2025 ANNUAL REPORT 年報

CONTENTS 目錄

Corporate Information 公司資料	2
Five﹣Year Financial Summary 五年財務概要	5
Chairman's Statement 主席報告	6
Management Discussion and Analysis 管理層討論及分析	10
Biographical Details of Directors and Senior Management 董事及高級管理人員簡介	25
Corporate Governance Report 企業管治報告	35
Environmental, Social and Governance Report 環境、社會及管治報告	68
Directors' Report 董事會報告書	117
Independent Auditor's Report 獨立核數師報告	134
Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表	142
Consolidated Statement of Financial Position 綜合財務狀況表	143
Consolidated Statement of Changes in Equity 綜合權益變動表	145
Consolidated Statement of Cash Flows 綜合現金流量表	147
Notes to the Consolidated Financial Statements 綜合財務報表附註	149

CORPORATE INFORMATION 公司資料

Board of Directors

Executive Directors

Mr. Li Chengjun (Chairman and Chief executive officer) Mr. Xiong Bin (Vice chairman) Mr. Guo Qinglin Mr. Wen Chuanchuan Mr. He Wenyuan Mr. Chan Hoi Shu

Independent Non-executive Directors

Mr. Hung Wai Man Mr. Wong Kwan Kit Mr. Lu Brian Yong Chen Mr. Ching Khei Cheong Christopher Ms. Wang Huihui (appointed on 1 April 2025) Ms. Tseng Chin I (resigned on 1 April 2025)

Committees of the Board

Audit Committee

Mr. Wong Kwan Kit (Chairman) Mr. Lu Brian Yong Chen Mr. Hung Wai Man Mr. Ching Khei Cheong Christopher

Remuneration Committee

Mr. Hung Wai Man (Chairman) Mr. Wong Kwan Kit Mr. Lu Brian Yong Chen Mr. Ching Khei Cheong Christopher Ms. Wang Huihui (appointed on 1 April 2025) Ms. Tseng Chin I (resigned on 1 April 2025)

Nomination Committee

Mr. Li Chengjun (Chairman) Mr. Wong Kwan Kit Mr. Lu Brian Yong Chen Ms. Wang Huihui (appointed on 1 April 2025) Ms. Tseng Chin I (resigned on 1 April 2025)

董事會

執行董事李承軍先生

(主席兼行政總裁) 熊彬先生(副主席) 郭慶林先生溫川川先生何文渊先生陳海書先生

獨立非執行董事

洪為民先生黃昆杰先生呂永琛先生鄭其昌先生王慧慧女士(於二零二五年四月一日獲委任) 曾瀞漪女士(於二零二五年四月一日辭任)

董事會委員會

審核委員會

黃昆杰先生(主席) 呂永琛先生洪為民先生鄭其昌先生

薪酬委員會

洪為民先生(主席) 黃昆杰先生呂永琛先生鄭其昌先生王慧慧女士(於二零二五年四月一日獲委任) 曾瀞漪女士(於二零二五年四月一日辭任)

提名委員會

李承軍先生(主席) 黃昆杰先生呂永琛先生王慧慧女士(於二零二五年四月一日獲委任) 曾瀞漪女士(於二零二五年四月一日辭任)

CORPORATE INFORMATION

公司資料

Company Secretary

Mr. Li Yiu Hong (appointed on 28 February 2025) Ms. Jian Xuegen (resigned on 28 February 2025)

Authorised Representatives

Mr. Xiong Bin Mr. Li Yiu Hong

Auditor

Moore CPA Limited Certified Public Accountants Public Interest Entity Auditors registered in accordance with the Financial Reporting Council Ordinance 1001–1010, North Tower World Finance Centre Harbour City, 19 Canton Road Tsim Sha Tsui, Kowloon Hong Kong

Registered Office in Cayman Islands

P.O. BOX 31119 Grand Pavilion Hibiscus Way 802 West Bay Road Grand Cayman KY1﹣1205 Cayman Islands

Principal Place of Business and Headquarters

33/F, Building 1 Huaqiang Science and Technology Innovation Plaza Meilin Street, No. 6018 North Ring Boulevard Futian District Shenzhen, China

公司秘書

李燿匡先生 (於二零二五年二月二十八日獲委任) 簡雪艮女士 (於二零二五年二月二十八日辭任)

授權代表

熊彬先生李燿匡先生

核數師

大華馬施雲會計師事務所有限公司執業會計師根據財務匯報局條例註冊的公眾利益實體核數師香港九龍尖沙咀廣東道19號海港城環球金融中心北座1001–1010室

開曼群島註冊辦事處

P.O. BOX 31119 Grand Pavilion Hibiscus Way 802 West Bay Road Grand Cayman KY1﹣1205 Cayman Islands

主要營業地點及總部

中國深圳市福田區北環大道6018號梅林街道華強科創廣場 1棟33層

CORPORATE INFORMATION

公司資料

Place of Business In Hong Kong

Unit 702, 7/F Greenfield Tower Concordia Plaza 1 Science Museum Road Tsim Sha Tsui East Kowloon, Hong Kong

Principal Banks

Citibank ICICI Bank Limited

Share Registrars and Transfer Offices

Hong Kong

Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong

Cayman Islands

Tricor Services (Cayman Islands) Limited 2nd Floor, Century Yard Cricket Square, P.O. Box 902 Grand Cayman, KY1﹣1103 Cayman Islands

Stock Name

FUTURE MACH LTD

Stock Code

1401

Company's Website

www.sprocomm.com

香港營業地點

香港九龍尖沙咀東科學館道1號康宏廣場南座 7樓702室

主要銀行

花旗銀行 ICICI Bank Limited

股份過戶登記處

香港

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

開曼群島

Tricor Services (Cayman Islands) Limited 2nd Floor, Century Yard Cricket Square, P.O. Box 902 Grand Cayman, KY1﹣1103 Cayman Islands

股份名稱 未來機器有限公司

股份代號

1401

本公司網站 www.sprocomm.com

FIVE-YEAR FINANCIAL SUMMARY

五年財務概要

Results			業績
				Year ended 31 December 截至十二月三十一日止年度
		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元	2023 二零二三年 RMB'000 人民幣千元	2022 二零二二年 RMB'000 人民幣千元	2021 二零二一年 RMB'000 人民幣千元
Revenue Cost of sales Gross profit Profit/(loss) before tax Profit/(loss) for the year	收益銷售成本毛利除稅前溢利╱(虧損) 年內溢利╱(虧損)	4,350,253 (3,988,428) 361,825 56,310 41,705	2,917,434 (2,659,665) 257,769 20,341 15,609	2,822,921 (2,523,333) 299,588 39,947 31,016	1,450,377 (1,246,747) 203,630 9,825 6,361	2,000,104 (1,827,867) 172,237 (15,859) (18,059)
Profit/(loss) attributable to: – Owners of the Company – Non﹣controlling interests	以下各方應佔溢利╱(虧損): -本公司擁有人 -非控股權益	41,417 288	16,341 (732)	32,369 (1,353)	6,506 (145)	(17,754) (305)
		41,705	15,609	31,016	6,361	(18,059)

Assets and Liabilities

資產及負債

				As at 31 December 十二月三十一日
		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元	2023 二零二三年 RMB'000 人民幣千元	2022 二零二二年 RMB'000 人民幣千元	2021 二零二一年 RMB'000 人民幣千元
Total assets Total liabilities	資產總值負債總額	4,086,959 (3,551,690)	3,395,127 (3,028,593)	3,822,154 (3,470,940)	1,460,989 (1,140,280)	1,102,701 (786,864)
		535,269	366,534	351,214	320,709	315,837
Equity attributable to: – Owners of the Company – Non﹣controlling interests	以下各方應佔權益: -本公司擁有人 -非控股權益	536,554 (1,285)	368,141 (1,607)	352,085 (871)	320,222 487	315,924 (87)
		535,269	366,534	351,214	320,709	315,837

Note: The financial figures for each of the five years ended 31 December 2025/ as at the respective year﹣end were extracted from the consolidated financial statements in the annual reports of 2025, 2024, 2023 and 2022.

附註:截至二零二五年十二月三十一日止五個年度各年╱ 於該等相關年度末的財務數據乃摘錄自二零二五年、二零二四年、二零二三年及二零二二年年報的綜合財務報表。

The summary above does not form part of the audited consolidated financial statements.

以上概要不屬於經審核綜合財務報表的一部分。

On behalf of the board (the "Board") of directors (the "Directors") of Future Machine Limited (the "Company"), I present the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2025 to the shareholders of the Company.

Business Review

During the year ended 31 December 2025, the Group, as one of the leading ODM mobile phone suppliers based in China, continued to focus on the research and development, designing, manufacturing and sale of mobile phones, PCBAs for mobile phones and IoT related products, targeting emerging markets.

In 2025, China's ODM mobile phone market demonstrated resilience amid a recovering domestic smartphone sector. The overall Chinese mobile phone market achieved modest growth, driven by government trade﹣in subsidies and a strong rebound in the fourth quarter led by premium models. Notwithstanding economic pressures and geopolitical challenges, China's ODM mobile phone providers played a pivotal role in enabling efficient, cost﹣effective manufacturing for both domestic and international customers, fostering supply chain stability and advancements in AI﹣enabled and foldable device technologies.

Concurrently, China's IoT products market demonstrated robust growth in 2025, bolstered by national strategies such as "Made in China 2025" and accelerated adoption in industrial, automotive, and consumer applications. Market revenue achieved remarkable growth, fuelled by advancements in 5G connectivity, AI integration, and applications in smart manufacturing, healthcare, and urban infrastructure. This performance highlighted China's leadership in IoT innovation, positioning the sector for continued high﹣growth trajectory amid increasing demand for intelligent and interconnected solutions.

During the year ended 31 December 2025, the Group maintained its robust market position through a diversified product offering and effective pricing approaches. The Group achieved increased order volumes for smartphones and IoT related products, principally from major customers in China and India, underscoring ongoing trust in the Group's quality standards and service excellence. Revenue from these two markets increased by 51.5% to RMB4,081.5 million for the year ended 31 December 2025 from RMB2,693.7 million for the year ended 31 December 2024.

本人謹代表未來機器有限公司(「本公司」)董事(「董事」)會(「董事會」)向本公司股東提呈本公司及其附屬公司(統稱「本集團」)截至二零二五年十二月三十一日止年度的經審核綜合業績。

業務回顧

截至二零二五年十二月三十一日止年度,本集團作為中國領先的ODM手機供應商之一, 一直致力於研發、設計、生產以及銷售手機、手機的印刷電路板組裝以及物聯網相關產品, 著力開拓新興市場。

於二零二五年,隨著中國智能手機行業逐步復甦,中國ODM手機市場展現出其韌性。受惠於政府以舊換新補貼政策,加之第四季度受高端機型推動而實現強勁反彈,中國手機市場整體實現溫和增長。儘管面臨經濟壓力及地緣政治挑戰,中國ODM手機供應商仍發揮關鍵作用,為中國及海外客戶提供高效兼具成本效益的製造服務,促進供應鏈穩定,推動人工智能及摺疊式設備技術的發展。

同時,受惠於「中國製造2025」等國家戰略的支持,以及其在工業、汽車及消費領域應用的加速普及,中國物聯網產品市場於二零二五年展現出強勁增長。在5G連接技術、人工智能整合,及於智能製造、醫療保健及城市基礎設施方面的應用取得突破下,市場收益實現顯著增長。此表現彰顯中國在物聯網創新領域處於領先地位,使該行業得以在對智能互聯解決方案需求日益增長的環境下,持續保持高增長的發展趨勢。

截至二零二五年十二月三十一日止年度,本集團透過多元化的產品組合及有效的定價策略, 持續鞏固其穩健的市場地位。智能手機及物聯網相關產品的訂單量顯著增長,該等訂單主要來自中國及印度主要客戶,顯示市場持續信賴本集團的品質標準及卓越服務。來自上述兩大市場的收益由截至二零二四年十二月三十一日止年度的人民幣2,693.7百萬元增加 51.5%至截至二零二五年十二月三十一日止年度的人民幣4,081.5百萬元。

In summary, the Group delivered strong performance for the year ended 31 December 2025. Revenue increased by 49.1% to RMB4,350.3 million for the year ended 31 December 2025 from RMB2,917.4 million for the year ended 31 December 2024. Net profit increased by 167.3% to RMB41.7 million for the year ended 31 December 2025 from RMB15.6 million for the year ended 31 December 2024.

Highlights of the audited results of the Group for the year ended 31 December 2025, as compared to 2024, are shown in the following table:

綜上所述,本集團於截至二零二五年十二月三十一日止年度錄得強勁表現。收益由截至二零二四年十二月三十一日止年度的人民幣 2,917.4百萬元增加49.1%至截至二零二五年十二月三十一日止年度的人民幣4,350.3百萬元。純利由截至二零二四年十二月三十一日止年度的人民幣15.6百萬元增加167.3%至截至二零二五年十二月三十一日止年度的人民幣41.7百萬元。

本集團截至二零二五年十二月三十一日止年度的經審核業績摘要(與二零二四年相比)載於下表:

		Year ended 31 December 截至十二月三十一日止年度
		2025 二零二五年 (Audited) (經審核)	2024 二零二四年 (Audited) (經審核)
Revenue (RMB'000)	收益(人民幣千元)	4,350,253	2,917,434
Net profit for the year (RMB'000)	年內純利(人民幣千元)	41,705	15,609
Earnings per share – Basic and diluted (RMB cents)	每股盈利 -基本及攤薄(人民幣分)	3.18	(Restated) (經重列) 1.28

Outlook and Strategy

In July 2025, the Company completed the change of name from "Sprocomm Intelligence Limited" to "Future Machine Limited" and adopted the dual foreign name of the Company of "未來機器有限公司". The short stock name for trading in the securities of the Company on the Stock Exchange also changed from "SPROCOMM INTEL" to "FUTURE MACH LTD" in English and "未來機器有限公司" was adopted as the short stock name in Chinese.

The Board considers that the adoption of the new name, Future Machine Limited, better reflects the direction of the future business plans and development of the Company. The Board also believes that the new name can provide the Company with a new corporate image and identity, which will strengthen its future business development.

前景及業務策略

於二零二五年七月,本公司完成由「Sprocomm Intelligence Limited」更名為「Future Machine Limited」,並採納「未來機器有限公司」作為本公司之雙重外文名稱。本公司於聯交所買賣證券之英文股份簡稱亦由「SPROCOMM INTEL」更改為「FUTURE MACH LTD」,並採納「未來機器有限公司」作為中文股份簡稱。

董事會認為,採納新名稱「未來機器有限公司」將能更好地反映本公司未來業務計劃及發展方向。董事會亦相信,新名稱可為本公司營造新的企業形象及身份識別,從而強化其未來業務發展。

Looking ahead, China's ODM mobile phone market is anticipated to present a mix of challenges and opportunities. The Group remains committed to consolidating its leading market position through the execution of targeted strategic initiatives designed to drive sustainable growth and deliver long﹣term value to the shareholders of the Company. By maintaining a focus on innovation and proactively responding to evolving market dynamics, the Group aims to seize emerging opportunities while effectively mitigating potential risks.

The Directors are of the view that the continued integration of artificial intelligence into smartphones and connected devices, together with the global rollout of 5G networks, will drive substantial demand for smartphones and IoT products. To capitalise on these market prospects and maximise shareholder value, the Group adopts a prudent growth strategy focused on strengthening research and development capabilities, expanding and diversifying its product portfolio, enhancing sales and marketing efforts to broaden geographical presence, further diversifying its customer base, and pursuing suitable mergers, acquisitions, and strategic investments as appropriate opportunities arise.

In support of this strategy, the Company proposed a rights issue in July 2025, which was successfully completed in November 2025 with the allotment and issue of 500,000,000 rights shares, raising net proceeds of approximately HK\$138 million. These proceeds are intended to be applied towards expanding production capacity for mobile phones and related products, increasing the workforce, enhancing research and development capabilities, enlarging the automobile business production line, upgrading the Group's ERP system, replenishing working capital, and funding potential mergers, acquisitions, and strategic investments.

展望未來,預期中國ODM手機市場將充滿挑戰和機遇。本集團仍致力於透過實施針對性的戰略計劃,鞏固其市場領先地位,以推動可持續增長並為本公司股東創造長遠價值。本集團將繼續專注創新,積極應對市場轉變,務求在有效管理潛在風險的同時把握新興機遇。

董事會認為,隨著人工智能持續整合至智能手機與互聯裝置,加上5G網路在全球推出, 將帶動智能手機及物聯網產品的龐大需求。為了把握這些市場機遇並為股東爭取最大價值,本集團採取審慎的增長策略,專注於增強研發能力、擴充並豐富產品組合、加強銷售與市場推廣力度以拓展地域覆蓋範圍、進一步擴展客戶基礎,並在適當時機尋求合適的併購及戰略投資機會。

為配合此策略,本公司於二零二五年七月建議進行供股,並於二零二五年十一月成功完成, 配發及發行500,000,000股供股股份,籌得所得款項淨額約為138百萬港元。該等所得款項擬用於擴大手機及相關產品的產能、增加員工數目、提升研發能力、擴大兩輪電動車業務生產線、升級本集團的企業資源規劃系統、補充營運資金,以及為潛在合併、收購及戰略投資提供資金。

As part of the Group's proactive expansion into overseas markets, the Group entered into nine Memoranda of Understanding ("MOUs"). These MOUs establish long﹣term strategic partnerships, based on a collaborative model of shared value and innovation, with reputable telecommunications and mobile phone distribution companies (the "Business Partners") in the United Arab Emirates, Bangladesh, India, Sri Lanka, Türkiye, and other regions between October 2025 and January 2026. These alliances mark a significant milestone in the Group's international strategy, transitioning from the traditional ODM model to exporting integrated solutions in emerging markets with large populations and rising demand for mobile phones and smart devices.

Under the MOUs, the parties will combine strengths for full collaboration, seizing opportunities and jointly developing intellectual properties. The Group will also supply mobile phones and smart devices, assist the Business Partners in brand promotion and market share growth. As at 25 March 2026, the Business Partners placed orders for 2.3 million mobile phones valued at approximately USD160 million.

The Board is confident that these partnerships will enhance the Group's global presence and financial performance. Joint plans will align strategies to maximise penetration, with expected additional orders diversifying revenue. Shared technologies and intellectual properties from collaborative research and development will bolster long﹣term innovation and competitiveness, aligning with core priorities, as the Group expands its telecommunications and AI portfolio to deliver greater shareholder value.

Gratitude

On behalf of the Company, I would like to express my sincere gratitude to our valued shareholders, customers, suppliers, banks and to our management and employees for their continuous trust and support to the Group. The coming year will be full of opportunities and challenges and we will strive our best to create greater value for our shareholders and investors.

By order of the Board Mr. Li Chengjun Chairman

Hong Kong, 27 March 2026

作為本集團積極拓展海外市場的一部分,本集團訂立了九份諒解備忘錄(「諒解備忘錄」)。該等諒解備忘錄於二零二五年十月至二零二六年一月期間,與阿拉伯聯合酋長國、孟加拉、印度、斯里蘭卡、土耳其及其他地區信譽良好的電訊及手機分銷公司(「商業夥伴」), 基於共享價值及創新的合作模式,確立長期策略性合作夥伴關係。此等聯盟標誌著本集團國際化策略的一個重要里程碑,從傳統的 ODM模式轉向於人口龐大、手機及智能設備需求上升的新興市場輸出綜合解決方案。

根據諒解備忘錄,訂約方將結合優勢進行全面合作,把握機遇並共同開發知識產權。本集團亦將供應手機及智能設備,協助商業夥伴推廣品牌及擴大市場份額。於二零二六年三月二十五日,商業夥伴已下單訂購2.3百萬部手機,價值約為160百萬美元。

董事會相信,該等合作關係將提升本集團的全球影響力及財務表現。聯合計劃將調整策略以達致最大的市場滲透率,預期將有額外訂單使收益更多元化。透過合作研發所共享的科技及知識產權,將有助加強長期創新及競爭力,與本集團擴展電訊及人工智能業務組合以創造更大股東價值的核心優先策略一致。

致謝

本人謹代表本公司感謝尊貴股東、客戶、供應商和銀行以及管理層和僱員對本集團一直以來的信任及支持。未來一年將會充滿機遇及挑戰,我們會致力為股東及投資者創造更多價值。

承董事會命主席 李承軍先生

香港,二零二六年三月二十七日

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Business Overview

業務概覽

同時,受惠於「中國製造2025」等國家戰略的支持,以及其在工業、汽車及消費領域應用的加速普及,中國物聯網產品市場於二零二五年展現出強勁增長。在5G連接技術、人工智能整合,以及智能製造、醫療保健及城市基礎設施方面的應用取得突破下,市場收益實現顯著增長。該項成績彰顯中國在物聯網創新領域處於領先地位,令該行業得以在對智能互聯解決方案需求日益增長的環境下,持續保持高增長的發展勢頭。

截至二零二五年十二月三十一日止年度,本集團透過多元化的產品組合及有效的定價策略,鞏固其穩健的市場地位。智能手機及物聯網相關產品的訂單量顯著增加,主要來自中國及印度主要客戶,顯示市場持續信賴本集團的品質標準及卓越服務。來自上述兩大市場的收益由截至二零二四年十二月三十一日止年度的人民幣2,693.7百萬元增加51.5%至截至二零二五年十二月三十一日止年度的人民幣4,081.5百萬元。

管理層討論及分析

Financial Review

Revenue

Revenue by product categories

The Group's product portfolio includes smartphones, feature phones, PCBAs for mobile phones and IoT related products. The Group mainly derives its revenue from the sales of smartphones and IoT products. Set out below is a breakdown of the Group's total revenue by product categories and the revenue generated from each product category as a percentage of total revenue for the year ended 31 December 2025 and 2024:

財務回顧

收益按產品類別劃分的收益

本集團的產品組合包括智能手機、功能型手機、手機用印刷電路板組裝及物聯網相關產品。本集團的收益主要來自銷售智能手機及物聯網產品。下表載列截至二零二五年及二零二四年十二月三十一日止年度按產品類別劃分的總收益及各產品類別產生的收益佔本集團總收益的百分比:

Year ended 31 December

		截至十二月三十一日止年度
		2025		2024
		二零二五年		二零二四年
			% of total		% of total
		RMB'000	revenue	RMB'000	revenue
		人民幣千元	佔總收益的%	人民幣千元	佔總收益的%
Mobile phones	手機
– Smartphones	-智能手機	2,179,257	50.1	1,456,867	50.0
– Feature phones	-功能型手機	251,343	5.8	437,573	14.9

Sub﹣total:	小計:	2,430,600	55.9	1,894,440	64.9

IoT related products	物聯網相關產品	1,775,844	40.8	822,713	28.2
Others (Note)	其他(附註)	143,809	3.3	200,281	6.9

Total	合計	4,350,253	100.0	2,917,434	100.0

Note: Others mainly include revenue from the sales of materials and components of the mobile phones and IoT related products.

附註:其他主要包括銷售手機及物聯網相關的物料及部件的收益。

管理層討論及分析

The Group's total revenue increased by 49.1% to RMB4,350.3 million for the year ended 31 December 2025 from RMB2,917.4 million for the year ended 31 December 2024.

Revenue from mobile phones increased by 28.3% to RMB2,430.6 million for the year ended 31 December 2025 from RMB1,894.4 million for the year ended 31 December 2024, primarily attributed to the increase in sales of smartphones to the PRC and India.

Revenue from IoT related products increased by 115.9% to RMB1,775.8 million for the year ended 31 December 2025 from RMB822.7 million for the year ended 31 December 2024, primarily attributed to the increase in sales orders from major customers in the PRC. Furthermore, the Group's electric vehicles and police body camera products have rapidly gained market traction, and reported substantial increase in revenue.

本集團的總收益由截至二零二四年十二月三十一日止年度的人民幣2,917.4百萬元增加 49.1%至截至二零二五年十二月三十一日止年度的人民幣4,350.3百萬元。

來自手機的收益由截至二零二四年十二月三十一日止年度的人民幣1,894.4百萬元增加 28.3%至截至二零二五年十二月三十一日止年度的人民幣2,430.6百萬元,主要由於向中國及印度銷售的智能手機增加所致。

來自物聯網相關產品的收益由截至二零二四年十二月三十一日止年度的人民幣822.7百萬元增加115.9%至截至二零二五年十二月三十一日止年度的人民幣1,775.8百萬元,主要由於來自中國主要客戶的銷售訂單增加。此外,本集團兩輪電動車及執法儀產品迅速受到市場青睞,其收益於報告期間錄得可觀增長。

管理層討論及分析

Revenue by geographical regions

The Group's products are sold worldwide with strategic focus on emerging markets which have high population and growing demands on mobile phones. Set out below is a breakdown of the Group's total revenue by geographical region and the revenue generated from each region as a percentage of total revenue for the year ended 31 December 2025 and 2024:

按地理位置劃分的收益

本集團向全世界銷售產品,並將人口眾多且手機需求不斷增長的新興市場列為策略重點。下表列載截至二零二五年及二零二四年十二月三十一日止年度按地區劃分的總收益及各地區產生的收益佔本集團總收益的百分比:

		Year ended 31 December
		截至十二月三十一日止年度
			2025		2024
			二零二五年		二零二四年
		% of total			% of total
		RMB'000	revenue	RMB'000	revenue
			人民幣千元佔總收益的%	人民幣千元	佔總收益的%
Emerging Asia	亞洲新興國家
The PRC	中國	3,036,444	69.8	1,702,422	58.4
India	印度	1,045,045	24.0	991,228	33.9
Pakistan	巴基斯坦	21,279	0.5	65,212	2.2
People's Republic of	孟加拉人民共和國
Bangladesh		35,608	0.8	53,426	1.9

Sub﹣total:	小計:	4,138,376	95.1	2,812,288	96.4

Other regions	其他地區
United States of America	美利堅合眾國	83,625	1.9	73,792	2.5
Algeria	阿爾及利亞	31,130	0.7	5,912	0.2
Republic of Yemen	也門共和國	–	–	19,004	0.7
United Arab Emirates	阿拉伯聯合大公國	58,752	1.4	5,605	0.2
Republic of the Sudan	蘇丹共和國	25,920	0.6	–	–
Kingdom of Saudi Arabia	沙特阿拉伯王國	10,137	0.2	–	–
República de Colombia	哥倫比亞共和國	1,584	0.1	–	–
Others	其他	729	–	833	–

Sub﹣total:	小計:	211,877	4.9	105,146	3.6

Total	合計	4,350,253	100.0	2,917,434	100.0

Revenue from the PRC increased by 78.4% to RMB3,036.4 million for the year ended 31 December 2025 from RMB1,702.4 million for the year ended 31 December 2024, primarily attributed to increase in sales orders for smartphones and IoT related products from major customers in the PRC.

來自中國的收益由截至二零二四年十二月三十一日止年度的人民幣1,702.4百萬元增加 78.4%至截至二零二五年十二月三十一日止年度的人民幣3,036.4百萬元,主要由於來自中國主要客戶的智能手機及物聯網相關產品銷售訂單增加。

管理層討論及分析

Revenue from India increased by 5.4% to RMB1,045 million for the year ended 31 December 2025 from RMB991.2 million for the year ended 31 December 2024, primarily attributed to the increase in demand for smartphones from major customers.

Revenue from Pakistan decreased by 67.3% to RMB21.3 million for the year ended 31 December 2025 from RMB65.2 million for the year ended 31 December 2024, primarily attributed to the Group's strategic decision to reserve its production capacity for the sales orders from other geographical regions.

Revenue from People's Republic of Bangladesh decreased by 33.3% to RMB35.6 million for the year ended 31 December 2025 from RMB53.4 million for the year ended 31 December 2024, primarily attributed to decrease in sales orders for smartphones from major customers.

Revenue from the United States of America increased by 13.3% to RMB83.6 million for the year ended 31 December 2025 from RMB73.8 million for the year ended 31 December 2024, resulting from the increase in sales orders for mobile phones and IoT related products.

Revenue from Algeria increased by 427.1% to RMB31.1 million for the year ended 31 December 2025 from RMB5.9 million for the year ended 31 December 2024, primarily attributed to the increase in demand for smartphones.

Revenue from Republic of Yemen decreased to nil for the year ended 31 December 2025 from RMB19.0 million for the year ended 31 December 2024, resulting from the Group's strategic decision to reserve its production capacity for the sales orders from other geographical regions.

Revenue from United Arab Emirates increased by 950% to RMB58.8 million for the year ended 31 December 2025 from RMB5.6 million for the year ended 31 December 2024, resulting from the Group's strategic marketing initiatives in this region.

For the year ended 31 December 2025, the Group's strategic marketing initiatives and proactive international expansion successfully secured inaugural sales orders from new customers in the Republic of the Sudan, the Kingdom of Saudi Arabia and the Republic of Colombia. Revenue from these three regions amounted to RMB25.9 million, RMB10.1 million and RMB1.6 million, respectively.

來自印度的收益由截至二零二四年十二月三十一日止年度的人民幣991.2百萬元增加 5.4%至截至二零二五年十二月三十一日止年度的人民幣1,045百萬元,主要由於主要客戶對智能手機的需求增加。

來自巴基斯坦的收益由截至二零二四年十二月三十一日止年度的人民幣65.2百萬元減少 67.3%至截至二零二五年十二月三十一日止年度的人民幣21.3百萬元,主要歸因於本集團為來自其他地區的銷售訂單預留產能的戰略決策。

來自孟加拉人民共和國的收益由截至二零二四年十二月三十一日止年度的人民幣53.4 百萬元減少33.3%至截至二零二五年十二月三十一日止年度的人民幣35.6百萬元,主要由於來自主要客戶的智能手機銷售訂單減少。

來自美利堅合眾國的收益由截至二零二四年十二月三十一日止年度的人民幣73.8百萬元增加13.3%至截至二零二五年十二月三十一日止年度的人民幣83.6百萬元,由於手機及物聯網相關產品銷售訂單增加。

來自阿爾及利亞的收益由截至二零二四年十二月三十一日止年度的人民幣5.9百萬元增加427.1%至截至二零二五年十二月三十一日止年度的人民幣31.1百萬元,主要由於對智能手機的需求增加。

來自也門共和國的收益由截至二零二四年十二月三十一日止年度的人民幣19.0百萬元減少至截至二零二五年十二月三十一日止年度的零,主要由於本集團為來自其他地區的銷售訂單預留產能的戰略決策。

來自阿拉伯聯合酋長國的收益由截至二零二四年十二月三十一日止年度的人民幣5.6 百萬元增加950%至截至二零二五年十二月三十一日止年度的人民幣58.8百萬元,由於本集團在當地的戰略營銷舉措。

截至二零二五年十二月三十一日止年度,本集團的戰略營銷舉措及積極的國際擴張,成功獲得來自蘇丹共和國、沙特阿拉伯王國及哥倫比亞共和國、新客戶的首批銷售訂單。來自這三個地區的收益分別為人民幣25.9百萬元、人民幣10.1百萬元及人民幣1.6百萬元。

管理層討論及分析

Gross profit and gross profit margin

Gross profit increased by 40.3% to RMB361.8 million for the year ended 31 December 2025 from RMB257.8 million for the year ended 31 December 2024, along with the increase in sales revenue. Gross profit margin remained relatively stable at 8.3% for the year ended 31 December 2025 as compared with 8.8% for the year ended 31 December 2024.

Other gains or losses and income, net

Other gains or losses and income, net mainly include comprises government subsidies, amortisation of government subsidies, bank interest income, interest income from financial assets at FVTPL, gain from changes in fair value of financial assets and liabilities at FVTPL, fair value loss on financial asset at FVTPL and sundry income. The Group's other gains or losses and income, net decreased by 26.2% to RMB54.6 million for the year ended 31 December 2025 from RMB74.0 million for the year ended 31 December 2024, primarily attributed to decrease in bank interest income and government subsidies.

Selling and distribution expenses

Selling and distribution expenses mainly represent transportation and custom declaration expenses, salaries and employee benefits of our sales and marketing staff, business﹣related travelling and entertainment expenses. Selling and distribution expenses or the year ended 31 December 2025 increased by 33.3% to RMB75.7 million from RMB56.8 million for the year ended 31 December 2024, primarily attributed to higher transportation costs, salaries, and marketing expenses aimed at expanding the customer base.

Administrative expenses

Administrative expenses mainly represent salaries and benefits of our administrative and management staff, depreciation, amortisation of intangible assets, general office expenses, legal and professional fees, rental expenses, insurance expenses, bank charges, exchange losses and other miscellaneous administrative expenses. Administrative expenses for the year ended 31 December 2025 increased by 20.4% to RMB82.1 million from RMB68.2 million for the year ended 31 December 2024, primarily attributed to the increase in salaries and contributions to retirement benefit scheme.

毛利及毛利率

毛利由截至二零二四年十二月三十一日止年度的人民幣257.8百萬元增加40.3%至截至二零二五年十二月三十一日止年度的人民幣 361.8百萬元,與銷售收益增加相符。毛利率保持相對穩定,截至二零二五年十二月三十一日止年度為8.3%,而截至二零二四年十二月三十一日止年度為8.8%。

其他收益或虧損及收入淨額

其他收益或虧損及收入淨額主要包括政府補貼、政府補貼攤銷、銀行利息收入、來自按公平值計入損益的金融資產的利息收入、按公平值計入損益的金融資產及負債公平值變動收益、按公平值計入損益的金融資產的公平值虧損及雜項收入。本集團其他收益或虧損及收入淨額由截至二零二四年十二月三十一日止年度的人民幣74.0百萬元減少26.2%至截至二零二五年十二月三十一日止年度的人民幣54.6 百萬元,主要由於銀行利息收入及政府補貼減少所致。

銷售及分銷開支

銷售及分銷開支主要為運輸及清關費用、我們銷售及營銷員工的薪金及僱員福利以及業務相關差旅及酬酢開支。銷售及分銷開支由截至二零二四年十二月三十一日止年度的人民幣56.8百萬元增加33.3%至截至二零二五年十二月三十一日止年度的人民幣75.7百萬元,主要歸因於運輸成本、薪資以及旨在擴大客戶基礎的營銷開支有所增加。

行政開支

行政開支主要為我們行政及管理部門員工的薪金及福利、折舊、無形資產攤銷、一般辦公室開支、法律及專業費用、租金開支、保險開支、銀行費用、匯兌虧損及其他雜項行政開支。行政開支由截至二零二四年十二月三十一日止年度的人民幣68.2百萬元增加20.4%至截至二零二五年十二月三十一日止年度的人民幣82.1百萬元,主要由於薪金與退休福利計劃供款增加所致。

管理層討論及分析

Research and development expenses

Research and development expenses for the year ended 31 December 2025 increased by 28.1% to RMB181.8 million from RMB141.9 million for the year ended 31 December 2024, primarily driven by higher staff costs and moulding expenses related to research and development activities.

Finance costs

Finance costs mainly represent interests on discounted bills and bills under supplier finance arrangement, interest portion of lease liabilities and borrowings. The Group's finance costs for the year ended 31 December 2025 decreased by 24.0% to RMB27.5 million from RMB36.2 million for the year ended 31 December 2024, primarily attributed to repayment of borrowings.

Income tax expenses

For the year ended 31 December 2025, the Group's income tax expenses amounted to RMB14.6 million as compared with RMB4.7 million for the year ended 31 December 2024. The increase in income tax expenses was primarily attributed to the increase in assessable profits for the year ended 31 December 2025. Effective tax rate for the year ended 31 December 2025 was 25.9% (2024: 23.3%).

Net profit for the year

As a result of the above factors, the Group recorded a net profit of RMB41.7 million (2024: RMB15.6 million) for the year ended 31 December 2025. The Group's net profit margin remained relatively stable at 1.0% for the year ended 31 December 2025 from 0.54% for the year ended 31 December 2024.

Dividend

The Board does not recommend the payment of dividend for the year ended 31 December 2025 (2024: nil).

研發開支

研發開支由截至二零二四年十二月三十一日止年度的人民幣141.9百萬元增加28.1%至截至二零二五年十二月三十一日止年度的人民幣181.8百萬元,主要受研發活動相關人工成本及模具開支增加所影響。

融資成本

融資成本主要為貼現票據利息及供應商融資安排下的票據、租賃負債及借款的利息部分。本集團的融資成本由截至二零二四年十二月三十一日止年度的人民幣 36.2 百萬元減少 24.0%至截至二零二五年十二月三十一日止年度的人民幣27.5百萬元,主要歸因於償還借款。

所得稅開支

本集團截至二零二五年十二月三十一日止年度的所得稅開支為人民幣14.6百萬元,而截至二零二四年十二月三十一日止年度則為人民幣4.7百萬元。所得稅開支增加主要是由於截至二零二五年十二月三十一日止年度的應課稅溢利增加。截至二零二五年十二月三十一日止年度的實際稅率為25.9%(二零二四年: 23.3%)。

年內溢利淨額

由於上述各項因素,本集團截至二零二五年十二月三十一日止年度錄得溢利淨額人民幣 41.7百萬元(二零二四年:人民幣15.6百萬元)。本集團的純利率由截至二零二四年十二月三十一日止年度的0.54%至截至二零二五年十二月三十一日止年度的1.0%,仍相對穩定。

股息

董事會不建議派付截至二零二五年十二月三十一日止年度的股息(二零二四年:零)。

管理層討論及分析

Trade and bills receivables

As at 31 December 2025, the Group's trade and bills receivables amounted to RMB1,007.2 million (31 December 2024: RMB587.4 million). The significant increase in trade and bills receivables as at 31 December 2025 was primarily attributed to the increased sales during the year. The Group generally grants credit period ranging from 30 to 120 days to its customers and allows its PRC customers to settle their purchases by way of bills with maturity period ranging from three to seven months.

In order to minimise credit risk, the Group carefully assesses the background information and credit worthiness of its customers before it decides to grant them credit periods. Further, the Group also closely monitors the payment record of its customers and regularly reviews the credit terms granted to them. The Group's credit assessment is based on various factors, including but not limited to the financial strength, size of the business and payment history of customers and length of their business relationship with the Group.

The Group's average trade and bills receivables turnover days for the year ended 31 December 2025 were 66.9 days (2024: 87.3 days), which were within the range of credit periods normally offered by the Group to its customers. The shortened average trade and bills receivables turnover days were primarily attributed to sales increasing at a greater rate than the average trade and bills receivables balance, determined by averaging the opening and closing balances for the period. Based on the dates of the relevant sales invoices, 93.7% of the Group's trade and bills receivables as at 31 December 2025 aged within 90 days.

For the year ended 31 December 2025, the Group recognised reversal of impairment loss allowances of trade and bills receivables of RMB7.0 million (2024: provision for impairment loss allowances of RMB8.4 million).

貿易應收款項及應收票據

於二零二五年十二月三十一日,本集團的貿易應收款項及應收票據為人民幣1,007.2百萬元 (二零二四年十二月三十一日:人民幣587.4 百萬元)。貿易應收款項及應收票據於二零二五年十二月三十一日大幅增加,主要是由於年內銷售增加所致。本集團通常向客戶授出介乎30至120天的信貸期,並容許中國客戶以到期期限介乎三至七個月的票據結付彼等之採購款。

為盡量降低我們的信貸風險,本集團於決定向客戶授出信貸期前謹慎評估其背景資料及信用程度。此外,本集團亦密切監測客戶的支付紀錄,定期審閱我們向彼等授出的信貸期。本集團的信貸評估乃基於多項因素,包括但不限於客戶的財務實力、業務規模及支付紀錄以及彼等與本集團業務關係的年期。

截至二零二五年十二月三十一日止年度,本集團的貿易應收款項及應收票據平均週轉天數為66.9天(二零二四年:87.3天),處於本集團通常向客戶提供的信貸期範圍內。貿易應收款項及應收票據的平均週轉天數縮短, 主要由於銷售增長的幅度較平均貿易應收款項及應收票據結餘的幅度為高,此乃通過該期初及期末結餘的平均值釐定。根據相關銷售發票日期,於二零二五年十二月三十一日, 本集團93.7%的貿易應收款項及應收票據於 90日內到期。

於截至二零二五年十二月三十一日止年度, 本集團確認貿易應收款項及應收票據之減值虧損撥回人民幣7.0百萬元(二零二四年:減值虧損撥備人民幣8.4百萬元)。

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

The Group applies the simplified approach prescribed by HKFRS 9 to assess the expected credit loss (the "ECL") on trade and bills receivables using a lifetime ECL model. The Group determines the ECL on an individual basis and/or collectively by using a provision matrix, estimated based on historical credit loss experience and forward﹣looking information at the end of the reporting period, such as general economic conditions of the industry in which the debtors operate. In line with the Group's credit risk management strategy, internal credit ratings are assigned to customers. Customers are categorised into three internal credit rating buckets within the provision matrix, based on shared credit risk characteristics and past due exposure. The ratings are as follows: (1) Low risk: Customers with good credit standing; (2) Medium risk: Customers with normal credit standing; and (3) High risk: Credit﹣impaired customers. There has been no change in the estimation techniques or significant assumptions made during the year ended 31 December 2025 for estimation of ECL on trade receivables. A debtor assessed as credit impaired with significant outstanding balances with gross carrying amount of RMB12.1 million as at 31 December 2025 (2024: RMB37.8 million) was assessed individually. This substantial reduction in gross carrying amount was primarily due to settlements from a debtor amounting to RMB25,700,000 during the year.

Trade and bills payables

As at 31 December 2025, the Group's trade and bills payables amounted to RMB3,217.9 million (31 December 2024: RMB2,708.5 million). The significant increase in trade and bills payables as at 31 December 2025 was primarily attributed to the increased purchases during the year. Suppliers generally grant the Group credit period ranging from 30 to 60 days, with certain suppliers require the Group to make advance payment before product delivery. The Group has financial risk management policies in place to ensure that all payables are settled within the credit timeframe. Certain suppliers allow the Group to settle its purchases by way of bank acceptance bills and the Group may also endorse certain bills receivables to its suppliers in order to settle the trade payable due to them.

The Group's average trade and bills payables turnover days for the year ended 31 December 2025 were 271.2 days (2024: 402.6 days). The shortened average trade and bills payables turnover days were primarily attributed to the cost of sales increasing at a greater rate than the average trade and bills payables balance, determined by averaging the opening and closing balances for the period.

本集團按香港財務報告準則第9號規定應用簡化方法,使用全期信貸虧損模型評估貿易應收款項及應收票據的預期信貸虧損(「預期信貸虧損」)。本集團運用撥備矩陣(基於過往信貸虧損經驗以及債務人經營行業的整體經濟狀況估計)按個別基準及╱或組合基準釐定預期信貸虧損。為符合本集團的信貸風險管理策略, 已對客戶作出內部信貸評級。我們根據共同信貸風險特徵及逾期風險,在撥備矩陣內將客戶分為三個內部信用等級組別。評級如下:(1) 低風險:信貸狀況良好的客戶;(2)中等風險: 信貸狀況正常的客戶;及(3)高風險:出現信貸減值的客戶。截至二零二五年十二月三十一日止年度,就估計貿易應收款項的預期信貸虧損所使用的估計技術或作出的重大假設並無變動。於二零二五年十二月三十一日被評估為信貸減值且有重大未償還結餘的債務人(賬面總值為人民幣12.1百萬元(二零二四年:人民幣37.8百萬元))已個別進行評估。賬面總值大幅減少主要由於年內債務人償付人民幣 25,700,000元所致。

貿易應付款項及應付票據

於二零二五年十二月三十一日,本集團的貿易應付款項及應付票據為人民幣3,217.9百萬元 (二零二四年十二月三十一日:人民幣2,708.5 百萬元)。貿易應付款項及應付票據於二零二五年十二月三十一日大幅增加,主要由於年內採購增加。供應商通常授予本集團介乎 30至60日的信貸期,其中若干供應商要求本集團於交付產品前預先付款。本集團訂有金融風險管理政策以確保所有應付款項於信貸期限內結清。若干供應商允許本集團以銀行承兌票據的方式結算採購款。本集團亦向若干供應商背書若干應收票據,以償付結欠彼等之貿易應付款項。

截至二零二五年十二月三十一日止年度,本集團貿易應付款項及應付票據的平均週轉天數分別為271.2天(二零二四年:402.6天)。貿易應付款項及應付票據平均週轉天數縮短, 主要由於銷售成本增長的幅度較平均貿易應付款項及應付票據結餘的幅度為高,此乃通過該期初及期末結餘的平均值釐定。

管理層討論及分析

Capital Structure, Liquidity, Financial Resources and Gearing

The Group mainly funds its business and working capital requirements by using a balanced mix of internal resources, borrowings and funds raised from rights issue.

The funding mix will be adjusted depending on the costs of funding and the actual needs of the Group. For the year ended 31 December 2025, the Group recorded a negative cash flow from operating activities of RMB230.6 million (Year ended 31 December 2024: negative cash flow of RMB27.1 million), primarily attributed to the increase in trade and bills receivables.

As at 31 December 2025, the Group had net current assets of RMB447.8 million (31 December 2024: RMB286.6 million), cash and cash equivalents amounted to RMB153.3 million (31 December 2024: RMB79.4 million), pledged bank deposits of RMB2,139.1 million (31 December 2024: RMB2,127.3 million) and borrowings amounted to RMB91.7 million (31 December 2024: RMB147.7 million). The Group's cash and cash equivalents and bank borrowings as at 31 December 2025 were mainly denominated in RMB.

As at 31 December 2025, the Group had borrowings of RMB91.6 million (31 December 2024: RMB122.9 million) subject to fixed interest rates, with no borrowings subject to variable interest rates (31 December 2024: RMB24.8 million). As at 31 December 2025, the Group had a current ratio of 1.1 times (31 December 2024: 1.1 times) and gearing ratio of 0.2 (calculated by dividing total debt by total equity) (31 December 2024: 0.4).

As at 31 December 2025, the Group's unutilised borrowing facilities amounted to RMB126.6 million (31 December 2024: RMB162.7 million).

資本架構、流動資金、財務資源及資本負債

本集團主要透過平衡地動用內部資源、借款及供股所得款項撥付業務及營運資金需求。

資金組合將根據資金成本及本集團實際需求進行調整。截至二零二五年十二月三十一日止年度,本集團錄得經營活動負現金流量人民幣 230.6百萬元(截至二零二四年十二月三十一日止年度:負現金流量人民幣27.1百萬元), 主要由於貿易應收款項及應收票據增加所致。

於二零二五年十二月三十一日,本集團的流動資產淨值為人民幣447.8百萬元(二零二四年十二月三十一日:人民幣286.6百萬元), 現金及現金等價物為人民幣153.3百萬元(二零二四年十二月三十一日:人民幣79.4百萬元),已抵押銀行存款為人民幣2,139.1百萬元 (二零二四年十二月三十一日:人民幣2,127.3 百萬元),而借款為人民幣91.7百萬元(二零二四年十二月三十一日:人民幣147.7百萬元)。本集團於二零二五年十二月三十一日的現金及現金等價物和銀行借款主要以人民幣計值。

於二零二五年十二月三十一日,本集團有固定利率的借款人民幣91.6百萬元(二零二四年十二月三十一日:人民幣122.9百萬元), 且並無按浮動利率的借款(二零二四年十二月三十一日:人民幣24.8百萬元)。於二零二五年十二月三十一日,本集團流動比率為1.1倍 (二零二四年十二月三十一日:1.1倍),而資本負債比率(按總債務除以總權益計算得出) 為0.2(二零二四年十二月三十一日:0.4)。

於二零二五年十二月三十一日,本集團的未動用借款融資金額為人民幣126.6百萬元(二零二四年十二月三十一日:人民幣162.7百萬元)。

管理層討論及分析

Capital Expenditure

For the year ended 31 December 2025, the Group incurred cash flows on capital expenditures for the purchase of properties, plant and equipment in the amount of RMB17.1 million (2024: RMB17.6 million); and intangible assets in the amount of RMB4.2 million (2024: RMB0.9 million), respectively.

Capital Commitments

As at 31 December 2025, the Group did not have any capital commitments (31 December 2024: nil).

Contingent Liabilities

As at 31 December 2025, the Group did not have any material contingent liabilities or guarantees (31 December 2024: nil).

Pledge of Assets and Restricted Deposit

As at 31 December 2025, the Group pledged trade and bills receivables with carrying amount of RMB6.6 million (31 December 2024: RMB5.1 million), bank deposits with carrying amount of RMB2,139.1 million (31 December 2024: RMB2,127.3 million) and land and building with carrying amount of RMB41.5 million (31 December 2024: RMB47.4 million) to secure its borrowings and banking facilities.

Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures

During the year ended 31 December 2025 and 2024, the Group did not have any material acquisitions and disposals of subsidiaries, associates or joint ventures.

Significant Investments Held by the Group

Saved as disclosed herein, the Group did not make any other significant investments during the year ended 31 December 2025.

資本開支

截至二零二五年十二月三十一日止年度,本集團就收購物業、廠房及設備分別產生資本開支現金流量人民幣17.1百萬元(二零二四年: 人民幣17.6百萬元)及無形資產人民幣4.2百萬元(二零二四年:人民幣0.9百萬元)。

資本承擔

於二零二五年十二月三十一日,本集團並無任何資本承擔(二零二四年十二月三十一日: 零)。

或然負債

於二零二五年十二月三十一日,本集團並無任何重大或然負債或擔保(二零二四年十二月三十一日:零)。

資產抵押及受限制存款

於二零二五年十二月三十一日,為取得借款及銀行融資,本集團已抵押賬面值為人民幣6.6 百萬元(二零二四年十二月三十一日:人民幣 5.1百萬元)的貿易應收款項及應收票據、賬面值為人民幣2,139.1百萬元(二零二四年十二月三十一日:人民幣2,127.3百萬元)的銀行存款及賬面值為人民幣41.5百萬元(二零二四年十二月三十一日:人民幣47.4百萬元)的土地及樓宇。

重大收購及出售附屬公司、聯營公司及合資企業

截至二零二五年及二零二四年十二月三十一日止年度,本集團並無任何重大收購及出售附屬公司、聯營公司或合資企業。

本集團持有的重大投資

除本公告所披露者外,截至二零二五年十二月三十一日止年度,本集團並無任何其他重大投資。

管理層討論及分析

Future Plans for Material Investments and Capital Assets

Saved as disclosed in the Company's prospectus dated 12 September 2025 and the section headed "Use of Proceeds from the Rights Issue" in this annual report, the Group did not have any future plans for material investments and capital assets during the year ended 31 December 2025.

Foreign Exchange Risks

The Group is exposed to foreign currency risk primarily through the operations of its Hong Kong subsidiary, whose functional currency is USD and has significant RMB﹣denominated liabilities. This gives rise to foreign currency exposure from the translation of these liabilities into USD. All other operations of the Group are mainly transacted in RMB.

The Group has several derivative financial instruments. During the year ended 31 December 2025, the Group held USD/HKD foreign exchange forward contracts and USD/HKD currency options sold short, both maturing within one year, with a notional amount of USD53,000,000 (equivalent to RMB372,526,000) and USD160,000,000 (equivalent to RMB1,124,608,000) respectively. Given the pegged exchange rate system between the Hong Kong dollar and the United States dollar, any exchange difference arising from these instruments does not expect to have an material financial impact.

Saved as disclosed herein, the Group currently does not have a foreign currency hedging policy. However, the management monitors foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise.

Employees, Remuneration Policy and Training

As at 31 December 2025, the Group had 1,641 employees (31 December 2024: 1,414 employees), whose remunerations and benefits are determined based on market rates, government policies and individual performance. For the year ended 31 December 2025, the Group's total staff costs (including directors' emoluments, salaries, allowances and other benefits and contributions to retirement benefits scheme) amounted to RMB219.6 million (2024: RMB188.8 million). To provide incentives or rewards to its employees, the Company adopted a share option scheme, particulars of which are set out in the section headed "Share option scheme" in this annual report. The Group provides comprehensive training and development opportunities to its employees on a regular basis. The trainings are arranged according to needs of employees, which are identified annually by individual departments.

重大投資及資本資產的未來計劃

除本公司日期為二零二五年九月十二日的供股章程以及本年報「供股所得款項用途」一節所披露者外,本集團於截至二零二五年十二月三十一日止年度並無任何有關重大投資及資本資產的未來計劃。

外匯風險

本集團主要因其香港附屬公司的業務而承受外匯風險,該附屬公司的功能貨幣為美元,並擁有重大人民幣計值負債。因此,將該等負債換算為美元會產生外匯風險。本集團所有其他業務主要以人民幣進行交易。

本集團擁有若干衍生金融工具。於截至二零二五年十二月三十一日止年度,本集團持有美元╱港元外匯遠期合約及美元╱港元貨幣賣出期權,均於一年內到期,名義金額分別為 53,000,000美元(相當於人民幣372,526,000 元)及 160,000,000 美元(相當於人民幣 1,124,608,000元)。鑒於港元與美元之間的聯繫匯率制度,該等工具產生的任何匯兌差額預期不會對財務造成重大影響。

除本文所披露者外,本集團現時並無外匯對沖政策。然而,管理層監察外匯風險,並將於有需要時考慮對沖重大外匯風險。

僱員、薪酬政策及培訓

於二零二五年十二月三十一日,本集團有1,641 名僱員(二零二四年十二月三十一日:1,414 名僱員)。僱員的薪酬及福利乃按市場水平、政府政策及個人表現釐定。截至二零二五年十二月三十一日止年度,本集團的總員工成本(包括董事酬金、薪水、津貼與其他福利及退休福利計劃供款)為人民幣219.6百萬元(二零二四年:人民幣188.8百萬元)。為激勵及獎賞僱員,本公司已採納一項購股權計劃,有關詳情載於本年報「購股權計劃」一節。本集團定期為僱員提供全面的培訓及發展機會。本集團按僱員需求安排培訓,僱員需求每年由各部門確定。

管理層討論及分析

Use of Proceeds from the Rights Issue

On 23 July 2025, the Company proposed a rights issue of 500,000,000 rights shares (the "Rights Issue") on the basis of one (1) rights share for every two (2) shares held on the record date on a non﹣underwritten basis, at the subscription price of HK\$0.28 per rights share. Upon completion of the Rights Issue on 11 November 2025 (the "Completion"), a total of 500,000,000 rights shares were issued pursuant to the terms of the Rights Issue. The net proceeds from the Rights Issue after deducting all relevant expenses were approximately HK\$138 million (the "Net Proceeds").

供股所得款項用途

於二零二五年七月二十三日,本公司建議按非包銷基準於記錄日期每持有兩(2)股股份獲發一(1)股供股股份的基準,以每股供股股份0.28 港元的認購價,進行500,000,000股供股股份的供股(「供股」)。供股於二零二五年十一月十一日完成(「完成」)後,已根據供股條款合共發行500,000,000股供股股份。扣除所有相關開支後的供股所得款項淨額約為138,000,000 港元(「所得款項淨額」)。

Details of the actual utilisation of the Net Proceeds are as follows:

所得款項淨額的實際用途詳情如下:

Planned use of the Net Proceeds 所得款項淨額擬定用途	Allocation of the Net Proceeds 所得款項淨額分配 HK\$'million (approximate) 百萬港元	Utilised Net Proceeds as at 31 December 2025 於二零二五年十二月三十一日已動用所得款項淨額 HK\$'million (approximate) 百萬港元	Remaining Net Proceeds as at 31 December 2025 於二零二五年十二月三十一日剩餘所得款項淨額 HK\$'million (approximate) 百萬港元	Expected timeline for utilising remaining Net Proceeds 動用未動用所得款項淨額的預期時間表
	(概約)	(概約)	(概約)
Address the genuine funding needs of the Group's mobile phone and related products business, in particular, for the additional working capital required to complete new business contracts entered into by the Group in the first quarter of 2025	79	29.5	49.5	Within 6 months upon the Completion
滿足本集團手機及相關產品業務的真正資金需求, 尤其是用於完成本集團於二零二五年第一季度訂立的新業務合約所需額外營運資金				完成後6個月內
Expand production lines, enhance workforce capacity, and advance research and development initiatives of the Group's mobile phone and related products business	12	–	12	Within 10 months upon the Completion
擴充生產線、提升員工能力,以及推進本集團手機及相關產品業務的研發工作				完成後10個月內

管理層討論及分析

	Allocation of the	Utilised Net Proceeds as at 31 December	Remaining Net Proceeds as at 31 December	Expected timeline for utilising remaining
Planned use of the Net Proceeds	Net Proceeds	2025 於二零二五年十二月三十一日	2025 於二零二五年十二月三十一日	Net Proceeds 動用未動用
所得款項淨額擬定用途	所得款項淨額分配 HK\$'million (approximate) 百萬港元 (概約)	已動用所得款項淨額 HK\$'million (approximate) 百萬港元 (概約)	剩餘所得款項淨額 HK\$'million (approximate) 百萬港元 (概約)	所得款項淨額的預期時間表
Expand the Group's automobile business 擴充本集團兩輪電動車業務	5	0.5	4.5	Within 12 months upon the Completion 完成後12個月內
Enhance the Group's Enterprise Resource Planning system 提升本集團的企業資源規劃系統	2	–	2	Within 14 months upon the Completion 完成後14個月內
General working capital and general corporate purposes (Note) 一般營運資金及一般企業用途(附註)	20	7.3	12.7	Within 11 months upon the Completion 完成後11個月內
Mergers, acquisitions, and strategic investments, with a particular focus on exploring potential opportunities in the artificial intelligence sector 合併、收購及戰略投資,尤其專注於探索人工智能領域之潛在機遇	20	–	20	Within 25 months upon the Completion 完成後25個月內
Total 總計	138	37.3	100.7

Note: The allocated Net Proceeds were utilised for the payment of administrative expenses, including but not limited to salaries and staff related expenses, rent, utilities and other administrative expenses.

For further details of the Rights Issue, please refer to the Company's announcements dated 23 July 2025, 7 August 2025, 21 August 2025, 6 October 2025 and 10 November 2025 and the Company's prospectus dated 12 September 2025.

附註:已動用的所得款項淨額用於支付行政開支,包括但不限於薪金及員工相關開支、租金、水電開支及其他行政開支。

有關供股的進一步詳情,請參閱本公司日期為二零二五年七月二十三日、二零二五年八月七日、二零二五年八月二十一日、二零二五年十月六日及二零二五年十一月十日的公告, 以及本公司日期為二零二五年九月十二日的供股章程。

管理層討論及分析

Pension Scheme

The employees of the Group's subsidiaries established in the PRC are required to participate in a state﹣managed retirement benefit scheme (the "Defined Contribution Scheme") operated by the PRC government. The Group is required to contribute a certain percentage of basic payroll costs to the Defined Contribution Scheme.

The Group's contributions to the Defined Contribution Scheme vest fully and immediately with the employees. Accordingly, (i) for the year ended 31 December 2025, there was no forfeiture of contributions under the Defined Contribution Scheme; and (ii) there were no forfeited contributions available for the Group to reduce its existing level of contributions to the Defined Contribution Scheme as at 31 December 2025. The contributions are charged to profit or loss as they become payable in accordance with the rules of the Defined Contribution Scheme.

Event after the reporting period

Saved as disclosed herein, the Group does not have any important events after the year ended 31 December 2025 and up to the date of this annual report.

