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 對 因 本 公 告 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。 民生國際有限公司 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股份代號：938） 董事名單與其角色和職能 民生國際有限公司之董事（「董 事」）會（「董事會」）成 員 載 列 如 下： 執行董事 胡興榮先生 （主 席） 叢文琳女士 鮑依寧女士 （主 席） 叢文琳女士 胡興榮先生 黃昆杰先生 周紅女士 提名委員會 胡興榮先生 （主 席） 叢文琳女士 鮑依寧女士 黃昆杰先生 周紅女士 香 港，2025年12月31日 鮑依寧女士 黃昆杰先生 周紅女士 董 事 會 設 立 三 個 委 員 會 及 其 成 員 載 列 如 下： 審核委員會 黃昆杰先生 （主 席） 鮑依寧女士 周紅女士 薪酬委員會 獨立非執行董事 ...

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） NOTIFICATION LETTER 通知信函 Date as postmarked Dear Non-registered Holder(s)(Note 1), Man Sang International Limited (the "Company") – Notification of publication of 2025 Interim Report (the "Current Corporate Communication") Should you have any queries relating to this notification, please call the Branch Share Registrar's telephone hotline at (852) 2980 1333 during busin ...

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） NOTIFICATION LETTER 通知信函 Date as postmarked Dear Registered Shareholders, Man Sang International Limited (the "Company") – Notification of publication of 2025 Interim Report (the "Current Corporate Communication") Should you have any queries relating to this notification, please call the Branch Share Registrar's telephone hotline at (852) 2980 1333 during business hours ...

Interim Report 中期報告 2025 CONTENTS 目錄 P.2 Corporate Information 公司資料 P.4 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 P.5 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收 益表 P.6 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 P.8 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 P.10 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 P.11 Notes to the Condensed Consolidated Interim Financial Information 簡明綜合中期財務資 ...

Group 1: 52-Week Highs - A total of 36 stocks reached their 52-week highs as of December 18, with Guangjun Group Holdings (08573) leading at a high rate of 112.12% [1] - Huamei Lele (08429) and Gaoke Bridge (09963) followed with high rates of 53.70% and 32.86% respectively [1] - The closing prices and highest prices for the top three stocks were as follows: Guangjun Group Holdings at 0.077 and 0.140, Huamei Lele at 0.062 and 0.083, and Gaoke Bridge at 0.780 and 0.930 [1] Group 2: 52-Week Lows - The 52-week low rankings showed that Ruici Medical (01526) had the highest decline rate at -17.44% [2] - Yili Holdings (00076) and Cao Cao Chuxing (02643) followed with declines of -17.00% and -11.03% respectively [2] - The closing prices and lowest prices for the top three stocks were: Ruici Medical at 0.870 and 0.710, Yili Holdings at 0.185 and 0.166, and Cao Cao Chuxing at 28.960 and 28.880 [2]

截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 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 公司名稱: 民生國際有限公司 (於百慕達註冊成立的有限公司) 呈交日期: 2025年12月1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) | 00938 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.5 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.5 HKD | | 500,000,000 | 本月 ...

Group 1 - The company reported revenue of HKD 43.883 million for the six months ending September 30, 2025, representing a year-on-year decrease of 10.28% [1] - The profit attributable to equity holders of the company was HKD 450 million, marking a turnaround from a loss in the previous period [1] - The basic earnings per share from continuing and discontinued operations were HKD 0.70 [1]

Group 1 - The company reported revenue of HKD 43.883 million for the six months ending September 30, 2025, representing a year-on-year decrease of 10.28% [1] - The profit attributable to equity holders turned around to HKD 450 million, compared to a loss in the previous period [1] - The basic earnings per share from continuing and discontinued operations were HKD 0.70 [1]

