恒达集团（控股）有限公司2025年度报告

(Incorporated in the Cayman Islands with limited liability)Stock code : 36163616 CONTENTS Corporate Information2Chairman’s Statement5Management Discussion and Analysis10Biographical Details of Directors and SeniorManagement30Directors’ Report36Environmental, Social and GovernanceReport58Corporate Governance Report157Independent Auditor’s Report180 Consolidated Financial Statements• Consolidated Statement of Profit orLoss192• Consolidated Statement ofComprehensive Income193• Consolidated Statement of FinancialPosition194• Consolidated Statement of Changes inEquity197• Consolidated Statement of Cash Flows198• Notes to the Consolidated FinancialStatements200Financial Summary354List of Principal Properties355Glossary363 Corporate Information公司資料 As of the date of this Report DIRECTORS Executive Directors Mr. LI Xiaobing (Chairman)Mr. WANG Zhenfeng (Chief Executive Officer)Ms. LI ManMr. WANG Quan Independent Non-Executive Directors Mr. FANG ChengMr. LEE Kwok LunMr. WEI Jian AUDIT COMMITTEE Mr. LEE Kwok Lun (Chairman)Mr. FANG ChengMr. WEI Jian REMUNERATION COMMITTEE Mr. FANG Cheng (Chairman)Mr. LEE Kwok LunMr. WEI Jian NOMINATION COMMITTEE Mr. LEE Kwok Lun (Chairman)Mr. FANG ChengMs. LI Man LEGAL COMPLIANCE COMMITTEE Mr. FANG Cheng (Chairman)Mr. LEE Kwok LunMr. WANG Zhenfeng Corporate Information公司資料 AUTHORISED REPRESENTATIVES UNDERLISTING RULES Mr. WANG QuanMr. LEUNG Kam Fai Anthony COMPANY SECRETARY Mr. LEUNG Kam Fai Anthony AUDITOR McMillan Woods (Hong Kong) CPA LimitedCertified Public Accountants REGISTERED OFFICE Cricket Square, Hutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands Cricket Square, Hutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands PRINCIPAL PLACE OF BUSINESS INHONG KONG 77141409 Room 1409, Floor 14Leighton Centre77 Leighton RoadCauseway BayHong Kong HEADQUARTERS IN THE PRC 266 Bayi RoadWeidu DistrictXuchang CityHenan ProvinceThe PRC 266 Corporate Information公司資料 LEGAL ADVISERS (IN ALPHABETICAL ORDER) Beijing Dacheng Law Offices LLPJingtian & Gongcheng LLP PRINCIPAL BANKERS (IN ALPHABETICALORDER) Bank of China (Hong Kong) LimitedChina Construction Bank CorporationChina Minsheng BankIndustrial and Commercial Bank of China PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HONG KONG SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/FFar East Finance Centre16 Harcourt RoadHong Kong STOCK CODE 36162,000 HKEx: 3616Board Lot: 2,000 shares COMPANY WEBSITE www.everreachgroup.com www.everreachgroup.com Chairman’s Statement主席報告 Dear Shareholders, 202512 31 On behalf of the Board, I am pleased to present the results ofthe Group for the year ended 31 December 2025 (the “Year”). ANNUAL REVIEW 2025 was a year in which the real estate industry experiencedprofoundadjustments and explored new business models.Across China, both the sales area and sales value of real estatetrended downwards, though data from China’s National Bureauof Statistics indicates a gentler rate of decline compared with2024. In the second half of the year, Tier 1 and Tier 2 citiesshowedtentative signs of stabilisation under sustained policysupport, but Tier 3 and Tier 4 cities continued to show weakdemand.While we were not spared from these headwinds,weremained steadfast in maintaining stable operations andguaranteedproject deliver y at the hear t of our corporateobjectives. 20252024 2025 Confronted with a challenging industry environment, the Groupcontinuedto deepen the restructuring of its business model.First, we sharpened our focus on cultivating our home region.In 2025, we scaled back land acquisition and project expansionoutsidethe Xuchang area and focused on the developmentofexisting projects.The Group conducted a comprehensiveassessmentof all projects across our geographical footprint,s e g m e n t i n go u r p o r t f o l i o b a s e d o n m a r ke t p r o s p e c t s ,profitability and de-stocking velocity for efficient management.We strengthened the independent operating capabilities of ourprojectcompanies and reduced excessive intervention fromheadquarters to fully enhance their operational efficiency. 2025 Financialsecurit y remained our top priorit y.In 2025,wemodestly lowered project profit margins and reinforced controlover cash flow and management of revenue and fund recovery.Byproactively moderating profit margins to strengthen cashflowand fund recovery management,the Group safeguardedc or poratec a s h tur nove r w hile d e monstrating a pr ud e ntapproachof stable operations with a long-term perspectiveunderthe prevailing economic conditions.Embedding cashflowmanagement deeply into the sales function and overalloperations serves to bolster risk resilience and forge a healthy,efficient b