读书郎2025年报

ANNUAL REPORT CONTENTS2Company Profile3Corporate Information6Chairman’s Statement9Management Discussion and Analysis46Five-Year Financial Summary47Directors and Senior Management54Directors’ Report83Corporate Governance Report120Disclosure of Interests149Environmental, Social and Governance Report219Independent Auditor’s Report227Consolidated Statement of Profit or Loss and Other Comprehensive Income229Consolidated Statement of Financial Position231Consolidated Statement of Changes in Equity233Consolidated Statement of Cash Flows236Notes to the Financial Statements351Definitions COMPANY PROFILE 23852022712 Readboy Education Holding Company Limited (“Readboy” or the “Company”,together with its subsidiaries, the “Group”) (Stock Code: 2385) has beenlisted on the Stock Exchange since 12 July 2022. The Group ’s mainbusiness covers personal learning devices for students, digital campusand education informatization solutions, certain wearable and otherintelligent products, as well as related software, content and supportservices. The Group also continues to enhance selected products andservices through the application of technologies such as artificialintelligence, data analytics and cloud-based capabilities, with a view toimproving user experience and product functionality. The Group operates through a combination of product sales and service-based offerings, and distributes products through online and offlinechannels. Its customer base includes individual consumers, schools andinstitutional customers in the PRC. During the year, the Group continuedto focus on product optimisation, channel development, cost managementand operational discipline, while exploring business opportunities in areasaligned with its strategic direction. CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Qin Shuguang(Chairman and Chief Executive Officer)Ms. Liu Zhilan Non-executive Directors Mr. Chen ZhiyongMr. Shen Jianfei Independent Non-executive Directors Ms. Li ManfangMs. Kong FanhuaProf. Li Renfa AUDIT COMMITTEE Ms. Li Manfang(Chairlady)Mr. Chen ZhiyongMs. Kong Fanhua REMUNERATION COMMITTEE Ms. Kong Fanhua(Chairlady)Mr. Chen ZhiyongMs. Li Manfang NOMINATION COMMITTEE Mr. Qin Shuguang(Chairman)Ms. Kong FanhuaProf. Li Renfa ENVIRONMENTAL, SOCIAL AND GOVERNANCECOMMITTEE Prof. Li Renfa(Chairman)Ms. Liu ZhilanMr. Shen Jianfei Corporate Information AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place,979 King’s Road,Quarry Bay, Hong Kong HONG KONG LEGAL ADVISER 153232033207 Jingtian & Gongcheng LLPSuites 3203-3207, 32/F.,Edinburgh Tower, The Landmark,15 Queen’s Road Central, Hong Kong CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket Square,Hutchins Drive,P.O. Box 2681,Grand Cayman KY1-1111, Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square,Hutchins Drive,P.O. Box 2681,Grand Cayman KY1-1111, Cayman Islands HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services LimitedShops 1712-1716,17th Floor,Hopewell Centre,183 Queen’s Road East,Wanchai, Hong Kong 1831717121716 REGISTERED OFFICE Cricket Square,Hutchins Drive,P.O. Box 2681,Grand Cayman, KY1-1111,Cayman Islands Cricket Square,Hutchins Drive,P.O. Box 2681,Grand Cayman, KY1-1111,Cayman Islands Corporate Information HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN THE PRC No. 38 Changyi Road,Wuguishan, Zhongshan City,Guangdong Province, PRC 38 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 40th Floor,Dah Sing Financial Centre,No. 248 Queen’s Road East,Wanchai, Hong Kong 24840 JOINT COMPANY SECRETARIES FCG, HKFCG) Mr. Huang QingzhongMr. Lam Kang Chi(FCG, HKFCG) AUTHORISED REPRESENTATIVES FCG, HKFCG) Ms. Liu ZhilanMr. Lam Kang Chi(FCG, HKFCG) PRINCIPAL BANKERS Bank of Communications(Zhongshan Shebao Sub-branch)No. 26 Zhongshan 3rd Road,East District, Zhongshan City,Guangdong Province, PRC 26 WEBSITEwww.readboy.com www.readboy.com STOCK CODE2385 2385 CHAIRMAN’S STATEMENT Dear Shareholders, 20251231 On behalf of the Board, I am pleased to present the annual report of theGroup for the year ended 31 December 2025. 2025 For the Group, 2025 was a year of advancing business adjustments,optimising resource allocation and strengthening medium-to long-termcapabilities amid a complex external environment. During the year, thecontinued evolution of digital education and artificial intelligencetechnologies drove market demand for more personalised, efficient andinteractive learning solutions. At the same time, intensifying industrycompetition, heavier promotional activities in mainstream price segments,c h a n g e s i n c h a n n e l t r a f f i c s t r u c t u r e , a n d f l u c t u a t i o n s i n t h emacroeconomic environment and consumer confidence all placedpressure on the Group’s revenue performance and profitability. AI Against this backdrop, the Group remained committed to its c