9930 XU Min XU Min P.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands XU Min 1831717121716 200256-610 www.hongxinjianfa.com 33191901 9930 + 3360 (1)=(2)=(3)EBITDA=EBITDAEBITDA=+++(4)=(5)= 1 1.1 2026(GDP)69.574.7%(CPI)1.0%6(PPI)4.1%31.5% 5.4%13.3%1.2%4.6% 20261622.645.7%2.7%50% 20262.4%25.6%11.0% 7.920.4% 2026GDP5.6%4.5%6.6% 2026GDP5.61%4.87%5.49%(IKN) 2026GDP8.18%7.63%9.81%20266346.561.0%2030 2026GDP2.8%0.36.2%(BOI) 310 2026GDP3.0%2.9%GDP2.3%20302026 2026(IMF)GDP3.1%2,400654180 2026GDP2.5%3.2%18%26%20262.8% IMF2026GDP5.9% 2026GDP4.6%OECD2026GDP5.0%2030 2026GDP4.1%15.2%7.1%9.8%IMF20264.6% 1.2 8.9% IPAF Rental Market Report 20262025716.1% 20252,850 1.3 2026++ ++ 5444672297710 2 2.1 53,08150,2765.6%EBITDA1,903,2091,968,6383.3% (1) (2) EBITDA (1) 2.2 4,024,0604,350,0627.5%924,005 325,0001,700401,0006,400431,0007,700 (1)202,20044,380 (2) 2.2.1 (i)(ii)(iii) 2.2.1.1 2,636,0112,265,24416.4% 72.2%18.7%2.6%1.7%4.8% 2.2.1.2 769,4861,138,88232.4% 2.2.1.3 618,563945,93634.6% 202,20044,380 31742,040 2.2.2 193.219 1,16940539191 2.3 1,120,462940,66719.1%27.8%21.6%6.2% 2.3.1 2.3.1.1 854,886621,19637.6%32.4%27.4%5.0% 2.3.1.2 144,942171,40715.4%18.8%15.1%3.7% 2.3.1.3 120,634148,06418.5%19.5%15.7%3.8% 97,550106,1628.1%30.0%16.1%13.9% 23,08441,90244.9%7.9%14.6%6.7% 2.3.2 2.4 2,903,5983,409,39514.8%766,395758,3311.1%3,669,9934,167,72611.9% (1)15-20102010%30%1,532,2561,519,9820.8% (2)832,22911.9% (3)455,91430.8%186,07855.1%269,83610.4% (4)183,97239.6% (5)260,21114.5%8.7% (6)94,937310.8% (7)91,17714.3% (8)62,98017.9% 29,34729.5% (10) 2.5 97,469104,3276.6% 2.6 2.7 15,40818,11314.9% 2.8 (i)(ii) 319,205401,07020.4%80,5462.8.13.11 2.8.1 (1)=+2 (2)= 3.06%3.69%0.63% 2.9 16,47914,78611.5%31.0%29.4%1.6% 2.10 36,60235,4903.1% (1)113,351 38.4% 2.11 0.0120.0110.0019.1% (1)×6 3 3.1 35,802,004566,3431.6% (1) 3.2 20,901,421682,0113.2%(i)(ii)1,392,710 11,940,51512,178,1353,803,7474,019,1093,227,4263,227,967 3.3 3.3.1 8,986,582325,3723.8% 3.3.2 1,269,978105,1319.0% 70HSE 3.3.3 3.4 696,359365,47034.4% 3.5 (i)(ii) 2,866,816127,4614.7% 3.6 1,672,12561,9153.8% 3.7 12818,56785,8509.5% 3.8 173,979TH Tong HengMachinery Sdn. Bhd. 3.9 956,133(i)457,565(ii)414,859 3.10 24,742,222301,2801.2% 3.11 19,967,472360,7331.8% 77.0%71.3% 3.12 3,148,545224,3017.7% 3.13 (i)(ii)(iii)(iv)(v) 860,114134,91313.6% 3.14 3.7 581,34526,507 3.15 3.16 TH Tong Heng Machinery Sdn. Bhd.EBITDATH Tong Heng Machinery Sdn. Bhd.20%TH Tong Heng Machinery Sdn. Bhd.100%73,937,000 3.17 11,059,782265,0632.3% (1) 0.016 (1) 4 (1)= = =68.9% 4.1 0.7% 4.2 0.2% 4.3 69.1%68.9%0.2% 5 961,682824,81716.6% 6 6.1 6.2 (i)(ii) 7 5,602,704105,080 8 9 25.6306%77,402,873.02 10 4,2494,317 10.1 10.1.1 1 2(i)(ii) 3(i)1.45(ii)1.351.56 4(i)1.34(ii)1.281.28 5(a)(b)(c)V. 617.07(1)(d) 732,793,32433,829,99114,128,6690.4% 10.1.2 79,029,867 1 2i.ii.iii.iv. 31.561.28 417.07(1)(d) 576,606,53479,029,867 617.07(3) 10.2 11 12 ++ 571XVXV78352 (1) (1)L(2)3,197,244,000 (3)(i)2,420,000(ii)5,650,000(iii)9,858,186 (4)(i)736,667(ii)1,706,667(iii)239,125 (5)Farsighted Wit LimitedXVFarsightedWit Limited102,620,112 (6)Lanjin Limited (1)L (2) (3)Idea Delicacy Limited272,237,06240,726,000159,670,000107,503,000197,945,00090,866,835Idea Prosperous Limited (4) (5) (6) (7)4,818,107,647 XVXV78352 XV23336 (1)L (2)3,197,244,000 (3)100%55.38%44.62%(1)(5) 336 C1 F.1.3 F.1.3 Xu Min C3 3.10(1)3.10(2)3.10A 3.213.22XU Min 0.01651,156 (i)(ii)(iii)(iv) 202513.51B(1) Ernst & Young27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong97927Tel: +852 2846 9888Fax: +852 2868 4432ey.com 59132343434 2410 34 1. 22P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman,KY1-1205 Cayman Islands (i) (ii) (iii) 2. 3412 3. 979711 179107 (a)97 (b)97 (c)111779107 4. (i) (ii) (iii) 4. 4. 4. 4. 11%11% 5. 5. (a) 5. (a) 5. (a) 5. (b) 6. (a) 7. 7. (b)97,428,000169,435,000 8. 9. 10%10%5% 9. 195,304,000179,237,000 25% 25% 15%15%15%15% 9. 10. 0.016 0.016 11. 3,134,748,0003,133,375,000 * 12. 12. 12. 5,602,704,0006,820,439,000 12. 10.5%10.5% 13. (a) 13. (a) 12 13. (b) (c) 13. 2,976,828,00052,926,086,000 14. TH Tong Heng Machinery Sdn. Bhd. 15.8%15.8%12.0%12.0% 14. 15. 17. 17. 17. 342,247,000323,579,000 18. *86,780,000116,413,00018,300,00018,300,000 **3 8 6 , 2 5 6 , 0 0 0422,466,000118,057,000118,057,00032,302,00012,748,00017,946,00024,522,000349,693,000370,631,000 12 19. 20. 700,000,000 20. 20. 21. 20 21. 20 174,335,000337,842,000 22. 7,425,00025,341,000 34,009,000102,122,000 1,312,958,0001,404,035,000 23. 214,439,00058,221,000 29,037,00029,808,000 24. (a)(b) 26. (a)7,425,00025,341,000 773,857,000121,972,0003060 26. 773,857,000121,972,000 (b)4,591,670,0005,840,869,0005,602,7