三和精化：二零二五年全年业绩公告

SANVOFine Chemicals Group Limited 301 CONTENTS 公司資料2財務概要5主席報告6管理層討論與分析8董事及高層管理人員的個人資料17董事會報告31企業管治報告56環境、社會及管治報告76獨立核數師報告154綜合全面收益表162綜合財務狀況表163綜合權益變動表165綜合現金流量表166綜合財務報表附註168 CORPORATE INFORMATION 執行董事陳炳强先生（主席）吳卓倫先生 EXECUTIVE DIRECTORSMr. Chen Bingqiang(Chairman)Mr. Ng Cheuk Lun NON-EXECUTIVE DIRECTORMs. Wang Xiaorong 非執行董事王筱蓉女士 INDEPENDENT NON-EXECUTIVE DIRECTORS 獨立非執行董事 賴錫璋工程師許凱先生楊振宇先生 Ir. Daniel LaiMr. Xu KaiMr. Yeung Chun Yue David 審計委員會楊振宇先生（主席）賴錫璋工程師許凱先生 AUDIT COMMITTEE Mr. Yeung Chun Yue David(Chairman)Ir. Daniel LaiMr. Xu Kai REMUNERATION COMMITTEE 薪酬委員會 賴錫璋工程師（主席）許凱先生楊振宇先生陳炳强先生 Ir. Daniel Lai(Chairman)Mr. Xu KaiMr. Yeung Chun Yue DavidMr. Chen Bingqiang NOMINATION COMMITTEE 提名委員會 許凱先生（主席）賴錫璋工程師楊振宇先生 Mr. Xu Kai(Chairman)Ir. Daniel LaiMr. Yeung Chun Yue David ESG COMMITTEE 環境、社會及管治委員會 Mr. Chen Bingqiang(Chairman)Mr. Ng Cheuk LunIr. Daniel LaiMr. Xu KaiMr. Yeung Chun Yue David 陳炳强先生（主席）吳卓倫先生賴錫璋工程師許凱先生楊振宇先生 CORPORATE INFORMATION 公司秘書吳卓倫先生 COMPANY SECRETARYMr. Ng Cheuk Lun AUTHORISED REPRESENTATIVES 授權代表吳卓倫先生陳炳强先生 Mr. Ng Cheuk LunMr. Chen Bingqiang 註冊辦事處 REGISTERED OFFICE 71 Fort StreetPO Box 500George TownGrand Cayman KY1-1106Cayman Islands 71 Fort StreetPO Box 500George TownGrand Cayman KY1-1106Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS INTHE PRC 中國總部及主要營業地點 中國廣東省中山市黃圃鎮新柳西路5號 No.5 Xinliu West RoadHuangpu TownZhongshanGuangdong ProvinceThe PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香港主要營業地點 5/F., 349 Hennessy RoadWanchaiHong Kong 香港灣仔軒尼詩道349號5/F 開曼群島股份過戶登記總處 CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Appleby Global Services (Cayman) Limited71 Fort StreetPO Box 500George TownGrand Cayman KY1-1106Cayman Islands Appleby Global Services (Cayman) Limited71 Fort StreetPO Box 500George TownGrand Cayman KY1-1106Cayman Islands CORPORATE INFORMATION 香港股份過戶登記分處 HONG KONG BRANCH SHARE REGISTRAR 香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchai, Hong Kong INDEPENDENT AUDITOR 獨立核數師 大華馬施雲會計師事務所有限公司註冊公眾利益實體核數師香港九龍尖沙咀廣東道19號海港城環球金融中心北座1001-1010室 Moore CPA LimitedRegistered Public Interest Entity Auditor1001-1010, North Tower, World Finance Centre, Harbour City19 Canton Road, Tsim Sha TsuiKowloon, Hong Kong HONG KONG LEGAL ADVISER 香港法律顧問 King & Wood Mallesons13/F, Gloucester TowerThe Landmark15 Queen’s Road CentralCentral, Hong Kong 金杜律師事務所香港中環皇后大道中15號置地廣場告羅士打大廈13樓 PRINCIPAL BANKERS 主要往來銀行 CMB Wing Lung Bank Limited19/F, CMB Wing Lung Bank Building45 Des Voeux Road Central, Hong Kong 招商永隆銀行香港德輔道中45號招商永隆銀行大廈19樓 PLACE OF LISTING 上市地點香港聯合交易所有限公司 The Stock Exchange of Hong Kong Limited STOCK CODE 股份代號301 301 公司網頁www.sanvo.com COMPANY’S WEBSITE www.sanvo.com FINANCIAL SUMMARY CHAIRMAN’SSTATEMENT The Group’s foreign trade operations during the Current Year werealso affected by international geopolitical factors, with clients facingsignificant pressure on their cash flow. Order volumes and unit pricestended to be conservative, leading to instances of default and baddebts. Dear Shareholders, With the domestic economy and the property sector remainingsluggish, the Group recorded a loss again in 2025 (the “CurrentYear”), following the loss incurred in 2024. The loss for the CurrentYear was primarily attributable to increased sales and marketingexpenses, as well as provisions for bad debts arising from foreigntrade. Despite the uncertain operating environment, our Group’s salesrevenue for this year has remained consistent with last year’sperformance. We are confident that our strategic promotionalinitiatives will yield significant advantages and deliver greater returnsfor our shareholders in the coming years. Thedomestic consumer market has undergone constanttransformation in recent years, with people now rarely partingwith their mobile phones, whether at work or in their personal lives.Sales models have expanded significantly from traditional brick-and-mortar stores to include live-streaming sales and e-commerceplatforms. Consequently, traditional promotional and marketingapproaches must also evolve to keep pace with the times. Duringthe Current Year, the Group increased its investment in this area,including investments in live-streaming studios and dedicatedpersonnel, as well as advertising campaigns on major e-commerceplatforms and relevant online media channels, to enhancebrand awareness and engagement. Furthermore, the Group hassimultaneously strengthened its existing distributor network, assistingdistributors in enhancing their market competitiveness (includingsubsidies for logistics, team building, warehousing and advertising).This aims to boost distributors’ profitability, encourage them toincrease staffing to expand markets and business operations,reduce the sale of competing products, and focus on selling SanvoFine Chemicals’ products. Finally, on behalf of SANVO Fine Chemicals, I would like