天德化工二零二五年年报

2025ANNUAL REPORT年度報告 目錄CONTENTS 2Corporate Information4Financial Highlights and Five Years Financial Summary6Chairman’s Statement10Biographical Details of Directors and Senior Management12Management Discussion and Analysis20Directors’ Report36Corporate Governance Report57Independent Auditor’s Report62Consolidated Income Statement63Consolidated Statement of Comprehensive Income64Consolidated Statement of Financial Position66Consolidated Statement of Cash Flows68Consolidated Statement of Changes in Equity69Notes to the Financial Statements Corporate Information BOARD OF DIRECTORSExecutive Directors Mr. Liu Yang(Chairman)Mr. Chen Xiaohua(General manager)Mr. Dou Aobo(Appointed on 1 January 2026) Non-Executive DirectorMr. Wang Zijiang(Re-designated on 1 January 2026) Independent Non-Executive Directors Mr. Leung Kam WanMr. Liu ChenguangMs. Shan Honghong BOARD COMMITTEESAudit Committee Mr. Leung Kam Wan(Chairman)Mr. Liu ChenguangMs. Shan Honghong Remuneration Committee Mr. Liu Chenguang(Chairman)Mr. Leung Kam WanMr. Liu YangMs. Shan Honghong Nomination Committee Mr. Liu Yang(Chairman)Mr. Leung Kam WanMr. Liu ChenguangMs. Shan Honghong(Appointed on 1 January 2026) Safety and Environmental Protection Committee Mr. Liu Yang(Chairman)Ms. Shan HonghongMr. Li Yuguo COMPANY SECRETARY Ms. Lau Wai Chun INDEPENDENT AUDITOR BDO LimitedCertified Public Accountants and Registered Public Interest Equity Auditor Corporate Information PRINCIPAL BANKERS Industrial Bank Co., Ltd.China Merchants BankChina Construction Bank CorporationAgricultural Bank of China Ltd. HONG KONG SHARE REGISTRAR AND TRANSFEROFFICE 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716 on the 17th FloorHopewell Centre 183 Queen’s Road EastWan ChaiHong Kong REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 2204A on the 22nd FloorBank of America Tower12 Harcourt Road CentralHong Kong 12222204A HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS INTHE PEOPLE’S REPUBLIC OF CHINA (THE “PRC”) Weifang High Tech Industry Development ZoneWeifang CityShandong ProvinceThe PRC www.tdchem.com COMPANY WEBSITEwww.tdchem.com 609 STOCK CODE The Stock Exchange of Hong Kong Limited (the “Stock Exchange”): 609 INVESTOR RELATIONS 12222204A852-2866 6848852-2866 8922ir@tdchem.com Room 2204A on the 22nd FloorBank of America Tower12 Harcourt Road CentralHong KongTel: 852-2866 6848Fax: 852-2866 8922ir@tdchem.com Financial Highlights and Five Years Financial Summary Financial Highlights and Five Years Financial Summary Chairman’s Statement Dear Shareholders, On behalf of the board (the “Board”) of directors (the “Directors”) ofTiande Chemical Holdings Limited (the “Company” and together with itssubsidiaries, collectively the “Group”), I am pleased to present the annualreport for the year ended 31 December 2025. RESULTS FOR THE YEAR Over the past year, the global economic recovery remained sluggishand the international trade landscape continued to undergo profoundreconfiguration. The escalation of Sino-US trade frictions and realignmentof the tariff policies of the United States of America further heighteneduncertainties surrounding export activities. The manufacturing sectorof the PRC faced simultaneous pressures of weakening demand andentrenched structural overcapacity, resulting in rapid involution ofindustry competition, intensifying price wars and a marked erosion ofsector-wide profit margins. These external factors combined have createdan exceptionally challenging operating environment. Against this austere business environment, the Group adhered to theoperational strategy of seeking progress while maintaining stability. TheGroup continuously optimised its marketing layout, expanded productioncapacity for products with good downstream application potential,and vigorously advanced its overseas market development efforts.These initiatives enabled the Group to unlock the growth potential ofits existing businesses portfolio and deliver solid expansion in overseasmarkets, effectively mitigating the impact of subdued domestic demandand enabling the Group to deliver this set of hard-earned financial resultsfor the shareholders of the Company (the “Shareholder(s)”). Duringthe year,the Group simultaneously advanced its internaloperational improvements, deepening the development of its circulareconomy production system and enhancing economies of scale inproduction and resource utilisation efficiency. These efforts furtherstrengthened the Group’s operational resilience and reinforced its costcompetitiveness amid a challenging business environment. Meanwhile,the Group continued to optimise its product portfolio, building a moretechnologically sophisticated and market-competitive product matrix,thereby laying a solid and sustainable foundation for the Grou