CCM上美股份 02145.HK
Annual Report
上海上美化妝品股份有限公司 Shanghai Chicmax Cosmetic Co., Ltd. (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司)
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Corporate Information 公司資料 2 Chairman's Statement 主席報告 5 Financial Summary 財務概要 24 Management Discussion and Analysis 管理層討論及分析 25 Biographical Details of Directors and Senior Management 董事及高級管理層之履歷詳情 33 Corporate Governance Report 企業管治報告 41 Report of the Board of Directors 董事會報告 72 Independent Auditor's Report 獨立核數師報告 114 Consolidated Statement of Profit or Loss 綜合損益表 123 Consolidated Statement of Comprehensive Income 綜合全面收益表 124 Consolidated Statement of Financial Position 綜合財務狀況表 125 Consolidated Statement of Changes in Equity 綜合權益變動表 127 Consolidated Statement of Cash Flows 綜合現金流量表 129 Notes to Financial Statements 財務報表附註 131
Corporate Information
公司資料
Mr. Lyu Yixiong (呂義雄先生) (Chairman of the Board and Chief Executive Officer) Ms. Zhou Wei (周蔚女士) (appointed on 25 September 2025) Ms. Luo Yan (羅燕女士) Mr. Feng Yifeng (馮一峰先生) Ms. Song Yang (宋洋女士)
Ms. Li Hanqiong (李寒窮女士) (resigned on 28 August 2025) Mr. Sun Hao (孫昊先生) (resigned on 25 September 2025)
Mr. Sun Hao (孫昊先生) (appointed on 25 September 2025)
Mr. Leung Ho Sun Wilson (梁浩新先生) Ms. Luo Yan (羅妍女士) Mr. Li Yang (李洋先生)
Mr. Li Kin Wai (李健威先生) (ACG, HKACG) Mr. Lian Ming (廉明先生) (resigned on 31 July 2025)
Mr. Leung Ho Sun Wilson (梁浩新先生) (Chairman) Ms. Luo Yan (羅妍女士) Mr. Li Yang (李洋先生)
Ms. Luo Yan (羅妍女士) (Chairman) Mr. Lyu Yixiong (呂義雄先生) Mr. Li Yang (李洋先生)
呂義雄先生 （董事長兼首席執行官） 周蔚女士（於2025年9月25日委任） 羅燕女士 馮一峰先生 宋洋女士
李寒窮女士（於2025年8月28日辭任） 孫昊先生（於2025年9月25日辭任）
孫昊先生（於2025年9月25日委任）
梁浩新先生 羅妍女士 李洋先生
李健威先生 (ACG, HKACG) 廉明先生（於2025年7月31日辭任）
梁浩新先生 (主席) 羅妍女士 李洋先生
羅妍女士 (主席) 呂義雄先生 李洋先生
Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Information 公司資料
Mr. Lyu Yixiong (呂義雄先生) (Chairman) Ms. Luo Yan (羅妍女士) Mr. Li Yang (李洋先生)
Mr. Feng Yifeng (馮一峰先生) Mr. Li Kin Wai (李健威先生) (ACG, HKACG)
Ernst & Young (Certified Public Accountants and Registered Public Interest Entity Auditor under the Accounting and Financial Reporting Council Ordinance) 27/F, One Taikoo Place 979 King's Road Quarry Bay Hong Kong
Eric Chow & Co. in Association with Commerce & Finance Law Offices 3401, Alexandra House 18 Chater Road Central Hong Kong
Commerce & Finance Law Offices 10/F, Tower 1 Jing An Kerry Centre 1515 West Nanjing Road Shanghai PRC
Room 308-3, 3rd Floor No. 8.10 Quanzhou Road Xuhui District, Shanghai (postcode: 200233) PRC
呂義雄先生 (主席) 羅妍女士 李洋先生
馮一峰先生 李健威先生 (ACG, HKACG)
安永會計師事務所 (執業會計師及《會計及財務匯報局 條例》下的註冊公眾利益實體 核數師) 香港 鮑魚涌 英皇道979號 太古坊一座27樓
周俊軒律師事務所 與北京市通商律師事務所聯營 香港 中環 遮打道18號 歷山大廈3401室
北京市通商律師事務所 中國 上海 南京西路1515號 靜安嘉里中心 1座10樓
中國 上海市徐匯區 全州路8.10號 3層308-3室 (郵政編碼：200233)
Annual Report 2025 年度報告 | 3
Corporate Information
公司資料
22nd Floor, Building 5 Jumeng Tiandi Plaza No. 710 Yishan Road Xuhui District, Shanghai PRC
Room 1918, 19/F Lee Garden One 33 Hysan Avenue Causeway Bay Hong Kong
Shanghai Pudong Development Bank Co., Ltd. (Fengxian Sub-Branch) No. 7557 Nanfeng Road Fengxian District Shanghai, PRC
China Merchants Bank Co., Ltd. (Shanghai Century Avenue Sub-Branch) No. 1589 Century Avenue Pudong New District Shanghai, PRC
Tricor Investor Services Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong
2145
中國 上海市徐匯區 宜山路710號景夢天地廣場 5號樓22層
香港 銅鑼灣 希慎道33號 利園一期 19樓1918室
上海浦東發展銀行股份有限公司 （奉賢支行） 中國上海 奉賢區 南奉公路7557號
招商銀行股份有限公司 （上海世紀大道支行） 中國上海 浦東新區 世紀大道1589號
卓佳證券登記有限公司 香港 夏慤道16號 遠東金融中心17樓
2145
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement 主席報告
I am pleased to present our annual report for the year ended 31 December 2025.
Our revenue increased to RMB9,177.8 million in the full year of 2025 from RMB6,792.5 million in the full year of 2024. Our gross profit increased to RMB7,014.7 million in the full year of 2025 from RMB5,109.4 million in the full year of 2024. Our profit for the full year of 2025 was RMB1,154.2 million whereas our profit for the full year of 2024 was RMB803.3 million.
Final Dividend of RMB0.75 per share was proposed by the Board for the year ended 31 December 2025. The final dividend for the year ended 31 December 2024 of RMB0.75 per share was approved by the shareholders at general meeting held on 6 May 2025, and the dividend distribution has been completed. The interim dividends for the six months ended 30 June 2025 of RMB0.5 per share was approved by the shareholders at general meeting held on 25 September 2025, and the dividend distribution has been completed.
Chicmax is a leader of multi-brand cosmetics industry driven by scientific research, we establish a presence in six major segments, i.e. mass skin care, maternity and childcare & teenagers skin care, washing and personal care, makeup, dermocosmetics and premium skin care, building two multinational research centers and two multinational supply chain bases worldwide. We focus on the implementation of multi-brand strategy and have remained dedicated to it since our establishment. With an operational history of more than 20 years, today we are one of the front runners in China's cosmetics industry, possessing comprehensive multi-brand development, operational capability and expertise, and we have successfully built a variety of popular cosmetic brands. Our decisive strategy originally to embark on and persist with a multi-brand strategy gives us an advantage to timely grasp market opportunities and sets us apart from our peers.
本人欣然提呈我們截至2025年12月31日止年度的年度報告。
我們的收入由2024年全年的人民幣6,792.5百萬元增加至2025年全年的人民幣9,177.8百萬元。我們的毛利由2024年全年的人民幣5,109.4百萬元增加至2025年全年的人民幣7,014.7百萬元。我們2025年全年利潤為人民幣1,154.2百萬元，而2024年全年利潤為人民幣803.3百萬元。
董事會建議派付截至2025年12月31日止年度的末期股息每股人民幣0.75元。截至2024年12月31日止年度的末期股息每股人民幣0.75元已獲股東於2025年5月6日舉行的股東會上批准，並已經完成派息。截至2025年6月30日止六個月的中期股息每股人民幣0.5元已獲股東於2025年9月25日舉行的股東會上批准，並已經完成派息。
上美股份是科研賦能的多品牌化妝品行業領導者，佈局大眾護膚、母嬰&青少年、洗護個護、彩妝、功效(醫學)護膚、高端護膚六大賽道，在全球分別自建兩大跨國科研中心和兩大跨國供應鏈基地。我們專注實行多品牌戰略，自成立以來，我們一直奉行該戰略。憑藉逾20年的運營歷史，如今我們作為中國化妝品行業內擁有全面的多品牌發展、運營能力和專業知識的領跑者之一，成功打造了多個受歡迎化妝品品牌。我們最初果斷地採取並堅持多品牌戰略、給予我們及時把握市場先機的優勢，讓我們從同業中脫穎而出。
Annual Report 2025 年度報告 | 5
Chairman's Statement
主席報告
Launched in 2003, KANS, being positioned as a “scientific anti-aging” skincare brand, focuses on addressing the evolving anti-aging needs of Asian females of various age groups, with a broad target customer base, and is positioned to be a go-to brand in the anti-aging skincare market. For more than 20 years, KANS has been deeply engaging in anti-aging research, and continues to launch better products and aims to build KANS into a super Chinese cosmetics brand.
According to industry media reports, in 2025, the GMV of KANS on the online channel ranked first among domestic cosmetics brands.
韓來於2003年推出，定位為「科學抗衰」護膚品牌，專注滿足各年齡段亞洲女性不斷變化的抗衰需求，擁有廣泛的目標客戶群，是定位抗衰護膚品市場的首選品牌。20年多來，韓來持續深耕抗衰領域研究，不斷推出更好的產品，致力於把韓來打造成中國化妝品超級品牌。
根據行業媒體發佈，2025年，韓來線上渠道GMV位列美妝國貨品牌第一。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement 主席報告
In 2025, KANS, with scientific research as its foundation, continued to deepen its research and development in the field of peptides. Among its products, the series of Polypeptide Collagen Softening (紅彎腰系列) of KANS, which features “CYCLOHEXAPEPTIDE-9 (環六肽-9)” as its core ingredient, continued to sell well, with sales performance hitting record highs. At the same time, the brand continuously improved the X-Peptide high-end product line, successively launching new products such as X-Peptide essence, make-up water and lotion, ampoule and cleanser, building a more complete polypeptide anti-wrinkle skincare system. Based on the polypeptide research achievements of Polypeptide Collagen Softening Of KANS and X-peptide series, the brand launched the industry content asset, KANS Red Book of Polypeptide (《韓東多肽紅寶書》), and made its debut at the European Academy of Dermatology and Venereology (EADV) annual meeting. KANS thus became the first domestic beauty brand being invited to attend, further highlighting the brand's scientific research strength and industry influence, bringing Chinese ingredients to the world.
In the same year, the Lucky Makeup series (紅運彩妝系列) of KANS was officially launched, with new products such as Lucky powder (紅運粉餅), Lucky cushion (紅運氣墊) and Lucky foundation (紅運粉底液) released successively, continuously enriching the makeup product matrix. Following the variety show Partners in Paris (《巴黎合夥人》) to go international, it made a stunning debut in Paris, showcasing the unique charm of Chinese beauty brands in the global fashion context.
At the same time, KANS continued to make efforts in categories such as men's, hair care and body care, constantly introducing new products. Leveraging positive market feedback, it further expanded its consumer base and usage scenarios, meeting more diverse consumer needs, and steadily advancing the brand toward becoming a full-category beauty and fashion brand.
In 2025, KANS focused on the core marketing strategy of “precise layout, full-scale breakthroughs and value accumulation”, achieving a dual leap in marketing effectiveness and brand value through systematic operation and refined strategies.
In terms of brand warmth and care, KANS continued its past collaborations with intangible cultural heritage, focusing on the two main festivals of the Spring Festival and Women's Day. By leveraging “cultural empowerment and emotional resonance”, it continuously deepened the core brand connotation of “KANS Luck (韓來紅運)”, achieving the transmission of brand warmth and accumulating brand assets.
2025年，韓來以科研為基石，持續深耕肽類研發領域。其中，以「環六肽-9」為核心成份的韓來紅彎腰系列持續熱銷，銷售表現一路長虹。與此同時，品牌不斷完善X肽高端系列產品線，陸續推出X肽精華、水乳、次拋及潔面等新品，構建更加完整的多肽抗皺護膚體系。基於韓來紅彎腰與X肽系列的多肽科研成果，品牌重磅發佈行業內容資產《韓東多肽紅寶書》，並在歐洲皮膚病與性病學會年會(EADV)首次亮相。韓來也由此成為首個受邀參會的國貨美妝品牌，進一步彰顯品牌科研實力與行業影響力，將中國成份帶向世界。
同年，韓來紅運彩妝系列正式問世，紅運粉餅、紅運氣墊、紅運粉底液等新品陸續上市，持續豐富彩妝產品矩陣，並跟隨《巴黎合夥人》出海綜藝走向國際舞台，在巴黎驚艷亮相，在全球時尚語境中展現中國美妝品牌的獨特魅力。
與此同時，韓來在男士、頭部護理及身體護理等品類上持續發力，不斷推陳出新，並憑藉良好的市場反饋，進一步拓展消費人群與使用場景，滿足更加多元化的消費需求，推動品牌向全品類美尚品牌穩步進階。
2025年，韓來以「精準佈局、全域破圈、價值沉澱」為核心營銷戰略，以系統化運營和精細化策略，實現營銷效能與品牌價值的雙重躍升。
在品牌溫度關懷層面，韓來延續過往非遺文化合作，聚焦春節、婦女節兩大核心節點，以「文化賦能+情感共鳴」為抓手，持續深化「韓來紅運」核心品牌內涵，實現品牌溫度傳遞，沉澱品牌資產。
Annual Report 2025 年度報告 | 7
Chairman's Statement
主席報告
At the same time, throughout the year, a comprehensive spokesperson matrix strategy was established to build a clearly layered and diversified global endorsement system. International top-tier artist Jackson Wang (王嘉繩) was signed as the global brand ambassador of KANS, deeply linking his international influence with the scientific research strength of KANS, showcasing the brand quality and high-end image. Additionally, Liu Haocun (劉浩存), Tian Xuning (田栩甯) and Zhang Hao (章昊) were newly signed as brand ambassadors. Through content co-creation and strong and multi-point exposure via online and offline, precise breakthroughs in various categories were achieved, effectively enhancing brand favorability and user loyalty, providing strong support for continuous business growth.
We strive to consolidate the market position of KANS as a leading Chinese domestic scientific anti-aging brand to meet the daily beauty needs of the vast majority of Chinese consumers through a diverse range of high-quality, effective products. We are devoted to develop more advanced technologies, in order to meet the increasing needs of the consumers of KANS.
The revenue generated from KANS in 2025 was RMB7,359.6 million, representing an increase of 31.6% as compared to 2024 and accounting for 80.2% of our total revenue for the year.
同時，在全年搭建完善代言人矩陣策略，構建層次清晰、覆蓋多元的全域代言體系。簽約國際頂流藝人王嘉繩為肆束品牌全球代言人，以其國際影響力與肆束科研實力深度綁定，展現品牌質感與高端形象。全新簽約劉浩存、田栩寧、章昊作為品牌代言人，通過內容共創，線上線下多點位強曝光等方式，實現各品類精準破圈，有效提升品牌好感度與用戶黏性，為生意勢能持續增長提供有力支撐。
我們致力鞏固肆束作為國內領先科學抗衰品牌的市場地位，更希望以多元、高效的品質產品，滿足中國最廣大消費者的日常美業需求。我們致力於研發更尖端技術，以更好滿足肆束消費者不斷提高的需求。
肆束於2025年產生的收入為人民幣7,359.6百萬元，較2024年增加31.6%，佔我們年內總收入的80.2%。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement
主席報告
newpage was launched in May 2022. It is positioned as a functional skincare brand focusing on sensitive skins of babies and children. It was jointly established by Ms. Zhang Ziyi (章子怡), a famous actress, Mr. Cui Yutao (崔玉濤), a puericulturist, and our scientists. This brand positioned in "medical + research", forming a close-loop of "user experience + pediatric experience + scientific research", and advocated natural and simple, professional science popularisation, peace of mind and effectiveness and environmental friendliness. In terms of products, newpage has laid out three major directions for children aged 0-18: skincare, washing and cleaning.
The bestselling online single product, newpage's Baby Balancing Cream (嬰童安心霜), continued to rank No.1 in the best-selling list of baby face cream on Tmall. In the summer of 2025, summer products such as newpage's Dingding Soothing Spray (叮叮舒緩噴霧) and newpage's Refreshing Body Lotion (爽身露) were widely praised. In the winter of 2025, newpage's Baby Moisturizing Oil (嬰童潤膚油) achieved a strong breakthrough by precisely targeting "nourishing skin with oil," steadily ranking first in the baby moisturizing oil category in Douyin. During Double Eleven, newpage's Lip Balm were sold out. Through strong brand power, product strength, marketing capability and channel power, newpage's category sales structure showed a healthy state with multiple category explosion.
newpage一頁品牌於2022年5月推出，是專注於敏感肌的嬰童功效型護膚品牌，由知名演員章子怡女士、育兒專家崔玉濤先生及科學家團隊聯合創立，定位於「醫研共創」，形成用戶+兒科經驗+科研的閉環，主張天然精簡、科普專業、安心有效、環境友好。產品方面，newpage一頁已佈局0-18歲全年齡段孩子護膚、洗沐、清潔三大方向。
線上，大單品newpage一頁嬰童安心霜在天貓嬰童面霜榜單中持續位列第一。2025年夏季，newpage一頁叮叮舒緩噴霧、newpage一頁爽身露等夏季產品廣受好評，2025年冬季，newpage一頁嬰童潤膚油通過精準切入「以油養膚」強勢爆發，穩列抖音寶寶潤膚油類目第一，newpage一頁護唇膏在雙十一期間售罄，newpage一頁通過強品牌力、產品力、營銷力、渠道力，品類銷售結構呈現多品類爆發良性健康狀態。
Annual Report 2025 年度報告 | 9
Chairman's Statement
主席報告
With in-depth research in the field of infants and children skincare, newpage gained insights into the unique needs of children's skin at different ages. With a high standard of infants and children skincare, it launched more targeted skincare solutions for 0-6 infants and children skin, 6-12 school-age skin and 12-18 adolescent skin, meeting more refined product demands in the market, capturing skincare market share across different age groups, and allowing newpage's professional care to accompany children as they grow.
In 2025, newpage placed more emphasis on building deeper and more co-channel connections with consumers. At the same time, newpage also cooperated with the central media, Xinhuanet, to create authoritative dialogue interviews to help resolve the parenting anxiety of parents nowadays with the efficacy of medical research-grade products. In December 2025, newpage brand launched a series of special care products that have been refined for nearly 2 years – special care cream and shower oil. The brand deeply analyzed the users with special skin conditions, cooperated with such users to shoot a documentary interview film "Emotions Hidden under the Skin (藏在皮膚裡的情緒)", and launched the "Friendly Partner Program for Users with special Skin Conditions (特皮友好夥伴計劃)", attracting brand friends from 8 different industries and the Shanghai Children's Foundation to participate in creating a friendly living environment for the users with special skin conditions. At the same time, it, together with the nurturing center of the founder Cui Yutao, jointly compiled a care guide for special skin conditions for the families with such problems. newpage not only provides products to users, but also looks back at the brand's original intention of effective skin care for all ages, effectively helping families with special skin conditions problems and allowing their children to grow up healthily and happily.
In 2025, newpage brand won numerous awards, including the Tmall Golden Baby Award (天貓金嬰獎), the Emerging Brand of the Year (年度新銳品牌), Douyin Pioneer Brand of the Year (抖音年度先鋒品牌) and Xiaohongshu Growth Brand of the Year (小紅書年度成長型品牌). Furthermore, according to iResearch, newpage brand ranked first in online sales revenue in the children face cream in China, and first in online sales in the premium baby moisturizing oil in China.
The revenue generated from newpage in 2025 was RMB879.6 million, representing an increase of 134.2% as compared to 2024, accounting for 9.6% of the total revenue for the year.
隨著對嬰童護膚領域的深入研究，newpage一頁洞察不同年齡段兒童肌膚的獨特需求，以嬰童護膚的高標準，為0-6歲嬰童肌、6-12歲學齡肌、12-18歲青少年肌推出更具針對性的護膚解決方案，滿足更多市場精細化的產品需求，搶佔不同年齡段孩子的護膚市場份額，讓newpage一頁的專業守護伴隨孩子成長。
於2025年，newpage一頁更加重視和消費者建立更深、更多的同頻連接。同時，newpage一頁還聯合央媒新華網打造權威對話訪談，以醫研級產品功效力幫助化解當代父母的育兒焦慮。2025年12月，newpage一頁品牌重磅推出打磨近2年的特護系列產品－特護霜、沐浴油。品牌深度剖析特皮人群，聯合特皮用戶拍攝紀實訪談片「藏在皮膚裡的情緒」，發起「特皮友好夥伴計劃」，吸引了8個不同行業的品牌好友及上海兒童基金會一起參與，為特皮人群創造友好的生活環境。同時和創始人崔玉濤的養育中心，共同編撰特皮護理指南贈予特皮家庭。newpage一頁不止向用戶提供產品，而是回望品牌全年齡段功效護膚的初心，切實幫助特皮家庭，讓孩子健康快樂成長。
2025年，newpage一頁品牌獲得天貓金嬰獎、年度新銳品牌，抖音年度先鋒品牌，小紅書年度成長型品牌等榮譽。同時經艾瑞諮詢認證，newpage一頁品牌在中國兒童面霜領域為全網銷售額第一，在中國高端嬰童潤膚油領域為全網銷量第一。
newpage一頁於2025年產生的收入為人民幣879.6百萬元，較2024年增加134.2%，佔年內總收入的9.6%。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement 主席報告
We launched Baby Elephant in 2015. With "simple ingredients, safe and effective" as its core, it is positioned as a professional maternity and childcare brand that suits the skin of Chinese babies and children to accompany each baby during its happy and healthy growth.
In 2025, in terms of brand, Baby Elephant continued to strengthen brand building, focusing on growth protection across all scenarios, and launched marketing and public welfare activities during key events such as the Spring Festival, Children's Day and the beginning of school term to enhance brand warmth.
In terms of products, Baby Elephant iterated its infants and children skincare and washing care products by upgrading ingredients and packaging, and launched a double-layer children's makeup gift box to keep paying attention to appreciations and a sense of ritual. In terms of the teenage line, it continuously enriched product categories, covering all daily care needs of teenagers from skincare, washing care and sun protection to lip care, maintaining Baby Elephant's leading position in the infants and children care sector in China.
我們於2015年推出紅色小象，以「至簡成分、安心有效」為核心，將其定位為適合中國嬰童肌膚以陪伴每個寶寶健康快樂成長的專業母嬰護理品牌。
2025年，品牌層面，紅色小象繼續加強品牌力建設，聚焦全場景的成長守護，結合春節、兒童節、開學等節點推出營銷及公益活動，提升品牌溫度。
產品層面，紅色小象迭代嬰童系列護膚、洗護產品，成份、包裝升級，推出雙層兒童彩妝禮盒，持續做足心意和儀式感；青少年綠方面，不斷豐富產品品類，從護膚、洗護、防曬、唇部護理等實現青少年日常護理需求全覆蓋，保持紅色小象品牌在中國嬰童護理板塊的領先地位。
Annual Report 2025 年度報告 | 11
Chairman's Statement
主席報告
In terms of brand marketing, emotional marketing was carried out in rich scenarios such as the festive atmosphere of the Spring Festival, the childishness on Children's Day and the light in children's hearts for Christmas at the end of the year and New Year's Day, safeguarding the happiness in children's hearts. In terms of public welfare, the "Safe Guardian Plan (安心守護計劃)" was launched. On 2 April, World Autism Awareness Day, Baby Elephant organized a love-themed painting therapy course, encouraging children with autism to write down their wishes and hoping to let more people hear their voices. On Children's Day, Baby Elephant visited the Zhangjiang campus of Shanghai Children's Medical Center affiliated to Shanghai Jiao Tong University School of Medicine (上海交通醫學院附屬上海兒童醫學中心張江園區) and prepared 1,000 Children's Day care gift packages to cheer on the little warriors in the wards and celebrate the festival together. During the school season in September, Baby Elephant went to Kashgar, Xinjiang, to provide free expert consultations, science popularization and assistance to extend frontline medical resources to remote areas.
The children's makeup series of Baby Elephant was certified by Sullivan as "No. 1 online sales of children's makeup in China". At the same time, two industry in-depth reports were released. 2025 White Paper on Children's Makeup Safety and Development (《2025兒童彩妝安全與發展白皮書》). 2025 White Paper on Adolescent Acne Health Management (《2025青少年祛痘健康管理白皮書》), reflecting the brand's deep care for its user base and professional problem-solving capability.
Baby Elephant intend to continue to offer skincare products suitable for the skin type of Chinese babies and children to adapt to the rising demand for high-quality maternity and childcare products.
The revenue generated from Baby Elephant in 2025 was RMB297.8 million, representing a decrease of 20.8% as compared to 2024, accounting for 3.2% of the total revenue for the year.
品牌營銷層面，圍繞春節的年味、兒童節的孩子氣、年底聖誕節&元旦節孩子心中的光等豐富場景進行情感營銷，守護孩子們心中的快樂；公益層面，推出「安心守護計劃」，4月2日世界自閉症日，紅色小衆開設愛心主題繪畫療愈課程，鼓勵自閉症孩子寫下心願，希望讓更多人聽見他們的聲音。六一兒童節，紅色小衆走進上海交通醫學院附屬上海兒童醫學中心張江園區，準備了1,000份六一關愛禮包，為病房中的小勇士們加油打氣、共同慶祝節日。9月開學季，紅色小衆來到新疆喀什，通過專家義診、科普、救助，將一線醫療資源輻射至偏遠地區。
紅色小衆兒童彩妝系列取得了沙利文認證的「中國兒童彩妝線上銷量第一」，同時發佈了兩份行業深度報告《2025兒童彩妝安全與發展白皮書》《2025青少年祛痘健康管理白皮書》，體現了品牌對用戶群體的深度關懷與專業解決能力。
紅色小衆擬繼續打造適合中國嬰童肌膚類型的護膚產品，應對高質量母嬰護理產品日益增長的需求。
紅色小衆於2025年產生的收入為人民幣297.8百萬元，較2024年下滑20.8%，佔年內總收入的3.2%。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement
主席報告
Founded in 2022, ARMIYO is dedicated to addressing sensitive skin concerns among Chinese consumers using "artemisia annua oil AN+" (derived from artemisia annua extract) as the core ingredient, thereby pioneering the field of artemisia-based skincare in Asia. The brand's artemisia oil skincare range has ranked first in national sales for three consecutive years.
In 2025, ARMIYO's research findings on artemisia were presented at the European Academy of Dermatology and Venereology (EADV), gaining recognition at the forefront of international academia and marking the emergence of Chinese ingredient research on the global stage. In the same year, the brand was honored with the "Beauty Science Brand Award for Science Communication" (科學傳播美妝科學品牌獎) at the 11th China Cosmetics Trend Conference (中國化妝品趨勢大會), reflecting its dual breakthroughs in scientific research and innovation as well as science communication.
安敏優品牌創立於2022年，致力於以青蒿油AN+（源自黃花蒿提取物）為核心成分，專注解決國人敏感肌問題，開創了亞洲青蒿護膚領域的先河。品牌青蒿油護膚品已連續三年位居全國銷量第一。
2025年，安敏優青蒿研究成果在歐洲皮膚病與性病學會(EADV)上發佈，獲得國際學術前沿認可，標誌著中國成分研究登上世界舞台。同年，品牌在第十一屆中國化妝品趨勢大會上榮獲「科學傳播美妝科學品牌獎」，體現了在科研創新與科學傳播方面的雙重突破。
Annual Report 2025 年度報告 | 13
Chairman's Statement
主席報告
At the same time, in order to continuously strengthen brand assets and convey scientific research connotations, ARMIYO partnered with well-known media hosts to go deep into the original production area of artemisia annua in Youyang, Chongqing, tracing the millennium-long heritage of "artemisia annua oil AN+", further consolidating the brand story and emotional connection with users.
In terms of online channels, in 2025, ARMIYO consistently ranked among the top brands in the facial serums and liquid serums categories on the Tmall platform, as well as the beauty and skincare liquid serum charts on the Douyin platform.
The revenue generated from ARMIYO in 2025 was RMB197.8 million, representing an increase of 62.7% compared with 2024, accounting for 2.2% of the total revenue for the year.
To meet the increased demands for high-quality products from consumers, we have a multi-brand layout in multiple categories. In the skincare category, we launched ATISER (聚光白), a professional-grade efficacy skincare brand focused on brightening and anti-ageing. In the maternity and childcare category, we launched the eponymous maternity and childcare brand Anpanman (麵包超人) which is licensed to use well-known IPs, and preparation is underway to launch a maternity and childcare brand based on a physician IP, as well as an eponymous maternity and childcare brand Guardian of Light Ultraman, which is licensed to use the well-known IP. In the washing and care category, we launched a washing and care brand KYOCA, which is committed to strengthening hair and scalp decompression. In the makeup category, we will launch NAN beauty, a makeup brand jointly established with make-up artist Chunnan. In addition, we are also developing more new brands.
In 2025, the total revenue from other brands amounted to RMB443.0 million, representing an increase of 34.9% compared with 2024, accounting for 4.8% of total revenue during the year.
與此同時，為持續夯實品牌資產、傳遞科研內涵，安敏優聯合知名媒體主播深入青苇原產地重慶酉陽，瀕源「青苇油AN+」的千年傳承，進一步鞏固品牌故事與用戶情感聯結。
線上渠道方面，2025年安敏優在天貓平台面部精華與液態精華類目、抖音平台美容護膚液態精華榜單中長期穩居前列。
安敏優於2025年產生的收入為人民幣197.8百萬元，較2024年增加62.7%，佔年內總收入的2.2%。
為滿足消費者對優質產品不斷增加的需求，我們在多個品類進行多品牌佈局。在護膚品品類，已經推出聚焦皮膚光白抗衰的院線功效護膚品牌聚光白。在母嬰護理品類，推出獲授權使用知名知識產權的同名母嬰護理品牌麵包超人，正在籌備推出醫生IP母嬰護理品牌及獲授權使用知名知識產權的同名母嬰護理品牌光之守護奧特曼。在洗護品類，我們推出了致力於固韌及頭皮減壓的洗護品牌極方。在彩妝品類，我們推出與化妝師春楠共同設立的彩妝品牌NAN beauty。除此之外，我們還在培育更多新品牌。
2025年其他品牌的收入合計為人民幣443.0百萬元，較2024年增加34.9%，佔年內總收入的4.8%。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement 主席報告
We started our independent R&D activities in 2003 and have insisted on product self-development. Our dual R&D centers are dedicated to building powerful platforms for advanced fundamental research and product development work. Staying close to consumers' needs, we focus on product development and new technology applications in response to the changing market. We strive to attract and cultivate talents and have formed a strong team with rich R&D experience. We maintained high and effective R&D investment persistently. In 2025 and 2024, we incurred R&D expenses of RMB224.7 million and RMB179.9 million, respectively, representing a year-on-year increase of 24.9% in 2025.
In 2025, we were deeply involved in the standardization of the cosmetics industry, participating as a core drafting unit in the formulation of five group standards, promoting the standardized upgrade of the industry.
Efficacy evaluation standards: We led the development of the Evaluation Method for Facial Skin Whitening in Chinese People (中國人面部皮膚美白狀態評價方法), establishing a scientific skin tone classification system suitable for the Chinese population, and published the Acne Treatment and Mild Efficacy Test Methods for Cosmetics Suitable for Teenagers (青少年適用型化妝品祛痘與溫和功效試驗方法) and the Test Methods for High-SPF Sunscreen Cosmetics Suitable for Sensitive Skin in Children (兒童高倍防曬類化妝品適用敏感皮膚試驗方法), filling the gap in human testing standards in the fields of adolescent and infant skincare.
Raw material technical standards: We participated in the formulation of the General Requirements for Raw Material Products of Plant-Derived Vesicle Cosmetic (植物源囊泡化妝品原料製品通用要求) and the General Testing Requirements for Polydeoxyribonucleotide (PDRN) Raw Materials for Cosmetics (化妝品用多聚脫氧核糖核苷酸(PDRN)原料檢測通用要求), establishing the technical threshold and quality assurance system for new biological raw materials.
我們於2003年開始自主研發活動，一直堅持產品自主研發。我們的雙科研中心致力打造先進的基礎研究及產品開發工作的強大平台，同時貼近消費者需求，進行產品開發及新技術的應用以應對不斷變化的市場。我們致力吸引和培養人才，成立一支擁有豐富研發經驗的強大團隊。我們一直維持高額及有效的研發投資。於2025年及2024年，我們分別產生研發開支人民幣224.7百萬元及人民幣179.9百萬元，2025年同比增長24.9%。
2025年，我們深度參與化妝品行業標準化建設，作為行業核心參編單位參與了5項團體標準的制定，推動行業規範化升級。
功效評價標準：參與制定《中國人面部皮膚美白狀態評價方法》，建立了適合中國人群的膚色科學分級體系；發佈《青少年適用型化妝品祛痘與溫和功效試驗方法》及《兒童高倍防曬類化妝品適用敏感皮膚試驗方法》，填補了青少年及嬰童護膚領域的人體測試規範空白。
原料技術標準：參與制定《植物源囊泡化妝品原料製品通用要求》及《化妝品用多聚脫氧核糖核苷酸(PDRN)原料檢測通用要求》，確立了新型生物原料的技術門檻與質量保障體系。
Annual Report 2025 年度報告 | 15
Chairman's Statement
主席報告
In 2025, we newly applied for 61 patents, including 33 invention patents. We have been granted 49 patents, 9 of which are invention patent.
In 2025, we published a total of 10 scientific research papers, covering fields such as polypeptide anti-aging, skin repair and infants and children care, forming a complete scientific research system covering basic research, process optimisation and clinical validation. The core achievements include:
Polypeptide anti-aging field: The independently developed core ingredient "CYCLOHEXAPEPTIDE-9 (環六肽-9)" (Cyclic Hexapeptide-9) has been proven by randomized and double-blind clinical trials to be more effective than the retinol control group in improving wrinkles around the eyes and on the forehead. The related results were published in the Journal of Cosmetic Dermatology. Simultaneously, molecular mechanism research conducted in collaboration with Shanghai Jiao Tong University revealed that it bound to the tyrosinase active site through hydrogen bonds, significantly inhibiting melanin production, while maintaining over 90% cell viability at high concentrations. These findings were published in Skin Research and Technology.
Post-aesthetic surgery care: In collaboration with the Ninth People's Hospital affiliated to Shanghai Jiao Tong University School of Medicine (上海交通大學醫學院附屬第九人民醫院), research was conducted on an active combination containing fibronectin, NADH and hydrolyzed fibrin. In vitro experiments confirmed that it can significantly promote fibroblast migration. The clinical data indicated that this formula provides immediate soothing and long-term improvement of skin conditions after M22 photorejuvenation. The related results were selected for a poster at the 2025 Annual Meeting of Chinese Dermatologists Association (CDA).
於2025年，我們新申請61項專利，其中發明專利申請33項；新獲授權49項專利，其中發明專利9項。
2025年，我們共發表10篇科研論文，涵蓋多肽抗衰、皮膚修護及嬰童護理等領域，形成涵蓋基礎研究、工藝優化到臨床驗證的完整科研體系。核心成果包括：
多肽抗衰領域：自主研發的核心原料環六肽-9(CHP-9)經隨機雙盲臨床試驗證實，在改善魚尾紋及額頭紋方面效果優於視黃醇對照組，相關成果發表於《Journal of Cosmetic Dermatology》。同步與上海交通大學開展的分子機制研究揭示了其通過氫鍵與酪氨酸酶活性位點結合，顯著抑制黑色素生成的機理，且在高濃度下保持超過90%的細胞活性，成果發表於《Skin Research and Technology》。
醫美術後修護：聯合上海交通大學醫學院附屬第九人民醫院，針對含纖連蛋白、NADH及水解纖維蛋白的活性組合開展研究。體外實驗證實其可顯著促進成纖維細胞遷移。臨床數據表明，該配方在M22光子嫩膚術後具有即刻舒緩及長期改善皮膚狀態的功效，相關成果入選2025年中國醫師協會皮膚科醫師分會(CDA)年會壁報。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement 主席報告
In 2025, the independently developed "CYCLOHEXAPEPTIDE-9 (環六肽-9)" won the Annual Efficacy Ingredient of InnoCosme Awards (InnoCosme Awards 美耀年度功效原料獎) and the ICIC Technology Innovation Spotlight Ingredient Award (ICIC 科技創新矚目原料獎) for its breakthrough cyclization technology and outstanding efficacy, and was selected as one of the "Top Ten Technological Advances in the Chinese Cosmetics Industry 2025" (2025 中國化妝品行業十大科技進展).
The Company became the first and only Chinese beauty enterprise to appear at the European Academy of Dermatology and Venereology (EADV) annual meeting. With the 2025 KANS Yearbook of Peptides Research and Efficacy Skincare Application (《2025 韓東肽類研究與功效護膚品應用年鑑》) and the innovative achievement of "CYCLOHEXAPEPTIDE-9 (環六肽-9)", it filled the domestic gap in cyclic peptides raw material technology and established academic authority in the global anti-aging field.
2025年，自主研發的「環六肽-9」憑藉突破性環化技術與卓越功效，榮獲InnoCosme Awards美耀年度功效原料獎、ICIC科技創新矚目原料獎，併入選「2025中國化妝品行業十大科技進展」。
公司成為首個且唯一亮相歐洲皮膚病與性病學會年會(EADV)的中國美妝企業。憑藉《2025韓東肽類研究與功效護膚品應用年鑑》及環六肽-9創新成果，填補了國內環肽原料技術空白，確立了在全球抗衰領域的學術話語權。
Annual Report 2025 年度報告 | 17
Chairman's Statement
主席報告
As at 31 December 2025, we had 3,508 full-time employees, amongst which 3,401 full-time employees were based in the PRC and 107 full-time employees were based in overseas. The total remuneration cost for the year of 2025 was RMB969.3 million, as compared to RMB551.3 million for the year of 2024. The Group continuously reviews and refines its remuneration policy and employee benefits scheme, striving to offer remuneration packages that are both competitive in the market and fair internally, in order to maintain the Group's strong appeal and competitiveness in the human resources market.
The Group recruits employees through a variety of channels, including on-campus recruitment, job fairs, professional recruitment agencies and internal and external referrals. We are committed to upholding the principle of equal opportunities in all our employment practices, and have established relevant policies and procedures such as the adoption of professional candidate competency assessment model, to enhance the objectivity and consistency of the selection process and ensure the standardized and orderly recruitment and hiring procedures. As an important part of our talent retention strategy, the Group offers employees competitive salaries, insurance and other benefits, merit-based incentive schemes, and equity incentive or share award schemes for outstanding employees, to encourage them to develop together with the Group. Relevant remuneration and incentives are generally determined based on job responsibilities, performance and the Group's overall results.
We place great emphasis on employees training and career development, providing new hire training to new joiners on enterprise culture, business operation and industry knowledge to improve their understanding of the Group and their abilities to perform their duties. We also regularly provide employees with internal and external training sessions tailored to business needs and job requirements, with a view to enhancing their professional and technical capabilities. In addition, the Group offers management and leadership training to certain employees to assist them in gradually assuming managerial responsibilities.
於2025年12月31日，我們有3,508名全職僱員，其中3,401名全職僱員居於中國，而107名全職僱員居於海外。2025年的總薪酬成本為人民幣969.3百萬元，而2024年為人民幣551.3百萬元，本集團持續檢視及優化薪酬政策與僱員福利安排，致力於提供兼備市場競爭力和內部公平的薪酬待遇，以保持本集團於人力資源市場具備強大吸引力及競爭力。
本集團透過多元管道招聘僱員，包括校園招聘、招聘會、專業招聘機構以及內外部推薦。我們致力於所有僱傭實務中貫徹平等機會原則。並已制定相關政策及程式，包括採用專業的候選人能力評估模型，以提升甄選程式的客觀性及一致性，確保招聘及聘用流程規範有序。作為人才挽留策略的重要部分，本集團向僱員提供具競爭力的薪酬、保險及其他福利待遇、與績效掛鉤的激勵安排，以及對卓越僱員適配股權激勵或股份獎勵計劃，以鼓勵僱員與本集團共同發展。相關薪酬及激勵一般根據其表職責、表現及本集團整體業績釐定。
我們高度重視僱員培訓及職業發展，為新入職僱員提供有關企業文化、業務營運及行業知識的入職培訓，以加深彼等對本集團的瞭解並提升履職能力。我們亦定期向僱員提供按業務需要及崗位要求而設的內部及外部培訓課程，以提升彼等的專業及技術能力。此外，本集團亦為部分僱員提供管理及領導能力培訓，協助彼等逐步承擔管理職責。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement 主席報告
The Group's capital expenditure of RMB514.7 million in 2025 was mainly related to the new items of property, plant and equipment amounting to RMB414.4 million, purchase of land amounting to RMB99.7 million, and additions to intangible assets amounting to RMB 0.6 million.
International Financial Reporting Standards No. 16 – Lease (IFRS 16) came into effect on 1 January 2019. At the commencement date, the Group should recognise a right-of-use asset and a lease liability. The related right-of-use assets and lease liabilities are located in the PRC and overseas. As of 31 December 2025, the Group's right-of-use assets were RMB480.8 million (RMB125.7 million as of 31 December 2024) and its lease liabilities were RMB342.1 million (RMB51.6 million as of 31 December 2024). In 2025, depreciation charges of right-of-use assets amounted to RMB52.2 million and interest charges of lease liabilities amounted to RMB6.6 million.
We are committed to our "six-six" strategy to promote overall business growth through six main competitive aspects and the planning of six major sectors in order to support sustainable development of the Group.
本集團於2025年的資本開支為人民幣514.7百萬元，主要與新物業、廠房及設備項目人民幣414.4百萬元、購買土地人民幣99.7百萬元及添置無形資產人民幣0.6百萬元有關。
國際財務報告準則第16號－租賃（國際財務報告準則第16號）於2019年1月1日生效。在開始日期，本集團需確認使用權資產及租賃負債。相關的使用權資產及租賃負債位於中國及海外。於2025年12月31日，本集團的使用權資產為人民幣480.8百萬元（於2024年12月31日為人民幣125.7百萬元）及其租賃負債為人民幣342.1百萬元（於2024年12月31日為人民幣51.6百萬元）。於2025年，使用權資產折舊開支為人民幣52.2百萬元，而租賃負債的利息開支為人民幣6.6百萬元。
我們致力於推行「六六」戰略，通過六大競爭面、六大板塊規劃推動整體業務增長，以支撐本集團的可持續發展。
Annual Report 2025 年度報告 | 19
Chairman's Statement
主席報告
We believe that talents with excellent management or technical skills are our valuable assets as well as the impetus of providing customers with products of continuous innovation and high quality, and is the necessary condition for the achievement of a multi-brand cosmetics group. Implementing our corporate values of "Diversity, Optimism, Innovation and Legacy", we plan to continuously improve our corporate structure and corporate culture to attract talents.
We will continue to focus on improving our recruitment and training system to recruit talents with an international perspective, such as graduates from prestigious schools such as the world's first-class universities and disciplines and the QS200. By establishing joint training projects in cooperation with universities, we can more effectively identify suitable talents. In order to remain competitive in the recruitment market, we strive to provide industry-leading salary and welfare systems and open up promotion channels, forming a scientific talent selection and incentive mechanism. In addition, we will implement job rotation and duty rotation for our employees to promote the all-rounder employee model, and prevent solidification of hierarchy. By leveraging a flat and effective management system, we encourage employees at the primary level to give play to their creativity, and maintain the enthusiasm and stability of management and technical staff. We aim to build up corporate culture and team atmosphere among employees to enhance their sense of belonging, and a talent training system for our employees to achieve their personal growth and to support the operation and development of multiple brands of the Group.
我們認為，具備優秀的管理或技術技能的人才是我們的寶貴資產，是為客戶提供持續創新優質產品的源動力，是成就一個多品牌化妝品集團的必備條件。貫徹「多元、樂觀、創新及傳承」的企業價值觀，我們計劃不斷完善企業架構及企業文化，吸引人才。
我們將繼續聚焦於完善我們的招聘及培訓體系，招聘有國際視野的人才，如雙一流及QS200等名校畢業生。透過與高校合作成立聯合培養項目，更有效地物色合適人才。為在招聘市場保持競爭力，我們力求提供行業領先的薪酬福利制度，打通晉升通道，形成科學的人才選拔及激勵機制。此外，我們將對僱員實行輪崗輪值，以推行全能型僱員模式，防止職級固化。透過運用扁平、有效的管理體系，我們鼓勵基層員工發揮創造力，保持管理和技術人員的積極性和穩定性。我們的目標是在僱員中建立企業文化及團隊氛圍，增強員工的歸屬感，並為僱員提供人才培訓體系，實現個人成長，支撐本集團多個品牌的運營及發展。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement 主席報告
Leveraging our advanced R&D and production capabilities in the PRC and overseas, we will increase investments in fundamental research projects on trendy core ingredients in the skincare area such as anti-aging technology and skin barrier repairing technology, including development on new raw materials, new technologies, and new formulas; and applied science projects including application of the raw materials and formulas, and improving the overall skin feel of consumers. We have now established an independent scientific research system of Chicmax, with the aim of breaking down international scientific research barriers. We will continue to conduct pilot projects for new brands and new products to improve consumer experience and meet diverse consumer demands, and ultimately create more growth opportunities.
We introduce leading AI empowered tools which will be used to intelligently process large amounts of data and information to conduct intelligent data analysis and prediction, providing data and insights to support decision-making, further optimising the allocation and utilization of resources, and thus improving the Group's management and operation efficiency, innovation capabilities and competitiveness.
利用我們在中國及海外的先進研發及生產能力，我們將增加對護膚領域熱點核心成分的基礎研究項目的投資，例如抗衰老技術、皮膚屏障修復技術，包括開發新原材料、新技術及新配方；以及對應用科學項目的投資，包括原料及配方的應用，改善消費者的整體膚感。我們目前已構建了上美自主科研體系，目標打破國際科研壁壘。我們將繼續開展新品牌、新產品的試點項目，改善消費者體驗，滿足消費者多樣化需求，最終創造更多增長機遇。
我們引入領先的AI工具用於智能化處理大量的數據和信息，進行智能數據分析及預測，為決策提供數據支持，進一步優化資源分配和利用，提高本集團管理及運營效率、創新能力和競爭力。
Annual Report 2025 年度報告 | 21
Chairman's Statement
主席報告
We will make full use of our advantageous resources and adopt stronger and more effective competitive strategies and marketing tools to increase the breadth and depth of our sales channels and in particular, to further deepen the marketing and promotion of our online e-commerce platforms and the offline omnichannel strategy. In addition to continuing to maintain and enhance KANS's leading position in the Douyin channel and driving more of the Group's brands to achieve breakthroughs in Douyin, we aim to achieve better development on platforms such as Tmall/ Taobao, JD and Kuaishou.
We have completed the construction of China's first AI-intelligent unmanned cosmetics workshop and put into production, with a daily output of 2 million bottles, and increase the production efficiency and improve standardized product quality of the Group.
We aim to achieve development of our business by diversified cooperation with our talents and business partners. We are committed to gathering talents and providing them with a broad platform to assist them in achieving their development. We will continue to strengthen cooperation with multiple partners to build a brand incubation platform and to continuously cultivate breakthroughs in various aspects of our business.
我們將充分利用優勢資源，採取更強有力和更有效的競爭策略和營銷手段，增加各銷售渠道的廣度和深度，尤其是進一步深化線上各電商平台以及線下全渠道的營銷推廣，除繼續保持韓東在抖音渠道的領先地位擴大領先優勢、帶動本集團更多的品牌在抖音實現突破之外，要在天貓／淘寶、京東、快手等平台取得更好的發展。
我們已經建成並投產中國首個AI智能化妝品無人車間，日產能200萬瓶，提高本集團的生產效率和提升標準化產品質量。
我們的目標是通過與人才和商業夥伴的多元化合作，實現我們的業務發展。我們致力於聚集人才，為他們提供廣闊的平台，幫助他們實現發展。我們將繼續加強與多方合作夥伴的合作，打造品牌孵化平台，不斷實現業務的突破。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Chairman's Statement 主席報告
Based on our existing multi-brand matrix, we will have a broader strategic layout in the next decade in building six major sectors of mass skin care, washing and personal care, maternal and baby and teens products, skin medical beauty, makeup, high-end skin care, hence expanding our business boundaries in the cosmetics industry.
Looking forward, we are committed to conveying Chinese branding power to the world and promoting the brand image of Chinese domestic cosmetics products. Through developing our international R&D capabilities, business presence and brand awareness, we aim to become a world-class cosmetics group.
Best regards,
Lyu Yixiong Chairman of the Board, Executive Director and Chief Executive Officer Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Shanghai, the PRC 26 March 2026
我們在現有多品牌矩陣搭建基礎上，未來十年將有更廣泛的戰略佈局，搭建大眾護膚、洗護個護、母嬰及青少年用品、皮膚醫療美容、彩妝、高端護膚的六大板塊，拓展我們在化妝品行業的業務邊界。
展望未來，我們承諾向世界傳遞中國品牌力，提升國貨化妝品的品牌形象。我們的目標是通過發展我們的研發能力、業務版圖及品牌知名度，成為世界一流的化妝品集團。
此致
呂義雄 董事長、執行董事兼首席執行官 上海上美化妝品股份有限公司
中國，上海 2026年3月26日
Annual Report 2025 年度報告 | 23
Financial Summary
財務概要
Our revenue increased to RMB9,177.8 million in the full year of 2025 from RMB6,792.5 million in the full year of 2024. Our gross profit increased to RMB7,014.7 million in the full year of 2025 from RMB5,109.4 million in the full year of 2024. Our profit for the full year of 2025 was RMB1,154.2 million whereas our profit for the full year of 2024 was RMB803.3 million.
Final Dividend of RMB0.75 per share was proposed by the Board for the year ended 31 December 2025. The final dividend for the year ended 31 December 2024 of RMB0.75 per share was approved by the shareholders at general meeting held on 5 May 2025. The interim dividends for the six months ended 30 June 2025 of RMB0.5 per share was approved by the shareholders at general meeting held on 25 September 2025.
