MOISELLE INTERNATIONAL HOLDINGS LIMITED ANNUAL REPORT 2025 二 零 二 五 年 度 年 報 目 錄 CONTENTS 2 公司資料 Corporate Information 4 主席報告 Chairman's Statement 12 管理層討論及分析 Management Discussion and Analysis 20 董事及高級管理人員簡介 Directors and Senior Management Profiles 25 企業管治報告 Corporate Governance Report 38 董事會報告書 Directors' Report 51 獨立核數師報告書 Independent Auditor's Report 62 綜合損益及其他全面收益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 64 綜合財務狀況表 Consolidated Statement of Financial Position 66 綜合權益變動表 Co ...

於開曼群島註冊成立的有限公 司 股份代號：00475 年 報 2024/25 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 4 | | 董事及公司秘書 | 15 | | 企業管治報告 | 18 | | 董事會報告 | 41 | | 獨立核數師報告 | 59 | | 綜合損益及其他全面收益表 | 64 | | 綜合財務狀況表 | 65 | | 綜合權益變動表 | 67 | | 綜合現金流量表 | 68 | | 綜合財務報表附註 | 70 | | 五年財務概要 | 156 | 1 中發展控股有限公司 公司資料 董事會 執行董事 吳浩先生 （主席） 胡楊俊先生 李維棋先生（於二零二五年一月二十四日調任） 陳永源先生 （行政總裁） （於二零二五年一月二十四日 辭任執行董事及行政總裁） 張兵先生 獨立非執行董事 靳慶軍先生 孫燑女士（於二零二五年一月二十四日辭任） 鍾穎洁女士 蘭亞東先生（於二零二五年一月二十四日獲委任） 審核委員會 鍾穎洁女士 （主席） 靳慶軍先生 孫燑女士（於二零二五年一月二十四日辭任） 蘭亞東先生（於二零二五年一月二十四日獲委任） ...

目錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 4 | | 主席報告 | 5 | | 管理層討論及分析 | 6 | | 董事會報告 | 12 | | 企業管治報告 | 25 | | 環境、社會及管治報告 | 35 | | 獨立核數師報告 | 49 | | 綜合損益及其他全面收益表 | 55 | | 綜合財務狀況表 | 56 | | 綜合權益變動表 | 58 | | 綜合現金流量表 | 59 | | 綜合財務報表附註 | 61 | | 財務概要 | 122 | 釋義 於本年報內，除文義另有所指外，下列詞彙應具有以下涵義： | 「細則」 | 指 | 於二零二三年九月十一日舉行之股東週年大會上特別決議案獲批准後採納的本 | | --- | --- | --- | | | | 公司經第二次修訂及經重列組織章程細則 | | 「審核委員會」 | 指 | 董事會審核委員會 | | 「董事會」 | 指 | 董事會 | | 「英屬處女群島」 | 指 | 英屬處女群島 | | 「本公司」 | 指 | 恒益控股有限公司，於二零一八年三月六日在開曼群島註冊成立的獲豁免有限 | | | | 公司 | | 「董 ...

[Corporate Information](index=4&type=section&id=Corporate%20Information) The report details core company information including board members, committee members, authorized representatives, company secretary, auditor, registered office, and principal place of business - The report details core company information including board members, committee members, authorized representatives, company secretary, auditor, registered office, and principal place of business[9](index=9&type=chunk)[10](index=10&type=chunk)[17](index=17&type=chunk) [Executive Director's Statement](index=7&type=section&id=Executive%20Director's%20Statement) [Economic Context and Market Performance](index=7&type=section&id=Economic%20Context%20and%20Market%20Performance) The report reviews Hong Kong's economic environment in 2024, noting its resilience despite global financial volatility, high interest rates, and geopolitical tensions - Despite challenges from US interest rate policies and geopolitical tensions, Hong Kong's capital market remained vibrant in 2024, with sustained investor confidence[24](index=24&type=chunk)[25](index=25&type=chunk) - Hong Kong solidified its position as a major IPO listing venue in Asia, with total IPO fundraising reaching **HK$67 billion**, and **80%** of the 76 new listings originating from mainland Chinese enterprises, particularly in healthcare, biotech, and technology sectors[25](index=25&type=chunk) [Company Developments and Outlook](index=7&type=section&id=Company%20Developments%20and%20Outlook) In 2024, the company strategically focused on securities distribution (bonds and equities) and asset management, achieving significant revenue growth through China offshore LGFV bond distribution and enhancing market reputation - The company's 2024 strategic focus on securities distribution and asset management led to significant revenue growth through the distribution of China offshore LGFV bonds, strengthening revenue streams and enhancing market reputation[26](index=26&type=chunk)[30](index=30&type=chunk) - The company is optimistic about future opportunities in China's equity and offshore bond markets, planning to create sustained growth and value for shareholders through innovation and diversification strategies[32](index=32&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=9&type=section&id=Business%20Review) In FY2024/25, despite a complex global economic environment, the Hong Kong stock market experienced a significant rebound, with the company's core businesses performing strongly, especially underwriting and placing [The Underwriting and Placing Business](index=10&type=section&id=The%20Underwriting%20and%20Placing%20Business) In FY2024/25, the company's underwriting and placing business became a primary revenue driver, successfully expanding from equity placing to offshore LGFV bond placing, contributing HK$134 million from 58 bond issuances | Business Type | Number of Transactions | Revenue Contribution (HKD) | | :--- | :--- | :--- | | Equity Placing | 3 | Approx. 1.6 million | | LGFV Bond Placing | 58 | 134 million | [The Brokerage Business](index=10&type=section&id=The%20Brokerage%20Business) In FY2024/25, the Group's brokerage business maintained stable operations, providing securities trading services for HKEX Main Board and GEM clients, with active accounts increasing to 617 and total transaction volume reaching approximately HK$373 million - As of March 31, 2025, the Group maintained **617 active securities trading accounts** with a total transaction volume of approximately **HK$373 million**[44](index=44&type=chunk) [The Asset Management Business](index=11&type=section&id=The%20Asset%20Management%20Business) The Group continued to expand its asset management business, providing investment advisory and custody services for five funds, with revenue primarily from management and performance fees, and total AUM for four active funds reaching approximately HK$544 million as of March 31, 2025 | Fund Name | Registration Place | AUM as of March 31, 2025 (HKD) | | :--- | :--- | :--- | | Orient Global Master SPC | Cayman Islands | Approx. 56.01 million | | Orient Global Master OFC | Hong Kong | Approx. 113.84 million | | Times Capital Global Master Fund SPC | Cayman Islands | 0 (Not yet launched) | | Flourish Growth Fund | Cayman Islands | Approx. 352.1 million | | YH Fund SPC | Cayman Islands | Approx. 