate of 10% on income derived within Mainland China[43](index=43&type=chunk) Income Tax Expense (For the six months ended June 30) | Tax Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax – Hong Kong | 2,317 | 1,443 | +60.57% | | Current tax – Mainland China | 6,062 | 6,395 | -5.21% | | Current tax – Malaysia | 38 | 99 | -61.62% | | **Total Tax Expense for the Period** | **8,417** | **7,937** | +6.05% | [7. Dividends](index=14&type=section&id=7.%20Dividends) The Group declared a final dividend of HK 2 cents per ordinary share for 2024 and an interim dividend of HK 2 cents for 2025, consistent with prior year - A final dividend of **HK 2 cents per ordinary share** for 2024, totaling **HK$16,721 thousand**, was paid, consistent with the 2023 final dividend[46](index=46&type=chunk) - The Board declared an interim dividend of **HK 2 cents per ordinary share** on August 28, 2025, totaling **HK$16,721 thousand**, consistent with 2024[49](index=49&type=chunk) - The interim dividend is expected to be dispatched on or about October 23, 2025, to shareholders whose names appear on the register of members on September 17, 2025[49](index=49&type=chunk) [8. Earnings Per Share](index=15&type=section&id=8.%20Earnings%20Per%20Share) Basic and diluted earnings per share for the six months ended June 30, 2025, increased by 85.49% to HK 28.51 cents, reflecting higher profit attributable to equity holders, with no dilutive potential ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company | HK$238,382,000 | HK$128,541,000 | +85.45% | | Weighted average number of ordinary shares in issue | 836,074,218 shares | 836,074,218 shares | 0% | | **Basic and diluted earnings per share** | **28.51 HK cents** | **15.37 HK cents** | +85.49% | - The Group had no potential dilutive ordinary shares in issue for the periods ended June 30, 2025, and 2024[52](index=52&type=chunk) [9. Amounts Due from a Joint Venture Accounted for Using the Equity Method](index=15&type=section&id=9.%20Amounts%20Due%20from%20a%20Joint%20Venture%20Accounted%20for%20Using%20the%20Equity%20Method) As of June 30, 2025, amounts due from joint venture Torus Development Sdn. Bhd. increased, with part interest-bearing and part interest-free - Amounts due from Torus Development Sdn. Bhd. of approximately **HK$16,370 thousand** (December 31, 2024: HK$14,350 thousand) are unsecured, interest-bearing at the average lending rate of Bank Negara Malaysia, and repayable on demand[53](index=53&type=chunk) - The remaining balance of approximately **HK$35,342 thousand** (December 31, 2024: HK$13,299 thousand) is unsecured, interest-free, and repayable on demand[53](index=53&type=chunk) [10. Trade Receivables](index=15&type=section&id=10.%20Trade%20Receivables) Total trade receivables increased, primarily from property management and leasing, with a notable rise in receivables aged three to twelve months - Trade receivables primarily comprise amounts due from property management services and leasing activities, where tenants are required to pay rent on the first day of each rental period and provide a rental deposit equivalent to two to three months' rent[56](index=56&type=chunk) - The Group does not hold any collateral or other credit enhancements over its trade receivables balances[56](index=56&type=chunk) Trade Receivables Ageing Analysis (As of June 30) | Ageing | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 month | 1,197 | 1,948 | -38.66% | | 1 to 2 months | 283 | 700 | -59.57% | | 2 to 3 months | 255 | 765 | -66.67% | | 3 to 12 months | 4,483 | 1,765 | +153.99% | | Over 1 year | 393 | 394 | -0.25% | | **Total** | **6,611** | **5,572** | +18.65% | [11. Trade Payables](index=16&type=section&id=11.%20Trade%20Payables) Trade payables significantly decreased, with all amounts due within one month, non-interest-bearing, and generally settled within sixty days Trade Payables Ageing Analysis (As of June 30) | Ageing | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 month | 602 | 2,170 | -72.26% | - Trade payables are non-interest-bearing and generally settled within a 60-day period[58](index=58&type=chunk) [12. Cash and Cash Equivalents](index=17&type=section&id=12.%20Cash%20and%20Cash%20Equivalents) Cash and cash equivalents surged by 148.08%, driven by increased cash and bank balances and short-term deposits, with some RMB-denominated cash held in Mainland China banks Cash and Cash Equivalents (As of June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and bank balances | 750,774 | 287,794 | +160.89% | | Time deposits (original maturity less than three months) | 212,404 | 100,467 | +111.42% | | **Total Cash and Cash Equivalents** | **963,178** | **388,261** | +148.08% | - Approximately **HK$44,258 thousand** (December 31, 2024: HK$22,725 thousand) is denominated in RMB and held in banks in Mainland China, where RMB is not freely convertible into other currencies[61](index=61&type=chunk) [13. Interest-Bearing Bank Borrowings](index=17&type=section&id=13.%20Interest-Bearing%20Bank%20Borrowings) Total interest-bearing bank borrowings increased by 31.53% to HK$2,158,594 thousand, with a significant rise in current portion, secured by investment properties, properties held for sale, development properties, and corporate/director guarantees Total Interest-Bearing Bank Borrowings (As of June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current liabilities | 1,360,000 | 1,392,500 | -2.33% | | Current liabilities | 798,594 | 248,594 | +221.25% | | **Total** | **2,158,594** | **1,641,094** | +31.53% | - Bank loans are secured by certain investment properties of the Group located in Hong Kong and Mainland China, properties held for sale in Hong Kong, development properties in Malaysia, a personal guarantee provided by a director of the Company, and corporate guarantees[64](index=64&type=chunk) Interest-Bearing Bank Borrowings by Currency (As of June 30) | Currency | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | | :--- | :--- | :--- | | HKD | 1,952,500 | 1,435,000 | | MYR | 206,094 | 206,094 | | **Total** | **2,158,594** | **1,641,094** | [14. Amount Due to a Director](index=19&type=section&id=14.%20Amount%20Due%20to%20a%20Director) The amount due to a director is unsecured, interest-free, and not repayable within one year - The amount due to a director is unsecured, interest-free, and not repayable within one year[68](index=68&type=chunk) [15. Share Capital](index=19&type=section&id=15.%20Share%20Capital) The company's authorized and issued share capital remained unchanged, with 836,074,218 ordinary shares of HK$0.05 par value each Share Capital Composition (As of June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | | :--- | :--- | :--- | | Authorized: 10,000,000,000 ordinary shares of HK$0.05 each | 500,000 | 500,000 | | Issued and fully paid: 836,074,218 ordinary shares of HK$0.05 each | 41,804 | 41,804 | [16. Share Option Scheme](index=20&type=section&id=16.