Shamsul Bin Ahmad
CEO, President & Non-Independent Executive Director

[Audio Gap]

In this segment. And correspondingly, load utilization has accelerated substantially, rising from 845 megawatts in March 2025 to 1,054 megawatts in March 2026, indicating a steady, robust and highly predictable ramp-up of operational capacity.

Next. In terms of sales contribution, shopping malls, businesses and accommodation services accounted for 18% of total units sold, while other subsectors contributed 15%. Data centers currently accounted for 6% of our total sales in the first quarter of 2026.

And we are honored to have received a partnership — the partnership and ecosystem collaboration team award at the Data Center Cloud Infrastructure Summit 2026, reinforcing our role as a key enabler of Malaysia’s digital and data center ecosystem through our Green Lane pathway initiative.

Ladies and gentlemen, turning to our technical performance. Our sustained operational execution throughout the quarter continues to underpin our earnings resilience, providing a robust foundation for the group’s overall performance. On generation side, the EAF factor, equivalent plant availability factor has improved significantly to 91.4% versus 82% last year, reflecting a stronger plant reliability and operational performance across our generation portfolio.

Our network performance continued to remain at a world-class level. Our transmission system minutes remained

Operator

Hello, everyone, and thank you for standing by. Welcome to MINISO March Quarter 2026 Earnings Results Presentation.

[Operator Instructions]

Please also be reminded the event will be recorded. We provide you English simultaneous translation for this call. Please select your preferred language by clicking interpretation in the Zoom meeting. We released our Q1 2026 results earlier this [ year ]. Please help to refer to our IR website. Joining us here today are Mr. Jack Ye, our Founder and CEO; and Mr. Eason Zhang.

Right before we begin, please refer to the safe harbor statement in our earnings press release, which also apply for this call as we will be making forward-looking statements. Please also note that we are discussing non-IFRS financial measures. Those measures are explained and reconciled to the most comparable measures reported under IFRS and also in our filings with SEC and Hong Kong Stock Exchange.

Unless otherwise stated, all figures are in RMB. We have already prepared a slide deck for financial and operating highlights for today’s call. If you are joining through Zoom, you will see the slide now. You can also refer to our IR website after the call.

Now let me just turn the call to Mr. Jack Ye.

Every growing SME hits the same question sooner or later: do you buy the company car outright, or do you lease it? It sounds simple enough, but the answer depends on where your business is right now, how much spare capital you’re sitting on, and how you want your balance sheet to look in 12 months.

Get it wrong and you’ll either tie up cash you badly need or commit to monthly payments that don’t suit how your team actually uses vehicles. There’s a real case for leasing, and there’s a real case for buying. Let’s see how the two stack up where it matters most, so you can make the right call for your business.

What Buying Outright Actually Costs an SME

The Sticker Price

When you buy a car for the business, the sticker price is only the beginning. A mid-range saloon suitable for client visits and motorway miles will set you back somewhere around £30,000 to £40,000. That’s cash leaving the business on day one, and it’s cash you can’t use for stock, hiring, or marketing.

Depreciation

Then there’s depreciation. Most new cars lose roughly 15% to 30% of their value in the first year alone, and that rate doesn’t slow down much in year two. After three years, you could be looking at a vehicle worth 40% to 50% less than you paid for it.

If you’re an SME watching every pound, that’s a significant hidden cost that won’t show up on the invoice but will absolutely show up when you try to sell the car.

How Does Tax Factor Into It?

From a tax perspective, cars don’t qualify for the Annual Investment Allowance (AIA). However, if you buy a new and unused electric car or car with zero CO2 emissions before April 2027, you can claim 100% first year allowances, letting you deduct the full purchase price in the year you buy.

For other vehicles, capital allowances may be available depending on the type of car and its CO2 emissions. The rules can vary, so it’s worth checking the government’s guidance on capital allowances for business cars or speaking to your accountant.

How a Business Car Lease Works in Practice

With a business car lease, you’re paying for the use of the vehicle over an agreed term, typically between 24 and 48 months. You’ll put down an initial rental, which can be as low as only one month’s payment, and then pay a fixed amount each month until the contract ends. At the end, you simply hand the car back.

