19. An issuer shall disclose information about:

(a) the governance body(s) (which can include a board, committee or equivalent body charged with governance) or individual(s) responsible for oversight of climate-related risks and opportunities. Specifically, the issuer shall identify that body(s) or individual(s) and disclose information about:

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Climate- and Nature-related Financial Disclosures

Performance (Economic)

Annual Report 2025 – Corporate Governance

Annual Report 2025 – Risk Management

Corporate website – Terms of Reference for Environmental, Social and Governance Steering Committee

Corporate website – Climate Change Policy

(i) how the body(s) or individual(s) determines whether appropriate skills and competencies are available or will be developed to oversee strategies designed to respond to climate-related risks and opportunities;

Climate- and Nature-related Financial Disclosures

Annual Report 2025 – Corporate Governance

(ii) how and how often the body(s) or individual(s) is informed about climate-related risks and opportunities;

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Climate- and Nature-related Financial Disclosures

(iii) how the body(s) or individual(s) takes into account climate-related risks and opportunities when overseeing the issuer’s strategy, its decisions on major transactions, and its risk management processes and related policies, including whether the body(s) or individual(s) has considered trade-offs associated with those risks and opportunities;

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Climate- and Nature-related Financial Disclosures

Performance (Economic)

(iv) how the body(s) or individual(s) oversees the setting of, and monitors progress towards, targets related to climate-related risks and opportunities, including whether and how related performance metrics are included in remuneration policies; and

SD Governance

Performance (Environment)

Climate- and Nature-related Financial Disclosures

Performance (Economic)

Corporate website – Terms of Reference for Environmental, Social and Governance Steering Committee

Corporate website – Terms of Reference for Remuneration Committee

Corporate website – Remuneration Policy

(i) whether the role is delegated to a specific management-level position or management-level committee and how oversight is exercised over that position or committee; and

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Climate- and Nature-related Financial Disclosures

Performance (Economic)

Annual Report 2025 – Risk Management

(ii) whether management uses controls and procedures to support the oversight of climate-related risks and opportunities and, if so, how these controls and procedures are integrated with other internal functions.

SD Governance

Climate- and Nature-related Financial Disclosures

Performance (Economic)

Annual Report 2025 – Risk Management

(a) describe climate-related risks and opportunities that could reasonably be expected to affect the issuer’s cash flows, its access to finance or cost of capital over the short, medium or long term;

Climate- and Nature-related Financial Disclosures

Performance (Economic)

Annual Report 2025 – Risk Management

(b) explain, for each climate-related risk the issuer has identified, whether the issuer considers the risk to be a climate-related physical risk or climate-related transition risk;

(c) specify, for each climate-related risk and opportunity the issuer has identified, over which time horizons – short, medium or long term – the effects of each climate-related risk and opportunity could reasonably be expected to occur; and

(d) explain how the issuer defines ‘short term’, ‘medium term’ and ‘long term’ and how these definitions are linked to the planning horizons used by the issuer for strategic decision-making.

(a) a description of the current and anticipated effects of climate-related risks and opportunities on the issuer’s business model and value chain; and

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Performance (Environment)

Climate- and Nature-related Financial Disclosures

Performance (Economic)

(b) a description of where in the issuer’s business model and value chain climate-related risks and opportunities are concentrated (for example, geographical areas, facilities and types of assets).

(a) information about how the issuer has responded to, and plans to respond to, climate-related risks and opportunities in its strategy and decision-making, including how the issuer plans to achieve any climate-related targets it has set and any targets it is required to meet by law or regulation. Specifically, the issuer shall disclose information about:

(i) current and anticipated changes to the issuer’s business model, including its resource allocation, to address climate-related risks and opportunities;

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Performance (Environment)

Climate- and Nature-related Financial Disclosures

Performance (Economic)

Annual Report 2025 – Key Business Strategies

Annual Report 2025 – Risk Management

(ii) current and anticipated adaptation and mitigation efforts (whether direct or indirect);

(iii) any climate-related transition plan the issuer has (including information about key assumptions used in developing its transition plan, and dependencies on which the issuer’s transition plan relies), or an appropriate negative statement where the issuer does not have a climate-related transition plan; and

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Partners

Performance (Environment)

Climate- and Nature-related Financial Disclosures

Performance (Economic)

(iv) how the issuer plans to achieve any climate-related targets (including any greenhouse gas emissions targets (if any)), described in accordance with paragraphs 37 to 40 of the HKEX ESG Reporting Code; and

(b) information about how the issuer is resourcing, and plans to resource, the activities disclosed in accordance with paragraph 22(a) of the HKEX ESG Reporting Code.

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Partners

Performance (Environment)

Climate- and Nature-related Financial Disclosures

Performance (Economic)

23. An issuer shall disclose information about the progress of plans disclosed in previous reporting periods in accordance with paragraph 22(a) of the HKEX ESG Reporting Code.

