COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 (Incorporated in Bermuda with limited liability) ( 於百慕達註冊成立之有限公司 ) (Hong Kong Stock Code 香港股份代號: 1145) (Singapore Stock Code 新加坡股份代號: CIN) Dear registered shareholder, Courage Investment Group Limited (the "Company") Notice of Publication of the Annual Report for the year ended 31 December 2024 (the "Current Corporate Communication(s)") The English and Chinese versions of the Company's Current Corporate Communication(s) are now available on the Company's website ( ...

Financial Performance - For the fiscal year 2024, the company recorded an 8% increase in revenue to $9,183,000, compared to $8,512,000 in 2023[11]. - The company achieved a profit attributable to owners of $1,706,000, a significant turnaround from a loss of $3,974,000 in the previous year[11]. - The basic earnings per share were $0.16, compared to a basic loss per share of $0.36 in 2023[11]. - The shipping business contributed a profit of $3,097,000, up from $2,227,000 in 2023[11]. - The company reported a gain of $106,000 from the sale of a subsidiary, compared to a loss of $2,100,000 in the previous year[11]. - The company reduced its credit loss provision on debt instruments to $389,000, down from $1,146,000 in 2023[11]. - In the fiscal year 2024, the shipping business recorded a revenue increase of 9% to $9,183,000, and profit increased by 39% to $3,097,000 compared to the previous year[16]. - The company recorded a loss of $389,000 in its investment holding business, a decrease from a loss of $1,186,000 in the previous year, primarily due to credit loss provisions on debt instruments[20]. - The group’s financial costs for the fiscal year 2024 were $20,000, a decrease of 89% from $187,000 in 2023, primarily due to the repayment of all borrowings within the year[28]. - As of December 31, 2024, the group's debt ratio was zero, compared to approximately 1% on December 31, 2023, calculated as total borrowings of $756,000 divided by total equity of $57,098,000[28]. - Bank interest income increased by 27% to $776,000 in 2024, up from $612,000 in 2023, mainly due to an increase in surplus funds[28]. - The net proceeds from the public offering amounted to $8,621,000, with $2,821,000 used to repay a bank revolving loan and the remaining $5,800,000 allocated for the group's shipping business operating capital[31]. Business Strategy and Outlook - The company plans to diversify its revenue sources to mitigate the cyclical impacts on fleet demand and promote sustainable long-term growth[12]. - The company remains cautiously optimistic about the medium to long-term prospects of the shipping business, driven by global economic recovery and increasing demand for bulk commodities[12]. - The company aims to enhance ship management standards while focusing on cost reduction and efficiency improvement[12]. - The company will actively seek opportunities to restart and expand its commodity trading business, as well as explore potential investment and acquisition opportunities[12]. Corporate Governance - The company emphasizes the importance of corporate governance and aims to achieve high standards in this area[85]. - The board believes that a healthy corporate culture is crucial for achieving the group's vision and values[86]. - The company has complied with all applicable provisions of the Corporate Governance Code as per the Hong Kong Listing Rules for the year ending December 31, 2024[87]. - The board of directors consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced composition[89]. - The company held four regular board meetings and two shareholder meetings during the year, with attendance rates for executive directors ranging from 75% to 100%[94]. - The company has established mechanisms to ensure independent non-executive directors can provide independent views and opinions[92]. - The role of the chairman and CEO is separated, with the chairman position currently vacant following the resignation of the previous chairman on November 22, 2024[95]. - The company encourages continuous professional development for all directors to enhance their knowledge and skills[90]. - The board evaluates the independence of non-executive directors annually, considering various factors such as character, integrity, and time commitment[92]. - The company provides independent professional advice to directors as needed, with costs borne by the company[92]. - The board will review its existing structure periodically and will appoint a new chairman when a suitable candidate is identified[95]. Environmental, Social, and Governance (ESG) Initiatives - The company has a strong focus on environmental sustainability and compliance with international regulations[47]. - The company aims to reduce greenhouse gas emissions intensity by 20% by the end of the fiscal year 2030, using fiscal year 2024 as the baseline[146]. - The total greenhouse gas emissions for fiscal year 2024 amounted to approximately 3,111.734 e tCO2, a significant decrease from 8.94 e tCO2 in fiscal year 2023[151]. - The company has identified key environmental, social, and governance (ESG) issues through a materiality assessment conducted in fiscal year 2024[140]. - The company has no significant violations related to air emissions, water, and land pollution laws during fiscal year 2024[144]. - The company has implemented various measures to reduce energy consumption, contributing to its overall sustainability goals[148]. - The company has established a "green deposit" at a bank to fund green projects, reflecting its commitment to corporate social responsibility[163]. - The company has established a crisis response plan to minimize the negative impacts of extreme weather events on operations[167]. - The company regularly reviews its environmental goals and the effectiveness of its environmental protection measures[143]. Employee and Workforce Management - The company has implemented a five-day workweek and provides various types of leave to promote work-life balance for employees[190]. - In the fiscal year 2024, the percentage of trained employees is approximately 77.78%, an increase from 76.47% in the fiscal year 2023[196]. - The average training hours per employee in fiscal year 2024 is about 20.00 hours, down from 35.59 hours in fiscal year 2023[196]. - The employee turnover rate for the fiscal year 2024 was 27.78%, with a total of 5 employees leaving the company[184]. - The company maintains a zero-tolerance policy towards any form of workplace harassment or discrimination[192]. - The company has established comprehensive safety management systems for its maritime operations, including a safety management manual and emergency plans[195]. - The company prohibits the employment of child labor and forced labor, adhering to relevant labor laws and regulations[197]. Supplier and Procurement Management - The group collaborates with 9 major suppliers in the fiscal year 2024, an increase from 6 in fiscal year 2023[200]. - The group prioritizes suppliers with ISO 14001 certification in its selection process[199]. - The group conducts regular inspections of suppliers to monitor compliance with environmental and social regulations[199]. - The group encourages suppliers to consider climate change risks and mitigate their environmental impact[199]. - The group has established a fair and competitive bidding process for supplier selection[200]. - The group shares sustainable operational practices and environmental concepts with suppliers[200].

