长城环亚控股2025 年度报告

Annual Report年度報告2025 CONTENTS 2CORPORATE INFORMATION5CHAIRMAN’S STATEMENT8DIRECTORS’ BIOGRAPHICAL DETAILS13MANAGEMENT DISCUSSION AND ANALYSIS27CORPORATE GOVERNANCE REPORT63DIRECTORS’ REPORT79ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT157INDEPENDENT AUDITOR’S REPORT164AUDITED CONSOLIDATED FINANCIAL STATEMENTS169NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS254FIVE-YEAR FINANCIAL SUMMARY255GLOSSARY 公司資料主席報告書董事及高級管理層管理層討論及分析企業管治報告董事會報告環境、社會及管治報告獨立核數師報告經審核綜合財務報表綜合財務報表附註五年財務摘要詞彙 CORPORATE INFORMATION (as at the Latest Practicable Date)（於最後實際可行日期） 董事會 Board of Directors 董事會主席王海先生 Chairman of the BoardMr. Wang Hai 執行董事王海先生王作民先生（行政總裁） Executive Directors Mr. Wang HaiMr. Wang Zuomin(Chief Executive Officer) 非執行董事 Non-executive Director 任志強先生 Mr. Ren Zhiqiang 獨立非執行董事 Independent Non-executive Directors 黎利華女士梅以和先生解文斯博士 Ms. Li Li HuaMr. Moy Yee Wo MatthewDr. Xie Wensi 審核委員會 Audit Committee 梅以和先生（主席）黎利華女士任志強先生 Mr. Moy Yee Wo Matthew(Chairman)Ms. Li Li HuaMr. Ren Zhiqiang 薪酬委員會 Remuneration Committee 黎利華女士（主席）王作民先生解文斯博士 Ms. Li Li Hua(Chairlady)Mr. Wang ZuominDr. Xie Wensi 提名委員會 Nomination Committee 王海先生（主席）黎利華女士梅以和先生 Mr. Wang Hai(Chairman)Ms. Li Li HuaMr. Moy Yee Wo Matthew CORPORATE INFORMATION (as at the Latest Practicable Date)（於最後實際可行日期） 網上股東資料 Shareholder Information Online www.gwpaholdings.comOur website contains up-to-date information about our Companyincluding financial information, corporate communications andother corporate information www.gwpaholdings.com本公司網站已登載有關本公司之最新資料，包括財務資料、公司通訊及其他公司資料 授權代表 Authorised Representatives 王作民先生傅曼儀女士 Mr. Wang ZuominMs. Foo Man Yee Carina 公司秘書 Company Secretary 傅曼儀女士 Ms. Foo Man Yee Carina 於百慕達的主要股份過戶登記處 Principal Share Registrar and Transfer Agent inBermuda Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria Street, PO Box HM 1179Hamilton HM EX, Bermuda ApplebyGlobalCorporateServices(Bermuda)LimitedCanon’s Court,22 Victoria Street,PO Box HM 1179Hamilton HM EX,Bermuda 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中國香港灣仔皇后大道東183號合和中心17M樓 Computershare Hong Kong Investor Services Limited17M Floor, Hopewell Centre183 Queen’s Road East, Wan Chai, Hong Kong, China 百慕達註冊辦事處 Registered Office in Bermuda Victoria Place, 5th Floor, 31 Victoria StreetHamilton HM 10, Bermuda Victoria Place,5th Floor,31 Victoria StreetHamilton HM 10,Bermuda 總辦事處及於香港之主要營業地點 Head Office and Principal Place of Business inHong Kong 中國香港中環夏慤道12號美國銀行中心21樓 21st Floor, Bank of America Tower12 Harcourt RoadCentralHong KongChina CORPORATE INFORMATION (as at the Latest Practicable Date)（於最後實際可行日期） 股份上市資料 Stock Listing 在香港聯合交易所主板上市股份代號：00583 Listed on the Main Board of the Hong Kong Stock ExchangeStock Code: 00583 主要往來銀行 Principal Bankers 1.香港上海滙豐銀行有限公司2.中國銀行（香港）有限公司3.中國工商銀行（亞洲）有限公司4.中國建設銀行（亞洲）股份有限公司5.中國農業銀行香港分行6.中國銀行股份有限公司澳門分行7.大華銀行有限公司8.中信銀行（國際）有限公司 1.The Hongkong and Shanghai Banking Corporation Limited2.Bank of China (Hong Kong) Limited3.Industrial and Commercial Bank of China (Asia) Limited4.China Construction Bank (Asia) Corporation Limited5.Agricultural Bank of China Limited Hong Kong Branch6.Bank of China Limited, Macau Branch7.United Overseas Bank Limited8.China CITIC Bank International Limited 核數師 Auditor 香港立信德豪會計師事務所有限公司香港執業會計師註冊公眾利益實體核數師 BDO LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor 香港法律顧問 Hong Kong Advisory Lawyer 金杜律師事務所 King & Wood Mallesons CHAIRMAN’S STATEMENT 各位股東： Dear Shareholders, 本人謹代表董事會提呈本集團截至二零二五年十二月三十一日止年度的年度報告，並欣然報告我們於二零二五年繼續成功實行戰略目標。 On behalf of the Board of Directors, I am pleased to present theannual report for the fiscal year ended 31 December 2025, forour Group. We are delighted to report that we have continued tosuccessfully achieve our strategic objectives throughout 2025. 財務業績 Financial Performance 截至二零二五年十二月三十一日止年度，本集團錄得收益總額約115.4百萬港元，而股東應佔綜合淨虧損約為476.3百萬港元，其中包括投資物業公允價值虧損約213.5百萬港元。倘撇除此特別項目，截至二零二五年十二月三十一日止年度之股東應佔綜合淨虧損約為262.8百萬港元，跟二零二四年之股東應佔綜合淨虧損215.7百萬港元相比上升21.8%。虧損增加乃主要由於二零二五年投資物業公平值虧損為213.5百萬港元及應佔聯營公司虧損為48.3百萬港元，相較二零二四年投資物業公平值收益131.6百萬港元及應佔聯營公司利潤56.3百萬港元，分別減少345.1百萬港元及104.7百萬港元。按1,567,745,596股加權平均已發行股份，二零二五年每股虧損為30.4港仙，而二零二四年則為每股虧損5.4港仙。 For the fiscal year ended 31 December 2025, the Grouprecorded a total revenue of approximately HK$115.4 million,with shareholders’ attributable comprehensive net loss ofapproximately HK$476.3 million, including a fair value lossof approximately HK$213.5 million on investment properties.Excluding this exceptional item, the shareholders’ attributablecomprehensive net loss for the fiscal year ended 31 December2025, was approximately HK$262.8 million, representing anincrease of 21.8% compared to the shareholders’ attributablecomprehensive net loss of HK$215.7 million in 2024. The increasein loss was primarily due to a fair value loss of HK$213.5 millionon investment properties and share of loss of associates ofHK$48.3 million in 2025, representing a decrease of HK$345.1million and HK$104.7 mil