圣马丁国际2025中期报告

SANDMARTIN INTERNATIONALHOLDINGS LIMITED INCORPORATED IN BERMUDA WITH LIMITED LIABILITYSTOCK CODE482 CORPORATE INFORMATION公司資料 執行董事 洪聰進先生陳偉鈞先生 EXECUTIVE DIRECTORS Mr. Hung Tsung ChinMr. Chen Wei Chun 非執行董事郭人豪先生（主席） NONEXECUTIVE DIRECTORMr. Kuo Jen Hao(Chairman) 獨立非執行董事 陳葦憓女士盧明軒先生吳嘉明先生 INDEPENDENT NONEXECUTIVE DIRECTORS Ms. Chen Wei-HuiMr. Lu Ming-ShiuanMr. Wu Chia Ming 審核委員會陳葦憓女士（委員會主席）盧明軒先生吳嘉明先生 AUDIT COMMITTEE Ms. Chen Wei-Hui(Committee Chairperson)Mr. Lu Ming-ShiuanMr. Wu Chia Ming 薪酬委員會吳嘉明先生（委員會主席）陳葦憓女士盧明軒先生 REMUNERATION COMMITTEE Mr. Wu Chia Ming(Committee Chairman)Ms. Chen Wei-HuiMr. Lu Ming-Shiuan 提名委員會 盧明軒先生（委員會主席）陳葦憓女士吳嘉明先生 NOMINATION COMMITTEE Mr. Lu Ming-Shiuan(Committee Chairman)Ms. Chen Wei-HuiMr. Wu Chia Ming 總辦事處及主要營業地點 HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS 香港九龍尖沙咀東麼地道67號半島中心5樓516室 Unit 516, 5th Floor, Peninsula Centre, 67 Mody Road,Tsim Sha Tsui East, Kowloon,Hong Kong 註冊辦事處Clarendon House, 2 Church Street, HamiltonHM 11, Bermuda REGISTERED OFFICE Clarendon House, 2 Church Street, HamiltonHM 11, Bermuda 公司秘書董穎怡女士 COMPANY SECRETARYMs. Tung Wing Yee Winnie 授權代表洪聰進先生董穎怡女士 AUTHORISED REPRESENTATIVESMr. Hung Tsung ChinMs. Tung Wing Yee Winnie 主要往來銀行 PRINCIPAL BANKERS 中國信託商業銀行股份有限公司廣發銀行股份有限公司臺灣土地銀行股份有限公司 CTBC Bank Co., Ltd.China Guangfa Bank Co., Ltd.Land Bank of Taiwan Co., Ltd. 核數師香港立信德豪會計師事務所有限公司執業會計師 AUDITORBDO LimitedCertified Public Accountants 股份登記及過戶處 SHARE REGISTRAR AND TRANSFER OFFICE 香港寶德隆證券登記有限公司香港北角電氣道148號21樓2103B室 Hong KongBoardroom Share Registrars (HK) LimitedRoom 2103B, 21/F.,148 Electric Road, North PointHong Kong 百慕達 BermudaConyers Corporate Services (Bermuda) LimitedClarendon House2 Church Street Hamilton HM 11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church Street Hamilton HM 11Bermuda 公司網站www.sandmartin.com.hk CORPORATE WEBSITE www.sandmartin.com.hk 股份代號482 STOCK CODE 482 CHAIRMAN’S LETTER TO SHAREHOLDERS主席致股東報告 各位本公司股東（「股東」）： Dear shareholders of the Company (the “Shareholders”), 本人謹代表聖馬丁國際控股有限公司*（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董事」）會（「董事會」）呈報本集團截至二零二五年六月三十日止六個月的未經審核綜合中期業績。 On behalf of the board (the “Board”) of the directors (the “Directors”) ofSandmartin International Holdings Limited (the “Company”, together withits subsidiaries collectively referred to as the “Group”), I hereby present theunaudited consolidated interim results of the Group for the six months ended30 June 2025. 本集團截至二零二五年六月三十日止六個月的財務 表 現 並 不 理 想。雖 然 本 集 團 產 品 的 收 益 較 二 零二四年同期有所下降，但利潤率有所改善。 The financial performance of the Group was not satisfactory for the six monthsended 30 June 2025. Although the revenue of the Group’s products hasdecreased, the profit margin has improved when compared with the samecorresponding period in 2024. 中美貿易戰持續對本集團若干分部的營運仍有一定的負面影響，而本集團透過向東南亞供應商採購減輕其影響，以避免美利堅合眾國（「美國」）對中華人民共和國（「中國」）的產品徵收額外關稅。 The ongoing China-US trade war still has some negative impacts on certainsegments of the operations of the Group and the Group mitigates the impactsby sourcing from suppliers in Southeast Asia, for the purpose of avoiding theexcessive tariffs imposed by the United States (the “US”) on products from ThePeople’s Republic of China (the “PRC” or “China”). 儘管全球經濟正在從二零一九年新型冠狀病毒疫情（「疫情」）中逐漸復甦，惟地緣政治及地緣經濟的緊 張 局 勢 仍 未 得 到 解 決。鑒 於 該 等 波 動 因 素 及 挑戰，本集團將繼續採取審慎態度管理其現金流量狀況，並將竭力於新興市場的製造分部（甚至其他行業）物色具有良好潛力的商機，為求拓展收入來源以應對不利經濟週期。 Although the global economy is gradually recovering from the 2019 novelcoronavirus pandemic (the “Pandemic”), the geo-political and geo-economictensions are yet to be resolved. Given these volatilities and challenges, theGroup will continue to adopt a prudent approach in managing its cash flowposition and will make every endeavour to identify business opportunitieswith promising potential in the manufacturing segments in emerging marketsor even other sectors so as to diversify our income source to weather adverseeconomic cycle. CHAIRMAN’S LETTER TO SHAREHOLDERS(Continued)主席致股東報告（續） 自二零一八年起，本集團已將生產外包予越南供應商，並逐步關閉本集團位於中國廣東省中山市坦洲鎮前進二路16號之工業用地（「該土地」）上廠房內的自有生產設施。本集團於該土地上的大部分廠房已出租予獨立於本公司的第三方，以獲取租金收入。惟由於廠房年代久遠，租金回報率較低。因此，本集團一直尋找機會以提升該等廠房的投資回報。於二零二一年七月，本集團與（其中包括）廣東省華算國際產業園投資發展有限公司（「華算」）就本集團與華算之間的合作訂立合作協議，以將該土地重建為地標性的精密智能製造中心及研發創新中心，並作出租及出售用途（「重建」）。其後，於二零二三年七月，本集團與華算訂立合資協議，就重建事宜成立一家非法團合資企業，以規管合作安排。重建現正進行中。 Since 2018, the Group has, by outsourcing its production to suppliers inVietnam, progressively wound down its own production facilities housedin the Group’s factory buildings built on an industrial land situated at no.16Qianjin Second Road, Tanzhou Town, Zhongshan, Guangdong Province thePRC (the “Land”) owned by the Group. Most of the Group’s factory buildingson the Land had been leased to third parties independent of the Company inreturn for rental income. However, owing to the age of the factory buildings,the rental return was low. As such, the Group has been exploring opportunitiesto increase the investment return from such factory buildings. In July 2021, theGroup entered into a cooperation agreem