猫屎咖啡控股年报 2025

(Incorporated in the Cayman Islands with limited libility)(於開曼群島註冊成立的有限公司)Stock code股份代號 :1869 2025ANNUAL REPORT年報 CONTENTS目錄CONTENTS目錄CONTENTS目錄 Corporate Information2公司資料 Management Discussion and Analysis11管理層討論及分析 Consolidated Statement of Changes in Equity198綜合權益變動表 Consolidated Statement of Cash Flows199綜合現金流量表 Notes to the Consolidated Financial Statements203綜合財務報表附註 Financial Summary308財務概要 CORPORATE INFORMATION公司資料 Directors Executive Directors: 崔志強先生（董事會主席）（於二零二五年六月三十日獲委任為執行董事，並於二零二五年十一月四日獲委任為董事會主席）崔子鋒先生（行政總裁）（於二零二五年九月十二日調任為執行董事並獲委任為行政總裁）馬小平先生歐朮女士（於二零二六年一月三十日獲委任）梁乃銘先生（董事會主席兼行政總裁）（於二零二五年六月三十日辭任董事會主席，並於二零二五年九月十二日辭任）梁嘉慧女士（董事會主席）（於二零二五年六月三十日獲委任、於二零二五年十一月四日辭任董事會主席，並於二零二六年一月三十日辭任執行董事） Mr. Cui Zhiqiang(Chairman of the Board) (appointed as anExecutive Director on 30 June 2025 and appointed asthe Chairman of the Board on 4 November 2025) Mr. Cui Zifeng(Chief Executive Officer) (re-designated as anExecutive Director and appointed as the Chief ExecutiveOfficer on 12 September 2025)Mr. Ma XiaopingMs. Ou Shu(appointed on 30 January 2026)Mr. Liang Naiming(Chairman of the Board and ChiefExecutive Officer) (resigned as Chairman of the Board on30 June 2025, resigned on 12 September 2025)Ms. Leung Ka Wai(Chairman of the Board)(appointed on 30 June 2025, resigned as the Chairman ofthe Board on 4 November 2025 and an Executive Directoron 30 January 2026) Non-executive Directors: 馮偉嬋女士（於二零二五年六月三十日獲委任）崔子鋒先生（於二零二五年九月十二日調任為執行董事） Ms. Fung Wai Sim(appointed on 30 June 2025)Mr. Cui Zifeng(re-designated as an Executive Director on12 September 2025) Independent Non-executive Directors: 楊超先生（於二零二五年六月三十日獲委任）黃山先生（於二零二五年九月三十日獲委任）趙元媛女士（於二零二六年一月三十日獲委任）劉懷宇先生（於二零二五年五月二十日辭任）張廣芳女士（於二零二五年九月二十五日辭任）陳欣健先生（於二零二六年一月三十日辭任） Mr. Yang Chao(appointed on 30 June 2025)Mr. Huang Shan(appointed on 30 September 2025)Ms. Zhao Yuanyuan(appointed on 30 January 2026)Mr. Liu Huaiyu(resigned on 20 May 2025)Ms. Zhang Guangfang(resigned on 25 September 2025)Mr. Chan Yan Kin Philip(resigned on 30 January 2026) Audit Committee 楊超先生（主席）（於二零二五年六月三十日獲委任）黃山先生（於二零二五年九月三十日獲委任）趙元媛女士（於二零二六年一月三十日獲委任）劉懷宇先生（主席）（於二零二五年五月二十日辭任）張廣芳女士（於二零二五年九月二十五日辭任）陳欣健先生（於二零二六年一月三十日辭任） Mr. Yang Chao(Chairman) (appointed on 30 June 2025 ) Mr. Huang Shan(appointed on 30 September 2025)Ms. Zhao Yuanyuan(appointed on 30 January 2026)Mr. Liu Huaiyu(Chairman) (resigned on 20 May 2025) Ms. Zhang Guangfang(resigned on 25 September 2025)Mr. Chan Yan Kin