ZHUGUANG HOLDINGS GROUP COMPANY LIMITED 珠光控股集團有限公司* Dear Non-registered Holder(s) (Note 1) , Zhuguang Holdings Group Company Limited (the "Company") – Notice of publication of Annual Report 2024 (the "Current Corporate Communication") and Environmental, Social and Governance Report 2024 The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.zhuguang.com.hk and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange ...

ZHUGUANG HOLDINGS GROUP COMPANY LIMITED 珠光控股集團有限公司* (incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock code 股份代號： 1176) NOTIFICATION LETTER 通知信函 30 April 2025 If you have difficulty in receiving email notification or gaining access to the Website Version of the Corporate Communications and would like to receive the Current Corporate Communication and all future Corporate Communications in printed form, please complete, sign the enclosed Reply Form and return it to the Company's branch s ...

| 目 | 錄 | | | --- | --- | --- | | I. | 前言 | 2 | | II. | 關於本報告 | 5 | | III. | 可持續管理 | 7 | | IV. | 董事會聲明 | 10 | | V. | 持份者的參與 | 12 | | VI. | 環境的可持續發展 | 17 | | VII. | 社會的可持續發展 | 39 | 環境、社會及管治報告 I. 前言 在過去數十年間，中華人民共和國（「中國」或「中國內地」）的快速城市化進程，已讓城市成為推動經濟增長、創新和 文化活力的重要引擎。隨著城市人口不斷增加，房地產開發行業在塑造城市面貌、滿足住房需求以及推動基礎設施 建設方面，扮演著舉足輕重的角色。然而，這種快速發展也帶來了不少挑戰，包括環境污染、資源短缺，以及應對 氣候變化的迫切需要。為此，中國將可持續發展作為國家戰略的核心，並制定了宏偉目標，包括在2060年前實現碳 中和，以及推動綠色低碳的城市化發展。 二零二四年，中國政府進一步加大對可持續發展的支持力度，推出了一系列政策，重點推動綠色建築、節能減排和 生態友好的城市規劃。其中，《加速推進建築領域節能降碳工作方案》等最新政策 ...

