NATIONAL ELEC H(00213) - 2025 - 年度业绩

Annual Performance Overview This section provides an overview of the Group's annual financial performance, including key consolidated statements and earnings per share data Consolidated Statement of Profit or Loss For the year ended March 31, 2025, the Group's profit for the year significantly increased by 128.82% to HKD 93,898,000, driven by higher other income and fair value gains on investment properties, despite a decrease in revenue Consolidated Statement Key Financial Data (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 502,305,226 | 578,222,575 | -13.13% | | Cost of sales | (375,280,700) | (457,295,476) | -17.94% | | Gross profit | 127,024,526 | 120,927,099 | +5.04% | | Other income, other gains or losses, net | 79,782,120 | 36,869,644 | +116.39% | | Increase in fair value of investment properties | 207,125,031 | 223,301,069 | -7.25% | | Finance costs | (202,349,585) | (213,297,264) | -5.04% | | Profit before tax | 73,933,897 | 42,243,499 | +75.02% | | Profit for the year | 93,898,000 | 41,036,362 | +128.82% | Consolidated Statement of Profit or Loss and Other Comprehensive Income Total comprehensive income for the year significantly increased by 86.33% to HKD 43,512,010, primarily due to a substantial rise in profit for the year, despite negative impacts from exchange differences on foreign operations and fair value changes of other assets Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the year | 93,898,000 | 41,036,362 | +128.82% | | Exchange differences on translating foreign operations | (44,069,375) | (17,268,835) | +155.10% (Loss widened) | | Total comprehensive income for the year | 43,512,010 | 23,341,325 | +86.33% | | Total comprehensive income attributable to owners of the Company | 43,512,010 | 23,438,221 | +85.65% | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets and liabilities both increased, with investment properties in non-current assets decreasing by 35.10% and properties under development for sale in current assets growing by 121.77%, while current bank loans significantly rose by 153.81% Consolidated Statement of Financial Position Key Data (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | | | | | Investment properties | 3,284,050,034 | 5,059,548,397 | -35.10% | | Current assets | | | | | Properties under development for sale | 4,631,511,895 | 2,088,401,093 | +121.77% | | Bank balances and cash | 534,090,057 | 475,025,611 | +12.43% | | Current liabilities | | | | | Bank loans | 3,860,818,248 | 1,521,118,410 | +153.81% | | Non-current liabilities | | | | | Bank loans | 1,785,184,191 | 3,408,181,457 | -47.62% | | Total equity attributable to owners of the Company | 2,581,108,668 | 2,548,821,270 | +1.27% | Earnings Per Share and Dividends Basic and diluted earnings per share for the year both significantly increased by 128.89% to HKD 10.3 cents, while the Board's proposed final dividend decreased from HKD 1.2 cents to HKD 0.5 cents per share Earnings Per Share and Dividends (2025 vs 2024) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Basic earnings per share | 10.3 HKD cents | 4.5 HKD cents | +128.89% | | Diluted earnings per share | 10.3 HKD cents | 4.5 HKD cents | +128.89% | | Proposed final dividend | 0.5 HKD cents | 1.2 HKD cents | -58.33% | - Profit attributable to owners of the Company for the year ended March 31, 2025, was HKD 93,898,000, a significant increase from HKD 41,133,258 in 2024[28] Notes to the Consolidated Financial Statements This section details the basis of financial statement preparation, accounting policies, revenue and segment information, other income, finance costs, income tax, and specific financial note disclosures Basis of Preparation and Accounting Policies The consolidated financial statements are prepared in accordance with HKFRSs and Listing Rules, primarily using the historical cost convention, with investment properties and certain financial instruments measured at fair value, and new standards applied this year having no material impact on financial position Basis of Preparation The consolidated financial statements are prepared in accordance with HKFRSs issued by the HKICPA, the Listing Rules of HKEX, and the Hong Kong Companies Ordinance, primarily using the historical cost convention, with investment properties and certain financial instruments measured at fair value - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) issued by the Hong Kong Institute of Certified Public Accountants, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and the Hong Kong Companies Ordinance[8] - The statements are prepared principally under the historical cost convention, except for investment properties, certain financial instruments, and other assets which are measured at fair value[8] Application of New and Revised HKFRSs The Group first applied several new and revised HKFRSs this year, including lease