常达控股二零二五年中期报告

INTERIM REPORT2025 CONTENTS目錄 2Corporate Information公司資料4Management Discussion and Analysis管理層討論及分析12Corporate Governance and Other Information企業管治及其他資料19Interim Condensed Consolidated Statement ofProfit or Loss中期簡明綜合損益表20Interim Condensed Consolidated Statement ofComprehensive Income中期簡明綜合全面收益表21Interim Condensed Consolidated Statement ofFinancial Position中期簡明綜合財務狀況表22Interim Condensed Consolidated Statement ofChanges in Equity中期簡明綜合權益變動表23Interim Condensed Consolidated Statement ofCash Flows中期簡明綜合現金流量表25Notes to Interim Condensed Consolidated FinancialInformation中期簡明綜合財務資料附註 公司資料CORPORATE INFORMATION EXECUTIVE DIRECTORS 陳醒明先生（主席）羅妙蘭女士（行政總裁）陳梓峰先生 Mr. CHAN Sing Ming Barry(Chairman)Ms. LAW Miu Lan(Chief Executive Officer)Mr. CHAN Tsz Fung INDEPENDENT NON-EXECUTIVE DIRECTORS 林楚祺先生李德昌先生陸美恩女士 Mr. LAM Chor Ki DickMr. LEE Tak CheongMs. LUK Mei Yan AUDIT COMMITTEE Ms. LUK Mei Yan(Chairman)Mr. LEE Tak CheongMr. LAM Chor Ki Dick 陸美恩女士（主席）李德昌先生林楚祺先生 REMUNERATION COMMITTEE Mr. LEE Tak Cheong(Chairman)Ms. LAW Miu LanMs. LUK Mei Yan 李德昌先生（主席）羅妙蘭女士陸美恩女士 NOMINATION COMMITTEE 陳醒明先生（主席）陳梓峰先生林楚祺先生李德昌先生陸美恩女士 Mr. CHAN Sing Ming Barry(Chairman)Mr. CHAN Tsz FungMr. LAM Chor Ki DickMr. LEE Tak CheongMs. LUK Mei Yan COMPANY SECRETARY 陳偉成先生 Mr. CHAN Wai Shing Kevin REGISTERED OFFICE Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG KONG 1/F, Wing Ming Industrial Centre15 Cheung Yue StreetLai Chi Kok, KowloonHong Kong 香港九龍荔枝角長裕街15號永明工業中心1樓 CORPORATE INFORMATION公司資料 PRINCIPAL BANKERS 香港上海滙豐銀行有限公司香港皇后大道中1號滙豐總行大廈10樓 The Hongkong and Shanghai Banking Corporation LimitedLevel 10HSBC Main Building1 Queen’s Road CentralHong Kong 中國銀行（香港）有限公司香港花園道1號中銀大廈 Bank of China (Hong Kong) LimitedBank of China Tower1 Garden Road,Hong Kong Citibank (Hong Kong) Limited3 Garden Road, Central,Hong Kong 花旗銀行（香港）有限公司香港中環花園道3號 AUDITOR Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 安永會計師事務所執業會計師註冊公眾利益實體核數師香港鰂魚涌英皇道979號太古坊一座27樓 CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong WEBSITE http://www.cirtek.com http://www.cirtek.com INVESTOR RELATIONS E-mail: information@cirtek.com 電郵：information@cirtek.com STOCK CODE 1433 1433 管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSIS REVIEW OF OPERATIONS The global macroeconomic environment has remained complex andvolatile, with ongoing trade friction between major economies. Inparticular, tariff policy adjustments have put pressure on globalsupply chains and exacerbated market uncertainty. These externaluncertainties have posed challenges to global economic activity andthe business environment has become increasingly complex, withthe challenges facing the Group’s industry gradually increasing. Atthe same time, global inflation trends have diverged: while inflationin economies such as the Eurozone has unexpectedly declined, ithas risen in the United States. Core inflation rates in many othercountries have fallen significantly, creating favourable conditionsfor a recovery in consumption. In terms of economic performance,Mainland China’s gross domestic product (GDP) grew by 5.3% year-on-year in the first half of 2025, while total retail sales of consumergoods increased by 5.0%. The Eurozone’s GDP also rose slightlyby 0.1% quarter-on-quarter in the second quarter. Meanwhile, dueto the impact of trade policies on import and export performance,the United States’ GDP growth slowed to 1.25% year-on-year inthe first half of 2025, a significant decline from the 2.8% increaserecorded for the whole of 2024. Notably, United States’ retail salesstill recorded a 3.6% year-on-year increase in the first half of theyear. After seasonal adjustment, retail sales rose by 4.1% year-on-year from April to June, reflecting greater-than-expected resilience inconsumer demand. 全球宏觀環境複雜多變，主要經濟體之間的貿易摩擦持續，尤其關稅政策調整為全球供應鏈帶來壓力，並加劇市場觀望情緒。在此等外圍不明朗因素影響下，全球經濟活動面臨挑戰，營商環境日趨複雜，亦對集團所處行業帶來日益加重的壓力。另一方面，全球通脹走勢呈現分化：歐元區等經濟體通脹意外下行，美國通脹則有所攀升，然而多國核心通脹率已大幅回落，為消費復甦創造有利條件。從經濟表現來看，2025年上半年中國內地國內生產總值(GDP)按年增長5.3%，社會消 費 品 零 售 總 額 亦 上 升5.0%； 歐 元 區 第 二 季 度GDP按 季 微 增0.1%； 受 貿 易 政 策 影 響 進 出 口 表現，美國上半年GDP按年增長放緩至1.25%，較2024年 全 年2.8%的 增 幅 明 顯 回 落 。 值 得 注 意 的是 ， 美 國 上 半 年 零 售 銷 售 額 仍 錄 得3.6%按 年 增長，而經季節性調整後，四至六月零售銷售更按年上升4.1%，反映消費需求韌性較預期理想。 全 球 宏 觀 環 境 充 滿 挑 戰 ， 波 及 世 界 各 行 各 業 ，集團憑藉已完成的全球佈局，於截至2025年6月30日 止 六 個 月（「」）整 體 運 營 表 現 相 對 保持 穩 定 。 回 顧 期 內 ， 受 全 球 需