COURAGE INVESTMENT GROUP LIMITED 執行董事 劉賽囡女士 （主席） 胡英厦先生 （行政總裁） 李春陽女士 獨立非執行董事 朱皋鳴先生 邱毅勇先生 鄧邦豪先生 董事會轄下設有三個委員會。下表載列各董事會成員在該等委員會中所擔任的職能： | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 劉賽囡 | - | - | 主席 | | 朱皋鳴 | 主席 | 成員 | 成員 | | 邱毅勇 | 成員 | 主席 | 成員 | | 鄧邦豪 | 成員 | 成員 | 成員 | 勇利投資集團有限公司 ( 於百慕達註冊成立之有限公司 ) (香港股份代號:1145) (新加坡股份代號: CIN) 董事名單與其角色和職能 勇利投資集團有限公司的董事會（「董事會」）成員載列如下： 香港，二零二五年三月三十一日 ...

COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 ( 於百慕達註冊成立之有限公司 ) (香港股份代號: 1145) (新加坡股份代號: CIN) 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，並明確表示概不會就本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 董事委員會組成之變更 董事會進一步宣佈董事委員會組成作出以下變動，自二零二五年三月三十一日起 生效： 2 (i) 周先生辭任本公司提名委員會( 提名委員會」)主席，以及本公司審核 委員會( 審核委員會」)和本公司薪酬委員會( 薪酬委員會」)成員； (ii) 鮑先生辭任薪酬委員會主席，以及提名委員會和審核委員會成員； (iii) 曹先生辭任審核委員會主席，以及提名委員會和薪酬委員會成員； (iv) 本公司董事會主席及執行董事劉賽囡女士( 劉女士」)已獲委任為提名 委員會主席； (v) 本公司獨立非執行董事朱皋鳴先生( 朱先生」)已獲委任為審核委員會 主席；以及 (vi) 本公司獨立非執行董事邱毅勇先生( 邱先生」)已獲委任 ...

香港，二零二五年三月十日 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，並明確表示概不會就本公佈全部或 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。 COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 (香港股份代號: 1145) (新加坡股份代號: CIN) 更改香港主要營業地點 ( 於百慕達註冊成立之有限公司) 勇利投資集團有限公司(「本公司」)董事會(「董事會」)欣然宣佈，自二零二五年 三月十日起， 本公司之香港主要營業地點已更改至香港灣仔港灣道30號新鴻基 中心14樓1405-1412室。 承董事會命 勇利投資集團有限公司 行政總裁 胡英厦 於本公告日期，董事會成員包括三名執行董事，即劉賽囡女士 ( 主席 ) 、胡英厦先 生 ( 行政總裁 ) 及李春陽女士；以及六名獨立非執行董事，即周奇金先生、鮑少明 先生、曹海豪先生、朱皋鳴先生、邱毅勇先生和鄧邦豪先生。 ...

