博奇环保2025年度报告

(Incorporated in the Cayman Islands with limited liability)(於 開 曼 群 島 註 冊 成 立 的 有 限 公 司) Stock Code股份代號: 2377 Annual Report年報2 0 2 5 Contents目錄 Corporate Information2Financial and Operation Highlights6Chairman’s Statement11Company Profile14Directors and Senior Management16Management Discussion and Analysis35Major Events for Boqi in 2025802025Corporate Governance Report90Directors’ Report121Human Resources172ESG Report175Independent Auditor’s Report275Consolidated Statement of Profit or Loss283Consolidated Statement of Comprehensive Income284Consolidated Statement of Financial Position285Consolidated Statement of Changes in Equity287Consolidated Statement of Cash Flows289Notes to the Consolidated Financial Statements293 Corporate Information 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors Mr. Zeng Zhijun(Chairman)Mr. Liu GenyuMs. Qian Xiaoning 非執行董事 Non-Executive Directors 20252 14 Mr. Zheng Tony TuoMr. Zhu WeihangMr. Chen XueMr. Cheng Liquan Richard(resigned on 14 February 2025) 獨立非執行董事 Independent Non-Executive Directors Dr. Xie Guozhong(Lead independent non-executive Director)Mr. Li TaoProf. Yu Wayne W.Ms. Zhang Fan AUDIT COMMITTEE 審核委員會 20253 2820253 28 Dr. Xie Guozhong(Chairman)Mr. Zheng Tony TuoMs. Zhang Fan(resigned on 28 March 2025)Mr. Li Tao(appointed on 28 March 2025) REMUNERATION COMMITTEE 薪酬委員會 Mr. Li Tao(Chairman)Mr. Zeng ZhijunProf. Yu Wayne W. 提名委員會 NOMINATION COMMITTEE 20253 2820253 28 Mr. Zeng Zhijun(Chairman)Dr. Xie GuozhongMr. Li Tao(resigned on 28 March 2025)Ms. Zhang Fan(appointed on 28 March 2025) Corporate Information (Continued) 戰略委員會（於2025年3月28日設立） STRATEGY COMMITTEE(ESTABLISHED ON28 MARCH 2025) Mr. Zeng Zhijun(Chairman)Mr. Liu GenyuMs. Qian XiaoningDr. Xie Guozhong 聯席公司秘書 JOINT COMPANY SECRETARIES 20263 2020263 20 Mr. Hu NanMs. Lam Wai Yee Sophie(appointed on 20 March 2026)Ms. Wong Wai Ling(resigned on 20 March 2026) 授權代表 AUTHORIZED REPRESENTATIVES 20263 2020263 20 Mr. Zeng ZhijunMs. Lam Wai Yee Sophie(appointed on 20 March 2026)Ms. Wong Wai Ling(resigned on 20 March 2026) 核數師 AUDITOR 97927 Ernst & YoungCertified Public AccountantRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 註冊辦事處 REGISTERED OFFICE PO Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands PO Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands 香港營業地點 PLACE OF BUSINESS IN HONG KONG 24840 40/F, Dah Sing Financial Centre248 Queen’s Road EastWanchai, Hong Kong 中國主要辦事處 HEADQUARTERS IN THE PRC 519-10 9-10/F, CCT CenterNo. 5 Laiguangying West RoadChaoyang DistrictBeijing, the PRC China Boqi Environmental (Holding) Co., Ltd. Corporate Information (Continued) 法律顧問 LEGAL ADVISERS 183401 As to Hong Kong lawEric Chow & Co.in Association with Commerce & Finance Law OfficesRoom 3401, Alexandra House18 Chater RoadCentral, Hong Kong 1212-14100022 As to PRC lawCommerce & Finance Law Offices12-14th Floor, China World Office 2No. 1 Jianguomenwai AvenueBeijing 100022the PRC 9953 As to Cayman Islands LawMaples and Calder (Hong Kong) LLP53rd Floor, The Center99 Queen’s Road CentralHong Kong 主要股份過戶登記處 PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Maples Fund Services (Cayman) LimitedPO Box 1093Boundary HallCricket Square, Grand CaymanKY1-1102, Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093Boundary HallCricket Square, Grand CaymanKY1-1102, Cayman Islands 香港股份過戶登記處分處 HONG KONG BRANCH SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 主要往來銀行 PRINCIPAL BANKERS China Construction Bank, Chaoyang BranchChina Minsheng Bank, Aoyuncun BranchChina CITIC Bank, Beichen BranchJiangsu Bank, Xuanwumen BranchChina Merchants Bank, Jianguo Road BranchBank of China (Hong Kong) Limited 股份代號及買賣單位股份代號：2377 STOCK CODE AND BOARD LOT Stock Code:2377 買賣單位：1,000 Board Lot:1,000 Shares 投資者關係與聯絡 INVESTOR RELATIONS AND COMMUNICATIONS +86 10 5878 2210+86 10 5878 2059+86 10 5957 9900001www.chinaboqi.comirhk@chinaboqi.com Tel:+86 10 5878 2210+86 10 5878 2059Fax:+86 10 5957 9900 – 001Website:www.chinaboqi.comEmail:irhk@chinaboqi.com Financial and Operation Highlights For the year ended 31 December 2025 (the “Reporting Period”orthe“2025 financial year”),the revenue of China BoqiEnvironmental(Holding)Co.,Ltd.(the“Company”)and itssubsidiaries (collectively referred as the “Group”) amountedtoRMB2,230 million,representing an increase of 3.7%ascompared with RMB2,151 million for last year. 2025123120252,2302,1513.7% For the year ended 31 December 2025, the gross profit of theGroup amounted to RMB494 million, representing an increaseof 13.6% as compared with RMB435 million for last year; thegross profit margin of the Group was 22.2%, representing anincrease of 2.0 percentage points as compared with 20.2% forlast year. 2 0 2 51 23 149443513.6%22.2%20.2%2.0 2025123124410.9%2401.7% For the year ended 31 December 2025, the Group recorded anet profit of RMB244 mi