退休金計劃

本集團於中國成立的附屬公司,其僱員須參與由中國政府營運的國家管理退休福利計劃(「定額供款計劃」)。本集團須按基本薪金成本的若干百分比率對定額供款計劃供款。

本集團對定額供款計劃的供款,全額即時歸僱員所有。據此,(i)截至二零二五年十二月三十一日止年度,並無定額供款計劃項下的供款遭到沒收;及(ii)於二零二五年十二月三十一日,並無遭沒收供款可由本集團用於降低定額供款計劃的現有供款水平。供款根據定額供款計劃規則變成應付時於損益扣除。

報告期後事項

除本公告所披露者外,本集團於截至二零二五年十二月三十一日止年度內及截至本年報日期止並無發生任何重大事項。

Executive Directors

Mr. LI Chengjun (李承軍), aged 53, is an executive Director, the chief executive officer and the chairman of the Board and is mainly responsible for corporate strategic planning, overseeing the overall operations, day﹣to﹣day management and business development of the Group. Mr. Li established Shenzhen Sprocomm Telecommunication Technology Co., Ltd.* (深圳禾苗通信科技有限公司) ("Shenzhen Sprocomm"), the main operating subsidiary of the Group, with Mr. Xiong Bin on 16 September 2009. He is also currently the director of the Company's subsidiaries, namely Shenzhen Sprocomm, Sprocomm Intelligence (HK) Holdings Limited (禾苗智能控股有限公司), Sprocomm Technologies Co., Ltd. (禾苗通信科技有限公司), Sprocomm Technologies Co., Ltd. (禾苗通信科技(香港)有限公司), Guizhou Sprocomm Telecommunication Technology Co., Ltd.* (貴州禾苗通信科技有限公司), Chengdu Sprocomm Cloud Technology Co., Ltd.* (成都禾苗雲科技有限公司), Guizhou Mars Exploration Technology Co., Ltd.* (貴州火星探索科技有限公司), Grace Kirin Limited (俊麟有限公司), Xiaohe Growth Shenzhen Technology Co., Ltd.* (小禾成長深圳科技有限公司) and Shenzhen Fengma New Energy Technology Co., Ltd.* (深圳風馬新能源科技有限公司). Mr. Li is a director of Leap Elite Limited, a controlling Shareholder of the Company.

Mr. Li has more than 20 years of relevant experience in the mobile communications industry. Prior to joining the Group, Mr. Li held a senior management position in the wireless network department and terminal department of Shenzhen Huawei Technologies Co., Ltd* (深圳華為技術有限公司), a company principally engaged in the telecommunication equipment business from April 1997 to February 2007, where he was mainly responsible for the research and development of communication terminal and sales and marketing. From August 2007 to June 2009, Mr. Li served as the chief executive officer of the business operation headquarters of SIM Technology Group Limited (晨訊科技集團有限公司) (stock code of Stock Exchange: 02000) ("SIM Technology"), a company whose shares are listed on the Stock Exchange and is principally engaged in the manufacturing, design and development and sale of liquid crystal display modules, mobile handset solutions, and wireless communication module solutions, where he was mainly responsible for overseeing its PRC operation and management. Mr. Li graduated from Beihang University (北京航空航天大學) in July 1994 with a bachelor degree majoring in electrical technology, and then, graduated with a master degree of engineering in March 1997.

執行董事

李承軍先生,53歲,為執行董事、行政總裁及董事會主席,主要負責本集團的公司策略規劃、監管整體營運、日常管理及業務發展。李先生於二零零九年九月十六日與熊彬先生共同成立本集團主要營運附屬公司深圳禾苗通信科技有限公司(「深圳禾苗」)。彼現亦為本公司附屬公司深圳禾苗、禾苗智能控股有限公司、禾苗通信科技有限公司、禾苗通信科技(香港) 有限公司、貴州禾苗通信科技有限公司、成都禾苗雲科技有限公司、貴州火星探索科技有限公司、俊麟有限公司、小禾成長深圳科技有限公司及深圳風馬新能源科技有限公司的董事。李先生為本公司控股股東立堅有限公司的董事。

李先生擁有逾20年的移動通訊行業相關經驗。於加入本集團之前,李先生於一九九七年四月至二零零七年二月曾擔任深圳華為技術有限公司(一間主要從事電訊設備業務的公司) 無線網絡部及終端部的高級管理職位,主要負責通訊終端的研發及銷售與營銷。於二零零七年八月至二零零九年六月,李先生曾擔任晨訊科技集團有限公司(聯交所股份代號: 02000)(「晨訊科技」,其股份於聯交所上市並主要從事液晶顯示模塊、手機解決方案及無線通訊模塊解決方案的製造、設計與開發及銷售)業務營運總部的行政總裁,主要負責監督其中國的營運及管理。李先生於一九九四年七月畢業於北京航空航天大學,獲得電子技術專業學士學位,其後於一九九七年三月獲得工程碩士學位。

^* For identification purpose only

Mr. XIONG Bin (熊彬), aged 48, is an executive Director and vice chairman of the Board and is mainly responsible for overseeing the sales and marketing of the Group. Mr. Xiong is one of the founders of Shenzhen Sprocomm on 16 September 2009. He is also currently the director and vice general manager of Shenzhen Sprocomm, the director of Windhorse Technologies INC. (美國風馬新能源科技有限公司) and the supervisor of Shanghai Sprocomm Telecommunication Technology Co., Ltd.* ( 上海禾苗通信科技有限公司 ) , G u i z h o u S p r o c o m m Telecommunication Technology Co., Ltd.* (貴州禾苗通信科技有限公司), Guizhou Mars Exploration Technology Co., Ltd.* (貴州火星探索科技有限公司), Shenzhen Fengma New Energy Technology Co., Ltd.* (深圳風馬新能源科技有限公司) and Luzhou Sprocomm Telecommunication Technology Co., Ltd.* (瀘州禾苗通信科技有限公司) (formerly known as Luzhou Sipukang Technology Co., Ltd.* (瀘州思普康科技有限公司)). Mr. Xiong is a director of Beyond Innovation Limited, a controlling Shareholder of the Company. Mr. Xiong has over 15 years of relevant experience in the mobile communications industry. Prior to joining the Group, Mr. Xiong served in Amoi Electronics Co., Ltd. (夏新電子股份有限公司) ("Amoi Electronics") from July 1999 to May 2008, where he first served as the vice general manager of finance department responsible for handling the export business and finance work of the overseas subsidiaries and later as the vice general manager of the overseas sales department responsible for overseas sales of smartphone products. Amoi Electronics is principally engaged in research, manufacturing and sales of smartphone and other electronic products. From May 2008 to August 2009, Mr. Xiong served as the general manager of the overseas sales department of SIM Technology, where he was mainly responsible for marketing and sales of the overseas smartphone ODM business. Mr. Xiong graduated from Huazhong University of Science and Technology (華中理工大學) in June 1999 and obtained a bachelor degree of economics majoring in taxation. Mr. Xiong also obtained the qualification of Certified Public Accountant (non﹣practising) in the PRC in December 2004.

熊彬先生,48歲,為執行董事及董事會副主席,主要負責監管本集團的銷售及市場推廣。熊先生於二零零九年九月十六日成為深圳禾苗創辦人之一。彼現亦為深圳禾苗的董事兼副總經理,美國風馬新能源科技有限公司的董事和上海禾苗通信科技有限公司、貴州禾苗通信科技有限公司、貴州火星探索科技有限公司、深圳風馬新能源科技有限公司及瀘州禾苗通信科技有限公司(前稱瀘州思普康科技有限公司)的監事。熊先生為本公司控股股東超新有限公司的董事。熊先生擁有逾15年的移動通訊行業相關經驗。於加入本集團之前,自一九九九年七月至二零零八年五月,熊先生曾任職於夏新電子股份有限公司(「夏新電子」),首先擔任財務部副總經理,負責處理出口業務及海外附屬公司的財務工作,其後擔任海外銷售部副總經理,負責智能手機產品的海外銷售。夏新電子主要從事智能手機及其他電子產品的研究、製造及銷售。於二零零八年五月至二零零九年八月,熊先生曾擔任晨訊科技的海外銷售部總經理,主要負責海外智能手機ODM業務的營銷與銷售。熊先生於一九九九年六月畢業於華中理工大學, 獲得稅務專業經濟學學士學位。此外,熊先生於二零零四年十二月取得中國註冊會計師(非執業)資格。

^* For identification purpose only

Mr. GUO Qinglin (郭慶林), aged 43, is an executive Director and is mainly responsible for managing the operation of supply chain and sales activities of the Group. He is also currently the director of the supply chain operation centre of Shenzhen Sprocomm and a supervisor of Shenzhen Sprocomm. Mr. Guo has approximately 13 years of relevant experience in the mobile communications industry. Prior to joining the Group, Mr. Guo served as a manager in the overseas sales department of Amoi Electronics from September 2005 to December 2008, where he was mainly responsible for developing overseas customers, maintaining the customer relationship and sales of the company's main products. From April 2009 to December 2009, Mr. Guo served as sales director in the overseas sales department of Nanjing Wanlida Technology Co., Ltd.* (南靖萬利達科技有限公司 ), a company principally engaged in the production of computers, mobile phones and projectors, where he was mainly responsible for developing overseas customers, maintaining the customer relationship and sales of the company's main products. Mr. Guo graduated from Jimei University* (集美大學) in July 2005 and obtained a bachelor degree of economics majoring in international economy and trading.

郭慶林先生,43歲,為執行董事,主要負責管理本集團的供應鏈運作及銷售活動。彼現亦為深圳禾苗供應鏈營運中心總監及深圳禾苗之監事。郭先生擁有約13年的移動通訊行業相關經驗。於加入本集團之前,郭先生於二零零五年九月至二零零八年十二月曾擔任夏新電子的海外銷售部經理,主要負責發展海外客戶、維持客戶關係及公司主要產品的銷售。於二零零九年四月至二零零九年十二月, 郭先生曾擔任南靖萬利達科技有限公司(一間主要從事計算機、手機及投影儀生產的公司) 的海外銷售部銷售總監,主要負責開發海外客戶、維護客戶關係及公司主要產品的銷售。郭先生於二零零五年七月畢業於集美大學, 獲得國際經濟與貿易專業經濟學學士學位。

^* For identification purpose only

Mr. WEN Chuanchuan (溫川川), aged 40, was appointed as an executive Director with effect from 1 June 2021. Prior to Mr. Wen's appointment as an executive Director, he is a member of the senior management of the Company. Since 21 September 2016, Mr. Wen has been serving as the director of the manufacturing centre of Shenzhen Sprocomm Telecommunication Technology Co., Ltd.* (深圳禾苗通信科技有限公司), a company established under the laws of the PRC and an indirect wholly﹣owned subsidiary of the Company, and has been responsible for supervising the operation of the production plants of the Group. He is also currently (i) the director and general manager of Luzhou Sprocomm Telecommunication Technology Co., Ltd.* (瀘州禾苗通信科技有限公司), formerly known as Luzhou Sipukang Technology Co., Ltd.* (瀘州思普康科技有限公司), a company established under the laws of the PRC and an indirect wholly﹣ owned subsidiary of the Company; and (ii) the general manager of Chengdu Sprocomm Cloud Technology Co., Ltd.* (成都禾苗雲科技有限公司), a company established under the laws of the PRC and an indirect non﹣wholly﹣owned subsidiary of the Company. Prior to joining the Group, Mr. Wen worked as an assistant engineer of Huawei Machine Company Limited* (華為機器有限公司), a company principally engaged in research, development, manufacturing and sales of communication products from July 2011 to October 2014, where he was mainly responsible for reviewing the manufacturing plan and leading trial verification for new smartphone products. Mr. Wen served as a director of the assembly plant of Shenzhen Andao Yunke Company Limited* (深圳安道雲科股份有限公司), a company principally engaged in development and manufacturing of smart terminals, capacitive touch screens, machine assembly, metal and glass components and mobile phone accessories from November 2014 to September 2016, where he was responsible for the establishment of machine assembly department and assisting in the operation of the company's departments and subsidiaries.

Mr. Wen graduated from the Northwest A&F University (西北農林科技大學) with a bachelor's degree of management majoring in electronic commerce in the PRC in July 2008. In June 2011, Mr. Wen graduated from the Xi'an Jiaotong University* (西安交通大學管理學院) and obtained a master's degree of engineering majoring in industrial engineering.

溫川川先生,40歲,已獲委任為執行董事, 自二零二一年六月一日起生效。委任溫先生為執行董事之前,彼為本公司高級管理層成員。自二零一六年九月二十一日起,溫先生一直擔任深圳禾苗通信科技有限公司(一間根據中國法律成立的公司,並為本公司間接全資附屬公司)之董事,負責監督本集團生產廠房的營運。彼現時亦為(i)瀘州禾苗通信科技有限公司(前稱瀘州思普康科技有限公司)(一間根據中國法律成立的公司,並為本公司間接全資附屬公司)之董事及總經理;及(ii)成都禾苗雲科技有限公司(一間根據中國法律成立的公司,並為本公司間接全資附屬公司)之總經理。加入本集團之前,溫先生於二零一一年七月至二零一四年十月為華為機器有限公司(一間主要從事通訊產品的研究、開發、製造及銷售的公司)的助理工程師,主要負責審閱生產計劃及領導新智能手機產品的測試驗證。溫先生於二零一四年十一月至二零一六年九月曾擔任深圳安道雲科股份有限公司(一間主要從事開發及製造智能終端、電容式觸摸屏、機器組裝、金屬和玻璃組件以及手機配件的公司) 的裝配廠廠長,負責組建機器裝配部以及協助公司各部門及附屬公司的運作。

溫先生於二零零八年七月畢業於中國西北農林科技大學,獲電子商務專業管理學學士學位, 並於二零一一年六月畢業於西安交通大學管理學院,獲工業工程專業工程碩士學位。

^* For identification purpose only

Mr. HE Wenyuan (何文渊), aged 45, was appointed as an executive Director, with effect from 2 December 2024. Prior to Mr. He's appointment as an executive director of the Company, he is a member of the senior management of the Company responsible for overseeing and managing the Group's research and development. Since 24 November 2009, Mr. He has been serving as the vice president and director of software research and development of Shanghai Sprocomm Telecommunication Technology Co., Ltd.* ( 上海禾苗通信技術有限公司 ), a company established under the laws of the PRC and an indirect wholly﹣owned subsidiary of the Company. Since 1 June 2021, Mr. He has been serving as the president, managing director and legal representative of Shanghai Sprocomm Telecommunication Technology Co., Ltd.* (上海禾苗通信技術有限公司). Prior to joining the Group, Mr. He worked as software engineer of Huanda Computing Shanghai Company Limited* (環達電腦上海有限公司), a company principally engaged in hardware and software research and development for intelligent terminal products from July 2003 to December 2005, where he was mainly responsible for development of software for smart phones. Mr. He worked as senior software engineer of Huaqin Technology Co., Ltd* (華勤技術股份有限公司), a company principally engaged in research and development, manufacturing and operating of smart products from December 2005 to June 2007, where he was mainly responsible for development of software for smart phones as well as project management. Mr. He worked as head of the 6th research and development department of Huanda Computing Shanghai Company Limited* (環達電腦上海有限公司) from September 2007 to April 2009, where he was mainly responsible for leading the team on research and development of smart phones and car navigation. Mr. He graduated from Sichuan University with a bachelor's degree of computer science and technology in July 2003.

何文渊先生,45歲,已獲委任為執行董事, 自二零二四年十二月二日起生效。在何先生獲委任為本公司執行董事前,彼為本公司高級管理層成員,負責監督及管理本集團的研究及開發。自二零零九年十一月二十四日起, 何先生擔任上海禾苗通信技術有限公司(一間根據中國法律成立的公司,為本公司的間接全資附屬公司)的副總裁兼軟件研發總監。自二零二一年六月一日起,何先生擔任上海禾苗通信技術有限公司的總裁、董事總經理兼法定代表人。加入本集團前,何先生於二零零三年七月至二零零五年十二月擔任環達電腦上海有限公司(一間主要從事智能終端產品軟硬件研發的公司)的軟件工程師,彼主要負責智能手機的軟件開發。何先生於二零零五年十二月至二零零七年六月擔任華勤技術股份有限公司(一間主要從事智能產品研發、生產及營運的公司)的高級軟件工程師,彼主要負責智能手機的軟件開發及項目管理。何先生於二零零七年九月至二零零九年四月擔任環達電腦上海有限公司第六研發部主管,彼主要負責帶領智能手機及汽車導航的研發團隊。何先生於二零零三年七月畢業於四川大學, 獲計算機科學技術學士學位。

^* For identification purpose only

Mr. CHAN Hoi Shu (陳海書), aged 56, was appointed as an executive Director, with effect from 2 December 2024. Mr. Chan is the founder and chairman of GGS Innovation Ltd. since April 2021, which supported new startup companies to develop Web3.0 application on music entertainment and provided services to business partners regarding the technical support for product design, operation efficiency improvement and global network development. Mr. Chan is the chairman and co﹣ founder of F&B Innovation (HK) Ltd since June 2024, which is the modular integrated construction system provider to speed up building construction by modularising assembly.

Prior to joining the Group, from February 2018 to March 2020, Mr. Chan was the chief operating officer of HMD Global Oy, based in Shenzhen and Hong Kong, during his tenor, Mr. Chan drove various changes on the company's product portfolio, market segmentation, research and development strategy, use of ODM platform, supply chain management system, product design and UI engineering, etc, which turned the company's loss into profit.

Mr. Chan graduated from University of Portsmouth with a bachelor's degree of mechanical engineering in July 1993. In December 1996, Mr. Chan graduated from The University of Hong Kong and obtained a master's degree of science majoring in computer in manufacturing. In December 2000, Mr. Chan graduated from Murray State University and obtained a master's degree of business administration majoring in finance and business administration.

陳海書先生,56歲,已獲委任為執行董事,自二零二四年十二月二日起生效。自二零二一年四月起,陳先生為GGS Innovation Ltd.的創辦人兼主席,該公司支援新創公司開發音樂娛樂Web3.0應用程式,並為商業夥伴提供產品設計、營運效率改善及全球網絡發展等技術支援服務。自二零二四年六月起,陳先生為中建智能建造有限公司的主席兼共同創辦人, 該公司為模組化集成建築系統供應商,透過模組化組裝加快樓宇建築施工。

加入本集團之前,陳先生於二零一八年二月至二零二零年三月擔任赫名迪全球有限公司的首席營運總監,該公司聚焦深圳和香港,陳先生於任職期間推動了該公司在產品組合、市場細分、研發策略、ODM平台使用、供應鏈管理系統、產品設計及UI工程等多方面的變革,使該公司扭虧為盈。

陳先生於一九九三年七月自樸茨茅斯大學畢業, 獲機械工程學學士學位。於一九九六年十二月,陳先生自香港大學畢業,獲計算機專業理學碩士學位,主修製造學。於二零零零年十二月,陳先生自莫瑞州立大學畢業,獲工商管理碩士學位,主修金融與商業管理。

Independent Non-Executive Directors

Mr. HUNG Wai Man JP (洪為民), aged 57, was appointed as an independent non﹣executive Director on 18 October 2019. Mr. Hung is a Deputy to the 13th National People's Congress, and Adjunct Professor of the Belt and Road Research Institute of Hainan University.

Mr. Hung is a seasoned ICT professional and angel investor. He has worked in the computer industry for over 30 years. A well﹣ known figure in the industry, Mr. Hung has extensive experience in management consulting, project management and outsourcing services. Mr. Hung is a Chartered Information Technology Professional and a fellow of the British Computer Society, the Hong Kong Institute of Directors, the Hong Kong Computer Society and the Internet Professional Association. He has been appointed as one of the Global Council Members by the World Summit Awards.

Mr. Hung is currently Executive Chairman of Chinese Big Data Society, Life Chairman Emeritus of the Y.Elites Association, President Emeritus of Internet Professional Association, Vice Chairman of the Monte Jade Science and Technology Association of Hong Kong, Secretary General of Hong Kong – ASEAN Economic Cooperation Foundation and Vice Chairman of New Territories General Chamber of Commerce etc. In 2012 to 2014, he had served as an associate member of the Central Policy Unit of the HKSAR Government. In 2008, Mr. Hung was selected as one of the Ten Outstanding Young Persons of Hong Kong. He was a Standing Committee Member of the 11th All China Youth Federation. In 2015, he was appointed as a Justice of the Peace by the Hong Kong SAR Government. In 2016, he was given the Asia Social Innovation Leadership Award by CMO Asia.

獨立非執行董事

洪為民先生,太平紳士,57歲,於二零一九年十月十八日獲委任為獨立非執行董事。洪先生為第十三屆全國人民代表大會代表及海南大學「一帶一路」研究院兼職教授。

洪先生為擁有豐富經驗的資訊通訊科技專家及天使投資者。彼從事電腦行業逾30年。洪先生於業內享負盛名,於管理顧問、項目管理及外判服務方面擁有豐富經驗。洪先生為特許資訊科技專業人士,亦是英國電腦學會、香港董事學會、香港電腦學會及互聯網專業協會資深會員。彼獲世界信息峰會大獎(World Summit Awards)委任為全球理事會成員。

洪先生現為華人大數據學會執行主席、香港菁英會永遠榮譽主席、互聯網專業協會榮譽會長、香港玉山科技協會副理事長、香港-東盟經濟合作基金會副會長及新界總商會副會長等。於二零一二年至二零一四年,彼為香港特區政府中央政策組特邀會員。於二零零八年,洪先生獲選為香港十大傑出青年。彼曾任中華全國青年聯合會第十一屆常務委員會委員。於二零一五年,彼獲香港特區政府委任為太平紳士。於二零一六年,彼獲CMO Asia頒發亞洲社企創新獎。

董事及高級管理人員簡介

Mr. Hung graduated from the Hong Kong Polytechnic University with a Higher Diploma in Maths, Statistics and Computing. He then obtained a BA (Hons) from the University of Bolton, MBA from the University of Hull and MA in Public and Comparative History from the Chinese University of Hong Kong. He also obtained a LLM and LLD from the Renmin University of China, a Master of Public Administration from Tsinghua University, a Master of Business Administration (Executive) from City University of Hong Kong and PhD in Business Administration from Bulacan State University, the Philippines.

Mr. Hung is currently an independent non﹣executive director of LH Group Limited (stock code: 01978), Sino Hotels (Holdings) Limited (stock code: 01221) and K Cash Corporation Limited (stock code: 02483), the shares of which are listed on the Stock Exchange.

Mr. WONG Kwan Kit (黃昆杰), aged 53, was appointed as an independent non﹣executive Director on 18 October 2019. Mr. Wong has over 21 years of experience in accounting and financial management, mergers and acquisitions gained from certain finance related positions of companies listed in Hong Kong. Mr. Wong is currently an independent non﹣executive director of Man Sang International Limited (stock code: 00938) and Culturecom Holdings Limited (stock code: 00343), both of companies are listed on the Stock Exchange. Mr. Wong holds a Master of Business Administration degree from the Chinese University of Hong Kong. He is a fellow member of the Hong Kong Institute of Certified Public Accountants.

洪先生畢業於香港理工大學,取得數學、統計及電子計算學高級文憑。彼其後取得英國柏爾頓大學(榮譽)文學士、英國赫爾大學商管碩士及香港中文大學比較及公眾史學文學碩士。彼亦取得中國人民大學法學碩士和法學博士、清華大學公共管理碩士學位、香港城市大學行政人員工商管理碩士學位以及菲律賓比立勤國立大學工商管理博士。

洪先生現任叙福樓集團有限公司(股份代號: 01978),信和酒店(集團)有限公司(股份代號: 01221)及K Cash集團有限公司(股份代號: 02483)的獨立非執行董事,上述公司的股份均在聯交所上市。

黃昆杰先生,53歲,於二零一九年十月十八日獲委任為獨立非執行董事。黃先生曾於香港上市公司擔任若干財務相關職位,累積了逾21年的會計及財務管理、併購經驗。黃先生現任民生國際有限公司(股份代號:00938) 及文化傳信集團有限公司(股份代號:00343) 的獨立非執行董事,兩間公司均於聯交所上市。黃先生持有香港中文大學工商管理碩士學位。彼為香港會計師公會資深會員。

Mr. LU Brian Yong Chen (呂永琛), aged 62, was appointed as an independent non﹣executive Director on 18 October 2019. Mr. Lu has served as an independent non﹣executive Director of InvesTech Holdings Limited (stock code: 1087), a company whose shares are listed on the Stock Exchange and is principally engaged in designs, development and provision of communication system and manufacture and sale of signal transmission and connectivity products from June 2015 to January 2023. Mr. Lu has over 22 years of management experience in Fortune 100 companies in Australia, Hong Kong and the PRC, assisting in their business transformation and growth. Prior to joining the Group, Mr. Lu served as a manager, design/architecture of IBM Australia Limited, a company principally engaged in manufacturing and selling computer hardware and software and providing relevant services from May 1995 to April 2001, where he was responsible for managing network architecture. From April 2001 to June 2012, Mr. Lu then served as a client unit executive in the IBM global technology services department of IBM China/Hong Kong Limited, a company principally engaged in manufacturing and selling computer hardware and software and providing relevant services, where he was responsible for the department's strategic planning and execution. Mr. Lu was an industry consultant of IBM (China) Company Limited, a company principally engaged in manufacturing and selling computer hardware and software and providing relevant services from June 2012 to June 2015.

Mr. Lu graduated from South China University of Technology (華南理工大學) with a bachelor degree majoring in engineering in Computer Science in July 1986 and from the University of New South Wales, Australia with a master degree of information science in October 1994.

Mr. CHING Khei Cheong Christopher (鄭其昌), aged 57, was appointed as an independent non﹣executive Director, with effect from 2 December 2024. Mr. Ching, holds a master degree of laws from the University of Central Lancashire. Mr. Ching has over 30 years of experience in regulatory and compliance area particular in the financial industry. Mr. CHING held various senior positions in global financial institutions such as Huatai Financial Holdings (Hong Kong) Limited, ICBC International Holdings Limited, Deutsche Bank AG, Hong Kong Branch and Merrill Lynch Asia Pacific Limited managing their compliance function. Prior to these appointments, Mr CHING was one of the appointed investigators at the Enforcement Division of the Securities and Futures Commission for over 9 years.

呂永琛先生,62歲,於二零一九年十月十八日獲委任為獨立非執行董事。呂先生由二零一五年六月至二零二三年一月曾擔任威訊控股有限公司(股份代號:1087)的獨立非執行董事,該公司於聯交所上市,主要從事設計、開發及提供通訊系統以及製造及銷售信號傳輸及連接產品。呂先生於澳洲、香港及中國的財富100強公司累積了逾22年的管理經驗, 曾協助該等公司實現業務轉型及增長。加入本集團之前,呂先生於一九九五年五月至二零零一年四月擔任IBM Australia Limited(一間主要從事製造及銷售電腦硬件及軟件以及提供相關服務的公司)的設計╱架構經理,負責管理網絡架構。其後於二零零一年四月至二零一二年六月,呂先生擔任IBM China/Hong Kong Limited(一間主要從事製造及銷售電腦硬件及軟件以及提供相關服務的公司)的IBM全球技術服務部客戶單位主管,負責部門的策略規劃及執行。於二零一二年六月至二零一五年六月,呂先生擔任IBM (China) Company Limited (一間主要從事製造及銷售電腦硬件及軟件以及提供相關服務的公司)的行業顧問。

呂先生於一九八六年七月畢業於華南理工大學, 獲計算機科學工程學學士學位及於一九九四年十月獲澳洲新南威爾士大學信息科學碩士學位。

鄭其昌先生,57歲,已獲委任為非執行董事, 自二零二四年十二月二日起生效。鄭先生持有中央蘭開夏大學法學碩士學位。鄭先生於監管和合規領域擁有逾30年經驗,尤其是在金融行業。鄭先生曾於華泰金融控股(香港) 有限公司、工銀國際控股有限公司、德意志銀行香港分行及美林亞太有限公司等環球金融機構出任多個高級職位,負責管理其合規職能。在該等公司任職之前,鄭先生曾任證券及期貨事務監察委員會法規執行部專員逾9年。

Ms. Wang Huihui (王慧慧), aged 36, was appointed as an independent non﹣executive Director with effect from 1 April 2025. Ms. Wang holds a master's degree of law from East China University of Political Science and Law. Ms. Wang is a practicing lawyer in the PRC and has over 8 years of experience of legal field and is familiar with the PRC's financial regulations and compliance framework, with a specialisation in private equity funds, equity investment and financing and cross border legal services, providing legal support in the financial and international business sectors.

Ms. Wang is currently a partner at Joint﹣Win Partners (Shanghai). Prior to her current position, she also worked at various law firms in the PRC such as AllBright Law Offices (Shanghai) and Hiways Law Firm (Shanghai). Ms. Wang has served as a member of the Fund Committee of the Shanghai Bar Association (上海律協基金專業委員會委員) since June 2024.

Senior Management

Mr. LIU Shangheng (劉尚恒), aged 42, has been serving as the financial controller of Shenzhen Sprocomm since December 2011. He is also a director of Shanghai Hemiao Chuangxian Intelligent Technology Co., Ltd.* (上海禾苗創先智能科技有限公司).

Mr. Liu has over 10 years of experience in financial work and management. Prior to joining the Group, Mr. Liu held office relating to cost accounting in Qingdao Haixin Communication Technology Company Limited* (青島海信通信技術有限公司), a company principally engaged in research, development, manufacturing and sales of mobile communication terminal products from August 2006 to October 2008, where he was mainly responsible for production cost accounting, cost analysis and control related work. Mr. Liu then served as a director of finance in Shenzhen Xiongtao Power Supply Technology Company Limited* (深圳市雄韜電源科技股份有限公司), a company principally engaged in research, manufacturing and sales of battery from November 2008 to October 2011, where he was mainly responsible for cost accounting and preparing the financial statements and analysis.

Mr. Liu graduated from the Zhongnan University of Economics and Law (中南財經政法大學) in June 2006 and obtained two bachelor degrees majoring in accounting and economics.

王慧慧女士,36歲,已獲委任為獨立非執行董事,自二零二五年四月一日起生效。王女士為華東政法大學法學碩士。王女士為中國執業律師並於法律專業累積逾8年經驗,熟悉中國金融法規和合規框架,擅長私募股權基金、股權投融資及跨境法律服務,為金融業和國際工商業提供法律支援。

王女士現為上海正策律師事務所合夥人。出任現職前,彼曾於中國多家律師事務所-如錦天城律師事務所(上海)及上海市海華永泰律師事務所-工作。王女士自二零二四年六月起擔任上海律協基金專業委員會委員。

高級管理層

劉尚恒先生,42歲,自二零一一年十二月至今一直擔任深圳禾苗財務總監。彼亦為上海禾苗創先智能科技有限公司之董事。

劉先生擁有逾10年的財務工作及管理經驗。加入本集團之前,劉先生於二零零六年八月至二零零八年十月在青島海信通信技術有限公司(一間主要從事移動通訊終端產品的研究、開發、製造及銷售的公司)擔任成本會計相關職位,主要負責生產成本核算、成本分析及控制相關工作。劉先生其後於二零零八年十一月至二零一一年十月擔任深圳市雄韜電源科技股份有限公司(一間主要從事電池的研究、製造及銷售的公司)的財務主管,主要負責成本核算以及編製財務報表及分析。

劉先生於二零零六年六月畢業於中南財經政法大學,獲得會計及經濟學專業雙學士學位。

^* For identification purpose only

The Company is committed to the establishment of good corporate governance practices and procedures with a view to being a transparent and responsible organisation which is open and accountable to the shareholders of the Company. The Board strives to adhere to the principles of corporate governance and has adopted sound corporate governance practices to meet the legal and commercial standards, focusing on areas such as internal control, fair disclosure and accountability to all shareholders of the Company to ensure the transparency and accountability of all operations of the Company. The Company believes that effective corporate governance is an essential factor to create more value for the shareholders of the Company. The Board will continue to review and improve the corporate governance practices of the Group from time to time to ensure that the Group is led by an effective Board in order to optimise return.

Corporate culture and strategy

The Company is an investment holding company and the principal activities of its subsidiaries include research and development, design, manufacture and sale of mobile phones, PCBAs for mobile phones and IoT related products. The Group is committed to provide high quality and reliable products and services, and to create values to the stakeholders through sustainable growth and continuous development.

The Board fosters a corporate culture by setting out the following values to guide the conduct and behaviours of employees and to ensure that the Company's vision, mission and business strategies are aligned to this corporate culture:

1. Integrity we strive to do what is right;
1. Excellence we aim to deliver excellence;
1. Collaboration we are always better together;
1. Accountability we are accountable for delivering on our commitments;
1. Empathy we care about our stakeholders employees, customers, supply chain and the community; and
1. Sustainability we are committed to a sustainable future.

本公司致力建立良好企業管治常規及程序, 以成為具透明度且盡責的企業,對本公司股東公開問責。董事會致力秉持企業管治原則, 並已採取有效的企業管治常規以符合法律及商業標準,專注內部控制、公平披露及向本公司所有股東負責等範疇,以確保本公司所有營運具透明度及問責性。本公司認為,有效企業管治是為本公司股東創造更多價值的重要因素。董事會將繼續不時檢討及改善本集團的企業管治常規,以確保本集團由有效的董事會帶領, 提高回報。

企業文化及策略

本公司為投資控股公司,其附屬公司的主要活動包括研發、設計、製造及銷售手機、手機的印刷電路板組裝及物聯網相關產品。本集團致力提供優質及可靠的產品和服務,透過可持續增長及不斷發展為持份者創造價值。

董事會列出以下價值,為僱員的操守及行為提供指引,藉此培養企業文化,確保本公司的願景、宗旨及業務策略與該企業文化相符一致:

1. 誠信-我們努力做正確的事;
1. 卓越-我們希望精益求精;
1. 合作-互助共贏;
1. 問責-我們勇於負責,信守承諾;
1. 同理心-我們關注持份者-僱員、客戶、供應鏈及社區;及
1. 可持續發展-我們致力創造可持續的未來。

The Group will continue to review and adjust its business strategies and keep track of the changing market conditions to ensure prompt and proactive measures will be taken to respond to the changes and meet the market needs to support the continuous business development of the Group.

Adoption and compliance of corporate governance practices

The Company has adopted a set of corporate governance practices which aligns with the code provisions of the Corporate Governance Code (the "CG Code") as set out in Appendix C1 of The Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") since 13 November 2019. Except for code provision C.2.1, the Company has complied with the code provisions set out in the CG Code for the year ended 31 December 2025.

Code provision C.2.1 of the CG Code states that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Under the current organisation structure of the Company, Mr. Li Chengjun is the Group's chief executive officer, and he also performs as the chairman of the Board as he has considerable experience in the mobile communication industry. The Board believes that vesting the roles of both the chairman of our Board and the chief executive officer in the same person has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning of the Group.

本集團將繼續檢討及調整其業務策略,並密切留意市況變化,確保採取迅速及積極的措施,應對有關變化及迎合市場需求,以支持本集團業務不斷發展。

採用及遵守企業管治常規

自二零一九年十一月十三日,本公司已採納一套企業管治常規,符合聯交所證券上市規則(「上市規則」)附錄C1所載之企業管治守則 (「企業管治守則」)的守則條文。除守則條文第 C.2.1條外,本公司於截至二零二五年十二月三十一日止年度已遵守企業管治守則所載的守則條文。

企業管治守則條文第C.2.1條列明,主席與行政總裁的角色應予區分,不應由同一人兼任。根據本公司目前組織架構,李承軍先生為本集團行政總裁兼董事會主席,彼於移動通信行業擁有大量經驗。董事會相信,由同一人擔任董事會主席和行政總裁的角色,有利於確保本集團內部領導貫徹一致,並為本集團提供更有效及高效的整體戰略規劃。

Although Mr. Li Chengjun performs both the roles of chairman of the board and chief executive officer, the division of responsibilities between the chairman of the board and chief executive officer is clearly established. In general, the chairman of the board is responsible for supervising the functions and performance of the Board, while the chief executive officer is responsible for the management of the Group's businesses. The two roles are performed by Mr. Li Chengjun distinctly. Further, the current structure does not impair the balance of power and authority between the Board and management of the Company given the appropriate delegation of the power of the Board and the effective functions of the independent non﹣executive Directors.

Model code for securities transactions by directors of listed issuers (the "Model Code")

The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as its code of conduct regarding Directors' securities transactions. All Directors have confirmed that, following specific enquiry by the Company, they have complied with the required standard set out in the Model Code for the year ended 31 December 2025 and up to the date of this annual report.

Chairman and chief executive officer

CG Code provisions C.2.1 stipulates that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual. The Company does not segregate the roles of chairman and chief executive officer and Mr. Li Chengjun currently holds both of the chairman and chief executive officer positions, as explained in the paragraph headed "Adoption and compliance of corporate governance practices" above in this Corporate Governance Report.

儘管李承軍先生同時擔任董事會主席兼行政總裁,但董事會主席及行政總裁職責的分工已清楚界定。總體而言,董事會主席負責監察董事會職能及表現,而行政總裁則負責管理本集團業務,兩個職位均由李承軍先生分別擔任。再者,由於董事會已有適當的權力分配,且獨立非執行董事亦能有效發揮職能,故目前的架構不會削弱董事會與本公司管理層之間的權力及權限制衡。

上市發行人董事進行證券交易的標準守則(「標準守則」)

本公司已採納上市規則附錄C3所載的標準守則,作為其有關董事進行證券交易之行為守則。經本公司作出具體查詢後,所有董事確認彼等於截至二零二五年十二月三十一日止年度及直至本年報日期一直遵守標準守則所載之規定標準。

主席及行政總裁

企業管治守則條文第C.2.1條訂明,主席與行政總裁的角色應予區分,不應由同一人兼任。本公司並無區分主席與行政總裁的角色,且如本企業管治報告上文「採用及遵守企業管治常規」一段所解釋,李承軍先生目前擔任主席與行政總裁職務。

Independent non-executive directors

The independent non﹣executive Directors are highly skilled professionals with a broad range of expertise and experience in the fields of accounting, finance, legal, business and corporate governance. Their skills, expertise and number in the Board ensure that strong independent views and judgement are brought in the Board's deliberations and that such views and judgement carry weight in the Board's decision﹣making process. Their presence and participation also enable the Board to maintain high standards of compliance in financial and other mandatory reporting requirements, and provide adequate checks and balances to safeguard the interests of the Company and its shareholders. The Company annually assesses the independence of each independent non﹣executive Director during their terms of appointment. During the year ended 31 December 2025, the Company received from each of the independent non﹣executive Directors a written confirmation of their independence pursuant to Rule 3.13 of the Listing Rules. The Company considers that all the independent non﹣executive Directors are independent.

獨立非執行董事

獨立非執行董事均為在會計、金融、法律、商業及企業管治領域中具備廣泛專業知識及經驗的技巧嫻熟專業人士。彼等之技能、專業知識及於董事會的人數確保為董事會審議帶來有力之獨立觀點及判斷,且有關觀點及判斷在董事會的決策過程中具有影響力。彼等的出席及參與亦使董事會能維持嚴格遵守財務及其他強制報告規定,並提供足夠權力制衡, 保障本公司及其股東的利益。本公司每年於各獨立非執行董事的任期內對其獨立性作出評估。截至二零二五年十二月三十一日止年度, 本公司已根據上市規則第3.13條從各獨立非執行董事接獲有關其獨立性之書面確認。本公司認為所有獨立非執行董事均為獨立人士。

企業管治報告

The Board

The Board currently comprises six executive Directors and five independent non﹣executive Directors. The Board's composition as at 31 December 2025 is set out as follows:

Executive Directors

董事會

董事會現由六名執行董事及五名獨立非執行董事組成。於二零二五年十二月三十一日,董事會的組成載列如下:

執行董事

Name 姓名	Age 年齡	Gender 性別	Date of joining the Group 加入本集團的日期	Roles and responsibilities 職務及職責
Mr. Li Chengjun 李承軍先生	53	Male 男	16 September 2009 二零零九年九月十六日	Corporate strategic planning, overseeing the overall operations, day﹣to﹣day management and business development of the Group 本集團的公司策略規劃、監督整體營運、日常管理及業務發展
Mr. Xiong Bin 熊彬先生	48	Male 男	16 September 2009 二零零九年九月十六日	Overseeing the sales and marketing of the Group 監管本集團的銷售及市場推廣
Mr. Wen Chuanchuan 温川川先生	40	Male 男	21 September 2016 二零一六年九月二十一日	Overseeing the production of the Group 監管本集團的生產
Mr. Guo Qinglin 郭慶林先生	43	Male 男	18 January 2010 二零一零年一月十八日	Managing the operation of supply chain and sales activities of the Group 管理本集團的供應鏈運作及銷售活動
Mr. He Wenyuan 何文渊先生	45	Male 男	2 December 2024 二零二四年十二月二日	Overseeing and managing the Group's research and development 監督與管理本集團的研發
Mr. Chan Hoi Shu 陳海書先生	56	Male 男	2 December 2024 二零二四年十二月二日	Overseeing the investment projects of the Group 監督本集團的投資項目

企業管治報告

Independent Non-executive Directors

獨立非執行董事

Name 姓名	Age 年齡	Gender 性別	Date of joining the Group 加入本集團的日期	Roles and responsibilities 職務及職責
Mr. Hung Wai Man 洪為民先生	57	Male 男	18 October 2019 二零一九年十月十八日	Supervising and providing independent judgement to the Board 監督及為董事會提供獨立判斷
Mr. Wong Kwan Kit 黃昆杰先生	53	Male 男	18 October 2019 二零一九年十月十八日	Supervising and providing independent judgement to the Board 監督及為董事會提供獨立判斷
Mr. Lu Brian Yong Chen 呂永琛先生	62	Male 男	18 October 2019 二零一九年十月十八日	Supervising and providing independent judgement to the Board 監督及為董事會提供獨立判斷
Mr. Ching Khei Cheong Christopher 鄭其昌先生	57	Male 男	2 December 2024 二零二四年十二月二日	Supervising and providing independent judgement to the Board 監督及為董事會提供獨立判斷
Ms. Wang Huihui 王慧慧女士	36	Female 女	1 April 2025 二零二五年四月一日	Supervising and providing independent judgement to the Board 監督及為董事會提供獨立判斷

For the biographical details of and relationships among the members of the Board, please refer to the section headed "Biographical Details of Directors and Senior Management" in this annual report.

The Directors believe that the composition of the Board reflects the necessary balance of skills and experience appropriate for the requirements of the business development of the Group and for effective leadership as the executive Directors possess extensive experience in managing the Group's business operations; and professional knowledge in the telecommunication and internet industry, while the five independent non﹣executive Directors possess professional knowledge and broad experience in accounting, finance, legal, business and corporate governance. The Directors are of the opinion that the current Board structure can ensure the independence and objectivity of the Board and provide a system of checks and balances to safeguard the interests of the Company and its shareholders.

The Board is responsible for the leadership and control of the Company. It also oversees the Group's business, strategic decisions and performance and is collectively responsible for promoting the success of the Company by directing and supervising its affairs. Directors of the Board shall take decisions objectively in the interests of the Company and its shareholders.

有關董事會成員的履歷詳情及關係,請參閱本年報「董事及高級管理人員簡介」一節。

董事相信,由於執行董事對管理本集團業務營運有豐富經驗,且具備電訊與互聯網行業的專業知識,而五名獨立非執行董事則具備會計、金融、法律、商業及企業管治方面的專業知識及廣泛經驗,故董事會的組成反映本集團業務發展所需及有效領導所適用的技能及經驗之間的必要平衡。董事認為,目前的董事會架構能確保董事會的獨立性及客觀性,並為保障本公司及其股東的利益提供制衡體系。

董事會負責領導及監控本公司,亦監督本集團業務、策略決定及表現,並共同負責指導及監督本公司事務以推動其成功運作。董事會須作出符合本公司及其股東利益的客觀決定。

企業管治報告

Board independence

The Group has established mechanisms to ensure independent views and input are available to the Board and such mechanisms will be reviewed annually by the Board. During the year ended 31 December 2025, the Board has reviewed the implementation and effectiveness of the following mechanisms at the Board meeting:

1. Five out of the eleven Directors are independent non﹣ executive directors, which exceeds the requirement of the Listing Rules that at least one﹣third of the Board are independent non﹣executive directors;
1. The Nomination Committee will assess the independence of a candidate who is nominated to be a new independent non﹣executive director before appointment and the continued independence of the current long﹣serving independent non﹣executive director (if any) on an annual basis;
1. All independent non﹣executive Directors are required to submit a written confirmation to the Company annually to confirm the independence of each of them and their immediate family members, and their compliance with the requirements as set out in the Rule 3.13 of the Listing Rules;
1. All Directors are entitled to retain independent professional advisors as and when it is required;
1. All Directors are encouraged to express freely their independent views and constructive challenges during the Board/Committee meetings;
1. No equity﹣based remuneration with performance﹣related elements will be granted to independent non﹣executive Directors;
1. A Director (including independent non﹣executive Director) who has a material interest in a contract, transaction or arrangement shall not vote or be counted in the quorum on any Board resolution approving the same; and
1. The chairman of the Board meets with independent non﹣ executive Directors annually without the presence of the Executive Directors.

董事會之獨立性

本集團已建立機制以確保董事會取得獨立觀點及意見,而董事會將於每年檢討該等機制。於截至二零二五年十二月三十一日止年度, 董事會已在董事會會議上檢討以下機制之實施情況及成效:

1. 十一名董事中有五名為獨立非執行董事, 超過上市規則對獨立非執行董事至少佔董事會三分之一之要求;
1. 提名委員會將於每年評估獲提名為新獨立非執行董事之候選人於獲委任前之獨立性以及現時長期服務之獨立非執行董事(如有)之持續獨立性;
1. 所有獨立非執行董事均須每年向本公司提交書面確認,以確認各自及其直系家屬成員之獨立性,以及其是否符合上市規則第3.13條所載之規定;
1. 全體董事均有權於需要時聘請獨立專業顧問;
1. 鼓勵所有董事在董事會╱委員會會議上自由地表達意見和提出建設性質詢;
1. 將不會向獨立非執行董事授予具有績效相關要素之以權益為基礎之薪酬;
1. 於合約、交易或安排中擁有重大權益之董事(包括獨立非執行董事)不得就批准該等合約、交易或安排之任何董事會決議案計入法定人數;及
1. 董事會主席與獨立非執行董事將於每年在沒有執行董事出席之情況下舉行至少一次會議。

Appointment, re-election and removal of directors

Each of the executive Directors, expect Mr. Wen Chuanchuan, Mr. He Wenyuan and Mr. Chan Hoi Shu has entered into a service contract with the Company for a term of three years commencing on 13 November 2019, until terminated by enter party giving not less than three months' notice in writing to the other.

Mr. Wen Chuanchuan was appointed as an executive Director on 1 June 2021 and he has entered into a service contract with the Company for a term of three years commencing on 1 June 2021, until terminated by either party giving not less than three months' notice in writing to the other. Mr. He Wenyuan and Mr. Chan Hoi Shu were appointed as executive Directors, with effect from 2 December 2024. Each of Mr. He and Mr. Chan has entered into a service contract with the Company. Pursuant to the service contracts with Mr. He and Mr. Chan, the initial term of office for both Mr. He and Mr. Chan is three years commencing from 2 December 2024 or until the third annual general meeting of the Company since the date of their appointment, whichever is sooner.

Each of the independent non﹣executive Directors except Mr. CHING Khei Cheong Christopher and Ms. Wang Huihui has entered into an appointment letter with the Company for a term of three years commencing on 13 November 2019. Each of the independent non﹣executive Directors except Mr. CHING Khei Cheong Christopher and Ms. Wang Huihui has renewed the appointment letter with the Company on 13 November 2022 and such appointment will be terminated by either party giving not less than three months' notice in writing to the other; and in accordance with the articles of association of the Company (the "Articles") and the Listing Rules.

Mr. Ching Kei Cheong Christopher was appointed as an independent non﹣executive Director, with effect from 2 December 2024. A service contract has been entered into between Mr. Ching and the Company. Pursuant to the service contract, his initial term of office is three years commencing from 2 December 2024 or until the third annual general meeting of the Company since the date of his appointment, whichever is sooner.

董事之委任、重選及罷免

各執行董事(溫川川先生、何文渊先生及陳海書先生除外)已與本公司訂立服務合約,自二零一九年十一月十三日起為期三年,直至任何一方向對方發出不少於三個月的書面通知予以終止。

溫川川先生於二零二一年六月一日獲委任為執行董事及彼已與本公司訂立服務合約,自二零二一年六月一日起為期三年,直至任何一方向對方發出不少於三個月的書面通知予以終止。何文渊先生及陳海書先生獲委任為執行董事,自二零二四年十二月二日起生效。何先生及陳先生各自與本公司訂立服務合約。根據與何先生及陳先生的服務合約,何先生及陳先生的初步任期自二零二四年十二月二日起均為期三年或直至自彼等獲委任日期起計的本公司第三屆股東週年大會(以較早者為準)為止。

各獨立非執行董事(除鄭其昌先生及王慧慧女士外)已與本公司訂立委任函件,自二零一九年十一月十三日起計為期三年。各獨立非執行董事(除鄭其昌先生及王慧慧女士外)已於二零二二年十一月十三日與本公司重續委任函件, 該委任可由任何一方透過向對方發出不少於三個月的書面通知;及根據本公司組織章程細則(「細則」)及上市規則終止。

鄭其昌先生獲委任為獨立非執行董事,自二零二四年十二月二日起生效。鄭先生與本公司訂立服務合約。根據服務合約,其初步任期自二零二四年十二月二日起為期三年或直至自彼獲委任日期起計的本公司第三屆股東週年大會(以較早者為準)為止。

Ms. Wang Huihui was appointed as an independent non﹣ executive Director, with effect from 1 April 2025. A letter of appointment has been entered into between Ms. Wang and the Company. Pursuant to the letter of appointment, her initial term of office is three years commencing from 1 April 2025 or until the third annual general meeting of the Company since the date of her appointment, whichever is sooner.

According to article 109(a) of the Articles, at each annual general meeting one third of the Directors for the time being, or, if their number is not three or a multiple of three, then the number nearest to but not less than one﹣third, shall retire from office by rotation, provided that every Director (including those appointed for a specific term) shall be subject to retirement by rotation at least once every three years. A retiring Director shall be eligible for re﹣election. The Company at the general meeting at which a Director retires may fill the vacated office.

According to article 113 of the Articles, the Board shall have power from time to time and at any time to appoint any person as a Director either to fill a casual vacancy or as an additional Director, provided that the number of Directors so appointed shall not exceed the maximum number determined from time to time by the shareholders in general meeting. Any Director appointed by the Board to fill a casual vacancy shall hold office only until the first general meeting of the Company after his appointment and be subject to re﹣election at such meeting. Any Director appointed by the Board as an addition to the existing Board shall hold office only until the next following annual general meeting of the Company and shall then be eligible for re﹣election. Any Director appointed under this article shall not be taken into account in determining the Directors or the number of Directors who are to retire by rotation at an annual general meeting.

According to 109(a) of the Articles, Mr. Guo Qinglin, Mr. Wen Chuanchuan, Mr. Hung Wai Man and Mr. Lu Brian Yong Chen will retire by rotation and, being eligible, offer themselves for re﹣e lection at the forthcoming annual general meeting of the Company.

王慧慧女士獲委任為獨立非執行董事,自二零二五年四月一日起生效。王女士已與本公司簽訂委任函件。根據委任函件,其初步任期自二零二五年四月一日起為期三年或直至自彼獲委任日期起計的本公司第三屆股東週年大會(以較早者為準)為止。

根據細則第109(a)條,在每屆股東週年大會上, 當時三分之一董事(若人數並非三或三的倍數, 則須為最接近但不少於三分之一的人數)將輪值告退,惟各董事(包括該等有特定任期的董事)須至少每三年告退一次。退任董事將有資格重選連任。本公司可在董事於股東大會退任時填補空缺。

根據細則第113條,董事會有權不時及隨時委任任何人士為董事,以填補臨時空缺或新增董事,惟不得超過股東於股東大會不時釐定的董事人數上限。任何獲董事會委任以填補臨時空缺的董事任期將直至其獲委任後首屆股東大會為止,並於該大會上重選連任。任何獲董事會委任加入現有董事會的董事任期應僅至本公司下屆股東週年大會為止,屆時將符合資格重選連任。任何根據本條細則獲委任的董事在釐定將於股東週年大會上輪值退任的董事或董事人數時不應被計入。

根據細則第109(a)條,郭慶林先生、溫川川先生、洪為民先生及呂永琛先生將於本公司應屆股東週年大會上輪值退任,且合資格膺選連任。

企業管治報告

Board diversity policy

The Company adopted a board diversity policy (the "Board Diversity Policy") on 12 November 2019, which sets out the objective and approach to achieve and maintain diversity on the Board in order to enhance the effectiveness of the Board. The Board Diversity Policy provides that the Company should endeavor to ensure that the Board members have the appropriate balance of skills, experience, and diversity of perspectives that are required to support the execution of its business strategy.

All Board appointments will be based on meritocracy, and candidates will be considered against appropriate criteria and the attributes that they will bring to the Board to complement and enrich the competencies, experience and diversity of the Board. Pursuant to the Board Diversity Policy, a number of factors will be taken into account in determining the board composition to achieve board diversity, including but not limited to professional experience, skills, knowledge, age, gender, education, cultural background and length of service.

The Nomination Committee reviews the Board Diversity Policy (including the measurable objectives and the progress on achieving the objectives) from time to time to ensure its continued effectiveness, such as assessing annually on the board's diversity profile and gender balance. The Nomination Committee would discuss any revisions to the Board Diversity Policy that may be required and recommend any such revisions and the appointment of suitable candidates to the Board for consideration and approval.

董事會成員多元化政策

本公司於二零一九年十一月十二日已採納董事會多元化政策(「董事會多元化政策」),當中載有實現及維持董事會多元化的目標及方針,以提高董事會的有效性。董事會多元化政策規定,本公司應致力確保董事會成員在支持其業務策略執行所需的技能、經驗及多元化視角方面達到適當平衡。

董事會所有委任均以用人唯才為原則,以適當標準考慮人選,並為董事會補充及豐富董事會的能力,經驗和多元化。根據董事會多元化政策,我們在釐定董事會組成時會考慮多項因素(包括但不限於專業經驗、技能、知識、年齡、性別、教育、文化背景及服務年限)以實現董事會多元化。

提名委員會不時審閱董事會多元化政策(包括可計量目標及達標進度)以確保其持續有效, 包括每年評估董事會多元化組合以及在性別平衡方面的表現。提名委員會亦會討論須就董事會多元化政策作出的任何修訂,並就任何相關修訂及合適人選的委任提出建議以供董事會審批。

企業管治報告

Board diversity

As at the date of this annual report, the Board comprises 11 Directors, of whom 10 are male and 1 is female. The following charts show the diversity profile and diverse skills set of the Board:

董事會多元化

截至本年報日期,董事會由11名董事組成, 其中10名為男性,1名為女性。下表載列董事會的多元化概況及多元化技能組合:

Measurable objectives

The Company's measurable objectives for promoting board diversity, with a particular focus on gender diversity, are as follows: (i) to ensure the Board includes at least one Director of a different gender from the majority; (ii) to maintain an appropriate Board composition and structure on an annual basis, while enhancing overall Board diversity; and (iii) to develop and maintain a pipeline of potential Director candidates capable of improving gender diversity.

Review of the Board Diversity Policy

During the year ended 31 December 2025, the Nomination Committee reviewed the Board Diversity Policy, the measurable objectives and the progress on achieving the objectives. It also reviewed the structure, size, composition and diversity (including but not limited to, gender, age, cultural, educational background, ethnicity, professional experience, skills, knowledge, experience and length of service) of the Board with reference to the Board Diversity Policy in order to comply with the CG Code.

可計量目標

為促進董事會多元化(特別是性別多元化), 本公司訂立可計量目標如下:(i)確保董事會至少包含一名性別與多數董事不同的董事;(ii)每年維持適當的董事會組成與結構,同時提升董事會整體多元化;及(iii)建立並維持潛在董事候選人管道,以確保董事會成員具備多元背景化及專業知識。

審閱董事會多元化政策

截至二零二五年十二月三十一日止年度,提名委員會已審閱董事會多元化政策、可計量目標及達標進度。提名委員會亦已參照董事會多元化政策檢視董事會的架構、規模、組成及多元化狀況(包括但不限於性別、年齡、文化背景、教育背景、種族、專業經驗、技能、知識、經驗及服務年資),以符合企業管治守則。

The Company considers that the current composition of the Board achieves an appropriate level of diversity across attributes such as gender, nationality, professional background and skills. This is evidenced by:

(i) a balanced mix of skills and experience that supports the Group's business development and effective leadership. The executive Directors possess extensive hands﹣on experience in managing the Group's operations, complemented by professional expertise in the telecommunications and internet industries. Furthermore, the five independent non﹣ executive Directors bring a wealth of professional knowledge and broad experience across accounting, finance, business management, legal affairs, and corporate governance, ensuring robust oversight and strategic guidance; and
(ii) the inclusion of one female Director among the eleven Board members and one female member on the Nomination Committee, enhancing gender diversity, aligning with the Board Diversity Policy, and enriching decision﹣making with broader perspectives.

During the year ended 31 December 2025, the measurable objectives of the Board Diversity Policy have been substantially achieved. Regarding the third objective, the Board will seek opportunities to appoint suitable candidates and progressively increase the representation of female Directors over time, incorporating gender diversity considerations into the selection process and related recommendations.

Workforce diversity

The Group places great importance on fostering diversity, including gender diversity, at all levels throughout the organisation. It is committed to providing equal opportunities to all employees in relation to recruitment, promotion, training and development, and other employment matters. No employee shall be discriminated against or denied such opportunities on grounds of race, nationality, religion, physical condition, disability, gender, pregnancy, sexual orientation, political affiliation, age, or any other characteristic protected by applicable law.

本公司認為,現任董事會的組成在性別、國籍、專業背景及技能等各方面均已達致適當的多元化水平。具體體現如下:

(i) 執行董事具備均衡的技能及經驗組合, 有助本集團實現業務發展及有效領導。執行董事在管理本集團營運方面擁有豐富實務經驗,並具備在電話通信及互聯網行業的專業知識。此外,五名獨立非執行董事具備豐富的專業知識及廣泛經驗,涵蓋會計、財務、商業管理、法律事務及企業管治等領域,以確保提供穩健的監督及策略指導;及
(ii) 十一名董事會成員中有一名女性董事, 並於提名委員會增設一名女性成員,此舉不僅能提升性別多元性,符合董事會多元化政策,更能透過更廣泛的視角豐富決策過程。

截至二零二五年十二月三十一日止年度,董事會多元化政策的可計量目標已基本達成。關於第三項目標,董事會將尋求機會任命合適人選,並逐步提高女性董事比例,同時將有關性別多元化的考量納入遴選流程及相關推薦建議。

員工多元化

本集團極為重視在組織各層級推動多元化, 包括性別多元化。本集團致力在招聘、晉升、培訓及發展等方面為所有僱員。任何僱員均不得因種族、國籍、宗教、身體狀況、殘疾、性別、懷孕、性取向、政治取向、年齡或適用法例禁止的任何其他歧視而遭歧視或剝奪有關機會。

企業管治報告

As at 31 December 2025, the total number of employees (including senior management) of the Group is 1,641, among which the number of female employees is 874 (53%), and the number of male employees is 767 (47%). For further details on the gender and age diversity of the Group's workforce, please refer to the section headed "Environmental, Social and Governance Report" of this annual report. The Board considers that the current gender composition of the workforce is appropriate and aligned with the Group's operational needs. It is anticipated that this gender ratio will be broadly maintained in the medium term.