Financial Performance - The group's consolidated revenue for the fiscal year 2024 was approximately HKD 1,585,711,000, a decrease of about 31.16% compared to HKD 2,303,576,000 for the fiscal year 2023[11]. - The consolidated gross profit decreased by approximately 20.87% to HKD 1,208,718,000 from HKD 1,527,422,000 in the previous fiscal year[11]. - The consolidated loss for the fiscal year 2024 was approximately HKD 3,467,435,000, an increase of about 293.95% compared to HKD 880,170,000 in the fiscal year 2023[11]. - Total revenue for the fiscal year 2024 was approximately HKD 1,585,711,000, a decrease of about 31.2% compared to HKD 2,303,576,000 in fiscal year 2023[48]. - Property development revenue for fiscal year 2024 was approximately HKD 242,866,000, down from HKD 801,083,000 in fiscal year 2023, primarily due to a decrease in property deliveries[48]. - Revenue from project management services contributed approximately HKD 1,144,676,000 to total revenue in fiscal year 2024, compared to HKD 1,279,681,000 in fiscal year 2023, reflecting a reduction in the number of project management agreements[48]. - Revenue from property investment and hotel operations totaled approximately HKD 198,169,000 in fiscal year 2024, down from HKD 222,812,000 in fiscal year 2023[50]. - Rental income from investment properties decreased from approximately HKD 145,964,000 in fiscal year 2023 to HKD 130,975,000 in fiscal year 2024, mainly due to a reduction in the leased area[50]. - Gross profit decreased from approximately HKD 1,527,422,000 in fiscal year 2023 to HKD 1,208,718,000 in fiscal year 2024, attributed to the decline in revenue[51]. - Fair value loss on investment properties for fiscal year 2024 was approximately HKD 463,602,000, compared to HKD 246,487,000 in fiscal year 2023[52]. - Other income and net gains increased to approximately HKD 417,661,000 in fiscal year 2024, up from HKD 150,197,000 in fiscal year 2023, mainly due to modifications in bank and other loan terms[53]. - Administrative and selling expenses decreased from approximately HKD 413,749,000 in fiscal year 2023 to HKD 265,857,000 in fiscal year 2024, primarily due to reduced employee costs[54]. - Financing costs for fiscal year 2024 were approximately HKD 1,058,043,000, a decrease from HKD 1,123,925,000 in fiscal year 2023, mainly due to an increase in interest capitalization rate[58]. - The group recorded a net loss of approximately HKD 3,467,000,000 for the fiscal year 2024, with current liabilities amounting to approximately HKD 10,812,000,000 as of December 31, 2024[69]. - The net impairment of financial assets rose sharply from approximately HKD 250,423,000 in fiscal year 2023 to about HKD 2,248,461,000 in fiscal year 2024[61]. - The overall employee cost for the fiscal year 2024 was approximately HKD 134,100,000, down from HKD 189,600,000 in the fiscal year 2023, reflecting a reduction in workforce from 793 to 642 employees[80]. Debt and Liquidity - The group's debt-to-asset ratio increased to 81% as of December 31, 2024, compared to 68% in the previous year[16]. - The group's cash and bank balances were approximately HKD 17,000,000, a significant decrease from HKD 301,000,000 in the previous year[16]. - Total bank and other borrowings amounted to approximately HKD 13,944,416,000 as of December 31, 2024, compared to HKD 13,848,797,000 in the previous year[64]. - As of December 31, 2024, the group had outstanding interest-bearing bank and other borrowings due within 12 months totaling approximately HKD 13,746,000,000, including borrowings of approximately HKD 13,728,000,000 that were not repaid by the scheduled repayment date[69]. - The company has plans and measures in place to alleviate liquidity pressure and improve cash flow, ensuring sufficient operating funds for the next twelve months[68]. - The company is actively communicating with lenders to avoid immediate repayment demands and is discussing refinancing existing borrowings[167]. - The company believes it has sufficient operating funds to meet its financial obligations due within 12 months from December 31, 2024, based on cash flow forecasts[169]. - The company will continue to implement plans and measures to alleviate liquidity pressure and improve cash flow in 2025[171]. Strategic Focus and Future Plans - The group plans to focus on enhancing sales efforts in the Guangzhou area, which will remain a key sales region for 2025[17]. - The group aims to strengthen its strategy of "optimizing structure and enhancing quality" to overcome challenges in the real estate market[18]. - The group will continue to explore cooperation opportunities with strategic partners to support future development needs[17]. - The group aims to maintain sufficient land reserves to support its development needs for at least the next three to five years[39]. - The company is committed to actively recovering outstanding sales proceeds and controlling administrative costs[172]. - The company aims to promote the pre-sale and sale of properties under development, which is sensitive to local real estate market conditions and buyer confidence[167]. Corporate Governance - The company has adopted its own corporate governance code in accordance with the principles and provisions of the Corporate Governance Code as stated in the Listing Rules Appendix C1 for the fiscal year 2024[100]. - The company confirmed compliance with the applicable provisions of the Corporate Governance Code for the fiscal year 2024[100]. - The board of directors is responsible for considering, formulating, and approving the group's strategies, financial objectives, annual budgets, and investment proposals[106]. - The board retains decision-making authority over all significant matters, including the approval and monitoring of policies, overall strategies, and major transactions[106]. - The company has established a risk management system to identify and manage key business risks[106]. - The company has implemented a code of conduct and compliance manual applicable to employees and directors[107]. - The company is committed to maintaining high-quality corporate governance standards to ensure operations align with the best interests of shareholders[100]. - The board consists of six executive directors and three independent non-executive directors, with independent directors accounting for one-third of the board[108]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional qualifications during board composition reviews[109]. - The company emphasizes the importance of independent oversight in its operations and strategic decisions[93]. - The independent non-executive directors are actively involved in audit, nomination, and remuneration committees, ensuring robust corporate governance[90]. Risk Management - The group established a risk management framework in fiscal year 2016, focusing on risk identification, assessment, and mitigation[145]. - The group has identified and assessed its top ten risks for fiscal year 2024, comparing changes with fiscal year 2023, and has reported the evaluation results to the audit committee[149]. - The board has conducted a comprehensive review of the effectiveness of the risk management and internal control systems, concluding that they are effective and sufficient[156]. - The internal audit function has been established as an independent third line of defense to assist the audit committee in evaluating the adequacy and effectiveness of the group's risk management and internal control systems[151]. - The group will continue to strengthen its risk management framework through ongoing training, regular risk alerts, and management reports, with at least annual reviews of major risks[149]. Shareholder Communication - The company emphasizes the importance of maintaining effective communication with shareholders, with a review of its shareholder communication policy conducted in the fiscal year 2024[199]. - The company ensures that all resolutions presented at the shareholders' meetings are voted on by poll, with results published on the stock exchange and the company's website[198]. - The company provides a platform for shareholders to exchange views with the board during the annual general meeting, where board members and external auditors are present to address questions[198]. - The company encourages shareholders to submit inquiries and suggestions regarding its business and management for discussion at the annual general meeting[194].

