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 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: Wang On Group Limited (宏安集團有限公司)* 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) | 01222 | 說明 | WANG ON GROUP | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 HKD | | 0.01 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 40,000,000,000 HKD | | 0.01 | HKD | | 400, ...

Core Viewpoint - WANG ON GROUP (01222) reported a decline in revenue and a significant loss for the six months ending September 30, 2025, primarily due to reduced property sales in China and a decrease in gross profit from completed residential projects [1] Financial Performance - The company achieved revenue of HKD 1.208 billion, a year-on-year decrease of 1.79% [1] - The loss attributable to equity holders of the parent company was HKD 354 million, compared to a profit of HKD 85.571 million in the same period last year [1] - Basic loss per share was HKD 0.025 [1] Revenue Changes - The revenue fluctuation was mainly due to an increase in sales and delivery of completed residential projects in Hong Kong, offset by a decrease in property sales in China [1] Loss Drivers - The loss attributable to equity holders was primarily due to: - A loss from the sale of a 20% stake in a hotel project [1] - A decrease in share of profits from joint ventures, mainly due to a continued downturn in the commercial real estate market [1] - Reduced gross profit from the delivery of completed residential projects [1] - Realized losses from debt investments measured at fair value, partially offset by lower financing costs due to interest rate declines [1]

Core Viewpoint - Wang On Group reported a decline in revenue and a significant loss for the six months ending September 30, 2025, primarily due to reduced property sales in China and a decrease in gross profit from completed residential projects [1] Financial Performance - The company achieved a revenue of HKD 1.208 billion, representing a year-on-year decrease of 1.79% [1] - The loss attributable to equity holders of the parent company was HKD 354 million, compared to a profit of HKD 85.571 million in the same period last year [1] - Basic loss per share was HKD 0.025 [1] Revenue Drivers - The revenue change was mainly due to an increase in sales and delivery of completed residential projects in Hong Kong, offset by a decrease in property sales in China [1] Loss Contributors - The loss attributable to equity holders was primarily due to: - A loss from the sale of a 20% interest in a hotel project [1] - A decrease in share of profits from joint ventures, mainly due to a sluggish commercial real estate market [1] - Reduced gross profit from the delivery of completed residential projects [1] - Realized losses from debt investments measured at fair value, partially offset by lower financing costs due to interest rate declines [1]

Core Viewpoint - Wang On Group reported a slight revenue decrease of approximately 1.8% to about HKD 1.208 billion for the six months ending September 30, 2025, primarily due to increased sales and delivery of completed residential projects in Hong Kong, offset by reduced property sales in China [1] Financial Performance - Revenue for the period was approximately HKD 1.208 billion, compared to about HKD 1.23 billion for the corresponding period ending September 30, 2024 [1] - The company recorded a loss attributable to equity holders of approximately HKD 355 million, contrasting with a profit of about HKD 85.8 million for the corresponding period [1] Contributing Factors - The loss was mainly due to: - A loss from the sale of a 20% stake in a hotel project [1] - Decreased share of profits from joint ventures, primarily due to a continued downturn in the commercial real estate market [1] - Reduced gross profit from the delivery of completed residential projects [1] - Realized losses from debt investments measured at fair value, partially offset by lower financing costs due to interest rate declines [1]

