道和环球2025年报

CONTENTS目錄 03Statement of Chief Executive Officer行政總裁報告書05Management Discussion and Analysis管理層討論及分析11Biographical Details of Directors and Senior Management董事及高級管理層資料14Corporate Governance Report企業管治報告Reports and Financial Statements報告書及財務報表38–Report of the Directors董事會報告書62–Independent Auditor’s Report獨立核數師報告書68–Consolidated Statement of Profit or Loss綜合損益表69–Consolidated Statement of Profit or Loss andOther Comprehensive Income綜合損益及其他全面收益表70–Consolidated Statement of Financial Position綜合財務狀況表72–Consolidated Statement of Changes in Equity綜合權益變動表73–Consolidated Statement of Cash Flows綜合現金流量表75–Notes to the Consolidated Financial Statements綜合財務報表附註156Five-Year Financial Summary五年財務概要158Corporate Information公司資料160Shareholder Information股東資料 CREATINGSHAREHOLDERVALUE 為股東創造更高價值 STATEMENTOFCHIEFEXECUTIVEOFFICER行政總裁報告書 本人謹代表董事（「董事」）會（「董事會」）欣然提呈Daohe Global Group Limited道和環球集團有限公司（「本公司」，連同其附屬公司統稱「本集團」或「道和環球」）截至二零二五年十二月三十一日止年度的全年業績。 On behalf of the board (the “Board”) of directors (the “Directors”), I ampleased to present the annual results of Daohe Global Group Limited(the “Company”, together with its subsidiaries, the “Group” or “DaoheGlobal”) for the year ended 31 December 2025. 二零二五年，全球經濟環境持續動盪，經濟復甦步伐反覆，營商環境依然困難重重。地緣政治局勢持續緊張，主要經濟體之間的貿易政策及關稅措施反覆調整，加上市場對通脹、利率走勢及消費前景的憂慮未解，對全球貿易活動及企業投資意欲構成壓力。在宏觀環境不明朗的背景下，市場信心偏弱，客戶下單態度趨於審慎，經營環境的急劇轉差對集團營運及盈利能力構成顯著壓力。 In 2025, turmoil continued in the global economic environmentwith uneven pace of economic recovery, and business environmentremained fraught with difficulties. Ongoing geopolitical tensions,iterative adjustments in trade policies and tariff measures among majoreconomies, coupled with unresolved market concerns over inflation,interest rate trends and consumption prospects, had exerted pressureon global trade activities and corporate investment willingness. Againstthis backdrop of macroeconomic uncertainty, market confidence wasweak, and customers adopted a cautious approach in placing orders,the sharp deterioration in the operating environment placed significantpressure on the Group’s operations and profitability. 年內，貿易及供應鏈管理服務業務面對尤為嚴峻的挑戰。受關稅政策不確定性影響，客戶普遍採取更保守的採購策略，直接拖累付運量表現；加上銷售組合調整的影響下，分部收益亦有所下跌。 During the year, the trading and supply chain managementservices business faced exceptionally acute challenges. Affected byuncertainties in tariff policies, customers generally adopted moreconservative procurement strategies, which directly impactedshipment performance. Coupled with the effects of adjustments insales mix, segment revenue also declined. 文化娛樂業務方面，本集團年內的整體表現亦同樣承壓。線上娛樂業務在激烈競爭及平台推廣限制下，經營環境依然困難。然而，本集團透過持續優化產品體驗、加強與不同平台及網紅的合作，以及推動應用程式升級，成功維持用戶基礎及市場競爭力。惟潮流玩具市場因競爭加劇及產品飽和，銷售表現有所回落。 As for the culture and entertainment business, the Group alsoexperienced same pressure on its overall performance during the year.The operating environment for the online entertainment businessremained difficult amidst fierce competition and platform promotionrestrictions. Nevertheless, the Group successfully maintained its userbase and market competitiveness by continuously optimising productexperience, strengthening cooperation with various platforms andkey opinion leaders (KOLs) as well as promoting application upgrades.However, the pop toys market saw a decline in sales performance dueto intensified competition and product saturation. 展望二零二六年，全球經濟前景仍然複雜多變，近期國際局勢的新動盪令經營環境更趨嚴峻。中美於去年十月達成階段性共識，美國取消原定對中國貨品額外徵收的10%芬太尼相關關稅，並延長暫停其他中國進口商品24%的對等關稅，為貿易環境帶來階段性利好。鑒於本集團貿易及供應鏈管理服務業務超過50%的採購源自中國，此項共識預期將對相關業務帶來正面影響。但與此同時，近期國際衝突升級，對全球貿易供應鏈形成顯著衝擊，進一步加劇貿易不確定性與風險。面對此等挑戰，本集團將繼續採取審慎而靈活的經營策略，積極强化及多元化供應鏈布局，提升整體韌性及應變能力。同時，本集團將與主要客戶保持緊密溝通，共同開拓新產品類別及應用場景，以應對市場需求的變化。 Looking ahead to 2026, the global economic outlook remains complexand volatile. Recent new international turmoil has rendered theoperating environment even more severe. The phased consensusreached between China and USA in October last year, involving theU.S. cancellation of the planned additional 10% tariff on China-origingoods related to fentanyl and the extension of the suspension ofthe equivalent 24% tariff on other Chinese imports, has provided aphased positive development for the trade environment. Given thatover 50% of the procurement for the Group’s trading and supply chainmanagement services business originates from China, this consensus isexpected to have a positive impact on the related business. However,at the same time, the recent escalation of international conflicts hassignificantly impacted global trade supply chains, further exacerbatingtrade uncertainties and risks. Facing these challenges, the Group willcontinue to adopt prudent and flexible operational strategies, activelystrengthen and diversify its supply chain layout to enhance overallresilience and adaptability. Concurrently, the Group will maintain closecommunication with key customers to jointly explore new productcategories and application scenarios in response to changes in marketdemand. STATEMENT OF CHIEF EXECUTIVE OFFICER行政總裁報告書 文化娛樂業務方面，本集團將持續以創新為核心，深化線上娛樂產品