我們的收入由2024年全年的人民幣6,792.5百萬元增加至2025年全年的人民幣9,177.8百萬元。我們的毛利由2024年全年的人民幣5,109.4百萬元增加至2025年全年的人民幣7,014.7百萬元。我們2025年全年的利潤為人民幣1,154.2百萬元，而我們2024年全年的利潤為人民幣803.3百萬元。
董事會建議派付截至2025年12月31日止年度的末期股息每股人民幣0.75元。截至2024年12月31日止年度的末期股息每股人民幣0.75元已獲股東於2025年5月5日舉行的股東會上批准。截至2025年6月30日止六個月的中期股息每股人民幣0.5元已獲股東於2025年9月25日舉行的股東會上批准。
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | ||
|---|---|---|---|---|---|---|
| 2021年 | 2022年 | 2023年 | 2024年 | 2025年 | ||
| 財政年度 | 財政年度 | 財政年度 | 財政年度(1) | 財政年度 | ||
| (Except per share data) | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | |
| (每股數據除外) | 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 | |
| Revenue | 收入 | 3,618,882 | 2,675,331 | 4,190,727 | 6,792,518 | 9,177,796 |
| Cost of sales | 銷售成本 | 1,258,243 | 975,699 | 1,171,275 | 1,683,131 | 2,163,141 |
| Gross profit | 毛利 | 2,360,639 | 1,699,632 | 3,019,452 | 5,109,387 | 7,014,655 |
| Profit before tax | 税前利潤 | 408,124 | 154,232 | 559,213 | 926,970 | 1,396,424 |
| Profit for the year | 本年度溢利 | 338,771 | 137,080 | 461,663 | 803,297 | 1,154,213 |
| Dividends | 股利 | 200,000 | 99,489 | 298,468 | 298,519 | 298,543(2) |
| 79,592 | 298,519 | 199,053(3) | ||||
| Earning Per Share (EPS) | 每股盈利 | 0.94 | 0.41 | 1.16 | 1.96 | 2.77 |
| Dividend Per Share (DPS) | 每股股利 | 0.56 | 0.25 | 0.75 | 0.75 | 0.75(2) |
| 0.20 | 0.75 | 0.50(3) | ||||
| Total assets | 總資產 | 2,274,563 | 3,145,667 | 3,128,827 | 3,596,597 | 2,549,184 |
| Total liabilities | 總負債 | 1,319,525 | 1,439,022 | 1,099,600 | 1,361,927 | 247,574 |
| Net asset value | 資產淨值 | 955,038 | 1,706,645 | 2,029,227 | 2,234,670 | 2,874,504 |
| Return on Equity (ROE) | 權益回報率 | 44.0% | 10.3% | 24.7% | 35.9% | 40.2% |
| Return on Total Assets (ROA) | 總資產回報率 | 15.1% | 5.1% | 14.7% | 22.3% | 23.2% |
Notes: (1) Updated of FY2024 disclosed data (2) Final dividend for the year ended 31 December 2025 (3) Interim dividend for the six months ended 30 June 2025
附註： (1) 更新2024財年披露數據 (2) 截至2025年12月31日止年度的末期股息 (3) 截至2025年6月30日止六個月的中期股息
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Management Discussion and Analysis
管理層討論及分析
We generated revenue primarily from the manufacture and sales of cosmetic products. Due to the successful multi-brand and multi-category layout of the Group, the revenue from the scientific anti-aging skincare brand KANS continued to grow, the revenue from the Chinese infants and children efficacy skincare brand newpage increased significantly year-on-year and ARMIYO, our efficacy skincare brand dedicated to sensitive skin achieved a breakthrough growth. Revenue of the Group in 2025 increased by 35.1% to RMB9,177.8 million compared to RMB6,792.5 million in 2024.
我們的收入主要來自化妝品生產及銷售。由於本集團多品牌、多品類的成功佈局，科學抗衰護膚品牌韓來收入持續增長，中國嬰童功效護膚品牌newpage一頁的收入同比大幅增長，以及專注敏感肌功效護膚品牌安敏優取得突破性增長，本集團的收入由2024年的人民幣6,792.5百萬元增加35.1%至2025年的人民幣9,177.8百萬元。
Year ended 31 December 截至12月31日止年度
| 2025 | 2024 | |||
|---|---|---|---|---|
| 2025年 | 2024年 | |||
| % of Revenue | % of Revenue | |||
| Amount | Amount | Amount | Amount | |
| 金額 | 收入佔比(%) | 金額 | 收入佔比(%) | |
| (RMB in millions, except percentages) |
（人民幣百萬元，百分比除外）
| KANS | 韓來 | 7,359.6 | 80.2 | 5,591.0 | 82.3 |
|---|---|---|---|---|---|
| newpage | newpage一頁 | 879.6 | 9.6 | 375.6 | 5.5 |
| Baby Elephant | 紅色小象 | 297.8 | 3.2 | 376.0 | 5.5 |
| ARMIYO | 安敏優 | 197.8 | 2.2 | 121.6 | 1.8 |
| Others Brands(Note) | 其他品牌(附註) | 443.0 | 4.8 | 328.3 | 4.9 |
| Total | 總計 | 9,177.8 | 100.0 | 6,792.5 | 100.0 |
Note: Other brands primarily consist of One Leaf, KYOCA, ATISER (聚光白) etc. 附註：其他品牌主要包括一葉子、極方、聚光白等。
The Group's revenue attributable to KANS increased by 31.6% from RMB5,591.0 million in 2024 to RMB7,359.6 million in 2025, primarily due to the overall upgrading of the KANS brand, and achieved rapid increase in revenue across all channels.
韓來應佔本集團的收入由2024年的人民幣5,591.0百萬元增加31.6%至2025年的人民幣7,359.6百萬元，主要是由於韓來品牌以護膚為核心，拓展男士、洗護、個護及彩妝領域獲得成功，在各渠道收入快速增長。
Annual Report 2025 年度報告 | 25
Management Discussion and Analysis
管理層討論及分析
Revenue attributable to the Group from newpage increased by 134.2% from RMB375.6 million in 2024 to RMB879.6 million in 2025, primarily due to the continued growth of newpage's flagship products, the successful expansion of new products, as well as rapid growth across all channels and overall brand sales.
Revenue attributable to the Group from Baby Elephant decreased by 20.8% from RMB376.0 million in 2024 to RMB297.8 million in 2025, primarily due to the brand's adjustment phase and reduced marketing expenditure.
Revenue attributable to the Group from ARMIYO increased by 62.7% from RMB121.6 million in 2024 to RMB197.8 million in 2025, primarily due to the rapid growth of our star product, the Redness-Relief BFS.
Revenue by sales channels
newpage一頁應佔本集團的收入由2024年的人民幣375.6百萬元增加134.2%至2025年的人民幣879.6百萬元，主要是由於newpage一頁系列明星產品持續增長、新產品成功拓展，及各個渠道和整體品牌銷量快速增長。
紅色小象應佔本集團的收入由2024年的人民幣376.0百萬元下滑20.8%至2025年的人民幣297.8百萬元，主要是由於品牌處於調整期，營銷投入下降。
安敏優應佔本集團的收入由2024年的人民幣121.6百萬元增加62.7%至2025年的人民幣197.8百萬元，主要由於明星單品修紅棒精華的快速增長。
按銷售渠道劃分的收入
Year ended 31 December 截至12月31日止年度
| 2025 | 2024 | |||
|---|---|---|---|---|
| 2025年 | 2024年 | |||
| Amount | % of Revenue Amount | Amount | % of Revenue Amount | |
| 金額 | 收入佔比(%) | 金額 | 收入佔比(%) | |
| (RMB in millions, except percentages) | ||||
| (人民幣百萬元，百分比除外) | ||||
| Online Channels | 線上渠道 | 8,618.1 | 93.9 | 6,149.7 |
| Online direct sales | 線上自營 | 7,837.8 | 85.4 | 5,311.7 |
| Sales to Online Retailers | 線上零售商 | 696.6 | 7.6 | 539.9 |
| Sales to Online Distributors | 線上分銷商 | 83.7 | 0.9 | 298.1 |
| Offline Channels | 線下渠道 | 495.4 | 5.3 | 578.1 |
| Sales to Offline Retailers | 線下零售商 | 279.9 | 3.0 | 328.6 |
| Sales to Offline Distributors | 線下分銷商 | 215.5 | 2.3 | 249.5 |
| Others | 其他 | 64.3 | 0.8 | 64.7 |
| Total | 總計 | 9,177.8 | 100.0 | 6,792.5 |
The Group's revenue attributable to online direct sales increased by 47.6% from RMB5,311.7 million in 2024 to RMB7,837.8 million in 2025 primarily driven by the improvement of online self-operating ability, the sustained growth of KANS's brand and the rapid growth of newpage.
線上自營銷售應佔本集團的收入由2024年的人民幣5,311.7百萬元增加47.6%至2025年的人民幣7,837.8百萬元，主要是基於線上經營能力提升，歸來品牌持續增長，newpage一頁快速增長。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Management Discussion and Analysis
管理層討論及分析
The Group's revenue attributable to sales to online retailers increased by 29.0% from RMB539.9 million in 2024 to RMB696.6 million in 2025, primarily due to the increase in revenue generated by KANS and newpage from online retailers such as JD, Tmall Supermarket.
The Group's revenue attributable to sales to online distributors decreased by 71.9% from RMB298.1 million in 2024 to RMB83.7 million in 2025, primarily due to adjustments of our online sales strategies to enhance our online direct sales channel.
The Group's revenue attributable to sales to offline retailers decreased by 14.8% from RMB328.6 million in 2024 to RMB279.9 million in 2025, primarily due to the changes in consumption habits, which led to an adjustment in channel strategy.
The Group's revenue attributable to sales to offline distributors decreased by 13.6% from RMB249.5 million in 2024 to RMB215.5 million in 2025, primarily due to the optimization and adjustment of cooperation with offline distributors.
線上零售商銷售應佔本集團的收入由2024年的人民幣539.9百萬元增加29.0%至2025年的人民幣696.6百萬元，主要是由於韓東、newpage一頁在京東、天貓超市等線上零售商帶來的收入增加。
線上分銷商銷售應佔本集團的收入由2024年的人民幣298.1百萬元減少71.9%至2025年的人民幣83.7百萬元，主要是由於我們調整線上銷售策略以加強我們的線上自營銷售渠道。
線下零售商銷售應佔本集團的收入由2024年的人民幣328.6百萬元減少14.8%至2025年的人民幣279.9百萬元，主要是由於消費習慣改變，進而調整渠道策略。
線下分銷商銷售應佔本集團的收入由2024年的人民幣249.5百萬元減少13.6%至2025年的人民幣215.5百萬元，主要是由於線下分銷商合作優化調整。
Year ended 31 December 截至12月31日止年度
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| 2025年 | 2024年 | ||||
| % of Revenue Amount | Amount | % of Revenue Amount | |||
| 金額 | 收入佔比(%) | 金額 | 收入佔比(%) | ||
| (RMB in millions, except percentages) | |||||
| (人民幣百萬元，百分比除外) | |||||
| Skin Care | 護膚 | 7,288.9 | 79.4 | 5,921.6 | 87.2 |
| Maternity and childcare | 母嬰護理 | 1,177.8 | 12.8 | 766.7 | 11.3 |
| Others | 其他 | 711.1 | 7.8 | 104.2 | 1.5 |
| Total | 總計 | 9,177.8 | 100.0 | 6,792.5 | 100.0 |
The Group's revenue attributable to skin care increased by 23.1% from RMB5,921.6 million in 2024 to RMB7,288.9 million in 2025, primarily due to the increase in revenue generated from KANS.
護膚應佔本集團的收入由2024年的人民幣5,921.6百萬元增加23.1%至2025年的人民幣7,288.9百萬元，主要是由於韓東產生的收入增加所致。
Annual Report 2025 年度報告 | 27
Management Discussion and Analysis
管理層討論及分析
The Group's revenue attributable to maternity and childcare increased by 53.6% from RMB766.7 million in 2024 to RMB1,177.8 million in 2025, primarily due to the increase in revenue generated from newpage.
The Group's gross profit increased by 37.3% from RMB5,109.4 million in 2024 to RMB7,014.7 million in 2025. Our gross profit margins were 76.4% and 75.2% in 2025 and 2024, respectively, primarily due to the increase in the revenue share of online self-operated channels and the proportion of brands with mid-to-high end positioning increased.
The Group's other income and gains amounted to RMB333.2 million in 2025, compared with RMB251.2 million in 2024. This was mainly attributable to the fact that other income and gains primarily comprised interest income, changes in fair value, other income and subsidies.
The Group's selling and distribution expenses increased by 35.9% to RMB5,362.7 million in 2025 from RMB3,947.3 million in 2024.
Among which, the marketing and promotion expenses increased by 42.0% to RMB4,708.2 million in 2025 from RMB3,316.6 million in 2024, primarily due to increased brand exposure, seizure of new channel opportunities, increased brand building and channel construction investments. Employee benefits expenses in relation to distribution work increased by 73.8% to RMB590.1 million in 2025 from RMB339.6 million in 2024.
The Group's administrative expenses increased by 32.0% to RMB320.5 million in 2025 as compared to RMB242.8 million in 2024. Administrative expenses mainly comprised employee benefits expenses (including directors' emoluments) of RMB109.4 million, profession and consulting fees of RMB26.7 million, depreciation and amortisation charges of RMB50.8 million and office, utility expense of RMB96.6 million and others of RMB37.0 million in 2025.
The Group's R&D costs increased by 24.9% from RMB179.9 million in 2024 to RMB224.7 million in 2025, primarily due to the increase in R&D activities.
母嬰護理應佔本集團的收入由2024年的人民幣766.7百萬元增加53.6%至2025年的人民幣1,177.8百萬元，主要是由於newpage一頁產生的收入增加。
本集團的毛利由2024年的人民幣5,109.4百萬元增加37.3%至2025年的人民幣7,014.7百萬元。我們於2025年及2024年的毛利率分別為76.4%及75.2%，主要由於線上自營渠道收入佔比上升及定位中高端的品牌佔比提升。
本集團的其他收入及收益2025年為人民幣333.2百萬元，2024年為人民幣251.2百萬元。其他收入及收益主要系利息收入、公允價值變動、其他收入和補助。
本集團的銷售及分銷開支由2024年的人民幣3,947.3百萬元增加35.9%至2025年的人民幣5,362.7百萬元。
其中，營銷及推廣開支由2024年的人民幣3,316.6百萬元增加42.0%至2025年的人民幣4,708.2百萬元，主要是由於為提高品牌曝光度、把握新渠道機會，加大品牌建設及渠道建設投入所致。與分銷工作有關的僱員福利開支由2024年的人民幣339.6百萬元增加73.8%至2025年的人民幣590.1百萬元。
本集團的行政開支由2024年的人民幣242.8百萬元增加32.0%至2025年的人民幣320.5百萬元。2025年的行政開支主要包括僱員福利開支（包括董事酬金）人民幣109.4百萬元、專業及諮詢費人民幣26.7百萬元、折舊及攤銷開支人民幣50.8百萬元、辦公及能耗開支人民幣96.6百萬元及其他開支人民幣37.0百萬元。
本集團的研發成本由2024年的人民幣179.9百萬元增加24.9%至2025年的人民幣224.7百萬元，主要是由於研發活動增加。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Management Discussion and Analysis 管理層討論及分析
The Group's impairment losses on financial assets, net increased from the loss of RMB7.0 million in 2024 to RMB11.7 million in 2025, primarily due to the increase in provision for bad debts in respect of trade receivables.
The Group's other expenses decreased by 46.9% from RMB49.0 million in 2024 to RMB26.0 million in 2025, primarily due to the decrease of inventory impairment and scrap.
The Group's finance costs increased by 21.3% from RMB6.1 million in 2024 to RMB7.4 million in 2025, primarily due to the increase of lease liabilities and bank borrowings.
Income tax expense costs increased to RMB242.2 million in 2025 from RMB123.7 million in 2024.
In summary, our profit for the year was RMB1,154.2 million and RMB803.3 million in 2025 and 2024, respectively.
As at 31 December 2025, the Group's prepayment, other receivable and other assets were RMB1,291.7 million. Amount which the prepayments increased by 75.0% to RMB760.3 million as at 31 December 2025 from RMB434.5 million as at 31 December 2024, primarily due to increased marketing and promotion expenditures aimed at enhancing brand exposure and driving sales growth.
As of the date of this annual report, a substantial portion of the Group's prepayments, other receivables and other assets have been settled or utilized.
本集團的金融資產減值虧損淨額由2024年的虧損人民幣7.0百萬元增加至2025年的人民幣11.7百萬元，主要是由於應收賬款壞賬準備增加所致。
本集團的其他開支由2024年的人民幣49.0百萬元減少46.9%至2025年的人民幣26.0百萬元，主要是由於存貨減值及廢料減少。
本集團的財務成本由2024年的人民幣6.1百萬元增加21.3%至2025年的人民幣7.4百萬元，主要由於租賃負債及銀行借款增加。
所得稅開支成本由2024年的人民幣123.7百萬元增加至2025年的人民幣242.2百萬元。
綜上所述，我們於2025年及2024年的年內利潤分別為人民幣1,154.2百萬元及人民幣803.3百萬元。
截至2025年12月31日，本集團的預付款項、其他應收款項及其他資產合計為人民幣1,291.7百萬元。其中，預付款項由截至2024年12月31日的人民幣434.5百萬元增加75.0%至截至2025年12月31日的人民幣760.3百萬元，該增長主要由於為提升品牌曝光度及推動銷售增長而增加的營銷及推廣開支所致。
截至本年度報告日期，本集團大部分預付款項、其他應收款項及其他資產已結清或使用。
Annual Report 2025 年度報告 | 29
Management Discussion and Analysis
管理層討論及分析
Cash generated from operating activities of the Group in 2025 was approximately RMB1,205.2 million, compared with RMB547.0 million which were generated in 2024. As of 31 December 2025, the Group had cash and cash equivalents of approximately RMB802.3 million and external bank borrowings of approximately RMB290.1 million; whereas as at 31 December 2024, the Group had cash and cash equivalents of approximately RMB459.4 million and external bank borrowings of approximately RMB60.1 million.
In terms of gearing, the Group's debt to asset ratios (defined as total liabilities divided by total assets) in 2025 and 2024 were 42.1% and 37.9%, respectively. The current ratios of the Group (defined as current assets divided by current liabilities) as at 31 December 2025 and 31 December 2024 were 1.8 times and 1.8 times respectively. The Group's gearing ratios (defined as total interest-bearing bank borrowings and lease liabilities divided by total equity) in 2025 and in 2024 were 22.0% and 5.0%, respectively. As at 31 December 2025, the Group had no material contingent liabilities, other than those disclosed in its consolidated financial statements and the notes thereto. With the cash and bank balances in hand, the Group's liquidity position remains strong to meet its working capital requirements.
As at 31 December 2025, the Group's interest-bearing bank borrowings were RMB290.1 million, which comprised of bank loans (current) of RMB290.1 million at effective interest rates of 0.75% to 2.75% per annum. The Group's interest-bearing bank borrowings increased by 382.7% to RMB290.1 million as at 31 December 2025 from RMB60.1 million as at 31 December 2024, primarily due to the Group's business expansion and the proactive increase in cash reserves.
於2025年，經營活動所得現金約為人民幣1,205.2百萬元，而2024年經營活動所得現金為人民幣547.0百萬元。截至2025年12月31日，本集團有現金及現金等價物約人民幣802.3百萬元及外部銀行借款約人民幣290.1百萬元，而於2024年12月31日，本集團有現金及現金等價物約人民幣459.4百萬元及外部銀行借款約人民幣60.1百萬元。
資產負債方面，於2025年及2024年，本集團的資產負債率（界定為負債總額除以資產總額）分別為42.1%及37.9%。於2025年12月31日及2024年12月31日，本集團的流動比率（界定為流動資產除以流動負債）分別為1.8倍及1.8倍。於2025年及2024年，本集團的淨資產負債率（界定為計息銀行借款以及租賃負債總額除以權益總額）分別為22.0%及5.0%。於2025年12月31日，除於綜合財務報表及有關附註披露者外，本集團並無重大或然負債。憑藉所持有的現金及銀行結餘，本集團的流動資金狀況維持穩健，足以滿足其營運資金需求。
於2025年12月31日，本集團的計息銀行借款為人民幣290.1百萬元，包括按實際年利率0.75%-2.75%計息的銀行貸款（即期）人民幣290.1百萬元。本集團的計息銀行借款由2024年12月31日的人民幣60.1百萬元增加382.7%至2025年12月31日的人民幣290.1百萬元，主要由於本集團業務擴張，主動增加了現金儲備。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Management Discussion and Analysis 管理層討論及分析
As at 31 December 2025, the Group did not have any secured bank borrowings. As at 31 December 2024, the Group did not have any secured bank borrowings.
As at 31 December 2025, the amount of the Group's pledged deposits were RMB7,112,000 (nil as at 31 December 2024).
On 17 April 2025, the Company, Shanghai Manli Industrial Co., Ltd.* (上海蠻力實業有限公司, "Shanghai Manli"), Guangzhou Lechuang Handle Cultural Industry Investment Partnership Enterprise (Limited Partnership)* (廣州樂創拉手文化產業投資合夥企業(有限合夥), "Guangzhou Lechuang"), Ms. Song Yang and Shanghai Qingdao Enterprise Management Co., Ltd.* (上海青道企業管理有限公司, "Shanghai Qingdao") (collectively, the "Parties") entered into the Joint Venture and Cooperation Agreement (as supplemented by a supplemental agreement dated the same date), pursuant to which the Parties agreed to form the Joint Venture whereby the Company contributed RMB5,100,000, Ms. Song Yang contributed RMB500,000 and Shanghai Qingdao contributed RMB500,000 in cash to the Joint Venture, accounting for 51%, 5% and 5% respectively of the total initial registered capital of the Joint Venture. As at the date of such announcement, Ms. Song Yang was our executive Director. Accordingly, the formation of the Joint Venture constituted a connected transaction of the Company under Chapter 14A of the Listing Rules. As the highest applicable percentage ratio in respect of the formation of the Joint Venture was more than 0.1% but less than 5%, the formation of the Joint Venture was only subject to the reporting and announcement requirements but exempt from the circular and independent shareholders' approval requirement under Chapter 14A of the Listing Rules. For further details, please refer to the Company's announcement on 17 April 2025.
於2025年12月31日，本集團並無任何有抵押銀行借款。於2024年12月31日，本集團並無任何有抵押銀行借款。
於2025年12月31日，本集團質押存款的金額為人民幣7,112,000元（於2024年12月31日為零）。
於2025年4月17日，本公司、上海蠻力實業有限公司（「上海蠻力」）、廣州樂創拉手文化產業投資合夥企業（有限合夥）（「廣州樂創」）、宋洋女士及上海青道企業管理有限公司（「上海青道」）（統稱「訂約方」）訂立合資合作協議（經同日的補充協議補充），據此，訂約方同意成立合資公司，而本公司、宋洋女士及上海青道以現金向合資公司分別出資人民幣5,100,000元、人民幣500,000元及人民幣500,000元，分別佔合資公司初始註冊資本總額的 51% 、 5% 及 5% 。於該公告日期，宋洋女士為我們的執行董事。因此，成立合資公司構成上市規則第十四A章項下本公司的關連交易。由於成立合資公司的最高適用百分比率超過 0.1% 但低於 5% ，成立合資公司僅須遵守上市規則第十四A章項下的申報及公告規定，惟獲豁免遵守通函及獨立股東批准規定。有關進一步詳情，請參閱本公司於2025年4月17日的公告。
Annual Report 2025 年度報告 | 31
Management Discussion and Analysis
管理層討論及分析
5
On 28 August 2025, the Company as the tenant entered into the Lease Agreements with Shanghai Tianyu Shihong Enterprise Development Co., Ltd.* (上海天宇寰宏企業發展有限公司), an Independent Third Party as the landlord, pursuant to which, the Company agreed to lease the premises (as defined in the announcement) from 16 February 2026 to 15 February 2035 (both days inclusive) for office and research purposes. As at the date of such announcement, since one or more than one of the applicable percentage ratios in respect of the Lease Agreements was more than 5% and below 25%, the Lease Agreements constitute a disclosable transaction of the Company, and was therefore subject to the notification and announcement requirement but exempt from the circular and Shareholders' approval requirements pursuant to Chapter 14 of the Listing Rules. For further details, please refer to the Company's announcement on 28 August 2025 and the supplemental announcement on 5 September 2025.
Save as disclosed herein, the Group did not have any significant investments, material acquisitions and disposals of subsidiaries, associates and joint ventures during the Reporting Period.
The Group's operations are mainly carried out in the PRC, with most transactions settled in Renminbi, and the reporting currency of the Group is Renminbi. The Group's subsidiaries in Hong Kong and overseas use local currencies as their functional currencies, including US dollar, Hong Kong dollar, Singapore dollar, Japanese yen, Indonesian Rupiah and Vietnamese Dong. The Group has a partial amount of cash and bank deposits denominated in US dollar, Hong Kong dollar, Singapore dollar, Japanese yen, Indonesian Rupiah and Vietnamese Dong. The Group continues to adopt a conservative approach in its foreign exchange exposure management. In 2025, the Group did not have a foreign currency hedging policy in respect of foreign currency transactions, assets and liabilities. The Group reviews its foreign exchange risks periodically and uses derivative financial instruments to hedge against such risks when necessary.
於2025年8月28日，本集團（作為租戶）已與獨立第三方上海天宇寰宏企業發展有限公司（作為業主）訂立租賃協議，據此，本集團同意租賃該物業（定義見公告），租期自2026年2月16日至2035年2月15日（包括首尾兩日），作辦公及研究用途。於該公告日期，由於有關租賃協議的一項或多項適用百分比率超過5%但低於25%，租賃協議構成本公司的須予披露交易，因而須遵守上市規則第十四章項下的申報及公告規定，惟獲豁免遵守通函及股東批准規定。有關進一步詳情，請參閱本公司於2025年8月28日的公告及於2025年9月5日的補充公告。
除本公告所披露外，於報告期內，本集團並無任何重大投資、重大收購及出售附屬公司、聯營公司及合營企業。
本集團主要在中國境內經營，大部分交易以人民幣結算，本集團的報告貨幣為人民幣。本集團在中國香港及海外的附屬公司分別以當地貨幣作為功能性貨幣，涉及美元、港元、新加坡元、日元、印度尼西亞盾及越南盾。本集團有部分現金及銀行存款以美元、港元、新加坡元、日元、印度尼西亞盾及越南盾計值。本集團繼續就外匯風險管理採取審慎政策。於2025年，本集團並無就外幣交易、資產及負債制定外幣對沖政策。本集團定期檢討其所承受的外匯風險，並於有需要時使用衍生金融工具對沖有關風險。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Biographical Details of Directors and Senior Management
董事及高級管理層之履歷詳情
Mr. Lyu Yixiong (呂義雄), aged 47, is our executive Director and chairman of the Board. Since our Company (previously known as Shanghai Kaka Cosmetic Co., Ltd. (上海卡卡化妝品有限公司)) was founded in June 2004, Mr. Lyu has been its chief executive officer, responsible for overall management of the Group. Mr. Lyu is also one of the Controlling Shareholders of the Group. Mr. Lyu holds positions in various subsidiaries of our Group, including:
| Name of subsidiary | Position held | Period of Appointment |
|---|---|---|
| 附屬公司名稱 | 擔任職位 | 委任期間 |
呂義雄先生，47歲，執行董事、董事長。呂先生自本公司（前稱上海卡卡化妝品有限公司）於2004年6月成立以來一直擔任其首席執行官，負責本集團的整體管理。呂先生亦為本集團其中一名控股股東。呂先生在本集團多家附屬公司擔任以下職位，包括：
| Shanghai Leading Investment Co., Ltd. 上海潮尚投資有限公司 | Legal representative and Executive director 法定代表人兼執行董事 | April 2016 – Present 2016年4月至今 | | --- | --- | --- | | Nippon Shuichi Cosmetics Co., Ltd. 日本秀一化妝品株式會社 | Representative director 代表取締役 | January 2019 – Present 2019年1月至今 | | Shanghai KPC Biotechnology Co., Ltd. 上海昆穎生物科技有限公司 | Legal representative and Chairman of the board 法定代表人兼董事長 | August 2020 – Present 2020年8月至今 |
Mr. Lyu completed the executive management education courses at Cheung Kong Graduate School of Business (長江商學院) in the PRC in November 2018.
呂先生於2018年11月修畢中國長江商學院的行政管理教育課程。
Annual Report 2025 年度報告 | 33
Biographical Details of Directors and Senior Management
董事及高級管理層之履歷詳情
Ms. Zhou Wei (周蔚), aged 55, is our executive Director. Ms. Zhou held the positions of deputy general manager and chief of staff at PROYA (a company listed on the Shanghai Stock Exchange (Stock code: 603605)), primarily responsible for its strategic management, operational management, human resources, as well as information and digital initiatives. Ms. Zhou joined our group in July 2025, and currently serves as the chief strategy officer of the Company.
Ms. Zhou obtained a master of business administration (MBA) from Asia International Open University (Macau)* (亞洲澳門國際公開大學) in 2008. In 1999, she was certified as an intermediate economist in Labor Economics* (勞動經濟中級經濟師) by the Ministry of Personnel of the People's Republic of China. In 2006, she obtained the Senior Professional Manager Certification* (高級職業經理人) issued by the same ministry. She is also an authorized certification instructor for Professional Dyna-Metric Programmes (China Region)* (美國PDP中國區授權認證導師).
Ms. Luo Yan (羅燕), aged 38, is our executive Director. Ms. Luo joined our Group in March 2012, and was once the Chief Operating Officer of the Group and is currently the vice president of the Group, responsible for the management and marketing of KANS influencer broadcasting and Baby Elephant.
周蔚女士，55歲，執行董事。周女士曾任珀萊雅（一家在上海證券交易所上市的公司（股票代碼：603605））的副總經理及總參謀長，主要負責其戰略管理、經營管理、人力資源以及信息數字化等領域方面的高層管理工作。周女士於2025年7月加入本集團，現任本公司首席戰略顧問。
周女士於2008年取得亞洲澳門國際公開大學工商管理碩士學位。1999年，彼獲中華人民共和國人事部認證的（勞動經濟）經濟師（中級）職稱。2006年，彼取得該部頒發的高級職業經理人證書。彼亦為美國PDP中國區授權認證導師。
羅燕女士，38歲，執行董事。羅女士於2012年3月加入本集團，曾任本集團首席運營官，現任本集團副總裁，負責韓東達播及紅色小童品牌管理及營銷。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Biographical Details of Directors and Senior Management
董事及高級管理層之履歷詳情
In addition, Ms. Luo currently holds directorship in various subsidiaries of the Group, primarily including serving as the executive director of Shanghai Zhongyi Daily Chemical Co., Ltd. (上海中翊日化有限公司) since December 2018, the executive director of Nippon Shuichi Cosmetics Co., Ltd. (日本秀一化妝品株式會社) since January 2019, the executive director of Shanghai Kans Cosmetic Sales Service Co., Ltd (上海韓東化妝品銷售服務有限公司) since January 2019, the executive director of Shanghai One Leaf Cosmetic Co., Ltd. (上海一葉子化妝品有限公司) since February 2019, the executive director of Shanghai Baby Elephant Cosmetic Co., Ltd. (上海紅色小象化妝品有限公司) since March 2019, the executive director of Shanghai Baby Elephant Cosmetic Sales Service Co., Ltd. (上海紅色小象化妝品銷售服務有限公司) since July 2019, the executive director of Shanghai Shumei Cosmetic Co., Ltd. (上海東美化妝品有限公司) since January 2021, and the executive director of Shanghai Kans Biotechnology Co., Ltd. (上海韓東生物科技有限公司) since March 2021.
Ms. Luo obtained a college degree in international trade and economics from Shanghai Lixin University of Accounting and Finance (上海立信會計金融學院) in the PRC in June 2020.
Mr. Feng Yifeng (馮一峰), aged 46, is our executive Director. Mr. Feng was a senior audit manager of PricewaterhouseCoopers Zhong Tian LLP (普華永遠中天會計師事務所), the chairman of the supervisory board of China National Accord Medicines Corporation (國藥集團一致藥業股份有限公司) (a company listed on the Shenzhen Stock Exchange (stock code: 000028)), the head of finance and asset management of Sinopharm Group Co., Ltd. (國藥控股股份有限公司) (a company listed on the Hong Kong Stock Exchange (stock code: 1099)), and the independent director of Yaojin (Shanghai) Private Equity Fund Management Co., Ltd. (曜金(上海)私募基金管理有限公司 (with the former name of Sinopharma-CICC (Shanghai) Private Equity Investment management Co., Ltd. (國藥中金(上海)私募股權投資管理有限公司)). Mr. Feng joined our Group in July 2016, and is currently the vice president and the chief financial officer of the Group, responsible for financial matters.
In addition, Mr. Feng had held or currently holds directorship in various subsidiaries of the Group. Mainly, Mr. Feng served as the director of Shanghai Yuzi Technology Co., Ltd. (上海魚子科技有限公司) from July 2020 to December 2023; had been serving as the director of Shanghai KPC Biotechnology Co., Ltd. (上海昆藥生物科技有限公司) since August 2020; and had been serving as the chairman of Shanghai Yiye Biotechnology Co., Ltd. (上海怡頁生物科技有限公司) since January 2022.
此外，羅女士現時在本集團多家附屬公司擔任董事職務，主要包括自2018年12月起擔任上海中翊日化有限公司的執行董事；自2019年1月起擔任日本秀一化妝品株式會社的執行董事；自2019年1月起擔任上海韓東化妝品銷售服務有限公司的執行董事；自2019年2月起擔任上海一葉子化妝品有限公司的執行董事；自2019年3月起擔任上海紅色小象化妝品有限公司的執行董事；自2019年7月起擔任上海紅色小象化妝品銷售服務有限公司的執行董事；自2021年1月起擔任上海東美化妝品有限公司的執行董事；以及自2021年3月起擔任上海韓東生物科技有限公司的執行董事。
羅女士於2020年6月取得上海立信會計金融學院國際貿易與經濟專科學歷。
馮一峰先生，46歲，執行董事。馮先生曾任普華永遠中天會計師事務所高級審計經理，國藥集團一致藥業股份有限公司（一家在深圳證券交易所上市的公司（股票代碼：000028））監事會主席，國藥控股股份有限公司（一家在香港聯交所上市的公司（股票代碼：1099））財務及資產管理部部長以及曜金（上海）私募基金管理有限公司（曾用名：國藥中金（上海）私募股權投資管理有限公司）的獨立董事。馮先生於2016年7月加入本集團，現任本集團副總裁兼首席財務官，負責財務相關工作。
此外，馮先生曾經或目前在本集團多家附屬公司擔任董事職務。主要包括，馮先生自2020年7月至2023年12月擔任上海魚子科技有限公司的董事；自2020年8月起擔任上海昆藥生物科技有限公司的董事；以及自2022年1月起擔任上海怡頁生物科技有限公司的董事長。
Annual Report 2025 年度報告 | 35
Biographical Details of Directors and Senior Management
董事及高級管理層之履歷詳情
Mr. Feng obtained a bachelor's degree in management from Shanghai University of Finance and Economics (上海財經大學) in the PRC in July 2001 and a Master of Business Administration from China Europe International Business School (中歐國際工商學院) in the PRC in October 2015. Mr. Feng was accredited as a certified public accountant (non-practicing) by the Chinese Institute of Certified Public Accountants (中國註冊會計師協會) and as a chartered certified accountant by the Association of Chartered Certified Accountants.
Ms. Song Yang (宋洋), aged 37, is our executive Director. Ms. Song joined our Group in December 2013, and was once the director of projects, the general manager of our global new product innovation center and the general manager of One Leaf brand division of our Group, and is currently the vice president of our Group, responsible for research and development, and product innovation of the Group.
Ms. Song currently serves as a director of various subsidiaries of the Group, mainly including a director of Shanghai Nanfeng Biotechnology Co., Ltd. (上海楠風生物科技有限公司) since March 2024 and the chairman of Shanghai Abeibei Commodities Co., Ltd. (上海阿貝貝日用品有限公司) since August 2024.
Ms. Song obtained a bachelor's degree in literature from Xianda College of Economics and Humanities, Shanghai International Studies University (上海外國語大學賢達經濟人文學院) in the PRC in July 2012.
馮先生於2001年7月取得中國上海財經大學的管理學學士學位，並於2015年10月取得中國中歐國際工商學院的工商管理碩士學位。馮先生獲中國註冊會計師協會認可為註冊會計師（非執業）及獲英國特許公認會計師公會認可為特許公認會計師。
宋洋女士，37歲，執行董事。宋女士於2013年12月加入本集團，曾任本集團項目總監、全球新品創新中心總經理、一葉子品牌事業部總經理，現任本集團副總裁，負責本集團研發及產品創新工作。
宋女士現時在本集團多家附屬公司擔任董事，主要包括自2024年3月起擔任上海楠風生物科技有限公司董事，以及自2024年8月起擔任上海阿貝貝日用品有限公司的董事長。
宋女士於2012年7月取得中國上海外國語大學賢達經濟人文學院的文學學士學位。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Biographical Details of Directors and Senior Management
董事及高級管理層之履歷詳情
Mr. Sun Hao (孫昊), aged 35, is our employee representative Director. Mr. Sun worked in Audit Department of Deloitte Touche Tohmatsu (Hong Kong office) and Advisory Practice of PricewaterhouseCoopers Limited in its Hong Kong office. Mr. Sun has been the executive director of Shanghai Premium Bright Global Capital Co. Ltd. (上海銘耀股權投資管理有限公司) from May 2017 to August 2025, primarily focusing on investments in consumer and retail sector.
Mr. Sun obtained a bachelor's degree in Business Economics from City University of Hong Kong in May 2013.
Mr. Leung Ho Sun Wilson, aged 46, is our independent non-executive Director. Mr. Leung has been appointed as Senior Advisor of Shanghai Everbright Law Firm since February 2024. Previously, Mr. Leung worked at Credit Suisse Group and Ernst & Young. Mr. Leung obtained a bachelor's degree in Business Administration (Accounting and Finance) from the University of Hong Kong in December 2002. Mr. Leung is also a member of the Hong Kong Institute of Certified Public Accountants.
Ms. Luo Yan (羅妍), aged 43, is our independent non-executive Director. Ms. Luo served as an associate professor at the School of Management at Fudan University (復旦大學), and is currently a professor at the School of Management at Fudan University. Ms. Luo has also been serving as an independent non-executive director of Shanghai CEO Technology Co., Ltd. (上海復潔環保科技股份有限公司) (a company listed on the Shanghai Stock Exchange (stock code: 688335)) since July 2021; an independent non-executive director of 3 Peak Incorporated (思瑞浦微電子科技(蘇州)股份有限公司) (a company listed on the Shanghai Stock Exchange (stock code: 688536)) from December 2019 to January 2025; an independent non-executive director of Soochow Securities Co., Ltd. (東吳證券股份有限公司) (a company listed on the Shanghai Stock Exchange (stock code: 601555)) since December 2023; and an independent non-executive director of Zibuyu Group Limited (a company listed on the Hong Kong Stock Exchange (stock code: 2420)) since March 2025.
孫昊先生，35歲，職工代表董事。孫先生曾就職於德勤·關菁陳方會計師行（香港辦事處）審計部、羅兵咸永道會計師事務所香港辦事處的諮詢業務部。2017年5月至2025年8月於上海銘耀股權投資管理有限公司任執行董事，主要專注於消費及零售分部投資。
孫先生於2013年5月取得香港城市大學商業經濟學學士學位。
梁浩新先生，46歲，獨立非執行董事。梁先生自2024年2月起擔任上海光大律師事務所的高級顧問。此前，梁先生曾在瑞士信貸銀行及安永會計師事務所工作。梁先生於2002年12月取得香港大學工商管理（會計及金融）學士學位。梁先生亦為香港會計師公會會員。
羅妍女士，43歲，獨立非執行董事。羅女士曾任復旦大學管理學院副教授，現任復旦大學管理學院教授。羅女士自2021年7月起擔任上海復潔環保科技股份有限公司（一家在上海證券交易所上市的公司（股票代碼：688335））的獨立非執行董事；自2019年12月至2025年1月擔任思瑞浦微電子科技（蘇州）股份有限公司（一家在上海證券交易所上市的公司（股票代碼：688536））獨立非執行董事；自2023年12月起擔任東吳證券股份有限公司（一家在上海證券交易所上市的公司（股票代碼：601555））的獨立非執行董事並自2025年3月起擔任子不請集團有限公司（一家在香港聯合交易所上市的公司（股票代碼：2420））的獨立非執行董事。
Annual Report 2025 年度報告 | 37
Biographical Details of Directors and Senior Management
董事及高級管理層之履歷詳情
A
Ms. Luo obtained a bachelor's degree in management from Shanghai University of Finance and Economics (上海財經大學) in the PRC in June 2005 and a doctorate degree in philosophy from the University of Hong Kong in November 2010. She was employed as a postdoctoral fellow at the School of Economics and Finance of the University of Hong Kong from November 2010 to February 2013.
Mr. Li Yang (李洋), aged 42. Mr. Li is an associate professor of marketing, the academic director of EMBA program, and the associate dean at Cheung Kong Graduate School of Business (長江商學院). He was previously an assistant professor of marketing at Cheung Kong Graduate School of Business (長江商學院). Mr. Li has been an independent non-executive director of 360 Ludashi Holdings Limited (a company listed on the Hong Kong Stock Exchange (stock code: 3601)) since June 2019; an independent non-executive director of Dr Corporation Limited (a company listed on the Shenzhen Stock Exchange (stock code: 301177)) from January 2020 to January 2026; an independent non-executive director of Westingarea Smart Supply Chain (Shanghai) Co., Ltd. (西域智慧供應鏈(上海)股份公司) since February 2022; and an independent non-executive director of Otor Technology Co., Ltd. (新天力科技股份有限公司) since July 2022.
Mr. Li obtained a bachelor's degree in electronics from Peking University in the PRC in 2005, a master's degree in biomedical engineering from Columbia University in the US in 2007, and a master's degree and a doctor degree in marketing from Columbia University in the US in 2012.
羅女士於2005年6月取得中國上海財經大學管理學學士學位，於2010年11月取得香港大學哲學博士學位。彼於2010年11月至2013年2月獲香港大學經濟金融學院聘任為博士後研究人員。
李洋先生，42歲。李先生為長江商學院市場營銷學副教授，EMBA課程學術主任，及長江商學院副院長。李先生曾任長江商學院市場營銷學助理教授。李先生自2019年6月起擔任360隻大師控股有限公司（一家在香港聯合交易所上市的公司（股票代碼：3601））的獨立非執行董事；2020年1月至2026年1月，擔任迪阿股份有限公司（一家在深圳證券交易所上市的公司（股票代碼：301177））的獨立非執行董事；2022年2月起，擔任西域智慧供應鏈（上海）股份公司的獨立非執行董事；2022年7月起，任新天力科技股份有限公司的獨立非執行董事。
李先生於2005年取得中國北京大學電子學學士學位，於2007年取得美國哥倫比亞大學生物醫學工程碩士學位，並於2012年取得美國哥倫比亞大學市場營銷碩士及博士學位。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Biographical Details of Directors and Senior Management
董事及高級管理層之履歷詳情
Mr. Lyu is our executive Director, chief executive officer and the chairman of the Board. See "Executive Directors" in this section for the biographical details of Mr. Lyu.
Ms. Luo Yan (羅燕) is our executive Director and vice president. See "Executive Directors" in this section for the biographical details of Ms. Luo.
Mr. Feng is our executive Director, vice president, and chief financial officer. See "Executive Directors" in this section for the biographical details of Mr. Feng.
Ms. Song is our executive Director and vice president. See "Executive Directors" in this section for the biographical details of Ms. Song.
Mr. Sun is our employee representative Director and secretary of the Board of Directors. See "Employee Representative Director" in this section for the biographical details of Mr. Sun.
呂先生為我們的執行董事、首席執行官兼董事長。有關呂先生的履歷詳情，請參閱本節「執行董事」。
羅燕女士為我們的執行董事兼副總裁。有關羅女士的履歷詳情，請參閱本節「執行董事」。
馮先生為我們的執行董事、副總裁兼首席財務官。有關馮先生的履歷詳情，請參閱本節「執行董事」。
宋女士為我們的執行董事兼副總裁。有關宋女士的履歷詳情，請參閱本節「執行董事」。
孫先生為我們的職工代表董事兼董事會秘書。有關孫先生的履歷詳情，請參閱本節「職工代表董事」。
Annual Report 2025 年度報告 | 39
Biographical Details of Directors and Senior Management
董事及高級管理層之履歷詳情
Mr. Li Kin Wai (李健威), has been appointed as the Joint Company Secretary of our Group since 21 December 2021 with his appointment taking effect on the Listing Date where he is responsible for company secretarial matters of the Group.
Mr. Li Kin Wai has over 10 years of experience in the corporate secretarial and compliance services field. He is a senior manager of Corporate Services of Tricor Services Limited, a global professional service provider. He currently serves as company secretary or joint company secretary for a number of Hong Kong listed companies.
Mr. Li Kin Wai is a Chartered Secretary and a Chartered Governance Professional. He is also an associate of both The Hong Kong Chartered Governance Institute (HKCGI) and the Chartered Governance Institute (CGI) in the United Kingdom.
李健威先生自2021年12月21日起獲委任為本集團聯席公司秘書，任期於上市日期起生效，負責本集團的公司秘書事務。
李健威先生於公司秘書及合規服務領域擁有逾10年經驗。彼為全球專業服務供應商卓佳專業商務有限公司的企業服務高級經理。彼目前擔任多家香港上市公司的公司秘書或聯席公司秘書。
李健威先生為特許秘書及特許企業管治專業人員。彼亦為香港公司治理公會（HKCGI）及英國特許公司治理公會（CGI）的會員。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
The board (the "Board") hereby presents this corporate governance report (the "Corporate Governance Report") in the Company's annual report for the year ended 31 December 2025.
Built on our vision, values and culture, we are committed to developing a positive corporate governance culture that allows employees across the Group to thrive, meet their full potential, and that enables our Company to deliver long-term sustainable growth and success.
我們致力以我們的願景、價值觀及文化為本，創建正面的企業管治文化，讓本集團員工發光發亮、盡展潛能，同時讓本公司實現長期可持續發展，並獲得成功。
The Board is committed to maintaining high corporate governance standards.
The Board believes that high corporate governance standards are essential in providing a framework for the Company to safeguard the interests of the shareholders of the Company (the "Shareholder(s)"), enhance corporate value, formulate its business strategies and policies, and enhance its transparency and accountability.
The Company has adopted the principles and code provisions of the Corporate Governance Code (the "CG Code") on the The Stock Exchange of Hong Kong Limited (the "Stock Exchange") as the basis of the Company's corporate governance practices.
董事會致力於保持高標準的企業管治。
董事會相信，高標準的企業管治乃為本公司提供框架以保障本公司股東(「股東」)權益、提升企業價值、制定其業務策略及政策以及提高其透明度及問責性所必需。
本公司已採納香港聯合交易所有限公司（「聯交所」）企業管治守則（「企業管治守則」）的原則及守則條文作為本公司的企業管治常規基準。
Annual Report 2025 年度報告 | 41
Corporate Governance Report
企業管治報告
For the year ended 31 December 2025, the Company has complied with all the applicable code provisions as set out in the CG Code, except for Code Provision C.2.1 described in the paragraph headed "Chairman and Chief Executive Officer". The Board will continue to review and monitor the code of corporate governance practices of the Company with an aim to maintaining a high standard of corporate governance.
The amendments to the CG Code came into effect on 1 July 2025 and the requirements under the new CG Code will apply to the corporate governance reports and annual reports of the Company for the financial years commencing on or after 1 July 2025. The Company will continue to review and enhance the corporate governance practices to ensure compliance with the new CG Code and align with the latest developments.
The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") contained in Appendix C3 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") as its code of conduct regarding dealings in the securities of the Company by the directors (the "Director(s)") and the supervisors of the Company (the "Supervisors") (during their tenure), and the Group's employees who, because of his/her office or employment, are likely to possess inside information in relation to the Group or the Company's securities. Specific enquiries have been made to all Directors and Supervisors (during their tenure) and the Directors and Supervisors (during their tenure) have confirmed that they have complied with the Model Code during the Reporting Period.
No incident of non-compliance of the Model Code by the employees was noted by the Company for the Reporting Period.
The Company is headed by an effective Board which assumes responsibility for its leadership and control and be collectively responsible for promoting the Company's success by directing and supervising the Company's affairs. Directors take decisions objectively in the best interests of the Company.
截至2025年12月31日止年度，本公司已遵守企業管治守則所載的所有適用守則條文，惟「董事長及首席執行官」一段所述的守則條文第C.2.1條除外。董事會將繼續檢討及監察本公司的企業管治常規守則，以維持高標準的企業管治。
企業管治守則的修訂已於2025年7月1日生效，新企業管治守則項下的規定將適用於本公司自2025年7月1日或之後開始的財政年度的企業管治報告及年度報告。本公司將持續檢討並提升企業管治常規，以確保符合新企業管治守則，並緊貼最新發展。
本公司已採納香港聯合交易所有限公司證券上市規則（「上市規則」）附錄C3所載上市發行人董事進行證券交易的標準守則（「標準守則」）作為有關董事（「董事」）及本公司監事（「監事」）（在任職期間）以及本集團僱員（因其職務或工作而可能掌握有關本集團或本公司證券的內幕消息）進行本公司證券交易的行為守則。本公司已向全體董事及監事（在任職期間）作出具體查詢，且董事及監事（在任職期間）已確認彼等於報告期內一直遵守標準守則。
於報告期內，本公司並無發現僱員違反標準守則的事件。
本公司由有效的董事會領導，董事會履行領導及監控責任，並透過帶領及監督本公司事務共同負責促進本公司的成功。董事應客觀地作出符合本公司最佳利益的決策。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
The Board has a balance of skills, experience and diversity of perspectives appropriate to the requirements of the Company's business and regularly reviews the contribution required from a Director to perform his responsibilities to the Company and whether the Director is spending sufficient time performing them that are commensurate with their role and the Board responsibilities. The Board includes a balanced composition of executive directors and non-executive directors (including independent non-executive directors) so that there is a strong independent element on the Board, which can effectively exercise independent judgement.
The composition of the Board as at the date of this annual report is as follows:
Mr. Lyu Yixiong (Chairman of the Board and chief executive officer) Ms. Zhou Wei (appointed on 25 September 2025) Ms. Luo Yan (羅燕女士) Mr. Feng Yifeng Ms. Song Yang
Mr. Sun Hao (appointed on 25 September 2025)
Mr. Leung Ho Sun Wilson Ms. Luo Yan (羅妍女士) Mr. Li Yang
The biographical information of the Directors is set out in the section headed "Biographical Details of Directors and Senior Management" on pages 33 to 40 of this annual report. Save as disclosed therein, there is no other relationships (including financial, business, family or other material/relevant relationship(s)) between the Board members and the Chief Executive Officer.
Regular Board meetings should be held at least four times a year involving active participation of the Directors, either in person or through electronic means of communication.
During the Reporting Period, the Board held five Board meetings.
