D + ) (0) 9 Man Sang International Limited 民生國際有限公司 (Incorporated in Bermuda with limited liability) (於百泰達註冊成立之有限公司) Stock Code 股份代號：938 Annual Report 年報2021 CONTENTS 目錄 OVERVIEW 概覽 Corporate Information 公司資料 2 Financial Highlights 財務摘要 4 Chairman's Statement 主席報告 6 Management Discussion and Analysis 管理層討論與分析 8 Profile of Directors and Senior Management 董事及高級管理人員履歷 19 Corporate Governance Report 企業管治報告 23 Environmental, Social and Governance Report 環境、社會及管治報告 42 Report of the Directors 董事會報告 62 FINANCIAL SE ...

INTERIM REPORT 中期報告 Man Sang International Limited 民生國際有限公司 (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) Stock Code 股份代號 : 938/ CONTENTS 目錄 | --- | --- | --- | |-------|------------------------------------------------------------------------------------|------------------------------| | | | | | 02 | Corporate Information | 公司資料 | | 04 | Condensed Consolidated Statement of Profit or Loss | 簡明綜合損益表 | | 05 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | ...

Financial Performance - Revenue for FY20 decreased by 21.67% to HK$124,853,000 from HK$159,399,000 in FY19[9] - Gross profit increased by 2.49% to HK$63,039,000 compared to HK$61,509,000 in the previous year[9] - Loss before tax rose by 73.77% to HK$165,055,000 from HK$94,985,000 in FY19[9] - Net assets decreased by 39.30% to HK$470,481,000 from HK$775,091,000 in FY19[9] - Basic and diluted loss per share increased by 47.86% to HK(10.01) from HK(6.77) in FY19[9] - The loss attributable to owners of the Company increased from HK$128,976,000 in FY19 to HK$190,842,000 in FY20, representing an approximately 47.97% increase[16] - Revenue for FY20 was HK$124,853,000, a decrease of HK$34,546,000 or 21.67% compared to FY19 due to a reduction in the number of apartments sold[49] Profitability and Margins - Gross profit margin improved to 50.49% from 38.59% in FY19, an increase of 11.9 percentage points[12] - Gross profit increased by HK$1,530,000 or 2.49% to HK$63,039,000 in FY20, attributed to higher-margin apartment sales and increased property management fee income[50] - The gross profit margin improved from 38.59% in FY19 to 50.49% in FY20, mainly due to the sale of higher-margin apartment units[51] Liquidity and Financial Ratios - Cash and cash equivalents significantly increased by 740.21% to HK$1,376,409,000 from HK$163,818,000 in FY19[9] - Current ratio improved to 4.89 times from 1.91 times in FY19[12] - As of March 31, 2020, the Group's net current assets were HK$1,495,784,000, up from HK$341,119,000 in 2019, while cash and cash equivalents increased to HK$1,376,409,000 from HK$163,818,000[57] - The current ratio improved to 4.89 as of March 31, 2020, up from 1.91 in FY19, indicating enhanced liquidity[54] Debt and Gearing - Gearing ratio increased to 7.94 times from 3.01 times in FY19[12] - As of March 31, 2020, total equity decreased by 39.30% to HK$470,481,000, influenced by the loss attributable to owners and exchange losses[54] - The Group secured a new bank loan of RMB1,250,000,000 (approximately HK$1,362,500,000) at a fixed interest rate of 7% per annum, maturing on March 30, 2035[54] - As of March 31, 2020, the Group's total borrowings amounted to HK$3,736,597,000, an increase from HK$2,334,374,000 in 2019, resulting in a gearing ratio of 7.94 compared to 3.01 in 2019[57] Operational Developments - The revenue from the sale of residential apartments in the Chongqing Property amounted to HK$109,680,000, a decrease of HK$47,041,000 compared to the previous year[15] - The newly acquired property management business generated revenue of HK$15,173,000 during the year[15] - The redevelopment of the Chongqing Property is expected to be completed soon, including residential apartments, serviced apartments, and a shopping mall[17] - The Group's current strategy focuses on maximizing returns from the Chongqing Property to generate stable income and lower finance costs[25] - The Group expects long-term growth in property sales volume despite a slight decrease in FY20 due to the global environment and COVID-19[33] Corporate Governance - The Group's Board of Directors is committed to achieving high standards of corporate governance to manage business risks and protect stakeholders' interests[97] - The Company has complied with all code provisions set out in the Corporate Governance Code throughout the year ended March 31, 2020[99] - The Board maintains a balance of skills and experience appropriate for the Group's business requirements and objectives[107] - The Company has adopted a corporate governance statement of policy to guide the application of governance principles[98] - The Board oversees the Group's strategic decisions, internal control, risk management, and performance[105] Management and Personnel - The total staff cost for the Group was HK$46,151,000 for the year ended March 31, 2020, compared to HK$27,476,000 in 2019[62] - The Group had a total workforce of 220 employees as of March 31, 2020, significantly up from 61 in 2019[62] - Mr. Hu Xingrong has over 17 years of experience in corporate management, investment, and business development, currently serving as the chairman of Doof International Holding Group Limited[76] - Mr. Huang Xiaohai has over 31 years of experience in banking and finance, responsible for the overall implementation of the Company's strategies[77] - The Group's Chief Financial Officer, Mr. Cheng Haoliang, has extensive experience in financial management and corporate finance[93] Risk Management - The Group is responsible for the design and implementation of internal controls and risk management, covering financial reporting and operations[189] - The Audit Committee reviews significant internal controls and risk management processes on an ongoing basis[190] - The risk management systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[200] - Control procedures are established to safeguard assets against misappropriation and ensure compliance with relevant laws and regulations[200] - Ongoing and periodic monitoring of risks is performed to ensure appropriate internal control processes are in place[200]

