Annual Report 2025

DIRECTORS’ REPORT (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2025 49 DISTRIBUTABLE RESERVES OF THE COMPANY AND DIVIDEND POLICY (CONTINUED) In consideration of maintaining a balance between investing for business growth and sharing the investment results with our shareholders, the Company intends to, under normal circumstances, adopt a relatively stable dividend policy and the dividends will be paid out in cash once a year, usually in the form of final dividends payable in July in each year. The Directors may also from time to time declare interim dividends as they see justified by the profits of the Company. In addition, the Company will give due consideration, including status of the investment portfolio, investment opportunities, commitments, etc., to the distribution of a special dividend upon receiving a satisfactory return from the realisation of its investments. ISSUED SHARES Details of movements during the year in the issued shares of the Company are set out in note 23 to the consolidated financial statements. EMOLUMENT POLICY The emoluments of the Directors of the Company are fixed by the Board of Directors with the authorisation by the shareholders meeting. PURCHASE, SALE OR REDEMPTION OF SHARES OF THE COMPANY During the year, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s shares. DIRECTORS The Directors of the Company during the year and up to the date of this report were: Mr. ZHOU Xing* (Chairman) Ms. YAO Wang* (Appointed on 20 June 2025) Mr. WANG Xiaoding # Ms. KAN Ka Yee, Elizabeth # Mr. KE Shifeng* Mr. ZOU Chuan* (Appointed on 11 September 2025) Mr. TSANG Wah Kwong** Dr. LI Fang** Dr. GONG Shaolin** Mr. Michael Charles VITERI** Mr. ZHU Qi** Mr. ZHANG Rizhong* (Resigned on 20 June 2025) Mr. TSE Yue Kit* (Resigned on 30 September 2025) # Executive Directors * Non-executive Directors ** Independent Non-executive Directors As at the date of this report, in accordance with Article 101 and Article 105 of the Articles of Association of the Company, Ms. YAO Wang, Mr. KE Shifeng, Mr. ZOU Chuan, Dr. LI Fang, Dr. GONG Shaolin and Mr. Michael Charles VITERI retire and, being eligible, offer themselves for re-election at the forthcoming annual general meeting. The Company has received annual confirmation from each of the Independent Non-executive Directors as regards their independence pursuant to Rule 3.13 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”) and considers that each of the Independent Non-executive Directors is independent to the Company.