Interim Report 2025/2026

INTERIM REPORT

2025/2026

CHUANG'S CONSORTIUM INTERNATIONAL

LIMITED

Corporate Information 2

Management Discussion on Results 4

Other Information 24

Condensed Consolidated Income Statement 30

Condensed Consolidated Statement of Comprehensive Income 32

Condensed Consolidated Balance Sheet 33

Condensed Consolidated Cash Flow Statement 35

Condensed Consolidated Statement of Changes in Equity 36

Notes to the Condensed Consolidated Interim Financial Information 37

(Chairman and Managing Director)

Richard Hung Ting Ho (Vice Chairman)

Edwin Chuang Ka Fung (Deputy Managing Director)

Ann Li Mee Sum

Candy Kotewall Chuang Ka Wai Geoffrey Chuang Ka Kam

Chan Chun Man

Abraham Shek Lai Him, G.B.S., J.P.*

Fong Shing Kwong*

Tony Tse Wai Chuen, S.B.S., J.P.*

Andrew Fan Chun Wah, J.P.*

* Independent Non-Executive Directors

Andrew Fan Chun Wah, J.P.

Fong Shing Kwong Andrew Fan Chun Wah, J.P.

Candy Kotewall Chuang Ka Wai

Candy Kotewall Chuang Ka Wai Chan Chun Man

Certified Public Accountants and Registered Public Interest Entity Auditor

22nd Floor, Prince's Building 10 Chater Road

Central, Hong Kong

# Chairman of the relevant committee

Conyers Corporate Services (Bermuda) Limited Clarendon House

2 Church Street

Hamilton HM 11 Bermuda

Tricor Investor Services Limited 17/F., Far East Finance Centre 16 Harcourt Road

Hong Kong

Corporation Limited Hang Seng Bank Limited

Bank of China (Hong Kong) Limited

China Construction Bank (Asia) Corporation Ltd. Nanyang Commercial Bank, Limited

Bank of Communications Co., Ltd.

Hamilton HM 11, Bermuda

Facsimile: (852) 2810 6213

Email address: chuangs@chuangs.com.hk Website: https://www.chuangs-consortium.com

6 Thai Van Lung Street, District 1 Ho Chi Minh City, Vietnam

No. 32/2 Chagdarjav.G Street 1st Khoroo, Sukhbaatar District Ulaanbaatar 14210

Mongolia

The board of Directors (the "Board") of Chuang's Consortium International Limited (the "Company") presents the interim report including the condensed consolidated interim financial information of the Company and its subsidiaries (collectively as the "Group") for the six months ended 30 September 2025. The condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated cash flow statement and the condensed consolidated statement of changes in equity for the six months ended 30 September 2025, and the condensed consolidated balance sheet as at 30 September 2025 along with the notes thereon, are set out on pages 30 to 54 of this report.

1. The Group had successfully completed the disposal of the subsidiary that held House A, No. 37 Island Road, Deep Water Bay, Hong Kong for a consideration of about HK$538.2 million in September 2025, and net cash proceeds of HK$524.0 million was received by the Group which has significantly strengthened the financial position of the Group.

2. As announced on 30 July 2025, the Group entered into an agreement with independent third parties to assign the debt related to the judgement payments of the project at Chengdu, Sichuan, the People's Republic of China (the "PRC") for a consideration of approximately RMB95 million (equivalent to approximately HK$103.7 million). The assignment of debt has been completed, and a net cash proceed of approximately HK$103.0 million was received before the six months ended 30 September 2025.

3. For ARUNA, the Ap Lei Chau project, it is developed into a 27-storey residential/commercial building comprising 105 residential units with clubhouse facilities and retail units at the podium levels and ground floor. Up to the date of this report, 42 units have been sold with an aggregate sale amount of about HK$215.0 million, in which 10 units with aggregate sale amount of about HK$43.7 million had been completed and recognized as revenues in the last financial year. During the period, a further 16 units with sales amounted to HK$83.1 million had been handed-over and recognized as revenues. It is expected that the remaining 16 units with sales amounted to HK$88.2 million will be completed in the second half of this financial year. Meanwhile, the Group had leased 14 residential units to generate more income from this project.

   HIGHLIGHTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

   (Continued)

   Financial

   • Total cash resources of the Group (including bond and securities investments) amounted to HK$1.9 billion, in which cash and bank balances aggregated to approximately HK$1.8 billion.

   • Net assets attributable to equity holders of the Company amounted to

     HK$7,412.0 million.

   • Net debt to equity ratio of the Group improved to 7.6%.

   • Loss attributable to equity holders of the Company was HK$231.9 million

(2024: HK$292.8 million).

For the six months ended 30 September 2025, revenues of the Group increased to HK$175.1 million (2024: HK$87.3 million) mainly due to the increase in sales of properties. Revenues of the Group comprised of revenues from sales of properties of HK$98.6 million (2024: Nil), revenues from rental and other income of investment properties of HK$67.8 million (2024: HK$74.1 million), revenues from cemetery business of HK$6.2 million (2024: HK$10.3 million), revenues from money lending business of HK$0.6 million (2024: HK$0.5 million), and revenues from securities investment and trading business of HK$1.9 million (2024: HK$2.4 million).

