烨星集团控股有限公司2025年年报

(Incorporatedinthe Cayman Islands withlimitedliability)（於開曼群島註冊成立之有限公司）(Stock Code股份代號：1941) CONTENTS目錄 頁次Corporate Information公司資料2Financial Highlights財務摘要5Definitions釋義72025 Honors and Awards二零二五年榮譽及獎項11Chairman’s Statement主席報告13Management Discussion and Analysis管理層討論與分析16Directors and Senior Management董事及高級管理層36Project Overview項目概要49Corporate Governance Report企業管治報告55Report of the Directors董事會報告76Independent Auditor’s Report獨立核數師報告101Consolidated Statement of Profit or Loss andOther Comprehensive Income綜合損益及其他全面收益表111Consolidated Statement of Financial Position綜合財務狀況表112Consolidated Statement of Changes in Equity綜合權益變動表114Consolidated Statement of Cash Flows綜合現金流量表116Notes to the Consolidated Financial Statements綜合財務報表附註118Five-year Financial Summary五年財務概要196 Corporate Information公司資料 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors Mr. Zhao WeihaoMs. Wu Guoqing(Chairman)Ms. Li Yin PingMs. Zhang Chunying 非執行董事 Non-executive Director Mr. Li Yifan 獨立非執行董事 Independent Non-executive Directors Mr. Chan Cheong TatMr. Cheung Wai HungMs. Chen WeijieMr. Leung Ka Wo 審核委員會 AUDIT COMMITTEE Mr. Chan Cheong Tat(Chairman)Mr. Cheung Wai HungMs. Chen WeijieMr. Leung Ka Wo 薪酬委員會 REMUNERATION COMMITTEE Ms. Chen Weijie(Chairman)Mr. Cheung Wai HungMr. Chan Cheong TatMr. Leung Ka Wo 提名委員會 NOMINATION COMMITTEE Mr. Cheung Wai Hung(Chairman)Mr. Chan Cheong TatMs. Chen WeijieMr. Leung Ka Wo 聯席公司秘書 JOINT COMPANY SECRETARIES (ACG, HKACG)(FCG, HKFCG) Ms. Zhang Chunying(appointed with effect from 5 September 2025)Mr. Tsang Chi Hong(ACG, HKACG)(appointed with effect from 5 September 2025)Ms. Ng Sau Mei(FCG, HKFCG)(resigned with effect from 5 September 2025) 授權代表 AUTHORISED REPRESENTATIVES Ms. Wu GuoqingMr. Tsang Chi Hong (appointed with effect from 5 September 2025)Ms. Ng Sau Mei (resigned with effect from 5 September 2025) 核數師 AUDITOR Crowe (HK) CPA Limited HONG KONG LEGAL ADVISER 香港法律顧問 Jingtian & Gongcheng LLP 公司網址www.hongkunwuye.com COMPANY WEBSITE www.hongkunwuye.com 股份代號 STOCK CODE 1941 1941 主要往來銀行 PRINCIPAL BANKERS China Construction Bank– Beijing Xihongmen BranchChina Minsheng Bank– Beijing Daxing BranchBank of Communications– Baoding Zhuozhou BranchChina Construction Bank– Xianghe BranchIndustrial and Commercial Bank of China– Sanya BranchIndustrial and Commercial Bank of China– Dongfang Branch REGISTERED OFFICE IN THE CAYMAN ISLANDS 開曼群島註冊辦事處 Windward 3Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands Windward 3Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands Corporate Information (Continued)公司資料（續） 中國主要營業地點 PRINCIPAL PLACE OF BUSINESS IN THE PRC 8D Block D, Hongkun XingduhuiNo. 8 Hong Fu RoadXihongmen, Daxing DistrictBeijing, PRC 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 31/F, Tower Two, Times Square1 Matheson StreetCauseway BayHong Kong 131 開曼群島股份過戶登記總處 PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN THE CAYMAN ISLANDS Ocorian Trust (Cayman) LimitedWindward 3Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3Regatta Office ParkPO Box 1350Grand Cayman KY1-1108Cayman Islands 香港股份過戶登記分處 HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Financial Highlights財務摘要 Financial Highlights (Continued)財務摘要（續） the forthcoming annual general meeting of the Company the British Virgin Islands has the meaning ascribed thereto under the Listing Rules the Corporate Governance Code contained in Appendix C1 to the ListingRulesC1 Definitions (Continued)釋義（續） the deed of acting in concert dated 24 July 2019 and executed by Mr.Zhao Weihao, Ms. Wu Hong and Mr. Zhao Bin whereby they confirmedtheir acting in concert arrangements as more particularly set out in“Relationship with Controlling Shareholders and Parent Group – OurControlling Shareholders – Deed of Acting in Concert”in the Prospectus. Ms.Wu Hong is Mr. Zhao Bin’s spouse and Mr. Zhao Weihao is their son. Theyare together our controlling shareholders the director(s) of our Company “Director(s)” “GFA” gross floor area our Company and our subsidiaries, and Chinese entities controlled by theCompany through contractual arrangements Hong Kong dollars, the lawful currency of Hong Kong the Hong Kong Special Administrative Region of the PRC “Hongkun Group” Hongkun Jituan Company Limited* (), a limited liabilitycompany established under the laws of the PRC on 15 September 2014and wholly-owned by Beijing Herun third party(ies) who is/are not connected with any of our Directors orcontrolling shareholders or any of our subsidiaries or any of our respectiveassociates (within the meaning under the Listing Rules) for the year ended 31 December 2025 Definitions (Continued)釋義（續） square meter Tianjin Hongsheng Property Services Company Limited* (), a limited liability company established under the laws of the PRCon 27 December 2013 and a