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 1,208 million, a decrease of 1.8% compared to HKD 1,230 million in the same period of 2024[3] - Gross profit for the same period was HKD 300 million, reflecting a decline of 29.9% from HKD 428 million year-on-year[3] - The net loss attributable to equity holders of the parent was HKD 354 million, a significant increase of 511.6% compared to a profit of HKD 86 million in the previous year[3] - Basic and diluted loss per share was HKD (2.50), compared to earnings of HKD 0.61 per share in the prior year, marking a 509.8% decline[3] - The total comprehensive loss attributable to equity holders of the parent was HKD (306,164) thousand, compared to a profit of HKD 65,257 thousand in the same period last year[8] - The company reported a loss before tax of HKD 500,131,000 compared to a profit of HKD 117,073,000 in the same period last year[24] - The net profit for the period was HKD (513,501,000), a significant decline from HKD 131,827,000 in the previous year[24] - The group reported a net loss of HKD 354,492,000 attributable to equity holders of the parent for the six months ended September 30, 2025, compared to a profit of HKD 85,771,000 for the same period in 2024[32] Assets and Liabilities - As of September 30, 2025, the net asset value was HKD 6,181 million, down 8.8% from HKD 6,780 million as of March 31, 2025[3] - The asset-to-liability ratio increased to 59.8%, up by 1.1 percentage points from 58.7%[3] - The company's non-current assets totaled HKD 7,955,591 thousand as of September 30, 2025, down from HKD 8,225,712 thousand as of March 31, 2025[9] - Current assets decreased to HKD 4,753,109 thousand from HKD 5,503,300 thousand over the same period[9] - The company's total liabilities and equity as of September 30, 2025, were not specified but are critical for assessing financial health[9] - As of September 30, 2025, total current liabilities amounted to HKD 2,389,583,000, a decrease of 4.0% from HKD 2,488,640,000 as of March 31, 2025[10] - Total non-current liabilities were HKD 4,137,731,000, down from HKD 4,460,053,000, reflecting a reduction of 7.2%[10] - The total equity attributable to equity holders of the parent decreased to HKD 4,026,382,000 from HKD 4,332,547,000, a drop of 7.1%[10] Revenue Sources - Total income from customer contracts was HKD 1,051 million, while interest income from financial services was HKD 8.7 million[5] - Revenue from property sales was HKD 596,608,000, up 12.7% from HKD 529,585,000 in the previous year[21] - Revenue from pharmaceutical management and promotion services decreased to HKD 5,455,000 from HKD 6,451,000, a decline of 15.4%[20] - The company generated HKD 1,051,036,000 from customer contracts, an increase from HKD 1,029,274,000 in the prior year[20] - The group recognized a total of HKD 1,051,036,000 in revenue from property development, pharmaceuticals, market operations, and asset management combined[21] Expenses and Costs - The company reported a significant increase in financing costs, amounting to HKD 148.9 million, compared to HKD 172.8 million in the previous year[5] - Selling and distribution expenses for the current period were approximately HKD 249,000,000, an increase from HKD 232,100,000 for the same period in 2024[45] - Administrative expenses for the current period were approximately HKD 221,800,000, down from HKD 254,700,000 for the same period in 2024, reflecting ongoing cost-saving efforts[45] - The cost of services provided was HKD 78,987,000 for the six months ended September 30, 2024, while the cost of property sales increased to HKD 619,670,000 from HKD 433,485,000[25] Investment and Development - The group operates five reportable segments, including property development, property investment, market management, pharmaceuticals, and asset management[15] - The group is managing nine projects, with the addition of a new self-managed shopping mall, The Parkside, which is expected to enhance operational efficiency and tenant experience[86] - The group anticipates further expansion of its property management business driven by increased residential project deliveries and investments in professional management teams and advanced management technologies[87] - The group has a total land bank of approximately 966,200 square feet, including 464,000 square feet of properties under development and held for sale[56] Market and Economic Conditions - The Hong Kong economy showed strong performance in Q3 2025, with a year-on-year GDP growth of 3.8%, up from 3.1% in the previous quarter, leading to an annual GDP growth forecast adjustment to 3.2%[106] - The property market in Hong Kong is expected to recover significantly in the second half of 2025, supported by lower interest rates and improved buyer confidence[107] - The commercial property market remains sluggish, but the company successfully secured refinancing for its joint ventures, strengthening its capital structure and financial flexibility[110] Corporate Governance and Compliance - The board emphasizes high levels of corporate governance, focusing on transparency, accountability, integrity, and independence to enhance competitiveness and operational efficiency[119] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial information for the six months ending September 30, 2025[122] - The mid-term report will be published on the Hong Kong Stock Exchange website and the company's website, containing all information required by the listing rules[123]

