环龙控股年报2024

(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: 2260 ANNUAL REPORT年報2024 CONTENTS CORPORATE INFORMATION2CHAIRPERSON'S STATEMENT5MANAGEMENT DISCUSSION AND ANALYSIS10CORPORATE GOVERNANCE REPORT20BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT41DIRECTORS’ REPORT47INDEPENDENT AUDITOR’S REPORT71CONSOLIDATED STATEMENT OF PROFIT OR LOSS ANDOTHER COMPREHENSIVE INCOME78CONSOLIDATED STATEMENT OF FINANCIAL POSITION79CONSOLIDATED STATEMENT OF CHANGES IN EQUITY81CONSOLIDATED STATEMENT OF CASH FLOWS82NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS84PROPERTIES OWNED BY THE GROUP178PROPERTY HELD FOR INVESTMENT179FIVE-YEAR FINANCIAL SUMMARY180 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Ms. Shen Genlian (Chairperson)Mr. Zhou Jun (Chief executive officer)Mr. Xie ZongguoMs. Yuan Aomei Independent Non-Executive Directors Mr. Ip Wang HoiMr. Zhang ShenjinMr. Wang Yunchen BOARD COMMITTEES Audit Committee Mr. Wang Yunchen (Chairman)Mr. Zhang ShenjinMr. Ip Wang Hoi Remuneration Committee Mr. Ip Wang Hoi (Chairman)Mr. Zhou JunMr. Zhang Shenjin Nomination Committee Ms. Shen Genlian (Chairperson)Mr. Ip Wang HoiMr. Wang Yunchen AUTHORISED REPRESENTATIVES Ms. Shen GenlianMr. Yim Lok Kwan COMPANY SECRETARY Mr. Yim Lok Kwan CORPORATE INFORMATION REGISTERED OFFICE Cricket SquareHutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket SquareHutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands HEADQUARTER 519 No. 519, Section 2, Xinhua AvenueChengdu Strait Science and TechnologyIndustry Development ParkWenjiang District, ChengduSichuan Province, PRC PRINCIPAL PLACE OF BUSINESS INHONG KONG 24840 40th Floor, Dah Sing Financial Centre248 Queen’s Road East, WanchaiHong Kong PRINCIPAL BANKERS Industrial Bank Co., Ltd.Hong Kong BranchIndustrial Bank Co., Ltd.Chengdu BranchIndustrial Bank Co., Ltd.Shanghai Branch Waigaoqiao Sub-BranchChengdu Rural Commercial Bank Co., Ltd.Wenjiang Yongsheng BranchHua Xia Bank Co., Ltd. Chengdu Branch AUDITOR Grant Thornton Hong Kong LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISER AS TO HONG KONG LAWS Loong & Yeung CORPORATE INFORMATION PRINCIPAL SHARE REGISTR AR ANDTR ANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand CaymanKY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand CaymanKY1-1111Cayman Islands HONG KONG BR ANCH SHARE REGISTR ARAND TR ANSFER OFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th Floor, Hopewell Centre183 Queen’s Road EastWanchaiHong Kong STOCK CODE 2260 2260 WEBSITE www.vanov.cnwww.vanov.cn CHAIRPERSON'S STATEMENT Dear Shareholders, business partners and parties from variousfields, 2024 Thank you for all your long-term trust and tolerance towardsVanov Holdings Company Limited (the “Company”, together withits subsidiaries, collectively referred to as “Vanov Holdings” orthe “Group”). I, on behalf of the board (the “Board”) of directors(the “Directors”) of the Company, am pleased to present the 2024annual results of the Group for all stakeholders’ review. INDUSTRY OVERVIEW Recovery and green transformation of thepapermaking industry fostering a future to be led bygreen and intelligent technologies 2024QYResearch3.75%20291,938.01 In2024,the papermaking industry has shown recoveringmomentumunder a sophisticated economic environment,yetsubjectto an in-depth adjustment.Considering the sluggisheconomic growth, high energy costs and tightening environmentalpolicies, the market has been exposed to numbers of challenges,suchas weak demands,fluctuation in raw material prices andpressuresof environmental protection issues.Never theless,therebound in market demand and green transformation havealsobrought new oppor tunities to the industr y.Enterpriseshaveresponded to the abovementioned challenges throughmergersand acquisitions,technological innovation and greentransformation,whilst green and intelligent productions havebecome the major trend in promoting industrial concentration. Asthe global economy gradually resumes, the demand for our paperand paper board has also increased. According to the researchconductedby QYResearch,the global scale of the paper andpaper board packaging market is expected to reach US$193.801billion by 2029, representing a compound annual growth rate of3.75% over the next few years. CHAIRPERSON'S STATEMENT 20241.588.6%1.463.9%5.2% InChina,the promulgation of the“14th Five -Year PlanIndustrial Green Development Plan” and the “Implementation Planfor Carbon Emission Peak in the Industrial Sector” have facilitatedthepapermaking industry to accelerate its transformation andupgrade towards a high-end, intelligent and green development.In 2024, the production volume of machine paper and paperboardreached 158 million tons, representing a year-on-year increaseof8.6%,which