荣阳实业二零二四年年报

CONTENTS目錄 Corporate Information公司資料|02Financial Highlights財務摘要|04Chairman’s Statement主席致辭|05Management Discussion and Analysis管理層討論與分析|07Biographical Details of Directors and Senior Management董事及高級管理層履歷|16Directors’ Report董事會報告|21Corporate Governance Report企業管治報告|41Environmental, Social and Governance Report環境、社會及管治報告|58Independent Auditor’s Report獨立核數師報告|135Consolidated Statement of Comprehensive Income綜合全面收益表|140Consolidated Statement of Financial Position綜合財務狀況表|142Consolidated Statement of Changes in Equity綜合權益變動表|144Consolidated Statement of Cash Flows綜合現金流量表|145Notes to the Consolidated Financial Statements綜合財務報表附註|146Financial Summary財務概要|236 Corporate Information公司資料 PanAsialum Holdings Company LimitedDIRECTORS 執行董事潘兆龍先生（主席及行政總裁）何栢耀先生 Executive DirectorsMr. Pan Zhaolong(Chairman and Chief Executive Officer)Mr. Ho Pak Yiu 非執行董事林婉雯女士（於二零二四年七月一日獲委任） Non-executive DirectorMs. Lam Yuen Man Maria(Appointed on July 1, 2024) 獨立非執行董事張華強博士陳啟能先生文耀光先生 Independent Non-executive Directors Dr. Cheung Wah KeungMr. Chan Kai NangMr. Man Yiu Kwong Nick BOARD COMMITTEES 審核委員會文耀光先生（主席）陳啟能先生張華強博士 Audit Committee Mr. Man Yiu Kwong Nick(Chairman)Mr. Chan Kai NangDr. Cheung Wah Keung 薪酬委員會張華強博士（主席）陳啟能先生文耀光先生 Remuneration CommitteeDr. Cheung Wah Keung(Chairman)Mr. Chan Kai NangMr. Man Yiu Kwong Nick 提名委員會 Nomination Committee 文耀光先生（主席）潘兆龍先生何栢耀先生張華強博士陳啟能先生 Annual Report 2024Mr. Man Yiu Kwong Nick(Chairman)Mr. Pan ZhaolongMr. Ho Pak YiuDr. Cheung Wah KeungMr. Chan Kai Nang 環境、社會及管治委員會 Environmental, Social and Governance Committee Mr. Pan Zhaolong(Chairman)Mr. Ho Pak YiuDr. Cheung Wah KeungMr. Man Yiu Kwong Nick 潘兆龍先生（主席）何栢耀先生張華強博士文耀光先生 AUTHORIZED REPRESENTATIVES 潘兆龍先生何栢耀先生 Mr. Pan ZhaolongMr. Ho Pak Yiu 何栢耀先生 COMPANY SECRETARY Mr. Ho Pak Yiu 2078 STOCK CODE 2078 REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands PRINCIPAL PLACE OF BUSINESSIN HONG KONG 香港九龍觀塘巧明街98號The Millennity二座26樓01室 Unit 01, 26th FloorTower 2, The Millennity98 How Ming StreetKwun Tong, KowloonHong Kong PRODUCTION BASES IN PEOPLE’SREPUBLIC OF CHINA 中國河南省南陽市臥龍區龍昇大道6號龍昇工業園 Long Sheng Industrial AreaNo. 6 Long Sheng RoadWolong DistrictNanyang CityHenan ProvincePRC PRINCIPAL SHARE REGISTRAR 03 Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building DP.O. Box 1586, Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building DP.O. Box 1586, Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712–1716號舖 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchai, Hong Kong PRINCIPAL BANKERS 中國農業銀行中國建設銀行股份有限公司招商銀行股份有限公司香港上海滙豐銀行有限公司 Agricultural Bank of ChinaChina Construction Bank CorporationChina Merchants Bank Company LimitedThe Hongkong and Shanghai Banking Corporation Limited INDEPENDENT AUDITOR 香港立信德豪會計師事務所有限公司執業會計師註冊公眾利益實體核數師 BDO LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor 麥振興律師事務所 LEGAL ADVISER Jeffrey Mak Law Firm www.palum.com WEBSITEwww.palum.com Financial Highlights財務摘要 For the year ended December 31, 2024截至二零二四年十二月三十一日止年度 Key ratios Annual Report 2024Current RatioGross Profit MarginGearing RatioDebt to Equity Ratio 尊敬的各位股東： Dear Shareholders, On behalf of the Board of Directors (“Board”) of PanAsialum HoldingsCompany Limited (“Company”) and its subsidiaries (collectively, “Group”),it is with great honour that I present the Group’s 2024 Annual Report. Thisyear has been marked by significant challenges and strategic initiatives as wenavigate an increasingly complex global trade environment. 本人很榮幸代表榮陽實業集團有限公司（「本公司」）及其附屬公司（統稱「本集團」）董事會（「董事會」），呈列本集團二零二四年年報。今年，我們在日趨複雜的全球貿易環境中經歷重大挑戰，並推動一系列戰略舉措。 動盪市場下的財務表現 FINANCIAL PERFORMANCE IN A TURBULENT MARKET The Group experienced varied business conditions in 2024, navigating bothmarket pressures and strategic advancements. The global economic landscapein 2024, particularly in the second half of the year, posed substantialchallenges, particularly due to escalating trade tensions and policy changesaffecting export incentives. These factors led to a decline in our turnover,reflecting the broader market contraction. 本集團於二零二四年經歷多變的業務狀況，在市場壓力與戰略進展之間不斷調整。二零二四年的全球經濟形勢，尤其是下半年，帶來了諸多挑戰，特別是由於貿易局勢緊張升級以及影響出口鼓勵措施的政策變動。該等因素導致我們的營業額下降，反映整體市場的萎縮趨勢。 Additionally, the domestic market still remains in a recovery phase, withdemand yet to fully rebound to pre-pandemic levels. However, despite ofthese challenges, we believe there are significant opportunities ahead. Ourcontinuous commitment to operational efficiency and cost managementenabled us to maintain a stable gross profit margin and secure ourliquidity position. The Group’s financial details are discussed further in the“Management Discussion and Analysis” s