) OOOF Man Sang International Limited 民生國際有限公司 (Incorporated in Bermuda with limited liability) (於百慕建註冊成立之有限公司) Stock Code 股份代號 : 938 2019 INTERIM REPORT 中期報告 CONTENTS | --- | --- | --- | |-------|--------------------------------------------------------|------------------------------| | | | | | 目錄 | | | | 02 | Corporate Information | 公司資料 | | 04 | Condensed Consolidated Statement of Profit or Loss | 簡明綜合損益表 | | 05 | Condensed Consolidated Statement of Profit or Loss | 簡明綜合損益及其他全面收益表 | | | and Other Comprehe ...

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year, representing a 15% increase compared to the previous year[4]. - The net profit for the year was HKD 150 million, which is a 10% increase year-over-year[4]. - Future guidance indicates a projected revenue growth of 18% for the upcoming fiscal year[4]. - Revenue from continuing operations increased to HK$156.7 million, a rise of 575.87% from HK$23.2 million in FY18[8]. - Gross profit surged to HK$60.2 million, reflecting a 736.8% increase from HK$7.2 million in FY18[8]. - The Group's revenue for FY19 was HK$156.7 million, a significant increase of HK$133.5 million or 575% compared to FY18's revenue of HK$23.2 million, primarily due to increased sales of residential apartments in the Chongqing Property[20]. - Gross profit rose to HK$60.2 million in FY19, up HK$53.0 million or 736% from HK$7.2 million in FY18, driven by higher sales of residential apartments[20]. - The gross profit margin improved from 31% in FY18 to 38% in FY19, attributed to growth in the Chongqing residential property market and increased demand for residential units[20]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next two years[4]. - New product launches are expected to contribute an additional HKD 300 million in revenue next year[4]. - The company is exploring potential acquisitions to enhance its product offerings and market reach[4]. - A new marketing strategy is being implemented, focusing on digital channels to increase customer engagement by 30%[4]. - The company has established partnerships with local firms to facilitate its expansion efforts in new markets[4]. Financial Health and Ratios - Current ratio increased to 1.9 times, compared to 1.6 times in FY18[10]. - Cash and cash equivalents rose to HK$163.2 million, an increase of HK$107.8 million from HK$55.4 million in FY18[8]. - The gearing ratio rose to 3.0 in 2019 from 1.9 in 2018, indicating increased leverage[23]. - The Group's net current assets increased to HK$340.8 million in 2019 from HK$232.3 million in 2018, and cash and cash equivalents rose to HK$163.2 million from HK$55.4 million[23]. Corporate Governance - The Group has adopted a corporate governance statement of policy to guide the application of corporate governance principles, referencing the CG Code as per the Listing Rules[37]. - The Directors believe that the Company has complied with all code provisions set out in the CG Code throughout the year ended March 31, 2019[38]. - The Company has a framework in place to ensure Directors' dealings in securities are conducted in accordance with the Model Code[39]. - The Board of Directors consists of four Executive Directors and three Independent Non-Executive Directors, ensuring a balance of skills and experience[43]. - The Company has implemented adequate systems of internal controls and risk management procedures[43]. Risk Management and Internal Controls - The Board is responsible for the overall risk management and internal control systems, which are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[76]. - An internal control team was established to review the risk management and internal control systems of the Group's subsidiaries in the People's Republic of China, with findings presented to the Board and Audit Committee[77]. - The risk management process includes identifying, evaluating, and managing significant risks, with ongoing monitoring and reporting to management and the Board[74]. - The internal control system covers all material controls, including financial, operational, compliance, and risk management functions, and is deemed reasonably effective and adequate[81]. Environmental, Social, and Governance (ESG) Initiatives - The Environmental, Social, and Governance (ESG) report covers the Group's overall performance from April 1, 2018, to March 31, 2019[95]. - The Group identified five material aspects for ESG management: anti-corruption, intellectual property, customer service, supplier chain management, and product quality[104]. - The Group engages in community activities and charity work to enhance its corporate image and social responsibility[103]. - The Group implements effective energy conservation measures to minimize environmental impact across all operating regions[106]. - The Group has adopted a paperless office initiative, developing management software to support this goal[129]. Employee and Labor Practices - The Group strictly complies with national and local laws regarding employment and labor practices, with no significant non-compliance reported during the period[134]. - The Group provides competitive compensation and benefits, including social insurance and various types of leave[139]. - The Group has maintained a safe working environment with no work-related fatalities or lost days due to work injury recorded during the reporting period[144]. - The Group provides comprehensive training and development opportunities for all employees, including orientation and job-related training[145]. Stakeholder Engagement - The Company recognizes employees, customers, suppliers, and business associates as key stakeholders for its success[87]. - The annual general meeting provides shareholders an opportunity to exchange views with the Board[85]. - The Group emphasizes stakeholder engagement, utilizing various channels such as meetings and feedback to understand their concerns and expectations[100]. - The management provides prompt responses to shareholder inquiries through various channels[86].