GHW INTL2025年报

2459232638539093949698100 Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 696 11434301 38223 Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 1617 www.goldenhighway.com 9933 GHW International20212022202320242025123120212022202320242025123120212022202320241231 20251231 4,113.220243,862.06.5%20251231360.920241231391.07.7%2025123113.42024123112.93.9% 2025 20252025 2025 2025X 31.8%202435.2%202512311,306.83.8%(i)(ii)7.5%38.3% 20242025123140.5%281.5 202520241231991.927.3%202512311,262.9 2025123113.4202412.9202512311.320241.4 2026 2026 2026330 MDITDI (PVC) 20222024 2025 202512314,113.220243,862.06.5%2024123112.92025123113.4 892.63.4%922.62025(PU) 200.440.5%281.5(i)(ii) 991.927.3%1,262.9 2025123113.4202412.93.9% 20251231 202412311,359.13.8%202512311,306.8(i)(ii) 20232025 7.5%38.3%67.3%20.7% 202512312%7% 20241231991.927.3%202512311,262.9 19.4%4.0% 150 38.1%4.1% MDITDI3.4%202556.7MDITDI TDIMDI10% MDI9.4%31.7%12.9% 21.6%9.2%5.9%29.4% 40.5% 30.2%7.9% 11.9% 4.8(KOL)IP 20251231 20242025123178.3%75.9% 20241231350.0145.0212.320251231385.7238.3217.6 202412313,470.9202512313,752.3 20251231 20241231391.020251231360.92024123110.1%202512318.8% (i)(ii)TDIMDI(iii) 2024123128.02025123126.6(i)9.86.1(ii)15.214.0 (i)(ii)/(iii) 202412317.1202512315.3202412317.47.7 20241231172.620251231147.3 20241231137.820251231136.52.6(i)(ii) 2024123148.92025123157.1 2024123139.92025123136.3 202412310.3202512314.4 2025123113.42024123112.9 2026 2026 202512312,068.220242,046.5115.82024101.5 20251231810.42024852.220251231810.42024816.02.4%7.2%20243%4.5%202620502024202520502024123136.23.5%6.5%2025 100%127.5%2024137.1%20251231 139.42024121.8 2025123112.0202417.9 20251231(i)51.1202433.9(ii)61.5304.3202464.4330.3(iii)65.42024102.4(iv)1.820241.3(v)12.4202414.2(vi)1.820244.6 202512312024 202512312024 202512311,10920241,12020251231148.22024141.5 20191216 202331 202512312024 20251231 58GOHI Int’L LimitedGOHI Int’LGoldrayInternational Enterprises Co.,LimitedGoldrayInternationalHavayIndustry Inc.HavayIndustryGHWUSA LLCGHWUSA202592MostVictory Holdings LimitedMostVictoryGoldenhighway Holdings Pte.ltd.GHW PTEGHW International (Malaysia) Sdn. Bhd.GHW Malaysia202592Golden Highway Mexico, S.de R.L. de C.V.Golden Highway Mexico301989720017 5720012Nuovomondo Chemicals Private LimitedNuovomondo ChemicalsGHWMalaysia301989720126 57199773019877 5419961GHW International (Côte D’ Ivoire)Côte D’ Ivoire3019947201212 5319957301995720126 5819984199462005720156 59198919957 72688488202514002422202571019771199562013 58202015660720161265820261161989719936200512012112002420074 3820091220139 56199833019906 20251231 20184252020121250,000,0000.51 2020121 42 58922 40 20251231 202512319395 202512312024 2025123143 2025123199.02024103.8 420251231 14 (100%) 202512312025123133 20251231 2025123150,0002024 202512313.5%20242.1%13.0%20248.5%2025123110.8%20246.8%34.2%202428.0% 202512315% 20251231 20251231 84(1)(3) 2325 3.13 2025123111 30811 23372025123120251231 811 2337 14A.90 202541100,000,0003.5%2025123115,850,0002024123127,250,000202763023 202541100,000,0003.5%2025123157,300,0002024123153,800,000202763023 54.79%14A (a)(b)(c)14A.90 20251231571XV352C3 (a) 375,000,000Commonwealth BCommonwealth Yanbin LimitedCommonwealthYanbin80%(b) 178,141,500Commonwealth Happy ElephantCommonwealthYYB LimitedCommonwealth YYB98.26%Commonwealth B375,000,000Commonwealth Happy Elephant178,141,500 20251231XV352 201912162020121202012120191231 2025123120251231 20251231100,000,000100,000,0009.91%9.91%100,000,0009.91% 202331202331 12(i)(ii)10%10%1%10,000,0002025112025123165,180,00064,276,000 20241223202562333,035202592333,03520241223 2.B 1,398,000601,0001,287,000553,000202512020251212.202.24 2025123120251231202512310% 20251231 CommonwealthBCommonwealth Yanbin Commonwealth Violet Limited Commonwealth YYB Commonwealth HappyElephantHMZ Holdings LtdHappyBean Holdings Limited20191219 (a) (b) (c) (d) (e) (f)(i)(ii)(iii) (g) (h) (a) (b)5% (a)(b)(c) (a)30% (b) 30% 2025123120251231 20251231336 1.Commonwealth BCommonwealth Yanbin80%Commonwealth YanbinCommonwealth B2.CommonwealthHappy ElephantCommonwealthYYB98.26%Commonwealth YYBCommonwealth Happy Elephant3.4.Endless Reward LimitedHY Management Consultant LimitedGHW International Employee Incentive Trust 20251231336 202512311,009,500,0000.01 2025123125%2025123126.98% C1C.1.8622470 202651220265720265122026561617 3852 20251231 2026330 20251231C120251231C.2.1C.2.1C1 20251231C3 20251231 4 143 20251231 C.2.1 20251231 20251231 3.13 C.1.42025 20251231 20191216 20191216 1. 2.11 3. 4. 5.(i)3.13(ii)C1B.3.4 6. 1. 2. 3. (a)(b)1013.70 4. (a)(b) (b)9 201912 202512311,10173.0%80427.0%29787.5%12.5% 20191216202313 17 20191216 E.1.520251231 D211 13.49(1)(6) 20251231 9092 20251231 201 20251231 20251231 201812142