During the period under review, gross profit increased to HK$72.4 million (2024: HK$19.4 million) as a result of increase in revenues and the decrease in impairment provision recorded for properties for sale of the Group as comparing to the last corresponding period. Gross profit margin increased to 41.3% (2024: 22.2%) accordingly.

Other income and net gain amounted to HK$25.5 million (2024: HK$40.4 million) which included bank interest income of HK$22.0 million (2024: HK$41.4 million) and net gain of bond and other investments of HK$0.3 million (2024: net loss of HK$2.5 million). A breakdown of other income and net gain/(loss) is shown in note 7A on page 44 of this report. Loss on disposal of a subsidiary of HK$142.0 million during the period represented the loss on disposal of a subsidiary that held the investment property at No. 37 Island Road, Deep Water Bay, Hong Kong as announced by the Company on 19 June 2025, whereas the gain of HK$25.8 million for the last corresponding period represented the gain on disposal of a subsidiary that held the investment property in Mongolia as announced by the Company on 9 May 2024. Loss from change in fair value of investment properties of the Group amounted to HK$10.0 million (2024: HK$244.5 million) mainly arising from the investment properties in Hong Kong (2024: Same, also included investment properties in Anshan, Liaoning, the PRC).

On the costs side, selling and marketing expenses increased to HK$16.1 million (2024: HK$12.0 million) principally due to the sales commission of ARUNA in Ap Lei Chau recorded upon the sales recognition during the period. Administrative and other operating expenses amounted to HK$129.7 million (2024: HK$142.7 million) which included an impairment provision of about HK$19.6 million arising from the assignment of debt related to the project at Chengdu, the PRC (2024: an impairment provision of HK$35.7 million for a development site at Anshan, the PRC) and a loss on liquidation of a subsidiary of about HK$4.7 million (2024: Nil) as a result of the liquidation of a subsidiary in the PRC. Excluding these exceptional items in both periods, the administrative and other operating expenses would amount to about HK$105.4 million (2024: HK$107.0 million). Finance costs decreased to HK$40.6 million (2024: HK$73.1 million) mainly due to the decrease in interest rates and the level of bank borrowings during the period under review. Share of loss of associated companies amounted to HK$1.5 million (2024: HK$1.1 million) and share of loss of joint ventures amounted to HK$19.6 million (2024: profit of HK$3.8 million) mainly due to the share of revaluation loss from the investment properties of a joint venture during the current period. Taxation charge amounted to HK$11,000 (2024: taxation credit of HK$23.7 million) mainly due to the absence of reversal of deferred taxation liabilities arising from the fair value loss of investment properties in Anshan recorded in the last corresponding period.

Taking into account the above, loss attributable to equity holders of the Company for the six months ended 30 September 2025 amounted to HK$231.9 million (2024: HK$292.8 million). Loss per share was 13.86 HK cents (2024: 17.51 HK cents).

After taking into account the need to maintain sufficient financial resources for the working capital of the Group's projects and businesses, in particular under the current uncertain business environment, the Board has resolved not to declare an interim dividend for the six months ended 30 September 2025 (2024: Nil).

1. Investment Properties

   1. Chuang's Tower, Nos. 30-32 Connaught Road Central, Hong Kong (100% owned)

      The property is a commercial/office building and is strategically located at the heart of Central District and close to the exits of both the Central Station of the Mass Transit Railway and the Hong Kong Station of the Airport Express Line. The property has a site area of about 3,692 sq. ft. and a total gross floor area ("GFA") of about 55,367 sq. ft.. During the period, rental and other income from this property amounted to about HK$14.2 million. With the high leasing supply and softened tenant demand of the commercial properties in the market, the competition of leasing activities is very keen. The Group would be more flexible on tenant selection as well as tenancy period in order to maintain its competitiveness and increase the occupancy.

   2. Chuang's London Plaza, No. 219 Nathan Road, Tsim Sha Tsui, Kowloon (100% owned)

      Strategically located at the heart of shopping centres in Tsim Sha Tsui, Kowloon, and near the exits of the Mass Transit Railway and the Guangzhou-Shenzhen-Hong Kong Express Rail Link Hong Kong Section, the property is a shopping and entertainment complex. The property has a site area of about 9,145 sq. ft. and a total GFA of about 103,070 sq. ft.. During the period, rental and other income from this property amounted to about HK$23.0 million. Despite certain tenants departed upon expiry of their tenancies, the Group has sought new tenant in e-sport entertainment sector to restore part of the occupancy. The Group will continue to explore more marketing ideas on leasing so as to further enhance the rental yield of the property.

      BUSINESS REVIEW (Continued) (A) Investment Properties (Continued)

   3. Posco Building, No. 165 Un Chau Street, Sham Shui Po, Kowloon (100% owned)

      The property is a commercial/industrial building located in between the Cheung Sha Wan (approximately 0.4 kilometre) and the Sham Shui Po (approximately 0.5 kilometre) Mass Transit Railway Stations, enjoying the convenience of good transportation network. The property has a site area of about 3,920 sq. ft. and a total GFA of about 47,258 sq. ft.. During the period, rental and other income from this property amounted to about HK$4.6 million. Currently, the property is for commercial (G/F to 3/F and 12/F) and industrial (4/F to 11/F) use. Building plans to redevelop the property into a commercial/residential property with a total GFA of about 35,280 sq. ft. had been approved by the Buildings Department. The Group will evaluate the best timing to carry out such redevelopment (if any).

