博耳电力2025年度报告

CONTENTS 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 BOARD OF DIRECTORSExecutive Directors 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 Independent Non-executive Directors Mr. Tang JianrongMr. Qu WeiminMr. Lai Wai Leuk AUDIT COMMITTEE Mr. Lai Wai Leuk(Chairman)Mr. Tang JianrongMr. Qu Weimin REMUNERATION COMMITTEE Mr. Lai Wai Leuk(Chairman)Mr. Tang JianrongMr. Qu WeiminMr. Qian YixiangMs. Jia Lingxia NOMINATION COMMITTEE Mr. Lai Wai Leuk(Chairman)Mr. Tang JianrongMr. Qu WeiminMr. Qian YixiangMs. Jia Lingxia COMPANY SECRETARY Mr. Chan Shiu Pui AUTHORISED REPRESENTATIVESMs. Jia LingxiaMr. Chan Shiu Pui AUDITORBDO Limited LEGAL ADVISER Reed Smith Richards Butler LLP INVESTOR AND MEDIA RELATIONSCONSULTANT Financial PR (HK) Limited CORPORATE INFORMATION 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 Luoyang RoadYangshi Industrial ParkHuishan DistrictWuxi CityJiangsu ProvincePRC PRINCIPAL PLACE OF BUSINESS INHONG KONG Unit 1004, 10th FloorInternational Enterprise Centre 111 Chai Wan Kok StreetTsuen Wan, New Territories,Hong Kong 11101004 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 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-171617th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong www.boerpower.com COMPANY’S WEBSITEwww.boerpower.com STOCK CODE1685 1685 FINANCIAL SUMMARY CHAIRMAN’S STATEMENT 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 STATEMENT 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 Group actively expanded into overseasmarkets and steadily broadened its incremental customer base.By balancing risk management and business expansion, theGroup demonstrated strong operational resilien