本公司董事會成員於切合本公司業務所需之技能、經驗及多元觀點中取得平衡，並定期檢討董事就履行其對本公司的職責而須作出的貢獻以及董事是否付出足夠時間履行與其角色及董事會職責相稱的職責。董事會的執行董事及非執行董事（包括獨立非執行董事）組成均衡，使董事會可具備有力的獨立元素，有效作出獨立判斷。
於本年報日期，董事會的組成如下：
呂義雄先生（董事長兼首席執行官） 周蔚女士（於2025年9月25日委任） 羅燕女士 馮一峰先生 宋洋女士
孫昊先生（於2025年9月25日委任）
梁浩新先生 羅妍女士 李洋先生
董事履歷資料載於本年報第33至40頁的「董事及高級管理層之履歷詳情」一節。除該節所披露者外，董事會成員與首席執行官之間，概無任何其他關係（包括財務、業務、家族或其他重大／相關關係）。
董事會定期會議應每年至少舉行四次，董事親身出席，或透過電子通訊方法積極參與。
於報告期內，董事會舉行5次董事會會議。
Annual Report 2025 年度報告 | 43
Corporate Governance Report
企業管治報告
The attendance record of each Director during their respective tenure of office at the Board meeting of the Company held during the Reporting Period is set out in the table below:
各董事於各自任期内出席本公司於報告期内舉行的董事會會議的記錄載於下表：
| Name of Director | 董事姓名 | Attendance/Number of Board Meetings 出席次數／董事會會議次數 | | --- | --- | --- | | Executive Directors | 執行董事 | | | Mr. Lyu Yixiong | 呂義雄先生 | 5/5 | | Ms. Zhou Wei (appointed on 25 September 2025) | 周蔚女士（於2025年9月25日委任） | 0/5 | | Ms. Luo Yan (羅燕女士) | 羅燕女士 | 5/5 | | Mr. Feng Yifeng | 馮一峰先生 | 5/5 | | Ms. Song Yang | 宋洋女士 | 5/5 | | Non-executive Directors | 非執行董事 | | | Ms. Li Hanqiong (resigned on 28 August 2025) | 李寒窮女士（於2025年8月28日辭任） | 4/5 | | Mr. Sun Hao (resigned on 25 September 2025) | 孫昊先生（於2025年9月25日辭任） | 5/5 | | Employee Representative Director | 職工代表董事 | | | Mr. Sun Hao (appointed on 25 September 2025) | 孫昊先生（於2025年9月25日委任） | 0/5 | | Independent Non-executive Directors | 獨立非執行董事 | | | Mr. Leung Ho Sun Wilson | 梁浩新先生 | 5/5 | | Ms. Luo Yan (羅妍女士) | 羅妍女士 | 5/5 | | Mr. Li Yang | 李洋先生 | 5/5 |
During the Reporting Period, three general meetings were held and the attendance record of each Director is set out in the table below:
於報告期内，已舉行3次股東會且各董事的出席記錄載於下表：
| Name of Director | 董事姓名 | Attendance/Number of general meeting(s) 出席次數／股東會次數 | | --- | --- | --- | | Executive Directors | 執行董事 | | | Mr. Lyu Yixiong | 呂義雄先生 | 3/3 | | Ms. Zhou Wei (appointed on 25 September 2025) | 周蔚女士（於2025年9月25日委任） | 1/3 | | Ms. Luo Yan (羅燕女士) | 羅燕女士 | 3/3 | | Mr. Feng Yifeng | 馮一峰先生 | 3/3 | | Ms. Song Yang | 宋洋女士 | 3/3 | | Non-executive Directors | 非執行董事 | | | Ms. Li Hanqiong (resigned on 28 August 2025) | 李寒窮女士（於2025年8月28日辭任） | 2/3 | | Mr. Sun Hao (resigned on 25 September 2025) | 孫昊先生（於2025年9月25日辭任） | 2/3 | | Employee Representative Director | 職工代表董事 | | | Mr. Sun Hao (appointed on 25 September 2025) | 孫昊先生（於2025年9月25日委任） | 1/3 | | Independent Non-executive Directors | 獨立非執行董事 | | | Mr. Leung Ho Sun Wilson | 梁浩新先生 | 3/3 | | Ms. Luo Yan (羅妍女士) | 羅妍女士 | 3/3 | | Mr. Li Yang | 李洋先生 | 3/3 |
Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
The Board should assume responsibility for leadership and control of the Company; and is collectively responsible for directing and supervising the Company's affairs.
The Board directly, and indirectly through its committees, leads and provides direction to management by laying down strategies and overseeing their implementation, monitors the Group's operational and financial performance, and ensures that sound corporate governance, internal control and risk management systems are in place.
All Directors, including non-executive Directors and independent non-executive Directors, have brought a wide spectrum of valuable business experience, knowledge and professionalism to the Board for its efficient and effective functioning. The independent non-executive Directors are responsible for ensuring a high standard of regulatory reporting of the Company and providing a balance in the Board for bringing effective independent judgement on corporate actions and operations.
All Directors have full and timely access to all the information of the Company and may, upon request, seek independent professional advice in appropriate circumstances, at the Company's expenses for discharging their duties to the Company.
The Directors shall disclose to the Company details of other offices held by them.
The Board reserves for its decision of all major matters relating to policy matters, strategies and budgets, internal control and risk management, material transactions (in particular those that may involve conflict of interests), financial information, appointment of Directors and other significant operational matters of the Company. Responsibilities relating to implementing decisions of the Board, directing and coordinating the daily operation and management of the Company are delegated to the management.
The Company has arranged appropriate insurance coverage on Directors', Supervisors' (during their tenure) and senior management's liabilities in respect of any legal actions taken against Directors, Supervisors (during their tenure) and senior management arising out of corporate activities.
董事會應承擔領導及監控本公司之責任；以及集體負責指導及監管本公司之事務。
董事會直接及間接透過其委員會，帶領並提供指導予管理層，制定策略及監察其實施、監察本集團之營運及財務表現，以及確保設有良好之企業管治、內部監控及風險管理系統。
全體董事（包括非執行董事及獨立非執行董事）擁有廣泛的寶貴業務經驗、知識及專業精神，有助於董事會高效及有效運作。獨立非執行董事負責確保本公司之高標準監管報告，並在董事會中提供平衡，以就企業行動和營運提出有效之獨立判斷。
全體董事均可全面並及時取得本公司所有資料以及可應要求在適當情況下尋求獨立專業意見，以向本公司履行其職責，費用由本公司承擔。
董事須向本公司披露彼等擔任之其他職務之詳情。
董事會保留有關政策事宜、策略及預算、內部監控及風險管理、重大交易（特別是可能涉及利益衝突者）、財務資料、委任董事及本公司其他重大營運事宜之所有重要事項之決定權。有關執行董事會決策、指導及協調本公司日常營運及管理之職責轉授予管理層。
本公司已就因公司活動而產生針對董事、監事（在任職期間）及高級管理層之任何法律行動為董事、監事（在任職期間）及高級管理層安排適當的責任保險。
Annual Report 2025 年度報告 | 45
Corporate Governance Report
企業管治報告
2016
Code Provision C.2.1 of the CG Code states that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual. Mr. Lyu Yixiong is both the chairman of the Board and the chief executive officer of the Company. Notwithstanding the deviation from Code Provision C.2.1 of the CG Code, given Mr. Lyu Yixiong's extensive knowledge and experience of the Group's business, the Board considers that vesting the roles of both chairman of the Board and chief executive officer of the Company in the same person brings the benefit of ensuring consistent leadership within the Group and enabling more effective and efficient overall strategic planning for the Group. The Board believes that the balance of power and authority for the present arrangement will not be impaired and this structure will enable the Company to make and implement decisions promptly and efficiently.
The Board will nevertheless continue to review the structure from time to time and consider the appropriate move to take when appropriate.
During the Reporting Period, the Board at all times met the requirements of the Listing Rules relating to the appointment of at least three independent non-executive Directors representing one-third of the Board with one of whom possessing appropriate professional qualifications or accounting or related financial management expertise.
The Company has received written annual confirmation from each of the independent non-executive Directors in respect of his/her independence in accordance with the independence guidelines set out in Rule 3.13 of the Listing Rules. The Company is of the view that all independent non-executive Directors are independent.
The Company has established a Board Independence Evaluation Mechanism which sets out the processes and procedures to ensure a strong independent element on the Board, and allows the Board effectively exercises independent judgment to better safeguard Shareholders' interests.
The objectives of the evaluation are to improve Board effectiveness, maximise strengths, and identify the areas that need improvement or further development. The evaluation process also clarifies what actions of the Company need to be taken to maintain and improve the Board performance, for instance, addressing individual training and development needs of each Director.
企業管治守則的守則條文C.2.1列明董事長與首席執行官的角色應有區分，不應由一人同時兼任。呂義雄先生兼任本公司董事長及首席執行官。儘管與企業管治守則的守則條文C.2.1有所偏離，惟鑒於呂義雄先生對本集團業務擁有豐富知識及經驗，董事會認為，本公司董事長及首席執行官的角色由一人同時兼任有利於確保本集團內部的領導一致，並為本集團實現更有效及更有效率的整體策略規劃。董事會相信，現時安排下的權力與權限平衡不會受到損害，而此架構將使本公司能夠迅速有效地作出決策並予以執行。
儘管如此，董事會將繼續不時檢討有關架構，並考慮在適當時採取適當舉措。
於報告期內，董事會一直遵守上市規則有關委任至少三名獨立非執行董事（佔董事會成員人數至少三分之一）而其中至少一名獨立非執行董事具備適當的專業資格或會計或相關財務管理的專長之規定。
本公司已收取各獨立非執行董事根據上市規則第3.13條所載獨立性指引就其獨立性發出的年度書面確認函。本公司認為，全體獨立非執行董事均屬獨立。
本公司已制定董事會獨立性評估機制（其中載列確保董事會具有強大的獨立元素的過程及程序），使董事會能夠有效地行使獨立判斷力，更好地維護股東權益。
評估旨在提升董事會效率、最大限度地發揮優勢，並確定需要改進或進一步發展的領域。評估過程亦澄清本公司須採取以維持並提升董事會表現的行動，如針對各董事的個人培訓及發展需求。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
Pursuant to the Board Independence Evaluation Mechanism, the Board had conducted annual review on its independence during the Reporting Period.
Under the articles of association of the Company (the “Articles” or “Articles of Association”), Directors (including non-executive Directors) shall be elected or replaced at the general meeting with a term of three years. The term of office of a director shall be from the date of his appointment until the expiration of the term of office of the current board of directors. Each of the current Directors have been appointed on the following dates:
| Directors | Appointment Date |
|---|---|
| 董事 | 委任日期 |
執行董事
Ms. Zhou Wei
25 September 2025
周蔚女士
2025年9月25日
職工代表董事
Mr. Sun Hao
25 September 2025
孫昊先生
2025年9月25日
Annual Report 2025 年度報告 | 47
Corporate Governance Report
企業管治報告
A Director may serve consecutive terms if re-elected upon the expiry of his/her term. A Director shall continue to perform his duties in accordance with the laws, administrative regulations, department rules, Listing Rules and Articles until a duly re-elected director takes office, if re-election is not conducted in a timely manner upon the expiry of his term of office, or if the resignation of directors results in the number of directors being less than the quorum. The Articles also provides that each Director appointed to fill a casual vacancy or as addition to the Board shall hold office until the first general meeting after his/her appointment. The retiring Directors shall be eligible for re-election.
Each of the executive Directors, non-executive Directors, independent non-executive Directors and Supervisors (during their tenure) has entered into a service contract or appointment letter with the Company with a specific term. Such service contracts are for a term commencing from the date of appointment to the expiry of the current session of the Board.
Directors shall keep abreast of regulatory developments and changes in order to effectively perform their responsibilities and to ensure that their contribution to the Board remains informed and relevant.
Every newly appointed Director has received a formal and comprehensive induction on the first occasion of his/her appointment to ensure appropriate understanding of the business and operations of the Company and full awareness of Director's responsibilities and obligations under the Listing Rules and relevant statutory requirements. Such induction shall be supplemented by visits to the Company and meetings with senior management of the Company.
Directors should participate in appropriate continuous professional development to develop and refresh their knowledge and skills. Internally-facilitated briefings for Directors would be arranged and reading material on relevant topics would be provided to Directors where appropriate.
All Directors are encouraged to attend relevant training courses at the Company's expenses.
董事任期屆滿可以重選連任。若於其任期屆滿前未及時進行重選，或若董事的離任導致董事數目少於法定人數，則董事須繼續依照法律、行政法規、部門規章、上市規則及公司章程履行其職責，直至正式膺選連任的董事接任為止。公司章程亦規定，獲委任以填補臨時空缺或加入董事會的各董事將任職至其獲委任後的首次股東會。退任董事可應選連任。
執行董事、非執行董事、獨立非執行董事及監事（在任職期間）均已與本公司訂立指定期限的服務合同或委任函。有關服務合同期限自委任日期起計至本屆董事會任期屆滿為止。
董事須掌握監管發展及動向以有效履行彼等的職責，從而確保彼等在具備全面資訊及切合所需情況下對董事會作出貢獻。
每名新委任董事於首次獲委任時已接受正式及全面的培訓，以確保其適當掌握本公司業務及營運，並完全知悉其根據上市規則及相關法律規定須承擔的董事職責及義務。此等培訓將以參觀本公司並與本公司的高級管理層會面輔助進行。
董事應持續參與適當的專業發展以建立及更新自身的知識及技能。本公司將在適當情況下為董事安排內部簡介會及向董事發出相關主題的閱讀材料。
本公司鼓勵所有董事出席相關培訓課程，費用由本公司承擔。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
During the Reporting Period, the Company organized all Directors to continuously learn regulatory information related to Directors' duties and responsibilities. In addition, relevant reading materials covering Directors' duties and responsibilities have been provided to the Directors for their reference and studying.
During the Reporting Period, the training records of the Directors are summarized as follows:
於報告期內，本公司組織全體董事持續學習與董事職責與責任等相關的監管資訊。此外，本公司向董事提供涵蓋董事職責與責任的相關閱讀材料以供彼等參考及學習。
於報告期內，董事接受的培訓記錄概述如下：
| Directors | 董事 | Type of Training^{Note} 培訓類型^{附註} | | --- | --- | --- | | Executive Directors | 執行董事 | | | Mr. Lyu Yixiong | 呂義雄先生 | A, B | | Ms. Zhou Wei | 周蔚女士 | A, B | | Ms. Luo Yan (羅燕女士) | 羅燕女士 | A, B | | Mr. Feng Yifeng | 馮一峰先生 | A, B | | Ms. Song Yang | 宋洋女士 | A, B | | Employee Representative Director | 職工代表董事 | | | Mr. Sun Hao | 孫昊先生 | A, B | | Independent Non-executive Directors | 獨立非執行董事 | | | Mr. Leung Ho Sun Wilson | 梁浩新先生 | A, B, C | | Ms. Luo Yan (羅妍女士) | 羅妍女士 | A, B | | Mr. Li Yang | 李洋先生 | A, B, C, E |
Note:
附註：
Types of Training
培訓類型
A. Reading articles and journals on the latest listing rules and regulations, the duties, responsibilities and businesses of directors, and industry developments, etc. B. Obtaining learning resources related to new listing rules and regulations, the duties, responsibilities and businesses of directors, and industry developments, etc. through the Internet C. Attending seminars/conferences/forums/study workshops D. Giving a speech at seminars/conferences/forums/study workshops E. Attending internal training on ongoing compliance responsibilities, corporate governance and other relevant topics
A. 閱讀有關最新之上市規則和條例，董事職責和業務及行業發展等的文章及期刊 B. 透過網絡獲取與新上市規則和條例，董事職責和業務及行業發展等相關學習資源 C. 參加研討會／會議／論壇／學習坊 D. 於研討會／會議／論壇／學習坊發表演講 E. 參加有關持續合規責任，公司治理和其他相關主題的內部培訓
Annual Report 2025 年度報告 | 49
Corporate Governance Report
企業管治報告
The Board has established three committees, namely, the Audit Committee, Remuneration and Appraisal Committee and Nomination Committee, for overseeing particular aspects of the Company's affairs. All Board committees of the Company are established with specific written terms of reference which deal clearly with their authority and duties. The terms of reference of the Audit Committee, Remuneration and Appraisal Committee and Nomination Committee are published on the Company's website and the Stock Exchange's website and are available to Shareholders upon request.
The Audit Committee consists of three members, namely Mr. Leung Ho Sun Wilson, Ms. Luo Yan (羅妍女士) and Mr. Li Yang. All Audit Committee members are independent non-executive Directors. Mr. Leung Ho Sun Wilson is the chairman of the Audit Committee.
The terms of reference of the Audit Committee are of no less exacting terms than those set out in the Corporate Governance Code and the PRC laws. The primary responsibilities of the Audit Committee are to review the financial position of the Company, review the financial information of the Company, make judgments on the authenticity, completeness and accuracy of the financial information, and check the implementation and effectiveness of the internal control system. The primary responsibilities of the Audit Committee are (a) to make recommendations to the Board on the appointment, replacement and removal of the external auditor, to consider and approve the remuneration and terms of engagement of the external auditor, and any questions of its resignation or dismissal; (b) to review and monitor the external auditor's independence and objectivity and the effectiveness of the audit process in accordance with applicable standards. The Audit Committee shall discuss with the external auditors the nature and scope of the audit and reporting obligations before the audit commences; (c) to develop and implement policy on engaging an external auditor to provide non-audit services; (d) to monitor internal audit system of the Company and ensure the implementation of such systems; (e) to facilitate communications between the internal audit department and external auditors; (f) to review the financial information and relevant disclosures of the Company; and (g) to monitor the Company in respect of financial reporting system, risk management and internal controls system. The Audit Committee shall report to the Board on its work.
董事會已成立三個委員會，即審計委員會、薪酬與考核委員會及提名委員會，以監管本公司事務的特定方面。本公司所有董事委員會均已制訂具體的書面職權範圍，列明其權利及職責。審計委員會、薪酬與考核委員會及提名委員會的職權範圍刊登於本公司網站及聯交所網站，並可應要求時供股東查閱。
審計委員會由三名成員組成，即梁浩新先生、羅妍女士及李洋先生。所有審計委員會成員均為獨立非執行董事。梁浩新先生為審計委員會主席。
審計委員會的職權範圍不遜於企業管治守則及中國法律所載條款。審計委員會的主要職責為檢討本公司財務狀況、審閱本公司的財務資料、就財務信息的真實性、完整性及準確性作出判斷、檢查內部監控制度的執行及效果。審計委員會的主要職責為(a)就外聘核數師的委任、撤換及罷免向董事會提供建議、審議及批准外聘核數師的薪酬及聘用條款，以及處理任何有關外聘核數師辭任或解僱問題；(b)按適用的標準檢討及監察外聘核數師是否獨立客觀及核數程序是否有效。審計委員會應於核數工作開始前，先與外聘核數師討論核數工作的性質及範疇以及有關申報責任；(c)就聘用外聘核數師提供非核數服務制定及執行政策；(d)監察本公司的內部審計制度並確保執行有關制度；(e)促進內部審計部門與外聘核數師之間的溝通；(f)審閱本公司的財務資料及相關披露事項；及(g)監察本公司的財務申報制度、風險管理及內部監控制度。審計委員會應向董事會匯報其工作。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
During the Reporting Period, the Audit Committee has reviewed the annual results for the year ended 31 December 2024 and the interim results for the six months ended 30 June 2025, and reviewed the internal systems including financial reporting system, risk management, internal control systems and Anti-Corruption, Whistle-blowing and Rewarding System. The Audit Committee also assessed its own performance, its working rules and the composition of its members, and confirmed that the Company had complied with applicable laws and regulatory requirements such as the Corporate Governance Code and the Listing Rules.
During the Reporting Period, the Audit Committee met with the external auditors twice to discuss audit issues.
During the Reporting Period, two Audit Committee meetings were held and the attendance record of the Audit Committee member is set out in the table below:
報告期內，審計委員會已審閱截至2024年12月31日止年度的年度業績和截至2025年6月30日止六個月的中期業績，並已審閱財務匯報制度、風險管理、內部監控系統、反舞弊舉報獎勵制度等內部制度。審計委員會亦評估了其自身表現、工作細則及成員的組成，及確認本公司已遵守《企業管治守則》、《上市規則》等適用法律及監管規定。
於報告期內，審計委員會與外聘核數師進行兩次會議以商討審計事項。
於報告期內，已舉行2次審計委員會會議且審計委員會成員的出席記錄載於下表：
| Name of Director | 董事姓名 | Attendance/Number of meeting(s)出席次數／會議次數 |
|---|---|---|
| Mr. Leung Ho Sun Wilson (Chairman) | 梁浩新先生 (主席) | 2/2 |
| Ms. Luo Yan (羅妍女士) | 羅妍女士 | 2/2 |
| Mr. Li Yang | 李洋先生 | 2/2 |
The Remuneration and Appraisal Committee consists of three members, namely Mr. Lyu Yixiong (executive Director), Ms. Luo Yan (羅妍女士) (independent non-executive Director) and Mr. Li Yang (independent non-executive Director). Ms. Luo Yan is the chairman of the Remuneration and Appraisal Committee.
薪酬與考核委員會由三名董事組成，即呂義雄先生（執行董事）、羅妍女士（獨立非執行董事）及李洋先生（獨立非執行董事）。羅妍女士為薪酬與考核委員會主席。
Annual Report 2025 年度報告 | 51
Corporate Governance Report
企業管治報告
The terms of reference of the Remuneration and Appraisal Committee are of no less exacting terms than those set out in the Corporate Governance Code and the PRC laws. The primary functions of the Remuneration and Appraisal Committee include (a) to make recommendations to the Board on our Company's remuneration policy and structure for all Directors, Supervisors and senior management, and on the establishment of a formal and transparent procedure for developing the remuneration policy; (b) to review and approve the remuneration proposals of senior management with reference to the Board's corporate goals and objectives; (c) to make recommendations to the Board on the remuneration packages of the executive Director and senior management or to determine, with delegated responsibility, the remuneration packages of the executive Director and senior management. The remuneration packages shall include benefits in kind, pension rights and compensation payments (including compensation for loss or termination of their office or appointment); (d) to make recommendations to the Board on the remuneration of non-executive Directors; (e) to consider salaries paid by comparable companies, time commitment and responsibilities and employment conditions elsewhere in our Group; (f) to review and approve the compensation payable to the executive Director and senior management for their loss or termination of office or appointment to ensure that such compensation is consistent with the contractual terms and is otherwise fair and not excessive; (g) to review and approve the compensation arrangements relating to dismissal or removal of the Directors for misconduct to ensure that such compensation is consistent with the contractual terms and is otherwise fair and not excessive; and (h) to ensure that no Director or any of his associates is involved in deciding his own remuneration.
The following is a summary of work performed by the Remuneration and Appraisal Committee during the Reporting Period: (a) reviewed and made recommendations to the Board on the remuneration package of the Directors and senior management; (b) reviewed and made recommendations to the Board on the Company's policy and structure for the remuneration of the Directors and senior management; (c) reviewed the performance of duties of Directors and senior management of the Company; and (d) made recommendations to the Board on the remuneration packages of new Director.
薪酬與考核委員會的職權範圍不遜於企業管治守則及中國法律所載條款。薪酬與考核委員會的主要職能包括：(a)就本公司全體董事、監事及高級管理層的薪酬政策及架構以及就設立正規而具透明度的程序制定薪酬政策，向董事會提出建議；(b)參考董事會所訂的企業方針及目標而檢討及批准高級管理層的薪酬建議；(c)就執行董事及高級管理層的薪酬待遇向董事會提出建議，或按指定責任，釐定執行董事及高級管理層的薪酬待遇。薪酬待遇應包括實物福利、退休金權利及賠償金額（包括喪失或終止職務或任命的賠償）；(d)就非執行董事的薪酬向董事會提出建議；(e)考慮同類公司支付的薪酬、須付出的時間及職責以及本集團內其他職位的僱用條件；(f)檢討及批准向執行董事及高級管理層就其喪失或終止職務或任命而須支付的賠償，以確保該等賠償與合約條款一致；若未能與合約條款一致，有關賠償亦須公平合理，不致過多；(g)檢討及批准因董事行為失當而解僱或罷免有關董事所涉及的賠償安排，以確保該等賠償與合約條款一致；若未能與合約條款一致，有關賠償亦須公平合理，不致過多；及(h)確保任何董事或其任何聯繫人不得參與釐定其本身的薪酬。
以下為薪酬與考核委員會於報告期內的工作概要：(a)檢討董事及高級管理層的薪酬待遇並向董事會作出建議；(b)檢討本公司董事及高級管理層的薪酬政策及架構並向董事會作出建議；(c)檢討本公司董事及高級管理層履行職責的情況；及(d)就新董事的薪酬待遇向董事會作出建議。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
The remuneration of the Directors, Supervisors (during their tenure) and senior management of the Company, whose biographical details are included in section headed "Biographical Details of Directors and Senior Management" of this annual report, for the year ended 31 December 2025 falls within the following bands:
截至2025年12月31日止年度，本公司董事、監事（在任職期間）及高級管理層的薪酬於以下範圍內，其履歷詳情載於本年度報告「董事及高級管理層之履歷詳情」一節：
| Remuneration (HKD) | 薪酬(港元) | Number of Individuals 人數 |
|---|---|---|
| 0-500,000 | 0至500,000 | 6 |
| 500,001-1,000,000 | 500,001至1,000,000 | 2 |
| 1,000,001-2,000,000 | 1,000,001至2,000,000 | 5 |
The Company's remuneration policy is to ensure that the remuneration offered to the Directors, Supervisors (during their tenure) and senior management, is based on skill, knowledge, responsibilities and involvement in the Company's affairs. The remuneration and compensation packages of the Directors, Supervisors (during their tenure) and senior management are also determined with reference to account salaries paid by comparable companies, time commitment and responsibilities of the Directors and Supervisors (during their tenure) and the performance of the Group. The remuneration for the Directors and Supervisors (during their tenure) comprises fees, salaries, allowances, benefits in kind, performance-related bonuses, equity-settled share-based compensation expense and pension scheme contributions. Non-executive Directors and Independent Non-executive Directors shall not receive options and awards to be granted under the Company's share option scheme and share award scheme. Individual Directors and senior management have not been involved in deciding their own remuneration.
During the Reporting Period, three Remuneration and Appraisal Committee meetings were held and the attendance record of the Remuneration and Appraisal Committee member is set out in the table below:
本公司的薪酬政策確保董事、監事（在任職期間）及高級管理層的薪酬乃根據技能、知識、對本公司事務的責任及投入程度而釐定。董事、監事（在任職期間）及高級管理層的薪酬及薪酬待遇亦經參考可資比較公司支付的薪金、董事及監事（在任職期間）所付出的時間及承擔的責任以及本集團的表現而釐定。董事及監事（在任職期間）的薪酬包括袍金、薪金、津貼、實物福利、表現相關花紅、以權益結算股份為基礎的薪酬開支及退休金計劃供款。非執行董事及獨立非執行董事將不會根據本公司的購股權計劃及股份獎勵計劃獲授予購股權及獎勵。個別董事及高級管理層不可參與釐定彼等本身的薪酬。
於報告期內，已舉行3次薪酬與考核委員會會議且薪酬與考核委員會成員的出席記錄載於下表：
| Name of Director | 董事姓名 | Attendance/Number of meeting(s) 出席次數／會議次數 |
|---|---|---|
| Ms. Luo Yan (羅妍女士) (Chairman) | 羅妍女士(主席) | 3/3 |
| Mr. Lyu Yixiong | 呂義雄先生 | 3/3 |
| Mr. Li Yang | 李洋先生 | 3/3 |
Annual Report 2025 年度報告 | 53
Corporate Governance Report
企業管治報告
The Nomination Committee consists of three members, namely Mr. Lyu Yixiong (executive Director), Ms. Luo Yan (羅研女士) (independent non-executive Director) and Mr. Li Yang (independent non-executive Director). Mr. Lyu Yixiong is the chairman of the Nomination Committee.
The terms of reference of the Nomination Committee are of no less exacting terms than those set out in the Corporate Governance Code and the PRC laws. The principal duties of the Nomination Committee include (a) to review the structure, size and composition of the Board (including the skills, knowledge and experience) at least annually and make recommendations on any proposed changes to the Board to complement our Company's corporate strategy; (b) to identify individuals suitably qualified to become board members and select and make recommendations to the Board on the selection of individuals nominated for directorships; (c) to assess the independence of the independent non-executive Directors; and (d) to make recommendations to the Board on the appointment or reappointment of Directors and succession planning for Directors (in particular the chairman of the Board and the chief executive officer).
In assessing the Board composition, the Nomination Committee would take into account various aspects as well as factors concerning Board diversity as set out in the Company's Board Diversity Policy. The Nomination Committee would discuss and agree on measurable objectives for achieving diversity on the Board, where necessary, and recommend them to the Board for adoption.
In identifying and selecting suitable candidates for directorships, the Nomination Committee would consider the candidate's relevant criteria as set out in the Board Diversity Policy that are necessary to complement the corporate strategy and achieve Board diversity, where appropriate, before making recommendation to the Board.
During the Reporting Period, the Nomination Committee reviewed Board Diversity Policy and the standardized procedures for nominating Shareholders as the candidates for Directors, and reviewed the structure, size and composition (including the skills, knowledge and experience) of the Board annually. The Nomination Committee also accessed the independence of the Independent Non-executive Directors, and confirmed the time that the Non-executive Directors and Independent Non-executive Directors devoted to fulfilling their duties was sufficient and made recommendations on the appointment of director to the Board.
提名委員會由三名成員組成，即呂義雄先生（執行董事）、羅研女士（獨立非執行董事）及李洋先生（獨立非執行董事）。呂義雄先生為提名委員會主席。
提名委員會的職權範圍不遜於企業管治守則及中國法律所載條款。提名委員會的主要職責包括(a)至少每年檢討董事會的架構、人數及組成（包括技能、知識及經驗方面），並就任何為配合本公司的公司策略而擬對董事會作出的變動提出建議；(b)物色具備合適資格可擔任董事會成員的個人，並挑選獲提名人士出任董事及就此向董事會提出建議；(c)評核獨立非執行董事的獨立性；及(d)就董事任命或重新任命以及董事（尤其是董事長及首席執行官）繼任計劃向董事會提出建議。
於評估董事會組成時，提名委員會將考慮本公司董事會多元化政策所載的多個方面及與董事會多元化有關的多種因素。提名委員會將會在必要的情況下討論及協定為達致董事會成員的多元化而制訂的可計量目標，並就此向董事會提供推薦意見以供採納。
於物色及挑選合適的董事候選人時，提名委員會將會考慮董事會多元化政策所載為配合企業策略及達致董事會多元化所必要的相關候選標準（如適用），其後方會向董事會作出推薦意見。
報告期內，提名委員會審閱了董事會多元化政策及股東提名人選參選董事的程序規範，並已對董事會的架構、人數及組成（包括技能、知識及經驗方面）進行了年度審閱。提名委員會亦評估了獨立非執行董事的獨立性，及確認非執行董事及獨立非執行董事履行其職責而投入的時間充足，並就委任董事向董事會作出建議。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
During the Reporting Period, two Nomination Committee meetings were held and the attendance record of the Nomination Committee member is set out in the table below:
於報告期內，已舉行2次提名委員會會議且提名委員會成員的出席記錄載於下表：
| Name of Director | 董事姓名 | Attendance/Number of meeting(s) 出席次數／會議次數 | | --- | --- | --- | | Mr. Lyu Yixiong (Chairman) | 呂義雄先生(主席) | 2/2 | | Ms. Luo Yan (羅妍女士) | 羅妍女士 | 2/2 | | Mr. Li Yang | 李洋先生 | 2/2 |
The Company has adopted a Board Diversity Policy in order to enhance the effectiveness of the Board and to maintain a high standard of corporate governance.
Pursuant to the Board Diversity Policy, the Company seeks to achieve diversity of the Board through the consideration of a wide range of factors, including but not limited to gender, age, cultural and educational background, industry experience, technical capabilities, professional qualifications and skills, knowledge and length of service. The ultimate decision will be based on merit of the selected candidates and contribution that they will bring to the Board.
為提高董事會效率並維持企業管治的高標準，本公司已採納董事會多元化政策。
根據董事會多元化政策，本公司通過考慮多種因素，包括但不限於性別、年齡、文化及教育背景、行業經驗、技術能力、專業資格及技能、知識及服務年限，以尋求實現董事會多元化。最終決定將根據獲選候選人的長處及對董事會的貢獻作出。
Annual Report 2025 年度報告 | 55
Corporate Governance Report
企業管治報告
The Board has a balanced mixed of knowledge and skills, including overall management and strategic development, finance, accounting and risk management in addition to industry experience in cosmetics. The Directors obtained degrees in various majors including business administration, finance, accounting, economics and laws. The Company have three Independent Non-executive Directors with different industry background, representing one-third of the members of the Board.
For the purpose of implementation of the Board Diversity Policy, the Board has set the following measurable objectives to implement the Board Diversity Policy and review such objectives from time to time to ensure their appropriateness and ascertain the progress made towards achieving those objectives:
(A) at least one of the members of the Board shall be female; (B) at least one-third of the members of the Board shall be independent non-executive Directors; (C) at least one of the members of the Board shall have obtained accounting or other professional qualifications/knowledge of environmental protection issues.
An analysis of the Board's current composition based on the measurable objectives is set out below:
| Gender | 性别 |
|---|---|
| Male: | 5 Directors |
| 男性： | 5名董事 |
| Female: | 4 Directors |
| 女性： | 4名董事 |
| Designation | 職位 |
| Executive Directors: | 5 Directors |
| 執行董事： | 5名董事 |
| Employee Representative Director: | 1 Director |
| 職工代表董事 | 1名董事 |
| Independent Non-executive Directors: | 3 Directors |
| 獨立非執行董事： | 3名董事 |
董事會的知識和技能組合均衡，除化妝品行業的經驗外，還包括整體管理及戰略發展、財務、會計以及風險管理。董事已獲得包括工商管理、金融、會計、經濟學及法學在內的多個專業的學位。本公司擁有三名具有不同行業背景的獨立非執行董事，佔董事會成員的三分之一。
為實施董事會多元化政策，董事會設定以下可計量的目標，以實施董事會多元化政策，並不時檢討該等目標，以確保其適當性及確認實現該等目標的進度：
(A) 至少一名董事會成員須為女性； (B) 至少三分之一的董事會成員須為獨立非執行董事； (C) 至少一名董事會成員須獲得會計或其他專業資格／環境保護事宜的知識。
董事會的現行組成乃按可計量目標為基準，分析如下：
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
Accounting & Finance: 2 Directors 會計與財務： 2名董事 Legal: 1 Director 法律： 1名董事 Experience Related to the Company's Business: 6 Directors 與本公司業務有關的經驗： 6名董事
The Nomination Committee and the Board are of the view that the current composition of the Board has achieved the objectives set in the Board Diversity Policy.
提名委員會及董事會認為，現時的董事會組成已達致董事會多元化政策所載的目標。
The Nomination Committee will review the Board Diversity Policy annually to ensure its effectiveness.
提名委員會將每年審查董事會多元化政策，以確保其有效性。
The Company values gender diversity across all levels of the Group. The Company has taken, and will continue to take, steps to promote gender diversity at all levels of the Company, including but not limited to the Board and the senior management levels.
本公司重視本集團各個層面的性別多元化。本公司已經採取並將繼續採取措施以推進本公司各個層面的性別多元化，包括但不限於董事會及高級管理層層面。
The following table sets out the gender ratio in the workforce of the Group as at 31 December 2025:
下表載列截至2025年12月31日，本集團員工的性別比例：
| | Female 女性 | Male 男性 | | --- | --- | --- | | Overall workforce | 全體員工 2,111 | 1,397 |
The Board had targeted to achieve and had achieved at least 1 female Director, and considers that the above current gender diversity is satisfactory.
董事會的目標為實現並已實現至少一名的女性董事，並認為上述目前的性別多元化令人滿意。
The Company will continue to work to enhance gender diversity of the Board. The Board will use its best endeavors to appoint female Directors to the Board and the Nomination Committee will use its best endeavors to identify and recommend suitable female candidates to the Board for its consideration of appointment of Directors. The Company will also continue to ensure that there is gender diversity when recruiting staff from mid to senior level, such that it will have a pipeline of female management and potential successors to our Board in due time to ensure gender diversity of the Board. The Group will continue to emphasise training of female talents and provide long-term development opportunities for the female staff.
本公司將繼續努力加強董事會的性別多元化。董事會將盡最大努力委任女性董事加入董事會，且提名委員會將竭盡所能識別並向董事會推薦合適的女性候選人，供其考慮任命為董事。本公司亦將繼續確保在招聘中高層員工時保持性別多元化，由此其將在適當時候擁有女性管理層及董事會的潛在繼任者，以確保董事會的性別多元化。本集團將繼續重視女性人才的培養，並為女性員工提供長期發展機會。
Annual Report 2025 年度報告 | 57
Corporate Governance Report
企業管治報告
The Board has delegated its responsibilities and authority for selection and appointment of Directors to the Nomination Committee of the Company.
The Company has adopted a Director Nomination Policy, as contained in the terms of reference of the Nomination Committee, which sets out the selection criteria and nomination process and the Board succession planning considerations in relation to nomination and appointment of Directors of the Company and aims to ensure that the Board has a balance of skills, experience and diversity of perspectives appropriate to the Company and the continuity of the Board and appropriate leadership at Board level.
The nomination process of appointment of new Director set out in the Director Nomination Policy is as follows:
(i) the Nomination Committee shall actively communicate with the relevant departments of the Company to assess the Company's demand for new directors and senior management, and produce materials in writing;
(ii) the Nomination Committee may extensively seek for candidates for directors and senior management within the Company, its holding (shareholding) enterprises as well as the job market;
(iii) the Nomination Committee shall collect and learn the information of the occupation, education background, job title, detailed working experience and all the part-time jobs of the initially proposed candidates, and produce materials in writing;
(iv) to seek for the nominee's written consent to the nomination, otherwise, he/she shall not be considered as a candidate for directors and senior management;
(v) to convene Nomination Committee meetings to review the qualifications of the initially proposed candidates according to the job requirements of directors and senior management;
(vi) to submit proposals and the relevant materials to the Board in respect of candidates of directors and senior management within a reasonable period of time prior to the election of new directors and senior management; and
(vii) to carry out other follow-up work according to the decision and feedback of the Board.
董事會已將其甄選及委任董事的責任及權力授予本公司提名委員會。
本公司已採納董事提名政策（載於提名委員會的職權範圍內），當中載列有關提名及委任本公司董事的甄選條件及提名程序以及董事會繼任計劃所予考慮的因素，旨在確保董事會成員具備切合本公司所需的技巧、經驗及多元化觀點以及董事會的持續性及董事會層面的適當領導角色。
董事提名政策所載委任新董事的提名程序載列如下：
(i) 提名委員會應積極與本公司有關部門進行交流，研究本公司對新董事及高級管理層的需求情況並形成書面材料；
(ii) 提名委員會可在本公司、其控股（參股）企業內部以及人才市場等廣泛搜尋董事及高級管理層人選；
(iii) 提名委員會應搜集及了解初選人的職業、學歷、職稱、詳細的工作經歷、全部兼職等情況並形成書面材料；
(iv) 徵求被提名人對提名的書面同意，否則不能將其作為董事及高級管理層人選；
(v) 召集提名委員會會議，根據董事及高級管理層的任職條件，對初選人員進行資格審查；
(vi) 在選舉新的董事和聘任新的高級管理層前合理時間內，向董事會提出董事候選人和新聘高級管理層人選的建議和相關材料；及
(vii) 根據董事會決定和反饋意見進行其他後續工作。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
The Nomination Committee shall submit its decisions, recommendations and/or proposals to the Board for consideration and decision. Among which, the nomination of director candidates must be submitted to the general meeting of shareholders for review and approval after being reviewed by the Board and before implementation.
The criteria for assessing the suitability and the potential contribution to the Board of a proposed candidate as set out in the Board Diversity Policy, including but not limited to the following, are gender, age, cultural and educational background, industry experience, technical capabilities, professional qualifications and skills, knowledge and length of service.
During the Reporting Period, the following changes to the Board:
(i) Ms. Zhou Wei was appointed as an executive Director on 25 September 2025. (ii) Mr. Sun Hao was appointed as an employee representative Director on 25 September 2025 (iii) Ms. Li Hanqiong retired as a non-executive Director of the Company on 28 August 2025. (iv) Mr. Sun Hao retired as a non-executive Director of the Company on 25 September 2025.
The Nomination Committee will review the Director Nomination Policy, as appropriate, to ensure its effectiveness.
提名委員會的決定、推薦意見及／或建議須提交董事會審議決定。其中，董事候選人的提名經董事會審議後，須提交股東會審議通過後方可實施。
董事提名政策載列有關評估建議候選人合適性及對董事會可能作出的貢獻時所考慮的條件，包括但不限於以下各項：性別、年齡、文化及教育背景、行業經驗、技術能力、專業資格及技能、知識以及服務年期。
於報告期內，董事會變動如下：
(i) 國蔚女士於2025年9月25日獲委任為執行董事。 (ii) 孫昊先生於2025年9月25日獲委任為職工代表董事。 (iii) 李寒窮女士於2025年8月28日退任本公司非執行董事。 (iv) 孫昊先生於2025年9月25日退任本公司非執行董事。
提名委員會將適時審閱董事提名政策，以確保其行之有效。
Annual Report 2025 年度報告 | 59
Corporate Governance Report
企業管治報告
In accordance with Code Provision A.2.1 of the CG Code, the Board is responsible for performing the corporate governance duties including:
During the Reporting Period, the Board has performed the above duties.
根據企業管治守則的守則條文第A.2.1條，董事會負責履行以下企業管治職責：
於報告期內，董事會已履行上述職責。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report 企業管治報告
The Board has established a risk management and internal control system in accordance with the requirements of paragraph D.2 under Section II of the CG Code, which is responsible for independently reviewing the adequacy and effectiveness of the risk management and internal control system of the Company, and continuously monitoring and reviewing the effectiveness of its operation once a year. The system aims to manage rather than eliminate the risk of failure to achieve business objectives, promote effective and efficient operations, reasonably ensure the reliability of financial reports and comply with applicable laws and regulations and protect the assets of the Group. The Board can only give reasonable but not absolute assurance that there will be no material misrepresentation or loss.
In accordance with the requirements of code provision D.2.2 under Section II of the CG Code, the Group has established a sound risk management and internal control organization system which includes the Board, the Audit Committee, the management of the Group, the office of the Board, the internal audit department, the legal department and other departments to ensure that the Group has sufficient resources, qualified and experienced staffs, training courses and related budget for risk management and internal audit. The various departments of the Group are the first line of defense for risk management and internal control; the office of the Board and the management of the Group are the second line of defense; while the internal audit department, the legal department and the Audit Committee are the third line of defense. The Board bears the ultimate responsibility for the establishment and improvement of the Group's risk management and internal control system as well as the effective implementation of the risk management work, and serves as the highest decision maker for the Group's risk management and internal control.
董事會已按照企業管治守則第二部分第D.2段的要求建立了風險管理及內部監控系統，負責對本公司的風險管理及內部監控系統的充分性和有效性進行獨立審核，持續監督並每年至少檢討一次其運行的有效性。該系統旨在管理而非消除未能達成業務目標的風險，促進有效及高效運營，合理保證財務報告可靠性及遵守適用法律及法規以及保障本集團資產。董事會僅可就不會有重大的失實陳述或損失作出合理而非絕對的保證。
根據企業管治守則第二部分第D.2.2條的要求，為確保本集團在風險管理和內部審核方面具備足夠的資源、員工資歷及經驗、足夠的培訓課程和有關預算，本集團建立了完善的風險管理和內部監控組織體系，包括董事會、審計委員會、本集團管理層、董事會辦公室、內部審計部門、法務部以及其他各部門。本集團各部門為風險管理和內部監控第一道防線；本集團董事會辦公室和管理層為第二道防線；內部審計部門、法務部及審計委員會為第三道防線。董事會對本集團風險管理及內部監控體系的建立健全和風險管理工作的有效實施承擔最終責任，並作為本集團風險管理和內部監控的最高決策機構。
Annual Report 2025 年度報告 | 61
Corporate Governance Report
企業管治報告
The Group reviews the effectiveness of the risk management and internal control systems every year and assesses all important monitoring aspects including supervision on financial, operation and compliance affairs, etc. based on the elements of internal control such as the internal environment, risk assessment, control activities, information and communication as well as internal supervision. After risk assessment, the Company's major risks during the Reporting Period mainly involve business risks, financial risks, compliance risks, inside information and internal control risks. According to our actual situation, we have formulated practical and feasible response plans to effectively manage risks:
Business risks: The business risks the Group mainly faces in respect of its operations in the PRC include macro-economic risks, competition risks, supply chain risks, reputation risks and sustainability risks. The Board regularly reviews and identifies potential risks of the Group, and adjusts strategies and policies in a timely manner, to ensure that the business risks are controlled and managed.
Financial risks: The Group has adopted financial risk management policies to control the Group's financial risk exposure, such as taxation risks and financial reporting risks. Also, the Board monitors the financial results and key operating statistics with the assistance of the Group's internal finance department on a regular basis.
Compliance risks: The Group has adopted internal procedures to monitor the Group's compliance risks to ensure that the Group has complied with the laws and regulations of the regions where the Group conducts business. In addition, the Group engages professional advisers from time to time to keep the Group updated with the latest development in the regulatory environments.
本集團每年對風險管理及內部監控系統的有效性進行檢討，根據內部環境、風險評估、控制活動、信息與溝通及內部監督等內部監控元素，對所有重要的監控方面，包括財務監控、運作監控及合規監控等進行評估。經過風險評估，本公司於報告期間的重大風險主要涉及業務風險、財務風險、合規風險、內幕消息及內部監控風險。我們根據企業實際情況制定了切實可行的應對方案對風險進行有效管理：
業務風險：本集團在中國經營業務，面臨的業務風險包括宏觀經濟風險、競爭風險、供應鏈風險、聲譽風險及可持續發展風險。董事會定期檢討並識別出本集團的潛在風險，及時調整策略和政策，確保業務風險已受控制及管理。
財務風險：本集團已採納財務風險管理政策，以控制本集團的財務風險，例如稅務風險及財務報告風險。而且，董事會在本集團內財務部門協助下，定期監督財務業績及主要營運數據。
合規風險：本集團已採納內部程序，監管本集團的合規風險，以確保本集團已遵守本集團業務經營所在地區的法律及法規。此外，本集團不時委聘專業顧問以保持本集團知悉規管環境的最新發展。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report 企業管治報告
We continue to improve risk management policies and procedures, specify the risk management structure and responsibilities. We identify major risks that hinder the achievement of objectives and control them within acceptable levels to ensure the achievement of business objectives, the improvement of operational efficiency, the reliability of financial reports and compliance with national regulations and other compliance requirements. We evaluate and check the effectiveness of our risk management and internal control systems through channels such as the management, business units in the risk management system, audit and inspection teams of the Group, external auditors, and external legal advisor to improve risk response measures. Meanwhile, in order to ensure the effective operation of the risk management system, the Audit Committee reviews and supervises the risk management work.
Our management focuses on business risks, financial risks and compliance risks. Through agile audits, it achieves more comprehensive and accurate risk control, identifies potential risks more quickly, and promotes the improvement in management and system processes to support the achievement of the mid- to long-term vision and strategic goals of the Company. The Group's management procedures for financial reporting and information disclosure, etc. are in strict compliance with the requirements of the Listing Rules. Office of the Board conducts information reporting, reviewing and disclosure in strict accordance with the Information Disclosure Management formulated by the Company. Prior to disclosing relevant information to the public, the Group will ensure that such information is kept confidential properly and will perform the obligation to inform and supervise the insiders of inside information as required.
The Board reviewed the risk management and internal control during the Reporting Period and concluded that there had been no deficiency in material risk control nor any weakness in material risk control based on the outcome of the risk management and internal control work implemented by the Group. The Board was of the view that the risk management and internal control system of the Group is effective and sufficient.
我們不斷完善風險管理政策及程序，明確風險管理的架構及職責權限。我們識別阻礙目標實現的重大風險，並將其控制在可接受水平內，保障業務目標的達成、運作效率的提升，確保財務報告可靠性及國家法規等合規要求的遵循。我們通過管理層、風險管理系統中各業務單元、本集團審計稽查團隊、外聘核數師及外聘法律顧問等渠道來評估與檢核我們風險管理及內部控制系統的有效性，完善風險應對措施。同時為保障風險管理系統的運作行之有效，審計委員會會對風險管理工作進行審核及監督。
我們的管理層專注於業務風險、金融風險及合規風險。通過敏捷審核，實現更全面、精準的風險控制，更快地發現風險隱患，督促管理、制度流程改善，以支持本公司中長期的願景及戰略目標的實現。本集團財務報告、信息披露等管理流程嚴格遵守上市規則的規定。董事會辦公室嚴格按照本公司制定的《信息披露管理制度》進行信息申報、審定及披露。本集團在向公眾披露有關消息前，將確保該消息適當保密，並按規定進行內幕信息知情人的義務告知及監督。
董事會已對報告期內風險管理及內部控制工作進行檢討並認為，本集團的風險管理及內部控制工作開展的結果表明，不存在重大風險控制失誤的情形，亦未發現重大風險控制弱項。董事會認為本集團的風險管理及內部控制系統是有效及足夠的。
Annual Report 2025 年度報告 | 63
Corporate Governance Report
企業管治報告
2016
The Company has in place the Whistleblowing Policy for employees of the Company and those who deal with the Company to raise concerns, in confidence and anonymity, with the Audit Committee about possible improprieties in any matters related to the Company.
The Company has also in place the Anti-Corruption Policy to safeguard against corruption and bribery within the Company. The Company has an internal reporting channel that is open and available for employees of the Company to report any suspected corruption and bribery. Employees can also make anonymous reports according to the procedures as set out in the Whistleblowing Policy.
The Company has developed its disclosure policy which provides a general guide to the Company's Directors, senior management and relevant employees in handling confidential information, monitoring information disclosure and responding to enquiries. Control procedures have been implemented to ensure that unauthorized access and use of inside information are strictly prohibited.
The Directors acknowledge their responsibility for preparing the financial statements with the support of the accounting and finance team.
The Directors have prepared the financial statements in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board. Appropriate accounting policies have also been used and applied consistently except the adoption of revised standards, amendments to standards and interpretation.
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 financial statements of the Company are prepared on a going concern basis, the Directors are of the view that they give a true and fair view of the financial position, performance and cash flow of the Group for the year ended 31 December 2025, and the disclosure of other financial information and report therein complies with relevant legal requirements.
本公司已制定舉報政策，讓本公司僱員及其他與本集團有往來者可以保密及不具名方式向審計委員會提出其對任何可能關於本公司的不當事宜的關注。
本公司亦已制定反腐政策，以杜絕本公司內部的任何腐敗行為。本公司對其僱員開放內部舉報通道，供其舉報任何疑似腐敗行為。同時，僱員也可根據舉報政策所載程序匿名舉報。
本公司已制定其披露政策，為本公司董事、高級管理層及相關僱員提供有關處理機密資料、監察消息披露及回應查詢的一般指引。本公司已實施監控程序，以確保嚴格禁止未經授權獲取及使用內幕消息。
董事知悉彼等須在會計及財務團隊的支持下負責編製財務報表。
董事已根據國際會計師公會頒佈的國際財務報告準則編製財務報表，並一直貫徹使用及應用合適的會計政策（經修訂準則的採納、準則及註釋的修改除外）。
董事並不知悉任何有關可能對本公司按持續基準繼續經營的能力構成重大疑問的事件或情況的任何重大不明朗因素。本公司財務報表乃按持續經營準則編製，董事認為其真實及公平地反映了本集團截至2025年12月31日止年度的財務狀況、表現及現金流量，並符合相關的法定要求須予作出的其他財務資料披露及報告。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
The statement of the external auditors of the Company about their reporting responsibilities on the financial statements is set out in the Independent Auditor's Report of this annual report.
本公司外聘核數師有關彼等就財務報表之申報責任的聲明載於本年報獨立核數師報告內。
The remuneration paid and payable to the external auditors of the Company in respect of audit services and non-audit services for the year ended 31 December 2025 is set out below:
| Service Category 服務類別 | | Fees Paid/Payable 已付／應付費用 (RMB'000) (人民幣千元) | | --- | --- | --- | | Audit Services | 核數服務 | 4,020 | | Non-audit Services | 非核數服務 | 0 | | Total | 總計 | 4,020 |
With effect from 31 July 2025, Mr. Lian Ming has resigned as the joint company secretary of the Company. Following Mr. Lian Ming's resignation, the other joint company secretary, Mr. Li Kin Wai, a senior manager of corporate services of Tricor Services Limited, a global professional services provider specializing in integrated business, corporate and investor services, will remain in office as the sole company secretary of the Company. For details, please refer to the announcement of the Company dated 11 July 2025.
All Directors have access to the advice and services of the company secretary on corporate governance and board practices and matters. Mr. Li, has been designated as the primary contact person at the Company. Mr. Feng Yifeng, who is the executive director of the Company, has been designated as the primary contact person at the Company which would work and communicate with Mr. Li on the Company's corporate governance and secretarial and administrative matters.
廉明先生已辭任本公司聯席公司秘書，自2025年7月31日起生效。繼廉明先生辭任後，另一名聯席公司秘書李健威先生（卓佳專業商務有限公司（一家專注於綜合商務、企業及投資者服務的全球專業服務提供商）的企業服務高級經理）將繼續擔任本公司唯一公司秘書。有關詳情請參閱本公司日期為2025年7月11日的公告。
所有董事已就企業管治及董事會慣例及事宜取得公司秘書之意見及協助。李先生已獲指定為本公司的主要聯繫人。馮一峰先生（本公司執行董事）已獲指定為本公司的主要聯繫人，彼將就本公司的企業管治及秘書及行政事宜與李先生進行合作及溝通。
Annual Report 2025 年度報告 | 65
Corporate Governance Report
企業管治報告
For the year ended 31 December 2025, Mr. Li and Mr. Lian Ming have undertaken not less than 15 hours of relevant professional training respectively in compliance with Rule 3.29 of the Listing Rules. The biographies of Mr. Li is set out in the “Biographical Details of Directors and Senior Management” section of this annual report.
