Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 4,870,175, a significant increase from HKD 938,315 in 2024, representing a growth of approximately 418%[4] - Gross profit for the same period was HKD 413,906, slightly down from HKD 420,775 in 2024, indicating a decrease of about 1%[4] - Operating profit improved to HKD 79,081 compared to an operating loss of HKD 65,772 in 2024, marking a turnaround in operational performance[4] - The company reported a net profit of HKD 59,951 for 2025, recovering from a net loss of HKD 85,077 in 2024[4] - The basic and diluted earnings per share improved to HKD 0.14 in 2025 from a loss of HKD 0.19 in 2024[5] - The company reported a net profit of HKD 57,673,000 for 2025, a significant recovery from a net loss of HKD 76,891,000 in 2024[22] - Basic earnings per share for 2025 is projected at HKD 0.14, compared to a loss of HKD 0.19 per share in 2024[22] - The company recorded a net profit of HKD 60.0 million in 2025, compared to a net loss of HKD 85.1 million in 2024[40] Assets and Liabilities - Total assets decreased to HKD 673,317 in 2025 from HKD 822,449 in 2024, reflecting a reduction of approximately 18%[6] - Current liabilities were reduced to HKD 312,508 in 2025 from HKD 419,160 in 2024, a decrease of about 25%[6] - Cash and cash equivalents increased to HKD 76,440 in 2025 from HKD 46,225 in 2024, showing a growth of approximately 65%[6] - The company’s equity attributable to owners increased to HKD 212,770 in 2025 from HKD 149,148 in 2024, representing a growth of about 43%[7] - Trade receivables as of December 31, 2025, amounted to HKD 50.426 million, down from HKD 62.469 million in 2024[24] - Trade payables decreased to HKD 81.991 million in 2025 from HKD 115.804 million in 2024[24] - As of December 31, 2025, the company's current assets net value was HKD 96.3 million, an increase of HKD 60.1 million from the previous year, mainly due to a reduction in current liabilities[42] Revenue Projections - Total revenue for the year ending December 31, 2025, is projected to be HKD 918,969,000, a decrease from HKD 978,905,000 in 2024, representing a decline of approximately 6.1%[19] - Revenue from external customers for 2025 is expected to be HKD 870,175,000, down from HKD 938,315,000 in 2024, indicating a decrease of about 7.3%[19] - The company anticipates a significant increase in retail revenue, with projections of HKD 589,612,000 for 2025 compared to HKD 724,760,000 in 2024, a decline of approximately 18.6%[20] - The group's revenue for 2025 decreased to HKD 870.2 million, a year-on-year decline of 7.3% from HKD 938.3 million in 2024[28] - Revenue in mainland China for 2025 is projected to be HKD 285.5 million, a decrease of 26.7% year-on-year, with the number of retail stores reduced to 90 from 123 in 2024, reflecting a negative growth rate of 13.5%[32] - Sales revenue from Hong Kong and other regions decreased by 54.9% year-on-year, with one new store opened and two closed in 2025, resulting in a reduction of average floor area by 626.6 square meters, or 46.6%[33] Expenses and Costs - The cost of sales for 2025 is estimated at HKD 456,269,000, which is lower than HKD 517,540,000 in 2024, reflecting a reduction of approximately 11.8%[19] - Selling and marketing expenses for 2025 are projected to be HKD 267,027,000, down from HKD 394,542,000 in 2024, a decrease of about 32.3%[19] - Depreciation and amortization expenses for 2025 are expected to be HKD 128,743,000, slightly lower than HKD 146,829,000 in 2024, indicating a decrease of approximately 12.3%[19] - The company has recorded an impairment loss of HKD 13,095,000 for 2025, compared to HKD 14,542,000 in 2024, reflecting a reduction of about 10.0%[19] - Operating expenses for sales and marketing decreased to HKD 267.0 million, a 32.3% year-on-year reduction, driven by decreases in depreciation and amortization, variable lease expenses, and employee costs[37] - Net financing costs decreased to HKD 12.5 million in 2025, a 17.5% year-on-year reduction, primarily due to lower interest on lease liabilities and borrowings[38] Market Strategy and Operations - The company plans to focus on market expansion and new product development to drive future growth[3] - The company operates as an investment holding company primarily engaged in the retail and wholesale of international fashion brands in Mainland China, Macau, and Hong Kong[8] - The group plans to continue monitoring market dynamics and adjust strategies as needed to maintain resilience[27] - The group’s business activities are influenced by seasonal fluctuations and certain holidays, affecting retail store performance[15] - The average sellable floor area decreased from 32,156 square meters in 2024 to 28,052 square meters in 2025, primarily due to store closures in mainland China[28] - The number of retail stores decreased from 155 in 2024 to 119 in 2025, with 60 closures[29] - The group's online sales recorded a decrease of 20.3% in 2025 compared to 2024[28] Governance and Compliance - The company has adopted the corporate governance code as per the Stock Exchange's Appendix C1 and has complied with its provisions up to the fiscal year ending December 31, 2025[63] - The board of directors aims to maintain a balanced composition of executive and independent non-executive directors to ensure strong independent elements for effective independent judgment[63] - The audit committee has reviewed the accounting policies and practices adopted by the company, discussing risk management and internal controls, as well as the financial performance for the fiscal year ending December 31, 2025[64] - The board has confirmed that all directors complied with the trading regulations and standards for securities transactions during the year ending December 31, 2025[60] Future Plans and Investments - The company aims to maintain a prudent approach in evaluating new opportunities and capital allocation, focusing on sustainable long-term growth and market position consolidation[48] - The company plans to allocate 50.3% of the net proceeds, amounting to HKD 70.4 million, for the establishment of new retail stores by December 31, 2025[51] - A total of HKD 33.6 million (24.0%) is designated for exploring new brands, with HKD 30.2 million already utilized and HKD 3.4 million expected to be used by December 31, 2026[51] - The total net proceeds expected to be utilized by December 31, 2025, amount to HKD 140.0 million, with HKD 136.6 million already used[51] Dividends and Shareholder Returns - The group did not declare or propose any dividends for the year ending December 31, 2025[25] - The company has not proposed any final dividends for the year ending December 31, 2025, nor any interim dividends[56] - The company has not engaged in any buybacks, sales, or redemptions of its listed securities during the year ending December 31, 2025[57] Other Information - The financial statements are presented in Hong Kong dollars, which is the company's functional currency, while subsidiaries in Mainland China use Renminbi[10] - The group has adopted the revised International Financial Reporting Standards (IFRS) without significant impact on its financial performance or position for the current and prior years[11] - The group does not expect the application of the new IFRS standards to have a significant impact on its financial condition[14] - There were no significant acquisitions or disposals reported for the year 2025[52] - The company has not identified any significant events affecting its business or financial performance after the reporting period[54]

