沧海控股2025年报

Contents目錄 2Corporate Information5Financial Highlights6Chairman’s Statement8Management Discussion and Analysis31Directors and Senior Management36Report of the Directors53Corporate Governance Report72Environmental, Social and Governance Report143Independent Auditor’s Report155Consolidated Statement of Profit or Loss andOther Comprehensive Income156Consolidated Statement of Financial Position158Consolidated Statement of Changes in Equity159Consolidated Statement of Cash Flows161Notes to the Consolidated Financial Statements263Definitions Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Peng Tianbin(Chairman)Mr. Peng Yonghui(Chief Executive Officer)Mr. Peng Daosheng Non-executive Director Ms. Wang Sufen Independent Non-executive Directors Mr. Chan Lap IPMr. Shi WeixingMr. Yang Zhongkai AUDIT COMMITTEE Mr. Chan Lap IP(Chairman)Mr. Shi WeixingMr. Yang Zhongkai REMUNERATION COMMITTEE Mr. Yang Zhongkai(Chairman)Mr. Peng TianbinMr. Shi Weixing NOMINATION COMMITTEE Mr. Shi Weixing(Chairman)Mr. Peng YonghuiMr. Yang Zhongkai STRATEGY COMMITTEE Mr. Peng Tianbin(Chairman)Mr. Peng YonghuiMr. Chan Lap IP AUTHORISED REPRESENTATIVES Mr. Peng YonghuiMr. Tong Tai Alex COMPANY SECRETARY Mr. Tong Tai Alex REGISTERED OFFICE IN THE CAYMAN ISLANDS Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands CORPORATE HEADQUARTERS 33881718 17th and 18th FloorsCang Hai Industry BuildingNo. 3388 Cang Hai RoadYinzhou District, Ningbo CityZhejiang ProvinceChina PRINCIPAL PLACE OF BUSINESS IN HONG KONG 166–16815A Rm A, 15th FloorSing Ho Finance Building166–168 Gloucester RoadWanchaiHong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Corporate Information (Continued) HONG KONG SHARE REGISTRAR 1831717121716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong AUDITOR 5202001 Linksfield CPA LimitedCertified Public AccountantsPublic Interest Entity Auditor registered in accordancewith the Accounting and Financial Reporting Council OrdinanceUnit 2001, 20/F., Podium Plaza5 Hanoi RoadTsim Sha TsuiHong Kong PRINCIPAL BANKERS 218 Industrial and Commercial Bank of ChinaNingbo BranchNo. 218 Zhongshan Xi RoadHaishu DistrictNingbo CityZhejiang ProvinceChina 139 Bank of ChinaNingbo BranchNo. 139 Yaohang StreetHaishu DistrictNingbo CityZhejiang ProvinceChina STOCK CODE 02017 02017 COMPANY’ S WEBSITE www.chanhigh.com.hk www.chanhigh.com.hk Chairman’s Statement Dear Shareholders, Onbehalf of the Board of Directors of Chanhigh HoldingsLimited, I am pleased to present the audited financial results ofthe Group for the year ended 31 December 2025. 2025 marked the final sprint year for the 14th Five-Year Planand a crucial year for the strategic layout of the 15th Five-YearPlan. During the year, the global economic recovery momentumcontinued to wane, and geopolitical conflicts remained fraughtwithuncertainties.The foundation for China’s economicrecoveryand growth needed further consolidation,with aprofounddifferentiation in the structure of fixed assetinvestment and intensified control over local government debt.The concentration of the construction industry rose further, andsmall and medium-sized private construction enterprises wereconfronted with multiple survival challenges, including shrinkingdemand, pressure in payment collection and narrowing profitmargins.Against this backdrop,the engineering andconstruction industry, as a vital pillar of the national economy,stillplayed a core role in stabilizing growth and improvingpeople’swellbeing.The industry’s ongoing in-depthtransformationtowards green,intelligent and digitaldevelopmenthas also preserved structural developmentopportunities for enterprises that adhere to compliant operationsand stay anchored to their strategic direction. In2025,facing downward industry pressure and profoundadjustments in the market pattern, under the leadership of theBoardof Directors and the management team,the Groupadheredto the core principle of“prioritizing stability,puttingriskfirst,and pursuing development amid difficulties”.Abandoning the inertia of scale-oriented development, we tookcashflow security as the bottom line,high-quality projectdeliveryas the core and structural optimization as the goal,while intensively cultivating market layout and tapping deep intomanagement efficiency. On the one hand, we deepened ourroots in the Yangtze River Delta, anchored the local Zhejiangmarket, scaled back high-risk businesses in non-core regions,establishedstringent project access criteria,and focused onpolicy-supportedsectors to consolidate the foundation ofinfrastructu