24. An issuer shall disclose qualitative and quantitative information about:

(a) how climate-related risks and opportunities have affected its financial position, financial performance and cash flows for the reporting period; and

Climate- and Nature-related Financial Disclosures

Performance (Economic)

(b) the climate-related risks and opportunities identified in paragraph 24(a) of the HKEX ESG Reporting Code for which there is a significant risk of a material adjustment within the next annual reporting period to the carrying amounts of assets and liabilities reported in the related financial statements.

25. The issuer shall provide qualitative and quantitative disclosures about:

(a) how the issuer expects its financial position to change over the short, medium and long term, given its strategy to manage climate-related risks and opportunities, taking into consideration:

(i) its investment and disposal plans; and

Climate- and Nature-related Financial Disclosures

Performance (Economic)

Annual Report 2025 – Key Business Strategies

Annual Report 2025 – Management Discussion & Analysis

(ii) its planned sources of funding to implement its strategy; and

(b) how the issuer expects its financial performance and cash flows to change over the short, medium and long term, given its strategy to manage climate-related risks and opportunities.

Climate- and Nature-related Financial Disclosures

26. An issuer shall disclose information that enables an understanding of the resilience of the issuer’s strategy and business model to climate-related changes, developments and uncertainties, taking into consideration the issuer’s identified climate-related risks and opportunities. An issuer shall use climate-related scenario analysis to assess its climate resilience using an approach that is commensurate with an issuer’s circumstances. In providing quantitative information, the issuer may disclose a single amount or a range. Specifically, the issuer shall disclose:

(a) the issuer’s assessment of its climate resilience as at the reporting date, which shall enable an understanding of:

(i) the implications, if any, of the issuer’s assessment for its strategy and business model, including how the issuer would need to respond to the effects identified in the climate-related scenario analysis;

Performance (Environment)

Climate- and Nature-related Financial Disclosures

(ii) the significant areas of uncertainty considered in the issuer’s assessment of its climate resilience; and

Climate- and Nature-related Financial Disclosures

(iii) the issuer’s capacity to adjust, or adapt its strategy and business model to climate change over the short, medium or long term;

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Partners

Performance (Environment)

Climate- and Nature-related Financial Disclosures

Annual Report 2025 – Management Discussion & Analysis

(b) how and when the climate-related scenario analysis was carried out, including:

(i) information about the inputs used, including:

Climate- and Nature-related Financial Disclosures

(ii) the key assumptions the issuer made in the analysis; and

Performance (Environment)

Climate- and Nature-related Financial Disclosures

(iii) the reporting period in which the climate-related scenario analysis was carried out.

Climate- and Nature-related Financial Disclosures

27. An issuer shall disclose information about:

(a) the processes and related policies it uses to identify, assess, prioritise and monitor climate-related risks, including information about:

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Climate- and Nature-related Financial Disclosures

Performance (Economic)

Annual Report 2025 – Risk Management

(i) the inputs and parameters the issuer uses (for example, information about data sources and the scope of operations covered in the processes);

(ii) whether and how the issuer uses climate-related scenario analysis to inform its identification of climate-related risks;

(iii) how the issuer assesses the nature, likelihood and magnitude of the effects of those risks (for example, whether the issuer considers qualitative factors, quantitative thresholds or other criteria);

(iv) whether and how the issuer prioritises climate-related risks relative to other types of risks;

(v) how the issuer monitors climate-related risks; and

(vi) whether and how the issuer has changed the processes it uses compared with the previous reporting period;

(b) the processes the issuer uses to identify, assess, prioritise and monitor climate related opportunities (including information about whether and how the issuer uses climate-related scenario analysis to inform its identification of climate-related opportunities); and

(c) the extent to which, and how, the processes for identifying, assessing, prioritising and monitoring climate-related risks and opportunities are integrated into and inform the issuer’s overall risk management process.

28. An issuer shall disclose its absolute gross greenhouse gas emissions generated during the reporting period, expressed as metric tons of CO₂ equivalent, classified as:

(a) Scope 1 greenhouse gas emissions;

Performance (Environment)

ESG Reporting Standards and Principles

Performance Data Summary

(b) Scope 2 greenhouse gas emissions; and

(c) Scope 3 greenhouse gas emissions.

29. An issuer shall:

(a) measure its greenhouse gas emissions in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) unless required by a jurisdictional authority or another exchange on which the issuer is listed to use a different method for measuring greenhouse gas emissions;

Performance Data Summary

(b) disclose the approach it uses to measure its greenhouse gas emissions including:

(i) the measurement approach, inputs and assumptions the issuer uses to measure its greenhouse gas emissions;

ESG Reporting Standards and Principles

Performance Data Summary

(ii) the reason why the issuer has chosen the measurement approach, inputs and assumptions it uses to measure its greenhouse gas emissions; and

(iii) any changes the issuer made to the measurement approach, inputs and assumptions during the reporting period and the reasons for those changes;

(c) for Scope 2 greenhouse gas emissions disclosed in accordance with paragraph 28(b) of the HKEX ESG Reporting Code, disclose its location-based Scope 2 greenhouse gas emissions, and provide information about any contractual instruments that is necessary to enable an understanding of the issuer’s Scope 2 greenhouse gas emissions; and

Performance (Environment)

Performance Data Summary

(d) for Scope 3 greenhouse gas emissions disclosed in accordance with paragraph 28(c) of the HKEX ESG Reporting Code, disclose the categories included within the issuer’s measure of Scope 3 greenhouse gas emissions, in accordance with the Scope 3 categories described in the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2011).