21.69 million | [The Money Lending Business](index=12&type=section&id=The%20Money%20Lending%20Business) In FY2024/25, the Group's money lending business underwent significant adjustments, with a full impairment of approximately HK$378 million in loans due to high recovery uncertainty in mainland China, resulting in an additional impairment loss of HK$197 million, and a decision to scale down the business to focus solely on Hong Kong property-backed loans - Due to legal and practical difficulties in liquidating collateral in mainland China, legal advisors and independent valuers engaged by the Group deemed loan recovery risks extremely high[84](index=84&type=chunk)[85](index=85&type=chunk)[87](index=87&type=chunk) Loan Portfolio Impairment (FY2024/25) | Loan Portfolio Impairment (FY2024/25) | Amount (HKD Million) | | :--- | :--- | | Total Loans and Interest Receivable | 377.8 | | Accumulated Impairment Provision at Beginning of Period | 181.1 | | New Impairment Provision for the Year | 196.7 | | Accumulated Impairment Provision at End of Period | 377.8 | - To proactively manage risk, the Board decided to scale down the money lending business, focusing solely on loans secured by Hong Kong properties, and has ceased approving new loan applications since 2023[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [Outlook](index=20&type=section&id=Outlook) For 2025, management remains cautiously optimistic about the Hong Kong market, driven by strong stock market trading and the Hang Seng Index recovery, planning to expand corporate finance advisory services through acquisitions to become a one-stop financial partner - Management maintains a cautiously optimistic outlook for the 2025 market, confident in Hong Kong's robust stock market trading activity (average daily turnover exceeding **HK$200 billion**) and the strong performance of the Hang Seng Index[101](index=101&type=chunk)[102](index=102&type=chunk) - The Group plans to expand its corporate finance advisory business by acquiring companies holding Type 6 (advising on corporate finance) licenses, aiming to enhance service capabilities and strengthen client relationships[104](index=104&type=chunk)[106](index=106&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) In FY2024/25, the Group's total revenue increased by 46.25% to HK$138.8 million, primarily from LGFV bond placing, but a full impairment of approximately HK$196.7 million on money lending receivables led to a net loss of HK$214.2 million, a reversal from last year's profit of HK$3.4 million, alongside a significant increase in marketing and business development expenses to HK$134.8 million Financial Indicators (HKD Thousand) | Financial Indicator (HKD Thousand) | FY2024/25 | FY2023/24 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **138,761** | **94,878** | **+46.25%** | | Of which: Underwriting and Placing Income | 136,041 | 70,349 | +93.38% | | Of which: Interest Income from Lending Services | 0 | 21,241 | -100% | | **Marketing and Business Development Expenses** | **(134,779)** | **(8,467)** | **+1492%** | | **Impairment Loss on Loans and Interest Receivable** | **(196,732)** | **(38,127)** | **+416%** | | **(Loss)/Profit for the Year** | **(214,206)** | **3,392** | **Turned from Profit to Loss** | - Revenue growth was primarily driven by the new LGFV bond placing business, contributing revenue of approximately **HK$134 million**[117](index=117&type=chunk)[120](index=120&type=chunk) - The shift from profit to loss was mainly due to the recognition of approximately **HK$196.7 million** in impairment losses on loans and interest receivable[141](index=141&type=chunk)[146](index=146&type=chunk) Balance Sheet Indicators (HKD Thousand) | Balance Sheet Indicator (HKD Thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | 83,759 | 273,660 | | Total Liabilities | 58,768 | 34,463 | | Total Equity | 24,991 | 239,197 | | Current Ratio | 1.2x | 7.5x | | Debt-to-Asset Ratio | 8.4% | 0% | [Corporate Governance Report](index=31&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices](index=31&type=section&id=Corporate%20Governance%20Practices) The company is committed to high corporate governance standards, complying with GEM Listing Rules' Corporate Governance Code, with two deviations noted during the reporting period: an independent non-executive director's absence from an EGM and the lack of a Chairman or CEO position - The company complied with most provisions of the Corporate Governance Code during the reporting period, but with two deviations: - **C.1.6**: An independent non-executive director was unable to attend the EGM on September 20, 2024 - **C.2.1**: The company currently has no Chairman or Chief Executive Officer position[178](index=178&type=chunk)[179](index=179&type=chunk) [Board of Directors](index=32&type=section&id=Board%20of%20Directors) As of the reporting date, the Board comprises six directors (three executive, three independent non-executive), meeting the one-third independent director requirement, with several changes during the period, responsible for leadership and oversight, and adopting a board diversity policy - The Board consists of **6 directors**, including **3 independent non-executive directors**, meeting Listing Rule requirements, with frequent changes in board members during the reporting period[185](index=185&type=chunk) - The company adopted a board diversity policy, achieving diversity in gender, professional background, and skills, with **two female directors** currently on the Board[227](index=227&type=chunk)[228](index=228&type=chunk) - During the reporting period, the Board held **11 meetings** to discuss the Group's overall strategic direction, financial performance, and other significant matters[203](index=203&type=chunk) [Board Committees](index=40&type=section&id=Board%20Committees) The Board has an Audit Committee, Nomination Committee, and Remuneration Committee, all composed of independent non-executive directors, responsible for overseeing financial reporting, internal controls, director nominations, and executive remuneration policies, respectively, with each committee holding meetings during the period | Committee | Chairman | Composition | Number of Meetings During Reporting Period | | :--- | :--- | :--- | :--- | | Audit Committee | Mr. Chan Chi Fai | 3 Independent Non-executive Directors | 2 | | Nomination Committee | Mr. Chan Chi Fai | 3 Independent Non-executive Directors | 5 | | Remuneration Committee | Mr. Chan Chi Fai | 3 Independent Non-executive Directors | 5 | [Risk Management and Internal Control](index=45&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is responsible for establishing and maintaining effective risk management and internal control systems, engaging external professional consultants for annual independent reviews covering financial, operational, compliance, and ESG matters, and deems the existing systems effective and sufficient given the Group's size - The Board holds overall responsibility for the Group's risk management and internal control systems, aiming