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was approximately HKD 1,144,676,000, a decrease of about 10.6% compared to HKD 1,279,681,000 in the previous fiscal year[3]. - The total revenue for the fiscal year 2024 was approximately HKD 1,585,711,000, a decrease of about 31.2% compared to HKD 2,303,576,000 in fiscal year 2023[33]. - The gross profit decreased from approximately HKD 1,527,422,000 in fiscal year 2023 to approximately HKD 1,208,718,000 in fiscal year 2024, mainly due to reduced revenue[35]. - The company reported a net loss of HKD 3,467,435,000 for the fiscal year, compared to a loss of HKD 880,170,000 in the previous year, reflecting an increase in losses of approximately 294.5%[58]. - The adjusted pre-tax loss for the group amounted to HKD 3,605,386,000, with a total loss for the year of HKD 3,467,435,000[78]. Assets and Liabilities - The total assets as of December 31, 2024, were HKD 32,781,140,000, down from HKD 35,708,100,000 in the previous year, representing a decrease of approximately 8.1%[3]. - The total liabilities increased slightly to HKD 29,521,670,000 from HKD 29,343,689,000, indicating a rise of about 0.6%[3]. - The company's equity decreased to HKD 3,259,470,000 in 2024 from HKD 6,364,411,000 in 2023, a reduction of approximately 49%[61]. - The group's debt-to-asset ratio increased to 81% as of December 31, 2024, compared to 68% on December 31, 2023[50]. - The company's net current liabilities amounted to HKD 10,811,829,000 as of December 31, 2024, compared to HKD 5,416,385,000 in the previous year, indicating a deterioration in liquidity[61]. Revenue Sources - Property development revenue for fiscal year 2024 was approximately HKD 242,866,000, down from HKD 801,083,000 in fiscal year 2023, primarily due to a decrease in property deliveries[33]. - Revenue generated from hotel operations, specifically from Guangzhou Yunling Lake Hotel and Guangdong Luhu Hot Spring Holiday Hotel, amounted to approximately HKD 67,194,000 in fiscal year 2024, down from HKD 76,848,000 in fiscal year 2023[29]. - The project management services segment recorded revenue of approximately HKD 1,144,676,000 for the fiscal year 2024, a decrease from HKD 1,279,681,000 in fiscal year 2023, primarily due to a reduction in the number of project management agreements[26]. Impairment and Losses - The net impairment loss on financial assets surged to approximately HKD 2,248,461,000 in fiscal year 2024 from HKD 250,423,000 in fiscal year 2023, including significant impairment losses on trade receivables[39]. - The company incurred a net loss from financial assets impairment of HKD 2,248,461,000, compared to HKD 250,423,000 in the previous year, indicating a significant increase in impairment losses[58]. - The net fair value loss on investment properties for fiscal year 2024 was approximately HKD 463,602,000, compared to HKD 246,487,000 in fiscal year 2023[36]. Cash Flow and Financing - Cash and bank balances as of December 31, 2024, were approximately HKD 17,003,000, a substantial decrease from HKD 301,264,000 as of December 31, 2023[47]. - The group's financing cost for the fiscal year 2024 was approximately HKD 1,058,043,000, a decrease from HKD 1,123,925,000 in fiscal year 2023, primarily due to an increase in the interest capitalization rate[42]. - The company is actively discussing with financial institutions to extend repayment dates for its borrowings, highlighting ongoing financial challenges[63]. - The company has developed plans and measures to alleviate liquidity pressure and improve cash flow, including active communication with lenders regarding loan repayment[64]. Market Conditions and Strategic Focus - The management acknowledges ongoing challenges in the global economy, including inflation and low consumer sentiment, impacting recovery efforts in mainland China[5]. - The central government has optimized real estate control policies to stabilize the housing market, which is expected to improve market conditions[6]. - The company continues to focus on urban renewal projects in Guangzhou, enhancing its competitive advantage and market position[7]. Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and presented in Hong Kong dollars, rounded to the nearest thousand[68]. - The company has adopted the Listing Rules Appendix C3 regarding the standards for directors' securities transactions for the fiscal year 2024[102]. - The company has complied with the corporate governance code as per the Listing Rules Appendix C1 for the fiscal year 2024[103]. - The financial statements for the fiscal year 2024 have been audited by Ernst & Young, confirming consistency with the draft financial statements[105].