Performance (Environment)

Performance Data Summary

30. An issuer shall disclose the amount and percentage of assets or business activities vulnerable to climate-related transition risks.

Climate- and Nature-related Financial Disclosures

31. An issuer shall disclose the amount and percentage of assets or business activities vulnerable to climate-related physical risks.

Climate- and Nature-related Financial Disclosures

32. An issuer shall disclose the amount and percentage of assets or business activities aligned with climate-related opportunities.

Climate- and Nature-related Financial Disclosures

33. An issuer shall disclose the amount of capital expenditure, financing or investment deployed towards climate-related risks and opportunities.

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Climate- and Nature-related Financial Disclosures

Performance (Economic)

34. An issuer shall disclose:

(a) an explanation of whether and how the issuer is applying a carbon price in decision making (for example, investment decisions, transfer pricing, and scenario analysis); and

SD Governance

Climate- and Nature-related Financial Disclosures

(b) the price of each metric tonne of greenhouse gas emissions the issuer uses to assess the costs of its greenhouse gas emissions; or an appropriate negative statement that the issuer does not apply a carbon price in decision-making.

35. An issuer shall disclose whether and how climate-related considerations are factored into remuneration policy, or an appropriate negative statement.

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Performance (Economic)

Corporate website - Remuneration Policy

Annual Report 2025 – Corporate Governance – Remuneration Committee

36. An issuer is encouraged to disclose industry-based metrics that are associated with one or more particular business models, activities or other common features that characterise participation in an industry.

See below table.

(a) the metric used to set the target;

Partners

Performance (Environment)

Climate- and Nature-related Financial Disclosures

Performance (Economic)

(b) the objective of the target (for example, mitigation, adaptation or conformance with science-based initiatives);

(c) the part of the issuer to which the target applies (for example, whether the target applies to the issuer in its entirety or only a part of the issuer, such as a specific business unit or geographic region);

(d) the period over which the target applies;

Performance Data Summary

Assurance Report

(e) the base period from which progress is measured;

(f) milestones or interim targets (if any);

(g) if the target is quantitative, whether the target is an absolute target or an intensity target; and

(h) how the latest international agreement on climate change, including jurisdictional commitments that arise from that agreement, has informed the target.

38. An issuer shall disclose information about its approach to setting and reviewing each target, and how it monitors progress against each target, including:

(a) whether the target and the methodology for setting the target has been validated by a third party;

Partners

Performance (Environment)

Climate- and Nature-related Financial Disclosures

Performance (Economic)

Performance Data Summary

Assurance Report

(b) the issuer’s processes for reviewing the target;

(c) the metrics used to monitor progress towards reaching the target; and

(d) any revisions to the target and an explanation for those revisions.

39. An issuer shall disclose information about its performance against each climate-related target and an analysis of trends or changes in the issuer’s performance.

Performance (Environment)

Climate- and Nature-related Financial Disclosures

Performance Data Summary

Assurance Report

40. For each greenhouse gas emissions target disclosed in accordance with paragraphs 37 to 39 of the HKEX ESG Reporting Code, an issuer shall disclose:

Performance (Environment)

Climate- and Nature-related Financial Disclosures

Performance Data Summary

Assurance Report

(a) which greenhouse gases are covered by the target;

(b) whether Scope 1, Scope 2 or Scope 3 greenhouse gas emissions are covered by the target;

(c) whether the target is a gross greenhouse gas emissions target or a net greenhouse gas emissions target. If the issuer discloses a net greenhouse gas emissions target, the issuer is also required to separately disclose its associated gross greenhouse gas emissions target;

(d) whether the target was derived using a sectoral decarbonisation approach; and

(e) the issuer’s planned use of carbon credits to offset greenhouse gas emissions to achieve any net greenhouse gas emissions target. In explaining its planned use of carbon credits, the issuer shall disclose:

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Performance (Environment)

Climate- and Nature-related Financial Disclosures

Corporate website – Climate Change Policy

(i) the extent to which, and how, achieving any net greenhouse gas emissions target relies on the use of carbon credits;

(ii) which third-party scheme(s) will verify or certify the carbon credits;

(iii) the type of carbon credit, including whether the underlying offset will be nature-based or based on technological carbon removals, and whether the underlying offset is achieved through carbon reduction or removal; and

(iv) any other factors necessary to enable an understanding of the credibility and integrity of the carbon credits the issuer plans to use (for example, assumptions regarding the permanence of the carbon offset).