博耳电力：截至二零二五年十二月三十一日止年度的全年业绩公告

BOER POWER HOLDINGS LIMITED 1685 CONTENTS目錄 2Corporate Information4Financial Summary5Chairman’s Statement12Management Discussion and Analysis34Biographical Details of Directors andSenior Management43Corporate Governance Report62Report of the Directors75Independent Auditor’s Report81Consolidated Statement of Profit or Loss andOther Comprehensive Income82Consolidated Statement of Financial Position84Consolidated Statement of Changes in Equity85Consolidated Cash Flow Statement86Notes to the Financial Statements CORPORATE INFORMATION公司資料 BOARD OF DIRECTORSExecutive Directors 董事會 執行董事 Mr. Qian Yixiang(Chairman and Chief Executive Officer)Ms. Jia Lingxia(Chief Operating Officer)Mr. Zha Saibin(Mr. Yu Wai Ming as his alternate Director)Mr. Qian ZhongmingMr. Yu Wai Ming 獨立非執行董事 Independent Non-executive Directors Mr. Tang JianrongMr. Qu WeiminMr. Lai Wai Leuk AUDIT COMMITTEE 審計委員會 Mr. Lai Wai Leuk(Chairman)Mr. Tang JianrongMr. Qu Weimin REMUNERATION COMMITTEE 薪酬委員會 Mr. Lai Wai Leuk(Chairman)Mr. Tang JianrongMr. Qu WeiminMr. Qian YixiangMs. Jia Lingxia NOMINATION COMMITTEE 提名委員會 Mr. Lai Wai Leuk(Chairman)Mr. Tang JianrongMr. Qu WeiminMr. Qian YixiangMs. Jia Lingxia COMPANY SECRETARY 公司秘書 Mr. Chan Shiu Pui 授權代表 AUTHORISED REPRESENTATIVESMs. Jia LingxiaMr. Chan Shiu Pui AUDITORBDO Limited 核數師 LEGAL ADVISER Reed Smith Richards Butler LLP 法律顧問 投資者及傳媒關係顧問 INVESTOR AND MEDIA RELATIONSCONSULTANT Financial PR (HK) Limited CORPORATE I N F O RMATION公司資料 註冊辦事處 REGISTERED OFFICE Windward 3Regatta Office ParkP.O. Box 1350Grand CaymanKY1-1108Cayman Islands Windward 3Regatta Office ParkP.O. Box 1350Grand CaymanKY1-1108Cayman Islands HEAD OFFICE IN THE PRC 中國總辦事處 Luoyang RoadYangshi Industrial ParkHuishan DistrictWuxi CityJiangsu ProvincePRC 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS INHONG KONG Unit 1004, 10th FloorInternational Enterprise Centre 111 Chai Wan Kok StreetTsuen Wan, New Territories,Hong Kong 11101004 開曼群島主要股份過戶登記處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN THE CAYMAN ISLANDS Ocorian Trust (Cayman) LimitedWindward 3Regatta Office ParkP.O. Box 1350Grand CaymanKY1-1108Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3Regatta Office ParkP.O. Box 1350Grand CaymanKY1-1108Cayman Islands HONG KONG SHARE REGISTRAR 香港證券登記處 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-171617th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong 公司網站www.boerpower.com COMPANY’S WEBSITEwww.boerpower.com STOCK CODE1685 股份代號1685 FINANCIAL SUMMARY財務概要 CHAIRMAN’S STATEMENT主席報告 On behalf of the board (the “Board”) of directors (the “Director”)of Boer Power Holdings Limited (the “Company” or “BoerPower”) and its subsidiaries (collectively, the “Group”), I presentto shareholders the annual results of the Group for the yearended 31 December 2025 (the “year”). 1405%483.8%7.40.6% In 2025, the global economy was characterised by “lowgrowth and high uncertainty”. Global economic growthmomentum remained insufficient, while uncertainties increasedsignificantly, including recurring geopolitical tensions, rising tradeprotectionism and the spillover effects of macroeconomic policiesof major economies. Against this backdrop, the cumulativeeffects of high interest rates became increasingly evident, globalsupply chain configurations underwent profound adjustments,emerging industries faced practical challenges in balancinginvestment and returns, and vulnerabilities in energy marketsbecame more apparent. Despite the rapidly changing externalenvironment, China’s economy remained generally stableand continued to move towards higher-quality development.According to preliminary estimates, China’s gross domesticproduct (GDP) reached approximately RMB140 trillion in 2025,representing a year-on-year growth of 5%. National fixed assetinvestment (excluding rural households) exceeded RMB48 trillion,representing a year-on-year decline of 3.8%. Meanwhile, totalprofits of industrial enterprises above designated size nationwideamounted to approximately RMB7.4 trillion, representing ayear-on-year increase of 0.6%. In response to the prevailingmacroeconomic environment, the Group remained keenlyattentive to market dynamics during the year, continuouslyenhanced its operational framework and refined managementstrategies, and steadily implemented cost reduction andefficiency enhancement initiatives, thereby establishing a solidfoundation for the Group’s sustainable development. Leveragingits deep industry experience and strong technological capabilities,the Group continued to strengthen its core competitiveness andexpanded its diversified customer base, enabling the Group tomaintain steady growth amid complex economic conditions. CHAIRMAN’S S T ATEMENT主席報告 647.74.8%28.8%186.739.761.818.631.1 Amid the complex and evolving macroeconomic environment,the Group maintained a prudent and progressive operationalstrategy during the year. While seizing domestic developmentopportunities, the Grou