   4. House A, No. 37 Island Road, Deep Water Bay, Hong Kong (100% owned before disposal)

      Located at Deep Water Bay, a prestigious residential area, the property enjoys a glamourous sea-view. On 19 June 2025, the Group entered into a conditional agreement with independent third parties to dispose of the subsidiary that held this property for a consideration of about HK$538.2 million. The disposal was completed on 17 September 2025. The net cash proceeds of approximately HK$524.0 million was received and has significantly strengthened the financial position of the Group. Details of the disposal were announced by the Company on 19 June 2025 and 17 September 2025 respectively, and published in the circular of the Company on 14 August 2025.

      BUSINESS REVIEW (Continued)
      1. Investment Properties (Continued)

   5. 1st to 3rd Floors of Peng Building, Luohu District, Shenzhen, the PRC (100% owned)

This property is located next to an exit of Honghu Station of Line 7, Shenzhen Metro, and it is for commercial use with a total gross area of about 5,318 sq. m.. The Group leased out the property in March 2022 to an independent third party for 10 years to operate it as a medical centre. During the period, the tenant requested for a rent concession due to its operational difficulty and the overall market environment. In October 2025, the Group entered into a supplemental agreement with the tenant with monthly rent of RMB530,000 for 3 years starting from 1 July 2025. The monthly rent will resume to the original level of about RMB787,000 after the end of the rent concession period.

1. Hotels and Serviced Apartments

   1. sáv Residence, Xinyi District, Taipei City, Taiwan (100% owned)

      In Taiwan, the Group owns sáv Residence which is located nearby the city centre of Taipei City. The property is a residential complex developed by the Group and comprises a fully furnished villa and 6 serviced apartments (of which 2 are duplex) with a total GFA of about 20,600 sq. ft.. The serviced apartments have been leased out with rental income amounting to approximately HK$1.2 million for the period under review. Marketing work for leasing the villa is in progress.

   2. sáv Plaza, Sukhbaatar District, Ulaanbaatar, Mongolia (100% owned)

      The project is located in the city centre within the embassy district and is a 19-storey building comprising 142 units and 2 ground floor shops with a total GFA of about 19,000 sq. m. and 48 carparking spaces. During the period, rental and other income from this property amounted to about HK$5.3 million. As at the date of this report, 96 units, 43 carparking spaces and a shop at ground floor for a tea-house have been occupied and leased out. The Group will continue to explore more marketing ideas on promotion and leasing of the project. The Group will also seek appropriate opportunities to dispose of the property to accelerate return from this investment.

      BUSINESS REVIEW (Continued)
2. Development Properties

   1. Nos. 16-20 Gage Street, Central, Hong Kong (100% owned)

      The Group has successfully consolidated this project with a total site area of about 3,600 sq. ft.. General building plans of the project to develop a 26-storey residential/commercial building comprising clubhouse facilities and retail units with total GFA of about 34,675 sq. ft. had been approved. Foundation piling works have been completed, whereas pile cap works are substantially completed. The Group targets to achieve BEAM Plus Silver Rating for the property development from the green building perspective. The Group will closely monitor the development progress of this project and will explore more ideas on its redevelopment strategy.

   2. 28 Po Shan Road, Hong Kong (50% owned)

      This project is owned as to 50% by the Group and 50% by a wholly-owned subsidiary of K. Wah International Holdings Limited (stock code: 173), and the Group is the project manager of the development. The property, with a site area of about 10,000 sq. ft., is located in a prestigious mid-level area that enjoys a glamorous sea-view. The property is developed into an one vertical house with 8 storeys over the podium, and is targeted to achieve LEED Silver Rating for the property development from the green building perspective. The 8-storey house includes a luxury living and dining area with 6m floor-to-floor height, an entertainment floor and 6 residential suite floors with at least 3.5m floor-to-floor height. The GFA for the house is about 44,431 sq. ft., with an additional area of about 5,400 sq. ft. for garden and about 3,477 sq. ft. for roof.

      The occupation permit was obtained on 30 September 2024. External finishing of the property and enhancement works have just been completed. Both joint venture partners are exploring various options (including disposal) to accelerate return on this investment. Marketing work for the house is in progress.

      BUSINESS REVIEW (Continued)
      1. Development Properties (Continued)

   3. ONE SOHO, Kowloon Inland Lot No. 11254, Reclamation Street/ Shantung Street, Mongkok, Kowloon, Hong Kong (40% owned)

      Through the joint venture with a wholly-owned subsidiary of Sino Land Company Limited (stock code: 83), the Group participated in this project tendered by the Urban Renewal Authority in December 2017. It is a residential/commercial building comprising 322 residential units, clubhouse facilities, commercial podium and 12 carparking spaces. The commercial portion is retained by the Urban Renewal Authority.