to safeguard assets, maintain accurate accounting records, and ensure regulatory compliance[265](index=265&type=chunk) - The Group engages external professional consultants for annual independent internal control reviews, and the Board and Audit Committee have reviewed and deemed the Group's internal control systems (including financial, operational, compliance, and risk management functions) effective and sufficient during the reporting period[270](index=270&type=chunk)[271](index=271&type=chunk) [Environmental, Social and Governance Report](index=54&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) [ESG Strategy and Management](index=57&type=section&id=ESG%20Strategy%20and%20Management) The Group views ESG management as crucial for long-term value and operational resilience, integrating it into governance, risk management, and business strategy, with the Board committed to climate action, value chain optimization, and capacity building, and conducting materiality assessments through stakeholder engagement - The Board considers ESG a core strategy, committed to systematically integrating ESG standards into investment decisions, advancing measurable environmental goals, and enhancing enterprise-wide ESG capabilities[338](index=338&type=chunk)[343](index=343&type=chunk) - Through communication with key stakeholders including shareholders, employees, government, customers, and communities, the Group identified their primary concerns such as financial stability, employee development, and compliant operations[352](index=352&type=chunk)[356](index=356&type=chunk) [Environmental Performance](index=62&type=section&id=Environmental%20Performance) The Group is committed to environmental protection, with a net-zero emissions roadmap by 2050 and climate change management policies, showing reduced total GHG emissions and electricity consumption in FY2025 through green office initiatives, with no environmental regulatory violations - The Group has set a target to achieve net-zero emissions by **2050** and actively manages climate-related transition risks (e.g., policy changes) and physical risks (e.g., extreme weather)[364](index=364&type=chunk)[366](index=366&type=chunk) Environmental Performance Indicators | Environmental Performance Indicator | Unit | FY2025 | FY2024 | | :--- | :--- | :--- | :--- | | Total Greenhouse Gas Emissions | CO2e (kg) | 12,448.0 | 14,397.8 | | Total Energy Consumption (Electricity) | kWh | 15,189.0 | 18,710.0 | | Paper Consumption | kg | 346.6 | 232.0 | [Our People](index=71&type=section&id=Our%20People) The Group values employees as its most valuable asset, providing a healthy employment environment, equal opportunities, and continuous training, with 20 employees in Hong Kong as of March 31, 2025, reduced turnover, 4.1 average training hours per employee, and strict compliance with labor regulations - As of March 31, 2025, the Group had **20 employees**, with **60% male** and **40% female**, and employee turnover rates by gender were **14.3% for males** and **0% for females**[417](index=417&type=chunk)[424](index=424&type=chunk)[427](index=427&type=chunk) - During the reporting period, each employee received an average of **4.1 hours** of development and training, with senior and middle management receiving higher training hours at **5.0 hours**[439](index=439&type=chunk)[443](index=443&type=chunk) - The Group reported no work-related fatalities or injuries during the period and strictly adhered to labor standards, with no issues concerning child or forced labor[430](index=430&type=chunk)[433](index=433&type=chunk)[445](index=445&type=chunk) [Operating Responsibly](index=78&type=section&id=Operating%20Responsibly) The Group emphasizes responsible operations, covering supply chain management, product responsibility, customer privacy protection, and anti-corruption, prioritizing environmentally and socially responsible suppliers, maintaining emergency plans, strictly complying with data privacy regulations, and implementing comprehensive anti-corruption and whistleblowing policies - The Group prioritizes environmentally and socially responsible suppliers in its supply chain management and encourages business partners to adopt sustainable practices[447](index=447&type=chunk)[453](index=453&type=chunk) - The Group strictly complies with data privacy regulations, protecting customer personal data, with no related violations or significant complaints reported during the period[463](index=463&type=chunk)[464](index=464&type=chunk) - The Group is committed to anti-corruption and anti-money laundering, providing **61.5 hours** of related training to employees and maintaining a whistleblowing policy, with no concluded corruption or money laundering cases during the reporting period[465](index=465&type=chunk)[468](index=468&type=chunk)[469](index=469&type=chunk) [Biographical Details of Directors and Senior Management](index=96&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section details the personal biographies of the company's executive directors, independent non-executive directors, and senior management, including their age, academic background, professional qualifications, and extensive experience in finance, accounting, and asset management - This section details the personal biographies of the company's executive directors, independent non-executive directors, and senior management, including their age, academic background, professional qualifications, and extensive experience in finance, accounting, and asset management[503](index=503&type=chunk)[510](index=510&type=chunk)[517](index=517&type=chunk) [Report of Directors](index=99&type=section&id=Report%20of%20Directors) [Principal Activities and Business Review](index=99&type=section&id=Principal%20Activities%20and%20Business%20Review) The Board's report outlines the Group's main businesses, including brokerage, underwriting, securities financing, money lending, and asset management services, noting that detailed reviews are in other sections, with no significant compliance breaches and no final dividend recommended - The Group primarily engages in five core businesses: brokerage services, underwriting and placing services, securities and IPO financing services, money lending services, and asset management services[525](index=525&type=chunk) - The directors do not recommend the payment of a final dividend for the year ended March 31, 2025[528](index=528&type=chunk) [Directors' and