首程控股2025年报

公司資料2集團簡介4里程碑5集團架構6財務摘要7主席報告書8董事簡介26管理層論述與分析34企業管治報告56董事會報告書105獨立核數師報告174經審核財務報表綜合全面收益表182綜合財務狀況表184綜合權益變動表186綜合現金流量表189綜合財務報表附註191五年財務摘要345投資物業摘要346 CORPORATE INFORMATION公司資料 董事會 BOARD OF DIRECTORS 執行董事趙天暘（主席）李浩（副主席）許華傑劉景偉 Executive Directors Zhao Tianyang(Chairman)Li Hao(Vice Chairman)Xu HuajieLiu Jingwei 非執行董事彭吉海何智恒 Non-Executive Directors Peng JihaiHo Gilbert Chi Hang 獨立非執行董事 Independent Non-Executive Directors 王鑫張泉靈諸葛文靜張建偉謝其潤 Wang XinZhang QuanlingZhuge WenjingZhang JianweiTse, Theresa Y Y 審核委員會 AUDIT COMMITTEE 王鑫（主席）何智恒張泉靈諸葛文靜 Wang Xin(Chairman)Ho Gilbert Chi HangZhang QuanlingZhuge Wenjing 提名委員會 NOMINATION COMMITTEE 趙天暘（主席）李浩王鑫張泉靈諸葛文靜 Zhao Tianyang(Chairman)Li HaoWang XinZhang QuanlingZhuge Wenjing 薪酬委員會 REMUNERATION COMMITTEE 張泉靈（主席）彭吉海王鑫張建偉 Zhang Quanling(Chairlady)Peng JihaiWang XinZhang Jianwei 公司秘書陳詠梅 COMPANY SECRETARYChan Weng Mui 核數師羅兵咸永道會計師事務所執業會計師及註冊公眾利益實體核數師 AUDITOR PricewaterhouseCoopersCertified Public Accountants and Registered PIE Auditor 股份過戶登記處 SHARE REGISTRAR 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 Centre16 Harcourt RoadHong Kong REGISTERED OFFICE 註冊辦事處 Units 3706-08, 37th FloorAIA Tower183 Electric RoadNorth PointHong Kong 香港北角電氣道183號友邦廣場37樓3706至08室 股份代號 STOCK CODE697 697 網址www.shouchengholdings.com WEBSITE www.shouchengholdings.com GROUP OVERVIEW集團簡介 Shoucheng Holdings Limited (the “Company”/“ShouchengHoldings”) relies on two core capabilities: industrial funds andasset operation accumulated by the Company over the years, activelydeploying digital-intelligent assets with long-term value, striving tobecome the leading service provider of China’s Intelligent Infrastructure Assets(“CIIA”). 首程控股有限公司（「本公司」╱「首程控股」）融合公司多年來積累的產業基金和資產管理優勢，積極佈局具有長期價值的數智化資產，致力於成為領先的中國智能基礎設施資產服務商。 Our Value價值觀 To promote the cross-border integration of infrastructureassets, to enhance digital intelligence, to build intelligentinfrastructure, to provide technology-driven infrastructureasset management services Our Missionand Vision使命願景 The Leading Service Provider of CIIA 融通資產、提升數智化、打造智能基建，提供科技化的基礎設施資產管理服務 領先的中國智能基礎設施資產服務商 1992 The Company is listed on the main board of the Hong KongStock Exchange本公司於香港聯交所主板上市 Shougang Group and Cheung Kong (Holdings) Limited (nowknown as CK Hutchison Holdings Limited) successfully acquired theCompany in 1992 首鋼集團聯合長江實業（集團）有限公司（現稱長江和記實業有限公司）於1992年成功收購本公司 Commenced asset restructuring, and sold Qinhuangdaobusiness, including steel manufacturing, mineral mining andprocessing開啟資產重組，出售秦皇島業務，包括鋼材製造、礦物開採及加工業務 2017 Completed business transformation完成業務轉型 2019 2018 Insisted firmly on the transformation strategy, developed newmain business, reduced the side of old business, divestedrelevant assets, and introduced strategic shareholders forcoordinated development Completed business restructuring, enhanced capital reserves,spread out businessin China, and formed a solid foundation forbusiness development 完成業務結構調整，擴大資金儲備，鋪開全國業務，為業務發展奠定堅實的基礎 堅定轉型戰略，發展新主營業務，縮減舊有業務規模，剝離相關資產，引入戰略股東，謀劃協同發展 2021 In line with national policy opportunities, the Company made everyeffort to deploy public offering REITs in Mainland China, seize thefirst-mover advantage, and cover all categories of public offeringREITs; iterated the product matrix and improved the managementefficiency, and strengthen the leading position in the field ofparking business; divested partial equity interest in ShougangFushan Resources Group Limited (“Shougang Resources”) tooptimise the asset structure The Company has officially changed its name to ShouchengHoldings Limited, the new name reflects the Group’s currentstrategic and business development direction 公司正式更名為首程控股有限公司，新名稱反映本集團現有戰略及業務發展方向 順應國家政策機遇，全力佈局中國內地基礎設施公募REITs，搶抓先發優勢，做到基礎設施公募REITs全品類覆蓋；產品矩陣持續迭代，管理效能不斷提升，停車出行領域的領先地位得到鞏固；剝離首鋼福山資源集團有限公司（「首鋼資源」）部分股權，實現資產優化配置 Deeply cultivating the field of infrastructure assets represented bycarparks, with stable income and good interoperability, with theopportunity of the era of public offering REITs in Mainland China,to realise the integration of industry and finance in infrastructureoperation and asset securitisation 2023 積極擁抱中國基礎設施領域重大變革，全面運用基礎設施公募REITs深度服務客戶，實現基礎設施資產運營和資產證券化的產融結合 Our main business, asset operation and FIME (upgraded asindustrial funds) continues to develop, with a larger scale andhigher efficiency of infrastructure asset management, cementingthe foundation for our stable growth 資產營運及資產融通（已升級為產業基金）兩大主營業務持續發揮優勢作用，基礎設施資產管理規模及效率雙提升，逐步構建穩定業務護城河 By leveraging the “asset circulation + digital and intelligentoperations”, we have achieved further breakthroughs in our assetmanagement model. Strategically deploying in the robotics industryand other sectors, transitioning into an intelligent infrastructureservice provider, while also accelerating the digital and intelligentupgrade of managed infrastructure 2025 Achieved a strategic transition into an intelligent infrastructureservice provider, sharpening focus on techn