中国唐商年报 2026

2026年 報 Corporate Information2Five Years Financial Summary4Management Discussion and Analysis5Directors’ Report10Corporate Governance Report46Independent Auditor’s Report76Consolidated Statement of Comprehensive Income87Consolidated Statement of Financial Position89Consolidated Statement of Changes in Equity92Consolidated Statement of Cash Flows93Notes to the Consolidated Financial Statements95 公 司 資 料CORPORATE INFORMATION DIRECTORS 董事 執行董事 Executive Directors Mr. Chen Weiwu(Chairman)Mr. Zhou HoujieMr. Jiang Ruowenhao(Acting Chief Executive Officer) 獨立非執行董事 Independent Non-executive Directors Mr. Chen YouchunMs. Lui Mei KaMr. Zhou Xin 核數師 AUDITOR CCTH CPA LimitedCertified Public Accountants 公司秘書 COMPANY SECRETARY Ms. Kwong Oi Man Patty 主要往來銀行 PRINCIPAL BANKERS Hang Seng Bank LimitedBank of Dongguan Company Limited 註冊辦事處 REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda 總辦事處 HEAD OFFICE 15111102 Room 1102, 11/F.,Park Tower, 15 Austin Road,Tsim Sha Tsui, Kowloon,Hong Kong 公 司 資 料CORPORATE INFORMATION 主要過戶登記處 PRINCIPAL REGISTRAR Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM11Bermuda HONG KONG SHARE REGISTRAR ANDTRANSFER OFFICE 香港股份過戶登記處 1617 Tricor Investor Services Limited17/F, Far East Financial Centre,16 Harcourt Road, Hong Kong 管 理 層 討 論 及 分 析MANAGEMENT DISCUSSION AND ANALYSIS 業務回顧及前景 BUSINESS REVIEW AND OUTLOOK 財務回顧 Financial Review 綜合業績 Consolidated results 661,000,000580,800,00013.8%107,000,00072,300,00048.1%(1)(2)(3) For the year ended 31 March 2026, the Group recordedrevenueof approximately HK$661.0 million comparedtoapproximately HK$580.8 million from continuingoperationsfor the last financial year,representing anincrease of about 13.8%, and loss for the year ended 31March 2026 of approximately HK$107.0 million comparedto approximately a loss of HK$72.3 million for the lastfinancial year, representing an increase of loss of about48.1%. The increase in loss was primarily resulted from(1)the property development market and sub-leasinginvestment market of the PRC continued to be sluggish,withlower income and lower gross profit margin ofpropertyprojects of the Group being carried forwardfrom the Reporting Period; (2) the Group made provisionsforimpairment losses of certain assets under theproperty development market; and (3) the Group suffereda compensation for the lease termination with sub-lesseeunder the sub-leasing investment market during the year. T h eB o a r d c o n s i d e r s t h a t t h e f a i r v a l u e l o s s o ninvestmentproperties are non-cash items and has noeffect on the cash flow of the Group’s operations. 業務回顧 Business Review 物業分租及投資業務 Property sub-leasing and investment business Forthe year ended 31 March 2026,this businesssegmentrecorded revenue of approximately HK$44.2millioncompared to approximately HK$45.5 million forthe last financial year, representing a decrease of about2.7%, this business segment recorded profit for the yearended 31 March 2026 of approximately HK$14.3 millionascompared to loss of approximately HK$89.7 millionforthe last financial year.The increase in profit wasmainly resulted from the increase in fair value gain oninvestment properties. 44,200,00045,500,0002.7%14,300,00089,700,000 The completed properties held for investment is locatedin No. 109 Jinghaisanlu, Beijing Economic TechnologicalDevelopmentArea,Beijing.The existing usage is foroffice, research and development and the properties areheldfor long term leases which are sub-leasing fromlandlord. 109 管 理 層 討 論 及 分 析MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW AND OUTLOOK(Continued) 業務回顧及前景 業務回顧 Business Review(Continued) 物業發展業務 Property development business 616,800,000535,400,000140,200,0007,600,000(i)R2(ii)30,00045,000建築面積88,000216,00061,000 Duringthe year ended 31 March 2026,the propertydevelopmentbusiness in the PRC contributed revenueo fa p p r o x i m a t e l y H K $ 6 1 6 . 8 m i l l i o n c o m p a r e t oapproximatelyHK$535.4 million for the last financialyear,and segment recorded loss of approximatelyHK$140.2million(2025:loss of approximately HK$7.6million) to the Group. The increase in segment revenuewas attributable to two development projects, namely (i)TangshangHanlin Mansion*inDongguanland situates at Caole Village, Xiegang Town, DongguanCity, the PRC designated for urban residential use andbusinessservice use(R2 Class II residential land R2)and(ii)Puning Tangshang ZhongyangGarden*inBeihuan Avenue,Puning,Jieyang, Guangdong Province, the PRC. The constructionofthe properties was completed in December 2021and October 2022, respectively. The existing use in thepropertiesheld for sale/lease is mainly residential,carparks and commercial shops. The site area of TangshangHanlin Mansion is approximately 30,000 sq.m and PuningTan