鼎石资本年报 2025

目錄 2 3 5 31 42 公司資料 804 20252 2620255 3020256 2202510 23 Windward 3, Regatta Office ParkPO Box 1350Grand Cayman, KY1-1108Cayman Islands 202510 23202510 2320252 2620255 30<> 88161608 20256 220256 2#20255 3020255 3020251 10@ 1617 202510 23202510 2320255 30<> 712 202510 23 11125 *202636 39121207 ACG HKACGFCPA2025417 www.pinestone.com.hk @20251 10#20256 2<>20254 9 執行董事報告 20251231 2025202512 315,57028%25,630IPOIPO2025IPO 2026IPOs 50,000,000 2026327 企業里程碑 1.0.50120,000,00020156 12GEM 2.20166 20.55110,000,00060,500,000 3.20176 8 4.201712 2120155%10,000,000 5.201920187,200,000 6.202126181807 7.2022 2023210.22529,950,000 9.2024120.17681,210,00014,100,000 10.20257881616082025820)(1)2025101.66(2)(3)60,500,000 管理層討論及分析 2015(i)(ii)(iii)20156 12GEM20176 8202320259 202512 3128,400,000202425,500,00011%12,300,00020246,900,000 20251,000,000202412 31500,00015,000,000202417,700,00015%202512313,800,00032%8,100,000202411,900,0001,000,00017%6,900,00020245,900,000 管理層討論及分析 202512 3111,500,000202431,300,000202512 3117,300,000202431,700,00045%1,800,0009,900,000202511,700,000202437,100,000202512 3119,400,000202411,700,0005,800,000 202512 3143.18202412 31106.16 202512 31 •197415%202632026-2030AI+ 20255,57128%25,6312025IPO119202471IPO2025IPO 202528,400,000202425,500,00011%11,700,000 管理層討論及分析 20252025870,300,0002024379,300,000129%202512311,000,000202412 31500,000202512 31201202412 31149 (i)(ii)202512 3115%15,000,000202417,700,000 20253,800,00032%8,100,000202411,900,0001,000,00017%20256,900,00020245,900,000 202512 3121,100,000202412 3120,100,00016%202413%202512 3187,400,000202491,800,000202412 3167%202461% (A) 8%35% 管理層討論及分析 12%23% 20258,100,000202411,900,00032%20255,57028% 20255,500,00015%100%202512 31102,200,0002024123176,800,00033% (B) 163PCGL 管理層討論及分析 20257,500,00020245,900,0001,600,00027%202512315202412 3183,000,00016,500,00012%34.8% 202412 10PCGL24%17,800,00012202516,200,000 202412426,135,00010.13%2024122025320253 2622.94%14A 20254720254 920255 3020258 116,200,00020259305,700,0002025500,000 管理層討論及分析 202412 1020254920254102025106202510820261 21 39 202512 3148,700,0002024123174,500,00035%24,700,000 1 202512 31PCGL 管理層討論及分析 1.2.(i)(ii)(i)(iii)(i)(ii)(iv)(i)(ii)(iii)(v)3.4.100%18.05.100%6.2025500,000 管理層討論及分析 202512 31202412 31PCGL PCGL202512 3158.6%1214%14%1334.8% PCGL202412 31867%1234.8%33%12% 管理層討論及分析 PCGL 管理層討論及分析 202412 3119,100,000 202412 3120251231PCGL 2025202512 31211110202412 3114 202512 3112,300,000202412 316,900,0004,400,0007,900,000 管理層討論及分析 202535%202447%10%202411%5% 202512 31 20256 10(20)(1) 20258 18500,000,0001,250,000,0000.4024,364,005 (2)(3)1.6636,546,00860,700,00060,500,000 (i)5,300,000 (ii)35,000,000 (iii)15,000,000 (iv)2,300,000 管理層討論及分析 1.66 (i)20256 100.1402.8040.71% (ii)(5)0.1422.8441.55% (iii)(10)0.1392.7840.29% (iv)0.1402.13222.14% (v)7.27B2.1322.8424.93%7.27B0.140(5)0.142 500,000,00025,000,000,0000.02487,280,100500,000,0001,250,000,0000.40202510 232360,910,013 管理層討論及分析 202412 31 202412 1881,210,0000.1760.176 202412 180.21919.63% 0.219819.93% 14,290,00013,860,000 20251 1320256 30 管理層討論及分析 202512 31208,900,000202412 31154,900,00035%202412 3115,900,000202512 3141,800,000202412 3155,100,00060%2025 123188,200,0001.662359,300,0002025123141,700,000202412 3147,700,000202412 31138,400,00046%2025 12 31195,700,000 管理層討論及分析 202512 3128,400,000202425,500,00011%12,200,00020246,800,000202512 311,000,00020241231500,000 15,000,000202417,700,0002,700,00015%202512 3132%8,100,00017%6,900,000 202520246,900,00025%20258,600,000202529%202436% a202519,400,000202411,800,00069%202463%202569%19,400,00020250.17681,200,0001.6671,500,000 b202512 31911,700,000202412 3137,100,0005,500,000202416,700,0006,200,000202420,400,000 管理層討論及分析 (i) (ii) 202512 31 管理層討論及分析 12 1. 2.3. =** (a) 管理層討論及分析 12 a. 管理層討論及分析 管理層討論及分析 * =*(%)*(%) ===100%2024100%15%202410% (b) 9 (i)(ii)(iii)(iv)(v)(vi) 管理層討論及分析 2 管理層討論及分析 1.202512 31 2.(II)(III)(V)(X)15% 3.(IV)100% 4.(I)(VI)(VII)(VIII)(IX)101 20255,800,0002024400,000 202512 3117,300,000202431,700,00045%1,800,0009,900,00011,700,000202437,100,000911,700,000202412 3137,100,0005,500,000202416,700,0006,200,000202420,400,000202512 3119,400,000202411,800,0005,800,000 202512 312024202512312024 管理層討論及分析 202512 311,600,00020244,300,0006,400,0002024123112,200,000202512 3141,800,000202415,900,000202512311,900,00020243,300,00020251%20240% 202510 13231.6659,300,000(i)5,300,000(ii)50,000,000(iii)2,300,0002025 管理層討論及分析 2025202412 31 202512 31202412 31 20252024 202512 31202412 31 202512 31202412 31 2025820241622024520251231252024123127 11 管理層討論及分析 2025202512 315,57028%25,630IPOIPO2025IPO 2026IPOs 50,000,000 管理層討論及分析 2025 20232024AH2021202220221202212022 2024CD E GCD E G100% 2025AH FBB20242025 企業管治報告 C1 A.2.120229202510 23202562 422025 企業管治報告 B.1.420257 @20255 29$20251 10#20255 30 202412 306202510 2320122015 企業管治報告 3.10(1)3.10(2)3.10A202510233.13202512 31