华宝国际2025年度报告

Contents 1Corporate Information3Financial Highlights4Company Profile and Corporate Culture8Chairlady’s Report12Management Discussion and Analysis55Biographical Details of Directors andSenior Management61Corporate Governance Report111Investor Relations Report115Directors’ Report 183Independent Auditor’s Report193Consolidated Statement of Financial Position195Consolidated Income Statement196C o n s o l i d a t e d S t a t e m e n t o f C o m p r e h e n s i v eIncome197Consolidated Statement of Changes in Equity199Consolidated Statement of Cash Flows201Notes to the Consolidated Financial Statements343Five Year Financial Summary344Glossary Corporate Information BOARD OF DIRECTORS Executive Directors 202617202617 Ms. CHU Lam Yiu(Chairlady & CEO (resigned as CEO on 7 January 2026)Mr. LAM Ka Yu(Co-Chairman & Vice President)Mr. XIA Liqun(Vice Chairman, President and CEO(appointed as CEO on 7 January 2026))Mr. POON Chiu Kwok(Vice President & Company Secretary)Ms. LAM Ka YanMs. CHOY Man Har Independent Non-executive Directors Jonathan Jun YAN Mr. LEE Luk ShiuMr. Jonathan Jun YANMr. HOU Haitao Jonathan Jun YAN AUDIT COMMITTEE Mr. LEE Luk Shiu(Chairman)Mr. Jonathan Jun YANMr. HOU Haitao REMUNERATION COMMITTEE Mr. LEE Luk Shiu(Chairman)Mr. HOU HaitaoMr. XIA Liqun NOMINATION COMMITTEE Jonathan Jun YAN Ms. CHU Lam Yiu(Chairlady)Mr. LEE Luk ShiuMr. Jonathan Jun YANMr. HOU HaitaoMs. LAM Ka Yan FCG, HKFCG COMPANY SECRETARYMr. POON Chiu KwokFCG, HKFCG AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISOR Haiwen & Partners LLP Corporate Information PRINCIPAL BANKERS China CITIC Bank Corporation LimitedChina Minsheng Banking Corp., Ltd.Hang Seng Bank LimitedIndustrial Bank Co., Ltd. HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESSIN HONG KONG 18303008 Suite 300830th Floor, Central Plaza18 Harbour RoadWanchaiHong Kong REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda PRINCIPAL SHARE REGISTRAR Conyers Corporate Services (Bermuda) LimitedClarendon House, 2 Church StreetHamilton HM11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House, 2 Church StreetHamilton HM11Bermuda BRANCH SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 00336 STOCK CODE The Stock Exchange of Hong Kong Limited: 00336 www.hbglobal.com COMPANY WEBSITEwww.hbglobal.com CORPORATE PROFILE Huabao International Holdings Limited and its subsidiaries(the “Group”) is an industrial holdings group based on thetaste-based consumer goods market, the group consists offour segments: flavours and fragrances and food ingredients,tobacco raw materials, aroma raw materials and condiments,all of which serves the downstream fields covering the bigfive markets: food and beverage, daily-use chemicals, healthindustry, catering, and tobacco. The Group is mainly engagedin the R&D, production, distribution and sales of flavoursand fragrances and food ingredients, tobacco raw materials,aroma raw materials, as well as condiments. The Group alsomakes diversified investments around its core businesses andglobal expansion. A The Group is a market leader in China’s flavours & fragrancesindustry. It owns many famous flavour brands, including“H u a b a o F l a v o u r s” o n t h e A-S h a r e s p l a t f o r m, “H e d o n”,“Huabao”, “H&K”, “Huafang”, “Owada”, “Amber” and soon. The Group has internationalised product developmentand manufacturing capabilities, owns production bases inr e g i o n s s u c h a s S h a n g h a i, G u a n g d o n g, J i a n g s u, J i a n g x i,F u j i a n, S h a n d o n g, H o n g K o n g, I n d o n e s i a, a n d B o t s w a n ain Africa, etc., has a R&D centre in Holzminden, Germanyand Singapore, a state-level enterprise technology centre inShanghai, and R&D departments in Guangdong and Fujian.Member(s) of the Group takes on leadership roles in a numberof industry associations which are relevant to flavours andfragrances business, including the Vice Chairman of ChinaFood Additives & Ingredients Association, Deputy Directorof China Association of Fragrance & Flavour and CosmeticIndustries, Deputy Director of China Association of Bakery& Confectionery Industry, and Chairman of Shanghai FoodAdditive & Batching Association. Company Profile and Corporate Culture T h e G r o u p i s a l s o o n e o f t h e m a r k e t l e a d e r s i n C h i n a ’ stobacco raw materials field, and its production technology andproduct quality have taken the leading position at domesticlevel and reached advanced international level. GuangdongJinye, a subsidiary of the Group, is one of the RTL R&D basesauthorised by the STMA. Guangdong Jinye owns the firstlandmark of paper-making RTL production line certified bythe STMA. Its production technology has been recognizedby the STMA to have reached the highest technology levelin terms of domestic pape