Ferretti's controlling shareholder issued a statement refuting Weichai/FIH's claims that they hinder the company's growth as baseless

Ferretti (09638.HK) controlling shareholder FIH (also a wholly-owned subsidiary of Weichai Group) issued a statement indicating that Weichai has been a long-term strategic investor in Ferretti since 2012. At that time, the company was on the brink of bankruptcy, with operating revenue of approximately €300 million and significant losses. During the holding period, Weichai Group invested a total of approximately €470 million in Ferretti, providing crucial support for the company's recovery of sustainable profitability and establishing its position as a leading enterprise in the global luxury yacht industry. In 2025, Ferretti is expected to achieve operating revenue of approximately €1.23 billion and a net profit of approximately €90 million, with a strong order backlog providing good visibility for revenue growth in the coming years.

Weichai Group/FIH has consistently supported and continues to support Ferretti in seeking value-creating development opportunities, including organic growth, business expansion, and selective mergers and acquisitions. The company was listed on both the Hong Kong Stock Exchange and the Euronext Milan in 2022 and 2023, becoming the first Italian luxury yacht manufacturer to be listed on both markets simultaneously. In addition, the company continues to expand its production footprint in Italy, acquiring and developing the San Vitale shipyard complex located in Ravenna, Italy, during the period from 2023 to 2024, with an investment amount of approximately €140 million. This facility has now become Ferretti's largest production base, covering an area of approximately 100,000 square meters, increasing production capacity by approximately 30%, and further reinforcing the company's commitment to Italian craftsmanship and industrial heritage.

The statement claims that the assertion regarding Weichai Group/FIH preventing or hindering the company from advancing its growth plans is factually unfounded and baseless.

Ferretti, listed on both the Hong Kong Stock Exchange and Euronext Milan, must comply with the corporate governance frameworks and regulatory requirements of both markets. The company's strategic decisions should and must be made by a legally constituted board of directors and/or the CEO in accordance with applicable laws, listing rules, and the company's articles of association, taking into account the interests of all shareholders. The company has established a corporate governance structure that aligns with domestic and international best practices, guided by the principles and recommendations set forth in the Corporate Governance Code and Appendix C1 of the listing rules.

FIH, as a shareholder of Ferretti, ensures its shareholders' rights through appropriate corporate governance procedures. FIH does not unilaterally instruct or restrict the decision-making of the company's management; any contrary statements distort the actual situation of the listed company's governance structure.

FIH has noted that recent media comments and analyst reports have involved judgments regarding the potential outcomes of the voluntary conditional partial offer being made by KKCG Maritime, predictions of shareholder voting intentions at the upcoming annual general meeting, and outlooks on the company's future strategic direction in the event of a potential board restructuring. FIH believes it is necessary to point out that the publication of such comments during the offer period raises serious questions about the sources of information and factual basis on which they are based, as well as whether it is appropriate to release related content in the context of a regulated takeover process FIH reserves all rights regarding the above matters