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 截至月份: 2025年7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: 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8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 | 本月底法 ...

Core Viewpoint - Minsheng International (00938) reported a revenue of HKD 138 million for the fiscal year ending March 31, 2024, reflecting a year-on-year growth of 8.95%, while the net loss attributable to shareholders increased to HKD 592 million from HKD 552 million in the previous year [2] Financial Performance - The company achieved a revenue of HKD 138 million, marking an 8.95% increase year-on-year [2] - The net loss attributable to shareholders was HKD 592 million, compared to a loss of HKD 552 million in the previous year [2] - The net cash flow from operating activities was -HKD 5.85 million, an improvement from -HKD 45.88 million in the previous year [2] - Basic earnings per share were -HKD 0.92 [2] Valuation Metrics - As of July 29, the price-to-book ratio (TTM) was approximately -0.25 times, and the price-to-sales ratio (TTM) was about 2.72 times [2] Business Segments - The company operates through four main segments: 1. Chongqing Property Division, focusing on residential apartments, serviced apartments, and shopping malls [10] 2. Property Management Services Division, offering property management, housekeeping, and landscaping services [10] 3. Renovation and Decoration Division, involved in the decoration of hotels, malls, offices, schools, and hospitals [10] 4. Japanese Hotel Operations Division, managing resort hotels in Hokkaido, Japan [10] Cash Flow Analysis - The net cash flow from financing activities was HKD 147.23 million, a decrease of HKD 296.01 million year-on-year [21] - The net cash flow from investing activities was -HKD 4.067 million, compared to -HKD 3.364 million in the previous year [21] Asset and Liability Changes - Investment properties decreased by 12.49% compared to the previous period, with a 1.42 percentage point drop in total asset proportion [30] - Contract assets increased by 113.56%, contributing to a 0.47 percentage point rise in total asset proportion [30] - Accounts payable and notes payable surged by 663.04%, increasing their proportion of total assets by 48.5 percentage points [33] - Short-term borrowings rose by 7.5%, with a 12.11 percentage point increase in total asset proportion [33] Liquidity Ratios - The current ratio was 0.13, and the quick ratio was 0.03 [36]

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 Annual Report, Circular and Notice of Annual General Meeting (the "Current Corporate Communication") 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） Notes: 各位非登記持有人 （附 註1） ： 民生國際有限公司（「本 公 司」） －刊 發 年 度 報 告、通 函 及 股 東 週 年 大 會 通 告 之 通 知（「本 次 公 司 通 訊」） 本 公 司 的 本 ...

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 It is the responsibility of registered shareholders to provide a functional email address. If you have not provided your email address to the Company or need to update your email address, the Company recommends you to provide your email address by completing, signing the enclosed Reply Form and returning it to the Branch Share ...

民生國際有限公司 | | | 普通決議案 | (4) 贊成 | (4) 反 對 | | --- | --- | --- | --- | --- | | 1. | | 接納及考慮截至2025年3月31日止年度之董事會報告、獨立核數師報告及經審核綜 | | | | | | 合財務報表。 | | | | 2. | A. | (i) 重選李振宇先生為董事。 | | | | | | (ii) 重選鮑依寧女士為董事。 | | | | | | (iii) 重選叢文琳女士為董事。 | | | | | | (iv) 重選周紅女士為董事。 | | | | | B. | 授權本公司董事會（「董事會」）釐定彼等之酬金。 | | | | 3. | | 續聘核數師並授權董事會釐定彼等之酬金。 | | | | 4. | A. | 授予本公司董事一般授權以發行本公司股份。 | | | | | B. | 授予本公司董事一般授權以回購本公司股份。 | | | | | C. | 擴大授予本公司董事發行相等於本公司回購股份面值總額之額外股份之一 | | | | | | 般授權。 | | | 日期：2025年 月 日 簽 署 (5) ： 附註： （於 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 通 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 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） 股東週年大會通告 茲通告 民生國際有限公司（「本公司」）謹訂於2025年9月24日（星 期 三）下午四時 三 十 分，假 座 香 港 中 環 畢 打 街20號會德豐大廈7樓舉行2025年 股 東 週 年 大 會， 藉 以 商 討 以 下 事 項： 一般事項 – 1 – 1. 接納及考慮截至2025年3月31日 止 年 度 之 董 事 會 報 告、獨 立 核 數 師（「核 數 師」）報 告 及 經 審 核 綜 合 財 務 報 表。 2. A. 重 選 以 下 退 任 董 事： (i) 李 振 宇 先 生； (ii) 鮑 依 寧 女 士； (iii) 叢 文 琳 女 士；及 (iv) 周 紅 女 士。 B. 授權本公司董事會（「董事會」）釐 定 彼 等 的 ...