Board performance review

The Company conducts a formal evaluation of the Board's performance and effectiveness every two years. The objective of board performance review is to measure the accountability, transparency and effectiveness of Boards, ultimately aiming to identify areas for improvement and promote the ongoing enhancement of governance procedures.

The results of the evaluation will be reviewed by the Nomination Committee and subsequently presented to the Board for discussion. A Board performance review was scheduling for the year ended 31 December 2026.

截至二零二五年十二月三十一日止年度,本集團僱員總數(包括高級管理人員)為1,641名, 其中女性僱員人數為874名(佔53%),男性僱員人數為767名(佔47%)。有關本集團員工性別及年齡多元化的詳情,請參閱本年報「環境、社會及管治報告」一節。董事會認為,現行員工的性別組成合適且符合本集團的營運需求。就中期而言,預期此性別比例將大致維持不變。

審閱董事會表現

本公司每兩年對董事會的表現及效能進行正式評估。審閱董事會表現的目的是衡量董事會的問責性、透明度及有效性,最終旨在發現可改進的領域,並推動治理程序的持續完善。

評估結果將由提名委員會審閱,並隨後提交董事會進行討論。已安排在二零二六年十二月三十一日止年度進行審閱董事會表現。

企業管治報告

Nomination policy

The Company has adopted a nomination policy (the "Nomination Policy") which sets out the criteria, process and procedures for the Nomination Committee to recommend suitable candidates for directorship with a view to ensuring that the Board has a balance of skills, knowledge, experience and diversity of perspectives appropriate to the requirements of the Company's business.

Selection criteria

The Nomination Committee will propose a candidate for nomination or a Director for re﹣election based on the followings:

the Board Diversity Policy and the requirements under the Listing Rules;
the expected contribution the candidate would add to the Board and to ensure the Board has a balance of skills, knowledge, experience and diversity of perspectives appropriate to the requirements of the Company's business;
the candidate or the re﹣elected Director is able to commit and devote sufficient time and attention to the Company's affairs;
the level of independence from the Company, and potential or actual conflicts of interest of the candidate or the re﹣ elected Director; and
other relevant factors considered by Nomination Committee on a case﹣by﹣case basis.

The aforesaid factors are for reference only, and not meant to be exhaustive and decisive. The Nomination Committee has the discretion to nominate any person as it considers appropriate.

提名政策

本公司已採納提名政策(「提名政策」),當中載有提名委員會推薦合適董事人選的標準、過程及程序,以確保董事會可平衡本公司業務所需的合適技能、知識、經驗及多元化。

甄選標準

提名委員會將根據以下內容提名一名候選人或重選一名董事:

董事會多元化政策及上市規則的規定;
候選人預計對董事會作出的貢獻以及確保董事會可平衡本公司業務所需的合適技能、知識、經驗及多元化;
候選人或重選連任的董事可致力為本公司事務投入足夠時間及精力;
本公司獨立程度,以及候選人或重選連任的董事潛在或實際利益衝突;及
提名委員會按個別情況考慮的其他相關因素。

上述因素僅供參考,並不旨在涵蓋所有因素, 也不具決定性作用。提名委員會可酌情提名其認為合適的任何人士。

企業管治報告

Nomination process

The Nomination Committee is responsible for ensuring that the selection criteria are being applied consistently and fairly in the nomination process and confirming the same to the Board when making its recommendation on appointment.

A. Procedures for appointment of new Director

Subject to the provisions in the Articles, if the Board recognises the need to appoint a new Director, the following procedures should be adopted:

the Nomination Committee identifies candidates in accordance with the selection criteria set out in the Nomination Policy and with the assistance from the Group's human resources department and external agencies (if necessary);
the Nomination Committee evaluates the candidates and recommends to the Board the appointment of the appropriate candidate for directorship; and
the Board decides the appointment based upon the recommendation of the Nomination Committee.

B. Procedures for re﹣election of Director at general meeting

Procedures for re﹣election of Director at general meeting are set out as follows:

the Nomination Committee reviews the overall contribution to the Company of the retiring Director;
the Nomination Committee also reviews and determines whether the retiring Director continues to meet the selection criteria set out in the Nomination Policy; and
the Nomination Committee shall recommend to the Board which shall then make recommendation to shareholders in respect of the proposed re﹣election of Director at the general meeting.

提名過程

提名委員會負責確保甄選標準於提名過程中獲一致及公平應用,並於提供有關委任的推薦建議時向董事會確認已一致及公平應用。

A. 任命新董事程序

在不違反細則條文的情況下,倘董事會確認有需要任命新董事,應採取以下程序:

提名委員會根據提名政策所載甄選標準在本集團人力資源部及外來機構(如必要)的協助下物色候選人;
提名委員會評估候選人,並向董事會推薦委任合適的董事候選人;及
董事會根據提名委員會的推薦建議決定委任。

B. 於股東大會重選董事程序

於股東大會重選董事程序載列如下:

提名委員會檢討退任董事對本公司的整體貢獻;
提名委員會亦檢討及考慮退任董事是否仍然符合提名政策列明的甄選標準;及
提名委員會須向董事會提出推薦建議,並由董事會於股東大會上就建議重選董事向股東提出推薦建議。

企業管治報告

C. Procedures for nomination by shareholders Procedures for nomination by shareholders are set out as follows:

the Company's website sets out the procedures for shareholders to propose a person for election as a Director; and
for any person that is nominated by a shareholder for election as a Director at the general meeting of the Company, the Nomination Committee shall evaluate such candidate based on the selection criteria set out in the Nomination Policy and to determine whether such candidate is qualified for directorship and where appropriate, the Nomination Committee shall recommend to the Board which shall then make recommendation to shareholders in respect of the proposed election of Director at the general meeting.

Monitoring and reporting

The Nomination Committee will report annually, in the Corporate Governance section of the Company's Annual Report, how the Policy is being applied in recommending candidates for directorship and retiring Directors for re﹣election during the year.

During the year ended 31 December 2025, the Nomination Committee reviewed the Nomination Policy and considered that it remains appropriate, effective, and aligned with the Group's objectives.

Review of the Nomination Policy

The Nomination Committee will review the Nomination Policy periodically in line with the Company's strategy and recommend any proposed changes to the Board for approval.

C. 股東提名程序股東提名程序載列如下:
本公司網站載有股東提名董事人選的程序;及
對於獲股東在本公司股東大會上提名出任董事的人士,提名委員會須就提名政策所載的甄選標準評估該候選人,並確定該候選人是否合資格擔任董事,且(如適用)提名委員會須向董事會提出推薦建議,並由董事會於股東大會上就建議選舉董事向股東提出推薦建議。

監察及匯報

提名委員會每年會於本公司年報的企業管治一節匯報政策於年內應用於推薦董事候選人及退任董事重選連任的情況。

截至二零二五年十二月三十一日止年度,提名委員會檢討提名政策後認為,該政策仍屬合適、有效,並符合本集團的目標。

檢討提名政策

提名委員會定期檢討提名政策是否符合本公司的策略,並提出建議變動供董事會審批。

Assessment of Directors' time commitment and discharge of responsibilities

All Directors confirmed that they have devoted sufficient time and attention to the affairs of the Group throughout their tenure during the year ended 31 December 2025. In addition, Directors are required to disclose to the Company, in a timely manner, their other commitments, including directorships in other publicly listed companies and significant external appointments. They are also obligated to notify the Company of any subsequent changes to these commitments.

During the year ended 31 December 2025, the Nomination Committee evaluated each Director's time commitment and contribution to the Board, taking into account various factors, including but not limited to their attendance and participation in Board and committee meetings, other listed company directorships, significant external commitments and continuous professional development undertaken. The Nomination Committee is satisfied that each Director is able to devote sufficient time and discharge their responsibilities effectively.

For the year ended 31 December 2025, the Nomination Committee conducted the followings:

reviewed the structure, size, composition (including the balance between executive Directors and independent non﹣executive Directors), and diversity (encompassing gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge, experience, and length of service) of the Board, confirmed that it remained appropriate and effective for the Board to discharge its duties, and assisted in the maintenance of the Board's skills matrix while making recommendations on any proposed changes in line with the Listing Rules and relevant regulations;
reviewed the Nomination Policy
evaluated potential candidates for directorships based on merit and objective criteria, with due regard to the benefits of Board diversity, and recommended to the Board the appointment of suitable candidates to complement the Company's corporate strategy;

董事時間投入與職責履行的評估

所有董事均確認,於截至二零二五年十二月三十一日止年度內,其於任職期間已為本集團事務投入充足時間與精力。此外,董事須及時向本公司披露其其他職務安排,包括於其他上市公司擔任董事職務及重要外部委任。若此類職務安排後續有所變動,董事亦有義務通知本公司。

截至二零二五年十二月三十一日止年度,提名委員會綜合評估各董事對董事會的投入時間與貢獻,考量因素包括但不限於:出席及參與董事會與委員會會議的情況、於其他上市公司擔任董事之職位、重要外部職務安排,以及持續進行的專業發展活動。提名委員會確信各董事均能投入充足時間並有效履行職責。

截至二零二五年十二月三十一日止年度,提名委員會已進行以下事項:

審視董事會的結構、規模、組成(包括執行董事與獨立非執行董事之間的平衡)及多元性(涵蓋性別、年齡、文化與教育背景、種族、專業經驗、技能、知識、資歷及服務年資)進行審查,確認董事會結構仍能有效履行職責,並協助維護董事會技能矩陣,同時依據上市規則及相關法規就任何建議改動提出建議;
審視提名政策
根據實績與客觀準則評估董事候選人, 同時充分考量董事會多元化的益處,並向董事會推薦任命合適人選以配合公司企業策略;
assessed the independence of the independent non﹣ executive Directors and confirmed that each continued to meet the independence criteria under the Listing Rules;
reviewed the Board Diversity Policy, the measurable objectives and the progress on achieving the objectives, and disclosed the results of this review in the Corporate Governance Report;
made recommendations to the Board on the appointment or re﹣appointment of Directors;
supported the Company's evaluation of the Board's overall performance; and
assessed each Director's time commitment, contributions to the Board, and ability to effectively discharge their responsibilities.

Proceedings of board meetings and board committee meetings

The Board may meet for the dispatch of business, adjourn and otherwise regulate its meeting and proceedings as it thinks fit and may determine the quorum necessary for the transaction of business. An annual general meeting of the Company (the "AGM") shall be called by at least 21 days' (and not less than 20 clear business days') notice in writing, and a general meeting of the Company, other than an AGM, shall be called by at least 14 days' (and not less than 10 clear business days') notice in writing. A meeting of the Board or any committee of the Board may be held by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting.

A Director shall not vote (nor shall he be counted in the quorum) on any resolution of the Board in respect of any contract or arrangement or proposal in which he or any of his close associate(s) has/have a material interest, and if he shall do so his vote shall not be counted (nor shall he be counted in the quorum for that resolution).

評估獨立非執行董事的獨立性,並確認各董事持續符合上市規則所訂的獨立性準則;
審閱董事會多元化政策、可衡量目標及達成目標的進度,並於企業管治報告中披露此項審閱結果;
就董事的委任或續任事宜向董事會提出建議;
協助公司評估董事會的整體表現;及
評估每位董事的時間投入、對董事會的貢獻,以及有效履行職責的能力。

董事會會議及董事會委員會會議的議事程序

董事會可按其認為合適的方式召開會議處理事務、延會及以其他方式規管其會議及議事程序,並可釐定處理事務所需的法定人數。本公司召開股東週年大會(「股東週年大會」), 須有為期最少21日(至少足20個工作日)的書面通知,而除股東週年大會外,本公司的其他股東大會亦須有為期最少14日(至少足10個工作日)的書面通知,方可召開。董事會或董事會轄下任何委員會可透過電話、電子或其他通訊設備(必須讓全體與會人士互相聆聽) 舉行會議。

董事不得就有關其或其任何緊密聯繫人擁有重大權益的任何合約或安排或建議的任何董事會決議案投票或計入法定人數內,而倘董事就任何上述決議案投票,彼就該項決議案的投票將不計算在內,且該董事將不計入法定人數。

企業管治報告

Set out below are details of the attendance record of each Director at the Board, committee and general meetings of the Company held during the year ended 31 December 2025:

以下載列各董事出席截至二零二五年十二月三十一日止年度所舉行的本公司董事會會議、委員會會議及股東大會的詳細紀錄:

				Attendance/Number of Meetings Held 出席率╱會議舉行次數
Name of Directors	董事姓名	Regular Board Meeting 常規董事會會議	Audit Committee Meeting 審核委員會會議	Nomination Committee Meeting 提名委員會會議	Remuneration Committee Meeting 薪酬委員會會議	General Meeting 股東大會
Executive Directors	執行董事
Mr. Li Chengjun	李承軍先生	7/7	–	2/2	–	1/1
Mr. Xiong Bin	熊彬先生	7/7	–	–	–	1/1
Mr. Guo Qinglin	郭慶林先生	7/7	–	–	–	1/1
Mr. Wen Chuanchuan	温川川先生	7/7	–	–	–	1/1
Mr. He Wenyuan	何文渊先生	7/7	–	–	–	1/1
Mr. Chan Hoi Shu	陳海書先生	6/7	–	–	–	1/1
Independent Non-Executive Directors	獨立非執行董事
Mr. Hung Wai Man	洪為民先生	7/7	2/2	–	2/2	1/1
Mr. Wong Kwan Kit	黃昆杰先生	7/7	2/2	2/2	2/2	1/1
Mr. Lu Brian Yong Chen	呂永琛先生	7/7	2/2	2/2	2/2	1/1
Mr. Ching Khei Cheong Christopher	鄭其昌先生	6/7	2/2	–	2/2	1/1
Ms. Wang Huihui (appointed on 1 April 2025) (Note)	王慧慧女士(於二零二五年四月一日獲委任)(附註)	4/4	–	N/A不適用	N/A不適用	1/1
Ms. Tseng Chin I (resigned on 1 April 2025)	曾瀞漪女士 (於二零二五年四月一日辭任)	2/2	–	1/1	1/1	N/A不適用

Note: Ms. Wang Huihui was appointed with effect from 1 April 2025. Ms. Wang confirmed that she (i) has obtained the legal advice referred to under Rule 3.09D of the Listing Rules on 1 April 2025; and (ii) understands her obligations as a director of a listed issuer under the Listing Rules.

The Board will make arrangements for holding at least four regular Board Meetings in each financial year.

The Board has established three committees: (i) the audit committee ("Audit Committee"); (ii) the remuneration committee ("Remuneration Committee"); and (iii) the nomination committee ("Nomination Committee"), for overseeing particular aspects of the Company's affairs. All committees have been established with defined written terms of reference, which were posted on the websites of the Stock Exchange (www.hkex.com.hk ) and the Company (www.sprocomm.com ). All committees should report to the Board on their decisions or recommendations made. All committees are provided with sufficient resources to discharge their duties and, upon reasonable request, are able to seek independent professional advice in appropriate circumstances, at the Company's expense.

附註:王慧慧女士於二零二五年四月一日獲委任。王女士已確認(i)彼已於二零二五年四月一日取得上市規則第 3.09D條所述的法律意見;及(ii)了解彼根據上市規則作為上市發行人董事的責任。

董事會將於各財政年度安排舉行至少四次常規董事會會議。

董事會已成立三個委員會:(i) 審核委員會 (「審核委員會」);(ii)薪酬委員會(「薪酬委員會」);及 (iii) 提名委員會(「提名委員會」), 以監察本公司事務的特定方面。所有委員會均設有特定書面職權範圍,分別刊載於聯交所網站(www.hkex.com.hk )及本公司網站 (www.sprocomm.com )。所有委員會須向董事會匯報其作出的決定或推薦意見。所有委員會均獲提供充足資源以履行其職責,並可於適當情況下提出合理要求以尋求獨立專業意見, 費用由本公司支付。

企業管治報告

Audit committee

The Company has established the Audit Committee on 18 October 2019 with written terms of reference in compliance with Rule 3.21 of the Listing Rules and the CG Code. The terms of reference of the Audit Committee are available on the websites of the Stock Exchange and the Company.

The Audit Committee consists of four independent non﹣executive Directors, namely Mr. Wong Kwan Kit, Mr. Lu Brian Yong Chen, Mr. Hung Wan Man and Mr. Ching Khei Cheong Christopher. Mr. Wong Kwan Kit is the chairman of the Audit Committee.

The primary duties of the Audit Committee include ensuring that an effective financial reporting, internal control and risk management systems are in place and compliance of the Listing Rules, reviewing the financial statements, making recommendations to the Board on the appointment and removal of external auditors and assessing their independence and qualifications, and ensuring the effective communication with external auditors.

During the year ended 31 December 2025, the Audit Committee held two meetings and the work performed by the Audit Committee was summarised as follows:

1. reviewed the Company's interim results for the six months ended 30 June 2025 and annual results for the year ended 31 December 2024;
1. reviewed the Company's interim report for the six months ended 30 June 2025 and annual report for the year ended 31 December 2024, which set out the Group's accounting policies, financial performance and position;
1. reviewed the findings and recommendations from external auditors and the independent internal control reviewer;

審核委員會

本公司已遵照上市規則第3.21條及企業管治守則,於二零一九年十月十八日成立審核委員會,並訂明書面職權範圍。審核委員會的職權範圍可於聯交所及本公司網站查閱。

審核委員會由四名獨立非執行董事組成,即黃昆杰先生、呂永琛先生、洪為民先生及鄭其昌先生。黃昆杰先生為審核委員會主席。

審核委員會的主要職責包括確保設有有效的財務申報、內部控制及風險管理系統及遵守上市規則,審閱財務報表,就外聘核數師的任免向董事會提出推薦建議及評估其獨立性與資歷, 以及確保與外聘核數師之間的有效溝通。

截至二零二五年十二月三十一日止年度,審核委員會已舉行兩次會議,審核委員會的工作概述如下:

1. 審閱本公司截至二零二五年六月三十日止六個月的中期業績及截至二零二四年十二月三十一日止年度的年度業績;
1. 審閱本公司截至二零二五年六月三十日止六個月的中期報告及截至二零二四年十二月三十一日止年度的年度報告,當中載有本集團的會計政策、財務表現及狀況;
1. 檢討外聘核數師及獨立內控審查員的調查結果及推薦建議;

企業管治報告

1. reviewed the independence of the external auditors and engagement of external auditors;
1. made recommendations to the Board regarding the change of external auditors;
1. reviewed the audit plan, internal control plan, the development in accounting standards and their effects on the Group, financial reporting and risk management matters;
1. reviewed the adequacy of resources, qualifications and experience of staff in the Group's accounting and financial reporting functions; and
1. reviewed the effectiveness of the Group's risk management and internal control systems.

Remuneration committee

The Company has established the Remuneration Committee on 18 October 2019 with written terms of reference in compliance with Rule 3.25 of the Listing Rules and the CG Code. The terms of reference of the Remuneration Committee are available on the websites of the Stock Exchange and the Company.

The Remuneration Committee consists of five independent non﹣ executive Directors, namely Mr. Hung Wai Man, Mr. Wong Kwan Kit, Mr. Lu Brian Yong Chen, Ms. Wang Huihui and Mr. Ching Khei Cheong Christopher. Mr. Hung Wai Man is the chairman of the Remuneration Committee.

The primary duties of the Remuneration Committee include making recommendations to the Board in determining the remuneration policy for and remuneration packages of the Directors and senior management, reviewing incentive schemes and service contracts of the Directors and senior management, and evaluating the performance of the Directors and senior management.

During the year ended 31 December 2025, the Remuneration Committee held two meetings to review and the work performed by the Remuneration Committee was summarised as follows:

1. made recommendations to the Board on the remuneration packages of Directors, senior management and employees of the Group;
1. reviewed the appropriateness of the remuneration policy; and
1. evaluated the performance of Directors and senior management of the Group.
1. 檢討外聘核數師的獨立性及聘用;
1. 就外聘核數師的變動向董事會提出推薦建議;
1. 檢討審計計劃、內部控制計劃、會計準則的變化及對本集團、財務報告及風險管理事項的影響;
1. 檢討本集團會計和財務報告職能的資源、員工資歷及經驗是否充足;及
1. 評審本集團風險管理及內部控制系統的成效。

薪酬委員會

本公司已遵照上市規則第3.25條及企業管治守則,於二零一九年十月十八日成立薪酬委員會,並訂明書面職權範圍。薪酬委員會的職權範圍可於聯交所及本公司網站查閱。

薪酬委員會由五名獨立非執行董事組成,即洪為民先生、黃昆杰先生、呂永琛先生、王慧慧女士及鄭其昌先生。洪為民先生為薪酬委員會主席。

薪酬委員會的主要職責包括就釐定董事及高級管理層的薪酬政策及薪酬待遇向董事會提出推薦建議,檢討獎勵計劃及董事和高級管理層服務合約,以及評估董事及高級管理層的表現。

截至二零二五年十二月三十一日止年度,薪酬委員會已舉行兩次會議,薪酬委員會的工作概述如下:

1. 就本集團董事、高級管理層及僱員的薪酬向董事會提出推薦建議;
1. 檢討薪酬政策是否合適;及
1. 評估本集團董事及高級管理層的表現。

企業管治報告

Nomination committee

The Company has established a Nomination Committee on 18 October 2019 with written terms of reference in compliance with CG Code provision B.3.1. The terms of reference of the Nomination Committee are available on the websites of the Stock Exchange and the Company.

The Nomination Committee consists of four Directors, namely Mr. Li Chengjun, Mr. Wong Kwan Kit, Mr. Lu Brian Yong Chen and Ms. Wang Huihui. Mr. Li Chengjun is the chairman of the Nomination Committee. In compliance with the Listing Rules, the Nomination Committee is chaired by the chairman of the Board and the other members are independent non﹣executive Directors.

The primary duties of the Nomination Committee include conducting a comprehensive review of the Board's structure, size, composition, and diversity (encompassing gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge, and length of service), confirming its ongoing appropriateness and effectiveness in discharging Board responsibilities, maintaining and updating the Board's skills matrix, and recommending any necessary changes in compliance with the Listing Rules and relevant regulations; reviewing the Nomination Policy and the Board Diversity Policy, evaluating progress against measurable diversity objectives, and disclosing the outcomes in the Corporate Governance Report; assessing the independence of independent non﹣executive Directors and confirming their continued compliance with the Listing Rules' independence criteria; evaluating potential candidates for directorships on merit and objective criteria, with due regard for the benefits of diversity and alignment with the Company's corporate strategy; making recommendations to the Board on the appointment and re﹣appointment of Directors; supporting the overall evaluation of the Board's performance; and assessing each Director's time commitment, contributions, and ability to effectively discharge their responsibilities.

During the year ended 31 December 2025, the Nomination Committee held two meetings and the work performed by the Nomination Committee was summarised in the paragraph headed "Nomination policy" of this corporate governance report.

提名委員會

本公司已遵照企業管治守則第B.3.1條,於二零一九年十月十八日成立提名委員會,並訂明書面職權範圍。提名委員會的職權範圍可於聯交所及本公司網站查閱。

提名委員會由四名董事組成,即李承軍先生、黃昆杰先生、呂永琛先生及王慧慧女士。李承軍先生為提名委員會主席。根據上市規則,提名委員會由董事會主席擔任主席,由獨立非執行董事擔任其他成員。

提名委員會的主要職責包括:全面審視董事會的架構、規模、組成及多元性(涵蓋性別、年齡、文化與教育背景、種族、專業經驗、技能、知識及服務年資),確認其持續適宜性與履行董事會職責之效能;維護並更新董事會技能矩陣, 並根據上市規則及相關法規建議必要變更; 檢討提名政策及董事會多元化政策,評估可量化多元化目標的達成進度,並於企業管治報告披露結果;評估獨立非執行董事的獨立性, 確認彼等持續符合上市規則的獨立性準則; 根據實績與客觀標準評估董事職位候選人, 同時充分考量多元化效益及與公司企業策略之契合度;就董事之委任及續任向董事會提出建議;協助進行董事會整體績效評估;評估每位董事時間投入、貢獻程度及有效履行職責之能力。

截至二零二五年十二月三十一日止年度,提名委員會已舉行兩次會議,提名委員會的工作概述於本企業管治報告「提名政策」一段。

企業管治報告

Dividend policy

The Company has adopted a dividend policy (the "Dividend Policy") which aims to (i) set out the principles and guidelines that Board intends to apply in relation to the declaration, payment and distribution of dividends to its shareholders; and (ii) ensure sustainable development of its business operations and to provide a favorable return to its shareholders.

Declaration of dividend will be made at the discretion of the Board and will be based upon the Group's earnings, cash flows, financial conditions, capital requirements, statutory fund reserve requirements and any other conditions that our Directors consider relevant. The declaration, payment and amount of dividend will also be subject to the Company's constitutional documents including, where necessary, the approval of the shareholders.

The Board will review the Dividend Policy from time to time and may exercise its sole and absolute discretion to update, amend and/or modify the Dividend Policy at any time as the Board thinks fit and necessary. There is no assurance that dividends will be paid in any particular amount for any given period. The Dividend Policy shall in no way constitute a legally binding commitment by the Company that any dividend will be paid in any particular amount and/or in no way obligate the Company to declare a dividend at any time or from time to time.

The Board makes all dividend decisions in accordance with the Dividend Policy. The Board does not recommend the payment of dividend for the year ended 31 December 2025, primarily to conserve cash resources to support the Group's strategic business developments and working capital requirements. The Board remains committed to enhancing shareholder value and intends to pursue measures such as improving operational efficiency, expanding market presence, and optimising capital allocation.

股息政策

本公司已採納股息政策(「股息政策」),旨在 (i)列明董事會計劃向股東宣派、派付及分派股息時遵循的原則及指引;及(ii)確保其業務營運可持續發展,並為其股東提供可觀回報。

宣派股息將由董事會酌情決定,並將以本集團盈利、現金流量、財務狀況、資金需求、法定基金儲備要求及董事認為相關的任何其他狀況為依據。股息的宣派、派付及數額亦須受公司章程文件規限,其中包括(如有需要)股東批准。

董事會將不時檢討股息政策,倘董事會認為合適或必要,可行使其唯一及絕對酌情權隨時更新、修訂及╱或修改股息政策。概不保證會在任何指定期間派付任何特定金額的股息。股息政策並非本公司就派付任何特定金額股息的具有法律約束力承諾及╱或不會規定本公司於任何時間或不時宣派股息。

董事會根據股息政策作出所有股息決策。董事會建議不就截至二零二五年十二月三十一日止年度派付股息,主要為保留現金資源以支持本集團的策略性業務發展及營運資金需求。董事會持續致力於提升股東價值,並擬採取多項措施,例如提升營運效率、擴大市場覆蓋範圍及優化資本分配。

企業管治報告

Whistleblowing policy

In compliance with the CG Code, the Group has implemented whistleblowing policy to provide a well﹣defined and accessible channel for reporting fraud, corruption, dishonest practices, or other similar matters and guidance on how an investigation would be initiated upon receiving a complaint. The policy also protects employees who report fraudulent activities in good faith and reasonable belief. A whistleblowing officer is elected to ensure that any reported case is dealt with in an expedited manner.

Upon receiving the complaint, the Board decides the method of investigation, which may involve appointing an external consultant for assessment. The Board will monitor and review the effectiveness of the whistleblowing policy from time to time.

Anti-fraud and anti-corruption policy

In compliance with the CG Code, the Group has implemented anti﹣fraud and anti﹣corruption policy. According to the Group's anti﹣corruption policy, all employees shall abide by the laws and regulations of the PRC and shall not engage in any illegal activities. Employees shall uphold the code of ethics, advocate fair competition and act against bribery. Any bribery, fraud, money laundering and embezzlement are prohibited.

Employees must not accept or request any improper benefits including banquets, gifts, securities, valuables and high﹣ expenditure entertainment activities from business partners, suppliers and merchants, etc. When there is any alleged case in violation of laws, regulations, code of conduct or Group's policies, the Group will investigate and impose disciplinary actions upon offenders after verification. The Group also provides trainings to directors and employees from time to time to ensure that they comply and familiar with the anti﹣fraud and anti﹣corruption policy of the Group.

The Board will monitor and review the effectiveness of the anti﹣ fraud and anti﹣corruption policy from time to time.

舉報政策

根據企業管治守則,本集團已實施舉報政策, 為舉報詐騙、貪污、不誠實行為或其他類似事宜提供明確及可接觸的渠道,以及有關在收到投訴後如何展開調查的指引。該政策亦會保障秉持善意與合理信念舉報詐騙活動的僱員。我們已選出一名舉報主任以確保任何舉報個案得以迅速處理。

接獲投訴後,董事會會決定調查方式,當中有機會涉及委任外部顧問進行評估。董事會將不時監察及檢討舉報政策的成效。

反欺詐及反貪腐政策

根據企業管治守則,本集團已實施反欺詐及反貪腐政策。根據本集團的反貪腐政策,全體僱員須遵守中國的法律及法規,不得從事任何違法活動。僱員須恪守道德準則、倡導公平競爭及防止賄賂。嚴禁任何賄賂、欺詐、洗黑錢及挪用公款行為。

僱員不得接受,亦不可要求商業夥伴、供應商及商人給予任何不當的利益,包括宴會、禮品、證券、貴重物品及高消費娛樂活動等。若發生任何涉嫌違反法律、法規、行為守則或本集團政策的事件,本集團會進行深入調查。若查明屬實,將會對違例者採取紀律處分。本集團亦不時向董事及僱員提供培訓以確保彼等遵守及熟悉本集團的反欺詐及反貪腐政策。

本集團將不時監察及審視反欺詐及反貪腐政策的成效。

企業管治報告

Corporate governance function

The Board does not have a Corporate Governance Committee. The functions that would be carried out by a Corporate Governance Committee are performed by the Board as a whole and are as follows:

1. to develop and review the Company's policies and practices on corporate governance;
1. to review and monitor the training and continuous professional development of directors and senior management;
1. to review and monitor the Company's policies and practices on compliance with legal and regulatory requirements;
1. to develop, review and monitor the code of conduct and compliance manual (if any) applicable to employees and directors; and
1. to review the Company's compliance with the CG code and disclosure in the Corporate Governance Report.

The corporate governance policy is formulated with an emphasis on the Board's quality, effective internal control, stringent disclosure practices and transparency and accountability to all shareholders of the Company. The Board strives to comply with the code provisions and reviews its corporate governance policy regularly in order to maintain high standards of business ethics and corporate governance, and to ensure the full compliance of the Group's operations with applicable laws and regulations.

企業管治職能

董事會並無成立企業管治委員會。由企業管治委員會履行的職能將由董事會整體履行並列示如下:

1. 制訂及檢討本公司的企業管治政策及常規;
1. 檢討及監察董事及高級管理層的培訓及持續專業發展;
1. 檢討及監察本公司在遵守法律及監管規定方面的政策及常規;
1. 制訂、檢討及監察適用於僱員及董事的行為守則及合規手冊(如有);及
1. 檢討本公司遵守企業管治守則的情況及在企業管治報告內的披露。

企業管治政策的制定重點在於董事會質素、有效內部控制、嚴格披露慣例,以及對本公司所有股東的透明度及問責性。董事會致力遵守守則條文,並定期檢討其企業管治政策以維持高水平商業操守及企業管治,確保本集團營運全面符合適用法律及法規。

Continuous professional development

Pursuant to the CG Code, all Directors should participate in continuous professional development to develop and refresh their knowledge and skills to ensure that their contribution to the Board remains informed and relevant. The Company is responsible for arranging and funding training, placing an appropriate emphasis on the roles, functions and duties of the Directors; the Company's obligations and directors' duties under Hong Kong law and the Listing Rules, and key legal and regulatory developments (including Listing Rule updates) relevant to the discharge of such obligations and duties; corporate governance and ESG matters; risk management and internal controls; and updates on industry﹣ specific developments, business trends and strategies relevant to the Company. Each newly appointed Director is provided with necessary induction and information to ensure that he/ she has a proper understanding of the Company's operations and businesses as well as his/her responsibilities under relevant statues, laws, rules and regulations. During the year ended 31 December 2025, the Directors participated in the following continuous professional development:

持續專業發展

根據企業管治守則,全體董事應參與持續專業發展以發展及更新彼等之知識及技能,確保彼等對董事會作出明智及相關之貢獻。本公司須負責安排及資助培訓,並適當強調董事之角色、職能及職責;香港法律及上市規則規定之公司義務及董事職責,以及履行該等義務及職責相關之關鍵法律及監管發展(包括上市規則更新)、企業管治及環境、社會及管治事宜、風險管理與內部監控、與本公司相關的行業發展動態、業務趨勢及策略更新。每名新任董事均獲提供必要的入職培訓及資料, 以確保其對本集團的營運及業務以及其於相關法規、法例、則及條例下的責任有適當了解。截至二零二五年十二月三十一日止年度,董事參與下列持續專業發展:

			Reading
			materials
			updating on
			new rules and
			regulations
			閱覽有關
		Directors' trainings	最新規例及規章
Name of Directors	董事姓名	董事培訓	的資料
Executive Directors	執行董事
Mr. Li Chengjun	李承軍先生	✓	✓
Mr. Xiong Bin	熊彬先生	✓	✓
Mr. Guo Qinglin	郭慶林先生	✓	✓
Mr. Wen Chuanchuan	温川川先生	✓	✓
Mr. He Wenyuan	何文渊先生	✓	✓
Mr. Chan Hoi Shu	陳海書先生	✓	✓
Independent Non-Executive Directors	獨立非執行董事
Mr. Hung Wai Man	洪為民先生	✓	✓
Mr. Wong Kwan Kit	黃昆杰先生	✓	✓
Mr. Lu Brian Yong Chen	呂永琛先生	✓	✓
Mr. Ching Khei Cheong Christopher	鄭其昌先生	✓	✓
Ms. Wang Huihui (appointed on	王慧慧女士(於二零二五年
1 April 2025)	四月一日獲委任)	✓	✓
Ms. Tseng Chin I (resigned on	曾瀞漪女士(於二零二五年
1 April 2025)	四月一日辭任)	N/A不適用	N/A不適用

Note: The Company received from each of the Directors the confirmations on taking continuous professional training. 附註:本公司已接獲各董事參與持續專業培訓的確認。

企業管治報告

Auditor's remuneration

The Company engaged Moore CPA Limited as its auditor for the year ended 31 December 2025. There was no disagreement between the Board and the Audit Committee on the selection, appointment, resignation or dismissal of the auditor.

During the year ended 31 December 2025, the remuneration paid/payable to Moore CPA Limited is set out as follows:

核數師薪酬

截至二零二五年十二月三十一日止年度,本公司委聘大華馬施雲會計師事務所有限公司為其核數師。董事會與審核委員會對甄選、委任、辭任或解僱核數師並無意見分歧。

截至二零二五年十二月三十一日止年度,大華馬施雲會計師事務所有限公司的已付╱應付薪酬載列如下:

Services rendered 提供的服務		Remuneration paid/payable 已付╱應付薪酬 RMB'000 人民幣千元
Audit services	審核服務	1,080
Non﹣audit services	非審核服務	153
Total	總計	1,233

Acknowledgement of responsibility for consolidated financial statements

The Directors acknowledge their responsibilities for preparing the financial statements of the Company for the year ended 31 December 2025. In preparing the consolidated financial statements for the year ended 31 December 2025, the Directors:

assessed the reasonableness of preparing the consolidated financial statements taking into consideration the Group's financial performance, position, cashflows and liquidity ratios;
selected suitable accounting policies and applied them consistently; and
made judgements and estimates in a prudent, fair and reasonable manner.

The Directors are not aware of any material uncertainties relating to events or conditions that may cast significant doubt upon the Company's ability to continue as a going concern. The statement of the independent auditor of the Company about their reporting responsibilities on the consolidated financial statements is set out in the section headed "Independent Auditor's Report" from page 134 to page 141 of this annual report.

綜合財務報表的責任確認

董事確認彼等編製本公司截至二零二五年十二月三十一日止年度財務報表的責任。編製截至二零二五年十二月三十一日止年度的綜合財務報表時,董事已:

根據本集團的財務表現、狀況、現金流量及流動資金比率,評估編製綜合財務報表的合理性;
挑選適當會計政策及貫徹應用該等政策; 及
作出審慎、公平及合理的判斷及估計。

就董事所知,並無任何重大不明朗事件或情況可能會嚴重影響本公司持續經營能力。本公司獨立核數師就其對綜合財務報表的申報責任聲明載於本年報第134頁至141頁「獨立核數師報告」一節。

企業管治報告

Internal control

Risk management and internal control

The Board emphasises on the importance of risk management and internal controls on the Group's business operations (including environmental, social and governance ("ESG")) and development and acknowledges its overall responsibility for the risk management and internal control systems and the review of their effectiveness.

The Board evaluates and determines the nature and extent of risks it is willing to accept, while achieving the Group's strategic business objectives. The Board also ensures implementation and maintenance of effective risk management and internal control systems; and oversees management in the design, implementation and monitoring of the risk management and internal control systems.

The Board has delegated the responsibility to physically implement and maintain the risk management and internal control systems to the management of the Company. The management, under the supervision of the Board, has implemented and maintained appropriate and effective risk management and internal control system, which aims to manage and reduce (i) risks associated with the Group's daily operations (including ESG); (ii) risks of failing to achieve business objectives; (iii) risks of asset misappropriation; and (iv) risks of making potential material misstatements or losses. However, the risk management and internal control system can only provide reasonable and not absolute assurance against material misstatements or losses.

The Group does not have an internal audit function. Taking into account the size, nature and complexity of the Group's business, the Board have sufficient capacity to oversee the design and implementation of the risk management and internal control system and to assess its effectiveness, and accordingly there is no immediate need to set up an internal audit function within the Group.

內部控制風險管理及內部控制

董事會強調風險管理及內部控制對本集團業務營運(包括環境、社會及管治(「環境、社會及管治」))及發展的重要性,並確認其對風險管理及內部控制系統以及檢討其成效的整體責任。

董事會評估及釐定於達致本集團策略性業務目標時可承擔風險的性質及程度。董事會亦確保實施及維持有效的風險管理及內部控制系統;以及監督風險管理及內部控制系統設計、實施和監控的管理。

董事會已委派本公司管理層負責具體實施及維持風險管理及內部控制系統,受董事會監察的管理層已實施及維持適當及有效的風險管理及內部控制系統,目的是管理及減少(i)與本集團日常業務(包括環境、社會及管治)有關的風險;(ii)未能達成業務目標的風險;(iii)資產挪用的風險;及(iv)潛在重大錯誤陳述或損失的風險。然而,風險管理及內部控制系統只可就重大錯誤陳述或損失提供合理而非絕對的保障。

本集團並無內部審核職能。經考慮本集團業務的規模、性質及複雜程度,董事會擁有充足的能力監督風險管理及內部控制系統的設計及實施,並可評估其有效性,因此毋須即時於本集團建立內部審核職能。

企業管治報告

The process to identify, evaluate and manage risks are carried out on a regular and on﹣going basis. These processes are summarised as follows:

Risk identification

• Identify risks that may potentially affect the Group's business and operations.

Risk assessment

• Assess the impact and consequence of the identified risks on the business and the likelihood of their occurrence.

Response to findings of risk assessment

Prioritise the risks by comparing the results of the risk assessment; and
Determine the risk management strategies and internal control processes to prevent, avoid or mitigate the risks.

Risk monitoring and reporting

Perform ongoing and regular monitoring of the risk and ensure that appropriate internal control processes are in place;
Enhance the risk management strategies and internal control processes in case of any significant change of situation; and
Report the results and effectiveness of risk management and internal control to the Board regularly.

In relation to the handling and dissemination of inside information, the Group has implemented in information disclosure policy to ensure potential inside information being captured and confidentiality of such information being maintained until consistent and timely disclosure are made in accordance with the Listing Rules. The policy is summarised as follows:

• Designated reporting channels from different operations informing any potential inside information to designated departments;

識別、評估及管理風險的程序乃按定期及持續基準進行。該等程序概述如下:

風險識別

• 識別可能對本集團業務及營運有潛在影響的風險。

風險評估

• 評估已識別風險對業務的影響及後果及其發生的可能性。

應對風險評估結果

透過比較風險評估的結果對風險按優先順序進行處理;及
確定風險管理策略及內部控制程序,以預防、避免或減輕風險。

風險監察及匯報

持續及定期監察風險,確保有適當的內部控制程序;
出現任何重大變動時,加強風險管理策略及內部控制程序;及
向董事會定期匯報風險管理及內部控制結果和成效。

本集團已就處理及發放內幕消息的方式訂立資料披露政策,確保在保密的情況下存取潛在內幕消息,直至按上市規則作出貫徹和及時的披露為止。該政策概述如下:

• 特設匯報渠道,讓不同營運單位向指定部門匯報潛在內幕消息;

Designated persons and departments to determine further escalation and disclosure as required; and
Designated persons authorised to act as spokespersons and respond to external enquiries.

During the year ended 31 December 2025, the Group engaged an independent internal control reviewer to review the effectiveness of its risk management and internal control system. The Board determined the scope of the review, which encompassed an assessment of the overall effectiveness of the Group's internal control systems, including financial, operational, and compliance controls; the risk management processes; the scope and quality of management's ongoing monitoring of risks and internal controls; and the effectiveness of the Group's financial reporting procedures. The independent internal control reviewer submitted a report of findings and areas for improvement to the management. The management presented these findings and areas for improvements to the Board and Audit Committee. Having considered (i) the existence of the risk management and internal control system; (ii) the findings of the independent internal control reviewer; (iii) management will take into account the areas for improvement suggested by the independent internal control reviewer and further enhance the risk management and internal control system, the Board and Audit Committee were of the view that the Group had no material internal control deficiencies and its risk management and internal control systems were effective and adequate.

Company secretary

Mr. Li Yiu Hong ("Mr. Li") was appointed as the company secretary of the Company with effect from 28 February 2025 and is responsible for overseeing all the company secretarial matters of the Company. Before Mr. Li's appointment, Ms. Jian Xuegen ("Ms. Jian") was the company secretary of the Company. In the opinion of the Board, Mr. Li and Ms. Jian possess the necessary qualification and experience, and is capable of performing the functions of a company secretary. During the year ended 31 December 2025, Mr. Li has taken no less than 15 hours of relevant professional training as required under Rule 3.29 of the Listing Rules.

指定人士及部門按需要決定匯報及披露方式;及
指定授權人士擔任發言人,回應外界查詢。

截至二零二五年十二月三十一日止年度,本集團聘請獨立內控審查員檢討其風險管理及內部控制系統的成效。董事會已釐定審查範圍, 其涵蓋對本集團內部控制系統整體的有效性評估,包括財務、營運及合規控制;風險管理流程;管理層持續監控風險與內部控制的範圍及質素;以及本集團財務報告程序的有效性。獨立內控審查員向管理層提交調查結果及需要改善範疇報告,管理層則向董事會及審核委員會呈交該等調查結果及需要改善範疇。經考慮(i)現有的風險管理及內部控制系統;(ii) 獨立內控審查員調查結果;(iii)管理層將考慮獨立內控審查員提出需要改善範疇,進一步提升風險管理及內部控制系統,董事會及審核委員會認為本集團概無重大內部控制缺陷, 且其風險管理及內部控制系統有效和足夠。

公司秘書

李燿匡先生(「李先生」)獲委任為本公司之公司秘書,自二零二五年二月二十八日起生效, 並負責監察本公司之一切公司秘書事宜。於李先生獲委任前,簡雪艮女士(「簡女士」)為本公司之公司秘書。董事會認為,李先生及簡女士具備必要資格及經驗,有能力履行公司秘書職務。截至二零二五年十二月三十一日止年度,李先生已根據上市規則第3.29條的規定參與不少於15小時的相關專業培訓。

企業管治報告

Shareholders' rights

The general meetings of the Company provide an opportunity for communication between the shareholders and the Board. An AGM of the Company shall be held in each year and at the place as may be determined by the Board. Each general meeting, other than an AGM, shall be called an extraordinary general meeting.

Shareholders to convene an extraordinary general meeting

Pursuant to article 64 of the Articles, extraordinary general meeting shall be convened on the requisition of one or more shareholders of the Company holding, at the date of deposit of the requisition, not less than one﹣tenth of the paid﹣up capital of the Company having the right of voting at general meetings. Such requisition shall be made in writing to the Board or the company secretary of the Company for the purpose of requiring an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition. Such meeting shall be held within two months after the deposit of such requisition. If within 21 days of such deposit, the Board fails to proceed to convene such meeting, the requisition(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to the requisitionist(s) by the Company.

Putting enquiries by shareholders to the Board

Shareholders may send written enquiries to the Company for the attention of the company secretary at the Company's principal place of business in Hong Kong.

Procedures for putting forward proposals by shareholders at shareholders' meetings

Shareholders of the Company are requested to follow article 64 of the Articles for including a resolution at an extraordinary general meeting. The requirements and procedures are set out above in the paragraph headed "Shareholders to convene an extraordinary general meeting".

股東權利

本公司的股東大會為股東與董事會提供溝通機會。本公司每年舉行股東週年大會,地點由董事會釐定。股東週年大會以外的各股東大會均稱為股東特別大會。

股東召開股東特別大會

根據細則第64條,本公司一名或以上股東(於遞呈要求當日持有有權於股東大會上投票的本公司繳足股本不少於十分之一者)應有權以書面方式向董事會或本公司之公司秘書遞呈要求的方式,述明要求董事會召開股東特別大會以處理要求內訂明的任何事項。該大會須於該項要求遞呈後兩個月內舉行。倘於有關遞呈後21日內,董事會未有召開該大會, 則遞呈要求人士可以相同方式召開大會,而本公司須向遞呈要求人士償付所有由遞呈要求人士因董事會未能召開大會而產生的合理開支。

股東向董事會提問

股東可透過本公司的香港主要營業地點向本公司發出書面查詢,並註明收件人為公司秘書。

股東於股東大會提呈議案的程序

本公司股東向股東特別大會提呈決議案時須遵守細則第64條。規定及程序載於上文「股東召開股東特別大會」一段。

Pursuant to article 114 of the Articles, no person (other than a retiring Director) shall, unless recommended by the Board for election, be eligible for election to the office of Director at any general meeting, unless notice in writing of the intention to propose that person for election as a Director and notice in writing by that person of his willingness to be elected shall have been lodged at the head office of the Company or at the Hong Kong branch share registrar and transfer office of the Company. The period for lodgement of the notices required under this Article will commence no earlier than the day after the despatch of the notice of the general meeting appointed for such election and end no later than seven days prior to the date of such general meeting and the minimum length of the period during which such notices to the Company may be given will be at least seven days.

The procedures for shareholders of the Company to propose a person for election as a Director is posted on the website of the Company. Shareholders or the Company may refer to the above procedures for putting forward any other proposals at general meetings.

Investor relations

The Company is committed to a policy of open and regular communication and reasonable disclosure of information to its shareholders. Information of the Company is disseminated to the shareholders in the following manner:

Publication of announcements on the annual and interim results on the website of the Company and the website of the Stock Exchange, and issue of other announcements and shareholders' circulars in accordance with the continuing disclosure obligations under the Listing Rules; and
The general meeting of the Company is also an effective communication channel between the Board and shareholders.

The Company has in place a shareholder communication policy to ensure that Shareholders' views and concerns are appropriately addressed. The policy is regularly reviewed to ensure its effectiveness.

根據細則第114條,除退任董事外,任何人士如未獲董事推薦參選,均無資格在任何股東大會上獲選出任董事,除非本公司總辦事處或本公司香港股份過戶登記分處已收到一份書面通知,其內表明彼擬提議推薦該人士參選董事之職,以及一份該獲提議推薦人士表示候選意願的通知。根據細則規定提交通知的期間須由不早於寄發指定進行選舉的股東大會通知的翌日開始,並在不遲於有關股東大會日期前七日完結,而向本公司發出有關通知的最短期間須至少為七日。

公司股東提名某一人士參選董事的程序刊載於本公司網站。股東或本公司可參閱上述於股東大會提呈任何其他議案的程序。

投資者關係

本公司致力實行公開、定期溝通及向其股東合理披露資料的政策。本公司透過下列方式向股東傳達資料:

根據上市規則的持續披露責任,於本公司網站及聯交所網站刊登年度及中期業績公告,以及刊發其他公告及股東通函; 及
本公司股東大會亦為董事會與股東的有效溝通橋樑。

本公司已訂立股東溝通政策以確保股東的意見及關注得到適當解決。該政策定期檢討以確保其有效性。

企業管治報告

The Company keeps on promoting investor relations and enhancing communication with the existing shareholders and potential investors. It welcomes suggestions from investors, stakeholders and the public. Enquiries to the Board or the Company may be sent by post to the Company's head office. The Company also maintains a website at www.sprocomm.com where up﹣to﹣date information and updates of the Company's operations, performances and strategies are available to public access.

本公司持續促進投資者關係,加強與現有股東及潛在投資者的溝通,同時歡迎各位投資者、持份者及公眾的建議。如對董事會或本公司有任何詢問,可郵寄至本公司總辦事處。本公司亦設有網站(網址為www.sprocomm.com), 刊載最新資料及更新本公司營運、表現及策略, 以供公眾查閱。

Constitutional Documents

There had been no changes in the constitutional documents of the Company during the year ended 31 December 2025.

組織章程文件

本公司的組織章程文件於截至二零二五年十二月三十一日止年度概無變動。

About the Report

Future Machine Limited (the "Company") and its subsidiaries (collectively the "Group") presents the Environmental, Social and Governance ("ESG") report, which contains information on the Group's business activities, ESG governance, strategies, performances and ongoing commitment towards sustainable development. This ESG report is intended to enhance the confidence and understanding of the stakeholders towards the Group.

About the Group

The Group is an ODM mobile phone supplier based in the PRC, primarily engaged in research and development, designing, manufacturing and sale of mobile phones, PCBAs for mobile phones and IoT related products, targeting emerging markets. The Group's production bases are located in the PRC.

Reporting Period

This ESG report highlights the ESG performance of the Group from 1 January 2025 to 31 December 2025.

Reporting Standard

This ESG report was prepared with reference to the Environmental, Social and Governance Reporting Code (the "ESG Reporting Code") as set out in Appendix C2 of the Listing Rules and guidance published by the Stock Exchange. An assessment on the applicability and materiality of the relevant key performance indicators under the ESG Reporting Code had been conducted.

Reporting Principles

The Group applied the following principles in this ESG report:

• Materiality: Material and relevant information to stakeholders on different ESG aspects is covered in this ESG Report. A materiality assessment was conducted to determine material ESG issues with results reviewed and approved by the board of directors (the "Board").

關於本報告

未來機器有限公司(「本公司」)及其附屬公司 (統稱為「本集團」)呈列環境、社會及管治(「環境、社會及管治」)報告,當中載列有關本集團業務活動、環境、社會及管治管理、策略、表現及對可持續發展的持續承諾有關的資料。本環境、社會及管治報告旨在增強持份者對本集團的信心及了解。

關於本集團

本集團為一間位於中國的ODM手機供應商, 主要從事研發、設計、製造及銷售手機、手機的印刷電路板組裝及物聯網相關產品,著力開拓新興市場。本集團的生產基地位於中國。

報告期間

本環境、社會及管治報告重點說明本集團由二零二五年一月一日至二零二五年十二月三十一日的環境、社會及管治表現。

報告準則

本環境、社會及管治報告乃參考上市規則附錄C2所載環境、社會及管治報告守則(「環境、社會及管治報告守則」)及聯交所頒佈的指引而編製。本公司已評估環境、社會及管治守則下相關關鍵績效指標的適用性及重要性。

報告原則

本集團於本環境、社會及管治報告中應用下列原則:

• 重要性:本環境、社會及管治報告涵蓋不同環境、社會及管治方面對持份者的重要及相關的資料。為確定重要的環境、社會及管治問題,本公司進行重要性評估, 其結果由董事會(「董事會」)審閱及批准。

環境、社會及管治報告

Quantitative: Targets have been set by the Group to reduce the emissions from business operations and to evaluate the effectiveness of ESG policies and management systems. The relevant standards, methodologies and assumptions used to prepare the quantitative information are disclosed, as appropriate. Quantitative information is provided with narrative and comparative figures, where possible.
Balance: The information is presented without the inappropriate use of selections, omissions or other forms of manipulation that would influence a decision or judgment by the reader.
Consistency: Consistent methodologies are used to prepare and present ESG data in this ESG report, unless otherwise specified, to allow for meaningful comparisons.

Reporting Scope

Based on the principle of materiality, the scope of this ESG report concentrates on the Group's business in the PRC, where the Group carries out its principal business operations and most of its employees and assets are located. All the PRC entities of the Group were included in the assessment of ESG performance for the purpose of this ESG report. The Group's operations outside the PRC were not included in the scope as they do not have significant environmental and social impacts.

ESG Governance

The Group views ESG commitments as part of its responsibilities and it is committed to incorporating ESG considerations into its decision﹣making process. To achieve this goal, the Group has developed a framework to ensure ESG governance is aligned with its strategic growth, while advocating for the integration of ESG into its business operations. The structure of ESG governance mainly comprised of two components, namely the Board and the management team.

The Board holds the overall responsibility for the Group's ESG strategy and reporting by overseeing the overall governance and progress of the Group's ESG management system, policies, commitments, strategies and objectives.

量化:本集團已制訂目標,以減少業務營運產生的排放物,並評估環境、社會及管治政策和管理系統的成效。酌情披露用於編製定量資料的相關標準、方法及假設。定量資料以敘述性和比較性數據一併提供(如可能)。
平衡:呈列資料時並無不當使用選擇、遺漏或其他形式的操縱方式影響讀者的決定或判斷。
一致性:除非另有說明,本環境、社會及管治報告使用一致的方法編製及呈列環境、社會及管治資料,以便進行有意義的比較。

報告範圍

根據重要性原則,本環境、社會及管治報告的範圍集中於本集團在中國的業務,因為本集團在中國開展主要的業務運營,其大部分員工及資產亦位於中國。就本環境、社會及管治報告而言,本集團的所有中國實體都已計入環境、社會及管治表現評估。由於本集團在中國以外的業務不具有重大的環境及社會影響, 因此不包括在評估範圍內。

環境、社會及管治管理

本集團將環境、社會及管治承諾視為其責任的一部分,並致力於將環境、社會及管治因素納入其決策過程。為實現這一目標,本集團制定框架以確保環境、社會及管治與其策略增長相一致,同時倡導將環境、社會及管治融入其業務運營。環境、社會及管治的結構主要包括兩個部分,即董事會及管理團隊。

董事會對本集團的環境、社會及管治策略和報告負有整體責任,方式為監督本集團的環境、社會及管治管理系統、政策、承諾、策略和目標的整體治理及進展。

環境、社會及管治報告

The management team is responsible for the collection and analysis of ESG data, implementation of appropriate strategies to improve the Group's ESG performance, assessment of whether current ESG policies and improvement measures are effective, compliance with relevant ESG laws and regulations and the reporting of major issues to the Board. To assess the effectiveness of the Group's ESG policies, management sets key performance indicators and compares the indicators of current year with those of prior year. Based on the results of this comparison, ESG reports and the feedback from stakeholders, the Board reviews the progress made by the Group against its ESG﹣related goals and targets. The relevance of ESG﹣related goals and targets to the Group's business operations are determined by regular communications with stakeholders.

The data and information in this ESG report are sourced from the relevant documents, reports, statistical data, management and operation information collected by the Group.

Information relating to the Group's corporate governance structure and practices has been set out in the section headed "Corporate Governance Report" of this annual report.

ESG Strategies

The Group believes that it is essential to implement appropriate ESG strategies in order to achieve sustainable corporate development. Key ESG strategies of the Group are set out below:

Maintain regular communications with stakeholders to identify ESG aspects that are material and relevant.
Maintain high environmental and social standards to ensure sustainable development of the Group's business operations.
Comply with all relevant laws and regulations in relation to the Group's business operations including health and safety, workplace conditions, employment and the environment.
Encourage employees, customers, suppliers and other stakeholders to participate in environmental and social activities that benefit the community as a whole.
Review the ESG strategies on an annual basis.

管理層團隊負責收集分析環境、社會及管治數據,執行適當策略以改善本集團的環境、社會及管治績效,評估當前環境、社會及管治政策及改善措施是否有效,遵守相關環境、社會及管治法律及法規以及向董事會報告重大問題。為評估本集團的環境、社會和公司治理政策的有效性,管理層定立關鍵績效指標,並將本年度的指標與上年度的指標作比較。根據該比較的結果、環境、社會及管治報告及持份者的反饋意見,董事會檢討本集團在環境、社會及管治相關目標及指標方面取得的進展。環境、社會及管治相關的目標及指標與本集團業務運營的相關性通過與持份者的定期溝通確定。

本環境、社會及管治報告的數據及資料均來自本集團收集的相關文件、報告、統計數據、管理和營運資料。

有關本集團企業管治架構及常規的資料載於本年報「企業管治報告」一節。

環境、社會及管治策略

本集團認為,為了實現企業的可持續發展,實施適當的環境、社會及管治策略實屬必要。本集團的主要環境、社會及管治策略載列如下:

保持與持份者定期溝通,以發現重要及相關的環境、社會及管治方面。
維持高水平環境及社會標準,確保本集團業務運營的可持續發展。
遵守與本集團業務運營有關的所有相關法律法規,包括健康和安全、工作場所條件、就業及環境。
鼓勵員工、客戶、供應商及其他持份者參與有利於整個社區的環境及社會活動。

• 每年審閱環境、社會及管治策。

環境、社會及管治報告

Stakeholder Engagement

The Group values the contributions from its stakeholders as they can bring positive impacts to the Group's business. The Group maintains regular communications with its stakeholders to collect their views on the ESG aspects that they regard as relevant and important. Its key stakeholders include governments and regulatory bodies, shareholders, employees, customers, suppliers and the public society. The Group maintains an open and transparent dialogue with its stakeholders through various channels including meetings, trade exhibitions, surveys, seminars and workshops.

持份者參與

本集團十分重視對業務有正面影響的持份者意見。本集團定期與持份者溝通,收集彼等認為與環境、社會及管治相關的重要意見。本集團的主要持份者包括政府及監管機構、股東、僱員、客戶、供應商及社會公眾。本集團透過會議、商貿展覽、調查、研討會及工作坊等多種渠道,與持份者公開透明交流。

The following table summarises the main expectations and concerns of the key stakeholders identified by the Group, and the corresponding management responses.