%20Share%20Option%20Scheme) The company adopted a share option scheme in 2023 to incentivize eligible participants, with a 10% issued share capital limit; no options have been granted or remain outstanding since adoption - The company's share option scheme was adopted on May 25, 2023, to provide incentives and rewards to eligible participants who contribute to the Group's business success[71](index=71&type=chunk) - The maximum number of shares that may be issued upon exercise of all options granted under the scheme is **83,607,421 shares**, representing 10% of the company's issued shares on the date of approval of the scheme[71](index=71&type=chunk) - No share options have been granted since the adoption of the scheme, and there were no outstanding share options as of June 30, 2025[75](index=75&type=chunk) [17. Corporate Guarantees](index=21&type=section&id=17.%20Corporate%20Guarantees) The company provided corporate guarantees for bank facilities of its subsidiaries and a joint venture, largely utilized, with directors believing no significant liabilities will arise - The company has provided corporate guarantees for bank facilities granted to its subsidiaries up to approximately **HK$1,899,829 thousand**, of which approximately **HK$1,706,094 thousand** has been utilized[76](index=76&type=chunk) - The company has provided corporate guarantees for bank facilities granted to a joint venture up to approximately **HK$244,607 thousand**, of which approximately **HK$79,801 thousand** has been utilized[76](index=76&type=chunk) - The directors believe that the above corporate guarantees were made in the ordinary course of the Group's business and will not give rise to significant liabilities[76](index=76&type=chunk) [18. Leases](index=21&type=section&id=18.%20Leases) As lessor, the Group recognized HK$94,355 thousand in rental income from investment properties under operating leases; as lessee, HK$160 thousand in right-of-use asset depreciation and HK$13 thousand in lease interest were recognized - The Group leases out its investment properties under operating lease arrangements, recognizing rental income of **HK$94,355 thousand** (2024: HK$97,506 thousand) during the period[77](index=77&type=chunk) Undiscounted Lease Payments Receivable in the Future (As of June 30) | Period | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | | :--- | :--- | :--- | | Within one year | 136,406 | 121,457 | | After one year but within two years | 51,081 | 22,707 | | After two years but within three years | 15,709 | 3,187 | | **Total** | **203,196** | **147,351** | - Depreciation expense on right-of-use assets of **HK$160 thousand** (2024: HK$4 thousand) and lease interest of **HK$13 thousand** were recognized in profit or loss[79](index=79&type=chunk) [19. Related Party Transactions](index=22&type=section&id=19.%20Related%20Party%20Transactions) The Group engaged in various related party transactions, including management fee income from an executive director's controlled entity and interest income from a joint venture, with increased key management personnel remuneration Related Party Transactions (For the six months ended June 30) | Transaction Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Management fee income from an entity controlled by Mr. Liu Zhiyong, an executive director | 1,617 | 240 | | Interest income from a joint venture | 361 | – | Key Management Personnel Remuneration (For the six months ended June 30) | Remuneration Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Fees | 432 | 270 | | Salaries, allowances and benefits in kind | 2,563 | 2,563 | | Retirement benefit scheme contributions | 9 | 9 | | **Total** | **3,004** | **2,842** | - Details of amounts due to a director are set out in note 14, and details of amounts due from investments accounted for using the equity method are set out in note 9[85](index=85&type=chunk) [20. Approval of the Unaudited Condensed Consolidated Financial Statements](index=23&type=section&id=20.%20Approval%20of%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These unaudited condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 28, 2025 - These unaudited condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 28, 2025[84](index=84&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, financial position, and future outlook [Business Review](index=24&type=section&id=Business%20Review) The business review covers property investment performance in Hong Kong and Mainland China, disputes over Zhuhai property projects, and strong growth in the financial investment portfolio, particularly from listed equity investments [Property Investment](index=24&type=section&id=Property%20Investment) Hong Kong investment properties provide stable rental income, and Shanghai Windsor International maintains high occupancy; however, Zhuhai projects face slow demolition progress and ongoing legal disputes over land compensation - Hong Kong investment properties generated stable rental income of approximately **HK$35,000 thousand** (2024: HK$36,000 thousand) for the Group during the six months ended June 30, 2025[87](index=87&type=chunk) - The Windsor International project in Shanghai, China, consistently maintained an average occupancy rate of approximately **86%**, contributing rental and management fee income of approximately **HK$74,000 thousand** (2024: HK$77,000 thousand)[88](index=88&type=chunk) - Demolition progress for the Zhuhai Qianshan project has been very slow, with the Group awaiting feedback and approval from government authorities on proposed planning adjustments[89](index=89&type=chunk) - The Zhuhai Doumen project faces a legal dispute over land resumption compensation of approximately **RMB205,538 thousand**, with the Group having initiated administrative litigation against local government authorities, and judicial proceedings are ongoing[90](index=90&type=chunk) [Financial Investments](index=25&type=section&id=Financial%20Investments) The Group holds highly liquid equity investments of approximately HK$1,188,000 thousand, primarily Hong Kong-listed blue-chip stocks and ETFs, generating fair value gains and dividend income, with management actively monitoring market conditions to mitigate financial risks - As of June 30, 2025, the Group held highly liquid equity investments of approximately **HK$1,188,000 thousand** (December 31, 2024: HK$980,000 thousand), primarily in Hong Kong-listed blue-chip stocks and exchange-traded funds[94](index=94&type=chunk) - Equity investments recorded a net fair value gain of approximately **HK$207,000 thousand** (2024: HK$91,000 thousand) and dividend income of approximately **HK$31,000 thousand** (2024: HK$27,000 thousand) during the reporting period[94](index=94&type=chunk) - Major holdings include Tracker Fund of Hong Kong, HSBC Holdings plc, Hang Seng China Enterprises Index ETF, Bank of China Limited, China Mobile Limited, China Life Insurance Company Limited, and PetroChina Company Limited[95](index=95&type=chunk)[97](index=97&type=chunk) - Management will closely monitor the performance of each equity investment and