中国三迪2025年报

Corporate Information2Chairman’s Statement4Management Discussion and Analysis6Corporate Governance Report30Report of the Directors56Independent Auditor’s Report85Consolidated Statement of Profit or Loss andOther Comprehensive Income90Consolidated Statement of Financial Position92Consolidated Statement of Changes in Equity94Consolidated Statement of Cash Flows96Notes to the Consolidated Financial Statements99 Corporate Information EXECUTIVE DIRECTORSMr. Guo Jiadi(Chairman)Mr. Wang Chao Amika Lan E Guo NON-EXECUTIVE DIRECTORMs. Amika Lan E Guo INDEPENDENT NON-EXECUTIVE DIRECTORS Ms. Yu HuaxiuMr. Liao YiyiMs. Zhang Jianchan REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS Unit G, 1/F, Fook Moon Building56-72 Third StreetSai Ying PunHong Kong 56-721G COMPANY SECRETARY Ms. Ho Wing Tsz, Wendy(resigned on 16 April 2025)Mr. Poon Wai Kong(appointed on 11 March 2026) AUDITOR CCTH CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditors HONG KONG LEGAL ADVISERLoong & Yeung Corporate Information PRINCIPAL BANKERS Bank of China LimitedChina Everbright Bank Co., Ltd.Bank of Nanjing Co., Ltd.Hua Xia Bank Co., Ltd.Shanghai Pudong Development Bank Co., Ltd. PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda BRANCH SHARE REGISTRAR AND TRANSFEROFFICE 1617 Tricor Tengis Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong STOCK CODE910 910 WEBSITEwww.chinasandi.com.cn www.chinasandi.com.cn Chairman’s Statement Dear Shareholders, On behalf of the board (the “Board”) of directors (the“Directors”), I am pleased to present the annual reportof China Sandi Holdings Limited (the “Company”) and itssubsidiaries (collectively referred to as the “Group”) for theyear ended 31 December 2025 (the “reporting period” orthe “Year” or “2025”). RESULTS 1,267,900,00039.0%246,500,00080.6%542,100,00010.6579.63107,200,00020,62535.8%45.9% Forthe Year,the Group recorded a total revenue ofapproximately RMB1,267.9 million, representing a decreaseof approximately 39.0% as compared with the year ended31 December 2024 (the “previous reporting period” orthe “Previous Year” or “2024”). The gross profit for theYear was approximately RMB246.5 million, representinganincrease of approximately 80.6%as compared withthe Previous Year. The loss attributable to the owners oftheCompany for the Year amounted to approximatelyRMB542.1million.Basic loss per share was RMB10.65cents (2024: basic loss per share of RMB79.63 cents). Thecontracted property sales of the Group for the Year wereapproximately RMB107.2 million with a contracted grossfloor area (“GFA”) of approximately 20,625 square meters(“sq. m.”), representing a decrease of approximately 35.8%in contracted sales and an increase of approximately 45.9%in contracted GFA as compared with the Previous Year. REVIEW OF THE REPORTING PERIOD 766,300,0001.6%2.8% In 2025, the global political and economic environmentremained challenging, with the real estate market continuingto undergo adjustment amid these conditions. By the end ofthe year, the floor space of commercial buildings availablefor sale in China reached approximately 766.3 million sq. m.,representing a year-on-year increase of approximately 1.6%,with the residential portion increasing by approximately2.8%. As a pillar industry of the national economy, thereal estate market experienced significant cooling duringthe Year, intensifying the pressures of market adjustment.Overall, the property sector has faced volatile adjustmentsand unprecedented difficulties in recent years, resulting intight liquidity conditions due to subdued sales and financingconstraints. Under these circumstances, the Group adheredto the development keynote of seeking progress in a stablemanner, ensuring project development and delivery, prudentcash flow management, asset revitalisation and strengthenedrisk control measures to navigate liquidity pressures andmaintain operational resilience. Chairman’s Statement PROSPECTS Looking ahead to 2026, the Group will continue to closelymonitor market developments and policy initiatives in thereal estate sector. We will adhere firmly to prudent financialpolicies, strengthen risk control measures, intensify effortstorevitalise under-performing assets,and implementcomprehensive debt management strategies. At the sametime, we will accelerate pre-sales and sales activities, enhancecash collections, and pursue cost optimisation initiativestoimprove liquidity and operational efficiency.Thesemeasures are designed to address periodic challenges andlay a solid foundation for the Group’s long-term sustainabledevelopment, creating greater value for our shareholders. APPRECIATION On behalf of