DEAR SHAREHOLDERS

Time races forward, and we have journeyed together once again. Over the past year, the market conditions have been complex and volatile, with challenges emerging at every turn. Whether it was the dynamic changes in consumer demand or the intensifying tirelessly – you are the key force that enables us to weather the storms. New World will industry competition, these constant changes continuously tested our adaptability and business acumen, requiring careful consideration with every step forward. Amid the turbulence, we have consistently upheld the tenacious spirit of perseverance exemplified by the Lion Rock, standing united to navigate the storms and sail forward. In June 2025, New World successfully completed a refinancing of HK$88.2 billion. As we navigate this period, we extend our heartfelt gratitude to our partner banks for their tremendous support and profound trust. We also extend our sincerest appreciation to every colleague who has worked hold this gratitude close to its heart. 

The tides of change are beyond one’s control, so how should we navigate the currents? In the face of complexity and constant change, resilience has become New World’s solid foundation, enabling us to withstand turbulence and transcend cycles. With strategic resolve, we determine our direction, gather strength in the face of adversity, and adapt flexibly to overcome hurdles, always maintaining the vitality to evolve with the times. 

High-quality residential properties are the perfect embodiment of New World’s resilient DNA. We uncompromisingly pursue excellence, maintaining consistently high standards amid a constantly evolving market, and continuously innovating to meet ever rising expectations. Regardless of market fluctuations, we have earned market recognition by building high quality residences with outstanding design, exquisite craftsmanship and thoughtful details. From the Pavilia series in Hong Kong to benchmark projects in the Greater Bay Area, our high-quality products have successfully established a distinct brand identity through forward-looking site selection, aesthetic innovation and sustainability features. This has reinforced our robust reputation in the market, affirming the market principle that “exceptional products are always scarce”. 

In an era fraught with challenges and uncertainties, New World has remained committed to its core objective of pursuing high-quality development. By continuously enhancing both product excellence and brand value, the Group boasts a series of landmark urban developments. From the international waterfront retail landmark K11 MUSEA in Hong Kong to the latest masterpieces such as K11 ECOAST in Shenzhen’s Prince Bay and K11 ELYSEA in Shanghai, each project embodies a profound understanding of the urban pulse. They are designed with the promise of resilience, supporting businesses through industry cycles and market fluctuations. 

As we set sail on this new journey, we thank you all once again for standing with New World through thick and thin. Going forward, we will advance with unwavering conviction and determined effort to continuously create long-term value for society, shareholders, and stakeholders. 
 

Dr. Cheng Kar-Shun, Henry
Chairman
Hong Kong, China, 26 September 2025