下表概述本集團所識別主要持份者的主要預期和關注以及管理層相應的回應。

Stakeholders 持份者	Expectations 預期	Management responses/ Communication channels 管理層回應╱溝通渠道
Governments and regulatory bodies 政府及監管機構	• Compliance with laws and regulations 遵守法律法規 • • Tax payment in accordance with laws	• Compliance operation 合規營運 • • Tax payment in full and on time 按時全額納稅 •
	依法納稅 •
Shareholders 股東	• Financial results 財務業績 • • Corporate transparency 企業透明 • • Sound risk control 穩健風險管理 •	• To improve profitability 提升盈利能力 • • Regular information disclosure 定期信息披露 • • To optimise risk management and internal control 優化風險管理及內部控制 •
Employees 僱員	• Career development platform 職業發展平台 • • Salary and benefits 薪金及福利 • • Safe working environment 安全工作環境 •	• Promotion mechanism 晉升機制 • • Competitive salary and employee benefits 有競爭力的薪金及僱員福利 • • To provide trainings for employees and strengthen their safety awareness

• 提供僱員培訓,加強安全意識

Stakeholders 持份者	Expectations 預期	Management responses/ Communication channels 管理層回應╱溝通渠道
Customers 客戶	• Logistics and delivery service standards 物流及配送服務標準 • • Customer information security 客戶信息安全 • • Customer rights and interests protection 客戶權益保障 •	• To get delivery status through product tracking system 通過產品追蹤系統獲得配送 • 狀態 • Customer privacy protection 客戶私隱保障 • • Compliance marketing 合規營銷 •
Suppliers 供應商	• Integrity cooperation 誠信合作 • • Business ethics and credibility 商業道德及信譽 •	• To build a stable and responsible supply chain 建立穩定及負責的供應鏈 • • To perform the contract according to law 依法履行合約 •
Society and the public 社會公眾	• Environmental protection 環境保護 • • Employment opportunities 僱傭機會 •	• To reduce environmental pollutions 減少環境污染 • • To put into use environmental protection and energy﹣saving equipment 使用環保節能設備 •

To provide equal employment opportunities
提供平等僱傭機會

環境、社會及管治報告

Materiality Assessment

During the year ended 31 December 2025, with reference to the scopes as required under the ESG Reporting Code and taking into consideration of the Group's business operations, the Group identified the following environmental, social and operating issues that are material and relevant to the Group's business operations. The Group recognises the critical need to implement effective strategies for monitoring and addressing these issues, as failure to do so may adversely impact the Group's financial condition and operating performance. Further, the Group made a materiality assessment on these environmental, social and operating issues by conducting interviews with its stakeholders.

重要性評估

截至二零二五年十二月三十一日止年度,本集團參考環境、社會及管治報告守則規定的範圍和考慮業務營運,識別以下與本集團業務相關的重大環境、社會及營運事項。本集團認識到,極需實施有效策略以監察及解決該等事項,如未能做到,可能會對本集團的財務狀況及經營業績產生不利影響。此外,本集團透過訪問持份者,進一步對該等環境、社會及營運事項進行了重要性評估。

Environmental issues 環境事項			Social issues 社會事項	Operating issues 營運事項
1.	Greenhouse gas emissions 溫室氣體排放	8.	Local community engagement 參與地方社區	15. Economic value generated 產生的經濟價值
2.	Energy consumption 能源消耗	9.	Community investment 社區投資	16. Corporate governance 企業管治
3.	Water consumption 用水		10. Occupational health and safety 職業健康及安全	17. Anti﹣corruption 反貪腐
4.	Waste 廢物		11. Labour standards in supply chain 供應鏈勞工準則	18. Supply chain management 供應鏈管理
5.	Saving energy measures 節能措施		12. Training and development 培訓與發展	19. Customer satisfaction 客戶滿意度
6.	Use of raw materials and packaging materials 原材料及包裝材料使用		13. Employee welfare 僱員福利	20. Customer privacy 客戶私隱
7.	Compliance with laws and regulations relating to environmental protection 遵守環保相關法律法規		14. Inclusion and equal opportunities 共融與平等機會

The Group prioritised the above﹣mentioned environmental, social and operating issues in terms of their importance to the Group's stakeholders and business operations.

本集團已優先考慮上述環境、社會及營運問題對本集團利益相關者及業務運營的重要性。

環境、社會及管治報告

Importance to the Group's stakeholders
and business operations 對本集團持份者及業務營運的重要程度	ESG issues 環境、社會及管治事項
High 高	1, 2, 3, 5, 6, 7, 10, 14, 15, 16, 17, 18, 19, 20
Medium 中	4, 11, 12, 13
Low 低	8, 9

Based on the results of the Group's materiality assessment, the Group would formulate and implement appropriate strategies to monitor and solve the identified issues and to achieve sustainable business development.

Confirmation and Approval

The Group endeavours to ensure that all the information presented in this ESG report is accurate and reliable. This ESG report had undergone the internal review process of the Group and was reviewed by the Board. During the year ended 31 December 2025, the Group confirmed that it has established appropriate and effective management policies and internal control systems for ESG issues and the contents of this ESG report comply with the requirements of the ESG Reporting Code.

Contact Us

The Group welcomes stakeholders to provide their opinions and suggestions. Stakeholders can provide valuable advice in respect of this ESG report or the Group's performances in sustainable development by mailing to 33/F, Building 1 Huaqiang Science and Technology Innovation Plaza Meilin Street, No. 6018 North Ring Boulevard, Futian District, Shenzhen, China.

本集團將根據重要性評估結果制定及實施適當策略以監察和解決上述事項,達致業務可持續發展。

確認及批准

本集團致力確保本環境、社會及管治報告中所載列的所有資料準確可靠。本環境、社會及管治報告已通過本集團的內部審查程序,並由董事會審查。截至二零二五年十二月三十一日止年度,本集團確認已就環境、社會及管治事宜制定適當及有效的管理政策及內部控制制度, 而本環境、社會及管治報告的內容符合環境、社會及管治報告守則的規定。

聯絡方式

本集團歡迎持份者提供意見及建議。持份者可以就本環境、社會及管治報告或本集團在可持續發展方面的表現提供寶貴意見,請郵寄至中國深圳福田區北環大道6018號梅林街道華強科創廣場1棟33層。

環境、社會及管治報告

A. Environment

The Group acknowledges its responsibility to protect the environment and it has implemented policies to reduce emissions and improve the efficiency in the use of resources.

The Group's business operations are subject to certain environmental requirements pursuant to the laws in the PRC such as Environmental Protection Law of the PRC (《中華人民共和國環境保護法》), Evaluation of Environmental Effects Law of the PRC (《中華人民共和國環境影響評價法》), Prevention and Control of Water Pollution Law of the PRC (《中華人民共和國水污染防治法》), Prevention and Control of Atmospheric Pollution Law of the PRC (《中華人民共和國大氣污染防治法》), Prevention and Control of Environmental Noise Pollution Law of the PRC (《中華人民共和國環境噪聲污染防治法》), Prevention and Control of Solid Waste Pollution Law of the PRC (《中華人民共和國固體廢物污染環境防治法》), and Regulations on the Administration of Construction Project Environmental Protection (《建設項目環境保護管理條例》), and Promotion of Cleaner Production Law of the PRC (《中華人民共和國清潔生產促進法》).

During the year ended 31 December 2025, the Group complied with all applicable PRC environmental laws and regulations in all material respects and had not been subject to any material penalty in relation to environmental protection.

A. 環境

本集團深明其環保責任,已實施政策減少排放和提高資源使用效率。

本集團業務營運須遵守中國法律若干環境要求,該等法律包括《中華人民共和國環境保護法》、《中華人民共和國環境影響評價法》、《中華人民共和國水污染防治法》、《中華人民共和國大氣污染防治法》、《中華人民共和國環境噪聲污染防治法》、《中華人民共和國固體廢物污染環境防治法》、《建設項目環境保護管理條例》及《中華人民共和國清潔生產促進法》。

截至二零二五年十二月三十一日止年度, 本集團於所有重大方面遵守所有適用中國環境法律法規,且並無受到任何環保相關重大處罰。

A.1 Emissions

During the Group's production process, there are certain wastage generated (sources of emissions) including solid waste, water, noise and polluted air. The Group has in place standard procedures to manage, treat and reduce pollution and wastage in accordance with national and local requirements. The Group also has in place facilities for air filtration to ensure that the level of wastage or pollutants generated during its production process is within statutory limits. In addition, the Group has engaged a professional waste disposal service company for the disposal of hazardous waste. To ensure compliance with the latest environmental laws and regulations, the Group has internal compliance manuals setting out its goals and policies in relation to environmental matters. The Group has been accredited with the ISO 14001 certification of environmental management system.

(i) Air pollutant emissions

During the year ended 31 December 2025, air pollutant emissions were mainly related to petrol consumption for the use of the Group's self﹣owned vehicles, which contributed to the emission of 25.38 kg (2024: 67.55 kg) of nitrogen oxides (NOx), 0.26 kg (2024: 0.96 kg) of sulphur oxides (SOx) and 2.18 kg (2024: 5.35 kg) of respiratory suspended particles (PM). During the financial year ended 31 December 2025, the Group optimised vehicle utilisation through enhanced fleet management and route efficiency initiatives, resulting in reduced fuel consumption and a significant decrease in air pollutant emissions. These achievements reflect the Group's continued commitment to minimising its environmental impact and advancing sustainable operations in line with global climate goals.

A.1 排放

本集團於生產過程中產生若干廢物 (排放源),包括固體廢物、廢水、噪音及空氣污染。本集團已根據國家及地方要求設立標準程序,以管理、處理及減少污染及廢物。本集團設有空氣過濾設施,確保生產過程中產生的廢物或污染物不超過法定範圍,亦聘請專業廢物處理服務公司處理有害廢物。為確保遵守最新環境法律法規,本集團設有內部合規手冊,列明環境相關的目標及政策。本集團亦獲得ISO 14001環境管理系統認證。

(i) 空氣污染物排放截至二零二五年十二月三十一日止年度,空氣污染物排放主要與本集團使用自有汽車而消耗汽油有關,包括25.38千克(二零二四年:67.55千克)氮氧化物(NOx)、0.26千克(二零二四年:0.96千克)硫氧化物(SOx) 及2.18千克(二零二四年:5.35 千克)可吸入懸浮粒子(PM)。於截至二零二五年十二月三十一日止財政年度,本集團透過強化車隊管理與路線效能舉措, 改善車輛使用率,從而降低燃油消耗並大幅減少空氣污染物排放。有關成果彰顯本集團繼續致力於減低對環境的影響, 並配合全球氣候目標推進持續營運。

環境、社會及管治報告

Air pollutant emissions reduction target

To better manage the Group's ESG performance, the Group decides to set quantifiable targets for air pollutant emissions as follows:

空氣污染物減排目標

為更好地管理本集團的環境、社會及管治表現,本集團決定制定以下可量化的空氣污染物排放目標:

二零二七年前減少3% Reduce 3% by Year 2027 二零二七年前減少3% Reduce 3% by Year 2027 二零二七年前減少3%	二零二二年 Year 2022 二零二二年 Year 2022 二零二二年	In progress 進行中 In progress 進行中 In progress 進行中
	石油消耗
		Reduce 3% by Year 2027 Year 2022

During the year ended 31 December 2025, the Group's motor vehicles traveled a total of 165,941 kilometres (2024: 696,401 kilometres), consuming 15,472 litres of petrol (2024: 63,457 litres), with an intensity of 9.43 litres per employee (2024: 44.88 litres); and 1,954 litres of diesel (2024: 1,509 litres), with an intensity of 1.19 litres per employee (2024: 1.07 litres). The use of motor vehicles in 2025 contributed to 41.62 tonnes of carbon dioxide equivalent emissions (2024: 153.70 tonnes).

To reduce the emissions arising from petrol consumption, the Group encourages its employees to use public transport when they attend business activities. For business activities that take place within walking distance, the Group encourages its employees to walk or cycle to the destination.

Refrigerant consumption

During the year ended 31 December 2024 and 2025, the Group consumed insignificant amount of refrigerant in connection with the use of air conditioning during its daily production and office operations, generating insignificant amount of carbon dioxide equivalent emissions. To reduce the emissions arising from refrigerant consumption, the Group encourages its employees to switch off the air conditioning when they leave the office and production premises.

截至二零二五年十二月三十一日止年度,本集團汽車共行駛 165,941 公里(二零二四年: 696,401公里),消耗15,472升汽油(二零二四年:63,457升汽油),密度為每名僱員 9.43 升 (二零二四年:44.88升);及柴油1,954升(二零二四年:1,509 升),密度為每名僱員1.19升(二零二四年:1.07升)。二零二五年的汽車使用排放41.62噸(二零二四年:153.70噸)二氧化碳當量。

為減少汽油消耗產生的排放, 本集團鼓勵僱員使用公共交通工具前往業務活動。就步行距離之內的業務活動而言,本集團鼓勵員工步行或騎單車前往目的地。

製冷劑消耗

截至二零二四年及二零二五年十二月三十一日止年度,本集團在日常生產及辦公室運營過程中因使用空調消耗極少量製冷劑,並產生極少量二氧化碳當量排放。為減少因消耗製冷劑而產生的排放,本集團鼓勵僱員離開辦公室及生產場所時關閉空調。

Electricity consumption

During the year ended 31 December 2025, the Group consumed 12,320,960 kWh of electricity (2024: 9,940,376 kWh), with an intensity of 7,508 kWh per employee (2024: 8,946 kWh) in connection with its daily production and office operations, which contributed to 7,117.82 tonnes of carbon dioxide equivalent emissions (2024: 8,946.34 tonnes). For the year ended 31 December 2025, the reduction in carbon dioxide equivalent emissions was largely attributable to a lower electricity emission factor in the PRC, reflecting a continued shift toward cleaner energy sources in the national grid. To reduce the emissions arising from electricity consumption, the Group encourages its employees to switch off the lights and other electricity appliances when they leave the office and production premises.

Paper consumption

During the year ended 31 December 2025, the Group consumed 1.3 tonnes of paper (2024: 1.3 tonnes), with an intensity of 0.001 tonnes per employee (2024: 0.001 tonnes) in connection with its daily business operations, which contributed to 0.01 tonnes of carbon dioxide equivalent emissions (2024: 0.01 tonnes). To reduce the emissions arising from paper usage, the Group encourages its employees to conserve paper, review documents on computers, send messages to customers via emails, use recycled paper and adopt double﹣sided printing.

電力消耗

截至二零二五年十二月三十一日止年度,本集團在日常生產和辦公中消耗12,320,960千瓦時(二零二四年:9,940,376千瓦時)電力,密度為每名僱員 7,508 千瓦時(二零二四年: 8,946千瓦時),排放7,117.82 噸(二零二四年:8,946.34噸) 二氧化碳當量。截至二零二五年十二月三十一日止年度,二氣化碳當量的排放減少,主要歸因於中國電力排放系數下降, 反映國家電網繼續朝著更清潔能源轉型。為減少用電產生的排放,本集團鼓勵僱員在離開辦公室和生產場所時關掉電燈和其他電器。

用紙

截至二零二五年十二月三十一日止年度,本集團因日常業務而消耗1.3噸(二零二四年:1.3 噸)紙張,密度為每名僱員0.001 噸(二零二四年:0.001噸),產生0.01噸(二零二四年:0.01噸) 二氧化碳當量排放。為減少紙張使用產生的排放,本集團鼓勵員工節約紙張,用電腦審閱文檔,通過電子郵件向客戶發送消息,使用再生紙並採用雙面打印。

Water consumption

During the year ended 31 December 2025, the Group consumed 72,789 cubic metres of water (2024: 56,429 cubic metres), with an intensity of 44.36 cubic metres per employee (2024: 35.75 cubic metres) in connection with its daily business operations, which contributed to 65.21 tonnes (2024: 50.55 tonnes) of carbon dioxide equivalent emissions. To reduce the emissions arising from water usage, the Group encourages its employees to conserve water and remember to turn off the water tap after use. As a result, the employees have increased their awareness regarding the reduction of water consumption. During the year ended 31 December 2025, the Group did not encounter any problems in sourcing water that is fit for purpose. Further, the Group did not consume a significant amount of water that was and disproportional to the scale of its business operations.

Business air travel

The Group's business nature requires employees to travel by air to other countries for meetings with customers and suppliers. Air travel is reserved for essential trips only, with the Group diligently monitoring all business﹣related flights. During the year ended 31 December 2025, business air travels of the Group's employees had contributed a total of 412.61 tonnes (2024: 548.19 tonnes) of carbon dioxide equivalent emission.

用水

截至二零二五年十二月三十一日止年度,本集團日常業務消耗72,789立方米(二零二四年: 56,429立方米)水,密度為每名僱員44.36立方米(二零二四年:35.75立方米),排放65.21 噸(二零二四年:50.55噸)二氧化碳當量。為減少用水引起的排放,本集團鼓勵僱員節約用水和用後關水。因此,僱員的節水意識得以提高。截至二零二五年十二月三十一日止年度, 本集團在獲取適用水源上並無遭遇任何困難。此外,本集團的用水量與其業務運營規模相符。

商務飛行

本集團的業務性質要求僱員乘飛機前往其他國家與客戶和供應商會面。航空出行僅限於必要行程,本集團會嚴密監控所有與業務相關的飛行。截至二零二五年十二月三十一日止年度,本集團僱員商務飛行合共排放412.61噸(二零二四年: 548.19噸)二氧化碳當量。

(ii) Hazardous waste

During the year ended 31 December 2025, the Group generated a minimal amount of hazardous waste, mainly composed of waste light tubes. To mitigate environmental impact, the Group has engaged a professional waste disposal service company for the proper disposal of hazardous wastes. The Group will strive to reduce generation of hazardous waste through upgrading technologies whenever possible. As in the previous two years, the Group received no complaints or warnings regarding the disposal of hazardous waste during the year ended 31 December 2025. The Group remains committed to maintaining this strong performance throughout 2026.

(iii) Non﹣hazardous waste

During the year ended 31 December 2025, the Group generated a total of 1,350 tonnes of non﹣hazardous waste (2024: 1,430 tonnes), with an intensity of 0.82 tonnes per employee (2024: 1.01 tonnes). The non﹣hazardous waste generated by the Group primarily consists of packaging materials utilised in the Group's production process. The Group regularly reminds its employees to use resources efficiently and try to avoid the generation of waste. As a result, the employees have increased their awareness regarding waste management. As in the previous two years, the Group received no complaints or warnings regarding the disposal of non﹣hazardous waste during the year ended 31 December 2025. The Group remains committed to maintaining this strong performance throughout 2026.

(ii) 有害廢物

截至二零二五年十二月三十一日止年度,本集團產生的微量有害廢物主要為廢光管。為減輕對環境的影響,本集團已聘請專業廢物處理服務公司妥善處理有害廢物。本集團將盡力通過升級技術減少產生有害廢物。過去兩年,本集團截至二零二五年十二月三十一日止年度並無接獲有關有害廢物的投訴或警告。本集團仍致力於整個二零二六年保持這一出色表現。

(iii) 無害廢物截至二零二五年十二月三十一日止年度,本集團合共產生 1,350 噸(二零二四年:1,430 噸)無害廢物,密度為每名僱員 0.82噸(二零二四年:1.01噸)。

人表現。

本集團產生的無害廢物主要包括本集團在生產過程中使用的包裝材料。本集團定期提醒僱員有效利用資源,盡量避免浪費,提高了僱員對廢物管理的認識。過去兩年,本集團截至二零二五年十二月三十一日止年度並無接獲有關處理無害廢物的投訴或警告。本集團仍致力於整個二零二六年保持這傲

環境、社會及管治報告

A.2 Use of resources

Reducing consumption of resources and enhancing utilisation efficiency are the Group's principles in minimising adverse impact on the environment and natural resources that may be caused by its business operations. The Group has adopted a set of guidelines to achieve efficient use of energy, water and other resources for long﹣term sustainability.

The Group's total consumption of resources during the year ended 31 December 2025 together with the relevant conservation measures adopted by the Group are detailed in the section headed "A.1 Emissions" above.

A.3 The environment and natural resources

During the year ended 31 December 2025, the Group's business activities did not cause significant adverse impact on the environment and natural resources.

To further improve the use of resources, the Group takes the following actions on an ongoing basis:

keep track of its consumption level of resources;
review the effectiveness of its conservation measures; and
design improvement measures

As a result, the Group's employees are more aware of the importance of using resources efficiently.

A.2 資源使用

本集團盡量減輕業務運營可能對環境及自然資源造成的不利影響的原則是減少資源消耗和提高利用率。本集團已採取一系列指引,以實現能源、水和其他資源的長期可持續有效利用。

截至二零二五年十二月三十一日止年度,本集團的資源總消耗量以及本集團採取的相關節約措施詳述於上文「A.1排放」一節。

A.3 環境及自然資源

截至二零二五年十二月三十一日止年度,本集團的業務活動並無對環境及自然資源造成重大不利影響。

為進一步優化資源使用,本集團持續採取以下措施:

記錄資源消耗水平;
檢討節約措施成效;及
設計改進措施。

因此,本集團僱員深知有效利用資源的重要性。

B. Social

B.1 Employment and labour practices

(i) Employment

Total employees

The Group had 1,641 full﹣time employees in the PRC as at 31 December 2025 (31 December 2024: 1,414). The Group did not have any part﹣ time employees as at 31 December 2025. During the year ended 31 December 2025, the Group increased the hiring of staff to satisfy its business needs.

Set forth below is the Group's employee turnover rate by gender, age group and geographical region:

Geographical location: The PRC

地區:中國

For the year ended 31 December 2025

		Male	Female	age group 按年齡組
Turnover rate	流失率	男性	女性	列示的總數
30 or below	30歲或以下	20.8%	25.6%	23.0%
31–40	31至40歲	8.5%	13.3%	11.2%
41–50	41至50歲	3.5%	2.8%	3.2%
Above 50	50歲以上	33.3%	9.1%	14.3%
Total by gender	按性別列示的總數	13.8%	15.8%

B. 社會

B.1 僱傭及勞工常規

(i) 僱傭

僱員總數

於二零二五年十二月三十一日, 本集團在中國有1,641名全職僱員(二零二四年十二月三十一日:1,414名)。於二零二五年十二月三十一日,本集團並無任何兼職員工。截至二零二五年十二月三十一日止年度,本集團增加招聘員工以應付業務需要。

以下是按性別、年齡組及地區劃分的本集團員工流失率:

Total by

Geographical location: The PRC

地區:中國

For the year ended 31 December 2024 截至二零二四年十二月三十一日止年度

				Total by
		Male	Female	age group 按年齡組
Turnover rate	流失率	男性	女性	列示的總數
30 or below	30歲或以下	2.1%	2.1%	2.1%
31–40	31至40歲	12.9%	10.9%	11.8%
41–50	41至50歲	23.7%	8.2%	13.8%
Above 50	50歲以上	54.5%	30.0%	35.3%
Total by gender	按性別列示的總數	9.0%	7.4%

The Group maintains a gender balance in its workforce. Set forth below are the distribution of the Group's employees as at 31 December 2025 by gender and age group:

本集團維持均衡的男女僱員分佈。以下是二零二五年十二月三十一日按性別和年齡組劃分的本集團僱員分佈:

DISTRIBUTION OF

Employee benefits and welfare

The Group enters into employment contracts with its employees and the employment contract terms were stipulated under the principles of fairness, voluntarism, mutual consent, integrity and credibility. The remuneration package offered to employees includes salary and other incentives. In general, the remuneration package is based on each employee's qualifications, position, seniority and work performance. The Group conducts an annual performance review process to evaluate employee performance, which serves as the basis for decisions regarding remuneration adjustments and promotions.

During the year ended 31 December 2025, the Group maintains social insurance for its employees pursuant to the applicable PRC laws and regulations by making contributions to the mandatory social insurance and housing provident funds which provide basic retirement, medical, work﹣related injury, maternity and unemployment benefits.

During the year ended 31 December 2025, the Group complies with the Labour Law of the PRC and did not experience any significant disputes with its employees or any disruption to business operations due to labour disputes. In addition, the Group did not experience any difficulties in the recruitment and retention of experienced core staff or skilled personnel.

僱員福利

本集團與僱員簽訂僱傭合約, 僱傭合約的條款基於公平、自願、雙方同意、誠信及信譽原則制定。僱員薪酬包括薪金和其他激勵。薪酬待遇一般根據僱員資格、職位、資歷和工作表現釐定。本集團實行年度績效檢討程序,以評估僱員的表現,作為薪酬調整和晉升的決策基礎。

截至二零二五年十二月三十一日止年度,本集團根據適用中國法律法規為僱員繳納社會保險,包括向強制社保及住房公積金供款,提供基本退休、醫療、工傷、生育及失業保險。

截至二零二五年十二月三十一日止年度,本集團一直遵守中華人民共和國勞動法,並無與僱員發生重大糾紛或因勞資糾紛導致經營活動中斷。此外, 本集團在聘任和留任經驗豐富的核心員工或熟練人員方面並無任何困難。

Labour standards

During the year ended 31 December 2025, there was no child labour nor forced labour working in the Group. The job application requirement specifies that job applicants must be at least 18 years old. To ensure that job applicants can meet the age requirement, identities of job applicants are verified against their valid identity documents, relevant permits and certificates.

The human resources department carries out background checks to authenticate information provided by job applicants and is required to fill in forms that confirm hired employees have met the age requirement. Any suspected or confirmed cases of child labour or forced labour shall be immediately reported to the human resources department and senior management. The Group will promptly initiate appropriate remedial measures, including the reinforcement and enhancement of relevant internal controls. No material non﹣compliance in relation to laws and regulations regarding prevention of child and forced labour was recorded during the year ended 31 December 2025.

Equal opportunity

The Group provides equal opportunities for employees in respect of recruitment, job advancement, training and development, etc. Employees are not discriminated against or deprived of such opportunities on the basis of race, nationality, religion, physical condition, disability, gender, pregnancy, sexual orientation, political status, age and any other discrimination prohibited by applicable law. Employees shall not act in discriminatory manner or they can be subject to disciplinary actions.

勞工準則

截至二零二五年十二月三十一日止年度,本集團概無童工或強制勞工。招聘要求規定求職者必須年滿18歲。為確保求職者符合年齡要求,本集團根據有效身份證明文件、相關許可證及證書核實求職者身份。

人力資源部進行背景調查以驗證求職者提供的資料,並須填寫表格以確認僱傭的僱員已達到年齡要求。出現任何懷疑或證實的童工或強迫勞工,須立時向人力資源部及高級管理層滙報。本集團將立時採取適當的糾正措施,包括加強及提升相關內部控制。截至二零二五年十二月三十一日止年度,未發生任何重大違反防止童工和強迫勞工相關法律法規的行為。

平等機會

本集團在招聘、晉升、培訓及發展等方面為僱員提供平等機會。僱員不會因種族、國籍、宗教、身體狀況、殘疾、性別、懷孕、性取向、政治取向、年齡或適用法例禁止的任何其他歧視而遭歧視或剝奪有關機會。僱員不得歧視他人,否則可能會受到紀律處分。

環境、社會及管治報告

(ii) Employee relations

The Directors consider that it is important to maintain good relationship with employees. The Group maintains regular communications with its employees by arranging gatherings, celebration activities and trainings. Through these activities, the Group would collect feedback from its employees on job satisfactions and their expectations on the Group and would implement appropriate strategies to improve the work environment and its relationship with the employees.

(iii) Employee health and safety

The Group places emphasis on occupational health and work safety. It provides a safe working environment and training sessions for its employees to ensure that they can work safely. It has also implemented a system of recording and handling accidents. Further, the Group also has dedicated personnel responsible for administering the internal worker safety policies, providing relevant training and education, and conducting regular inspections. During the year ended 31 December 2025, the Group had not experienced any material safety accidents or been penalised for any non﹣compliance relating to work safety laws and regulations.

(ii) 僱員關係

董事認為,與僱員維持良好關係十分重要。本集團通過安排聚會、慶祝活動及培訓定期與僱員溝通。藉助該等活動,本集團可聽取僱員有關工作滿意度及對本集團期望的意見,實施適當策略改善工作環境及與僱員的關係。

(iii) 僱員健康與安全

本集團注重職業健康及工作安全,為僱員提供安全的工作環境及培訓課程,以確保彼等能安全工作。本集團亦實行記錄及處理事故的制度。此外,本集團還有專職人員負責管理內部員工安全政策,提供相關培訓及教育,進行定期檢查。截至二零二五年十二月三十一日止年度,本集團並無發生任何重大安全事故,亦無因不遵守工作安全法律及法規而受到處罰。

Occupational health and safety data for the three years ended 31 December 2025	截至二零二五年十二月三十一日止三個年度的職業健康與安全數據因工死亡
Work related fatality	因工死亡	–
Work injury cases >3 days	3天以上的工傷事故	–
Work injury cases <=3 days	3天及以內的工傷事故	–
Lost days due to work injury	工傷停工天數	–

環境、社會及管治報告

(iv) Development and training

The Group provides comprehensive training and development opportunities to its employees on a regular basis. The trainings are arranged according to needs of employees, which were identified annually by individual departments:

a. Orientation training To familiarise employees with the Group's objectives, culture, rules and regulations, safety and product﹣related knowledge on the first day of work.
b. Pre﹣job training To familiarise new employees or transferred employees with their new duties.
c. On﹣the﹣job training To ensure that the employees are familiar with the Group's products, to sharpen the sales technique and customer service standard of sales and marketing personnel and to ensure the production and quality control personnel perform proper quality control procedures.
(iv) 發展及培訓本集團定期為僱員提供全面的培訓及發展機會。本集團按僱員需求安排培訓,僱員需求每年由各部門確定:
a. 入職培訓-在入職當天培訓僱員熟悉本集團的目標、文化、規則制度、安全及產品相關知識;
b. 崗前培訓-培訓新僱員或轉崗僱員熟悉新崗職責;
c. 在職培訓-確保僱員熟悉本集團的產品,提升銷售及營銷人員的銷售技巧及客戶服務標準,確保生產及質控人員妥善履行質控程序。

Set forth below is the number and percentage of training hours completed by the Group's employees by gender and employee category:

以下為本集團僱員按性別及僱員類別所完成的培訓時數及百分比:

		截至二零二五年十二月三十一日止年度
				% of training
				hours by
				employee
				category
				按僱員類別
Employee category	Male	Female	Total	劃分的受訓
僱員類別	男性	女性	合計	時數的百分比
	Training hours	Training hours	Training hours
	受訓時數	受訓時數	受訓時數
Senior management	756	–
高級管理層			756	3.3%
Middle management	4,788	1,512	6,300	27.1%
中級管理層
Other employees 其他僱員	11,304	4,845	16,149	69.6%
Total	16,848	6,357	23,205	100.0%
總計
% of training hours	72.6%	27.4%	100.0%
by gender
按性別劃分的受訓時數的百分比

Employee category 僱員類別	Male 男性	Female 女性	Total 合計	% of training hours by employee category 按僱員類別劃分的受訓時數的百分比
	Training hours 受訓時數	Training hours 受訓時數	Training hours 受訓時數
Senior management 高級管理層	120	–	120	1.2%
Middle management 中級管理層	441	189	630	6.4%
Other employees 其他僱員	4,300	4,790	9,090	92.4%
Total 總計	4,861	4,979	9,840	100.0%
% of training hours by gender 按性別劃分的受訓時數的百分比	49.4%	50.6%	100.0%

B.2 Operating practices

(i) Supply chain management

The Group purchases raw materials and e q u i p m e n t b a s e d o n i t s o w n n e e d s , specifications, quality and safety of equipment, reputation, after﹣sales service and delivery time of the supplier. The Group compares different suppliers to select qualified suppliers (based on their product specifications, product compliances, production management, quality management and also ESG performances) before the Group enters into contract with the qualified suppliers.

In selecting equipment, the Group evaluates energy efficiency and environmental sustainability. During the year ended 31 December 2025, the Group engaged a total of 666 suppliers, with 596 geographically located in the PRC and 70 in Hong Kong The aforesaid practices relating to engaging suppliers were implemented to all the Group's suppliers during the year.

The geographical locations of the Group's suppliers of raw materials and equipment were as follows:

B.2 經營常規

(i) 供應鏈管理本集團基於自身需求以及供應商的設備規格、質量及安全、聲譽、售後服務及交付時間採購原材料及設備。與合資格供應商訂立合約前,本集團會比較不同供應商以甄選合資格供應商(基於產品規格、產品合規、生產管理、質量管理以環境、社會及管治表現)。

在選擇設備時,本集團會評估設備的能源效益及其是否符合環境可持續發展。截至二零二五年十二月三十一日止年度, 本集團合共聘用666名供應商, 其中596名供應商位於中國及 70名供應商位於香港。上述供應商的聘用慣例於本年度施行於所有本集團的供應商。

本集團原材料及設備的供應商之地理位置如下:

		Number of suppliers 供應商數目
		For the	For the
		year ended	year ended
		31 December	31 December
		2025	2024
		截至	截至
		二零二五年	二零二四年
Geographical locations of		十二月三十一日	十二月三十一日
the Group's suppliers	本集團供應商的地理位置	止年度	止年度
The PRC	中國	596	704
Hong Kong	香港	70	49

Total	合計	666	753

The Group expects its suppliers to uphold the environmental, social and governance principles that the Group has adopted into the management of its business operations. In order to ensure that the components and raw materials meet the requisite safety and quality standards, the Group adopts stringent criteria in supplier selection (including but not limited to whether they provide high quality raw materials, whether they maintain a high standard on environmental protection and comply with relevant laws on environmental issues, whether price is comparable to market rate and location of their factories) and continuously monitors existing suppliers on an annual basis, based on criteria such as product quality, product defect ratio, delivery punctuality ratio and responsiveness.

Whether the supplier will continue to be included in the Group's list of approved suppliers depends on the marks it achieved under annual evaluation. The awareness of environmental protection is one of the key criteria for the Group to evaluate the suppliers.

本集團預期供應商在管理其業務營運時,恪守本集團所採納的環境、社會及管治原則。為確保零部件及原材料符合所需的安全及品質標準,本集團在甄選供應商時採用嚴格標準(包括但不限於彼等是否提供的原材料是否上乘、是否在環保方面維持高標準,並遵守有關環境問題的法例、價格是否與市價相若及廠房位置),並每年根據產品品質、產品不良比率、準時交貨率及回應等標準持續監察現有供應商。

供應商是否繼續納入本集團的認可供應商名單,取決於其在年度評估中達到的分數。環保意識是本集團評估供應商的重要標準之一。

(ii) Product responsibility Product assurance and recall

Product quality is crucial to the Group's continued success. The Group places strong emphasis on achieving consistently high quality for its products. To achieve such purpose, stringent quality control measures throughout the production process were implemented to ensure the quality and safety of our products. The Group's quality control department performs regular inspections to evaluate the effectiveness of the quality control measures and further enhance these measures when necessary.

The Group's quality management system has complied with the standard of GB/T 19001﹣2016/ ISO9001:2015 Quality Management Systems Requirements and awarded a certificate for the design, development, production and services of communication products, including exportable mobile phone, which remains valid until 17 July 2027. During the year ended 31 December 2025, the Group did not experience any claims, litigations and arbitrations or material adverse findings in inspection by government authorities with respect to product quality.

The Group only accepts product returns if there is manufacture or design defect or the product specification deviates from customers' specifications. During the year ended 31 December 2025, the Group did not experience any product recall, material non﹣compliance with laws and regulations in relation to product safety nor receive any material complaints from consumers.

(ii) 產品責任產品保證及召回

產品質量對本集團取得持續成功至關重要。本集團極之注重維持產品的一貫優質表現。為達致此目的,本集團對全生產過程實施嚴格的質控措施,以確保我們產品的質量及安全。本集團的質控部門會定期檢查, 以評估質控措施的成效和在必要時進一步強化該等措施。

我們的質量管理系統符合GB/ T19001–2016/ISO9001:2015質量管理系統要求的標準,並獲得通信產品(包括出口手機)的設計、開發、生產及服務證書, 有效期至二零二七年七月十七日止。截至二零二五年十二月三十一日止年度,本集團並無面臨與產品質量有關的任何索賠、訴訟及仲裁或政府機關發出的重大不利檢查結果。

本集團僅於出現生產或設計瑕疵或產品規格偏離客戶規格的情況下方會接受退貨。截至二零二五年十二月三十一日止年度,本集團並無進行任何產品召回,亦無嚴重違反產品安全相關法律法規的情況或收到任何重大客戶投訴。

Intellectual property rights and information security

As a mobile phone supplier with strong design capability, the Group registers patents to safeguard the technologies and mobile phone applications developed by the research and development department time to time. The Group relies on the relevant laws and regulations to protect its brand names, trademarks and other intellectual property rights.

During the year ended 31 December 2025, the Group was not aware of any material infringement (i) by the Group of any intellectual property rights owned by any third parties; or (ii) by any third party of any intellectual property rights owned by the Group. Further, there were no pending or threatened material claims made against the Group, nor had there been any material claims made by the Group against third parties, with respect to the infringement of intellectual property rights owned by the Group.

(iii) Anti﹣fraud and anti﹣corruption

According to the Group's anti﹣corruption policy, all employees shall abide by the laws and regulations of the PRC and shall not engage in any illegal activities. Employees shall uphold the code of ethics, advocate fair competition and act against bribery. Any bribery, fraud, money laundering and embezzlement are prohibited.

Employees must not accept or request any improper benefits including banquets, gifts, securities, valuables and high﹣expenditure entertainment activities from business partners, suppliers and merchants, etc. When there is any alleged case in violation of laws, regulations, code of conduct or Group's policies, the Group will investigate and impose disciplinary actions upon offenders after verification. The Group also provides trainings to directors and employees from time to time to ensure that they comply and familiar with the anti﹣fraud and anti﹣corruption policy of the Group.

知識產權及信息安全

作為擁有雄厚設計能力的手機供應商,本集團已註冊專利以保障研發部門不時開發的技術及手機應用程式。本集團依賴相關法律及法規保護品牌、商標及其他知識產權。

截至二零二五年十二月三十一日止年度,就本集團所知,(i)本集團並無嚴重侵犯任何第三方擁有的任何知識產權;或(ii)任何第三方並無嚴重侵犯本集團擁有的任何知識產權。此外, 本集團並無任何未決或可能遭提起的重大索賠,本集團亦無因本集團所擁有知識產權遭侵犯而向第三方提起的任何重大索賠。

(iii) 反欺詐及反貪腐

根據本集團的反貪腐政策,所有僱員均須遵守中國的法律及法規,不得從事任何非法活動。僱員應恪守職業道德,倡導公平競爭和防止賄賂。本集團禁止任何賄賂、欺詐、洗錢及侵吞公款行為。

僱員不得接受來自業務夥伴、供應商及商戶等方的任何不正當利益或要求提供任何不正當利益,包括宴請、禮物、證券、貴重物品及高消費招待活動。若有疑似違反法律、法規、操守守則或本集團政策的情況, 本集團將調查違者,核實後紀律處分。本集團亦不時向董事及僱員提供培訓,確保彼等遵守及熟悉本集團的反欺詐及反貪污政策。

The Board will monitor and review the effectiveness of the anti﹣fraud and anti﹣corruption policy from time to time.

During the year ended 31 December 2025, the Group complied with all applicable laws on prohibiting corruption and bribery of the PRC and there was no concluded legal case regarding corrupt practices brought against the Group or its employees.

Whistleblowing policy

The Group has implemented whistleblowing policy to provide a well﹣defined and accessible channel for reporting fraud, corruption, dishonest practices, or other similar matters and guidance on how an investigation would be initiated upon receiving a complaint. The policy also protects employees who report fraudulent activities in good faith and reasonable belief. A whistleblowing officer is elected to ensure that any reported case is dealt with in an expedited manner.

董事會將不時監察及檢討反欺詐及反貪污政策的成效。

截至二零二五年十二月三十一日止年度,本集團已遵守中國有關禁止貪污受賄的所有適用法律,且並無針對本集團或僱員提出的已審結貪污法律案件。

舉報政策

本集團已實施舉報政策,提供明確及可接觸的渠道,以舉報欺詐、貪污、不誠實行為或其他類似事宜,以及在收到投訴後如何展開調查的指引。該政策亦保障以良好信誠態度及合理信念舉報詐騙活動的僱員。我們已選出一名舉報主任,確保任何舉報個案得以迅速處理。

收到投訴後,董事會將決定調查方法,可能涉及委聘外部顧問進行評估。董事會將不時監察及檢討舉報政策的成效。

環境、社會及管治報告

(iv) Data protection and privacy policy

The Group is committed to protecting the privacy of its customers, employees, business partners and suppliers by maintaining a safe and secure data environment. The Group has implemented appropriate policies to ensure that all personal and business data collected during the Group's business activities are organised and secured properly. Computers and servers are protected from access passwords, Employees are instructed of their responsibility to follow the confidentiality code on the access to information and to ensure the safekeeping of all personal, customer and business data, trade secrets and proprietary information. Employees are prohibited from disclosing the information to unauthorised parties.

B.3 Community investment

The Group acknowledges corporate social responsibility and allocates resources to satisfy the needs of the community. During the year ended 31 December 2025, the Group spent reasonable amount of time and resources on environmental protection as well as cultural and sport promotion. The Group encouraged its employees to participate charitable events. Going forward, the Group will continue to focus on community needs and increase its investment in community.

(iv) 資料保護及私穩政策

本集團致力透過維持安全及有保障的資料環境來保護其客戶、員工、業務夥伴及供應商的私隱。本集團已實施適當的政策, 以確保在本集團的業務活動中收集的所有個人及業務資料均安排有序及安全穩妥。電腦及伺服器的存取受到密碼保護, 員工獲指示其有責任遵循資料存取的保密守則,並確保所有個人、客戶及業務資料、商業秘密及專有資訊獲安全保管。員工被禁止向未經授權人士透露資料。

B.3 社區投資

本集團深知企業社會責任,分配資源滿足社區需求。截至二零二五年十二月三十一日止年度,本集團專注花費合理的時間和資源在環保與文化及體育推廣。本集團鼓勵僱員參與公益活動。日後,本集團將繼續專注於社區需求和加大社區投資。

環境、社會及管治報告

C. Climate-Related Disclosures

The Group recognises climate change as a material issue that could affect its operations, supply chain, product demand in emerging markets, and long﹣term financial performance. This section provides disclosures on climate﹣ related risks and opportunities in accordance with part D of the ESG Reporting Code, aligned as closely as practicable with the IFRS S2 Climate﹣related Disclosures. Disclosures focus on information that could reasonably be expected to affect the Group's cash flows, access to finance, or cost of capital over the short (1–3 years), medium (3–10 years), and long term (>10 years).

The Group has applied implementation reliefs under the ESG Code, including the use of reasonable and supportable information available without undue cost or effort (particularly for quantitative scenario analysis and financial effects). Where full disclosure is not yet possible, considered explanations are given below.

C.1 Governance

The Group's climate﹣related governance is embedded within its broader ESG governance structure. For details of the Group's ESG governance structure, please refer to the sections headed "ESG GOVERNANCE" and "ESG STRATEGIES" in this ESG report.

(i) Board oversight

The Board bears ultimate responsibility for supervising climate﹣related risks and opportunities, their integration into strategic planning, risk management, and performance oversight. The Board reviews climate matters at least annually as part of ESG strategy deliberations, receives escalations of material climate issues from management, and approves related policies and targets. Board members draw on relevant experience in manufacturing and sustainability, supported by periodic training on climate matters.

C. 氣候相關披露

本集團認同氣候轉變視為可能影響營運、供應鏈、新興市場的產品需求及長遠財務表現之重大議題。本節依據《環境、社會管治報告守則》D部分規定,盡可能與《國際財務報告準則S2號-氣候相關披露》保持一致,就氣候相關風險與機遇進行披露。披露重點聚焦於短期(1–3年)、中期(3–10年)及長期(>10年)內,可合理預期影響本集團現金流、融資渠道或資金成本之資料。

本集團已應用環境、社會及管治守則的實施寬免條款,包括採用無須過高成本或勞力即可取得的合理且可佐證的資料 (特別針對量化情境分析與財務影響)。倘無法完整披露,將於下文提供週詳說明。

C.1 管治

本集團的氣候相關管治已納入其更廣泛的環境、社會及管治治理架構。有關本集團環境、社會及管治治理架構的詳情,請參閱本環境、社會及管治報告中「環境、社會及管治治理」及「環境、社會及管治策略」數節。

(i) 董事會監督

董事會對監督氣候相關風險與機遇、將其納入戰略規劃、風險管理及績效監督承擔最終責任。董事會至少每年一次在環境、社會與治理策略審議內檢視氣候議題,接收管理層上報的重大氣候問題,並批准相關政策與目標。董事會成員藉製造與可持續發展領域的相關經驗,輔以定期氣候議題培訓來履行監督職責。

環境、社會及管治報告

(ii) Management's role

The management team oversees the identification, assessment, and day﹣to﹣day management of climate﹣related risks and opportunities. Responsibilities encompass greenhouse gas ("GHG") data collection, implementation of mitigation measures, performance monitoring against targets, and timely escalation of significant issues to the Board. Climate considerations are incorporated into key operational decisions, such as supplier evaluation and production planning.

C.2 Strategy

The Group integrates climate﹣related risks and opportunities into its strategic and operational planning, evaluating their implications for the business model, value chain and overall resilience.

(i) Climate﹣related risks:

Physical risks – Acute physical risks arise from the heightened frequency and intensity of extreme weather events (such as typhoons, heavy rainfall, and heatwaves) affecting the Group's production facilities in the PRC. These could result in temporary operational disruptions, facility damage, supply chain interruptions, workforce safety issues or absenteeism, and reduced production capacity leading to delayed deliveries or contractual penalties. Chronic physical risks, including sustained higher ambient temperatures and altered precipitation patterns, may elevate energy demands for cooling in manufacturing environments and potentially impact long﹣term workforce productivity.

(ii) 管理層角色

管理團隊負責監督氣候相關風險與機遇的識別、評估及日常管理。彼之職責包括溫室氣體 (「溫室氣體」)數據收集、減緩措施的實施、按既定目標進行績效監察,以及將重大事項及時上報董事會。氣候因素亦已納入關鍵營運決策之中,比如供應商評估及生產規劃。

C.2 策略

本集團將氣候相關風險及機遇納入其策略及營運規劃,評估對業務模式、價值鏈及整體韌性的影響。

(i) 氣候相關風險:

實體風險-嚴重實體風險源於極端天氣事件(比如颱風、暴雨及熱浪)發生資數及強度上升, 對本集團在中國的生產設施造成影響。這類情況可能導致營運暫時中斷、設施受損、供應鏈中斷、員工安全問題或缺勤情況增加,以及生產力下降, 從而引致交付延誤或產生合約罰則。慢性實體風險(包括持續較高的環境溫度及下雨模式改變)亦可能提高製造環境對降溫所需的能源需求,並可能對長期勞動生產力造成影響。

Transition risks – Transition risks stem from the evolving regulatory, policy, and market landscape associated with the global and PRC transition to a lower﹣carbon economy. These include increasingly stringent emissions regulations, carbon neutrality commitments, enhanced energy efficiency standards for electronic products, and potential carbon pricing mechanisms. Such developments could impose higher compliance expenditures (e.g. investments in cleaner production technologies), elevate operational costs, and expose the Group to litigation or reputational risks in the event of non﹣compliance.

(ii) Climate﹣related opportunities

Opportunities include the development and marketing of more energy﹣efficient mobile phones and IoT related products, which align with evolving customer preferences in emerging markets and could enhance market share, revenue growth, and competitive positioning. Resource﹣efficient manufacturing processes may also yield cost savings over time.

(iii) Climate resilience

The Group's current strategy incorporates operational flexibility (e.g. backup power systems, adjustable shift arrangements, and precautionary protocols during adverse weather), ongoing supplier diversification, and continued research and development emphasis on low﹣ power designs. No material climate﹣related events adversely affected operations or financial performance for the year ended 31 December 2025.

過渡風險-過渡風險源於全球及中國向低碳經濟轉型時,監管、政策及市場環境不轉變。相關風險包括排放監管日益嚴緊、碳中和承諾、電子產品能源效率標準日漸提高及潛在的碳定價機制。有關發展可令合規開支更高(例如潔淨生產技術的投資)、推高營運成本,並在未能遵守相關規定的情況下, 本集團所面臨的訴訟或聲譽風險。

(ii) 氣候相關機遇

相關機遇包括開發及推廣更為節能的手機及物聯網相關產品, 配合新興市場中客戶偏好不斷演變的情況,從而提升市場份額、收益有所增長及更具競爭定位。製造流程如具能源效益, 日後亦會省成本。

(iii) 氣候韌性

本集團現行策略包括納入營運靈活性(例如備用電力系統、輪班安排可予調整,以及在惡劣天氣情況下採取預防性措施)、持續推進供應商多元,並繼續強調低功耗設計的研發。截至二零二五年十二月三十一日止年度,概無任何重大氣候相關事件,使本集團的營運或財務表現造成不利影響。

環境、社會及管治報告

(iv) Scenario analysis

The Group has not conducted any climate﹣ related scenario analysis for the year ended 31 December 2025. Management has determined that undertaking such analysis would require significant additional resources, including external expertise, data collection efforts, and internal time allocation, which would involve disproportionate costs and divert substantial management attention from core business operations and strategic priorities.

Accordingly, the Group explains non﹣disclosure of quantitative scenario analysis under the "comply or explain" regime. The Group intends to monitor developments in data availability and internal capabilities and will consider conducting scenario analysis in future reporting periods.

(v) Current and anticipated financial effects

For the year ended 31 December 2025, climate﹣ related matters had no material impact on the Group's financial position, performance, or cash flows. Anticipated effects include potential medium﹣term increases in operating and compliance costs (e.g. energy efficiency upgrades or regulatory adjustments, preliminarily estimated to be modest relative to overall expenses) and possible short﹣ to medium﹣ term supply disruptions, partially mitigated by efficiency improvements and product innovation. Quantitative disclosure of anticipated financial effects has not been provided. Management has concluded that such quantification would involve disproportionate costs and divert substantial management attention from core business operations and strategic priorities. The Group therefore explains non﹣disclosure under the "comply or explain" regime. The Group will continue to build internal capabilities and data infrastructure and will consider providing enhanced quantitative insights in future reporting periods.

(iv) 情境分析

截至二零二五年十二月三十一日止年度,本集團並無進行任何氣候相關分析。管理層已斷定,進行有關分析須要大量額外資源,包括外部專業知識、數據收集工作及內部時間分配, 此舉將導致成本支出不成比例, 並令管理層的集中力過度偏離核心業務運作與戰略重點。

因此,本集團根據「不遵守就解釋」制度解釋量化情景分析的非強制性披露。本集團打算監測數據可用性及內部能力的發展, 並將於未來報告期間考慮進行情景分析。

(v) 目前及預期的財務影響截至二零二五年十二月三十一日止年度,氣候變化相關事宜對本集團的財務狀況、表現或現金流量並無重大影響。預期影響包括中期運營及合規成本的潛在增加(例如能源效率升級或監管調整,初步估計與總體開支相比而言金額較小)以及短期至中期供應中斷,而其可通過效率提升及產品創新得以緩解。目前尚未提供預期財務影響的量化披露。管理層認為, 有關量化將耗費過高成本,且會使管理層注意力大幅偏離核心業務營運及戰略重點。因此, 本集團根據「不遵守就解釋」制度解釋不予披露。本集團將繼續建立內部能力及數據基礎設施,並將考慮於未來報告期間提供更具深度的量化分析。

環境、社會及管治報告

C.3 Risk management

Climate﹣related risks are incorporated into the Group's enterprise risk management framework. Management systematically identifies, assesses, and monitors climate risks through internal reviews, stakeholder input, regulatory monitoring and external trend analysis. Risks are evaluated by likelihood and potential impact, prioritised accordingly, and addressed via controls such as facility resilience planning, insurance arrangements, and enhanced supplier ESG assessments. The Board oversees the framework and receives regular updates on material climate risks.

C.4 Metrics and targets

The Group monitors and reports GHG emissions as principal climate metrics. Emission factors are derived from recognised standards.

(i) GHG emissions

C.3 風險管理

氣候變化相關風險已納入本集團的企業風險管理框架。管理層透過內部審閱、持份者意見、監管監察及外部趨勢分析,有系統地識別、評估及監察氣候風險。風險按發生可能性及潛在影響進行評估,並據此確定優先次序,同時通過設施韌性規劃、保險安排及加強供應商環境、社會及管治評估等控制措施予以解決。董事會監督該框架,並定期收到有關重大氣候風險的最新資料。

C.4 溫室氣體排放及目標

本集團監察及報告溫室氣體排放作為主要氣候指標。排放系數源自公認標準。

(i) 溫室氣體排放

			For the year ended	For the year ended
		31 December 2025		31 December 2024
		截至二零二五年		截至二零二四年
		十二月三十一日止年度		十二月三十一日止年度
		Emission	Percentage to	Emission	Percentage to
		(in tCO2 e)	total emission	(in tCO2 e)	total emission
		排放量(噸量	佔總排放量	排放量(噸量	佔總排放量
Scope of GHG emissions	溫室氣體排放範圍	二氧化碳當量)	百分比	二氧化碳當量)	百分比
Scope 1 Direct emission	範圍1直接排放
Combustion of fuel for mobile vehicles	汽車燃料燃燒	41.62	0.5%	153.70	1.6%
Consumption of refrigerant	製冷劑消耗量	–		–
Scope 2 Indirect emission	範圍2間接排放
Purchased electricity	購買電力	7,117.82	93.2%	8,946.34	92.2%
Scope 3 Other indirect emission	範圍3其他間接排放
Paper waste disposal	廢紙處理	0.01	6.3%	0.01	6.2%
Water consumption	用水	65.21		50.55
Business air travel	商務飛行	412.61		548.19

Total	總計	7,637.27	100%	9,698.79	100%

Notes:

(1) The emission factors in this report were determined in accordance with recognised standards and guidelines, including but not limited to the GHG Protocol Corporate Accounting and Reporting Standard (Revised Edition) by the World Resources Institute and World Business Council for Sustainable Development; How to Prepare an ESG Report – Appendix 2: Reporting Guidance on Environmental KPIs by the Stock Exchange; and the 2024 National Power Carbon Footprint Factor, published by the Ministry of Ecology and Environment of the PRC, in collaboration with the National Bureau of Statistics and National Energy Administration.
(2) The above emission data does not include the removal of CO2 contributed by recycling of paper.

During the year ended 31 December 2025, the Group's activities contributed to 7,637.27 tonnes (2024: 9,698.79 tonnes) or 0.09 tCO2/m2 (2024: 0.14 tCO2/m2) of carbon dioxide equivalent (carbon dioxide, methane, nitrous oxide and hydrofluorocarbons) emission. For the year ended 31 December 2025, the decrease in carbon dioxide equivalent emissions was largely due to two main factors: (i) lower fuel consumption from motor vehicles; and (ii) a decline in the PRC electricity emission factor, underscoring the ongoing transition of the national grid toward cleaner and more sustainable energy sources. Details of the Group's measures to reduce the consumption of resources and the related emissions are set out above. Same as the previous two years, the Group did not receive any complaints or warnings on GHG emissions during the year ended 31 December 2025.

附註:

(1) 本報告中的排放系數是根據公認的標準及指南確定的,包括但不限於溫室氣體盤查議定書-企業會計與報告標準(修訂版);聯交所頒布的《如何編制環境、社會及管治報告-附錄二:環境關鍵績效指標報告指引》;及中國生態環境部與國家統計局及國家能源局合作發佈的《2024年全國電力碳足跡系數》。
(2) 上述排放數據並不包括回收紙張所產生的二氧化碳排放量。

截至二零二五年十二月三十一日止年度,本集團的活動產生 7,637.27 噸(二零二四年: 9,698.79 噸)或 0.09 噸二氧化碳╱平方米(二零二四年:0.14 噸二氧化碳當量(二氧化碳、甲烷、一氧化二氮及氫氟碳化物)╱平方米排放量的百分比。截至二零二五年十二月三十一日止年度,二氧化碳當量排放減少主要由於兩個主要因素:(i) 汽車燃料消耗減少;及(ii)中國電力排放系數下降,突顯國家電網持續向更清潔及更可持續的能源轉型。本集團減少資源消耗及相關排放的措施詳情載於上文。與過往兩年相同,本集團於截至二零二五年十二月三十一日止年度並無接獲任何有關溫室氣體排放的投訴或警告。

(ii) GHG emissions reduction target

To support its climate commitments and long﹣ term decarbonisation, the Group has established quantifiable targets for its Scope 1 and Scope 2 GHG emissions, which primarily arise from electricity consumption in production and office operations as well as fuel use in company vehicles. The Group aims to reduce total Scope 1 and Scope 2 emissions by 20% by 2030, using 2025 as the baseline year (7,637.27 tonnes of CO2e).

This target will be reviewed annually in response to business developments, regulatory changes, and stakeholder input. The Group is committed to strengthening its climate ambition over time as data and capabilities improve.

