华商能源科技股份有限公司2025年年度报告

CONTENTS目錄 CORPORATE PROFILE公司簡介 CHAIRMAN’S STATEMENT主席報告 EXECUTIVE DIRECTOR & EXECUTIVE PRESIDENT’S STATEMENT執行董事及行政總裁報告 MANAGEMENT DISCUSSION AND ANALYSIS20管理層討論及分析 PROFILES OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層 REPORT OF THE DIRECTORS董事會報告書 CORPORATE GOVERNANCE REPORT企業管治報告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT環境、社會及管治報告 INDEPENDENT AUDITOR’S REPORT獨立核數師報告 CONSOLIDATED FINANCIAL STATEMENTS205綜合財務報表 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS212綜合財務報表附註 CORPORATE INFORMATION322公司資料 CORPORATE PROFILE公司簡介 1.BUSINESS OVERVIEW 1.業務簡介 華商能源科技股份有限公司（簡稱「本公司」或「華商能源」，原「華商國際海洋能源科技控股有限公司」）（連同其附屬公司，「本集團」）在香港聯合交易所有限公司主板上市，股票代碼00206。本公司聚焦於氫基能源、船海配套、智能電控、海事服務四大核心業務板塊，致力於成為綠色科技領域的創新驅動者。 CM Energy Tech Co., Ltd. (the “Company” or “CM Energy”, formerlyknown as CMIC Ocean En-Tech Holding Co., Ltd.) (together withits subsidiaries, the “Group”) is listed on the Main Board of TheStock Exchange of Hong Kong Limited with stock code 00206. TheCompany focuses on four core business segments, namely hydrogen-based energy, shipbuilding and offshore equipment support, smartelectronic control, and marine services, striving to emerge as aninnovation driver in the green technology sector. In the hydrogen-based energy sector, the Company has establisheda comprehensive capability chain spanning from core technologiesto commercial validation, and has developed an integrated businessmodel covering the production and sale of green fuels, equipmentmanufacturing, and certification services. Its principal products andtechnologies include the production and sale of green methanol andgreen hydrogen, solutions for the preparation and refuelling of greenfuels, alkaline water electrolysis equipment for hydrogen production,and the independent manufacturing of key materials such ascomposite membranes. In 2025, the Company achieved milestoneprogress in this field: its green methanol project obtained the world’sfirst ISCC EU full-process certification and completed its inauguralmarine bunkering operation; independently developed core materialssuch as electrolyzers and composite membranes entered massproduction, with products successfully exported to markets includingItaly and Indonesia; and forward-looking projects like offshore greenammonia synthesis received project approval and support from theGroup. 在氫基能源領域，本公司已構建從核心技術到商業驗證的完整能力鏈條，形成覆蓋綠色燃料制 銷 、 裝 備 製 造 、 認 證 服 務 的 一 體 化 業 務 佈局。主要產品與技術涵蓋綠色甲醇與綠氫的生產銷售、綠色燃料制備與加註解決方案、鹼性電解水制氫裝備，以及複合隔膜等核心材料的自主生產。二零二五年，本公司在該領域取得里 程 碑 式 進 展： 旗 下 綠 色 甲 醇 項 目 獲 得 全 球首個ISCC EU全流程認證，並完成首單船用加注；自主研發的電解槽及復合隔膜等核心材料實現量產，產品成功出海至意大利、印尼等市場；海上綠氨合成等前瞻性項目也獲得本集團立項支持。 In the marine and offshore equipment and high-end energyequipment sector, the Company has continuously upgraded itsproduct portfolio guided by the principle of “green intelligence”.These offerings include globally leading products such as rigidairfoil sails, methanol/ammonia fuel supply systems, deepwateractive heave-compensated cranes, jacking systems, and intelligentelectronic control systems. In 2025, the Company’s competitiveness 在船海配套及高端能源裝備領域，本公司產品線以「綠色智能」為導向持續升級，主要包括已成為全球領先產品的翼型剛性風帆、甲醇╱氨燃料供給系統、深水主動波浪補償吊機、升降系統總成以及智能電控系統等。二零二五年，本公司船海裝備競爭力顯著增強：翼型風帆手持訂單貨值躍居全球第一；甲醇燃料供給系統 CORPORATE PROFILE公司簡介 in marine equipment strengthened significantly: the order backlogvalue for rigid airfoil sails ranked first globally; methanol fuel supplysystems secured multiple vessel-set orders; and the Companyachieved its first-order breakthrough in the external market for high-end offshore engineering cranes, further reinforcing its leadingposition in core technologies. 斬獲多船套大包訂單；並成功實現高端海工吊機在外部市場的首台套突破，核心技術的領先地位進一步鞏固。 Additionally, drawing on years of global operational experience, theCompany has systematically restructured its marine services business.In 2025, China Merchants Shipbuilding Industry Group Co., Limited(“CMI”) officially launched its global service center, establishinga three-tier service network covering 23 countries. This networknot only provides robust support for the upgrading, operation andmaintenance, as well as engineering technical services of marineand offshore vessels and drilling equipment, but also effectivelyempowers associate units to coordinate the international deploymentof their products. This underscores the Company’s comprehensivecapability to evolve from offering standalone services to deliveringintegrated “equipment + service” solutions. 此外，依托多年的全球運營經驗，本公司的海事服務業務已完成體系化重塑。二零二五年，招商局船舶工業集團有限公司（「招商船舶」）全球服務中心正式成立，構建了覆蓋23個國家的三級服務網絡，不僅為船海鑽井設備升級、運維及工程技術服務提供強大支撐，更有效賦能兄弟單位產品協同出海，展現了從單一服務向「裝備+服務」整體解決方案升級的綜合實力。 展望未來，華商能源將繼續深化四大業務板塊的協同發展，通過持續的技術創新、深入的產業合作以及對全球資源的優化配置，強化全球服務中心網絡的建設與運營。本公司致力於在能源轉型與零碳變革中把握核心機遇，堅定不移地向「中國領先的綠色能源與裝備綜合服務商」的戰略目標邁進。 Looking ahead, CM Energy will continue to deepen the synergisticdevelopment of its four core business segments. Through sustainedtechnological innovation, deeper industrial collaboration, andoptimized allocation of global resources, the Company will enhancethe development and operation of its global s