理文化工2025 年报

Content CORPORATE INFORMATIONCHAIRMAN’S STATEMENTMANAGEMENT DISCUSSION AND ANALYSISCORPORATE GOVERNANCE REPORTENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORTPROFILE OF DIRECTORS AND SENIOR MANAGEMENTDIRECTORS’ REPORTINDEPENDENT AUDITOR’S REPORTCONSOLIDATED STATEMENT OF PROFIT OR LOSS ANDOTHER COMPREHENSIVE INCOMECONSOLIDATED STATEMENT OF FINANCIAL POSITIONCONSOLIDATED STATEMENT OF CHANGES IN EQUITYCONSOLIDATED STATEMENT OF CASH FLOWSNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFINANCIAL SUMMARY 2 4 LEE & MAN CHEMICAL COMPANY LIMITED理文化工有限公司 公司資料 BOARD OF DIRECTORS Executive DirectorsMs. Wai Siu Kee(Chairman)Mr. Lee Man Yan(Chief Executive Officer)Mr. Yang Zuo Ning Non-executive DirectorProfessor Chan Albert Sun ChiJP BBS Independent non-executive DirectorsMr. Wan Chi Keung, AaronBBS JPMr. Heng Victor Ja WeiMr. Wong King Wai Kirk AUDIT COMMITTEE BBS Mr. Heng Victor Ja Wei(Chairman)Mr. Wan Chi Keung, AaronBBS JPMr. Wong King Wai Kirk REMUNERATION COMMITTEE BBS Mr. Heng Victor Ja Wei(Chairman)Mr. Wan Chi Keung, AaronBBS JPMr. Wong King Wai Kirk NOMINATION COMMITTEE BBS Ms. Wai Siu Kee(Chairman)Mr. Heng Victor Ja WeiMr. Wan Chi Keung, AaronBBS JPMr. Wong King Wai Kirk COMPANY SECRETARY Mr. Hung Siu Yin AUTHORISED REPRESENTATIVES Ms. Wai Siu KeeMr. Hung Siu Yin REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 16935B Unit B, 35/FLee & Man Commercial Center169 Electric RoadNorth Point, Hong Kong PRINCIPAL BANKERS In Hong Kong: Hang Seng Bank LimitedUnited Overseas Bank Limited, Hong Kong BranchBank of China (Hong Kong) LimitedThe Hongkong and Shanghai Banking Corporation Limited In the Mainland China: Bank of China LimitedChina Construction Bank CorporationIndustrial and Commercial Bank of China LimitedHSBC Bank (China) Company LimitedMizuho Bank (China), Ltd. AUDITORS Deloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditor PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1-1110Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1-1110Cayman Islands HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong Kong WEBSITE www.leemanchemical.com www.leemanchemical.com 主席報告 BUSINESS REVIEW For the year ended 31 December 2025, the Group recorded totalrevenue of HK$3,755 million, down 5.0% year-on-year, with profit for theyear totaling HK$558 million, up 15.8% year-on-year. The Group’s grossprofit margin was 34.5%, representing an increase of 5.0 percentagepoints compared with the same period last year, while net profit marginrose by 2.7 percentage points year-on-year to 14.9%. 202512 3137.555.0%5.5815.8%5.034.5%2.714.9% 330 Regarding the Group’sChemical operations, the operating conditionsof China’s manufacturing industry and market sentiment remainedcautious during the year, prompting modest price declines for most ofthe Group’s chemical products. However, owing to a significant dropin energy costs and a decline in raw material prices, growth in grossprofit was achieved. As for theProperty operations, leasing revenueamounted to approximately HK$3.3 million. 49.6%202512315.6% After the Group raised its dividend payout ratio to 49.6% last year, itsfinancial position has remained robust, with a net gearing ratio of 5.6%for the year ended 31 December 2025. PROSPECTS In the face of China’s steady and progressive economic development in2026, the Group will steadfastly implement a high-quality developmentstrategy, actively addressing challenges and seizing opportunities throughforward-looking business deployment. The Group will accelerate theautomation and intelligent upgrade of its factories, while continuing tooptimize cost structures and boost production efficiency to consolidateits market competitiveness. Under the synergistic drive of nationalpolicies, technological innovation and market upgrade, the chemicalmanufacturing industry is rapidly advancing into a new phase of high-end,green, and intelligent development. 2026 The Group has also entered into a land sublease contract at the endof 2025, with plans to build its first overseas production facility in HoChi Minh City, Vietnam, mainly for the production of chloride-relatedproducts. The new plant is expected to be completed and commencetrial production at the end of 2027, allowing the Group to seize businessopportunities from sustained demand growth in Southeast Asia. 20252027 Separately, the vinylene carbonate (“VC”) production line at the Group’sJiangsu Changshu plant has started operation, contributing to the Group’sprofit growt