正大企业国际2025年年报

Stock Code3839( Incorporated in Bermuda with members’ limited liability於百慕達註冊成立之成員有限責任公司 )股份代號 : 目錄CONTENTS Chairman’s Statement董事長報告書Financial Highlights財務概要Management Discussion and Analysis管理層討論及分析Corporate Governance Report企業管治報告Biographical Details of Directors董事履歷詳情Report of the Directors董事報告書Independent Auditor’s Report獨立核數師報告Consolidated Statement of Comprehensive Income綜合全面收益表Consolidated Statement of Financial Position綜合財務狀況表Consolidated Statement of Changes in Equity綜合權益變動表Consolidated Statement of Cash Flows綜合現金流量表Notes to the Financial Statements財務報表附註Corporate Information公司資料24593540626971737577163 Chairman’s Statement董 事 長 報 告 書 In 2025, the global economy remained in a low-growth phaseamid multiple structural challenges. High interest rates continuedto restrain investment and consumer spending; and a complexg e o p o l i t i c a ll a n d s c a p e d r o v e p r o f o u n d a d j u s t m e n t s i n t h einternational trade system. Across sectors, enterprises generally facedthe dual pressures of rising costs and market uncertainty. Meanwhile,the Chinese economy pursued progress while maintaining stability,with a focus on expanding domestic demand, promoting innovationand strengthening industrial development. These efforts fostereda sound environment for the real economy and created importantopportunities for corporate growth. In this macro environment,where opportunities and challenges coexisted, Chia Tai EnterprisesInternational Limited and its subsidiaries (the “Group”) remainedcommitted to its long-term vision and prudent operating philosophy.By concentrating on core biotech and animal health businesses,optimizingbusiness portfolio and further enhancing corporategovernance and risk management, the Group delivered notablebusiness growth in 2025 despite a complex and volatile externalenvironment. On the biotech business front, the global animal health industrycontinued to be shaped by both disease evolution and technologicalinnovation. Regional outbreaks of African swine fever and avianinfluenza remained a major challenge for livestock farming worldwide.In China, supported by policy initiatives and market forces, theanimal health industry entered a stage of high-quality development,with faster progress in innovation and product premiumization.Differentiated demand arising from large-scale farming continuedto grow steadily. In response, the Group has actively capturedmarket trends, advanced its strategic transformation and increasedinvestment in research and development. By continuously reinforcingits innovation framework, the Group has further strengthened itstechnological leadership and enhanced the commercial potential ofits businesses. At the same time, the Group is actively expanding itsoverseas footprint, deepening its presence in selected strategic regionsand continuing to promote product registrations and localization,laying a solid foundation for going international. The Group has alsotaken an active part in domestic and international trade exhibitions,effectively raising its brand influence and market recognition byshowcasing its innovative products and technological strengths. Chairman’s Statement董 事 長 報 告 書 During the year, the Group, as always, actively honored its socialresponsibility by participating in various social welfare and charitableevents, such as sponsoring medical supplies and promoting greening.In terms of human resources, we continued to bring in talent of highcaliber and wholeheartedly pressed on with research and development,production and sales initiatives. Also, by further improving our humancapital structure and staff quality, a solid foundation is being laid forthe Group to achieve sustainable development via enhancement ofefficiency and strengthening of overall competitiveness. On our investment business, China’s construction machinery industryrecorded steady growth in 2025, driven by the recovery of theinfrastructure sector and ongoing investment in oilfield developmentand data center construction. Benefiting from this situation, ourCaterpillardealership business achieved growth and improvedperformance. While confronted with a complex market environment,our automotive parts business, on one hand, worked hard to stabilizeits traditional carburetor operations and, on the other hand, workedhard to expand into the new energy vehicle components market.Nevertheless, its overall performance declined slightly due to intensecompetition. Looking forward, we will continue to uphold our “Three BenefitsPrinciple” – benefiting the countries in which we operate, benefitingthe people whose community we share and benefiting the enterprisesfor which we are responsible. We would abide by laws and regulations;wewould step up efforts in technological innovation,marketexpansion and talent grooming; and we would work hard to meet therequirements of high-quality development. These efforts would ensurewe are ready to realize our business aspirations for 2026. Last but not