      Up to the date of this report, nearly all residential units and carparking spaces have been sold with an aggregate consideration of about HK$2.2 billion. During the period under review, 2 more units with an aggregate consideration of about HK$12.9 million had been handed-over. The joint venture company will continue to sell the remaining 1 residential unit and 3 carparking spaces of this project.

   4. Duc Hoa District, Long An Province, Vietnam (70% owned)

The Group had participated in a 70% interest in the project pursuant to an agreement entered into between the Group and the joint venture partner in June 2007. As disclosed in various announcements and previous years' annual reports of the Company, the Group is yet to successfully enforce the arbitral award in accordance with its terms to recover the investment cost, and thus the Group had made full provision on the investment cost for this project of about US$15 million (equivalent to approximately HK$117.2 million) in previous years. During the last financial year, the Group was informed by the joint venture partner that it would like to terminate the agreement with proposed settlement terms and compensation payable to the Group. The Group will continue to monitor the progress in order to recoup the investment cost made in this project with return.

1. Chuang's China Investments Limited ("Chuang's China", stock code: 298) (61.15% owned)

   Chuang's China and its subsidiaries (the "Chuang's China Group") are principally engaged in, inter alia, property development, investment and trading. For the six months ended 30 September 2025, the Chuang's China Group recorded loss attributable to equity holders of HK$62.3 million (2024: HK$176.2 million) and revenues of HK$101.1 million (2024: HK$20.9 million) (which comprised revenues from sales of properties of HK$83.1 million (2024: Nil), revenues from rental and management fee income of HK$11.3 million (2024: HK$10.3 million), revenues from cemetery assets of HK$6.2 million (2024: HK$10.3 million) and revenues from securities investment and trading of HK$0.5 million (2024: HK$0.3 million).

   1. Investment Properties

      The Chuang's China Group holds the following portfolio of investment properties in Hong Kong, the PRC and Malaysia for steady recurring rental income.

      1. The Esplanade Place, Yip Wong Road, Tuen Mun, New Territories, Hong Kong (100% owned by Chuang's China)

         The Esplanade Place has GFA of about 24,375 sq. ft. comprising a two-storey commercial podium with 16 commercial units and 12 commercial carparking spaces. As at 30 September 2025, the property was recorded at valuation of about HK$162.7 million. During the period, 7 commercial units and certain carparking spaces were leased to independent third parties with an aggregate annual rental income of about HK$2.4 million. The Chuang's China Group will continue to market the remaining units and carparking spaces in order to generate rental income.

         BUSINESS REVIEW (Continued)
         1. Chuang's China (Continued)

            1. Investment Properties (Continued)

      2. Chuang's Mid-town, Anshan, Liaoning (100% owned by Chuang's China)

         Chuang's Mid-town consists of a 6-level commercial podium providing an aggregate GFA of about 29,600 sq. m.. Above the podium stands a twin tower (Block AB and C) with 27 and 33-storey respectively, offering a total GFA of about 62,700 sq. m..

         As previously reported, Anshan is experiencing serious population loss, which has shed light on the decline of the property market and its gloomy outlook. Both residential and retail markets remain stagnant, with slow-moving inventory and limited buyer interest, making it increasingly challenging to sell or lease out the flats and commercial podium. Low spending power in addition to the exaggerated development of online shopping would account for the existence of those withered malls. Both supply and demand sides have released negative signals, no matter from the view of population dropped or reduced number of commodity housing sold. As at 30 September 2025, the valuation of the property was RMB307.8 million (equivalent to approximately HK$336.0 million), comprising RMB94.0 million for the commercial podium and RMB213.8 million for the twin tower. In light of the weak economy and property market of Anshan, the Chuang's China Group will identify opportunities to dispose of this project.

         BUSINESS REVIEW (Continued)
         1. Chuang's China (Continued)

            1. Investment Properties (Continued)

      3. Hotel and resort villas in Xiamen, Fujian (59.5% owned by Chuang's China)

         This hotel complex is developed by the Chuang's China Group, comprising a 6-storey hotel building with 100 guest-rooms (GFA of 8,838 sq. m.) and 30 villas (aggregate GFA of about 9,376 sq. m.) in Siming District, Xiamen. As at 30 September 2025, the valuation of the properties dropped to RMB343.0 million (comprising RMB154.0 million for the hotel and RMB189.0 million for the 30 villas). The valuation attributable to the Chuang's China Group was about RMB204.1 million (equivalent to approximately HK$222.8 million), whereas the total investment costs of the Chuang's China Group were about RMB182.6 million (equivalent to approximately HK$199.3 million).

         During the period, the hotel building together with 23 villas were leased to 廈門佲家鷺江酒店 (Xiamen Mega Lujiang Hotel) operating as "鷺江 • 佲家酒店" (Mega Lujiang Hotel), and another 3 villas were leased to independent third parties. One more villa is leased to an independent third party subsequent to 30 September 2025. The aggregate annual rental income of this hotel complex amounted to about RMB18.3 million (equivalent to approximately HK$20.0 million). The Chuang's China Group is actively marketing the remaining 3 villas for further rental income.