Shareholders' Interests](index=101&type=section&id=Directors'%20and%20Shareholders'%20Interests) The report discloses directors' and major shareholders' interests in the company's shares as of March 31, 2025, with Executive Director Mr. Shiu Shu Ming holding or deemed to hold 11,316,800 shares, representing 9.10% of the total share capital, and confirms the status of the share option scheme | Director/Shareholder | Nature of Interest | Number of Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Shiu Shu Ming | Interest in controlled corporation and beneficial owner | 11,316,800 | 9.10% | | Wealthbase Global Limited | Beneficial owner | 10,280,000 | 8.26% | - The company's share option scheme expired on December 19, 2023, with no new options granted, but previously granted options remain valid, with **3,192,000 unexercised share options** as of March 31, 2025[602](index=602&type=chunk)[607](index=607&type=chunk) [Independent Auditor's Report](index=113&type=section&id=Independent%20Auditor's%20Report) [Auditor's Opinion and Key Audit Matters](index=113&type=section&id=Auditor's%20Opinion%20and%20Key%20Audit%20Matters) RSM Hong Kong Certified Public Accountants Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming their true and fair view, with "Impairment Assessment of Loans and Interest Receivable" identified as a key audit matter - The auditor issued an **unmodified opinion** on the consolidated financial statements, deeming them to present a true and fair view of the company's financial position[640](index=640&type=chunk) - The key audit matter is the impairment assessment of loans and interest receivable, which involves significant judgment and estimation, leading the auditor to conduct detailed reviews including testing credit risk classification, reviewing repayment history, and evaluating the Expected Credit Loss (ECL) model[645](index=645&type=chunk)[646](index=646&type=chunk)[654](index=654&type=chunk) [Consolidated Financial Statements](index=119&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=119&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the fiscal year ended March 31, 2025, the Group reported a net loss of HK$214.2 million, a significant reversal from the previous year's profit of HK$3.39 million, primarily due to a substantial impairment loss of HK$196.7 million on loans and interest receivable, despite total revenue growth to HK$138.8 million Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousand) | Item (HKD Thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 138,761 | 94,878 | | Impairment Loss on Loans and Interest Receivable | (196,732) | (38,127) | | Marketing and Business Development Expenses | (134,779) | (8,467) | | **(Loss)/Profit Before Income Tax** | **(214,220)** | **7,577** | | **(Loss)/Profit for the Year** | **(214,206)** | **3,392** | | **(Loss)/Earnings Per Share (HK Cents)** | **(172.17)** | **2.73** | [Consolidated Statement of Financial Position](index=120&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets significantly decreased to HK$83.76 million (2024: HK$273.7 million), total liabilities increased to HK$58.77 million (2024: HK$34.46 million), and total equity plummeted from HK$239.2 million to HK$24.99 million, mainly due to the full impairment of loans and interest receivable Consolidated Statement of Financial Position (HKD Thousand) | Balance Sheet Item (HKD Thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **83,759** | **273,660** | | Non-current Assets | 11,029 | 15,121 | | Current Assets | 72,730 | 258,539 | | Of which: Loans and Interest Receivable | 0 | 196,732 | | **Total Liabilities** | **58,768** | **34,463** | | **Net Assets (Total Equity)** | **24,991** | **239,197** | [Consolidated Statement of Cash Flows](index=122&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In FY2024/25, the Group experienced a net cash outflow from operating activities of HK$4.03 million (compared to a net inflow of HK$36.64 million last year), a net cash outflow from investing activities of HK$9.76 million, and a net cash inflow from financing activities of HK$1.94 million, resulting in a year-end cash and cash equivalents balance of HK$29.8 million Consolidated Statement of Cash Flows (HKD Thousand) | Cash Flow Item (HKD Thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | (4,031) | 36,640 | | Net Cash from Investing Activities | (9,762) | 0 | | Net Cash from Financing Activities | 1,939 | (755) | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(11,854)** | **35,885** | | Cash and Cash Equivalents at End of Year | 29,800 | 41,654 | [Financial Summary](index=209&type=section&id=Financial%20Summary) This section provides a five-year financial summary, highlighting key metrics such as revenue, profit/loss, total assets, total liabilities, and net assets, offering a concise overview of the Group's financial performance and position over time Financial Summary (HKD Thousand) | Financial Summary (HKD Thousand) | FY2025 | FY2024 | FY2023 (15 months) | FY2021 | FY2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 138,761 | 94,878 | 49,125 | 46,704 | 59,292 | | **(Loss)/Profit for the Year/Period** | (214,206) | 3,392 | (125,702) | 17,975 | 16,860 | | **Total Assets** | 83,759 | 273,660 | 259,257 | 381,906 | 354,023 | | **Total Liabilities** | (58,768) | (34,463) | (23,452) | (33,250) | (23,342) | | **Net Assets** | 24,991 | 239,197 | 235,805 | 348,656 | 330,681 |

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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，並明確表示概不會就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。 截 至 2025 年 5 月 3 1 日止第四季度及年度的 未經審核財務業績 我們謹此公佈截至2025年5月31日止第四個財政季度及財政年度的未經審核業績（「財 務業績」）。財務業績在香港聯交所網站( www.hkexnews.hk )及我們的網站(http://investor. neworiental.org/)可供查閱。 承董事會命 New Oriental Education & Technology Group Inc. 新東方教育科技（集團）有限公司* 主席 俞敏洪先生 中國北京，2025年7月30日 於本公告日期，本公司董事會包括董事俞敏洪先生、周成剛先生及謝東螢先生；以及獨立董事李彥宏先生、 李廷斌先生及諸葛越博士。 * 僅供識別 1 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 新 東 方 教 育 科 技（ 集 團 ）有 ...

(Incorporated in the Cayman Islands with limited liability) 於開曼群島註冊成立的有限公司 STOCK CODE 股份代號 : 2080 ANNUAL REPORT 年度報告 Contents 目錄 2 Corporate Information 公司資料 4 Chairman's Statement 主席報告 8 Management Discussion and Analysis 管理層討論與分析 15 Biographical Details of Directors and Senior Management 董事及高級管理層之簡歷 19 Corporate Governance Report 企業管治報告 37 Environmental, Social and Governance Report 環境、社會及管治報告 98 Report of the Directors 董事會報告 114 Independent Auditor's Report 獨立核數師報告 122 Consolidated Statement of Profit or ...