Pursuant to Article 49 of the Articles, Shareholders severally or jointly holding ten percent (10%) or more of shares of the Company have the right to request the Board of Directors to convene an extraordinary general meeting and such request shall be made in writing to the Board of Directors. The Board of Directors shall, in accordance with laws, administrative regulations and the Articles of Association, reply in writing as to whether the Board of Directors agrees or disagrees on the convening of the extraordinary general meeting within ten (10) days upon the receipt of the requisition.
If the Board of Directors agrees to convene an extraordinary general meeting, a convening notice shall be issued within five (5) days after the resolution of the Board of Directors. Any modification to the original requisition(s) shall be approved by the relevant shareholders.
If the Board of Directors disagrees to convene the extraordinary general meeting, or fails to issue a reply within ten (10) days upon receipt of the requisition(s), shareholders severally or jointly holding ten percent (10%) or more of the shares of the Company are entitled to propose to the Audit Committee to convene an extraordinary general meeting, and shall make such requests in writing to the Audit Committee.
If the Audit Committee agrees to convene the extraordinary general meeting, a convening notice will be issued within five (5) days upon the receipt of the request, and any modification to the original requisition(s) shall be approved by relevant shareholders.
In the event that the Audit Committee fails to issue the convening notice within the prescribed period, the Audit Committee will be deemed as not to convene or preside the general meeting. Shareholders severally or jointly holding ten percent (10%) or more of the shares of the Company for consecutive ninety (90) days may convene the general meeting and preside over on their own.
截至2025年12月31日止年度，李先生及廉明先生已根據上市規則第3.29條分別進行不少於15個小時的相關專業培訓。李先生的履歷載於本年報「董事及高級管理層之履歷詳情」一節。
根據公司章程第49條，單獨或合計持有本公司股份百分之十(10%)或以上的股東有權向董事會請求召開臨時股東會，並應當以書面形式向董事會提出。董事會應當根據法律、行政法規及公司章程的規定，在收到請求後十(10)日內提出同意或不同意召開臨時股東會的書面反饋意見。
董事會同意召開臨時股東會的，應當在董事會決議案後的五(5)日內發出召開大會的通知，通知中對原請求的變更，應當徵得相關股東的同意。
董事會不同意召開臨時股東會，或者在收到請求後十(10)日內未作出反饋的，單獨或合計持有本公司股份百分之十(10%)或以上的股東有權向審計委員會提議召開臨時股東會，並應當以書面形式向審計委員會提出請求。
審計委員會同意召開臨時股東會的，應在收到請求後五(5)日內發出召開大會的通知，通知中對原請求的變更，應當徵得相關股東的同意。
審計委員會未在規定期限內發出召開通知的，視為審計委員會不召集或主持股東會，連續九十(90)日以上單獨或合計持有本公司股份百分之十(10%)或以上的股東可以自行召集及主持股東會。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
Pursuant to the Article 54 of the Articles, Shareholders individually or collectively holding one percent (1%) or more of the total voting shares of the Company shall be entitled to propose new resolutions to the Company in writing which should be submitted to the convener ten (10) days prior to the convening of the general meeting. The convener of the general meeting shall issue a supplemental notice of general meeting to other shareholders within two (2) days of the receipt of such proposal to announce the contents of the provisional proposal and incorporate such newly proposed matters falling within the scope of duties of the general meeting into the agenda of such meeting for consideration at the general meeting.
For putting forward any enquiries to the Board, Shareholders may send written enquiries to the Company. The Company will not normally deal with verbal or anonymous enquiries.
Shareholders may send their enquiries or requests as mentioned above to the following:
Address: Room 308-3, 3rd Floor, No. 8.10 Quanzhou Road, Xuhui District, Shanghai, The People's Republic of China (For the attention of the Board of Directors/Company Secretary)
Telephone: (8621)52035333
Email: ir@kans.cn
For the avoidance of doubt, Shareholders must deposit and send the original duly signed written requisition, notice or statement, or enquiry (as the case may be) to the above address and provide their full name, contact details and identification in order to give effect thereto. Shareholders' information may be disclosed as required by law.
根據公司章程第54條，單獨或者合計持有公司有表決權的股份總數百分之一(1%)以上股份的股東，有權在股東會召開十(10)日前以書面形式向公司提出新的提案並提交召集人、股東會召集人應在收到提案後兩(2)日內發出股東會補充通知，公告臨時提案的內容，通知其他股東，並將提案中屬於股東會職責範圍內的事項，列入該次會議的議程提交股東會審議。
就向董事會作出任何查詢而言，股東可向本公司發送書面查詢。本公司通常不會處理口頭或匿名查詢。
股東可透過以下方式發送彼等之上述查詢或要求：
地址：中華人民共和國上海市徐匯區全州路8.10號3層308-3室（註明收件人為董事會／公司秘書）
電話：(8621)52035333
電子郵件：ir@kans.cn
為免生疑問，股東必須遞交及發送正式簽署之書面要求、通知或聲明或查詢（視乎情況而定）之正本至上述地址，並提供彼等全名、聯絡詳情及身份，以令其生效。股東資料可根據法律規定予以披露。
Annual Report 2025 年度報告 | 67
Corporate Governance Report
企業管治報告
The Company considers that effective communication with Shareholders is essential for enhancing investor relations and investor understanding of the Group's business performance and strategies. The Company is endeavoured to maintain an on-going dialogue with Shareholders and in particular, through annual general meetings and other general meetings. At the annual general meeting, Directors (or their delegates as appropriate) are available to meet Shareholders and answer their enquiries.
To safeguard Shareholder interests and rights, separate resolution should be proposed for each substantially separate issue at general meetings, including the election of individual Director. All resolutions put forward at general meetings will be voted on by poll pursuant to the Listing Rules and poll results will be posted on the websites of the Company and of the Stock Exchange after each general meeting.
The Company has in place a Shareholders Communication Policy. The policy aims at promoting effective communication with Shareholders and other stakeholders, encouraging Shareholders to engage actively with the Company and enabling Shareholders to exercise their rights as Shareholders effectively.
The Board has considered and reviewed the Shareholders Communication Policy and considers it to be effective.
本公司認為，與股東有效溝通對加強投資者關係及讓投資者了解本集團業務表現及策略至關重要。本公司致力保持與股東之間的持續對話，尤其是透過股東週年大會及其他股東會進行。於股東週年大會上，董事（或其委派代表（如適用））可與股東會面並解答其查詢。
為保障股東權益及權利，本公司將於股東會上就每項基本上獨立之事項（包括選舉個別董事）提呈獨立決議案。所有於股東會上提呈的決議案將根據上市規則以投票表決方式進行及投票結果將於各股東會結束後於本公司及聯交所網站刊登。
本公司已制定股東通訊政策。該政策旨在促進股東與其他利益相關者之間的有效溝通，鼓勵股東積極與本公司建立密切關係及促使股東有效地行使其作為股東的權利。
董事會已考慮及審閱股東通訊政策並認為其有效。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
The Company has established a number of channels for maintaining an on-going dialogue with its Shareholders as follows:
(a) Corporate Communication
"Corporate Communication" as defined under the Listing Rules refers to any document issued or to be issued by the Company for the information or action of holders of any of its securities, including but not limited to the following documents of the Company: (a) the Directors' report, annual accounts together with a copy of the auditor's report and, where applicable, its summary financial report; (b) the interim report and, where applicable, its summary interim report; (c) a notice of meeting; (d) a listing document; (e) a circular; and (f) a proxy form. The Corporate Communication of the Company will be published on the Stock Exchange's website (www.hkex.com.hk) in a timely manner as required by the Listing Rules. Corporate Communication will be provided to Shareholders and non-registered holders of the Company's securities in both English and Chinese versions or where permitted, in a single language, in a timely manner as required by the Listing Rules. Shareholders and non-registered holders of the Company's securities shall have the right to choose the language (either English or Chinese) or means of receipt of the Corporate Communication (in printed form or through electronic means).
(b) Announcements and Other Documents pursuant to the Listing Rules
The Company shall publish announcements (on inside information, corporate actions and transactions etc.) and other documents (e.g. Articles of Association) on the Stock Exchange's website in a timely manner in accordance with the Listing Rules.
(c) Corporate Website
Any information or documents of the Company posted on the Stock Exchange's website will also be published on the Company's website (www.chicmaxgroup.com). Other corporate information about the Company's corporate governance will also be available on the Company's website.
本公司已建立以下多個途徑以持續與股東進行溝通：
(a) 公司通訊
上市規則所界定的「公司通訊」指本公司發出或將予發出以供其任何證券的持有人參照或採取行動的任何文件，包括但不限於本公司的以下文件：(a)董事會報告、年度賬目連同核數師報告及（如適用）財務摘要報告；(b)中期報告及（如適用）中期摘要報告；(c)會議通知；(d)上市文件；(e)通函；及(f)代表委任表格。本公司的公司通訊將按照上市規則規定及時地於聯交所網站(www.hkex.com.hk)發佈。公司通訊將以中、英文版本或（倘許可）單一語言按上市規則規定及時地向股東及非登記的本公司證券持有人提供。股東及非登記的本公司證券持有人應有權選擇收取公司通訊之語言版本（英文或中文）或收取方式（印刷本或透過電子形式）。
(b) 根據上市規則的公告及其他文件
本公司將根據上市規則及時地於聯交所網站登載公告（關於內幕消息、企業行動及交易等事宜）及其他文件（例如公司章程）。
(c) 公司網站
任何登載於聯交所網站的本公司資料或文件亦將登載於本公司網站(www.chicmaxgroup.com)。有關本公司企業管治的其他企業資料亦將登載於本公司網站。
Annual Report 2025 年度報告 | 69
Corporate Governance Report
企業管治報告
20
(d) Shareholders' Meetings
The annual general meeting and other general meetings of the Company are primary forum for communication between the Company and its Shareholders. The Company shall provide Shareholders with relevant information on the resolutions(s) proposed at a general meeting in a timely manner in accordance with the Listing Rules. The information provided shall be reasonably necessary to enable Shareholders to make an informed decision on the proposed resolution(s). Shareholders are encouraged to participate in general meetings or to appoint proxies to attend and vote at the meetings for and on their behalf if they are unable to attend the meetings. Where appropriate or required, the Chairman of the Board and other Board members, the chairmen of board committees or their delegates, and the external auditors should attend general meetings of the Company to answer Shareholders' questions (if any).
(e) Shareholders' Enquiries
Enquiries about Shareholdings
Shareholders should direct their enquiries about their shareholdings to the Company's H share registrar, Tricor Investor Services Limited, via its online holding enquiry service at www.tricoris.com, or send email to is-enquiries@vistra.com or call its hotline at (852) 2980 1333, or go in person to its public counter at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong.
Enquiries about Corporate Governance or Other Matters to be put to the Board and the Company
The Company will not normally deal with verbal or anonymous enquiries. Shareholders may send any enquiries to the Board by email: ir@kans.cn or by post to 22nd Floor, Building 5, Jumeng Tiandi Plaza, No. 710 Yishan Road, Shanghai, The People's Republic of China.
(f) Other Investor Relations Communication Platforms
Investor/analysts briefings, roadshows (both domestic and international), media interviews, marketing activities for investors and specialist industry forums etc. will be launched on a regular basis.
(d) 股東會
本公司的股東週年大會及其他股東會乃本公司與股東溝通的首要平台。本公司將按照上市規則及時地向股東提供在股東會上提呈的決議案相關資料。所提供的資料應是合理所需，以使股東能夠就提呈決議案作出知情的決定。本公司鼓勵股東參與股東會或在彼等未能出席大會時委任代表代其出席大會並於會上投票。在合適或有需要的情況下，董事長及其他董事會成員、董事會專門委員會的主席或其代表以及外聘核數師應出席本公司股東會，並在會上回答股東提問（如有）。
(e) 股東查詢
關於持股事項的查詢
股東應透過以下方式向本公司的H股證券登記處卓佳證券登記有限公司作出有關持股事項的查詢：www.tricoris.com的在線持股查詢服務，或發電郵至is-enquiries@vistra.com，或致電熱線(852) 2980 1333，或親身往其公眾櫃枱（地址為香港夏慤道16號遠東金融中心17樓）。
向董事會及本公司提出關於企業管治或其他事項的查詢
本公司一般不會處理口頭或匿名查詢。股東可透過以下方式將書面查詢發送至董事會：電郵：ir@kans.cn，或郵寄：中華人民共和國上海市宜山路710號聚夢天地廣場5號樓22層。
(f) 其他投資者關係通訊平台
本公司會定期舉辦投資者／分析員簡介大會、本地及全球路演、傳媒訪問、投資者推廣活動及專題論壇等。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Corporate Governance Report
企業管治報告
The Articles of Association was approved for amendment by the shareholders of the Company at the 2024 annual general meeting of the Company held on 6 May 2025 and further amended on 25 June 2025, 11 July 2025, 25 September 2025 and 31 October 2025 (for details, please refer to the announcement of the Company published on 25 June 2025, 11 July 2025, 25 September 2025 and 31 October 2025), and an up to date version of the Articles of Association is also available on the Company's website and the Stock Exchange's website.
In relation to the dividend policy of the Company, please refer to "Report of the Board of Directors" in this annual report for details.
本公司章程已獲本公司股東於2025年5月6日舉行的本公司2024年股東週年大會上批准修訂並於2025年6月25日、2025年7月11日、2025年9月25日及2025年10月31日進一步修訂（詳情請見本公司於2025年6月25日、2025年7月11日、2025年9月25日及2025年10月31日刊發的公告），而本公司章程之最新版本亦可於本公司網站及聯交所網站查閱。
有關本公司股息政策的詳情，請參閱本年報「董事會報告」。
Annual Report 2025 年度報告 | 71
Report of the Board of Directors
董事會報告
The Board is pleased to present the annual report together with the audited consolidated financial statements of the Group for the year ended 31 December 2025 (the "Consolidated Financial Statements").
The Company was incorporated in the PRC with limited liability on 11 June 2004 and restructured to a joint-stock company with limited liability on 24 December 2020. The Company was listed on the Main Board of the Stock Exchange on 22 December 2022.
The Group is a multi-brand cosmetics company, focusing on research and development, manufacturing and sales of mass skin care, maternal, baby & teenagers skin care, cleansing and personal care, makeup, dermocosmetics and premium skin care.
The activities and particulars of the Company's principal subsidiaries are shown under note 1 to the Financial Statements.
A fair review of the Group's business during the year ended 31 December 2025, including an analysis of which using financial key performance indicators and the outlook of the Group's business are provided in the sections headed "Chairman's Statement" and "Management Discussion and Analysis" of this annual report, which forms part of this "Report of the Board of Directors".
董事會欣然提呈本集團截至2025年12月31日止年度的年報及經審核綜合財務報表（「綜合財務報表」）。
本公司於2004年6月11日在中國註冊成立並於2020年12月24日改制為股份有限公司。本公司於2022年12月22日在聯交所主板上市。
本集團為一家多品牌化妝品公司，專注於大眾護膚品、母嬰&青少年產品、洗護個護產品、彩妝產品、功效(醫學)護膚產品及高端護膚產品的研發、生產及銷售。
本公司主要附屬公司的活動及詳情列示於財務報表附註1。
本集團於截至2025年12月31日止年度對業務所作的中肯審核（包括運用財務表現關鍵指標所作的分析及本集團業務的前景）載於本年報「主席報告」及「管理層討論及分析」等節，其構成本「董事會報告」的一部分。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors
董事會報告
The shares of the Company (the "Share(s)") were listed on the Main Board of the Stock Exchange on the Listing Date with net proceeds received by the Company from the Global Offering in the amount of approximately HK$859.7 million(1) after deducting underwriting commissions and all related expenses. The following table sets forth the Company's use of the proceeds from the Listing and the planned timetable as at 31 December 2025.
本公司股份（「股份」）於上市日期在聯交所主板上市，而本公司自全球發售收取之所得款項淨額為約859.7百萬港元(1)（經扣除包銷佣金及所有相關開支）。下表載明於2025年12月31日，本公司對於上市所得款項用途的使用情況及計劃時間表。
| Approximate percentage of the total net proceeds | Net proceeds from the Global Offering | Remaining net proceeds as at 31 December 2024 | Utilised amount during the reporting period | Remaining net proceeds as of 31 December 2025 | Expected time to utilize the remaining net proceeds in full | |
|---|---|---|---|---|---|---|
| 全球發售所得款項淨額(HKD' million)(百萬港元) | 於2024年12月31日剩餘所得款項淨額(HKD' million)(百萬港元) | 於報告期內已使用金額(HKD' million)(百萬港元) | 截至2025年12月31日剩餘所得款項淨額(HKD' million)(百萬港元) | |||
| 併用者及增減淨額 | 併用款項淨額(HKD' million)(百萬港元) | 悉數使用剩餘所得款項淨額的預期時間 | ||||
| Branding activities to continue to enhance the brand image and raise brand awareness of our existing brands, as well as to establish the brand images of our new brands | 品牌建設活動，以持續提升品牌形象並提高我們現有品牌的品牌認知度，以及為我們的新品牌建立品牌形象 | 32.0% | 275.5 | 0.4 | 0 | 0.4 By 31 December 2026 |
| 截至2026年12月31日之前 | ||||||
| Enhancing our R&D capabilities by strengthening our fundamental research and product development, to maintain the continuous innovation of our brands | 提升我們的研發能力，通過加強基礎研究和產品開發，保持品牌的持續創新 | 12.2% | 104.9 | 0.0 | 0 | 0.0 Fully Utilized |
| 悉數使用 | ||||||
| Strengthen our production and supply chain capabilities, mainly involving the renovation of our production facilities, upgrading our automation equipment, and the expansion of production capacities in the Fengxian Plant | 加強我們的生產及供應鏈能力，主要通過我們率賢工廠生產設施的改造、自動化設備升級及產能擴張 | 19.8% | 170.6 | 23.8 | 0 | 23.8 By 31 December 2026 |
| 截至2026年12月31日之前 |
Annual Report 2025 年度報告 | 73
Report of the Board of Directors
董事會報告
| Approximate percentage of the total net proceeds | Net proceeds from the Global Offering | Remaining net proceeds as at 31 December 2024 | Utilised amount during the reporting period | Remaining net proceeds as of 31 December 2025 | Expected time to utilize the remaining net proceeds in full | ||
|---|---|---|---|---|---|---|---|
| 佔所得款項總淨額的概約百分比 | 全球發售所得款項淨額(HKD' million)(百萬港元) | 於2024年12月31日剩餘所得款項淨額(HKD' million)(百萬港元) | 於報告期內已使用金額(HKD' million)(百萬港元) | 截至2025年12月31日剩餘所得款項淨額(HKD' million)(百萬港元) | 應數使用剩餘所得款項淨額的預期時間 | ||
| Increasing the breadth and depth of our sales networks to enhance the penetration of our products | 增加我們銷售網絡的廣度和深度，加強我們產品的渗透率 | 18.0% | 154.5 | 0.0 | 0.0 | 0.0 | Fully Utilized 悉數使用 |
| Enhancing our digitization and information infrastructure | 改善我們的數字化及信息基礎設施 | 8.0% | 69.2 | 54.2 | 0 | 54.2 | By 31 December 2026 截至2026年12月31日之前 |
| Working capital and other general corporate purposes | 營運資金及其他一般企業用途 | 9.9% | 85.1 | 0.0 | 0.0 | 0.0 | Fully Utilized 悉數使用 |
| Total(2) | 總計(2) | 100% | 859.7 | 78.3 | 0 | 78.3 |
Notes: (1) The total proceeds of approximately HK$859.7 million include approximately HK$835.1 million from the Global Offering in December 2022 and approximately HK$24.6 million from the partial exercise of the Over-allotment Option in January 2023 as disclosed in the announcement of the Company dated 16 January 2023. (2) Any discrepancies in the above table between the total shown and the sum of the amounts listed are due to rounding.
The net proceeds have been and will be utilized in accordance with the purposes set out in the Prospectus.
The expected timeline is based on the best estimation of future market conditions and business operations made by the Company currently, and will be subject to change based on future development of market conditions and actual business needs.
附註： (1) 所得款項總額約859.7百萬港元包括來自2022年12月全球發售的約835.1百萬港元及來自2023年1月部分行使超額配股權的約24.6百萬港元（誠如本公司日期為2023年1月16日的公告所披露）。 (2) 值上表總計數字和所列各項數字之和出現任何差異，皆因四捨五入所致。
所得款項淨額已經並將根據招股章程所載用途使用。
預期的時間表是基於本公司當前對未來市場狀況和業務經營情況作出的最佳估計，並將根據未來市場狀況的發展和實際業務需要進行調整。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
The results of the Group for the year ended 31 December 2025 and the state of affairs of the Group as at 31 December 2025 are set out in the Consolidated Financial Statements on pages 123 to 130.
The Board recommends the payment of final dividends of RMB299.0 million (equals to RMB0.75 per share) for the year ended 31 December 2025 (2024: RMB0.75 per share).
The Group's financial condition, results of operations, and business prospects may be affected by a number of risks and uncertainties directly or indirectly pertaining to the Group's businesses. The following are the key risks and uncertainties identified by the Group. There may be other risks and uncertainties in addition to those shown below which are not known to the Group or which may not be material now but could turn out to be material in the future.
本集團截至2025年12月31日止年度的業績及本集團於2025年12月31日的事務狀況載於第123至130頁的綜合財務報表。
董事會建議派付截至2025年12月31日止年度的末期股息人民幣299.0百萬元（相當於每股人民幣0.75元）（2024年：每股人民幣0.75元）。
本集團的財務狀況、經營業績及業務前景可能受到與本集團業務直接或間接相關的多種風險及不明朗因素的影響。以下為本集團知悉的主要風險及不確定因素。除下文所列者外，或會存在本集團並未知悉或目前可能不重要但日後可能變得重要的其他風險及不確定因素。
Annual Report 2025 年度報告 | 75
Report of the Board of Directors
董事會報告
76
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
Details of movements in share capital of the Company during the year ended 31 December 2025 are set out in note 29 to the Financial Statements.
Details of movements in the reserves of the Group are set out in the consolidated statement of changes in equity of this annual report. As at 31 December 2025, the Company's reserves available for distribution amounted to RMB589.5 million (as at 31 December 2024: RMB489.4 million).
本公司於截至2025年12月31日止年度之股本變動詳情載於財務報表附註29。
本集團的儲備變動詳情載於本年報綜合權益變動表。於2025年12月31日，本公司的可分派儲備為人民幣589.5百萬元（於2024年12月31日：人民幣489.4百萬元）。
Annual Report 2025 年度報告 | 77
Report of the Board of Directors
董事會報告
During the year ended 31 December 2025, the Group's aggregate revenue from the five largest customers accounted for less than 30% of the Group's total revenue.
During the year ended 31 December 2025, purchases from the Group's largest supplier and the five largest suppliers in aggregate accounted for 18.1% and 40.5% respectively of the Group's total purchase.
During the year ended 31 December 2025, none of the Directors, any of their close associates or any Shareholder (which to the knowledge of the Directors owns more than 5% of the number of the issued Shares of the Company) was interested in the top five suppliers of the Group.
The Board has resolved to recommend the payment of final dividends of RMB0.75 per share for the year ended 31 December 2025 (2024: RMB0.75 per share). The payment of final dividends above is still subject to the approval from Shareholders at the forthcoming annual general meeting of the Company (the "AGM"), and will be made on or around 23 June 2026. There is no arrangement that a Shareholder has waived or agreed to waive any dividend.
The Company has adopted a Dividend Policy on payment of dividends. The Company do not have any pre-determined dividend payout ratio. Depending on the financial conditions of the Company and the Group and the conditions and factors as set out in the Dividend Policy, dividends may be proposed and/or declared by the Board during a financial year and any final dividend for a financial year will be subject to the Shareholders' approval.
The details of the subsidiaries of the Company are set out in note 1 to the Financial Statements on pages 131 to 135 of this annual report.
截至2025年12月31日止年度，本集團來自五大客戶的收益總額佔本集團總收益的30%以下。
截至2025年12月31日止年度，本集團向最大供應商及五大供應商作出的採購額合共分別佔本集團採購總額的18.1%及40.5%。
截至2025年12月31日止年度，概無董事、彼等之任何緊密聯繫人或任何股東（就董事所知，擁有本公司已發行股份數目5%以上的股東）於本集團五大供應商中擁有任何權益。
董事會已議決建議派付截至2025年12月31日止年度的末期股息每股人民幣0.75元（2024年：每股人民幣0.75元）。上述末期股息的派付仍須待股東於本公司即將舉行的股東週年大會（「股東週年大會」）上批准後方可作實，並將於2026年6月23日或前後派付。概無股東已放棄或同意放棄任何股息的安排。
本公司已採納有關股息支付的股息政策。本公司並無任何預先釐定的派息率。視乎本公司及本集團的財務狀況及股息政策所載的條件及因素，董事會可在財政年度內建議及／或宣派股息及財政年度的任何末期股息須經股東批准。
本公司附屬公司的詳情載於本年報第131至135頁財務報表附註1。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
During the year ended 31 December 2025, the Group's total capital expenditure amounted to approximately RMB414.4 million (2024: RMB233.4 million) which is primarily attributable to the new items of property, plant and equipment. The details of the property, plant and equipment of the Group and their movements during the year ended 31 December 2025 are set out in note 14 to the Consolidated Financial Statements.
Particulars of borrowings of the Group as at 31 December 2025 and the details of the charging on the Group's assets are set out in note 28 to the Consolidated Financial Statements.
Save as disclosed in this annual report, during the year ended 31 December 2025, the Group did not have any significant investments, material acquisitions or disposals of subsidiaries, associates or joint ventures. As for the Group's significant investments, major acquisitions and disposals of subsidiaries, associates and joint ventures during the reporting period, please refer to "Management Discussion and Analysis—Significant Investments, Material Acquisitions and Disposal of Subsidiaries, Associates and Joint Ventures" in this annual report.
The Group recognises the importance of compliance with regulatory requirements and the risk of non-compliance with such requirements could lead to the termination of operating licences. The Group has been allocating system and staff resources to ensure ongoing compliance with rules and regulations and to maintain cordial working relationships with regulators effectively through effective communications. During the year ended 31 December 2025, to the best knowledge of the Directors, there was no material breach of or non-compliance with applicable laws and regulations, that have a significant impact on the business and operations of the Group, by the Group.
截至2025年12月31日止年度，本集團資本開支總額約為人民幣414.4百萬元（2024年：人民幣233.4百萬元），乃主要由於新物業、廠房及設備項目所致。截至2025年12月31日止年度，本集團的物業、廠房及設備以及其變動之詳情載於綜合財務報表附註14。
本集團於2025年12月31日的借款詳情及本集團的資產抵押詳情載於綜合財務報表附註28。
除本年度報告披露以外，截至2025年12月31日止年度，本集團並無任何重大投資、重大收購或出售附屬公司、聯營公司或合營企業。關於本集團報告期內的重大投資、重大收購及出售附屬公司、聯營公司及合營企業，請參見本年報「管理層討論及分析—重大投資、重大收購及出售附屬公司、聯營公司及合營企業」。
本集團認同遵守監管要求的重要性，而不遵守此等要求的風險可導致終止經營牌照。本集團已調配好系統及人力資源，以確保持續遵守規則及規例，並通過有效溝通有效地維持與監管機構的良好關係。截至2025年12月31日止年度，就董事所深知，本集團並無重大違反或不遵守適用法律及法規，以致對本集團的業務及營運產生重大影響。
Annual Report 2025 年度報告 | 79
Report of the Board of Directors
董事會報告
Save as disclosed in the Prospectus and in the section headed "Use of Proceeds from the Global Offering" in this annual report, the Group did not have plan for material investments and capital assets.
The Directors and Supervisors (during their tenure) during the year ended 31 December 2025 and up to the date of this annual report were as follows:
Mr. Lyu Yixiong (呂義雄先生) (Chairman of the Board and Chief Executive Officer) Ms. Zhou Wei (周蔚女士) (appointed on 25 September 2025) Ms. Luo Yan (羅燕女士) Mr. Feng Yifeng (馮一峰先生) Ms. Song Yang (宋洋女士)
Ms. Li Hanqiong (李寒窮女士) (resigned on 28 August 2025) Mr. Sun Hao (孫昊先生) (resigned on 25 September 2025)
Mr. Sun Hao (孫昊先生) (appointed on 25 September 2025)
Mr. Leung Ho Sun Wilson (梁浩新先生) Ms. Luo Yan (羅妍女士) Mr. Li Yang (李洋先生)
Mr. Li Tao (李濤先生) Ms. Shi Tenghua (施滕花女士) Ms. Yang Min (楊敏女士) (resigned on 25 June 2025) Mr. Wang Tao (王韜先生) (appointed on 25 June 2025)
The biographical details of the Directors and the senior management of the Group are disclosed in the section headed "Biographical Details of Directors and Senior Management" on pages 33 to 40 of this annual report.
除招股章程及本年報「全球發售所得款項用途」一節所披露者外，本集團並無重大投資及資本資產的計劃。
截至2025年12月31日止年度及直至本年報日期的董事及監事（在任職期間）如下：
呂義雄先生 （董事長兼首席執行官） 周蔚女士（於2025年9月25日委任） 羅燕女士 馮一峰先生 宋洋女士
李寒窮女士（於2025年8月28日辭任） 孫昊先生（於2025年9月25日辭任）
孫昊先生（於2025年9月25日委任）
梁浩新先生 羅妍女士 李洋先生
李濤先生 施滕花女士 楊敏女士（於2025年6月25日辭任） 王韜先生（於2025年6月25日委任）
本集團董事及高級管理層的履歷詳情於本年報第33至40頁「董事及高級管理層之履歷詳情」一節披露。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
Pursuant to Articles 95 and 105 of the Articles of Association, the term for Directors and Supervisors (during their tenure) shall be three years. Each of the Directors and Supervisors (during their tenure) has entered into a service contract or a letter of appointment with the Company for a term of three years.
There are no service contracts or letters of appointment between the Company or its subsidiaries and any of the Directors or Supervisors (during their tenure) which is not determinable by the Company within one year without payment of compensation apart from statutory compensation.
The Company has received annual confirmation of independence from each of the independent non-executive Directors pursuant to Rule 3.13 of the Listing Rules and all of them are considered to be independent.
Save as disclosed in this annual report, no other information is required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules.
No contracts concerning the management and administration of the whole or any substantial part of the business of the Group were entered into or existed during the year or subsisted at the end of the year ended 31 December 2025.
The emoluments of the Directors and senior management of the Group are determined by the Board with reference to the respective responsibilities, duties, experience, individual performance, and time devoted to the Group and may be adjusted upon the recommendation of the Remuneration and Appraisal Committee. The Remuneration and Appraisal Committee was set up for reviewing the Company's emolument policy and structure of all remuneration of the Directors and senior management of the Company. Please refer to the paragraph headed "Share Incentive Scheme" in this section for details of long-term incentive schemes of the Group.
根據公司章程第95條及第105條，董事及監事（在任職期間）的任期每屆為三年。各董事及監事（在任職期間）已與本公司訂立為期三年的服務合同或委任函。
本公司或其附屬公司與任何董事或監事（在任職期間）概無訂立本公司須作出除法定賠償以外的賠償方可於一年內終止合同的服務合同或委任函。
本公司已收到各獨立非執行董事根據上市規則第3.13條發出的獨立性年度確認，並認為所有獨立非執行董事均為獨立。
除本年報所披露者外，概無根據上市規則第13.51B(1)條須予披露的其他資料。
於年內概無訂立或存在或於截至2025年12月31日止年度完結時存續與本集團整體或任何重大部分業務的管理及行政事務有關的合同。
董事及本集團高級管理層的薪酬乃由董事會參照其各自的責任、職責、經驗、個人表現及投入本集團的時間釐定，並可按照薪酬與考核委員會的建議進行調整。薪酬與考核委員會的設立是為了審議本公司的薪酬政策以及本公司董事及高級管理層的所有薪酬結構。有關本集團長期激勵計劃的詳情，請參閱本節「股份激勵計劃」一段。
Annual Report 2025 年度報告 | 81
Report of the Board of Directors
董事會報告
Details of the emoluments of the Directors and five highest paid individuals of the Group are set out in notes 9 and 10 to the Financial Statements on pages 194 to 198 of this annual report.
The following table sets forth the emoluments of the Supervisors (during their tenure) for the year ended 31 December 2025.
董事、監事及五名最高薪酬人士的薪酬
董事及本集團五名最高薪酬人士的薪酬詳情載於本年報第194至198頁財務報表附註9及10。
下表載列監事（在任職期間）於截至2025年12月31日止年度的薪酬。
Year ended 31 December 2025 截至2025年12月31日止年度
| | | Salaries, allowances and benefits in kind 薪金、津貼 及實物福利 RMB'000 人民幣千元 | Pension scheme contributions 退休金 計劃供款 RMB'000 人民幣千元 | Performance-related bonuses 表現 相關花紅 RMB'000 人民幣千元 | Share-based payment 以股份為基礎的付款 RMB'000 人民幣千元 | Total 總計 RMB'000 人民幣千元 | | --- | --- | --- | --- | --- | --- | --- | | Supervisors: | 監事： | | | | | | | Mr. Li Tao (The Board of Supervisors was abolished on 25 September 2025) | 李濤先生 (於2025年9月25日 取消監事會) | 426 | 224 | 46 | - | 696 | | Ms. Shi Tenghua (The Board of Supervisors was abolished on 25 September 2025) | 施滕花女士 (於2025年9月25日 取消監事會) | 450 | 224 | - | 500 | 1,174 | | Ms. Yang Min (resigned on 25 June 2025) | 楊敏女士 (於2025年6月25日辭任) | 301 | 111 | - | 250 | 662 | | Mr. Wang Tao (appointed on 25 June 2025, the Board of Supervisors was abolished on 25 September 2025) | 王韜先生 (於2025年6月25日委任，於2025年9月25日 取消監事會) | 435 | 112 | 55 | 250 | 852 | | | | 1,612 | 671 | 101 | 1,000 | 3,384 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
For the year ended 31 December 2025, no emoluments were paid by the Group to any Director, any Supervisor (during their tenure) or any of the five highest paid individuals as an inducement to join or upon joining the Group or as compensation for loss of office. None of the Directors or the Supervisors (during their tenure) has waived any emoluments for the year ended 31 December 2025.
During the Reporting Period, none of the Directors, Supervisors (during their tenure) or his or her connected entity had a material interest, whether directly or indirectly in any transactions, arrangements and contracts of significance in relation to the Company to which the Company or any of its subsidiaries was a party.
No non-competition agreements or arrangement has been provided by any of the Controlling Shareholders at any time during the Reporting Period or as at 31 December 2025.
The Company has arranged for appropriate insurance in respect of legal actions arising out of corporate activities against the Directors, Supervisors (during their tenure) and senior management of the Company. The permitted indemnity provision is in force for the benefit of the Directors as required by the provisions of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong).
截至2025年12月31日止年度，本集團概無向任何董事、任何監事（在任職期間）或任何五名最高薪酬人士支付作為促使加入或加入本集團時的酬金或離職補償的薪酬。截至2025年12月31日止年度概無董事或監事（在任職期間）放棄任何薪酬。
報告期內，概無董事、監事（在任職期間）或與其有關連的實體於本公司或其附屬公司所訂立且對本公司而言屬重大之任何交易、安排或合約中直接或間接擁有重大權益。
於報告期間或於2025年12月31日，並無任何控股股東提供任何不競爭協議或安排。
本公司就本公司董事、監事（在任職期間）和高級管理層可能就因企業活動產生之法律訴訟已作適當之投保安排。基於董事利益的獲准許彌償條文根據公司條例（香港法例第622章）的規定生效。
Annual Report 2025 年度報告 | 83
Report of the Board of Directors
董事會報告
During the year ended 31 December 2025, the Group had the following connected transactions and continuing connected transactions subject to disclosure requirements, details of which are disclosed in compliance with the requirements of Chapter 14A of the Listing Rules.
The Company entered into the following continuing connected transaction with the connected persons as defined in the Listing Rules, and transactions have been conducted in accordance with the agreed terms.
On 17 April 2025, the Parties entered into the Joint Venture and Cooperation Agreement (as supplemented by a supplemental agreement dated the same date), pursuant to which the Parties agreed to form the Joint Venture whereby the Company will contribute RMB5,100,000, Ms. Song Yang will contribute RMB500,000 and Shanghai Qingdao will contribute RMB500,000 in cash to the Joint Venture, accounting for 51%, 5% and 5% respectively of the total initial registered capital of the Joint Venture. The principal terms of the Joint Venture and Cooperation Agreement are summarised as follows:
於截至2025年12月31日止年度，本集團進行以下受限於披露要求的關連交易及持續關連交易，若干詳情的披露符合上市規則第14A章的規定。
本公司已與關連人士（定義見上市規則）訂立以下持續關連交易，且交易已按協定條款進行。
於2025年4月17日，訂約方訂立合資合作協議（經同日的補充協議補充），據此，訂約方同意成立合資公司，而本公司、宋洋女士及上海青道將以現金向合資公司分別出資人民幣5,100,000元、人民幣500,000元及人民幣500,000元，分別佔合資公司初始註冊資本總額的51%、5%及5%。合資合作協議的主要條款概述如下：
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
Date: 17 April 2025 日期： 2025年4月17日
Parties: (1) The Company 訂約方： (1) 本公司 (2) Shanghai Manli (2) 上海蠻力 (3) Guangzhou Lechuang (3) 廣州樂創 (4) Ms. Song Yang (4) 宋洋女士 (5) Shanghai Qingdao (5) 上海青道
Nature of the Joint Venture: Limited liability company 合資公司性質： 有限責任公司
Registered capital and capital contribution: The registered capital of the Joint Venture shall be RMB10,000,000. 註冊資本及出資： 合資公司的註冊資本將為人民幣10,000,000元。
The proportion of capital contribution of the Joint Venture is set out below: 合資公司的出資比例載列如下：
| Parties | Amount of Capital Contribution | Proportion of Capital Contribution | |
|---|---|---|---|
| 訂約方 | 出資額 (RMB'000) | 出資比例 (%) | |
| (人民幣千元) | (%) | ||
| The Company | 本公司 | 5,100 | 51.0 |
| Shanghai Manli | 上海蠻力 | 2,900 | 29.0 |
| Guangzhou Lechuang | 廣州樂創 | 1,000 | 10.0 |
| Ms. Song Yang | 宋洋女士 | 500 | 5.0 |
| Shanghai Qingdao | 上海青道 | 500 | 5.0 |
| Total | 總計 | 10,000 | 100.0 |
Annual Report 2025 年度報告 | 85
Report of the Board of Directors
董事會報告
20
The amount of capital contribution was determined by the parties of the Joint Venture and Cooperation Agreement after arm's length negotiation, taking into account various factors such as the business nature, working capital requirements and future development plans of the Joint Venture.
出資額乃由合資合作協議的訂約方經公平協商及考慮合資公司的業務性質、運營資金需求及未來發展計劃等各項因素後釐定。
Proposed business scope: Sales of cosmetics, skin care and skin cleansing products 建議業務範圍：化妝品、護膚品及皮膚清潔產品銷售
Management structure: Shareholders' Meeting 管理架構：股東會
The shareholders' meeting shall be the highest authority of the Joint Venture. 股東會須為合資公司的最高權力機構。
Board of directors 董事會
The board of directors of the Joint Venture shall consist of three directors. The chairperson of the board of directors shall be the director nominated by the Company. 合資公司的董事會須由三名董事組成。董事長須由本公司所提名的董事擔任。
Senior management 高級管理層
The Joint Venture shall have one general manager and one chief financial officer. 合資公司須設有一名總經理及一名財務總監。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
The Joint Venture is to be established with the aim of leveraging the Parties' respective advantages and resources in the cosmetics industry to jointly create and operate the newly established cosmetic brand. Boasting over two decades of operational experience as a leading multi-brand cosmetics company, the Company will spearhead product formula research and development and manufacturing. Shanghai Manli plays a pivotal role in establishing the brand identity by overseeing sales and daily operational management, while Guangzhou Lechuang will contribute by offering strategic advice, etc. By combining resources and expertise of the Parties, this Joint Venture is positioned to create a new cosmetic brand and expand the Company's brand matrix.
The Directors (including the executive Directors, non-executive Directors and independent non-executive Directors) consider that the terms of the Joint Venture and Cooperation Agreement are on normal commercial terms, which are fair and reasonable and in the interests of the Company and our Shareholders as a whole.
As at the date of this announcement, Ms. Song Yang is an executive Director. Accordingly, the formation of the Joint Venture constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules.
As the highest applicable percentage ratio in respect of the formation of the Joint Venture is more than 0.1% but less than 5%, the formation of the Joint Venture is only subject to the reporting and announcement requirements but exempt from the circular and independent shareholders' approval requirement under Chapter 14A of the Listing Rules.
By virtue of being an executive Director, Ms. Song Yang is considered to have a material interest in the transaction contemplated under the Joint Venture and Cooperation Agreement, and she has abstained from voting on the relevant Board resolution approving the above transaction.
合資公司旨在利用訂約方各自於化妝品行業的優勢及資源而成立，以共同創立及運營新成立化妝品品牌。作為一家領先多品牌化妝品公司，憑藉擁有逾20年營運經驗，本公司將率先開展產品配方研發及製造。上海蠻力通過監督銷售及日常運營管理在打造品牌形象方面發揮關鍵作用，而廣州樂創將提供戰略建議等。通過整合訂約方的資源及專業知識，該合資公司旨在創建一個新的化妝品品牌，擴充公司的品牌矩陣。
董事（包括執行董事、非執行董事及獨立非執行董事）認為，合資合作協議的條款乃按正常商業條款訂立，屬公平合理且符合本公司及股東的整體利益。
於本公告日期，宋洋女士為執行董事。因此，成立合資公司構成上市規則第十四A章項下本公司的關連交易。
由於成立合資公司的最高適用百分比率超過 0.1% 但低於 5%，成立合資公司僅須遵守上市規則第十四A章項下的申報及公告規定，惟獲豁免遵守通函及獨立股東批准規定。
鑒於宋洋女士為執行董事，其被視為於合資合作協議項下擬進行的交易中擁有重大利益，彼已就批准上述交易的相關董事會決議案迴避表決。
Annual Report 2025 年度報告 | 87
Report of the Board of Directors
董事會報告
1
On 20 March 2025 (after trading hours), the Company and Yinxi Shanghai entered into the Product Purchasing and Services Framework Agreement, pursuant to which the Group agreed to purchase tea products and teahouse services from Yinxi Shanghai Group.
The principal terms of the Product Purchasing and Services Framework Agreement are summarised as follows.
於2025年3月20日（交易時段後），本公司與隱溪上海訂立產品採購及服務框架協議，據此，本集團同意向隱溪上海集團採購茶葉產品和茶館服務。
產品採購及服務框架協議的主要條款概述如下。
Date: 20 March 2025 (after trading hours)
日期： 2025年3月20日（交易時段後）
Parties: (1) The Company (for itself and on behalf of its subsidiaries); and
訂約方： (1) 本公司（為其本身及代表其附屬公司）；及
(2) Yinxi Shanghai (for itself and on behalf of its subsidiaries and associates)
(2) 隱溪上海（為其本身及代表其附屬公司及聯繫人）
Term: From the date of execution of the agreement until 31 December 2027
期限： 自協議簽署之日起至2027年12月31日
Nature of transaction: The Group agreed to purchase tea products and teahouse services from Yinxi Shanghai Group
交易性質： 本集團同意向隱溪上海集團採購茶葉產品和茶館服務
Pricing principles: The price of purchase of tea products and teahouse services from Yinxi Shanghai Group will be made on a fair and reasonable basis at market price, depending on the products and services purchased.
定價原則： 向隱溪上海集團採購茶葉產品和茶館服務的價格將根據所購買的產品和服務，按照公平合理的市場價格而釐定。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
In order to ensure that any purchase made is fair and reasonable and on normal commercial terms, the Group has adopted and implemented a management system in managing its suppliers and procurement, and any purchase from Yinxi Shanghai Group will be subject to such management system like other suppliers of the Group. Under the management system, the Group invites fee quotes from a list of designated suppliers maintained by it and selects the supplier taking into account factors such as the estimated time of delivery of goods and the capacity of the supplier. The terms of the Product Purchasing and Services Framework Agreement are substantially the same as those entered into between the Group and other suppliers on its list of suppliers. The Group's procurement department will review the pricing terms and/or basis offered by the current suppliers on its list of suppliers on an annual basis and will compare the same against those offered by the suppliers who are not included in such list.
為確保所作的任何採購屬公平合理並符合正常商業條款，本集團已採納並實施一套管理其供應商及採購的管理制度，向隱溪上海集團作出的任何採購將受該管理制度所規限，與本集團其他供應商一視同仁。根據管理制度，本集團從其維護的指定供應商名單中邀請供應商報價，在計及估計交貨時間及供應商產能等因素後選擇供應商。產品採購及服務框架協議的條款和本集團與供應商名單上其他供應商之間所訂立者大致相同。本集團的採購部門將每年審閱其供應商名單上目前供應商提供的定價條款及／或基準，並將其與目前不在該名單上的供應商所提供者進行對比。
Payment: Time and manner of payment will be agreed upon by specific agreements entered into between the parties for purchase of tea products and teahouse services, which shall conform in all material respects to the principles and provisions of the Product Purchasing and Services Framework Agreement.
付款： 付款時間及方式將經訂約方就採購茶葉產品和茶館服務所訂立的具體協議協定，並須於所有重大方面符合產品採購及服務框架協議的原則及條文。
Historical Amounts The actual transaction amount payable by the Group to Yinxi Shanghai Group for purchase of tea products and teahouse services for the year ended 31 December 2025 is RMB11.87 million.
歷史金額 截至2025年12月31日止年度，本集團就採購茶葉產品和茶館服務應付隱溪上海集團的實際交易金額為人民幣11.87百萬元。
Annual Report 2025 年度報告 | 89
Report of the Board of Directors
董事會報告
The transaction amounts payable by the Group to Yinxi Shanghai Group for the three years ending 31 December 2025, 2026 and 2027 shall not exceed the caps as set out in the table below:
| 年度上限 | |||
|---|---|---|---|
| 截至2025年、2026年及2027年12月31日止三個年度，本集團應付隱溪上海集團的交易金額不得超過下表所載的上限： | |||
| Proposed annual caps for the year ending December 31 | |||
| 截至12月31日止年度的建議年度上限 | |||
| (RMB' million) | |||
| (人民幣百萬元) | |||
| 2025 | 2026 | 2027 | |
| 2025年 | 2026年 | 2027年 | |
| Transaction amount | 交易金額 | 12.00 | 12.00 |
| --- | --- | --- | --- |
The proposed annual caps for the purchase amount of tea products and teahouse services under the Product Purchasing and Services Framework Agreement are determined after taking into account (i) our historical procurement amount from Yinxi Shanghai Group for the year ended 31 December 2024, and (ii) our increasing demand for such products and services considering the growth of business of the Group in 2025.
Yinxi Shanghai Group is experienced in sales of tea products and provision of teahouse services.
產品採購及服務框架協議項下的採購茶葉產品和茶館服務金額的建議年度上限乃經計及以下各項後釐定：(i)我們截至2024年12月31日止年度向隱溪上海集團的歷史採購金額，以及(ii)本集團於2025年的業務增長使我們對該項產品和服務的需求增加後釐定。
隱溪上海集團具有豐富的茶葉產品銷售和提供茶館服務的經驗。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
The Directors (including the executive Directors, non-executive Directors and independent non-executive Directors) are of the view that the transactions contemplated under the Product Purchasing and Services Framework Agreement will be entered into in the ordinary and usual course of business of the Group, on normal commercial terms or better and the terms are fair and reasonable and in the interests of the Company and the Shareholders as a whole; and that the proposed annual caps for the three years ending 31 December 2025, 2026 and 2027 for the transactions are fair and reasonable and in the interests of the Company and the Shareholders as a whole.
As at the date of this announcement, Yinxi Shanghai is wholly-owned by Shanghai Yinxi Brand Development Co., Ltd.* (上海隱系品牌發展有限公司), which is ultimately controlled by Mr. Lyu Yixiong (呂義雄), who is the chairman of the Board, an executive Director, the chief executive officer and a controlling shareholder of the Company. Therefore, the transactions contemplated under the Product Purchasing and Services Framework Agreement shall constitute continuing connected transactions of the Company under the Listing Rules.
As the highest applicable percentage ratio of the proposed annual caps for the transactions contemplated under the Product Purchasing and Services Framework Agreement for the three years ending 31 December 2025, 2026 and 2027 is more than 0.1% but less than 5%, such continuing connected transactions are only subject to the reporting and announcement requirements but exempt from circular and independent Shareholders' approval requirements under Chapter 14A of the Listing Rules.
Mr. Lyu Yixiong is considered to have a material interest in the transactions contemplated under the Product Purchasing and Services Framework Agreement, and he has abstained from voting on the relevant Board resolution approving the above transactions.
董事（包括執行董事、非執行董事及獨立非執行董事）認為，產品採購及服務框架協議項下擬進行的交易將於本集團日常及一般業務過程中按正常或更佳商業條款訂立，相關條款屬公平合理且符合本公司及股東的整體利益，而有關交易截至2025年、2026年及2027年12月31日止三個年度的建議年度上限屬公平合理，且符合本公司及股東的整體利益。
於本公告日期，隱溪上海由上海隱系品牌發展有限公司全資擁有，該公司由呂義雄先生（董事長、執行董事、首席執行官及本公司控股股東）最終控制。因此，產品採購及服務框架協議項下擬進行的交易構成上市規則項下本公司的持續關連交易。
由於產品採購及服務框架協議項下擬進行的交易截至2025年、2026年及2027年12月31日止三個年度的建議年度上限的最高適用百分比率超過0.1%但低於5%，有關持續關連交易僅須遵守上市規則第十四A章項下的申報及公告規定，惟獲豁免遵守通函及獨立股東批准規定。
呂義雄先生被視為於產品採購及服務框架協議項下擬進行的交易中擁有重大利益，彼已就批准上述交易的相關董事會決議案迴避表決。
Annual Report 2025 年度報告 | 91
Report of the Board of Directors
董事會報告
(1) LOGISTICS AND WAREHOUSING SERVICE AGREEMENT
On 20 March 2025 (after trading hours), Hangzhou Rongheng, the Joint Venture and the Company entered into a supplemental agreement to the Logistics and Warehousing Service Agreement to modify the contract parties to the Logistics and Warehousing Service Agreement, pursuant to which Hangzhou Rongheng (for itself and on behalf of its subsidiaries) agreed to provide logistics and warehousing services to the Group, instead of the Joint Venture. Please refer to the announcement to the Company dated on 20 March 2025 for details.
(2) PRODUCT PURCHASING AND SERVICES FRAMEWORK AGREEMENT
On 7 July 2025 (after trading hours), the Company and Yinxi Shanghai entered into a supplemental agreement to the Product Purchasing and Services Framework Agreement (the "Supplemental Product Purchasing and Services Framework Agreement") to expand the scope of transaction under the Product Purchasing and Services Framework Agreement, pursuant to which the Company agreed to purchase tea products, indoor fragrance products, home ornament items, teahouse services, recreational services and other products and services from Yinxi Shanghai Group. Please refer to the announcement to the Company dated on 7 July 2025 for details.
