高力国际集团 2025年度报告

☐Registration Statement Pursuant to Section 12 of the Securities Exchange Act of 1934or Commission file number001-36898 For annual reports, indicate by check mark the information filed with this Form: ☒Audited annual financial statements Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the periodcovered by the annual report: 49,778,127 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares as of December31, 2025 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the ExchangeAct during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has ☒Yes Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that ☒Yes Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accounting † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting StandardsBoard to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statementsof the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ PRINCIPAL DOCUMENTS The following documents have been filed as part of this Annual Report on Form 40-F: A. Annual Information Form For the Registrant’s Annual Information Form for the year ended December 31, 2025, see Exhibit1 of this Annual Reporton Form 40-F. B. Audited Annual Financial Statements For the Registrant’s audited consolidated financial statements as at December 31, 2025 and 2024 and for the years endedDecember 31, 2025 and 2024 and the related notes, Management's Report on Internal Control over Financial Reportingand the Report of Independent Registered Public Accounting Firm (PCAOB ID 271), see Exhibit2 of this Annual Report C. Management’s Discussion and Analysis For the Registrant’s management’s discussion and analysis for the year ended December 31, 2025, see Exhibit3 of thisAnnual Report on Form 40-F. DISCLOSURE CONTROLS AND PROCEDURES The Registrant’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Registrant’sdisclosure controls and procedures (as defined in Rules13a-15(e) and15d-15(e) of the Securities Exchange Act of 1934, asamended (the “Exchange Act”)) as of the end of the period covered by this annual report (the “Evaluation Date”). Based on thatevaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, the Registrant’sdisclosure controls and procedures were effective to ensure that information required to be disclosed by the Registrant in reports MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Registrant.Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projectionsof any evaluation of its effectiveness to future periods are subject to the risk that controls may become inadequate because of Management has excluded eleven entities – Ethos Urban Pty Ltd., Triovest Inc., Astris Infrastructure, LLC, Greystone Sales Group,LLC, Terra Consulting, Higher Ground Consulting, Herold Engineering, Cambium Inc., LRL Associates Ltd., Greenhill EngineersPty Ltd., RoundShield Partners LLP - acquired by the Company during the last fiscal period from its assessment of internal controlover financial reporting as at December 31, 2025. The total assets and total revenues of the eleven majority-owned enti