Annual Report 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 156 China Merchants China Direct Investments Limited Annual Report 2025 25. NET ASSET VALUE PER SHARE The calculation of the net asset value per share at the end of the reporting period is based on the net assets of US$834,654,212 (2024: US$647,377,905) and 152,333,013 ordinary shares (2024: 152,333,013 ordinary shares) with no par value in issue at 31 December 2025. 26. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. Dividend payable US$ At 1 January 2024 — Dividends declared 18,279,962 Financing cash flow (18,279,962) At 31 December 2024 — At 1 January 2025 — Dividends declared 18,279,962 Financing cash flow (18,279,962) At 31 December 2025 —