(1) 物流及倉儲服務協議
於2025年3月20日（交易時段後），杭州融恒、合資公司及本公司訂立物流及倉儲服務協議的補充協議，以修訂物流及倉儲服務協議的合約訂約方，據此，杭州融恒（為其本身及代表其附屬公司）同意向本集團而非合資公司提供物流及倉儲服務。有關詳情，請參閱本公司日期為2025年3月20日的公告。
(2) 產品採購及服務框架協議
於2025年7月7日（交易時段後），本公司與隱溪上海訂立產品採購及服務框架協議之補充協議（「產品採購及服務框架協議之補充協議」），以擴大產品採購及服務框架協議的交易範圍，據此，本公司同意向隱溪上海集團採購茶葉、室內調香用品、室內擺件、茶飲、休閒服務及其他產品及服務。有關詳情，請參閱本公司日期為2025年7月7日的公告。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
The independent non-executive Directors have reviewed the continuing connected transactions set out in note 35 to the Financial Statements in this annual report, and are of the view that the transactions have been entered into under the following circumstances:
(1) in the ordinary and usual course of business of the Group; (2) on normal commercial terms or on terms no less favorable to the Group than terms offered to/by independent third parties; and (3) in accordance with the relevant agreements governing those transactions on terms that are fair and reasonable and in the interest of the Shareholders of the Company as a whole.
For related party transactions disclosed in note 35 to the Financial Statements which constituted connected transactions or continuing connected transactions under the Listing Rules, the Company has complied with all the relevant requirements under Chapter 14A of the Listing Rules.
Ernst & Young, the Company's independent auditors, were engaged to report on the Group's continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 Assurance Engagements Other Than Audits or Reviews of Historical Financial Information and with reference to Practice Note 740 Auditors' Letter on Continuing Connected Transactions under the Hong Kong Listing Rules issued by the Hong Kong Institute of Certified Public Accountants.
獨立非執行董事已審閱載於本年報之財務報表附註35之持續關連交易，並確認該等交易乃於下列情況訂立：
(1) 屬本集團一般及日常業務； (2) 按一般商業條款或以對本集團而言該等交易的條款不遜於獨立第三方可取得或提供的條款；及 (3) 根據管轄該等交易之相關協議，按屬公平合理並符合本公司股東整體利益的條款。
有關於財務報表附註35披露的與關聯方交易中構成上市規則下的關連交易或持續關連交易，本公司已就此遵照上市規則第14A章下的一切相關規定。
安永會計師事務所，本公司之獨立核數師，已獲聘按照香港監證業務準則3000號「歷史財務資料審計或審閱以外的監證業務」及參考由香港會計師公會頒佈的實務說明第740號「關於香港上市規則所述持續關連交易的核數師函件」就本集團的持續關連交易出具報告。
Annual Report 2025 年度報告 | 93
Report of the Board of Directors
董事會報告
In respect of the continuing connected transactions disclosed (the "Disclosed Continuing Connected Transactions"), the Company's auditors confirmed that, with respect to those entered into during the financial year ended 31 December 2025 or before:
a. nothing has come to its attention that causes it to believe that the Disclosed Continuing Connected Transactions have not been approved by the Board; b. for transactions involving the provision of goods or services by the Group, nothing has come to its attention that causes it to believe that the transactions were not, in all material respects, in accordance with the pricing policies of the Group; c. nothing has come to its attention that causes it to believe that the transactions were not entered into, in all material respects, in accordance with the relevant agreements governing such transactions; and d. with respect to the aggregate amount of each of the continuing connected transactions, nothing has come to its attention that causes it to believe that the Disclosed Continuing Connected Transactions have exceeded the annual cap as set by the Company.
During the year ended 31 December 2025, the Company did not issue any convertible securities, share options, warrants or similar rights.
就已披露於截至2025年12月31日止財政年度或之前進行的持續關連交易（「已披露持續關連交易」）而言，本公司核數師確認：
a. 其概無發現任何事宜，以致令其認為已披露持續關連交易未獲董事會批准； b. 就涉及由本集團提供商品或服務的交易而言，其概無發現任何事宜，以致令其認為該等交易在所有重大方面未符合本集團的定價政策； c. 其概無發現任何事宜，以致令其認為該等交易在所有重大方面未按照規管該等交易的有關協議的條款訂立；及 d. 就各持續關連交易的總額而言，其概無發現任何事宜，以致令其認為已披露持續關連交易已超逾本公司設定的年度上限。
於截至2025年12月31日止年度，本公司未發行任何可換股證券、購股權、認股權證或類似權利。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
As at 31 December 2025, the interests and short positions of the Directors, the Supervisors (during their tenure) and the chief executive of the Company in the Shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as 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 he/she is keen to take or deemed to have under such provisions of the SFO), or as recorded in the registered maintained by the Company under Section 352 of the SFO, or as notified to the Company and the Stock Exchange pursuant to the Model Code were as follows:
於2025年12月31日，本公司董事、監事（在任職期間）及最高行政人員於本公司或其任何相聯法團（定義見證券及期貨條例XV部）的股份、相關股份及債權證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或淡倉（包括根據證券及期貨條例有關條文被當作或視作擁有的權益或淡倉），或根據證券及期貨條例第352條須記入該條所述登記冊的權益或淡倉，或根據標準守則須知會本公司及聯交所的權益或淡倉如下：
| Name | Description of Shares(3) | Nature of Interest | Number of Shares held/ interested 所持／ 擁有權益的股份數目 | Approximate percentage of shareholding in the Unlisted Shares/ H Shares (as appropriate)(2) 佔非上市股份／ H股的概約股權百分比(如適用)(2) | Approximate percentage in the Company(2) 於本公司的概約百分比(2) |
|---|---|---|---|---|---|
| 姓名 | 股份描述(3) | 權益性質 | |||
| Mr. Lyu Yixiong 呂義雄先生 | Unlisted Shares | Beneficial interest | 147,527,300(L) | 71.49% | 37.06% |
| 非上市股份 | 實益權益 | ||||
| H Shares | 95,488,800(L) | 46.27% | 23.99% | ||
| H股 | |||||
| Unlisted Shares | Interest in controlled corporation(4) | 178,308,560(L) | 92.99% | 44.79% | |
| 非上市股份 | 於受控制法團權益(4) | ||||
| H Shares | 31,612,000(L) | 15.32% | 7.94% | ||
| Ms. Luo Yan (羅燕) 羅燕女士 | H Shares | Beneficial interest | 2,867,200(L) | 1.39% | 0.72% |
| Mr. Feng Yifeng 馮一峰先生 | H股 | 實益權益 | |||
| Ms. Zhou Wei 周蔚女士 | H Shares | Beneficial interest | 33,559(L) | 0.02% | 0.01% |
| H股 | 實益權益 | ||||
| Ms. Song Yang 宋洋女士 | H Shares | Beneficial interest | 30,000(L) | 0.01% | 0.01% |
| H股 | 實益權益 | ||||
| Mr. Sun Hao 孫昊先生 | H Shares | Beneficial interest | 4,183(L) | 0.00% | 0.00% |
| H股 | 實益權益 |
Annual Report 2025 年度報告 | 95
Report of the Board of Directors
董事會報告
(1) (L) denotes long position.
(2) The calculation is based on a total of 398,107,102 Shares in issue as at 31 December 2025, which consists of 191,752,560 Unlisted Shares and 206,354,542 H Shares. Figures are subject to rounding.
(3) For the avoidance of doubt, both Unlisted Shares and H Shares are ordinary Shares in the share capital of the Company, and are considered as one class of Shares.
(4) As at 31 December 2025, Mr. Lyu Yixiong holds 96.41% equity interest in Shanghai Hongyin Investment Co., Ltd. (上海紅印投資有限公司) ("Hongyin Investment"), 88.75% equity interest in Shanghai Nanyin Investment Co., Ltd. (上海南印投資有限公司) ("Nanyin Investment"), and the entire equity interest in Shanghai Kans Enterprise Management Co., Ltd. (上海韓美企業管理有限公司) ("Shanghai Kans") and Shanghai Shengyan Business Management Centre (上海盛勝商務管理中心) ("Shanghai Shengyan"). Therefore, Mr. Lyu Yixiong is deemed to be interested in the shares held by Hongyin Investment, Nanyin Investment, Shanghai Kans and Shanghai Shengyan.
Save as disclosed above, as at 31 December 2025, to the knowledge of the Board, none of the Directors, the Supervisors (during their tenure) or chief executive of the Company had any interests or short positions in the Shares, underlying Shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which were required to be (i) 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 the Directors, the Supervisors (during their tenure) and chief executive of the Company were taken or deemed to have under such provisions of the SFO); (ii) recorded in the register kept by the Company pursuant to Section 352 of the SFO; or (iii) notified to the Company and the Stock Exchange pursuant to the Model Code.
We have established an employee share ownership plan ("ESOP") since 2016 to attract and retain the talents, to provide incentives that align the interests of shareholders, the Company and employees, and to facilitate the long-term development of the Company. The terms of the ESOP are not subject to the provisions of Chapter 17 of the Listing Rules as they do not involve the grant of options or new shares by the Company after the Listing Date and all the Shares underlying the ESOP have been issued and granted before the Listing Date. The following is a summary of the principal terms of the ESOP.
As at 31 December 2025, all the Shares underlying the ESOP have been issued and granted, and to the extent that there is any change to the grants under the ESOP after the Listing, the Company will comply with the applicable Listing Rules (including the requirements under Chapter 14A of the Listing Rules applicable to grants to connected persons, if any).
附註：
(1) (L)指好倉。
(2) 基於2025年12月31日已發行股份總數398,107,102股股份（包括191,752,560股非上市股份及206,354,542股H股）計算。數字已作湊整。
(3) 為免生疑問，非上市股份和H股均為本公司股本中的普通股，且被視為一類股份。
(4) 於2025年12月31日，呂義雄先生持有上海紅印投資有限公司（「紅印投資」）96.41%股權，上海南印投資有限公司（「南印投資」）88.75%股權，以及上海韓美企業管理有限公司（「上海韓來」）及上海盛勝商務管理中心（「上海盛勝」）全部股權。因此，呂義雄先生被視為於紅印投資、南印投資、上海韓來及上海盛勝持有的股份中擁有權益。
除上文所披露者外，據董事會所知，截至2025年12月31日，概無本公司董事、監事（在任職期間）及最高行政人員於本公司或其任何相聯法團（定義見證券及期貨條例XV部）的股份、相關股份及債權證中擁有(i)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或淡倉（包括本公司董事、監事（在任職期間）及最高行政人員根據證券及期貨條例有關條文被當作或視作擁有的權益或淡倉）；(ii)根據證券及期貨條例第352條須記入本公司存置的登記冊的權益或淡倉；或(iii)根據標準守則須知會本公司及聯交所的權益或淡倉。
我們自2016年起成立了一項僱員持股計劃（「僱員持股計劃」），以吸引及挽留人才，提供激勵以將股東、本公司及僱員利益掛鉤，並推動本公司長遠發展。僱員持股計劃條款不受上市規則第十七章的規定所限，原因是該等條款並不涉及本公司於上市日期後授出期權或新股份，且僱員持股計劃全部相關股份已於上市日期前發行及授出。以下是僱員持股計劃主要條款的概要。
截至2025年12月31日，僱員持股計劃的所有相關股份均已發行及授出，倘僱員持股計劃項下的授出於上市後有任何變動，本公司將遵守適用上市規則（包括上市規則第14A章中適用於授予關連人士的規定（如有））。
Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
There are three employee share ownership platforms (the "ESOP Platforms") for the ESOP, namely (i) Hongyin Investment, (ii) Nanyin Investment and (iii) Shanghai Chengyin.
As at 31 December 2025, Hongyin Investment and Nanyin Investment holds 26.73% and 14.59% equity interest in the Company, respectively, and Shanghai Chengyin holds 5.24% equity interest in Nanyin Investment.
Participants of the ESOP (the "ESOP Participants" and each an "ESOP Participant") shall indirectly hold equity interest in the Company through holding shares of Hongyin Investment, Nanyin Investment or Shanghai Chengyin transferred by Mr. Lyu Yixiong pursuant to the ESOP.
Set out below is the shareholding structure of the ESOP platforms as at 31 December 2025 (Rounded to the nearest whole number):
僱員持股計劃共有三大僱員持股平台（「僱員持股計劃平台」），即(i)紅印投資、(ii)南印投資及(iii)上海誠印。
截至2025年12月31日，紅印投資及南印投資分別持有本公司的 26.73% 及 14.59% 股權，上海誠印則持有南印投資的 5.24% 股權。
根據僱員持股計劃，僱員持股計劃的參與者（「僱員持股計劃參與者」）須通過持有由呂義雄先生轉讓的紅印投資、南印投資或上海誠印股份，間接持有本公司股權。
截至2025年12月31日僱員持股計劃平台的股權架構載列如下（經四捨五入）：
Annual Report 2025 年度報告 | 97
Report of the Board of Directors
董事會報告
The specific terms and conditions of the ESOP for each ESOP Participant is subject to the agreement entered into between (i) the relevant ESOP Platforms, (ii) Mr. Lyu Yixiong and (iii) the relevant ESOP Participants.
On 20 July 2016, respective agreements were entered into between Hongyin Investment, Mr. Lyu Yixiong and the relevant ESOP Participants, pursuant to which the relevant equity interest in Hongyin Investment was transferred to eligible grantees in their capacity as employees of the Group. The price per share granted to each ESOP Participant under the ESOP is RMB1.00 and each ESOP Participant shall pay the relevant price to Mr. Lyu Yixiong on the date of transfer. The price per share was determined based on the registered share capital per share of relevant ESOP Platforms. Depending on the clauses of each agreement, some of the ESOP Participants are not allowed to transfer or in any way dispose of the shares for a period of four (4) or five (5) years commencing on the date when the registration of the transfer of equity interest is completed. Between March 2021 and July 2022, respective agreements were entered into between Nanyin Investment or Shanghai Chengyin (as the case may be), Mr. Lyu Yixiong and the relevant ESOP Participants, pursuant to which the relevant equity interest in Nanyin Investment or Shanghai Chengyin was transferred to eligible grantees in their capacity as employees of the Group. The price per share granted to each ESOP Participant under the ESOP is RMB1.00 and each ESOP Participant shall pay the relevant price to Mr. Lyu Yixiong on the date of transfer of the equity interest. The price per share was determined based on the registered share capital per share of relevant ESOP Platforms. Depending on the clauses of each agreement, some of the ESOP Participants are not allowed to transfer or in any way dispose of the shares for a period of four (4) years commencing on 1 January 2021 or for a period of two and a half (2.5) years or four (4) years commencing on 1 July 2022, respectively. Under the ESOP, there is no maximum entitlement limitation for the ESOP Participants. All underlying shares under the ESOP have been issued to ESOP Participants and there is no provision under the ESOP and relevant agreements in respect of the remaining life of the ESOP.
僱員持股計劃就每名僱員持股計劃參與者的特定條款及條件須受(i)相關僱員持股計劃平台、(ii)呂義雄先生及(iii)相關僱員持股計劃參與者之間所訂立的協議規限。
於2016年7月20日，紅印投資、呂義雄先生及相關僱員持股計劃參與者分別訂立協議，據此，於紅印投資的相關股權轉讓予合資格受讓人（由於其為本集團僱員的身份而獲得授予）。僱員持股計劃項下向每名僱員持股計劃參與者所授出股份的每股價格為人民幣1.00元，而每名僱員持股計劃參與者須於轉讓當日向呂義雄先生支付相關價格。每股股份的價格乃根據相關僱員持股計劃平台每股股份的註冊股本釐定。視乎各份協議的條款而定，自轉讓股權登記完成當日起計為期四(4)或五(5)年，部分僱員持股計劃參與者不得轉讓或以任何方式處置股份。於2021年3月至2022年7月期間，南印投資或上海誠印（視情況而定）、呂義雄先生及相關僱員持股計劃參與者分別訂立協議，據此，於南印投資或上海誠印的相關股權轉讓予合資格受讓人（由於其為本集團僱員的身份而獲得授予）。僱員持股計劃項下向每名僱員持股計劃參與者所授出股份的每股價格為人民幣1.00元，而每名僱員持股計劃參與者須於轉讓股權當日向呂義雄先生支付相關價格。每股股份的價格乃根據相關僱員持股計劃平台每股股份的註冊股本釐定。視乎各份協議的條款而定，自2021年1月1日起計為期四(4)年或分別自2022年7月1日起計為期兩年半（2.5年）或四(4)年，部分僱員持股計劃參與者不得轉讓或以任何方式處置股份。根據僱員持股計劃，僱員持股計劃參與者並無最高權利限制。僱員持股計劃項下的所有相關股份已發行予僱員持股計劃參與者，且僱員持股計劃及相關協議並無就僱員持股計劃剩餘期限作出規定。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
Under the following circumstances, Mr. Lyu Yixiong has the right to purchase the shares transferred under the ESOP at the grant price of RMB1.00 per share:
(i) the termination of the ESOP Participant's employment relationship with the Company or any of its subsidiaries for any reasons during the share transfer restriction period (if any) as specified in the agreements entered into between the relevant ESOP Platforms, Mr. Lyu Yixiong and the relevant ESOP Participants;
(ii) the transfer, disposal, or pledge of the shares by the ESOP Participant during the share transfer restriction period (if any) as specified in the agreements entered into between the relevant ESOP Platforms, Mr. Lyu Yixiong and the relevant ESOP Participants without the approval of the relevant ESOP Platforms; or
(iii) any violation of law, breach of professional ethics, confidential information leakage, corruption or other malpractices of the ESOP Participant.
The shareholders of the Company approved the adoption of the RSU Scheme at the Second 2023 EGM held on 14 December 2023 (the "Adoption Date") for the purpose of attracting new talents and retaining employees whose contributions are important to the long-term growth and success of the Group, recognising and rewarding Employee Participants for their contributions to the Group, providing Employee Participants with the opportunity to acquire proprietary interests in the Company and encouraging Employee Participants to further contribute to the Company and work towards enhancing the value of the Company and its Shares for the benefit of the Company and its Shareholders as a whole.
在下列情況下，呂義雄先生有權按每股股份人民幣1.00元的授出價購買僱員持股計劃項下所轉讓的股份：
(i) 僱員持股計劃參與者基於任何理由，於相關僱員持股計劃平台、呂義雄先生及相關僱員持股計劃參與者訂立的協議訂明的股份轉讓鎖定期間（如有）與本公司或其任何附屬公司終止僱傭關係；
(ii) 未經相關僱員持股計劃平台批准，僱員持股計劃參與者於相關僱員持股計劃平台、呂義雄先生及相關僱員持股計劃參與者訂立的協議訂明的股份轉讓鎖定期間（如有）轉讓、處置或質押股份；或
(iii) 僱員持股計劃參與者出現任何違法、違反專業操守、洩漏機密資料、貪污或其他不良行為。
本公司股東於2023年12月14日舉行的2023年第二次臨時股東會上批准採納本公司的限制性股票單位激勵計劃（「採納日期」），旨在吸引新人才及挽留對本集團的長期發展及成功有重要貢獻的僱員，表彰及獎勵僱員參與者對本集團的貢獻，為僱員參與者提供獲得本公司自有權益的機會，並鼓勵僱員參與者進一步為本公司作出貢獻，努力提升本公司及其股份的價值，造福本公司及其股東的整體利益。
Annual Report 2025 年度報告 | 99
Report of the Board of Directors
董事會報告
Employee Participants who may participate in the RSU Scheme include any director (executive Directors or non-executive Directors but does not include independent non-executive Directors), member of the management team, senior management and current employee of the Company or any of its subsidiaries (including any persons who are granted Share Awards under the RSU Scheme as an inducement to enter into employment contracts with these companies). The above is subject to the Board's consideration, in its sole discretion, that the Employee Participants have contributed or will contribute to the Group.
The total number of Shares which may be issued in respect of all options and awards involving issue of new Shares that may be granted under the RSU Scheme and any other share scheme(s) adopted by the Company must not in aggregate exceed 10% of the total number of Shares in issue as at the Adoption Date, being 39,795,790 Shares (the "Scheme Mandate Limit", representing approximately 10% of the total number of Shares of the Company in issue as at the date of this annual report), unless otherwise permitted by the Listing Rules or the Company obtains the approval of its Shareholders to refresh the Scheme Mandate Limit.
Based on the Company's estimates, the total number of new Shares to be issued under the RSU Scheme by 31 December 2027 is expected to be approximately 1% of the total number of Shares issued as at the Adoption Date (and not more than 2%). The actual grant of the RSU and the issuance of the underlying shares may vary and will be reviewed by the Company's Remuneration and Appraisal Committee in accordance with its terms of reference in due course.
可參與限制性股票單位激勵計劃的僱員參與者包括本公司及其任何附屬公司（包括根據限制性股票單位激勵計劃獲授股份獎勵作為與該等公司訂立僱傭合約的獎勵的任何人士）的任何董事（執行董事或非執行董事，但不包括獨立非執行董事）、管理層團隊成員、高級管理層及現任僱員。上述事項由董事會考慮僱員參與者已對或將會對本集團作出貢獻全權酌情決定。
就涉及根據限制性股票單位激勵計劃及本公司採納的任何其他股份計劃可能授出的新股份發行的所有購股權及獎勵而可能發行的股份總數，合共不得超過於採納日期已發行股份總數的 10%，即39,795,790 股股份（「計劃授權上限」），佔於本公司截至本年度報告日期已發行股份總數的約 10%），除非上市規則另行允許或本公司取得股東批准更新計劃授權上限。
根據本公司的估計，於2027年12月31日前，根據限制性股票單位激勵計劃將予發行的新股份總數預計約為於採納日期已發行股份總數的 1%（且不超過 2%）。限制性股票單位的實際授出以及相關股份的發行或會有所變動，並將由本公司薪酬與考核委員會於適當時候根據其職權範圍進行審閱。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
According to the RSU Scheme, there are no restrictions on the maximum entitlement of Share Awards to be granted to an Employee Participant (save for any requirements under the Listing Rules).
Where any grant of options or Share Awards to an Employee Participant except for a Director (other than an independent non-executive Director) or chief executive of the Company (or any of their associates), would result in the Shares issued and to be issued in respect of all options and share awards granted to such person (excluding any options and Share Awards lapsed in accordance with the terms of the RSU Scheme) in the 12-month period up to and including the date of such grant representing in aggregate over 1% of the total number of Shares in issue (the 1% individual limit), such grant must be separately approved by Shareholders in general meeting with such Employee Participant and his/her close associates (or associates if the participant is a connected person) abstaining from voting.
Where any grant of Share Awards (excluding grant of options) to a Director (other than an independent non-executive Director) or chief executive of the Company (or any of their associates) would result in the number of Shares issued and to be issued in respect of all awards involving issue of new Shares already granted under the RSU Scheme and any other share scheme(s) of the Company (excluding any awards lapsed in accordance with the terms of the RSU Scheme or any other share scheme(s) of the Company) to such person in the 12-month period up to and including the date of such grant representing in aggregate over 0.1% (or such other higher percentage as may from time to time be specified by the Stock Exchange) of the total number of Shares in issue as at the Date of Grant, such further grant of Share Awards shall be subject to prior approval by the Shareholders (voting by way of poll) in general meeting.
根據限制性股票單位激勵計劃，授予僱員參與者的股份獎勵最高數目並無限制（上市規則項下的任何規定除外）。
倘向僱員參與者（董事（獨立非執行董事除外）或本公司最高行政人員（或彼等的任何聯繫人）除外）授出任何購股權或股份獎勵將導致於截至有關授予日期（包括該日）止12個月期間向有關人士授出的所有購股權及股份獎勵（不包括根據限制性股票單位激勵計劃條款失效的任何購股權及股份獎勵）所涉及的已發行及將予發行股份合共超過已發行股份總數的 1%（1% 個人上限），則有關授出須經股東於股東會上另行批准，而有關僱員參與者及其緊密聯繫人（或倘參與者為關連人士，則為聯繫人）須放棄投票。
倘向本公司董事（獨立非執行董事除外）或最高行政人員（或其任何聯繫人）授予任何股份獎勵（不包括授予購股權）將導致於截至有關授予日期（包括該日）止12個月期間向有關人士授出的根據限制性股票單位激勵計劃及本公司的任何其他股份計劃授予的所有涉及發行新股的獎勵（不包括根據限制性股票單位激勵計劃或本公司任何其他股份計劃的條款失效的任何獎勵）所涉及的已發行及將予發行的股份數量超過於授予日期已發行股份總數的 0.1%（或其他在聯交所不時指定的較高百分比），此進一步授出股份獎勵則須經股東於股東會上以投票方式事先批准。
Annual Report 2025 年度報告 | 101
Report of the Board of Directors
董事會報告
Where any grant of options or Share Awards to a substantial shareholder of the Company (or any of their respective associates) would result in the number of Shares issued and to be issued in respect of all options and awards involving issue of new Shares already granted under the RSU Scheme and any other share scheme(s) of the Company (excluding any awards lapsed in accordance with the terms of the Scheme or any other share scheme(s) of the Company) to such person in the 12-month period up to and including the date of such grant representing in aggregate over 0.1% (or such other higher percentage as may from time to time be specified by the Stock Exchange) of the total number of Shares in issue as at the Date of Grant, such further grant of Share Awards shall be subject to prior approval by the Shareholders (voting by way of poll) in general meeting.
Unless early termination of the RSU Scheme pursuant to the RSU Scheme Rules, the RSU Scheme shall be valid and effective for the Award Period (i.e. the period from the date of approval of the RSU Scheme by the Shareholders to the Business Day immediately before the expiry of the tenth (10th) anniversary of the date of approval of the RSU Scheme by the Shareholders) (after which no further RSUs will be granted or accepted), and thereafter for so long as there are any non-vested RSUs granted and accepted hereunder prior to the expiration of the RSU Scheme, in order to give effect to the vesting of such RSU or otherwise as may be required in accordance with the provisions of the RSU Scheme Rules.
As at the date of this report, the remaining life of the RSU Scheme is approximately seven years and seven months.
倘向本公司主要股東（或彼等各自的任何聯繫人）授予任何購股權或股份獎勵將導致於截至有關授予日期（包括該日）止12個月期間向有關人士授出的根據限制性股票單位激勵計劃及本公司的任何其他股份計劃授予的所有涉及發行新股的購股權或獎勵（不包括根據計劃或本公司任何其他股份計劃的條款失效的任何獎勵）所涉及的已發行及將予發行的股份數量超過於授予日期已發行股份總數的0.1%（或其他在聯交所不時指定的較高百分比），此進一步授予股份獎勵須經股東在股東會上以投票方式事先批准。
除非根據限制性股票單位激勵計劃規則提前終止限制性股票單位激勵計劃，否則限制性股票單位激勵計劃應在獎勵期限內（即股東批准限制性股票單位激勵計劃日期起計至緊接股東批准限制性股票單位激勵計劃日期十(10)週年屆滿前的營業日止期間）有效及生效（之後將不再授予或接受限制性股票單位），惟其後為使該限制性股票單位的歸屬生效，或為滿足限制性股票單位激勵計劃規則條文的要求，只要在限制性股票單位激勵計劃屆滿前有任何根據計劃授予及接受的未歸屬限制性股票單位，則限制性股票單位激勵計劃依然有效及生效。
於本報告日期，限制性股票單位激勵計劃的剩餘年期約為七年零七個月。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
Save for the circumstances described below, the vesting period in respect of any Share Award granted shall be no less than 12 months from (and including) the Date of Grant. Share Awards granted to an Employee Participant may be subject to a shorter vesting period in the following circumstances at the sole discretion of the Remuneration and Appraisal Committee: (i) grants of "make-whole" Share Awards to new joiners to replace the share awards or options forfeited when leaving their previous employers; (ii) grants that are made in batches during a year for administrative or compliance reasons, which include Share Awards that should have been granted earlier if not for such administrative or compliance reasons but end up having to wait for a subsequent batch. In such case, the vesting period may be shorter to reflect the time from which the Share Award would have been granted; (iii) grants with a mixed or accelerated vesting schedule such as where the Share Awards may vest evenly over a period of 12 months, or where the Share Awards may vest by several batches with the first batch vesting within 12 months of the Date of Grant and the last batch vesting 12 months after the Date of Grant; (iv) grants with performance-based vesting conditions provided in the RSU Scheme or as specified in the Offer documentation in lieu of time-based vesting criteria; and (v) grants with a total vesting and holding period of more than 12 months.
A Grantee to whom a RSU shall be granted under the RSU Scheme is required to pay RMB1.00 (per RSU) for any grant or purchase price to the Company to purchase each RSU underlying a Share Award granted, unless otherwise determined by the Board at its sole discretion or as required by applicable law. The purchase price of RMB1.00 is determined with reference to the nominal value of the Shares. Considering that the Employee Participants have contributed or will contribute to the Group, the Board is of the view that the nominal consideration of RMB1.00 (instead of any lower or higher amount) to be paid by each Employee Participant for purchasing each RSU is fair and reasonable and in the interests of the Company and the Shareholders as a whole. The Board considers that such arrangement aligns with the purpose of the RSU Scheme where the Share Awards are intended to be granted to the Employee Participants to reward their contributions to the Group.
除下文所述情況外，所授出的任何股份獎勵的歸屬期應為自授予日期（包括該日）起計不少於12個月。在以下情況下，薪酬與考核委員會可全權酌情決定授予僱員參與者的股份獎勵較短的歸屬期：(i)向新入職者授出「補償性」股份獎勵，以取代彼等離開前僱主時被沒收的股份獎勵或購股權；(ii)因行政或合規理由而在一年內分批授出，包括如非因該等行政或合規理由本應較早授出但最終需等待後續批次的股份獎勵。在此情況下，歸屬期可能會縮短以反映股份獎勵本應授出的時間；(iii)附帶混合或加速歸屬期安排授出股份獎勵，如有關股份獎勵可在12個月內均勻地漸次歸屬；或有關股份獎勵可分批歸屬，自授予日期起12個月內進行首批歸屬，自授予日期12個月後進行最後一批歸屬；(iv)按限制性股票單位激勵計劃或要約文件規定的以表現為基準的歸屬條件（而非與時間掛鈞的歸屬準則）授出股份獎勵；及(v)授出股份獎勵的總歸屬及持有期超過12個月。
根據限制性股票單位激勵計劃獲授限制性股票單位的承授人須就任何授出或購買價向本公司支付人民幣1.00元（每限制性股票單位），以購買已授出的股份獎勵相關的各受限制股份單位，除非董事會全權另行釐定或根據適用法律規定。購買價人民幣1.00元乃參考股份面值釐定。考慮到僱員參與者已經或將會對本集團作出貢獻，董事會認為每名僱員參與者就購買各限制性股票單位將支付的名義代價人民幣1.00元（而非任何較低或較高金額）屬公平、合理且符合本公司及股東的整體利益。董事會認為該安排與限制性股票單位激勵計劃的目的一致，即擬向僱員參與者授出股份獎勵以獎勵彼等對本集團的貢獻。
Annual Report 2025 年度報告 | 103
Report of the Board of Directors
董事會報告
Vesting of Share Award shall be subject to the performance targets, if any, to be satisfied by the Grantees as determined by the Remuneration and Appraisal Committee from time to time. The Remuneration and Appraisal Committee shall have the authority, after the grant of any Share Award which is performance-linked, to make fair and reasonable adjustments to the prescribed performance targets during the vesting period if there is a change in circumstances, provided that any such adjustments shall be less onerous than the prescribed performance targets and are considered fair and reasonable by the Remuneration and Appraisal Committee. The performance targets may include the attainment of program milestones and market capitalisation milestones by the Group, which may vary among the Grantees. The Remuneration and Appraisal Committee will conduct assessment from time to time by comparing the performance with the pre-set targets to determine whether such targets and the extents to which have been met. If, after the assessment, the Remuneration and Appraisal Committee determines that any prescribed performance targets have not been met, the unvested Share Award shall lapse automatically. For the avoidance of doubt, the performance targets are not applicable to independent non-executive directors of the Company.
The RSU Scheme was considered and passed at the Second 2023 EGM of the Company. The Date of Grant of the RSU Scheme shall be further determined by the Board. For details of the RSU Scheme of the Company, please refer to the notice dated 23 November 2023 and the circular and the announcement dated 24 November 2023 issued by the Company.
The following table sets forth movements of RSUs under the RSU Scheme during the Reporting Period.
股份獎勵的歸屬須受限於薪酬與考核委員會不時釐定的承授人將實現的業績目標(如有)。在授予任何與業績掛鉤的股份獎勵後，如果情況發生變化，薪酬與考核委員會應有權在歸屬期內對規定的業績目標進行公平合理的調整，惟任何此類調整應低於規定的業績目標且被薪酬與考核委員會視為公平合理。業績目標可能包括本集團達成計劃里程碑及市值里程碑，這可能在承授人之間各有不同。薪酬與考核委員會將不時進行評估，將業績與預先設定的目標進行比較，以確定是否達成該等目標及達成的程度。倘薪酬與考核委員會於評估後釐定未實現任何規定的業績目標，則未歸屬股份獎勵將自動失效。為免生疑問，該等業績目標並不適用於本公司獨立非執行董事。
本限制性股票單位激勵計劃於本公司2023年第二次臨時股東會審議及通過。限制性股票單位激勵計劃的授予日期將由董事會進一步釐定。有關本公司限制性股票單位激勵計劃的詳情，具體請參見本公司發佈的日期為2023年11月23日的通告以及日期為2023年11月24日的通函以及公告。
下表載列報告期內限制性股票單位激勵計劃項下限制性股票單位的變動。
Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors
董事會報告
| Category of Grantees | Date of Grant | Vesting Period | Number of RSUs unvested as at 1 January 2025 | Number of RSUs granted during the Reporting Period (before tax deduction) | Number of RSUs granted during the Reporting Period (after tax deduction) | Number of RSUs unvested during the Reporting Period | Number of RSUs cancelled during the Reporting Period | Number of RSUs lapsed during the Reporting Period | Number of RSUs unvested as of 31 December 2025 | Closing price of the Shares immediately before the Date of Grant | Fair value of RSUs at the Date of Grant | Weighted average closing price of the Shares immediately before the vesting date |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 承授人類別 | 授出日期 | 歸屬期間 | 於2025年1月1日未歸屬的限制性股票單位數目 | 報告期內授出的限制性股票單位數目(如稅前) | 報告期內授出的限制性股票單位數目 | 報告期內歸屬的限制性股票單位數目 | 報告期內並納的限制性股票單位數目 | 截至2025年12月31日未歸屬的限制性股票單位數目 | 截至2025年12月31日未歸屬的限制性股票單位數目 | 製接授出日期前股份的收售價 | 於授出日期限制性股票單位的公平值 | 製接歸屬日期前股份的加權平均收售價 |
| Directors | 30 June 2025(1) | -22 | 0 | 13,307 | 10,742 | 10,742(4) | 0 | 0 | 0 | HK$60.00 | HK$62.00 | HK$60.00 |
| 董事 | 2025年6月30日(1) | 60.00港元 | 62.00港元 | 60.00港元 | ||||||||
| Supervisors | 30 June 2025(1) | -22 | 0 | 13,308 | 10,776 | 10,776(4) | 0 | 0 | 0 | HK$60.00 | HK$62.00 | HK$60.00 |
| 監事 | 2025年6月30日(1) | 60.00港元 | 62.00港元 | 60.00港元 | ||||||||
| Employees | 30 June 2025(1) | -22 | 0 | 30,384 | 25,421 | 25,421(4) | 0 | 0 | 0 | HK$60.00 | HK$62.00(5) | HK$60.00 |
| 僱員 | 2025年6月30日(1) | 60.00港元 | 62.00港元(5) | 60.00港元 | ||||||||
| Employees | 30 September 2025(2) | -3 | 0 | 51,130 | 35,223 | 35,223(4) | 0 | 0 | 0 | HK$98.35 | HK$98.55(5) | HK$98.35 |
| 僱員 | 2025年9月30日(2) | 98.35港元 | 98.55港元(6) | 98.35港元 |
Note: (1) Please refer to the announcement of the Company dated 30 June 2025 for the details of such grant of RSUs. (2) Please refer to the announcement of the Company dated 30 September 2025 for the details of such grant of RSUs. (3) The RSUs granted to the Grantees were vested on the same date as the Date of Grant. (4) The number of RSUs vested to the Grantees was the number of RSUs granted deducting the applicable amount of tax. (5) The fair value of awards are calculated in accordance with the accounting standard and policy adopted for preparing the Company's financial statements, namely the International Financial Reporting Standards ("IFRSs"). The fair value of the RSUs granted after the Listing are computed based on the Company's Share price at the Grant Date. (6) To the best knowledge of the Directors, among the above employees, none of the grantees is (i) a Director, chief executive or substantial shareholder, or any of their associates; (ii) a participant who has been granted or is to be granted options and awards in excess of the 1% individual limit under the Listing Rules; or (iii) an associated entity participant or service provider which has been granted and is to be granted options and awards in excess of 0.1% of the issued shares in any 12-month period.
The number of Shares available for grant under the RSU Scheme as at 1 January 2025 and 31 December 2025 was 39,712,874 and 39,604,745, respectively. The number of Shares that were issued in respect of RSUs granted under the RSU Scheme during the Reporting Period divided by the weighted average number of Shares of the relevant class in issue (excluding treasury shares) for the Reporting Period was approximately 0.02%.
附註： (1) 有關授出的限制性股票單位的詳情，請參閱本公司日期為2025年6月30日的公告。 (2) 有關授出的限制性股票單位的詳情，請參閱本公司日期為2025年9月30日的公告。 (3) 授予承授人的限制性股票單位於授出日期當日歸屬。 (4) 已歸屬於承授人的限制性股票單位數目為扣除適用稅額後的限制性股票單位數目。 (5) 獎勵的公平值乃根據編製本公司財務報表所採納的會計準則及政策（即國際財務報告準則（「國際財務報告準則」）計算。上市後獲授的限制性股票單位的公平值乃根據本公司股份於授出日期的價格進行計算。 (6) 就董事所深知，上述僱員中概無承授人為(i)董事，主要行政人員或主要股東，或任何彼等的聯繫人；(ii)獲授或將獲授的購股權及獎勵超過上市規則項下1%個人限額的參與者；或(iii)於任何12個月內獲授及將獲授的購股權及獎勵超過已發行股份0.1%的關聯實體參與者或服務供應商。
於2025年1月1日及2025年12月31日，限制性股票單位激勵計劃項下可供授出的股份數目分別為39,712,874股及39,604,745股。就報告期內根據限制性股票單位激勵計劃授出的限制性股票單位已予發行的股份數目除以報告期內已發行的相關類別股份（不包括庫存股份）的加權平均數約為 0.02% 。
Annual Report 2025 年度報告 | 105
Report of the Board of Directors
董事會報告
As at 31 December 2025, so far is known to, or can be ascertained after reasonable enquiry by the Directors, the following persons/entities had an interest or short positions in the Shares and underlying Shares which would fall to be disclosed to the Company and the Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the SFO, or are directly and indirectly interested in 5% or more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meetings of the Company (the interests in Shares and/or short positions, if any, disclosed herein are in addition to those disclosed in respect of the Directors, Supervisors (during their tenure) and chief executive of the Company):
於2025年12月31日，就董事所知或經作出合理查詢後可確定，以下人士／實體於股份及相關股份中擁有根據證券及期貨條例第XV部第2及3分部之條文須向本公司及聯交所披露的權益或淡倉，或直接或間接擁有於本公司股東會上在任何情況下有權投票的任何類別股本中面值5%或以上的權益（本段所披露的股份權益及／或淡倉（如有）是對就本公司董事、監事（在任職期間）及最高行政人員所披露者的增補）：
| Name of Substantial Shareholder | Description of Shares(3) | Nature of Interest | Number of Shares(1) | Approximate percentage of shareholding in the Unlisted Shares/H Shares (as appropriate)(2)佔非上市股份／H股的概約股權百分比(如適用)(2) | Approximate percentage in the Company(2)於本公司的概約百分比(2) |
|---|---|---|---|---|---|
| 主要股東名稱 | 股份描述(3) | 權益性質 | 股份數目(1) | ||
| Hongyin Investment 紅印投資 | Unlisted Shares | Beneficial interest | 90,000,000(L) | 46.94% | 22.61% |
| 非上市股份 | 實益權益 | ||||
| H Shares | 16,420,000(L) | 7.96% | 4.12% | ||
| H股 | |||||
| Nanyin Investment 南印投資 | Unlisted Shares | Beneficial interest | 42,880,000(L) | 22.36% | 10.77% |
| 非上市股份 | 實益權益 | ||||
| H Shares | 15,192,000(L) | 7.36% | 3.82% | ||
| H股 |
Notes: (1) (L) denotes long position. (2) The calculation is based on a total of 398,107,102 Shares in issue as at 31 December 2025, which consists of 191,752,560 Unlisted Shares and 206,354,542 H Shares. Figures are subject to rounding. (3) For the avoidance of doubt, both Unlisted Shares and H Shares are ordinary Shares in the share capital of the Company, and are considered as one class of Shares.
附註： (1) (L)指好倉。 (2) 基於2025年12月31日已發行股份總數398,107,102股股份（包括191,752,560股非上市股份及206,354,542股H股）計算。數字已作滙整。 (3) 為免生疑問，非上市股份和H股均為本公司股本中的普通股，且被視為一類股份。
Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
Save as disclosed above, as at 31 December 2025, the Directors were not aware of any other persons/entities (other than the Directors, Supervisors (during their tenure) and chief executive of the Company) who had interests or short positions in the shares or underlying shares 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.
During the Reporting Period, save as disclosed in the Prospectus, none of the Directors or Controlling Shareholders or any of their respective associates has any interests in any business that competes or may compete, directly or indirectly, with the business of the Group or has any other conflict of interests with the Group.
Save as disclosed in this annual report, the Company does not have any other disclosure obligations under Rules 13.20, 13.21 and 13.22 of the Listing Rules.
No contract of significance (including contract of significance for the provision of services) was entered into between the Company or its subsidiaries and the Controlling Shareholders or any of its subsidiaries during the year ended 31 December 2025.
As at 31 December 2025 and as at the date of this annual report, there were no treasury shares (as defined in the Listing Rules) held by the Company. During the year ended 31 December 2025, there was no purchase, sale or redemption of any listed securities of the Company (including sale of treasury shares) by the Company or any of its subsidiaries.
除上文所披露者外，於2025年12月31日，董事並不知悉有任何其他人士／實體（本公司董事、監事（在任職期間）及最高行政人員除外）於本公司股份或相關股份中擁有根據證券及期貨條例第XV部第2及3分部的條文須向本公司披露的權益或淡倉或根據證券及期貨條例第336條須記入本公司存置的登記冊的權益或淡倉。
於報告期內，除招股章程所披露者外，概無董事或控股股東或彼等各自的任何聯繫人在與或可能與本集團業務直接或間接競爭的何業務中擁有任何權益或與本集團有任何其他利益衝突。
除本年報所披露者外，本公司概無根據上市規則第13.20、13.21及13.22條規定的任何其他披露責任。
本公司或其附屬公司與控股股東或其任何附屬公司並無於截至2025年12月31日止年度內訂立任何重大合約（包括提供服務的重大合約）。
於2025年12月31日及於本年報日期，本公司並無持有庫存股份（如上市規則定義）。於截至2025年12月31日止年度，本公司或其任何附屬公司概無購買、出售或贖回本公司任何上市證券（包括出售庫存股份）。
Annual Report 2025 年度報告 | 107
Report of the Board of Directors
董事會報告
The Company is not aware of any relief from taxation available to the Shareholders by reason of their holding of the shares of the Company.
There is no provision for the pre-emptive rights under the Articles of Association or the PRC laws, which would oblige the Company to offer new shares on a pro-rata basis to its existing Shareholders.
Based on information that is publicly available to the Company and within the knowledge of the Directors, the Company has maintained the prescribed public float under the Listing Rules at all time as of the date of this report.
The Company is committed to ensuring high standards of corporate governance to safeguard the interests of the Shareholders and to enhance corporate value and accountability. The Company has adopted the principles and code provisions of the Corporate Governance Code on the Stock Exchange as the basis of the Company's corporate governance practices.
The Board is of the view that during the Reporting Period, the Company has complied with all the applicable code provisions as set out in the Corporate Governance Code, except for Code Provision C.2.1 described in the Corporate Governance Report.
Details of the Group's corporate governance practices can be found in the Corporate Governance Report contained on pages 41 to 71 of this annual report.
本公司並不知悉有任何因股東持有本公司股份而使其獲得之税項減免。
公司章程或中國法律概無有關優先購買權的條文，規定本公司有責任按比例向其現有股東提呈發售新股份。
根據本公司所獲得的公開資料及就董事所知，本公司於截至本報告日期的所有時間，一直維持上市規則規定的公眾持股量。
董事會致力於確保高標準的企業管治，以保障股東權益，同時提升企業價值及提高問責性。本公司已採納聯交所的原則及企業管治守則的守則條文作為本公司的企業管治常規基準。
董事會認為，於報告期間，本公司已遵守企業管治守則所載的所有適用守則條文，惟企業管治報告所述的守則條文第C.2.1條除外。
有關本集團的企業管治慣例的詳情，可參閱本年報第41至71頁的企業管治報告。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as the code of conduct regarding securities transactions by the Directors and Supervisors (during their tenure).
The Board is pleased to confirm that, after making specific enquiries with all Directors and Supervisors (during their tenure), all Directors and Supervisors (during their tenure) have fully complied with the standards required according to the Model Code set out in Appendix C3 to the Listing Rules during the year ended 31 December 2025.
As a responsible corporation, the Group is committed to maintaining the highest environmental and social standards to ensure sustainable development of its business.
The Company's Environmental, Social and Governance Report is published in electronic form only at the same time on the websites of the Company at www.chicmaxgroup.com under the section "Investor Relations" and the Stock Exchange at www.hkexnews.hk. If you wish to receive a printed copy of the Environmental, Social and Governance Report, you may submit your request to the Hong Kong H Share Registrar by post at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong.
本公司已採納上市規則附錄C3所載標準守則，作為董事及監事（在任職期間）進行證券交易之操守準則。
對全體董事及監事（在任職期間）作出特定查詢後，董事會欣然確認所有董事及監事（在任職期間）已於截至2025年12月31日止年度完全遵守上市規則附錄C3所載的標準守則之所需標準。
作為一家負責任的企業，本集團致力於保持最高的環境及社會標準，以確保其業務可持續發展。
本公司的環境、社會及管治報告僅以電子形式發表，同時刊登在本公司網站www.chicmaxgroup.com的「投資者關係」部分和聯交所網站www.hkexnews.hk。倘閣下擬收取環境、社會及管治報告的印刷本，閣下可向香港H股證券登記處（郵寄至香港夏慤道16號遠東金融中心17樓）提出有關要求。
Annual Report 2025 年度報告 | 109
Report of the Board of Directors
董事會報告
The Group recognizes that various stakeholders including employees, customers, suppliers and other stakeholders are key to the Group's success. The Group strives to achieve corporate sustainability through engaging, collaborating, and cultivating strong relationship with them.
The Group believes that it is vital to attract, recruit and retain quality employees. To maintain the quality, knowledge and skill levels of the Group's workforce, the Group provides employees with periodic training, including introductory training for new employees, technical training, professional and management training and health and safety training. The Group believes that it maintains a good relationship with its employees and the Group did not experience any significant labor disputes or any difficulty in recruiting staff for its operations.
We strive to establish long-term, reliable and mutually beneficial cooperative relationships with our suppliers. We make all-out efforts to ensure that all suppliers deliver high-quality raw materials and that they are on the same page with us in terms of providing high-quality products to customers. We select suppliers in a prudent manner and assess their performance based on factors, including but not limited to quality, cost, delivery and services, in order to make sure that their quality standards are in line with the Group's requirements. Meanwhile, we also encourage suppliers to improve environmental, social and governance performance with us with a goal to grow and develop together.
A customer complaint handling mechanism is in place to receive, analyse and study complaints and make recommendations on remedies with the aim of improving service quality. The Group is in good relationships with its employees, suppliers and customers and conducts a fair and strict appraisal of its suppliers on an annual basis. For details of an account of the Company's key relationships with its employees, customers, suppliers and others that have a significant impact on the Company is set out in the separate Environmental, Social and Governance Report.
本集團認可不同的利益相關者（包括僱員、客戶、供應商及其他利益相關者）為本集團取得成功的關鍵。本集團努力與彼等保持聯繫、合作及建立穩固關係，以實現企業可持續發展。
本集團相信，吸引、招募及挽留優質僱員至關重要。為維持本集團員工的質素、知識及技能水平，本集團向僱員提供定期培訓，包括新僱員入職培訓、技術培訓、專業及管理培訓以及健康及安全培訓。本集團相信，其與僱員維持良好關係，且並無發生任何重大勞資糾紛，亦無於其業務營運招聘員工時遇到任何困難。
我們致力於與供應商建立長久、信任的、互惠共贏的合作關係，努力確保所有供應商交付高品質原材料，及與我們一樣致力於提供高品質產品予客戶。我們審慎選擇供應商，並依據（包括但不限於）品質、成本、交付及服務等因素對供應商的表現進行評估，確保所提供的品質標準符合本集團要求。同時，我們亦會鼓勵供應商與我們共同提升環境、社會及管治方面的表現，達到與供應商共同成長與發展的目標。
本集團已制定客戶投訴處理機制，收集、分析及研究投訴事件及提出改善意見，以不斷提高服務質量。本集團與其僱員、供應商及客戶關係良好，且每年會對供應商進行公平及嚴格審核。有關本公司與其僱員、客戶、供應商及其他對本公司影響重大的人士的主要關係的詳情載於單獨的環境、社會及管治報告。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
Save as disclosed in this annual report, the Company has not entered into any equity-linked agreement during the year ended 31 December 2025.
The Group was not involved in any material legal proceeding during the year ended 31 December 2025.
Save as disclosed in this annual report, during the year ended 31 December 2025, the Group had not made any loan or provided any guarantee for loan, directly or indirectly, to the Directors, Supervisors (during their tenure), senior management of the Company, the Controlling Shareholders or their respective connected persons.
The Company confirmed that it had received the annual confirmation of independence from each of the independent non-executive Directors in compliance with Rule 3.13 of the Listing Rules. The Company is of the view that the independent non-executive Directors remain independent during the year ended 31 December 2025 in accordance with the relevant requirements of Rule 3.13 of the Listing Rules.
The AGM will be held on 8 May 2026. Shareholders should refer to details regarding the AGM in the circular of the Company dated 16 April 2026 and the notice of meeting and form of proxy accompanying thereto.
除本年報所披露者外，本公司於截至2025年12月31日止年度並無訂立任何股權掛鈎協議。
截至2025年12月31日止年度，本集團概無涉及任何重大法律訴訟。
除本年報所披露者外，截至2025年12月31日止年度，本集團概無向董事、監事（在任職期間）、本公司高級管理層、控股股東或彼等各自的關連人士提供任何貸款或就其貸款直接或間接作出任何擔保。
本公司確認已接獲各獨立非執行董事按照上市規則第3.13條就其獨立性而提交的年度確認函，認為現任獨立非執行董事於截至2025年12月31日止年度均符合上市規則第3.13條所列載之相關要求，仍然具有獨立性。
股東週年大會將於2026年5月8日舉行。股東應參閱本公司日期為2026年4月16日的通函及其隨附的會議通知及代表委任表格中有關股東週年大會的詳情。
Annual Report 2025 年度報告 | 111
Report of the Board of Directors
董事會報告
To determine the eligibility of the Shareholders to attend and vote at the AGM to be held on 8 May 2026, the register of members will be closed from 5 May 2026 to 8 May 2026, both days inclusive, during which period no transfer of shares will be effected. In order to be entitled to attend and vote at the AGM, all transfer forms accompanied by the relevant share certificates must be lodged with the Hong Kong H Share Registrar, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong, for registration before 4:30 p.m. on 4 May 2026. The record date for determining the eligibility of Shareholders who are entitled to attend and vote at the AGM is 8 May 2026.
