达芙妮国际二零二五年年报

C O N T E N T S目 錄 2Corporate Information4Financial Highlights5Five-year Financial Summary6Particulars of Major Investment Properties8Chairman’s Statement11Management Discussion and Analysis25Biographies of Directors and Senior Management28Corporate Governance Report49Report of the Directors61Independent Auditor’s Report66Consolidated Income Statement67Consolidated Statement of Comprehensive Income68Consolidated Balance Sheet70Consolidated Statement of Changes in Equity71Consolidated Cash Flow Statement72Notes to the Consolidated Financial Statements CORPORATE INFORMATION BOARD OF DIRECTORS 張智凱先生（主席）張智喬先生（行政總裁）張椀絢女士 Executive directorsMr. Chang Chih-Kai(Chairman)Mr. Chang Chih-Chiao(Chief Executive Officer)Ms. Chang Wan-Hsun 王俊剛先生－於二零二五年十二月十一日調任 Non-executive directorMr. Wang Jungang– redesignated on 11 December 2025 Independent non-executive directorsMr. Huang Shun-Tsai 黃順財先生－於二零二五年六月十九日辭任韓炳祖先生談大成先生許文冠女士－於二零二五年六月十九日獲委任 – resigned on 19 June 2025Mr. Hon Ping Cho TerenceMr. Tan PhilipMs. Hsu Wen-Kuan– appointed on 19 June 2025 AUDIT COMMITTEE 韓炳祖先生（主席）黃順財先生－於二零二五年六月十九日辭任談大成先生許文冠女士－於二零二五年六月十九日獲委任 Mr. Hon Ping Cho Terence(Chairman)Mr. Huang Shun-Tsai– resigned on 19 June 2025Mr. Tan PhilipMs. Hsu Wen-Kuan– appointed on 19 June 2025 NOMINATION COMMITTEE 黃順財先生（主席）－於二零二五年六月十九日辭任許文冠女士（主席）－於二零二五年六月十九日獲委任韓炳祖先生談大成先生張智凱先生 Mr. Huang Shun-Tsai(Chairman)Ms. Hsu Wen-Kuan(Chairman)Mr. Hon Ping Cho TerenceMr. Tan PhilipMr. Chang Chih-Kai REMUNERATION COMMITTEE 談大成先生（主席）黃順財先生韓炳祖先生許文冠女士張智凱先生 －於二零二五年六月十九日辭任－於二零二五年六月十九日獲委任 Mr. Tan Philip(Chairman)Mr. Huang Shun-TsaiMr. Hon Ping Cho TerenceMs. Hsu Wen-KuanMr. Chang Chih-Kai – resigned on 19 June 2025– appointed on 19 June 2025 COMPANY SECRETARY 張晋熙先生 Mr. Cheung Chun Hay AUTHORISED REPRESENTATIVES 張智凱先生張晋熙先生 Mr. Chang Chih-KaiMr. Cheung Chun Hay REGISTERED OFFICE Cricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands CORPORATE INFORMATION PRINCIPAL PLACE OF BUSINESSIN HONG KONG 香港九龍紅磡都會道10號都會大廈26樓2605室 Unit 2605, 26/FThe Metropolis Tower10 Metropolis DriveHung HomKowloonHong Kong OPERATIONAL HEADQUARTERS 中國上海閔行申長路668號冠捷大廈4樓405室 Unit 405, 4/FTPV Building668 Shenchang RoadMinhangShanghaiChina HONG KONG SHARE REGISTRAR ANDTRANSFER OFFICE 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong AUDITOR 羅兵咸永道會計師事務所執業會計師註冊公眾利益實體核數師 PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor PRINCIPAL BANKERS 中國銀行（香港）溫州銀行中國建設銀行三菱UFJ銀行（香港分行） Bank of China (Hong Kong)Bank of WenzhouChina Construction BankMUFG Bank (Hong Kong Branch) www.daphneholdings.com CORPORATE WEBSITE www.daphneholdings.com ir@daphneholdings.com INVESTOR RELATIONS ir@daphneholdings.com FINANCIAL HIGHLIGHTS 1.The calculation of net margin (%) is based on profit attributable to shareholdersdivided by revenue for the year.2.Cash and bank balances comprise cash and cash equivalents and time depositswith original maturities over three months.3.The calculation of current ratio (times) is based on total current assets dividedby total current liabilities as at year end.4.The calculation of net gearing ratio (%) is based on net debt (being leaseliabilities less cash and bank balances) divided by equity attributable toshareholders as at year end. PARTICULARS OF MAJOR INVESTMENT PROPERTIES PARTICULARS OF MAJOR INVESTMENT PROPERTIES CHAIRMAN’S STATEMENT 致各位股東： Dear Shareholders, 本人謹代表達芙妮國際控股有限公司（「本公司」）董事會（「董事會」）連同其附屬公司（統稱「本集團」），向各位提呈本公司截至二零二五年十二月三十一日止年度之年報。 On be h a l f o f t h e b o a r d o f d i r e c t o r s (t h e “B o a r d”) o f D a p h n eInternational Holdings Limited (the “Company”) together with itssubsidiaries (collectively referred to as the “Group”), I am pleasedto present the annual report of the Company for the year ended31 December 2025. 二零二五年，全球經濟持續面對地緣政治緊張局勢、貿易格局變化以及供應鏈重塑的挑戰。儘管通脹有所緩和，但經濟復蘇仍不均衡且脆弱。中國順利完成「十四五」規劃，以堅實的基礎實現穩健收官，國內生產總值(GDP)增長5.0%，突破人民幣140萬億元大關，彰顯了中國經濟扎實的基本面和積極的政策支援。然而，消費者信心依然偏弱，促使消費者在購買決策中既追求性價比，也渴望情感共鳴。本集團迅速應對，以更清晰的戰略重點推進雙品牌戰略，通過更精準的品牌定位與轉型措施，強化了「達芙妮」的品牌價值，同時將「達芙妮.實驗室」打造為文化先鋒，通過大膽的跨界合作與沉浸式敘事，吸引了注重時尚的年輕消費群體。以韌性為基石，我們實施更嚴格的分銷管控、完善的授權體系以及更精簡的供應鏈，持續優化品牌授權、批發及直營零售業務佈局。多項戰略措施共同推動本集團在波動的零售環境中實現穩健增長，奠定可持續、高品質的發展基礎，並進一步鞏固我們在女鞋行業的領先地位。 In 2025, the global economy grappled with persistent geopoliticaltensions, shifting trade dynamics, and supply chain reconfigurations.While inflation moderated, economic recovery remained unevenand fragile. China concluded its 14th Five-Year Plan on solidfooting, with gross domestic product (GDP) expanding 5.0% toexceed RMB140 trillion – a testament to robust fundamentals andproactive policy support. Yet consumer confidence remained subdued,prompting shoppers to seek both value-for-money and emotionalconnection in their purchases. The Group responded with agility,advancing its dual-brand strategy with a sharper strategic focus. Westr