新兴印刷年度报告 2024/2025

(Incorporated in the Cayman Islands with limited liability)Stock Code: 19751975 2024/2025Annual Report CONTENTS目錄 Corporate Governance Report17 Report of the Directors33 Independent Auditor’s Report53 Financial Statements Consolidated Statement of Profit or Loss綜合損益表60 Consolidated Statement of Comprehensive Income綜合全面收益表61 Consolidated Statement of Financial Position綜合財務狀況表62 Consolidated Statement of Changes in Equity綜合權益變動表63 Consolidated Statement of Cash Flows綜合現金流量表64 Notes to Financial Statements66 FINANCIAL HIGHLIGHTS財務摘要 CHAIRMAN’S STATEMENT 致各位股東， Dear Shareholders, 本人謹代表新興印刷控股有限公司（「本公司」或連同其附屬公司統稱「本集團」）的董事會（「董事會」），欣然向閣下提呈本集團截至二零二五年六月三十日止年度的年度業績。 On behalf of the Board of Directors (the “Board”) of Sun Hing PrintingHoldings Limited (the “Company” or, together with its subsidiaries, the“Group”), I present our annual results for the year ended 30 June 2025. This year of 2024/2025 was defined by a uniquely challengingmacroeconomic climate. Geopolitical tensions, sustained tradefrictions, elevated global inflation, and concerns over economicslowdown collectively suppressed customer sentiment and demandacross our key markets. These headwinds directly impactedour financial performance, with Group revenue decreasing byapproximately 26.3% to approximately HK$218.3 million (2023/2024:approximately HK$296.2 million). 本期特點是宏觀經濟環境異常嚴峻。地緣政治緊張局勢、持續的貿易摩擦、全球通脹高企以及對經濟放緩的憂慮，共同抑制了我們主要市場的客戶情緒和需求。這些不利因素直接影響了我們的財務表現，本集團收入下降約26.3%至約218.3百萬港元（二零二三╱二四年：約296.2百萬港元）。 本集團錄得本年度的公司股權持有人應佔虧損約為88.6百萬港元，與上一年度約17.1百萬港元的盈利形成強烈對比。此結果主要由於按照相關會計準則經過嚴格評估後，確認了物業、廠房及設備以及使用權資產合共約87.7百萬港元的非現金減值撥備。此減值反映了低迷的經營環境對我們資產估值的影響，但並不影響我們雄厚的現金狀況或營運流動性。 The Group recorded a loss for the year attributable to owners of theCompany of approximately HK$88.6 million, a sharp contrast to theprofit of approximately HK$17.1 million in the prior year. This result wasprimarily driven by non-cash impairment losses totalling approximatelyHK$87.7 million on property, plant and equipment and right-of-useassets, recognised following a rigorous assessment in accordance withthe relevant accounting standards. This impairment reflects the impactof the subdued operating environment on our asset valuations but doesnot affect our strong cash position or operational liquidity. 儘管面臨收入壓力，必須強調我們核心業務的潛在韌性。我們的毛利率維持穩定在約28.2%（二零二三╱二零二四年：約28.3%），顯示我們在成本管理和營運控制方面持續有效。此外，我們保持了穩健且無負債的資產負債表，截至二零二五年六月三十日，現金及現金等價物約為276.7百萬港元（二零二三年╱二零二四年：約317.0百萬港元）。 Despite the top-line pressure, it is important to highlight the underlyingresilience of our core operations. Our gross profit margin remainedstable at approximately 28.2% (2023/2024: approximately 28.3%),demonstrating our continued effectiveness in cost management andoperational control. Furthermore, we maintained a robust and debt-free statement of financial position, with cash and cash equivalents ofapproximately HK$276.7 million (2023/2024: approximately HK$317.0million) as of 30 June 2025. COMMITMENT TO SHAREHOLDERRETURNS 為答謝股東們的堅定支持，並慶祝集團成立50週年，董事會欣然建議派發特別股息每股1.0港仙（二零二四年：無），以及末期股息每股2.5港仙（二零二四年：每股2.5港仙）。連同已派發的中期股息每股1.0港仙（二零二四年：每股1.0港仙 ）， 本 年 度 的 總 股 息 達 到 每 股4.5港 仙（ 二 零二四年：每股3.5港仙）。此決定彰顯我們對集團長期前景及穩健財務基礎的信心。 In recognition of our shareholders’ steadfast support and to celebratethe Group’s 50th anniversary, the Board is pleased to recommend aspecial dividend of HK1.0 cent (2024: Nil) per share, alongside a finaldividend of HK2.5 cents (2024: HK2.5 cents) per share. Together withthe interim dividend of HK1.0 cent (2024: HK1.0 cent) per share alreadypaid, this brings the total dividend for the year to HK4.5 cents (2024:HK3.5 cents) per share. This decision underscores our confidence inthe Group’s long-term prospects and strong financial foundation. STRATEGIC POSITIONING FOR FUTUREGROWTH 展望二零二五╱二零二六財政年度，我們預期市場狀況將持續不明朗。然而，我們已啟動的戰略舉措使我們能夠應對這些挑戰並把握未來機遇。 Looking ahead to the 2025/2026 financial year, we expect marketconditions to remain uncertain. However, the strategic initiatives wehave set in motion have positioned us to navigate these challenges andcapture future opportunities. CHAIRMAN’S STATEMENT主席報告 STRATEGIC POSITIONING FOR FUTUREGROWTH(Continued) （續） 我們的策略專注於三大支柱： Our strategy is focused on three key pillars: 1.我們正穩步推進對ESG Print Limited的戰略投資，使我們的產品與市場對可持續及環保印刷解決方案日益增長的需求接軌。同時，我們正在印尼推進建立製造中心的計劃，此舉旨在提升我們的成本競爭力、加強供應鏈韌性，並為我們開拓新的客戶群。 1.Diversification and Sustainable Growth:We areprogressing with our strategic investment inESG PrintLimited, aligning our offerings with the growing demand forsustainable and environmentally conscious printing solutions.Concurrently, we are advancing the establishment of amanufacturing hub in Indonesia, which is designed to enhanceour cost competitiveness, strengthen supply chain resilience,and provide access to new customer segments. 2.我們通過更嚴格的成本控制、優化採購及改善生產排程，強化了整個集團的營運紀律。持續專注於服務質量和技術進步，將是維持利潤率和客戶滿意度的關鍵。 2.Operational Excellence:We have reinforced operationaldiscipline across the Group through tighter cost controls,optimized procurement, and enhanced production scheduling.A c