年报2025 汇成国际控股有限公司

2 3 5 23 27 42 50 72 78 79 83 86 174 One Nexus WayCamana BayGrand CaymanKY1-9005Cayman Islands 12259 9131303 www.hcihl.com 1617 97927 139.410.7%109.414.6%93.4 36.640.53.910.7% AIGCAIGC18AIGC AIVIP 5.0%3.5%3.7%0.20.1% 156.116.7139.4109.416.093.4 (i)(ii)(iii) 139.4156.116.710.7% 123.914.8109.111.9%78.3%79.4%51.51.849.73.5% 9.14.313.447.3%9.6%5.8% 23.16.216.926.8%12.1%14.8% (i)5.41.04.418.5% (ii)3.10.82.325.8% (iii)8.01.76.321.3% (iv)6.62.73.940.9% 107.11.8108.91.7%68.6%78.1% 75.03.871.25.1% 81.112.968.215.9%52.0%3.148.9%77.0%72.0% 33.65.238.815.5%0.37.67.98.53.35.2 139.15.8133.34.2% 58.45.652.89.6% 44.342.7 2.73.0 12.014.1 55.93.252.75.7%4.0 1.92.98.38.8 (i)MCS5.11.1MCS13.30.80.5 (ii)4.78.1 12.710.616.5% 111.816.195.714.4% 109.416.093.414.6% 548114434 493.8548.43.64.0 10 298.1321.6 24.32.927.2(i)0.822.5(ii)0.88.39.1 11.545.035.0 2.710.07.3 101031901 12238 1161184140 64 38 (i)(ii)(iii)(iv) just-in-timeJIT 180,000 MCS O2OO2O13.71.815.513.1% 5.41.04.4 (CRM) 8335,81911,6373,4357,600 205.899.9% Artful DodgerMCS 6.2MCS5.11.1MCS13.30.80.5 MCS GPGPUGPGPUGPGPU 1,702,5500.07%H 7.8 149%252,000,00050,000,0001,000,0001,000,000 1 1. 2. 3.10 4. 5. 2 1.2.3.104.5. 3 1.2.3.104.5. 4 1.2.3.5 4. 5. 1. 2. 3.10 4. 5. 6,142,83943,878,000 554599 19419025.522.8 ••••CRMVIP•• 1 21.9% 40 662025 60CECManagement LimitedCECManagement LimitedChina Enterprise Capital LimitedCECCECPacific Alliance Group LimitedInterbrewAnheuser-Busch InBev 5420 43DCP CapitalDCPKohlbergKravis Roberts & Co. L.PKKRKKR(Orchid Asia Investment Group)(McKinsey & Company)KKR6008672500 6012 65 5310 47 5620 5720 4615 4210 4110H+ 38 4520 C1 C.2.1 C3 7313 2326 C.2.1 3.13 2 •••• • ••• 1,000,0001,000,0012,000,0002,000,0013,000,0003,000,0014,000,000 14.3% (1)12.5% (1)60.3%108 •••18•• (a) (i)(ii)(iii)(iv) (b) (i)(ii)(iii) 3.2915 9131303 •2120•2110•1410 9131303 21 9131303william_yan@hcihl.com 1.2.3.4.5.(www.hcihl.com)6.7.8. •••••••••• 1 5322 78173 1.0 174 1415 32 34 22325.5 14.8%4.2% 47.0%13.8% 5% *** * 2326 9 XV352C3 (1)839,748,000CECOutfitters Limited Vinglory Holdings LimitedVingloryVinglory 352 3365% (1)839,748,000CEC Outfitters LimitedVingloryVinglory12,570,000(2)497,896,000(3)3,445,450,000 336 14A CEC Outfitters LimitedVinglory 13.2113.22 13.2113.22 25% 2.4 41 2741 3.21 ESGESGC2ESG A. A.1 A1.1 (NOx)(SOx)(PM) • • • • • •••• A1.3 A1.4 2.89% A.2 • •LED ••••• 2.98% • • 19.72% A.3 (I) (II) (III) (IV) 123 1.32.313.35 B B.1 B.2 B.3 B.4 B.5 ISO14000 B.6 VIP B.7 B.8 Tel: +852 2846 9888Fax: +852 2868 4432ey.com香港鰂魚涌英皇道979號太古坊一座27樓 Ernst & Young27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 78173 72,589,000 2.43 8 23 MCS6,223,000 2.43 818 • ••••• P07045 截至二零二五年十二月三十一日止年度 1. 223One Nexus Way, Camana Bay, GrandCayman KY1-9005, Cayman Islands9131303 1. 1. #* (1)(2) 2.1 二零二五年十二月三十一日 2.1 (a)(b)(c) 2.2 21 21 2.3 二零二五年十二月三十一日 2.3 18111818818733341820271 118 191019(i)19(ii)(iii)181919 97 2.3 9797 102810281028 212934 111779107 •77B387IG1IG14 IG20B77 二零二五年十二月三十一日 2.3 •9993.3.395.1.39A •1010B7410B73 •7737 2.4 20% 2.4 5 二零二五年十二月三十一日 2.4 38 2.4 二零二五年十二月三十一日 2.4 (a) (i)(ii)(iii) (b) (i)(ii)(iii)(iv)(v)(vi)(a)(vii)(a)(i)(viii) 2.4 5 3%10%5%9%24%32% 二零二五年十二月三十一日 2.4 3%10% 2.4 Artful DodgerMCS 二零二五年十二月三十一日 2.4 (a) 205023 (b) 2.4 (b) (c) 12 二零二五年十二月三十一日 2.4 15 2.4 32 二零二五年十二月三十一日 2.4 • •(a)(b) 2.4 1212 30 12 二零二五年十二月三十一日 2.4 2.4 二零二五年十二月三十一日 2.4 • • •• 2.4 二零二五年十二月三十一日 2.4 15 2.4 (a) (b) (c) 二零二五年十二月三十一日 2.4 33 2.4 12 二零二五年十二月三十一日 2.4 3. 二零二五年十二月三十一日 3. 22 14151618 3. 4. (b) 4. (a) 136,175151,8113,2624,271139,437156,082 (b) 10% 5. (i) (ii) 3090 6. 7. 8. 9. 383(1)(a)(b)(c)(f)2 33 9. (a) 9. 9. 10. 9 10. 11. 25% 二零二五年十二月三十一日 11. 12. 1 13. 93,443,000109,413,0003,445,450,0003,337,094,000 15. 16 90,409,000109,175,000 16. 2050 (a) 10%10% 16. (a) 930,000 (b) 二零二五年十二月三十一日 16. (d) 36,848,00032,237,000 (e)35(c) 16. 158,511,0008,256,0005 17. 18. 18.0%26.4%MCS18.0%24.0%18.0%24.0%0%2%MCSMCS5,088,0001,135,000MCS825,0009,00013,243,00012,000548,000 19. 50,000,00035,000,000 二零二五年十二月三十一日 19. 20. 28024,940 21. 22. 324,743,000361,599,000 二零二五年十二月三十一日 22. 10%5% 6,283,0006,139,000125,655,000122,775,000 22. 23. 24. 25. 25. 8,308,0002,776,00039%100%41%100% 1,054,000930,000 38 二零二五年十二月三十一日 26. 59,575,00176,701,000121,000119,000220,720,0002,871,000131,000 29. 二零二五年十二月三十一日 (a) 31. 6,400,0004.5%768,0005,357,000 10,000,0002.4% 32. 33. (a)(b) South Zone Holding Limited 二零二五年十二月三十一日 33. 10%1% 162,534,00030,946,000 11162,534,000162,534,000 34. 82 (b) (c)10%50%25% 35. (a) 9,741,0008,113,0009,741,0008,113,000 (b) 35. 4,200 36. 37. 37. (a) (iii)(iv)(v)16,290,0004.5%16,290,0008,145,000(vi)6,400,0