changes in market conditions to mitigate potential financial risks and will adjust the investment portfolio as appropriate[98](index=98&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) Profit for the six months ended June 30, 2025, rose by approximately 80% to HK$286,000 thousand, driven by unrealized fair value gains and increased dividend income from equity investments, despite a 4% decline in rental and property management service income - The Group recorded an approximately **80% increase in profit** to approximately **HK$286,000 thousand** (2024: HK$159,000 thousand) for the six months ended June 30, 2025, primarily due to unrealized fair value gains and increased dividend income from equity investments[101](index=101&type=chunk) - The Group's rental and property management service income for the first half of 2025 decreased by approximately **4%** year-on-year to approximately **HK$110,000 thousand** (2024: HK$114,000 thousand)[101](index=101&type=chunk) - Equity investments recorded unrealized fair value gains of approximately **HK$207,000 thousand** (an increase of approximately 127% year-on-year) and dividend income of approximately **HK$31,000 thousand** (an increase of approximately 15% year-on-year)[101](index=101&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=27&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates,%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group did not have any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[102](index=102&type=chunk) [Foreign Currency Risk](index=27&type=section&id=Foreign%20Currency%20Risk) The Group primarily faces RMB-related foreign exchange risk, which management monitors closely for hedging, and held no foreign currency hedging instruments at period-end - The foreign exchange risk faced by the Group is mainly related to RMB, which management will closely monitor for its impact on the Group's performance and hedge its currency risk when appropriate[103](index=103&type=chunk) - As of June 30, 2025, the Group did not hold any financial instruments for foreign currency hedging purposes[104](index=104&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains strong liquidity with significantly increased cash and cash equivalents and highly liquid equity investments; total bank borrowings rose, increasing the gearing ratio to 21% - As of June 30, 2025, the Group held liquid assets in the form of highly liquid equity investments of approximately **HK$1,188,000 thousand** (December 31, 2024: HK$980,000 thousand)[105](index=105&type=chunk) - The Group's cash and cash equivalents amounted to approximately **HK$963,000 thousand** as of June 30, 2025 (December 31, 2024: HK$388,000 thousand)[105](index=105&type=chunk) - The Group's total bank borrowings amounted to approximately **HK$2,159,000 thousand** as of June 30, 2025 (December 31, 2024: HK$1,641,000 thousand), secured by legal charges over certain investment properties in Hong Kong and Shanghai and development properties in Malaysia[105](index=105&type=chunk) - The Group's gearing ratio was approximately **21%** as of June 30, 2025 (December 31, 2024: 16%)[107](index=107&type=chunk) [Pledge of Group Assets](index=28&type=section&id=Pledge%20of%20Group%20Assets) Details of the pledge of Group assets are disclosed in Note 13 to the unaudited condensed consolidated financial statements - Details of the pledge of Group assets are set out in note 13 to the unaudited condensed consolidated financial statements[108](index=108&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[109](index=109&type=chunk) [Commitments](index=28&type=section&id=Commitments) As of June 30, 2025, the Group had committed approximately HK$4,000 thousand for construction and land development expenditures - As of June 30, 2025, the Group had committed approximately **HK$4,000 thousand** (December 31, 2024: HK$4,000 thousand) for construction and land development expenditures, respectively[110](index=110&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) The Group employs approximately 201 staff across four locations, with increased employee expenses; remuneration policy aims for fair and competitive compensation, reviewed annually based on performance, experience, and market conditions - As of June 30, 2025, the Group employed approximately **201 staff** across four locations: Shanghai, Zhuhai, Hong Kong, and Malaysia[111](index=111&type=chunk) - Employee expenses (including directors' emoluments) for the period amounted to approximately **HK$17,000 thousand** (2024: HK$16,000 thousand)[111](index=111&type=chunk) - The Group's remuneration policy aims to maintain fair and competitive compensation based on business needs and industry practices, primarily determined by performance, experience, and prevailing market conditions, and reviewed annually[111](index=111&type=chunk) [Outlook](index=28&type=section&id=Outlook) The Group anticipates continued weak demand in Hong Kong's commercial property market and potential rising borrowing costs, leading to uncertainty in 2025 full-year financial performance; it will diversify overseas investments and adopt cautious financial investment strategies to manage global market volatility - The market demand for Hong Kong office and industrial buildings remains weak, and overall rental levels and occupancy rates may adversely affect the valuation of the Group's properties at the end of 2025[112](index=112&type=chunk) - Recent fluctuations in Hong Kong Interbank Offered Rate (HIBOR) may lead to increased borrowing costs for the Group, and despite stable income from Shanghai, Mainland China, for 2025, significant uncertainty remains regarding the Group's full-year financial performance for 2025[112](index=112&type=chunk) - The Group will continue to seek diversified investment opportunities across various regions, including investing in real estate development projects and acquiring land banks in Malaysia, to further enhance shareholder returns[112](index=112&type=chunk) - The value of the Group's listed securities portfolio may fluctuate significantly in the second half of the year due to global financial market factors such as tariff wars, interest rate trends, and geopolitical situations in Europe and the Middle East, prompting management to maintain a cautious investment strategy[113](index=113&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section provides additional disclosures regarding directors' and shareholders' interests, corporate governance, and other relevant company information [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations](index=29&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares,%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, Mr. Liu Zhiyong held approximately 66.91% of the company's shares and 75.00% of associated corporation Oriental Prosperity Holdings Limited through controlled entities, held via a family discretionary trust Directors' Long Positions in Ordinary Shares of the Company (As of June 30, 