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 就 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。 Forward Fashion (International) Holdings Company Limited 尚 晉（國 際）控股有限公司 董 事 會 認 為，本 集 團 截 至2025年12月31日 止 年 度 的 財 務 業 績 顯 著 改 善，主 要 歸 因 於：(1)關 閉 表 現 欠 佳 的 店 舖；(2)採 取 更 嚴 格 的 成 本 控 制 措 施；及(3)過去數年 來 對 本 集 團 日 常 營 運 的 優 化 與 強 化，該 等 因 素 共 同 促 成 整 體 業 績 的 改 善。 – 1 – 零 售 環 境 依 然 充 滿 挑 戰。然 而，本 集 團 始 終 密 切 關 注 市 場 動 態，並 在 必 要 時 迅 速 調 整 方 針 及 營 運。展 望 未 來， ...

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 就 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。 Forward Fashion (International) Holdings Company Limited 尚 晉（國 際）控股有限公司 （股份代號：2528） （於開曼群島註冊成立的有限公司） 董事會會議通告 香 港，2026年3月18日 尚 晉（國 際）控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於 2026年3月31日（星 期 二）舉 行 董 事 會 會 議，以（其 中 包 括）：(i)考慮及批准本公司 及其附屬公司截至2025年12月31日 止 年 度 之 全 年 業 績 及 其 刊 發；及(ii)考慮派付 末 期 股 息（如 有）。 承董事會命 尚 晉（國 際）控 股 有 限 公 司 主 席 范榮庭 於 本 公 告 日 期 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 尚晉(國際)控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年3月3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) | 02528 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | ...

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 就 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。 Forward Fashion (International) Holdings Company Limited 尚 晉（國 際）控股有限公司 （股份代號：2528） （於開曼群島註冊成立的有限公司） 有關出售物業 須予披露交易的 最新資料 – 1 – 中 英 格 式 唔 一 樣，英 文point唔 隔 行，客 要 求 茲提述本公司日期為2025年11月14日 的 公 告（「該公告」），內 容 有 關 出 售 物 業。 除 非 另 有 說 明，本 公 告 所 用 之 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 該 公 告 披 露，本 公 司 因 無 心 疏 忽 而 未 有 及 時 遵 守 相 關 公 告 規 定，並 將 實 施 若 干 補 救 措 施 以 加 強 ...

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: 2026年1月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 02528 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 400,000,000 400,000,000 增加 / 減少 (-) 本月底結存 400,000,000 0 400,000,000 致：香港交易及結算所有限公司 公司名稱: 尚晉(國際)控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年2月2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) | 02528 ...

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: 尚晉(國際)控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年1月5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) | 02528 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100 ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 尚晉(國際)控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年12月5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) | 02528 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 ...

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 就 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。 有關截至2024年12月31日止年度的年報之 補充公告 茲 提 述 尚 晉（國 際）控 股 有 限 公 司（「本公司」）於2025年4月29日刊發之截至2024年 12月31日 止 年 度 的 年 報（「年 報」）。除 非 另 有 說 明，本 公 告 所 用 之 詞 彙 與 年 報 所 界 定 者 具 有 相 同 涵 義。 除 年 報「董 事 會 報 告－持 續 關 連 交 易」一 節 所 披 露 資 料 外，本 公 司 謹 此 提 供 以 下 附 加 資 料，內 容 有 關Twelve S.A.、White S.R.L.與本公司間接全資附屬公司World First International Holdings Limited訂立日期為2015 年4 月15日的合作協議項下的交 易， ...

Core Viewpoint - The company, 尚晋国际控股, has announced the sale of an industrial property in Macau for a total consideration of HKD 15 million, which will be used to improve its financial position and increase general working capital [1] Group 1: Transaction Details - The seller, a wholly-owned subsidiary of the company, has entered into a sale agreement with Mr. Shen Guobiao [1] - The property is located at 福泰工业大厦, with a total area of approximately 479 square meters [1] - The property was previously used as a supplementary warehouse for storing old furniture, props, and tools, most of which have been disposed of [1] Group 2: Strategic Rationale - The company no longer requires the warehouse space due to the disposal of most stored items [1] - The board believes that the sale presents a good opportunity to realize the property's value at a reasonable price [1] - The proceeds from the sale are expected to enhance the company's financial condition and increase general working capital [1]