liabilities for sale and leaseback transactions and classification of liabilities as current or non-current, with no material impact on the financial position or performance for current and prior periods - The Group first applied amendments to HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7 during the current year[9] - The application of these new and revised standards had no material impact on the Group's financial position, financial performance, and/or disclosures in the consolidated financial statements for the current and prior years[9][10] Revenue and Segment Information The Group's revenue primarily derives from watch manufacturing and movement trading and rental income, with watch manufacturing and movement trading revenue decreasing by 6.80%, property sales revenue at zero, and rental income down by 7.00%, categorizing its business into three reportable segments Revenue Analysis Total revenue for 2025 was HKD 502,305,226, a 13.13% decrease from 2024, with reduced revenue from watch and movement sales, zero revenue from property sales, and a decline in rental income Revenue Sources Analysis (2025 vs 2024) | Revenue Source | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Watches and watch movements | 383,753,379 | 411,751,950 | -6.80% | | Sales of properties | – | 38,998,062 | -100.00% | | Rental income | 118,551,847 | 127,472,563 | -7.00% | | Total Revenue | 502,305,226 | 578,222,575 | -13.13% | Operating Segments The Group's reportable and operating segments include watch manufacturing and movement trading, residential and other property development and investment, and commercial property investment, with "Commercial Property Investment" renamed to better reflect its business nature - The Group's reportable and operating segments include watch manufacturing and watch movement trading, residential and other property development and investment, and commercial property investment[14] - The business unit engaged in holding commercial properties for investment and leasing purposes has been renamed "Commercial Property Investment"[13] Segment Revenue and Results In 2025, the watch manufacturing and movement trading segment saw a slight decrease in revenue and results, the residential and other property development and investment segment had no external sales revenue and a significant drop in results, while the commercial property investment segment experienced decreased revenue but substantially increased results Segment Revenue and Results (2025 vs 2024) | Segment | 2025 Revenue (HKD) | 2024 Revenue (HKD) | 2025 Segment Results (HKD) | 2024 Segment Results (HKD) | | :--- | :--- | :--- | :--- | :--- | | Watch manufacturing and watch movement trading | 383,753,379 | 411,751,950 | 5,080,072 | 5,214,140 | | Residential and other property development and investment | – | 38,998,062 | 62,243,758 | 151,167,739 | | Commercial property investment | 118,551,847 | 127,472,563 | 227,838,761 | 115,117,649 | | Consolidated Total Revenue | 502,305,226 | 578,222,575 | 295,162,591 | 271,499,528 | Segment Assets and Liabilities As of March 31, 2025, assets in the residential and other property development and investment segment and commercial property investment segment significantly increased, while watch manufacturing and movement trading segment assets decreased, and liabilities across all segments rose Segment Assets and Liabilities (2025 vs 2024) | Segment | 2025 Segment Assets (HKD) | 2024 Segment Assets (HKD) | 2025 Segment Liabilities (HKD) | 2024 Segment Liabilities (HKD) | | :--- | :--- | :--- | :--- | :--- | | Watch manufacturing and watch movement trading | 160,325,791 | 190,455,728 | 63,373,518 | 46,899,768 | | Residential and other property development and investment | 5,621,213,397 | 4,844,479,930 | 926,935,933 | 764,049,989 | | Commercial property investment | 2,555,243,558 | 2,397,592,896 | 18,861,395 | 15,149,545 | | Total Segment Assets | 8,336,782,746 | 7,432,528,554 | 1,009,170,846 | 826,099,302 | Capital Additions and Depreciation Total capital additions significantly increased to HKD 768,828,078 in 2025, primarily driven by the residential and other property development and investment segment, while fair value gains on investment properties decreased Capital Additions and Depreciation (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Capital additions | 768,828,078 | 228,523,460 | | Depreciation of property, plant and equipment | 6,063,622 | 6,214,764 | | Depreciation of right-of-use assets | 12,238,943 | 18,737,419 | | Increase in fair value of investment properties | 207,125,031 | 223,301,069 | Geographical Information The Group's main operations are in Hong Kong and China, North America, and Europe, with 2025 seeing decreased revenue and non-current assets from Hong Kong and China, a significant drop in North American revenue, and increased European revenue Geographical Revenue and Non-current