此乃要件 請即處理 閣下如 對本通函任何方面或應採取之行動 有任何疑問，應 諮 詢 持 牌 證 券 交 易 商、股 票經紀或其他註冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已 將名下之民生國際有限公司股份全部 出售或轉讓，應立即將本通函連同隨 附 之 代 表 委 任 表 格 送 交 買 主 或 承 讓 人 或 經 手 買 賣 或 轉 讓 之 銀 行、股 票 經 紀 或 其 他 代 理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責， 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 通 函 全 部 或 任 何 部分內容而產生或因倚賴該等內容而引致之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） (1)建議重選董事； (2)發行及回購股份之一般授權; 及 股東週年大會通告 民生國際有限公司（「本公司」）謹訂於2025年9月24日（星期三）下午四時三十分假 座香港中環畢打街20號會德豐大廈7樓舉行股東週年大會，大會通告載於本通函 第14至18 ...

Financial Performance - Revenue for the year ended March 31, 2025, was HK$138,047,000, an increase of 8.95% from HK$126,710,000 in 2024[12] - Gross profit rose to HK$25,482,000, reflecting a significant increase of 53.43% compared to HK$16,608,000 in the previous year[12] - Loss before tax increased to HK$590,903,000, which is an 8.22% rise from a loss of HK$546,015,000 in 2024[12] - The loss attributable to equity holders of the Company in FY25 was approximately HK$592.2 million, compared to approximately HK$551.8 million in FY24, primarily due to increased finance costs and loss on fair value of investment properties[21][24] - Basic loss per share for FY25 was HK$0.92, compared to HK$0.85 in FY24[31][36] - Gross profit margin improved to 18.46% in FY25 from 13.11% in FY24, an increase of 5.35 percentage points[20] - Revenue for FY25 is approximately HK$42,830,000, a decrease from HK$46,640,000 in FY24[38] - Revenue from property management services for FY25 was approximately HK$34,537,000, an increase from approximately HK$31,037,000 in FY24[54] - Revenue for renovation and decoration services in FY25 is approximately HK$53,234,000, an increase from approximately HK$39,501,000 in FY24, representing a growth of about 34.8%[66] - Revenue from hotel operations in Japan for FY25 is approximately HK$7,446,000, down from approximately HK$9,532,000 in FY24, a decrease of about 21.8% due to prolonged winter affecting occupancy[70] Financial Position - The net liabilities as of March 31, 2025, were HK$1,495,286,000, representing a 61.06% increase from HK$928,414,000 in 2024[12] - Cash and cash equivalents improved to HK$23,422,000, a 22.99% increase from HK$19,044,000 in the prior year[12] - Promissory notes, bank and other borrowings increased to HK$3,074,718,000, up 7.43% from HK$2,862,191,000[12] - Equity attributable to owners of the Company decreased to HK$1,494,621,000, a decline of 61.17% from HK$927,361,000 in 2024[13] - The Group's current ratio decreased from 0.23 in FY24 to 0.13 in FY25, indicating a decline in liquidity[20] - The gearing ratio improved from (3.08) in FY24 to (2.06) in FY25, reflecting a better asset-liability structure[20] - The Group's net current liabilities rose to approximately HK$2,427,935,000 as of March 31, 2025, compared to approximately HK$1,308,582,000 as of March 31, 2024[108] - Total current assets decreased by approximately 7.51% from approximately HK$385,986,000 as of March 31, 2024, to approximately HK$356,997,000 as of March 31, 2025[109] - Total current liabilities increased by approximately 64.34% from approximately HK$1,694,568,000 as of March 31, 2024, to approximately HK$2,784,932,000 as of March 31, 2025[109] Operational Strategies - The Company is focusing on market expansion and new product development strategies to enhance future performance[11] - Management is committed to improving operational efficiency and reducing losses in the upcoming fiscal year[11] - The Group plans to enhance risk management capabilities and seek high potential investment opportunities while deepening the value of existing businesses[26] - The management team plans to enhance hotel revenue by collaborating with travel agents and promoting the hotel and golf course to attract more customers, especially from the PRC[71] - The Group's strategic focus includes expanding into commercial, office, and public building management projects to leverage greater potential and development prospects[60] - Beichen Construction aims to shift towards a dual development model of construction and consulting services, which is expected to provide sustainable revenue growth[68] Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the year ended March 31, 2025, except for the separation of roles between the chairman and CEO[163] - The company emphasizes the importance of high standards of corporate governance to manage business risks and enhance transparency[161] - The board of directors is committed to protecting stakeholders' interests through effective governance practices[161] - The Company Secretary assists in preparing meeting agendas to comply with applicable rules and regulations[177] - The Board believes that its current composition meets the corporate governance requirements and supports the ongoing development of business activities[170] - The Company does not have insurance cover for legal actions against its Directors as of March 31, 2025, due to a low perceived risk of litigation[168] Management Changes - Mr. Tam Ka Yu was appointed as the CEO on May 22, 2024, bringing over 18 years of experience in accounting, investment banking, and corporate finance[154] - Mr. Wong Chun Kit was appointed as the CFO and Company Secretary on June 30, 2025, with over 10 years of experience in accounting, auditing, and financial management[155] - Mr. Cheung Tai Chi served as CFO and Company Secretary from May 8, 2025, until his resignation on June 30, 2025[156] - Mr. Wun Chun Yip was appointed as CFO on July 31, 2024, and resigned on May 8, 2025, with over 20 years of managerial experience[159] Asset Management - The fair value of the Chongqing Property's shopping mall amounted to approximately HK$1,012.22 million, accounting for approximately 49.98% of total assets of the Group[35] - The successful disposal of the Chongqing Property Business in April 2025 contributed to the improvement of the Group's asset-liability structure[19] - The fair value of the shopping mall classified as "investment property" was approximately HK$1,012,220,000 as of March 31, 2025, accounting for about 49.98% of the group's total assets[39] - The Group completed the disposal of the Chongqing Property in April 2025, improving the overall financial position by significantly reducing finance costs and debts[76][80]

