中国生态旅游2024/2025年报

Corporate Information2Financial Summary4Management Discussion and Analysis5Biographies of Directors and Senior Management17Report of the Directors20Corporate Governance Report45Environmental, Social and Governance Report64Independent Auditor’s Report79Consolidated Statement of Profit or Loss82Consolidated Statement of Comprehensive Income83Consolidated Statement of Financial Position84Consolidated Statement of Changes in Equity86Consolidated Statement of Cash Flows88Notes to the Consolidated Financial Statements89 Corporate Information公司資料 DIRECTORSExecutive DirectorsMs. ZHU Xinxin(Chief Executive Officer)Mr. DI Ling Independent Non-Executive DirectorsDr. MENG ZhijunMr. DUAN XinxiaoMr. LAU Fai Lawrence AUDIT COMMITTEEDr. MENG ZhijunMr. DUAN XinxiaoMr. LAU Fai Lawrence REMUNERATION COMMITTEEDr. MENG ZhijunMr. DUAN XinxiaoMr. DI Ling NOMINATION COMMITTEEDr. MENG ZhijunMr. DUAN XinxiaoMs. ZHU Xinxin COMPANY SECRETARYMs. WONG Yin Ming AUTHORISED REPRESENTATIVESMr. DI LingMs. WONG Yin Ming AUDITORMcMillan Woods (Hong Kong) CPA LimitedCertified Public Accountants Corporate Information 公司資料 REGISTERED OFFICEVictoria Place, 5th Floor31 Victoria StreetHamilton HM 10, Bermuda Victoria Place, 5th Floor31 Victoria StreetHamilton HM 10, Bermuda HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESSUnit 1202, 12/FLandmark South39 Yip Kan StreetWong Chuk HangHong KongTel: (852) 2136 6618Fax: (852) 2136 6608 39Landmark South1202(852) 2136 6618(852) 2136 6608 www.ecotourgroup.com COMPANY WEBSITEwww.ecotourgroup.com Appleby Global Corporate Services (Bermuda) Limited PRINCIPAL SHARE REGISTRARSAppleby Global Corporate Services (Bermuda) LimitedCanon’s Court, 22 Victoria StreetPO Box HM 1179, Hamilton HM EXBermuda Canon’s Court, 22 Victoria StreetPO Box HM 1179, Hamilton HM EXBermuda 183171712–1716 BRANCH SHARE REGISTRARS IN HONG KONGComputershare Hong Kong Investor Services Limited Shops 1712–1716, 17th FloorHopewell Centre, 183 Queen’s Road EastWan Chai, Hong Kong CLKW Lawyers LLP LEGAL ADVISERCLKW Lawyers LLP PRINCIPAL BANKERThe Hongkong and Shanghai BankingCorporation Limited Financial Summary財務概要 A summary of results and the assets and liabilities ofChina Ecotourism Group Limited (the “Company”) andits subsidiaries (collectively referred to as the “Group”)are as follows: RESULTS ASSETS AND LIABILITIES Total current assetsTotal assetsTotal liabilitiesNet (liabilities)/assets Management Discussion and Analysis管理層討論及分析 China’s Lottery MarketDuring the reporting period (second half of 2024 to 2024202520253,179 firsthalf of 2025),China’s lottery marketdemonstrated robust development. Particularly in thefirsthalf of 2025,national lottery sales revenuereached approximately RMB317.9 billion, setting a newhistoricalrecord for the same period.The strongperformanceof the lottery market reflects sustainedhigh consumer enthusiasm for lottery purchases. As animportant source of government non-tax revenue, thegrowthin lottery public welfare funds will directlybenefit various public welfare sectors, including socialwelfare and sports development. 20247202566,328.62185.873.0%2,100.474.030.2%4,228.15181.854.5%20247202561,781.322.4%1,204.308.5%2,931.4513.4%411.541.4%28.1%46.3%19.0%6.5% According to data released by the Ministry of Finance,fromJuly 2024 to June 2025,national lottery salesreached RMB632.862 billion, representing an increaseofRMB18.587 billion year-on-year,up by 3.0%.Specifically, welfare lottery organizations recorded salesofRMB210.047 billion,a year-on-year increase ofRMB403 million, or 0.2% growth. While sports lotteryorganizations achieved sales of RMB422.815 billion, anincrease of RMB18.185 billion year-on-year, or 4.5%growth. Regarding various lottery product types, fromJuly 2024 to June 2025, Lotto (“Lotto”) sales reachedRMB178.132 billion, a year-on-year decrease of 2.4%.Paper-basedScratch Card(“PSC”)sales reachedRMB120.430 billion, a year-on-year decrease of 8.5%.SingleMatch Games(“SMG”)sales reachedRMB293.145 billion, a year-on-year increase of 13.4%.KENOtype Lottery(“KENO”)sales reachedRMB41.154 billion, a year-on-year decrease of 1.4%.The sales of Lotto, SMG, PSC and KENO accountedfor 28.1%, 46.3%, 19.0%, and 6.5% of total lotterysales, respectively. China’s Ecotourism MarketSince 2025, China’s tourism industry has maintained 2025 steadygrowth in market size,yet with notabledivergence in growth rates and structural trends. 20257.320245.758.7%60.7202456.158.1%5%–6%2025960 Scale and Growth Rate in 2025: Total market size isexpectedto exceed RMB7.3 trillion(2024:RMB5.75trillion),representing a year-on-year increase ofapproximately 8.7%. Number of tourists: Expected toreach 6.07 billion (2024: 5.615 billion), reflecting an8 . 1 %y e a r - o n - y e a rg r o w t h .C o n s u m p t i o nCharacteristics: Per-capita consumption growth slowedto 5%–6% (first half of 2025: RMB960), indicating atrend toward rationalized spending behavior. Management Discussion and Analysis管理層討論及分析 7,50020272203