The monthly cost covers depreciation and finance charges, but because you never own the vehicle, you don’t carry the depreciation risk yourself. If the used car market drops, that’s the leasing company’s problem. Your cost stays exactly the same from month one to the final payment.

For VAT-registered businesses, there can be a benefit on lease rentals. Most companies who lease a qualifying car for business purposes can usually recover 50% of the VAT charged.

Cash Flow: Where Most SMEs Feel the Difference

This is where the comparison gets real. An SME with £35,000 in the bank could spend it on one car, or it could lease the same model for around £400 to £500 per month (depending on the car and contract terms) and keep that capital working.

Put differently, the initial rental on a lease might be £1,500 to £2,000. Compare that to paying the full purchase price and the difference is stark. That freed-up capital can go towards a new hire, a marketing push, or simply sitting in a reserve fund for quieter months. For businesses at a growth stage, liquid cash is often worth far more than an asset that loses value the moment it’s driven off the forecourt.

A Quick Side-by-Side

• Upfront cost: Buying outright requires the full purchase price. Leasing requires an initial rental, typically ranging from one to twelve months’ worth of payments.
• Depreciation risk: Falls on you when you buy. Falls on the leasing company when you lease.
• VAT recovery: Usually limited to nil on a purchased car with private use. For VAT-registered businesses, usually up to 50% of the VAT on lease rentals may be recoverable, as noted above.
• Mileage flexibility: Unlimited when you own the car. Capped within your lease contract.
• End of term: With an outright purchase, you sell the car (and absorb any shortfall) or trade in. With a lease, you hand the leased car back and choose your next vehicle.

Points to Remember

A business that runs high-mileage vehicles and wants long-term ownership may find buying works well over time, though this will depend on the specific deal, maintenance costs, and how the vehicle holds its value.

That said, there’s no single correct answer. For most UK SMEs at a growth stage, leasing can offer a more predictable and cash-flow-friendly route to putting the right vehicles on the road. It removes the depreciation gamble and keeps capital where it’s needed most. The key is to match the funding route to where your business actually is right now, not where a brochure tells you it should be.

Important note: This article should not be considered tax advice. It’s important to speak to your accountant to understand exactly how this applies to your business.

BP abruptly removed Chairman Albert Manifold on Tuesday, citing “serious concerns” tied to governance, oversight and conduct issues, sending shares lower and deepening uncertainty at the oil giant.

The company said Manifold, who had served as chairman for just eight months, was removed effective immediately after the board unanimously concluded he should no longer remain in the role.

“This follows serious concerns raised to the board related to important governance standards, oversight and conduct,” BP said in a statement, without providing additional details.

The surprise ouster rattled investors. BP shares plunged nearly 10% in London trading and were briefly halted before recovering some losses. The broader European energy sector was down less than 1%.

HIGH ENERGY PRICES RISK KEEPING INFLATION ABOVE 2% TARGET, CONCERNING FED POLICYMAKERS

Albert Manifold, then-chief executive officer of CRH Plc, left, pauses during a Bloomberg Television interview in London, U.K., on Tuesday, Aug. 19, 2014.  (Chris Ratcliffe/Bloomberg via Getty Images / Getty Images)

The shake-up lands at a critical moment for BP, which has struggled with investor confidence, lagging stock performance and questions about its long-term strategy.

Manifold was brought in last October to help oversee BP’s pivot back toward oil and gas production after years of aggressive climate-focused messaging and renewable energy investments that frustrated some shareholders.

The BP company logo is seen outside a petrol station on Sept. 23, 2021, in London, England.  (Leon Neal/Getty Images / Getty Images)

The former CRH chief executive, who had no prior energy industry experience, had support from activist hedge fund Elliott Management, which has built a roughly 5% stake in BP and pushed for stronger financial performance.

Manifold also helped install current CEO Meg O’Neill, the former Woodside Energy chief, as BP’s fifth CEO since 2020.

BP has been plagued by executive instability in recent years. Former CEO Bernard Looney was fired in 2023 after admitting he misled the board about relationships with colleagues. His successor, Murray Auchincloss, exited abruptly in December.

