利民实业有限公司二零二五年年报

Corporate Information2Chairman’s Statement3Management Discussion and Analysis7Biographical Details of Directors and Senior Management13Report of the Directors18Corporate Governance Report36Independent Auditor’s Report54Consolidated Statement of Profit or Loss61Consolidated Statement of Profit or Loss andother Comprehensive Income62Consolidated Statement of Financial Position63Consolidation Statement of Changes in Equity64Consolidated Statement of Cash Flows66Notes to the Consolidated Financial Statements68Five Years Financial Summary144 Corporate Information公司資料 BOARD OF DIRECTORS Executive Directors 202511 Dr. WONG, Man Hin Raymond(Chairman)Mr. WONG, Ying Man John(Vice Chairman)Mr. MOK, Kin HingDr. WONG, Yin Wai (appointed on 1 January 2025) Non-Executive DirectorsDr. WONG, Kin Lae WilsonMr. WONG, Ying Kit David Independent Non-Executive DirectorsMr. LO, Kwong Shun WilsonMs. LING, Kit Sum ImmaDr. KO, Siu Fung Stephen PRINCIPAL BANKERS The Bank of East Asia, LimitedShanghai Commercial Bank Limited AUDITORS RSM Hong KongCertified Public AccountantsRegistered Public Interest Entity Auditor29th Floor, Lee Garden Two28 Yun Ping RoadCauseway Bay, Hong Kong COMPANY SECRETARY Ms. Liu Pui Yee REGISTERED OFFICE 8181806-1813 Rooms 1806-1813, 18th FloorGrandtech Centre8 On Ping StreetShatin, New TerritoriesHong Kong SHARE REGISTRARS AND TRANSFER OFFICE 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastHong Kong 20251231 I am pleased to present the annual results of the Companyand its subsidiaries (collectively the “Group”) for the yearended 31 December 2025. 202520254234%20%54%202549145% During the financial year (“FY”) of 2025, the Group facedstrong challenges of continuous geopolitical tensions andpersistently high interest rates that resulted in inflationarypressures and lower sales demand worldwide. To makematters worse, on 2 April 2025, the US Trump administrationannounced 34% reciprocal tariffs together with 20%Fentanyl tariffs, making effective US tariffs to become 54%.Immediately China retaliated by imposing high import tariffsto US imports and restricted rare earth export to the US,causing the Trump administration to retaliate again to bringthe effective US tariffs to an unprecedented high record of145% on 9 April 2025. 202549·909020255129030% On 9 April 2025, the U.S. President Donald Trumpinstituted a 90-day pause on a slew of country-specifictariff rates subject to his reciprocal tariff policy, and hehad agreed to a 90-day tariff reduction for imports fromChina. The “China-U.S. Geneva Economic and TradeTalks Joint Statement” issued by China and the U.S. on12 May 2025 meant that the trade war between the twocountries has been significantly de-escalated, but in theabsence of a lasting agreement, the uncertainty surroundingthe final tariff rates and the impact of the tariffs alreadyimplemented would remain important considerations inforecasting the macroeconomy. Although effective tariffrates were significantly lowered to 30% for 90 days, theTrump administration appeared to be using tariffs to pursuean import substitution agenda aimed at boosting U.S.manufacturing and reducing the trade deficit, which couldfurther disrupt trade flows and supply chains. 20255 In May 2025, one year after the Group successfully shippedthe first container of “Made in Indonesia” products for oneof our major customers from Batam, Indonesia factory, theGroup decided to double our production capacity in Batamwith our manufacturing partner. 2025103010%10%2026111020% On 30 October 2025, the U.S. President Donald Trumpmet with President Xi Jinping in Busan, South Korea. Anagreement was reached to lower the Fentanyl tariffs to10% and extended the reciprocal tariffs rate of 10% for oneyear, making effective US tariffs to become 20% until 10November 2026. Chairman’s Statement主席報告 2026 To alleviate the impact of these uncertainties, the Groupwould continue to monitor any changes in US tariffs,and to exercise financial prudence to invest less in newmachineries, and adopting efficient cost cutting measuresto cope with significant sudden drop in sales demandworldwide. The Group promises to tackle each challengeand launch more new innovative products during 2026 amidall the uncertainties. 1,083,340,0000.71%46,414,000202445,219,0002.64%9.26202445,219,0009.02 T h e G ro u p ’s c o n s o l i d a t e d t u r n o v e r i n c re a s e d t oH K $ 1 , 0 8 3 , 3 4 0 , 0 0 0 ,re p re s e n t i n g a n i n c re a s e o fapproximately 0.71% as compared with the sameperiod in the previous year. Net profit of the Group wasHK$46,414,000, representing an increase of approximately2.64%, as compared with the net profit of HK$45,219,000for the same period in FY2024; and representing basicearnings per share of 9.26 Hong Kong cents (net profitin FY2024 was HK$45,219,000, with basic earnings pershare of 9.02 Hong Kong cents). The increase in net profitwas a