宝发控股2026 年报

(Incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司）Stock Code股份代號: 8532 ANNUAL REPORT年報2026 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED(THE “STOCK EXCHANGE”) GEM has been positioned as a market designed to accommodate small and mid-sized companies to whicha higher investment risk may be attached than other companies listed on the Stock Exchange. Prospectiveinvestors should be aware of the potential risks of investing in such companies and should make thedecision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk thatsecurities traded on GEM may be more susceptible to high market volatility than securities traded on theMain Board and no assurance is given that there will be a liquid market in the securities traded on GEM. Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contentsof this report, make no representation as to its accuracy or completeness and expressly disclaim anyliability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of thecontents of this report. This report, for which the directors (the “Directors”) of Polyfair Holdings Limited (the “Company”)collectively and individually accept full responsibility, includes particulars given in compliance with theRules Governing the Listing of Securities on GEM of the Stock Exchange (the “GEM Listing Rules”) for thepurpose of giving information with regard to the Company. The Directors, having made all reasonableenquiries, confirm that to the best of their knowledge and belief the information contained in this reportis accurate and complete in all material respects and not misleading or deceptive, and there are no othermatters the omission of which would make any statement herein or this report misleading. GEM GEM GEMGEMGEM GEMGEM Contents 95Independent Auditor’s Report99Consolidated Statement of Profit or Loss andOther Comprehensive Income100Consolidated Statement of Financial Position102Consolidated Statement of Changes in Equity103Consolidated Statement of Cash Flows105Notes to the Consolidated FinancialStatements232Financial Summary 2Corporate Information5Chairman’s Statement7Management Discussion and Analysis22Biographical Details of Directors andSenior Management25Corporate Governance Report60Environmental, Social and GovernanceReport81Directors’ Report Corporate Information BOARD OF DIRECTORS Executive Directors 20266122026612 Mr. Chow Mo Lam(Chairman) (resigned on 12 June 2026)Mr. Yu Lap On Stephen(Chief Executive Officer)Mr. Wong Wai ManMr. Mu Ruifeng(Chairman) (appointed on 12 June 2026) Independent non-executive Directors 2025122220251222202512222026612 Dr. Lung Cheuk Wah(resigned on 22 December 2025)Mr. Man Yun Yee(resigned on 22 December 2025)Ms. Sun ShuiMs. Lo Lai Lai Samantha(appointed on 22 December 2025)Mr. Zheng Lei(appointed on 12 June 2026) BOARD COMMITTEES Audit Committee 2025122220251222202512222026612 Dr. Lung Cheuk Wah(Chairman) (resigned on 22 December 2025)Mr. Man Yun Yee(resigned on 22 December 2025)Ms. Sun ShuiMs. Lo Lai Lai Samantha(Chairman) (appointed on 22 December2025)Mr. Zheng Lei(appointed on 12 June 2026) Remuneration Committee 202512222026612202512222025122220266122026612 Mr. Man Yun Yee(Chairman) (resigned on 22 December 2025)Mr. Chow Mo Lam(resigned on 12 June 2026)Mr. Yu Lap On StephenDr. Lung Cheuk Wah(resigned on 22 December 2025)Ms. Sun ShuiMs. Lo Lai Lai Samantha(appointed on 22 December 2025)Mr. Zheng Lei(Chairman) (appointed on 12 June 2026)Mr. Mu Ruifeng(appointed on 12 June 2026) Nomination Committee 202512222025122220266122025122220266122026612 Ms. Sun Shui(Chairman)Dr. Lung Cheuk Wah(resigned on 22 December 2025)Mr. Man Yun Yee(resigned on 22 December 2025)Mr. Chow Mo Lam(resigned on 12 June 2026)Mr. Yu Lap On StephenMs. Lo Lai Lai Samantha(appointed on 22 December 2025)Mr. Zheng Lei(appointed on 12 June 2026)Mr. Mu Ruifeng(appointed on 12 June 2026) COMPANY SECRETARIES Mr. Tsang King Sun INDEPENDENT AUDITOR 51215 1510-1517 CCTH CPA LimitedCertified Public AccountantsRegistered Public Interest Entity AuditorUnit 1510-1517, 15/F., Tower 2,Kowloon Commerce Centre,No. 51 Kwai Cheong Road,Kwai Chung,New Territories,Hong Kong LEGAL ADVISER Hong Kong LawEric Yung & Co. PRINCIPAL BANKERS DBS Bank (Hong Kong) LimitedNanyang Commercial Bank, Ltd.Hang Seng Bank LimitedChina Construction Bank (Asia) Corporation Limited REGISTERED OFFICE Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 489-491B8 B11(A03) Flat B11 (A03), 8/F., Block B,Hong Kong Industrial Centre,489-491 Castle Peak Road,Cheung Sha Wan,Kowloon,Hong Kong SHARE REGISTRAR AND TRANSFER OFFICE Cayman Islands Principal Sh