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，概不對因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （ 股份代號： 00921） 二零二五年中期業績公告 海信家電集團股份有限公司（「公司」、「本公司」）董事會（「董事會」）謹此 公佈本公司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「本報 告期」）未經審計之中期業績，及2024年同期的比較數字，本報告期未經審計之中 期業績已經本公司第十二屆董事會審計委員會（「審計委員會」）審閱。 按照中國企業會計準則編制的財務數據 （除特別注明外，金額單位為人民幣元） 合併資產負債表 | 項 目 | 附注 | 2025 年 6 月 30 日 | 2025 年 1 月 日 | 1 | | --- | --- | --- | --- | --- | | | | （未經審計） | （經審計） | | | 流 ...

[Company Profile](index=14&type=section&id=Company%20Profile) The group is a comprehensive fintech entity focusing on digital banking, payments, and lottery, aiming to be a global leader leveraging Macau's strategic advantages for financial digitalization and blockchain innovation [About the Group](index=14&type=section&id=About%20the%20Group) AGTech is a comprehensive fintech group with core businesses in digital banking, digital payments, local consumer services, and lottery, serving as the exclusive lottery platform for Alibaba and Ant Group - The company's core businesses are categorized into four segments: **Digital Banking**, **Digital Payments**, **Local Consumer Services**, and **Lottery Operations**[28](index=28&type=chunk) - The Group serves as the exclusive lottery platform for Alibaba Group and Ant Group, and is an associate member of the World Lottery Association (WLA) and Asia Pacific Lottery Association (APLA)[27](index=27&type=chunk) [Corporate Strategy and Objectives](index=15&type=section&id=Corporate%20Strategy%20and%20Objectives) AGTech aims to be a leading global comprehensive fintech group, focusing on digital banking, payments, and local consumer services, leveraging Macau's strategic advantages to drive financial digitalization and blockchain finance in the Web 3.0 era - The company's strategic goal is to become a leading global comprehensive fintech group, meeting market demands in **digital banking, payments, local services, and lottery**[30](index=30&type=chunk) - Future plans include leveraging Macau's strategic advantages (free port, independent currency system, open financial innovation) to promote **blockchain finance development** in the Greater Bay Area through a one-stop digital life and financial platform, cross-border fintech, and blockchain technology[30](index=30&type=chunk) [Chairman's Statement](index=20&type=section&id=Chairman%27s%20Statement) Chairman Mr. Sun Hao reported the Group's adherence to its fintech strategy, building a digital business ecosystem through the acquisition of Ant Bank (Macau), achieving significant growth in digital banking clients and payments, empowering Macau's cultural tourism, and planning to advance blockchain finance - Acquired a controlling stake in Ant Bank (Macau) in September 2024, establishing a digital business ecosystem encompassing **digital banking, digital payments, and digital local consumer services**[41](index=41&type=chunk) Key Operating Data for the Review Period | Metric | Data | | :--- | :--- | | Total Digital Banking Customers | Doubled growth compared to previous fiscal year-end | | Total Digital Banking Deposits | Increased by approximately **2.8 times** compared to previous fiscal year-end | | MPay E-wallet Registered Users | Nearly **1.5 million** | | MPay Cross-border Payment Service User Growth | Approximately **148%** | | Macau Pass Card Cumulative Issuance | Over **5 million** cards | - Launched the 'Macau Pass - National Pass Card', supporting public transportation in over **300 cities** across Hong Kong, Macau, and mainland China, promoting Greater Bay Area connectivity[42](index=42&type=chunk) - Through the 'Ticketing+' diversified service system, supported over **200 major performances and events** in Macau, deeply empowering Macau's cultural tourism industry[44](index=44&type=chunk) - Future plans include leveraging Macau's strategic advantages (free port + independent currency system + open financial innovation) to launch the 'Macau Web 3.0 Think Tank', focusing on blockchain financial policy research and RWA technical standard setting to promote **blockchain finance development**[47](index=47&type=chunk) [Corporate Governance Report](index=26&type=section&id=Corporate%20Governance%20Report) The report details the company's commitment to high corporate governance standards, adherence to GEM Listing Rules, board structure, committee functions, diversity initiatives, and shareholder rights [Corporate Governance Practices](index=26&type=section&id=Corporate%20Governance%20Practices) The company is committed to high corporate governance standards, largely complying with GEM Listing Rules' Code, though noting deviations like the Chairman and CEO roles being combined, which the company believes ensures stable leadership - The company has adopted the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, applying its principles to board meetings, composition, and director appointments[52](index=52&type=chunk) - The report disclosed seven deviations from the Code provisions, including the **Chairman and CEO roles being combined**, the **Chairman being exempt from retirement by rotation**, and the **absence of a dividend policy**[54](index=54&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) [Board and Committees](index=30&type=section&id=Board%20and%20Committees) The Board is the company's highest decision-making body, supported by five committees—Remuneration, Nomination, Corporate Governance, Audit, and Risk Management & Internal Control—to oversee corporate policy, business strategy, and risk management [Board of Directors](index=30&type=section&id=Board%20of%20Directors) The Board is responsible for the Group's strategic planning and major financial matters, with membership changes during the review period maintaining independent non-executive directors and ensuring their independence - The Board is the highest decision-making body, responsible for **corporate policy formulation, business strategy planning, risk management, and major capital transactions**[62](index=62&type=chunk) - During the review period, Board membership changes included the resignation of Mr. Dong Benhong, retirement of Mr. Zou Liang, and appointment of Mr. Chan Ka Leung and Ms. Yuen Kit Ming as **independent non-executive directors**[63](index=63&type=chunk) [Board Committees](index=41&type=section&id=Board%20Committees) The company has five Board committees: Remuneration, Nomination, Corporate Governance, Audit, and Risk Management & Internal Control, each responsible for specific areas such as compensation policy, director nominations, governance oversight, financial