( 於百慕達註冊成立之有限公司 ) (香港股份代號:1145) (新加坡股份代號: CIN) 董事名單與其角色和職能 勇利投資集團有限公司的董事會（「董事會」）成員載列如下： 執行董事 劉賽囡女士 （主席） 胡英厦先生 （行政總裁） 李春陽女士 COURAGE INVESTMENT GROUP LIMITED 獨立非執行董事 勇利投資集團有限公司 董事會轄下設有三個委員會。下表載列各董事會成員在該等委員會中所擔任的職能： | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 劉賽囡 | - | - | 成員 | | 周奇金 | 成員 | 成員 | 主席 | | 鮑少明 | 成員 | 主席 | 成員 | | 曹海豪 | 主席 | 成員 | 成員 | | 朱皋鳴 | 成員 | 成員 | 成員 | | 邱毅勇 | 成員 | 成員 | 成員 | | 鄧邦豪 | 成員 | 成員 | 成員 | 香港，二零二五年三月十日 周奇金先生 鮑少明先生 曹海豪先生 朱皋鳴先生 邱毅勇先生 鄧邦豪先生 ...

王女士已確認與董事會並無意見分歧，亦無與其辭任執行董事的事項需要敦請本 公司股東(「股東」)注意。 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，並明確表示概不會就本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (於百慕達註冊成立之有限公司) (香港股份代號: 1145) (新加坡股份代號: CIN) 董事之辭任、 委任董事及主席、 行政總裁之變更、 董事委員會組成之變更、 公司秘書之變更；以及 授權代表之變更 董事之辭任 勇利投資集團有限公司( 「本公司」)董事會( 「董事會」或「董事」)宣佈，自二零 二五年三月十日起生效 ，王煜女士( 「王女士」)因需要投入更多時間處理彼之其 他業務而辭任執行董事。 COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 劉女士、朱先生、邱先生及鄧先生的簡歷如下： 執行董事 劉女士 ，41 歲，為中國企業家，於建築、房地產開發、煤礦業及投資行業擁有逾 10 年經驗。彼於二零一八年五月至二零二二年十一月曾出任烏海市金田房地產 有限公司(主要從事房地 ...

