中国春来2025年年度报告

（於開曼群島註冊成立的有限公司）股票代號: 1969 2025年度報告 2356720285366172177178180181183233238 20042023/2024103,3012024/2025109,952 20248311,631.51,790.6 38223 1516 35A509100033 Walkers1815 2920 3.05 Walkers Corporate Limited190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands 569 24840 148 66 https:// www.chunlaiedu.com Walkers Corporate Limited190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands 1969 183171712-1716 (1)(i)(ii) 202583120240.09240.1 2090(i)(ii)(iii)(iv) 2004 200453384113152024/202526,165 20174 2013301723572024/202515,499 200346343923142024/202526,143 202142315182024/202513,045 2030212024/20259,743 4217222024/202519,357 2019(i)600,000530,000(ii) 20269 2023/20242024/2025 (1)672023/20242024/2025630(2)(i)(ii)(3)(i)(ii) 2024/2025103,3016.4%109,952 20 2024/202596.9% DeepSeek R1 AIDeepSeekR1DeepSeekR1AI2025313 20241120241111 1,790.6970.7202583154.2%202458.6% 20258312024831835.5778.22025831202483146.7%47.7% 836.9202447.05.9%2025831202483146.7%48.4% 20248311,631.59.8%1,790.6 2024831384.38.3%416.1 2024831249.94.2%260.4 2024831430.12.5%419.3 2024831177.221.7%215.7 202483196.742.5%137.8 2024831293.216.4%341.3 202483110.1%6.3% 2024831676.021.3%819.9202483141.4%45.8% 2024831955.51.6%970.7202483158.6%54.2% 2024831128.86.7%137.4 20248317.83.7 20248313.911.3%4.4 2024831190.04.0%197.5 202483195.734.2%63.0 20248318.711.4 2024831778.27.4%835.5 2024831789.95.9%836.9(i)(ii) 20242025831790.9832.3 2025831 202583142.5%202483157.9%15.4 20258315% 1.2 0 2 532 0350,000,000 2.2025113240,000,000 3.2025113190,000,000 20253202025113 2025831 2025831 202420258315,1805,800 459.62024831356.2 202592025/20262025721 AI 202510AIAI2025108 342017111520182122023112720182122020925201422012820132 200810201262012 59201821215 56201943020209252018102019430199311199411199871998820041200422007220102016330 5620182122011112010120151 201212201712201610 200612201311 71201883120231128 Australian Securities Institute 21199868376008371998122015820184600643 19971199371988719961219997199862002619721219984200072002720021220041220057200772011120121201311201511 4620182122018831 1520041020061020072019PAGE2007420091020091220129201211201482017620194142019429 2001520047 422018831 132016820174 20069201411•2 0 1 41 12 0 1 631165 20067 56201821220139142005920099 2010320138201392014919937 4520221020182121920059200632006420133201342018220166 422022102006162006820079200792008220082201562012122018220182202210 4120221020196202210201810201910201182014620163201720192020 442020182006820098200992014220142201522015320175201752019122018 382022102019920229 35202092520199201292018620156201622018 39202210202162022102012720157202212 200832008320169201692020520205202210 3920232200920098201592015102018920181020231 2022830 13.51B(1) 2027 35 6225 5 27 35 • ••••••••••• 15 20258313,226.46 80,0002024139,000 202583120240.09240.1 2025831 2026202625 202620262220262520262026130183171712-1716 342025831 202583126 2024202583130%202420258315% 20242025831235.6196.996.9%91.8%138.1102.556.8%47.8% 5% 13.2013.2113.22 13.2013.2113.22 17 0 201889 (i)(ii) 35,950,0003% 2024912025831 2032,550,0002.71% 20 1.00 0.00001 2018892038892013 28 2018824 84,000,0007% 202491202583184,000,0007% 84,000,000 84,000,0007% 103 C112 2025831XV(a)XV(b)352(c) (1)20258311,200,000,0002025831(2)(3)(4)LXV (1)69.3%78,820,00019.8%22,520,0009.9%11,260,0001%1,140,000(2) 2025831XV(a)XV(b)352(c) 2025831XV23336 (1)20258311,200,000,0002025831(2)(3)LXV 2025831336 18 2024 2024 2024 8.10 (i)(ii)(iii) 4350 •••• ••••••• 2025831 (a)202161(h)(b)202069(h)(c)2018117(h)(d)2018222 (e)2018222 (f)2018222 (g)2018222 (h)(i)(ii)(iii)50%(ii)(iii)(iv)2018222 (i)2018222 (j)2018222 (k)2018222(i)(ii)(iii)(iv) 183190 100%2024100%100%2024100% 202583184%202486% 14A.07(1) (i)14A.105A(ii)14A.53 (i)(ii)(iii)(iv) 300074014A.56 (a)(b)(c) 32A 201931520201120191226202011 50% (a)(b) 1. 2. 3. 4. 2016117201620179120162016 201620222016 2025831 2004352016202151420212021912021 (i) (ii) (iii) (iv) (v) 20258310.93 2025831 2025831 (i)(ii) 20251128 C1 C3 2027 20209252020925 C.5.1 4C.5.1 14 3.10(1)3.10(2)3.10(A) 3.13 108(a) 3.21C1 3.10(2)3.21 2D.3.3(e)(i)20248312025228 3.25C117 2(i)(ii) 13 3.27AC1 22025 1.2.3. (i) (ii) (iii) (iv) • • • • A.2.1 C.1.4 F.1.1 •••••••• 172176 2022830 153.29 27 6421 ( https://www.chunlaiedu.com )(https:// www.hkexnews.hk ) 70 1.1.11.2 72 7273 2.76 3. 3.13.23.33.43.5 4. 4.14.24.34.4 5. 5.15.25.35.45.5 6. 6.16.26.3 141 7. 7.17.27.37.47.5 142 145 150 155 8.158 8.1 159 162 166 202433.92% ESG2024912025831ESG ESGESGESG 96.05%325 202460.02%39 ESG 1. 200420189 1.1 30 1.2 2. ESGESGESG C2 ESG 2024912025831 20251128 66IR@ chunlaiedu.com 3. •3.1•3.2•3.3•3.4•3.5 SDGs1 3.1 ESGESGESGESGESGESG ESGESGESG ESGESGESGESGESGESG 3.2 ESGESG ESGESGESGESGESG 3.3 3.4 3.5 (SASB)(MSC