2025) | Director's Name | Capacity and Nature of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Mr. Liu Zhiyong | Interest in controlled corporations | 559,411,142 | 66.91 | Directors' Long Positions in Ordinary Shares of an Associated Corporation – Oriental Prosperity Holdings Limited, a subsidiary of the Company (As of June 30, 2025) | Director's Name | Capacity and Nature of Interest | Number of Shares Held | Approximate Percentage of the Associated Corporation's Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Mr. Liu Zhiyong | Interest in controlled corporations | 291,137,700 | 75.00 | - The aforementioned shares are ultimately controlled by Power Resources Holdings Limited, which acts as trustee for the Power Resources Discretionary Trust, with Mr. Liu Zhiyong and his family as beneficiaries[115](index=115&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=30&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, no director or their associates were granted or exercised rights to acquire company shares or debentures, except as disclosed under the share option scheme - Save for the disclosure under the share option scheme, at no time during the six months ended June 30, 2025, were any rights to acquire shares or debentures of the Company granted to any director or their respective spouse or minor children, nor had any such rights been exercised by them to obtain benefits[117](index=117&type=chunk) [Substantial Shareholders' Interests in Shares](index=30&type=section&id=Substantial%20Shareholders'%20Interests%20in%20Shares) As of June 30, 2025, Power Resources Holdings Limited, through its wholly-owned subsidiaries, was the substantial shareholder, indirectly holding 66.91% of the company's issued shares Substantial Shareholders' Long Positions in Ordinary Shares of the Company (As of June 30, 2025) | Shareholder Name | Capacity and Nature of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Power Resources Holdings Limited | Interest in controlled corporations | 559,411,142 | 66.91 | | Lucky Speculator Limited | Directly beneficially owned | 439,084,800 | 52.52 | | Desert Prince Limited | Directly beneficially owned | 120,326,342 | 14.39 | - Power Resources Holdings Limited holds an indirect interest in the Company's shares through its wholly-owned subsidiaries, Lucky Speculator Limited and Desert Prince Limited[118](index=118&type=chunk) [Events After the Reporting Period](index=30&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after June 30, 2025, up to the report date, that could materially affect the Group's operations and financial performance - No significant events that could materially affect the Group's operations and financial performance occurred after June 30, 2025, and up to the date of this report[120](index=120&type=chunk) [Closure of Register of Members](index=30&type=section&id=Closure%20of%20Register%20of%20Members) The company will close its register of members from September 15 to September 17, 2025, to determine eligibility for the interim dividend, expected to be paid around October 23, 2025 - The company's register of members will be closed from Monday, September 15, 2025, to Wednesday, September 17, 2025 (both dates inclusive)[121](index=121&type=chunk) - To qualify for the proposed interim dividend, all share transfer documents must be lodged with the company's Hong Kong branch share registrar and transfer office by 4:30 p.m. on Friday, September 12, 2025[121](index=121&type=chunk) - The interim dividend will be paid to shareholders whose names appear on the register of members on Wednesday, September 17, 2025, with the payment date on or about Thursday, October 23, 2025[121](index=121&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[122](index=122&type=chunk) [Review by Audit Committee](index=31&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed the Group's accounting principles, internal controls, and financial reporting matters, including the unaudited interim results for the six months ended June 30, 2025 - The Audit Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters, including the review of the Group's unaudited interim results for the six months ended June 30, 2025[123](index=123&type=chunk) [Corporate Governance Code](index=31&type=section&id=Corporate%20Governance%20Code) The Board believes the company complied with Appendix C1 Part 2 of the Listing Rules' Corporate Governance Code for the six months ended June 30, 2025, except for the chairman and managing director's exemption from rotation, deemed in the company's best interest - The company's directors believe that for the six months ended June 30, 2025, the company has consistently applied the principles and complied with the code provisions set out in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[124](index=124&type=chunk) - Pursuant to code provision B.2.2, every director should be subject to retirement by rotation at least once every three years, except for the chairman and managing director; the Board believes that exempting the company's chairman and managing director from the rotation provisions will enable the Group to effectively plan, formulate, and implement long-term strategies and business plans under strong and consistent leadership, utilizing resources efficiently[125](index=125&type=chunk) [Standard Code for Securities Transactions by Directors](index=31&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Standard Code for Securities Transactions by Directors as per Appendix C3 of the Listing Rules, and all directors confirmed compliance - The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions[126](index=126&type=chunk) - Following specific inquiries to all directors of the company, all directors confirmed that they have complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[126](index=126&type=chunk) [Publication of Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Report) The company's 2025 interim report is available on its website and the HKEX website - The company's 2025 interim report has been published on the company's website (www.irasia.com/listco/hk/multifield/index.htm) and the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk)[127](index=127&type=chunk) [Board Members](index=31&type=section&id=Board%20Members) This section lists the company's executive and independent non-executive directors as of the report date - The executive directors of the company are Mr. Liu Zhiyong, Mr. Liu Zhiqi, and Ms. Leung Wai Sang[128](index=128&type=chunk) - The independent non-executive directors of the company are Mr. Lo Man Lun, Mr. Lo Kam Cheung, Mr. Tsui Ka Wah, and Mr. Ng Sing Yip[128](index=128&type=chunk)

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: 2025年8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: 萬事昌國際控股有限公司 呈交日期: 2025年9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) | 00898 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.05 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.05 | HKD | | 500,000,000 | 本 ...

