森浩集团2025年报

: 8285 GEM GEM GEMGEMGEM GEMGEM 34510132549657072747577144 Cricket SquareHutchins DriveP.O. Box 2681Grand CaymanKY1-1111Cayman Islands 64211 20251231 202565.61.037.356.9%4.9%18.9% ELLE—ELLE2026AIELLE 2025 1.065.6 2024ELLE2025 ELLEJessie & Jane202599.5%0.5%202499.0%1.0% ELLE 1.065.6202466.6 57.4202461.487.5%202492.2%7.820244.365.2202465.720240.9%99.3%202498.7% 0.320240.8106,000202451,0000.420240.850.9%0.7%20241.3% 4.53.5 ELLE65.3202465.9Jessie & JaneJessie & Jane0.320240.7 ELLE1 34.72.67.5%37.32025202456.9%52.2%4.7 34.81.74.9%33.1(i)(ii)(iii) 12.72.418.9%10.3 20251231 (a)33.3202433.49.0202411.6(b)27.9202428.431.4202433.5(c)8.320248.20.8920240.85(d)15.6202416.834.3(e)100%2024 20224.25.020234.25.020242.53.0 20251231202416,00049,0002024195,000 29202512312024 202512312024 25202512312024 7.3%203070 AI 2026 2025123137202438202512317.120248.820251231 5119976 23200232002 52Summit Time ResourcesLimited19955 25199919995 78Sling BVI19725 5019752 72 4919772 56201712151993119967(i)19952(ii)199510(iii)1996220002 19983199281994219971994219951199621996720012851 2025630989 64649130 MBAEMBA(CEIBS)(EMBA) 51201913119971220026 2220021020053Bain & Company2005520076Crimson Investment20077201142011420206Bain & Company 59201512 19925199811201211 202004620139 GEMC120251231 1012 14 20171215 20171215 201712152019131202491 105 109 GEM 201712152019131202491 2024830GEM5.02D GEM5.09 1.2.GEM3.4. C.2.1 20171215 20251231 2025123120256302025123120241231 20171215 20171215 14 2019321 20251231 20251231 ••• 20251231 Yen Sheng Investment LimitedYen Sheng Investment Limited202512312017121520171229 20251231 14%20251231372876% 42 GEM5.485.6720251231 64 12321 12info@sling-inc.com.hk3 16421123(i)21(ii)14 www.sling-inc.com.hk 2025617 202669 (www.sling-inc.com.hk) 2025123115 20251120251231ESGESGESG ESGESG ESGGEMC2 ESGESGESG ESGESGESGESG (http://sling-inc.com.hk/)info@sling-inc.com.hk ESG ESGESGESGESGESGESG ESGESGESGESG ESGESGESGESG ESG ESG ESG ESGESG i.ESG ii.ESGiii.ESG 1. 1. 2. 2024 1. ESG 1220043201133 •5•6 1.2.1(IEA)(IPCC)3.24.356 2025123137 ELLEJessie&JaneELLE 90 1,0164 ELLEJessie & Jane 20251231 201716 2018116GEM 155592548 5 20251231 123170143 202512312024 (a)(b)(c)(d)(e)(f)(g)(h) 14 27 202512312024 202512312548ESG 2018116GEM20251231 144 2017121520171215 2017121520171215 2017121520191302024829201712152019130202491 202212305,000,000 202312295,000,000202418 202412303,000,000202612312025124 20251231Yen Sheng BVIGEM 20171215201811610%2017121510 1231 1215 (i) GEM 18 (aa)(bb)(cc)(dd)(ee)(ff)(gg)(hh) (iii) (aa)30% (bb)GEM10% (cc)(aa)(dd)10%GEM23.02(2)(d)GEM23.02(4) (dd)(aa)(cc)(cc)GEM23.02(2)(d)GEM23.02(4) (iv) 121%12GEM23.03(9)(1) (v) 2110 (vi) (i)(ii)(iii) 1 (vii) 10 20251231571XVXV78352GEM5.465.67 (i) Yen Sheng Investment LimitedYen Sheng BVI49.3120%49.2321%Yen Sheng BVI (ii) 20251231XV352XVGEM 18 20251231XV23336 1.YenSheng BVI49.3120%49.2321%Yen Sheng BVI 2.Chan Yee Ling ElaineChan Yee Ling Elaine Summit Time Resources LimitedSummit Time Resources Limited 5.Lee Shui Kwai VictorLee Shui Kwai Victor 20251231XV23336 5% 25%GEM GEM2031 1.20191164211201911202112313626,0335,4602025123160,022GEM19.075%3,000,000GEM20.74GEM 2.GEM2025123110.920(b)GEM20.88 GEM20.99 51%49%20258651%202586 GEM20.99GEM20GEMGEMGEM 20241024— 202512311.8(a)(b)(c) 3000740GEM20.54 (i) (ii)(iii)(iv) GEM20 202561751%4,934,0003,0003,198,000202586(i)(ii)GEMGEM 398,000 Yen Sheng Investment Limited20171215 20251231 1324 1231 2026325 7014320251231 20251231 2.1 2.84.118 •••• 202512319,085,0001,102,000 2025 •••••• 2811 2026325 P07578 1. 201716Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands64211 Yen Sheng Investment LimitedYen Sheng BVI 2018116GEM 202512312026325 2. 2.1 GEMGEM 3 2. 2.1 4 20251231354,0001,324,000202512313,509,0009,017,000202512318,262,000 (i)202512312024465,603,000ELLE2025851%102920251231354,000 (i)(ii)(iii)(iv) (ii)2025123115,595,00010,839,000 2. 2.1 (iii)2025123134,324,000 (iv)2025123110,037,00020(b)20271212 20251231 2.2 2. 2.2 (i)(ii)9 2. 2.3 2. 2.4 2.10 2050%2050%20% 2.10 2. 2.5 15 1010 2.15 2.6 2. 2.6 15 ——— — — —— 2. 2.6 9 2.10 2. 2.7 9—15 —— 2. 2.7 ———— 30 2. 2.7 (i)(ii)90 2.8 2.9 2.132.6 2. 2.10 ——— 2. 2.10 12 9 2. 2.11 2.12 (i)(ii) 2. 2.13 1 1.2.3.4.5. 12 2. 2.13 — — 2.14 2. 2.15 2. 2.16 (a) (b) ••• 2. 2.16 (b) 2.17 2.18 2. 2.18 12 2. 2.18 (i)(ii) —— (a)(b) (a) (b) (i)(ii) 2.19 2. 2.20 (a) (i)(ii)(iii) (b) (i)(ii)(iii)(iv)(v)(vi)(a)(vii)(a)(i)(viii) 3. 3.1202511 21202511 3.2 18219297197121210283—1115—2 120261122027113 3. 3.2 185 1811187 18 • •• 7 • • 1820271118 4. 4.1 18 92.7 202512319,776,0003,208,0008,279,000 202412314,255,0003,003,00010,957,00038,000 9 4. 4.1 141636 202512312024800,000202485