Core Viewpoint - WANG ON GROUP (01222.HK) anticipates a significant loss for the six months ending September 30, 2025, amounting to no more than approximately HKD 360 million, contrasting with a profit of approximately HKD 85.8 million for the same period in 2024 [1] Financial Performance - The expected loss for the upcoming period is primarily attributed to several factors, including the sale of a 20% stake in a hotel project joint venture resulting in a loss on sale [1] - There is a noted decrease in profit contribution from joint ventures, largely due to the ongoing downturn in the commercial real estate market [1] - The gross profit from completed residential projects is also expected to decline [1] - The company recorded realized losses from the sale of debt investments measured at fair value through other comprehensive income during the review period, although this was partially offset by reduced financing costs due to lower interest rates compared to the same period in 2024 [1]

Core Viewpoint - Wang On Group (01222) anticipates a loss attributable to equity holders of the parent company of not more than approximately HKD 360 million for the six-month review period ending September 30, 2025, compared to a profit of approximately HKD 85.8 million for the six-month period ending September 30, 2024 [1] Summary by Relevant Categories Financial Performance - The expected loss for the review period is primarily due to several factors, including a loss from the sale of a 20% stake in a hotel project [1] - The decrease in profit attributable to joint ventures is mainly due to the ongoing downturn in the commercial real estate market [1] - There is a reduction in gross profit from the delivery of completed residential projects [1] - The realized loss from the sale of debt investments measured at fair value through other comprehensive income during the review period is partially offset by a decrease in financing costs compared to the same period in 2024 due to lower interest rates [1]

Core Viewpoint - Wang On Group (01222) anticipates a loss attributable to equity holders of approximately HKD 360 million for the six months ending September 30, 2025, compared to a profit of approximately HKD 85.8 million for the six months ending September 30, 2024 [1] Summary by Relevant Categories Financial Performance - The expected loss for the review period is primarily due to several factors, including a loss from the sale of a 20% stake in a hotel project [1] - The group's share of profits from joint ventures has decreased, mainly due to the ongoing downturn in the commercial real estate market [1] - There is a reduction in gross profit from completed residential projects [1] - The realized loss from the sale of debt investments measured at fair value through other comprehensive income has occurred during the review period, although this has been partially offset by a decrease in financing costs compared to the same period in 2024 due to lower interest rates [1]

Core Viewpoint - Wang On Group (01222.HK) anticipates a significant loss for the six months ending September 30, 2025, amounting to no more than approximately HKD 360 million, contrasting with a profit of approximately HKD 85.8 million for the same period in 2024 [1] Summary by Relevant Categories Financial Performance - The expected loss for the upcoming period is primarily attributed to several factors, including the sale of a 20% stake in a hotel project joint venture, which resulted in a loss on sale [1] - The group's share of profits from joint ventures has decreased, mainly due to the ongoing downturn in the commercial real estate market [1] - There is a reduction in gross profit from completed residential projects during the review period [1] - The group also incurred realized losses from the sale of debt investments measured at fair value through other comprehensive income, although this was partially offset by a decrease in financing costs compared to the same period in 2024 due to lower interest rates [1]

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之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 聲 明，並 明 確 表 示，概 不 就 因 本 公 佈 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 就上文(i)項 而 言，出 售 酒 店 項 目20%權 益 乃 為 讓 本 集 團 重 新 分 配 資 源，以 把 握 未 來 投 資 機 遇 及 擴 展 至 其 他 具 高 潛 力 之 項 目。此 乃 繼 成 功 將 該 物 業 重 新 發 展 為 學 生 宿 舍，並 錄 得 高 出 租 率 及 穩 健 營 運 表 現 後 作 出。出 售20%權益的決定乃 經策略性考慮與投資夥伴（尤 其 是 在 學 生 宿 舍 方 面）未 來 潛 在 之 合 作，以 及 為 支 持 持 續 業 務 增 長 而 提 高 現 金 流 量 流 動 性 之 目 標 後 作 出。出 售 事 項 之 進 一 步 詳 情 於 本 公 司 日 期 為 二 零 二 五 年 六 月 十 二 日 之 公 佈 披 露。 本 集 團 ...