Core Viewpoint - Minsheng International (00938.HK) reported a decline in revenue for the six months ending September 30, 2025, primarily due to decreased income from the renovation and decoration segment, partially offset by increased income from property management services [1] Financial Performance - Revenue from continuing operations for the period was approximately HKD 43.88 million, compared to approximately HKD 48.91 million for the six months ending September 30, 2024, representing a decrease of about HKD 5.026 million [1] - The loss attributable to equity holders from continuing operations for the period was approximately HKD 14.29 million, down from approximately HKD 21.31 million for the same period in the previous year [1] - Total comprehensive expenses attributable to equity holders from continuing operations for the period were approximately HKD 9.686 million, significantly lower than approximately HKD 20.084 million for the six months ending September 30, 2024 [1] Segment Performance - The decline in revenue was mainly due to reduced income from the renovation and decoration segment, which was partially offset by an increase in income from the property management services segment [1] - The company reported a foreign exchange gain of approximately HKD 4.588 million from the translation of overseas operations [1] - Financial costs for the period amounted to approximately HKD 16.554 million [1]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 43,883,000, a decrease of 10.4% compared to HKD 48,909,000 for the same period in 2024[4] - Gross profit for the same period was HKD 18,990,000, representing a gross margin of 43.3%[4] - The net loss from continuing operations for the six months was HKD 14,351,000, compared to a loss of HKD 21,921,000 in the prior year, indicating an improvement of 34.5%[4] - Total comprehensive income for the period was HKD 450,405,000, a significant increase from a loss of HKD 180,806,000 in the previous year[6] - The basic and diluted loss per share from continuing operations was HKD 0.09, compared to a loss of HKD 0.28 in the prior year[4] - The group reported a pre-tax loss of HKD 455,026,000 for the six months ended September 30, 2025, compared to a pre-tax loss of HKD 174,585,000 for the same period in 2024[26] - The company reported a loss from continuing operations of HKD 14,286,000 for the six months ended September 30, 2025, compared to a loss of HKD 21,305,000 in the same period last year[34] - The company recorded a loss of HKD 4,978,000 for the six months ended September 30, 2025, significantly improved from a loss of HKD 158,885,000 in the same period of 2024[56] Revenue Breakdown - Revenue from external customers for property management services was HKD 26,568,000, while renovation and decoration services generated HKD 11,787,000, and hotel operations contributed HKD 5,528,000 for the six months ended September 30, 2025[23] - The revenue for the six months ended September 30, 2025, is derived from property management services and hotel operations in China and Japan[18] - The group reported a total income from customer contracts of HKD 28,548,000 for the six months ended September 30, 2025, down from HKD 48,909,000 in the previous year[20] - The renovation and decoration segment reported revenue of approximately HKD 11,787,000, a decrease of 63% compared to the same period last year, primarily due to a slowdown in the property market under challenging macroeconomic conditions[72] Expenses and Costs - The company reported administrative expenses of HKD 13,044,000, which increased by 5.1% from HKD 12,412,000 in 2024[4] - Financial costs rose to HKD 16,554,000, up from HKD 12,626,000, reflecting a 31.5% increase year-over-year[4] - The income tax expense for continuing operations was HKD 4,621,000 for the six months ended September 30, 2025, compared to HKD 6,221,000 for the same period in 2024[27] - Total employee costs for the period were approximately HKD 14,318,000, compared to HKD 13,937,000 for the six months ending September 30, 2024[79] Assets and Liabilities - As of September 30, 2025, the total non-current assets amounted to HKD 1,120,290,000, with investment properties valued at HKD 392,404,000[7] - Current assets totaled HKD 356,997,000, including cash and cash equivalents of HKD 23,422,000[7] - The total liabilities were HKD 2,784,932,000, with current liabilities at HKD 161,543,000[8] - The net current liabilities were approximately HKD 366,000, indicating a potential liquidity concern[14] - The company reported a total equity of HKD (587,485,000) as of September 30, 2025, reflecting a decrease from HKD (1,495,286,000) as of March 31, 2025[8] Discontinued Operations - The company has ceased operations in Chongqing, impacting its revenue generation capabilities[10] - The group has ceased operations in the Chongqing property segment, which has been classified as discontinued operations as of September 30, 2025[21] - The company recognized a profit from discontinued operations of HKD 464,756,000 for the six months ended September 30, 2025, compared to a loss of HKD 158,885,000 in the previous year[34] - Revenue from discontinued operations for the period from April 1, 2025, to April 11, 2025, was HKD 1,466,000, compared to HKD 21,536,000 for the same period in 2024[57] Financing and Debt - The company extended the maturity date of its promissory notes from December 31, 2025, to December 31, 2027, with interest payable of approximately HKD 421,482,000 waived by a related party[44] - The group has a total of HKD 95,415,000 in unsecured revolving loan financing as of September 30, 2025, compared to HKD 87,886,000 on March 31, 2025[47] - The group has extended the repayment date of unsecured loans totaling RMB 1,400,000,000 to May 14, 2027, with an annual interest rate of 15%[45] - The group reported a non-current liability of HKD 13,755,000 in unsecured borrowings as of September 30, 2025, down from HKD 538,633,000 on March 31, 2025[48] Corporate Governance and Compliance - The company adhered to the corporate governance code and confirmed compliance with the standards set forth in the code[102][104] - The audit committee reviewed the unaudited interim results and recommended their adoption by the board[108] Future Outlook and Strategy - The group plans to seek equity and/or debt financing opportunities to improve the asset-liability ratio following the sale of the Chongqing property, which is expected to reduce financial costs and debt significantly[77] - Management is implementing cost control measures and service improvement plans to safeguard profitability amid rising operational costs and labor shortages[76] - The group aims to focus on public project renovations and strengthen ties with local governments to seek new business opportunities[78] - The hotel business is expected to benefit from the anticipated growth in Japan's tourism industry, with plans to enhance collaboration with local governments and community organizations[78]