GHW INTL2025中期报告

2 4 18 25 26 28 29 30 Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 696 11434301 38223 Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 1617 www.goldenhighway.com 9933 GHW International MDITDI2024 (PVC) 2025 20222024 2025 20256301,856.720241,790.23.7%20246304.477.1%20256307.9 94.717.7%111.5 440.333.6%588.3 7.5 2025630 2024630617.52.7%2025630601.0 10%57% 20256303%7% 2024630440.333.6%2025630588.3 14%9% 13027% 104%6% MDITDI2024630399.60.1%2025630399.12025TDIMDI TDI15%MDI17%1% 40%20255MDI3%TDI28% 2024630218.12025630132.5 19%18% 28% 202463094.717.7%2025630111.5 202563030%11.0%6.0% 202463013.312.6%202563015.0 20251.0 (KOL)IP 2025630 2024202563078.8%76.4% 2024630148.777.3101.92025630183.585.895.9 20246301,595.720256301,686.2 2025630 2024630194.52025630170.5202463010.9%20256309.2% (i)(ii) 20246302.7202563012.3(i)7.52024(ii)1.42.6 (i)(ii)(iii) 20246300.220256308.99.5 202463075.8202563072.3 202463065.8202563065.52.6(i)(ii) 202463026.9202563026.0 202463019.9202563019.6 20246302.520256302.7202563025.8%202435.8% 20256307.920246304.4 2025 2025630 20256302,090.5202412312,046.5155.320241231101.5 2025630926.820241231852.22025630926.820241231816.02.6%7.2%202412313%4.5%2025205020241231202520502024123136.23.5%6.5%2025 100%146.6%20241231137.1%2025630 9 2025630 70.1202455.4 202563010.92024123117.9 2025630(i)30.42024123133.9(ii)62.9317.82024123164.4330.3(iii)81.120241231102.4(iv)1.9202412311.3(v)17.12024123114.2(vi)1.3202412314.6 202563020241231 20256302024 20256301,09320241,086202563071.8202467.9 20191216 202331 20256302024 20191231 2025630 2025630 C12025630C.2.1C.2.1C1 C.2.1 2025630 2025630C3 2025630 151920256302025630CommonwealthB LimitedCommonwealthBCommonwealthYanbinLimitedCommonwealthYanbinCommonwealthViolet Limited Commonwealth YYBLimitedCommonwealthYYBCommonwealthHappy Elephant LimitedCommonwealthHappyElephantHMZ Holdings LtdHappyBean Holdings Limited 1519 14A.90 202541100,000,0003.5%202563026,850,0002024123127,250,0002026120261215 202541100,000,0003.5%202563056,200,0002024123153,800,0002025122026915 54.79%14A (a)(b)(c)14A.90 2025630571XV352 (a) 375,000,000Commonwealth BCommonwealth Yanbin80%(b)178,141,500Commonwealth Happy ElephantCommonwealth YYB98.26%CommonwealthB375,000,000CommonwealthHappy Elephant178,141,500 2025630XV352 2019121620201212020121 20256302025630 2025630100,000,000100,000,0009.91%9.91%100,000,0009.91% 202331202331 12(i)(ii)10%10%1%10,000,000202511202563065,180,00064,276,0006.46%6.37% 20241223(i)20241223(ii)66,07020241223 904,000 1.A20191231 2.B 1,398,000601,0001,287,000553,000202512020251212.202.24 2025630202563020256300% 2025630 2025630336 1.Commonwealth BCommonwealth Yanbin80%Commonwealth YanbinCommonwealth B2.CommonwealthHappy ElephantCommonwealthYYB98.26%Commonwealth YYBCommonwealth Happy Elephant3.4.Endless Reward LimitedSP Global Trust LimitedGHW International Employee Incentive Trust2025714HY Management Consultant LimitedGHW International Employee Incentive Trust 2025630336 202563016 2025630 20256302024 2025630 2025827 2025630 a(i)26,071,000(ii)28,336,000(iii)1,717,000(iv)444,000(v)60,000(vi)1,735,000 b c10%50% 1. 2018425222020121Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, theCayman Islands696 2. 34 3. 202563020241231 202511 2025630 4. 60 15 4. 10% 5. 2025630 5. (ii)5%7,452,0002024 (iii)202563020243,000202484,00020242,00020247,000 6. 7. 8. 20252024630 9. 2025630 10. 1,227,0002024864,000137,0002024210,0001,090,0002024654,000 70,110,000202455,374,000 2025630317,759,00020241231330,280,000 132024133,692,00020244,317,000 2120 202563062,884,0002024123164,414,000 11. 11. 60 20256301,103,000202412314,616,000 202563020241231 2025630136,00020241,834,000136,0002024551,000 20256302,492,0002024248,000 2025630 202563081,092,00020241231102,385,000 13. 13. 90 2025630 14. 15. 15. 202541100,000,0003.5%202563026,850,0002024123127,250,00020261202612 202541100,000,0003.5%202563056,200,0002024123153,800,00020251220269 16. 2025630 17. 2023312033228 20241231 2025120635,5002025121268,5001,398,000601,0001,287,000553,000202512020251212.202.24 18. 19. 2025630 19. 20. (i) 20. (ii)