Revenue and Profitability - For the fiscal year ending December 31, 2024, total revenue reached $9,183,000, an increase of 7.8% compared to $8,512,000 in 2023[2] - Shipping revenue was $9,183,000, up from $8,449,000 in the previous year, reflecting a growth of 8.7%[2] - The company reported a pre-tax profit of $1,706,000, a significant recovery from a loss of $3,974,000 in 2023[3] - The net profit attributable to the company's owners was $1,706,000, compared to a loss of $3,974,000 in the prior year[3] - Basic earnings per share improved to $0.16 from a loss of $0.36 per share in 2023[3] - The shipping segment generated $8,060,000 in revenue for 2024, up from $6,819,000 in 2023, reflecting a growth of 18.2%[21] - The shipping segment recorded a 9% increase in revenue to $9,183,000, with a profit increase of 39% to $3,097,000, up from $2,227,000 in the previous year[42] - The group reported a profit attributable to owners of the company of $1,706,000 in fiscal year 2024, a turnaround from a loss of $3,974,000 in 2023[54] - The shipping business contributed a profit of $3,097,000, up from $2,227,000 in the previous year[54] Assets and Liabilities - Total assets increased to $59,807,000 from $59,034,000, indicating a growth of 1.3%[5] - Current assets net of current liabilities stood at $18,657,000, up from $16,880,000 in the previous year[7] - The company’s reserves increased to $57,706,000 from $56,000,000, reflecting a growth of 3.0%[7] - The company’s total liabilities decreased from $1,072,000 in 2023 to $775,000 in 2024, reflecting a reduction of 27.7%[30] - The group’s current ratio improved significantly to approximately 19.60, compared to 9.76 in 2023, due to increased profits from the shipping business and repayment of loans[55] Financial Costs and Income - The company incurred financial costs of $20,000 in 2024, a decrease of 89.7% from $187,000 in 2023[22] - Financial costs decreased by 89% to $20,000 in fiscal year 2024, primarily due to the repayment of all borrowings[56] - The group’s bank interest income increased by 27% to $776,000, attributed to higher surplus funds[56] - The company did not report any interest income for the year, down from $63,000 in 2023[2] Investments and Acquisitions - The company completed the acquisition of Poly Odyssey Marine Corp. for a cash consideration of $1,503,000, which included a deposit for a vessel[32] - The company recognized a cash outflow of $1,501,000 from the acquisition of Poly Odyssey Marine Corp., after accounting for cash and cash equivalents acquired[33] - The company sold Zorina Navigation Corp. for a cash consideration of $13,800,000, with a net asset value of $13,694,000 at the time of sale[34] - The company completed the sale of a wholly-owned subsidiary for $13,800,000, with the only asset being a dry bulk vessel named "Zorina"[47] Market Conditions and Outlook - The Baltic Dry Index fluctuated between approximately 1,500 and 2,000 points during the year, compared to 1,000 to 2,000 points in 2023, indicating improved market conditions[42] - The company has a cautious optimistic outlook for the shipping business due to the recovery of the global economy and increasing trade activities[42] - The group maintains a cautiously optimistic outlook for the shipping industry, driven by global economic recovery and growth in emerging markets, with steady demand expected for iron ore, coal, grains, and construction materials[59] Cost Management and Efficiency - The group will continue to adopt a prudent management approach, focusing on cost reduction and efficiency improvement while actively seeking investment and acquisition opportunities[59] - The board is exploring various avenues to diversify revenue sources to mitigate the cyclical impact on fleet demand, aiming for sustainable long-term growth[59] Other Financial Metrics - The company recognized a gain of $106,000 from the sale of subsidiaries, compared to a loss of $2,100,000 in the previous year[2] - The company experienced a vessel impairment loss of $91,000 for the fiscal year, a decrease from $1,008,000 in the previous year[45] - The investment holding business recorded no revenue in the fiscal year 2024, with a segment loss of $389,000, compared to a loss of $1,186,000 in 2023[48] - The group recognized a credit loss provision of $389,000 for debt instruments, down from $1,146,000 in 2023, reflecting reduced credit risk[54] - The group reported a loss of $788,000 from a joint venture, primarily due to a decrease in the fair value of an industrial property in Shanghai[53] - The net proceeds from a public offering amounted to $8,621,000, with $5,800,000 allocated for operating funds in the shipping business[58]

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佈的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不會就本公佈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。 COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 ( 於百慕達註冊成立之有限公司 ) (香港股份代號: 1145) (新加坡股份代號: CIN) 董事會會議通告 勇利投資集團有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司將於二零二五 年三月七日（星期五）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司截至二零 二四年十二月三十一日止年度之全年業績。 承董事會命 勇利投資集團有限公司 行政總裁 李春陽 香港，二零二五年二月二十五日 於本公佈日期，董事會成員包括三名執行董事，即李春陽女士（行政總裁）、王煜女士及胡英廈先生； 以及三名獨立非執行董事，即周奇金先生、鮑少明先生及曹海豪先生。 ...

COURAGE INVESTMENT GROUP LIMITED 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佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈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。 1145 CIN 補充公佈 正面盈利預告 茲提述(i)勇利投資集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）日期為二零 二五年二月十四日之正面盈利預告公佈（「正面盈利預告公佈」），內容有關本集團相對於 截至二零二三年十二月三十一日止年度所錄得約4.0百萬美元之虧損，預期於截至二零二 四年十二月三十一日止年度錄得溢利不少於1.6百萬美元（「正面盈利預告」），及(ii)(a)華建 有限公司（「要約人」）與本公司聯合刊發日期為二零二五年一月十七日的綜合要約及回應 文件（「綜合文件」），內容有關（其中包括）要約；及(b)要約人與本公司於二零二五年二月 十八日聯合刊發的公佈，內容有關（其中包括）要約截止。除文義另有所指外，本公佈所 採用之詞彙與綜合文件所界定者具有相同涵義。 正面盈利預告及收購守則 正面盈利預告公佈所載之正面盈利預告構成收購 ...