(ii) 溫室氣體減排目標

為支持其氣候承諾及長期減碳, 本集團已就其範圍一及範圍二溫室氣體排放制定可量化目標, 該等溫室氣體排放主要來自生產及辦公室營運的電力消耗以及公司車輛的燃料使用。本集團旨在以二零二五年為基準年 (7,637.27噸二氧化碳當量), 到二零三零年將範圍1和範圍2 的總排放量減少20%。

該目標將根據業務發展、監管變化及持份者的意見每年進行審查。隨著數據不斷完善、能力持續提升,本集團致力於逐步加強其氣候行動目標。

The ESG Reporting Code Content Index of the Stock Exchange of Hong Kong Limited

Subject areas, aspects, general disclosures and KPIs 主要範疇、層面、一般披露及關鍵績效指標

Mandatory Disclosure Requirements 強制披露規定 Governance Structure

管治架構

A statement from the board containing the following elements: 由董事會發出的聲明,當中載有下列內容: (i) a disclosure of the board's oversight of ESG issues; 披露董事會對環境、社會及管治事宜

的監管;

(ii) the board's ESG management approach and strategy, including the process used to evaluate, prioritise and manage material ESG﹣related issues (including risks to the issuer's businesses); and 董事會的環境、社會及管治管理方針及策略,包括評估、優次排列及管理

重要的環境、社會及管治相關事宜(包

括對發行人業務的風險)的過程;及 (iii) how the board reviews progress made against ESG﹣related goals and targets with an explanation of how they relate to the issuer's businesses. 董事會如何按環境、社會及管治相關目標檢討進度,並解釋它們如何與發行人業務有關連。

香港聯合交易所有限公司的環境、社會及管治報告指引內容索引表

Description Relevant section in the ESG report/Declaration 描述環境、社會及管治報告的相關章節╱聲明

ESG GOVERNANCE 環境、社會及管治治理

ESG STRATEGIES 環境、社會及管治策略

STAKEHOLDER ENGAGEMENT 持份者參與

Subject areas, aspects, general disclosures and KPIs 主要範疇、層面、一般披露及關鍵績效指標	Description 描述	Relevant section in the ESG report/Declaration 環境、社會及管治報告的相關章節╱聲明
Reporting Principles 報告原則
	A description of, or an explanation on, the application of the reporting principles in the preparation of the ESG report. 描述或解釋在編備環境、社會及管治報告時如何應用匯報原則。	REPORTING PRINCIPLES 報告原則
Reporting Boundary 報告範圍
	A narrative explaining the reporting boundaries of the ESG report and describing the process used to identify which entities or operations are included in the ESG report. If there is a change in the scope, the issuer should explain the difference and reason for the change. 解釋環境、社會及管治報告的匯報範圍, 及描述挑選哪些實體或業務納入環境、社會及管治報告的過程。若匯報範圍有所改變, 發行人應解釋不同之處及變動原因。	REPORTING SCOPE 報告範圍
"Comply or explain"
Provisions
「不遵守就解釋」條文

Subject areas, aspects, general disclosures and KPIs	Description	Relevant section in the ESG report/Declaration
主要範疇、層面、一般披露及關鍵績效指標	描述	環境、社會及管治報告的相關章節╱聲明
A. ENVIRONMENT A.環境 Aspect A1: Emissions
層面A1:排放物
General Disclosure 一般披露	Information on: 有關廢氣排放、向水及土地的排污、有害及無害廢棄物的產生等的:	A. ENVIRONMENT A. 環境
	(i) the policies; and 政策;及
	(ii) compliance with relevant laws and regulations that have a significant impact on the issuer relating to air emissions, discharges into water and land, and generation of hazardous and nonhazardous waste. 遵守對發行人有重大影響的相關法律及規例的資料。
KPI A1.1 關鍵績效指標A1.1	The types of emissions and respective emissions data. 排放物種類及相關排放數據。	A.1 Emissions A.1排放
KPI A1.3 關鍵績效指標A1.3	Total hazardous waste produced (in tonnes) and intensity. 所產生有害廢棄物總量(以噸計算)及密度。	A.1 Emissions – (ii) Hazardous waste (Not applicable – Explained) A.1排放-(ii)有害廢物 (不適用-已解釋)
KPI A1.4 關鍵績效指標A1.4	Total non﹣hazardous waste produced (in tonnes) and intensity. 所產生無害廢棄物總量(以噸計算)及密度。	A.1 Emissions – (iii) Non﹣hazardous waste A.1排放-(iii)無害廢物
KPI A1.5 關鍵績效指標A1.5	Description of emission target(s) set and steps taken to achieve them. 描述所訂立的排放量目標及為達致該等目標所採取的措施。	A.1 Emissions A.1排放

Subject areas, aspects, general disclosures and KPIs 主要範疇、層面、一般披露及關鍵績效指標	Description 描述	Relevant section in the ESG report/Declaration 環境、社會及管治報告的相關章節╱聲明
KPI A1.6 關鍵績效指標A1.6	Description of how hazardous and non﹣ hazardous wastes are handled, reduction target(s) set and steps taken to achieve them. 描述處理有害及無害廢棄物的方法、所訂立的減排目標及為達致該等目標所採取的措施	A.1 Emissions – (ii) Hazardous waste A.1排放-(ii)有害廢物 A.1 Emissions – (iii) Non﹣hazardous waste A.1排放-(iii)無害廢物
Aspect A2: Use of Resources 層面A2:資源使用
General Disclosure 一般披露	Policies on the efficient use of resources, including energy, water and other raw materials. 有效使用資源(包括能源、水及其他原材料) 的政策	A.2 Use of resources A.2資源使用
KPI A2.1 關鍵績效指標A2.1	Direct and/or indirect energy consumption by type in total and intensity. 按類型劃分的直接及╱或間接能源總耗量及密度。	A.1 Emissions A.1排放
KPI A2.2 關鍵績效指標A2.2	Water consumption in total and intensity. 總用水量及密度。	A.1 Emissions – Water consumption A.1排放-用水

Subject areas, aspects, general disclosures and KPIs	Description	Relevant section in the ESG report/Declaration
主要範疇、層面、一般披露及關鍵績效指標	描述	環境、社會及管治報告的相關章節╱聲明
KPI A2.3 關鍵績效指標A2.3	Description of energy use efficiency target(s) set and steps taken to achieve them. 描述所訂立的能源使用效益目標及為達致該等目標所採取的措施。	A.1 Emissions A.1排放
KPI A2.4 關鍵績效指標A2.4	Description of whether there is any issue in sourcing water that is fit for purpose, water efficiency target(s) set and steps taken to achieve them. 描述求取適用水源上可有任何問題、所訂立的用水效益目標及為達致該等目標所採取的措施。	A.1 Emissions – Water consumption A.1排放-用水
KPI A2.5 關鍵績效指標A2.5	Total packaging material used for finished products (in tonnes). 製成品所用包裝材料的總量(以噸計算)。	A.1 Emissions – (iii) Non﹣hazardous waste A.1排放-(iii)無害廢物
Aspect A3: The Environment and Natural Resources 層面A3:環境及天然資源
General Disclosure 一般披露	Policies on minimising the issuer's significant impact on the environment and natural resources. 減低發行人對環境及天然資源造成重大影響的政策。	A.3 The environment and natural resources A.3環境及自然資源
KPI A3.1 關鍵績效指標A3.1	Description of the significant impacts of activities on the environment and natural resources and the actions taken to manage them. 描述業務活動對環境及天然資源的重大影響及已採取管理有關影響的行動。	A.3 The environment and natural resources A.3環境及自然資源

Subject areas, aspects, general disclosures and KPIs 主要範疇、層面、一般披露及關鍵績效指標	Description 描述	Relevant section in the ESG report/Declaration 環境、社會及管治報告的相關章節╱聲明
B. SOCIAL B.社會 Employment and Labour Practices 僱傭及勞工常規
Aspect B1: Employment
層面B1:僱傭 General Disclosure 一般披露	Information on: 有有關薪酬及解僱、招聘及晉升、工作時數、假期、平等機會、多元化、反歧視以及其他待遇及福利的:	B.1 Employment and labour practices B.1僱傭及勞工常規
	(i) the policies; and 政策;及
	(ii) compliance with relevant laws and regulations that have a significant impact on the issuer relating to compensation and dismissal, recruitment and promotion, working hours, rest periods, equal opportunity, diversity, anti﹣ discrimination, and other benefits and welfare. 遵守對發行人有重大影響的相關法律及規例的資料。
KPI B1.1 關鍵績效指標B1.1	Total workforce by gender, employment type, age group and geographical region. 按性別、僱傭類型、年齡組別及地區劃分的僱員總數。	B.1 Employment and labour practices – (i) Employment – Total employees B.1僱傭及勞工常規- (i)僱傭-僱員總數
KPI B1.2 關鍵績效指標B1.2	Employee turnover rate by gender, age group and geographical region. 按性別、年齡組別及地區劃分的僱員流失比率。	B.1 Employment and labour practices – (i) Employment – Total employees B.1僱傭及勞工常規- (i)僱傭-僱員總數

Subject areas, aspects, general disclosures and KPIs	Description	Relevant section in the ESG report/Declaration
主要範疇、層面、一般披露及關鍵績效指標	描述	環境、社會及管治報告的相關章節╱聲明
Aspect B2: Health and Safety 層面B2:健康與安全
General Disclosure 一般披露	Information on: 有關提供安全工作環境及保障僱員避免職業性危害的:	B.1 Employment and labour practices – (iii) Employee health and safety B.1僱傭及勞工常規-
	(i) the policies; and 政策;及	(iii)僱員健康與安全
	(ii) compliance with relevant laws and regulations that have a significant impact on the issuer relating to providing a safe working environment and protecting employees from occupational hazards. 遵守對發行人有重大影響的相關法律及規例的資料。
KPI B2.1 關鍵績效指標B2.1	Number and rate of work﹣related fatalities in each of the past three years including the reporting year. 於過往三年各年(包括報告年度)因工死亡的人數及比率。	B.1 Employment and labour practices – (iii) Employee health and safety B.1僱傭及勞工常規- (iii)僱員健康與安全
KPI B2.2 關鍵績效指標B2.2	Lost days due to work injury. 工傷誤工天數。	B.1 Employment and labour practices – (iii) Employee health and safety B.1僱傭及勞工常規- (iii)僱員健康和安全
KPI B2.3 關鍵績效指標B2.3	Description of occupational health and safety measures adopted, and how they are implemented and monitored. 員工健康及安全措施,以及如何執行及監督此等措施的描述。	B.1 Employment and labour practices – (iii) Employee health and safety B.1僱傭及勞工常規- (iii)僱員健康和安全

Subject areas, aspects, general disclosures and KPIs	Description	Relevant section in the ESG report/Declaration
主要範疇、層面、一般披露及關鍵績效指標	描述	環境、社會及管治報告的相關章節╱聲明
Aspect B3: Development and Training 層面B3:發展及培訓
General Disclosure 一般披露	Policies on improving employees' knowledge and skills for discharging duties at work. Description of training activities. 有關提升僱員履行工作職責的知識及技能的政策。描述培訓活動。	B.1 Employment and labour practices – (iv) Development and training B.1僱傭及勞工常規- (iv)發展及培訓
KPI B3.1 關鍵績效指標B3.1	Percentage of employees trained by gender and employee category. 按性別及僱員類別劃分的受訓僱員百分比。	B.1 Employment and labour practices – (iv) Development and training B.1僱傭及勞工常規- (iv)發展及培訓
KPI B3.2 關鍵績效指標B3.2	Average training hours completed by gender and employee category. 按性別及僱員類別劃分,每名僱員完成受訓的平均時數。	B.1 Employment and labour practices – (iv) Development and training B.1僱傭及勞工常規- (iv)發展及培訓
Aspect B4: Labour Standards 層面B4:勞工準則
General Disclosure 一般披露	Information on: 有關防止童工或強制勞工的:	B.1 Employment and labour practices – (i) Employment B.1僱傭及勞工常規-(i)僱傭
	(i) the policies; and 政策;及
	(ii) compliance with relevant laws and regulations that have a significant impact on the issuer relating to preventing child and forced labour. 遵守對發行人有重大影響的相關法律及規例的資料。

Subject areas, aspects, general disclosures and KPIs 主要範疇、層面、一般披露及關鍵績效指標	Description 描述	Relevant section in the ESG report/Declaration 環境、社會及管治報告的相關章節╱聲明
KPI B4.1 關鍵績效指標B4.1	Description of measures to review employment practices to avoid child and forced labour. 描述檢討僱傭慣例的措施以避免童工及強制勞工。	B.1 Employment and labour practices – (i) Employment B.1僱傭及勞工常規-(i)僱傭
KPI B4.2 關鍵績效指標B4.2	Description of steps taken to eliminate such practices when discovered. 描述在發現違規情況時消除有關情況所採取的步驟。	B.1 Employment and labour practices – (i) Employment B.1僱傭及勞工常規-(i)僱傭
Operating Practices 經營常規
Aspect B5: Supply Chain Management 層面B5:供應鏈管理
General Disclosure 一般披露	Policies on managing environmental and social risks of the supply chain. 管理供應鏈的環境及社會風險政策。	B.2 Operating practices – (i) Supply chain management B.2經營常規-(i)供應鏈管理
KPI B5.1 關鍵績效指標B5.1	Number of suppliers by geographical region. 按地理位置劃分的供應商數量。	B.2 Operating practices – (i) Supply chain management B.2經營常規-(i)供應鏈管理
KPI B5.2 關鍵績效指標B5.2	Description of practices relating to engaging suppliers, number of suppliers where the practices are being implemented, and how they are implemented and monitored. 描述有關聘用供應商的慣例,向其執行有關慣例的供應商數目,以及相關執行及監察方法。	B.2 Operating practices – (i) Supply chain management B.2經營常規-(i)供應鏈管理
KPI B5.3 關鍵績效指標B5.3	Description of practices used to identify environmental and social risks along the supply chain, and how they are implemented and monitored. 描述有關識別供應鏈每個環節的環境及社會風險的慣例,以及相關執行及監察方法。	B.2 Operating practices – (i) Supply chain management B.2經營常規-(i)供應鏈管理

Subject areas, aspects, general disclosures and KPIs 主要範疇、層面、一般披露及	Description 描述	Relevant section in the ESG report/Declaration 環境、社會及管治報告的
關鍵績效指標		相關章節╱聲明
KPI B5.4 關鍵績效指標B5.4	Description of practices used to promote environmentally preferable products and services when selecting suppliers, and how they are implemented and monitored. 描述在揀選供應商時促使多用環保產品及服務的慣例,以及相關執行及監察方法。	B.2 Operating practices – (i) Supply chain management B.2經營常規-(i)供應鏈管理
Aspect B6: Product Responsibility 層面B6:產品責任
General Disclosure 一般披露	Information on: 有關所提供產品和服務的健康與安全、廣告、標籤及私隱事宜以及補救方法的:	B.2 Operating practices – (ii) Product responsibility B.2經營常規-(ii)產品責任
	(i) the policies; and 政策;及
	(ii) compliance with relevant laws and regulations that have a significant impact on the issuer relating to health and safety, advertising, labelling and privacy matters relating to products and services provided and methods of redress. 遵守對發行人有重大影響的相關法律及規例的資料。
KPI B6.1 關鍵績效指標B6.1	Percentage of total products sold or shipped subject to recalls for safety and health reasons. 已售或已運送產品總數中因安全與健康理由而回收的百分比。	B.2 Operating practices – (ii) Product responsibility B.2經營常規-(ii)產品責任
KPI B6.2 關鍵績效指標B6.2	Number of products and service related complaints received and how they are dealt with. 接獲關於產品及服務的投訴數目以及應對方法。	B.2 Operating practices – (ii) Product responsibility B.2經營常規-(ii)產品責任

Subject areas, aspects,	Description	Relevant section in the ESG
general disclosures and KPIs 主要範疇、層面、一般披露及關鍵績效指標	描述	report/Declaration 環境、社會及管治報告的相關章節╱聲明
KPI B6.3 關鍵績效指標B6.3	Description of practices relating to observing and protecting intellectual property rights. 描述與維護及保障知識產權有關的慣例。	B.2 Operating practices – (ii) Product responsibility B.2經營常規-(ii)產品責任
KPI B6.4 關鍵績效指標B6.4	Description of quality assurance process and recall procedures. 描述質量檢定過程及產品回收程序。	B.2 Operating practices – (ii) Product responsibility B.2經營常規-(ii)產品責任
KPI B6.5 關鍵績效指標B6.5	Description of consumer data protection and privacy policies, and how they are implemented and monitored. 描述消費者資料保障及私隱政策,以及相關執行及監察方法。	B.2 Operating practices – (iv) Data protection and privacy policy B.2經營常規- (iv)資料保護及私穩政策
Aspect B7: Anti-corruption 層面B7:反貪污
General Disclosure 一般披露	Information on: 有關防止賄賂、勒索、欺詐及洗黑錢的:	B.2 Operating practices – (iii) Anti﹣fraud and anti﹣corruption B.2經營常規-
	(i) the policies; and 政策;及	(iii)反欺詐及反貪腐
	(ii) compliance with relevant laws and regulations that have a significant impact on the issuer relating to bribery, extortion, fraud and money laundering. 遵守對發行人有重大影響的相關法律及規例的資料。
KPI B7.1 關鍵績效指標B7.1	Number of concluded legal cases regarding corrupt practices brought against the issuer or its employees during the reporting period and the outcomes of the cases. 於報告期內對發行人或其僱員提出並已審結的貪污訴訟案件的數目及訴訟結果。	B.2 Operating practices – (iii) Anti﹣fraud and anti﹣corruption B.2經營常規- (iii)反欺詐及反貪腐

Subject areas, aspects, general disclosures and KPIs	Description	Relevant section in the ESG report/Declaration
主要範疇、層面、一般披露及關鍵績效指標	描述	環境、社會及管治報告的相關章節╱聲明
KPI B7.2 關鍵績效指標B7.2	Description of preventive measures and whistleblowing procedures, and how they are implemented and monitored. 描述防範措施及舉報程序,以及相關執行及監察方法。	B.2 Operating practices – (iii) Anti﹣fraud and anti﹣corruption B.2經營常規 -(iii)反欺詐及反貪腐
KPI B7.3 關鍵績效指標B7.3	Description of anti﹣corruption training provided to directors and staff. 描述向董事及員工提供的反貪污培訓。	B.2 Operating practices – (iii) Anti﹣fraud and anti﹣corruption B.2經營常規- (iii)反欺詐及反貪腐
Community
社區 Aspect B8: Community Investment
層面B8:社區投資
General Disclosure 一般披露	Policies on community engagement to understand the needs of the communities where the issuer operates and to ensure its activities take into consideration the communities' interests. 有關以社區參與來了解發行人營運所在社區需要和確保其業務活動會考慮社區利益的政策。	B.3 Community investment B.3社區投資
KPI B8.1 關鍵績效指標B8.1	Focus areas of contribution (e.g. education, environmental concerns, labour needs, health, culture, sport). 專注貢獻範疇(例如教育、環境問題、勞工需求、健康、文化、體育)。	B.3 Community investment B.3社區投資
KPI B8.2 關鍵績效指標B8.2	Resources contributed (e.g. money or time) to the focus area. 在專注範疇所動用資源(如金錢或時間)。	B.3 Community investment B.3社區投資

Subject areas, aspects, general disclosures and KPIs 主要範疇、層面、一般披露及關鍵績效指標	描述	Description	Relevant section in the ESG report/Declaration 環境、社會及管治報告的相關章節╱聲明
C. CLIMATE-RELATED DISCLOSURES C.氣候相關披露 Aspect C1: Governance 層面C1:管治
General Disclosure 一般披露		Information on: 有關以下的:	C.1 Governance C.1管治
	(i)	Board oversight; and 董事會監督;及
	(ii)	Management's role. 管理層角色的資料。
Aspect C2: Strategy 層面C2:策略
General Disclosure 一般披露		Information on: 有關以下的:	C.2 Strategy C2策略
	(i)	Climate﹣related risks (including physical risks and transition risks); 氣候相關風險(包括實體風險及過渡風險);
	(ii)	Climate﹣related opportunities; 氣候相關機遇;
	(iii)	Climate resilience; 氣候韌性;
	(iv)	Scenario analysis; and 情境分析;及
	(v)	Current and anticipated financial effects. 當前及預期的財務影響的資料。
Aspect C3: Risk Management 層面C3:風險管理 General Disclosure 一般披露		Description of how the Group manage climate﹣related risks. 描述本集團如何管理氣候相關風險。	C.3 Risk management C.3風險管理

Subject areas, aspects, Description general disclosures and KPIs		Relevant section in the ESG report/Declaration
主要範疇、層面、一般披露及關鍵績效指標	描述	環境、社會及管治報告的相關章節╱聲明
Aspect C4: Metrics and
Targets
層面C4:指標及目標
Metrics	GHG emissions data (including Scope 1	C.4 Metrics and targets
指標	Direct emission, Scope 2 Indirect emission	C.4指標及目標
	and Scope 3 Other indirect emission).
	溫室氣體排放數據(包括範圍1直接排放、
	範圍2間接排放及範圍3其他間接排放)。
Targets	Descriptions on the Group's GHG emissions	C.4 Metrics and targets
目標	reduction target and status.	C.4指標及目標
	有關本集團溫室氣體減排目標及狀況的說明。

The directors present to the shareholders the annual report and the audited consolidated financial statements for the year ended 31 December 2025.

Principal activities

The Group is an ODM mobile phone supplier based in the PRC, primarily engaged in research and development, designing, manufacturing and sale of mobile phones, PCBAs for mobile phones and IoT related products, targeting emerging markets. Particulars of the Company's principal subsidiaries are set out in note 38 to the consolidated financial statements.

Business review

The business review of the Group for the year ended 31 December 2025 is set out in the sections headed "Chairman's Statement", "Management and Discussion and Analysis", "Corporate Governance Report", "Environmental, Social and Governance Report" and "Financial Summary" of this annual report.

Principal risk factors and uncertainties

The following sets out the principal risks and uncertainties encountered by the Group in its business operations:

Rapid technological changes

The Group operates in the mobile phone industry characterised by rapid technological changes with short product life cycle, and the Group may not be able to maintain its revenue growth and any delay by us in rolling out new and competitive mobile phones will adversely affect its financial performance.

Thin net profit margin

The Group has a relatively thin net profit margin and hence are highly sensitive to any unfavorable change in the cost of sales, selling price and sales volume.

Concentration of customers

The Group has a concentration of customers and any decrease or loss of business from these major customers could adversely and substantially affect its business operations and financial conditions.

董事向股東提呈截至二零二五年十二月三十一日止年度的年報及經審核綜合財務報表。

主要業務

本集團為一間位於中國的ODM手機供應商, 主要從事研發、設計、製造及銷售手機、手機的印刷電路板組裝及物聯網相關產品,主要面向新興市場。本公司主要附屬公司的詳情載於綜合財務報表附註38。

業務回顧

本集團截至二零二五年十二月三十一日止年度的業務回顧載於本年報「主席報告」、「管理層討論及分析」、「企業管治報告」、「環境、社會及管治報告」及「財務概要」各節。

主要風險因素及不確定因素

下文載列本集團業務營運面臨的主要風險及不確定因素:

技術轉變快速

本集團於手機業營運,行業特點是技術轉變快速、產品生命週期短。本集團可能無法維持收益增長且我們於推出全新及具競爭力的手機時出現任何延誤將會對財務表現造成不利影響。

純利率稀薄

本集團的純利率相對稀薄,因此對銷售成本、銷售價格及銷售量的任何不利變化都非常敏感。

客戶集中

本集團存在客戶集中的情況及來自該等主要客戶的業務減少或流失可能對我們的業務經營及財務狀況產生重大不利影響。

DIRECTORS' REPORT

董事會報告書

Fluctuations in the prices of raw materials

Fluctuations in the prices of raw materials may affect the Group's cost of sales and adversely affect its business operations and profitability.

Future prospect and development

Future prospect and development of the Group is set out in the section headed "Chairman's Statement" of this annual report.

Major suppliers and customers

During the year ended 31 December 2025, sales to the Group's largest customer and five largest customers accounted for 24.8% and 64.8% (2024: 26.0% and 67.6%) of the total revenue, respectively.

On the other hand, purchases from the Group's largest supplier and the five largest suppliers during the year ended 31 December 2025 accounted for approximately 6.9% and 21.9% (2024: 9.8% and 21.6%) of the total purchases, respectively.

None of the Directors of the Company or any of their close associates or any shareholders (which, to the best knowledge of the Directors, own more than 5% of the Company's issued share capital) had any beneficial interest in the Group's five largest customers or suppliers for the year ended 31 December 2025.

Key relationships with employees, customers and suppliers

Maintaining good relationships with employees, customers and suppliers is critical to the Group's business success. The Group creates a decent working environment for its employees, where they can work comfortably and achieve a work life balance. The Group rewards its employees based on their performance and also provides training to enhance their skills and knowledge. No strikes and cases of fatality due to workplace accidents are found in the reporting period under review.

原材料價格波動

原材料價格波動可能會影響本集團銷售成本並對業務經營及盈利能力造成不利影響。

未來前景及發展

本集團的未來前景及發展載於本年報「主席報告」一節。

主要供應商及客戶

截至二零二五年十二月三十一日止年度,本集團最大客戶及五大客戶的銷售額分別佔總收益的24.8%及64.8%(二零二四年:26.0% 及67.6%)。

另一方面,截至二零二五年十二月三十一日止年度,本集團最大供應商及五大供應商的採購額分別佔總採購額的約6.9%及21.9%(二零二四年:9.8%及21.6%)。

本公司董事或彼等任何緊密聯繫人或就董事所知擁有本公司已發行股本5%以上的任何股東,概無於截至二零二五年十二月三十一日止年度擁有本集團五大客戶或供應商任何實益權益。

與僱員、客戶及供應商的關係

與僱員、客戶及供應商維持良好關係對本集團業務成功至關重要。本集團為僱員營造良好工作環境,讓僱員能舒適工作,平衡工作與生活。本集團根據表現獎勵僱員,亦提供培訓提升僱員的技能及知識。回顧報告期內,概無出現罷工及因工作場所意外而導致死亡的個案。

The Group believes that it is important to listen to customers' needs and feedbacks on its products in order to maintain sustainable relationship with customers. The Group collects such information from various channels and performs detailed analysis on how to improve existing products and develop new products that would satisfy its customers.

The Group encompasses working relationships with suppliers to meet our customers' needs in an effective and efficient manner. The departments work closely to make sure the tendering and procurement process is conducted in an open, fair and just manner.

Compliance with laws and regulations

During the year ended 31 December 2025, to the best knowledge of the Directors, the Group has complied with all the relevant laws and regulations that have a significant impact on the Group. The Group also complied with (i) the requirements under the Hong Kong Companies Ordinance, the Listing Rules and the Securities and Futures Ordinance (the "SFO") for the disclosure of information and corporate governance; and (ii) the ordinances relating to occupational safety for the interest of its employees.

Business activities in countries subject to international sanctions

During the year ended 31 December 2025, revenue of RMB25.9 million was generated from sales of our products to customers located in the Republic of Sudan (2024: revenue from sales to Republic of Yemen amounted to RMB19.0 million), and this country is subject to targeted sanctions.

The Group has not been notified of that any international sanctions will be imposed on the Group for sales and/or deliveries to the countries subject to international sanctions for the year ended 31 December 2025 and 2024. The Group would not enter into any transactions to finance or facilitate, directly or indirectly, activities or business with, or for the benefit of, the countries subject to international sanctions or sanctioned persons where this would be in breach of the international sanctions.

The Directors believe that the Group has a reasonably adequate and effective internal control framework to continue to assist the Group in identifying and monitoring any material risk relating to international sanctions laws so as to protect the interests of the Company and the Shareholders.

本集團認為,聆聽客戶對產品的需求及意見以維持與客戶的長久關係相當重要。本集團從各種渠道收集資料,仔細分析如何改善現有產品和開發滿足客戶的新產品。

本集團與供應商建立工作關係,以有效且高效滿足客戶需求。各部門緊密合作,確保招標及採購過程公開、公平及公正。

遵守法律及法規

截至二零二五年十二月三十一日止年度,就董事所知,本集團已遵守對本集團有重大影響的一切相關法律及法規。本集團亦已遵守(i)香港公司條例、上市規則和證券及期貨條例(「證券及期貨條例」)有關披露資料及企業管治的規定;及(ii)有關職業安全的條例,以保障僱員權益。

於受國際制裁的國家開展的業務

截至二零二五年十二月三十一日止年度,我們向蘇丹共和國的客戶銷售產品所帶來的收益為人民幣25.9百萬元(二零二四年:也門共和國銷售的銷售收益為人民幣19.0百萬元), 該國正面臨針對性制裁。

截至二零二五年及二零二四年十二月三十一日止年度,本集團未獲知會對向受國際制裁的國家進行銷售及╱或交付,將會向本集團施加任何國際制裁。本集團不會訂立任何會違反國際制裁的交易,以直接或間接資助或促成受國際制裁國家或受制裁人士開展的活動或業務或為受國際制裁國家或受制裁人士的利益開展的活動或業務。

董事認為,本集團設有合理充足且有效的內部控制框架,可持續協助本集團識別及監控與國際制裁法有關的重大風險,保障本公司及股東的權益。

Environmental policy and social responsibility

The Group understands the importance of environmental sustainability and protection and has adopted policies on pollution prevention, preservation of natural resources and adherence to environmental laws and regulations. Please refer to the ESG Report on pages 68 to 116 for details of the Group's ESG performance.

Results and dividends

The results of the Group for the year ended 31 December 2025 and the state of affairs of the Company and of the Group at that date are set out in the financial statements on page 142. The directors do not recommend the payment of dividend for the year ended 31 December 2025 (2024: nil).

Subsidiaries

Details of the Company's subsidiaries as at 31 December 2025 are set out in note 38 to the consolidated financial statements.

Property, plant and equipment

Details of movements in the property, plant and equipment of the Group during the year ended 31 December 2025 are set out in note 15 to the consolidated financial statements.

Share capital

Details of the movements in share capital of the Company during the year ended 31 December 2025 are set out in note 32 to the consolidated financial statements.

環境政策及社會責任

本集團明白環境可持續發展及保護的重要, 已採納有關預防污染、保護自然資源及遵守環境法律及法規的政策。有關本集團環境、社會及管治表現的詳情,請參閱第68頁至116 頁的環境、社會及管治報告。

業績及股息

本集團截至二零二五年十二月三十一日止年度的業績及本公司與本集團於該日的事務狀況載於第142頁的財務報表。董事建議不派付截至二零二五年十二月三十一日止年度的股息(二零二四年:零)。

附屬公司

本公司於二零二五年十二月三十一日的附屬公司詳情載於綜合財務報表附註38。

物業、廠房及設備

本集團截至二零二五年十二月三十一日止年度的物業、廠房及設備變動詳情載於綜合財務報表附註15。

股本

本公司截至二零二五年十二月三十一日止年度的股本變動詳情載於綜合財務報表附註32。

Closure of the register of members

For the purposes of determining the shareholders' eligibility to attend and vote at the forthcoming annual general meeting to be held on 29 May 2026 (Friday), the register of members of the Company will be closed from 26 May 2026 (Tuesday) to 29 May 2026 (Friday), both days inclusive. The latest time to lodge transfer documents for registration will be at 4:30 p.m. on 22 May 2026 (Friday). During the above closure period, no transfer of shares will be registered. To be eligible to attend and vote at the forthcoming annual general meeting, all transfers accompanied by the relevant share certificates and transfer forms must be lodged with the Company's branch share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong before 4:30 p.m. on 22 May 2026 (Friday). The record date for determining the eligibility of the shareholders to attend and vote at the forthcoming annual general meeting will be 29 May 2026 (Friday).

Pre-emptive rights

There are no provisions for pre﹣emptive rights under the Company's articles of association or the laws of Cayman Islands which would oblige the Company to offer new shares on a pro rata basis to existing shareholders.

Purchase, redemption or sale of listed securities of the Company

For the year ended 31 December 2025, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company's listed securities.

Reserves and distributable reserves

The movements in the reserves of the Group during the year ended 31 December 2025 are set out in the consolidated statement of changes in equity of this annual report. The distributable reserves of the Company are set out in note 33 to the consolidated financial statements.

Tax relief and exemption

The Directors are not aware of any tax relief or exemption available to the shareholders by reason of their holding of the Company's securities.

暫停辦理股份過戶登記

為釐定股東出席將於二零二六年五月二十九日(星期五)舉行的應屆股東週年大會並於會上投票的資格,本公司將於二零二六年五月二十六日(星期二)至二零二六年五月二十九日(星期五)(包括首尾兩天)暫停辦理股份過戶登記。遞交過戶文件登記的截止時間將為二零二六年五月二十二日(星期五)下午四時三十分。上述暫停期間不會辦理股份過戶登記。為合資格出席應屆股東週年大會並於會上投票, 所有過戶文件連同相關股票及過戶表格須於二零二六年五月二十二日(星期五)下午四時三十分前遞交至本公司香港股份過戶登記分處卓佳證券登記有限公司,地址為香港夏愨道16號遠東金融中心17樓。釐定股東出席應屆股東週年大會並於會上投票資格的記錄日期為二零二六年五月二十九日(星期五)。

優先購買權

本公司組織章程細則或開曼群島法律概無有關優先購買權的條文,致使本公司有責任按比例向現有股東發售新股份。

購買、贖回或出售本公司上市證券

截至二零二五年十二月三十一日年度,本公司或任何附屬公司概無購買、出售或贖回本公司任何上市證券。

儲備及可供分派儲備

本公司截至二零二五年十二月三十一日止年度的儲備變動載於本年報綜合權益變動表。本公司可供分派儲備載於綜合財務報表附註33。

稅務減免及豁免

就董事所知,概無股東因持有本公司證券而享有任何稅務減免或豁免。

DIRECTORS' REPORT

董事會報告書

Charitable donations

The Group did not make any donation during the year ended 31 December 2025 (2024: nil).

Management contracts

During the year ended 31 December 2025, no contracts concerning the management and administration of the whole or any substantial part of the business of the Company or its subsidiaries were entered into or existed.

Directors

The directors of the Company during the year ended 31 December 2025 and up to the date of this report were:

Executive Directors

Mr. Li Chengjun (Chairman and Chief Executive Officer) Mr. Xiong Bin (Vice﹣chairman) Mr. Guo Qinglin Mr. Wen Chuanchuan Mr. He Wenyuan Mr. Chan Hoi Shu

Independent Non-Executive Directors

Mr. Hung Wai Man Mr. Wong Kwan Kit Mr. Lu Brian Yong Chen Mr. Ching Khei Cheong Christopher Ms. Wang Huihui (appointed on 1 April 2025) Ms. Tseng Chin I (resigned on 1 April 2025)

In accordance with article 109(a) of the Company's articles of association, at each annual general meeting one﹣third of the Directors for the time being, or, if their number is not three or a multiple of three, then the number nearest to but not less than one﹣third, shall retire from office by rotation, provided that every Director (including those appointed for a specific term) shall be subject to retirement by rotation at least once every three years. A retiring Director shall be eligible for re﹣election. The Company at the general meeting at which a Director retires may fill the vacated office.

慈善捐贈

截至二零二五年十二月三十一日止年度,本集團並無作出任何捐贈(二零二四年:零)。

管理合約

截至二零二五年十二月三十一日止年度,概無訂立或存在有關管理和經營本公司或附屬公司全部或任何重大部分業務的合約。

董事

截至二零二五年十二月三十一日止年度及直至本報告日期的本公司董事為:

執行董事

李承軍先生(主席兼行政總裁) 熊彬先生(副主席) 郭慶林先生溫川川先生何文渊先生陳海書先生

獨立非執行董事

洪為民先生黃昆杰先生呂永琛先生鄭其昌先生王慧慧女士(於二零二五年四月一日獲委任) 曾瀞漪女士(於二零二五年四月一日辭任)

根據本公司組織章程細則第109(a)條,於每屆股東週年大會上,當時三分之一的董事(或倘董事人數並非三或三的倍數,則以最接近但不少於三分之一的人數為準)須輪值退任,惟每位董事(包括有特定任期的董事)須至少每三年輪值退任一次。退任董事可重選連任。本公司可於股東大會就董事退任填補空缺。

In accordance with article 113 of the Company's articles of association, the Board shall have power from time to time and at any time to appoint any person as a Director either to fill a casual vacancy or as an additional Director, provided that the number of Directors so appointed shall not exceed the maximum number determined from time to time by the shareholders in general meeting. Any Director appointed by the Board to fill a casual vacancy shall hold office only until the first general meeting of the Company after his appointment and be subject to re﹣election at such meeting. Any Director appointed by the Board as an addition to the existing Board shall hold office only until the next following annual general meeting of the Company and shall then be eligible for re﹣election. Any Director appointed under this article shall not be taken into account in determining the Directors or the number of Directors who are to retire by rotation at an annual general meeting.

All Directors are subject to retirement by rotation as required by the Company's articles of association, and the code provisions of CG Code.

According to 109(a) of the Company's articles of association, Mr. Guo Qinglin, Mr. Wen Chuanchuan, Mr. Hung Wai Man and Mr. Lu Brian Yong Chen will retire by rotation and, being eligible, offer themselves for re﹣election at the forthcoming annual general meeting of the Company.

Biographical details of directors and senior management

Biographical details of the Directors and senior management of the Group are set out on pages 25 to 34 of this annual report.

None of the members of the Board is related to one another.

根據本公司組織章程細則第113條,董事會有權不時及隨時委任任何人士為董事,以填補臨時空缺或新增董事,惟不得超過股東於股東大會不時釐定的董事人數上限。獲董事會委任以填補臨時空缺的任何董事的任期僅至獲委任後的本公司首次股東大會為止,可於該大會上膺選連任。獲董事會委任以增加現有董事會成員的董事的任期僅至獲委任後的本公司下屆股東週年大會為止,可於該大會上膺選連任。任何根據本條細則獲委任的董事在釐定將於股東週年大會上輪值退任的董事或董事人數時不應被計入。

根據本公司組織章程細則及企業管治守則的守則條文,所有董事均須輪值退任。

根據本公司組織章程細則第109(a)條,郭慶林先生、溫川川先生、洪為民先生及呂永琛先生將於本公司應屆股東週年大會上輪值退任, 且合資格膺選連任。

董事及高級管理人員簡介

本集團董事及高級管理人員簡介載於本年報第25頁至34頁。

董事會成員之間概無關連。

Emoluments of directors and senior management and five highest paid individuals

Details of the emoluments of the Directors and senior management and the five highest paid individuals of the Group are set out in note 11 and 12 to the consolidated financial statements of this annual report. The remuneration of the senior management of the Group for the year ended 31 December 2025 falls within the following band:

董事、高級管理人員及五名最高薪人士的酬金

本集團董事、高級管理人員及五名最高薪人士的酬金詳情載於本年報綜合財務報表附註11 及12。截至二零二五年十二月三十一日止年度, 本集團高級管理人員的酬金介乎以下範圍:

Remuneration band	Number of senior management
酬金範圍	高級管理人員數目
Up to RMB1,000,000	3

Directors' service contracts

不多於人民幣1,000,000元

董事服務合約

溫川川先生於二零二一年六月一日獲委任為執行董事及彼已與本公司訂立服務合約,自二零二一年六月一日起為期三年,直至任何一方向對方發出不少於三個月的書面通知予以終止。何文渊先生及陳海書先生獲委任為執行董事,自二零二四年十二月二日起生效。何先生及陳先生已與本公司訂立服務合約。根據何先生及陳先生的服務合約,何先生與陳先生的初步任期自二零二四年十二月二日起計為期三年,或直至自彼等獲委任日期起計本公司第三屆股東週年大會為止(以較早者為準)。

Apart from the foregoing, no Directors proposed for re﹣election at the AGM has a service contract with the Company which is not determinable by the Company within one year without payment or compensation, other than statutory compensation.

Permitted indemnity provision

Pursuant to the articles of association of the Company, every Director shall be entitled to be indemnified out of the assets of the Company against all losses or liabilities (to the fullest extent permitted by the Companies Laws of the Cayman Islands) which he/she may sustain or incur in or about the execution of the duties of his office or otherwise in relation thereto. The Company has arranged appropriate directors' and officers' liability insurance coverage for the Directors and officers of the Group. As of the date of this annual report, such insurance coverage is currently in force for the benefit of the Directors.

各獨立非執行董事(鄭其昌先生及王慧慧女士除外)已與本公司訂立委任函件,自二零一九年十一月十三日起計為期三年。每名獨立非執行董事(鄭其昌先生及王慧慧女士除外)已於二零二二年十一月十三日與本公司重續委任函件,有關委任將由任何一方向對方發出不少於三個月的書面通知予以終止;且符合本公司組織章程細則(「細則」)及上市規則。

鄭其昌先生已獲委任為獨立非執行董事,自二零二四年十二月二日起生效。鄭先生已與本公司訂立服務合約。根據服務合約,其初步任期自二零二四年十二月二日起計為期三年, 或直至自其委任日期起計本公司第三屆股東週年大會為止(以較早者為準)。

除上述者外,概無建議於股東週年大會重選的董事與本公司訂立不得由本公司於一年內終止而毋須支付款項或賠償(法定賠償除外) 的服務合約。

獲准許的彌償條文

根據本公司組織章程細則,各董事可(在開曼群島公司法准許下盡可能)就於或有關執行其職責或其他與此有關而蒙受或招致的所有損失或責任獲得以本公司資產作出的彌償。本公司亦為本集團董事及高級職員投保合適的董事及高級職員責任保險。於本年報日期,為董事利益投購的保險有效。

Directors' and chief executive's interests and short positions in shares, underlying shares and debentures

As at 31 December 2025, interests and short positions of the Directors and chief executive of the Company in the shares and underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO, which have been notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which were taken or deemed to have under such provisions of the SFO) or have been entered in the register maintained by the Company pursuant to section 352 of the SFO, or otherwise have been notified to the Company and the Stock Exchange pursuant to the Model Code are as follows:

董事及最高行政人員於股份、相關股份及債券之權益及淡倉

於二零二五年十二月三十一日,董事及最高行政人員於本公司或其相聯法團(定義見證券及期貨條例第XV部)的股份、相關股份及債券中擁有根據證券及期貨條例第XV部第7及8分部須知會本公司及聯交所的權益及淡倉(包括根據證券及期貨條例有關條文被當作或視為擁有之權益及淡倉)或根據證券及期貨條例第 352條須載入本公司存置的登記冊的權益及淡倉,或根據標準守則須知會本公司及聯交所的權益及淡倉如下:

Interest in the Company

於本公司之權益

	Name of Director 董事姓名	Capacity/nature of interest 身份╱權益性質		Number of shares held 持股數目 (Note 1) (附註1)	Percentage of shareholding in the Company 於本公司持股百分比 (Approximate) (概約)
	Mr. Li Chengjun ("Mr. Li") (Note 2) 李承軍先生(「李先生」)(附註2)	Founder of a discretionary trust 全權信託創辦人		307,450,806 (L)	20.5%
	Mr. Xiong Bin ("Mr. Xiong") (Note 3) 熊彬先生(「熊先生」)(附註3)	Founder of a discretionary trust 全權信託創辦人		210,048,384 (L)	14.0%
Notes:			附註:
1.	The letter "L" denotes long position of the shares.		1.	字母「L」代表於股份中的好倉。
2.	Leap Elite Limited is legally owned as to 100% by Mr. Li for the benefit of the beneficiaries of the family trust found by himself. Accordingly, Mr. Li is deemed to be interested in the Shares held by Leap Elite Limited pursuant to the SFO.		2.	立堅有限公司由李先生為其建立的家族信託受益人的利益而合法擁有100%權益。因此,根據證券及期貨條例,李先生被視為於立堅有限公司所持股份中擁有權益。
3.	Beyond Innovation Limited is legally owned as to 100% by Mr. Xiong for the benefit of the beneficiaries of the family trust found by himself. Accordingly, Mr. Xiong is deemed to be interested in the Shares held by Beyond Innovation Limited pursuant to the SFO.		3.	超新有限公司由熊先生為其建立的家族信託受益人的利益而合法擁有100%權益。因此,根據證券及期貨條例,熊先生被視為於超新有限公司所持股份中擁有權益。

Save as disclosed above, none of the Directors or chief executive of the Company had registered any interests or short positions in any shares and underlying shares in, and debentures of, the Company or any associated corporations as at 31 December 2025, as recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to Part XV of the SFO or the Model Code.

除上文所披露者外,於二零二五年十二月三十一日,概無本公司董事或最高行政人員於本公司或任何相聯法團的任何股份、相關股份及債券中,擁有記入本公司根據證券及期貨條例第352條須存置的登記冊或根據證券及期貨條例第XV部或標準守則須另行知會本公司及聯交所的任何權益或淡倉。

Arrangement for directors to purchase shares or debentures

Saved as disclosed in this report, at no time during the year ended 31 December 2025 were rights to acquire benefits by means of the acquisition of shares in or debentures of the Company granted to any Director of the Company or their respective spouses or minor children, or were such rights exercised by them, or was the Company, its holding company or any of its subsidiaries a party to any arrangements to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in, or debt securities (including debentures) of the Company or any other body corporate.

董事購買股份或債券的安排

除本報告所披露者外,於截至二零二五年十二月三十一日止年度的任何時間,概無向本公司任何董事或彼等各自之配偶或未成年子女授出任何可藉收購本公司股份或債券而獲得利益之權利,彼等亦無行使任何該等權利,且本公司、其控股公司或其任何附屬公司概無訂立任何安排,致使本公司董事可藉收購本公司或任何其他法團股份或債務證券(包括債券)而獲得利益。

Substantial shareholders' and others' interests and short positions in shares and underlying shares of the company

So far as is known to the Directors, as at 31 December 2025, the following corporation/persons (other than the interests of the Directors or chief executives of the Company as disclosed above) had interests of 5% or more in the issued shares which fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO or as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO:

主要股東及其他人士於本公司股份及相關股份中擁有的權益及淡倉

就董事所知,於二零二五年十二月三十一日, 下列法團╱人士(上文所披露之本公司董事或最高行政人員權益除外)擁有本公司已發行股份中5%或以上的權益且根據證券及期貨條例第XV部第2及3分部條文須向本公司及聯交所披露或須記入本公司根據證券及期貨條例第 336條須存置的登記冊:

Percentage of

Name 名稱		Capacity/nature of interest 身份╱權益性質		Number of shares held 持股數目 (Note 1) (附註1)	shareholding in the Company 於本公司持股百分比 (Approximate) (概約)
	Leap Elite Limited 立堅有限公司	Beneficial owner 實益擁有人		307,450,806 (L)	20.5%
	Beyond Innovation Limited 超新有限公司	Beneficial owner 實益擁有人		210,048,384 (L)	14.0%
	Ms. Sui Rongmei (Note 2) 隋榮梅女士(附註2)	Interest of spouse 配偶權益		307,450,806 (L)	20.5%
	Ms. Yan Xue (Note 3) 鄢雪女士(附註3)	Interest of spouse 配偶權益		210,048,384 (L)	14.0%
Notes:			附註:
1.	The letter "L" denotes long position of the shares.		1.	字母「L」代表於股份中的好倉。
2.	Ms. Sui Rongmei is the spouse of Mr. Li Chengjun. By virtue of the SFO, she is deemed to be interested in the same number of shares held by Mr. Li Chengjun.		2.	隋榮梅女士為李承軍先生之配偶。根據證券及期貨條例,彼被視為於李承軍先生所持相同數目股份中擁有權益。
3.	Ms. Yan Xue is the spouse of Mr. Xiong Bin. By virtue of the SFO, she is deemed to be interested in the same number of shares held by Mr. Xiong Bin.		3.	鄢雪女士為熊彬先生之配偶。根據證券及期貨條例, 彼被視為於熊彬先生所持相同數目股份中擁有權益。

Save as disclosed above, as at 31 December 2025, the Company has not been notified of any other relevant interests or short positions in the issued share capital of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.

Directors' interests in transactions, arrangements or contracts

No Director or his/her connected entity has or had a material interest, either directly or indirectly, in any transactions, arrangements or contracts of significance to the business of the Group to which the Company or any of its subsidiaries, fellow subsidiaries or its parent company was a party subsisting during or at the end of the year ended 31 December 2025.

Directors' interest in competing business

Apart from the Group's business, none of the Directors or any of their respective close associates was engaged in or had any interest in any business that competes or may compete with the principal business of the Group, which would require disclosure under Rule 8.10 of the Listing Rules. or has any other conflict of interest with the Group during the year ended 31 December 2025 and up to the date of this report.

Share option scheme

The Company conditionally adopted a share option scheme (the "Share Option Scheme") on 18 October 2019 (the "Adoption Date"), which become effective on 13 November 2019. The purpose of which is to motivate the eligible participants to optimise their future contributions to the Group and/or to reward them for their past contributions, to attract and retain or otherwise maintain on﹣going relationships with such participants who are significant to and/or whose contributions are or will be beneficial to the performance, growth or success of the Group.

除上文所披露者外,於二零二五年十二月三十一日,本公司概無獲悉本公司已發行股本中根據證券及期貨條例第XV部第2及3分部條文須向本公司披露之任何相關權益或淡倉, 或須記入本公司根據證券及期貨條例第336條須存置的登記冊之任何相關權益或淡倉。

董事於交易、安排或合約的權益

概無董事或其關連實體於截至二零二五年十二月三十一日止年度內或年末時仍存續且由本公司或其任何附屬公司、同系附屬公司或其母公司所訂立並對本公司業務而言屬重要的任何交易、安排或合約中直接或間接擁有或曾擁有重大權益。

董事於競爭業務的權益

除本集團業務外,截至二零二五年十二月三十一日止年度內及截至本報告日期,概無董事或任何彼等各自緊密聯繫人從事根據上市規則第8.10條須予披露與本集團主要業務競爭或可能競爭的任何業務或於其中擁有利益, 或與本集團有任何其他利益衝突。

購股權計劃

本公司已於二零一九年十月十八日(「採納日期」)有條件採納購股權計劃(「購股權計劃」), 於二零一九年十一月十三日生效。購股權計劃的目的為激勵合資格參與者,令其竭力提升對本集團的未來貢獻及╱或獎勵彼等過往的貢獻,以吸引及挽留對本集團的表現、成長或成功而言極為重要及╱或其貢獻對該等方面有利或將會有利的參與者或與彼等維持持續關係。

The eligible participants include any full﹣time or part﹣time employees, executives or officers, directors, advisers, consultants, suppliers, customers and agents of the Company or any of its subsidiaries; and such other persons who, in the sole opinion of the Board, will contribute or have contributed to the Group.

Subject to the terms and conditions of the Share Option Scheme, the maximum numbers of shares in respect of which options may be granted under the Share Option Scheme and any other schemes shall not, in aggregate, exceed 10% of the Company's shares in issue as at 13 November 2019 (i.e. 100,000,000 shares) unless approved by the shareholders of the Company. Such limit also represented 6.7% of the of the total issued shares of the Company as at the date of this annual report.

Unless approved by shareholders of the Company in general meeting in the manner stipulated in the Listing Rules, the maximum entitlement for each eligible participant (including both exercised and outstanding options) under the Share Option Scheme or any other share option schemes of the Company in any 12﹣month period up to the date of grant shall not exceed 1% of the total number of shares in issue.

An option shall be deemed to have been granted and accepted by the grantee and to have taken effect when the duplicate offer document constituting acceptance of the options duly signed by the grantee, together with a remittance in favour of the Company of HK\$1.00 by way of consideration for the grant thereof, is received by the Company on or before the relevant acceptance date.

An option may be exercised in accordance with the terms of the Share Option Scheme at any time after the date upon which the option is deemed to be granted and accepted and prior to the expiry of ten years from that date. The minimum period for which an option must be held before it can be exercised will be determined by the Board in its absolute discretion, save that no option may be exercised more than ten years after it has been granted.

合資格參與者包括本公司或其任何附屬公司任何全職或兼職僱員、行政人員或高級職員、董事、顧問、諮詢人、供應商、客戶及代理, 及董事會全權認為將會或已對本集團作出貢獻的其他人士。

根據購股權計劃的條款及條件,除非經本公司股東批准,否則根據購股權計劃及任何其他計劃可能授出的購股權所涉的股份數目上限合共不得超過二零一九年十一月十三日本公司已發行股份的10%(即100,000,000股股份)。於本年報日期,有關上限亦佔本公司已發行股份總數的6.7%。

除非經本公司股東在股東大會按上市規則規定的方式批准,於任何12個月期間直至授出日期,各合資格參與者根據本公司購股權計劃或任何其他購股權計劃獲授的配額上限(包括已行使及尚未行使的購股權)不得超過已發行股份總數的1%。

本公司於有關接納日期或之前一經收到經承授人正式簽署構成接納購股權的要約文件副本, 連同付予本公司1.00港元的款項作為授出購股權的代價後,購股權即被視為已授出及獲承授人接納並已生效。

購股權可根據購股權計劃的條款於購股權被視為已授出並獲接納當日之後及自該日起計十年屆滿前隨時行使。購股權可行使前必須持有的最短期限將由董事會全權酌情釐定, 惟於授出購股權起計十年後,不得行使購股權。

The exercise price of share option granted under the Share Option Scheme shall be a price solely determined by the Board and shall be at least highest of: (a) the closing price of the shares as stated in the Stock Exchange's daily quotation sheet on the date of grant of the option; (b) the average of the closing prices of the shares as stated in the Stock Exchange's daily quotation sheets for the five business days immediately preceding the date of grant of the option; and (c) the nominal value of a share.

Subject to earlier termination by the Company in general meeting or by the Directors, the Share Option Scheme shall be valid and effective for a period of ten years from the Adoption Date. As at 31 December 2025, the remaining life of the Share Option Scheme was approximately three years and 9.5 months.

For further details on the principal terms of the Share Option Scheme, please refer to the paragraph headed "Statutory and General Information – Other Information – 1. Share Option Scheme" in Appendix IV to the prospectus of the Company dated 30 October 2019.

As at 1 January 2025 and 31 December 2025, the number of share options available for grant under the Share Option Scheme was 100,000,000 and 100,000,000, respectively. During the year ended 31 December 2025, no share options were granted, exercised, cancelled or lapsed.

Connected transactions

During the year ended 31 December 2025, the Company has not entered into or conducted any connected transactions, which were subject to the reporting, announcement or independent shareholders' approval requirements as required under the Listing Rules.

Related party transactions

Details of the Group's related party transactions during the year ended 31 December 2025 are set out in note 36 to the consolidated financial statements. None of these related party transactions are connected transactions which are subject to the reporting, announcement and shareholders' approval requirements under the Listing Rules.

根據購股權計劃授出的購股權行使價須由董事會全權酌情釐定,且須至少為下列各項當中的最高者:(a)股份於授出購股權日期於聯交所每日報價表所報的收市價;(b)緊接授出日期前五個營業日股份於聯交所每日報價表所報的平均收市價;及(c)股份面值。

除非本公司經由股東大會或經由董事提前終止, 否則購股權計劃自採納日期起十年期間內合法及有效。於二零二五年十二月三十一日,購股權計劃的剩餘年期約為三年零9.5個月。

有關購股權計劃主要條款的詳情,請參閱本公司日期為二零一九年十月三十日的招股章程附錄四「法定及一般資料-其他資料-1.購股權計劃」一段。

於二零二五年一月一日及二零二五年十二月三十一日,可根據購股權計劃授出的購股權數目分別為100,000,000份及100,000,000份。截至二零二五年十二月三十一日止年度,概無購股權已授出、行使、註銷或失效。

關連交易

截至二零二五年十二月三十一日止年度,本公司概無訂立或進行任何須遵守上市規則有關申報、公告或獨立股東批准規定的關連交易。

關聯方交易

本集團截至二零二五年十二月三十一日止年度的關聯方交易詳情載於綜合財務報表附註 36。概無關聯方交易為須遵守上市規則有關申報、公告及股東批准規定的關連交易。

Purchase, sale or redemption of the company's listed securities

Neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company's listed securities during the year ended 31 December 2025.

Corporate governance practices

Details of the Company's corporate governance practices are set out in the section headed "Corporate Governance Report" of this annual report.

Equity-linked agreements

Other than the Share Option Scheme, no equity﹣linked agreements were entered into by the Company during the year ended 31 December 2025.

Sufficiency of public float

Based on the information that is publicly available to the Company and to the best knowledge of the Directors, the Company has maintained a public float of no less than 25% of the issued shares for the year ended 31 December 2025 and up to the date of this report.

Review of audited annual results

The Company's audited annual results for the year ended 31 December 2025 have been reviewed by the Audit Committee.

Model code for securities transactions by directors of listed issuers

The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as its code of conduct regarding directors' securities transactions. All Directors of the Company have confirmed that, following specific enquiry by the Company, they have compiled with the required standard set out in the Model Code for the year ended 31 December 2025 and up to the date of the report.

購買、出售或贖回本公司上市證券

截至二零二五年十二月三十一日止年度,本公司或其任何附屬公司概無購買、出售或贖回任何本公司上市證券。

企業管治常規

本公司的企業管治常規詳情載於本年報「企業管治報告」一節。

股權掛鈎協議

除購股權計劃外,本公司於截至二零二五年十二月三十一日止年度概無訂立股權掛鈎協議。

足夠公眾持股量

根據本公司經公開可得資料及就董事所知, 截至二零二五年十二月三十一日止年度及本報告之日期,本公司已維持不少於已發行股份25%的公眾持股量。

審閱經審核年度業績

審核委員會已審閱本公司截至二零二五年十二月三十一日止年度的經審核年度業績。

上市發行人董事進行證券交易的標準守則

本公司已採納上市規則附錄C3所載之標準守則,作為其有關董事進行證券交易之行為守則。經本公司作出具體查詢後,所有本公司董事確認彼等截至二零二五年十二月三十一日止年度至本報告日期一直遵守標準守則所載之規定準則。

Auditor

Moore CPA Limited, the auditor of the Company, will retire at the conclusion of the forthcoming AGM of the Company and be eligible to offer themselves for re﹣appointment. A resolution will be submitted to the AGM to be held on 29 May 2026 to seek Shareholders' approval on the appointment of Moore CPA Limited as the Company's auditor until the conclusion of the next AGM and to authorise the Board to fix their remuneration.

By order of the Board Future Machine Limited Mr. Li Chengjun Chairman and Executive Director

Hong Kong, 27 March 2026

核數師

本公司核數師大華馬施雲會計師事務所有限公司將於本公司應屆股東週年大會結束時退任, 並合資格膺選連任。有關決議案將於二零二六年五月二十九日舉行的股東週年大會上提呈, 以尋求股東批准委任大華馬施雲會計師事務所有限公司為本公司核數師,直至下一屆股東週年大會結束止,並授權董事會釐定其薪酬。

承董事會命 未來機器有限公司 主席兼執行董事 李承軍先生

香港,二零二六年三月二十七日

獨立核數師報告

Independent Auditor's Report to the Shareholders of Future Machine Limited

(Formerly known as "Sprocomm Intelligence Limited") (Incorporated in Cayman Islands with limited liability)

Opinion

We have audited the consolidated financial statements of Future Machine Limited (formerly known as "Sprocomm Intelligence Limited") (the "Company") and its subsidiaries (hereinafter collectively referred to as the "Group") set out on pages 142 to 232, which comprise the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information and other explanatory information.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2025, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with HKFRS Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

Tsim Sha Tsui, Kowloon, Hong Kong
1001-1010, North Tower, World Finance Centre, Harbour City, 19 Canton Road,

致未來機器有限公司 (前稱為「Sprocomm Intelligence Limited」) 股東的獨立核數師報告 (於開曼群島註冊成立之有限公司)

意見

吾等已審核列載於第 142 至 232 頁未來機器有限公司(前稱為「Sprocomm Intelligence Limited」)(「貴公司」)及其附屬公司(以下合稱「貴集團」)的綜合財務報表,此綜合財務報表包括於二零二五年十二月三十一日的綜合財務狀況表及截至該日止年度的綜合損益及其他全面收益表、綜合權益變動表和綜合現金流量表,以及綜合財務報表附註,包括重大會計政策資料及其他解釋資料。

吾等認為,該等綜合財務報表已根據香港會計師公會(「香港會計師公會」)頒佈的香港財務報告準則會計準則真實而公平地反映了貴集團於二零二五年十二月三十一日的綜合財務狀況以及其截至該日止年度的綜合財務表現及綜合現金流量,並已遵照香港公司條例的披露要求妥為擬備。

獨立核數師報告

Basis for opinion

We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAs") issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the HKICPA's Code of Ethics for Professional Accountants ("the Code"), as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

意見的基礎

吾等根據香港會計師公會頒佈的香港審計準則(「香港審計準則」)進行審核。吾等根據該等準則的責任詳述於本報告核數師就審核綜合財務報表須承擔的核數師責任一節。根據香港會計師公會適用於審計公眾利益實體財務報表的專業會計師道德守則(「守則」),吾等獨立於貴集團。吾等亦已遵循守則履行其他道德責任。吾等相信,吾等所獲取的憑證充分恰當地為吾等的意見提供基礎。

關鍵審計事項

根據吾等的專業判斷,關鍵審計事項為吾等於審核本期綜合財務報表中最重要的事項。吾等在審核綜合財務報表整體及就此出具意見時處理此等事項,而不會就此等事項單獨發表意見。

獨立核數師報告

Expected credit loss ("ECL") of trade and bills receivables

Refer to Note 19 to the consolidated financial statements and the material accounting policy information in Note 3.

貿易應收款項及應收票據之預期信貸虧損(「預期信貸虧損」)

請參閱綜合財務報表附註19及附註3的重大會計政策資料。

The key audit matter	How the matter was addressed in our audit
關鍵審計事項	吾等於審計中如何處理相關事項

As at 31 December 2025, the carrying amount of trade and bills receivables amounted to RMB1,007,152,000, representing 25% of the Group's total current assets.

ECL for trade and bills receivables is estimated based on lifetime ECL model, which is estimated based on historical credit loss experience and forward﹣looking information at the end of the reporting period.

We have identified impairment of trade and bills receivables as a key audit matter because the impairment assessment of trade and bills receivables involved a significant degree of management estimation uncertainty and judgement and may be subject to management bias.

於二零二五年十二月三十一日,貿易應收款項及應收票據的賬面值為人民幣1,007,152,000元,佔貴集團流動資產總值的25%。

貿易應收款項及應收票據根據全期預期信貸虧損模式估計虧損撥備,而預期信貸虧損乃基於報告期末的過往信貸虧損經驗及前瞻性資料估算得出。

由於貿易應收款項及應收票據減值評估涉及重大管理估計不確定及判斷及管理層可能出現偏頗,吾等已將貿易應收款項及應收票據的減值識別為一項關鍵審計事項。

Our procedures were designed to review the management's judgement and estimates used in the assessment process and challenge the reasonableness of inputs and assumptions used in estimating the ECL of trade and bills receivables.

We obtained an understanding of how the ECL of trade and bills receivables were assessed by the management.

We have evaluated management's key assumptions and judgement in determining ECL on trade and bills receivables as at 31 December 2025, the reasonableness of management's grouping of the trade debtors in the provision matrix, and the basis of ECL rates applied, adjusted for forward﹣looking information including both current and forecast general economic conditions.

