Shin Hwa World Limited reported FY2025 revenue of HK$0.97 billion, down 10 % from HK$1.07 billion a year earlier, mainly reflecting a 45.2 % slide in gaming revenue to HK$115.21 million. Non-gaming revenue (hotels, theme parks, MICE, retail and rentals) was largely stable at HK$851.70 million.

The group’s net loss attributable to shareholders narrowed to HK$0.34 billion from HK$0.49 billion in FY2024. Key drivers included: • Amortisation and depreciation cut to HK$185.74 million (-17.3 %). • Other operating expenses trimmed by 16.3 % to HK$436.34 million. • Net fair-value gains on investment properties of HK$24.02 million versus a HK$39.10 million loss last year. • Net impairment write-backs of HK$3.80 million against a HK$11.04 million charge in FY2024.

SEGMENT PERFORMANCE • Integrated Resort Development: Revenue rose 1.9 % to HK$769.04 million; segment loss reduced to HK$68.69 million (FY2024: HK$215.59 million). • Gaming Business: Revenue fell to HK$115.21 million (FY2024: HK$210.28 million) amid lower rolling and non-rolling volumes; segment loss widened slightly to HK$156.65 million. • Property Development: Revenue slipped 24.2 % to HK$82.66 million, but segment profit improved to HK$30.63 million (FY2024: HK$18.45 million) on cost control and fair-value gains.

FINANCIAL POSITION Total assets grew 1 % to HK$7.84 billion, while total liabilities declined 9.4 % to HK$1.40 billion, cutting the gearing ratio to 17.9 % (FY2024: 19.6 %). Net assets rose to HK$6.44 billion. Refinancing in April 2025 shifted most bank borrowings to non-current, boosting the current ratio to 2.27 from 0.53. Cash and cash equivalents stood at HK$141.02 million, and total interest-bearing debt was HK$1.08 billion.

CAPITAL ACTIVITIES • July 2025 placement: 304.29 million new shares raised HK$35.91 million gross (net HK$35.43 million). • November 2025 rights issue: 1.83 billion new shares raised HK$182.57 million gross (net HK$178.75 million). • Bond financing: HK$27 million 6 % bond issued in November 2024 remains outstanding; HK$50 million 8 % bond issued in April 2025 was fully redeemed in December 2025.

CASH INCIDENT UPDATE Funds of KRW12.64 billion (HK$68.25 million) seized by South Korean authorities in relation to the January 2021 cash incident were returned to the group in February 2026. A remaining KRW10.15 billion (HK$54.80 million) is classified as restricted cash pending conclusion of ongoing legal proceedings.

DIVIDEND The board recommended no final dividend for FY2025 (FY2024: Nil).

OUTLOOK Management targets further development of non-gaming attractions at Jeju Shinhwa World, continued facility upgrades and ongoing monitoring of market conditions for potential property development. The group remains cautious amid global macroeconomic and geopolitical uncertainties.