中国唐商年报 2025

ANNUAL REPORT 2025二 零 二 五 年 年 報Corporate Information2Five Years Financial Summary4Management Discussion and Analysis5Directors’ Report10Corporate Governance Report49Independent Auditor’s Report74Consolidated Statement of Comprehensive Income85Consolidated Statement of Financial Position87Consolidated Statement of Changes in Equity90Consolidated Statement of Cash Flows91Notes to the Consolidated Financial Statements93 公 司 資 料CORPORATE INFORMATIONCHINA TANGSHANG HOLDINGS LIMITED中 國 唐 商 控 股 有 限 公 司DIRECTORSExecutive DirectorsMr. Chen Weiwu(Chairman)Mr. Zhou HoujieMr. Jiang Ruowenhao(Acting Chief Executive Officer)Independent Non-executive DirectorsMr. Chen YouchunMs. Lui Mei KaMr. Zhou XinAUDITORCCTH CPA LimitedCertified Public AccountantsCOMPANY SECRETARYMs. Kwong Oi Man PattyPRINCIPAL BANKERSHang Seng Bank LimitedBank of Dongguan Company LimitedREGISTERED OFFICEClarendon House2 Church StreetHamilton HM11BermudaHEAD OFFICERoom 1102, 11/F.,Park Tower, 15 Austin Road,Tsim Sha Tsui, Kowloon,Hong Kong 董事執行董事獨立非執行董事核數師公司秘書主要往來銀行註冊辦事處Clarendon House2 Church StreetHamilton HM11Bermuda總辦事處111102 15 公 司 資 料CORPORATE INFORMATIONANNUAL REPORT 2025二 零 二 五 年 年 報主要過戶登記處Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM11Bermuda香港股份過戶登記處1617 PRINCIPAL REGISTRARConyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM11BermudaHONG KONG SHARE REGISTRAR ANDTRANSFER OFFICETricor Investor Services Limited17/F, Far East Financial Centre,16 Harcourt Road, Hong Kong ANNUAL REPORT 2025二 零 二 五 年 年 報管 理 層 討 論 及 分 析MANAGEMENT DISCUSSION AND ANALYSISBUSINESS REVIEW AND OUTLOOKFor the year ended 31 March 2025, the Group recordedrevenue of approximately HK$580.8 million comparedtoapproximately HK$877.5 million from continuingoperations for the last financial year, representing adecrease of about 33.8%, and loss for the year ended 31March 2025 of approximately HK$72.3 million comparedto approximately a loss of HK$113.5 million for the lastfinancial year, representing a decrease of loss of about36.4%. The decrease in loss was primarily resulted from1) implementation of various measures on cost controland on reduction of expenditures; and 2) decrease inrecognition on revenue of property development businessand property sub-leasing and investment business duringT h eB o a r d c o n s i d e r s t h a t t h e f a i r v a l u e l o s s o ninvestment properties are non-cash items and has noeffect on the cash flow of the Group’s operations.Property sub-leasing and investment businessForthe year ended 31 March 2025,this businesssegment recorded revenue of approximately HK$45.5million compared to approximately HK$53.5 million forthe last financial year, representing a decrease of about15.0%, this business segment recorded loss for the yearended 31 March 2025 of approximately HK$89.7 millionas compared to loss of approximately HK$27.9 million forthe last financial year. The increase in loss was mainlyresulted from the decrease in rental income and increasein fair value loss on investment properties.The completed properties held for investment is locatedin No. 109 Jinghaisanlu, Beijing Economic TechnologicalDevelopment Area, Beijing. The existing usage is foroffice, research and development and the properties areheld for long term leases which are sub-leasing from業務回顧及前景財務回顧綜合業績580,800,000877,500,00033.8%72,300,000113,500,00036.4%12業務回顧物業分租及投資業務45,500,00053,500,00015.0%89,700,00027,900,000109 Financial ReviewConsolidated resultsthe year.Business Reviewlandlord. CHINA TANGSHANG HOLDINGS LIMITED中 國 唐 商 控 股 有 限 公 司管 理 層 討 論 及 分 析MANAGEMENT DISCUSSION AND ANALYSISBUSINESS REVIEW AND OUTLOOK(Continued)Business Review(Continued)Property development businessDuring the year ended 31 March 2025, the propertydevelopment business in the PRC contributed revenueo fa p p r o x i m a t e l y H K $ 5 3 5 . 4 m i l l i o n c o m p a r e t oapproximately HK$824.0 million for the last financial year,and segment recorded loss of approximately HK$7.6million (2024: loss of approximately HK$124.7 million)to the Group. The decrease in segment revenue wasattributable to two development projects, namely (i)Tangshang Hanlin Mansion*in Dongguanland situates at Caole Village, Xiegang Town, DongguanCity, the PRC designated for urban residential use andbusiness service use (R2 Class II residential landR2) and (ii) Puning Tangshang ZhongyangGarden*in Beihuan Avenue, Puning,Jieyang, Guangdong Province, the PRC. The constructionof the properties was completed in December 2021and October 2022, respectively. The existing use in theproperties held for sale/lease is mainly residential, carparks and commercial shops. The site area of TangshangHanlin Mansion is approximately 30,000 sq.m and PuningTangshang Zhongyang Garden is approximately 45,000sq.m, and the gross floor area (“GFA”) of TangshangHanlin Mansion is approximately 88,000 sq.m and PuningTangshang Zhongyang Garden is approximately 216,000sq.m. There were appro