万顺集团控股2025年度报告

Man Shun Group (Holdings) Limited /Annual Report 2025 / Contents目錄 Corporate Information2公司資料Financial Summary4財務概要Chairman’s Statement5主席報告Management Discussion and Analysis7管理層討論及分析Biographies of Directors and Senior Management16董事及高級管理人員履歷Directors’ Report23董事會報告Environmental, Social and Governance Report35環境、社會及管治報告Corporate Governance Report113企業管治報告Independent Auditor’s Report126獨立核數師報告Consolidated Statement of Profit or Loss andOther Comprehensive Income134綜合損益及其他全面收益表Consolidated Statement of Financial Position135綜合財務狀況表Consolidated Statement of Changes in Equity137綜合權益變動表Consolidated Cash Flow Statement138綜合現金流量表Notes to the Consolidated Financial Statements139綜合財務報表附註 ManShunGroup(Holdings)Limited/ CORPORATE INFORMATION公司資料 董事會執行董事 BOARDOFDIRECTORSExecutiveDirectorsMr.CHEUNGYuenTung(Chairman)Mr.CHEUNGYuenChau 獨立非執行董事 Independentnon-executiveDirectorsMr.PANGKamFai,DicksonMr.LAWChungLam,NelsonMs. NGAI Yuk Chun 審核委員會 AUDITCOMMITTEE Ms. NGAI Yuk Chun(Chairman)Mr.PANGKamFai,DicksonMr.LAWChungLam,Nelson 薪酬委員會 REMUNERATIONCOMMITTEEMr.PANGKamFai,Dickson(Chairman)Mr.LAWChungLam,NelsonMs. NGAI Yuk Chun 提名委員會 NOMINATIONCOMMITTEE Mr.LAWChungLam,Nelson(Chairman)Mr.PANGKamFai,DicksonMs. NGAI Yuk Chun 授權代表 AUTHORISEDREPRESENTATIVEMr.CHEUNGYuenTungMs.LOWanMan 公司秘書 COMPANYSECRETARYMs.LOWanMan 主要往來銀行 PRINCIPALBANKERSBankofChina(HongKong)LimitedNanyangCommercialBank,Limited AnnualReport2025/ CORPORATE INFORMATION公司資料 核數師 AUDITOR 322222201 D&PARTNERSCPALIMITEDCertifiedPublicAccountantsRegisteredPublicInterestEntityAuditorRoom2201,22/F,WestExchangeTower322DesVoeuxRoadCentralSheungWanHongKong 註冊辦事處 REGISTEREDOFFICE CricketSquareHutchinsDrivePOBox2681GrandCaymanKY1-1111CaymanIslands CricketSquareHutchinsDrivePOBox2681GrandCaymanKY1-1111CaymanIslands 總辦事處及香港主要營業地點 HEADOFFICEANDPRINCIPALPLACEOFBUSINESSINHONGKONG 23–39191908 Room1908,19thFloorCheungFungIndustrialBuildingNos.23–39PakTinParStreetTsuenWan,NewTerritoriesHongKong 香港股份過戶登記處 1617 HONGKONGSHAREREGISTRAR TricorInvestorServicesLimited17/F,FarEastFinanceCentre16HarcourtRoadHongKong 股份代號01746 STOCKCODE01746 公司網站http://www.manshungroup.com.hk COMPANY’SWEBSITEhttp://www.manshungroup.com.hk ManShunGroup(Holdings)Limited/ FINANCIAL SUMMARY財務概要 AnnualReport2025/ CHAIRMAN’S STATEMENT主席報告 本公司董 事董 事 會本集團 On behalf of the board (the“Board”) of directors (the“Directors”) of Man Shun Group (Holdings) Limited (the“Company”), I am pleased to present the annual report of theCompany and its subsidiaries (collectively, the“Group”) for theyear ended 31 December 2025. For the year ended 31 December 2025, the Group recordeda revenue of approximately HK$97,616,000, which was ayear-on-year decrease of 25.6% compared to approximatelyHK$131,256,000 recorded in the previous financial year. Theloss attributable to the equity shareholders of the Companywas approximately HK$2,513,000 (2024: approximatelyHK$6,861,000). 97,616,000131,256,00025.6%2,513,0006,861,000 The Group is facing challenges that have negative impacts on itsoperation. Slow construction progress and a prolonged slowdownin Hong Kong’s property market, leading to reduction of newprojects available for tender over the past two years. As a result,only a limited number of projects in 2025 and the overall revenuedeclined. 6,65022,580 Looking forward, Hong Kong will offer nine residential sites todevelopers under the government’s land sale programme for thecoming financial year, providing about 6,650 flats. Combinedwith other land sources, such as urban redevelopment, privatedevelopment and projects linked to railway properties, thepotential supply of new flats is estimated to reach an eight-yearhigh of about 22,580 in the 2026-27 financial year. In additions,Hong Kong’s residential market is poised to maintain its recoverytrajectory in 2026. As mortgage costs decline, the financialappeal of buying over renting has become more pronounced.With transaction volumes expected to rise further in the comingmonths, the market is expected to experience a steady growth.Consequently, property developers may consider launching newdevelopment projects, leading to a potential rise in tender. The Iran war, which began in late February 2026, is expected tohave a limited direct impact on Hong Kong’s overall constructionindustry, but it may poses indirect risks through rising energyprices and potential disruption on global supply chains, are likelyto surge costs for raw materials. Despite of this, the Group willclosely monitor the situation and take appropriate measures toensure that the Group can minimize the direct cost, which inturn will enhance the Group’s future profitability and scale formaximizing returns for shareholders. ManShunGroup(Holdings)Limited/ CHAIRMAN’S STATEMENT主席報告 I would like to extend my heartfelt gratitude to all the Directors,management team and all staff for their diligence over the pastyear, and to the Company’s shareholders, customers, suppliersand partners from vari