We have tested, on sample basis, payment history, past due status of the trade and bills receivables, and the settlements subsequent to the end of the reporting period.

We have tested the accuracy of the historical default data and tested trade receivables past due ageing analysis as at 31 December 2025, on a sample basis, by comparing individual items in the analysis with the relevant supporting documents.

吾等的程序旨在審閱管理層於評估過程所採用的判斷及估計,並質疑於估計貿易應收款項及應收票據之預期信貸虧損中所採用輸入數據及假設的合理性。

吾等已瞭解管理層對貿易應收款項及應收票據之預期信貸虧損的評估方式。

吾等已評估管理層釐定於二零二五年十二月三十一日的貿易應收款項及應收票據之預期信貸虧損的假設及判斷、管理層對撥備矩陣內貿易應收賬款的分類之合理性以及所應用的預期信貸虧損率基準,並已就包括當前及預測整體經濟狀況在內的前瞻性資料作出調整。

吾等抽樣測試貿易應收款項及應收票據的付款歷史、過往逾期狀況及報告期末後結算情況。

吾等已在分析中透過比較個別項目和相關證明文件, 抽樣測試歷史違約數據的準確性,並測試於二零二五年十二月三十一日逾期的貿易應收款項的賬齡分析。

獨立核數師報告

Valuation of inventories

Refer to Note 18 to the consolidated financial statements and the material accounting policy information in Note 3.

存貨估值

請參閱綜合財務報表附註18及附註3的重大會計政策。

The key audit matter	How the matter was addressed in our audit
關鍵審計事項	吾等於審計中如何處理相關事項

As at 31 December 2025, the carrying amount o f i n v e n t o r i e s a m o u n t e d t o a p p r o x i m a t e l y RMB404,327,000, representing 10% of the Group's total current assets.

We identified the valuation of inventories as a key audit matter due to the use of judgements in identifying obsolete and slow﹣moving inventories and determining the net realisable value which are based on conditions and the marketability of the inventories.

Our audit procedures were designed to evaluate management's assessment of the conditions and the marketability of the obsolete and slow﹣moving inventories and identify any valuation risk of inventories.

We have assessed the net realisable values and subsequent sales of inventories on a sample basis and inspected the utilisation report and sales contracts entered into between the Group and its customers on a sample basis.

We have discussed with the management in respect of the adequacy of the allowance made by the management based on subsequent usage and sales, ageing analysis and current market conditions.

We have challenged the assumptions and judgements used by the management by assessing the reliability of the management's past estimates.

於二零二五年十二月三十一日,存貨的賬面值約為人民幣404,327,000元,佔貴集團的流動資產總值 10%。

吾等將存貨估計視為關鍵審計事項,是由於識別陳舊和滯銷存貨,以及根據存貨條件及適銷性釐定可變現淨值時會運用判斷。吾等的審計程序旨在評估管理層對陳舊和滯銷存貨狀況及適銷性的估計,並確定存貨的任何估值風險。

吾等的審計程序旨在評估管理層對陳舊和滯銷存貨狀況及適銷性的估計,並確定存貨的任何估值風險。

吾等已抽樣評估存貨的可變現淨值和後續銷售,並抽樣檢視使用報告及貴集團與客戶訂立的銷售合約。

吾等已與管理層討論基於後續使用及銷售、賬齡分析及當前市況作出的撥備是否充足。

吾等透過評估管理層過往估計的可靠性,對管理層所採用的假設及判斷提出質疑。

獨立核數師報告

Other information

The directors of the Company are responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of directors and the audit committee for the consolidated financial statements

The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRS Accounting Standards issued by the HKICPA and the Hong Kong Companies Ordinance, and for such internal control as the directors of the Company determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors of the Company are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors of the Company either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The directors of the Company are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group's financial reporting process.

其他資料

貴公司董事對其他資料承擔責任。其他資料包括年報所載的資料,惟不包括當中的綜合財務報表及核數師報告。

吾等對綜合財務報表作出的意見並無涵蓋其他資料,且不會對其他資料發表任何形式的核證結論。

就審核綜合財務報表而言,吾等的責任為閱讀其他資料,考慮其他資料是否與綜合財務報表或吾等在審核過程中獲悉的資料存在重大不符,或似乎存在重大錯誤陳述。倘若吾等基於已進行的工作認為其他資料出現重大錯誤陳述,吾等須報告有關事實。吾等並無就此作出報告。

董事及審核委員會就綜合財務報表須承擔的責任

貴公司董事須負責根據香港會計師公會發佈的香港財務報告準則會計準則及香港公司條例編製真實公平的綜合財務報表,亦須負責貴公司董事釐定對編製綜合財務報表屬必要的內部控制,以使該等綜合財務報表不存在因欺詐或錯誤引致的重大錯誤陳述。

在編製綜合財務報表時, 貴集團董事負責評估貴公司持續經營能力,並披露與持續經營有關的事項(如適用),除非貴公司董事擬將貴集團清盤或停止營運,或除此之外並無其他實際可行辦法,否則須採用以持續經營為基礎的會計法。

貴公司董事在審核委員會的協助下履行其監督貴集團財務報告流程的責任。

獨立核數師報告

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of Group's internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors of the Company.

核數師就審核綜合財務報表須承擔的責任

吾等的目標為根據吾等協定的委聘條款,合理確定綜合財務報表整體不會存在由於欺詐或錯誤而導致的重大失實陳述,並發出載有吾等意見的核數師報告。本報告僅向全體股東報告,除此之外別無其他目的。吾等不會就本報告的內容對任何其他人士負責或承擔責任。

合理確定屬高層次的確定,惟根據香港審計準則進行的審核工作不能保證總能察覺所存在的重大失實陳述。失實陳述可因欺詐或錯誤產生,倘個別或整體在合理預期情況下可影響使用者根據該等綜合財務報表作出的經濟決定時,則被視為重大失實陳述。

在根據香港審計準則進行審計的過程中,吾等運用專業判斷,保持專業懷疑態度。吾等亦:

識別及評估由於欺詐或錯誤而導致綜合財務報表存在重大失實陳述的風險、設計及執行審計程序以應對該等風險,以及獲取充足適當的審計憑證,作為吾等意見的基礎。由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述或淩駕貴集團內部控制的情況,因此未能發現因欺詐而導致的重大失實陳述的風險高於未能發現因錯誤而導致的重大失實陳述的風險。
瞭解與審計相關的內部控制,以設計適當的審計程序,惟並非旨在對貴集團內部控制的有效性發表意見。
評估本公司董事所採用會計政策的恰當性及作出會計估計和相關披露的合理性。

獨立核數師報告

Auditor's responsibilities for the audit of the consolidated financial statements (Continued)

Conclude on the appropriateness of the Company's directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

核數師就審核綜合財務報表須承擔的責任(續)

對本公司董事採用持續經營會計基礎的恰當性作出結論,並根據所獲取的審計憑證,確定是否存在與可能令貴集團的持續經營能力產生重大疑問的事項或情況有關的重大不確定性。倘吾等認為存在重大不確定性,則須在核數師報告中提請使用者注意綜合財務報表的相關披露,倘有關披露不足,則發表非無保留意見。吾等的結論乃基於截至核數師報告日期止所取得的審計憑證。然而, 未來事項或情況可能導致貴集團無法持續經營。
評估綜合財務報表的整體呈報方式、結構及內容,包括披露資料,以及綜合財務報表是否中肯反映相關交易和事項。
計劃及執行集團審計以就貴集團內實體或業務活動的財務資料獲取充足、適當的審計憑證,作為對集團財務報表形成意見的基礎。吾等負責指導、監督和覆核就集團審計目的而執行的工作。吾等為審核意見承擔全部責任。

吾等與審核委員會就(其中包括)審計的計劃範圍、時間安排及重大審計發現進行溝通,該等發現包括吾等在審計過程中識別的內部控制的任何重大缺失。

吾等亦向審核委員會作出聲明,吾等已符合有關獨立性的相關道德要求,並與彼等溝通可能被合理認為會影響獨立性的所有關係及其他事項,以及(如適用)為消除威脅而採取的行動或採用的防範措施。

獨立核數師報告

Auditor's responsibilities for the audit of the consolidated financial statements (Continued)

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

核數師就審核綜合財務報表須承擔的責任(續)

從與審核委員會溝通的事項中,吾等釐定對本期綜合財務報表的審計最為重要的事項, 即關鍵審計事項。吾等在核數師報告中描述該等事項,除非法律或法規不允許公開披露該等事項,或在極端罕見的情況下,倘合理預期在吾等報告中溝通某事項造成的負面後果超出產生的公眾利益,則吾等決定不應在報告中傳達該事項。

Moore CPA Limited Certified Public Accountants Chan King Keung Practising Certificate Number: P06057

Hong Kong, 27 March 2026

大華馬施雲會計師事務所有限公司 執業會計師 陳敬強 執業證書編號:P06057

香港,二零二六年三月二十七日

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

綜合損益及其他全面收益表

			2025 二零二五年	2024 二零二四年
		Notes	RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
Revenue	收益	5	4,350,253	2,917,434
Cost of sales	銷售成本		(3,988,428)	(2,659,665)
Gross profit	毛利		361,825	257,769
Other gains or losses and income, net	其他收益或虧損及
	收入淨額	7	54,579	74,007
Reversal of Impairment losses/	貿易應收款項之減值虧損
(Impairment losses) on trade receivables Selling and distribution expenses	撥回╱(減值虧損) 銷售及分銷開支		7,017 (75,736)	(8,415) (56,758)
Administrative expenses	行政開支		(82,092)	(68,186)
Research and development expenses	研發開支		(181,790)	(141,885)
Finance costs	融資成本	8	(27,493)	(36,191)

Profit before income tax	除所得稅前溢利		56,310	20,341
Income tax expense	所得稅開支	9	(14,605)	(4,732)
Profit for the year	年內溢利	10	41,705	15,609
Other comprehensive income	其他全面收益
Items that may be reclassified	其後可能重新分類至
subsequently to profit or loss:	損益的項目:
Exchange difference arising on	換算海外業務產生的
translating foreign operations	匯兌差額		363	(289)
Total comprehensive income	年內全面收益總額
for the year			42,068	15,320
Profit attributable to:	以下各方應佔溢利:
Owners of the Company	本公司擁有人		41,417	16,341
Non﹣controlling interests	非控股權益		288	(732)

			41,705	15,609
Total comprehensive income	以下各方應佔全面收益
attributable to:	總額:
Owners of the Company	本公司擁有人		41,746	16,056
Non﹣controlling interests	非控股權益		322	(736)
			42,068	15,320

Earnings per share	每股盈利	14		(Restated) (經重列)
Basic and diluted (RMB cents)	基本及攤薄(人民幣分)		3.18	1.28

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

綜合財務狀況表

At 31 December 2025 二零二五年十二月三十一日

Non-current assets Property, plant and equipment	非流動資產物業、廠房及設備	15	95,686	97,166
Right﹣of﹣use assets	使用權資產	16	30,201	35,855
Intangible assets	無形資產	17	7,601	4,720
Deferred tax assets	遞延稅項資產	31	1,816	2,966
			135,304	140,707
Current assets	流動資產
Inventories	存貨	18	404,327	326,034
Trade and bills receivables	貿易應收款項及應收票據	19	1,007,152	587,382
Prepayments and other receivables	預付款項及其他應收款項	20	207,533	127,997
Derivative financial instruments	衍生金融工具	21	507	–
Financial asset at FVTPL	按公平值計入損益的
	金融資產應收股東款項	22	33,265	–
Amounts due from shareholders Pledged bank deposits	已抵押銀行存款	23 24	6,475 2,139,087	6,341 2,127,302
Bank balances and cash	銀行結餘及現金	25	153,309	79,364

			3,951,655	3,254,420
Current liabilities	流動負債
Trade and bills payables	貿易應付款項及應付票據	26	3,217,911	2,708,516
Accruals and other payables	應計費用及其他應付款項	27	104,576	88,331
Financial liabilities at FVTPL	按公平值計入損益的
	金融負債	30	1,761	–
Contract liabilities	合約負債借款	27	76,688	23,117
Borrowings Lease liabilities	租賃負債	28 16	91,683 6,681	138,877 5,861
Deferred income	遞延收入	29	847	850
Income tax payable	應付所得稅		3,748	2,277

			3,503,895	2,967,829
Net current assets	流動資產淨值		447,760	286,591
Total assets less current liabilities	總資產減流動負債		583,064	427,298

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

綜合財務狀況表

At 31 December 2025 二零二五年十二月三十一日

Total equity	權益總額		535,269	366,534

Non﹣controlling interests	非控股權益		(1,285)	(1,607)
the Company			536,554	368,141
Equity attributable to owners of	本公司擁有人應佔權益
Reserves	儲備	33	523,043	359,196
Share capital	股本	32	13,511	8,945
Capital and reserve	資本及儲備
Net assets	資產淨值		535,269	366,534
			47,795	60,764

Borrowings	借款	28	–	8,817
Lease liabilities	租賃負債	16	27,964	33,504
Deferred tax liability	遞延稅項負債	31	16,973	14,738
Deferred income	遞延收入	29	2,858	3,705
Non-current liabilities	非流動負債
		附註	人民幣千元	人民幣千元
		Notes	RMB'000	RMB'000
			二零二五年	二零二四年
			2025	2024

The consolidated financial statements on page 142 to 144 were approved and authorized for issue by the board of directors on 27 March 2026.

第142至144頁的綜合財務報表已於二零二六年三月二十七日獲董事會批准及授權刊發。

Li Chengjun Xiong Bin 李承軍熊彬 Director Director 董事董事

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

綜合權益變動表

					Attributable to owners of the Company 本公司擁有人應佔
		Share capital 股本 (Note 31) (附註31)	Share premium 股份溢價	Statutory reserve 法定儲備 (Note 33(i)) (附註33(i))	Translation reserve 換算儲備	Merger reserve 合併儲備 (Note 33(ii)) (附註33(ii))	Other reserves 其他儲備 (Note 33(iii)) (附註33(iii))	Retained profits 保留溢利	Sub﹣total 小計	Non﹣ controlling interests 非控股權益	Total 總計
		RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元
At 1 January 2024	於二零二四年一月一日	8,945	89,439	35,818	(5,200)	(26,744)	85,809	164,018	352,085	(871)	351,214
Profit for the year Other comprehensive (expense)/income	年內溢利其他全面(開支)╱ 收益	– –	– –	– –	– (285)	– –	– –	16,341 –	16,341 (285)	(732) (4)	15,609 (289)
Total comprehensive (expense)/income for the year	年內全面(開支)╱ 收益總額	–	–	–	(285)	–	–	16,341	16,056	(736)	15,320
Appropriation to statutory reserve	轉撥至法定儲備	–	–	4,165	–	–	–	(4,165)	–	–	–
At 31 December 2024	於二零二四年十二月三十一日	8,945	89,439	39,983	(5,485)	(26,744)	85,809	176,194	368,141	(1,607)	366,534

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

綜合權益變動表

		Attributable to owners of the Company 本公司擁有人應佔
		Share capital 股本 (Note 32) (附註32)	Share premium 股份溢價	Statutory reserve 法定儲備 (Note 33(i)) (附註33(i))	Translation reserve 換算儲備	Merger reserve 合併儲備 (Note 33(ii)) (附註33(ii))	Other reserves 其他儲備 (Note 33(iii)) (附註33(iii))	Retained profits 保留溢利	Sub-total 小計	Non controlling interests 非控股權益	Total 總計
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
At 1 January 2025	於二零二五年一月一日	人民幣千元 8,945	人民幣千元 89,439	人民幣千元 39,983	人民幣千元 (5,485)	人民幣千元 (26,744)	人民幣千元 85,809	人民幣千元 176,194	人民幣千元 368,141	人民幣千元 (1,607)	人民幣千元 366,534
Profit for the year Other comprehensive	年內溢利其他全面開收益	–	–	–	–	–	–	41,417	41,417	288	41,705
income		–	–	–	329	–	–	–	329	34	363
Total comprehensive income for the year Appropriation to	年內全面收益總額轉撥至法定儲備	–	–	–	329	–	–	41,417	41,746	322	42,068
statutory reserve		–	–	8,413	–	–	–	(8,413)	–	–	–
Issue of new shares upon rights issue (note 32)	於供股後發行新股份(附註32)	4,566	122,101	–	–	–	–	–	126,667	–	126,667
At 31 December 2025	於二零二五年十二月三十一日	13,511	211,540	48,396	(5,156)	(26,744)	85,809	209,198	536,554	(1,285)	535,269

CONSOLIDATED STATEMENT OF CASH FLOWS

綜合現金流量表

Net cash used in operating activities	經營活動所用現金淨額		(230,623)	(27,121)
Income tax paid	已付所得稅		(9,269)	(8,829)
Cash used in operations	營運所用現金		(221,354)	(18,292)

Increase in derivative financial instruments	衍生金融工具的增加		(507)	–
	金融負債增加		1,761	–
Increase in financial liabilities at FVTPL	按公平值計入損益之
Increase/(decrease) in contract liabilities	合約負債增加╱(減少)		53,572	(9,594)
other payables	項增加╱(減少)		16,246	(4,238)
Increase/(decrease) in accruals and	應計費用及其他應付款
	據增加╱(減少)		200,355	(280,811)
Increase/(decrease) in trade payables	貿易應付款項及應付票
other receivables	項增加		(74,209)	(38,960)
Increase in prepayment and	預付款項及其他應收款
bills receivables	據(增加)╱減少		(412,753)	215,012
(Increase)/decrease in trade and	貿易應收款項及應收票
(Increase)/decrease in inventories	存貨(增加)╱減少		(78,293)	51,679
capital changes	流量		72,474	48,620
Operating cash flows before working	營運資金變動前經營現金
Depreciation of right﹣of﹣use assets	使用權資產折舊	10	7,005	10,665
equipment		15	18,417	16,366
Depreciation of property, plant and	物業、廠房及設備折舊
at FVTPL	融資產的公平值虧損	22	2,904	–
Fair value loss on financial asset	按公平值計入損益的金
recognised in respect of trade and bills receivables	票據確認的虧損撥備 (撥回)╱撥備	19	(7,017)	8,415
(Reversal)/Provision of loss allowance	就貿易應收款項及應收
Amortisation of intangible assets	無形資產攤銷	17	1,311	2,374
and equipment	虧損	10	5	9
Loss on disposal of property, plant	出售物業、廠房及設備
Bank interest income	銀行利息收入	7	(33,104)	(44,061)
Amortisation of government grant	政府補助攤銷	7	(850)	(1,680)
Finance costs	財務費用	8	27,493	36,191
Adjustments for:	調整:
Profit before income tax	除所得稅前溢利		56,310	20,341
Operating activities	經營活動
		附註	人民幣千元	人民幣千元
		Notes	RMB'000	RMB'000
			二零二五年	二零二四年
			2025	2024

CONSOLIDATED STATEMENT OF CASH FLOWS

綜合現金流量表

			2025	2024
		Notes	二零二五年 RMB'000	二零二四年 RMB'000
		附註	人民幣千元	人民幣千元
Investing activities	投資活動
Payments for purchase of property,	就購買物業、廠房及
plant and equipment	設備付款	15	(17,090)	(17,638)
Payments for purchase of intangible	就購買無形資產付款
asset		17	(4,192)	(932)
Purchase of financial asset at FVTPL	購買按公平值計入損益的
	金融資產		(36,128)	–
Placement in pledged bank deposits	存入已質押銀行存款		(2,139,087)	(2,127,302)
Withdrawal of pledged bank deposits	提取已質押銀行存款		2,127,302	2,368,420
Government subsidies received	接獲的政府補貼	29	–	467
Interest received	已收利息		27,319	37,132

Net cash (used in)/from investing activities	投資活動(所用)╱所得現金淨額		(41,876)	260,147

Financing activities	融資活動
New borrowings raised	新籌集借款	39	184,056	171,033
Repayments of borrowings	償還借款		(239,915)	(178,949)
Increase/(decrease) in bills payable under	供應商融資安排項下應付
supplier finance arrangement	票據增加╱(減少)		309,042	(170,965)
Payments for capital element of	租賃負債資本部分的付款
lease liabilities			(6,053)	(7,207)
Interest paid	已付利息		(27,493)	(36,191)
Issue of new shares upon right issues	於供股後發行新股份	32	127,857	–
Transaction costs attributable to	發行股份應佔交易成本
issue of shares		32	(1,190)	–

Net cash from/(used in) financing activities	融資活動所得╱(所用) 現金淨額		346,304	(222,279)

	現金及現金等價物增加
Net increase in cash and cash equivalents	淨額		73,805	10,747

Cash and cash equivalents at	年初現金及現金等價物
beginning of the year			79,364	67,951
	匯率變動的影響
Effect of foreign exchange rate changes			140	666
Cash and cash equivalents at	年末現金及現金等價物
end of the year		25	153,309	79,364

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

1. GENERAL

Future Machine Limited (formerly known as "Sprocomm Intelligence Limited") (the "Company") was incorporated in the Cayman Islands under the Companies Law, Chapter 22 (Law 3 of 1961, as combined and revised) of the Cayman Islands as an exempted company with limited liability on 15 August 2018 and its shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") since 13 November 2019 (the "Listing").

The address of the registered office is located in P.O. BOX 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1–1205, Cayman Islands and the principal place of business of the Company is located in 33/F, Building 1 Huaqiang Science and Technology Innovation Plaza Meilin Street, No. 6018 North Ring Boulevard, Futian District, Shenzhen, China.

The Company is an investment holding company. The principal activities of its subsidiaries are designing, manufacturing and sales of mobile phones and printed circuit board assembly products ("PCBA") and Internet of things ("IoT") related products and investment holding. Particulars of the subsidiaries have been set out in Note 38. The Company and its subsidiaries are collectively referred to as the "Group".

The consolidated financial statements have been prepared in accordance with HKFRS Accounting Standards (which include all Hong Kong Financial Reporting Standards ("HKFRSs"), Hong Kong Accounting Standards ("HKASs") and interpretations) issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the disclosures required by the Rules Governing the Listing of Securities on the Main Board of the Stock Exchange and by the Hong Kong Companies Ordinance.

1. 一般資料

未來機器有限公司(前稱為「Sprocomm Intelligence Limited」)(「本公司」)於二零一八年八月十五日根據開曼群島法律第 22章公司法(一九六一年法例三,經合併及修訂)在開曼群島註冊成立為獲豁免有限公司,其股份於二零一九年十一月十三日在香港聯合交易所有限公司(「聯交所」)主板上市(「上市」)。最終控股方為李承軍先生及熊彬先生(「控股股東」), 彼等亦為本公司董事。

本公司註冊辦事處地址為 P.O. BOX 3 1 1 1 9 , G r a n d P a v i l i o n , H i b i s c u s Way,802West Bay Road, Grand Cayman, KY1–1205, Cayman Islands,而主要營業地點為中國深圳市福田區北環大道6018 號梅林街道華強科創廣場1棟33樓。

本公司為一間投資控股公司。其附屬公司的主要業務活動為設計、製造及銷售手機、印刷電路板組裝產品(「印刷電路板組裝」)及物聯網(「物聯網」)相關產品以及投資控股。有關附屬公司的詳情載於附註38。本公司及其附屬公司統稱為「本集團」。

綜合財務報表乃根據香港會計師公會(「香港會計師公會」)頒佈之香港財務報告準則會計準則(包括所有香港財務報告準則 (「香港財務報告準則」)、香港會計準則 (「香港會計準則」)及詮釋)、香港普遍採納之會計原則及聯交所主板證券上市規則及香港公司條例的披露規定編製。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

1. GENERAL (Continued)

The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments which are measured at fair values at the end of each reporting period, as explained in the material accounting policy information set out below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The consolidated financial statements are presented in RMB which is also the functional currency of the Company, and all values are rounded to the nearest thousands, except when otherwise indicated.

2. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS

(a) Adoption of amendments to an HKFRS Accounting Standard

In the current year, the Group has applied the following amendments to an HKFRS Accounting Standard issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") for the first time, which are mandatorily effective for the Group's annual period beginning on or after 1 January 2025 for the preparation of the consolidated financial statements:

Amendments to HKAS 21 Lack of Exchangeability

The application of the amendments to an HKFRS Accounting Standard in the current year has had no material impact on the Group's financial performance and position for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

1. 一般資料(續)

綜合財務報表已按歷史成本基準編製。惟於各報告期末按公平值計量的若干金融工具除外,其於下文所載重大會計政策中詳述。歷史成本一般根據為交換貨品及服務提供的代價的公平值。

除另有註明者外,綜合財務報表乃以本公司功能貨幣呈列及所有數值均調整至最接近的千元人民幣。

2. 應用新訂及經修訂香港財務報告準則會計準則

(a) 採納香港財務報告準則會計準則修訂本

於本年度,本集團首次就編製綜合財務報表應用由香港會計師公會(「香港會計師公會」)頒佈於二零二五年一月一日或之後開始的年度期間強制生效的香港財務報告準則修訂本:

香港會計準則第21號 (修訂本) 缺乏可兌換性

於本年度應用香港財務報告準則修訂本對本集團於本年度及過往年度的財務表現及狀況及╱或對該等綜合財務報表所載披露並無重大影響。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

2. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS (Continued)

(b) New and amendments to HKFRS Accounting Standards not yet effective

The Group has not early applied the following new and amendments to HKFRS Accounting Standards that have been issued but are not yet effective:

Amendments to HKFRS 9 and HKFRS 7	Amendments to the Classification and Measurement of Financial Instruments2
Amendments to HKFRS 9 and HKFRS 7	Contracts Referencing Nature﹣ dependent Electricity2
Amendments to HKFRS 10 and HKAS 28	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture1
Amendments to HKFRS Accounting Standards	Annual Improvements to HKFRS Accounting Standards – Volume 112
HKFRS 18	Presentation and Disclosure in Financial Statements3
Amendments to HKAS 21	Translation to a Hyperinflationary Presentation Currency3

1 Effective for annual periods beginning on or after a date to be determined.
Effective for annual periods beginning on or after 1 January 2026.
Effective for annual periods beginning on or after 1 January 2027.

Except for the new HKFRS Accounting Standard mentioned below, the directors of the Company anticipate that the application of all other new and amendments to HKFRS Accounting Standards will have no material impact on the consolidated financial statements in the foreseeable future.

2. 應用新訂及經修訂香港財務報告準則會計準則(續)

(b) 尚未生效的新訂及經修訂香港財務報告準則會計準則

本公司並無提早應用下列已頒佈但尚未生效的新訂及經修訂香港財務報告準則會計準則:

香港財務報告準則	金融工具的分類與
第9號及香港財務	計量(修訂本)2
報告準則第7號
香港財務報告準則	依賴自然能源生產
第9號及香港財務	電力的合約2
報告準則第7號
香港財務報告準則	投資者與其聯營公司
第10號及香港會計	或合營企業之間的
準則第28號	資產出售或投入1
香港財務報告準則	香港財務報告準則
會計準則(修訂本)	會計準則的年度
	改進-第11卷2
香港財務報告準則	財務報表的呈列及
第18號	披露3
香港會計準則第21號	換算為惡性通貨膨脹
(修訂本)	呈列貨幣3

¹ 於待釐定的日期或其後開始的年度期間生效。
² 於2026年1月1日或其後開始的年度期間生效。
³ 於2027年1月1日或其後開始的年度期間生效。

除下述新香港財務報告準則會計準則外,本公司董事預期採用所有其他新訂香港財務報告準則會計準則及其修訂本於可預見未來不會對綜合財務報表造成重大影響。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

2. APPLICATION OF NEW AND AMENDMENTS TO HKFRS ACCOUNTING STANDARDS (Continued)

(b) New and amendments to HKFRS Accounting Standards not yet effective (Continued)

HKFRS 18 Presentation and Disclosure in Financial Statements

HKFRS 18 Presentation and Disclosure in Financial Statements, which sets out requirements on presentation and disclosures in financial statements, will replace HKAS 1 Presentation of Financial Statements. This new HKFRS Accounting Standard, while carrying forward many of the requirements in HKAS 1, introduces new requirements to present specified categories and defined subtotals in the statement of profit or loss; provide disclosures on management﹣defined performance measures in the notes to the financial statements and improve aggregation and disaggregation of information to be disclosed in the financial statements. In addition, some HKAS 1 paragraphs have been moved to HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (the title of which will be changed to Basis of Preparation of Financial Statements upon effective of HKFRS 18) and HKFRS 7. Minor amendments to HKAS 7 Statement of Cash Flows and HKAS 33 Earnings per Share are also made.

HKFRS 18, and consequential amendments to other standards, will be effective for annual periods beginning on or after 1 January 2027, with early application permitted. HKFRS 18 requires retrospective application with specific transition provisions. The application of the new standard is expected to have significant impact on the financial performance and positions of the Group in terms of recognition and measurement. However, it is expected to affect the structure and presentation of the consolidated statement of profit or loss and disclosures in the future financial statements.

The Group does not plan to early adopt HKFRS 18 and is still in the process of assessing the impact of the adoption.

2. 應用新訂及經修訂香港財務報告準則會計準則(續)

(b) 尚未生效的新訂及經修訂香港財務報告準則會計準則(續)

香港財務報告準則第18號財務報表的呈列及披露

香港財務報告準則第18號財務報表的呈列及披露載列財務報表的呈列及披露規定,並將取代香港會計準則第1號財務報表的呈列。該項新訂香港財務報告準則會計準則沿用香港會計準則第1號多項規定,同時引入於損益表中呈列指定類別及定義小計的新規定;於財務報表附註提供有關管理層界定的表現計量的披露,並改進財務報表中將予披露的合併及細分資料。此外,若干香港會計準則第1號的段落已移至香港會計準則第8號會計政策、會計估計變動及錯誤(其標題將於香港財務報告準則第18號生效後變更為財務報表編製基準)及香港財務報告準則第 7號。香港會計準則第7號現金流量表及香港會計準則第33號每股盈利亦作出細微修訂。

香港財務報告準則第18號以及對其他準則的相應修訂本將於二零二七年一月一日或之後開始的年度期間生效,允許提前採用。香港財務報告準則第18號要求採用追溯調整法, 並設有特定的過渡安排。就確認及計量而言,應用新準則預計會對本集團的財務業績及財務狀況產生重大影響。然而,預計其將影響綜合損益表的結構與呈報方式以及未來財務報表的披露。

本集團並無計劃提早採納香港財務報告準則第18號,並仍在評估採納的影響。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION

Material accounting policies are set out below.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries.

Control is achieved where the Group has: (i) the power over the investee; (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect the amount of the Group's returns.

Profit or loss and each component of other comprehensive income of subsidiaries are attributed to the owners of the Company and non﹣controlling interest.

All intra﹣group assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the Group are eliminated in full on consolidation.

Where necessary, adjustments are made to the financial statements of subsidiaries in preparing the consolidated financial statements to bring their accounting policies in line with the Group's accounting policies.

Changes in the Group's ownership interests in existing subsidiaries

Changes in the Group's ownership interests in existing subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non﹣controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non﹣controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.

3. 重大會計政策資料

主要會計政策載列如下。

綜合基準

綜合財務報表包括本公司及由本公司與其附屬公司所控制的實體的財務報表。

倘本集團:(i)對投資對象擁有權力;(ii)自參與投資對象業務而取得或有權取得浮動回報;及(iii)有能力以其對投資對象的權力影響本集團回報金額,則取得控制權。

附屬公司損益及其他全面收益的各組成部分乃歸屬於本公司擁有人及非控股權益。

集團內公司間交易涉及之所有資產、負債、權益、收入、開支及現金流量於綜合入賬時悉數對銷。

編製綜合財務報表於必要時會調整附屬公司財務報表以使其會計政策與本集團會計政策一致。

本集團於現有附屬公司的擁有權權益變動

本集團於現有附屬公司的擁有權權益變動,倘不導致本集團失去對附屬公司的控制,則作為權益交易入賬。本集團權益及非控股權益的賬面金額已調整,以反映其在附屬公司中的相對權益變動。非控股權益的調整金額與已付或已收代價的公平值之間的任何差額直接在權益中確認,並歸屬於本公司擁有人。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Revenue recognition

Revenue is recognised to depict the transfer of promised goods and services to customers at an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services to a customer.

Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

The customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs;
The Group's performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
The Group' performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service. Revenue is measured based on the consideration specified in the contract with the customer, and excludes amounts collected on behalf of third parties, discounts and sales related taxes.

Contract liabilities

A contract liability represents the Group's obligation to transfer goods to a customer for which the Group has received consideration from the customer.

3. 重大會計政策資料(續)

收益確認

收益按可描述向客戶轉讓承諾貨品及服務的金額確認,該金額反映實體預期就向客戶交換該等貨品或服務而有權獲得的代價。

若符合下列其中一項條件,控制權隨時間轉移及收益參照履行相關履約責任的完成進度隨時間確認:

客戶於本集團履約時同時取得及消耗由本集團履約所帶來的利益;
本集團的履約創建或增強一項資產, 而該資產於創建或增強時由客戶控制;或
本集團的履約並無創建對本集團有替代用途的資產,且本集團有權就迄今已完成的履約部分收取款項。

否則,收益於客戶獲得明確商品或服務控制權的時間點確認。收益乃根據與客戶所訂合約指定的代價進行計量,不包括代表第三方收取的金額、折扣及銷售相關稅款。

合約負債

合約負債指本集團向客戶轉讓商品或服務的義務,而本集團已就此從客戶收到代價。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Sale of goods

The Group produces and sells mobile phones, IoT related products, and other products related to mobile phones. IoT related products are a combination of hardware and software that enable remote control and monitoring of devices, such as smart locks, laptops, electric scooters, etc. Revenue from the sale of goods is recognised when control of the product is transferred to the customer. Control of the product is considered transferred to the customer generally on delivery of goods to the customer's specified location and when customer acceptance has been obtained, which is the point of time the customer has the ability to direct the use of these products and obtain substantially all of the remaining benefits of these products.

A receivable is recognised when the products are delivered and accepted by customers as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. Payment of the transaction price is usually due within 30–90 days of the date when control of the products is transferred to the customer.

The Group received 5% to 30% of the contract value as deposit from certain customers when they signed the sale and purchase agreement for sales of products. For certain sale orders received from customers relating to IoT related products, the Group received 80% of the contract value as upfront deposit when they signed the sale agreement. These deposits are recognised as contract liabilities until the goods have been delivered to the customers.

The Group provides warranties for general repairs of defects to ensure that the products comply with agreed upon specification and they are therefore assurance﹣ type warranties and the Group accounts for the warranty in accordance which HKAS 37 Provisions, Contingent Liabilities and Contingent Assets.

3. 重大會計政策資料(續)

銷售貨品

本集團生產及銷售手機、物聯網產品及其他與手機相關的產品。物聯網相關產品為硬件與軟件的組合,可以遠程控制及監控設備,如智能鎖、筆記本電腦、電動滑板車等。銷售貨品的收益於產品控制權已轉移予客戶時確認。產品控制權一般於產品交付至客戶指定地點及客戶確認收貨(即為客戶有能力直接使用該等產品並獲得該等產品之幾乎所有剩餘好處的時間點)時被視為轉移予客戶。

應收款項於產品交付及獲客戶接受時確認,因為付款需要時間的推移方會到期應付,故此為代價為無條件的時間點。支付交易價格通常於產品控制權轉移予客戶之日起30﹣90天內到期。

本集團在簽訂產品銷售買賣協議時,收取合約價值的5%至30%作為若干客戶押金。對於若干物聯網相關產品相關客戶的訂單,本集團在簽訂銷售協議時收到 80%的合約價值作為預付款。有關按金在貨物交付客戶之前確認為合約負債。

本集團提供一般產品缺陷保修,以確保產品符合協定規格,因此,擔保屬保證型擔保,本集團根據香港會計準則第37 號撥備、或然負債及或然資產對該等擔保進行會計處理。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Lease

The Group as lessee

The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right﹣of﹣use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short﹣term leases (defined as leases with a lease term of 12 months or less from the commencement date and do not contain a purchase option). For these leases, the Group recognises the lease payments as an operating expense on a straight﹣line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

Lease liabilities

At the commencement date, the Group measures lease liability at the present value of the lease payments that are not paid at that date. The lease payments are discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability represents the fixed lease payments (including in﹣ substance fixed payments).

The lease liability is presented as a separate line in the consolidated statement of financial position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

3. 重大會計政策資料(續)

租賃

本集團作為承租人

本集團於合約開始時評估合約是否為或包括租賃。本集團就其作為承租人的所有租賃安排(除短期租賃(界定為自開始日期起計租期為十二個月或更短且不包含購買選擇權的租賃)外)確認使用權資產及相關租賃負債。就該等租賃而言, 本集團於租期內以直線法確認租賃付款為經營開支,惟倘有另一系統化基準更能代表耗用租賃資產經濟利益的時間模式則除外。

租賃負債

於開始日期,本集團以該日未支付租賃付款之現值計量租賃負債。租賃付款使用租賃中的內含利率進行貼現。倘上述利率不易確定,則本集團會使用增量借款利率。

計入租賃負債計量之租賃付款指固定租賃付款(包括實質固定付款)。

租賃負債於綜合財務狀況表中單獨呈示。

租賃負債其後透過增加賬面值以反映租賃負債利息(使用實際利息法)及減少賬面值以反映所作出的租賃付款加以計量。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Right-of-use assets

The right﹣of﹣use assets are initially recognized at amounts which comprise the initial measurement amount of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs, less lease incentives received.

Right﹣of﹣use assets are subsequently measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. They are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The Group applies HKAS 36 to determine whether a right﹣ of﹣use asset is impaired and accounts for any identified impairment loss as described in the "Impairment losses on tangible assets and intangible assets" policy as stated below.

Foreign currencies

In preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in the respective functional currency (i.e. the currency of the primary economic environment in which the entity operates) at the rates of exchanges prevailing at the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non﹣monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognised in profit or loss in the period in which they arise.

3. 重大會計政策資料(續)

使用權資產

使用權資產為初步確認的金額,包括相應租賃負債之初始計量金額、於開始日期或之前作出的租賃付款及任何初始直接成本,減收取的租賃優惠。

使用權資產其後按成本減累計折舊及減值虧損計量,並就任何重新計量租賃負債作出調整。使用權資產於相關資產的租期及使用年期(以較短者為準)內折舊。折舊於租賃開始日期開始。

誠如下文「有形及無形資產減值虧損」政策所述,本集團使用香港會計準則第36 號釐定使用權資產是否減值及入賬任何已識別減值虧損。

外幣

編製個別集團實體之財務報表時,以該實體功能貨幣以外之貨幣(外幣)所進行之交易乃按交易當日之現行匯率以各自的功能貨幣(即實體經營所在的主要經濟環境的貨幣)入賬。於報告期末,以外幣列值之貨幣項目乃按該日之當時匯率重新換算。以外幣歷史成本計量的非貨幣項目不作重新折算。

因結算貨幣項目及重新換算貨幣項目而產生之匯兌差額,於其產生期間在損益內確認。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Foreign currencies (Continued)

For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group's foreign operations are translated into the presentation currency of the Group (i.e. RMB) using exchange rates prevailing at the end of reporting period. Income and expenses items are translated at the average exchange rates for the year. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity under the heading of translation reserve.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary difference to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

3. 重大會計政策資料(續)

外幣(續)

就呈列綜合財務報表而言,本集團之海外業務的資產及負債按報告期末之現行匯率換算為本集團之呈列貨幣(即人民幣)。收入及開支按年內平均匯率換算。所產生之匯兌差額(如有)於其他全面收益確認並於權益下以匯兌儲備累計。

稅項

所得稅開支指現時應付稅項及遞延稅項之總和。

現時應付稅項乃按年內應課稅溢利計算。本集團乃按報告期末已實行或實際已實行之稅率計算即期稅項負債。

遞延稅項就綜合財務報表內資產及負債賬面值與計算應課稅溢利所採用相應稅基之間的暫時差額而確認。遞延稅項負債基本上就所有應課稅暫時差額確認。遞延稅項資產則須就應課稅溢利很可能用作扣減該等可運用的可扣減暫時差額才作確認。若暫時差額因首次確認一項既不影響應課稅溢利亦不影響會計溢利之交易中的資產及負債而產生,則不予確認遞延稅項資產及負債。

與該等投資相關的可扣稅暫時性差額所產生的遞延稅項資產,僅於很可能有足夠應課稅溢利可以使用暫時差額的利益且預計於可見將來可以撥回時確認。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Taxation (Continued)

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

For the purposes of measuring deferred tax for leasing transactions in which the Group recognises the right﹣of﹣ use assets and the related lease liabilities, the Group first determines whether the tax deductions are attributable to the right﹣of﹣use assets or the lease liabilities.

For leasing transactions in which the tax deductions are attributable to the lease liabilities, the Group applies HKAS 12 Income Taxes requirements to right﹣of﹣use assets and lease liabilities separately. Temporary differences relating to right﹣of﹣use assets and lease liabilities are not recognised at initial recognition due to application of the initial recognition exemption.

Current tax and deferred tax are recognised in profit or loss.

Property, plant and equipment

Property, plant and equipment are stated in the consolidated statement of financial position at cost less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any.

Depreciation is recognised so as to allocate the cost of items of property, plant and equipment less their residual values over their estimated useful lives, using the straight﹣ line method as follows:

Leasehold improvements	5 years or over lease term
	whichever is shorter
Plant and machinery	3 years to 5 years
Furniture and fixture	3 years
Motor vehicles	5 years
Office equipment	3 years
Ownership interests in	20 years
land and building

3. 重大會計政策資料(續)

稅項(續)

遞延稅項資產之賬面值會於各報告期末作出檢討,倘不再可能有足夠應課稅溢利可用於收回全部或部分資產則會予以扣減。

為計量本集團確認使用權資產及相關租賃負債的租賃交易的遞延稅項,本集團首先確定稅項減免是歸屬於使用權資產抑或租賃負債。

對於稅項減免歸屬租賃負債的租賃交易, 本集團對使用權資產及租賃負債分別採用香港會計準則第12號所得稅的規定。由於適用初始確認豁免,與使用權資產及租賃負債有關的暫時性差額不在初始確認時確認。

即期稅項及遞延稅項於損益內確認。

物業、廠房及設備

物業、廠房及設備於綜合財務狀況表內按成本減其後累計折舊及其後累計減值虧損(如有)列賬。

物業、廠房及設備項目折舊乃於其估計可使用年期內採用直線法確認以分配成本減剩餘價值如下:

租賃物業裝修	五年或租期
	(以較短者為準)
廠房及機器	三年至五年
傢俬及固定裝置	三年
汽車	五年
辦公設備	三年
土地及樓宇	二十年
所有權權益

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Property, plant and equipment (Continued)

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

Ownership interests in leasehold land and buildings

When the Group makes payments for ownership interests of properties which includes both leasehold land and building elements, the entire consideration is allocated between the leasehold land and the building elements in proportion to the relative fair values at initial recognition. To the extent the allocation of the relevant payments can be made reliably, interest in leasehold land is presented as "right﹣of﹣use assets" in the consolidated statement of financial position. When the consideration cannot be allocated reliably between non﹣lease building element and undivided interest in the underlying leasehold land, the entire properties are classified as property, plant and equipment.

3. 重大會計政策資料(續)

物業、廠房及設備(續)

估計可使用年期、剩餘價值及折舊方法於各報告期末檢討,任何估計變動的影響按未來基準入賬。

物業、廠房及設備項目於出售時或預期日後持續使用資產將不會產生經濟利益時不再確認入賬。出售或報廢物業、廠房及設備項目的任何盈虧乃按銷售所得款項與該資產的賬面值的差額釐定,並於損益內確認。

於租賃土地及樓宇的所有權權益

當本集團就物業擁有權權益(包括租賃土地及樓宇部分)作出付款,則代價按於首次確認時之相對公平值比例,於租賃土地及樓宇部分之間悉數分配。倘相關付款能可靠計量時,入賬列為經營租賃的租賃土地權益於綜合財務狀況表呈列為「使用權資產」。當代價無法在相關租賃土地的非租賃樓宇部分及為分配權益之間可靠分配時,則整項物業分類為物業、機器及設備。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Intangible assets

Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are carried at costs less accumulated amortisation and any accumulated impairment losses. Amortisation for intangible assets with finite useful lives is recognised on a straight﹣line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

The amount initially recognised for internally﹣generated intangible asset is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally﹣ generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally﹣generated intangible asset is reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets acquired separately. Expenditure on research activities is recognised as an expense in the period in which it is incurred.

Development costs and patents are internally generated. Capitalised development cost represents the cost in relation to the self﹣developed feature for IT products. All of the Group's computer software were acquired from third parties. Such intangible assets are amortised on a straight﹣ line basis over the following periods:

Computer software	10 years	電腦軟件	10年
Patents	10 years	專利	10年
Development costs	3 years	開發成本	3年

3. 重大會計政策資料(續)

無形資產

分開購入之無形資產

分開購入且具有限可使用年期之無形資產按成本減累計攤銷及任何累計減值虧損列賬。具有限可使用年期之無形資產攤銷則以直線法按其估計可使用年期確認。估計可使用年期及攤銷方法會於各報告期末檢討,任何估計變動的影響按未來基準入賬。

就內部產生的無形資產初始確認的金額為自無形資產首次符合上述確認條件之日起產生的開支總和。倘並無可確認的內部產生的無形資產,則開發支出會於產生的期間在損益確認。於初始確認後, 內部產生的無形資產按與分開收購的無形資產相同的基準,以成本減累計攤銷及累計減值虧損呈報。研究活動開支於產生的期間內確認為開支。

開發成本及專利為內部產生。資本化開發成本指與自主開發的物聯網(IoT)產品功能有關的成本。本集團所有電腦軟件都是向第三方購買。該等無形資產於以下期間按直線法攤銷:

專利	10年
開發成本	3年

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Cash and cash equivalents

Bank balances and cash in the consolidated statement of financial position comprise cash at banks and on hand.

For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash as defined above.

Interests in subsidiaries

Interests in subsidiaries are stated on the statement of financial position of the Company at cost less any identified impairment loss.

Inventories

Inventories are stated at the lower of cost and net realisable value. Costs of inventories are calculated using weighted average method. Net realisable value of inventories represents the estimated selling price in the ordinary course of business for inventories less all estimated costs of completion and costs necessary to make the sale.

Financial instruments

Financial assets and financial liabilities are recognised in the consolidated statement of financial position when a group entity becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value, except for trade receivables arising from contracts with customers which are initially measured in accordance with HKFRS 15. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets or financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

3. 重大會計政策資料(續)

現金及現金等價物

綜合財務狀況表內的銀行結餘及現金包括銀行現金及手頭現金。

就綜合現金流量表而言,現金及現金等價物包括上述界定之現金。

於附屬公司之權益

於附屬公司之權益於本公司之財務狀況表內按成本減任何已識別減值虧損列賬。

存貨

存貨按成本與可變現淨值兩者之較低者列賬。存貨成本使用加權平均法計算。存貨的可變現淨值指存貨在日常業務過程中的估計售價減所有估計完工成本及必要銷售成本。

金融工具

當集團實體訂立工具合約條文時,於綜合財務狀況表內確認金融資產及金融負債。

金融資產及金融負債初步按公平值計量, 惟與客戶合約產生的貿易應收款項按香港財務報告準則第15號進行初始計量除外。收購或發行金融資產及金融負債(按公平值計入損益的金融資產或金融負債除外)的直接相關交易成本於初始確認時計入或扣除自金融資產或金融負債的公平值(視適用情況而定)。收購按公平值計入損益的金融資產或金融負債直接相關交易成本即時於損益確認。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Financial assets

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing them.

Financial assets at FVTPL

Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI or designated as FVTOCI are measured at FVTPL.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset and is included in the "other gains and losses" line item.

Financial assets at amortised cost (debt instruments)

The Group measures financial assets subsequently at amortised cost if both of the following conditions are met:

the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment.

3. 重大會計政策資料(續)

金融工具(續)

金融資產

所有已確認的金融資產,視乎金融資產的分類而定,其後全面按攤銷成本或公平值計量。

金融資產於初始確認時的分類取決於金融資產的合約現金流量特徵及本集團管理該等資產的業務模式。

按公平值計入損益之金融資產

不符合按攤銷成本或按公平值計入其他全面收益或指定為按公平值計入其他全面收益的計量標準的金融資產按公平值計入損益計量。

按公平值計入損益之金融資產按各報告期末的公平值計量,任何公平值收益或虧損於損益中確認。於損益確認之收益或虧損淨額,不包括從金融資產賺取之任何股息或利息,並計入「其他收入、其他收益及虧損」項目內。

按攤銷成本計量的金融資產(債務工具)

倘滿足以下兩個條件,本集團對金融資產其後按攤銷成本計量。

於目標為持有資產以收取合約現金流量的業務模式持有的金融資產; 及
金融資產的合約條款於指定日期產生現金流量,而純粹作為本金及尚未清償的本金利息之付款。

按攤銷成本計量的金融資產其後使用實際利率法計量,或會減值。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Amortised cost and effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period.

For financial instruments, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding ECL, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition.

The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.

Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost. For financial instruments other than purchased or originated credit﹣impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit﹣impaired.

Interest income is recognised in profit or loss and is included in the "other gains and income" line item.

3. 重大會計政策資料(續)

金融工具(續)

金融資產(續) 攤銷成本及實際利息法實際利息法是計算債務工具的攤銷成本及在相關期間分配利息收入的方式。

就金融工具而言,實際利率為將債務工具於預計年期或較短期間(如適用)的估計未來現金收款(包括組成實際利率整體部分的全部已付或已收費用及貼息、交易成本及其他溢價或折讓,不包括預期信貸虧損)準確折現至債務工具於初始確認時的賬面總值的利率。

金融資產之攤銷成本相當於該金融資產於初始確認時計量之金額減本金還款, 加使用實際利息法就上述初始金額與到期金額之間的任何差額計算之累計攤銷額,再經任何虧損撥備予以調整後之金額。另一方面,金融資產之賬面總值為經任何虧損撥備予以調整前之金融資產攤銷成本。

就其後按攤銷成本計量之債務工具而言, 利息收入乃使用實際利息法確認。就購入或原本已信貸減值之金融資產以外之金融工具而言,利息收入乃透過對金融資產之賬面總值應用實際利率計算,惟其後出現信貸減值之金融資產除外。

利息收入於損益內確認,並計入「其他收益及收入」項目。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Financial assets (Continued) Impairment of financial assets, excluding financial assets at FVTPL

The Group recognises a loss allowance for ECL on financial assets which are subject to impairment under HKFRS 9 (including trade and bills receivables, pledged bank deposits, restricted deposits, other receivables, amounts due from shareholders and bank balances and cash). The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instruments.

The Group always recognises lifetime ECL for trade and bills receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.

Assessments are done based on the Group's historical credit loss experience and forward looking information including both current and forecast general economic conditions at the reporting date.

The Group applies the simplified approach to provide for ECL prescribed by HKFRS 9 for trade and bills receivables.

For all other financial instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition.

3. 重大會計政策資料(續)

金融工具(續)

金融資產(續)

金融資產減值,不包括按公平值計入損益的金融資產

本集團根據香港財務報告準則第9號就發生減值之金融資產(包括貿易應收款項及應收票據、已抵押銀行存款、受限制存款、其他應收款項、應收股東款項以及銀行結餘及現金)確認預期信貸虧損的虧損撥備。預期信貸虧損的金額於各報告日期更新,以反映各金融工具自初始確認後信貸風險的變化。

本集團從來就貿易應收款項及應收票據確認全期預期信貸虧損。該等金融資產的預期信貸虧損乃使用基於本集團歷史信貸虧損經驗的撥備矩陣進行估計,並根據債務人的特殊因素、一般經濟狀況及對報告日期的當前及未來變化趨勢的評估進行調整,包括貨幣的時間價值(如適用)。

評估乃根據本集團的過往信貸虧損經驗及前瞻性資訊(包括於報告日期的現有及預測整體經濟狀況)進行。

本集團應用簡化法為貿易應收款項及應收票據計提香港財務報告準則第9號規定的預期信貸虧損。

對於所有其他金融工具,本集團計量的虧損撥備等於十二個月預期信貸虧損, 除非自初始確認後信貸風險顯著增加, 本集團確認全期預期信貸虧損。是否應確認全期預期信貸虧損的評估乃基於自初始確認以來發生違約之可能性或風險的顯著增加。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Financial assets (Continued) Impairment of financial assets, excluding financial assets at FVTPL (Continued)

(i) Significant increase in credit risk

In assessing whether the credit risk has increased significantly since initial recognition, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward﹣looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly:

an actual or expected significant deterioration in the financial instrument's external (if available) or internal credit rating;
significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;
existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor's ability to meet its debt obligations;
an actual or expected significant deterioration in the operating results of the debtor; or
an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor's ability to meet its debt obligations.

3. 重大會計政策資料(續)

金融工具(續)

金融資產(續)

金融資產減值,不包括按公平值計入損益的金融資產(續)

(i) 信貸風險顯著增加於評估自初始確認後信貸風險是否顯著增加時,本公司將於報告日期金融工具發生之違約風險與初始確認日起金融工具發生之違約風險進行比較。在進行該評估時,本公司會考慮合理且可支持的定量和定性資料,包括無需付出不必要的成本或努力而可得之歷史經驗及前瞻性資料。

特別是,在評估信貸風險是否顯著增加時,會考慮以下資料:

金融工具的外部(如有)或內部信貸評級的實際或預期顯著惡化;
外部市場信貸風險指標的顯著惡化,如信貸利差大幅增加, 債務人的信貸違約掉期價格;
預計會導致債務人償還債務能力大幅下降的業務、財務或經濟狀況的現有或預測的不利變化;
債務人經營業績的實際或預期顯著惡化;或
導致債務人償還債務能力大幅下降的債務人監管、經濟或技術環境的實際或預期的重大不利變化。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Financial assets (Continued) Impairment of financial assets, excluding financial assets at FVTPL (Continued)

(i) Significant increase in credit risk (Continued)

Despite the foregoing, the Group assumes that the credit risk on a debt instrument has not increased significantly since initial recognition if the debt instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if i) the financial instrument has a low risk of default, ii) the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and iii) adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations. The Group considers a debt instrument to have low credit risk when it has an internal or external credit rating of 'investment grade' as per globally understood definition or if an external rating is not available, the asset has an internal rating of 'performing'. Performing means that the counterparty has a strong financial position and there is no past due amounts.

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

3. 重大會計政策資料(續)

金融工具(續)

金融資產(續)

金融資產減值,不包括按公平值計入損益的金融資產(續)

(i) 信貸風險顯著增加(續)
儘管上文所述,本集團假設倘債務工具釐定為於報告日期具有低信貸風險,則債務工具的信貸風險自初始確認以來並無顯著增加。倘屬以下情況,債務工具釐定為具有低信貸風險:i)金融工具具有低違約風險,ii)款人於短期內具備雄厚實力履行其合約現金流量責任及iii)長期經濟及業務狀況的不利變動可能但不一定削減借款人履行其合約現金流量責任的能力。當金融資產有符合全球通用定義的「投資級」內部或外部信貸評級,或當未獲得外部評級,資產內部評級為「正常」時,則本集團認為金融資產具有較低信貸風險。正常指對手方財務狀況良好且無過往逾期金額。

本集團定期監察用以確定信貸風險曾否顯著增加的標準的成效,並於適當時候作出修訂,從而確保有關標準能夠於款項逾期前確定信貸風險顯著增加。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Financial assets (Continued) Impairment of financial assets, excluding financial assets at FVTPL (Continued)

(ii) Definition of default

The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable.

when there is a breach of financial covenants by the counterparty; or
information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group).
(iii) Write﹣off policy

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade and bills receivables, when the amounts are over 24 months past due, whichever occur sooner. Financial assets written off may still be subject to enforcement activities under the Group's recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss.

3. 重大會計政策資料(續)

金融工具(續)

金融資產(續)

金融資產減值,不包括按公平值計入損益的金融資產(續)

(ii) 違約的定義本集團認為以下各項為內部信貸風險管理時被視為構成違約事件的標準,因為過往經驗顯示符合以下標準的應收款項通常不可收回。
當對手方違反財務契諾;或
內部產生或外部獲取的資料顯示債務人可能無法向其債權人 (包括本集團)悉數付款(其中並無計及本集團所持有的任何抵押品)。
(iii) 撇銷政策

當有資料顯示交易對手陷入嚴重財務困難,且並無實際收回的可能之時(例如交易對手已清算或進入破產程序,或貿易應收款項及應收票據逾期超過24個月(以較早發生者為準)),本集團會撇銷金融資產。已撇銷的金融資產仍可根據本集團的收回程序實施強制執行,在適當情況下考慮法律意見。任何收回款項會於損益中確認。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Financial assets (Continued) Impairment of financial assets, excluding financial assets at FVTPL (Continued)

(iv) Credit﹣impaired financial assets A financial asset is credit﹣impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit﹣ impaired includes observable data about the following events:
(a) significant financial difficulty of the issuer or the borrower;
(b) a breach of contract, such as a default or past due event;
(c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
(d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
(e) the disappearance of an active market for that financial asset because of financial difficulties.

3. 重大會計政策資料(續)

金融工具(續)

金融資產(續)

金融資產減值,不包括按公平值計入損益的金融資產(續)

(iv) 信貸減值之金融資產當一項或多項對金融資產估計未來現金流量造成負面影響的違約事件發生時,即代表金融資產已出現信貸減值。金融資產出現信貸減值的證據包括有關以下事件的可觀察數據:
(a) 發行人或借款人遇到嚴重財務困難;
(b) 違反合約,如拖欠或逾期事件;
(c) 向借款人作出貸款之貸款人出於與借款人財務困難有關的經濟或合約考慮,給予借款人在其他情況下不會作出的讓步;
(d) 借款人有可能破產或進行其他財務重組;或
(e) 由於財務困難致使金融資產之活躍市場消失。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Financial assets (Continued) Impairment of financial assets, excluding financial assets at FVTPL (Continued)

(v) Measurement and recognition of ECL

The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward﹣looking information. As for the exposure at default, for financial assets, this is represented by the assets' gross carrying amount at the reporting date.

For the financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate.

If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12﹣month ECL at the current reporting date, except for assets for which simplified approach was used.

