皇庭智家2025年年报

G L O B A LL E A D E R I N T H E U P H O L S T E R E DS O F AI N D U S T R Y REGAL PARTNERS HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability)Stock Code: 1575 CONTENTS目錄 2Corporate Information公司資料5Financial Highlights財務摘要6Chairman’s Statement主席報告9Profile of Directors and Senior Management董事及高級管理層履歷17Management Discussion and Analysis管理層討論及分析34Principal Risks and Uncertainties主要風險及不確定因素37Corporate Governance Report企業管治報告65Directors’ Report董事會報告86Independent Auditors’ Report獨立核數師報告98Consolidated Statement of Profit or Loss andOther Comprehensive Income綜合損益及其他全面收益表100Consolidated Statement of Financial Position綜合財務狀況表102Consolidated Statement of Changes in Equity綜合權益變動表103Consolidated Statement of Cash Flows綜合現金流量表105Notes to the Consolidated Financial Statements綜合財務報表附註236Five-Year Financial Summary五年財務概要 CORPORATE INFORMATION 董事會 BOARD OF DIRECTORS Executive Directors Mr. CHONG Tsz Ngai(Chairman)Mr. TSE Hok Kan(re-designated on 7 May 2025)Mr. TSE Wun Cheung(appointed on 7 May 2025)Mr. CHAN Wing Kit(Chief Executive Officer)(appointed on 25 July 2025)Mr. TSE Kam Pang(resigned on 25 July 2025) 莊子毅先生（主席）謝學勤先生（於2025年5月7日調任）謝煥章先生（於2025年5月7日獲委任）陳永傑先生（行政總裁）（於2025年7月25日獲委任）謝錦鵬先生（於2025年7月25日辭任） Independent Non-executive Directors 關品方教授李焯芬教授陳建花女士薛永恒教授 Prof. KWAN Pun Fong VincentProf. LEE Chack FanMs. CHEN JianhuaProf. SIT Wing Hang, Alfred 審核委員會 AUDIT COMMITTEE 關品方教授（委員會主席）李焯芬教授陳建花女士薛永恒教授 Prof. KWAN Pun Fong Vincent(Chairman of committee)Prof. LEE Chack FanMs. CHEN JianhuaProf. SIT Wing Hang, Alfred 薪酬委員會 REMUNERATION COMMITTEE 關品方教授（委員會主席）李焯芬教授陳建花女士薛永恒教授 Prof. KWAN Pun Fong Vincent(Chairman of committee)Prof. LEE Chack FanMs. CHEN JianhuaProf. SIT Wing Hang, Alfred 提名委員會 NOMINATION COMMITTEE 關品方教授（委員會主席）李焯芬教授陳建花女士薛永恒教授 Prof. KWAN Pun Fong Vincent(Chairman of committee)Prof. LEE Chack FanMs. CHEN JianhuaProf. SIT Wing Hang, Alfred CORPORATE INFORMATION (CONTINUED)公司資料（續） 公司秘書 COMPANY SECRETARY 陳永傑先生（於2025年6月30日獲委任）林海麟先生（於2025年6月30日辭任） Mr. CHAN Wing Kit(appointed on 30 June 2025)Mr. LAM Hoi Lun(resigned on 30 June 2025) 授權代表 AUTHORISED REPRESENTATIVES 莊子毅先生陳永傑先生（於2025年6月30日獲委任）林海麟先生（於2025年6月30日辭任） Mr. CHONG Tsz NgaiMr. CHAN Wing Kit(appointed on 30 June 2025)Mr. LAM Hoi Lun(resigned on 30 June 2025) 核數師 AUDITORS 國衛會計師事務所有限公司 HLB Hodgson Impey Cheng Limited 開曼群島主要股份過戶登記總處 PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN THE CAYMAN ISLANDS Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 香港股份過戶登記分處 HONG KONG BRANCH SHARE REGISTRAR 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong Kong 註冊辦事處 REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands CORPORATE INFORMATION (CONTINUED) 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香港九龍長沙灣青山道682號潮流工貿中心31樓3103室 Unit 3103, 31 Floor, Trendy Centre682 Castle Peak RoadCheung Sha Wan, Kowloon, Hong Kong 主要往來銀行 PRINCIPAL BANKERS 中國銀行（香港）有限公司中國農業銀行股份有限公司香港上海滙豐銀行有限公司浙江海寧農村商業銀行股份有限公司湖州銀行股份有限公司 Bank of China (Hong Kong) LimitedAgricultural Bank of China LimitedThe Hongkong and Shanghai Banking Corporation LimitedZhejiang Haining Rural Commercial Bank Company LimitedBank of Huzhou Company Limited 股份代號 STOCK CODE 1575公司網站www.theregalpartners.com 1575 投資者關係顧問 INVESTOR RELATIONS CONSULTANTDLK Advisory Group Limited 金通策略集團有限公司 FINANCIAL HIGHLIGHTS財務摘要 •2025年收入減少約45.0%至約人民幣65.7百萬元（2024年：約人民幣119.5百萬元） •Revenue decreased by approximately 45.0% to approximatelyRMB65.7 million in 2025 (2024: approximately RMB119.5million) •本集團於2025年錄得毛利約人民幣2.9百萬元（2024年：約人民幣27.9百萬元） •The Group recorded a gross profit of approximately RMB2.9million in 2025 (2024: approximately RMB27.9 million) •本 集 團2025年 的 年 內 虧 損 減 少 約0.3%至 約 人 民 幣88.3百 萬 元（2024年：約人民幣88.6百萬元） •The Group’s loss for the year decreased by approximately 0.3%to approximately RMB88.3 million in 2025 (2024: approximatelyRMB88.6 million) •2025年每股基本虧損約為人民幣2.80分，而2024年每股基本虧損約為人民幣3.28分 •Basic loss per share was approximately RMB2.80 cents in 2025 ascompared with basic loss per share of approximately RMB3.28cents in 2024 CHAIRMAN’S STATEMENT 致各位股東： Dear shareholders, 本人謹代表皇庭智家控股有限公司（「」或「」）董事（「」）會（「」）欣然向本公司股東（「」）提呈本公司及其附屬公司（「」）截至2025年12月31日止年度（「2025」）的年報。 On behalf of the board (the “Board”) of directors (the “Directors”)of Regal Partners Holdings Limited (the“Company” or “RegalPartners”), I am pleased to present the annual report of theCompany and its subsidiaries (the “Group”) for the year ended31 December 2025 (“2025”) to shareholders of the Company (the“Shareholders”). 2025 was a pivotal year for the Group as we completed the corephases of our business restructuring and laid a clear foundation forsu