非凡领越2025年报

02Corporate Information公司資料05Chairman’s Statement主席報告08Business Review業務回顧11Financial Review財務回顧24Directors’ and Senior Management’s Biographies董事及高級管理人員之簡歷35Report of the Directors董事會報告59Corporate Governance Report企業管治報告74Environmental, Social and Governance Report環境、社會及管治報告210Independent Auditor’s Report獨立核數師報告217Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表219Consolidated Statement of Financial Position綜合財務狀況表221Consolidated Statement of Changes in Equity綜合權益變動表222Consolidated Statement of Cash Flows綜合現金流量表224Notes to Consolidated Financial Statements綜合財務報表附註348Particulars of Properties物業之詳情349Five-Year Financial Summary五年財務概要350Glossary詞彙 Contents目錄 Corporate Information公司資料 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors 李寧先生（主席及聯席行政總裁）1Victor Herrero先生（聯席行政總裁）2李春陽先生李麒麟先生 Mr. Li Ning(Chairman and Co-Chief Executive Officer)1Mr. Victor Herrero(Co-Chief Executive Officer)2Mr. Li ChunyangMr. Li Qilin 非執行董事馬詠文先生呂紅女士錢澄先生 Non-executive Directors Mr. Ma Wing ManMs. Lyu HongMr. Qian Cheng 獨立非執行董事 Independent Non-executive Directors 李勍先生白偉強先生汪延先生崔海濤教授 Mr. Li QingMr. Pak Wai Keung, MartinMr. Wang YanProfessor Cui Haitao 審核委員會 AUDIT COMMITTEE 白偉強先生（主席）李勍先生汪延先生馬詠文先生 Mr. Pak Wai Keung, Martin(Chairman)Mr. Li QingMr. Wang YanMr. Ma Wing Man 薪酬委員會汪延先生（主席）李勍先生呂紅女士 REMUNERATION COMMITTEE Mr. Wang Yan(Chairman)Mr. Li QingMs. Lyu Hong 提名委員會 NOMINATION COMMITTEE 李寧先生（主席）白偉強先生崔海濤教授呂紅女士3李勍先生3 Mr. Li Ning(Chairman)Mr. Pak Wai Keung, MartinProfessor Cui HaitaoMs. Lyu Hong3Mr. Li Qing3 授權代表李寧先生陳芷萍女士 AUTHORISED REPRESENTATIVES Mr. Li NingMs. Chan Tsz Ping 公司秘書 COMPANY SECRETARY 陳芷萍女士 Ms. Chan Tsz Ping 附註： Notes: 1.re-designated as a Co-Chief Executive Officer on 16 June 20252.appointed as a Co-Chief Executive Officer and re-designated from a non-executiveDirector to an executive Director on 16 June 20253.appointed with effect from 1 January 2026 1.於二零二五年六月十六日調任為聯席行政總裁2.於二零二五年六月十六日獲委任為聯席行政總裁及由非執行董事調任為執行董事3.於二零二六年一月一日獲委任 Corporate Information公司資料 核數師 AUDITOR 安永會計師事務所執業會計師會計及財務匯報局條例項下之註冊公眾利益實體核數師香港鰂魚涌英皇道979號太古坊一座27樓 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditorunder the Accounting and Financial Reporting Council Ordinance27/F, One Taikoo Place,979 King’s Road,Quarry Bay, Hong Kong 主要往來銀行 PRINCIPAL BANKERS Bank of America CorporationBank of Communication Company LimitedChina CITIC Bank International LimitedChina Merchants Bank Company LimitedHua Xia Bank Company LimitedIndustrial and Commercial Bank of China Company LimitedIndustrial Bank Co., Ltd. Hong Kong BranchNational Westminster Bank PlcPing An Bank Company LimitedPNC BankStandard Chartered Bank (Hong Kong) LimitedThe Hongkong and Shanghai Banking Corporation Limited 美國銀行公司交通銀行股份有限公司中信銀行（國際）有限公司招商銀行股份有限公司華夏銀行股份有限公司中國工商銀行股份有限公司興業銀行股份有限公司香港分行國民西敏寺銀行平安銀行股份有限公司PNC銀行渣打銀行（香港）有限公司香港上海滙豐銀行有限公司 LEGAL ADVISERS 法律顧問 的近律師行香港中環遮打道18號歷山大廈5樓 Deacons5th Floor Alexandra House18 Chater RoadCentral, Hong Kong 通商律師事務所中國北京市建國門外大街1號國貿寫字樓2座12-15層郵編100004 Commerce & Finance Law Offices12-15th Floor, China World Office 2,No.1 Jianguomenwai Avenue,Beijing, 100004, PRC REGISTERED OFFICE 註冊辦事處 4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands 4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands 主要營業地點 PRINCIPAL PLACE OF BUSINESS 香港炮台山電氣道218號香港李寧大廈23樓 23/F, Hong Kong Li-Ning Building,218 Electric Road,Fortress Hill,Hong Kong Corporate Information公司資料 股份過戶登記處 開曼群島 SHARE REGISTRARS AND TRANSFER OFFICES Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands 香港 Hong Kong 卓佳證券登記有限公司香港夏慤道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre,16 Harcourt Road,Hong Kong 網站www.vivagoods.hk WEBSITEwww.vivagoods.hk 股份代號0933 STOCK CODE0933 Chairman’sStatement主��告 致各位股東： Dear Shareholders, 二零二五年，全球營商環境複雜多變，多重挑戰交織堆疊。由於美國關稅政策衝擊、地緣 政 治 風 險 發 酵 等 因 素，全 球 消 費 者 行 為趨於謹慎，為市場復蘇帶來不確定性，同時品 牌 競 爭 也 日 趨 激 烈。本 集 團 主 要 品 牌 的業 務 主 要 分 布 在 美 國 和 歐 洲，直 接 受 到 以上因素的影響。為此，集團除了持續開發符合 當 前 消 費 趨 勢 的 產 品，也 進 一 步 加 強 內部管控，提升運營效率，為未來業務增長打下基礎。 In 2025, the global business environment remained highly complex and volatile,with multiple challenges. Factors such as the impact of US tariff policies andescalating geopolitical risks led to more cautious consumer behavior worldwide,creating uncertainty for market recovery, and brand competition intensified. Thebusiness of the main brands of the Group operate predominantly in the UnitedStates and Europe, where they are directly impacted by the aforementionedfactors. Consequently, while continuing to develop products aligned with currentconsumer trends, the Group has further strengthened internal controls andenhanced operati