The Group recognises an impairment gain or loss in profit or loss for these financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

3. 重大會計政策資料(續)

金融工具(續)

金融資產(續) 金融資產減值,不包括按公平值計入

損益的金融資產(續) (v) 計量及確認預期信貸虧損預期信貸虧損之計量可計算出違約概率、違約損失率(即違約時的虧損大小)及違約風險敞口。違約概率及違約損失率之評估乃基於上述經前瞻性資料調整的過往數據。至於違約風險敞口,就金融資產而言,其於資產於報告日期的賬面總值中反映。

金融資產之預期信貸虧損按根據合約應付本集團的所有合約現金流量與本集團預期可收取的所有現金流量(按原定實際利率貼現)之間的差額估算。

倘本集團已按相等於前一個報告期間之全期預期信貸虧損金額計量一項金融工具之虧損撥備,惟倘於當前報告日期確定不再符合全期預期信貸虧損之條件,則本集團於當前報告日期將計量虧損撥備為相等於 12個月預期信貸虧損金額(已採用簡化方法的資產除外)。

本集團於損益中確認所有金融工具的減值收益或虧損,並通過虧損撥備賬對其賬面值進行調整。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Financial assets (Continued) Impairment of financial assets, excluding financial assets at FVTPL (Continued)

(vi) Derecognition of financial assets

A financial asset is derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership of the asset and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

Financial liabilities Financial liabilities

Financial liabilities are classified as either financial liabilities at fair value through profit or loss (FVTPL) or financial liabilities at amortised cost. Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. Other financial liabilities, including trade and bills payables, other payables, and borrowings, are subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

3. 重大會計政策資料(續)

金融工具(續)

金融資產(續)

金融資產減值,不包括按公平值計入損益的金融資產(續)

(vi) 終止確認金融資產僅當自資產所得現金流量的合同權利屆滿或於其將金融資產以及資產擁有權的絕大部分風險及回報轉讓予另一方時終止確認金融資產。倘本集團既無轉撥亦無保留資產擁有權的所有風險及回報,並繼續控制已轉移資產,則本集團於資產確認保留利益及就可能須付的金額確認相關負債。倘本集團保留轉讓金融資產擁有權的絕大部分風險及回報, 則本集團繼續確認金融資產並亦就應收所得款項確認抵押借款。

於終止確認按攤銷成本計量的金融資產時,資產的賬面值與已收及應收代價的總和之間的差額會於損益內確認。

金融負債金融負債

金融負債分類為按公平值計入損益的金融負債或攤銷成本入賬的金融資債。按公平值計入損益的金融負債以公平值列示,在重新計量時產生任何收益或虧損於損益內確認。其他金融負責(包括貿易應付款項及應付票據、其他應付款項及借款)則於其後使用實際利息法按攤銷成本計量。

終止確認金融負債

當且僅當本集團責任獲免除、取消或已屆滿時,方會終止確認金融負債。獲終止確認之金融負債之賬面值與已付及應付代價間差額會於損益確認。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

Financial instruments (Continued)

Impairment losses on property, plant and equipment, right﹣of﹣use assets and intangible assets

At the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right﹣ of﹣use assets and intangible assets with finite useful lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash﹣generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash﹣generation units, or otherwise they are allocated to the smallest group of cash﹣generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre﹣tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or a cash﹣generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash﹣generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or a cash﹣generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or a cash﹣generating unit) in prior years. A reversal of an impairment loss is recognised as immediately in profit or loss as income.

3. 重大會計政策資料(續)

金融工具(續)

物業、廠房及設備、使用權資產及無形資產的減值虧損

本集團於報告期末審查其物業、廠房及設備、使用權資產及具有限可使用年期的無形資產的賬面金額,以確定是否有任何跡象表明該等資產已遭受減值虧損。倘存在任何此類跡象,則對資產的可收回金額進行估計,以確定減值虧損的程度(如有)。倘無法估計某項資產的可收回金額,本集團則估計該資產所屬的現金產生單位的可收回金額。當可確定合理及一致分配基礎時,企業資產亦獲分配至各個現金產生單位,否則會被分配至可識別合理一致之分配基準之最小現金產生單位組別。

可收回金額為公平值減出售成本與使用價值之較高者。評估使用價值時,估計未來現金流量按稅前貼現率貼現至其現值。該貼現率反映現時市場對貨幣時間價值及未調整未來現金流量估計之資產特定風險之評估。

倘估計資產(或現金產生單位)之可收回金額低於其賬面值,則資產(或現金產生單位)賬面值扣減至其可收回金額。減值虧損即時於損益確認。

倘某項減值虧損其後撥回,則資產(或現金產生單位)賬面值增至其可回收金額經修訂後之估值,惟增加後之賬面值不得超過該項資產(或現金產生單位)於過往年度未有確認減值虧損而會釐定之賬面值。減值虧損撥回即時於損益確認為收入。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

4. KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group's material accounting policies, which are described in note 3, the directors of the Company are required to make judgements, estimates and assumptions about the amounts of assets, liabilities, revenue and expenses reported and disclosures made in the consolidated financial statements. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on﹣going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Estimated useful lives of property, plant and equipment (including right-of-use assets) and intangible assets

Property, plant and equipment (including right﹣of﹣use assets) and intangible assets are stated in the consolidated statement of financial position at cost less subsequent accumulated depreciation, amortisation and subsequent accumulated impairment losses, if any. The estimated useful lives reflect the Company's directors' estimate of the periods that the Group intends to derive future economic benefits from the use of the Group's property, plant and equipment (including right﹣of﹣use assets) and intangible assets, based on various factors. The estimation of useful lives impacts the level of annual depreciation or amortisation expenses recorded.

4. 估計不確定因素的主要來源

在應用附註3所述的本集團重大會計政策時,本公司董事須就綜合財務報表所呈報的資產、負債、收益及開支金額以及所作出的披露作出判斷、估計及假設。該等估計及相關假設乃根據過往經驗及被視為相關的其他因素作出。實際結果可能有別於該等估計。

估計及相關假設會持續檢討。倘會計估計之修訂僅對作出修訂之期間構成影響, 則有關修訂只會在該期間內確認;倘會計估計之修訂對現時及未來期間均構成影響,則會在作出該修訂期間及未來期間內確認。

以下為有關日後之主要假設及於報告期末估計不確定因素之其他主要來源,乃具有對下個財政年度之資產及負債之賬面值造成重大調整之重大風險。

物業、廠房及設備(包括使用權資產)及無形資產的估計可使用年期

物業、廠房及設備(包括使用權資產)及無形資產按成本減其後累計折舊、攤銷以及其後累計減值虧損(如有)於綜合財務狀況表列賬。估計使用年期反映本公司董事基於多個因素對本集團計劃透過使用本集團物業、廠房及設備(包括使用權資產)及無形資產產生未來經濟利益期間之估計。估計可使用年期會對記錄之年度折舊或攤銷開支水平造成影響。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

4. KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

Impairment of property, plant and equipment, right-of-use assets and intangible assets with finite useful life

If circumstances indicate that the carrying value of a property, plant and equipment, right﹣of﹣use assets and intangible assets with finite useful life may not be recoverable, the asset may be considered impaired, and an impairment loss may be recognised in profit or loss. These assets are tested for impairment whenever events or changes in circumstances indicate that their recorded carrying amounts may not be recoverable. When a decline of the assets' recoverable amounts below the carrying amounts has occurred, the carrying amount is reduced to the recoverable amount. The recoverable amount is the greater of the fair value less costs of disposal and value in use. It is difficult to precisely estimate fair value less costs of disposal because quoted market prices for the Group's assets are not readily available. In determining value in use, expected future cash flows to be generated by the asset, or cash generating unit, are discounted to their present value, which requires significant judgement relating to level of sales volume and amount of operating costs. The Group uses all readily available information in determining the estimated amounts that are reasonable and supports for calculate of the recoverable amounts, including estimates based on reasonable and supportable assumptions and projections of sales volume and amounts of operating costs. As at 31 December 2025, the carrying amounts of right﹣of﹣ use assets, property, plant and equipment, and intangible assets were RMB30,201,000, RMB95,686,000 and RMB7,601,000 (2024: RMB35,855,000, RMB97,166,000 and RMB4,720,000) respectively.

4. 估計不確定因素的主要來源(續)

物業、廠房及設備、使用權資產及可使用年期有限的無形資產減值

倘情況表明某項物業、廠房及設備、使用權資產及可使用年期有限的無形資產的賬面值可能無法收回,該資產可能被視為減值,而減值虧損可能在損益中確認。每當有事件或情況變化表明已記錄的賬面金額可能無法收回時,即對該等資產進行減值測試。當資產的可收回金額下降到低於賬面金額時,賬面金額會減至可收回金額。可收回金額為公平價值減出售成本及使用價值中的較高者。由於本集團的資產並無現行市場報價, 因此難以精確估計公平值減出售成本。在釐定使用價值時,資產產生的預期未來現金流量或現金產生單位被折算成現值,而此舉需要對銷售量的水平及經營成本的金額作出重大判斷。本集團使用所有現有資料來釐定合理可估計金額及支持計算可收回金額,包括基於合理及有根據的假設以及對銷售量及經營成本金額的預測的估計。於二零二五年十二月三十一日,使用權資產、物業、廠房及設備及無形資產的賬面值分別為人民幣 30,201,000元、人民幣95,686,000元及人民幣7,601,000元(二零二四年:人民幣 35,855,000元、人民幣97,166,000元及人民幣4,720,000元)。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

4. KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

Impairment losses recognised in respect of trade and bills receivables

The impairment for trade and bills receivables is based on assumptions about ECL. The Group used judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the number of days that trade and bills receivables are outstanding as well as the Group's historical experience and forward﹣looking information at the end of the reporting period. Changes in these assumptions and estimates could materially affect the result of the assessment and it may be necessary to make additional impairment charge to the consolidated statement of profit or loss and other comprehensive income.

As at 31 December 2025, the carrying values of trade and bills receivables is approximately RMB1,007,152,000 (31 December 2024: approximately RMB587,382,000) net of allowance for doubtful debt of approximately RMB7,263,000 (31 December 2024: RMB14,280,000).

Allowances recognised in respect of inventories

The management of the Group reviews an ageing analysis at the end of each reporting period and makes allowance for obsolete and slow﹣moving items identified that are no longer suitable for sale or use. The Group makes allowance for inventories based on the assessment of the net realisable value. The management estimates the net realisable value for inventories based on subsequent usage and sales, ageing analysis and current market conditions. As at 31 December 2025, the carrying amounts of inventories were approximately RMB404,327,000 (2024: RMB326,034,000) and no impairment loss has been recognised for the years ended 31 December 2025 and 2024.

4. 估計不確定因素的主要來源(續)

就貿易應收款項及應收票據確認之減值虧損

貿易應收款項及應收票據的減值乃基於對預期信貸虧損的假設。於報告期末, 本集團基於貿易應收款項及應收票據的未償還天數以及本集團的過往經驗及前瞻性資料,於作出該等假設時採用判斷及於計算減值時選擇輸入數據。該等假設及估計之變動可能對評估結果構成重大影響,並可能需要就綜合損益及其他全面收益表作出額外減值開支。

於二零二五年十二月三十一日,貿易應收款項及應收票據的賬面值扣除呆賬撥備約人民幣1,007,152,000元(二零二四年十二月三十一日:約人民幣587,382,000 元)後約為人民幣7,263,000元(二零二四年十二月三十一日:人民幣14,280,000 元)。

就存貨確認之撥備

本集團管理層於各報告期末審閱賬齡分析並就所識別的不再適合於銷售或使用的陳舊或滯銷項目作出撥備,本集團根據對可變現淨值的評估對存貨作出撥備。管理層根據其後的用途及銷售額、賬齡分析及當前市況對存貨的可變現淨值作出估計。於二零二五年十二月三十一日, 存貨的賬面值為約人民幣404,327,000元 (二零二四年:人民幣326,034,000元), 並無就截至二零二五年及二零二四年十二月三十一日止年度確認減值虧損。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

5. REVENUE

5. 收益

Revenue represents revenue arising on sales of goods in the normal course of business, net of discounts and sales related taxes. The Group's revenue for the year is recognised on a point in time basis.

An analysis of revenue from contracts with customers disaggregated by major product types is as follows:

收益指於一般業務過程中銷售貨品產生之收益(經扣除折讓及銷售相關稅項)。本集團年內之收益於某一時間點的基準確認。

按主要產品類型分列的客戶合約收益分析如下:

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Mobile phones	手機	2,430,600	1,894,440
IoT related products	物聯網相關產品	1,775,844	822,713
Others*	其他*	143,809	200,281

		4,350,253	2,917,434

* Mainly represent sales of materials and components of the mobile phones and IoT related products.

* 主要指銷售手機及物聯網相關產品的材料及部件。

Transaction price allocated to the remaining performance obligations

The sales contracts are with an original expected duration of less than one year. Accordingly, the Group has elected the practical expedient and has not disclosed the amount of transaction price for the performance obligation that is unsatisfied as of the end of respective reporting period.

分配予餘下履約責任的交易價格

銷售合約的原預期期限少於一年。因此, 本集團選擇了實際的權宜的方式,並無披露各報告期末尚未達成的履約責任的交易價格金額。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

6. SEGMENT INFORMATION

Information is reported on a regular basis to the executive directors of the Company, being the chief operating decision makers, for their review of the Group's internal reporting in order to assess performance and allocate resources. The Group is principally engaged in designing, manufacturing and sales of mobile phones and IoT related products. Information reported to the chief operating decision makers, for the purpose of resources allocation and performance assessment, focuses on the operating results of the Group as a whole as the Group's resources are integrated and no discrete operating segment financial information is available. Accordingly, no operating segment information is presented.

Geographical information

The Group's operations are mainly located in the PRC (the place of domicile of the Group's operations).

Information about the Group's revenue from external customers presented based on the location of customers is as follows.

6. 分部資料

本公司執行董事(即主要運營決策者)將定期獲得呈報資料,檢討本集團內部報告以評估表現及分配資源。本集團主要從事設計、製造及銷售手機及物聯網相關產品。向主要營運決策者呈報以供資源分配及表現評估之資料專注於本集團整體經營業績,因為本集團之資源已作整合,並無獨立之經營分部財務資料。因此,並無呈列經營分部資料。

地域資料

本集團的經營主要於中國(本集團業務所在地)進行。

按客戶位置呈列的本集團外部客戶收益資料如下:

			Revenue from external customers 外部客戶收益
		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
The PRC	中國	3,036,444	1,702,422
India	印度	1,045,045	991,228
United States of America	美利堅合眾國	83,625	73,792
United Arab Emirates	阿拉伯聯合酋長國	58,752	5,605
People's Republic of Bangladesh	孟加拉人民共和國	35,608	53,426
Algeria	阿爾及利亞	31,130	5,912
Republic of the Sudan	蘇丹共和國	25,920	–
Islamic Republic of Pakistan	巴基斯坦伊斯蘭共和國	21,279	65,212
Kingdom of Saudi Arabia	沙特阿拉伯王國	10,137	–
Republic of Yemen	也門共和國	–	19,004
República de Colombia	哥倫比亞共和國	1,584	–
Other regions	其他地區	729	833
		4,350,253	2,917,434

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

6. SEGMENT INFORMATION (Continued)

Geographical information (Continued)

The Group's non﹣current assets, excluding deferred tax assets, amounted to RMB133,488,000 (2024: RMB135,741,000), and are mainly located in the PRC.

Information about major customers

Revenue from customers contributing over 10% of the total revenue of the Group are as follows:

6. 分部資料(續)

地域資料(續)

本集團的非流動資產(不包括遞延稅項資產)為人民幣133,488,000元(二零二四年:人民幣135,741,000元),全部位於中國。

有關主要客戶之資料

貢獻收益佔本集團總收益10%以上之客戶如下:

		2025 二零二五年 RMB'000	2024 二零二四年 RMB'000
		人民幣千元	人民幣千元
Customer A	客戶A	1,078,773	757,651
Customer B	客戶B	421,684*	626,028
Customer C	客戶C	686,071	62,900*

* The customer did not contribute over 10% of the total revenue of the Group in the respective year.

* 於各自年度客戶並無佔本集團總收益10%以上。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

7. OTHER GAINS OR LOSSES AND INCOME

7. 其他收益及收入

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Bank interest income	銀行利息收入	33,104	44,061
Interest income from financial asset at	來自按公平值計入損益的
FVTPL	金融資產的利息收入	723	–
Gain from changes in fair value of	來自按公平值計入損益的
derivative financial instruments and	衍生金融工具及財務負
financial liabilities at FVTPL	債的公平值變動收益	733	–
Fair value loss on financial asset at FVTPL	按公平值計入損益的
	金融資產之減值虧損	(2,904)	–
Government subsidies (Note)	政府補貼(附註)	21,678	28,155
Amortisation of government grant
(Note 27)	政府補助攤銷(附註27)	850	1,680
Sundry income	雜項收入	395	111

		54,579	74,007

that were received from local government authorities of which the entitlements were unconditional and were not capital in nature and therefore immediately recognised as other income.

性政府補助金,有關補貼為無條件且為非資本性質,因此即時確認為其他收入。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

8. FINANCE COSTS

8. 融資成本

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Interest on:	下列各項之利息:
Lease liabilities	租賃負債	2,242	2,590
Bills under supplier finance arrangement	供應商融資安排下的票據	1,350	1,132
Discounted bills	貼現票據	19,754	21,411
Borrowings	借款	4,147	11,058

		27,493	36,191

9. INCOME TAX EXPENSE

9. 所得稅開支

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Current tax – Hong Kong profit tax	即期稅項-香港利得稅
– Provision for the year	-年內撥備	468	152
– Under﹣provision in respect of prior years	-過往年度撥備不足	–	52
Current tax – PRC Enterprise	即期稅項-中國企業所得稅
Income Tax
– Provision for the year	-年內撥備	11,555	5,836
– (Over)/under﹣provision in respect of	-過往年度(超配撥備)╱
prior years	撥備不足	(7)	334
Current tax – United States enterprise income tax	即期稅項-美國企業所得稅
– Over﹣provision in respect of prior years	-過往年度超配撥備	(796)	–

		11,220	6,374

Deferred tax (Note 31):	遞延稅項(附註31):
– Charged/(Credited) to current year	-於本年度扣除╱(抵免)	3,385	(1,642)

Income tax expense	所得稅開支	14,605	4,732

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

9. INCOME TAX EXPENSE (Continued)

9. 所得稅開支(續)

(i) Pursuant to the rules and regulations of the British Virgin Islands and Cayman Islands, the Group is not subject to any income tax in these jurisdictions.
(ii) The statutory tax rate of subsidiaries in Hong Kong is 16.5%. Under the two﹣tiered profits tax rates regime of Hong Kong Profits Tax, the first HK\$2 million of profits of a qualifying group entity are taxed at 8.25%, and profits above HK\$2 million are taxed at 16.5%. The profits of group entities not qualifying for the two﹣tiered profits tax rate regime are to be taxed at a flat rate of 16.5%.
(iii) Under the Law of the PRC on Enterprise Income Tax (the "EIT law") and Implementation Regulation of the EIT Law, the tax rate of the subsidiaries established in the PRC is 25%.
(iv) Two of the Group's subsidiaries, Shenzhen Sprocomm Telecommunication Technology Co., Ltd. ("Shenzhen Sprocomm") and Shanghai Sprocomm Telecommunication Technology Co., Ltd. ("Shanghai Sprocomm"), are recognised as High and New﹣ technology Enterprise, and have been granted tax concessions by the local tax bureau. These two subsidiaries are entitled to PRC EIT at concessionary rate of 15% from 2023 to 2026 and 2024 to 2027 respectively. These entities also enjoyed additional 100% tax deduction based on the eligible research and development expenses. In addition, as qualified High and New﹣technology Enterprise, these subsidiaries are entitled to extend the tax loss carry﹣forward period from the normal five years to a maximum of ten years.
(v) The Group is subject to taxation in India, calculated based on the rates applicable in the relevant jurisdiction on the estimated assessable profits in India. The applicable tax rate is 22%. No provision for overseas profits tax in respect of India taxation has been made, as the Group did not have any assessable profits subject to such overseas profits tax for both years.
(vi) The Group is subjected to United States Federal Income taxes. The United States enterprise income tax rate has been provided at the applicable rate of 8.84% for the year ended 31 December 2025 (2024: 8.84%).
(i) 根據英屬處女群島及開曼群島規則及規例,本集團無須在該等司法權區繳納任何所得稅。
(ii) 香港附屬公司之法定稅率為16.5%。根據香港利得稅的兩級制利得稅率制度,合資格集團實體的首2,000,000 港元溢利按 8.25% 的稅率徵稅, 而超過2,000,000港元的溢利則按 16.5%的稅率徵稅。不符合兩級制利得稅稅率制度資格的集團實體的溢利繼續按16.5%的統一稅率徵稅。
(iii) 根據中國企業所得稅法(「企業所得稅法」)及企業所得稅法實施條例, 於中國成立的附屬公司的稅率為 25%。
(iv) 本集團兩間附屬公司深圳禾苗通信科技有限公司(「深圳禾苗」)及上海禾苗通信科技有限公司(「上海禾苗」) 獲認定為高新技術企業,並獲地方稅務局授予稅項優惠。該兩間附屬公司分別於二零二三年至二零二六年及二零二四年至二零二七年有權以優惠稅率15%繳交中國企業所得稅。該等實體亦因合資格研發開支而享有100%稅率削減。此外,作為認定的高新技術企業,該等附屬公司可將稅務虧損結轉年限由一般的五年延長至最長十年。
(v) 本集團須繳納印度稅項,該等稅款乃就印度的估計應課稅溢利按照相關司法管轄區所適用之稅率計算。適用稅率為22%。由於本集團於兩年間並無須繳付海外利得稅之任何應課稅溢利,故並無就印度稅項作出海外利得稅撥備。
(vi) 本集團須繳納美國聯邦所得稅。截至二零二五年十二月三十一日止年度,美國企業所得稅稅率已按適用稅率8.84%計提撥備(二零二四年: 8.84%)。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

9. INCOME TAX EXPENSE (Continued)

所得稅開支(續)

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Profit before tax	除稅前溢利	56,310	20,341
Tax at PRC statutory tax rate of 25%	按中國法定稅率25%計算的稅項	14,078	5,085
Tax effect of expenses not deductible for tax purpose	不可扣稅開支的稅務影響	3,855	119
Tax effect of non﹣taxable income	非課稅收益的稅務影響	(159)	(1,092)
Utilisation of tax losses not recognised Tax effect of tax losses not recognised Additional deduction arising from research	動用未確認的稅項虧損未確認稅項虧損的稅務影響研發開支產生的額外扣減	(61) 19,045	(419) 13,355
and development expenses (Note 9 (iv)) Effect of different tax rates of subsidiaries	(附註9(iv)) 於其他司法權區經營的附屬	(20,956)	(13,593)
operating in other jurisdictions (Over)/Under﹣provision in prior years	公司的不同稅率影響過往年度(超額撥備)╱	(5,706)	(161)
Withholding tax on undistributed earnings	撥備不足一間中國附屬公司未分派	(803)	386
of a PRC subsidiary (Note 31) Tax effect of tax exemption/deduction	盈利的預扣稅(附註31) 稅務機關稅項豁免╱扣減	2,512	889
from tax authority (Note 9(iv))	的稅務影響(附註9(iv))	2,800	163
Income tax expense for the year	年內所得稅開支	14,605	4,732

Details of deferred tax are set out in Note 31.

遞延稅項的詳情載於附註31。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

10. PROFIT FOR THE YEAR 10. 年內溢利

		Note 附註	2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Profit for the year has been arrived at after charging:	年內溢利(經扣除下列各項後達致):
Directors' emoluments Salaries, allowances and other benefits	董事酬金薪金、津貼及其他福利	11	3,822	3,213
(excluding directors' emoluments) Contributions to retirement benefits scheme (excluding directors'	(不包括董事酬金) 退休福利計劃供款 (不包括董事酬金)		184,840	165,158
emoluments)			30,957	20,382

Total staff costs	員工成本總額		219,619	188,753

Auditors' remuneration	核數師薪酬		1,080	1,050
Amortisation of intangible assets	無形資產攤銷	17	1,311	2,374
Cost of inventories recognised as	已確認為開支的
an expense	存貨成本	(i)	3,988,428	2,659,665
Depreciation of property, plant and	物業、廠房及設備
equipment	折舊	15	18,417	16,366
Depreciation of right﹣of﹣use assets	使用權資產折舊	16	7,005	10,665
(Reversal)/Provision of loss allowance recognised in respect of trade	就貿易應收款項確認的 (撥回)╱計提虧損撥備
receivables		19	(7,017)	8,415
Loss on disposal of property, plant	出售物業、廠房及設備
and equipment	之虧損	15	5	9
Research and development expenses	研發開支	(ii)	181,790	141,885
Transportation costs charged to selling	計入銷售及分銷的運輸
and distribution expenses	成本		36,026	25,225

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

10. PROFIT FOR THE YEAR (Continued)

10. 年內溢利(續)

(i) This includes costs of purchased materials a n d c o m p o n e n t s u s e d o f a p p r o x i m a t e l y RMB3,840,645,000 (2024: RMB2,546,016,000), sub﹣ contracting fees of approximately RMB12,512,000 (2024: RMB16,949,000), labour costs of approximately RMB76,726,000 (2024: RMB66,787,000) and utilities expenses of approximately RMB58,545,000 (2024: RMB29,913,000).
(ii) Research and development expenses recognised in consolidated profit or loss includes staff cost of approximately RMB93,396,000 (2024: RMB81,447,000), cost of materials and components used of approximately RMB51,046,000 (2024: RMB23,585,000), technology development fees of approximately RMB31,118,000 (2024: R M B 2 9 , 4 5 1 , 0 0 0 ) a m o r t i s a t i o n e x p e n s e o f approximately RMB2,190,000 (2024: RMB3,626,000) and depreciation of approximately RMB4,040,000 (2024: RMB3,776,000).
(i) 其中包括所購入材料及所用零部件成本約人民幣3,840,645,000元(二零二四年:人民幣 2,546,016,000 元),分包費用約人民幣12,512,000 元(二零二四年:人民幣16,949,000 元),勞工成本約人民幣76,726,000 元(二零二四年:人民幣66,787,000 元 )及公用事業開支約人民幣 58,545,000元(二零二四年:人民幣 29,913,000元)。
(ii) 研發開支於綜合損益確認,包括員工成本約人民幣93,396,000元(二零二四年:人民幣81,447,000元)、所用材料及零部件成本約人民幣 51,046,000元(二零二四年:人民幣 23,585,000元)、技術開發費約人民幣31,118,000元(二零二四年:人民幣 29,451,000 元)、攤銷開支約人民幣2,190,000元(二零二四年:人民幣3,626,000元)及折舊約人民幣 4,040,000元(二零二四年:人民幣 3,776,000元)。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

11. DIRECTORS' EMOLUMENTS

董事酬金

Details of directors' emoluments are as follows:

董事酬金詳情如下:

			Salaries,	Contributions
			allowances and	to retirement
		Fees	other benefits	benefits scheme	Total
			薪金、津貼	退休福利
		袍金	及其他福利	計劃供款	總計
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Year ended	截至二零二五年
31 December 2025	十二月三十一日
	止年度
Executive Directors	執行董事
Mr. Li Chengjun	李承軍先生
(Chief Executive of	(本公司
the Company)	行政總裁)	–	552	29	581
Mr. Xiong Bin	熊彬先生	–	480	17	497
Mr. Wen Chuanchuan	溫川川先生	–	540	16	556
Mr. Guo Qinglin	郭慶林先生	–	459	16	475
Mr. He Wenyuan	何文渊先生	–	469	145	614
Mr. Chen Haishu1	陳海書先生1	550	–	–	550

Independent	獨立非執行董事
non﹣executive Directors
Mr. Wong Kwan Kit	黃昆傑先生呂永琛先生	110	–	–	110
Mr. Lu Brian Yong Chen	洪為民先生	110	–	–	110
Mr. Hung Wai Man Mr. Ching Khei Cheong2	鄭其昌先生2	110 110	– –	– –	110 110
Ms. Tseng Chin I3	曾瀞漪女士3	27	–	–	27
Ms. Wang Hui Hui4	王慧慧女士4	82	–	–	82

		1,099	2,500	223	3,822

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

11. DIRECTORS' EMOLUMENTS (Continued)

董事酬金(續)

			Salaries,	Contributions
			allowances and	to retirement
		Fees	other benefits	benefits scheme	Total
			薪金、津貼	退休福利
		袍金	及其他福利	計劃供款	總計
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Year ended	截至二零二四年
31 December 2024	十二月三十一日
	止年度
Executive Directors	執行董事
Mr. Li Chengjun	李承軍先生
(Chief Executive of	(本公司
the Company)	行政總裁)	–	552	28	580
Mr. Xiong Bin	熊彬先生	–	480	16	496
Mr. Wen Chuanchuan	溫川川先生	–	481	13	494
Mr. Guo Qinglin	郭慶林先生	–	500	13	513
Mr. He Wenyuan	何文渊先生	–	490	144	634
Mr. Chen Haishu1	陳海書先生1	46	–	–	46
Independent	獨立非執行董事
non﹣executive Directors
Mr. Wong Kwan Kit	黃昆傑先生	110	–	–	110
Mr. Lu Brian Yong Chen	呂永琛先生	110	–	–	110
Mr. Hung Wai Man	洪為民先生	110	–	–	110
Ms. Tseng Chin I1	曾瀞漪女士1	110	–	–	110
Mr. Ching Khei Cheong2	鄭其昌先生2	10	–	–	10
		496	2,503	214	3,213
1	Chen Haishu was appointed as executive director of the Company on		1	陳海書先生於二零二四年十二月二日獲委任為
2 December 2024.				執行董事。
2	Ching Khei Cheong was appointed as independent non executive director of the Company on 2 December 2024.		2	鄭其昌先生二零二四年十二月二日獲委任為獨立非執行董事。
3 of the Company on 1 April 2025.	Ms. Tseng Chin I was resigned as independent non﹣executive director		3	曾瀞漪女士於二零二五年四月一日辭任本公司獨立非執行董事。
4 director of the Company on 1 April 2025.	Ms. Wang Hui Hui was appointed as independent non﹣executive		4	王慧慧女士於二零二五年四月一日獲委任為本公司獨立非執行董事。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

11. DIRECTORS' EMOLUMENTS (Continued)

The executive directors' emoluments shown above were mainly for their services in connection with the management of the affairs of the Company and the Group. The independent non﹣executive directors' emoluments shown above were mainly for their services as directors of the Company.

The amounts disclosed above represent remuneration paid or payable to the directors of the Company (including emoluments for services as employee/director of the group entities prior to becoming the directors of the Company) by entities comprising the Group.

12. EMPLOYEES' EMOLUMENTS

Of the five individuals with the highest emoluments in the Group, two (2024: three) were the directors (including chief executive) of the Company, whose emoluments are set out in Note 11 above. The emoluments of the remaining three (2024: two) highest paid individuals were as follows:

11. 董事酬金(續)

上文所示執行董事的酬金主要為彼等提供與管理本公司及本集團事務有關的服務。上述所示獨立非執行董事的酬金, 主要為彼等作為本公司董事的服務。

上文披露金額為本集團旗下公司已付或應付本公司董事之薪酬,包括於集團公司之僱員╱董事在成為本公司董事前所提供服務的相關薪酬。

12. 僱員酬金

本集團五名最高薪人士中,兩名(二零二四年:三名)為本公司董事(包括主要行政人員),其酬金載於上文附註11。餘下三名(二零二四年:兩名)最高薪人士的酬金如下:

	2025	2024
	二零二五年	二零二四年
	RMB'000	RMB'000
	人民幣千元	人民幣千元
薪金、津貼及其他福利 Salaries, allowances and other benefits	1,452	967
退休福利計劃供款 Contributions to retirement benefits
scheme	323	26

	1,775	993

Their emoluments were within the following band:

彼等的酬金介乎下列範圍:

		2025	2024
		二零二五年	二零二四年
		Number of	Number of
		individuals	individuals
		人數	人數
Nil to HK\$1,000,000	零至1,000,000港元	3	2

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

12. EMPLOYEES' EMOLUMENTS (Continued)

No emoluments were paid by the Group to any of the five highest paid individuals of the Group including the directors of the Company as an inducement to join or upon joining the Group, or as compensation for loss of office during the years ended 31 December 2025 and 2024. There was no arrangement under which any of the directors of the Company or the five highest paid individuals of the Group waived or agreed to waive any remuneration during both years.

13. DIVIDENDS

No dividend was paid, declared or proposed during the years ended 31 December 2025 and 2024, nor has any dividend been proposed since the end of the reporting period.

14. EARNINGS PER SHARE

The calculation of the basic earnings per share during the years is based on the profit attributable to the owners of the Company and the weighted average number of ordinary shares in issue.

12. 僱員酬金(續)

截至二零二五年及二零二四年十二月三十一日止年度,本集團概無向本集團任何五名最高薪人士(包括本公司董事) 支付酬金作為吸引加入或加入本集團時的激勵或作為離職補償。在該兩個年度內, 本公司任何董事或本集團薪酬最高的五名人士均未曾作出任何安排,以豁免或同意豁免其任何酬金。

13. 股息

截至二零二五年及二零二四年十二月三十一日止年度,概無支付、宣派或建議宣派任何股息,自報告期末起亦無建議宣派任何股息。

14. 每股盈利

於報告年度,每股基本盈利之計算乃基於本公司擁有人應佔溢利及已發行普通股加權平均數計算。

	2025	2024
	二零二五年	二零二四年

	RMB'000	RMB'000
	人民幣千元	人民幣千元
計算每股基本盈利使用的 Earnings for the purpose of basic earnings 本公司擁有人應佔年內 per share – profit for the year attributable
溢利 to owners of the Company	41,417	16,341

	Number of	Number of

	shares	shares
	股份數目	股份數目
	'000	'000
	千股	千股
		(Restated)
		(經重列)
計算每股基本盈利使用的 Weighted average number of ordinary
普通股加權平均數 shares for the purpose of basic earnings
per share	1,303,008	1,271,739

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

14. EARNINGS PER SHARE (Continued)

The weighted average number of ordinary shares for the purpose of basic earnings per share for the years ended 31 December 2025 and 2024 has been adjusted to reflect the bonus element arising from the rights issue completed on 12 November 2025.

As the rights issue was at a price lower than the fair value of the shares of the Company at the relevant time, it effectively included a bonus element. Consequently, the weighted average number of ordinary shares outstanding before the rights issue in 2025 and 2024 have been adjusted by multiplying an adjustment factor of 1.2717, which represents the ratio of the fair value per share immediately before the exercise of the rights to the theoretical ex﹣rights price per share.

Diluted earnings per share for both years were the same as the basic earnings per share as there was no potential ordinary shares in issue for both 2025 and 2024.

14. 每股盈利(續)

用於計算截至二零二五年及二零二四年十二月三十一日止年度每股基本盈利的普通股加權平均數已進行調整,以反映於二零二五年十一月十二日完成供股所產生的花紅成分。

由於供股價格低於本公司當時的公平值, 其實際上包含了花紅成分。因此,於二零二五年及二零二四年供股前發行在外的普通股加權平均數已透過乘以1.2717 的調整係數進行調整,該係數為行使供股權前每股公平值與每股理論除權價的比率。

二零二五年及二零二四年均無潛在已發行普通股,故兩個年度的每股攤薄盈利均等於每股基本盈利。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

15. PROPERTY, PLANT AND EQUIPMENT 15. 物業、廠房及設備

		Leasehold improvement	Plant and machinery	Furniture and fixture	Motor vehicles	Office equipment	Ownership interests in land and building 於土地及	Total
		租賃物業裝修 RMB'000 人民幣千元	廠房及機器 RMB'000 人民幣千元	傢俬及固定裝置 RMB'000 人民幣千元	汽車 RMB'000 人民幣千元	辦公設備 RMB'000 人民幣千元	樓宇的所有權權益 RMB'000 人民幣千元	總計 RMB'000 人民幣千元
Cost At 1 January 2024 Additions Disposal	成本於二零二四年一月一日添置出售	29,587 233 (10,183)	93,232 10,558 (557)	2,842 3,319 (1,543)	1,613 844 –	10,653 2,684 (245)	64,840 – –	202,767 17,638 (12,528)
Exchange adjustments At 31 December 2024 and 1 January 2025	匯兌調整於二零二四年十二月三十一日	–	–	2	3	–	–	5
Additions Disposal Exchange adjustments	及二零二五年一月一日添置出售匯兌調整	19,637 1,731 – –	103,233 10,242 (6,196) –	4,620 137 (9) (4)	2,460 1,108 – (5)	13,092 3,872 (152) –	64,840 – – –	207,882 17,090 (6,357) (9)
At 31 December 2025	於二零二五年十二月三十一日	21,368	107,279	4,744	3,563	16,812	64,840	218,606
Accumulated depreciation 累計折舊 At 1 January 2024 Charge for the year Disposal Exchange adjustments	於二零二四年一月一日年內支出出售匯兌調整	28,409 707 (10,183) –	50,321 10,288 (557) –	2,461 403 (1,534) –	919 495 – 1	7,470 1,487 (245) –	17,288 2,986 – –	106,868 16,366 (12,519) 1
At 31 December 2024 and 1 January 2025	於二零二四年十二月三十一日及二零二五年一月一日	18,933	60,052	1,330	1,415	8,712	20,274	110,716
Charge for the year Disposal Exchange adjustments	年內支出出售匯兌調整	811 – –	11,535 (6,079) –	534 (3) (2)	489 – (3)	1,968 (126) –	3,080 – –	18,417 (6,208) (5)
At 31 December 2025	於二零二五年十二月三十一日	19,744	65,508	1,859	1,901	10,554	23,354	122,920
Carrying values At 31 December 2025	賬面值於二零二五年十二月三十一日	1,624	41,771	2,885	1,662	6,258	41,486	95,686
At 31 December 2024	於二零二四年十二月三十一日	704	43,181	3,290	1,045	4,380	44,566	97,166

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

15. PROPERTY, PLANT AND EQUIPMENT

(Continued)

Ownership interests in land and building relate to properties situated in the PRC with remaining lease term of 39 years (2024: 40 years). These properties with carrying value of approximately RMB41,486,000 as at 31 December 2025 (2024: RMB44,566,000), have been pledged to the bank to secure the Group's bank borrowing (Note 28(a)).

16. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

15. 物業、廠房及設備(續)

土地及樓宇的擁有權權益涉及位於中國的物業,租賃期為39年(二零二四年:40 年)。於二零二五年十二月三十一日,物業的賬面值約人民幣41,486,000元(二零二四年:人民幣44,566,000元)。已向銀行抵押,以取得本集團的銀行借款(附註 28(a))。

16. 使用權資產及租賃負債

(i) 使用權資產

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Leasehold properties	租賃物業	30,201	35,855

The Group has lease arrangements for buildings, mainly for use as the Group's headquarter and factories for production purpose. The lease terms range from one to seven years (2024: one to eight years) with fixed lease payments and no renewal/termination option. In determining the lease term and assessing the length of the non﹣cancellable period, the Group applies the definition of a contract and determines the period for which the contract is enforceable.

During the year, additions to right﹣of﹣use assets were RMB1,390,000 (2024: RMB38,312,000). This amount primarily related to the capitalised lease payments payable under new tenancy agreements.

本集團就樓宇訂立租賃安排,主要用作本集團總部及生產廠房。租期介乎一至七年(二零二四年:一至八年),固定租賃付款,且並無重續╱ 終止權。在釐定租賃期限及評估不可撤銷期間的長度時,本集團採用合約的定義,釐定合約可強制執行的期限。

本年度,使用權資產增加人民幣 1,390,000元(二零二四年:人民幣 38,312,000元)。該金額主要與根據新租賃協議應支付的資本化租賃付款有關。

(i) Right-of-use assets

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

16. 使用權資產及租賃負債(續) 16. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Continued)

(ii) Lease liabilities

(ii) 租賃負債

	2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
非流動部分	27,964	33,504
		5,861
	34,645	39,365

一年內		5,861
一年後但兩年內	6,329	6,105
兩年以上	21,635	27,399
減:12個月內到期	34,645	39,365
	(6,681)	(5,861)
12個月後到期結算款項	27,964	33,504
	流動部分結算款項 within 12 months (shown under	6,681 租賃負債下的應付款項: 6,681 (於流動負債列示)

applied to lease liabilities ranging from 4.0% to 10.0% (2024: from 4.0% to 10.0%).

款利率介乎4.0%至10.0%(二零二四年:介乎4.0%至10.0%)。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

16. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Continued)

16. 使用權資產及租賃負債(續)

(iii) Amounts recognised in profit or loss

(iii) 於損益確認的金額

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Depreciation expenses on right﹣of﹣use assets – Leased properties Interest expenses on lease liabilities Expenses relating to short﹣term leases	使用權資產的折舊開支 -租賃物業租賃負債利息開支短期租賃相關開支	7,005 2,242 711	10,665 2,590 890

(iv) Others

During the year ended 31 December 2025, total cash outflow for leases amount to approximately RMB9,006,000 (2024: RMB10,687,000).

Restrictions or covenants on leases

As at 31 December 2025, lease liabilities of RMB34,645,000 (2024: RMB39,365,000) are recognised with related right﹣of﹣use assets of RMB30,201,000 (2024: RMB35,855,000). The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets shall not be used as security for borrowing purposes.

(iv) 其他

於截至二零二五年十二月三十一日止年度,租賃之現金流出總額約為人民幣人民幣9,006,000元(二零二四年:人民幣10,687,000元)。

租賃的限制或契約

於二零二五年十二月三十一日, 已確認的租賃負債為人民幣 34,645,000元(二零二四年:人民幣 39,365,000元),相關使用權資產為人民幣30,201,000元(二零二四年: 人民幣35,855,000元)。除出租人持有的租賃資產的擔保權益外,租賃協議概無施加任何契約。租賃資產不可作為借款的擔保。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

17. INTANGIBLE ASSETS 17. 無形資產

		Computer		Development
		software	Patents	costs	Total
		電腦軟件	專利	開發成本	總計
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Cost	成本
At 1 January 2024	於二零二四年
	一月一日	10,581	632	4,006	15,219
Additions	添置	920	12	–	932

At 31 December 2024	於二零二四年
and 1 January 2025	十二月三十一日
	及二零二五年
	一月一日	11,501	644	4,006	16,151
Additions	添置	4,192	–	–	4,192

At 31 December 2025	於二零二五年
	十二月三十一日	15,693	644	4,006	20,343

Amortisation	攤銷
At 1 January 2024	於二零二四年
	一月一日	5,897	490	2,670	9,057
Charge for the year	年內支出	976	62	1,336	2,374
At 31 December 2024	於二零二四年
and 1 January 2025	十二月三十一日
	及二零二五年
	一月一日	6,873	552	4,006	11,431
Charge for the year	年內支出	1,250	61	–	1,311

At 31 December 2025	於二零二五年
	十二月三十一日	8,123	613	4,006	12,742

Carrying values	賬面值
At 31 December 2025	於二零二五年
	十二月三十一日	7,570	31	–	7,601

At 31 December 2024	於二零二四年
	十二月三十一日	4,628	92	–	4,720

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

18. INVENTORIES

存貨

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Materials and components Work in progress	材料及零部件在製品	198,239 63,832	140,023 106,000
Finished goods	製成品	142,256	80,011
		404,327	326,034

19. TRADE AND BILLS RECEIVABLES

19. 貿易應收款項及應收票據

		2025	2024
		二零二五年	二零二四年
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Trade receivables	貿易應收款項	771,972	588,302
Less: Loss allowance	減:虧損撥備	(7,263)	(14,280)

		764,709	574,022
Bills receivables	應收票據	242,443	13,360

Trade and bills receivables	貿易應收款項及應收票據	1,007,152	587,382

The gross amount of trade and bills receivables arising from contracts with customers amounted to approximately RMB1,014,415,000 as at 31 December 2025 (2024: RMB601,662,000).

於二零二五年十二月三十一日,與客戶合約產生的貿易應收款項及應收票據總額約為人民幣1,014,415,000元(二零二四年:人民幣601,662,000元)。

綜合財務報表附註

(Continued)

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

19. TRADE AND BILLS RECEIVABLES

19. 貿易應收款項及應收票據(續)

An aging analysis of trade and bills receivables (after loss allowance) based on invoice date is as follows:

貿易應收款項及應收票據(經扣除虧損撥備後)按發票日期的賬齡分析如下:

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Within 30 days	30天以內	559,283	276,611
31–60 days	31至60天	249,467	168,363
61–90 days	61至90天	134,592	73,617
over 90 days	90天以上	63,810	68,791

Total	總計	1,007,152	587,382

No interest is charged on the trade and bills receivables.

The trade receivables have credit terms ranging from 30 to 120 days.

As part of the Group's credit risk management, the Group applies internal credit rating for its customers. The debtors are grouped under a provision matrix into three internal credit rating buckets based on shared credit risk characteristic by reference to past due exposure of the debtor, and the ratings are outlined as follows:

概無就貿易應收款項及應收票據收取利息。

貿易應收款項的信貸期介乎30至120天。

作為本集團信貸風險管理的一部分,本集團對客戶進行內部信貸評級。我們按共同信貸風險特徵參考債務人過往逾期資料,根據撥備矩陣將債務人分為三個內部信用等級組別,評級概述如下:

– Low risk	Customers with good credit standing	-低風險	有良好信用評級的客戶
– Medium risk	Customers with normal credit standing	-中風險	有正常信用評級的客戶
– High risk	Credit﹣impaired customers	-高風險	信用受損的客戶

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

19. TRADE AND BILLS RECEIVABLES

(Continued)

There has been no change in the estimation techniques or significant assumptions made during the current year for estimation of ECL on trade receivables. A debtor assessed as credit impaired with significant outstanding balances with gross carrying amount of RMB12,112,000 as at 31 December 2025 (2024: RMB37,812,000) was assessed individually. The substantial reduction in gross carrying amount during the year was primarily due to settlements from the debtor amounting to RMB25,700,000 during the year.

The Group recognised lifetime ECL for trade receivables assessed individually and/or collectively, as follows:

19. 貿易應收款項及應收票據(續)

本年度在估算應收貿易款項的預期信貸虧損時,所採用的估算方法及主要假設均無變動。截至二零二五年十二月三十一日(二零二四年:人民幣 37,812,000元),經評估為信用受損且未償餘額顯著的債務人,其帳面總值為人民幣12,112,000元已進行個別評估。此大幅減少主要歸因於本年度某債務人償付人民幣25,700,000元所致。

本集團個別及╱或全部確認貿易應收款項的全期預期信貸虧損的情況如下:

		Weighted average expected loss rate 加權平均預期信貸虧損率	Gross carrying amount 總賬面值	Loss allowance 虧損撥備
		% %	RMB'000 人民幣千元	RMB'000 人民幣千元
As at 31 December 2025 Low risk Current and less than	於二零二五年十二月三十一日低風險即期及逾期少於90日
90 days past due		0.62%	746,967	4,634
More than 90 days past due	逾期超過於90日	2.58%	12,893	333
High risk	高風險
More than 90 days past due	逾期超過於90日	18.96%	12,112	2,296
			771,972	7,263
As at 31 December 2024 Low risk Current and less than	於二零二四年十二月三十一日低風險即期及逾期少於90日
90 days past due		0.81%	509,339	4,111
More than 90 days past due	逾期超過於90日	3.46%	41,151	1,422
High risk	高風險
More than 90 days past due	逾期超過於90日	23.13%	37,812	8,747
			588,302	14,280

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

19. TRADE AND BILLS RECEIVABLES

(Continued)

The expected loss rates for both low and high risk trade receivables are estimated based on industry data and adjusted for forward﹣looking information (for example, the current and forecasted economic growth rates in the PRC, India, and other countries, which reflect the general economic conditions of the industry in which the debtors operate) that is available without undue cost or effort. Such forward﹣looking information is used by the Group's management to assess both the current and forecasted direction of conditions at the reporting date. The grouping is regularly reviewed by the Group's management to ensure that relevant information about specific debtors is updated.

19. 貿易應收款項及應收票據(續)

低風險及高風險的貿易應收款項的預期虧損率乃根據行業數據估計,並就無須耗費過多成本或精力即可獲得的前瞻性資料(例如,中國、印度及其他國家的現時及預測經濟增長率,其反映債務人經營所在行業的整體經濟狀況)作出調整。本集團管理層使用該等前瞻性資料以評估於報告日期的當前及預測狀況方向。本集團管理層定期審查有關組別,以確保更新與特定債務人相關的資料。

Movements of impairment loss allowances of trade receivables are as follows:

貿易應收款項的減值虧損撥備變動如下:

		Low risk 低風險 RMB'000 人民幣千元	High risk 高風險 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
As at 1 January 2024	於二零二四年一月一日	5,865	–	5,865
Transfer to credit impaired	轉撥至信貸減值	(274)	274	–
(Reversal)/provision for	貿易應收款項信貸虧損
credit loss for trade	(撥回)╱撥備
receivables		(58)	8,473	8,415
As at 31 December 2024 and 1 January 2025	於二零二四年十二月三十一日
	及二零二五年一月一日	5,533	8,747	14,280
Reversal for credit loss for	貿易應收款項信貸虧損
trade receivables	撥回	(566)	(6,451)	(7,017)
As at 31 December 2025	於二零二五年
	十二月三十一日	4,967	2,296	7,263

As at 31 December 2025, the Group discounted and factored trade and bills receivables in aggregate amounts of approximately RMB6,639,000 (2024: RMB5,051,000) to banks and factoring company for short﹣term financing.

於二零二五年十二月三十一日,本集團就短期融資向銀行及保理公司貼現及保理總額為約人民幣6,639,000元(二零二四年:人民幣5,051,000元)的貿易應收款項及應收票據。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

19. TRADE AND BILLS RECEIVABLES

(Continued)

Transfers of financial assets

The following were the Group's trade and bills receivables as at 31 December 2024 and 2025 that were transferred to banks on a full recourse basis. As the Group has not transferred the significant risks and rewards relating to these trade and bills receivables, it continues to recognise the full carrying amount of the trade and bills receivables and has recognised the cash received on the transfer as secured borrowings (see Note 28). These trade and bills receivables are carried at amortised cost in the consolidated statement of financial position.

The trade and bills receivables factored to banks with full recourse as at 31 December 2025 and 2024 are as follows:

19. 貿易應收款項及應收票據(續)

金融資產轉讓

下文載列本集團於二零二四年及二零二五年十二月三十一日已按全面追索權基準轉讓予銀行的貿易應收款項及應收票據。由於本集團並無轉讓該等貿易應收款項及應收票據相關的重大風險及回報,其繼續確認該等貿易應收款項及應收票據的賬面總值,並已將因轉讓而收到的現金確認為有抵押借貸(見附註 28)。該等貿易應收款項及應收票據於綜合財務狀況表按攤銷成本列賬。

於二零二五年及二零二四年十二月三十一日,已向銀行保理且具全面追索權的貿易應收款項及應收票據如下:

		2025	2024
		二零二五年	二零二四年
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Carrying amount of transferred assets	已轉讓資產的賬面值	6,639	5,051
Carrying amount of associated liabilities	相關負債的賬面值	(6,639)	(5,051)

Net position 淨頭寸 – –

20. PREPAYMENTS AND OTHER RECEIVABLES

20. 預付款項及其他應收款項

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Prepayment to suppliers	向供應商預付款項	75,074	45,595
Lease deposits and other deposits	租賃按金及其他按金	2,585	2,891
VAT recoverable (Note i)	可收回增值稅(附註i)	79,629	64,661
Interest receivables	應收利息	6,498	6,928
Margin deposits (Note ii)	保證金存款(附註ii)	16,834	–
Others	其他	26,913	7,922

		207,533	127,997

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

20. PREPAYMENTS AND OTHER RECEIVABLES (Continued)

20. 預付款項及其他應收款項(續)

Note i: VAT recoverable includes the input VAT and prepaid VAT that is expected to be deducted within one year.
Note ii: As at 31 December 2025, margin deposits of the Group amounting to RMB16,834,000 were held by the bank as security for outstanding foreign exchange forward contracts and currency options. These deposits are restricted and are typically released upon the settlement of the underlying derivative contracts. (note 30)

As at 31 December 2025 and 2024, there was no significant impairment for the prepayments and other receivables.

附註i: 可收回增值稅包括預期在一年內抵扣的進
項增值稅及預繳增值稅。
附註ii: 於二零二五年十二月三十一日,本集團的保證金存款人民幣16,834,000元由銀行持有, 作為未到期外匯遠期合約及貨幣期權的抵押品。該等存款受限制,一般於相關衍生工具合約結算時解除。(附註30)

於二零二五年及二零二四年十二月三十一日,預付款項及其他應收款項並無重大減值。

21. 衍生金融工具 21. DERIVATIVE FINANCIAL INSTRUMENTS

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Derivatives	衍生品
– Currency forward contract (Note 35(b))	-貨幣遠期合約(附註35(b))	507	–

22. FINANCIAL ASSET AT FVTPL

During the year ended 31 December 2025, the Group granted discretionary investment management rights under a discretionary account agreement (the "Agreement") with a regulated entity in Hong Kong, which is a licensed corporation under the Securities and Futures Ordinance (the "Investment Manager"). Pursuant to the Agreement, the Investment Manager is appointed as agent and attorney﹣in﹣ fact of the Group to invest and reinvest the Group assets under the discretionary account in accordance with the investment objectives and risk tolerance level agreed with the Group on a discretionary basis.

During the year ended 31 December 2025, the Investment Manager invested in Global Market Fixed﹣rate Notes (the "Notes") on behalf of the Group under the Discretionary Account, with a principal amount of HK\$40,000,000 (equivalent to approximately RMB36,128,000).

22. 按公平值計入損益的金融資產

於截至二零二五年十二月三十一日止年度,本集團根據與一家於香港受規管實體(為證券及期貨條例下的持牌法團)(「投資管理人)訂立的全權委託賬戶協議(「該協議」)授予全權投資管理權。根據該協議,投資管理人獲委任為本集團的代理人及授權代表,就全權委託賬戶項下的本集團資產,按照與本集團協定的投資目標及風險承受水平,以全權方式進行投資及再投資。

於截至二零二五年十二月三十一日止年度,投資管理人代表本集團於全權委託賬戶項下投資本金額為40,000,000港元 (相當於約人民幣36,128,000元)的環球市場定息票據(「票據」)。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

22. FINANCIAL ASSET AT FVTPL (Continued)

The Notes are redeemable daily at par, subject to a 7﹣day advance notice period and a minimum redemption amount of HK\$778,000. There is no lock﹣up period, and no management, subscription, redemption, or performance fees are payable in respect of this investment. The Notes accrue interest at a fixed coupon rate of 18% per annum. The Investment Manager acted as the subscriber of the Notes and serves as the executing broker, custodian, and nominee of the Group.

As at 31 December 2025, the fair value of the Notes held in the discretionary account was RMB33,265,000, and none of the Notes had been pledged as security for any banking facilities or other purposes. During the year ended 31 December 2024, the Group had no balance in relation to this investment.

23. AMOUNTS DUE FROM SHAREHOLDERS

The amounts are unsecured, interest﹣free, on demand and non﹣trade in nature.

This includes obligations for shareholders to repay losses incurred by the Company, as stipulated in the Deed of Indemnity, which makes the shareholders responsible for associated payments related to court penalties imposed prior to 18 October 2019.

Expected credit loss risk of amounts due from shareholders is assessed to be insignificant to the Group and there is no significant adverse change in the credit risk on the amounts due from shareholders since initial recognition.

24. PLEDGED BANK DEPOSITS

As at 31 December 2025, bank deposits of approximately RMB2,139,087,000 (2024: RMB2,127,302,000) were pledged by the Group for the purpose of securing bills payables (Note 26).

A s a t 3 1 D e c e m b e r 2 0 2 5 , a p p r o x i m a t e l y RMB2,139,087,000 (2024: RMB2,127,302,000) of the pledged bank deposits carried fixed interest rates which ranged from 0.05% to 1.50% (2024: 0.10% to 2.15%) per annum.

22. 按公平值計入損益的金融資產 (續)

該等票據可每日按面值贖回,惟須提前7 日發出通知,且最低贖回金額為778,000 港元。該投資並無禁售期,亦毋須支付管理費、認購費、贖回費或表現費。該等票據按18%固定票面年利率計息。投資管理人出任票據的認購人,並擔任本集團執行經紀,託管人及代理人。

於二零二五年十二月三十一日,該全權委託賬戶持有的票據公平值為人民幣 33,265,000元,且概無票據已抵押作為任何銀行融資或其他目的的擔保。截至二零二四年十二月三十一日止年度,本集團並無有關該投資的結餘。

23. 應收股東款項

該款項為無抵押、免息、按需及非貿易性質。

這包括彌償契據所規定的股東償還本公司所遭受虧損的義務,該契據使股東對二零一九年十月十八日前法院判處的罰款有關的相關付款承擔責任。

應收股東的預期信貸虧損風險對本集團而言並不重大且應收股東款項之信貸風險自初始確認以來並無重大不利變動。

24. 已抵押銀行存款

於二零二五年十二月三十一日,本集團已抵押約人民幣2,139,087,000元(二零二四年:人民幣2,127,302,000元)的銀行存款,以取得應付票據(附註26)。

於二零二五年十二月三十一日,已抵押銀行存款約人民幣2,139,087,000元(二零二四年:人民幣2,127,302,000元)按固定年利率介乎0.05%至1.50%(二零二四年:0.10%至2.15%)計息。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

25. BANK BALANCES AND CASH

25. 銀行結餘及現金

At 31 December 2025 and 2024, bank balances carry interest at floating rates ranging from 0.01% to 0.10% (2024: 0.01% to 1.15%) based on bank deposit rates.

26. TRADE AND BILLS PAYABLES

於二零二五年及二零二四年十二月三十一日,銀行結餘基於銀行存款利率按浮動利率0.01%至0.10%(二零二四年: 0.01%至1.15%)計息。

26. 貿易應付款項及應付票據

		2025	2024
		二零二五年	二零二四年
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Trade payables	應付款項	755,712	555,359
Bills payables under supplier finance	供應商融資安排項下的
arrangement (note 1)	應付票據(附註1)	2,462,199	2,153,157

Trade and bills payables	貿易應付款項及應付票據	3,217,911	2,708,516

Note 1: These amounts relate to bills payables under supplier finance arrangements, including bills issued to relevant external suppliers for the settlement of trade payables amounting to approximately RMB532,872,000 as at 31 December 2025 (2024: RMB243,762,000), and bills issued to Group entities under arrangements for financing the production of the respective Group entities, amounting to approximately RMB1,929,327,000 as at 31 December 2025 (2024: RMB1,909,395,000). All of the aforementioned bills payables are fully secured by pledged bank deposits amounting to approximately RMB2,139,087,000 (2024: RMB2,127,302,000) (Note 24). In the consolidated statement of cash flows, payments to the banks are classified as financing cash flows, net of receipts from the bank in respect of intercompany bills, reflecting the nature of the arrangements.

In order to facilitate extended payment terms with suppliers and intragroup transactions, the Group enters into arrangements involving bills secured by pledged deposits. The arrangements involving external suppliers provide for payment terms of 30–60 days for the Group to issue the bills to the external suppliers, and the issued bills have 90 to 180 days to maturity for those issued to external suppliers and 60 to 180 days to maturity for intragroup companies, depending on the specific terms of the bills. The Group repays the banks the full invoice amount on the maturity date of the bills as required. The Group classifies these related bills payables as trade and other payables.

附註1: 該等金額與供應商融資安排項下的應付票據有關,包括於二零二五年十二月三十一日就結付貿易應付款項向相關外部供應商開立的票據約人民幣532,872,000元(二零二四年:人民幣243,762,000元),以及於二零二五年十二月三十一日就各集團實體的生產融資安排向集團實體開立的票據約人民幣1,929,327,000元(二零二四年:人民幣 1,909,395,000元)。上述所有應付票據均由已抵押銀行存款約人民幣2,139,087,000元 (二零二四年:人民幣2,127,302,000元)(附註24)全額擔保。於綜合現金流量表中,向銀行付款被分類為融資現金流量(扣除就其後的公司票據從銀行收取的款項),反映了安排的性質。

為促進與供應商延後付款期限及集團內交易, 本集團訂立涉及已抵押存款作抵押的票據的安排。該等涉及外部供應商的安排規定本集團須於向外部供應商開立的票據訂明付款期限為30至60天,而向外部供應商及集團內公司開立的票據的付款期限介乎90至180 天及介乎60至180天,視票據的具體條款而定。本集團按規定於票據到期日向銀行償還全部發票金額。本集團將該等相關應付票據分類為貿易及其他應付款項。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

26. TRADE AND BILLS PAYABLES (Continued)

26. 貿易應付款項及應付票據(續)

The following is an aging analysis of trade payables presented based on invoice date at the end of the reporting period.

