亚洲水泥(中国)年报 2025

Annual Report2025 CONTENTS 2Corporate Information5Financial Highlights6Chairman’s Statement9Management Discussion and Analysis19Corporate Governance Report42Directors and Senior Management48Directors’ Report62Independent Auditor’s Report 68Consolidated Statement of Profit or Lossand Other Comprehensive Income69Consolidated Statement ofFinancial Position71Consolidated Statement ofChanges in Equity73Consolidated Statement of Cash Flows75Notes to the ConsolidatedFinancial Statements192Financial Summary Corporate Information Executive DirectorsMr. HSU, Shu-ping(Vice Chairman)Mr. CHANG, Chen-kuen(Chief Executive Officer)Mr. LIN, Seng-chang Non-Executive Directors Mr. HSU, Shu-tong(Chairman)Mr. CHEN, Ruey-longMr. LEE, Kun-yenMs. WU, Ling-ling Independent Non-Executive Directors Mr. TSIM, Tak-lung DominicMr. WANG, WeiDr. WANG, Kuo-ming (Resigned on 28 October 2025)Mr. WU, Chun-pangMs. HO LIN, Mei-hsueh (Appointed on 28 October 2025) 202510 28202510 28 COMPANY SECRETARYMr. LUI, Wing Yat Christopher AUTHORIZED REPRESENTATIVESMr. CHANG, Chen-kuenMr. LUI, Wing Yat Christopher Mr. TSIM, Tak-lung Dominic(Chairman)Mr. HSU, Shu-tongMr. WU, Chun-pang MEMBERS OF REMUNERATION COMMITTEE Mr. TSIM, Tak-lung Dominic(Chairman)(Re-designated on 28 October 2025)Mr. HSU, Shu-tongDr. WANG, Kuo-ming (Resigned on 28 October 2025)Ms. HO LIN, Mei-hsueh (Appointed on 28 October 2025) 202510 28202510 28202510 28 MEMBERS OF NOMINATION COMMITTEE Mr. HSU, Shu-tong(Chairman)Mr. TSIM, Tak-lung DominicMr. WANG, WeiMs. HO LIN, Mei-hsueh (Appointed on 28 October 2025) 202510 28 MEMBERS OF INDEPENDENCE COMMITTEE Mr. TSIM, Tak-lung Dominic(Chairman)Dr. WANG, Kuo-ming (Resigned on 28 October 2025)Mr. WU, Chun-pangMs. HO LIN, Mei-hsueh (Appointed on 28 October 2025) 202510 28202510 28 Corporate Information MEMBERS OF CORPORATE SUSTAINABILITYCOMMITTEE 202510 28202510 28202510 28 Mr. HSU, Shu-ping(Chairman)(Re-designated on 28 October 2025)Ms. WU, Ling-lingDr. WANG, Kuo-ming (Resigned on 28 October 2025)Ms. HO LIN, Mei-hsueh (Appointed on 28 October 2025) REGISTERED OFFICE Cricket Square, Hutchins DrivePO Box 2681, Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DrivePO Box 2681, Grand Cayman KY1-1111Cayman Islands PRINCIPAL PLACE OF BUSINESS IN THE PRC No. 6 Yadong AvenueMa-Tou Town, Ruichang CityJiangxi Province 6 PRINCIPAL PLACE OF BUSINESS IN HONG KONG Portion of Unit B, 11th FloorLippo Leighton Tower103 Leighton RoadCauseway BayHong Kong 10311B PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE SMP Partners (Cayman) LimitedRoyal Bank House – 3rd Floor24 Shedden RoadP.O. Box 1586, Grand Cayman KY1-1110Cayman Islands SMP Partners (Cayman) LimitedRoyal Bank House – 3rd Floor24 Shedden RoadP.O. Box 1586, Grand Cayman KY1-1110Cayman Islands HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKERS China Construction BankIndustrial and Commercial Bank of ChinaBank of ChinaBank of Communications HONG KONG LEGAL ADVISER Zhong Lun Law Firm4/F, Jardine House1 Connaught PlaceCentralHong Kong 14 Corporate Information AUDITOR •8835 Deloitte Touche TohmatsuRegistered Public Interest Entity Auditors35/F, One Pacific Place88 QueenswayHong Kong 743 STOCK CODE743 COMPANY WEBSITEwww.achc.com.cn www.achc.com.cn (852) 2839 3705(852) 2577 8040 CONTACT DETAILSPhone:(852) 2839 3705Fax:(852) 2577 8040 Financial Highlights Notes:1.Current ratio is calculated as current assets divided by current liabilities.2.Quick ratio is calculated as current assets less inventories divided by currentliabilities.3.Gearing ratio is calculated as total liabilities divided by total assets. Chairman’s Statement To our shareholders, In 2025, the global economy recovered slowly within an increasinglymultipolar landscape, while uncertainties persisted. China’s economyadhered to the general principle of pursuing progress while ensuringstability. Supported by continued counter-cyclical policy adjustments, itdemonstrated strong development resilience, and gross domestic productfor the year grew by 5.0% year-on-year. Under the combined effects ofpolicy guidance and market-driven adjustments, the cement industry’ssupply-demand dynamics gradually stabilized: risks in the downstreamreal estate sector were progressively mitigated, and infrastructure projectswere implemented in an orderly manner, supporting a moderate reboundin demand. As the industry’s consensus on “anti-involution” furtherstrengthened, capacity regulation continued to deliver results, coupledwith stable energy prices, the industry achieved a substantive improvementin overall profitability, turning a corner after two consecutive years ofdecline. 2025GDP5.0% At present, the green and low-carbon transformation, deep integration ofdigitalization and high-quality development have become the core themesof the cement industry, with policies and technological innovation jo