沪港联合2025/26年报

ONTENTSCorporate Information2公司資料Highlights4摘要Five-Year Financial Summary5五年財務摘要Chairman’s Statement6主席報告書Management Discussion and Analysis12管理層討論及分析Corporate Governance Report27企業管治報告Report of the Directors56董事會報告Profile of Directors and Senior Management72董事及高級管理人員履歷Independent Auditor’s Report77獨立核數師報告Consolidated Income Statement84綜合損益表Consolidated Statement of Comprehensive Income85綜合全面損益表Consolidated Statement of Financial Position86綜合財務狀況表Consolidated Statement of Changes in Equity88綜合權益變動表Consolidated Statement of Cash Flows90綜合現金流量表Notes to the Consolidated Financial Statements92綜合財務報表附註 C CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors 姚祖輝先生（主席兼首席執行官）劉子超先生黃霆鈞先生（於二零二六年二月十三日獲委任） Mr. Yao Cho Fai Andrew(Chairman and Chief Executive Officer)Mr. Lau Chi ChiuMr. Wong Ting Kwan(appointed on 13 February 2026) Non-executive Director Ms. Wong Kwai Sun(resigned on 1 April 2026) 黃桂新女士（於二零二六年四月一日辭任） Independent Non-executive Directors Mr. Yeung Wing Sun MikeMr. Li YinquanMs. Cheung Marn Kay(appointed on 27 June 2025)Mr. Xu Lin Bao(retired on 22 August 2025) 楊榮燊先生李引泉先生章曼琪女士（於二零二五年六月二十七日獲委任）徐林寶先生（於二零二五年八月二十二日退任） EXECUTIVE COMMITTEE Mr. Yao Cho Fai Andrew(Chairman)Mr. Lau Chi ChiuMr. Wong Ting Kwan(appointed on 13 February 2026) 姚祖輝先生（主席）劉子超先生黃霆鈞先生（於二零二六年二月十三日獲委任） AUDIT COMMITTEE Mr. Li Yinquan(Chairman)Mr. Yeung Wing Sun MikeMs. Cheung Marn Kay(appointed on 27 June 2025)Mr. Xu Lin Bao(retired on 22 August 2025) 李引泉先生（主席）楊榮燊先生章曼琪女士（於二零二五年六月二十七日獲委任）徐林寶先生（於二零二五年八月二十二日退任） REMUNERATION COMMITTEE Ms. Cheung Marn Kay(Chairlady)(appointed on 27 June 2025 as a member andbecame the Chairlady on 22 August 2025)Mr. Xu Lin Bao(Chairman)(retired on 22 August 2025)Mr. Yao Cho Fai AndrewMr. Li Yinquan 章曼琪女士（主席）（於二零二五年六月二十七日獲委任為成員，並於二零二五年八月二十二日成為主席）徐林寶先生（主席）（於二零二五年八月二十二日退任）姚祖輝先生李引泉先生 NOMINATION COMMITTEE Mr. Yao Cho Fai Andrew(Chairman)Mr. Yeung Wing Sun MikeMs. Cheung Marn Kay(appointed on 27 June 2025)Mr. Xu Lin Bao(retired on 22 August 2025) 姚祖輝先生（主席）楊榮燊先生章曼琪女士（於二零二五年六月二十七日獲委任）徐林寶先生（於二零二五年八月二十二日退任） AUTHORISED REPRESENTATIVES Mr. Yao Cho Fai AndrewMs. Wong Yuen Sze 姚祖輝先生黃婉詩女士 黃婉詩女士 COMPANY SECRETARY Ms. Wong Yuen Sze AUDITOR 羅兵咸永道會計師事務所執業會計師及註冊公眾利益實體核數師 PricewaterhouseCoopersCertified Public Accountants andRegistered Public Interest Entity Auditors PRINCIPAL BANKERS 中國銀行（香港）有限公司交通銀行股份有限公司中國建設銀行股份有限公司創興銀行有限公司花旗銀行大新銀行有限公司富邦銀行（香港）有限公司華僑銀行（香港）有限公司上海商業銀行有限公司上海浦東發展銀行股份有限公司東亞銀行有限公司香港上海滙豐銀行有限公司 Bank of China (Hong Kong) LimitedBank of Communications Co., Ltd.China Construction Bank Corporation LimitedChong Hing Bank LimitedCitibank, N.A.Dah Sing Bank, LimitedFubon Bank (Hong Kong) LimitedOCBC Bank (Hong Kong) LimitedShanghai Commercial Bank LimitedShanghai Pudong Development Bank Co., Ltd.The Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation Limited REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda PRINCIPAL PLACE OF BUSINESS IN HONG KONG Rooms 1103-05, 11th FloorEast Town Building41 Lockhart RoadWanchai, Hong Kong 香港灣仔駱克道41號東城大廈11樓1103-05室 網址: https://www.hkshalliance.com電子郵箱：enquiry@hkshalliance.com Website: https://www.hkshalliance.comE-mail Address : enquiry@hkshalliance.com SHARE REGISTRARS AND TRANSFER OFFICES Principal Registrar Appleby Global Corporate Services(Bermuda) LimitedCanon’s Court22 Victoria StreetPO Box HM 1179Hamilton HM EXBermuda Appleby Global Corporate Services(Bermuda) LimitedCanon’s Court22 Victoria StreetPO Box HM 1179Hamilton HM EXBermuda Hong Kong Branch Registrar 香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchai, Hong Kong STOCK CODE 1001 1001 HIGHLIGHTS Steels Distribution and Processing Business鋼鐵分銷及加工業務Building Products Distribution Business建築材料分銷業務Property Investment and Fund Management Business房地產投資及基金運營業務 FIVE-YEAR FINANCIAL SUMMARY 以下為滬港聯合控股有限公司（「本公司」）及其附屬公司（統稱「本集團」）於下列各年度之經審核綜合財務報表概要。 Thefollowing is a summary of the audited consolidated financialstatementsof Hong Kong Shanghai Alliance Holdings Limited(the“Company”)and its subsidiaries(collectively,the“Group”)for therespective years as hereunder stated. CHAIRMAN’S STATEMENT Pursue Business andTechnological Innovationto Drive Sustainable Development 各位股東： Onbehalf of the board of directors(the“Board”)ofHongKong Shanghai Alliance Holdings Limited and itssubsidiaries(collectively the“Group”),I am pleased topresentyou with the audited consolidated results for theyear ended 31 March 2026 (“FY2025/26” or the “Year”). 本人謹代表滬港聯合控股有限公司及其附屬公司（統稱「本集團」）之董事會（「董事會」），欣然提呈截至二零二六年三月三十一日止年度（「二零二五╱二六財年」或「本年度」）之經審核綜合業績。 Sinceour successful listing on the Hong Kong StockExchange,we have navigated significant macroeconomicshocks — from the Asian financial crisis, SARS, the globalfinancial tsunami, to US-China trade tensions, the COVID-19pandemic,and persistent geopolitical uncertainties.The