瀛晟科学二零二四年年报

Winshine Science Company Limited Stock Code: 209(Incorporated in Bermuda with limited liability) Abbreviations In this annual report, the following abbreviations have the following meaningsunless otherwise specified: BOARD OF DIRECTORS Executive Directors Mr. Jiang Qinghui(Chairman)Mr. Weng Zudian(Chief Executive Officer)Mr. Li Zhonghai(appointed on 12 April 2024) Non-executive Director Mr. Lin Shaopeng Independent Non-executive Directors 赵 Mr. Kwok Kim Hung EddieMr. Chan Cheuk Ho(resigned on 28 February 2025)Mr. Zhao YongMs. Wang Yumei(appointed on 12 December 2024) AUDIT COMMITTEE Mr. Kwok Kim Hung Eddie(Chairman)Mr. Chan Cheuk Ho(Chairman)(resigned on 28 February 2025)Mr. Zhao YongMs. Wang Yumei(appointed on 12 December 2024) 赵 REMUNERATION COMMITTEE 赵 Mr. Weng Zudian(Chairman)Mr. Chan Cheuk Ho(Chairman)(resigned on 28 February 2025)Mr. Zhao YongMs. Wang Yumei(appointed on 12 December 2024) NOMINATION COMMITTEE Mr. Jiang Qinghui(Chairman)Mr. Chan Cheuk Ho(resigned on 28 February 2025)Mr. Kwok Kim Hung EddieMs. Wang Yumei(appointed on 12 December 2024) COMPANY SECRETARY Corporate Information TRADING OF SHARES 209 The Stock Exchange of Hong Kong Limited (Stock Code: 209) REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESSIN HONG KONG 168–2009907B Room 907B, 9/F., China Merchants Tower,Shun Tak Centre,168-200 Connaught Road Central,Hong Kong PRINCIPAL BANKERS The Hongkong and Shanghai Banking Corporation Limited Bank of Communications Co. Ltd. Hong Kong Branch Guangdong Development Bank Zhongshan Branch AUDITOR Confucius International CPA Limited Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermuda Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM 1179, Hamilton HM EXBermuda HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 TRICOR INVESTOR SERVICES LIMITED17/F, Far East Finance Centre16 Harcourt RoadHong Kong WEBSITE http://www.winshine.comhttp://www.tricor.com.hk/webservice/000209 http://www.winshine.comhttp://www.tricor.com.hk/webservice/000209 Chairman’s Statement Dear fellow shareholders: The Board herein presents the annual report for 2024 and the audited annualfinancial statements for the Group for the financial year ended 31 December2024. 2024 has proved to be a tumultuous and transformative period for the globaleconomy. The intertwining effects of geopolitical conflicts, shifting policydecisions, and economic indicators have created a complex landscape. Also,inflation has been a persistent challenge across global economies in the firsthalf of 2024. In the USA, inflation remained stubbornly high, driven by strongwage growth, supply chain bottlenecks, and elevated energy prices. Theseinflationary pressures eroded purchasing power and strained householdbudgets, compelling policymakers to act assertively. In response to persistentinflationary pressures, central banks worldwide have continued to adjustinterest rates. These measures, while necessary, have tightened financialconditions, tempering economic growth. In additional, the recent U.S. tariff increases have created a challengingmarketing environment for our Group that heavily depend on U.S. sales,impacting pricing, competitiveness, consumer behavior, and long-term strategicplanning. PROSPECTS The year of 2025 is likely to be characterized by a series of economicheadwinds. One significant challenge is the ongoing geopolitical instabilityin various parts of the world. Conflicts, trade wars, and shifting alliancescontinue to create uncertainty, impacting global supply chains and tradeflows. Additionally, inflationary pressures persist as central banks grapple withbalancing interest rates to manage economic growth without stifling recoveryefforts. We anticipate that 2025 is a challenging year and the Toys Divisionexperienced tremendous pressure on product margins and turnover inFY2025. Looking forward, we are cautiously optimistic as our Toys Division andAgricultural Products Division continue to improve their performances andthe Board shall continue to explore more new business opportunities on amuch lower management cost and look for more new potential customers toincrease the market shares. Jiang QinghuiChairman Management Discussion and Analysis BUSINESS REVIEW The main divisions of the Group based on the principal activities of theGroup include the manufacturing for sale of toys (the “Toys Division”) andthe plantation and sales of agricultural products (the “Agricultural ProductsDivision”). 515.9523.31.4% For FY2024, the Group recorded revenue of approximately HK$515.9 million,representing a decrease of approximately 1.4% as compared to the revenueof approximately HK$523.3 million for the year ended 31 December 2023(“FY2023”). 8.813.839.264.8% The decrease