中国农产品交易二零二六年年报

Contents CORPORATE INFORMATION2CHAIRMAN’S STATEMENT6MANAGEMENT DISCUSSION AND ANALYSIS10BOARD OF DIRECTORS AND SENIOR MANAGEMENT28CORPORATE GOVERNANCE REPORT34REPORT OF THE DIRECTORS62 FINANCIAL STATEMENTS81 INDEPENDENT AUDITOR’S REPORTCONSOLIDATED STATEMENT OF PROFIT OR LOSS ANDOTHER COMPREHENSIVE INCOMECONSOLIDATED STATEMENT OF FINANCIAL POSITIONCONSOLIDATED STATEMENT OF CHANGES IN EQUITYCONSOLIDATED STATEMENT OF CASH FLOWSNOTES TO FINANCIAL STATEMENTSPARTICULARS OF PROPERTIESFIVE-YEAR FINANCIAL SUMMARY 91 Corporate Information BOARD OF DIRECTORS Executive Directors GBS Mr. Tang Ching Ho,GBS, JP,ChairmanMr. Leung Sui Wah, RaymondChief Executive OfficerMr. Wong Ka Kit Non-executive Director Ms. Luo Xu Ying(re-designated on 2 January 2026) Independent Non-executive Directors Mr. Lau King LungMr. Wong Ping YuenMr. Shang Hai Long AUDIT COMMITTEE Mr. Wong Ping Yuen,ChairmanMr. Lau King LungMr. Shang Hai Long REMUNERATION COMMITTEE GBS Mr. Shang Hai Long,ChairmanMr. Lau King LungMr. Wong Ping YuenMr. Tang Ching Ho,GBS, JP NOMINATION COMMITTEE Mr. Lau King Lung,ChairmanMr. Wong Ping YuenMr. Shang Hai LongMr. Tang Ching Ho,GBS, JPMr. Leung Sui Wah, Raymond(resigned on 2 January 2026)Ms. Luo Xu Ying(appointed on 2 January 2026) GBS EXECUTIVE COMMITTEE Mr. Tang Ching Ho,GBS, JP,ChairmanMr. Leung Sui Wah, RaymondMr. Wong Ka KitMs. Luo Xu Ying(resigned on 2 January 2026) GBS AUTHORIZED REPRESENTATIVES Mr. Tang Ching Ho,GBS, JPMr. Leung Sui Wah, Raymond GBS COMPANY SECRETARY Ms. Ng Yee Man, Fiona CHINA AGRI-PRODUCTS EXCHANGE LIMITED Corporate Information AUDITORS Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor under the Accounting andFinancial Reporting Council Ordinance LEGAL ADVISERS Hong Kong Law: Guantao & Chow Solicitors and Notaries PRC Law: MHP Law Firm PRINCIPAL BANKERS Agricultural Bank of China LimitedBank of China LimitedBank of Communications Co., Ltd. Hong Kong BranchGuilin Bank Co., Ltd.Ping An Bank Co., Ltd.Qinzhou Metro Area Rural Credit CooperativesThe Hongkong and Shanghai Banking Corporation Limited REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda(up to 2 August 2026) Clarendon House2 Church StreetHamilton HM 11Bermuda Richmond House12 Par-la-Ville RoadHamilton HM08Bermuda(from 3 August 2026) Richmond House12 Par-la-Ville RoadHamilton HM08Bermuda HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG Suite 3202, 32/F, Skyline Tower39 Wang Kwong RoadKowloon BayKowloonHong Kong 39323202 PRINCIPAL SHARE REGISTRAR ANDTRANSFER AGENT Appleby Global CorporateServices (Bermuda) LimitedCanon’s Court22 Victoria StreetPO Box HM 1179Hamilton HM EXBermuda Appleby Global CorporateServices (Bermuda) LimitedCanon’s Court22 Victoria StreetPO Box HM 1179Hamilton HM EXBermuda BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE IN HONG KONG 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong LISTING INFORMATION 0149 Shares Listing The Stock Exchange of Hong Kong LimitedStock Code: 0149 HOMEPAGE http://www.cnagri-products.com http://www.cnagri-products.com Chairman’s Statement Dear Shareholders, On behalf of the board of directors (the “Board” or the “Director(s)”)of China Agri-Products Exchange Limited (the “Company”, togetherwith its subsidiaries, collectively the “Group”), I am pleased to presentto our shareholders the annual report for the year ended 31 March2026 (the “Year” or the “year under review”). During the Year, theGroup recorded a revenue of approximately HK$377 million for theYear, representing a decrease of approximately 29% as compared toapproximately HK$531 million of the last financial year ended 31 March2025 (the “Previous Year”). 377,000,000531,000,00029% The Group has built a nationwide chain of wholesale markets anda network of modern agricultural product logistics center, linking thesouthern and northern regions and across the eastern and southwesternparts of the PRC. During the Year, the Group managed a total of tenagricultural produce exchange markets in the Chinese mainland, coveringWuhan, Huangshi, Suizhou, Luoyang, Puyang, Kaifeng, Yulin, Qinzhou,Xuzhou and Panjin, with business spreading across various provinces,including Hubei Province, Henan Province, Guangxi Zhuang AutonomousRegion, Jiangsu Province and Liaoning Province. Chairman’s Statement NATIONAL POLICIES The 2026 Central Document No. 1 focuses on the comprehensiverevitalisation of rural areas and proposes a range of measures. Theseinclude enhancing the supply security of grain and other agriculturalproducts, such as promoting increases in grain and oilseed cropyields, supporting the development of the livestock industry andstrengthening the protection of farmland; consolidating and expandingthe achievements of poverty alleviation, ensuring no large-scale relapsesinto poverty and establishing relevant mechanisms; developing county-level industries that enrich the people, fostering