Group 1 - The company reported a revenue of HKD 141 million for the six months ending June 30, 2025, representing a year-on-year decrease of 0.28% [1] - Shareholders' profit attributable to the company increased to HKD 238 million, reflecting a year-on-year growth of 85.45% [1] - Basic earnings per share were reported at HKD 0.2851 [1] Group 2 - The increase in profit was primarily due to unrealized fair value gains from equity investments and an increase in dividend income [1] - The company proposed an interim dividend of HKD 0.02 per ordinary share [1]

Group 1 - The core viewpoint of the article is that 万事昌国际 (Wanshi Chang International) reported a mixed performance for the six months ending June 30, 2025, with a slight decrease in revenue but a significant increase in profit attributable to shareholders [1] Group 2 - The company achieved revenue of HKD 141 million, representing a year-on-year decrease of 0.28% [1] - Profit attributable to shareholders was HKD 238 million, showing a year-on-year increase of 85.45% [1] - Basic earnings per share were HKD 0.2851 [1] - The company proposed an interim dividend of HKD 0.02 per ordinary share [1] - The increase in profit was primarily due to unrealized fair value gains from equity investments and an increase in dividend income [1]

EF001 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 萬事昌國際控股有限公司 | | 股份代號 | 00898 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 二零二五年六月三十日止六個月中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.02 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.02 HKD | | 匯率 | 1 HKD : 1 HKD | ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This section presents the company's interim financial performance, including income, comprehensive income, and financial position statements [Condensed Consolidated Income Statement](index=1&type=section&id=Condensed%20Consolidated%20Income%20Statement) The company's profit for the period significantly increased, primarily due to a substantial rise in net fair value changes of financial assets, despite a slight revenue decline | Indicator | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 140,661 | 141,050 | -0.28% | | Gross Profit | 117,243 | 118,247 | -0.85% | | Other Income and Gains | 14,737 | 11,698 | +26.0% | | Net Fair Value Changes of Financial Assets at Fair Value Through Profit or Loss | 207,503 | 90,627 | +128.97% | | Operating and Administrative Expenses | (17,161) | (18,630) | -7.99% | | Finance Costs | (27,635) | (34,925) | -20.99% | | Profit Before Tax | 294,667 | 167,012 | +76.43% | | Profit for the Period | 286,250 | 159,075 | +79.95% | | Profit for the Period Attributable to Owners of the Company | 238,382 | 128,541 | +85.45% | | Basic and Diluted Earnings Per Share | 28.51 HK cents | 15.37 HK cents | +85.50% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The company's total comprehensive income for the period grew substantially, driven by significant profit growth, with minimal impact from exchange differences | Indicator | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 286,250 | 159,075 | +79.95% | | Exchange Differences on Translation of Overseas Operations | 26 | (186) | N/A | | Total Comprehensive Income for the Period | 286,276 | 158,889 | +80.18% | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 238,410 | 128,402 | +85.68% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and net assets increased, with a notable rise in net current assets, primarily from financial assets at fair value and cash equivalents | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 11,152,524 | 11,153,960 | -0.01% | | Total Current Assets | 3,015,980 | 2,223,354 | +35.65% | | Total Current Liabilities | 1,091,953 | 539,875 | +102.26% | | Net Current Assets | 1,924,027 | 1,683,479 | +14.29% | | Total Assets Less Current Liabilities | 13,076,551 | 12,837,439 | +1.86% | | Total Non-Current Liabilities | 2,849,762 | 2,879,623 | -1.04% | | Net Assets | 10,226,789 | 9,957,816 | +2.70% | | Total Equity | 10,226,789 | 9,957,816 | +2.70% | | Financial Assets at Fair Value Through Profit or Loss | 1,191,652 | 1,004,358 | +18.65% | | Cash and Cash Equivalents | 963,178 | 388,261 | +148.08% | | Interest-Bearing Bank Borrowings (Current) | 798,594 | 248,594 | +221.25% | | Interest-Bearing Bank Borrowings (Non-Current) | 1,360,000 | 1,392,500 | -2.33% | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, segment information, and specific financial statement items for the interim period [Basis of Preparation and Principal Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) Interim financial statements are prepared in accordance with HKFRS 34 and HKEX Listing Rules, with consistent accounting policies and no material impact from new standards - Interim financial statements are prepared in compliance with Appendix D2 of the HKEX Listing Rules and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[7](index=7&type=chunk) - The first-time application of HKAS 21 (Amendment) "Lack of Exchangeability" in this period had no impact on the condensed consolidated interim financial statements[8](index=8&type=chunk) [Segment Information](index=6&type=section&id=Segment%20Information) The Group's operations are categorized into property investment, serviced apartment and property management, and trading and investment, with performance assessed by adjusted profit before tax - The Group's operations are divided into three reportable segments: property investment, provision of serviced apartments and property management services, and trading and investment[9](index=9&type=chunk)[11](index=11&type=chunk) - Segment performance is assessed based on adjusted profit before tax, excluding unallocated corporate expenses, bank interest income, share of results of investments accounted for using the equity method, other gains, and finance costs[9](index=9&type=chunk) Segment Revenue (External Customers) and Segment Results | Segment | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Segment Revenue (External Customers)** | | | | | Property Investment | 94,355 | 97,506 | -3.13% | | Provision of Serviced Apartments and Property Management Services | 15,385 | 16,313 | -5.79% | | Trading and Investment | 30,921 | 27,231 | +13.55% | | **Total Revenue** | 140,661 | 141,050 | -0.28% | | **Segment Results** | | | | | Property Investment | 80,358 | 