         BUSINESS REVIEW (Continued)
         1. Chuang's China (Continued)

            1. Investment Properties (Continued)

      4. Commercial property in Shatian, Dongguan, Guangdong (100% owned by Chuang's China)

         The Chuang's China Group holds a 4-storey commercial building in Shatian, Dongguan, providing a total GFA of about 4,167 sq. m. for commercial, retail and office usage. As at 30 September 2025, valuation of the property was RMB34.2 million (equivalent to approximately HK$37.3 million). During the period, one storey and the ground floor were leased to independent third parties for gymnasium and retail use respectively. The aggregate annual rental income was about RMB0.7 million (equivalent to approximately HK$0.8 million). The Chuang's China Group will continue to carry out marketing to lease out the vacant units of the property.

      5. Wisma Chuang, Jalan Sultan Ismail, Kuala Lumpur, Malaysia (100% owned by Chuang's China)

Wisma Chuang is located within the prime city centre, situated right next to the landmark shopping complex, Pavilion KL, the heart of central business district and prestigious shopping area of Kuala Lumpur. It is built on a freehold land and is a 29-storey high rise office building having retail and office spaces of approximately 254,000 sq. ft. (on total net lettable area basis is approximately 195,000 sq. ft.) and 294 carparking spaces. As at 30 September 2025, the valuation of this property was MYR158.1 million (equivalent to approximately HK$292.0 million), which represents an average value of approximately MYR811 (equivalent to approximately HK$1,498) per sq. ft. of net lettable retail and office area.

Wisma Chuang is leased to multi tenants with an occupancy rate of approximately 66%, and annual rental income was approximately MYR5.6 million (equivalent to approximately HK$10.3 million). The Chuang's China Group will seek appropriate strategies, including disposal, to accelerate return from this investment.

1. Chuang's China (Continued)

   1. Investment Properties (Continued)

      The Chuang's China Group will identify suitable opportunities to dispose of its investment properties in order to strengthen the Chuang's China Group's cash resources and financial position.

   2. Property Development

      1. ARUNA, No. 8 Ping Lan Street, Ap Lei Chau, Hong Kong (100% owned by Chuang's China)

         The property has a site area of about 4,320 sq. ft. and has a developable GFA of about 40,000 sq. ft.. It is developed into a 27-storey residential/commercial building comprising 105 residential units with clubhouse facilities and retail units at the podium levels and ground floor. Up to the date of this report, a total of 52 residential units have been launched to the market for sale, in which 42 units have been sold with an aggregate sale amount of about HK$215.0 million. Sale of 10 units with aggregate sale amount of about HK$43.7 million had been completed and recognized as revenues in the last financial year. During the period, a further 16 units amounted to HK$83.1 million had been handed-over and recognized as revenues. It is expected that the remaining 16 units with sales amounted to HK$88.2 million will be completed in the second half of this financial year. Besides, up to the date of this report, the Chuang's China Group has leased 14 residential units (including 1 unit which was just sold and the sale will be completed in the second half of this financial year) with aggregate annual rental income of about HK$3.0 million to generate more income from this project. In view of the current sale progress, a further 18 units have just been launched to the market which will be available for sale soon. The Chuang's China Group will closely monitor the property market in Hong Kong for marketing and selling the remaining residential units and the retail units.

         BUSINESS REVIEW (Continued) (D) Chuang's China (Continued)

         (ii) Property Development (Continued)

      2. Chuang's Plaza, Anshan, Liaoning (100% owned by Chuang's China)

         Adjacent to Chuang's Mid-town, the Chuang's China Group acquired through government tender the second site located in the prime city centre of Tie Dong Qu (鐵東區) with a site area of about 39,449 sq. m.. It is recorded as "Deposits" in the Chuang's China Group's financial statements with net book value of about RMB93.0 million (equivalent to approximately HK$101.5 million). As about 1,193 sq. m. of the land title has not yet been rectified by the government authorities with the local railway corporation, the Chuang's China Group is holding discussions with the local authorities regarding such reduction in land area. In view of the weak economy and market condition of Anshan as detailed in the section of Chuang's Mid-town above, as well as the uncertainties in policies and execution aspect by the local government authorities, the Chuang's China Group continues to identify opportunities to dispose of this project.

      3. Others

Chengdu, Sichuan

The Chuang's China Group holds a 51% development interest in a project in Wuhou District, Chengdu with net investment cost of about RMB112.1 million (equivalent to approximately HK$122.6 million). On 30 July 2025, the Chuang's China Group entered into an agreement with independent third parties (as assignee and guarantor) to assign the debt related to this project to the assignee for a consideration of approximately RMB95 million (equivalent to approximately HK$103.7 million). Details of the assignment of debt was announced by Chuang's China and the Company on 30 July 2025, and published in the circular of Chuang's China on 10 September 2025. The assignment of debt had been completed, and net cash proceed of approximately HK$103.0 million was received before the period ended 30 September 2025.

