珩湾科技2025年报

Stock Code: 1523 Annual Report2025 Contents目錄 2Corporate Information4Chairman’s Statement7Financial Summary9Management Discussion and Analysis20Corporate Governance Report36Profile of Directors and Senior Management40Report of the Directors51Environmental, Social and Governance Report77Independent Auditor’s Report84Consolidated Statement of Profit or Loss andOther Comprehensive Income85Consolidated Statement of Financial Position87Consolidated Statement of Changes in Equity89Consolidated Statement of Cash Flows91Notes to Financial Statements184Five Year Financial Summary Corporate Information公司資料 董 事會執行 董 事 BOARD OF DIRECTORS Executive Directors Mr. Chan Wing Hong Alex(Chairman)Mr. Chau Kit WaiMr. Chong Ming PuiMr. Yeung YuMs. Chiu Chi Ying 獨立非 執行 董 事 Independent Non-Executive Directors Dr. Yu Kin TimMr. Ho Chi LamMr. Wan Sze Chung 審 核 委 員會 AUDIT COMMITTEE Mr. Wan Sze Chung(Chairman)Dr. Yu Kin TimMr. Ho Chi Lam 提 名委 員會 NOMINATION COMMITTEE Mr. Chan Wing Hong Alex(Chairman)Dr. Yu Kin TimMr. Wan Sze Chung 薪 酬 委 員會 REMUNERATION COMMITTEE Mr. Chan Wing Hong Alex(Chairman)Dr. Yu Kin TimMr. Wan Sze Chung 風 險 管 理 委 員會 RISK MANAGEMENT COMMITTEE Mr. Chan Wing Hong Alex(Chairman)Mr. Chau Kit WaiMr. Yeung Yu 公司 秘 書 COMPANY SECRETARYMs. Wang Yu 註 冊 辦 事處 REGISTERED OFFICE P.O. Box 31119Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands P.O. Box 31119Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands 香 港 總部及 主 要營業 地 點 HEADQUARTERS AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG 935B Unit B, 5/F, Dragon Industrial Building93 King Lam StreetLai Chi KokKowloonHong Kong 核 數 師 AUDITOR Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor 開曼群島股份 過 戶登 記 總 處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN THE CAYMANISLANDS Vistra (Cayman) LimitedP.O. Box 31119Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands 主 要 銀 行 PRINCIPAL BANKS The Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation Limited 香 港股份 過 戶登 記分處 HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 愨1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 股份 代 號1523 STOCK CODE1523 網站www.ploverbay.com WEBSITEwww.ploverbay.com Chairman’s Statement主席報告 致 各 位 股 東 及 夥 伴， Dear shareholders and partners, 新 時 代，新 篇章 A New Era, A New Chapter This year, we turn 20. It is also our 10th year as a public company.Our growth has come from solving a “boring” but hard technicalproblem: making connectivity more reliable, faster and more versatileacross all use cases and locations. — We serve a very long tail market. We have thousands of customersacross dozens of verticals — maritime, transportation, public safety,construction, mining, agriculture, events, retail, enterprise branchoffices, autonomous vehicles, live streaming, RV/mobile living,education, healthcare, and more. No single customer or verticaldominates. 3G4G5G(IoT)(Starlink) We have built through multiple technology cycles, from 3G to 4G to5G, from fixed-line to satellite, and from branch networks to edgeconnectivity. Remote work, IoT, and Starlink each created new wavesof demand for reliable connectivity. We were already there witha mature product when each wave arrived. We didn’t chase thesetrends, we were positioned for them. —5G Andthe next wave is already forming.Autonomous systems,teleoperation, and AI-driven infrastructure all share one requirement:unbreakable connectivity. In Las Vegas, a teledriving company isalready using our routers to remotely drive cars on public roadswith no one behind the wheel — they are bonding multiple 5Gconnections to keep the video feed and vehicle controls running inreal time. We are positioned for that wave too. 穩 健 增 長，根 基 更 強 Steady Growth, Stronger Foundation 20251.34,5503,76028.9%27.6%34.2%38.6% FY2025 was another year of steady progress. Revenue grew toUS$130million,net profit reached US$45.5 million,and ourrecurring revenue base grew to US$37.6 million. This recurringbase now represents 28.9% of total revenue, up from 27.6% a yearago. Our subscription take-up rate climbed to 38.6% from 34.2%,demonstrating that our customers increasingly see ongoing value inour platform, not just our hardware. SpeedFusion ConnectStarlink Our growth has been entirely organic. Every dollar of revenue wasearned by building better products, supporting our channel partners,and placing bigger bets on larger, exciting opportunities. We areinvesting in SpeedFusion Connect infrastructureglobally andpreparing new products purpose-built for Starlink deployments. 我們 的 模 式 為 何行之有 效 Why Our Model Works 28.9%SaaS Like every company who makes hardware, we are not immune torising costs of memory and other components. These costs are realand they affect our bill of materi