民生国际2024年报

Annual Report CONTENTS OVERVIEW 246823275784 Corporate InformationFinancial HighlightsChairman’s StatementManagement Discussion and AnalysisProfile of Directors and Senior ManagementCorporate Governance ReportEnvironmental, Social and Governance ReportReport of the Directors FINANCIAL SECTION 101106107108110112114231232 Independent Auditor’s ReportConsolidated Statement of Profit or LossConsolidated Statement of Profit or Loss and Other Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsFive-Year Financial SummaryPrincipal Properties CORPORATE INFORMATION BOARD OF DIRECTORSExecutive DirectorsMr. Hu Xingrong(Chairman)Mr. Huang XiaohaiMr. Jin JiangguiMr. Li Zhenyu Independent Non-Executive Directors Ms. Pau Yee LingMr. Wong Kwan KitMr. Yuen Hoi Po AUDIT COMMITTEE Mr. Wong Kwan Kit(Chairman)Ms. Pau Yee LingMr. Yuen Hoi Po REMUNERATION COMMITTEE Ms. Pau Yee Ling(Chairman)Mr. Hu XingrongMr. Huang XiaohaiMr. Wong Kwan KitMr. Yuen Hoi Po NOMINATION COMMITTEE Mr. Hu Xingrong(Chairman)Mr. Huang XiaohaiMs. Pau Yee LingMr. Wong Kwan KitMr. Yuen Hoi Po ACG, HKACG(PE) COMPANY SECRETARYMs. Ho Wing YanACG, HKACG(PE) AUTHORISED REPRESENTATIVESMr. Huang XiaohaiMs. Ho Wing Yan AUDITORCCTH CPA Limited LEGAL ADVISERS As to Hong Kong lawONC Lawyers Conyers Dill & Pearman 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 REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Secretaries Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 938 LISTING INFORMATIONThe 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 8714 14/F, Teda Building87 Wing Lok StreetSheung Wan, Hong Kong COMPANY WEBSITEwww.msil.com.hk www.msil.com.hk ir@msil.com.hk INVESTOR RELATIONSEmail: ir@msil.com.hk FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT TO OUR SHAREHOLDERS 20243 312024 On behalf of the board (the “Board”) of directors (the“Directors”) of Man Sang International Limited (the “Company”),I am pleased to present the financial results of the Companyand its subsidiaries (collectively the “Group”) for the yearended 31 March 2024 (“FY24”). PERFORMANCE 2024 During FY24, the Group continues to focus on propertydevelopment, sales and leasing of properties business,property management business and renovation and decorationbusiness in the People’s Republic of China (the “PRC”) andhotel and golf club operation business in Japan. 2024 Looking back in FY24, the PRC real estate market wassluggish amid the high interest rate environment, worseningdomestic economy and fluctuating capital market. Consumer’sconfidence remain weak during the period and they hesitatedto enter the real estate market, which adversely affected ourbusiness performance in the PRC. Our revenue growth forhotel and golf club operation in Japan remained stable asJapan was experiencing inbound tourists boom. 20233 312023137,100,00010,400,0007.60%2024126,700,000 Overall, the Group’s revenue decreased by approximatelyHK$10.4 million or 7.60% from approximately HK$137.1m i l l i o n f o r t h e y e a r e n d e d 31 M a rc h 2023 (“ F Y23” ) t oapproximately HK$126.7 million in FY24. 2024551,800,0002023482,900,0002024 The loss attributable to equity holders of the Company in FY24amounted to approximately HK$551.8 million as compared toapproximately HK$482.9 million in FY23. The increase in lossattributable to equity holders of the Company was mainly dueto additional impairment losses on our property in Chongqing,offsetting by the decrease in finance costs in FY24. PROSPECTS Looking forward, the PRC government has implementednew fiscal and monetary policies to boost the domestic realestate market, such as certain favorable property marketregulations, and facilitating domestic real estate financing.Although these new measures will take time to turnaroundthe real estate market in the PRC, we are optimistic about thelong-term development of first-tier cities in the PRC and weare expecting gradual restoration of customer confidence andmodest price rebound in the short and medium run. We areexpecting the year ahead will be challenging to our Chongqingbusiness. Our property management business and renovationand decoration business will leverage on their solid foundationand actively seek new business opportunities. Due to relativelysmall scale of operations and geographical factor, we areexpecting the