久泰邦达能源年报 2025

2025 CONTENTS Corporate Information2Financial Highlights5Chairman’s Statement7Directors’ and Senior Management’s Biographical Details11Management Discussion and Analysis17Report of the Directors41Corporate Governance Report60Environmental, Social and Governance Report84Independent Auditor’s Report151Consolidated Statement of Profit or Loss and Other Comprehensive Income158Consolidated Statement of Financial Position159Consolidated Statement of Changes in Equity161Consolidated Statement of Cash Flows163Notes to the Consolidated Financial Statements165Five-Year Financial Summary249Summary of Mine Properties250 CORPORATE INFORMATION公司資料 董事會 Board of Directors 執行董事 Mr. YU Bangping(Chairman)Mr. YU Zhilong(Chief Executive Officer)Mr. LI Xuezhong(Chief Operating Officer)Mr. LAU Kai Ming(Chief Financial Officer)Mr. YU Xiao 獨立非執行董事 Independent Non-executive Directors 2025825Punnya Niraan DE SILVA Mr. FONG Wai Ho(designated as Lead Independent Non-executive Directorwith effect from 25 August 2025)Mr. Punnya Niraan DE SILVAMr. SI ZeyuMs. YAU Shu Shan 審核委員會Punnya Niraan DE SILVA Audit Committee Mr. FONG Wai Ho(Chairman)Mr. Punnya Niraan DE SILVAMs. YAU Shu Shan 提名委員會 Nomination Committee Mr. YU Bangping(Chairman)Mr. FONG Wai HoMs. YAU Shu Shan 薪酬委員會Punnya Niraan DE SILVA Remuneration Committee Mr. FONG Wai Ho(Chairman)Mr. Punnya Niraan DE SILVAMr. LAU Kai Ming 公司秘書 Company SecretaryMr. CHAN Kwong Leung, Eric 法定代表 Authorized Representatives Mr. LAU Kai MingMr. CHAN Kwong Leung, Eric 核數師 Auditor Deloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditor35/F, One Pacific Place88 QueenswayHong Kong •8835 法律顧問 Legal Advisers As to Hong Kong Laws:Loeb & Loeb LLP2206–19 Jardine House1 Connaught Place, CentralHong Kong 12206–19 As to People’s Republic of China Laws:Commerce & Finance Law Offices6/F, NCI TowerA12 Jianguomenwai AvenueChaoyang DistrictBeijingChina 126 As to Cayman Islands Laws:Maples and Calder (Hong Kong) LLP53rd Floor, The Center99 Queen’s Road CentralHong Kong 9953 註冊辦事處 Registered Office P.O. Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands P.O. Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands 主要營運地點 Principal Place of Business 中國總部 Office building next to E’Lang Pu Leisure SquareHongguo Economic Development AreaLiupanshui City, Guizhou Province, China 香港辦事處 Hong Kong Office 88825A1 Unit A1, 25th FloorNCB Innovation Centre888 Lai Chi Kok RoadKowloonHong Kong 開曼群島主要股份過戶登記處 Cayman Islands Principal ShareRegistrar and Transfer Office Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket Square, Grand CaymanKY1-1102, Cayman Islands Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket Square, Grand CaymanKY1-1102, Cayman Islands 香港股份過戶登記分處 Hong Kong Branch ShareRegistrar and Transfer Office 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 主要往來銀行 Principal Bankers Bank of China LimitedBank of Guiyang Co. Ltd.Bank of Communications Co., Limited, Hong Kong 上市地點及股份代號2798 Place of Listing and Stock Code Main Board of The Stock Exchange of Hong Kong Limited/2798 公司網站www.perennialenergy.hk Company’s Websitewww.perennialenergy.hk (1)(2)(3) (1)Return on equity is calculated by (loss)/profit and total comprehensive(expense)/income for the year over total equity.(2)Return on assets is calculated by (loss)/profit and total comprehensive(expense)/income for the year over total assets.(3)Gearing ratio is calculated by bank and other borrowings over total equity. 2025久泰邦達本公司本集團20251231回顧年度 Looking back at 2025, the coal industry encountered a volatile marketperformance. On behalf of Perennial Energy Holdings Limited (“PerennialEnergy” or the “Company”) and its subsidiaries (the “Group”), I would liketo express my sincere gratitude to all shareholders for their long-term trustand support. Building upon our years of deep-rooted presence in Guizhouand the Southwest region, the Company has navigated market fluctuationswith steady progress, maintaining safety-driven and efficient productiondisciplines while upholding a prudent and robust business strategy. I ampleased to present to our shareholders the annual results and operationalreview of the Group for the year ended 31 December 2025 (the “year underreview”). 行業回顧 Industry Review In 2025, China’s coal market exhibited a distinct characteristic of “initialweakness followed by recovery”. At the beginning of the year, coking coalprices continued to soften due to a slowing economic recovery and sluggishsteel demand. By the second half of the year, with the gradual recovery ofmarket confidence driven by policy guidance and expectations of tighteningsupply, the market saw a rebound in both the futures and spot prices ofcoking coal. The coking coal market for the year exhibited a pronounced“V-shaped” trend with significant price volatility, though the overall pricelevel remained lower