新明中国年度报告2025

(Incorporated in the Cayman Islands with limited liability)Stock code2699 CONTENTS目錄 Corporate Information公司資料2Chairman’s Statement主席報告書4Management Discussion and Analysis管理層討論與分析6Profiles of Directors and Senior Management董事及高級管理層簡介30Directors’ Report董事會報告書33Corporate Governance Report企業管治報告書45Environmental, Social and Governance Report環境、社會及管治報告書80 Independent Auditors’ Report獨立核數師報告116Consolidated Statement of Profit or Loss andOther Comprehensive Income綜合損益及其他全面收益表119Consolidated Statement of Financial Position綜合財務狀況表120Consolidated Statement of Changes in Equity綜合權益變動表122Consolidated Statement of Cash Flows綜合現金流量表123Notes to the Consolidated Financial Statements綜合財務報表附註125Five-Year Financial Summary五年財務概要207 CORPORATE INFORMATION公司資料 董事 DIRECTORSExecutive Directors 執行董事 陳承守先生（主席兼行政總裁）石艦文先生（於二零二五年八月二十二日獲委任）胡朝州先生（於二零二五年八月二十二日獲委任及於二零二六年三月三日辭任）豐慈招先生（於二零二五年四月十四日退任）周奮力先生（於二零二五年四月十四日退任） Mr. Chen Chengshou(Chairman and Chief Executive Officer)Mr. Shi Jianwen (appointed on 22 August 2025) Mr. Hu Chaozhou (appointed on 22 August 2025 andresigned on 3 March 2026)Mr. Feng Cizhao (retired on 14 April 2025)Mr. Zhou Fenli (retired on 14 April 2025) 非執行董事 Non-executive Directors 曹志強先生（於二零二五年四月十一日調任及於二零二六年三月三日辭任）高巧琴女士（於二零二五年四月十四日退任）周振存先生（於二零二五年四月十四日退任）蔡偉康先生（於二零二五年二月二十四日辭任） Mr. Cao Zhiqiang (redesignated on 11 April 2025 andresigned on 3 March 2026)Ms. Gao Qiaoqin (retired on 14 April 2025)Mr. Zhou Zhencun (retired on 14 April 2025)Mr. Choi Clifford Wai Hong (resigned on 24 February 2025) 獨立非執行董事 Independent Non-executive Directors 李彥雯女士黃春蓮女士陳慧恩女士（於二零二五年四月十一日獲委任）許麒麟先生（於二零二五年四月十四日退任）趙公澤先生（於二零二五年四月十四日退任） Ms. Lee Yin ManMs. Huang ChunIianMs. Chan Wai Yan (appointed on 11 April 2025) Mr. Khor Khie Liem Alex (retired on 14 April 2025)Mr. Chiu Kung Chak (retired on 14 April 2025) 審核委員會 AUDIT COMMITTEE 李彥雯女士（主席）（於二零二五年四月十四日調任）黃春蓮女士陳慧恩女士（於二零二五年四月十一日獲委任）許麒麟先生（於二零二五年四月十四日退任）趙公澤先生（於二零二五年四月十四日退任） Ms. Lee Yin Man(Chairman)(re-designated on 14 April 2025) Ms. Huang ChunlianMs. Chan Wai Yan (appointed on 11 April 2025) Mr. Khor Khie Liem Alex (retired on 14 April 2025)Mr. Chiu Kung Chak (retired on 14 April 2025) 薪酬委員會 REMUNERATION COMMITTEE 李彥雯女士（主席）（於二零二五年四月十四日調任）黃春蓮女士（於二零二四年八月九日獲委任）陳慧恩女士（於二零二五年四月十一日獲委任）許麒麟先生（於二零二五年四月十四日退任）趙公澤先生（於二零二五年四月十四日退任）蔡偉康先生（於二零二五年二月二十四日辭任） Ms. Lee Yin Man(Chairman)(re-designated on 14 April 2025) Ms. Huang ChunIian (appointed on 9 August 2024)Ms. Chan Wai Yan (appointed on 11 April 2025) Mr. Khor Khie Liem Alex (retired on 14 April 2025)Mr. Chiu Kung Chak (retired on 14 April 2025)Mr. Choi Clifford Wai Hong (resigned on 24 February 2025) 提名委員會 NOMINATION COMMITTEE 陳承守先生（主席）李彥雯女士黃春蓮女士曹志強先生（於二零二五年四月十一日獲委任及於二零二六年三月三日辭任）陳慧恩女士（於二零二五年四月十一日獲委任）許麒麟先生（於二零二五年四月十四日退任）趙公澤先生（於二零二五年四月十四日退任） Mr. Chen Chengshou(Chairman)Ms. Lee Yin ManMs. Huang ChunIianMr. Cao Zhiqiang (appointed on 11 April 2025 andresigned on 3 March 2026)Ms. Chan Wai Yan (appointed on 11 April 2025) Mr. Khor Khie Liem Alex (retired on 14 April 2025)Mr. Chiu Kung Chak (retired on 14 April 2025) 2XINMING CHINA HOLDINGS LIMITEDAnnual Report 2025 授權代表羅學儒先生（於二零二六年三月十一日 AUTHORIZED REPRESENTATIVESMr. Law Hok Yu (appointed on 11 March 2026) 獲委任）石艦文先生（於二零二六年三月三日獲委任）甘俊英先生（於二零二六年三月十一日辭任）曹志強先生（於二零二五年三月五日獲委任並於二零二六年三月三日辭任） Mr. Shi Jianwen (appointed on 3 March 2026)Mr. Kam Chun Ying Francis (resigned on 11 March 2026)Mr. Cao Zhiqiang (appointed on 5 March 2025 andresigned on 3 March 2026) 公司秘書 COMPANY SECRETARYMr. Law Hok Yu (appointed on 11 March 2026) 羅學儒先生（於二零二六年三月十一日獲委任）甘俊英先生（於二零二六年三月十一日辭任） Mr. Kam Chun Ying Francis (resigned on 11 March 2026) 註冊辦事處Windward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands REGISTERED OFFICEWindward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands 中國總部中國浙江省杭州市黃龍路5號恒勵大廈5樓I座 HEADQUARTERS IN THE PRCBlock I, 5th Floor Hengli BuildingNo. 5 Huang Long Road, HangzhouZhejiang Province, the PRC 香港主要營業地點香港 PRINCIPAL PLACE OF BUSINESS IN HONG KONGUnit D, 7/F, Kee Shing Centre 九龍尖沙咀金巴利街74–76號奇盛中心7樓D室 74–76 Kimberley RoadTsim Sha Tsui, KowloonHong Kong 公司網址http://www.xinm.com.cn COMPANY’S WEBSITE ADDRESShttp://www.xinm.com.cn 股份過戶登記總處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands 香港股份過戶登記處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 HONG KONG SHARE REGISTRARTricor Investor Services Limited 17/F, Far East Centre16 Harcourt RoadHong Kong 主要往來銀行中國工商銀行滕州支行中國農業銀行滕州市大同路支行中國建設銀行滕州市大同路分理處中國農業銀行台州葭芷支行台州銀行洪家支行 PRINCIPAL BANKERSIndustrial and Commercial Bank of China, Tengzhou Branch Agricultural Bank of China, Branch of Datong Road, TengzhouChina Construction Bank, Branch of Datong Road, TengzhouAgricultural Bank of China, Taizhou Jiazhi BranchTaizhou Bank, Hongjia Branch 核數師高嶺會計師有限公司執業會計師註冊公眾利益實體核數師 AUDITOR Global Link CPA LimitedCertified Public Accoun