reporting, and risk identification and monitoring - **Remuneration Committee**: Composed of independent non-executive directors, responsible for setting remuneration policies and recommending director compensation packages, holding four meetings during the review period to deliberate on director remuneration and award share grants[92](index=92&type=chunk)[94](index=94&type=chunk) - **Nomination Committee**: Composed of the Chairman and independent non-executive directors, responsible for formulating nomination policies, reviewing Board composition, and assessing director independence, holding two meetings during the review period to review director tenure and independence, and nominate new directors[96](index=96&type=chunk)[97](index=97&type=chunk) - **Audit Committee**: Composed of independent non-executive directors, responsible for reviewing financial reporting processes and risk management and internal control systems, holding three meetings during the review period to review interim and annual results and meet with external auditors[106](index=106&type=chunk) - **Risk Management and Internal Control Committee**: Composed of the CEO, CFO/Company Secretary, and Head of Internal Audit, responsible for implementing risk management and internal control systems, holding two meetings during the review period to confirm the effectiveness and adequacy of the Group's risk management and internal control systems[109](index=109&type=chunk)[111](index=111&type=chunk)[116](index=116&type=chunk) [Diversity](index=56&type=section&id=Diversity) The company has adopted a Board diversity policy with measurable targets for gender, age, nationality, and tenure, achieving these goals, and also focuses on employee gender diversity Board Diversity Target Achievement (As of Reporting Date) | Category | Composition | Measurable Target | Achieved | | :--- | :--- | :--- | :--- | | **Gender** | 4 Male (57%), 3 Female (43%) | Both male and female participation | ✓ | | **Age** | 40-49 years (43%), 50-69 years (57%) | Age range spanning at least ten years | ✓ | | **Nationality/Region** | Mainland China (43%), Hong Kong (43%), Macau (14%) | More than one nationality or regional identity | ✓ | | **Tenure** | <3 years (43%), 3-6 years (29%), >7 years (29%) | Different lengths of service | ✓ | | **Designated Roles** | Executive (29%), Non-executive (29%), Independent Non-executive (43%) | Significant proportion of non-executive directors | ✓ | - As of March 31, 2025, the Group's total workforce was **368 employees**, with **217 males (approximately 59%)** and **151 females (approximately 41%)**[140](index=140&type=chunk)[141](index=141&type=chunk) [Shareholder Rights](index=66&type=section&id=Shareholder%20Rights) The report clarifies key shareholder rights, including procedures for convening extraordinary general meetings, proposing resolutions, and nominating directors, with clear channels for shareholder inquiries - Shareholders holding not less than **one-tenth of the company's paid-up capital** have the right to request the Board to convene an extraordinary general meeting to consider proposals in their written request[154](index=154&type=chunk) - Shareholders can submit inquiries to the Company Secretary via mail, phone, or email, or directly ask questions to the Board at general meetings[157](index=157&type=chunk) [Management Discussion and Analysis of Group Performance and Business](index=72&type=section&id=Management%20Discussion%20and%20Analysis%20of%20Group%20Performance%20and%20Business) This section provides an overview of the industry landscape, a detailed review of the Group's business segments, and an analysis of its financial performance during the reporting period [Industry Overview](index=74&type=section&id=Industry%20Overview) The report analyzes the macroeconomic environment of Macau's banking, digital payment, local consumer, and China's lottery industries, noting stable financial growth, record digital payment transactions, and booming lottery sales - **Macau Banking Sector**: As of March 2025, total assets reached **MOP2.4 trillion**, with 2024 profits decreasing by **21.3%** year-on-year, yet capital adequacy and liquidity remain above regulatory requirements, indicating overall stability[172](index=172&type=chunk) - **Macau Digital Payment Market**: In 2024, transaction volume increased by **17.9%** year-on-year to **355 million transactions**, with total transaction value rising by **7.8%** to **MOP30.3 billion**, facing challenges such as low tourist spending, intense competition, and consumer outflow[174](index=174&type=chunk)[175](index=175&type=chunk) - **China Lottery Market**: In 2024, national lottery sales reached **RMB623.486 billion**, a year-on-year increase of **7.6%**, surpassing the **RMB600 billion** mark for the first time[178](index=178&type=chunk) [Business Review](index=78&type=section&id=Business%20Review) This year, all Group business segments made significant progress, with digital banking and payments achieving substantial growth, local consumer services integrating into Macau's cultural tourism, and the lottery business winning tenders despite a decline in offline sales - **Digital Banking Business**: Ant Bank (Macau) saw its total customer base **double** and total deposits increase by approximately **2.8 times** compared to the previous fiscal year-end, establishing full-chain services for deposits, loans, wealth management, and investments, maintaining industry-leading capital adequacy[180](index=180&type=chunk)[210](index=210&type=chunk) - **Digital Payment Business**: Macau Pass card cumulative issuance exceeded **5 million**, with the launch of the 'National Pass Card'; MPay e-wallet registered users reached approximately **1.5 million**, and cross-border payment user growth was **148%**; acquiring business covered approximately **90%** of local merchants in Macau[182](index=182&type=chunk)[200](index=200&type=chunk)[202](index=202&type=chunk) - **Local Consumer Services Business**: Leveraging MPay and Macau Pass networks, value was created for merchants through the mCoin and mPass platforms, strategic cooperation was achieved with Huawei, and over **200 major performances and events** were supported via the 'Ticketing+' model[203](index=203&type=chunk)[204](index=204&type=chunk) - **Lottery Business**: Won **17 lottery hardware tenders**, with offline lottery agency sales revenue of approximately **HKD75.65 million**, a year-on-year decrease of approximately **28%**, primarily due to insufficient supply of instant tickets[205](index=205&type=chunk)[211](index=211&type=chunk) [Financial