BP logo and stock graph are seen through magnifier displayed in this illustration taken Sept. 4, 2022.  (Reuters Photos)

The repeated management upheaval has fueled persistent speculation that BP could eventually become a takeover target or face pressure to break itself apart.

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The latest boardroom drama also comes as major oil companies increasingly prioritize shareholder returns and fossil fuel production over costly green-energy expansion plans amid pressure from investors demanding higher profits and stronger stock performance.

Reuters contributed to this report. 

The Congressional Black Caucus is pressuring major corporations across the country to publicly oppose Republican-led congressional redistricting efforts that critics say could weaken Black political representation following a recent Supreme Court ruling on the Voting Rights Act.

According to a letter obtained by The Associated Press, the caucus urged more than 250 companies to condemn ongoing redistricting efforts in several GOP-led states and disclose political donations tied to lawmakers backing the efforts.

The broader redistricting battle intensified after President Donald Trump encouraged Republican-led states to revisit congressional maps in hopes of expanding the GOP’s narrow House majority. 

BERNIE SANDERS WARNS OF ‘THE MOST TRANSFORMATIVE ECONOMIC REVOLUTION IN THE HISTORY OF THIS COUNTRY’

U.S. House Minority Leader Hakeem Jeffries (D-NY) (L) looks on as Congressional Black Caucus Chairperson Yvette Clarke (D-NY) speaks during a news conference in opposition to the SCORE Act in front of the U.S. Capitol on May 19, 2026, in Washington, (Alex Wong/Getty Images / Getty Images)

Some Republicans have argued the effort could help create additional GOP-leaning districts and strengthen the party’s position heading into the midterms, though other GOP strategists have warned aggressive map redrawing could also make some previously safe Republican districts more competitive.

The CBC’s push comes amid an escalating mid-decade redistricting fight after a recent Supreme Court ruling weakened key Voting Rights Act protections governing congressional maps. Republican-led legislatures in several states have since moved to redraw district boundaries, arguing the maps should reflect updated legal standards and population shifts.

Congressional Black Caucus Chairperson Yvette Clarke (D-NY) (L) and NAACP President Derrick Johnson look on during a news conference in opposition to the SCORE Act in front of the U.S. Capitol on May 19, 2026, in Washington, D.C.  (Alex Wong/Getty Images / Getty Images)

Democrats and voting-rights advocates, however, argue the new maps could dilute Black voting power and reshape the political battlefield ahead of the midterm elections.

“Corporations that have profited from Black consumers, relied on Black workers, and amassed wealth in part from Black communities cannot look away while Black political power is dismantled in plain sight,” Congressional Black Caucus Chair Rep. Yvette Clarke, D-N.Y., said in a statement.

The outreach campaign places renewed pressure on corporate America to weigh in on politically divisive voting-rights battles after many major companies scaled back public engagement on racial justice and diversity issues in recent years.

Among the companies contacted were firms that previously supported federal voting-rights legislation following the 2020 racial justice protests and the Jan. 6 Capitol riot, including major technology, retail and financial firms.

Congressional Black Caucus Chairperson Yvette Clarke, D-N.Y., listens during a news conference on opposition to the SCORE Act in front of the U.S. Capitol on May 19, 2026, in Washington, D.C.  (Alex Wong/Getty Images / Getty Images)

The caucus is asking companies to publicly oppose the redistricting efforts, meet with CBC members to discuss voting-rights concerns and disclose political contributions connected to state-level redistricting campaigns.

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The effort also reflects growing frustration among some Black lawmakers toward corporations that made public commitments to racial equity following the murder of George Floyd but have since retreated from diversity, equity and inclusion initiatives amid political backlash and legal scrutiny.

Fox News’ Paul Steinhauser contributed to this report.

Inheriting a property can feel like a windfall, but it often comes with a string of costs that catch people off guard. There’s the emotional weight of dealing with a bereavement, and then, sometimes before you’ve had a chance to process it, the financial reality starts to take shape.

Solicitors get in touch, bills arrive, and decisions need to be made quickly. Let’s see how you can navigate this once-in-a-lifetime situation.

Probate Fees and Legal Costs

Before you can do anything with an inherited property, you’ll usually need to go through the probate process. Probate is the legal procedure that confirms the validity of a will and gives the executor authority to deal with the estate.

