鑫達投資控股有限公司2025年年报

(incorporated in the Cayman Islands with limited liability)Stock Code1281 ANNUAL REPORT2025 Corporate Information2 Chairman’s Statement5 Management Discussion and Analysis7 Directors and Senior Management16 Report of the Directors20 Corporate Governance Report41 Independent Auditor’s Report67 Consolidated Statement of Profit or Loss75 Consolidated Statement of Comprehensive Income76 Consolidated Statement of Financial Position77 Consolidated Statement of Changes in Equity79 Consolidated Statement of Cash Flows80 Notes to the Consolidated Financial Statements81 Financial Summary166 CORPORATE INFORMATION公司資料 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors Mr. Wei Qiang(Chairman and Chief Executive Officer)Ms. Zou Yanhong 獨立非執行董事 Independent Non-executive Directors Dr. Han QinchunMr. Wong, Yik Chung JohnMr. Feng Zhidong 審核委員會 AUDIT COMMITTEE Mr. Wong, Yik Chung John(Chairman)Dr. Han QinchunMr. Feng Zhidong 薪酬委員會 REMUNERATION COMMITTEE Dr. Han Qinchun(Chairman)Mr. Wong, Yik Chung JohnMr. Wei Qiang 提名委員會 NOMINATION COMMITTEE Mr. Feng Zhidong(Chairman) (effected from 25 June 2025) Mr. Wong, Yik Chung JohnMrs. Zou Yanhong(effected from 25 June 2025) 授權代表 AUTHORISED REPRESENTATIVES Mr. Wei QiangMs. Zou Yanhong 公司秘書 COMPANY SECRETARY Ms. Zou Yanhong 2XINDA INVESTMENT HOLDINGS LIMITED Annual Report 2025 核數師 AUDITOR 11125 BDO LimitedCertified Public Accountants25/F, Wing On Centre111 Connaught Road CentreHong Kong 註冊辦事處 REGISTERED OFFICE Windward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands Windward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands 中國總部 HEADQUARTERS IN THE PRC 66 Longjitaihe Industrial Park66 Dongfang RoadGaobeidian CityHebei ProvincePRC 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS INHONG KONG 131 31 Floor, Tower Two, Times Square1 Matheson StreetCauseway BayHong Kong 開曼群島股份過戶登記總處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN THE CAYMANISLANDS Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands CORPORATE INFORMATION公司資料 香港股份過戶登記分處 HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 主要往來銀行 PRINCIPAL BANKERS China Development BankBank of ChinaIndustrial & Commercial Bank of ChinaChina Minsheng Bank 公司網址www.xindaholdings.com COMPANY’S WEBSITE www.xindaholdings.com 股份代號 STOCK CODE 1281 1281 (Main Board of The Stock Exchange of Hong Kong Limited) Dear Shareholders, 本 公 司本 集 團董 事股 東本 報 告期間 On behalf of the board (the “Board”) of directors (the “Directors”) of XindaInvestment Holdings Limited (the “Company”) together with its subsidiaries(collectively,the“Group”),I hereby present the annual report of theCompany for the year ended 31 December 2025 (the “Reporting Period”)to all shareholders (the “Shareholders”). 財務業績 FINANCIAL PERFORMANCE 中 國317GW14%1,200GW52%48%18%30% In 2025, the photovoltaic (PV) industry of the People’s Republic of China(the “PRC”) maintained its global leadership, with new installed capacityreaching 317GW, representing a year-on-year increase of 14%. Cumulativeinstalled capacity exceeded 1,200GW, marking the industry’s entry intothe “Terawatt Era.” The structure between utility-scale and distributed PVinstallations remained broadly balanced, accounting for 52% and 48%of total capacity, respectively. However, structural challenges within theindustrybecame increasingly pronounced.Grid integration constraintsand curtailment pressures intensified, with the national average curtailmentrate rising to 18%, and exceeding 30% in certain provinces. Meanwhile,with the deepening of power market liberalization, electricity price volatilityincreased, leading to greater uncertainty in project returns. 140,000,000114,231,00022.56%12,909,00024,418,00013,301,00051,975,000 Duringthe Reporting Period,the Group recorded a revenue ofRMB140,000,000 (same period in 2024: RMB114,231,000), increased byapproximately 22.56% compared with the same period of last year, mainlydue to the increase in investment in the Baoding Donghu Project duringthe Reporting Period. The profit attributable to owners of the Companywas RMB12,909,000 (same period in 2024: loss attributable to ownersof the Company was RMB24,418,000). The turning from loss to profitmainly due to (among other things) the fact that the Group recoveredtotally approximately RMB13,301,000 of the assets for which impairmentprovisions had been made in previous years during the Reporting Period.While in the same period of last year, the Group made an impairmentprovision of totally approximately RMB51,975,000 in respect of a powerplant asset and its trade receivables. 前景 OUTLOOK In 2026, the global economy faces growth uncertainties amid challengessuchas geopolitical conflicts,trade friction