Assets (2025 vs 2024) | Region | 2025 Revenue (HKD) | 2024 Revenue (HKD) | 2025 Non-current Assets (HKD) | 2024 Non-current Assets (HKD) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong and China | 489,547,720 | 529,685,802 | 3,507,126,072 | 5,253,932,829 | | North America | 700,194 | 39,478,788 | 225,026,478 | 259,776,244 | | Europe | 11,610,727 | 8,975,171 | 140,805,700 | 144,772,765 | | Other locations | 446,585 | 82,814 | – | 13,748,210 | | Total | 502,305,226 | 578,222,575 | 3,872,958,250 | 5,672,230,048 | Major Customer Information Customer A remained a major client for the Group in both 2025 and 2024, with revenue primarily generated from the watch manufacturing and movement trading segment Major Customer Revenue (2025 vs 2024) | Customer | 2025 Revenue (HKD) | 2024 Revenue (HKD) | | :--- | :--- | :--- | | Customer A | 94,506,989 | 103,462,636 | - Revenue from Customer A primarily derived from watch manufacturing and watch movement trading[22] Other Income and Finance Costs Other income surged by 116.39% to HKD 79,782,120 in 2025, mainly from gains on disposal of property, plant and equipment and occupancy income, while finance costs decreased by 5.13% due to increased capitalization for investment properties and properties under development Other Income and Finance Costs (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | | | | | Bank interest income | 15,124,715 | 17,936,559 | -15.68% | | Gain on disposal of property, plant and equipment | 37,643,010 | 3,848,577 | +878.09% | | Occupancy income | 18,910,281 | – | N/A | | Total Other Income | 79,782,120 | 36,869,644 | +116.39% | | Finance Costs | | | | | Total borrowing costs | 354,529,506 | 340,304,695 | +4.18% | | Less: Amounts capitalised for investment properties and properties under development | (152,179,921) | (127,007,431) | +19.82% (Capitalisation increased) | | Net Finance Costs | 202,349,585 | 213,297,264 | -5.13% | Profit Before Tax and Income Tax Profit before tax significantly increased in 2025 due to higher other income and lower finance costs, while income tax shifted from an expense to a credit, primarily influenced by deferred tax credits Components of Profit Before Tax In 2025, staff costs, depreciation of property, plant and equipment, and right-of-use assets all decreased, while inventory costs reduced and net exchange losses increased Components of Profit Before Tax (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Staff costs | 86,107,403 | 101,436,200 | -15.09% | | Depreciation of property, plant and equipment | 6,063,622 | 6,214,764 | -2.43% | | Depreciation of right-of-use assets | 12,238,943 | 18,737,419 | -34.68% | | Cost of inventories recognised as an expense | 343,279,959 | 376,746,091 | -8.89% | | Net exchange losses | 6,379,306 | 1,054,470 | +504.98% | | Net rental income from investment properties | (90,506,073) | (101,566,855) | -10.99% | Income Tax Income tax shifted to a credit of HKD 19,964,103 in 2025, mainly due to deferred tax credits of HKD 22,235,699, with Hong Kong profits tax and Canadian corporate income tax rates remaining unchanged, and Chinese subsidiaries taxed at 25% Income Tax Credit/(Expense) (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 1,712,820 | 1,974,673 | | Other jurisdictions | 558,776 | (4,978,143) | | Deferred tax | (22,235,699) | 4,210,607 | | Total Income Tax Credit/(Expense) | (19,964,103) | 1,207,137 | - Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profits, with the first HKD 2,000,000 of assessable profits for qualifying corporations taxed at 8.25%[25] - Canadian subsidiaries are subject to Canadian corporate income tax at 26.5%, while Chinese subsidiaries are taxed at 25%[26] Details of Financial Statement Notes This section details the aging analysis and changes in bills receivable, trade and other receivables, deposits and prepayments, and trade and other payables and bills payable, also noting the reclassification of comparative figures Bills Receivable Bills receivable decreased by over 50% to HKD 508,747 in 2025 compared to 2024, with all balances aged within 30 days Bills Receivable (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Bills receivable | 508,747 | 1,054,152 | -51.74% | - Bills receivable are aged within 30 days[29] Trade and Other Receivables, Deposits and Prepayments Total trade and other receivables, deposits and prepayments significantly increased by 114.36% to HKD 316,148,274 in 2025, primarily due to a substantial rise in deposits and prepayments, while credit loss allowance for trade receivables decreased Trade and Other Receivables, Deposits and Prepayments (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables (net of allowance) | 23,354,971 | 21,306,548 | +9.61% | | Deposits | 167,911,442 | 22,063,056 | +661.06% | | Prepayments | 96,224,573 | 82,432,490 | +16.73% | | Total | 316,148,274 | 147,492,672 | +114.36% | - The Group offers an