On the assumption that the resolution for declaring the final dividend is duly passed at the AGM, the register of members will be closed from 14 May 2026 to 18 May 2026 both days inclusive, during which period no transfer of shares will be effected. In order to qualify for entitlement to the final dividend, all transfer forms accompanied by the relevant share certificates must be lodged with the Company's H Share registrar, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong (for holders of H Shares) before 4:30 p.m. on 13 May 2026. The record date for determining the entitlement to the final dividend is 18 May 2026.
There has been no change in auditors since the Listing Date. A resolution to re-appoint the retiring auditors, Ernst & Young, is to be proposed at the forthcoming AGM.
Approximately RMB288 million of charitable or other donations were made by the Group during the year ended 31 December 2025. For further details, please refer to the Environmental, Social and Governance Report.
為釐定股東出席將於2026年5月8日舉行的股東週年大會及於會上投票的資格，本公司將於2026年5月5日至2026年5月8日（包括首尾兩天）暫停辦理股份過戶登記手續，期間將不會辦理本公司股份過戶登記手續。為確保有權出席股東週年大會及於會上投票，所有過戶表格連同有關股票須於2026年5月4日下午四時三十分前送達本公司於香港的H股證券登記處卓佳證券登記有限公司（地址為香港夏慤道16號遠東金融中心17樓），以辦理相關過戶手續。確定股東是否合資格出席股東週年大會並於會上投票的記錄日期為2026年5月8日。
假設末期股息宣派決議在股東週年大會上獲正式通過，股份過戶登記處將於2026年5月14日至2026年5月18日（包括首尾兩天）暫停辦理股份過戶登記手續，期間將不會辦理本公司股份過戶登記手續。為符合領取末期股息的資格，所有過戶表格連同相關股票須於2026年5月13日下午四時三十分前送達本公司H股證券登記處卓佳證券登記有限公司（地址為香港夏慤道16號遠東金融中心17樓）（就H股持有人而言）。確定股東是否合資格獲派末期股息的記錄日期為2026年5月18日。
自上市日期起，核數師並無變動。本公司將於應屆股東週年大會上提呈有關續聘退任核數師安永會計師事務所之決議案。
截至2025年12月31日止年度，本集團作出的人民幣288百萬元的慈善性質或其他的捐贈。有關進一步詳情，請參閱環境、社會及管治報告。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Report of the Board of Directors 董事會報告
Saved as disclosed in this report, there is no other important event affecting the Group since 31 December 2025 and up to the date of this report.
Best regards,
Lyu Yixiong Chairman of the Board, Executive Director and Chief Executive Officer 上海上美化妝品股份有限公司 Shanghai Chicmax Cosmetic Co., Ltd.
Shanghai, the PRC 16 April 2026
除本報告所披露者外，自2025年12月31日起及直至本報告日期並無發生影響本集團的其他重要事件。
此致 上海上美化妝品股份有限公司 董事長、執行董事兼首席執行官 呂義雄
中國上海 2026年4月16日
Annual Report 2025 年度報告 | 113
Independent Auditor's Report
獨立核數師報告
Ernst & Young 27/F, One Taikoo Place 979 King's Road Quarry Bay, Hong Kong
安永會計師事務所 香港鶴魚涌英皇道979號 太古坊一座27樓
Tel 電話: +852 2846 9888 Fax 傳真: +852 2868 4432 ey.com
Independent auditor's report To the shareholders of Shanghai Chicmax Cosmetic Co., Ltd. (Established in the People's Republic of China with limited liability)
We have audited the consolidated financial statements of Shanghai Chicmax Cosmetic Co., Ltd. (the "Company") and its subsidiaries (the "Group") set out on pages 123 to 252, which comprise the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of profit or loss, the consolidated statement of 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.
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 IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.
獨立核數師報告 致上海上美化妝品股份有限公司股東 （於中華人民共和國成立的股份有限公司）
我們已就第123至252頁所載上海上美化妝品股份有限公司(「貴公司」)及其附屬公司(「貴集團」)的綜合財務報表作出審核，該等綜合財務報表包括於2025年12月31日的綜合財務狀況表及截至該日止年度的綜合損益表、綜合全面收益表、綜合權益變動表及綜合現金流量表，以及綜合財務報表附註(包括重大會計政策概要)。
我們認為，該等綜合財務報表已根據國際會計準則理事會(「國際會計準則理事會」)頒佈的國際財務報告準則會計準則真實而公允地反映了於2025年12月31日貴集團的綜合財務狀況及其截至該日止年度的綜合財務表現及綜合現金流量，並已按照香港公司條例的披露規定妥為編製。
Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Independent Auditor's Report 獨立核數師報告
We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAs") as issued by the Hong Kong Institute of Certified Public Accountants ("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 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. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.
我們已根據香港會計師公會（「香港會計師公會」）頒佈的香港審計準則（「香港審計準則」）進行審計。我們在該等準則下承擔的責任已在我們的報告「核數師就審計綜合財務報表承擔的責任」部分中作進一步闡述。根據香港會計師公會頒佈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（以下簡稱「守則」），我們獨立於責集團。我們亦已履行守則中的其他專業道德責任。我們相信，我們所獲得的審計憑證能充足及適當地為我們的審計意見提供基礎。
關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在審計整體綜合財務報表並出具意見時處理，我們不對這些事項提供單獨的意見。我們對下述每一事項在審計中是如何應對的描述也以此為背景。
我們已履行本報告「核數師就審計綜合財務報表承擔的責任」部分闡述的責任，包括與這些關鍵審計事項相關的責任。相應地，我們的審計工作包括執行為應對評估的綜合財務報表重大錯誤陳述風險而設計的審計程序。我們執行審計程序的結果，包括應對下述關鍵審計事項所執行的程序，為綜合財務報表整體發表審計意見提供了基礎。
Annual Report 2025 年度報告 | 115
Independent Auditor's Report
獨立核數師報告
| Provision for impairment of inventories
| 存貨減值撥備 | |
|---|---|
| Provision for impairment of inventories | |
| 存貨減值撥備 | |
| As at 31 December 2025, the carrying amount of inventories was RMB652,933,000 and the corresponding provision for inventories for the year then ended amounted to RMB31,201,000, which were material to the consolidated financial statements. | |
| 於 2025 年 12 月 31 日, 存貨賬面值為人民幣 652,933,000 元及截至該日止年度的存貨相應撥備為人民幣 31,201,000 元, 該等數額對綜合財務報表而言屬重大。 |
Significant judgement is required in assessing the appropriate level of the provision for slow-moving and/or obsolete inventories. Such judgements include management's expectations of forecast inventory demand, product expiry dates and plans to dispose of inventories that are close to expiry. As a result, we identified the provision for slow-moving and obsolete inventories as a key audit matter. 於評估周轉緩慢及／或陳舊存貨撥備的適當水平時，須作出重大判斷。有關判斷包括管理層對預測存貨需求的預期、產品到期日及處置接近到期的存貨的計劃。因此，我們將周轉緩慢及陳舊存貨撥備確定為關鍵審計事項。
Details are set out in note 2.4, note 3 and note 21 to the consolidated financial statements for related disclosures. 相關披露的詳情載於綜合財務報表附註2.4、附註3及附註21。 | Our procedures in relation to assessment of provision of inventories included: 我們就評估存貨撥備進行的程序包括：
Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Independent Auditor's Report 獨立核數師報告
| Recognition of deferred tax assets
| 遞延所得稅資產的確認 | |
|---|---|
| Recognition of deferred tax assets | |
| 遞延所得稅資產的確認 | |
| As at 31 December 2025, the balance of deferred tax assets amounted to RMB94,916,000, which was material to the consolidated financial statements. | |
| 於2025年12月31日，遞延所得稅資產餘額為人民幣94,916,000元，該數額對綜合財務報表而言屬重大。 | |
| The deferred tax assets are recognised to the extent that it is probable that taxable profits would be available against which the deductible temporary differences and tax losses can be utilised. The process of estimating the amount and timing of future taxable profits is complex and involves estimates and judgements that would be affected by future operations, tax regulations, and market or economic conditions. As a result, we identified the recognition of deferred tax assets as a key audit matter. | |
| 遞延稅項資產的確認以將有應課稅利潤可用以抵銷可扣減暫時性差額及稅項虧損為限。估計未來應課稅利潤的數額和時間的過程是複雜的，涉及到會受到未來經營、稅收法規及市場或經濟狀況所影響的估計和判斷。因此，我們將遞延稅款資產的確認確定為關鍵審計事項。 | |
| Details are set out in note 2.4, note 3 and note 20 to the consolidated financial statements for related disclosures. | |
| 相關披露的詳情載於綜合財務報表附註2.4、附註3及附註20。 | Our procedures in relation to the assessment of the recognition of deferred tax assets included: |
| 我們就評估遞延所得稅資產的確認進行的程序包括： |
Annual Report 2025 年度報告 | 117
Independent Auditor's Report
獨立核數師報告
| Recognition of deferred tax assets
| 遞延所得稅資產的確認 | |
|---|---|
| Recognition of deferred tax assets (continued) | |
| 遞延所得稅資產的確認 (續) | |
| - Performing sensitivity analysis of the parameters used in the forecasts; | |
| 對預測中使用的參數進行敏感性分析； |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Independent Auditor's Report 獨立核數師報告
The directors of the Company are responsible for the other information. The other information comprises the information included in the Annual Report, other than 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.
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 IFRS Accounting Standards as issued by the IASB and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors 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 have 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.
貴公司董事須對其他資訊負責。其他資訊包括年報所載資訊，惟綜合財務報表及我們的核數師報告除外。
我們對綜合財務報表的意見並不涵蓋其他資料，我們亦不就此發表任何形式的鑑證結論。
就我們對綜合財務報表的審計而言，我們的責任是閱讀其他資訊，並在此過程中考慮其他資訊是否與綜合財務報表或我們在審計中獲得的信息存在重大不一致或可能存在重大錯誤陳述。倘基於我們已執行的工作，我們認為其他資訊存在重大錯誤陳述，則我們須報告該事實。就此而言，我們並無任何報告。
貴公司董事須負責根據國際會計準則理事會頒佈的國際財務報告準則會計準則及香港公司條例的披露規定擬備真實而公允的綜合財務報表，及須對董事認為對編製綜合財務報表以使其不存在由於欺詐或錯誤而導致的重大錯誤陳述而言屬必要的有關內部控制負責。
在擬備綜合財務報表時，貴公司董事負責評估貴集團持續經營的能力，並在適用情況下披露與持續經營有關的事項，以及使用持續經營為會計基準，惟貴公司董事有意將貴集團清盤或停止經營，或別無其他實際的替代方案除外。
審計委員會協助貴公司董事履行職責，監督貴集團的財務報告過程。
Annual Report 2025 年度報告 | 119
Independent Auditor's Report
獨立核數師報告
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. Our report is made solely to you, as a body, in accordance with section 405 of the Hong Kong Companies Ordinance, 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 judgement and maintain professional scepticism throughout the audit. We also:
我們的目標是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並出具包括我們意見的核數師報告。我們按香港公司條例第405條之規定僅對全體成員作出報告，除此以外，本報告並無其他用途。我們不會就本報告的內容向任何其他人士負上或承擔任何責任。
合理保證是高水平的保證，但不能保證按照香港審計準則進行的審計，在某一重大錯誤陳述存在時總能發現。錯誤陳述可以由欺詐或錯誤引起，如果合理預期錯誤陳述單獨或匯總起來可能影響綜合財務報表使用者依賴綜合財務報表所作出的經濟決定，則有關的錯誤陳述可被視作重大。
在根據香港審計準則進行審計的過程中，我們運用專業判斷，保持專業懷疑態度。我們亦：
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Independent Auditor's Report 獨立核數師報告
Annual Report 2025 年度報告 | 121
Independent Auditor's Report
獨立核數師報告
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.
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.
The engagement partner on the audit resulting in this independent auditor's report is Yee Chung Man (practising certificate number: P05744).
Certified Public Accountants Hong Kong 26 March 2026
我們與審計委員會溝通了計劃的審計範圍、審計時間安排、重大審計發現等，包括我們在審計中識別出內部控制的任何重大缺陷。
我們還向審計委員會提交聲明，說明我們已符合有關獨立性的相關專業道德要求，並與他們溝通有可能合理地被認為會影響我們獨立性的所有關係和其他事項，以及在適用的情況下，採取行動消除威脅或應用相關的防範措施。
通過與審計委員會溝通，我們確定哪些事項對本期綜合財務報表的審計最為重要，因而構成關鍵審計事項。我們在核數師報告中描述這些事項，除非法律法規不允許公開披露這些事項，或在極端罕見的情況下，如果合理預期在我們報告中描述某事項造成的負面後果超過產生的公眾利益，我們決定不應在報告中描述該事項。
出具本獨立核數師報告的審計項目合夥人是余仲文（執業證書編號：P05744）。
執業會計師 香港 2026年3月26日
Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Consolidated Statement of Profit or Loss
綜合損益表
Year ended 31 December 2025
截至2025年12月31日止年度
| Notes附註 | 2025 | 2024 | ||
|---|---|---|---|---|
| 2025年RMB'000 | 2024年RMB'000 | |||
| 人民幣千元 | 人民幣千元 | |||
| Revenue | 收入 | 5 | 9,177,796 | 6,792,518 |
| Cost of sales | 銷售成本 | (2,163,141) | (1,683,131) | |
| Gross profit | 毛利 | 7,014,655 | 5,109,387 | |
| Other income and gains | 其他收入及收益 | 6 | 333,202 | 251,163 |
| Selling and distribution expenses | 銷售及分銷開支 | (5,362,717) | (3,947,293) | |
| Administrative expenses | 行政開支 | (320,451) | (242,764) | |
| Research and development costs | 研發成本 | (224,701) | (179,867) | |
| Impairment losses on financial assets, net | 金融資產減值虧損淨額 | 7 | (11,690) | (6,969) |
| Other expenses | 其他開支 | 6 | (25,970) | (49,002) |
| Finance costs | 財務成本 | 8 | (7,397) | (6,072) |
| Share of profits and losses of: | 應佔以下各方的利潤及虧損： | |||
| Joint ventures | 合營企業 | - | (3,889) | |
| Associates | 聯營公司 | 1,493 | 2,276 | |
| PROFIT BEFORE TAX | 除稅前利潤 | 7 | 1,396,424 | 926,970 |
| Income tax expense | 所得稅開支 | 11 | (242,211) | (123,673) |
| PROFIT FOR THE YEAR | 年內利潤 | 1,154,213 | 803,297 | |
| Attributable to: | 以下各方應佔： | |||
| Owners of the parent | 母公司擁有人 | 1,102,574 | 781,205 | |
| Non-controlling interests | 非控股權益 | 51,639 | 22,092 | |
| 1,154,213 | 803,297 | |||
| EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | 母公司普通權益持有人應佔每股盈利 | |||
| Basic and diluted | 基本及攤薄 | |||
| - For profit for the year | - 年內利潤 | 13 | RMB2.77人民幣2.77元 | RMB1.96人民幣1.96元 |
Annual Report 2025 年度報告 | 123
Consolidated Statement of Comprehensive Income
綜合全面收益表
Year ended 31 December 2025
截至2025年12月31日止年度
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Profit for the year | 年內利潤 | 1,154,213 | 803,297 | | Other comprehensive loss | 其他全面虧損 | | | | Other comprehensive loss that may be reclassified to profit or loss in subsequent periods: | 於其後期間可能重新分類至損益的其他全面虧損： | | | | Exchange differences on translation of foreign operations | 換算海外業務的匯兌差額 | (6,569) | (6,902) | | Net other comprehensive loss that may be reclassified to profit or loss in subsequent periods | 於其後期間可能重新分類至損益的其他全面虧損淨額 | (6,569) | (6,902) | | Total comprehensive income for the year | 年內全面收入總額 | 1,147,644 | 796,395 | | Attributable to: | 以下各方應佔： | | | | Owners of the parent | 母公司擁有人 | 1,096,005 | 774,303 | | Non-controlling interests | 非控股權益 | 51,639 | 22,092 | | | | 1,147,644 | 796,395 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Consolidated Statement of Financial Position
綜合財務狀況表
31 December 2025
2025年12月31日
| | Notes附註 | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | | | | | | NON-CURRENT ASSETS | 非流動資產 | | | | Property, plant and equipment | 物業、廠房及設備 | 14 | 928,487 | | Investment properties | 投資物業 | 15 | 5,623 | | Prepayments, other receivables and other assets | 預付款項、其他應收款項及其他資產 | 23 | 106,298 | | Right-of-use assets | 使用權資產 | 16 | 480,847 | | Other intangible assets | 其他無形資產 | 17 | 30,090 | | Investments in joint ventures | 於合營企業的投資 | 18 | - | | Investments in associates | 於聯營公司的投資 | 19 | 159,115 | | Deferred tax assets | 遞延稅項資產 | 20 | 94,916 | | Total non-current assets | 非流動資產總值 | | 1,805,376 | | CURRENT ASSETS | 流動資產 | | | | Inventories | 存貨 | 21 | 652,933 | | Trade and bills receivables | 貿易應收款項及應收票據 | 22 | 365,845 | | Prepayments, other receivables and other assets | 預付款項、其他應收款項及其他資產 | 23 | 1,185,383 | | Financial assets at fair value through profit or loss | 按公平值計入損益的金融資產 | 24 | 148,383 | | Pledged deposits | 質押存款 | 25 | 7,112 | | Cash and cash equivalents | 現金及現金等價物 | 25 | 802,308 | | Total current assets | 流動資產總值 | | 3,161,964 | | CURRENT LIABILITIES | 流動負債 | | | | Trade payables | 貿易應付款項 | 26 | 678,323 | | Other payables and accruals | 其他應付款項及應計費用 | 27 | 559,374 | | Interest-bearing bank borrowings | 計息銀行借款 | 28 | 290,064 | | Lease liabilities | 租賃負債 | 16 | 17,159 | | Tax payable | 應付稅項 | | 164,416 | | Total current liabilities | 流動負債總額 | | 1,709,336 | | NET CURRENT ASSETS | 流動資產淨值 | | 1,452,628 | | TOTAL ASSETS LESS CURRENT LIABILITIES | 總資產減流動負債 | | 3,258,004 |
continued/...
續/...
Annual Report 2025 年度報告 | 125
Consolidated Statement of Financial Position
綜合財務狀況表
31 December 2025
2025年12月31日
| | | Notes 附註 | 2025 2025年 RMB'000 | 2024 2024年 RMB'000 | | --- | --- | --- | --- | --- | | | | | 人民幣千元 | 人民幣千元 | | NON-CURRENT LIABILITIES | 非流動負債 | | | | | Lease liabilities | 租賃負債 | 16 | 324,978 | 9,448 | | Other payables | 其他應付款項 | 27 | 37,314 | 10,516 | | Deferred tax liabilities | 遞延稅項負債 | 20 | 21,208 | - | | Total non-current liabilities | 非流動負債總額 | | 383,500 | 19,964 | | Net assets | 資產淨值 | | 2,874,504 | 2,234,670 | | EQUITY | 權益 | | | | | Equity attributable to owners of the parent | 母公司擁有人應佔權益 | | | | | Share capital | 股本 | 29 | 398,107 | 398,025 | | Reserves | 儲備 | 31 | 2,370,050 | 1,793,163 | | | | | 2,768,157 | 2,191,188 | | Non-controlling interests | 非控股權益 | | 106,347 | 43,482 | | Total equity | 權益總額 | | 2,874,504 | 2,234,670 |
Lyu Yixiong 呂義雄
Feng Yifeng 馮一峰
Director 董事
Director 董事
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Consolidated Statement of Changes in Equity
綜合權益變動表
Year ended 31 December 2025
截至2025年12月31日止年度
| | Attributable to owners of the parent 母公司擁有人應佔 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Share capital | Share premium* | Capital reserve* | Statutory reserve funds* | Exchange fluctuation reserve* 分配 | Retained profits* | Total | Non-controlling interests | Total equity | | | 股本 | 股份溢價* | 資本儲備* | 儲備基金* | 波動儲備* | 保留利潤* | 總計 | 非控股權益 | 權益總額 | | | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | | 人民幣千元 (note 29) | 人民幣千元 (note 31) | 人民幣千元 (note 31) | 人民幣千元 (note 31) | 人民幣千元 (note 31) | 人民幣千元 (note 31) | 人民幣千元 (note 31) | 人民幣千元 | 人民幣千元 | 人民幣千元 | | (附註29) | (附註31) | (附註31) | (附註31) | (附註31) | (附註31) | | | | | | At 1 January 2024 | 於2024年1月1日 | 397,958 | 991,327 | 120,386 | 74,695 | (11,845) | 436,515 | 2,009,036 | 20,191 | | Profit for the year | 年內利潤 | - | - | - | - | - | 781,205 | 781,205 | 22,092 | | Other comprehensive loss for the year: | 年內其他全面虧損：與海外業務有關的匯兌差額 | - | - | - | - | (6,902) | - | (6,902) | - | | Exchange differences related to foreign operations | | | | | | | | | | | Total comprehensive income for the year | 年內全面收入總額 | - | - | - | - | (6,902) | 781,205 | 774,303 | 22,092 | | Contribution from non-controlling shareholders | 非控股股東出資 | - | - | - | - | - | - | - | 18,450 | | Acquisition of non-controlling interests | 收購非控股權益 | - | - | (1,713) | - | - | - | (1,713) | (6,287) | | Final 2023 dividend declared | 宣言的2023年末期股息 | - | - | - | - | - | (298,468) | (298,468) | - | | Interim 2024 dividend | 2024年中期股息 | - | - | - | - | - | (298,519) | (298,519) | - | | Disposal of a subsidiary | 出售附屬公司 | - | - | - | - | - | - | - | (464) | | Dividends paid to non-controlling shareholders | 支付予非控股股東的股息 | - | - | - | - | - | - | - | (10,500) | | Equity-settled share-based compensation | 以權益結果股份為基礎的薪酬 | 67 | 6,482 | - | - | - | - | 6,549 | - | | Transfer from retained profits | 自保留利潤轉撥 | - | - | - | 75,154 | - | (75,154) | - | - | | At 31 December 2024 | 於2024年12月31日 | 398,025 | 997,809 | 118,673 | 149,849 | (18,747) | 545,579 | 2,191,188 | 43,482 |
continued/...
續/...
Annual Report 2025 年度報告 | 127
Consolidated Statement of Changes in Equity
綜合權益變動表
Year ended 31 December 2025
截至2025年12月31日止年度
| | Attributable to owners of the parent 母公司擁有人應佔 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Share capital | Share premium* | Capital reserve* | Statutory reserve funds* | Exchange fluctuation reserve* | Retained profits* | Total | Non-controlling interests | Total equity | | | 股本 | 股份溢價* | 資本儲備* | 儲備基金* | 余留利潤* | 總計 | 非控股權益 | 權益總額 | | | | RMB'000 | RMB'000 | 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 | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | (note 29) | (note 31) | (note 31) | (note 31) | (note 31) | (note 31) | | | | | | (附註29) | (附註31) | (附註31) | (附註31) | (附註31) | (附註31) | | | | | | At 1 January 2025 | 於2025年1月1日 | 398,025 | 997,809 | 118,673 | 149,849 | (18,747) | 545,579 | 2,191,188 | 43,482 | | Profit for the year | 年內利潤 | - | - | - | - | - | 1,102,574 | 1,102,574 | 51,639 | | Other comprehensive loss for the year: | 年內其他全面虧損： 與海外業務有關的 匯兌差額 | - | - | - | - | (6,569) | - | (6,569) | - | | Exchange differences related to foreign operations | | | | | | | | | | | Total comprehensive income for the year | 年內全面收入總額 | - | - | - | - | (6,569) | 1,102,574 | 1,096,005 | 51,639 | | Contribution from non-controlling shareholders | 非控股股東出資 | - | - | - | - | - | - | - | 34,750 | | Disposal of partial interests in a subsidiary | 出售附屬公司部分權益 | - | - | 78 | - | - | - | 78 | 2,422 | | Final 2024 dividend declared | 宣派的2024年末期股息 | - | - | - | - | - | (298,519) | (298,519) | - | | Interim 2025 dividend paid | 支付的2025年中期股息 | - | - | - | - | - | (199,053) | (199,053) | - | | Dividends paid to non-controlling shareholders | 支付予非控股股東的股息 | - | - | - | - | - | - | - | (28,175) | | Disposal of subsidiaries | 出售附屬公司 | - | - | 247 | - | - | - | 247 | 456 | | Put option over non-controlling interests | 有關非控股權益的認出期權 | - | - | (28,443) | - | - | - | (28,443) | (227) | | Equity-settled share-based compensation | 以權益結果股份為基礎的 薪酬 | 82 | 6,572 | - | - | - | - | 6,654 | - | | Transfer from retained profits | 自保留利潤轉撥 | - | - | - | 49,205 | - | (49,205) | - | - | | At 31 December 2025 | 於2025年12月31日 | 398,107 | 1,004,381 | 90,555 | 199,054 | (25,316) | 1,101,376 | 2,768,157 | 106,347 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Consolidated Statement of Cash Flows
綜合現金流量表
Year ended 31 December 2025
截至2025年12月31日止年度
| Notes附註 | 2025 | 2024 | ||
|---|---|---|---|---|
| 2025年RMB'000 | 2024年RMB'000 | |||
| 人民幣千元 | 人民幣千元 | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | 經營活動所得現金流 | |||
| Profit before tax | 除税前利潤 | 1,396,424 | 926,970 | |
| Adjustments for: | 就以下各項作出調整： | |||
| Finance costs | 財務成本 | 8 | 7,397 | 6,072 |
| Inventory impairment and scrap | 存貨減值及報廢 | 7 | 14,509 | 38,740 |
| Impairment losses on financial assets, net | 金融資產減值虧損淨額 | 7 | 11,690 | 6,969 |
| Share of profits and losses of joint ventures and associates | 應佔合營企業及聯營公司利潤及虧損 | (1,493) | 1,613 | |
| Interest income | 利息收入 | 6 | (4,574) | (6,128) |
| Depreciation of investment properties | 投資物業折舊 | 1,206 | 1,236 | |
| Depreciation of property, plant and equipment | 物業、廠房及設備折舊 | 7 | 133,843 | 63,737 |
| Depreciation of right-of-use assets recognized in profit or loss | 於損益確認的使用權資產折舊 | 7 | 41,400 | 38,201 |
| Amortisation of intangible assets | 無形資產攤銷 | 7 | 3,608 | 2,774 |
| Loss/(gains) on disposal of items of property, plant and equipment | 出售物業、廠房及設備項目的虧損／(收益) | 7 | 155 | (160) |
| Loss on lease termination | 終止租約的虧損 | 7 | 1,874 | - |
| Loss/(gains) on disposal of subsidiaries | 出售附屬公司的虧損／(收益) | 703 | (464) | |
| Loss on disposal of joint ventures and associates | 出售合營企業及聯營公司的虧損 | 279 | 2,600 | |
| Fair value gain on financial assets at fair value through profit or loss | 按公平值計入損益的金融資產公平值收益 | 7 | (17,510) | (19,302) |
| Foreign exchange differences | 匯兌差額 | 3,814 | - | |
| Equity-settled share-based compensation expense | 以權益結算股份為基礎的薪酬開支 | 7 | 8,783 | 6,549 |
| 1,602,108 | 1,069,407 | |||
| Decrease/(increase) in inventories | 存貨減少／(增加) | 28,504 | (218,622) | |
| Decrease/(increase) in trade and bills receivables | 貿易應收款項及應收票據減少／(增加) | 49,073 | (111,114) | |
| Increase in prepayments, other receivables and other assets | 預付款項、其他應收款項及其他資產增加 | (525,740) | (322,669) | |
| Increase in pledged deposits | 質押存款增加 | (7,112) | - | |
| Increase in trade payables | 貿易應付款項增加 | 23,451 | 119,794 | |
| Increase in other payables and accruals | 其他應付款項及應計費用增加 | 204,831 | 138,885 | |
| Cash generated from operations | 經營所得現金 | 1,375,115 | 675,681 | |
| Interest received | 已收利息 | 4,574 | 6,128 | |
| Income tax paid | 已付所得稅 | (174,491) | (134,857) | |
| Net cash flows generated from operating activities | 經營活動所得現金流淨額 | 1,205,198 | 546,952 |
continued/...
續／…
Annual Report 2025 年度報告 | 129
Consolidated Statement of Cash Flows
綜合現金流量表
Year ended 31 December 2025
截至2025年12月31日止年度
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| Notes | RMB'000 | RMB'000 | |
| 附註 | 人民幣千元 | 人民幣千元 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | 投資活動所得現金流 | ||
| Purchases of items of property, plant and equipment | 購買物業、廠房及設備項目 | (414,429) | (233,368) |
| Purchases of leasehold land | 購買租賃土地 | (99,681) | - |
| Proceeds from disposal of items of property, plant and equipment | 出售物業、廠房及設備項目所得款項 | 1,381 | 8,787 |
| Dividend received from an associate | 已收聯營公司股息 | 688 | - |
| Additions to other intangible assets | 添置其他無形資產 | (544) | (9,207) |
| Proceeds from disposal of items of other intangible assets | 出售其他無形資產項目所得款項 | - | 1,161 |
| Proceeds from disposal of joint ventures and associates | 出售合營企業及聯營公司所得款項 | 150 | 7,255 |
| Disposals of subsidiaries | 出售附屬公司 | - | 901 |
| Acquisition of a subsidiary | 收購一間附屬公司 | (1,235) | - |
| Capital contribution to joint ventures and associates | 向合營企業及聯營公司注資 | (48,643) | (55,584) |
| Purchase of financial assets at fair value through profit or loss | 購買按公平值計入損益的金融資產 | (287,239) | (296,748) |
| Proceeds from disposal of financial assets at fair value through profit or loss | 出售按公平值計入損益的金融資產所得款項 | 400,690 | 389,769 |
| Net cash flows used in investing activities | 投資活動所用現金流淨額 | (448,862) | (187,034) |
| CASH FLOWS FROM FINANCING ACTIVITIES | 融資活動所得現金流 | ||
| New bank loans | 新增銀行貸款 | 360,000 | 220,000 |
| Repayment of bank loans | 償還銀行貸款 | (130,016) | (259,928) |
| Capital contribution from non-controlling shareholders | 非控股股東出資 | 34,750 | 18,450 |
| Acquisition of non-controlling interests | 收購非控股權益 | - | (8,000) |
| Proceeds from exercises share options | 行使購股權所得款項 | 82 | - |
| Disposal of partial interests in subsidiaries | 出售附屬公司部分權益 | 2,500 | - |
| Principal portion of lease payments | 租賃付款本金部分 | (59,350) | (38,082) |
| Dividend paid | 已付股息 | (609,192) | (522,042) |
| Interest paid | 已付利息 | (3,592) | (6,072) |
| Net cash flows used in financing activities | 融資活動所用現金流淨額 | (404,818) | (595,674) |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 現金及現金等價物增加/(減少)淨額 | 351,518 | (235,756) |
| Cash and cash equivalents at beginning of year | 年初現金及現金等價物 | 459,449 | 697,689 |
| Effect of foreign exchange rate changes, net | 匯率變動的影響凈額 | (8,659) | (2,484) |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 年末現金及現金等價物 | 25 | 802,308 |
| ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | 現金及現金等價物結餘分析 | ||
| Cash and cash equivalents as stated in the consolidated statement of financial position and statement of cash flows | 綜合財務狀況表及現金流量表所列現金及現金等價物 | 802,308 | 459,449 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妆品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Shanghai Chicmax Cosmetic Co., Ltd. (the "Company") is a joint-stock company established in the People's Republic of China (the "PRC"). It was originally established as a limited company on 11 June 2004 and restructured into a joint-stock company on 15 December 2020. The registered office is located at Room 308-3, 3rd Floor, No. 8.10 Quanzhou Road, Xuhui District, Shanghai, Chinese Mainland. The Company was listed on The Main Board of the Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 22 December 2022.
In the opinion of the directors, the controlling shareholder is Mr. Lyu Yixiong.
During the year, Shanghai Chicmax Cosmetic Co., Ltd. and its subsidiaries (the "Group") were principally involved in the following activities: research and development, production and sale of cosmetics.
Particulars of the Company's principal subsidiaries are as follows:
| Company name | Place and date of incorporation/ registration and place of operations 註冊成立／註冊地點及日期以及營業地點 | Nominal value of issued ordinary/registered share capital 已發行普通／註冊股本的面值 | Percentage of equity attributable to the Company 本公司應佔股權百分比 Direct 直接 | Principal activities 主要業務 |
|---|---|---|---|---|
| 公司名稱 | ||||
| Shanghai Shumei Cosmetic Co., Ltd. ("上海東美化妝品有限公司") * | PRC/Chinese Mainland 08 September 2009 | RMB10,000,000 | 100% | - Sale of cosmetics |
| 上海東美化妝品有限公司* | 中國/中國內地 2009年9月8日 | 人民幣10,000,000元 | 化妝品銷售 | |
| Shanghai Zhongyi Daily Chemical Co., Ltd. ("上海中翊日化有限公司") * | PRC/Chinese Mainland 05 August 2010 | RMB260,000,000 | 100% | - Production of cosmetics |
| 上海中翊日化有限公司* | 中國/中國內地 2010年8月5日 | 人民幣260,000,000元 | 化妝品生產 |
上海上美化妝品股份有限公司（「本公司」）為一家於中華人民共和國（「中國」）成立的股份制公司。其最初於2004年6月11日成立為有限公司，並於2020年12月15日改制為股份制公司。註冊辦事處位於中國內地上海市徐匯區全州路8.10號3層308-3室。本公司於2022年12月22日在香港聯合交易所有限公司（「聯交所」）主板上市。
董事認為，控股股東為呂義雄先生。
於年內，上海上美化妝品股份有限公司及其附屬公司（「本集團」）主要從事以下業務：化妝品的研發、生產及銷售。
本公司主要附屬公司的詳情如下：
Annual Report 2025 年度報告 | 131
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| Company name | Place and date of incorporation/ registration and place of operations 註冊成立／註冊地點及 日期以及營業地點 | Nominal value of issued ordinary/registered share capital 已發行普通／註冊股本的面值 | Percentage of equity attributable to the Company | Principal activities 主要業務 | |
|---|---|---|---|---|---|
| 本公司應佔股權百分比 | Direct 直接 | ||||
| Suzhou Industrial Park Lizi Cosmetic Co., Ltd. ("蘇州工業園區黎姿化妝品有限公司") * | PRC/Chinese Mainland 23 April 2004 | RMB42,000,000 | 100% | - | Lease of properties |
| 蘇州工業園區黎姿化妝品有限公司* | 中國／中國內地 2004年4月23日 | 人民幣42,000,000元 | 物業租賃 | ||
| Shanghai Baby Elephant Cosmetic Co., Ltd. ("上海紅色小象化妝品有限公司") * | PRC/Chinese Mainland 28 December 2015 | RMB10,000,000 | 100% | - | Sale of cosmetics |
| 上海紅色小象化妝品有限公司* | 中國／中國內地 2015年12月28日 | 人民幣10,000,000元 | 化妝品銷售 | ||
| Shanghai Kans Cosmetic Sales Service Co., Ltd. ("上海韓來化妝品銷售服務有限公司") * | PRC/Chinese Mainland 29 June 2016 | RMB5,000,000 | - | 100% | Sale of cosmetics |
| 上海韓來化妝品銷售服務有限公司* | 中國／中國內地 2016年6月29日 | 人民幣5,000,000元 | 化妝品銷售 | ||
| Nippon Hondo Co., Ltd. ("日本紅道株式會社") | Japan 30 July 2015 | JPY62,000,000 | - | 100% | Sale of cosmetics |
| 日本紅道株式會社 | 日本 2015年7月30日 | 62,000,000日圓 | 化妝品銷售 | ||
| Nippon Shuichi Cosmetics Co., Ltd. ("日本秀一壹化妝品株式會社") | Japan 04 July 2017 | JPY80,600,000 | - | 100% | Production of cosmetics |
| 日本秀一壹化妝品株式會社 | 日本 2017年7月4日 | 80,600,000日圓 | 化妝品生產 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| Company name | Place and date of incorporation/ registration and place of operations 註冊成立／註冊地點及 日期以及營業地點 | Nominal value of issued ordinary/registered share capital 已發行普通／註冊股本的面值 | Percentage of equity attributable to the Company | Principal activities 主要業務 | |
|---|---|---|---|---|---|
| 本公司應佔股權百分比 | Direct 直接 | ||||
| 公司名稱 | |||||
| Shanghai Hongdao Cosmetic Co., Ltd. (上海紅道化妝品有限公司) * | PRC/Chinese Mainland 02 February 2018 | RMB5,000,000 | 100% | - | Sale of cosmetics |
| 上海紅道化妝品有限公司* | 中國／中國內地 2018年2月2日 | 人民幣5,000,000元 | 化妝品銷售 | ||
| Shanghai One Leaf Cosmetic Co., Ltd. (上海一葉子化妝品有限公司)* | PRC/Chinese Mainland 09 September 2014 | RMB10,000,000 | 100% | - | Sale of cosmetics |
| 上海一葉子化妝品有限公司* | 中國／中國內地 2014年9月9日 | 人民幣10,000,000元 | 化妝品銷售 | ||
| Shanghai Baby Elephant Cosmetic Sales Service Co., Ltd. (上海紅色小象化妝品銷售服務有限公司) * | PRC/Chinese Mainland 12 June 2018 | RMB10,000,000 | - | 100% | Sale of cosmetics |
| 上海紅色小象化妝品銷售服務有限公司* | 中國／中國內地 2018年6月12日 | 人民幣10,000,000元 | 化妝品銷售 |
Annual Report 2025 年度報告 | 133
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| Company name | Place and date of incorporation/ registration and place of operations | Nominal value of issued ordinary/registered share capital | Percentage of equity attributable to the Company | Principal activities | |
|---|---|---|---|---|---|
| 不公司應佔股權百分比 | 主要業務 | ||||
| 公司名稱 | 註冊成立／註冊地點及日期以及營業地點 | 已發行普通／註冊股本的面值 | Direct直接 | Indirect間接 | |
| Shanghai KPC Biotechnology Co., Ltd. (上海昆藥生物科技有限公司) * | PRC/Chinese Mainland 11 August 2020 | RMB54,444,444 | 60% | 9.61% | Sale of cosmetics |
| 上海昆藥生物科技有限公司* | 中國/中國內地 2020年8月11日 | 人民幣54,444,444元 | 化妝品銷售 | ||
| Shanghai Qingdao Enterprise Management Co., Ltd. (上海青盛企業管理有限公司) * | PRC/Chinese Mainland 30 April 2021 | RMB80,000,000 | 100% | - | Enterprise management |
| 上海青盛企業管理有限公司* | 中國/中國內地 2021年4月30日 | 人民幣80,000,000元 | 企業管理 | ||
| Shanghai Yiye Biotechnology Co., Ltd. (上海怡頁生物科技有限公司) * | PRC/Chinese Mainland 04 August 2020 | RMB10,000,000 | - | 55% | Sale of cosmetics |
| 上海怡頁生物科技有限公司* | 中國/中國內地 2020年8月4日 | 人民幣10,000,000元 | 化妝品銷售 | ||
| Zhejiang Jingmei Cosmetics Co., Ltd. (浙江景美化妝品有限公司) * | PRC/Chinese Mainland 22 August 2024 | RMB5,000,000 | 100% | - | Sale of cosmetics |
| 浙江景美化妝品有限公司* | 中國/中國內地 2024年8月22日 | 人民幣5,000,000元 | 化妝品銷售 | ||
| Shanghai Wanmeizide Enterprise Management Co., Ltd. (上海萬美自得企業管理有限公司) * | PRC/Chinese Mainland 25 December 2024 | RMB300,000,000 | 100% | - | Enterprise management |
| 上海萬美自得企業管理有限公司* | 中國/中國內地 2024年12月25日 | 人民幣300,000,000元 | 企業管理 | ||
| CHICMAX HOLDING LIMITED | Cayman Islands 10 January 2025 | USD50,000,000 | 100% | - | Enterprise management |
| CHICMAX HOLDING LIMITED | 開曼群島 2025年1月10日 | 50,000,000美元 | 企業管理 |
Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| Company name | Place and date of incorporation/ registration and place of operations | Nominal value of issued ordinary/registered share capital | Percentage of equity attributable to the Company | Principal activities | |
|---|---|---|---|---|---|
| 本公司應佔股權百分比 | 佔股權百分比 | ||||
| 公司名稱 | 註冊成立／註冊地點及日期以及營業地點 | 已發行普通／註冊股本的面值 | Direct 直接 | Indirect 間接 | 主要業務 |
| Shanghai Chicmax Cosmetic Sales Service Co., Ltd. (上海上美化妝品銷售服務有限公司) * | PRC/Chinese Mainland 20 May 2025 | RMB80,000,000 | 100% | - | Sale of cosmetics |
| 上海上美化妝品銷售服務有限公司* | 中國／中國內地 2025年5月20日 | 人民幣80,000,000元 | 化妝品銷售 | ||
| Jingning Yiye Biotechnology Co., Ltd. (景寧怡頁生物科技有限公司) * | PRC/Chinese Mainland 17 April 2025 | RMB1,000,000 | - | 55% | Sale of cosmetics |
| 景寧怡頁生物科技有限公司* | 中國／中國內地 2025年4月17日 | 人民幣1,000,000元 | 化妝品銷售 | ||
| PT CCM BEAUTY COSMETIC | Indonesia 26 May 2025 | IDR375,500,000,000 | 94% | - | Sale of cosmetics |
| PT CCM BEAUTY COSMETIC | 印度尼西亞 2025年5月26日 | 375,500,000,000印尼盾 | 化妝品銷售 |
The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group.
These companies are registered as limited liability companies under PRC law.
上表所列乃董事認為主要影響年內業績或構成本集團大部分資產淨值的本公司附屬公司。
該等附屬公司根據中國法律註冊為有限公司。
Annual Report 2025 年度報告 | 135
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
These financial statements have been prepared in accordance with IFRS Accounting Standards (which include all International Financial Reporting Standards, International Accounting Standards ("IASs") and Interpretations) as issued by International Accounting Standards Board (the "IASB") and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention, except for financial assets at fair value through profit or loss which have been measured at fair value. These financial statements are presented in Renminbi ("RMB") and all values are rounded to the nearest thousand except when otherwise indicated.
The consolidated financial statements include the financial statements of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2025. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).
Generally, there is a presumption that a majority of voting rights results in control. When the Company has, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
該等財務報表已按照國際會計準則理事會（「國際會計準則理事會」）須佈之國際財務報告準則會計準則（包括所有國際財務報告準則、國際會計準則（「國際會計準則」）及詮釋）及香港公司條例的披露規定編製。該等財務報表採用歷史成本慣例編製，惟已按公平值計量的按公平值計入損益的金融資產除外。該等財務報表乃以人民幣（「人民幣」）呈列，除非另有說明，否則所有金額均四捨五入至最接近的千位整數。
綜合財務報表包括本公司及其附屬公司（統稱「本集團」）截至2025年12月31日止年度的財務報表。附屬公司為本公司直接或間接控制的實體（包括結構性實體）。當本集團對參與投資對象業務的浮動回報承擔風險或享有權利以及能透過對投資對象的權力（即本集團獲賦予現有能力以主導投資對象相關活動的既存權利）影響該等回報時，即取得控制權。
一般情況下，有一個推定，即多數投票權形成控制權。倘本公司直接或間接擁有投資對象少於過半數的投票權或類似權利，則本集團於評估其是否擁有對投資對象的權力時會考慮一切相關事實及情況，包括：
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.
Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, any non-controlling interest and the exchange fluctuation reserve cumulative; and recognises the fair value of any investment retained and any resulting surplus or deficit in profit or loss. The Group's share of components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities.
附屬公司的財務報表乃採用貫徹一致的會計政策就與本公司相同的報告期間而編製。附屬公司的業績由本集團取得控制權當日起綜合入賬，並繼續綜合入賬至該控制權終止當日。
損益及其他全面收入的各組成部分歸屬於本集團母公司擁有人及非控股權益，即使此舉引致非控股權益出現虧紛結餘。所有集團內公司間資產及負債、權益、收入、開支以及與本集團成員公司之間交易有關的現金流量均於綜合入賬時悉數抵銷。
倘事實及情況反映上述三項控制權因素中一項或多項有變，則本集團會重估是否仍然控制投資對象。附屬公司擁有權權益的變動（並無失去控制權）入賬為權益交易。
倘本集團失去對一間附屬公司的控制權，則其終止確認相關資產（包括商譽）、負債、任何非控股權益及累計匯兌變動儲備；及於損益中確認任何保留投資的公平值及任何因而產生的盈餘或虧紛。先前於其他全面收入內確認的本集團應佔部分按假設本集團直接出售相關資產或負債所須採用的相同基準，視乎情況重新分類至損益或保留盈利。
Annual Report 2025 年度報告 | 137
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group has adopted amendments to IAS 21 Lack of Exchangeability for the first time for the current year's financial statements. The Group has not early adopted any other standard or amendment that has been issued but is not yet effective.
Amendments to IAS 21 specify how an entity shall assess whether a currency is exchangeable into another currency and how it shall estimate a spot exchange rate at a measurement date when exchangeability is lacking. The amendments require disclosures of information that enable users of financial statements to understand the impact of a currency not being exchangeable. As the currencies that the Group had transacted in and the functional currencies of overseas subsidiaries for translation into the Group's presentation currency were exchangeable, the amendments did not have any impact on the Group's financial statements
本集團於本年度財務報表中首次採用國際會計準則第21號（修訂本）缺乏可見換性。本集團並未提前採用任何其他已頒佈但尚未生效的準則或修訂本。
國際會計準則第21號（修訂本）訂明，當缺乏可見換性時，實體應如何評估一種貨幣是否可見換為另一種貨幣，以及如何估計其於計量日的即期匯率。該等修訂本要求披露資料，以使財務報表使用者瞭解不可見換貨幣的影響。由於本集團進行交易的貨幣與海外附屬公司的功能貨幣可見換為本集團的呈列貨幣，故該等修訂對本集團的財務報表並無任何影響。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group has not applied the following new and amended IFRS Accounting Standards, that have been issued but are not yet effective, in these financial statements. The Group intends to apply these new and amended IFRS Accounting Standards, if applicable, when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements²
IFRS 19 and its amendments Subsidiaries without Public Accountability: Disclosures²
Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments¹
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity¹
Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture²
Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency²
Annual Improvements to IFRS Accounting Standards Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7¹
1 Effective for annual periods beginning on or after 1 January 2026 2 Effective for annual/reporting periods beginning on or after 1 January 2027 3 No mandatory effective date yet determined but available for adoption
本集團於該等財務報表尚未應用以下已頒佈但尚未生效的新訂及經修訂國際財務報告準則會計準則。如適用，本集團有意在該等修訂生效時應用該等新訂及經修訂國際財務報告準則會計準則。
| 國際財務報告準則第18號 | 財務報表的呈列及披露² |
|---|---|
| 國際財務報告準則第19號及其修訂本 | 非公共受託責任附屬公司的披露² |
| 國際財務報告準則第9號及國際財務報告準則第7號（修訂本） | 對金融工具的分類及計量的修訂² |
| 國際財務報告準則第9號及國際財務報告準則第7號（修訂本） | 涉及依賴自然能源生產電力的合同² |
| 國際財務報告準則第10號及國際會計準則第28號（修訂本） | 投資者與其聯營公司或合營企業之間的資產出售或注資² |
| 國際會計準則第21號（修訂本） | 換算為高度適宜膨脹的呈列貨幣² |
| 國際財務報告準則會計準則的年度改進－第11冊 | 國際財務報告準則第1號、國際財務報告準則第7號、國際財務報告準則第9號、國際財務報告準則第10號及國際會計準則第7號（修訂本）¹ |
1 於2026年1月1日或之後開始的年度期間生效 2 於2027年1月1日或之後開始的年度／報告期間生效 3 尚未釐定強制生效日期，惟可供採納
Annual Report 2025 年度報告 | 139
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Further information about those IFRS Accounting Standards that are expected to be applicable to the Group is described below.
IFRS 18 replaces IAS 1 Presentation of Financial Statements. While a number of sections have been brought forward from IAS 1 with limited changes, IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within the statement of profit or loss into one of the five categories: operating, investing, financing, income taxes and discontinued operations and to present two new defined subtotals. It also requires disclosures about management-defined performance measures in a single note and introduces enhanced requirements on the grouping (aggregation and disaggregation) and the location of information in both the primary financial statements and the notes. Some requirements previously included in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which is renamed as IAS 8 Basis of Preparation of Financial Statements. As a consequence of the issuance of IFRS 18, limited, but widely applicable, amendments are made to IAS 7 Statement of Cash Flows, IAS 33 Earnings per Share and IAS 34 Interim Financial Reporting. In addition, there are minor consequential amendments to other IFRS Accounting Standards. IFRS 18 and the consequential amendments to other IFRS Accounting Standards are effective for annual periods beginning on or after 1 January 2027 with earlier application permitted. Retrospective application is required. The Group is currently analysing the new requirements and assessing the impact of IFRS 18 on the presentation and disclosure of the Group's financial statements.
有關該等預期將適用於本集團的國際財務報告準則會計準則的進一步資料如下所述。
國際財務報告準則第18號取代國際會計準則第1號財務報表的呈列。儘管部分章節沿用自國際會計準則第1號且變動有限，國際財務報告準則第18號引入於損益表內呈列的新規定，包括指定總計及小計。實體須將損益表內的所有收入及開支分類為五個類別之一：經營、投資、融資、所得稅及已終止經營業務，並呈列兩個新界定的小計。其亦規定在單一附註中披露管理層界定的績效指標，並對主要財務報表及附註中的組合（匯總及分類）及資訊位置提出更高要求。部分先前載於國際會計準則第1號的規定移至國際會計準則第8號會計政策、會計估計變動及誤差內，其已更名為國際會計準則第8號財務報表的呈列基準。由於國際財務報告準則第18號的頒佈，國際會計準則第7號現金流量表、國際會計準則第33號每股盈利及國際會計準則第34號中期財務報告已作出有限但廣泛適用的修訂。此外，其他國際財務報告準則會計準則亦有相應細微修訂。國際財務報告準則第18號及其他國際財務報告準則會計準則的相應修訂於2027年1月1日或之後開始的年度期間生效，並允許提早應用。需追溯應用。本集團現正分析新規定及評估國際財務報告準則第18號對本集團財務報表的呈列及披露的影響。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
IFRS 19 allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS Accounting Standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10 Consolidated Financial Statements, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements available for public use which comply with IFRS Accounting Standards or IFRS Accounting Standards. IFRS 19 was amended in 2025 to (i) remove disclosure objectives from IFRS 19; (ii) reduce the disclosure requirements relating to supplier finance arrangements and a specific class of financial liabilities; and (iii) replace disclosure requirements relating to management-defined performance measures with a cross-reference to IFRS 18 for entities that use these measures. Earlier application is permitted. As the Company is a listed company, it is not eligible to elect to apply IFRS 19 and its amendments. Some of the Company's subsidiaries are considering the application of IFRS 19 and its amendments in their specified financial statements.
