Announcement • May 30
Crocodile Garments Limited Approves Board and Committee Changes Crocodile Garments Limited at its Annual General Meeting Held on 27 May 2026 elected Mr. Tsang Wing Pong as an Executive Director and Ms. Lam Wai Kei, Vicky as a Non-executive Director. The Company announced that Mr. Tsang, who is the Chief Financial Officer of the Company, has been appointed as an Executive Director at the AGM and appointed as member of the Executive Committee with effect from 27 May 2026. Mr. Tsang Wing Pong, aged 40, joined the Company in April 2022 and has been appointed as the Chief Financial Officer since August 2024. Mr. Tsang has been appointed as an Executive Director of the Company and a member of the Executive Committee of the Company on 27 May 2026. He is a director of a subsidiary of the Company. Mr. Tsang has accumulated over 17 years of experience in accounting, finance management and corporate finance through his work with publicly listed companies and a global accounting firm. Prior to joining the Company, from April 2017 to March 2022, Mr. Tsang worked at Television Broadcasts Limited, where he last served as Assistant Group Financial Controller. From February 2015 to April 2017, he served for the role of Financial Controller at Baofeng Modern International Holdings Co. Ltd. (‘Baofeng’) (currently known as Golden Solar New Energy Technology Holdings Limited). Additionally, he held the position of Company Secretary of Baofeng from January 2016 to April 2017. Earlier in his career, he was with KPMG from July 2008 to February 2015. Mr. Tsang is a member of the Hong Kong Institute of Certified Public Accountants. He obtained a Bachelor of Business Administration degree in Professional Accountancy from The Chinese University of Hong Kong in 2008. Ms. Lam Wai Kei Vicky, aged 53, has extensive experience in real estate asset management, acquisitions, financial management, and joint venture structuring across Hong Kong, Mainland China, Japan and the United States. Ms. Vicky Lam holds a Bachelor of Science in Business Administration (Finance) and a Bachelor of Architecture from the University of Southern California in US, and an Executive Master Business Administration Degree from INSEAD-Tsinghua EMBA in France and China. She also holds a certificate in Project Management from New York University and an Advanced Management Program in Real Estate Degree from Harvard University. Ms. Vicky Lam was an Alternate Director to the late Madam Lai Yuen Fong in Lai Sun Garments (International) Limited, between September 2001 and March 2009. Ms. Vicky Lam is the Chief Operating Officer (Property) of a subsidiary of the Company (‘Subsidiary’) and has joined the Group since 2004. She has overseen major development projects including Headquarters and Office Tower of the Company in Hong Kong, Tianhe Entertainment Plaza in Guangzhou, a 250-acre logistics center in Zhongshan, and a joint venture in serviced apartments. She has also led the expansion of retail and franchise operations of the Company in Hong Kong, Mainland China, and Macau, as well as the rollout of retail chains in Mainland China. She holds directorships in a number of the subsidiaries and associates of the Company. Prior to joining the Group, Ms. Vicky Lam had worked with Skidmore, Owings & Merrill LLP and DMJM Engineers & Architects in New York, USA. Ms. Vicky Lam is a member of Chinese People's Political Consultative Conference (Hunan and Haidian Beijing). She serves as a Director and Secretary of the Hong Kong Chinese Women's Club, a School Supervisor of Hong Kong Chinese Women's Club College, a Patron of M+ Museum, and an Ambassador for Hong Kong Design Trust. She also serves as a member of the Hong Kong United Youth Association, Chamber of Hong Kong Listed Companies and Federation of Hong Kong Industries. She is also a member of American Institute of Architects and Urban Land Institute of the US. The Company announced that Mr. Matthew Lam retired as an Executive Director at the close of the AGM on 27 May 2026 and to devote more time to his other commitments. Mr. Matthew Lam was appointed as a Director since 1999. Reported Earnings • Apr 29
Full year 2025 earnings released: HK$1.47 loss per share (vs HK$0.50 loss in FY 2024) Full year 2025 results: HK$1.47 loss per share (further deteriorated from HK$0.50 loss in FY 2024). Revenue: HK$92.3m (down 5.0% from FY 2024). Net loss: HK$108.0m (loss widened 207% from FY 2024). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. New Risk • Mar 26
New major risk - Revenue and earnings growth Earnings have declined by 2.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.1% per year over the past 5 years. Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Minor Risk Market cap is less than US$100m (HK$151.1m market cap, or US$19.3m). 