1. Chuang's China (Continued)

   1. Property Development (Continued)

      1. Others (Continued)

         Changsha, Hunan

         The Chuang's China Group owns an effective 69% interests in a property development project in Changsha, and the total historical investment cost incurred by the Chuang's China Group in the PRC project company was about HK$23.6 million. The execution of the voluntary liquidation of the PRC project company has been carried out during the period. Subsequent to 30 September 2025, the Chuang's China Group has been assigned with 3 residential units with aggregate estimated value of about RMB6 .6 million (equivalent to approximately HK$7.2 million) as partial repayment of the advance made by the Chuang's China Group. The Chuang's China Group will take actions to dispose of the units, and it is expected that the execution of the liquidation of the PRC project company will continue for some time. In view of the liquidation status of the PRC project company, the Group deconsolidated the assets and liabilities of the PRC project company in the consolidated financial statements of the Group as at 30 September 2025. The Chuang's China Group will continue to monitor the liquidation progress.

         Beijing courtyard house

         As previously reported, the Chuang's China Group obtained a judgement from court in Beijing for the registered owners of the courtyard house to transfer the title to the designated nominee of the Chuang's China Group. The transfer of one courtyard house was completed in previous years, whereas the transfer of another courtyard house is in progress. The Chuang's China Group keeps on monitoring and following up the status. The Chuang's China Group will identify opportunities to dispose of these properties.

         BUSINESS REVIEW (Continued) (D) Chuang's China (Continued)

         (ii) Property Development (Continued)

      2. Fortune Wealth, Sihui, Guangdong (86% owned by Chuang's China)

The Fortune Wealth Memorial Park operates a cemetery in Sihui with a site area of approximately 518 mu agreed by the local government authorities. Development of the project is conducted by phases. Phase I of about 100 mu has been completed with 5,485 grave plots, one mausoleum providing 550 niches, as well as an administrative and customer service building.

Development of the remaining 418 mu will be divided into Phase II to Phase V. Based on the revised master layout plan of Phase II to Phase V, about 37,798 grave plots will be constructed covering land area of 268 mu and 150 mu of road access and greenbelts. For Phase II to Phase III, land use rights of approximately 143 mu had been obtained, which will accommodate a total of about 20,224 grave plots. For Phase IV to Phase V, land use rights of approximately 5.2 mu had been obtained and additional land quota of about 119.8 mu shall be required for the construction of a total of about 17,574 grave plots. As for the 150 mu of road access and greenbelts, Fortune Wealth will ascertain the arrangement required by the local authorities. During the period, the construction works of roads for Phase II and Phase III, as well as the site formation and construction works on other parts of the land, were both in progress.

As at 30 September 2025, the cemetery assets (including non-controlling interests) were recorded based on the book cost of about RMB645.2 million (equivalent to approximately HK$704.4 million).

1. Chuang's China (Continued)

   1. Property Development (Continued)

      4. Fortune Wealth, Sihui, Guangdong (86% owned by Chuang's China) (Continued)

      Fortune Wealth has full license for sale not only in the PRC, but also includes overseas Chinese as well as residents of Hong Kong, Macau and Taiwan. As at 30 September 2025, about 2,490 grave plots and 520 niches were available for sale. Fortune Wealth will review its sales and marketing strategy and will take more proactive steps in its brand building and customer services.

   2. Investments in CNT Group Limited ("CNT") and CPM Group Limited ("CPM")

      As at 30 September 2025, the Chuang's China Group owned about 19.35% interests in CNT and about 0.6% interests in CPM, both of them are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). CNT and its subsidiaries are principally engaged in the property business, and through its 75% owned subsidiary, CPM, is principally engaged in the manufacture and sale of paint products under its own brand names with focus on the PRC market.

      With reference to the respective closing share prices of CNT and CPM as at 30 September 2025 of HK$0.207 (31 March 2025: HK$0.225) and HK$0.144 (31 March 2025: HK$0.213), the aggregate book value of the Chuang's China Group's investments in CNT and CPM is about HK$77.2 million (31 March 2025: HK$84.2 million). The change in book value is accounted for as "Reserve" in the financial statements.

      BUSINESS REVIEW (Continued)
2. Securities Investment and Trading

The Group had redeemed/disposed and accepted restructuring exchange of certain listed corporate bond investments since the recent financial years. During the period, securities investment and trading business of the Group recorded a net profit before taxation and before deducting non-controlling interests of HK$2.2 million, comprising interest and other income from investments of HK$1.9 million, net gain on disposals of investments of HK$189.1 million, and unrealized net fair value loss on investments of HK$188.8 million mainly as a result of mark to market valuations of the investments held as at the balance sheet date. The unrealized fair value loss is accounting loss with no immediate cash flow impact to the Group.

As at 30 September 2025, investments of the Group amounted to HK$160.6 million (HK$40.4 million were held by the wholly-owned subsidiaries of the Group and HK$120.2 million were held by the Chuang's China Group), and comprised as to HK$61.4 million for investments in listed corporate bonds, HK$1.5 million for investments in securities listed on the Stock Exchange and the balance of HK$97.7 million for other investments (of which about HK$12.8 million are denominated in Renminbi, and about HK$84.9 million are denominated in United States dollar) comprising FinTech companies, venture capital investment platforms, high technology companies and investment funds which are either not listed or just listed in the markets. The Group will continue to monitor the performance of its respective investment portfolios from time to time.

