依波路2025年年报

20252024年報 23469203154667071737476134 Teguh Halim 8, rue des Perrières2340 Le NoirmontSwitzerland 5-712J Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Teguh Halim Teguh Halim 1617 Teguh Halim 11125 Teguh Halim Teguh Halim www.ernestborel.ch P.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands 202512 312025202412 31202499.379.3 20248.7%20254.1%20248.620253.3 202552.5202447.9 202514.57202413.31 20252024 202512 31 202520249,9307,93520.1%3304.1% 74.5%8,1845,90927.8%1,0238.8%2025890 16.1%10.0%7.7% Lovein the Moment 2026 2026 20252026 Teguh Halim20263 30 TeguhHalimHalim4420246 30201810 12201810 12Halim20221 5Halim25652.97%Halim20081020181 23HalimHalim 583319932021 53201810 311995199520002002200320052006 4720246 1120251 1521472021116236220225 320239 10832201911 120224 11266208820166 2020194 25106220104 120111108155 47IPO16 40200818 (2682.HK)(713.HK)(3773.HK)(002768.SZ002768.HK)(2649.HK) 20241 1510 * 1856169202512 31689 79.3202499.320.1%3.320248.64.1%20248.7%202552.5202447.9 2025 1. 2. (breakeven point) 202512 31577202481.927.8%202559.174.5% 202512 3124202411.28.8%202510.212.9% 202512 318820243.466.1%20251.21.4% 202511.2%20258.920242.8 202499.319.920.1%202579.3 202574.5%202481.927.8%202559.1 202512.9%202411.28.8%202510.2 20251.4%20243.466.1%20251.2 202511.2%20258.9 202490.716.1%202576.1 20248.65.462.1%20253.320248.7%20254.1% 202438.912.4202526.5 4,978,0006,884,0002025122025202512 3125.120254,978,00020241,407,0006,884,00020241,732,000202512 31 VIUDCF 1.VIU 2.VIU 3.DCFDCF 4.DCF DCFVIU(a)DCF(b) 6BetaWACC 1.855%9.428%0.743036.43%25%20.36%4.50%4.200%15.76% 15.76%VIU 5 1.2.3. 25,454,00028,302,000 20252024 202426.52.610.0%202523.9 202460.04.67.7%202555.4 202410.00.11.2%202510.1 202552.5202447.9 202412 31288.12.5202512 31285.6 202412 31143.58.1202512 31135.4 202412 3167.826.6202512 3141.2 202512 318.4202410.2202512 31388.92024338.110.120242.51.5%3.5%20241.5%16.5202418.0362.32024317.62.5%7%20241.5%6%202512 311.2387.7 202512 31662.6%2024331.5%202512 31 202512 31 202512 312024 2025 2025 202512 31 202512 31307202412 3154243.5%202460.4202550.8 2025 202512 312024 2025202512,820,51313,333,333.42025 2026 1. 2. 2025ShopifyFacebookInstagram (KOLs) 2025XLove in the MomentIP 2025 2026 1) 2026 2) POP 3) 1) 2) 3) 2026 4) 1) 2) 202512 31 2025 Teguh Halim 20255 9 2014651 TeguhHalimC.2.1HalimHalimHalim 3.10(1)(2)3.10A 1. 2.3.133.4.5. 1.20255 292.20255 293.TeguhHalim4.20255 29 A.6.5 (i)(ii)(iii)(iv)(v) (i) 3.213.2220146 24 •202412 3120256 30 ••••• (ii) 20146 24TeguhHalim ••• 12 (iii) 20146 24 201812 21 (a)(b)(c)(d)(e)(f)(g)(h)3.13(1)(8) Teguh HalimTeguh Halim •••• (iv) 20173 29Teguh Halim (v) 20173 29Teguh Halim A.2.1(a)(b)(c)(d)(e)(a)(b)(c) 3.2915 201812 21 (a) (b) (c) (d) (e) (f) (g) (h) (i) 13.90 www.ernestborel.ch 5821 5-712Jinfo@ernestborel.ch.(a)(b) 1. ESG 1.1 2014 ODMOEM 1.2 1.3 ESG ESGESGESGESGESG •ESG•ESG•ESG•ESG•ESGESG•ESG••ESGESG ESGESG 1.4 20251 1202512 31 1.5 1.6 C2ESGD 1.7 •••• 2. 2.1 2.2 2.3 5-712J (852) 3628 5511(852) 3582 4933info@ernestborel.ch 3. 3.1 1.202412 31 3.2 (i)(ii)(iii)(iv)3.3 3.3 2025 LED 3.4 •202910% 3.5 3.6 2025D 1. ESGESG 2. 3. 4. 128.0512106.740.0095 + 106.7496.610.00950.0056 120242022ICAO Carbon Emissions Calculator22024320254www.carbonfootprint.comCaDI5202520242025202411,25810,187 202910% ESG 4. 4.1 4.3 • • 4.4 4.5 4.5.1 4.5.2 5. 5.1 5.2 93 中國大陸48 5.3 5.3.1 5.3.2 6. 6.1 6.2 •216•486•514••••• 6.3 6.4 362 486 6.5 7. 7.1 7.2 8. 45919 (i) (ii) (i) (ii) (iii) 19911 1820144 145-712J 202512 3135 14.3%202422.0%47.9%202453.1% 11.8%202424.5%37.4%202451.6% 5% 70133 919 202512 31134 15 73 202512 3153,482,0002024103,909,000 212,739,0002024212,739,000 20252024 2024 202512 312426 28 202512 31 84(3) 68 12 202512 31 2030 202512 31571XV(a)XV78(b)352(c) 202512 31XV352 202512 31XV23336 1.190,834,485208,854,485 2. 3.3,500,0001,374,000 4. 202512 31XV23336 2025 24 14A14A.90 34 202212 9* 202212 9(1)(2)20231 1202512 3130(1)(a)(b)(2)(a)(b) (1) (2) 202312 3120241231202512 31 202312 319,500,000202412 319,500,000202512 319,500,000 202312 31202412 31202512 31 14A.76 202512 311,062,000 (1) (2)(i)(ii)(3)(4)202512 31*20209 2920209 29 300074014A.56 34 202512 31Teguh Halim1,300,000496,6672024Teguh Halim1,300,0002025202412 31 25 202512 31 202512 31 202512 31 2024202512 31 Teguh Halim 70133202512 31 202512 31 5(c)194(l) 202512 31285,586,000 (i)(ii)(iii) 5(a)15 174(i)4(j)4(k) 202512 3120,194,00027,769,000 (i)(ii) 4,978,0006,884,000 (i) (ii)(iii)(iv)(v) • • •••• P0604720263 30 202512 31 202512 31 202512 31 202512 31 1. Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion Hibiscus Way, 802West Bay Road, Grand Cayman, KY1-