万顺瑞强(四百)2025 年报

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED(THE“STOCK EXCHANGE”) GEM has been positioned as a market designed to accommodate small & mid-sized companies to which ahigher investment risk may be attached than other companies listed on the Stock Exchange. Prospectiveinvestors should be aware of the potential risks of investing in such companies and should make thedecision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk thatsecurities traded on GEM may be more susceptible to high market volatility than securities traded onthe Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in thesecurities traded on GEM. Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of thisreport, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever forany loss howsoever arising from or in reliance upon the whole or any part of the contents of this report. This report, for which the directors (the“Directors”) of WS-SK Target Group Limited (the“Company”) collectively andindividually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing ofSecurities on GEM of the Stock Exchange (the“GEM Listing Rules”) for the purpose of giving information with regardto the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge andbelief, the information contained in this report is accurate and complete in all material respects and not misleadingor deceptive, and there are no other matters the omission of which would make any statement herein or this reportmisleading. GEM GEM GEMGEMGEM GEMGEM Contents Corporate Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Chairman’s Statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Management Discussion and Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8Directors and Senior Management Profiles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20Report of the Directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23Corporate Governance Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37Independent Auditor’s Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59Consolidated Statement of Profit or Loss and Other Comprehensive Income. . . . . . . . . . . . . . . . . . . . . . . . . . .66Consolidated Statement of Financial Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68Consolidated Statement of Changes in Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70Consolidated Statement of Cash Flows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71Notes to the Consolidated Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73Five Years Financial Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168 CORPORATE INFORMATION REGISTERED OFFICE IN CAYMAN ISLANDS Windward 3,Regatta Office Park,P.O. Box 1350,Grand Cayman KY1-1108,Cayman Islands Windward 3,Regatta Office Park,P.O. Box 1350,Grand Cayman KY1-1108,Cayman Islands HEADQUARTER AND PRINCIPAL PLACE OFBUSINESS IN MALAYSIA 18, Jalan LP 2A/2,Taman Lestari Perdana,43300 Seri Kembangan, Selangor,Darul Ehsan, Malaysia 18, Jalan LP 2A/2,Taman Lestari Perdana,43300 Seri Kembangan, Selangor,Darul Ehsan, Malaysia PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 1406-08, 14/F,Austin Tower,22-26 Austin Avenue,Tsimshatsui, Kowloon, Hong Kong 22-26141406-08 Loh Swee Keong EXECUTIVE DIRECTORS Mr. Loh Swee Keong(Chairman and Chief Executive Officer) INDEPENDENT NON-EXECUTIVE DIRECTORS 20258620241222024122202586 Mr. Yau Ka HeiMr. Ma, She Shing AlbertMs. Yau Ka Ying (appointed on 6 August 2025)Mr. Kwok Tsz Hin (resigned on 2 December 2024)Ms. Chan Sheung Yu (appointed on 2 December 2024 andresigned on 6 August 2025) COMPANY SECRETARYMr. Leung Tze Wai, CPA Loh Swee Keong COMPLIANCE OFFICERMr. Loh Swee Keong CORPORATE INFORMATION AUDIT COMMITTEE 20258620241222024122