嘉瑞国际二零二五年年报

CONTENTS 2Corporate Information5Financial Highlights7Key Information for Shareholders8Chairman’s Statement13Management Discussion and Analysis24Directors and Senior Management32Directors’ Report54Corporate Governance Report80Environmental, Socialand Governance Report184Independent Auditor’s Report Consolidated Financial Statements 195Consolidated Statement of Profit or Loss196Consolidated Statement of Profit or Lossand Other Comprehensive Income197Consolidated Statement of Financial Position199Consolidated Statement of Changes in Equity200Consolidated Statement of Cash Flows201Notes to the Consolidated Financial Statements348Five-Year Financial Summary CORPORATE INFORMATION公司資 料 DIRECTORS Executive Directors Mr. Lee Yuen Fat(Chairman and Chief Executive Officer)Mr. Wong Wing Chuen(Vice Chairman)Ms. Chan So WahIr Chan Sin Wing(appointed with effect from 30 June 2025) Independent Non-Executive Directors BBS, JPGBS, MH, JP Professor Sun Kai Lit, CliffBBS, JPIr Dr. Lo Wai KwokGBS, MH, JPMr. Kong Kai Chuen, Frankie(formerly known as Kong To Yeung, Frankie)Mr. Tang Koon Yiu, Thomas CHIEF EXECUTIVE OFFICERMr. Lee Yuen Fat CHIEF FINANCIAL OFFICER(Note)Mr. Yu Wai Chun AUTHORISED REPRESENTATIVESMs. Chan So WahMs. Leung Lai Seung COMPANY SECRETARYMs. Leung Lai Seung AUDIT COMMITTEE BBS, JPGBS, MH, JP Mr. Kong Kai Chuen, Frankie(Chairman)(formerly known as Kong To Yeung, Frankie)Professor Sun Kai Lit, CliffBBS, JPIr Dr. Lo Wai KwokGBS, MH, JPMr. Tang Koon Yiu, Thomas Note: The translation of the Chinese title has been changed fromtowitheffect from 30 July 2025 with the English title andresponsibility unaffected. NOMINATION COMMITTEE BBS, JPGBS, MH, JP Professor Sun Kai Lit, CliffBBS, JP(Chairman)Ir Dr. Lo Wai KwokGBS, MH, JPMr. Kong Kai Chuen, Frankie(formerly known as Kong To Yeung, Frankie)Mr. Tang Koon Yiu, ThomasMr. Lee Yuen FatMs. Chan So Wah(appointed with effect from 30 June 2025) REMUNERATION COMMITTEE BBS, JPGBS, MH, JP Professor Sun Kai Lit, CliffBBS, JP(Chairman)Ir Dr. Lo Wai KwokGBS, MH, JPMr. Kong Kai Chuen, Frankie(formerly known as Kong To Yeung, Frankie)Mr. Tang Koon Yiu, ThomasMr. Lee Yuen Fat RISK MANAGEMENT COMMITTEE Mr. Wong Wing Chuen(Chairman)Ms. Chan So WahMr. Wong Wai Chung, Peter(resigned with effect from 29 August 2025)Mr. Yu Wai ChunMs. Lee Ming WaiMr. Cheng Yu Hin(appointed with effect from 29 August 2025) REGISTERED OFFICE Windward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands Windward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands CORPORATE INFORMATION (CONTINUED)公司資 料（續） PRINCIPAL PLACE OF BUSINESSIN HONG KONG B29A Room A, 29/F, Tower B, Billion Centre1 Wang Kwong Road, Kowloon BayKowloon, Hong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE 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 HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17thFloor, Hopewell Centre183 Queen’s Road East, Wanchai, Hong Kong AUDITOR 2829 RSM Hong KongCertified Public AccountantsRegistered Public Interest Entity Auditor29th Floor, Lee Garden Two,28 Yun Ping Road,Causeway Bay,Hong Kong PRINCIPAL BANKERS The Hongkong and Shanghai Banking Corporation LimitedStandard Chartered Bank (Hong Kong) LimitedBank of China (Hong Kong) Limited WEBSITEwww.kashui.com www.kashui.com FINANCIAL HIGHLIGHTS (CONTINUED)財 務 概 要（續） FINANCIAL CALENDARAnnouncement of 2025 Final Results30 March 2026 Annual General Meeting29 May 2026 822 STOCK CODE822 2,000 BOARD LOT2,000 Shares INVESTOR RELATIONS Ms. Leung Lai SeungCompany SecretaryKa Shui International Holdings LimitedRoom A, 29/F, Tower B, Billion Centre1 Wang Kwong Road, Kowloon BayKowloon, Hong KongTel: (852) 3759 8900Fax: (852) 2412 1743Email: candy.leung@kashui.com B29A(852) 3759 8900(852) 2412 1743candy.leung@kashui.com CHAIRMAN’SSTATEMENT主 席 報告 Dear Shareholders, Onbehalf of the Board of Directors of Ka ShuiInternationalHoldings Limited(the“Company”or“KaShui”), I wish to report the audited annual results of theCompany and its subsidiaries (collectively the “Group”) forthe year ended 31 December 2025 (the “Year”). CHAIRMAN’S STATEMENT (CONTINUED)主 席 報告（續） 1,463,562,0001,481,802,00015.4%14.6%54.5%27,907,00061,306,000 Theglobal economic environment in 2025 remaineddifficult.Escalating trade tensions and the imposition ofunilateral tariffs by the United States (the “U.S.”) increaseduncertainty,weighed on business confidence andeconomic activity, and weakened customer orders. Despitethese headwinds, the Group demonstrated resilience. Ourleading materials solutions for personal electronics and newenergyvehicles helped sustain revenue of the Group atapproximately H