中国长白山国际2025/26 年报

(Incorporated in Bermuda with limited liability)Stock Code989 Contents目 錄 Corporate InformationFinancial HighlightsChairperson’s StatementManagement Discussion and AnalysisBiographical Details of Directors and Senior ManagementDirectors’ ReportCorporate Governance ReportEnvironmental, Social and Governance ReportIndependent Auditor’s ReportConsolidated Statement of Profit or LossConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsSchedule of Principal PropertiesFive-year Financial Summary245733395178125129131132134136138271272 Corporate Information BOARD OF DIRECTORS Executive Directors XU Yingchuan(Acting Chairperson, appointed on 30 May 2025)LI Junjie(Chief Executive Officer)CONG Peifeng Non-executive Directors CUI MindongCHIU Sin Nang, Kenny (Appointed on 30 May 2025) Independent Non-executive Directors TSANG Hung KeiWANG XiaochuWANG Meirong (Appointed on 21 October 2025) Audit Committee TSANG Hung Kei(Chairperson)WANG XiaochuWANG Meirong (Appointed on 21 October 2025) Remuneration Committee TSANG Hung Kei(Chairperson)XU Yingchuan (Appointed on 30 May 2025)WANG XiaochuWANG Meirong (Appointed on 21 October 2025) Nomination Committee XU Yingchuan(Chairperson)(Appointed on 30 May 2025)TSANG Hung KeiWANG XiaochuWANG Meirong (Appointed on 21 October 2025) COMPANY SECRETARY NG Man Kit Micky REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 26131304(852) 2209 2888(852) 2209 2988http://www.chinacbsintl.com Room 1304, 13th FloorChina Resources BuildingNo. 26 Harbour RoadWanchai, Hong KongTel: (852) 2209 2888Fax: (852) 2209 2988Website: http://www.chinacbsintl.com PRINCIPAL SHARE REGISTRAR Appleby Global Corporate Services(Bermuda) LimitedCanon’s Court, 22 Victoria Street,PO Box HM1179Hamilton HMEXBermuda Appleby Global Corporate Services (Bermuda) Limited Canon’s Court, 22 Victoria Street,PO Box HM1179Hamilton HMEXBermuda HONG KONG BRANCH SHARE REGISTRAR Tricor Investor Services Limited17/F, Far East Finance Centre,16 Harcourt Road,Hong Kong HONG KONG LEGAL ADVISOR CLKW Lawyers LLP CLKW Lawyers LLP(in association with Michael Li & Co.) AUDITOR Forvis Mazars CPA LimitedCertified Public Accountants PRINCIPAL BANKERS Hang Seng Bank Limited STOCK CODE 989 989 Chairperson’s Statement China Changbaishan InternationalHoldings Limited On behalf of the board (the “Board”) of directors (the “Directors”) ofChina Changbaishan International Holdings Limited (the “Company”), Isubmit herewith the annual report of the Company and its subsidiaries(collectively, the “Group”) for the year ended 31 March 2026. 5% The global economy is currently in a period of adjustment. Geopoliticalfactors with the likes of the Russia-Ukraine war and the tense situationin the Middle East have created global inflationary pressures, bringingexternal uncertainties. However, the Chinese economy as a wholemaintains a steady recovery, with high-quality development as the maintheme. According to preliminary calculations by the National Bureauof Statistics, GDP growth in the first quarter of 2026 reached 5%,providing a solid growth foundation for the first year of the 15th Five-Year Plan. The real estate industry, after a period of deep adjustment, is graduallyreturning to rationality. The Politburo meeting on April 28, 2026,proposed to “effectively prevent and resolve risks in key areas, striveto stabilize the real estate market, and solidly promote urban renewal.”Therefore, core properties in first-tier cities like Beijing, Shanghai,Guangzhou, and Shenzhen remain a high-quality asset allocation optiondue to their scarcity, counter-cyclical capabilities, and stable cash flow.Meanwhile, the health industry continues to expand and upgrade, withsteady growth in demand for health consumption, natural tonics, foodand medicine homology products, and high-quality drinking water. This,coupled with Jilin Province’s policy support for the ginseng industry andthe ecological resource advantages of Changbai Mountain, providessolid support for the Group’s business diversification and development. Looking ahead to 2026-2027, the Group will remain steadfast in its corereal estate business and adhere to the overall development strategy of“one main business and one auxiliary business, dual-engine growth.” Itwill coordinate the revitalization of existing assets with the developmentof new projects. Building upon the traditional residential real estatedevelopment model, the Group will draw on advanced concepts inproperty and asset management, and develop in synergy with its uniqueresources and the health industry to create continuous and stable valuereturns for shareholders. Firstly, adhering to the principle of prudenceand stability, the Group