亨得利二零二五年年报

(Incorporated in the Cayman Islands with limited liability)Stock Code股份代號 :3389(於開曼群島註冊成立之有限公司) 2025ANNUAL REPORT年 報 Content目錄 Page 頁次 2Chairman’s Statement主席報告書9Report of Directors董事會報告書43Corporate Governance Report企業管治報告59Environmental, Social and Governance Report環境、社會及管治報告113Financial Summary財務概要114Independent Auditor’s Report獨立核數師報告121Consolidated Statement of Profit or Loss綜合損益表122Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收入表124Consolidated Statement of Financial Position綜合財務狀況表126Consolidated Statement of Changes in Equity綜合權益變動表128Consolidated Cash Flow Statement綜合現金流量表130Notes to the Financial Statements財務報表附註254Corporate Information公司資料 CHAIRMAN’S STATEMENT主席報告書CHAIRMAN’S STATEMENT主席報告書 Cheung Wing Lun Tony張泳麟Chairman主席 Forge ahead while maintaining sound, steady, and long-term operations Dear Shareholders, Onbehalf of the Board of Directors(the“Board”),I ampleased to present the annual report of Hengdeli HoldingsLimited (the “Company”) and its subsidiaries (the “Group”)for the year ended 31 December 2025 (the “year” or the“year under review”) for your review. In 2025, the global economic situation remained complex,with the global economy continuing to be under pressuredueto uncertainties such as continued geopolitical risks,increasedtrade barriers and escalated trade frictions.Against the backdrop of a complex external environment,the Chinese economy maintained steady growth, driven bypolicysupport and endogenous momentum,underscoringits strong resilience and positive trajectory. Confronted withthecomplicated and changing environment,the Groupcontinued to adhere to the principle of “Pursuing stabilitywhile maintaining sound, steady, and long-term operations”,closelymonitored changes in the macro situation,andgained in-depth insight into market demand and trends, soas to maintain stability while pursuing development, makingevery effort to safeguard the interests of its shareholders. CHAIRMAN’S STATEMENT主席報告書 648,953,000•1,043,555,00037.8%579,409,000688,104,00015.8%69,544,000355,451,00080.4%24,173,00055,472,00026,901,00065,161,000 Fo rt h e y e a r e n d e d 31 D e c e m b e r 2025,t h e G r o u precorded revenue of RMB648,953,000 (31 December 2024:RMB1,043,555,000),representing a year-on-year decreaseof37.8%;high-end consuming accessories businessrecorded revenue of RMB579,409,000 (31 December 2024:RMB688,104,000), representing a year-on-year decrease of15.8%;international commodity trading recorded revenueof RMB69,544,000 (31 December 2024: RMB355,451,000),representinga year-on-year decrease of 80.4%.TheGrouprecorded a loss of approximately RMB24,173,000( 3 1D e c e m b e r 2 0 2 4 :l o s s o f R M B 5 5 , 4 7 2 , 0 0 0 )a n dlossattributable to equity shareholders amounted toapproximatelyRMB26,901,000(31 December 2024:lossofRMB65,161,000).The loss for the year was mainlyattributableto the decline in sales,a shift from profit toloss in the share of associates, a decrease in bank interestincome, as well as the combined impact of factors such asimpairment loss of trade receivables. Duringthe year under review,despite signs of a modestrecoveryin China’s consumer market,the high-endconsuming accessories business continued to face lingeringpressure and uncertainty. Affected by an overall contractioninindustry demand and volatility in international markets,thedevelopment of the Group’s high-end consumingaccessoriesbusiness continued to be under pressure,witha decline in sales revenue on a year-on-year basis.Nevertheless, the Group continued to prioritize stability as itsfoundation while pursuing development through innovation.TheGroup implemented multiple measures to optimizeprocesses, enhance technologies and operational efficiency.Through these efforts, the effectiveness of these initiativesgradually became apparent, laying a foundation for futuredevelopment. Duringthe year under review,global economic growthlacked sufficient momentum. Coupled with complex factorssuchas geopolitical tensions,trade barriers,and tighterpolicies in export destinations, led to heightened volatilityincommodity prices.The resulting uncertainty madecustomersmore cautious in their purchasing decisions,leading to a year-on-year decline in both sales and profitsfor the international commodity trading business. The Groupconsistentlymaintained a prudent and stable businessstrategy,adhering to a customer-centric approach andprioritizingvessel safety.Building upon its establishedtraditional shipping routes, the Group actively seized marketopportunitiesto expand its business scope and optimizeservicecapabilities.In 2025,the global dry bulk cargotrade exhibited the characteristics of “stability rather thanbreakthrough”. Consequently, both the revenue and profitsof the Group’s shipping business experienced a decline. TheGroup’s core values of“Respect,Commitment,Cooperationand Innovation”have enabled us to build asolidfoundation for corporate governance and fulfill itssocial respon