Performance Review](index=89&type=section&id=Financial%20Performance%20Review) For the 12-month period ended March 31, 2025, the Group recorded revenue of approximately **HKD615 million**, with operating loss expanding to **HKD71.8 million** and a net loss of **HKD98.6 million**, primarily due to fair value loss on a loan and decreased finance income, while maintaining a sound financial position - Due to a change in fiscal year-end, the current reporting period is **12 months** (ended March 31, 2025), while the comparative period was **15 months** (ended March 31, 2024), making the data not directly comparable[212](index=212&type=chunk) Annual Financial Performance Summary (HKD) | Metric | Year Ended March 31, 2025 | Fifteen Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Revenue** | **615 million** | **767 million** | | **Operating Loss** | **71.8 million** | **44.8 million** | | **(Loss)/Profit for the Year/Period** | **(98.6 million)** | **30.7 million** | - Key reasons for the shift from profit to loss during the year include: **fair value loss of approximately HKD70.9 million** on a convertible term loan to an Indian joint venture, a **decrease in finance income of approximately HKD32.2 million**, and a **one-off loss provision of approximately HKD10.3 million** for a trade receivable[218](index=218&type=chunk) - As of March 31, 2025, the Group's total assets were approximately **HKD6.245 billion**, with a current ratio of approximately **1.3**, indicating sufficient financial resources, and Ant Bank (Macau)'s capital adequacy ratio was approximately **56.0%**, significantly above the **8%** minimum regulatory requirement[220](index=220&type=chunk) [Directors' Report](index=106&type=section&id=Directors%27%20Report) This report details the Group's connected transactions, share option and award schemes, and provides a comprehensive review of business operations and key risk factors [Connected Transactions and Continuing Connected Transactions](index=109&type=section&id=Connected%20Transactions%20and%20Continuing%20Connected%20Transactions) The report details significant transactions with connected parties, primarily Alibaba and Ant Group, including capital injection into Ant Bank (Macau) and various continuing connected transactions for services, all with annual caps and reviewed by independent non-executive directors - **Connected Transactions**: The Group's indirect wholly-owned subsidiary, mFinance, along with connected parties including Alipay (Macau) Holdings, jointly injected capital into Ant Bank (Macau) to maintain their respective equity proportions and meet funding needs, with mFinance's subscription constituting a connected transaction for the company[269](index=269&type=chunk)[272](index=272&type=chunk) - **Continuing Connected Transactions with Alibaba Group**: Includes the **2023 Retail Link Cooperation Agreement** for lottery sales (ceased to be a continuing connected transaction in March 2024) and a **Technology Service Framework Agreement** for procuring cloud computing and e-commerce technology services from Alibaba Cloud with annual caps until March 31, 2027[274](index=274&type=chunk)[279](index=279&type=chunk)[281](index=281&type=chunk)[286](index=286&type=chunk) - **Continuing Connected Transactions with Ant Group**: Includes **Macau Pass acquiring services** for Alipay entities, **Macau Pass payment and related services** (mutual provision of technology, clearing, user referral), **Ant Bank (Macau) Framework Agreement** for resource sharing and technology services from Ant Group, and **Deposit Service Framework Agreement** allowing the Group to place deposits with Ant Bank (Macau) with a maximum daily deposit limit[290](index=290&type=chunk)[297](index=297&type=chunk)[307](index=307&type=chunk)[315](index=315&type=chunk) [Share Option and Share Award Schemes](index=139&type=section&id=Share%20Option%20and%20Share%20Award%20Schemes) The company operates share option and award schemes to incentivize employees, with the 2014 Share Option Scheme terminated and replaced by the 2024 scheme, and significant share awards granted, vested, and forfeited during the review period - **2014 Share Option Scheme**: Terminated on September 9, 2024, with no share options granted, exercised, cancelled, or lapsed during the review period[347](index=347&type=chunk)[351](index=351&type=chunk) - **2024 Share Option Scheme**: Adopted on September 9, 2024, with a ten-year validity, and no share options granted as of March 31, 2025[352](index=352&type=chunk)[357](index=357&type=chunk) - **Share Award Scheme**: During the review period, a total of **104,247,421 award shares** were granted to **104 eligible persons**, including directors and employees[366](index=366&type=chunk) Share Award Scheme Movements (Year Ended March 31, 2025) | Item | Number of Shares | | :--- | :--- | | Outstanding as of April 1, 2024 | **106,565,450** | | Granted during the year | **104,247,421** | | Vested during the year | **(39,239,020)** | | Forfeited during the year | **(22,400,000)** | | **Outstanding as of March 31, 2025** | **149,173,851** | [Business Review and Risk Factors](index=161&type=section&id=Business%20Review%20and%20Risk%20Factors) This section provides a comprehensive review of the Group's business and identifies key risks, including regulatory dependence and market competition in digital banking and payments, policy uncertainties in China's lottery business, and geopolitical impacts on overseas investments, with risk mitigation through internal controls and stakeholder engagement - Key risks faced by the Group include: **Digital banking and payment business risks** (reliance on Macau Monetary Authority licenses, intense market competition, and economic downturn impact on asset quality); **China regulatory uncertainties** (potential policy restrictions on lottery products, changes in issuance fee ratios, and uncertain opening of mobile/internet lottery agency channels); and **Geopolitical risks** (potential adverse impacts on overseas investments, such as in India, due to geopolitical tensions)[409](index=409&type=chunk)[411](index=411&type=chunk) - The Group formulates risk management measures through its Risk Management and Internal Control Committee, regularly consulting with the Corporate Compliance and Legal Department to ensure compliance with relevant laws and regulations in mainland China and Macau[412](index=412&type=chunk) - The report emphasizes relationships with key stakeholders including **shareholders, business partners, employees, suppliers, customers, regulators, and the