稀镁科技2025周年报告

2025Annual Report週年報告 Making our讓我們生活更好better「鎂」 目錄CONTENTS 44獨立核數師報告Independent Auditors’ Report52綜合損益及其他全面收入表Consolidated Statement of Profit or Loss andOther Comprehensive Income54綜合財務狀況表Consolidated Statement of Financial Position56綜合權益變動表Consolidated Statement of Changes in Equity58綜合現金流量表Consolidated Statement of Cash Flows60財務報表附註Notes to Financial Statements175財務概要Financial Summary 2公司資料Corporate Information4主席報告Chairman’s Statement10管理層討論及分析Management Discussion and Analysis18企業管治報告Corporate Governance Report32董事及高級管理人員簡介Directors and Senior Management Profiles35董事會報告Report of the Directors 公司資料CORPORATE INFORMATION 註冊辦事處 董事 REGISTERED OFFICE DIRECTORS 執行董事： 沈世捷（主席兼行政總裁）池斯樂 Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda Executive Directors: Shum Sai Chit(Chairman and Chief Executive Officer)Chi Sile 獨立非執行董事：張省本盛洪沈毅民 Independent Non-executive Directors: 主要辦事處 PRINCIPAL PLACE OF BUSINESS Cheung Sound PoonSheng HongShen Yimin 香港九龍尖沙咀海港城港威大廈第5座16樓 16th Floor, Tower 5The GatewayHarbour cityTsim Sha Tsui, KowloonHong Kong 審核委員會 AUDIT COMMITTEE 張省本（主席）盛洪沈毅民 Cheung Sound Poon(Chairman)Sheng HongShen Yimin 百慕達主要股份過戶登記處及轉讓登記處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN BERMUDA Ocorian Management (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria Street, PO Box HM 1624Hamilton HM 10Bermuda Ocorian Management (Bermuda) LimitedVictoria Place, 5th Floor31 Victoria Street, PO Box HM 1624Hamilton HM 10Bermuda 薪酬委員會 REMUNERATION COMMITTEE 沈世捷（主席）張省本盛洪 Shum Sai Chit(Chairman)Cheung Sound PoonSheng Hong 香港股份過戶登記分處及轉讓登記處 提名委員會 NOMINATION COMMITTEE BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE IN HONG KONG 沈世捷（主席）張省本盛洪 Shum Sai Chit(Chairman)Cheung Sound PoonSheng Hong 卓佳秘書商務有限公司香港夏慤道16號遠東金融中心17樓 Tricor Secretaries Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 公司秘書樊國民 COMPANY SECRETARY Fan Kwok Man, Raymond 網址 WEBSITE 核數師 AUDITORS http://www.remt.com.hk http://www.remt.com.hk 栢淳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香港九龍尖沙咀天文道8號19樓1903A-1905室 Prism Hong Kong LimitedCertified Public AccountantsRegistered Public Interest Entity AuditorUnit 1903A-1905, 19/F.,8 Observatory Road,Tsim Sha Tsui,Hong Kong 股票代號 STOCK CODE00601 00601 主要往來銀行 PRINCIPAL BANKERS 王道商業銀行股份有限公司星展銀行（香港）有限公司 O-Bank Co., LtdDBS Bank (Hong Kong) Limited 本人謹代表稀鎂科技集團控股有限公司（「本公司」）董事會（「董事會」），向各位股東提呈本公司及其附屬公司（統稱「本集團」）截至2025年12月31日止年度（「年內」）之全年業績。 On behalf of the Board of Directors (the“Board”) of Rare Earth Magnesium Technology Group Holdings Limited (the“Company”), I am pleased to present the annual results of the Company and its subsidiaries (collectively referred to as the“Group”) for the year ended 31 December 2025 (the“Year”) for the consideration of our shareholders. 行業回顧 INDUSTRY REVIEW 「2025年：於挑戰中堅守」 “2025: Standing Firm Amidst Challenges” 2025年，全球政治經濟格局持續演變，地緣政治風險與產業鏈重構的挑戰並存，為大宗商品市場帶來了持續的不確定性。聚焦鎂行業，2025年是挑戰與機遇深度交織、行業格局加速重塑的一年。一方面，受宏觀經濟及下游傳統領域需求復蘇疲弱影響，中國國內鎂市場供需矛盾依然突出，鎂價全年承壓。根據行業數據顯示，2025年國內原鎂年均價約為16,534元人民幣╱噸，較2024年進一步下跌，行業普遍面臨成本倒掛的嚴峻考驗。特別是年初及年末的價格低位運行，給包括本集團在內的所有業內企業的經營帶來了巨大壓力。 The year 2025 witnessed the continued evolution of the global political and economic landscape, with the dual challengesof geopolitical risks and industrial chain restructuring creating persistent uncertainty in the commodity markets. Focusingon the magnesium industry, 2025 was a year where challenges and opportunities were deeply intertwined, and the industrylandscape underwent accelerated reshaping. On one hand, affected by the macroeconomic environment and weak demandrecovery in traditional downstream sectors, the supply-demand contradiction in the domestic magnesium market in mainlandremained prominent, putting magnesium prices under pressure throughout the year. According to industry data, the averagedomestic price of primary magnesium in 2025 was approximately RMB16,534 per tonne, a further decline compared to 2024,subjecting the industry to the severe test of costs exceeding selling prices. The low price levels, particularly at the beginningand end of the year, placed enormous operational pressure on all enterprises in the sector, including the Group. 在鎂價格承壓的另一面，是鎂鋁價格比持續走低，全年多數時間維持在0.8以下的歷史低位。這一極具吸引力的成本優勢，為鎂材料大規模替代鋁合金創造了歷史性的市場窗口。尤為重要的是，政策層面的大力支持為行業發展注入了強心針。年內，中國政府八部門聯合發文，明確將「持續擴大鎂合金在新能源汽車鍛造輪轂、一體化大型鑄件、電機殼體等部件的應用」列為重點任務，這標誌著鎂合金的規模化應用已正式上升為中國國家戰略。 On the other hand, accompanying the pressure on magnesium prices was the continued decline in the magnesium-to-aluminium price ratio, which remained at a historic low of below 0.8 for most of the year. This exceptionally attractivecost advantage has created a historic market window for the large-scale substitution of aluminium alloys with magnesiummaterials. Importantly, strong policy support has acted as a catalyst for industry development. During the year, eightChinese government departments jointly issued a document explicitly listing the“continued expansion of the applicationof magnesium alloys in c