83,253 | -3.50% | | Provision of Serviced Apartments and Property Management Services | (1,710) | (1,198) | +42.74% | | Trading and Investment | 236,972 | 116,788 | +103.09% | | **Total Segment Results** | 315,620 | 198,843 | +58.73% | Geographical Information (External Customer Revenue) | Region | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong (External Customer Revenue) | 66,604 | 63,722 | +4.52% | | Mainland China (External Customer Revenue) | 74,057 | 77,328 | -4.23% | | **Total External Customer Revenue** | 140,661 | 141,050 | -0.28% | [Revenue, Other Income and Gains](index=8&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) Total revenue slightly decreased due to lower rental and property management income, while other income and gains significantly increased from bank interest and government grants Revenue Sources | Revenue Source | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Provision of Serviced Apartments and Property Management Services | 15,385 | 16,313 | -5.79% | | Fixed Payment Rental Income from Investment Properties | 94,355 | 97,506 | -3.23% | | Dividend Income from Equity Investments in Listed Shares | 30,765 | 27,075 | +13.63% | | Interest Income from Debt Securities | 156 | 156 | 0.00% | | **Total Revenue** | 140,661 | 141,050 | -0.28% | Other Income and Gains | Other Income and Gains | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Government Grants and Subsidies | 3,983 | 3,283 | +21.32% | | Interest Income from Bank Deposits | 7,548 | 5,180 | +45.71% | | Interest Income from Amounts Due from Investments Accounted for Using the Equity Method | 361 | – | N/A | | Others | 2,845 | 3,235 | -12.06% | | **Total Other Income and Gains** | 14,737 | 11,698 | +26.0% | - Revenue from provision of serviced apartments and property management services is recognized monthly, as customers simultaneously receive and consume the benefits as the Group performs[16](index=16&type=chunk) [Profit Before Tax](index=9&type=section&id=Profit%20Before%20Tax) Profit before tax was primarily influenced by net foreign exchange gains and increased employee benefit expenses | Indicator | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 1,408 | 1,278 | +10.17% | | Depreciation of Right-of-Use Assets | 160 | 4 | +3900.00% | | Foreign Exchange Differences, Net | (3,328) | (83) | +3909.64% | | Total Employee Benefit Expenses | 17,253 | 16,130 | +6.96% | [Finance Costs](index=9&type=section&id=Finance%20Costs) Interest on bank borrowings, the primary finance cost, saw a significant year-on-year decrease | Indicator | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on Bank Borrowings | 27,635 | 34,925 | -20.99% | [Income Tax](index=10&type=section&id=Income%20Tax) Hong Kong income tax is 16.5% (8.25% for qualifying profits), Mainland China subsidiaries are taxed at 25%, and total income tax expense slightly increased - Hong Kong income tax is calculated at 16.5%, with the first HK$2 million of assessable profits for qualifying entities taxed at 8.25%[19](index=19&type=chunk) - Mainland China subsidiaries are subject to a 25% tax rate, while non-resident enterprises generally incur a 10% corporate income tax on income sourced within China[19](index=19&type=chunk) Total Income Tax Expense for the Period | Tax Source | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current Tax – Hong Kong | 2,317 | 1,443 | +60.57% | | Current Tax – Mainland China | 6,062 | 6,395 | -5.21% | | Current Tax – Malaysia | 38 | 99 | -61.62% | | **Total Tax Expense for the Period** | 8,417 | 7,937 | +6.05% | [Dividends](index=10&type=section&id=Dividends) The company declared a final dividend of HK 2 cents per ordinary share for 2024 and an interim dividend of HK 2 cents, consistent with the prior year Dividends Paid and Declared | Dividend Type | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Final Dividend Paid for 2024 (HK 2 cents per share) | 16,721 | 16,721 | | Interim Dividend Declared (HK 2 cents per share) | 16,721 | 16,721 | - The Board of Directors approved an interim dividend of HK 2 cents per ordinary share on August 28, 2025, to be dispatched on or about October 23, 2025[23](index=23&type=chunk) [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) Basic earnings per share significantly increased due to a substantial rise in profit attributable to ordinary equity holders, with no dilutive potential ordinary shares | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders of the Company (HK$ Thousand) | 238,382 | 128,541 | +85.45% | | Weighted Average Number of Ordinary Shares in Issue (Shares) | 836,074,218 | 836,074,218 | 0.00% | | **Basic and Diluted Earnings Per Share** | **28.51 HK cents** | **15.37 HK cents** | **+85.50%** | - The Group had no outstanding potential dilutive ordinary shares during the reporting period[26](index=26&type=chunk) [Trade Receivables](index=11&type=section&id=Trade%20Receivables) Trade receivables, mainly from property management and leasing, increased in total, with a notable rise in balances over three months old, and no collateral held - Trade receivables primarily consist of amounts due from property management services and leasing activities, where tenants are required to pay rent on the first day of the tenancy and provide a security deposit equivalent to 2-3 months' rent[27](index=27&type=chunk) - The Group does not hold any collateral or other credit enhancements for trade receivables balances[27](index=27&type=chunk) Trade Receivables Aging Analysis | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Trade Receivables | 6,611 | 5,572 | +18.65% | | Within 1 Month | 1,197 | 1,948 | -38.66% | | 1 to 2 Months | 283 | 700 | -59.57% | | 2 to 3 Months | 255 | 765 | -66.67% | | 3 to 12 Months | 4,483 | 1,765 | +153.99% | | Over 1 Year | 393 | 394 | -0.25% | [Trade Payables](index=12&type=section&id=Trade%20Payables) Trade payables are non-interest bearing and typically settled within sixty days, with the total amount significantly decreasing at period-end Trade Payables Aging Analysis | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Trade Payables (Within 1 Month) | 602 | 2,170 | -72.26% | - Trade payables are non-interest bearing and generally settled within a sixty-day period[29](index=29&type=chunk) [Suspension of Share Register](index=13&type=section&id=Suspension%20of%20Share%20Register) This