VALA2025年度报告

Contents目錄 Corporate Information公司資料2Chairman’s Statement主席報告5Management Discussion and Analysis管理層討論及分析8Biographical Details of Directors and Senior Management董事及高級管理層履歷詳情40Report of the Directors董事會報告44Corporate Governance Report企業管治報告84Environmental, Social and Governance Report環境、社會及管治報告105Independent Auditor’s Report獨立核數師報告169Consolidated Statement of Comprehensive Loss綜合全面虧損表179Consolidated Statement of Financial Position綜合財務狀況表181Consolidated Statement of Changes in Equity綜合權益變動表183Consolidated Statement of Cash Flows綜合現金流量表185Notes to the Consolidated Financial Statements綜合財務報表附註186Five-Year Financial Summary五年財務資料概要340 Corporate Information公司資料 董事會 BOARD OF DIRECTORS 執行董事 EXECUTIVE DIRECTORS 孫海濤先生（主席兼行政總裁）吳珊女士 Mr. Sun Haitao(Chairman and Chief Executive Officer)Ms. Wu Shan 非執行董事 NON-EXECUTIVE DIRECTORS 鄒雲麗女士蔣璀璀女士（於2025年6月5日退任）高莉女士（於2025年6月5日退任） Ms. Zou YunliMs. Jiang Chloe Cuicui(retired on 5 June 2025)Ms. Gao Li(retired on 5 June 2025) 獨立非執行董事 INDEPENDENT NON-EXECUTIVE DIRECTORS 葉翔先生徐旭初先生壽健先生 Mr. Ye XiangMr. Xu XuchuMr. Shou Jian 公司秘書 COMPANY SECRETARY 曾倩雯女士 Ms. Tsang Sin Man 授權代表 AUTHORISED REPRESENTATIVES 吳珊女士曾倩雯女士 Ms. Wu ShanMs. Tsang Sin Man 審核委員會 AUDIT COMMITTEE 葉翔先生（主席）鄒雲麗女士徐旭初先生 Mr. Ye Xiang(Chairman)Ms. Zou YunliMr. Xu Xuchu 薪酬委員會 REMUNERATION COMMITTEE 葉翔先生（主席）孫海濤先生徐旭初先生 Mr. Ye Xiang(Chairman)Mr. Sun HaitaoMr. Xu Xuchu 提名委員會 NOMINATION COMMITTEE 孫海濤先生（主席）葉翔先生徐旭初先生 Mr. Sun Haitao(Chairman)Mr. Ye XiangMr. Xu Xuchu 核數師 AUDITOR 中滙安達會計師事務所有限公司執業會計師註冊公眾利益實體核數師 Zhonghui Anda CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor 主要往來銀行 PRINCIPAL BANKS 中國銀行股份有限公司杭州文一支行中國浙江省杭州市西湖區文一路310號 Bank of China LimitedHangzhou Wenyi Sub-branchNo. 310, Wenyi Road, Xihu DistrictHangzhou, Zhejiang, PRC 註冊辦事處 REGISTERED OFFICE P.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands P.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands 總部及中國主要營業地點 HEADQUARTERS AND PRINCIPAL PLACEOF BUSINESS IN THE PRC 中國浙江省杭州市西湖區文一西路588號中節能西溪首座B3幢 Building B3, CECEP Xixi CenterNo. 588 Wenyi West RoadXihu District, HangzhouZhejiang, PRC 公司之香港法律顧問 COMPANY’S LEGAL ADVISER AS TO HONG KONG LAW 趙不渝馬國強律師事務所 Chiu & Partners Corporate Information公司資料 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香港中環干諾道中88號南豐大廈17樓1708–11室 Rooms 1708–11, 17/F,Nan Fung Tower,88 Connaught Road Central,Central,Hong Kong 主要股份過戶登記處 PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands 香港證券登記處 HONG KONG SHARE REGISTRAR 卓佳證券登記有限公司香港夏慤道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 股份代號 STOCK CODE 2051 2051 網址www.vala.life www.vala.life 各位股東： Dear Shareholders, 2025年，是vala品類開創及模式驗證的關鍵之年。過去一年，我們以紮實的產品能力、穩健的運營數據、清晰的增長邏輯和強勢的市場表現，全面驗證了vala作為移 動 空 間 新 物 種 的 核 心 價 值 與 長 期 生 命 力。集 團 將valalife作為集團發展核心引擎，全力打造智慧多場景移動 空 間 全 新 賽 道，並 正 式 啟 用 上 市 公 司 新 名 稱—Vala Inc.，以全新品牌定位，開啟高質量發展新階段。 2025 was a critical year for vala in terms of category creation and businessmodel validation. Over the past year, we fully validated the core value andlong-termviability of vala as an entirely new category of mobile spaces,supportedby solid product capabilities,robust operating data,a cleargrowth rationale and strong market performance. The Group has positionedvalalife as its core growth engine, committing its full efforts to building theintelligent multi-scenario mobile space segment, and officially adopted thenew listed company name — Vala Inc. — to embark on a new phase ofhigh-quality development under a refreshed brand positioning. 一、2025年：驗證全新商業模式 I.2025: VALIDATING A NEW BUSINESS MODEL 2025年是vala實現從0到1關鍵突破的一年。我們成功定義移動空間新物種，開闢行業藍海賽道，完整驗證了「車+場景+生態」的獨特商業模式。 2025 was the year in which vala achieved its critical breakthroughfrom 0 to 1. We successfully defined an entirely new category ofmobile spaces, opened up a blue ocean market segment and fullyvalidatedthe distinctive business model of“vehicle+scenario+ecosystem”. 產品層面，我們初步完成核心產品矩陣佈局，以多場景適配為核心，打造區別於傳統汽車與改裝車的原創產品，獲得市場與行業高度認可。 On the product front, we completed the initial deployment of ourcoreproduct matrix,centered on multi-scenario adaptation.Wecreatedoriginal products that are distinct from both traditionalvehiclesand aftermarket conversions,achieving a high degree ofrecognition from the market and the industry. 製造層面，我們堅持輕資產、高品質、快交付的合作模式，與主機廠深度協同，實現標準化、規模化原廠交付，構建行業領先的供應鏈與品控體系。 Inmanufacturing,we adhered to an asset-light,high-quality,fast-delivery collaborative model, working in close coordination withOEM partners to achieve standardized, large-scale factory-line delivery,and establishing an industry-leading supply chain and quality controlsystem. 渠道層面，我們創新推行共創