先丰服务集团有限公司2025年年度报告

(incorporated in Bermuda with limited liability)(Stock Code00500) CONTENTS目 錄 2 5 10 23 40 77 81 100 CORPORATE INFORMATION公 司 資 料 BOARD OF DIRECTORS Non-executive directors Mr. Chang Zhenming(Chairman)Mr. Yang FengMr. Chan Kai KongMr. Zhang Yukuan(resigned on 14 January 2025)Ms. Ye Ying(appointed on 14 January 2025) Executive directors Mr. Ko Chun Shun, Johnson(Deputy Chairman)Mr. Zhang Yi(Chief Executive Officer) (appointed on 2 October 2025) Independent non-executive directors Mr. Yap Fat Suan, HenryMr. Cui LiguoMr. Hooi Hing Lee Audit committee Mr. Yap Fat Suan, Henry(Chairman)Mr. Cui LiguoMr. Hooi Hing Lee Nomination committee Mr. Cui Liguo(Chairman)Mr. Ko Chun Shun, JohnsonMr. Yap Fat Suan, HenryMr. Hooi Hing Lee Remuneration committee Mr. Yap Fat Suan, Henry(Chairman)Mr. Ko Chun Shun, JohnsonMr. Cui LiguoMr. Hooi Hing Lee Risk committee Mr. Yap Fat Suan, HenryMr. Hooi Hing LeeMr. Cui Liguo COMPANY SECRETARY Mr. Chan Kam Kwan, Jason CORPORATE INFORMATION公 司 資 料 INDEPENDENT AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISERBaker & McKenzie • PRINCIPAL BANKERS China CITIC Bank International LimitedIndustrial and Commercial Bank of China REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda PRINCIPAL PLACE OF BUSINESS 16393902 Suite 3902, 39th FloorFar East Finance Centre16 Harcourt RoadAdmiraltyHong Kong SHARE REGISTRARS AND TRANSFER OFFICE Principal registrars Conyers Corporate Services (Bermuda) LimitedClarendon House, 2 Church StreetHamilton HM11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House, 2 Church StreetHamilton HM11Bermuda Hong Kong branch share registrars and transfer office 1617 Tricor Tengis Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong CORPORATE INFORMATION公 司 資 料 INVESTOR RELATIONS (852) 3766 1077(852) 3007 0386www.fsgroup.comwww.irasia.com/listco/hk/frontierir@fsgroup.com Investor Relations DepartmentFrontier Services Group LimitedTelephone:(852) 3766 1077Fax:(852) 3007 0386Website:www.fsgroup.comwww.irasia.com/listco/hk/frontierEmail:ir@fsgroup.com CHAIRMAN’S STATEMENT主 席 報 告 Dear shareholders: In 2025, the global geopolitical risks kept an increasing and thedemand for overseas security continued to rise. For Frontier ServicesGroup Limited (“FSG”or“Frontier”or the“Company”) and itssubsidiaries (collectively, as the “Group”), this year was not only ayear of overcoming challenges and achieving breakthroughs amidstdifficulties, but also a year of continued efforts to refocus strategy anddeepen governance. With the trust and support from shareholdersand the joint leadership of the board of directors, all employees haveovercome and put efforts to promote business restructuring andrisk prevention and risk mitigation, it gradually established a solidfoundation for development in the new cycle. On behalf of the boardof directors, management and all employees, I would like to expressmy sincere gratitude to our shareholders who trust, accompany andadhere to Frontier! GENERAL REVIEW 65114%260 In 2025, the Group’s operating performance fell short of expectation,with annual revenue of HK$651 million reduced by approximately 14%when compared with the prior year and the loss of HK$260 millionnearly doubled of the prior year. In reality, the operating environmenthas not deteriorated, and the core business foundation remainedintact. Specifically, the reduction in revenue was mainly due to therestructuring of its business, the exit of logistics businesses, whichrequire making advanced payment and the two companies previouslyacquired were taken over by liquidators. The increase in net loss wasmainly due to the provision for impairment made against goodwilland intangible assets, provision for claims and adequate impairmentprovisions were set aside. Strengthen the management team.In October 2025, the board ofdirectors appointed Mr. Zhang Yi as the Chief Executive Officer, whichfulfilled the management transition and vacancy. Under the supervisionand leadership of the board of directors, the new management teamrapidly took up their respective roles, promoted corporate governance,developed businesses and strengthened the management team, andall works start gaining momentum. CHAIRMAN’S STATEMENT主 席 報 告 STAYING COMMITS TO THE ORIGINAL ASPIRATIONAND ADHERING TO ITS CORE BUSINESS 3%74%21%14322% Anchor the security core and consolidate the regional position.Over the year, we always adhere to overseas security as our corebusiness. Overcoming practical difficulties such as fewer availableproject opportunities, intensive market competition, and the inclusion inthe export control list, we continued to focus on regions such as Africaand Asia, and deeply developed our business based on the existingbusiness units. Eventually, the revenue of the security main businessdecreased slightly by approximatel