环联连讯二零二五年年报

24681418436076808182848587154 2 Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islandswww.pangaea.com.hk1819902–6 Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands1617 01473 4EBITDA1(%)(%)(%)2(1)EBITDA(2) 20232022202120252024202320222021202520242023202220212024202520232022202120242025EBITDA 6(AI)(LPO)LPODSP(VR) 2,128.253.8%AI(HPC)800G/1.6T(DSP)1.6TLPO(BC)BC(PCB)WiFi8AI(IoT)(AR)WiFi8AI 7 8(AI)(HPC)800G/1.6TWiFi8(IoT)800G/1.6TBCWiFi8AIAI (LPO)AIAI(CAGR)15%LightCounting(BC)TOPConN(PCB)(AR/VR)AI5G/AILPOAIAILPO/(AI/ML)HPCBCPCBAILPOAIHPCAIWiFi8AI5GAIAILPO AI7.9(i)8.12.10.3(iii) 999.6%1,379.52,120.34.5(ii)8.5%10.1%95.1%99.6%4.5%7.11.0(i)0.4(ii)0.4 1049.63.2110.820.823.1%(ii)1.931.030.56.830.5(b)(c) 38.511.128.8%(i)(ii)3.54.790.0(i)16.21.128.628.27.33.74.229.3(a)(d)(e)(f) 64.1171.250.2% 1164.1180.4296.5280.7100%47.6%11.01.1 125G 12211488.1%57.815.941.972.514.414.4––7.27.2––8.78.7––88.146.241.947.641.9 146364Kong Cable Communications Limited59(University of Sheffield)(Middlesex University)University)3709GEM (Concord College)25(Macquarie University)20Hong(Bulacan State20230715608093 69Derby Lonsdale College of Higher Education205020()64(i)1549(ii)(iii)(i)2223(ii)36631469 151428()GEM8257256(iv)260(iii) 1674430(i)(ii)117440Eudyna Devices Asia Pte. Ltd.Sumitomo Electric Asia LimitedEudyna Devices Europe Ltd. 2318898(iii)2318(iv)5GFujitsu Quantum Devices Inc.Fujitsu Quantum Devices Singapore Pte. Ltd.Fujitsu Quantum Device Pte. LimitedSumitomo Electric Europe Ltd.Sumitomo Electric Device Innovations Inc. 6940HK Ltd.AvnetIncAvnet IncInc.Honeywell Inc.Ltd.RaychemIncRaychem Inc53Pte. LimitedFujitsu Quantum Devices Pte. Limited3946Zhongyou Technology Co. Ltd.39Guangdong Shengda Electronic Co., Ltd.Telecom Technology (Guangzhou) Co., Ltd.Rosenberger (Shanghai) Technology Co., Ltd. 17Avnet TechnologyAVTHusky Injection Molding Systems (Asia Pacific) LimitedHuskyAlliedSignalHONRaychem CanadaTycoTE Connectivity25Sumitomo Electric Asia LimitedEudyna Devices AsiaHubeiAlltekAlltekComba 18C1C.2.1 C.2.1C3 19 20••••• A.2.1 213.09D14173.10(1)3.10A3.10(2) 223.1383(3) 3.13B.2.2 (a)(b)(c)(d)(e)(f)3.10(2) 2316.7%83.3%3.13 24(i)(ii)(iii)(iv)(v)(vi) C.5.1 25143 26 3.08C.1.4✓✓✓✓✓✓ ✓✓✓✓✓✓ C:M:1.•• 27CMMMMCMMCMMC 28••••••••••• 2.••••••••••• 29 30–1,000,0001,000,001–1,500,0001,500,001–2,000,0002,000,001–2,500,0002,500,001–3,000,000D278———— 118121 3.(a)(b)(c)•••••• 31 324.(a)(b)(c)(d)(e)(f)••• 1.2.50%3.4. 3.1314 33 345.6. 7679 35 36(iii) (i)(ii)(iv) •••• 37 38 (ii) (i)(iii)60753.2915 39 4025%•••••• 21(852) 2836 3301(852) 2834 734016(852) 2980 1333(852) 2861 0285 411819902–617 42(i)(1)(2) 181 85(ii)(a)1819902–6(b)16179902–621201410 0.56Generous Horizon Limited5 43223250,000,0000.017,499,000Generous Team Limited749,900,000167813 44622 60755716075 45 46 1.0 4760756780973,000,0009.73154 48 16171617258427341.112 84(1) 1417 49 50 5% Generous Horizon Limited 51Generous Team Limited(i)(ii) 52(1)(2)(3)(4) C3 (a)(i)1650,000,000LimitedGenerous Horizon Limited2 53XV352121672,000,000–672,000,00067.54–10,000,00010,000,0001.01–6,500,0006,500,0000.65–300,000300,0000.03–300,000300,0000.03–300,000300,0000.03Generous Horizon LimitedGenerous Team Limited22,000,000GenerousHorizonXV 54(ii)352(b)Generous Horizon LimitedLam Esther W.1.Generous Horizon Limited650,000,000Horizon Limited2.Lam Esther W. XVXV23336650,000,000165.3322,000,00012.21672,000,000267.54Generous Team LimitedGenerous Horizon Limited22,000,000GenerousXVXVXV23336 (10)10.28%78,464,00061218 2678,464,0000.0138,464,00030%30%24 5556(10)7,032,00028,568,00028,568,000100,000,0000.6078,464,00017,700,00040%40,000,00025%25%25%25% 561.2.3.I31,432,0004.II40,000,00025%25%25%5.6.7.21,574,000 210,000,000––10,000,0006,500,000––6,500,000300,000––300,000300,000––300,000300,000––300,00017,400,000––17,400,00054,032,000––54,032,00071,432,000––71,432,0003461223,875,000100,000 30%30%40%182425%21,978,000 (%)(%)(%)(%) 572.2077.93–78.0477.93–78.041.29–1.389.94–100.671,432,00071,432,000714,32042,144,88071,432,0007.34%78 5898.1%5,000,000 14.4%51.4%45.3%5%27,000,0005,000,0000.2290.221,104,54017,000,0000.2380.1933,626,5725,000,0000.2490.2441,229,98022,000,000 592914A25% 60 61C2 62 •••••••••WhatsApp••••••• •••••••••••••••• 9*A.A.1NOxSOx 63*32 641—2—3——1.2.13.4.0.61015.0.0817 +–26.8423.0116.64%108.74109.51(0.70)%8.666.8426.61%71.9244.8160.50%216.16184.1717.37%0.09590.081717.37%C2216.16184.170.095917.37% •••••••••• 6512%1.801.42WhatsApp 66A.2 225,487•• +–225,487218,6013.15%100.0697.003.15%A.112% A.3A.4B.B.1 6757 682130314041505117 14.41% 213031404150511.2.3.4.5. 69 70B.2B.36049.18% 55.25 6,740 B.4 38.57%56.6626.98%63.46%53.3472.55%63.46%8.0945.45%47.56%59.8430.00%48.28%60.1484.85%49.18%55.2547.37% 71 72B.5••••3710 RoHS1584 B.6(iv)•••••••ISO 90012015 73(i)(ii)(iii) 74(i) (ii) B.7B.8 75 76 80153 135,918,00018%16%