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。 ZHUGUANG HOLDINGS GROUP COMPANY LIMITED – 1 – 補 充 諒 解 備 忘 錄 不 會 就 建 議 交 易 對 訂 約 方 產 生 任 何 具 法 律 約 束 力 之 義 務（保 密 義 務 除 外）。於 本 公 告 日 期，本 集 團 及 其 他 訂 約 方 尚 未 就 建 議 交 易 訂 立 任 何 具 約 束 力 之 協 議。建 議 交 易 可 能 不 會 進 行，且 概 不 保 證 該 等 安 排 將 會 落 實 或 最 終 完 成。本 公 司 股 東 及 潛 在 投 資 者 於 買 賣 本 公 司 股 份 時 務 請 審 慎 行 事。 倘 有 任 何 具 約 束 力 之 協 議 獲 落 實，建 議 交 易 可 能 會 構 成 上 市 規 則 項 下 本 公 司 之 須 予 公 佈 交 易。本 公 司 ...

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。 ZHUGUANG HOLDINGS GROUP COMPANY LIMITED 珠光控股集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：1176） 應 本 公 司 要 求，自 二 零 二 五 年 四 月 一 日 上 午 九 時 正 起，本 公 司 股 份 已 暫 停 於 香 港 聯 合 交 易 所 有 限 公 司 買 賣，並 將 繼 續 暫 停，以 待 刊 發 本 公 司 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 的 全 年 業 績 公 告（基 於 獲 本 公 司 核 數 師 同 意 之 本 集 團 二 零 二 四 財 政 年 度 財 務 報 表）。 本 公 司 股 東 及 潛 在 投 資 者 在 買 賣 本 公 司 股 份 時，務 請 謹 慎 行 事。 盈利警告 本 公 告 乃 珠 光 控 股 集 團 有 限 ...

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。 ZHUGUANG HOLDINGS GROUP COMPANY LIMITED 珠光控股集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：1176） 暫停買賣 香 港，二 零 二 五 年 四 月 一 日 於 本 公 告 日 期，董 事 會 包 括(i)六 名 執 行 董 事，即 朱 慶 凇 先 生（又 名 朱 慶 伊 先 生） （主 席）、劉 捷 先 生（行 政 總 裁）、廖 騰 佳 先 生（副 主 席）、黃 佳 爵 先 生（副 主 席）、朱 沐 之 先 生（又 名 朱 拉 伊 先 生）及 葉 麗 霞 女 士；及(ii)三 名 獨 立 非 執 行 董 事，即 梁 和 平 先 生 太 平 紳 士、黃 之 強 先 生 及 馮 科 博 士。 * 僅供識別 茲 提 述 珠 光 控 股 集 團 有 限 公 司（「本公司」）日 期 為 二 零 二 五 ...

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)預 計 延 遲 刊 發 二 零 二 四 年 全 年 業 績； (2)董 事 會 會 議 延 期； 及 ZHUGUANG HOLDINGS GROUP COMPANY LIMITED 珠光控股集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：1176） (3)可能暫停買賣 本 公 告 乃 珠 光 控 股 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根 據 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13.09(2)條 及《證 券 及 期 貨 條 例》（香 港 法 例 第571章）第XIVA部項下之內幕消息條文規定而 作 出。 (1) 預計延遲刊發二零二四年全年業績 根據上市規則第13.49(1)條，本 公 司 須 於 不 遲 於 本 公 司 財 ...

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。 代表董事會 珠光控股集團有限公司 主 席 朱慶凇 香 港，二 零 二 五 年 三 月 十 九 日 珠光控股集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：1176） 董事會會議通告 珠 光 控 股 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 公 佈，本 公 司 之 董 事 會 會 議 將 於 二 零 二 五 年 三 月 三 十 一 日（星 期 一）舉 行，以 批 准（其 中 包 括） 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 之 年 度 業 績 及 其 公 告， 以 及 考 慮 建 議 派 發 末 期 股 息（如 有）。 ZHUGUANG HOLDINGS GROUP COMPANY LIMITED 於 本 公 告 日 期，董 事 會 包 括(i) ...