明辉国际2025年年报

CONTENTS 02Corporate Information04Highlights for the year ended31 December 202505Five Years Financial Summary06Key Shareholder Value Indices07Chairman’s Statement09Management Discussion and Analysis20Biographical Details ofDirectors and Senior Management23Directors’ Report 42Corporate Governance Report59Independent Auditor’s Report64Consolidated Balance Sheet66Consolidated Statement ofComprehensive Income67Consolidated Statement ofChanges in Equity68Consolidated Statement of Cash Flows69Notes to theConsolidated Financial Statements CORPORATE INFORMATION公 司 資 料 BOARD OF DIRECTORSExecutive Directors: Mr. CHING Chi Fai(Chairman)Mr. CHING Chi KeungMr. LIU ZigangMr. CHING Tsun WahMr. KEUNG Kwok Hung Non-Executive Director:Ms. CHAN Yim Ching Independent Non-Executive Directors:Mr. HUNG Kam Hung AllanMr. SUN Eric Yung TsonMr. KWONG Tony Wan Kit AUDIT COMMITTEEMr. KWONG Tony Wan Kit(Chairman)Mr. HUNG Kam Hung AllanMr. SUN Eric Yung Tson NOMINATION COMMITTEEMr. CHING Chi Fai(Chairman) Ms. CHAN Yim ChingMr. HUNG Kam Hung AllanMr. SUN Eric Yung TsonMr. KWONG Tony Wan Kit REMUNERATION COMMITTEEMr. HUNG Kam Hung Allan(Chairman) Mr. CHING Chi FaiMr. SUN Eric Yung TsonMr. KWONG Tony Wan Kit EXECUTIVE COMMITTEEMr. CHING Chi Fai(Chairman) Mr. CHING Chi KeungMr. LIU ZigangMr. CHING Tsun WahMr. KEUNG Kwok Hung INVESTMENT COMMITTEEMr. CHING Chi Fai(Chairman)Mr. KEUNG Kwok HungMr. KWONG Tony Wan Kit CHIEF FINANCIAL OFFICER ANDCOMPANY SECRETARYMr. KEUNG Kwok HungCPA PRINCIPAL BANKERSBank of China (Hong Kong) LimitedThe Hongkong and Shanghai BankingCorporation LimitedHang Seng Bank LimitedDBS Bank (Hong Kong) Limited AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22/F, Prince’s BuildingCentralHong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN THE CAYMAN ISLANDS Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building DP.O. Box 1586, Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building DP.O. Box 1586, Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands BRANCH SHARE REGISTRAR INTHE HONG KONG SPECIAL ADMINISTRATIVEREGION OF THE PEOPLE’S REPUBLIC OF CHINA(THE “PRC”)(“HONG KONG”) 18317M Computershare Hong Kong Investor Services LimitedInvestors’ enquiries:17M FloorHopewell Centre183 Queen’s Road East, WanchaiHong Kong 183171712–1716 Transfer of Shares:Shops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road East, WanchaiHong Kong REGISTERED OFFICE PO Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands PO Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands HEAD OFFICE AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG 3TML8D3 Unit D3, 8/F, TML TowerNo. 3 Hoi Shing RoadTsuen Wan, New TerritoriesHong Kong PRINCIPAL PLACE OF BUSINESS IN THE PRC Ming Fai Industrial EstateBainikeng, Pinghu, LonggangShenzhen, the PRC www.mingfaigroup.com WEBSITEwww.mingfaigroup.com 03828 STOCK CODE03828 HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2025截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 摘 要 3.1%2,238.72,311.3 •Revenue decreased 3.1% to approximately HK$2,238.7million (for the year ended 31 December 2024: approximatelyHK$2,311.3 million).• 16.4%484.7579.9 •Gross profit decreased 16.4% to approximately HK$484.7million (for the year ended 31 December 2024: approximatelyHK$579.9 million).• 3.521.6%25.1% •Gross profit margin decreased 3.5 percentage points to 21.6%(for the year ended 31 December 2024: 25.1%). •Operating profit was approximately HK$120.7 million (forthe year ended 31 December 2024: approximately HK$173.7million).• 120.7173.7 100.7143.2 •P r o f i ta t t r i b u t a b l e t o o w n e r s o f t h e C o m p a n y w a sapproximately HK$100.7 million (for the year ended 31December 2024: approximately HK$143.2 million).• •4.03.07.010.050.4%50.5% •A proposed final dividend in respect of the year ended 31December 2025 of HK4.0 cents per share of the Company(the “Share”) was recommended, together with the interimdividend of HK3.0 cents per Share for the six months ended30 June 2025 was declared, representing a total dividend ofHK7.0 cents per Share (for the year ended 31 December 2024:HK10.0 cents per Share) and the annual dividend payout ratioof 50.4% (for the year ended 31 December 2024: 50.5%). KEY SHAREHOLDER VALUE INDICES主 要 股 東 價 值 指 標 Dear Shareholders, O n b e h a l f o f M i n g F a i I n t e r n a t i o n a l H o l d i n g s L i m i t e d ( t h e“Company”) and its subsidiaries (collectively, the “Group”), I ampleased to present the audited annual results of the Group for theyear ended 31 December 2025. During 2025, the global economy remained complex and volatile.Although inflation moderated, persistent geopolitical tensions andprotectionist measures continued to pressure the recovery. Despitethis, the global tourism sector demonstrated steady momentum.According to the World Tourism Barometer released by the UnitedNations World Tourism Organizat