佳华百货控股年报 2025

Contents目錄 公司資料2董事長報告6董事及高層管理人員簡歷11管理層討論及分析16企業管治報告39董事會報告55獨立核數師報告70綜合全面收益表78綜合財務狀況表79綜合權益變動表81綜合現金流量表82綜合財務報表附註84物業詳情186五年財務概要187 Corporate InformationChairman’s StatementBiography of Directors and Senior ManagementManagement Discussion and AnalysisCorporate Governance ReportReport of the DirectorsIndependent Auditor’s ReportConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsParticulars of PropertiesFive-Year Financial Summary CORPORATE INFORMATION公司資料 股份代號00602 STOCK CODE00602 註冊辦事處Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 香港總辦事處及主要營業地點 HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 香港九龍尖沙咀廣東道5號海港城海洋中心7樓715室 Suite 715, 7th FloorOcean Centre, Harbour City5 Canton RoadTsimshatsuiKowloonHong Kong 中國總辦事處及主要營業地點 HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 中國深圳市寶安中心區新湖路246號佳華名苑4樓 4/FJiahua Ming YuanNo. 246 Xinhu RoadBaoan Central DistrictShenzhenThe PRC COMPANY WEBSITEwww.szbjh.com 公司網站www.szbjh.com 核數師香港立信德豪會計師事務所有限公司執業會計師及香港註冊公眾利益實體核數師 AUDITOR BDO LimitedCertified Public Accountants and Registered PublicInterest Entity Auditor25th FloorWing On Centre111 Connaught Road CentralHong Kong 香港干諾道中111號永安中心25樓 授權代表莊陸坤先生何悅利先生 AUTHORISED REPRESENTATIVESMr. Zhuang Lu KunMr. Ho Yuet Lee, Leo Corporate Information (Continued)公司資料（續） LEGAL ADVISERS TO THE COMPANYAs to Hong Kong law 公司法律顧問 香港法律胡關李羅律師行香港中環康樂廣場1號怡和大廈26樓 Woo Kwan Lee & Lo26th Floor, Jardine House1 Connaught PlaceCentralHong Kong 開曼群島法律 As to the Cayman Islands lawConyers Dill & PearmanCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Dill & PearmanCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 中國法律 廣東品方律師事務所中國深圳市寶安二區龍井路華業大廈412–415室 As to PRC lawGuangdong Pinfang Law FirmRoom 412–415Huaye Building Longjin RoadBaoan Second DistrictShenzhenThe PRC 主要股份過戶登記處 PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1-1100Cayman Islands 香港股份過戶登記分處 BRANCH SHARE REGISTRAR AND TRANSFEROFFICE IN HONG KONG 卓佳證券登記有限公司香港夏慤道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Location of Jiahua Storesand Shopping Malls 佳華商場及購物中心位置圖 Bantian Shopping Mall (include Bantian Store)坂田購物中心（含坂田店）Bantian Shopping Mall (include Bantian Store)坂田購物中心（含坂田店） Guanlan Shopping Mall (include Guanlan Store)觀瀾購物中心（含觀瀾店）Guanlan Shopping Mall (include Guanlan Store)觀瀾購物中心（含觀瀾店） Shajing Shopping Mall (include Shajing Store)沙井購物中心（含沙井店）Shajing Shopping Mall (include Shajing Store)沙井購物中心（含沙井店） CHAIRMAN’S STATEMENT董事長報告Chairman’sStatement董事長報告 CHAIRMAN’S STATEMENT董事長報告 Zhuang Lu Kun莊陸坤Chairman董事長 尊敬的各位股東： 2025年，世界經濟展現出複雜圖景。一方面，美國推行加征關稅舉措衝擊多邊貿易體系，也推升美元信用風險，帶動全球避險情緒升溫，地緣衝突持續擾動全球產業鏈供應鏈；另一方面，人工智慧投資浪潮與綠色轉型加速推進，全球南方國家群體性崛起，為經 濟 增 長 注 入 新 動 能 。 國 際 貨 幣 基 金 組 織(IMF)預計2025年全球經濟增速約為3.2%，但增長品質與結構性問題突顯，發達經濟體與新興市場分化加劇，全球經濟格局正經歷深刻變革。世界經濟表面穩定但內在疲弱，易受外部衝擊影響。 In 2025, the global economy presents a complex picture. On the onehand, US tariffs are impacting the multilateral trading system andincreasing the credit risk of the US dollar, fueling global risk aversionand disrupting global industrial and supply chains through ongoinggeopolitical conflicts. On the other hand, the wave of investmentin artificial intelligence and the accelerated green transformation,along with the collective rise of the Global South, are injecting newmomentum into economic growth. The International Monetary Fund(IMF) projects global economic growth of approximately 3.2% in2025, but the quality and structural problems of growth are becomingincreasingly prominent, with a widening gap between developedeconomies and emerging markets, and the global economic landscapeundergoing profound changes. While the global economy appearsstable on the surface, it is inherently weak and vulnerable to externalshocks. Chairman’s Statement (Continued)董事長報告（續） 全球經濟增速普遍放緩但內部分化加劇的特徵顯著。發達經濟體增長面臨較大挑戰。美國經濟增速降至2.0%，歐元區與日本分別僅為1.3%和1.1%，均面臨外部需求疲軟與結構改革停滯的挑戰。增長放緩背後有著深層次的結構性原因。首先，人口老齡化問題在多數發達經濟體持續加劇，嚴重制約勞動力供給和創新活力。其次，全球債務總額攀升，其 中 美 國 聯 邦 債 務 總 額 接 近39萬 億 美 元 ，財政可持續性備受質疑。再次，西方發達經濟體分配失衡問題也日益突顯，抑制消費增長潛力，持續激化社會矛盾。新興市場與發展中經濟體成為全球增長的主引擎，其中東盟國家表現亮眼。這種分化映射出全球經濟格局的深層次重構：傳統發達經濟體增長乏力，而亞洲、拉美與非洲通過供應鏈多元化與數位化轉型，正逐步改寫全球經貿版圖。亞太區域繼續引領全球增長，其中東南亞國家憑藉年輕的人口結構、持續改善的基礎設施和積極的產業政策，正成為全球製造業佈局的新熱點。 Global economic growth will generally slow, but internal differentiationwill intensify significantly. Developed economies will face considerablechallenges. The US economy will grow by 2.0%, while th