於報告期末,貿易應付款項按發票日期呈列的賬齡分析如下。

		2025 二零二五年	2024 二零二四年
		RMB'000 人民幣千元	RMB'000 人民幣千元
Within 30 days	30天內	428,666	324,145
31–60 days	31至60天	233,611	173,950
61–90 days	61至90天	62,334	39,532
Over 90 days	90天以上	31,101	17,732

Total	總計	755,712	555,359

The average credit period on purchases of goods is ranging from 30 to 60 days. The Group has financial risk management policies in place to ensure that all payables are settled within the credit timeframe.

採購貨品的平均信貸期介乎30至60天。本集團已制定金融風險管理政策以確保所有應付款項可於信貸期內償付。

The following is an aging analysis of bills payables under supplier finance arrangement based on bills issuance date at the end of the reporting period.

以下為報告期末根據票據簽發日期的供應商融資安排項下的應付票據的賬齡分析。

		2025 二零二五年	2024 二零二四年
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Within 30 days	30天內	239,125	484,230
31–60 days	31至60天	310,411	459,996
61–90 days	61至90天	419,438	440,993
Over 90 days	90天以上	1,493,225	767,938

Total	總計	2,462,199	2,153,157

All the bills payables of the Group are not yet due at the end of each reporting period.

於各報告期末,本集團所有應付票據尚未到期。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

27. ACCRUALS AND OTHER PAYABLES AND CONTRACT LIABILITIES

27. 應計費用及其他應付款項以及合約負債

		2025	2024
		二零二五年	二零二四年
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Salaries payable	應付薪金	69,089	61,028
Accruals and other payables	應計費用及其他應付款項	12,592	9,903
Government subsidies in advance (Note (i)) 預收政府補貼(附註(i))		16,831	12,867
Other tax payables	其他應付稅項	6,064	4,533

		104,576	88,331

Contract liabilities (Note (ii))	合約負債(附註(ii))	76,688	23,117

Notes:

(i) Government subsidies in advance included in accruals and other payables are mainly related to the capital expenditure incurred for property and equipment, leasehold improvement and subsidies for recruitment of certain number of workers for factory operation, before fulfilling certain conditions under the terms of the government subsidies. The government subsidies received may need to be refunded if the subsidiary failed to fulfill the attached conditions within the stipulated time. Upon fulfillment of those conditions, government subsidies related to compensation of operating expenses already incurred are credited to the profit or loss in the year the Group complied with the conditions attached to the subsidies, whereas assets﹣related subsidies are reclassified to deferred income and credited to the profit or loss on a straight﹣line basis over the expected lives of the related assets.
(ii) Contract liabilities as at 1 January 2024, 31 December 2024 and 31 December 2025 amounted to approximately RMB32,472,000, RMB23,117,000 and RMB76,688,000 respectively, which represented receipts in advance from customers.

Revenue recognised in relation to contract liabilities

Revenue recognised during the year ended 31 December 2025 that was included in the contract liabilities at the beginning of the year is approximately RMB21,887,000 (2024: RMB24,764,000). There was no revenue recognised in the current year that related to performance obligations that were satisfied in prior year.

附註:

(i) 列入應計費用及其他應付款項的預收政府補貼主要與在達成政府補貼的若干條款下的若干條件前物業及設備所產生的資本開支、租賃裝修及為廠房營運招募若干數量工人的補貼有關。倘補貼未能在規定時間內符合附帶條件,所取得的政府補貼可能需要退回。達成該等條件後, 有關已產生營運開支補償之政府補貼遵循補貼所附條件計入本集團之年度損益,而資產相關補貼重新分類至遞延收入,並按相關資產的預期年期使用直線法計入損益。
(ii) 於二零二四年一月一日、二零二四年十二月三十一日及二零二五年十二月三十一日,合約負債分別為約人民幣32,472,000元、人民幣 23,117,000元及人民幣76,688,000元,指已收客戶墊款。

與合約負債有關的已確認收益

於截至二零二五年十二月三十一日止年度確認的收益計入年初的合約負債,約為人民幣21,887,000元(二零二四年:人民幣24,764,000元)。本年度並無與上一年度已達成的履約義務有關的已確認收益。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

28. BORROWINGS

28. 借款

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Bank borrowings: Secured (Note a) Unsecured (Note b)	銀行借款有抵押(附註a) 無抵押(附註b)	46,639 45,044	16,868 130,826
		91,683	147,694
Carrying amount repayable (based on scheduled repayment dates set out in the loan agreements):	日期):	應付賬面值(基於貸款協議所載計劃還款
		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Within one year More than 1 year but less than 2 years More than 2 years but less than 5 years	一年內一年以上但兩年以內兩年以上但五年以內	91,683 – –	138,877 3,000 5,817
		91,683	147,694
Carrying amount repayable on demand or within one year shown under current liabilities	流動負債下列示的按要求償還或一年內償還的賬面值	91,683	138,877
Amount shown under non﹣current liabilities 非流動負債下列示的金額		–	8,817
		91,683	147,694

Notes:

附註:

(a) As at 31 December 2025, the borrowing of approximately RMB40,000,000 (2024: RMB11,817,000) are secured by the Group's ownership of land and buildings (Note 15); and borrowing of approximately RMB6,639,000 (2024: RMB5,051,000) are secured by the Group's trade and bills receivables of approximately RMB6,639,000 (2024: RMB5,051,000). The effective interest rates from these fixed﹣rate borrowings range from 3.00% to 6.50% (2024: 4.10% to 6.50%)
(b) As at 31 December 2025, the unsecured term loan carried interest rate at fixed rates at 2.90% (2024: 2.90% to 3.70%) per annum and repayable within one year.

(a) 於二零二五年十二月三十一日,約人民幣 40,000,000元(二零二四年:人民幣11,817,000 元)的借款以本集團擁有的土地及樓宇作抵押 (附註15),而約人民幣6,639,000元(二零二四年:人民幣5,051,000元)的借款乃以本集團銀行存款約貿易應收款項及應收票據約人民幣 6,639,000元(二零二四年:人民幣5,051,000 元)作抵押。固定浮息利率借款的實際利率介乎3.00%至6.50%(二零二四年:4.10%至 6.50%)。

(b) 於二零二五年十二月三十一日,無抵押有期貸款按每年2.90%的定息計算(二零二四年: 2.90%至3.70%),並於一年內償還。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

28. BORROWINGS (Continued)

28. 借款(續)

The amounts of borrowing facilities and their utilisation at the end of the reporting period are set out as follows:

於報告期末,借款融資金額及動用情況載列如下:

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Facility amount	融資額度	218,303	310,350
Utilisation Secured bank borrowings	動用情況有抵押銀行借款	46,639	16,868
Unsecured bank borrowings	無抵押銀行借款	45,044	130,826
		91,683	147,694

The Group's banking facilities are subject to certain financial covenants. As at 31 December 2025, the Group has complied with all covenants throughout the year.

本集團的銀行融資須受若干財務契諾規限。於二零二五年十二月三十一日,本集團已於整個年度遵守所有契諾。

29. DEFERRED INCOME

29. 遞延收入

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
At the beginning of the year	於年初	4,555	5,768
Received during the year	年內已收	–	467
Amortisation of government grant (Note 7)	政府補助攤銷(附註7)	4,555 (850)	6,235 (1,680)
Balance as at the end of year	年末結餘	3,705	4,555
Analysed as:	分析為:
Current liabilities	流動負債	847	850
Non﹣current liabilities	非流動負債	2,858	3,705

		3,705	4,555

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

29. DEFERRED INCOME (Continued)

Note: Deferred income consists of government subsidies provided by the relevant PRC government authorities for the purposes of financing the purchase of plant and machinery and the expenses related to the leasehold improvement. The amounts are recognised as income to match with related expenses and cost incurred on systematic basis over the useful lives of the relevant assets upon completing inspection by the related government authorities. During the year ended 31 December 2025, government subsidies released to the consolidated statement of profit or loss and other comprehensive income amounted to approximately RMB850,000 (2024: RMB1,680,000).

30. FINANCIAL LIABILITY AT FVTPL

29. 遞延收入(續)

附註: 遞延收入包括有關中國政府部門就購買廠房及機器以及租賃物業裝修有關開支撥付資金而提供的政府補助。該款項將在相關政府部門完成檢查後確認為收入以配合於相關資產的可使用年期內以系統性基準產生的有關開支或成本。於截至二零二五年十二月三十一日止年度,計入綜合損益及其他全面收益表的政府補助為約人民幣850,000元 (二零二四年:人民幣1,680,000元)。

30. 按公平值計入損益的金融負債

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Derivatives – Currency options sold short (Note 35(b))	賣空衍生品: 貨幣期權賣空(附註35(b))	1,761	–

31. DEFERRED TAX ASSETS/(LIABILITIES)

遞延稅項資產╱(負債)

The following is the analysis of the deferred tax asset/ (liabilities), after set off certain deferred tax assets against deferred tax liabilities of the same taxable entity, for financial reporting purposes:

以下為就財務呈報目的之遞延稅項資產╱(負債)分析,經抵銷相同課稅實體之若干遞延稅項資產與遞延稅項負債:

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Deferred tax asset Deferred tax liabilities	遞延稅項資產遞延稅項負債	1,816 (16,973)	2,966 (14,738)
		(15,157)	(11,772)

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

31. 遞延稅項資產╱(負債)(續) 31. DEFERRED TAX ASSETS/(LIABILITIES)

(Continued)

The followings are the major deferred tax asset/(liabilities) recognised and movements thereon during the years:

下文載列於年內確認的重大遞延稅項資產╱(負債)及有關變動:

		Withholding
		tax on
		undistributed
		profit of a	Impairment	Accelerated
		PRC subsidiary	loss on	tax
		(Note (a))	receivables	depreciation	Total
		就一間中國
		附屬公司
		未分派溢利
		繳納預扣稅	應收款項
		(附註(a))	減值虧損	加速稅項折舊	總計
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
At 1 January 2024	於二零二四年
	一月一日	(12,782)	688	(1,320)	(13,414)
Credited/(charged) to	計入╱(扣自)損益
profit or loss		(889)	2,278	253	1,642

At 31 December 2024	於二零二四年
and 1 January 2025	十二月三十一日
	及二零二五年
	一月一日	(13,671)	2,966	(1,067)	(11,772)
Credited/(charged) to	計入╱(扣自)損益
profit or loss		(2,512)	(1,150)	277	(3,385)

At 31 December 2025	於二零二五年
	十二月三十一日	(16,183)	1,816	(790)	(15,157)

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

31. DEFERRED TAX ASSETS/(LIABILITIES)

31. 遞延稅項資產╱(負債)(續)

(Continued)

Notes:

(a) Under the EIT Law, withholding tax of 10% is imposed on dividends declared in respect of profits earned by a PRC subsidiary from 1 January 2008 onwards. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China and the jurisdiction of the foreign investors. The directors of the Company determined that the management of the Group can control the quantum and timing of distribution of profits of their PRC subsidiaries. Deferred tax liability is only provided to the extent that such profits are expected to be distributed in the foreseeable future. Deferred taxation has been provided in respect of the temporary differences associated with the undistributed profits earned by a PRC subsidiary, Shenzhen Sprocomm, at the applicable withholding tax rate of 5%.
(b) As at 31 December 2025, the Group has unused tax losses of approximately RMB514,882,000 (2024: RMB395,883,000) available for offset against future profits. These unused tax losses mainly arose from (i) the preferential tax treatments of the research and development expenditures which resulted in additional tax deductions related to qualified research and development costs of Shenzhen Sprocomm; and (ii) losses incurred by Chengdu Sprocomm, Sprocomm Technologies Co., Ltd. ("HK Sprocomm"), Guizhou Sprocomm Telecommunication Technology Co., Ltd. ("Guizhou Sprocomm") and Guizhou Mars Exploration Technology Co., Ltd ("Guizhou Mars"). No deferred tax asset has been recognised in respect of the unused tax losses due to the unpredictability of future profit streams for these subsidiaries. Included in unrecognised tax losses are PRC tax losses of approximately RMB29,916,000 and RMB484,966,000 as at 31 December 2025 that will expire in the next five years and next ten years respectively (2024: RMB22,787,000 and RMB373,096,000 respectively).

附註:

(a) 根據企業所得稅法,由二零零八年一月一日起從中國附屬公司賺取的溢利所宣派的股息需繳納10%預扣稅。倘中國內地與外國投資者所在司法權區訂有稅務條約,則可應用較低的稅率繳付預扣稅。本公司董事認為,本集團管理層能控制中國附屬公司分派溢利的數量及時間。僅於有關溢利預期將於可預見未來分派時方確認遞延稅項負債。遞延稅項已就中國附屬公司深圳禾苗所賺取未分派溢利相關的暫時差額按適用預扣稅率5%作出撥備。
(b) 於二零二五年十二月三十一日,本集團可用以抵銷未來溢利的未動用稅項虧損為約人民幣 514,882,000 元(二零二四年:人民幣 395,883,000元)。該等未動用稅項虧損主要來自(i)導致深圳禾苗合資格研發開支相關額外稅項扣減的研發開支稅收優惠;或(ii)成都禾苗、禾苗通信科技(香港)有限公司(「香港禾苗」)、貴州禾苗通信科技有限公司(「貴州禾苗」)及貴州火星探索科技有限公司(「貴州火星」)產生的虧損。鑑於該等附屬公司的未來溢利來源不可預測,概無就未動用稅項虧損確認任何遞延稅項資產。未確認稅項虧損包括於二零二五年十二月三十一日的中國稅項虧損約人民幣 29,916,000元及人民幣484,966,000元(二零二四年:分別為人民幣22,787,000元及人民幣 373,096,000元),有關款項將分別於未來五年內及十年內到期。餘下香港稅項虧損可無限期結轉。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

32. SHARE CAPITAL

股本

		Number of shares 股份數目	Share capital 股本 HK\$'000 千港元	Equivalent amount to 等值金額 RMB'000 人民幣千元
Ordinary shares of HK\$0.01 each Authorised: At 31 December 2024 and 2025	每股0.01港元的普通股法定: 於二零二四年及二零二五年
	十二月三十一日	10,000,000,000	100,000	86,213
Issued and fully paid: At 1 January 2024, 31 December 2024 and 1 January 2025	已發行及繳足: 於二零二四年一月一日、二零二四年十二月三十一日及二零二五年一月一日	1,000,000,000	10,000	8,945
Shares issued upon rights issue (Note)	於供股後已發行股份 (附註)	500,000,000	5,000	4,566
At 31 December 2025	於二零二五年十二月三十一日	1,500,000,000	15,000	13,511

All new shares rank pari passu with the existing shares in all respects.

Note: On 12 November 2025, the Company issued 500,000,000 ordinary shares upon completion of the rights issue on the basis of one right share for every two existing shares held by shareholders of the Company at a subscription price of HK\$0.28 per rights share. The gross proceeds from the rights issue were approximately HK\$140,000,000 (equivalent to RMB127,857,000). The net proceeds after deducting estimated professional fees and related expenses of approximately HK\$1,306,000 (equivalent to RMB1,190,000) were approximately HK\$138,694,000 (equivalent to RMB126,667,000).

所有新股份在各方面均與現有股份享有同等權益。

附註: 於二零二五年十一月十二日,本公司於供股完成時,按本公司股東每持有兩股現有股份可獲一股供股權的基準,按認購價每股供股股份0.28港元,發行500,000,000股普通股。供股所得的款項總額約140,000,000 港元(相當於人民幣127,857,000元)。扣除估計的專業費用及相關開支約1,306,000港元後(相當於人民幣1,190,000元),所得款項淨額約138,694,000港元(相當於人民幣 126,667,000元)

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

33. RESERVES

(i) Statutory reserve

According to the PRC Company Law, companies in the PRC are required to transfer 10% of their respective after﹣tax profits, calculated in accordance with the relevant accounting principles and financial regulations applicable to entities established in the PRC, to the statutory surplus reserve until the reserve balance reaches 50% of the registered capital of the relevant subsidiaries. The statutory surplus reserve can be utilised, upon approval of the relevant authorities, to offset accumulated losses or to increase registered capital of these companies, provided that such fund is maintained at a minimum of 25% of the registered capital of the relevant subsidiaries. The statutory reserve is not distributable as cash dividends and must be made before distribution of dividend to equity owners.

(ii) Merger reserve

The merger reserve represents the difference between the consideration and the carrying amounts of the assets and liabilities of the subsidiaries acquired pursuant to the group reorganisation.

(iii) Other reserves

The amount represents (i) the amount paid by an equity holder in excess of registered capital of Shenzhen Sprocomm; (ii) the deemed capital contribution pursuant to the reorganisation of the Group in 2018; (iii) the difference of the consideration paid for the acquisition of the additional equity interest in Chengdu Sprocomm and the carrying value of the additional equity interests of the subsidiary acquired during the year ended 31 December 2019; and (iv) the difference of the consideration paid for the acquisition of the additional equity interest in Chengdu Sprocomm and the carrying value of the additional equity interests of the subsidiary acquired during the year ended 31 December 2021.

33. 儲備

(i) 法定儲備

根據中國公司法,中國境內公司必須按照適用於在中國境內成立的實體的有關會計原則和財務條例,轉入彼等各自稅後溢利的10%至法定盈餘儲備直至儲備餘額達到相關附屬公司註冊資本的50%。法定盈餘儲備在有關部門批准後可以利用, 以抵銷累計虧損或增加此等公司的註冊資本,惟該資金至少維持在相關附屬公司註冊資本的25%。法定儲備不可作為現金股息分配,必須在向權益擁有人分配股息前轉入。

(ii) 合併儲備

合併儲備為根據集團重組收購附屬公司資產及負債的代價與賬面值之間的差額。

(iii) 其他儲備

該金額指(i)權益持有人支付的金額超出深圳禾苗註冊資本、(ii)根據本集團於二零一八年的重組進行的視作注資;(iii)收購成都禾苗其他股權的已付代價與截至二零一九年十二月三十一日止年度收購的附屬公司其他股權的賬面值的差額;及(iv)收購成都禾苗額外股權所支付的代價與截至二零二一年十二月三十一日止年度收購的附屬公司額外股權的賬面值的差額。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

34. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities within the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balances. The Group's overall strategy remains unchanged from prior year.

The capital structure of the Group consists of borrowings and equity attributable to owners of the Company, comprising share capital and reserves.

The directors of the Company review the capital structure of the Group periodically. As part of this review, the directors of the Company consider the cost of capital and the risks associated with each class of capital. Based on recommendations of the directors of the Company, the Group will balance its overall capital structure through capital injection as well as raising of additional borrowings as additional capital or the redemption of existing debt.

The Group manages capital using the financial gearing ratio, which is the ratio of interest﹣bearing liabilities to the sum of owners' equity and interest﹣bearing liabilities. The financial gearing ratio of the Group as at the balance sheet dates was as follows:

34. 資本風險管理

本集團管理其資本以確保本集團旗下實體將能夠繼續持續經營,同時透過優化債務及股權之平衡讓股東的回報最大化。本集團的整體策略較上一年度保持不變。

本集團的資本架構包括借款及本公司擁有人應佔權益(包括股本及儲備)。

本公司董事定期檢討本集團之資本架構。作為是項檢討的一部份,本公司董事考慮資本成本及與各類資本有關的風險。本集團將根據本公司董事之推薦建議, 透過注資及籌集額外借款作為額外資金或償還現有債務以平衡其整體資本架構。

本集團以財務資本負債比率管理資本, 財務資本負債比率即計息負債對擁有人權益與計息負債之和。於資本負債表日期, 本集團的財務資本負債比率如下:

		2025	2024
		二零二五年	二零二四年
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Interest﹣bearing bank borrowings	計息銀行借款	91,683	147,694
Lease liabilities	租賃負債	34,645	39,365

Total interest﹣bearing liabilities	計息負債總額	126,328	187,059
Owner's equity	擁有人權益	535,269	366,534

Total equity and interest-bearing	權益及計息負債總額
liabilities		661,597	553,593

Gearing ratio (in %)	資本負債比率(%)	19.1	33.8

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS

35. 金融工具

(a) Categories of financial instruments

(a) 金融工具之分類

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Financial assets	金融資產
At FVTPL	按公平值計入損益	33,772	–
At amortised cost	按攤銷成本
(including bank balances and cash)	(包括銀行結餘及現金)	3,276,261	2,810,208

Financial liabilities	金融負債
At FVTPL	按公平值計入損益	1,761	–
At amortised cost	按攤銷成本	3,322,186	2,862,708

(b) Financial risk management objectives and policies

The Group's major financial instruments include trade and bills receivables, other receivables, pledged bank deposits, amount due from shareholders, bank balances and cash, trade and bills payables and other payables and borrowings, financial asset at FVTPL and financial liabilities at FVTPL.

Details of these financial instruments are disclosed in respective notes. The risks associated with these financial instruments included credit risk, market risk (currency risk and interest rate risk) and liquidity risk. The policies on how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

(b) 財務風險管理目標及政策

本集團的主要金融工具包括貿易應收款項及應收票據、其他應收款項、已抵押銀行存款、應收股東款項、銀行結餘及現金、貿易應付款項及應付票據以及其他應付款項和借款及按公平值計入損益的金融負債。

有關該等金融工具的詳情於相關附註披露。與該等金融工具相關的風險包括信貸風險、市場風險(貨幣風險及利率風險)及流動資金風險。有關如何減低該等風險的政策載於下文。管理層管理及監察該等風險, 以確保及時有效地實施適當措施。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and policies (Continued)

Market risk

(i) Currency risk

RMB is not freely convertible into foreign currencies. All foreign exchange transactions involving RMB must take place through the People's Bank of China or other institutions authorised to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions of the Group are the rates of exchange quoted by the People's Bank of China that are determined largely by supply and demand. The Group is exposed to foreign currency risk primarily through the operations of its Hong Kong subsidiary, whose functional currency is USD and holds significant RMB﹣ denominated liabilities. This gives rise to foreign currency exposure from the translation of these liabilities into USD. All other operations of the Group are mainly transacted in RMB.

The Group currently does not have a foreign currency hedging policy. However, the management monitors foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise.

As at 31 December 2025, the Group's Hong Kong subsidiary, whose functional currency is USD, had trade payables denominated in RMB amounting to RMB169,333,000 (2024: RMB25,553,000). If the USD had weakened or strengthened by 100 basis points against the RMB, with all other variables held constant, the group's profit after tax for the year and equity would have been RMB 1,693,000 (2024: RMB 256,000) lower or higher, respectively.

35. 金融工具(續)

(b) 財務風險管理目標及政策(續)

市場風險

(i) 貨幣風險

人民幣不可自由兌換為外幣。所有涉及人民幣的外匯交易均須通過中國人民銀行或其他授權外匯買賣機構進行。本集團外匯交易採用的匯率為中國人民銀行公佈的匯率,該匯率主要由市場供求關係決定。本集團主要面臨透過其香港附屬公司營運的外匯風險,該附屬公司的功能貨幣為美元,並持有大量人民幣計值之負債。因此, 將該等負債換算為美元會產生外匯風險敞口。本集團所有其他業務主要以人民幣進行交易。

本集團現時並無外幣對沖政策。然而,管理層會持續監控外匯風險並將於有需要時考慮對沖重大外幣風險。

截至二零二五年十二月三十一日,本集團的香港附屬公司 (功能貨幣為美元)以人民幣計值的貿易應付款項為人民幣 169,333,000元(二零二四年: 人民幣25,553,000元)。倘美元兌人民幣匯率下跌或上漲100 個基點,在其他所有變數保持不變的情況下,本集團當年的除稅後溢利及權益將分別減少或增加人民幣1,693,000元(二零二四年:人民幣256,000元)。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and policies (Continued)

Market risk (Continued)

(i) Currency risk (Continued)

The Group has several derivative financial instruments for trading purposes, with no intention of hedging against foreign exchange rate fluctuations. During the year ended 31 December 2025, the Group held USD/HKD foreign exchange forward contracts and USD/HKD currency options sold short, both maturing within one year, with a notional amount of USD53,000,000 (equivalent to RMB372,526,000) and USD160,000,000 (equivalent to RMB1,124,608,000) respectively. Given the pegged exchange rate system between the Hong Kong dollar and the United States dollar, the Group does not expect any exchange difference arising from these instruments to have a material financial impact. Accordingly, no sensitivity analysis has been prepared.

(ii) Interest rate risk

As at 31 December 2024 and 2025, the Group is exposed to fair value interest rate risk in relation to financial asset at fair value through profit or loss (note 22), bills payables (note 26), fixed rate borrowings (note 28) and certain pledged bank deposits (note 24). The Group currently does not have an interest rate hedging policy. However, the management monitors interest rate exposure and will consider other necessary actions when significant interest rate exposure is anticipated.

35. 金融工具(續)

(b) 財務風險管理目標及政策(續)

市場風險(續)

(i) 貨幣風險

本集團有若干衍生金融工具作買賣用途,無意對沖外匯匯率波動。截至二零二五年十二月三十一日止年度,本集團持有美元兌港元外匯遠期合約及美元兌港元賣空貨幣期權, 均於一年內到期,名義金額分別為53,000,000 美元(相當於人民幣 372,526,000 元)及 160,000,000美元(相當於人民幣1,124,608,000元)。鑒於港元與美元之間的聯繫匯率制度, 本集團預期,該等工具產生的任何匯兌差額均不會造成重大財務影響。因此,並無編製敏感度分析。

(ii) 利率風險

於二零二四年及二零二五年十二月三十一日,本集團就按公平值計入損益的金融資產(附註22)、應付票據(附註26)、定息借貸(附註28)及若干已抵押銀行存款(附註24)承受公平值利率風險。本集團現時並無利率對沖政策。然而,管理層監察利率風險,並將於預期出現重大利率風險時考慮其他必要行動。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and policies (Continued)

Market risk (Continued)

(ii) Interest rate risk (Continued)

As at 31 December 2024, the Group was exposed to cash flow interest rate risk in relation to certain variable﹣rate bank balances (Note 24) and variable﹣rate bank borrowings (Note 28). The Group aims at keeping borrowings at variable rates. The Group manages its interest rate exposures by assessing the potential impact arising from any interest rate movements based on interest rate level and outlook. The management will review the proportion of borrowings in fixed and floating rates and ensure they are within reasonable range. The Group's exposures to interest rates on financial liabilities are detailed in the liquidity risk management section of this note. The Group's cash flow interest rate risk is mainly concentrated on the fluctuation of PBOC benchmark lending rate arising from the Group's variable﹣rate bank borrowings which are denominated in RMB.

Sensitivity analysis

As at 31 December 2025, the Group held no significant variable﹣rate assets or liabilities. Accordingly, while a sensitivity analysis for cash flow interest rate risk was disclosed for 2024, no such analysis has been prepared for 2025.

As at 31 December 2024, the analysis was prepared assuming the financial instruments outstanding at the end of the reporting period were outstanding for the whole year. A 100 basis point increase or decrease was used when reporting interest rate risk internally to key management personnel and represented management's assessment of the reasonably possible change in interest rates. If the interest rate on variable﹣rate bank borrowings had been 100 basis points higher or lower and all other variables held constant, the Group's post﹣tax profit for the year ended 31 December 2024 would decrease or increase by approximately RMB248,000.

35. 金融工具(續)

(b) 財務風險管理目標及政策(續)

市場風險(續)

(ii) 利率風險(續)

於二零二四年十二月三十一日, 本集團因若干浮動利率銀行結餘(附註24)及浮動利率銀行借款(附註28)而面臨現金流利率風險。本集團致力以浮息作借款。本集團透過利率水平及前景,評估任何利率走勢所產生的潛在風險,以處理其利率風險。管理層會審視定息及浮息借款部分,確保其處於合理範圍。本集團金融負債之利率風險敞口詳見本附註之流動資金風險管理一節。本集團的現金流利率風險,主要集中於中國人民銀行基準貸款利率波動走勢,該風險源於本集團以人民幣計值的浮動利率銀行借款。

敏感度分析

於二零二五年十二月三十一日, 本集團並無持有重大浮息資產或負債。因此,儘管已就二零二四年披露現金流量利率風險的敏感度分析,但並無就二零二五年編製有關分析。

於二零二四年十二月三十一日, 下面的敏感度分析是根據報告期末非衍生金融工具的利率風險釐定。該分析假設在報告期結束時,未償還的金融工具於整個年度內均未償還。向主要管理人員內部報告利率風險時,採用100個點子的增加或減少,代表管理層對利率合理可能變化的評估。如果浮息銀行借款的利率增加或減少100 個點子,所有其他變量保持不變,本集團截至二零二四年十二月三十一日止年度的稅後溢利將分別減少或增加約人民幣248,000元。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and policies (Continued)

Credit risk

As at 31 December 2025, the Group's maximum exposure to credit risk which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties provided by the Group is arising from the carrying amount of the respective recognised financial assets as stated in the consolidated statement of financial position.

In order to minimise the credit risk, the management of the Group has delegated a team responsible for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow﹣up action is taken to recover overdue debts.

In determining the ECL for trade and bills receivables, the management of the Group has taken into account the historical default experience and forward﹣looking information and concluded that credit risk inherent in the Group's outstanding trade and bills receivables is insignificant.

The Group applies the simplified approach to assess the expected credit losses prescribed by HKFRS 9, which permits the use of the lifetime expected credit loss for all trade and bills receivables. The Group determines the ECL on an individual basis and/or collectively by using a provision matrix, estimated based on historical credit loss experience, as well as the general economic conditions of the industry in which the debtors operate. In this regard, the directors of the Company consider that the Group's credit risk is significantly reduced.

For other receivables, the Group has assessed whether there has been a significant increase in credit risk since initial recognition. If there has been a significant increase in credit risk, the Group will measure the loss allowance based on lifetime rather than 12﹣month ECL.

35. 金融工具(續)

(b) 財務風險管理目標及政策(續)

信貸風險

於二零二五年十二月三十一日,本集團因對手方未能履行責任(本集團已就此作出撥備)而可能面臨財務虧損的最高信貸風險,來自綜合財務狀況表所述各已確認金融資產的賬面值。

為將信貸風險降至最低,本集團管理層已委派團隊負責釐定信貸額度、信貸審批及其他監察程序,以確保採取跟進措施收回逾期債務。

就貿易應收款項及應收票據釐定預期信貸虧損時,本集團管理層已計及過往違約經驗及前瞻性資料,認為本集團未償還貿易應收款項及應收票據的固有信貸風險不重大。

本集團按香港財務報告準則第9號規定應用簡化方法評估預期信貸虧損,該準則准許就所有貿易應收款項及應收票據採用全期預期信貸虧損。本集團運用撥備矩陣(基於過往信貸虧損經驗以及債務人經營行業的整體經濟狀況估計)按個別基準及╱或組合基準釐定預期信貸虧損。就此而言,本公司董事認為本集團的信貸風險已大幅減少。

就其他應收款項而言,本集團已評估信貸風險自初次確認以來是否大幅增加。倘信貸風險大幅增加,本集團將按全期而非12個月預期信貸虧損計量虧損撥備。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and policies (Continued)

Credit risk (Continued)

Management considered amounts due from shareholders to be low credit risk and thus the impairment provision recognised during the year was limited to 12﹣month ECL.

The credit risk on liquid funds is considered minimal as such amounts are placed with banks with high credit ratings assigned by international credit﹣rating agencies.

The Group's concentration of credit risk by geographical location is mainly in China, which accounted for 58% (2024: China 84%) of the total trade and bills receivables respectively as at 31 December 2025.

The Group has concentration of credit risk as 50% (2024: 35%) of the total trade and bills receivables was due from the Group's largest trade debtor as at 31 December 2025 and 88% (2024: 74%) of the total trade and bills receivables was due from the Group's five largest trade debtors who are telecom and technology industries customers as at 31 December 2025.

35. 金融工具(續)

(b) 財務風險管理目標及政策(續)

信貸風險(續)

管理層認為應收股東款項的信貸風險偏低,因此在年內確認的減值撥備限於12個月預期信貸虧損。

流動資金的信貸風險被視為甚微, 因為該等款項存放於國際信貸評級機構指派的高信貸評級銀行。

本集團按地理位置劃分的信貸風險主要集中在中國,於二零二五年十二月三十一日分別佔貿易應收款項及應收票據總額的58%(二零二四年:中國84%)。

於二零二五年十二月三十一日,貿易應收款項及應收票據總額的50% (二零二四年:35%)為應收本集團最大銷貨客戶款項,故本集團擁有集中信貸風險。於二零二五年十二月三十一日,貿易應收款項及應收票據總額的88%(二零二四年: 74%)為應收本集團五大銷貨客戶款項,彼等來自出口代理及電訊及科技業。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and policies (Continued)

Liquidity risk

In the management of the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group's operations and mitigate the effects of fluctuations in cash flows. In addition, the Group relies on borrowings as a significant source of liquidity. The management monitors the utilisation of borrowings and ensures compliance with loan covenants.

The following table details the Group's remaining contractual maturity for its non﹣derivative financial liabilities and lease liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities and lease liabilities based on the earliest date on which the Group can be required to pay. The maturity dates for non﹣derivative financial liabilities and lease liabilities are prepared based on the agreed repayment dates. Specifically, borrowings with a repayment on demand clause are included in "Less than 1 year or on demand" band regardless of the probability of the financial institution choosing to exercise their rights.

35. 金融工具(續)

(b) 財務風險管理目標及政策(續)

流動資金風險

為管理流動資金風險,本集團監控及維持管理層認為足以支付本集團營運的現金及現金等價物水平,並減輕現金流量波動的影響。此外, 本集團亦將借貸視為重要的流動資金來源。管理層監督借貸的使用情況,確保遵守貸款契據。

下表詳列本集團非衍生金融負債及租賃負債之餘下合約到期情況。該表根據本集團須付款之最早日期之金融負債及租賃負債中未折現現金流量編製。非衍生金融負債及租賃負債之到期日期乃根據協定還款日期編製。尤其是,「少於一年或按要求」組別包括按要求償還條款之借款 (不論金融機構選擇行使其權利之可能性)。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and policies (Continued)

Liquidity risk (Continued)

The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curve at the end of the reporting period.

35. 金融工具(續)

(b) 財務風險管理目標及政策(續)

流動資金風險(續)

表格包括利息及主要現金流量。倘利息流量為浮息,則未貼現金額源自報告期末的利率曲線。

		Less than 1 year or on demand 少於一年或按要求 RMB'000 人民幣千元	More than 1 year but not exceeding two years 一年以上但不超過兩年 RMB'000 人民幣千元	More than two year but not exceeding five years 兩年以上但不超過五年 RMB'000 人民幣千元	More than five years 五年以上 RMB'000 人民幣千元	Total undiscounted cash flows 未貼現現金流量總額 RMB'000 人民幣千元	Carrying Amount 賬面值 RMB'000 人民幣千元
As at 31 December 2025	於二零二五年
Trade and bills payables	十二月三十一日貿易應付款項及應付票據	3,217,911	–	–	–	3,217,911	3,217,911
Other payables	其他應付款項	12,592	–	–	–	12,592	12,592
Lease liabilities	租賃負債	8,501	7,694	17,428	6,508	40,131	34,645
Borrowings	借款	94,687	–	–	–	94,687	91,683
		3,333,691	7,694	17,428	6,508	3,365,321	3,356,831

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

35. 金融工具(續)

(b) Financial risk management objectives and policies (Continued)

Liquidity risk (Continued)

			More than	More than
		Less than	1 year but	two year but		Total
		1 year or	not exceeding	not exceeding	More than	undiscounted	Carrying
		on demand	two years	five years	five years	cash flows	Amount
		少於一年	一年以上	兩年以上		未貼現現金
		或按要求	但不超過兩年	但不超過五年	五年以上	流量總額	賬面值
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
As at 31 December 2024	於二零二四年
	十二月三十一日
Trade and bills payables	貿易應付款項及
	應付票據	2,708,516	–	–	–	2,708,516	2,708,516
Other payables	其他應付款項	22,770	–	–	–	22,770	22,770
Lease liabilities	租賃負債	8,079	7,890	19,236	11,814	47,019	39,365
Borrowings	借款	143,722	3,330	6,066	–	153,118	147,694

		2,883,087	11,220	25,302	11,814	2,931,423	2,918,345

Borrowings with a repayment on demand clause is included in the "less than 1 year or on demand" time band in the above maturity analysis. As at 31 December 2025, the aggregate undiscounted principal amounts of these borrowings amounted to RMB6,639,000 (2024: RMB5,051,000). Taking into account the Group's financial position, the directors of the Company do not believe that it is probable that the financial institutions will exercise their discretionary rights to demand immediate repayment. The directors of the Company believe that such borrowings will be repaid in accordance with the scheduled repayment dates set out in the loan agreements.

包含按要求償還條款的借款計入上述到期分析「少於一年或按要求」時間範圍內。於二零二五年十二月三十一日,該等借款的未貼現本金總額為人民幣 6,639,000 元(二零二四年:人民幣5,051,000元)。經考慮本集團財務狀況,本公司董事認為金融機構不會行使彼等之酌情權要求即時還款。本公司董事認為有關借款將根據貸款協議所載之計劃還款日期償還。

流動資金風險(續)

(b) 財務風險管理目標及政策(續)

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and policies (Continued)

Liquidity risk (Continued)

The amounts included above for variable interest rate instruments for non﹣derivative financial liabilities are subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of reporting period.

The directors of the Company consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements approximate their fair value due to their immediate or short﹣term maturities.

As disclosed in note 26, the Group has entered into certain bills arrangements with banks, under which the Group obtained extended payment terms in respect of the invoiced amounts owed to certain suppliers and intragroup company suppliers. This results in the Group being required to settle a larger amount with a single counterparty (i.e the issuing bank), rather than smaller amounts with several counterparties. However, the net amounts of payables subject to the arrangements are limited. All of the aforementioned bills payables are fully secured by pledged bank deposits amounting to approximately RMB2,139,087,000 (2024: RMB2,127,302,000) (Note 24). The directors of the Company believe that such payables will be repaid in accordance with the scheduled repayment dates set out in the term of the related bills arrangements.

35. 金融工具(續)

(b) 財務風險管理目標及政策(續)

流動資金風險(續)

如浮息變動有別於報告期末釐定的估計利率,則上列非衍生金融負債的浮息工具金額會有所改變。

本公司董事認為,按攤銷成本於綜合財務報表入賬之金融資產及金融負債之賬面值與彼等之公平值相若, 乃由於彼等為即時或短期到期。

誠如附註26所披露,本集團已與銀行訂立若干票據安排,據此,本集團就結欠若干供應商及集團內公司供應商的已開票金額獲得延長付款期限。這導致本集團須向單一交易對手(即開票銀行)結算較大金額, 而非向數名交易對手結算較小金額。然而,受此安排規限的應付款項淨額有限。上述所有應付票據均已通過質押銀行存款取得悉數擔保,金額約為人民幣2,139,087,000元(二零二四年:人民幣2,127,302,000元) (附註24)。本公司董事認為,該等應付款項將按照相關票據安排條款所載的計劃還款日期予以償還。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and policies (Continued)

Fair value estimation

The following table presents the carrying value of the Group's financial instruments measured at fair value across the three levels of the fair value hierarchy defined in HKFRS 13 "Fair Value Measurement" with fair value of each financial instrument categorised in its entirety based on the lowest level of input that is significant to that fair value measurement. The levels are defined as follows:–

Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The investments in the unlisted foreign currency forward contracts and the unlisted currency options sold are issued by a financial institution who is renowned worldwide. Both derivative instruments are puttable to the issuer at any time based on the executable quotes provided by them. The fair value of these derivatives is determined using unadjusted executable dealer quotes provided by the issuer as at the end of the reporting period. Where the quotes are binding and executable, the quote price is classified within level 2.

35. 金融工具(續)

(b) 財務風險管理目標及政策(續)

公平值評估

下表呈列根據香港財務報告準則第 13號「公平值計量」所界定之三個層級公平值計量之本集團財務工具之賬面值,各財務工具之公平值以對公平值計量而言關係重大之最低層級輸入數據為依據進行整體分類。公平值層級界定如下:

第一級公平值計量是指相同資產或負債在活躍市場中的報價 (未經調整);
第二級公平值計量是指從層級 1所包括的報價以外的資產或負債可直接(即價格)或間接(即從價格得出)觀察的輸入數據得出的計量;及
第三級公平值計量為該等使用估值技術所得結果,估值技術包括並非根據可觀察市場數據產生之資產或負債輸入數據(不可觀察之輸入數據)。

於非上市外幣遠期合約及已賣出的非上市貨幣期權的投資乃由一間全球知名的金融機構發行。兩種衍生工具均可隨時按發行機構提供的可執行報價回售予發行人。該等衍生工具的公平值乃依據發行人於報告期末提供的未經調整可執行交易商報價釐定。若報價具約束力且可執行,則報價價格被歸類為第二級。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

35. 金融工具(續)

(b) Financial risk management objectives and policies (Continued)

Fair value estimation (continued)

The fair value of the investment in the Global Market Fixed﹣rate Notes classified as financial asset at FVTPL is determined using the discounted cash flow technique. The Group considers liquidity, credit and market risk factors when determining the appropriate discount rate, and make adjustments to the valuation model as deemed necessary to reflect these factors.

The following table analyses within the fair value hierarchy the Group's assets and liabilities measured at fair value at 31 December 2025:

(b) 財務風險管理目標及政策(續)

公平值評估(續)

分類為按公平值計入損益的金融資產的全球市場定息票據的投資,乃使用貼現現金流方法來釐定。本集團在釐定合適貼現率時,已考慮流動性風險、信貸風險及市場風險因素,並於必要時對估值模型作出調整,以反映該等風險因素。

下表按公平值層級分析本集團於二零二五年十二月三十一日按公平值計量的資產及負債:

		Level 1 第一級 RMB 人民幣元	Level 2 第二級 RMB 人民幣元	Level 3 第三級 RMB 人民幣元	Total 總計 RMB 人民幣元
Assets	資產
Financial asset at fair value	按公平值計入損益
through profit or loss:	的金融資產:
Derivatives	衍生品
– Unlisted foreign currency	-非上市外幣遠期
forward contract	合約	–	507	–	507
Global Market Fixed﹣rate	全球市場定息票據
Notes		–	–	33,265	33,265
Total	總計		507	33,265	33,772
Liabilities	負債
Financial liabilities at fair value	按公平值計入損益			於二零二四年十二月三十一日,本
through profit or loss:	的金融負債:			集團並無按公平值計入損益的金融
Derivatives	衍生品		資產或金融負債。
– Unlisted currency option	-賣空非上市貨幣			年內第1層、第2層及第3層之間並
sold short	期權	–	無轉移。 1,761	–	1,761

As of 31 December 2024, the Group had no financial assets or financial liabilities classified at FVTPL.

There were no transfers between Level 1, Level 2, and Level 3 during the year.

於二零二四年十二月三十一日,本集團並無按公平值計入損益的金融資產或金融負債。

年內第一級、第二級及第三級之間並無轉移。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

2025 in measuring financial instruments categorised as

Level 3 in the fair value hierarchy.

35. 金融工具(續) (b) 財務風險管理目標及政策(續) 公平值評估(續) 下表呈列截至二零二五年十二月三十一日止年度按金融工具類別劃分的第三級工具變動: 下表載列有關於二零二五年十二月三十一日計量分類為公平值層級第 35. FINANCIAL INSTRUMENTS (Continued) (b) Financial risk management objectives and policies (Continued) Fair value estimation (continued) The following table presents the movement in level 3 instruments for the year ended 31 December 2025 by class of financial instrument: Global Market Fixed-rate Notes 全球市場定息票據 RMB'000 人民幣千元 As at 1 January 2024, 31 December 2024 and 1 January 2025 於二零二四年一月一日、二零二四年十二月三十一日及二零二五年一月一日 – Purchase during the year 年內購買 36,128 Unrealised change in fair value recognised in consolidated other comprehensive income statement 於綜合其他全面收益表確認的公平值未變現變動 (2,904) Exchange realignment 匯兌調整 41 As at 31 December 2025 於二零二五年十二月三十一日 33,265 The table below sets out information about the significant unobservable inputs used at 31 December

二零二五年年報未來機器有限公司 225

三級的金融工具所用重大不可觀察

輸入數據的資料。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

35. FINANCIAL INSTRUMENTS (Continued)

35. 金融工具(續)

(b) Financial risk management objectives and policies (Continued)

Fair value estimation (continued)

公平值評估(續)
----------	--

(b) 財務風險管理目標及政策(續)

As at 31 December 2025 於二零二五年十二月三十一日	Key unobservable input(s) 重大不可觀察輸入數據	Sensitivity of the input to fair value: 輸入數據對公平值的敏感度	Sensitivity to changes in significant unobservable inputs 對重大不可觀察輸入數據變動的敏感度
Global Market Fixed﹣	Discount rate	10% increase/(decrease)	An increase in
rate Notes HKD	2025: 28%	would result in an	discount rate would
		(decrease)/increase	result in a lower
		in fair value by	fair value
		RMB715,000/
		RMB747,000 respectively
全球市場定息票據	貼現率	增加╱(減少)10%	貼現率上升將導致
(港元)	二零二五年:28%	將導致公平值分別	公平值下降
		(減少)╱增加
		人民幣715,000元╱
		人民幣747,000元

The discount rate was derived by adjusting the risk﹣ free rate with reference to the comparable credit spreads for the issuer.

貼現率乃透過參考發行人的可比較信貸利差對無風險利率進行調整而得出。

36. RELATED PARTY TRANSACTIONS

Compensation of key management personnel

The remuneration of the directors of the Company and other members of key management during the year was as follows:

36. 關聯方交易

主要管理人員之薪酬 本公司董事及其他主要管理人員於本年度的薪酬如下:

		2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
Short﹣term benefits Post﹣employment benefits	短期福利離職後福利	4,085 239	3,481 227
		4,324	3,708

The remuneration of the directors of the Company and key executives is determined by the remuneration committee having regard to the performance of individuals and market trends.

本公司董事及主要行政人員的薪酬乃由薪酬委員會考慮個人表現及市場趨勢後釐定。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

37. INFORMATION ABOUT THE STATEMENT OF FINANCIAL POSITION OF THE COMPANY

2025 二零二五年 2024 二零二四年 Notes 附註 RMB'000 人民幣千元 RMB'000 人民幣千元 Non-current assets 非流動資產 Interests in subsidiaries 於附屬公司的權益 (a) 113,936 55,665 Current assets 流動資產 Other receivable 其他應收款項 54 – Bank balances and cash 銀行結餘及現金 62,525 826 62,579 826 Current liabilities 流動負債 Accruals and other payables 應計費用及其他應付款項 1,357 1,835 Amounts due to subsidiaries 應付附屬公司款項 3,095 3,173 4,452 5,008 Net current assets/(liabilities) 流動資產╱(負債)淨額 58,127 (4,182) Total assets less current liabilities 總資產減流動負債 172,063 51,483 Capital and Reserves 資本及儲備 Share capital 股本 13,511 8,945 Reserves 儲備 (b) 158,552 42,538 Total Equity 權益總額 172,063 51,483

* Represent amount less than RMB1,000

* 指金額低於人民幣1,000元

有關本公司財務狀況表的資料

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

37. INFORMATION ABOUT THE STATEMENT OF FINANCIAL POSITION OF THE COMPANY (Continued)

有關本公司財務狀況表的資料 (續)

		(a) Interests in subsidiaries

(a) 於附屬公司的權益

				2025 二零二五年 RMB'000 人民幣千元	2024 二零二四年 RMB'000 人民幣千元
	Unlisted investment, at cost Amount due from a subsidiary (note)	非上市投資(按成本) 應收附屬公司款項(附註)		–* 113,936	–* 55,665
				113,936	55,665
*	Represent amount less than RMB1,000 *			指金額低於人民幣1,000元
	Note: The amount due from a subsidiary is unsecured, interest﹣free and repayable on demand. The directors of the Company do not expect repayments from subsidiaries within next twelve months from the end of the reporting period.		附註:	還款。	應收附屬公司款項為無抵押、免息及須按要求償還。本公司董事不預期附屬公司會於報告期結束後十二個月內

(b) Reserves of the Company

(b) 本公司儲備

		Share premium 股份溢價 RMB'000 人民幣千元	Accumulated loss 累計虧損 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
At 31 December 2023 and 1 January 2024 Loss and total comprehensive	於二零二三年十二月三十一日及二零二四年一月一日年內虧損及全面開支總額	89,439	(43,880)	45,559
expenses for the year		–	(3,021)	(3,021)
At 31 December 2024 and 1 January 2025 Loss and total comprehensive	於二零二四年十二月三十一日及二零二五年一月一日年內虧損及全面開支總額	89,439	(46,901)	42,538
expenses for the year Issue of new shares upon	於供股後發行新股份	–	(6,087)	(6,087)
right issue (Note 32) Transaction costs attributable to	(附註32) 發行新股份應佔交易成本	123,291	–	123,291
issue of new shares (Note 32)	(附註32)	(1,190)	–	(1,190)
At 31 December 2025	於二零二五年十二月三十一日	211,540	(52,988)	158,552

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

38. PARTICULARS OF SUBSIDIARIES

38. 附屬公司之詳情

(a) General information of subsidiaries

(a) 附屬公司的一般資料

Name of subsidiaries 附屬公司名稱	Place of incorporation/ operations and date of incorporation 註冊成立╱營運地點及註冊成立日期	Issued and fully paid share capital/ registered capital 已發行及繳足股本╱註冊資本	Equity interest and voting power attributable to the Company 本公司應佔股本權益及投票權		Principal activity 主要業務
			2025 二零二五年	2024 二零二四年
Directly held 直接持有 Grace Kirin1 俊麟1	BVI/Hong Kong 28 June 2018 英屬處女群島╱香港二零一八年六月二十八日	USD1 1美元	100%		100% Investment holding 投資控股
Indirectly held 間接持有 Sprocomm Intelligence (HK) Limited2 禾苗智能控股有限公司2	Hong Kong 27 August 2018 香港二零一八年八月二十七日	HK\$10,000 10,000港元	100%		100% Investment holding 投資控股
Shenzhen Sprocomm*3 深圳禾苗3	PRC 16 September 2009 中國二零零九年九月十六日	RMB55,556,000 人民幣55,556,000元	100%		100% Trading of feature phones and smart phones 買賣特色手機及智能手機
Shanghai Sprocomm*4 上海禾苗4	PRC 24 November 2009 中國二零零九年十一月二十四日	RMB2,000,000 人民幣2,000,000元	100%		100% Research and development of cloud computing and related technology 研發雲計算及相關技術
Guizhou Sprocomm*4 貴州禾苗4	PRC 8 June 2016 中國二零一六年六月八日	RMB5,000,000 人民幣5,000,000元	100%		100% Research and development of cloud computing and related technology 研發雲計算及相關技術
Chengdu Sprocomm*4 成都禾苗4	PRC 2 August 2017 中國二零一七年八月二日	RMB15,000,000 人民幣15,000,000元	100%		100% Research and development of cloud computing and related technology 研發雲計算及相關技術
HK Sprocomm2 香港禾苗2	Hong Kong 15 January 2016 香港二零一六年一月十五日	USD50,000 50,000美元	100%		100% Trading of features phones and smart phone 買賣特色手機及智能手機

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

38. PARTICULARS OF SUBSIDIARIES

(Continued)

38. 附屬公司之詳情(續)

(a) General information of subsidiaries (Continued)

(a) 附屬公司的一般資料(續)

Name of subsidiaries 附屬公司名稱	Place of incorporation/ Issued and fully Equity interest and operations and paid share capital/ voting power attributable date of incorporation registered capital to the Company 註冊成立╱營運地點已發行及繳足本公司應佔及註冊成立日期股本╱註冊資本股本權益及投票權		Principal activity 主要業務
			2025 二零二五年	2024 二零二四年
Sprocomm Technologies India5 Sprocomm Technologies India5	India 24 August 2016 印度二零一六年八月二十四日	INR145,647 145,647印度盧比	82.03%		82.03% Customer service and technical support 客戶服務及技術支持
Guizhou Mars*4	PRC 29 June 2016	RMB5,000,000	100%		100% Research and development of cloud computing and related technology
貴州火星4	中國二零一六年六月二十九日	人民幣5,000,000元			研發雲計算及相關技術
Liuzhou Sprocomm*4 (former known as "Liuzhou Spiking") 4 瀘州禾苗(前稱「瀘州思普康」)	PRC 1 September 2017 中國二零一七年九月一日	RMB100,000,000 人民幣100,000,000元	100%		100% Manufacturing of feature phones and smart phones 製造特色手機及智能手機
Sprocomm Intelligence Technologies Limited*4	PRC 24 December 2019	RMB20,000,000	100%		100% Research and development of cloud computing and related technology
Sprocomm Intelligence Technologies Limited4	中國二零一九年十二月二十四日	人民幣20,000,000元			研發雲計算及相關技術
Shenzhen Fengma New Energy Technology Co., Ltd.	PRC 1 December 2021	RMB3,000,000	100%		100% Research and development of cloud computing and related technology
深圳風馬新能源科技有限公司	中國二零二一年十二月一日	人民幣3,000,000元			研發雲計算及相關技術
Dongguan Fengma New Energy Technology Co., Ltd.*6 東莞風馬新能源科技有限公司6	PRC 22 January 2024 中國	RMB5,000,000	100%		100% Trading of electric scooter 買賣電動滑板車
	二零二四年一月二十二日	人民幣5,000,000元
Windhorse Technologies LLC6	USA 10 May 2022	USD500,000	80%		80% Trading of automobile
Windhorse Technologies LLC6	美國二零二二年五月十日	500,000美元			買賣兩輪電動車

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

38. PARTICULARS OF SUBSIDIARIES

(Continued)

of America.

38. 附屬公司之詳情(續)

(a) General information of subsidiaries (Continued)

(a) 附屬公司的一般資料(續)

Name of subsidiaries 附屬公司名稱		Place of incorporation/ Issued and fully operations and paid share capital/ date of incorporation registered capital 註冊成立╱營運地點已發行及繳足及註冊成立日期股本╱註冊資本		Equity interest and voting power attributable to the Company 本公司應佔股本權益及投票權		Principal activity 主要業務
				2025 二零二五年	2024 二零二四年
	Xiaohe Growth Shenzhen Technology Co., Ltd.*4	PRC 25 May 2022	RMB2,000,000	70%		70% Trading of education tools
	小禾成長深圳科技有限公司4	中國二零二二年五月二十五日	人民幣2,000,000元			買賣教育工具
	Shenzhen Star Quantum Technology Co., Ltd.	PRC 4 December 2025	RMB10,000,000	100%		– Research and development of cloud computing and
	深圳星際量子科技有限公司	中國二零二五年十二月四日	人民幣10,000,000元			related technology 研發雲計算及相關技術
*	The English name is for identification only.
1		Company with limited liabilities incorporated in British Virgin		1		於英屬處女群島註冊成立的有限公司。
2	Islands.	Company with limited liabilities incorporated in Hong Kong.		2		於香港註冊成立的有限公司。
3	Wholly foreign owned enterprises established in the PRC.			3		於中國成立的外商獨資企業。
4	Company with limited liabilities established in the PRC.			4	於中國成立的有限公司。
5		Company with limited liabilities incorporated in India.		5	於印度成立的有限公司。
6		Company with limited liabilities incorporated in the United States		6		於美利堅合眾國註冊成立的有限公司。

綜合財務報表附註

For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度

39. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES

The table below details changes in the Group's liabilities arising from financing activities, including both cash and non﹣cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the consolidated statements of cash flows as cash flows from financing activities.

39. 融資活動產生之負債對賬

下表詳述本集團融資活動產生的負債變動,包括現金及非現金變動。融資活動產生的負債是指現金流量或未來現金流量將在綜合現金流量表中分類為融資活動現金流量的負債。

				Bills payables under supplier
			Lease	finance
		Borrowings	liabilities	arrangement	Total
		(Note 28)	(Note 16)	(Note 26)
				供應商融資
				安排項下的
		借款	租賃負債	應付票據	總計
		(附註28)	(附註16)	(附註26)
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
At 1 January 2024	於二零二四年一月一日	154,439	8,315	2,324,122	2,486,876
Non﹣cash movements	非現金變動
New lease arrangement	新租賃安排	–	38,312	–	38,312
Exchange realignment	匯兌調整	1,171	(55)	–	1,116
Finance costs incurred (Note 8)	已產生融資成本(附註8)	32,469	2,590	1,132	36,191
Financing cash inflows	融資現金流入	171,033	–	–	171,033
Financing cash outflows	融資現金流出	(211,418)	(9,797)	(172,097)	(393,312)

At 31 December 2024	於二零二四年十二月三十一日	147,694	39,365	2,153,157	2,340,216

At 1 January 2025	於二零二五年一月一日	147,694	39,365	2,153,157	2,340,216
Non﹣cash movements	非現金變動
New lease arrangement	新租賃安排	–	1,390	–	1,390
Exchange realignment	匯兌調整	(152)	(57)	–	(209)
Finance costs incurred (Note 8)	已產生融資成本(附註8)	23,901	2,242	1,350	27,493
Financing cash inflows	融資現金流入	184,056	–	307,692	491,748
Financing cash outflows	融資現金流出	(263,816)	(8,295)	–	(272,111)

At 31 December 2025	於二零二五年
	十二月三十一日	91,683	34,645	2,462,199	2,588,527

AI assistant

Future Machine Limited — Annual Report 2025

49901_rns_2026-04-17_9c8e6dac-213d-4d59-90ca-276f91c337a7.pdf

CONTENTS 目錄

CORPORATE INFORMATION 公司資料

Board of Directors

Executive Directors

Independent Non-executive Directors

Committees of the Board

Audit Committee

Remuneration Committee

Nomination Committee

董事會

執行董事 李承軍先生

獨立非執行董事

董事會委員會

審核委員會

薪酬委員會

提名委員會

CORPORATE INFORMATION

Company Secretary

Authorised Representatives

Auditor

Registered Office in Cayman Islands

Principal Place of Business and Headquarters

公司秘書

授權代表

核數師

開曼群島註冊辦事處

主要營業地點及總部

CORPORATE INFORMATION

Place of Business In Hong Kong

Principal Banks

Share Registrars and Transfer Offices

Cayman Islands

Stock Name

Stock Code

Company's Website

香港營業地點

主要銀行

股份過戶登記處

香港

開曼群島

股份代號

FIVE-YEAR FINANCIAL SUMMARY

Assets and Liabilities

資產及負債

Business Review

業務回顧

Outlook and Strategy

前景及業務策略

Gratitude

致謝

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Business Overview

業務概覽

Financial Review

Revenue

Revenue by product categories

財務回顧

收益 按產品類別劃分的收益

Year ended 31 December

Revenue by geographical regions

按地理位置劃分的收益

Gross profit and gross profit margin

Other gains or losses and income, net

Selling and distribution expenses

Administrative expenses

毛利及毛利率

其他收益或虧損及收入淨額

銷售及分銷開支

行政開支

Research and development expenses

Finance costs

Income tax expenses

Net profit for the year

Dividend

研發開支

融資成本

所得稅開支

Future Machine Limited Annual Report 2025

執行董事李承軍先生

收益按產品類別劃分的收益

資本架構、流動資金、財務資源及資本負債

重大收購及出售附屬公司、聯營公司及合資企業

上市發行人董事進行證券交易的標準守則(「標準守則」)