荣阳实业2025中期报告

CONTENTS目錄 Corporate Information公司資料|02 Financial Highlights and Key Financial Ratios財務摘要及主要財務比率|04 Condensed Consolidated Interim Financial Information簡明綜合中期財務資料 •Condensed Consolidated Interim Statement of Financial Position簡明綜合中期財務狀況表|06•Condensed Consolidated Interim Statement of Comprehensive Income簡明綜合中期全面收益表|08•Condensed Consolidated Interim Statement of Changes in Equity簡明綜合中期權益變動表|09•Condensed Consolidated Interim Statement of Cash Flows簡明綜合中期現金流量表|10 Management Discussion and Analysis管理層討論與分析|27 Other Information其他資料|33 Corporate Information公司資料 PanAsialum Holdings Company LimitedDIRECTORS 執行董事潘兆龍先生（主席兼行政總裁）何栢耀先生 Executive DirectorsMr. Pan Zhaolong(Chairman and Chief Executive Officer)Mr. Ho Pak Yiu 非執行董事林婉雯女士 Non-executive DirectorMs. Lam Yuen Man Maria 獨立非執行董事張華強博士陳啟能先生文耀光先生 榮陽實業集團有限公司Independent Non-executive DirectorsDr. Cheung Wah KeungMr. Chan Kai NangMr. Man Yiu Kwong Nick 審核委員會文耀光先生（主席）張華強博士陳啟能先生 BOARD COMMITTEES Audit Committee Mr. Man Yiu Kwong Nick(Chairman)Dr. Cheung Wah KeungMr. Chan Kai Nang 薪酬委員會張華強博士（主席）陳啟能先生文耀光先生 Remuneration CommitteeDr. Cheung Wah Keung(Chairman)Mr. Chan Kai NangMr. Man Yiu Kwong Nick 02 提名委員會文耀光先生（主席）潘兆龍先生林婉雯女士張華強博士陳啟能先生 Nomination Committee Mr. Man Yiu Kwong Nick(Chairman)Mr. Pan ZhaolongMs. Lam Yuen Man MariaDr. Cheung Wah KeungMr. Chan Kai Nang 環境、社會及管治委員會潘兆龍先生（主席）何栢耀先生張華強博士文耀光先生 Interim Report 2025Environmental, Social and Governance Committee Mr. Pan Zhaolong(Chairman)Mr. Ho Pak YiuDr. Cheung Wah KeungMr. Man Yiu Kwong Nick 潘兆龍先生何栢耀先生 AUTHORIZED REPRESENTATIVES Mr. Pan ZhaolongMr. Ho Pak Yiu 何栢耀先生 COMPANY SECRETARYMr. Ho Pak Yiu REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 2078 STOCK CODE 2078 PLACE OF LISTING 香港聯合交易所有限公司（「聯交所」） The Stock Exchange of Hong Kong Limited (“Exchange”) PRINCIPAL PLACE OF BUSINESS IN HONG KONG Unit 01, 26/F, Tower 2The Millennity98 How Ming StreetKwun Tong, KowloonHong Kong 香港九龍觀塘巧明街98號The Millennity第2座26樓01室 PRODUCTION BASES IN PEOPLE’SREPUBLIC OF CHINA (“PRC”) 中國河南省南陽市臥龍區龍昇大道6號龍昇工業園 Long Sheng Industrial AreaNo. 6 Long Sheng RoadWolong DistrictNanyang CityHenan ProvincePRC PRINCIPAL SHARE REGISTRAR Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building DP.O. Box 1586, Gardenia CourtCamana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building DP.O. Box 1586, Gardenia CourtCamana BayGrand Cayman, KY1-1100Cayman Islands 03 HONG KONG BRANCH SHARE REGISTRAR 香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712–1716號鋪 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchai, Hong Kong PRINCIPAL BANKERS 中國農業銀行中國建設銀行股份有限公司招商銀行股份有限公司香港上海滙豐銀行有限公司 Agricultural Bank of ChinaChina Construction Bank CorporationChina Merchants Bank Company LimitedThe Hongkong and Shanghai Banking Corporation Limited INDEPENDENT AUDITOR 香港立信德豪會計師事務所有限公司執業會計師註冊公眾利益實體核數師 BDO LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor 麥振興律師事務所 LEGAL ADVISER Jeffrey Mak Law Firm www.palum.com WEBSITEwww.palum.com Financial Highlights and Key Financial Ratios財務摘要及主要財務比率 (1)毛利率乃按毛利除以收益再乘以100%計算。(2)權益回報率乃按期內本公司擁有人應佔盈利除以本公司擁有人應佔權益再乘以100%計算。(3)利息覆蓋率乃按除利息及稅項開支前的盈利除以財務成本計算。(4)流動比率乃按流動資產除以流動負債計算。(5)速動比率乃按流動資產減存貨除以流動負債計算。(6)資產負債比率乃按淨負債（總借貸減現金及現金等價物）除以權益總額與淨負債之和再乘以100%計算。(7)負債權益比率乃按總借貸減現金及現金等價物除以權益總額再乘以100%計算。 (1)The calculation of Gross Profit Margin is based on gross profit dividedby revenue and multiplied by 100%.(2)The calculation of Return on Equity is based on profit attributable toowners of the Company for the Period divided by equity attributable toowners of the Company and multiplied by 100%.(3)The calculation of Interest Coverage Ratio is based on profit beforeinterest and tax expenses divided by finance costs.(4)The calculation of Current Ratio is based on current assets divided bycurrent liabilities.(5)The calculation of Quick Ratio is based on current assets lessinventories divided by current liabilities.(6)The calculation of Gearing Ratio is based on net debt (total borrowingsless cash and cash equivalents) divided by sum of total equity and netdebt multiplied by 100%.(7)The calculation of Debt to Equity Ratio is based on total borrowingsless cash and cash equivalents divided by total equity multiplied by100%. 本公司董事（「董事」）會（「董事會」）不宣派截至二零二五年六月三十日止六個月的中期股息（截至二零二四年六月三十日止六個月：無）。 The board of directors (“Directors”) of the Company (“Board”) did notdeclare an interim dividend for the six months ended June 30, 2025 (sixmonths ended June 30, 2024: Nil). Condensed Consolidated Interim Statement of Financial Position簡明綜合中期財務狀況表 As at June 30, 2025於二零二五年六月三十日 As at June 30, 2025於二零二五年六月三十日 Condensed Consolidated Interim Statement of Comprehensive Income簡明綜合中期全面收益表 For the six months ended June 30, 2025截至二零二五年六月三十日止六個月 第11頁至第26頁的附註為本簡明綜合中期財務資料的一部分。 The n