强泰环保2025年报

Page頁次2Corporate Information公司資料5Chairman’s Statement主席報告7Management Discussion and Analysis管理層討論與分析15Environmental, Social and Governance Report環境、社會及管治報告68Directors’ Biographical Details董事之個人履歷76Corporate Governance Report企業管治報告115Directors’ Report董事會報告135Independent Auditor’s Report獨立核數師報告Audited Financial Statements經審核財務報表143Consolidated Statement of Profit or Loss綜合損益表144Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表145Consolidated Statement of Financial Position綜合財務狀況表147Consolidated Statement of Changes in Equity綜合權益變動表149Consolidated Statement of Cash Flows綜合現金流量表151Notes to the Consolidated Financial Statements綜合財務報表附註284Five-Year Financial Summary五年財務概要 Corporate Information公司資料 BOARD OF DIRECTORS EXECUTIVE DIRECTORS CHAU On Ta YuenBBS, SBS (Chairman)CHAN Kwan(Chief Executive Officer)CHAN Pak Lam Brian (re-designated on 25 August 2025)CHAU Chi Yan Benny 周安達源銅紫荊星章、銀紫荊星章（主席）陳昆（行政總裁）陳栢林（於二零二五年八月二十五日調任）周致人 NON-EXECUTIVE DIRECTOR 蘇堅人（於二零二五年八月二十五日調任） Radius SUHENDRA (re-designated on 25 August 2025) INDEPENDENT NON-EXECUTIVE DIRECTORS NG Chung Yan LindaNG Man KungLEUNG Bo Yee Nancy 伍頌恩吳文拱梁寶儀 BOARD COMMITTEES AUDIT COMMITTEE 伍頌恩（主席）吳文拱梁寶儀 NG Chung Yan Linda(Chairlady)NG Man KungLEUNG Bo Yee Nancy NOMINATION COMMITTEE CHAU On Ta Yuen(Chairman)CHAN KwanNG Chung Yan LindaNG Man KungLEUNG Bo Yee Nancy 周安達源（主席）陳昆伍頌恩吳文拱梁寶儀 REMUNERATION COMMITTEE 吳文拱（主席）陳栢林伍頌恩梁寶儀 NG Man Kung(Chairman)CHAN Pak Lam BrianNG Chung Yan LindaLEUNG Bo Yee Nancy REGISTERED OFFICE Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Corporate Information公司資料 HEADQUARTERS IN THE PEOPLE’S REPUBLIC OFCHINA (THE “PRC” OR “CHINA”) Rugao Hengfa Municipal and Industrial Wastewater Treatment FacilityNorth of Huimin RoadRugao Economic and Technological Development ZoneJiangsu ProvinceThe PRC 如皋恆發市政及工業污水處理設施中國江蘇省如皋經濟技術開發區惠民路北側 PRINCIPAL PLACE OF BUSINESS IN HONG KONG Unit 2304, 23rd Floor, Westlands Centre20 Westlands RoadHong Kong 香港華蘭路20號華蘭中心23樓2304室 AUTHORISED REPRESENTATIVES CHAN KwanTUNG Wing Yee Winnie 陳昆董穎怡 COMPANY SECRETARY 董穎怡 TUNG Wing Yee Winnie CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR Conyers Trust Company (Cayman) LimitedCricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 寶德隆證券登記有限公司香港北角電氣道148號21樓2103B室 Boardroom Share Registrars (HK) LimitedRoom 2103B, 21st Floor148 Electric RoadNorth PointHong Kong Corporate Information公司資料 PRINCIPAL BANKERS 集友銀行有限公司香港上海滙豐銀行有限公司中國銀行（香港）有限公司 Chiyu Banking Corporation LimitedThe Hongkong and Shanghai Banking Corporation LimitedBank of China (Hong Kong) Limited INDEPENDENT AUDITOR 天職香港會計師事務所有限公司執業會計師註冊公眾利益實體核數師 Baker Tilly Hong Kong LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISORS 陳浩銘律師事務所 H.M. Chan & Co. AS TO PRC LAW:King & Wood WEBSITEwww.ellhk.com www.ellhk.com LISTING INFORMATION 香港聯合交易所有限公司主板 Main Board of The Stock Exchange of Hong Kong Limited 1395 1395 Board Lot 5,000股股份 5,000 shares 致各位股東： Dear Shareholders, On behalf of the board (the “Board”) of directors (the “Directors”) ofELL Environmental Holdings Limited (the “Company”, together withits subsidiaries, the “Group”), I am pleased to present the annualresults of the Group for the financial year ended 31 December 2025(“FY2025” or the “Year”). 本人謹代表強泰環保控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董事」）會（「董事會」）欣然呈報本集團截至二零二五年十二月三十一日止財政年度（「二零二五財政年度」或「本年度」）的年度業績。 During the Year, the Group delivered a strong improvement infinancial performance, underpinned by growth in its core wastewatertreatment business and contributions from its renewable energysegment. This reflects the Group’s continued efforts to strengthen itsoperational capabilities and diversify its income streams. 於本年度，本集團的財務表現顯著改善，主要受核心污水處理業務的增長及可再生能源分部的貢獻推動，反映本集團於提升營運能力及多元化發展其收入來源方面的不懈努力。 The successful completion of the expansion and enhancement projectfrom Rugao Hengfa Water Treatment Company Limited (“Rugao”) inlate October 2025 marked a key milestone for the Group. The projectincreased daily wastewater treatment capacity from 40,000 tonnes to50,000 tonnes, enhancing operational efficiency and supporting long-term, stable revenue growth. 如皋恆發污水處理有限公司（「如皋」）的擴建與提升項目於2025年10月底順利完成，標誌著本集團達成一個重要里程碑。該項目將每日污水處理量由40,000噸提升至50,000噸，提高營運效率及為長期穩定的營業收入增長提供支持。 China’s wastewater treatment sector continues to be driven by policysupport, infrastructure expansion and technological upgrades. Withthe conclusion of the 14th Five-Year Plan (2021–2025), the industryis transitioning towards a more advanced resource recovery model.Against this backdrop, the Group remains committed to sustainableoperations and regulatory compliance, while actively monitoring policydevelopments. 中國污水處理行業持