创维集团2025年报

Contents目錄 02Financial Highlights03Chairman’s Statement14Simplified Corporate Structure15Management Discussion and Analysis44Directors and Senior Management Profiles56Directors’ Report86Corporate Governance Report118Independent Auditor’s Report124Consolidated Statement of Profit or Loss and OtherComprehensive Income126Consolidated Statement of Financial Position128Consolidated Statement of Changes in Equity130Consolidated Statement of Cash Flows132Notes to the Consolidated Financial Statements250Financial Summary251Financial Review252Completed Properties for Sale254Properties under Development256Investor Relations258Corporate Information Financial Highlights財務摘要 Amountsexpressed in RMB millions(except for Share data and items specifically stated)以人民幣百萬元列示（每股股份資料及另有列明項目除外） 主席報告CHAIRMAN’SSTATEMENT 主席報告 Chairman’s Statement主席報告Chairman’s Statement主席報告 Dearshareholders,partners, and investorsof Skyworth Group, 尊敬的創維集團股東、夥伴和投資者： 2025年，地 緣 政 治 衝 突 與 博 弈 外 溢 效 應 凸 顯，國際經貿金融秩序波動加劇，貿易保護主義、單邊關稅措施對全球產業鏈供應鏈穩定與重構形成顯著衝擊。在複雜外部環境之下，中國經濟展現出強勁韌性，人工智能等新技術加速規模化應用，為經濟高質量發展奠定了堅實基礎。 In 2025, the spillover effects of geopolitical conflicts and confrontationsbecame increasingly prominent, leading to heightened volatility in theinternational economic, trade, and financial order. Trade protectionismand unilateral tariff measures significantly disrupted the stability andrestructuring of global industrial and supply chains. Amid this complexexternal environment, China’s economy demonstrated robust resilience,supported by the accelerated large-scale application of new technologies suchas artificial intelligence, which laid a solid foundation for high-quality economicdevelopment. 在此背景之下，創維集團始終堅持以「AI技術全面賦能產業升級，以全球化佈局拓寬發展邊界，以全品類協同激活增長動能」的發展思路，各業務板塊在挑戰中攻堅、在創新中突破。本集團全年整體營收實現穩步增長，首次突破人民幣700億元大關。藉此，我謹代表創維集團董事會和執行團隊，向長期以來給予我們信任與支持的股東、客戶、合作夥伴以及拚搏奮進的全體員工，致以最誠摯的感謝與崇高的敬意！ Against this backdrop, Skyworth Group steadfastly adhered to its developmentstrategy of“comprehensively empowering industrial upgrades with AItechnology, expanding development horizons through global outreach, andactivating growth momentum via full-category synergy”. Each businesssegment has persevered through challenges and achieved breakthroughsthrough innovation. The Group’s total annual revenue recorded steady growth,surpassing the RMB70 billion mark for the first time. On this occasion, on behalfof the Board of Directors and the executive team of Skyworth Group, I wouldlike to extend our sincerest gratitude and highest respect to our shareholders,customers, and partners for their continued trust and support, as well as to allour dedicated employees for their unwavering commitment. 回 望2025年，創 維 集 團 各 業 務 板 塊 攻 堅 克 難、創新突破。主要核心業務優勢持續鞏固，新興業務增長勢能持續釋放。 Looking back on 2025, each of Skyworth Group’s business segments overcamechallenges and achieved breakthroughs through innovation. The advantagesof our core businesses continued to strengthen, while the growth momentumof our emerging businesses was steadily unleashed. Chairman’s Statement主席報告 一、智能家電板塊：縱深推動全品類協同，全球化進程取得關鍵突破 I.SMART HOUSEHOLD APPLIANCES SECTOR: DEEPENINGFULL-CATEGORY SYNERGY, ACHIEVING KEYBREAKTHROUGHS IN GLOBALISATION 2025年以來，本集團將全品類營銷列為核心工作，強化智能家電板塊各品類產品在電 商 平 台 銷 售 的 統 籌 與 落 地。先 後 在 天貓、拼多多、京東、抖音等主流電商平台開 設「創 維 集 團 全 品 類 官 方 旗 艦 店」。持續打造「集團統一運營+各品類獨立操盤」的 商 家 生 態 模 型，既 實 現 電 商 平 台 與 資源的共享、引流，又保障各品類在選品、定價、庫存管理上的靈活性與專業性，全品類協同效應持續釋放。全年通過電商平台 出 貨 銷 售 額 同 比 增 長96%，銷 售 量 增 長264%。 Since 2025, the Group has prioritised full-category marketing as a corefocus, strengthening the coordination and execution of sales acrossvarious product categories within the smart household appliancessector on e-commerce platforms. It successively launched“SkyworthGroup Full-Category Official Flagship Stores”on major e-commerceplatforms such as Tmall, Pinduoduo, JD.com, and Douyin. The Groupcontinues to develop a merchant ecosystem model characterisedby“Centralised group operations + Independent management bycategory”. This approach not only facilitates the sharing of e-commerceplatform resources and traffic generation but also ensures flexibilityand professionalism in product selection, pricing and inventorymanagement for each category, thereby continuously unleashing thefull-category synergy effect. Throughout the year, total sales volumethrough e-commerce platforms increased by 96% year-on-year, whilesales volume grew by 264%. Chairman’s Statement主席報告 在 全 球 化 戰 略 佈 局 上，該 板 塊 也 持 續 提速，並取得關鍵性突破。彩電業務獲得飛利 浦 電 視 品 類 在 北 美 市 場 的 品 牌 授 權，通過承接其既有的市場份額與渠道資源，藉助沃爾瑪、百思買(Best Buy)等主流零售網 絡 實 現 本 地 化 銷 售，進 一 步 提 升 創 維彩 電 的 海 外 營 收 佔 比。此 外，還 與 松 下(Panasonic)達 成 深 度 合 作，於2026年 正 式取 得 該 品 牌 電 視 在 歐 洲、北 美 市 場 的 生產、銷售及渠道拓展權。這也將進一步夯實創維智能家電業務在歐美高端市場的佈局，深化本土化深耕。 In terms of global strategic positioning, this sector continued toaccelerate and achieved key breakthroughs. The TV business obtainedbrand authorisation for the Philips television category in the NorthAmerican market. By leveraging existing market share and channelresources, and utilising