高地股份2025年报

( Incorporated in the Cayman Islands with limited liability )() Stock Code: 1676 Annual Report年報2025 CONTENTS 2Corporate Information4Chairman’s Statement6Biographical Details of the Directors8Management Discussion and Analysis14Report of the Directors23Corporate Governance Report38Independent Auditor’s Report44Consolidated Statement of Profit and Loss and Other Comprehensive Income45Consolidated Statement of Financial Position46Consolidated Statement of Changes in Equity47Consolidated Statement of Cash Flows49Notes to the Consolidated Financial Statements120Five-year Financial Summary CORPORATE INFORMATION EXECUTIVE DIRECTORSMs. Wang Wana(Chairperson and Chief Executive Officer) (appointed as executive director and chief executive officerand chairperson on 20 January 2025)Mr. Li Tingfeng(Chairman and Chief Executive Officer)(appointed as executive director and chief executive officeron 18 August 2023 and appointed as chairman on 29 July 2024.Resigned as executive director, chief executive officer andchairman on 20 January 2025) Mr. Hu Hongchu(Chairman)(redesignated as chairman on 19 December 2023 andresigned as executive director and chairman on 29 July 2024) Mr. Huang JingshengMr. Hong JixiangMs. Chen Chun INDEPENDENT NON-EXECUTIVE DIRECTORSMr. Shum Ching Hei Mr. Yang MindaMr. He Jian (resigned on 24 February 2025)Ms. Gui Chenghui (appointed on 24 February 2025 AUDIT COMMITTEEMr. Shum Ching Hei(Chairman) Mr. He Jian (resigned on 24 February 2025)Mr. Yang MindaMs. Gui Chenghui (appointed on 24 February 2025) NOMINATION COMMITTEEMs. Gui Chenghui(Chairperson) (appointed on 24 February 2025) Mr. He Jian(Chairman) (resigned on 24 February 2025) Mr. Shum Ching HeiMr. Yang Minda REMUNERATION COMMITTEEMr. Yang Minda(Chairman) Mr. Shum Ching HeiMr. He Jian (resigned on 24 February 2025)Ms. Gui Chenghui(Chairperson) (appointed on 24 February 2025) COMPANY SECRETARYMr. Wong Sai Hung AUTHORISED REPRESENTATIVESMr. Hong Jixiang Mr. Li Tingfeng (resigned on 20 January 2025)Ms. Wang Wana (appointed on 20 January 2025) CORPORATE INFORMATION 18824 AUDITORSMcMillan Woods (Hong Kong) CPA Limited 24/F, Siu On Centre,188 Lockhart Road,Wan Chai, Hong Kong 186 LEGAL ADVISER AS TO HONG KONG LAWBird & Bird 6/F, The AnnexCentral Plaza18 Harbour RoadHong Kong 2059 PRINCIPAL BANKERSBank of China Shishi BranchBOC Building, 2059 Ba Qi RoadShishi, Quanzhou, FujianPRC PRINCIPAL REGISTRAR AND TRANSFER OFFICEConyers Trust Company (Cayman) Limited Conyers Trust Company (Cayman) Limited Cricket SquareHutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands Cricket SquareHutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands HONG KONG BRANCH REGISTRAR ANDTRANSFER OFFICEComputershare Hong Kong Investor Services Limited 183171712-1716 Shops 1712 -1716, 17th FloorHopewell Centre183 Queen’s Road EastWan ChaiHong Kong Cricket Square Hutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands REGISTERED OFFICE IN THE CAYMAN ISLANDSCricket Square Hutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands HEADQUARTER AND PRINCIPAL PLACE OFBUSINESS IN THE PRC2032, Baqi Road, Fengli Street, ShishiQuanzhou, Fujian 2032 PRINCIPAL PLACE OF BUSINESS IN HONG KONGLevel 35, Infinitus Plaza, 199 Des Voeux RoadCentral, Sheung Wan, Hong Kong 19935 WEBSITEwww.gaodiholdings.com www.gaodiholdings.com 01676 STOCK CODE01676 CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the Board of Directors of Gaodi Holdings Limited(formerlyknown as China Shenghai Group Limited)(the“Company”) and its subsidiaries (collectively, the “Group”), I reportto shareholders our annual report for the year ended 30 June 2025(the “Year2025”or the “Reporting Period”),together with thecomparative figures for the year ended 30 June 2024 (the “2024”). BUSINESS REVIEW 354.93.7%367.911.92.5%11.63.4%3.2% During the Reporting Period, the Group’s revenue from the foodproducts business increased by 3.7% to RMB367.9 million fromRMB354.9million in 2024.Segment gross profit decreased by2.5%to RMB11.6 million from RMB11.9 million in 2024.Grossmargin slightly decreased from 3.4% in 2024 to 3.2%. 67.539.558.6% During the Reporting Period, the Group’s revenue from the newlylaunchedfood and beverage business amounted to RMB67.5million(2024:Nil).Segment gross profit was RMB39.5 million(2024: Nil) and gross margin was 58.6%. 99.7 In addition, due to the increase in sales and distribution costs andthe recognized expectedcredit losses on trade receivables andother receivables during the Reporting Period, the Group’s loss forthe Reporting Period increased to approximately RMB99.7 million. CHAIRMAN’S STATEMENT OUTLOOK The year 2025 presents a challenging yet clear path forward. Theheadwindsof the past have solidified a new set of consumerrules. For the food industry, this is an opportunity to shed outdatedpracticesand embrace a strategy built on deep consumerunderstanding,operational excellence,and authentic brandbuilding. The