中国华星2025年报

OUR MISSION We have highlighted the mission of “invest for a better life”, integratedthe success of the culture of our management team into currentoperations, and adhered to the “customer-first, all wins, harmony-oriented, environmental friendly, result driven” philosophy, thuspromoting sustainable corporate development. This proves that weproactively responded to stakeholders’ concerns and, in particular,persisted with repaying investors’ trust with increasing returns and lookingfor good opportunities. We will expand our business to other sectors thatwould have good opportunities. We ensure a steady supply of qualityproducts and considerate services to our customers, kept our promise toemployees and paid heed to their concerns, created a home-alike workingenvironment and a broad development platform, and proactively engagedin social welfare in return for the support and understanding of all walksof life. CONTENTS 2Corporate Information4Chairman’s Statement6Management Discussion and Analysis16Directors’ and Senior Management’s Profile20Corporate Governance Report42Environmental, Social and Governance Report61Directors’ Report71Independent Auditor’s Report82Consolidated Statement of Profit or Loss andOther Comprehensive Income83Consolidated Statement of Financial Position85Consolidated Statement of Changes in Equity86Consolidated Statement of Cash Flows88Notes to the Consolidated Financial Statements188Five-Year Financial Summary CORPORATE INFORMATION公司資料 BOARD OF DIRECTORS Executive Directors Wang Jing (Chairman)Wang Xing Qiao (Chief Executive Officer)Zhao Shuang (resigned with effect from 15 November 2024) Non-Executive DirectorZhao Hongxia (appointed with effect from 15 November 2024) Independent Non-Executive Directors Su BoTang ShengzhiZeng Guanwei COMPANY SECRETARY Lam Wai Kei AUDITOR Forvis Mazars CPA Limited (formerly known as Mazars CPA Limited) AUDIT COMMITTEE Su Bo (Chairman)Tang ShengzhiZeng Guanwei REMUNERATION COMMITTEE Tang Shengzhi (Chairman)Su BoZeng Guanwei NOMINATION COMMITTEE Wang Jing (Chairman)Tang ShengzhiZeng Guanwei CORPORATE INFORMATION公司資料 PRINCIPAL BANKER The Hongkong and Shanghai Banking Corporation Limited SOLICITORLoeb & Loeb LLP HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17th Floor, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria StreetPO Box HM 1179, Hamilton HM EXBermuda Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria StreetPO Box HM 1179, Hamilton HM EXBermuda REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda PRINCIPAL PLACE OF BUSINESS IN HONG KONGAND CONTACT INFORMATION 93303(852) 2286 0728(852) 2286 0727www.00485.hkoffice@00485.hk Unit 303, 3/F., New East Ocean CentreNo. 9 Science Museum RoadTsim Sha Tsui, KowloonHong KongTel: (852) 2286 0728Fax: (852) 2286 0727Website: www.00485.hkEmail: office@00485.hk CHAIRMAN’S STATEMENT主席報告書 On behalf of the board (the “Board”) of directors (the “Directors”) ofChina Sinostar Group Company Limited (the “Company”) and all of itssubsidiaries (together with the Company, the “Group”), I am pleased topresent the Group’s annual report for the year ended 31 March 2025 tothe shareholders of the Company (the “Shareholders”). It has been the Group’s business strategy to diversify its business modelsinto different business sectors and to strengthen and expand its revenuestreams. The Group is committed to generating sustainable returns toits Shareholders and enhance the Shareholders’ value. The managementof the Group formulates various business strategies to cope with thedevelopment of the Group. Also, we monitor the markets closely and takeimmediate and appropriate actions when needed. During the year ended 31 March 2025, the property market of thePeople’s Republic of China (the “PRC”) stayed far from recovery and thesluggish market trading remained, transaction volumes remained lowrelatively to historical levels. As a result of the lack of market confidenceand purchasing power, a general wait-and-see attitude dominatedthe market. Given properties development business contributed to asignificant extent to the Group’s revenue, the operations of the Groupwas being affected inevitably and adversely. With the central government actively promoting the implementation ofvarious real estate policies, regulatory policies have continued to be relaxedand the intensity of relaxation continues to increase. Local governmentsgradually relaxed credit policies, implemented tax reductions, andstrengthened supervision to ensure smooth project delivery and maintainstable development of the real estate market. The property market in thePRC will gradually stabilise and form a new balanced situation. The Groupwill adjust its approach accordingly as the sector