國際財務報告準則第19號允許合資格實體選擇應用精簡披露規定，同時仍應用其他國際財務報告準則會計準則中的確認、計量及呈列規定。為符合資格，於報告期末，實體必須為國際財務報告準則第10號綜合財務報表所界定的附屬公司，不具公眾問責性且須有一個編製符合國際財務報告準則會計準則的綜合財務報表供公眾使用的母公司（最終或中間公司）。國際財務報告該準第19號於2025年進行修訂，以(i)從國際財務報告準則第19號刪除披露目標；(ii)減少與供應商融資安排及特定類別金融負債相關的披露規定；及(iii)將與管理層界定的表現衡量指標相關的披露規定替換為相互參照國際財務報告準則第18號（對於採用該等指標的實體）。允許提早應用。由於本公司為上市公司，其不符合資格選擇應用國際財務報告準則第19號及其修訂本。本公司若干附屬公司正考慮於其特定財務報表內應用國際財務報告準則第19號及其修訂本。
Annual Report 2025 年度報告 | 141
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments clarify the date on which a financial asset or financial liability is derecognised and introduce an accounting policy option to derecognise a financial liability that is settled through an electronic payment system before the settlement date if specified criteria are met. The amendments clarify how to assess the contractual cash flow characteristics of financial assets with environmental, social and governance and other similar contingent features. Moreover, the amendments clarify the requirements for classifying financial assets with non-recourse features and contractually linked instruments. The amendments also include additional disclosures for investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features. The amendments shall be applied retrospectively with an adjustment to opening retained profits (or other component of equity) at the initial application date. Prior periods are not required to be restated and can only be restated without the use of hindsight. Earlier application of either all the amendments at the same time or only the amendments related to the classification of financial assets is permitted. The amendments are not expected to have any significant impact on the Group's financial statements.
國際財務報告準則第9號及國際財務報告準則第7號（修訂本）對金融工具的分類及計量的修訂澄清金融資產或金融負債終止確認的日期並引入一項會計政策選擇權，允許通過電子支付系統結算的金融負債在滿足特定條件的情況下，於結算日之前進行終止確認。該等修訂本澄清如何評估具有環境、社會及管治及其他類似或然特徵的金融資產的合約現金流量特徵。此外，該等修訂本澄清具有無追索權特徵之金融資產及合約掛鈎工具的分類規定。該等修訂本亦包括指定為按公平值計量計入其他全面收入的權益工具及具有或然特徵的金融工具的投資的額外披露。該等修訂本應追溯應用，並對初始應用日期的期初保留盈利（或其他權益成份）作出調整。過往期間毋須重列，且僅可在不作出預知的情況下重列。允許同時提早應用所有修訂本或僅提早應用金融資產分類有關的修訂本。該等修訂本預期不會對本集團的財務報表產生任何重大影響。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity clarify the application of the "own-use" requirements for in-scope contracts and amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The amendments also include additional disclosures that enable users of financial statements to understand the effects these contracts have on an entity's financial performance and future cash flows. The amendments relating to the own-use exception shall be applied retrospectively. Prior periods are not required to be restated and can only be restated without the use of hindsight. The amendments relating to the hedge accounting shall be applied prospectively to new hedging relationships designated on or after the date of the initial application. Earlier application is permitted. The amendments to IFRS 9 and IFRS 7 shall be applied at the same time. The amendments are not expected to have any significant impact on the Group's financial statements.
Amendments to IFRS 10 and IAS 28 address an inconsistency between the requirements in IFRS 10 and in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition of a gain or loss resulting from a downstream transaction when the sale or contribution of assets constitutes a business. For a transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognised in the investor's profit or loss only to the extent of the unrelated investor's interest in that associate or joint venture. The amendments are to be applied prospectively. The previous mandatory effective date of amendments to IFRS 10 and IAS 28 was removed by the HKICPA. However, the amendments are available for adoption now.
國際財務報告準則第9號及國際財務報告準則第7號（修訂本）涉及依賴自然能源生產電力的合同澄清範圍內合同「自用」規定的應用，並修訂範圍內合約現金流量對沖關係中被對沖項目的指定規定。該等修訂本亦包括額外披露，讓財務報表使用者能夠了解該等合約對實體的財務表現及未來現金流量的影響。與自用獲豁免情況相關的修訂本應追溯應用。過往期間毋須重列，且僅可在不作出預知的情況下重列。與對沖會計相關的修訂本應追溯應用於首次應用日期或之後指定的新對沖關係。允許提早應用。國際財務報告準則第9號及國際財務報告準則第7號（修訂本）應同時應用。預期該等修訂本不會對本集團的財務報表產生任何重大影響。
國際財務報告準則第10號及國際會計準則第28號（修訂本）解決了國際財務報告準則第10號與國際會計準則第28號在處理投資者及其聯營公司或合營企業之間的資產出售或投入的要求之間的不一致之處。當資產出售或投入構成一項業務時，該等修訂要求全面確認下游交易產生的損益。對於涉及不構成業務資產的交易，交易產生的損益僅以無關聯投資者於該聯營公司或合營企業的權益為限在投資者的損益中確認。該等修訂須按前瞻基準應用。香港會計師公會取消國際財務報告準則第10號及國際會計準則第28號（修訂本）的過往強制生效日期，而該等修訂現時可供採納。
Annual Report 2025 年度報告 | 143
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Annual Improvements to IFRS Accounting Standards – Volume 11 set out amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. Details of the amendments that are expected to be applicable to the Group are as follows:
IFRS 7 Financial Instruments: Disclosures: The amendments have updated certain wording in paragraph B38 of IFRS 7 and paragraphs IG1, IG14 and IG20B of the Guidance on implementing IFRS 7 for the purpose of simplification or achieving consistency with other paragraphs in the standard and/or with the concepts and terminology used in other standards. In addition, the amendments clarify that the Guidance on implementing IFRS 7 does not necessarily illustrate all the requirements in the referenced paragraphs of IFRS 7 nor does it create additional requirements. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group's financial statements.
IFRS 9 Financial Instruments: The amendments clarify that when a lessee has determined that a lease liability has been extinguished in accordance with IFRS 9, the lessee is required to apply paragraph 3.3.3 of IFRS 9 and recognise any resulting gain or loss in profit or loss. However, the amendments do not address how a lessee distinguishes between a lease modification as defined in IFRS 16 and an extinguishment of a lease liability in accordance with IFRS 9. In addition, the amendments have updated certain wording in paragraph 5.1.3 of IFRS 9 and Appendix A of IFRS 9 to remove potential confusion. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group's financial statements.
國際財務報告準則會計準則的年度改進－第11冊載列國際財務報告準則第1號、國際財務報告準則第7號、國際財務報告準則第9號、國際財務報告準則第10號及國際會計準則第7號之修訂。預期適用於本集團的修訂本詳情如下：
國際財務報告準則第7號金融工具：披露：該等修訂本已更新國際財務報告準則第7號第B38段及國際財務報告準則第7號實施指引第IG1、IG14及IG20B段之若干措辭，以簡化或與該準則其他段落及／或其他準則所用概念及詞彙保持一致。此外，該等修訂本澄清國際財務報告準則第7號實施指引未必全面詳盡國際財務報告準則第7號所引用段落之所有規定，亦無產生額外規定。允許提早應用。該等修訂本預期不會對本集團的財務報表產生任何重大影響。
國際財務報告準則第9號金融工具：該等修訂本澄清，當承租人已釐定租賃負債已根據國際財務報告準則第9號廢除，承租人須應用國際財務報告準則第9號第3.3.3段，並在損益中確認所產生之任何收益或虧損。然而，該等修訂本並未處理承租人如何區分國際財務報告準則第16號所界定的租賃修訂與根據國際財務報告準則第9號終止租賃負債。此外，該等修訂本已更新國際財務報告準則第9號第5.1.3段及國際財務報告準則第9號附錄A的若干措辭，以消除可能出現的混淆。允許提早應用。該等修訂本預期不會對本集團的財務報表產生任何重大影響。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
IFRS 10 Consolidated Financial Statements: The amendments clarify that the relationship described in paragraph B74 of IFRS 10 is just one example of various relationships that might exist between the investor and other parties acting as de facto agents of the investor, which removes the inconsistency with the requirement in paragraph B73 of IFRS 10. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group's financial statements.
IAS 7 Statement of Cash Flows: The amendments replace the term “cost method” with “at cost” in paragraph 37 of IAS 7 following the prior deletion of the definition of “cost method”. Earlier application is permitted. The amendments are not expected to have any impact on the Group’s financial statements.
國際財務報告準則第10號綜合財務報表：該等修訂本澄清國際財務報告準則第10號第B74段所述的關係僅為投資者與作為投資者實際代理的其他各方之間可能存在的各種關係的示例，從而消除與國際財務報告準則第10號第B73段規定的不一致之處。允許提早應用。該等修訂本預期不會對本集團的財務報表產生任何重大影響。
國際會計準則第7號現金流量表：該等修訂本在先前刪除「成本法」的定義後，將國際會計準則第7號第37段中的「成本法」一詞替換為「按成本計」。允許提早應用。該等修訂本預期不會對本集團的財務報表產生任何影響。
Annual Report 2025 年度報告 | 145
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Investments in associates and joint ventures
An associate is an entity in which the Group has a long-term interest of generally not less than 20% of the equity voting rights and over which it has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
The Group's investments in associates and joint ventures are stated in the consolidated statement of financial position at the Group's share of net assets under the equity method of accounting, less any impairment losses.
The Group's share of the post-acquisition results and other comprehensive income of associates and joint ventures is included in the consolidated statement of profit or loss and consolidated other comprehensive income, respectively. In addition, when there has been a change recognised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when applicable, in the consolidated statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and its associates or joint ventures are eliminated to the extent of the Group's investment in the associates or joint ventures, except where unrealised losses provide evidence of an impairment of the assets transferred. Goodwill arising from the acquisition of associates or joint ventures is included as part of the Group's investments in associates or joint ventures.
於聯營公司及合營企業的投資
聯營公司指本集團長期持有一般不少於20%股本投票權並對其有重大影響力的實體。重大影響力指參與投資對象的財務及經營政策的權力，而並非控制或共同控制該等政策。
合營企業為一項合營安排，據此，擁有安排共同控制權的人士均有權享有合營企業的資產淨值。共同控制為合約協定應佔安排控制權，其僅在相關活動決策必須獲應佔控制權的人士一致同意方存在。
本集團於聯營公司及合營企業的投資以本集團應佔資產淨值減任何減值虧損，按權益會計法於綜合財務狀況表列賬。
本集團分佔聯營公司及合營企業收購後業績及其他全面收入分別計入綜合損益表及綜合其他全面收入表。此外，倘已於聯營公司或合營企業權益中直接確認變動，則本集團將於綜合權益變動表中確認其應佔的任何變動（倘適用）。本集團與其聯營公司或合營企業之間的交易產生的未變現收益及虧損將予對銷，惟以本集團於聯營公司或合營企業的投資為限，除非未變現虧損提供證據顯示已轉讓資產出現減值。收購聯營公司或合營企業所產生的商譽計入本集團於聯營公司或合營企業投資的部分。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Investments in associates and joint ventures (continued)
If an investment in an associate becomes an investment in a joint venture or vice versa, the retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method. In all other cases, upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.
Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree's identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred.
於聯營公司及合營企業的投資（續）
倘於聯營公司的投資成為於合營企業的投資或出現相反情況，則不會重新計量保留權益。相反，投資將繼續根據權益法入賬。在所有其他情況下，一旦本集團喪失對聯營公司的重大影響力或對合營企業的共同控制權，則本集團按任何保留投資的公平值對其進行計量及確認。於喪失重大影響力或共同控制權後聯營公司或合營企業之賬面值與保留投資及出售所得款項之公平值之間的任何差額，將於損益中確認。
業務合併乃以購買法入賬。轉讓之代價乃以收購日期的公平值計量，該公平值為本集團轉讓的資產於收購日期的公平值、本集團自被收購方的前度擁有人承擔的負債，及本集團發行以換取被收購方控制權的股本權益的總和。於各業務合併中，本集團選擇是否以公平值或被收購方可識別資產淨值的應佔比例，計量於被收購方的非控股權益。非控股權益的一切其他成份乃按公平值計量。收購相關成本於產生時列為開支。
Annual Report 2025 年度報告 | 147
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree.
Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with changes in fair value recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interests and any fair value of the Group's previously held equity interests in the acquiree over the identifiable net assets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets acquired, the difference is, after reassessment, recognised in profit or loss as a gain on bargain purchase.
於聯營公司及合營企業的投資（續）
倘所獲得的一組活動及資產包括一項投入及一個實質性過程，兩者共同顯著促進創造產出的能力，則本集團釐定其已收購一項業務。
當本集團收購一項業務時，會根據合約條款、於收購日期的經濟環境及相關條件，評估將承接的金融資產及負債，以作出適合的分類及標示，其中包括將被收購方主合約中的嵌入式衍生工具進行分離。
由收購方將予轉讓的任何或然代價將於收購日期按公平值確認。分類為資產或負債的或然代價按公平值計量，而公平值變動會於損益內確認。分類為權益的或然代價並無重新計量，而其後結算於權益內入賬。
商譽初步按成本計量，即已轉讓代價，就非控股權益確認的金額及本集團先前持有的被收購方股權的任何公平值總額，超逾與所收購可識別資產淨值及所承擔負債的差額。如該代價及其他項目總額低於所收購資產淨值的公平值，於再評估後其差額將於損益內確認為議價收購收益。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as at 31 December. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.
Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognised. An impairment loss recognised for goodwill is not reversed in a subsequent period.
Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained.
於聯營公司及合營企業的投資（續）
於初步確認後，商譽按成本減任何累計減值虧損計量。商譽須每年作減值測試，若有事件發生或情況改變顯示賬面值有可能減值，則會更頻密地進行測試。本集團於12月31日進行商譽之年度減值測試。對於減值測試，自收購日期起在業務合併中獲得的商譽會分攤至預期從合併的協同效應中受益的本集團各現金產生單位或現金產生單位組別，而不管是否本集團的其他資產或負債被分攤至該等單位或單位組別。
減值乃通過評估與商譽有關的現金產生單位（現金產生單位組別）的可收回金額釐定。倘現金產生單位（現金產生單位組別）的可收回金額低於賬面值，則減值虧損予以確認。已就商譽確認的減值虧損不會於其後期間撥回。
倘商譽被分配至某個現金產生單位（或現金產生單位組別）並為被出售單位內的業務組成部分，則在釐定出售收益或虧損時，與所出售業務相關的商譽包含在該業務的賬面值內。於此等情況下出售的商譽根據所出售業務的相關價值及現金產生單位的保留部分計量。
Annual Report 2025 年度報告 | 149
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group measures its debt investments at fair value through other comprehensive income at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
本集團於各報告期間末透過其他全面收入按公平值計量其債務投資。公平值乃市場參與者之間於計量日進行的有序交易中出售資產所收取或轉讓負債所支付的價格。公平值乃假設出售資產或轉讓負債的交易於該資產或負債的主要市場（倘無主要市場，則為對該資產或負債最有利的市場）進行而計量。本集團必須可於該主要市場或最有利市場進行交易。資產或負債的公平值乃採用市場參與者為資產或負債定價時所用的假設計量，並假設市場參與者按本身最佳經濟利益行事。
非金融資產的公平值計量，須衡量市場參與者最大程度及最佳使用該資產得到經濟利益的能力，或將該資產售予另一可最大程度及最佳使用該資產的市場參與者而獲得經濟利益的能力。
本集團採用在有關情況下屬適當的估值技術，且有充足數據可計量公平值、盡量使用相關可觀察輸入數據同時盡量避免使用不可觀察輸入數據。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Fair value measurement (continued)
All assets and liabilities for which fair value is measured or disclosed in the financial information are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly
Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
For assets and liabilities that are recognised in the financial information on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of the reporting period.
公平值計量(續)
所有於財務資料中計量或披露公平值的資產及負債，按對公平值計量整體重要的最低水平參數分類為下述的公平值層級：
第一級 – 基於相同資產或負債於活躍市場的報價（未經調整）
第二級 – 基於其最低水平參數對公平值計量有重要性且可以直接或間接觀察的估值技術
第三級 – 基於其最低水平參數對公平值計量有重要性且不可以觀察的估值技術
對於財務資料內按經常性基準確認的資產及負債，本集團於報告期間末重新衡量分類（以對公平值計量整體重要的最低水平參數作準），以釐定公平值層級之間有否轉移。
Annual Report 2025 年度報告 | 151
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, contract assets, deferred tax assets, investment properties and non-current assets/a disposal group classified as held for sale), the asset's recoverable amount is estimated. An asset's recoverable amount is the higher of the asset's or cash-generating unit's value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. In testing a cash-generating unit for impairment, a portion of the carrying amount of a corporate asset is allocated to an individual cash-generating unit if it can be allocated on a reasonable and consistent basis or, otherwise, to the smallest group of cash-generating units.
An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. 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. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset.
除存貨、合約資產、遞延稅項資產、投資物業及非流動資產／分類為持作出售的出售組別外，倘資產出現任何減值跡象或須每年測試減值，則估計資產的可收回金額。資產的可收回金額為按資產或現金產生單位的使用價值及公平值減出售成本兩者中的較高者，而個別資產須分開計算，惟倘資產並不產生明顯獨立於其他資產或資產組別的現金流入，則就資產所屬現金產生單位計算可收回金額。在對現金產生單位進行減值測試時，公司資產的一部分賬面值會分配至個別現金產生單位，前提是該部分可按合理及一致的基準分配，否則分配至最小現金產生單位組別。
僅在資產賬面值超出其可收回金額的情況下，方會確認減值虧損。評估使用價值時，估計未來現金流量按可反映貨幣時間價值及資產特定風險的現時市場評估的稅前貼現率折算至現值。減值虧損於其產生期間自損益內與減值資產功能一致的開支類別扣除。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
An assessment is made at the end of the reporting period as to whether there is an indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognised impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/ amortisation) had no impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.
A party is considered to be related to the Group if:
(a) the party is a person or a close member of that person's family and that person:
(i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group;
or
於報告期末，將評估有否跡象顯示先前確認的減值虧損可能不再存在或可能減少。倘出現有關跡象，則估計可收回金額。先前就商譽以外資產確認的減值虧損，僅在用以釐定該資產可收回金額的估計出現變動時方會撥回，然而，有關數額不得高於倘於過往年度並無就資產確認減值虧損而應釐定的賬面值（扣除任何折舊／攤銷）。該等減值虧損的撥回於其產生期間計入損益。
倘屬以下情況，則有關人士將被視為與本集團有關聯：
(a) 該人士為個人或該個人的近親，且該個人：
(i) 控制或共同控制本集團； (ii) 對本集團有重大影響力；或 (iii) 為本集團或本集團母公司主要管理層成員；
或
Annual Report 2025 年度報告 | 153
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(b) the party is an entity where any of the following conditions applies:
(i) the entity and the Group are members of the same group;
(ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);
(iii) the entity and the Group are joint ventures of the same third party;
(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;
(v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; and the sponsoring employers of the post-employment benefit plan;
(vi) the entity is controlled or jointly controlled by a person identified in (a);
(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and
(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.
(b) 該人士為符合下列任何條件的實體：
(i) 該實體與本集團隸屬同一集團；
(ii) 一家實體為另一實體（或其母公司、附屬公司或同系附屬公司）的聯營公司或合營企業；
(iii) 該實體與本集團均為同一第三方的合營企業；
(iv) 一家實體為第三方實體的合營企業，而另一實體為該第三方實體的聯營公司；
(v) 實體為以本集團或本集團相關實體的僱員的利益設立的離職後福利計劃；及離職後福利計劃的資助僱主；
(vi) 該實體受(a)項所界定的人士所控制或共同控制；
(vii) (a)(i)項所界定人士對該實體有重大影響力或為該實體（或該實體的母公司）的主要管理層成員；及
(viii) 該實體或實體作為集團任何成員公司其中一部分向本集團或本集團的母公司提供主要管理層成員服務。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.
Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly.
Depreciation is calculated on the straight-line basis to write off the cost of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:
物業、廠房及設備（在建工程除外）乃按成本減累計折舊及任何減值虧損列賬。物業、廠房及設備項目的成本包括購買價及使資產達到擬定用途運作狀態及地點的任何直接應佔成本。
物業、廠房及設備項目投入運作後產生的維修及保養等開支，通常於產生期間自損益扣除。於符合確認標準的情況下，大型檢查的開支作為重置成本計入資產的賬面值進行資本化處理。倘物業、廠房及設備的主要部分具有不同的使用年限，則本集團將其各自確認為單獨資產，並設定特定的可使用年限並相應計提折舊。
折舊乃按直線基準將各項物業、廠房及設備項目的成本於其估計可使用年期內撇銷至其剩餘價值而計算。就此目的所使用的主要年率如下：
| Category | 類別 | Annual rates 年率 | | --- | --- | --- | | Buildings | 樓宇 | 4.75% | | Plant and machinery | 廠房及機器 | 9.50% - 31.67% | | Motor vehicles | 汽車 | 15.83% - 23.75% | | Furniture, fixtures and equipment | 傢私、裝置及設備 | 19.00% - 31.67% | | Leasehold improvements | 租賃物業裝修 | 19.00% - 47.50% |
Annual Report 2025 年度報告 | 155
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Property, plant and equipment and depreciation (continued)
Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.
An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in profit or loss in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset.
Construction in progress is stated at cost less any impairment losses, and is not depreciated. It is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.
Investment properties are interests in land and buildings (including right-of-use assets) held to earn rental income and/or for capital appreciation. Such properties are measured initially at cost, including transaction costs.
The Group measures its investment properties at cost, including related transaction costs. Depreciation is calculated using the straight-line method to allocate their cost over their estimated useful lives in 20 years.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal.
物業、廠房及設備以及折舊(續)
做物業、廠房及設備項目各部分的可使用年期有所不同，則此項目各部分成本將按合理基準分配，而每部分將作個別折舊。對剩餘價值、可使用年期及折舊方法至少於各財政年度末進行重新評估並作出調整（倘適用）。
初始確認的物業、廠房及設備項目（包括任何重大部分）於出售後或預期使用或出售該等物業、廠房及設備項目不會產生未來經濟利益時終止確認。於資產終止確認年度在損益中確認的任何出售或報廢盈虧，乃為有關資產的出售所得款項淨額與賬面值的差額。
在建工程按成本扣除任何減值虧損列賬，而不計提折舊。其於竣工及可作使用時重新分類為適當類別的物業、廠房及設備。
投資物業指為賺取租金收入及／或資本增值而持有的土地及樓宇權益（包括使用權資產）。該等物業最初按成本（包括交易成本）計算。
本集團按成本（包括相關交易成本）計量其投資物業。折舊乃採用直線法進行計算，以於其估計的20年可使用年期分配其成本。
投資物業乃於出售後或在投資物業永久不再使用或預期出售物業不會產生未來經濟利益時終止確認。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Any gains or losses on the retirement or disposal of an investment property are recognised in the statement of profit or loss in the year of retirement or disposal.
Transfers among investment property, owner-occupied property and inventories do not change the carrying amount of the property transferred and they do not change the cost of that property for measurement or disclosure purposes.
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. The useful lives of other intangible assets are assessed to be either finite or indefinite. Other intangible assets with finite lives are subsequently amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year end.
投資物業報廢或出售的任何損益會在報廢或出售年度的損益表中確認。
投資物業、業主自用物業及存貨之間的轉撥不會改變被轉撥物業的賬面值，亦不會改變有關物業用於計量或披露目的的成本。
單獨購買的無形資產於初始確認時按成本計量。業務合併中收購的無形資產的成本為於收購日期的公平值。其他無形資產的可使用年期評估為有限或無限。具有有限可使用年期的其他無形資產隨後在可使用的經濟年期內作攤銷，並在有跡象顯示無形資產可能減值時進行減值評估。具有有限可使用年期的無形資產的攤銷期和攤銷法至少於各財政年度末進行審閱。
Annual Report 2025 年度報告 | 157
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Intangible assets are stated at cost less any impairment losses and are amortised on the straight-line basis over their estimated useful lives. The principal estimated useful lives of intangible assets are as follows:
| Categories | 類別 | Estimated useful lives 估計可使用年期 | | --- | --- | --- | | Software | 軟件 | 3 to 10 years, taking into consideration the software technology updates in the market and the development stage of the Group 3至10年（考慮到市場上軟件技術更新及本集團的發展階段） | | Others, mainly include vehicle licence plate | 其他（主要包括車牌） | 2 to 10 years, vehicle license plate is amortised on a straight-line basis over the useful life of 10 years, based on the minimal planned years of usage. 2至10年（根據最低計劃使用年限，車牌在10年的可使用年期內按直線法攤銷）。 | | Research and development costs | | 研發成本 | | All research costs are charged to the statement of profit or loss as incurred. | | 所有研究成本於產生時在損益表扣除。 | | Expenditure incurred on projects to develop new products is capitalised and deferred only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Product development expenditure which does not meet these criteria is expensed when incurred. | | 新產品開發計劃產生的開支僅於本集團能證明於技術上能夠完成無形資產供使用或出售、有意完成及有能力使用或出售該資產、該資產將帶來的未來經濟利益、具有完成計劃所需的資源且能夠可靠地計量開發期間的開支時，方會撥充資本並以遞延方式入賬。未能符合該等條件的產品開發開支概於發生時支銷。 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets are recognised at the commencement date of the lease (that is the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as follows:
| Leasehold land | 50 years |
|---|---|
| Office premises and plant | 2-10 years |
| Equipment | 5 years |
If ownership of the leased asset transfers to the Group by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
本集團於合約開始時評估合約是否為或包含租賃。倘合約授予權利以代價為交換在某一時期內控制使用已識別資產，則該合約屬於租賃或包含租賃。
本集團對所有租賃（短期租賃及低價值資產租賃除外）採取單一確認及計量方法。本集團確認租賃負債以作出租賃付款，而使用權資產指使用相關資產的權利。
本集團於租賃開始日期（即相關資產可供使用當日）確認使用權資產。使用權資產按成本減任何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。使用權資產成本包括已確認租賃負債款額、初步已產生直接成本及於開始日期或之前作出的租賃付款減任何已收取租賃優惠。使用權資產於其租期及估計可使用年期（以較短者為準）按直線法折舊如下：
| 租賃土地 | 50年 |
|---|---|
| 辦公處所及廠房 | 2至10年 |
| 設備 | 5年 |
倘租賃資產的擁有權於租期完結前轉讓予本集團，或成本反映購買權獲行使，則使用資產的估計可使用年期計算折舊。
Annual Report 2025 年度報告 | 159
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Group as a lessee (continued)
(b) Lease liabilities
Lease liabilities are recognised at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset.
本集團作為承租人(續)
(b) 租賃負債
租賃負債於租賃開始日期按於租期內作出的租賃付款現值確認。租賃付款包括固定付款（包括實質固定付款）減任何應收租賃優惠、取決於某一指數或比率的可變租賃付款及預期根據剩餘價值擔保將支付的金額。租賃付款亦包括本集團合理確定行使購買選擇權的行使價，並倘租期反映了本集團行使終止租賃選擇權，則須就終止租賃支付罰款。並非取決於某一指數或比率的可變租賃付款於觸發付款的事件或狀況出現期間確認為開支。
於計算租賃付款的現值時，因租賃中所隱含的利率不易釐定，本集團應用租賃開始日期的增量借款利率。於開始日期後，租賃負債金額的增加反映利息的增加，並因支付租賃款項而減少。此外，倘出現修改、租期變動、租賃付款變動（如因指數或利率變動而引致未來租賃付款變動）或購買相關資產選擇權的評估變動，租賃負債的賬面值將重新計量。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Group as a lessee (continued)
(c) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption for leases of low-value assets to leases of office equipment and laptop computers that are considered to be of low value.
Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.
When the Group acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease.
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. When a contract contains lease and non-lease components, the Group allocates the consideration in the contract to each component on a relative stand-alone selling price basis. Rental income is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.
本集團作為承租人(續)
(c) 短期租賃及低價值資產租賃
本集團將短期租賃確認豁免應用於其機器及設備的短期租賃（即自租賃開始日期起計租期為十二個月或以下，並且不包含購買選擇權的租賃）。其亦應用辦公室設備及平板電腦等被視為低價值資產租賃的低價值資產租賃確認豁免。
短期租賃及低價值資產租賃的租賃付款在租期內按直線法確認為開支。
當本集團作為出租人時，其於租賃開始時（或發生租賃變更時）將其各項租賃分類為經營租賃或融資租賃。
本集團未轉讓與相關資產所有權附帶的絕大部分風險及回報的租賃，均分類為經營租賃。當合約包含租賃及非租賃組成部分時，本集團按相對獨立的銷售價格將合約中的代價分配至各個組成部分。由於經營性質，租金收入於租期內按直線法入賬，並計入損益表的收入。磋商及安排經營租賃產生的初步直接成本乃加於租賃資產的賬面值上，並於租期內按租賃收入相同基準確認。或然租金於賺取期間確認為收入。
Annual Report 2025 年度報告 | 161
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Group as a lessor (continued)
Leases that transfer substantially all the risks and rewards incidental to ownership of an underlying asset to the lessee are accounted for as finance leases.
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income, and fair value through profit or loss.
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. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for "Revenue recognition" below.
In order for a financial asset to be classified and measured at amortised cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.
本集團作為出租人(續)
將相關資產擁有權附帶的絕大部分風險及回報轉讓予承租人的租賃，入賬列作融資租賃。
初步確認及計量
金融資產於初步確認時乃分類為其後按攤銷成本計量、按公平值計入其他全面收入及按公平值計入損益。
金融資產於初步確認時的分類視乎金融資產合約現金流量的特徵及本集團管理該等資產的業務模式而定。除並無重大融資部分或本集團並未就此應用不調整重大融資部分影響實際權宜之計的貿易應收款項外，本集團初步按其公平值加倘並非按公平值計入損益的金融資產，交易成本計量金融資產。根據下文「收入確認」所載政策，並無重大融資部分或本集團並未就此應用實際權宜之計的貿易應收款項乃按國際財務報告準則第15號釐定的交易價格計量。
為使金融資產按攤銷成本或按公平值計入其他全面收入分類及計量，需產生僅為支付本金及未償還本金利息（「僅為支付本金及未償還本金利息」）的現金流量。現金流量並非僅為支付本金及未償還本金利息的金融資產按公平值計入損益進行分類及計量，不論業務模式。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Initial recognition and measurement (continued)
The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss.
Purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset.
The subsequent measurement of financial assets depends on their classification as follows:
Financial assets at amortised cost (debt instruments)
Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
初步確認及計量（續）
本集團管理金融資產的業務模式指為產生現金流量管理金融資產的方式。業務模式釐定現金流量是否將會因來自收取合約現金流量或出售金融資產或以上兩者而產生。按攤銷成本進行分類及計量的金融資產於旨在持有金融資產以收取合約現金流量的業務模式內持有，而按公平值計入其他全面收入進行分類及計量的金融資產則於旨在同時持作收取合約現金流量及銷售的業務模式內持有。並非於上述業務模式內持有的金融資產按公平值計入損益進行分類及計量。
買賣資產金融資產（須於市場規定或慣例一般規定的期間內交付交易）均於交易日（即本集團承諾購買或出售該資產之日期）確認。
金融資產按其分類的其後計量如下：
按攤銷成本列賬的金融資產（債務工具）
按攤銷成本計量的金融資產其後採用實際利率法計量，並可予減值。收益及虧損於資產終止確認、修改或減值時於損益中確認。
Annual Report 2025 年度報告 | 163
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Subsequent measurement (continued)
Financial assets at fair value through other comprehensive income (debt instruments)
For debt investments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in other comprehensive income. Upon derecognition, the cumulative fair value change recognised in other comprehensive income is recycled to the statement of profit or loss.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss.
This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on the equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established.
投資及其他金融資產(續)
其後計量(續)
按公平值計入其他全面收入的金融資產（債務工具）
按公平值計入其他全面收入的債務投資、利息收入、外匯重估及減值虧損或撥回於損益表確認，並以按攤銷成本計量的金融資產的同一方式計算。公平值變動餘額於其他全面收入確認。於終止確認後，於其他全面收入確認的累計公平值變動重新列入損益表。
按公平值計入損益的金融資產
按公平值計入損益的金融資產按公平值於財務狀況表列賬，而公平值變動淨額於損益表中確認。
此類別包括本集團並無不可撤銷地選擇分類至按公平值計入其他全面收入的衍生工具及股權投資。倘已確立付款權，則股權投資股息亦會於損益表中確認為其他收入。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Investments and other financial assets (continued)
Subsequent measurement (continued)
Financial assets at fair value through profit or loss (continued)
A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognised in the statement of profit or loss. Reassessment occurs if there is a change in the terms of the contract that significantly modifies the cash flows.
A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss.
投資及其他金融資產(續)
其後計量（續）
按公平值計入損益的金融資產（續）
當嵌入混合合約（包含金融負債或非金融主體）的衍生工具具備與主體不緊密相關的經濟特徵及風險；具備與嵌入式衍生工具相同條款的單獨工具符合衍生工具的定義；且混合合約並非按公平值計入損益計量，則該衍生工具與主體分開並作為單獨衍生工具列賬。嵌入式衍生工具按公平值計量，且其變動於損益表確認。當合約條款出現變動，大幅現金流量時，方進行重新評估。
嵌入混合合約（包含金融資產主體）的衍生工具不得單獨列賬。金融資產主體連同嵌入式衍生工具須整體分類為按公平值計入損益的金融資產。
Annual Report 2025 年度報告 | 165
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group's consolidated statement of financial position) when:
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the Group's continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
金融資產（或如適用，一項金融資產的一部分或一組同類金融資產的一部分）主要在下列情況下將被終止確認（即從本集團的綜合財務狀況表移除）：
本集團凡轉讓其收取該項資產所得現金流量的權利或已訂立轉付安排時，其評估是否已保留該資產擁有權的風險及回報以及有關程度。倘並無轉讓亦無保留該項資產的絕大部分風險及回報，及並無轉讓該項資產的控制權，則本集團將按其持續涉及該項資產的程度持續確認已轉讓資產。在此情況下，本集團亦確認相關負債。已轉讓資產及相關負債乃按可反映本集團已保留的權利及義務作計量。
持續參與的形式乃就已轉讓資產作出保證，並以該項資產的原賬面值及本集團或須償還的代價數額上限（以較低者為準）計算。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group 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 and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.
本集團就並非按公平值計入損益持有的所有債務工具確認預期信貸虧損撥備。預期信貸虧損乃基於根據合約應付的合約現金流量與本集團預期收取的所有現金流量之間的差額，按原有實際利率相近的差額貼現。預期現金流量將包括同為合約條款組成部分的自銷售所持有抵押品所得的現金流量或其他提升信貸物品。
預期信貸虧損於兩個階段獲確認。就自初步確認起信貸風險並無顯著增加的信貸風險而言，預期信貸虧損提供予因未來十二個月內可能發生的違約事件而導致的信貸虧損（十二個月預期信貸虧損）。就自初步確認起經已顯著增加的信貸風險而言，不論何時發生違約事件，於餘下風險年期內的信貸虧損均須計提虧損撥備（全期預期信貸虧損）。
於各報告日期，本集團評估自初步確認後金融工具的信貸風險是否有大幅增加。當作出評估時，本集團比較於報告日期金融工具發生違約風險與於初步確認日期金融工具發生違約風險，並考慮於沒有過度成本或努力的情況下可得的合理及可支持數據，包括過往及前瞻性資料。倘合約付款逾期超過30日以上，則本集團認為信貸風險大幅增加。
Annual Report 2025 年度報告 | 167
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Impairment of financial assets (continued)
General approach (continued)
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
Debt investments at fair value through other comprehensive income and financial assets at amortised cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below.
金融資產減值 (續)
一般方式（續）
本集團會在合約付款逾期90日時考慮金融資產違約。然而，在若干情況下，倘內部或外部資料反映，在沒有計及本集團任何現有信貸提升措施前，本集團不大可能悉數收到未償還合約款項，則本集團亦可認為金融資產將會違約。
金融資產於無合理預期可收回合約現金流量時撇銷。
按公平值計入其他全面收入的債務投資及按攤銷成本列賬的金融資產，均須採用一般方式下的減值，並按計量預期信貸虧損的各階段分類，惟貿易應收款項除外，彼等適用於下文所述的簡化方式。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Simplified approach
For trade receivables that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as loans and borrowings or payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Group's financial liabilities include trade payables, other payables, interest-bearing bank and other borrowings and other liabilities.
Subsequent measurement
The subsequent measurement of financial liabilities depends on their classification as follows:
簡化方式
不包含重大融資成份的貿易應收款項，或當本集團對該筆貿易應收款項已採用未經調整重大融資成份影響的權宜之計時，本集團採納簡化方式計算預期信貸虧損。根據簡化方式，本集團不會追蹤信貸風險的變動，而是根據每個報告日期的全期預期信貸虧損確認虧損撥備。本集團已根據其過往信貸虧損經驗建立撥備矩陣，並根據債權人及經濟環境的前瞻性因素作出調整。
初步確認與計量
金融負債於首次確認時可分類為貸款及借款或應付款項（視情況而定）。
所有金融負債初步按公平值確認及倘為貸款、借款及應付款項，則應扣除直接應佔交易成本。
本集團的金融負債包括貿易應付款項、其他應付款項、計息銀行及其他借款以及其他負債。
其後計量
金融負債按其分類的其後計量如下：
Annual Report 2025 年度報告 | 169
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Subsequent measurement (continued)
Financial liabilities at amortised cost (trade and other payables, and borrowings)
After initial recognition, trade and other payables, and interest-bearing borrowings are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in finance costs in profit or loss.
In respect of the non-controlling interests with put option, the Group determines the amount that would have been recognised for the non-controlling interest, including updates to reflect allocations of profit or loss, changes in other comprehensive income and dividends declared for the reporting period. At the end of each reporting period:
(i) the Group derecognises the non-controlling interest as if it was acquired at that date; and (ii) the Group recognises the put option over non-controlling interests as a financial liability at the present value of the amount payable upon exercise of the put option; (iii) the Group accounts for the difference between (i) and (ii) as an equity transaction through other reserves.
其後計量 (續)
按攤銷成本計量的金融負債（貿易及其他應付款項以及借款）
初始確認後，貿易及其他應付款項以及計息借款其後採用實際利率法按攤銷成本計量，如貼現影響並不重大，則按成本列賬。收益及虧損於終止確認負債時於損益確認，亦採用實際利率通過攤銷確認。
計算攤銷成本時已計及任何收購折讓或溢價和實際利率所包含的費用或成本。實際利率攤銷計入損益的財務成本。
對於含認沽期權的非控股權益，本集團會確定本應就非控股權益確認的金額，包括為反映利潤或虧損分配、其他全面收入變動及報告期間宣派的股息進行的更新。於各報告期末：
(i) 本集團終止確認非控股權益，猶如其於該日獲收購；及 (ii) 本集團按認沽期權行使時應付金額的現值將有關非控股權益的認沽期權確認為一項金融負債； (iii) 本集團通過其他儲備將(i)與(ii)之間的差額列作權益交易。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognised in profit or loss.
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
Inventories are stated at the lower of cost and net realisable value. Cost is determined on a weighted average cost basis, and in the case of work in progress and finished goods, comprises direct materials, direct labour and an appropriate proportion of overheads. Net realisable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal.
當金融負債的責任已履行、取消或屆滿時，金融負債會被終止確認。
當現時金融負債被另一項由同一貸款人借出，而條款有重大不同的金融負債所取代，或當現時負債的條款被重大修訂，該取代或修訂被視為對原有負債的終止確認及對新負債的確認，而各自賬面值的差額於損益確認。
倘有現行可予執行的法律權利以抵銷確認金額及有意按淨額基準償付，或變現資產與清還負債同時進行，則抵銷金融資產及金融負債及於綜合財務狀況表內呈報淨額。
存貨按成本與可變現淨值兩者中的較低者列賬。成本按加權平均成本基準釐定，而就在製品及製成品而言，成本包括直接材料、直接勞工及適當比例的間接成本。可變現淨值按估計售價減完成及出售將產生的任何估計成本計算。
Annual Report 2025 年度報告 | 171
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Cash and cash equivalents in the statement of financial position comprise cash on hand and at banks, and short-term highly liquid deposits with a maturity of generally within three months that are readily convertible into known amounts of cash, subject to an insignificant risk of changes in value and held for the purpose of meeting short-term cash commitments.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and at banks, and short-term deposits as defined above, less bank overdrafts which are repayable on demand and form an integral part of the Group's cash management.
A provision is recognised when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.
When the effect of discounting is material, the amount recognised for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in profit or loss.
財務狀況表內的現金及現金等價物包括手頭及銀行現金以及到期日一般在三個月內的短期高流動性存款，該等存款可隨時兌換已知款額的現金及承受的價值變動風險甚微，且持作滿足短期現金承擔。
就綜合現金流量表而言，現金及現金等價物包括手頭及銀行現金以及上文界定的短期存款，但不包括須應要求償還及構成本集團現金管理的一部分的銀行透支。
撥備乃於本集團因以往的事件導致現行的責任（不論法定或推定）產生，並將有可能需要於日後作出資源流出以履行責任時確認，惟須能可靠地估計有關責任的金額。
倘折現的影響重大，確認為撥備的金額則為預期須用作履行責任的日後開支於報告期末的現值。折現的現值因時間流逝而產生的升幅，乃於損益中列作財務成本。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity.
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.
Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
所得稅包括即期及遞延稅項。與於損益外確認的項目有關的所得稅於損益外確認，即於其他全面收益確認或直接於權益確認。
當期及過往期間即期稅項資產及負債以報告期末已執行或實質上已執行的稅率（及稅法）為基礎，考慮到本集團經營所在國家的現行詮釋及常規，以預期可向稅務機關收回或支付予稅務機關的款項計量。
遞延稅項按負債法就資產與負債的稅基與其就財務報告而言的賬面值兩者於報告期末的所有暫時性差額作出撥備。
本集團會就所有應課稅暫時性差額確認遞延稅項負債，惟以下情況則另當別論：
Annual Report 2025 年度報告 | 173
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Income tax (continued)
Deferred tax assets are recognised for all deductible temporary differences, and the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:
The carrying amount of deferred tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of the reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.
所得稅(續)
本集團會就所有可扣減暫時性差額、未動用稅項抵免及未動用稅項虧損結轉確認遞延稅項資產。確認遞延稅項資產的前提為很可能有應課稅溢利可用作抵銷可扣減暫時性差額以及未動用稅項抵免及未動用稅項虧損結轉，惟以下情況則另當別論：
本集團遞延稅項資產的賬面值會於報告期末檢討，並於不可能有足夠應課稅溢利以動用全部或部分遞延稅項資產時予以調減。本集團會於報告期末重新評估未確認的遞延稅項資產，並在很可能有足夠應課稅溢利可用作收回全部或部分遞延稅項資產時確認有關遞延稅項資產。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Income tax (continued)
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right exists to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed.
Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to profit or loss over the expected useful life of the relevant asset by equal annual instalments or deducted from the carrying amount of the asset and released to profit or loss by way of a reduced depreciation charge.
遞延稅項資產及負債以報告期末已執行或實質上已執行的稅率（及稅法）為基礎，按預期在變現資產或清償負債期間應用的稅率計量。
當及僅當本集團有可合法執行權利可將即期稅項資產與即期稅項負債抵銷，且遞延稅項資產與遞延稅項負債與同一稅務機關對同一應稅實體或於各未來期間預期有大額遞延稅項負債或資產需要清償或收回時，擬按淨額基準清償即期稅項負債及資產或同時變現資產及清償負債的不同應稅實體徵收之所得稅相關，則遞延稅項資產與遞延稅項負債可予抵銷。
政府補助在合理確定將會收取補助及將會符合所有附帶條件時會按其公平值確認。當補助與開支項目有關時，其有系統地於擬補償的成本支銷所對應的期間確認為收入。
倘補助與一項資產有關，公平值將計入遞延收入賬，並於有關資產的預期可使用年期內，以等額年金調撥至損益或從資產賬面值中扣減並以經扣減折舊開支調撥至損益。
Annual Report 2025 年度報告 | 175
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the contract contains a financing component which provides the Group with a significant financial benefit for more than one year, revenue recognised under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in IFRS 15.
客戶合約收入
客戶合約收入於貨品或服務的控制權轉移至客戶時確認，其金額反映本集團預期就交換該等貨品或服務而有權獲得的代價。
當合約中的代價包含可變金額時，代價金額按本集團向客戶轉讓貨品或服務而有權獲得的代價估計。可變代價於合約開始時估計並受到約束，直至與可變代價相關的不確定因素其後得到解決時，確認的累計收入金額極有可能不會發生重大收入撥回。
當合約包括向客戶轉讓貨品或服務為客戶帶來超過一年重大融資利益的融資組成部分時，收入乃按應收款項金額的現值計量，並採用將於自合約開始起本集團與客戶間的個別融資交易中反映的貼現率貼現。當合約包括為本集團帶來超過一年重大融資利益的融資組成部分時，根據合約確認的收入包括根據實際利率法在合約負債上累積的利息開支。對於客戶付款及轉讓承諾的貨品或服務之間的期限為一年或更短的合約，交易價格不因重大融資組成部分的影響而調整，採用國際財務報告準則第15號中的實用權宜之計。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Revenue from contracts with customers (continued)
(a) Sale of goods
Revenue from the sale of goods is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods or upon the confirmation by the customer.
For contracts which provide a customer with a right to return the goods within a specified period, the expected value method is used to estimate the goods that will not be returned because this method best predicts the amount of variable consideration to which the Group will be entitled. The requirements in IFRS 15 on constraining estimates of variable consideration are applied in order to determine the amount of variable consideration that can be included in the transaction price. For goods that are expected to be returned, instead of revenue, a refund liability is recognised. A right-of-return asset (and the corresponding adjustment to cost of sales) is also recognised for the right to recover products from a customer.
(b) Transportation services
The Group provides transportation services between its warehouses and its customers. The Group recognise transportation services revenue over time as customers receive the benefit of the services as the goods are transported from one location to another. As such, transportation service revenue is recognised proportionally as goods move from one location to another and the related costs are recognised as incurred. The Group uses an output method of progress based on time-in-transit as it best depicts the transfer of control to the customer.
客戶合約收入 (續)
(a) 貨品銷售
來自貨品銷售的收入於資產控制權轉移至客戶時（一般情況下於交付貨品時或客戶確認時）確認。
就向客戶提供在指定期限內退回貨品權利的合約而言，使用預期價值法估計不會退回的貨品，原因為該方法最能預測本集團將有權收取的可變代價金額。國際財務報告準則第15號對限制可變代價估計的規定適用於釐定可包含在交易價格中的可變代價金額。就預期將予退回的貨品而言，則亦確認退款負債（而並非收入）。就向客戶回收產品的權利而言，則確認退貨權資產（並對銷售成本作出相應調整）。
(b) 運輸服務
本集團提供倉庫至客戶之間的運輸服務。由於客戶在貨物由一個地點運輸至另一地點時獲得服務收入，本集團於一段時間內確認運輸服務收入。因此，運輸服務收入乃於貨物從一個地點轉移至另一地點時按比例確認，而相關成本於產生時確認。本集團採用基於運輸時間進度的輸出法，乃由於其與控制權轉移至客戶最為相符。
Annual Report 2025 年度報告 | 177
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Other income
Interest income is recognised on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset.
Dividend income is recognised when the shareholders' right to receive the payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.
A contract liability is recognised when a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract. (i.e., transfers control of the related goods or services to the customer).
A right-of-return asset is recognised for the right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the goods to be returned, less any expected costs to recover the goods and any potential decreases in the value of the returned goods. The Group updates the measurement of the asset for any revisions to the expected level of returns and any additional decreases in the value of the returned goods.
其他收入
利息收入利用實際利率法以應計基準確認，所用利率為於金融工具的預期年期或更短期間（如適用）內將估計未來現金收款準確折現至金融資產賬面淨值的利率。
當股東收取派息的權利已確立、與股息相關的經濟利益有可能流入本集團及股息金額能可靠地計量時，本集團會確認股息收入。
合約負債於本集團轉移相關貨品或服務前向客戶收取付款或付款到期時（以較早者為準）確認。合約負債於本集團履行合約時（即向客戶轉移相關貨品或服務的控制權）確認為收入。
本集團就收回客戶預期將予退回之貨物的權利為收益權資產。該資產按將予退回貨物的先前賬面值減任何收回貨物的預期成本及退回貨物價值的任何潛在減損計量。本集團更新為對預期退回水平進行任何修訂而記錄的資產計量以及任何退回貨物價值的任何額外減損。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
A refund liability is recognised for the obligation to refund some or all of the consideration received (or receivable) from a customer and is measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period.
The Company operates certain incentive shares schemes. Employees (including directors) of the Group receive remuneration in the form of share-based payments, whereby employees render services in exchange for equity instruments ("equity-settled transactions"). The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted. The fair value is determined by an external valuer using a binomial model, further details of which are given in note 30 to the financial statements.
The cost of equity-settled transactions is recognised in employee benefit expense, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognised for equity-settled transactions at the end of the reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The charge or credit to the profit or loss for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period.
本集團就退回部分或所有來自客戶的已收代價（或應收款項）之責任確認退款負債及按本集團最終預期其將必須退回客戶的金額計量。本集團於各報告期末更新其估計退款負債（及交易價的相應變動）。
本公司設有若干激勵股份計劃。本集團僱員（包括董事）按以股份為基礎的付款形式收取酬金，而僱員則提供服務以交換權益工具（「權益結算交易」）。與僱員進行的權益結算交易的成本乃參考購股權授出之日的公平值計算。公平值由外部估值師利用二項模式釐定，其進一步詳情載於財務報表附註30。
權益結算交易的成本在表現及／或服務條件獲達成期間，連同權益的相應升幅一併於僱員福利開支確認。就權益結算交易於報告期末至歸屬日期間確認的累計開支，反映過去歸屬期以及本集團就最終歸屬的權益工具的數目的最佳估計。期內在損益扣除或計入損益之金額，指於該段期初及期終所確認的累計開支變動。
Annual Report 2025 年度報告 | 179
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group's best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.
For awards that do not ultimately vest because non-market performance and/or service conditions have not been met, no expense is recognised. Where awards include a market or non-vesting condition, the transactions are treated as vesting irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.
Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified, if the original terms of the award are met. In addition, an expense is recognised for any modification that increases the total fair value of the share-based payments, or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share.
釐定獎勵獲授當日的公平值時，並不計及服務及非市場績效條件，惟會評估符合條件的可能性，作為本集團對最終將會賦予權益工具數目最佳估計的一部分。市場績效條件反映於獎勵獲授當日的公平值。獎勵的任何其他附帶條件（但不帶有服務要求）視作非歸屬條件。非歸屬條件反映於獎勵的公平值，除非同時具服務及／或績效條件，否則獎勵即時支銷。
對於最終因非市場表現及／或並無達成服務條件而並無歸屬的獎勵，不會確認任何開支。倘獎勵包括市場或非歸屬條件，則該等交易不論市場或非歸屬條件是否獲達成，仍被視為歸屬，但必須符合所有其他表現及／或服務條件。
倘若以權益結算的獎勵的條款有所修訂，且已符合獎勵的原定條款，所確認開支最少須達到猶如條款並無任何修訂的水平。此外，倘若按修訂日期計量，任何修訂導致以股份為基礎的付款的總公平值有所增加，或對僱員有利，則應就該等修訂確認開支。如以權益結算的獎勵被註銷，則被視為在註銷當日已歸屬，而尚未就該獎勵確認的任何開支須即時予以確認。
尚未行使購股權的攤薄影響，於計算每股盈利時，被反映為額外股份攤薄。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, i.e., assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets. The capitalisation of such borrowing costs ceases when the assets are substantially ready for their intended use or sale. All other borrowing costs are expensed in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
If the Group receives information after the reporting period, but prior to the date of authorisation for issue, about conditions that existed at the end of the reporting period, it will assess whether the information affects the amounts that it recognises in its financial statements. The Group will adjust the amounts recognised in its financial statements to reflect any adjusting events after the reporting period and update the disclosures that relate to those conditions in light of the new information. For non-adjusting events after the reporting period, the Group will not change the amounts recognised in its financial statements, but will disclose the nature of the non-adjusting events and an estimate of their financial effects, or a statement that such an estimate cannot be made, if applicable.
