明梁控股2025年报

GEM GEM GEMGEMGEM GEMGEM 234111523303536383940102 Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman, KY1-1108Cayman Islands 17–1921 慤1617 Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkP.O. Box 1350Grand Cayman, KY1-1108Cayman Islands 8152 www.mleng.com 20251231 20252026 2025 20252026 2026326 (i)(ii)(iii) 2026 202620251210 2026 14.621.6%82.36(c)95% 2.96.4%21.6%34.7%42.8%23.535.2 (i)0.5(ii)4.7 2.96.9 (i)(ii)(iii) 4.34.7 0.5 1.40.7 0.50.3 9.413.011.82.94.34.70.54.70.70.9 2.5 202512312025123174.42024123187.717.12024123123.4202512312.30202412312.46 2025123113.89.84.0 20251231 2025123120251231112.12024123199.0 2025123117.19.80.23.0202412311.7%1.699.0 (i)(ii) 20251231 650,0002025121020251210 20251231 12311,582,862 20251231 20251231 202520241231 2025123115.1202415.0 20251231 ————— 622015924 19891130 60201716199481997112001619881230 5820151020171619901219991120172520121276202312033 61201830 201520161998201419891998 562017619199612003919911130 7720176191972720021200712009719851020001200120031020061040199412017520185 7620176191973111977720041041201534020171202012201712020122018122022 612024630 2019202220052018GEMDresdnerBankDresdner Kleinwort CapitalAjia Partners(HK)LimitedKleinwort Benson China ManagementLimitedChina Investment and Development Fund (i)(ii)(iii) 4520131201472001820071120103University Schools of Management IAE France20104Université de Grenoble 2 GEMC120251231 C.2.1 GEM5.485.6720251231 ———— 2024 20256272025625GEM5.02D IIIV7.5III2.0III2.0IV3.0II2.0II2.0IIIII8.0IIIII IV VI36.0 IIIIIIIVVVI ——— — 2017619www.hkexnews.hkwww.mleng.com 2025 GEM5.05(2)5.28 20252025 20251231 2025 20251231 2017619GEMC1(i)(ii)(iii)(iv)(v) 2025 2025 20251231 3034 10% (www.mleng.com)20251231 www.mleng.com 20251231 14202512316 20251231 202512313520251231 2025123126 202512312734 2025123180.6 2017619 (a) (b) 60,000,00010%10% 30% 121% (i)(ii)(iii) 202512312025112025123160,000,00060,000,000 60,000,00010% 20251231 20251231 2025627 20251231GEM 20176192025123120251231 20251231 20251231 20251231571XVXV78352GEM5.465.67 (1)JAT United Company LimitedJAT United364,095,000JAT United 20251231XV23336 (1)JAT UnitedJAT United(2) 2025123181.8%202486.2%29.7%202430.0% 2025123191.8%202495.7%66.0%202454.8% 5% 2025123132GEM 20251231GEM 2025GEM 20% 20251231 2026326 3510120251231 20251231 4.6(ii)5(c)18(a)38(a)(ii) 2025123118(a)64,391,00099202512316,409,000 • •9•••• • ••••• P056822026326 1. 20159242017721GEM Windward3,Regatta Office Park,P.O.Box 1350,Grand Cayman KY1-1108,Cayman Islands17— 1921 2. GEM 5 3. 3.1—202511 202511 211 3.2 971971179107—1111821925—210283 120261122027113 3. 3.2 97 1811118188818733341820271118 4. 4.1 4.2 4. 4.3 (i) (ii) ——— 4. 4.4 4. 4.4 2.5%10%33%20%25%33%25% 4.5 4.6 (i) 4. 4.6 (i) (ii) 12 30 (1)(2)90 4. 4.6 (ii) 90(1)(2)3090 (i)(ii)(iii)(iv) 4. 4.6 (iii) 4.9 (iv) (v) 99 4.7 4.8 4.9 4. 4.10 (i) (ii) 4. 4.11 (i) (ii) (iii) 4.12 4. 4.13 (i) (ii)4.14 (iii)(i)(ii) 4.14 12 (i)(ii)(iii)(iv) 4.4 4. 4.14 (i)(ii)(iii) 4.15 4.134.6(ii) 4.13 4. 4.16 5. 5. (a) 73,0002024605,000 (b) 25 5. (c) 2025123164,391,00018(a) 4.6(ii) 202512316,409,000202412316,629,00038(a)(ii) 5. (d) 202512314.520251231 1520251231 2025123119,061,000202412312,826,0007,114,000202412316,139,00015(c) — — 6. 2024 (a)20251231 6. (b)20241231 339 (13,018) 6. (c) (d)202520241231 (e)10% * 5%1,500 SuperannuationSuperSuper 10. (a) 9 10. (a) (i)(ii)2025627(iii)202461(iv)20242024 (b) 32024210(a) 220243 2024 10. (c) 16.5%2,000,0008.25%16.5% 25%17%25%30% 12. 13. (a) (b) 14. 20251231 15. 15. 15. (b) 60 23202423 24(b) (c) 202512312,318,000202412,580,000556,00020243,667,0001,762,00020248,913,000 20251231DValuer Property Consultants Pte Limited (d)20251231Melbourne Property Valuers 123 •1 15. (c) 21 ••3 2025123133 15. (d) 202411296,000,0002024123128,506,00020241231960,00027,546,0002 202513014,806,00020251231503,000 14,227,000 16. 16. 24(c) 1332025123132024— 17. 18. 18. (a) 38(a)(ii) 3652024365 (b) 202512313,155,0002024350,000 20. 24(d)2025123120272028 21. (b) 21. (b) 22. Genghiskhan Land Holdings LimitedGenghiskhan1998430Genghiskhan2008430 23. 3.5%20242.5%3 24. (a) 24. (b) 2025123172,607,00020242,662,000 24. (b) (c) 2025123113,800,000202433,500,0004,000,000202412,000,000 (i)1,582,86216(ii)(iii) 24. (c) (d) 123120272028 25. 25. 200811 2025123131,974,000202433,901,0004,124,00020248,403,00027,850,000202425,498,000 26. 2024112024123120251231 27. (a)20252024123115,642,000 —989,0002013912—14,653,000 (b)10%50% (c) (d)4.3 28. 28. 29. 202512312024 30. 202520241231 31. 1231202413,269,000 32. (a) (b) 33. JAT United Company Limited 34. 35. 20251210EastFocusEastFocus650,0005,870,000MEK HK100%MEK MEK HKMEK 35. MEK221,00020251182,341,0007,657