中国天弓控股有限公司2025年年报

(Incorporated in the Cayman Islands with limited liability and continued in Bermuda with limited liability)(Stock Code: 428) 年 報 CONTENTS目錄 CORPORATE INFORMATION BOARD OF DIRECTORSExecutive DirectorsChau Wai Hing(Chairman)Wu Ming Gai Independent Non-executive DirectorsLeung Yin TingWong Sze LokLin Hsiu Mei AUDIT COMMITTEE Wong Sze Lok(Chairman)Leung Yin TingLin Hsiu Mei NOMINATION COMMITTEE Leung Yin Ting(Chairman)Wong Sze LokLin Hsiu Mei REMUNERATION COMMITTEE Wong Sze Lok(Chairman)Lin Hsiu MeiLeung Yin Ting BANKERS OCBC Wing Hang Bank LimitedBank of China (Hong Kong) LimitedThe Hongkong and Shanghai Banking Corporation Limited AUDITOR 18824 McMillan Woods (Hong Kong) CPA LimitedCertified Public Accountants and Registered PublicInterest Entity Auditor24/F, Siu On Centre188 Lockhart Road, Wan ChaiHong Kong CORPORATE INFORMATION COMPANY SECRETARY Au Yeung Ming Yin Gordon REGISTERED OFFICE Canon’s Court22 Victoria StreetHamilton HM 12Bermuda Canon’s Court22 Victoria StreetHamilton HM 12Bermuda PRINCIPAL PLACE OF BUSINESS INHONG KONG 6114A Room 14AFortune House61 Connaught Road CentralCentral, Hong Kong HONG KONG BRANCH REGISTRAR 183171712 1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWan ChaiHong Kong STOCK CODE 428 The Stock Exchange of Hong Kong Limited: 428 CHAIRMAN’S STATEMENT Theboard(the“Board”)of directors(the“Directors”)ofCocoonHoldings Limited(the“Company”)and its subsidiaries(collectivelyreferred to as the“Group”)takes pleasure inpresenting the audited consolidated results of the Group for theyear ended 31 December 2025 (the “Reporting Period”). The Reporting Period was characterized by market recovery.Despite global economic headwinds, we observed distinct signsof resilience and improvement in our key investment markets: theUnited States (the “U.S.”) and Hong Kong. BUSINESS REVIEW, PROSPECTS AND FUTUREPLAN TheHong Kong stock market experienced volatility inthefirst half of 2025 but demonstrated a significant reboundin the second half. As the U.S. interest rates began to decline,pressureon the Hong Kong dollars alleviated.Furthermore,supportivepolicies from the Hong Kong government served tobolster investor’s confidence. We witnessed a revitalisation in theIPO market, with international investors returning to Hong Kongequities in search of value. Given that numerous enterprises from the People’s Republicof China (the “PRC”) are listed in Hong Kong, the performanceof the PRC economy remains a critical driver for the Hong Kongmarket.The PRC economy continued its structural adjustmentthroughout 2025. The government of the PRC introduced variousstimulus measures to stabilise the property sector and stimulateconsumption.While overall growth remained steady,sectoralperformance was divergent. Notably, companies within the greenenergy,electric vehicle,and advanced manufacturing sectorsdeliveredrobust results.We remain confident that the PRCeconomyis transitioning towards a path of sustainable,high-quality growth. TheU.S.economy outperformed expectations in 2025.Inflationarypressures from previous years subsided to stablelevels, enabling the U.S. Federal Reserve to pivot its monetarypolicy. The commencement of interest rate cuts in the second halfof 2025 provided a strong catalyst for the equity markets. 500 U.S.equities,particularly the S&P 500 and Nasdaq,reachedrecord highs,driven largely by the technology sectorand advancements in Artificial Intelligence. Our investment teamcapitalised on this trend by divesting certain technology holdingsat elevated valuations to crystallise profits. CHAIRMAN’S STATEMENT The Group recorded gains from its investment portfolio inboth the U.S. and Hong Kong during the year. In the second halfof 2025, we strategically deployed cash reserves to accumulateundervaluedassets in both markets.Our focus remained oncompanieswith solid fundamentals and high growth potential,capitalising on attractive entry valuations. Despitemarket fluctuations,the Company’s net assetvalue remained stable. We maintained a flexible treasury policy,exploringvarious fund-raising alternatives.This prudenceprovidedresilience during market downturns and the liquidityrequired to seize opportunities as they emerged. Looking ahead to 2026, we remain cautiously optimistic. Weanticipate a more favorable investment environment compared torecent years. APPRECIATION Lastly,I would like to thank our dedicated employees fortheir invaluable contributions and enthusiasm in their work. Theirzealin discharging duties and responsibilities will ensure thesuccess of our Group. Chau Wai HingChairman Hong Kong, 30 March 2026 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW 319,000254,00025.6%354,846,00049,114,00023,988,0006,673,0007,606,00078,891,0009,789,00076,810,000 The Group’s revenue for the Reporting Period was derivedfromdividend income.For the Reporting Period,the Grouprecorded a revenue of ap