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） 更 換 首 席 財 務 總 監、公 司 秘 書 及 授 權 代 表 民生國際有限公司（「本公司」，連 同 其 附 屬 公 司「本集團」）董 事（各 為「董 事」）會 （「董事會」）宣 佈，張 大 智 先 生（「張先生」）已提呈辭任本公司之首席財務總監（「首 席財務總監」）及公司秘書（「公司秘書」），且 將 不 再 擔 任 香 港 法 例 第622章公司條 例 第16部以及香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」） 第3.05條項下之本公司授權代表（「授權代表」），自2025年6月30日 起 生 效。張 先 生 於 辭 任 後 將 不 再 擔 任 本 集 團 任 何 職 務。 張 先 生 已 確 認 彼 與 董 事 會 之 間 並 無 意 見 分 歧，且 概 無 與 彼 辭 任 有 關 之 事 宜 須 提 請 本 公 司 股 東 及╱或 聯 交 所 垂 注。 董 事 會 進 一 步 宣 佈，黃 俊 傑 先 生（「黃先生」）已 獲 委 任 為 本 公 司 首 席 財 務 總 監、 公 司 秘 書 ...

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） 提名委員會職權範圍 1. 目 的 a. 委 員 會 須 向 董 事 會 直 接 匯 報。 b. 公 司 須 提 供 委 員 會 為 履 行 其 職 權 所 需 的 足 夠 資 源。 c. 委 員 會 須 具 有 留 用 和 終 止 任 何 用 搜 尋 公 司 來 識 別 董 事 候 選 人，也 須 有 權 批 准 搜 尋 公 司 的 費 用 和 其 他 留 用 條 件。 d. 委 員 會 須 有 權 獲 得 內 部 或 外 部 法 律、財 務 或 其 他 專 業 顧 問 的 協 助，以 便 於 委 員 會 履 行 職 責，公 司 必 須 為 此 提 供 相 關 協 助。 a. 至 少 每 年 檢 討 董 事 會 的 架 構、規 模 及 組 成（包 括 技 能、知 識、經 驗 及 多 元 化 概 況），協 助 董 事 會 維 持 董 事 會 技 能 矩 陣，並 就 董 事 會 的 任 何 建 議 變 動 向 董 事 會 提 出 建 議，以 配 合 董 事 會 達 致 本 集 團 企 業 策 略 及 提 升 股 東 價 ...