民生国际2025年报

CONTENTS P.6-7Chairman’s Statement P.2-3Corporate Information P.4-5Financial Highlights P.8-24 Management Discussionand Analysis P.99-118Report of the Directors P.57-98 P.25-29 P.30-56 Profile of Directors andSenior Management Environmental,Social and GovernanceReport CorporateGovernance Report P.132 P.119-130 P.131 P.133-134 Consolidated Statementof Profit or Loss and OtherComprehensive Income Consolidated Statementof Profit or Loss IndependentAuditor’s Report Consolidated Statementof Financial Position P.137-138 P.139-254 P.255 P.135-136 Consolidated Statementof Cash Flows Notes to the ConsolidatedFinancial Statements Consolidated Statementof Changes in Equity Five-YearFinancial Summary P.256Principal Properties CORPORATE INFORMATION BOARD OF DIRECTORS Executive DirectorsMr. Hu Xingrong(Chairman) 20256 1020256 1020256 10 Mr. Li ZhenyuMs. Cong Wenlin(appointed on 10 June 2025)Mr. Huang Xiaohai(resigned on 10 June 2025)Mr. Jin Jianggui(resigned on 10 June 2025) 20254 920251 10 Independent Non-Executive DirectorsMs. Pau Yee Ling Mr. Wong Kwan KitMs. Zhou Hong(appointed on 9 April 2025)Mr. Yuen Hoi Po(resigned on 10 January 2025) AUDIT COMMITTEE Mr. Wong Kwan Kit(Chairman)Ms. Pau Yee LingMs. Zhou Hong(appointed on 9 April 2025)Mr. Yuen Hoi Po(resigned on 10 January 2025) 20254 920251 10 REMUNERATION COMMITTEE Ms. Pau Yee Ling(Chairman)Ms. Cong Wenlin(appointed on 10 June 2025)Mr. Hu XingrongMr. Wong Kwan KitMs. Zhou Hong(appointed on 9 April 2025)Mr. Huang Xiaohai(resigned on 10 June 2025)Mr. Yuen Hoi Po(resigned on 10 January 2025) 20256 1020254 920256 1020251 10 NOMINATION COMMITTEE Mr. Hu Xingrong(Chairman)Ms. Cong Wenlin(appointed on 10 June 2025)Ms. Pau Yee LingMr. Wong Kwan KitMs. Zhou Hong(appointed on 9 April 2025)Mr. Huang Xiaohai(resigned on 10 June 2025)Mr. Yuen Hoi Po(resigned on 10 January 2025) 20256 1020254 920256 1020251 10 COMPANY SECRETARY 20256 3020255 820256 30202411 120255 8ACG, HKACG(PE)202411 1 Mr. Wong Chun Kit(appointed on 30 June 2025)Mr. Cheung Tai Chi(appointed on 8 May 2025 andresigned on 30 June 2025)Mr. Wun Chun Yip(appointed on 1 November 2024 andresigned on 8 May 2025)Ms. Ho Wing YanACG, HKACG(PE)(resigned on 1 November 2024) AUTHORISED REPRESENTATIVES 20256 1020256 3020255 820256 30202411 120255 820256 10202411 1 Ms. Cong Wenlin(appointed on 10 June 2025)Mr. Wong Chun Kit(appointed on 30 June 2025)Mr. Cheung Tai Chi(appointed on 8 May 2025 andresigned on 30 June 2025)Mr. Wun Chun Yip(appointed on 1 November 2024 andresigned on 8 May 2025)Mr. Huang Xiaohai(resigned on 10 June 2025)Ms. Ho Wing Yan(resigned on 1 November 2024) AUDITOR CCTH CPA Limited LEGAL ADVISERS Conyers Dill & Pearman As to Hong Kong lawDeacons As to Bermuda lawConyers Dill & Pearman PRINCIPAL BANKERS China Construction Bank (Asia) Corporation LimitedThe Hongkong and Shanghai Banking Corporation Limited PRINCIPAL SHARE REGISTRAR MUFG Fund Services (Bermuda) Limited4th floor NorthCedar House41 Cedar AvenueHamilton HM12Bermuda MUFG Fund Services (Bermuda) Limited4th floor NorthCedar House41 Cedar AvenueHamilton HM12Bermuda HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong LISTING INFORMATION 938 The Stock Exchange of Hong Kong LimitedOrdinary Share (Stock Code: 938) REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda PRINCIPAL PLACE OF BUSINESS 14/F, Teda Building87 Wing Lok StreetSheung Wan, Hong Kong 8714 COMPANY WEBSITE www.msil.com.hk www.msil.com.hk ir@msil.com.hk INVESTOR RELATIONS Email: ir@msil.com.hk FINANCIAL HIGHLIGHTS (1)(2)(3)(4) CHAIRMAN’S STATEMENT TO OUR SHAREHOLDERS On behalf of the board (the “Board”) of directors (the “Directors”) ofMan Sang International Limited (the “Company”), I am pleased to presentthe financial results of the Company and its subsidiaries (collectively the“Group”) for the year ended 31 March 2025 (“FY25”). 20253 312025 PERFORMANCE During FY25, the Group continues to focus on property development, salesand leasing of properties business, property management business andrenovation and decoration business in the People’s Republic of China (the“PRC”) and hotel and golf club operation business in Japan. 2025 In FY25, the global economic recovery remained clouded by persistentchallenges, including prolonged high interest rates until late 2024, risingcorporate financing costs, and ongoing geopolitical uncertainties, allof which exerted pressure on the overall business environment. Duringthe year, the PRC government continued to implement policies aimed atstimulating domestic demand and stabilising the property market. Theseefforts yielded signs of structural stabilisation in the second half of the year,providing a favourable environment for the Group’s property businessactivities. Meanwhile, leasing demand for office and commerci