In England and Wales, the probate application fee is £300 for estates valued over £5,000, following an increase from £273 in May 2024. That’s relatively modest, but solicitor fees on top can run into thousands.

If the estate is complex, for instance, if there’s no will, or the will is contested, legal costs can climb quickly. Some solicitors charge a percentage of the estate’s value, which on a property worth £300,000 could mean a bill of several thousand pounds. It’s worth getting a few quotes and understanding exactly what’s included before you commit to a firm.

Don’t Forget About Probate Home Insurance Cover

Probate can take months, sometimes longer. During that time, the property sits in a kind of administrative limbo. It can’t usually be sold until probate is granted, but it still needs to be maintained and protected. This is where many families get caught out.

A standard home insurance policy may become invalid once the policyholder dies and the property is unoccupied. This is a real risk, because an empty house is more vulnerable to water damage from burst pipes, fire, theft, vandalism, storm damage and other risks.

Specialist probate home insurance cover exists specifically for this situation, providing buildings cover while the estate is being settled. It’s the kind of policy most people don’t know about until they need it.

Inheritance Tax

This is the big one. In the UK, inheritance tax (IHT) is charged at 40% on the portion of an estate above the nil-rate band, which currently sits at £325,000. There’s an additional residence nil-rate band of up to £175,000 if you’re inheriting a property that was the deceased’s main home and you’re a direct descendant.

Married couples and civil partners can also combine their allowances. This means a married couple or civil partnership could potentially pass on up to £1 million free of inheritance tax, provided both nil-rate bands and residence nil-rate bands are available and the qualifying conditions are met.

Even so, property values in much of the UK mean that IHT can easily apply. And crucially, the tax usually needs to be paid before probate is granted, which means before you’ve had a chance to sell the property to raise the funds. HMRC does allow IHT on property to be paid in instalments, which can help, but it’s something you’ll need to plan for.

Council Tax and Utility Bills

Once someone dies, their council tax liability ends. Under the Class F exemption, a property that is left empty following the death of its owner is exempt from council tax for the entire period that probate is pending, however long that takes.

Once probate is granted, a further six-month exemption applies, provided the property remains unoccupied and has not been transferred to a beneficiary or sold. After that, the standard rate of council tax becomes payable. Crucially, a premium surcharge for long-term empty or second homes cannot be levied for a further 12 months from the date probate is granted, even once the Class F exemption has ended.

Utility bills also continue. If the property is connected to gas, electricity, and water, those accounts will need to be transferred or closed. Standing charges still apply even with zero usage, so this is a cost that quietly accumulates over time.

Maintenance and Security Costs

An empty property deteriorates faster than one that’s occupied. Gardens become overgrown, minor leaks go unnoticed, and opportunists sometimes target vacant homes. You may need to arrange regular checks, basic maintenance, or even security measures depending on the location and type of property.

If the property needs work before it can be sold or let, you’re also looking at renovation costs. These vary hugely depending on the state of the building, but a property that hasn’t been updated in decades could require significant investment before it’s market-ready.

Capital Gains Tax When You Sell

If you decide to sell the inherited property, you may be liable for capital gains tax (CGT). Your gain is calculated from the property’s value at the date of death, not the original purchase price. So if the property was worth £250,000 when you inherited it and you sell it for £280,000, you’d potentially pay CGT on that £30,000 difference.

For the 2025/26 tax year, the annual CGT exempt amount is £3,000, meaning gains below that threshold are tax-free. Above that, residential property gains are taxed at 18% if you are a basic rate taxpayer, or 24% if you are a higher or additional rate taxpayer. Other reliefs may also apply, so it’s worth getting proper tax advice before you sell. This is one cost that sometimes comes as a surprise, particularly if the property is sold some time after probate is granted.

To Sum Up

Inheriting a property in the UK involves far more than simply receiving the keys. Between probate fees, inheritance tax, council tax, maintenance, insurance, and potential CGT, the costs can add up to tens of thousands of pounds depending on the estate. That’s why it’s important to get proper legal and financial advice early, and make sure the property is protected while probate is ongoing. This will save you a lot of headaches down the line.