捷荣国际控股2025年年报

CONTENTS目錄 Definitions2Corporate Information5Chairman’s Statement7Management Discussion and Analysis9Directors and Senior Management17Corporate Governance Report23Directors’ Report53Independent Auditor’s Report71Consolidated Statement of Profit or Loss79Consolidated Statement of Comprehensive Income80Consolidated Statement of Financial Position81Consolidated Statement of Changes in Equity83Consolidated Statement of Cash Flows85Notes to Financial Statements87Five Year Financial Summary195 Definitions釋 義 In this Annual Report, unless the context otherwise requires,the following expressions shall have the following meanings. Definitions(continued)釋 義（續） ordinary share(s) in the capital of our Company with a par value of HK$0.10 each0.10 Inthis Annual Report,the terms“associate”,“connectedperson”,“connected transaction”,“controlling shareholder”,“subsidiary”,“substantial shareholder”and“treasury shares”shallhave the meanings given to such terms in the ListingRules, unless the context otherwise requires. Certain amounts and percentage figures included in this AnnualReporthave been subject to rounding adjustments.Accordingly, figures shown as totals in certain tables may notbe an arithmetic aggregation of the figures preceding them. TheEnglish translation of the Chinese Mainland entities,enterprises,nationals,facilities,regulations in Chinese oranotherlanguage included in this Annual Report is foridentificationpurposes only.To the extent there is anyinconsistencybetween the Chinese names of the ChineseMainlandentities,enterprises,nationals,facilities,regulationsand their English translations, the Chinese names shall prevail. * Corporate Information公 司 資 料 BOARD OF DIRECTORSExecutive Directors Mr. Wong Tat Tong(Chairman)Ms. Fan Yee ManMr. Kam Chun Pong Bernard Non-Executive Directors Timothy John Collins202551020254 120256 1220256 12 Mr. Timothy John Collins(resigned with effect from 10 May 2025) Mr. Lee Tak Wah(resigned with effect from 1 April 2025)Ms. Yeung Po Yan(appointed with effect from 12 June 2025)Mr. Ho Hung Wai(appointed with effect from 12 June 2025) Independent Non-Executive Directors Mr. Tang Kwai ChangMr. Wong Man FaiMr. Lok Kung Chin Hardy BOARD COMMITTEESAudit Committee Mr. Tang Kwai Chang(Chairman)Mr. Wong Man FaiMr. Lok Kung Chin Hardy Nomination Committee 20256 1220256 12 Mr. Wong Tat Tong(Chairman)Ms. Fan Yee Man(appointed with effect from 12 June 2025)Mr. Tang Kwai Chang(appointed with effect from 12 June 2025)Mr. Wong Man FaiMr. Lok Kung Chin Hardy Remuneration CommitteeMr. Wong Man Fai(Chairman)Mr. Wong Tat TongMr. Tang Kwai Chang COMPANY SECRETARYMs. Fan Yee Man(HKICPA) AUTHORISED REPRESENTATIVESMs. Fan Yee ManMr. Kam Chun Pong Bernard REGISTERED PUBLIC INTEREST ENTITYAUDITOR UNDER THE ACCOUNTING ANDFINANCIAL REPORTING COUNCILORDINANCE Ernst & Young Corporate Information (continued)公 司 資 料（續） PRINCIPAL BANKSBank of China (Hong Kong) LimitedHang Seng Bank Limited REGISTERED OFFICE IN BERMUDA Canon’s Court22 Victoria StreetHamilton, HM 12Bermuda Canon’s Court22 Victoria StreetHamilton, HM 12Bermuda HEAD OFFICE AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG Flats F–J, 11th Floor, Block 1Kwai Tak Industrial Centre15–33 Kwai Tak StreetKwai ChungNew TerritoriesHong Kong 15–33111 F–J PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN BERMUDA Appleby Global Corporate Services (Bermuda) LtdCanon’s Court22 Victoria StreetHamilton, HM 12Bermuda Appleby Global Corporate Services (Bermuda) LtdCanon’s Court22 Victoria StreetHamilton, HM 12Bermuda 慤1617 HONG KONG SHARE REGISTRAR Tricor Investor Services Limited17th Floor,Far East Finance Centre16 Harcourt RoadHong Kong www.twcoffee.com COMPANY’S WEBSITEwww.twcoffee.com 2119 STOCK CODE2119 Chairman’s Statement主 席 報 告 Dear Shareholders, 202512 31 On behalf of the board of directors of Tsit Wing InternationalHoldingsLimited,I hereby present to you the Company’sannual report for the financial year ended 31 December 2025. 9.4% Thepast year was defined by significant macroeconomicheadwinds.PRC operations remain challenged with thepressuresof market involution along with an increase inhouseholdsavings reducing their propensity to spend.Meanwhilethe Hong Kong foodservice industry remainschallenginggiven the prolonged stagnancy of the localeconomy and increased prevalence of cross-border dining andshopping.Despite these odds,the Group demonstratedremarkable resilience by recording a 9.4% increase in its overallrevenue over the reporting period. 2025 In 2025, the Group continued to take proactive measures tooptimisecosts and enhance operational efficiency includingimplementationof strategic restructuring and automation ofPRCoperations.In spite of the Group’s effort in strategicfixation of forward contracts for coffee commodity, the price ofcoffee beans reached historic peaks leading to the increase incost of sales and impact on the gross profit of the Group. TOWARDS THE FUTURE Looking ahead, we are fully cognizant