As at 30 September 2025, net assets attributable to equity holders of the Company was HK$7,412.0 million (31 March 2025: HK$7,612.7 million). Net asset value per share was HK$4.43 (31 March 2025: HK$4.55).

As at 30 September 2025, the Group's cash, bank balances and bond and securities investments amounted to HK$1,912.6 million (31 March 2025: HK$1,655.2 million). Bank borrowings as at the same date amounted to HK$2,477.3 million (31 March 2025: HK$2,855.8 million). The Group's net debt to equity ratio, expressed as a percentage of bank borrowings net of cash, bank balances and bond and securities investments over net assets attributable to equity holders of the Company, was 7.6% (31 March 2025: 15.8%).

Approximately 89.9% of the Group's cash, bank balances and bond and securities investments were denominated in Hong Kong dollar and United States dollar, 9.3% were in Renminbi and the balance of 0.8% were in other currencies. All the Group's bank borrowings were denominated in Hong Kong dollar.

Based on the agreed scheduled repayment dates in the loan agreements and ignoring the effect of any repayment on demand clause, approximately 37.4% of the Group's bank borrowings were repayable within the first year, 22.2% were repayable within the second year, 37.9% were repayable within the third to fifth years and the balance of 2.5% were repayable after the fifth year.

As disclosed in the "Business Review" section of this report, the Group also conducts its businesses in other places outside Hong Kong, with the income and the major cost items in those places being denominated in their local foreign currencies. Therefore, it is expected that any fluctuation of these foreign currencies' exchange rates would not have material effect on the operations of the Group. However, as the Group's consolidated financial statements are presented in Hong Kong dollar, and the Group has some monetary assets and liabilities denominated in foreign currencies, the Group's financial position is subject to exchange exposure to these foreign currencies. The Group would closely monitor this risk exposure from time to time.

In Hong Kong, with the continuous reduction of interest rates during the period, there was a gradual recovery in buyer confidence and the residential property market. The Group remains positive and has confidence in the property market and the overall economy in Hong Kong. We will monitor the situation closely and will take appropriate steps to preserve the Group's competitiveness and grasp opportunities ahead.

In the coming years, the Group will continue to monitor the redevelopment progress of the project at Gage Street in Hong Kong. It will take appropriate strategies to monitor the sale progress of ARUNA at Ap Lei Chau, and marketing work for the property at Po Shan Road. Moreover, the Group will continue to look for opportunities to realize investments in various investment properties and off-load investments in non-core assets in order to further enhance the financial resources and capability of the Group to replenish its land bank in Hong Kong, especially for the luxury and mass residential market, for future property development and trading. We are confident that, with the implementation of the above strategies, the Group's cash resources and financial position will be improved, and further value can be created for our shareholders.

As at 30 September 2025, the interests and short positions of the Directors and chief executive of the Company in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the "SFO")) which had been notified to the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") pursuant to the provisions of Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which any such Directors and chief executive of the Company would be taken or deemed to have under such provisions of the SFO) or which were required, pursuant to Section 352 of Part XV of the SFO, to be entered in the register referred to therein or which were required, pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code"), to be notified to the Company and the Stock Exchange were as follows:

1. Interests in the Company Name of Director Number of shares Capacity Percentage of shareholding

   Mr. Albert Chuang Ka Pun ("Mr. Albert Chuang")

   1,299,678 Beneficial owner 0.08

2. Interests in associated corporations

   1. Evergain Holdings Limited ("Evergain")

      Name of Director	Number of shares	Capacity	Percentage of shareholding
      Mr. Albert Chuang	1	Beneficial owner	10.00
      Mrs. Candy Kotewall Chuang Ka Wai ("Ms. Candy Chuang") Mr. Edwin Chuang Ka Fung	1 1	Beneficial owner Beneficial owner	10.00 10.00
      ("Mr. Edwin Chuang") Mr. Geoffrey Chuang Ka Kam	1	Beneficial owner	10.00
      ("Mr. Geoffrey Chuang")

      DIRECTORS' INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES (Continued) (b) Interests in associated corporations (Continued)

   2. Chuang's China Investments Limited ("Chuang's China")

Ms. Candy Chuang 1,255,004 Beneficial owner 0.05

Save as disclosed, during the period under review, none of the Directors and chief executive of the Company nor their spouses or children under 18 years of age were granted or had exercised any right to subscribe for any securities of the Company, its specified undertaking or any of its associated corporations.

Other than as disclosed herein, as at 30 September 2025, none of the Directors and chief executive of the Company had any interests or short positions in shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which had to be notified to the Company and the Stock Exchange pursuant to the provisions of Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have under such provisions of the SFO) or which were required, pursuant to Section 352 of Part XV of the SFO, to be entered in the register referred to therein or which were required, pursuant to the Model Code, to be notified to the Company and the Stock Exchange.