average credit period of up to 30 days to its trade customers[30] Trade and Other Payables and Bills Payable Total trade and other payables and bills payable significantly increased by 72.54% to HKD 48,816,011 in 2025, primarily concentrated in balances aged within 30 days and 31-90 days Trade and Other Payables and Bills Payable Aging Analysis (2025 vs 2024) | Aging | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 31,514,427 | 17,543,197 | +79.64% | | 31 to 90 days | 16,893,603 | 10,288,642 | +64.20% | | Total | 48,816,011 | 28,293,164 | +72.54% | - The average credit period for purchases is 30 days[31] Comparative Figures Certain comparative figures have been reclassified to conform with the current year's presentation - Certain comparative figures have been reclassified to conform with the current year's presentation[33] Dividend Distribution and AGM Arrangements This section outlines the proposed final dividend distribution and the associated share transfer registration procedures for the Annual General Meeting Final Dividend and Registration Procedures The Board proposes a final dividend of HKD 0.5 cents per share, a decrease from last year, with share transfer registration suspended twice to determine AGM voting rights and dividend entitlement - The Board recommends a final dividend of HKD 0.5 cents per share for the year ended March 31, 2025 (2024: HKD 1.2 cents)[34] - Share transfer registration will be suspended from August 19 to August 26, 2025, to determine eligibility for voting at the Annual General Meeting[34] - Share transfer registration will be suspended from September 2 to September 3, 2025, to determine eligibility for the proposed dividend distribution[35] - The proposed dividend is expected to be paid on or about September 17, 2025[36] Management Discussion and Analysis This section provides a comprehensive review of the Group's financial performance, business operations, future outlook, liquidity, treasury policies, investment plans, asset pledges, and human resources Performance Review For the year ended March 31, 2025, profit attributable to company shareholders significantly increased by 128.82% to HKD 93,898,000, with basic and diluted earnings per share rising to HKD 10.3 cents Performance Review (2025 vs 2024) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to company shareholders | 93,898,000 HKD | 41,133,258 HKD | +128.82% | | Basic and diluted earnings per share | 10.3 HKD cents | 4.5 HKD cents | +128.89% | Business Review The Group's business segments showed mixed performance during the review period, with watch manufacturing and components maintaining profit margins despite slightly lower turnover, residential and other property development projects progressing well, and commercial property investment performing strongly Watch Manufacturing and Watch Components During the review period, the watch manufacturing and watch components trading segment experienced a slight decrease in turnover but successfully maintained its profit margin - The turnover of the watch manufacturing and watch components trading segment experienced a slight decrease[38] - The segment successfully maintained its profit margin[38] Residential and Other Property Development and Investment The luxury residential project at 1 South Bay Road, Repulse Bay, Hong Kong, has been further enhanced, and the provisional occupancy program for sold units at 88 Queen Street East, Toronto, Canada, is proceeding as scheduled - The luxury residential project at 1 South Bay Road, Repulse Bay, Hong Kong, has undergone further enhancements to its exterior decoration, landscaping, common areas, recreational facilities, and interior decoration works to achieve the highest standards[39] - The provisional occupancy program for sold units at the Phase 3 mixed-use project at 88 Queen Street East, Toronto, Canada, is proceeding as scheduled[39] Commercial Property Investment The Group's boutique investments in this sector performed well during the period - The Group's boutique investments in this sector performed well[40] Outlook The Group anticipates the watch manufacturing and components segment to be less affected by tariff disputes than industry peers, plans new project launches for residential and other property development, and expects stable performance from commercial property investments Watch Manufacturing and Watch Components Despite global tariff disputes creating uncertainty, the company expects a lower impact than industry peers due to most products being manufactured in Japan and enjoying lower tariffs in the US - Global tariff disputes create uncertainty for the world economy, impacting consumer demand and supply chains[41] - Due to most products being manufactured in Japan and enjoying lower tariffs in the US, the Group anticipates a lower impact compared to other companies in the industry[41] Residential and Other Property