Philip(resigned on 30 January 2026) CORPORATE INFORMATION公司資料 Remuneration Committee 黃山先生（主席）（於二零二五年九月三十日獲委任）楊超先生（於二零二五年六月三十日獲委任）崔志強先生（於二零二五年十一月四日獲委任）劉懷宇先生（主席）（於二零二五年五月二十日辭任）張廣芳女士（主席）（於二零二五年六月三十日調任為主席，並於二零二五年九月二十五日辭任）梁嘉慧女士（於二零二五年六月三十日獲委任，並於二零二五年十一月四日辭任）梁乃銘先生（於二零二五年六月三十日辭任） Mr. Huang Shan(Chairman) (appointed on30 September 2025)Mr. Yang Chao(appointed on 30 June 2025)Mr. Cui Zhiqiang(appointed on 4 November 2025)Mr. Liu Huaijyu(Chairman) (resigned on 20 May 2025) Ms. Zhang Guangfang(Chairman) (re-designated asthe Chairman on 30 June 2025 andresigned on 25 September 2025)Ms. Leung Ka Wai(appointed on 30 June 2025 and resignedon 4 November 2025)Mr. Liang Naiming(resigned on 30 June 2025) Nomination Committee 崔志強先生（主席）（於二零二五年十一月四日獲委任）黃山先生（於二零二五年九月三十日獲委任）趙元媛女士（於二零二六年一月三十日獲委任）梁嘉慧女士（主席）（於二零二五年六月三十日獲委任，並於二零二五年十一月四日辭任）張廣芳女士（於二零二五年六月三十日獲委任，並於二零二五年九月二十五日辭任）劉懷宇先生（於二零二五年五月二十日辭任）梁乃銘先生（主席）（於二零二五年六月三十日辭任）陳欣健先生（於二零二六年一月三十日辭任） Mr. Huang Shan(appointed on 30 September 2025)Ms. Zhao Yuanyuan(appointed on 30 January 2026)Ms. Leung Ka Wai(Chairman) (appointed on 30 June 2025and resigned on 4 November 2025) Ms. Zhang Guangfang(appointed on 30 June 2025 andresigned on 25 September 2025)Mr. Liu Huaijyu(resigned on 20 May 2025) Mr. Liang Naiming(Chairman) (resigned on 30 June 2025) Mr. Chan Yan Kin Philip(resigned on 30 January 2026) Legal Compliance Committee 趙元媛女士（主席）（於二零二六年一月三十日獲委任）楊超先生（於二零二五年六月三十日獲委任）黃山先生（於二零二五年九月三十日獲委任）張廣芳女士（於二零二五年九月二十五日辭任）陳欣健先生（主席）（於二零二六年一月三十日辭任） Ms. Zhao Yuanyuan(Chairman)(appointed on 30 January 2026)Mr. Yang Chao(appointed on 30 June 2025)Mr. Huang Shan(appointed on 30 September 2025)Ms. Zhang Guangfang(resigned on 25 September 2025)Mr. Chan Yan Kin Philip(Chairman) (resigned on 30 January2026) Company Secretary 朱永添先生（於二零二五年八月二十二日獲委任）梁可怡女士（於二零二五年八月二十二日辭任） Mr. Chu Wing Tim Benedict(appointed on 22 August 2025) Ms. Leung Ho Yee(resigned on 22 August 2025) CORPORATE INFORMATION(Continued)公司資料（續） Authorised Representatives 崔志強先生（於二零二五年九月十二日獲委任）朱永添先生（於二零二五年八月二十二日獲委任）梁可怡女士（於二零二五年八月二十二日辭任）梁乃銘先生（於二零二五年九月十二日辭任） Mr. Cui Zhiqiang(appointed on 12 September 2025)Mr. Chu Wing Tim Benedict(appointed on 22 August 2025) Ms. Leung Ho Yee(resigned on 22 August 2025)Mr. Liang Naiming(resigned on 12 September 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 Head Office and Principal Place of Businessin Hong Kong 香港九龍廣東道28號力寶太陽廣場3樓305室（自二零二五年十二月一日起生效） Room 305, 3/FLippo Sun Plaza28 Canton R