民生国际2026年报

Annual Report年報2026 CONTENTS目錄 P.2–3Corporate Information P.4–5Financial Highlights P.6-7Chairman’s Statement P.8–25 Management Discussionand Analysis P.57–122 P.26–29 P.30–56 P.123–145Report of the Directors Profile of Directors andSenior Management CorporateGovernance Report Environmental,Social and GovernanceReport P.146–155 P.158–159 P.156 P.157 Consolidated Statementof Profit or Loss and OtherComprehensive Income IndependentAuditor’s Report Consolidated Statementof Profit or Loss Consolidated Statementof Financial Position P.164–282 P.283 P.160–161 P.162–163 Notes to the ConsolidatedFinancial Statements Consolidated Statementof Changes in Equity Consolidated Statementof Cash Flows Five-YearFinancial Summary P.284Principal Properties CORPORATE INFORMATION公司資料 BOARD OF DIRECTORS 202677 Executive DirectorsMr. Hu Xingrong(Chairman) (resigned on 7 July 2026) Ms. Cong Wenlin(appointed on 10 June 2025)Mr. Huang Xiaohai(resigned on 10 June 2025)Mr. Jin Jianggui(resigned on 10 June 2025)Mr. Li Zhenyu(resigned on 31 December 2025) 20256102025610202561020251231 202549 Independent Non-Executive DirectorsMs. Pau Yee Ling Mr. Wong Kwan KitMs. Zhou Hong(appointed on 9 April 2025) AUDIT COMMITTEE Mr. Wong Kwan Kit(Chairman)Ms. Pau Yee LingMs. Zhou Hong(appointed on 9 April 2025) 202549 REMUNERATION COMMITTEE 20256102026772025492025610 Ms. Pau Yee Ling(Chairman)Ms. Cong Wenlin(appointed on 10 June 2025)Mr. Hu Xingrong(resigned on 7 July 2026)Mr. Wong Kwan KitMs. Zhou Hong(appointed on 9 April 2025)Mr. Huang Xiaohai(resigned on 10 June 2025) NOMINATION COMMITTEE Mr. Hu Xingrong(Chairman) (resigned on 7 July 2026)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) 2026772025610202549*2025610 COMPANY SECRETARY 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(resigned on 8 May 2025) 20256302025582025630202558 AUTHORISED REPRESENTATIVES 2025610202563020255820256302025582025610 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(resigned on 8 May 2025)Mr. Huang Xiaohai(resigned on 10 June 2025) AUDITOR Rongcheng (Hong Kong) CPA Limited *202677 *Ms. Zhou Hong was appointed as the chairman of the Nomination Committeeon 7 July 2026. LEGAL ADVISERS Conyers Dill & Pearman As to Hong Kong lawDeaconsAs to Bermuda lawConyers Dill & Pearman PRINCIPAL BANKERS China Construction Bank (Asia) Corporation LimitedThe Hongkong and Shanghai Banking Corporation Limited PRINCIPAL SHARE REGISTRAR Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court22 Victoria StreetPO Box HM 1179Hamilton HM EXBermuda Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court22 Victoria StreetPO Box HM 1179Hamilton HM EXBermuda HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong LISTING INFORMATION The Stock Exchange of Hong Kong LimitedOrdinary Share (Stock Code: 938) 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 INVESTOR RELATIONS Email: ir@msil.com.hk ir@msil.com.hk FINANCIAL HIGHLIGHTS財務摘要 CHAIRMAN’S STATEMENT主席報告 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 2026 (“FY26”). 20263 312026 PERFORMANCE During FY26, the Group continued to refine its business strategy andstreamline its operations in response to a challenging and evolvingmarket environment. Following the completion of the disposal of theChongqing Property Business in April 2025, the Group ceased its propertydevelopment, sales and leasing of properties business in the People’sRepublic of China (the “PRC”), and continued to focus on its propertymanagement business and renovation and decoration business in the PRC.In January 2026, the Group further expanded its hospitality-related presencein the PRC by entering into a lease agreement for a hotel in Lijiang. 20262025420261 During the year under review, the global economic environment remainedsubject to various uncertainties, including tight financing conditions,geopolitical tensions and an uneven pace of recovery across differentmarkets. Nevertheless, the PRC economy showed signs of gradualstabilisation amid continued policy measures aimed at supporting domesticdemand and promoting steady economic activity. Ag