community**, outlining specific measures to maintain these relationships[423](index=423&type=chunk)[424](index=424&type=chunk) [Financial Summary](index=172&type=section&id=Financial%20Summary) This section provides a summary of the Group's performance, assets, and liabilities for the past five financial years/reporting periods, showing revenue of HKD615 million and total assets increasing to HKD6.245 billion in FY2025 (12 months), primarily due to the consolidation of assets after the acquisition of Ant Bank (Macau) Five-Year Financial Summary (HKD '000) | Metric | Year Ended March 31, 2025 | Fifteen Months Ended March 31, 2024 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **614,968** | **766,583** | **351,414** | **253,242** | **161,649** | | **Operating Loss** | **71,826** | **44,778** | **129,715** | **65,785** | **131,087** | | **(Loss)/Profit Attributable to Owners** | **(90,432)** | **31,860** | **(126,700)** | **(63,633)** | **(121,372)** | | **Total Assets** | **6,244,605** | **3,729,660** | **6,422,104** | **3,081,673** | **3,148,432** | | **Total Liabilities** | **(3,484,010)** | **(1,076,846)** | **(3,759,265)** | **(195,533)** | **(205,118)** | | **Net Assets** | **2,760,595** | **2,652,814** | **2,662,839** | **2,886,140** | **2,943,314** | [Financial Statements](index=175&type=section&id=Financial%20Statements) This section presents the independent auditor's report, the Group's consolidated financial statements, and detailed notes explaining accounting policies and financial performance [Independent Auditor's Report](index=175&type=section&id=Independent%20Auditor%27s%20Report) PricewaterhouseCoopers issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, identifying goodwill impairment assessment as a key audit matter due to significant judgment - PricewaterhouseCoopers issued an **unmodified audit opinion**[440](index=440&type=chunk) - A key audit matter is **goodwill impairment assessment**; as of March 31, 2025, the Group's goodwill was **HKD1.546 billion**, a significant carrying amount with considerable estimation uncertainty, warranting auditor focus[446](index=446&type=chunk)[447](index=447&type=chunk) [Consolidated Financial Statements](index=180&type=section&id=Consolidated%20Financial%20Statements) This section includes the Group's four core financial statements, showing a net loss for the review period but a significant increase in total assets due to the Ant Bank (Macau) acquisition, and positive operating cash flow Consolidated Statement of Profit or Loss Summary (HKD '000) | Item | Year Ended March 31, 2025 | Fifteen Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | **614,968** | **766,583** | | Operating Loss | **(71,826)** | **(44,778)** | | **(Loss)/Profit for the Year/Period** | **(98,567)** | **30,716** | | Attributable to Owners of the Company | **(90,432)** | **31,860** | Consolidated Statement of Financial Position Summary (HKD '000) | Item | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **6,244,605** | **3,729,660** | | Non-current Assets | **2,059,709** | **1,998,092** | | Current Assets | **4,184,896** | **1,731,568** | | **Total Liabilities** | **3,484,010** | **1,076,846** | | Current Liabilities | **3,346,898** | **950,123** | | **Total Equity** | **2,760,595** | **2,652,814** | Consolidated Statement of Cash Flows Summary (HKD '000) | Item | Year Ended March 31, 2025 | Fifteen Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | **1,169,540** | **(2,584,140)** | | Net Cash Used in Investing Activities | **(459,883)** | **(214,564)** | | Net Cash from Financing Activities | **16,532** | **(48,367)** | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **726,189** | **(2,847,071)** | [Notes to the Consolidated Financial Statements](index=189&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations of accounting policies, key estimates, and financial statement items, highlighting business combinations, goodwill impairment, financial instrument risk management, segment information, and connected party transactions - **Business Combination**: On September 2, 2024, the Group completed the acquisition of a controlling interest in Ant Bank (Macau), with a total consideration transferred at fair value of **HKD275 million**, recognizing identifiable net assets at fair value of **HKD365 million**, resulting in **goodwill of HKD87.04 million**[737](index=737&type=chunk)[738](index=738&type=chunk)[739](index=739&type=chunk) - **Goodwill Impairment Assessment**: The Group performs annual impairment tests on goodwill; the recoverable amounts for the lottery and digital payment cash-generating units are determined using the market approach (EV/S ratio), while the digital banking business uses the value-in-use method (discounted cash flows), with management concluding no impairment was necessary as of March 31, 2025[643](index=643&type=chunk)[644](index=644&type=chunk)[646](index=646&type=chunk) - **Segment Information**: The Group reports across three segments: digital payment and related businesses, digital banking business, and lottery business; for the year ended March 31, 2025, the lottery business recorded the highest segment result of **HKD53.46 million**, while both digital payment and digital banking businesses recorded losses[604](index=604&type=chunk)[605](index=605&type=chunk) - **Fair Value Changes of Financial Assets**: A fair value loss of approximately **HKD70.92 million** was recognized during the year on a convertible term loan provided to an Indian joint venture, with its fair value decreasing from approximately **HKD81.91 million** to approximately **HKD10.99 million**[703](index=703&type=chunk)[706](index=706&type=chunk)

(於開曼群島註冊成立的有限公司) 股份代號: 1653 年 報 MOS HOUSE GROUP LIMITED ANNUAL REPORT 2025 年報 ANNUAL REPORT Stock Code: 1653 (Incorporated in the Cayman Islands with limited liability) 目 錄 | | | | | | | | | | 2 | | | | 公司資料 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主 | 席 | 報 | | | | | | | 3 | | | | | 告 | | | | | 管 | 理 | | 論 | 及 | 析 | | | | 5 | | | | | 層 討 | | | 分 | | 董 | 事 | | 級 | 管 | 層 | 的 | 履 | 歷 | 0 | 詳 | 情 | 1 | | 及 高 | | | 理 | | 企 | 業 | | ...

LISI GROUP (HOLDINGS) LIMITED 利時集團 ( 控 股 ) 有限公司 Annual Report 2025年報 (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 : 526 目 錄 | 公司資料 | 2 | | --- | --- | | 董事及高級管理人員簡介 | 3 | | 主席報告書 | 6 | | 管理層討論及分析 | 8 | | 企業管治報告 | 13 | | 董事會報告 | 24 | | 獨立核數師報告 | 34 | | 綜合損益表 | 40 | | 綜合損益及其他全面收益表 | 41 | | 綜合財務狀況表 | 42 | | 綜合權益變動表 | 44 | | 綜合現金流量表 | 45 | | 財務報表附註 | 47 | | 投資物業列表 | 112 | | 金融產品列表 | 113 | | 五年財政年度之撮要 | 114 | 公司資料 公司資料 董事會 執行董事 李立新先生 （主席） 程建和先生 金亞雪女士 獨立非執行董事 冼易先生 何誠穎先生 鄺焜堂先生 ...