中国东方集团二零二五年年报

Contents PAGES 25832112123148232253261264266268270445446 Financial HighlightsCorporate InformationChairman’s StatementManagement Discussion and AnalysisDirectors’ and Senior Management’s Biographical InformationCorporate Governance ReportEnvironmental, Social and Governance ReportDirectors’ ReportIndependent Auditor’s ReportConsolidated Statement of Financial PositionConsolidated Statement of Profit or Lossand Other Comprehensive IncomeConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsFive-year Financial InformationDefinitions Financial HighlightsFinancial Highlights 1.*202512312024 1.China Oriental Group Company Limited (the “Company”) definesEBITDA as profit for the year before finance costs — net, incometax expense, amortisation, depreciation and non-cash non-recurringitems. During the year ended 31 December 2025, there were noadjustments of non-cash non-recurring items in the calculation(2024: nil). 2.(i)(ii) 2.The Company defines the adjusted profit for the year (a non-HKFRSmeasure) as profit for the year excluding non-recurring gain and theprovision for impairment of both (i) properties under developmentand held for sale; and (ii) loan receivables related to the real estateindustry in the second-and-lower-tier cities in the PRC. Please referto the sub-section headed “Management Discussion and Analysis— Non-HKFRS Measure” for details of the non-HKFRS measure. Financial Highlights Financial Highlights Corporate Information BOARD OF DIRECTORS Executive Directors Sanjay Sharma Mr. Han Jingyuan(Chairman and Chief Executive Officer)Mr. Zhu JunMr. Shen XiaolingMr. Han Li(Chief Financial Officer)Mr. Sanjay SharmaMr. Li Mingdong Ondra Otradovec Non-executive Director Mr. Ondra Otradovec Independent Non-executive Directors Mr. Wong Man Chung FrancisMr. Wang BingDr. Tse Cho Che EdwardMs. Yu Fang Jing COMPOSITION OF BOARD COMMITTEESAUDIT COMMITTEE Mr. Wong Man Chung Francis(Chairman)Mr. Wang BingMs. Yu Fang Jing NOMINATION COMMITTEE Mr. Han Jingyuan(Chairman)Mr. Wong Man Chung FrancisMr. Wang BingMs. Yu Fang Jing REMUNERATION COMMITTEE Mr. Wong Man Chung Francis(Chairman)Mr. Han JingyuanMr. Wang BingMs. Yu Fang Jing Corporate Information AUTHORISED REPRESENTATIVES Mr. Han LiMr. Lam Pak Kan COMPANY SECRETARYMr. Lam Pak Kan REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda PRINCIPAL PLACE OF BUSINESS INHONG KONG 239901-210 Suites 901–2 & 10, 9th FloorGreat Eagle Centre23 Harbour RoadWanchai, Hong Kong BERMUDA PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICE Conyers Corporate Services (Bermuda) Limited Conyers Corporate Services (Bermuda) Limited HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE Tricor Investor Services Limited AUDITOR Deloitte Touche Tohmatsu www.chinaorientalgroup.com COMPANY’S WEBSITEwww.chinaorientalgroup.com LIST OF PRINCIPAL BANKS(IN ALPHABETICAL ORDERS) ING Bank N.V. Agricultural Bank of ChinaBank of BeijingBank of ChengdeBank of ChinaBank of CommunicationsBank of HebeiBank of TianjinChina Citic BankChina Construction BankChina Everbright BankChina Merchants BankChina Minsheng BankDBS BankHang Seng BankIndustrial and Commercial Bank of ChinaIndustrial BankING Bank N.V.MaybankOCBC BankPing An BankRabobankThe Export-Import Bank of China Chairman’s Statement In the future, the Group will continue to pursue developmentunder the “Specialisation, Industry chain extension, High-tech and high-end* ()” strategy, take greensection steel and new energy soft magnetic materials asthe core, power transmission and “Good House” greenbuilding materials supply as the “two wings”, and focus onnurturing high-tech enterprises to integrate into the new eraof high-quality development. •2025 •REVIEW OF YEAR 2025 Analysis of the Current Situation of the Industry Supply and Demand Pattern 2025 Looking back at 2025, the global economy demonstrated certainresilience amid the gradual easing of high inflation and the shifttowards monetary policy loosening in some major economies.However, dragged down continuously by multiple factors includingthe tariff policies of the U.S., trade protectionism and geopoliticaltensions, the global economy presented a trend of “weakrecovery and high divergence”, with overall growth remainingsluggish. Amid the complex and volatile external environment, thePRC economy forged ahead under multiple pressures towardsinnovation and upgrade, and maintained a steady yet progressivedevelopment momentum. •2025 •REVIEW OF YEAR 2025(continued) Analysis of the Current Situation of the Industry(continued) Supply and Demand Pattern(continued) 2.2%20.4%50%20251,098.3299.2%8.369.6114.4620243.0%4.4%3.1% China’s iron and steel industry has entered a critical stage of“development with reduced production volume and optimisationof existing production capacity* ()”, and themarket was characterised by a “strong su