Development and Investment The luxury residential project at 1 South Bay Road, Repulse Bay, Hong Kong, is set for a trial launch in Q3 2025, and registration for residential apartments at 88 Queen Street East, Toronto, Canada, has commenced - The luxury residential project at 1 South Bay Road, Repulse Bay, Hong Kong, is scheduled for a trial launch in the third quarter of 2025[42] - The mixed-use project at 88 Queen Street East, Toronto, Canada, has commenced the registration application process for residential apartments[42] Commercial Property Investment The Group expects its boutique investments in the commercial property sector to maintain their performance - The Group expects its boutique investments in this sector to maintain their performance[43] Liquidity and Financial Resources As of March 31, 2025, total borrowings increased by HKD 717 million to HKD 5.646 billion, with approximately HKD 3.861 billion repayable within one year, while the gearing ratio significantly decreased to 0.69 and bank balances and cash increased by 12.42% to HKD 534 million Liquidity and Financial Resources (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total borrowings | 5,646,000,000 | 4,929,000,000 | +717,000,000 | | Borrowings repayable within one year | 3,861,000,000 | 1,521,118,410 | +153.81% | | Gearing ratio | 0.69 | 1.34 | -48.51% | | Total bank balances and cash | 534,000,000 | 475,000,000 | +12.42% | - The Group maintains a reasonable level of cash resources and available credit facilities, providing sufficient liquidity for its commitments and working capital needs[44] Treasury Policy The Group's borrowings are primarily denominated in HKD and CAD, while bank balances and cash are mainly in HKD and USD; all borrowings are floating rate, and the Group will prudently monitor foreign exchange and interest rate risks - 71% of the Group's borrowings are denominated in HKD, 26% in CAD, 2% in GBP, and 1% in JPY and USD[45] - 53% of bank balances and cash are in HKD, 37% in USD, 7% in CAD, 2% in JPY, and 1% in RMB and others[45] - All borrowings are floating rate, and the Group will prudently monitor foreign exchange and interest rate risks, utilizing financial instruments like forward contracts and interest rate swaps when necessary[45] Future Material Investment Plans The Group currently has no other material investment plans, and any acquisitions will be funded by internal resources and bank borrowings - The Group currently has no other material investment plans[46] - Any acquisitions will be funded by the Group's internal resources and bank borrowings[46] Pledge of Assets As of March 31, 2025, approximately HKD 8.192 billion of the Group's properties and fixed deposits were pledged for bank financing, an increase from the previous year Pledge of Assets (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total pledged assets | 8,192,000,000 | 7,417,000,000 | +775,000,000 | - Certain properties and fixed deposits have been pledged as security for the Group's bank financing[47] Employees As of March 31, 2025, the Group had approximately 175 employees, with staff costs decreasing during the year, and remuneration determined by market levels, qualifications, and annual review Employees and Staff Costs (2025 vs 2024) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of employees | Approx. 175 | N/A | N/A | | Staff costs (including directors' emoluments) | Approx. 86,000,000 HKD | Approx. 101,000,000 HKD | -14.9% | - Remuneration is determined by reference to market levels and the qualifications of the relevant employees, reviewed annually, with discretionary bonuses[48] Purchase, Sale or Redemption of Company's Shares During the financial year, the Company repurchased a total of 516,000 of its own shares on the Stock Exchange for a total consideration of HKD 234,993, representing an 85.58% decrease in repurchased volume compared to the previous year Share Repurchase Details (2025 vs 2024) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total shares repurchased | 516,000 shares | 3,578,000 shares | -85.58% | | Total consideration paid (including expenses) | 234,993 HKD | N/A | N/A | Corporate Governance and Disclosure This section covers the Group's environmental, social, and governance practices, corporate governance compliance, information publication, and changes in board committee composition Environmental, Social and Governance Report The Company's environmental, social, and governance details will be separately published in an ESG Report in accordance with Listing Rule 13.91 and Appendix C2 - The Company's environmental, social, and governance details will be contained in a separate Environmental, Social and Governance Report, to be published in accordance with Listing Rule 13.91 and Appendix C2[50] Corporate Governance The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules for the year ended March 31, 2025, except