section outlines the temporary suspension of share registration for determining interim dividend entitlements [Suspension of Share Register Details](index=13&type=section&id=Suspension%20of%20Share%20Register%20Details) Share registration will be suspended from September 15 to 17, 2025, to identify eligible shareholders for the interim dividend payable around October 23 - The share register will be suspended from September 15 to September 17, 2025, during which no share transfers will be registered[30](index=30&type=chunk) - The interim dividend will be paid to shareholders whose names appear on the register of members on September 17, 2025, with dispatch on or about October 23, 2025[30](index=30&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the Group's business and financial performance, including property and financial investments, liquidity, and human resources [Business Review](index=13&type=section&id=Business%20Review) The Group's business review covers property investment performance in Hong Kong and Mainland China, alongside significant gains from its financial investment portfolio - Property investment generated stable rental income in Hong Kong, but rental and management fee income from serviced apartments in Shanghai, China, decreased[31](index=31&type=chunk)[32](index=32&type=chunk) - The financial investment portfolio recorded significant net fair value gains and dividend income, primarily from Hong Kong-listed blue-chip stocks and exchange-traded funds[35](index=35&type=chunk) [Property Investment](index=13&type=section&id=Property%20Investment) The Group's Hong Kong investment properties generated stable rental income, while Shanghai's project maintained high occupancy but saw slightly reduced rental income, and Zhuhai projects faced demolition and compensation disputes - Hong Kong investment properties (office buildings, industrial buildings, retail shops, and car parks) generated stable rental income of approximately **HK$35 million**[31](index=31&type=chunk) - The "Windsor International" project in Shanghai, China, maintained an average occupancy rate of approximately **86%**, generating rental and management fee income of approximately **HK$74 million**, a year-on-year decrease of approximately **4%**[32](index=32&type=chunk) - Demolition progress for the Zhuhai Qianshan project is slow, and the Group has proposed planning adjustments to expedite the process[33](index=33&type=chunk) - The Zhuhai Doumen project faces disputes over land resumption compensation, and the Group has initiated administrative litigation against local government authorities[34](index=34&type=chunk) [Financial Investment](index=15&type=section&id=Financial%20Investment) The Group holds approximately HK$1.188 billion in highly liquid equity investments, primarily Hong Kong-listed blue-chip stocks and ETFs, recording significant fair value gains and dividend income Highly Liquid Equity Investments | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Highly Liquid Equity Investments | 1,188,000 | 980,000 | +21.22% | Equity Investment Performance | Indicator | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Net Fair Value Gains from Equity Investments | 207,000 | 91,000 | +127.47% | | Dividend Income | 31,000 | 27,000 | +14.81% | - Key investments include Tracker Fund of Hong Kong, HSBC Holdings, Hang Seng China Enterprises Index ETF, Bank of China, China Mobile, China Life Insurance, and PetroChina, among other Hong Kong-listed blue-chip stocks and ETFs[36](index=36&type=chunk)[37](index=37&type=chunk) - Management will closely monitor equity investment performance and market conditions to mitigate financial risks and adjust the investment portfolio as appropriate[38](index=38&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) The Group's profit for the period surged by approximately 80% to HK$286 million, driven by substantial unrealized fair value gains and dividend income from equity investments Key Financial Performance Indicators | Indicator | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 286,000 | 159,000 | +80% | | Rental and Property Management Services Income | 110,000 | 114,000 | -4% | | Unrealized Fair Value Gains from Equity Investments | 207,000 | 91,000 | +127% | | Dividend Income | 31,000 | 27,000 | +15% | [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=17&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the reporting period, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[40](index=40&type=chunk) [Foreign Currency Risk](index=17&type=section&id=Foreign%20Currency%20Risk) The Group's primary foreign exchange risk is associated with RMB fluctuations, which management monitors closely, with no hedging instruments held at period-end - The Group's monetary assets, liabilities, and transactions are primarily denominated in RMB, HKD, USD, and MYR, with the main foreign exchange risk related to RMB[41](index=41&type=chunk) - Management will closely monitor the impact of RMB fluctuations on foreign exchange risk and hedge currency risk when appropriate[41](index=41&type=chunk) - As of June 30, 2025, the Group did not hold any financial instruments for foreign currency hedging purposes[42](index=42&type=chunk) [Liquidity and Financial Resources](index=18&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains ample liquidity, supported by internal cash flow and bank financing, with significant increases in highly liquid equity investments and cash equivalents - The Group funds its operations through internally generated cash flows and bank financing[43](index=43&type=chunk) Liquidity and Financial Resources Overview | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Highly Liquid Equity Investments | 1,188,000 | 980,000 | +21.22% | | Cash and Cash Equivalents | 963,000 | 388,000 | +148.20% | | Total Bank Borrowings | 2,159,000 | 1,641,000 | +31.57% | | Total Equity | 10,227,000 | 9,958,000 | +2.70% | | Gearing Ratio | 21% | 16% | +5 percentage points | - Bank borrowings are secured by legal charges over certain of the Group's investment properties in Hong Kong and Shanghai, and properties under development in Malaysia, primarily bearing floating interest rates[43](index=43&type=chunk) Bank Borrowings Maturity Profile | Bank Borrowings Maturity (HK$ Thousand) | June 30, 2025 | | :--- | :--- | | Within One Year | 592,500 | | In the Second Year | 280,000 | | In the Third to Fifth Year | 1,204,465 | | After Five Years | 81,629 | | **Total** | **2,158,594** | [Contingent Liabilities](index=18&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[46](index=46&type=chunk) [Commitments](index=18&type=section&id=Commitments) As of June 30, 2025, the Group had commitments of approximately HK$4 million for construction and land development expenditures, consistent with year-end 2024 Capital Commitments | Commitment Type | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Commitments for Construction and Land Development Expenditures | 4,000 | 4,000 | [Employees and Remuneration Policy](index=19&type=section&id=Employees%20and%20Remuneration%20Policy) The Group employs approximately 201 staff across four locations, with employee expenses around HK$17 million, and a remuneration policy based on performance, experience, and market conditions - As of June 30, 2025, the Group employed approximately **201** staff across Shanghai, Zhuhai, Hong Kong, and Malaysia[48](index=48&type=chunk) Employee Expenses | Indicator | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Employee Expenses (Including Directors' Emoluments) | 17,000 | 16,000 | +6.25% | - The remuneration policy is determined based on employee performance, experience, and market conditions, and is reviewed annually, with directors not participating in decisions regarding their own remuneration[48](index=48&type=chunk) [Outlook](index=19&type=section&id=Outlook) This section provides the Group's forward-looking statements on property and financial investments, highlighting market challenges and strategic responses [Property Investment Outlook](index=19&type=section&id=Property%20Investment%20Outlook) The Group maintains a cautious outlook for property investment, anticipating weak demand in Hong Kong and stable income in Shanghai, while actively expanding overseas to diversify risk - Demand in Hong Kong's office and industrial building markets remains weak, potentially adversely affecting property valuations, and fluctuating HIBOR may increase borrowing costs[49](index=49&type=chunk) - Income from Shanghai, China, is expected to remain stable in 2025, but significant uncertainties persist regarding full-year financial performance[49](index=49&type=chunk) - The Group will continue to expand overseas investments, including Malaysian property development and land banking, to broaden its core business and diversify risks[49](index=49&type=chunk) [Financial Investment Outlook](index=19&type=section&id=Financial%20Investment%20Outlook) Despite strong first-half performance, global economic uncertainties may cause significant volatility in the financial investment portfolio, prompting a cautious investment strategy - Global financial markets are influenced by factors such as trade wars, interest rate trends, and geopolitical situations in Europe and the Middle East, which could lead to significant volatility in the listed securities portfolio in the second half of the year[50](index=50&type=chunk) - Management will continue to adopt a cautious investment strategy to ensure that core business operations are not affected by financial market risks[50](index=50&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) This section covers post-reporting period events, securities transactions, audit committee review, corporate governance, and board composition [Events After Reporting Period](index=20&type=section&id=Events%20After%20Reporting%20Period) As of the announcement date, no significant events have occurred after the reporting period that would materially impact the Group's operations and financial performance - As of June 30, 2025, and up to the date of this announcement, no significant events have occurred that could materially affect the Group's operations and financial performance[51](index=51&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[52](index=52&type=chunk) [Review by Audit Committee](index=20&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee has reviewed the Group's accounting principles, internal controls, financial reporting matters, and the unaudited interim results for the period - The Audit Committee has reviewed the Group's accounting principles, internal controls, and financial reporting matters, and has also reviewed the unaudited interim results for the six months ended June 30, 2025[53](index=53&type=chunk) [Corporate Governance Code](index=20&type=section&id=Corporate%20Governance%20Code) The company complied with the Corporate Governance Code during the reporting period, with an exception for directors' rotation to maintain strong and consistent leadership - The company has complied with the Corporate Governance Code set out in Part 2 of Appendix C1 to the Listing Rules throughout the reporting period, with the exception of the directors' rotation terms[54](index=54&type=chunk) - The Board believes that exempting the Chairman and Managing Director from the rotation terms is in the company's best interest to ensure strong and consistent leadership[54](index=54&type=chunk) [Standard Code for Securities Transactions by Directors](index=21&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Standard Code for Securities Transactions by Directors, and all directors confirmed compliance during the reporting period - The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 to the Listing Rules, and all directors confirmed compliance during the reporting period[55](index=55&type=chunk) [Board of Directors](index=21&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises executive directors Mr Liu Chi Yung, Mr Liu Chi Keung, Ms Leung Wai Sang, and independent non-executive directors Mr Lo Man Lun, Mr Lo Kam Cheung, Mr Tsui Ka Wah, and Mr Ng Sing Yip - The company's executive directors are Mr Liu Chi Yung, Mr Liu Chi Keung, and Ms Leung Wai Sang[56](index=56&type=chunk) - The company's independent non-executive directors are Mr Lo Man Lun, Mr Lo Kam Cheung, Mr Tsui Ka Wah, and Mr Ng Sing Yip[56](index=56&type=chunk)

Group 1 - The company, Wan Shi Chang International (00898.HK), will hold a board meeting on August 28, 2025 [1] - The meeting will review and approve the group's interim results for the six months ending June 30, 2025, and discuss the proposal for an interim dividend distribution, if any [1]