So far as is known to any Directors or chief executive of the Company and save as disclosed in the section headed "Directors' Interests and Short Positions in Shares, Underlying Shares and Debentures" above, as at 30 September 2025, the interests and short positions of person in the shares and underlying shares of the Company which would fall to be disclosed to the Company pursuant to the provisions of Divisions 2 and 3 of Part XV of the SFO or which were required, pursuant to Section 336 of Part XV of the SFO, to be entered in the register referred to therein were as follows:

Note 1: Such interests in the Company are owned by Evergain, a company which is 60% beneficially owned by Mr. Alan Chuang. Mr. Albert Chuang, Mr. Edwin Chuang, Ms. Candy Chuang and Mr. Geoffrey Chuang are directors and shareholders of Evergain.

Note 2: Such interests arose by attribution through her spouse, Mr. Alan Chuang, whose interests have been mentioned in Note 1 above.

Save as disclosed above, as at 30 September 2025, there was no other person who was recorded in the register of the Company as having interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO or which was required, pursuant to Section 336 of Part XV of the SFO, to be entered in the register referred to therein.

Mr. Albert Chuang took up both roles as the Chairman and the Chief Executive Officer, being the Chairman and the Managing Director of the Company. The roles of the chairman and the chief executive officer are not separated pursuant to Code

C.2.1 of the code provisions set out in the Corporate Governance Code ("CG Code"). However, the Board considers that this structure has the advantage of a strong and consistent leadership which is conducive to making and implementing decisions efficiently and consistently. Except as mentioned above, the Company has complied throughout the six months ended 30 September 2025 with the code provisions set out in the CG Code.

An audit committee has been established by the Company to review and supervise the Company's financial reporting process, risk management and internal controls and review the relationship with the auditor. The audit committee has held meetings in accordance with the relevant requirements. The Group's condensed consolidated interim financial information for the period ended 30 September 2025 has been reviewed by the audit committee of the Company and by the Company's independent auditor in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants. The current members of the audit committee are Mr. Abraham Shek Lai Him, Mr. Fong Shing Kwong and Mr. Andrew Fan Chun Wah, the Independent Non-Executive Directors of the Company.

The Company has also adopted the Model Code contained in Appendix C3 of the Listing Rules. Having made specific enquiries of all Directors of the Company, the Company received confirmations from all Directors that they have complied with the required standard as set out in the Model Code.

Changes in the information of Directors since the date of the 2025 annual report of the Company and up to the date of this report which are required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules are set out below:

Mr. Abraham Shek Lai Him resigned as an independent non-executive director of China Resources Building Materials Technology Holdings Limited with effect from 24 October 2025. The shares of this company are listed on the Stock Exchange.

During the year ended 31 March 2025, the Company and its indirect wholly-owned subsidiary had entered into a bank facility letter with a bank for a bank facility of HK$200 million. Pursuant to the terms of the facility letter, the Company and the subsidiary agreed and undertook to the bank to procure that Mr. Alan Chuang, the honorary chairman of the Company, or his family members shall maintain their status as the major beneficial shareholders of the Company and maintain control over the management and business of the Group.

The whole outstanding amount of about HK$192 million of the bank facility was repaid to the bank on 17 September 2025 upon the completion of the disposal of the abovementioned wholly-owned subsidiary. During the term of the bank facility up to 17 September 2025, Evergain was the controlling shareholder of the Company which owned approximately 56.77% of the total issued ordinary shares of the Company. Evergain was beneficially owned as to 60% by Mr. Alan Chuang, and 10% by each of Mr. Albert Chuang, Ms. Candy Chuang, Mr. Edwin Chuang and Mr. Geoffrey Chuang, each a family member of Mr. Alan Chuang and an executive director of the Company, and maintained control over the management and business of the Group.

As at the date of this report, the bank facility had been terminated and was no longer subsisting.

The Company has not redeemed any of its shares during the period. Neither the Company nor any of its subsidiaries has purchased or sold any of the Company's listed shares during the period.

On 2 September 2022, a share option scheme of the Company (the "Share Option Scheme") had been adopted and the share option scheme adopted by Chuang's China on 2 September 2022 (the "Chuang's China Scheme") had been approved respectively. Both the Share Option Scheme and the Chuang's China Scheme are for a period of 10 years expiring on 1 September 2032.

The purposes of the Share Option Scheme and the Chuang's China Scheme are to recognize the contribution of the eligible persons as defined in the respective schemes including, inter alia, any directors or employees of the Company and Chuang's China and their respective subsidiaries (the "Eligible Persons") to the growth of the Group and the Chuang's China group and to further motivate the Eligible Persons to continue to contribute to the respective group's long-term prosperity. No options have been granted under the Share Option Scheme and the Chuang's China Scheme since their adoption or approval.

The Group puts emphasis on training and cultivating elite talent. We are committed to providing a dynamic and enthusiastic working atmosphere and increase hiring talents of all fields. As at 30 September 2025, the Group (excluding Chuang's China group) employed 110 staff and the Chuang's China group employed 69 staff. The Group provides its staff with other benefits including discretionary bonus, double pay, contributory provident fund, share options and medical insurance. Staff training is also provided as and when required.

By order of the Board of

Chairman and Managing Director

Hong Kong, 27 November 2025