燕之屋2025年度报告

廈門燕之屋燕窩產業股份有限公司Xiamen Yan Palace Bird's Nest Industry Co., Ltd. A Koint stock company incorporated in tIe Peoples RepuClic oG CIina XitI limited liaCility€׵ʕശɛ͏΍ձ਷ൗ̅ϓٰͭٙ ΅Ϟࠢʮ̡ Stock Code:1497股份代號 Annual Report2025年度報告 CONTENTS 111ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT186INDEPENDENT AUDITOR’S REPORT196CONSOLIDATED STATEMENT OF PROFIT OR LOSS197CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME198CONSOLIDATED STATEMENT OF FINANCIAL POSITION200CONSOLIDATED STATEMENT OF CHANGES IN EQUITY202CONSOLIDATED CASH FLOW STATEMENT204NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS314DEFINITION 2CORPORATE INFORMATION5CHAIRMAN’S LETTER8RESULTS HIGHLIGHTS AND FINANCIAL SUMMARY10MANAGEMENT DISCUSSION AND ANALYSIS31DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT42REPORT OF THE DIRECTORS85REPORT OF THE SUPERVISORS90CORPORATE GOVERNANCE REPORT CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. HUANG Jian(Chairman)Mr. ZHENG WenbinMr. LI YouquanMs. HUANG Danyan Non-executive DirectorsMr. LIU ZhenMr. WANG Yalong Independent Non-executive Directors Mr. XIAO WeiMr. CHEN AihuaMr. LAM Yiu Por Supervisors Mr. ZHENG FengMs. WEI WeiMs. ZHANG Ning AUDIT COMMITTEE Mr. CHEN Aihua(Chairman)Mr. XIAO WeiMr. LAM Yiu Por REMUNERATION AND APPRAISAL COMMITTEE Mr. XIAO Wei(Chairman)Mr. LI YouquanMr. CHEN Aihua NOMINATION COMMITTEE Mr. XIAO Wei(Chairman)Mr. CHEN AihuaMs. HUANG Danyan STRATEGY COMMITTEE Mr. HUANG Jian(Chairman)Mr. ZHENG WenbinMr. LAM Yiu Por JOINT COMPANY SECRETARIES Ms. XIONG TingMs. LEUNG Kwan Wai H H SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong Kong AUTHORIZED REPRESENTATIVES Mr. HUANG JianMs. XIONG Ting AUDITOR 108 KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance withthe Accounting and Financial Reporting Council Ordinance8th Floor, Prince’s Building10 Chater RoadCentral, Hong Kong REGISTERED OFFICE IN THE PRC 3301 Unit 1, Unit 301No.3, Xiangming RoadXiamen Torch High-tech Zone (Xiang’an)Industrial ZoneXiamen City, Fujian Province, the PRC CORPORATE INFORMATION HEADQUARTER AND PRINCIPAL PLACE OF BUSINESSIN THE PRC 18822 22/F, Caizihui No. 188, Qianpu RoadSiming DistrictXiamen City, Fujian Province, the PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 33191928 Room 1928, 19/FLee Garden One, 33 Hysan AvenueCauseway Bay, Hong Kong PRINCIPAL BANK Xiamen Bank Co., Ltd. (Lianqian Branch) HONG KONG LEGAL ADVISER 15434301-10 Han Kun Law Offices LLPRooms 4301-10, 43/F, Gloucester TowerThe Landmark, 15 Queen’s Road CentralHong Kong http://www.yanzhiwu.com COMPANY’S WEBSITEhttp://www.yanzhiwu.com STOCK SHORT NAMEYAN PALACE STOCK CODE 14971497 DEAR SHAREHOLDERS, In 2025, as the government continued deepening the implementation of“Healthy China” () strategy, people’s awareness of healthcare hasbeen enhanced thoroughly, driving the transformation of the healthcareindustry from scale expansion to value-driven development. Amidst thiswave of structural adjustment, the bird’s nest sector also faced a significantchallenge of transitioning from “traditional nourishment” to “scientificwellness”. Faced with the complex market environment, Yan Palace adhered to itsoriginal aspiration of “Nourishing People with a Bowl of Good Bird’s Nest()” and responded to short-term fluctuationswith a long-term perspective. Under the strategic goal of “tapping deeperinto the value of bird’s nests and expanding the health ecosystem ()”, we successfully navigated industry cycles anddelivered a solid and valuable performance through brand value reshaping,omni-channel development, scientific research innovation and smartmanufacturing. I.GRASPING INDUSTRY TRENDS TO ANCHOR ANEW SCIENTIFIC COURSE We firmly believe that grasping industry trends is crucial to maintainingthe right course. Currently, China’s healthcare industry is undergoing threeprofound transformations: first, the essence of nourishment is evolving,shifting from traditional “experience-based nourishment” to “scientific andstandardized” modern wellness; second, the competitive landscape is beingrestructured, shifting from a fragmented and disorderly layout to a morestandardized and mature one, with the market share rapidly concentratingtowards top-tier brands; third, consumption scenarios are expanding, withbird’s nest consumption expanding from simple stewing to daily nourishingin all scenarios, such as EBN porridge and EBN drinks. Faced with this trend,Yan Palace has chosen not to drift with the tide, but rather to be a “friendof time”. We steadfastly deepened our commitment to scientific research,striving to transform the nourishing value of bird’s nest from “a millennium oftradition” to “empirical science”, driving the industry from “vague experience”to “precise science”. CHAIRMAN’S LETTER II.SOLIDIFYING THE CORE MOAT THROUGHSTRATEGIC DEVELOPMENT In 2025, guided by our strategic framework of “brand enhancement, prod