for the Chairman and Managing Director being exempt from rotation, and has established an Audit and Risk Management Committee and adopted the Model Code for Securities Transactions by Directors - The Company has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the year ended March 31, 2025, except for the Chairman and Managing Director being exempt from rotation[51] - The Board believes the Chairman and Managing Director play a pivotal role in formulating the Group's corporate strategy and direction, and should not be subject to retirement by rotation[51] - The Company has established an Audit and Risk Management Committee and adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[51] Publication on HKEX and Company Website This results announcement has been published on the HKEX and Company websites, with the relevant annual report to be dispatched to shareholders and made available on the same websites in due course - This results announcement has been published on the HKEX website (http://www.hkex.com.hk) and the Company's website (http://www.irasia.com/listco/hk/national/index.htm)[52](index=52&type=chunk) - The Company's relevant annual report will be dispatched to shareholders and made available on the same websites in due course[52] Changes in Composition of Nomination Committee Effective June 27, 2025, Ms. Li Yuanru, a Non-executive Director, was appointed to the Nomination Committee, while Mr. Li Benzhi, Managing Director and Executive Director, ceased to be a member, a change the Board believes enhances effectiveness, diversity, and corporate governance - Effective June 27, 2025, Ms. Li Yuanru, a Non-executive Director, was appointed as a member of the Nomination Committee[53] - Mr. Li Benzhi, the Managing Director and Executive Director, ceased to be a member of the Company's Nomination Committee[53] - The Board believes this change will enhance the effectiveness and diversity of the Board and improve corporate governance standards[55] Updated Composition of Board Committees Following changes, the Nomination Committee is chaired by Mr. Li Yuanqing, with Ms. Li Yuanru, Mr. Chan Kwok Wai, Mr. Sun Dawei, and Mr. Pius HO as members, while Mr. Chan Kwok Wai chairs the Audit and Risk Management Committee and Mr. Sun Dawei chairs the Remuneration Committee Updated Composition of Board Committees (Effective June 27, 2025) | Director | Audit and Risk Management Committee | Nomination Committee | Remuneration Committee | | :--- | :--- | :--- | :--- | | Mr. Li Yuanqing (Executive Director) | – | Chairman | Member | | Mr. Li Benzhi (Executive Director) | – | – | Member | | Ms. Li Yuanru (Non-executive Director) | – | Member | – | | Mr. Chan Kwok Wai (Independent Non-executive Director) | Chairman | Member | Member | | Mr. Sun Dawei (Independent Non-executive Director) | Member | Member | Chairman | | Mr. Pius HO (Independent Non-executive Director) | Member | Member | Member | Schedule of Major Properties This section presents a detailed schedule of the Group's major investment properties, properties under development for sale, and unsold property inventories Investment Properties The Group holds various commercial, industrial, and residential investment properties in Hong Kong, Nanning, China, and London, UK, all with 100% equity interest and long-term or medium-term lease tenures - The Group holds commercial investment properties in Sheung Wan, Hong Kong, including The Putman, 99 Bonham, One96, and The Jervois, all with 100% equity interest[58] - The Group holds two industrial land parcels in Nanning, China, and two residential apartments in London, UK, all with 100% equity interest[58] - The Group owns a residential property at House 26, The Royalton, 8 White Head Road, Hong Kong, with 100% equity interest[59] Properties Under Development for Sale The Group owns two properties under development for sale in Toronto, Canada, and Repulse Bay, Hong Kong, both with 100% equity interest and expected completion in 2025 - The mixed-use project at 88 Queen Street East, Toronto, Canada, spans 3,197 sqm of land area, with 37,357 sqm of residential area and 10,360 sqm of retail and office area, with provisional occupancy for pre-sold units underway and expected completion in 2025[60] - The luxury residential project at 1 South Bay Road, Repulse Bay, Hong Kong, has a residential area of 2,471 sqm, with improvement works for the show flat to be completed shortly and expected completion in 2025[60] Unsold Property Inventories The Group holds 50% equity interest in unsold residential property inventory at House 1, 45 Tai Tam Road, Hong Kong, through a joint venture, with the property already completed - The Group holds 50% equity interest in unsold residential property inventory at House 1, 45 Tai Tam Road, Hong Kong, through a joint venture[61] - The property is completed, with the Group's attributable area being 222.55 sqm[61]