Final dividends are recognised as a liability when they are approved by the shareholders in a general meeting.
Proposed final dividends are disclosed in the notes to the financial statements. Interim dividends are simultaneously proposed and declared, because the Company's memorandum and articles of association grant the directors the authority to declare interim dividends. Consequently, interim dividends are recognised immediately as a liability when they are proposed and declared.
為購買、建造或生產合資格的資產，即需要長時間始能達致其擬定用途或出售的資產，其直接應計的借款成本均撥充資本作為此等資產成本值的一部分。當此等資產大體上已完成可作其預計用途或出售時，即停止將該等借款成本撥充資本。所有其他借款成本會於發生當期支銷。借款成本包括實體就借入資金所產生的利息及其他成本。
倘本集團於報告期後位於授權刊發日期前接獲有關報告期末已存在情況的資料，其將評估該資料是否會影響其於財務報表中確認的金額。本集團將調整財務報表中確認的金額，以反映報告期後發生的任何調整事件，並根據新資料更新與該等情況有關的披露。對於報告期後發生的非調整事件，本集團將不會更改財務報表中確認的金額，但會披露非調整事件的性質及其財務影響的估計，或無法作出估計的聲明（如適用）。
末期股息經股東於股東會批准後確認為負債。
建議末期股息於財務報表附註中披露。由於本公司的組織章程大綱及細則授權董事宣派中期股息，故中期股息同時建議及宣派。因此，中期股息在建議及宣派時即時確認為負債。
Annual Report 2025 年度報告 | 181
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The financial information is presented in RMB, which is the Company's functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognised in the statement of profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively).
In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a non-monetary asset or non-monetary liability relating to an advance consideration, the date of initial transaction is the date on which the Group initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of the advance consideration.
財務資料以本公司功能貨幣人民幣呈列。本集團內的實體各自決定其功能貨幣，各實體財務報表項目均以所定功能貨幣計量。本集團內實體的外幣交易初步按交易日有關功能貨幣的當時匯率換算入賬。以外幣計值的貨幣資產及負債，按有關功能貨幣於報告期末的匯率換算。結算或換算貨幣項目的差額於損益表確認。
按歷史成本列賬以外幣計量的非貨幣項目，採用初步交易日的匯率換算。按公平值列賬以外幣計量的非貨幣項目，採用計量公平值之日的匯率換算。換算按公平值計量的非貨幣項目的盈虧與該項目的公平值變更的盈虧確認（即公平值盈虧於其他全面收入確認或損益亦分別於其他全面收入或損益確認的項目的換算差額）一併處理。
為了釐定終止確認涉及預付代價的非貨幣資產或非貨幣負債的相關資產、開支或收入於初始確認時的匯率，初始交易日期為本集團初始確認因預付代價而產生的非貨幣資產或負債之日期。倘有多筆預先付款或收款，則本集團確定每筆預付代價付款或收款的交易日期。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The functional currencies of certain overseas subsidiaries and associates are currencies other than the RMB. As at the end of the reporting period, the assets and liabilities of these entities are translated into RMB at the exchange rates prevailing at the end of the reporting period and their statements of profit or loss are translated into RMB at the exchange rates that approximate to those prevailing at the dates of the transactions.
The resulting exchange differences are recognised in other comprehensive income and accumulated in the exchange fluctuation reserve, except to the extent that the differences are attributable to non-controlling interests. On disposal of a foreign operation, the cumulative amount in the reserve relating to that particular foreign operation is recognised in the statement of profit or loss.
The Group has the social pension plans for its employees arranged by local government labour and security authorities. The Group makes contributions on a monthly basis to the social pension plans. The contributions are charged to profit or loss as they become payable in accordance with the rules of the social pension plans. Under the plans, the Group has no further obligations beyond the contributions made.
The Group has participated in defined social security contribution schemes for its employees pursuant to the relevant laws and regulations of the PRC. These include housing fund, basic medical insurance, unemployment insurance, injury insurance and maternity insurance. The Group makes monthly contributions to the housing fund and other social insurances. The contributions are charged to profit or loss on an accrual basis. The Group has no further obligations beyond the contributions made.
若干海外附屬公司及聯營公司的功能貨幣為人民幣以外的貨幣。於報告期末，有關實體的資產及負債按報告期末當日匯率換算為人民幣，其損益表則按與交易日期當時匯率相若之匯率換算為人民幣。
所產生匯兌差額於其他全面收入確認並累積計入匯兌變動儲備，惟歸屬於非控股權益的差額除外。出售海外業務時，該特定海外業務相關儲備的累計數額在損益表確認。
本集團就其僱員參加由當地政府勞動和社會保障部門實施的社會退休金計劃。本集團每月向該等社會退休金計劃作出供款。根據社會退休金計劃的規則，供款於應付時自損益扣除。根據該等計劃，本集團除作出供款以外並無額外責任。
本集團已根據中國有關法律法規為其僱員參與界定社會保障供款計劃，包括住房公積金、基本醫療保險、失業保險、工傷保險和生育保險。本集團每月就住房公積金及其他社會保險作出供款。該等供款按照應計基準自損益扣除。本集團除作出供款外並無其他責任。
Annual Report 2025 年度報告 | 183
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The preparation of the Group's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.
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 causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.
The Group estimates variable consideration to be included in the transaction price for the sale of products with rights of return and rebates.
The Group has developed a statistical model for forecasting sales returns and rebates. The model used the historical return data of each product to estimate with expected return percentages. These percentages are applied to determine the expected value of the variable consideration. Any significant changes in experience as compared to historical return pattern will impact the expected return percentages estimated by the Group.
The Group's expected rebates are analysed on a per customer basis for contracts that are subject to some thresholds. Determining whether a customer is likely to be entitled to a rebate depends on the customer's historical rebate entitlement, sell out and payment collection to date.
本集團財務報表的編製需要管理層作出判斷、估計及假設，這會影響收入、開支、資產及負債的列報數額及其隨附披露以及或然負債的披露。該等假設及估計的不確定性或會導致日後須就受影響的資產或負債賬面值作出重大調整。
對導致下個財政年度內資產及負債賬面值作出重大調整構成重大風險的有關未來的主要假設以及於報告期末時估計不確定因素的其他主要來源載述於下。
本集團就出售附帶退貨權利及回扣的產品計入交易價的可變代價作出估計。
本集團為預測銷售退貨及回扣已制訂統計模式。該模式利用每項產品過往的退貨數據估計預期退貨百分比，再應用有關百分比釐定可變代價的預期價值。經驗與過往退貨模式之間如有重大變動，均將對本集團估計的預期退貨百分比構成影響。
本集團按每位客戶，就存在若干限額的合約分析預期回扣。於確定客戶是否可以享有回扣時，會視客戶過往回扣權利及至今累計售出及付款收取情況而定。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group updates its assessment of expected returns and rebates quarterly and the refund liabilities are adjusted accordingly. Estimates of expected returns and rebates are sensitive to changes in circumstances and the Group's past experience regarding returns and rebate entitlements may not be representative of customers' actual returns and rebate entitlements in the future. As at 31 December 2025, the amount recognised as refund liabilities was Nil (2024: RMB3,515,000), and the amount recognised as rebates was RMB3,366,000 (2024: RMB10,788,000).
The Group assesses whether there are any indicators of impairment for all non-financial assets (including the right-of-use assets) at the end of each reporting period. Indefinite life intangible assets are tested for impairment annually and at other times when such an indicator exists. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. An impairment exists when the carrying value of an asset or a cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs of disposal is based on available data from binding sales transactions in an arm's length transaction of similar assets or observable market prices less incremental costs for disposing of the asset. When value in use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and choose a suitable discount rate in order to calculate the present value of those cash flows.
本集團每季度更新一次有關預期退貨及回扣的評估，並據此調整退款負債。預期退貨及回扣的估計數字對環境變化相當敏感，本集團過去有關退貨及回扣權利的經驗或不能代表客戶未來的實際退貨及回扣權利。於2025年12月31日，確認為退款負債的金額為零（2024年：人民幣3,515,000元），及確認為回扣的金額為人民幣3,366,000元（2024年：人民幣10,788,000元）。
本集團於各報告期末評估所有非金融資產（包括使用權資產）有否任何減值跡象。無限使用年期的無形資產每年均會及於有減值跡象出現的其他時間進行減值測試。其他非金融資產在有跡象顯示賬面值可能無法收回時進行減值測試。倘資產或現金產生單位的賬面值超過其可收回金額（即公平值減出售成本與使用價值的較高者），則視為已減值。公平值減出售成本按自同類資產公平交易中具約束力的銷售交易的可得數據或可觀察市價減出售資產的增量成本計算。倘採用使用價值計算，則管理層須估計資產或現金產生單位的預期未來現金流量，並選取合適的貼現率以計算該等現金流量的現值。
Annual Report 2025 年度報告 | 185
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Provision for expected credit losses on trade and bills receivables
The Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by geography, product type, customer type and rating).
The provision matrix is initially based on the Group's historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions (i.e., gross domestic products) are expected to deteriorate over the next year which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. At each reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.
The assessment of the correlation among historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and forecast economic conditions. The Group's historical credit loss experience and forecast of economic conditions may also not be representative of a customer's actual default in the future. The information about the ECLs on the Group's trade receivables is disclosed in note 22 to the financial statements.
The put option over non-controlling interests is measured at the present value of the amount payable on exercise of the put option over non-controlling interests and the respective values are determined by using valuation techniques of which the key estimates include the expected future profit of the subsidiary and discount rate.
The net present value of the put option over non-controlling interests was RMB28,670,000 as at 31 December 2025. Further details are set out in note 31.
貿易應收款項及應收票據的預期信貸虧損撥備
本集團使用撥備矩陣計算貿易應收款項的預期信貸虧損。撥備率乃基於具有類似虧損模式（即按地理區域、產品類型、客戶類型及評級劃分）的不同客戶分部組合逾期日數釐定。
撥備矩陣最初基於本集團過往觀察所得違約率而釐定。本集團將校準矩陣，藉以按前瞻性資料調整過往信貸虧損經驗。舉例而言，倘預測經濟環境（即國內生產總值）預期將於未來一年惡化，導致製造業違約事件增加，則會調整過往違約率。於各報告日期，過往觀察所得違約率將予更新，並會分析前瞻性估計變動。
對過往觀察所得違約率、預測經濟狀況及預期信貸虧損之間關連性進行的評估屬重大估計。預期信貸虧損金額對環境變化及預測經濟狀況相當敏感。本集團過往信貸虧損經驗及預測經濟狀況亦未必能代表客戶日後的實際違約情況。有關本集團貿易應收款項的預期信貸虧損的資料於財務報表附註22披露。
有關非控股權益的認沽期權按認沽期權行使時應付金額的現值超過非控股權益的部分計量，及相關價值通過使用估值技術確定，其中估值技術的關鍵估計包括附屬公司的預計未來利潤及折現率。
於2025年12月31日，有關非控股權益的認沽期權的淨現值為人民幣28,670,000元。進一步載於附註31。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group cannot readily determine the interest rate implicit in a lease, and therefore, it uses an incremental borrowing rate ("IBR") to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group "would have to pay", which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when it needs to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary's functional currency). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary's stand-alone credit rating).
Management reviews the ageing analysis of inventories of the Group at the end of each reporting period, and makes a provision for slow-moving inventory items. Management estimates the net realisable value for such inventories based primarily on the latest invoice prices and current market conditions. A write-down of inventories to net realisable value is made based on the estimated net realisable value of inventories. The assessment of the write-down amount requires management's estimates and judgement. Where the actual outcome or expectation in the future is different from the original estimate, such differences will impact the carrying value of inventories and the write-down/write-back of inventories in the period in which such estimate has been changed.
本集團無法輕易釐定租賃內所隱含的利率，因此，使用增量借款利率（「增量借款利率」）計量租賃負債。增量借款利率為本集團於類似經濟環境中為取得與使用權資產價值相近之資產，而以類似抵押品與類似期間借入所需資金應支付之利率。因此，增量借款利率反映了本集團「應支付」的利率，當無可觀察的利率時（如就並無訂立融資交易之附屬公司而言）或當其需要作出調整以反映租賃的條款及條件時（如租賃並非以附屬公司功能貨幣計值），則須作出利率估計。當可觀察輸入數據可用時，本集團使用可觀察輸入數據（如市場利率）估算增量借款利率並須作出若干實體特定的估計（如附屬公司的獨立信貸評級）。
管理層於各報告期末審閱本集團存貨的賬齡分析，並就滯銷存貨項目計提撥備。管理層主要依據最近期的發票價格及現行市況、估計該等存貨的可變現淨值。管理層將存貨撇減至可變現淨值乃按存貨的估計可變現淨值作出。對撇減金額的評估需要管理層作出估計及判斷。倘實際結果或未來預計結果有別於原先估計，則該等差額將影響改變有關估計期間的存貨賬面值及存貨的撇減／撥回。
Annual Report 2025 年度報告 | 187
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
For management purposes, the Group is organised into one single business unit that includes primarily the manufacture and sale of cosmetic products.
The information reported to the directors of the Company, who are the chief operating decision makers, for the purpose of resource allocation and assessment of performance, does not contain discrete operating segment financial information and the directors reviewed the financial results of the Group as a whole. Therefore, no further information about the operating segment is presented.
(a) Revenue from external customers
為達致管理目的，本集團組織為一項單一業務單位，主要包括化妝品生產及銷售。
為資源分配及績效評估目的向本公司董事（主要經營決策者）報告的資料並不包含獨立經營分部的財務資料，且董事已將本集團的財務業績作為一個整體進行審閱。因此，並無呈列有關經營分部的進一步資料。
(a) 來自外部客戶的收入
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Chinese Mainland | 中國內地 | 9,117,733 | 6,772,324 |
| Other countries/regions | 其他國家／地區 | 60,063 | 20,194 |
| Total revenue | 總收入 | 9,177,796 | 6,792,518 |
The revenue information above is based on the locations of the customers.
上列收入資料乃基於客戶所在地。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(b) Non-current assets
(b) 非流動資產
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Chinese Mainland | 中國內地 | 1,495,631 | 949,901 |
| Other countries/regions | 其他國家／地區 | 55,714 | 56,922 |
| Total non-current asset | 非流動資產總值 | 1,551,345 | 1,006,823 |
The non-current asset information above is based on the locations of the assets and excludes deferred tax assets and investment in associates.
上述非流動資產資料乃基於資產所在地，不包括遞延稅項資產及於聯營公司的投資。
The Group has a large number of customers and no revenue from a single customer is accounted for 10.00% or more of the Group's revenue during the year ended 31 December 2025 (2024: nil).
本集團擁有大量客戶，及於截至2025年12月31日止年度概無來自單一客戶的收入佔本集團10.00%或以上的收入（2024年：無）。
An analysis of the Group's revenue is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Sales of goods | 銷售貨品 | 9,173,176 | 6,779,376 |
| Transportation services | 運輸服務 | 4,620 | 13,142 |
| Total | 總計 | 9,177,796 | 6,792,518 |
Annual Report 2025 年度報告 | 189
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(a) Disaggregated revenue information
(a) 分拆收入資料
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Types of goods or services | 貨品或服務類型 | ||
| Sales of goods | 銷售貨品 | 9,173,176 | 6,779,376 |
| Transportation services | 運輸服務 | 4,620 | 13,142 |
| Total | 總計 | 9,177,796 | 6,792,518 |
| Timing of revenue recognition | 收入確認時間 | ||
| 2025 | 2024 | ||
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Goods transferred at a point in time | 於某個時間點轉讓的貨品 | 9,173,176 | 6,779,376 |
| Services transferred over time | 隨時間推移轉讓的服務 | 4,620 | 13,142 |
| Total | 總計 | 9,177,796 | 6,792,518 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Timing of revenue recognition (continued)
The following table shows the amount of revenue recognised in the current reporting period that was included in the contract liabilities at the beginning of the current reporting period:
收入確認時間 (續)
下表載列於本報告期確認的計入本報告期初合約負債的收入之金額：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Revenue recognised that was included in contract liabilities at the beginning of the year: | 計入年初合約負債的已確認收入： | ||
| Sales of goods | 銷售貨品 | 27,610 | 25,678 |
Information about the Group's performance obligations is summarised below:
The performance obligation is satisfied upon receipt of the goods by customers or delivery of goods, and the payment period is generally uncertain, expect for certain major customers where payment is due within 60 to 90 days from receipt.
The performance obligation is satisfied over time as services are rendered. Transportation services are for periods of within one month, and are billed based on the time incurred.
As at the end of the reporting period, the amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) are immaterial and all the amounts are expected to be recognised as revenue within one year.
有關本集團履約責任的資料概述如下：
履約責任於客戶簽收貨物或交付貨物時即告完成，付款期限一般不確定，惟就若干主要客戶而言，付款於簽收後60至90天內到期。
履約責任隨著服務的提供而隨時間推移履行。運輸服務以一個月為期限，按產生時間計費。
於報告期末，分配至餘下履約責任（未履行或部分未履行）的交易價格金額並不重大，且所有金額預期將於一年內確認為收入。
Annual Report 2025 年度報告 | 191
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| Notes附註 | 2025 | 2024 | ||
|---|---|---|---|---|
| 2025年RMB'000人民幣千元 | 2024年RMB'000人民幣千元 | |||
| Other income | 其他收入 | |||
| Government grants | 政府補助 | (a),(b) | 287,397 | 182,389 |
| Bank interest income | 銀行利息收入 | 4,574 | 6,128 | |
| Rent income | 租金收入 | 7,486 | 7,386 | |
| Others | 其他 | 10,435 | 18,892 | |
| Total other income | 其他收入總額 | 309,892 | 214,795 | |
| Gains | 收益 | |||
| Foreign exchange gain | 外匯收益 | - | 1,616 | |
| Fair value gains on financial assets at fair value through profit or loss, net | 按公平值計入損益的金融資產公平值收益淨額 | 17,510 | 19,302 | |
| Others | 其他 | 5,800 | 15,450 | |
| Total gains | 收益總額 | 23,310 | 36,368 | |
| Total other income and gains | 其他收入及收益總額 | 333,202 | 251,163 | |
| Other expenses | 其他開支 | |||
| Inventory impairment and scrap | 存貨減值及報廢 | 14,509 | 38,740 | |
| Others | 其他 | 11,461 | 10,262 | |
| Total other expenses | 其他開支總額 | 25,970 | 49,002 |
(a) The government grants mainly represent incentives received or receivable from the local government in connection with certain financial support to local business enterprises for the purpose of encouraging business development. There are no unfulfilled conditions or contingencies relating to these grants. (a) 政府補助主要指已收或應收地方政府有關向地方企業提供以鼓勵業務發展的若干財務支持的優惠。概無有關該等補助的未達成條件或或然事項。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(b) The Group has received certain government grants related to the investments in long-term assets in production bases. The grants related to assets were recognised in the statement of profit or loss over the useful lives of relevant assets. There are no unfulfilled conditions or contingencies relating to these grants.
The Group's profit before tax is arrived at after charging/ (crediting):
(b) 本集團已收取若干與生產基地長期資產投資相關的政府補助。與資產相關的補助於相關資產的可使用年期內在損益表中確認。概無有關該等補助的未達成條件或或然事項。
本集團的除稅前利潤乃經扣除／（計入）以下各項後達致：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| Notes | RMB'000 | RMB'000 | |
| 附註 | 人民幣千元 | 人民幣千元 | |
| Cost of inventories sold* | 已售存貨成本* | 2,163,141 | 1,683,131 |
| Depreciation of property, plant and equipment | 物業、廠房及設備折舊 | 14 | 133,843 |
| Depreciation of right-of-use assets | 使用權資產折舊 | 16 | 41,400 |
| Amortisation of intangible assets | 無形資產攤銷 | 17 | 3,608 |
| Employee benefit expense (including directors' and chief executive's remuneration (note 9)) | 僱員福利開支(包括董事及最高行政人員薪酬(附註9)) | ||
| Wages and salaries | 工資及薪金 | 681,804 | 431,010 |
| Pension scheme contributions, social welfare and other welfare | 退休金計劃供款、社會福利及其他福利 | 144,723 | 114,462 |
| Equity-settled share option expense | 以權益結算的購股權開支 | 8,783 | 6,549 |
| Total | 總計 | 835,310 | 552,021 |
| Loss/(gains) on disposal of items of property, plant and equipment | 出售物業、廠房及設備項目的虧損/(收益) | 155 | (160) |
| Loss on lease termination | 終止租約的虧損 | 1,874 | - |
| Foreign exchange differences | 匯兌差額 | 3,814 | (1,616) |
| Marketing and promotion expenses | 營銷及推廣開支 | 4,708,177 | 3,316,567 |
| Inventory impairment and scrap | 存貨減值及報廢 | 6 | 14,509 |
| Interest expense | 利息開支 | 8 | 7,397 |
| Impairment losses on financial assets, net | 金融資產撥備減值虧損淨額 | 11,690 | 6,969 |
| Auditors' remuneration | 核數師薪酬 | 4,020 | 3,920 |
| Fair value gains on financial assets at fair value through profit or loss, net | 按公平值計入損益的金融資產公平值收益淨額 | (17,510) | (19,302) |
Cost of inventories sold includes expenses relating to depreciation of property, plant and equipment, depreciation of right-of-use assets and employee benefit expense, which are also included in the respective total amounts disclosed separately above for each of these types of expenses.
已售存貨成本包括與物業、廠房及設備折舊、使用權資產折舊及僱員福利開支有關的費用。這些費用也計入就上述各種該等開支單獨披露的有關總額中。
Annual Report 2025 年度報告 | 193
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
An analysis of finance costs is as follows:
財務成本分析如下：
| Note附註 | 2025 | 2024 | ||
|---|---|---|---|---|
| 2025年RMB'000人民幣千元 | 2024年RMB'000人民幣千元 | |||
| Interest on bank borrowings | 銀行借款利息 | 3,592 | 2,961 | |
| Interest on lease liabilities | 租賃負債利息 | 16 | 6,592 | 3,111 |
| Less: capitalised into leasehold improvement | 減：資本化為租賃物業裝修 | 16 | (2,787) | - |
| Total | 總計 | 7,397 | 6,072 |
Directors' and chief executive's remuneration for the year, disclosed pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows:
根據上市規則、香港公司條例第383(1)(a)、(b)、(c)及(f)條以及公司(披露董事利益資料)規例第2部披露年內董事及最高行政人員薪酬如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Fees | 袍金 | 600 | 486 |
| Other emoluments: | 其他酬金： | ||
| Salaries, allowances and benefits in kind | 薪金、津貼及實物福利 | 4,043 | 3,399 |
| Pension scheme contributions | 退休金計劃供款 | 971 | 888 |
| Performance-related bonuses | 表現相關花紅 | 242 | 654 |
| Equity-settled share option expense | 以權益結算的購股權開支 | 1,000 | - |
| Subtotal | 小計 | 6,256 | 4,941 |
| Total | 總計 | 6,856 | 5,427 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Year ended 31 December 2025
截至2025年12月31日止年度
| Fees | Salaries, allowances and benefits | Pension scheme | Performance-related bonuses | Total | ||
|---|---|---|---|---|---|---|
| in kind 薪金、津貼及實物福利 | contributions 退休金 | 表現相關花紅 | ||||
| Independent non-executive directors: | 獨立非執行董事： | |||||
| Mr. Li Yang | 李洋先生 | (i) | 200 | - | - | 200 |
| Ms. Luo Yan (羅妍) | 羅妍女士 | 200 | - | - | 200 | |
| Mr. Leung Ho Sun | 梁浩新先生 | 200 | - | - | 200 | |
| Total | 總計 | 600 | - | - | 600 |
Year ended 31 December 2024
截至2024年12月31日止年度
| Fees | Salaries, allowances and benefits | Pension scheme | Performance-related bonuses | Total | ||
|---|---|---|---|---|---|---|
| in kind 薪金、津貼及實物福利 | contributions 退休金 | 表現相關花紅 | ||||
| Independent non-executive directors: | 獨立非執行董事： | |||||
| Mr. Li Yang | 李洋先生 | (i) | 101 | - | - | 101 |
| Mr. Liu Yi | 劉蔚先生 | (ii) | 61 | - | - | 61 |
| Ms. Luo Yan (羅妍) | 羅妍女士 | 162 | - | - | 162 | |
| Mr. Leung Ho Sun | 梁浩新先生 | 162 | - | - | 162 | |
| Total | 總計 | 486 | - | - | 486 |
Annual Report 2025 年度報告 | 195
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(b) Executive directors, non-executive directors and the chief executive
(b) 執行董事、非執行董事及最高行政人員
Year ended 31 December 2025 截至2025年12月31日止年度
| | | Salaries, allowances and benefits in kind 薪金、津貼及 實物福利 RMB'000 人民幣千元 | Pension scheme contributions 退休金 計劃供款 RMB'000 人民幣千元 | Performance-related bonuses 表現相關 花紅 RMB'000 人民幣千元 | Equity-settled share option expense 以權益結算的 購股權開支 RMB'000 人民幣千元 | Total 總計 RMB'000 人民幣千元 | | --- | --- | --- | --- | --- | --- | --- | | Chief executive and executive director: | 最高行政人員兼執行董事： | 1,182 | 224 | - | - | 1,406 | | Mr. Lyu Yixiong | 呂義雄先生 | | | | | | | Executive directors: | 執行董事： | (iii) | 127 | - | - | 127 | | Ms. Zhou Wei | 周蔚女士 | | 1,415 | 224 | - | 1,639 | | Ms. Luo Yan (羅燕) | 羅燕女士 | | 513 | 224 | 200 | 375 | | Ms. Song Yang | 宋洋女士 | | 469 | 224 | - | 625 | | Mr. Feng Yifeng | 馮一峰先生 | | 337 | 75 | 42 | - | | Mr. Sun Hao | 孫炅先生 | (iv) | | | | | | Subtotal | 小計 | | 2,861 | 747 | 242 | 1,000 | | Non-executive directors: | 非執行董事： | (v) | - | - | - | - | | Ms. Li Hanqiong | 李寒窮女士 | | | | | | | Subtotal | 小計 | | - | - | - | - | | Total | 總計 | | 4,043 | 971 | 242 | 1,000 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妆品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(b) Executive directors, non-executive directors and the chief executive (continued)
(b) 執行董事、非執行董事及最高行政人員（續）
| | Salaries, allowances and benefits in kind 薪金、津貼及實物福利 RMB'000 人民幣千元 | Year ended 31 December 2024 截至2024年12月31日止年度 | | | | --- | --- | --- | --- | --- | | | | Pension scheme contributions 退休金 計劃供款 RMB'000 人民幣千元 | Performance-related bonuses 表現相關花紅 RMB'000 人民幣千元 | Total 總計 RMB'000 人民幣千元 | | Chief executive and executive director: | 最高行政人員兼執行董事： | | | | | Mr. Lyu Yixiong | 呂義雄先生 | 885 | 222 | - | | Executive directors: | 執行董事： | | | | | Ms. Luo Yan (羅燕) | 羅燕女士 | 1,098 | 222 | 42 | | Ms. Song Yang | 宋洋女士 | 685 | 222 | 257 | | Mr. Feng Yifeng | 馮一峰先生 | 731 | 222 | 355 | | Subtotal | 小計 | 2,514 | 666 | 654 | | Non-executive directors: | 非執行董事： | | | | | Ms. Li Hanqiong | 李寒窮女士 | - | - | - | | Mr. Sun Hao | 孫昊先生 | - | - | - | | Subtotal | 小計 | - | - | - | | Total | 總計 | 3,399 | 888 | 654 |
The non-executive directors waived or agreed to waive remuneration during the year.
Notes:
(i) Mr. Li Yang was appointed on 30 May 2024. (ii) Mr. Liu Yi resigned on 30 May 2024. (iii) Ms. Zhou Wei was appointed on 25 September 2025. (iv) Mr. Sun Hao was transfer from non-executive directors to executive directions on 25 September 2025. (v) Ms. Li Hanqiong resigned on 28 August 2025.
非執行董事已於年內放棄或同意放棄任何薪酬。
附註：
(i) 李洋先生於2024年5月30日獲委任。 (ii) 劉毅先生於2024年5月30日辭任。 (iii) 周蔚女士於2025年9月25日獲委任。 (iv) 孫昊先生於2025年9月25日由非執行董事轉任執行董事。 (v) 李寒窮女士於2025年8月28日辭任。
Annual Report 2025 年度報告 | 197
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The five highest paid employees during the year included no directors (2024: Nil), details of whose remuneration are set out in note 9 above. Details of the remuneration for the year of the five (2024: Five) highest paid employees who are not the directors of the Company are as follows:
本年度五名最高薪酬僱員分別包括零名（2024年：零）董事，相關董事薪酬詳情載於上文附註9。本年度五名（2024年：五名）非本公司董事的最高薪酬僱員的薪酬詳情如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Salaries, allowances and benefits in kind | 薪金、津貼及實物福利 | 7,690 | 5,422 |
| Pension scheme contributions | 退休金計劃供款 | 1,046 | 956 |
| Performance-related bonuses | 表現相關花紅 | 919 | 503 |
| Equity-settled share option expense | 以權益結算的購股權開支 | 3,500 | 2,579 |
| Total | 總計 | 13,155 | 9,460 |
The number of non-director highest paid employees whose remuneration fell within the following bands is as follows:
薪酬處於以下範圍內的非董事最高薪酬僱員人數如下：
| Number of the employees | |||
|---|---|---|---|
| 僱員人數 | |||
| 2025 | 2024 | ||
| 2025年 | 2024年 | ||
| HKD1,500,001 to HKD2,000,000 | 1,500,001港元至2,000,000港元 | 3 | 4 |
| HKD2,000,001 to HKD2,500,000 | 2,000,001港元至2,500,000港元 | 1 | - |
| HKD2,500,001 to HKD3,000,000 | 2,500,001港元至3,000,000港元 | - | 1 |
| Over HKD3,000,000 | 3,000,000港元以上 | 1 | - |
| Total | 總計 | 5 | 5 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Current – PRC | 即期－中國 | 195,309 | 128,443 |
| Current – other jurisdictions | 即期－其他司法權區 | 1,676 | 1,223 |
| Deferred tax | 遞延稅項 | 45,226 | (5,993) |
| Total tax charge for the year | 年內稅項開支總額 | 242,211 | 123,673 |
The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which members of the Group are domiciled and operate.
Under the Law of the PRC on Enterprise Income Tax (the "EIT Law") and Implementation Regulation of the EIT Law, the EIT rate of the PRC subsidiaries is 25% unless those are subject to tax exemption set out below.
Shanghai Zhongyi Daily Chemical Co., Ltd. was accredited as an "Advanced Technology Enterprise" from 2024 to 2026, and therefore Shanghai Zhongyi Daily Chemical Co., Ltd. was entitled to a preferential EIT rate of 15% for the year. This qualification is subject to review by the relevant tax authority in the PRC for every three years.
Certain of the Group's PRC subsidiaries are qualified as small and micro enterprises and are entitled to a preferential corporate income tax rate of 20% during the year.
Certain PRC subsidiaries of the Group that are established in certain areas are entitled to a preferential corporate income tax rate of 15% during the period.
The statutory rate of Hong Kong profits tax was 16.5% for the year on the estimated assessable profits arising in Hong Kong.
本集團須就本集團成員公司所在及經營的司法權區產生或源自該等地區的利潤按實體基準繳付所得稅。
根據《中華人民共和國企業所得稅法》（「企業所得稅法」）及《企業所得稅法實施條例》，中國附屬公司的企業所得稅稅率為 25%，惟獲得下文所載稅項豁免者除外。
上海中翊日化有限公司於2024年至2026年被認定為「高新技術企業」，因此本年度上海中翊日化有限公司可按優惠企業所得稅稅率 15% 納稅。該資質每三年須經中國相關稅務部門審核。
本集團若干中國附屬公司符合小微企業的資格，於年內按優惠企業所得稅稅率 20% 納稅。
期內，本集團於若干地區設立的若干中國附屬公司可享受 15% 的優惠企業所得稅稅率。
於年內，於香港產生的估計應課稅利潤的香港利得稅法定稅率為 16.5%。
Annual Report 2025 年度報告 | 199
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Taxation arising in other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.
A reconciliation of the tax expense applicable to profit before tax at the statutory rate for the jurisdictions in which the Company and the majority of its subsidiaries are domiciled and/or operate to the tax expense at the effective tax rate, and a reconciliation of the applicable rates (i.e., the statutory tax rates) to the effective tax rates, is as follows:
源自其他司法權區的税項乃按相關司法權區的適用税率計算。
按本公司及其大部分附屬公司所在及／或營運所在司法權區的法定税率計算適用除税前利潤的税項開支與按實際税率計算的税項開支的對賬以及適用税率（即法定税率）與實際税率的對賬如下：
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Profit before tax | 除税前利潤 | 1,396,424 | 926,970 | | Tax at the PRC corporate income tax rate of 25% | 按25%的中國企業所得稅 税率計算的税項 | 349,106 | 231,743 | | Effect of different tax rates of some subsidiaries | 部分附屬公司不同税率的影響 | (97,565) | (98,997) | | Expenses not deductible for tax | 不可扣税開支 | 2,644 | 4,781 | | Tax losses utilised from previous periods | 動用過往期間的税項虧損 | (450) | (332) | | Tax loss and deductible temporary differences unrecognised | 未確認税項虧損及 可扣減暫時性差額 | 10,007 | 3,070 | | Profits and losses attributable to joint ventures and associates | 合營企業及聯營公司應佔 利潤及虧損 | (373) | 403 | | Additional deductible allowance for research and development expenses | 研發開支的額外可扣減撥備 (i) | (21,158) | (16,995) | | Total tax charge for the year | 年內税項開支總額 | 242,211 | 123,673 |
(i) Qualified advanced technology enterprise can enjoy super deduction for eligible research and development expenses for EIT purpose. During the year ended 31 December 2025, the applicable super deduction rates was 200% (2024: 200%). (ii) 就企業所得稅目的而言，符合資格的先進技術企業可享受合資格研發費用加計扣除。截至2025年12月31日止年度，適用的加計扣除率為200%（2024年：200%）。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Interim – RMB0.50 (2024: RMB0.75) per ordinary share | 中期每股普通股人民幣0.50元 (2024年：人民幣0.75元) | 199,053 | 298,519 |
| Proposed final – RMB0.75 (2024: RMB0.75) per ordinary share | 擬派末期每股普通股人民幣0.75元 (2024年：人民幣0.75元) | 298,543 | 298,519 |
| 497,596 | 597,038 |
The dividends paid in 2025 and 2024 were RMB497,572,000 and RMB511,542,000, respectively.
The proposed final dividend for the year ended 31 December 2025 is subject to the approval of the Company's shareholders at the forthcoming annual general meeting.
The calculation of the basic earnings per share amounts is based on the profit for the year attributable to ordinary equity holders of the parent, and the weighted average number of ordinary shares of 398,057,215 (2024: 397,985,656) outstanding during the year.
The Group had no potentially dilutive shares in issue during the years ended 31 December 2025 and 2024.
2025年及2024年支付的股息分別為人民幣497,572,000元及人民幣511,542,000元。
截至2025年12月31日止年度的擬派末期股息須待本公司股東於應屆股東週年大會上批准。
每股基本盈利金額乃按母公司普通權益持有人應佔年內利潤及於年內發行在外的普通股加權平均數398,057,215股（2024年：397,985,656股）計算得出。
本集團於截至2025年及2024年12月31日止年度並無任何已發行潛在攤薄股份。
Annual Report 2025 年度報告 | 201
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The calculation of basic earnings per share is based on:
每股基本盈利乃根據以下數據計算：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Earnings | 盈利 | ||
| Profit attributable to ordinary equity holders of the parent, used in the basic earnings per share calculation | 用於計算每股基本盈利的母公司普通權益持有人應佔利潤 | 1,102,574 | 781,205 |
| Number of shares 股份數目 | |||
| --- | --- | --- | --- |
| 2025 | 2024 | ||
| 2025年 | 2024年 | ||
| Shares | 股份 | ||
| Weighted average number of ordinary shares outstanding during the year used in the basic earnings per share calculation | 用於計算每股基本盈利的年內已發行普通股加權平均數 | 398,057,215 | 397,985,656 |
| Basic earnings per share (RMB) | 每股基本盈利 (人民幣元) | 2.77 | 1.96 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| | Buildings | Plant and machinery | Motor vehicles | Furniture, fixtures and equipment 價真、固定裝置 | Leasehold improvements | Construction in progress | Total | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 樓宇 RMB'000 人民幣千元 | 廠房及機器 RMB'000 人民幣千元 | 汽車 RMB'000 人民幣千元 | 及設備 RMB'000 人民幣千元 | 租賃物業裝修 RMB'000 人民幣千元 | 在建工程 RMB'000 人民幣千元 | 總計 RMB'000 人民幣千元 | | 31 December 2025 | 2025年12月31日 | | | | | | | | | At 1 January 2025: | 於2025年1月1日： | | | | | | | | | Cost | 成本 | 540,652 | 248,049 | 44,039 | 44,173 | 67,954 | 88,182 | 1,033,049 | | Accumulated depreciation and impairment | 累計折舊及減值 | (126,927) | (127,603) | (23,828) | (31,089) | (49,524) | - | (358,971) | | Net carrying amount | 賬款淨值 | 413,725 | 120,446 | 20,211 | 13,084 | 18,430 | 88,182 | 674,078 | | At 1 January 2025, net of accumulated depreciation and impairment | 於2025年1月1日， 扣除累計折舊及減值 | 413,725 | 120,446 | 20,211 | 13,084 | 18,430 | 88,182 | 674,078 | | Additions | 添置 | 5,538 | 14,604 | 18,869 | 17,270 | 161,507 | 163,198 | 380,986 | | Acquisition of a subsidiary | 收購一間附屬公司 | 147 | - | - | - | - | - | 147 | | Disposals | 出售 | - | (1,122) | (120) | (294) | - | - | (1,536) | | Depreciation provided during the year | 年內計提折舊 | (25,635) | (26,582) | (9,263) | (7,700) | (64,663) | - | (133,843) | | Transfers | 轉撥 | 12,145 | 81,558 | 41 | 2,110 | 25,440 | (110,915) | 10,379 | | Exchange realignment | 匯兌調整 | (1,099) | (558) | (22) | (45) | - | - | (1,724) | | At 31 December 2025, net of accumulated depreciation and impairment | 於2025年12月31日， 扣除累計折舊及減值 | 404,821 | 188,346 | 29,716 | 24,425 | 140,714 | 140,465 | 928,487 | | At 31 December 2025: | 於2025年12月31日： | | | | | | | | | Cost | 成本 | 557,383 | 342,531 | 62,807 | 63,214 | 231,583 | 140,465 | 1,397,983 | | Accumulated depreciation and impairment | 累計折舊及減值 | (152,562) | (154,185) | (33,091) | (38,789) | (90,869) | - | (469,496) | | Net carrying amount | 賬款淨值 | 404,821 | 188,346 | 29,716 | 24,425 | 140,714 | 140,465 | 928,487 |
Annual Report 2025 年度報告 | 203
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(continued)
| Buildings | Plant and machinery | Motor vehicles | Furniture, fixtures and equipment | Leasehold improvements | Construction in progress | Total | |
|---|---|---|---|---|---|---|---|
| 樓宇 | 廠房及機器 | 汽車 | 家具、固定裝置及設備 | 租賃物業裝修 | 在建工程 | 總計 | |
| RMB'000 | RMB'000 | 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 | 人民幣千元 | 人民幣千元 |
| 31 December 2024 | 2024年12月31日 | ||||||
| At 1 January 2024 | 於2024年1月1日 | ||||||
| Cost | 成本 | 527,800 | 225,281 | 38,015 | 37,056 | 60,730 | 764 |
| Accumulated depreciation and impairment | 累計折舊及減值 | (101,725) | (104,238) | (16,026) | (26,075) | (47,170) | - |
| Net carrying amount | 賬面淨值 | 426,075 | 121,043 | 21,989 | 10,981 | 13,560 | 764 |
| At 1 January 2024, net of accumulated depreciation and impairment | 於2024年1月1日，和除累計折舊及減值 | 426,075 | 121,043 | 21,989 | 10,981 | 13,560 | 764 |
| Additions | 添置 | 9,690 | 14,205 | 8,074 | 6,576 | 7,224 | 110,679 |
| Disposals | 出售 | (63) | (6,265) | (2,034) | (265) | - | - |
| Depreciation provided during the year | 年內計提折舊 | (25,202) | (23,365) | (7,802) | (5,014) | (2,354) | - |
| Transfers | 轉撥 | 5,481 | 16,835 | - | 945 | - | (23,261) |
| Exchange realignment | 匯兌調整 | (2,256) | (2,007) | (16) | (139) | - | - |
| At 31 December 2024, net of accumulated depreciation and impairment | 於2024年12月31日，和除累計折舊及減值 | 413,725 | 120,446 | 20,211 | 13,084 | 18,430 | 88,182 |
| At 31 December 2024: | 於2024年12月31日： | ||||||
| Cost | 成本 | 540,652 | 248,049 | 44,039 | 44,173 | 67,954 | 88,182 |
| Accumulated depreciation and impairment | 累計折舊及減值 | (126,927) | (127,603) | (23,828) | (31,089) | (49,524) | - |
| Net carrying amount | 賬面淨值 | 413,725 | 120,446 | 20,211 | 13,084 | 18,430 | 88,182 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妆品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| As at 1 January 2025 | 於2025年1月1日 | 6,829 | 8,065 |
| Depreciation charge | 折舊費用 | (1,206) | (1,236) |
| As at 31 December 2025 | 於2025年12月31日 | 5,623 | 6,829 |
The Group's investment properties are measured using a cost model and depreciated to write off their costs net of estimated residual values over their estimated useful lives on a straight-line basis.
本集團的投資物業採用成本模式計量，並按直線法在其估計可使用年期內撇銷其成本（扣除估計殘值）進行折舊。
The Group's investment properties are located on the land in the PRC with a land use right period from 2009 to 2054.
本集團的投資物業位於中國土地之上，土地使用權期限為2009年至2054年。
Fair value of the investment properties as at the end of the year is as follows:
於本年度末投資物業的公平值如下：
| As at 31 December 2025 | As at 31 December 2024 | ||
|---|---|---|---|
| 於2025年 | 於2024年 | ||
| 12月31日 | 12月31日 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Investment properties in the PRC | 於中國的投資物業 | 113,090 | 116,250 |
Annual Report 2025 年度報告 | 205
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The fair value of the Group's investment properties as at 31 December 2025 and 2024 are determined by the valuations conducted by Avista Valuation Advisory Ltd, an independent valuer. Under the valuation models, an income-based approach has been adopted for industrial properties.
The income approach is based on the rental income of the properties derived from the existing leases and/or achievable in the existing market with due allowance for the reversionary income potential of the leases, which have been then capitalized to determine the market value at an appropriate capitalization rate.
The fair value estimations for the owner-occupied properties were at Level 3 of the fair value hierarchy.
The fair value measurement is based on the above properties' highest and best use, which does not differ from their actual use.
During the year ended 31 December 2025, there were no transfers into or out of Level 3 or any other level.
The investment properties are leased to third parties under operating leases, further summary details of which are included in note 16.
At 31 December 2025, no investment properties (2024: Nil) were pledged to secure general banking facilities granted to the Group (note 28).
本集團投資物業於2025年及2024年12月31日的公平值由獨立估值師艾華迪評估諮詢有限公司進行的估值釐定。根據估值模式，工業物業採用收入法進行估值。
收入法乃基於現有租賃所得及／或於現有市場上可實現的物業租金收入，並已就該等租賃的復歸收入潛力作出適當撥備，而有關租賃其後已按適當的資本化比率撥充資本以釐定市值。
業主自用物業的公平值估計為公平值層級第三級。
公平值計量乃基於上述物業的最高及最佳用途作出，有關用途與彼等的實際用途並無不同。
於截至2025年12月31日止年度，概無轉入或轉出第三級或任何其他層級。
投資物業根據經營租賃出租予第三方，其進一步概要詳情載於附註16。
於2025年12月31日，並無（2024年：無）投資物業已作抵押，以擔保本集團獲授的一般銀行融資（附註28）。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group as a lessee has lease contracts for items of office premises, plant and machinery and other equipment used in its operations. Lump sum payments were made upfront to acquire the leased land from the owners with lease periods of 50 years, and no ongoing payments will be made under the terms of these land leases. Leases of office premises and plant generally have lease terms between 2 and 10 years, while equipment generally has lease terms of 5 years.
The carrying amounts of the Group's right-of-use assets and the movements during the year are as follows:
本集團作為承租人就其運營所使用的辦公處所、廠房及機器及其他設備項目訂有租賃合同。本集團已提前作出一次性付款以向業主收購租賃土地，租期為50年，而根據該等土地租賃的條款，將不會繼續支付任何款項。辦公處所及廠房的租期一般為2至10年，而設備的租期一般為5年。
本集團使用權資產的賬面值及於年內的變動情況如下：
| Leasehold land | Office premises and plant | Equipment | Total | ||
|---|---|---|---|---|---|
| 租賃土地 RMB'000 人民幣千元 | 辦公處所 及廠房 RMB'000 人民幣千元 | 設備 RMB'000 人民幣千元 | 總計 RMB'000 人民幣千元 | ||
| 31 December 2025 | 2025年12月31日 | ||||
| As at 1 January 2025 | 於2025年1月1日 | 76,224 | 48,893 | 546 | 125,663 |
| Additions | 添置 | 65,934 | 344,091 | 4,500 | 414,525 |
| Lease termination | 終止租約 | - | (7,161) | - | (7,161) |
| Depreciation charge | 折舊費用 | (2,233) | (49,403) | (544) | (52,180) |
| As at 31 December 2025 | 於2025年12月31日 | 139,925 | 336,420 | 4,502 | 480,847 |
Annual Report 2025 年度報告 | 207
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
本集團作為承租人 (續)
| Leasehold land | Office premises and plant | Equipment | Total | ||
|---|---|---|---|---|---|
| 租賃土地 | 辦公處所及廠房 | 設備 | 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 | ||
| 31 December 2024 | 2024年12月31日 | ||||
| As at 1 January 2024 | 於2024年1月1日 | 69,253 | 60,382 | 1,536 | 131,171 |
| Additions | 添置 | 8,586 | 24,107 | - | 32,693 |
| Depreciation charge | 折舊費用 | (1,615) | (35,596) | (990) | (38,201) |
| As at 31 December 2024 | 於2024年12月31日 | 76,224 | 48,893 | 546 | 125,663 |
The carrying amounts of lease liabilities and the movements during the year are as follows:
租賃負債的賬面值及於年內的變動情況如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Carrying amount at 1 January | 於1月1日的賬面值 | 51,591 | 65,566 |
| New leases | 新租賃 | 348,591 | 24,107 |
| Accretion of interest recognised during the year | 年內確認的利息增幅 | 6,592 | 3,111 |
| Lease termination | 終止租約 | (5,287) | - |
| Payments | 付款 | (59,350) | (41,193) |
| Carrying amount at 31 December | 於12月31日的賬面值 | 342,137 | 51,591 |
| Analysed into: | 分析如下： | ||
| Current portion | 即期部分 | 17,159 | 42,143 |
| Non-current portion | 非即期部分 | 324,978 | 9,448 |
The maturity analysis of lease liabilities is disclosed in note 39 to the financial statements.
租賃負債的到期日分析於財務報表附註39披露。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(c) The amounts recognised in profit or loss in relation to leases are as follows:
(c) 於損益確認的租賃相關款項如下：
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Depreciation charge of right-of-use assets | 使用權資產折舊費用 | 52,180 | 38,201 | | Less: capitalised into leasehold improvement | 減：資本化為租賃物業裝修 | (10,780) | - | | Subtotal | 小計 | 41,400 | 38,201 | | Interest on lease liabilities | 租賃負債利息 | 6,592 | 3,111 | | Less: capitalised into leasehold improvement | 減：資本化為租賃物業裝修 | (2,787) | - | | Subtotal | 小計 | 3,805 | 3,111 | | Expense relating to short-term leases and leases of low-value assets leases | 與短期租賃及低價值資產 租賃相關的開支 | 5,145 | 3,457 | | Loss on lease termination | 終止租約的虧損 | 1,874 | - | | Total amount recognised in profit or loss | 於損益確認的總金額 | 52,224 | 44,769 |
The Group leases its investment properties (note 15) consisting of one industrial property located on the land in the PRC under operating lease arrangements since 2021. The terms of the leases generally require the tenants to pay security deposits and provide for periodic rent adjustments according to the then prevailing market conditions. Rental income recognised by the Group during the year was RMB7,486,000 (2024: RMB7,386,000).
自2021年起，本集團根據經營租賃安排租賃其投資物業（附註15），其中包括一項位於中國土地之上的工業物業。租賃條款一般要求租戶支付保證金，並根據當時的市況定期調整租金。本集團於年內已確認的租金收入為人民幣7,486,000元（2024年：人民幣7,386,000元）。
Annual Report 2025 年度報告 | 209
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
At 31 December 2025, the undiscounted lease payments receivable by the Group in future periods under operating leases with its tenants are as follows:
於2025年12月31日，本集團根據與租戶的經營租賃在未來期間應收的未貼現租賃付款如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Within one year | 一年內 | 7,537 | 7,881 |
| After one year but within two years | 一年後但兩年內 | 8,275 | 7,996 |
| After two years but within three years | 兩年後但三年內 | 8,396 | 8,275 |
| After three years but within four years | 三年後但四年內 | 8,689 | 8,396 |
| After four years but within five years | 四年後但五年內 | 8,816 | 8,689 |
| After five years | 五年後 | 2,666 | 11,482 |
| 44,379 | 52,719 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| | | Software 軟件 RMB'000 人民幣千元 | Others 其他 RMB'000 人民幣千元 | Total 總計 RMB'000 人民幣千元 | | --- | --- | --- | --- | --- | | 31 December 2025 | 2025年12月31日 | | | | | Cost at 1 January 2025, net of accumulated amortisation | 於2025年1月1日的成本， 扣除累計攤銷 | 11,919 | 1,592 | 13,511 | | Additions | 添置 | 104 | 409 | 513 | | Transfer from construction in progress | 自在建工程轉撥 | 3,188 | - | 3,188 | | Acquisition of subsidiary | 收購附屬公司 | - | 16,486 | 16,486 | | Amortisation provided during the year | 年內計提攤銷 | (2,716) | (892) | (3,608) | | At 31 December 2025 | 於2025年12月31日 | 12,495 | 17,595 | 30,090 | | | | Software 軟件 RMB'000 人民幣千元 | Others 其他 RMB'000 人民幣千元 | Total 總計 RMB'000 人民幣千元 | | 31 December 2024 | 2024年12月31日 | | | | | Cost at 1 January 2024, net of accumulated amortisation | 於2024年1月1日的成本， 扣除累計攤銷 | 14,689 | 2,171 | 16,860 | | Additions | 添置 | - | 586 | 586 | | Disposals | 出售 | - | (1,161) | (1,161) | | Amortisation provided during the year | 年內計提攤銷 | (2,770) | (4) | (2,774) | | At 31 December 2024 | 於2024年12月31日 | 11,919 | 1,592 | 13,511 |
Annual Report 2025 年度報告 | 211
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Share of net assets | 應佔資產淨值 | - | 429 | | The following table illustrates the aggregate financial information of the Group's joint ventures that are not individually material: | | 下表說明個別並非屬重大的本集團合營企業的合計財務資料： | | | | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | Share of the joint venture's loss for the year | 應佔合營企業年內虧損 | - | (3,889) | | Aggregate carrying amount of the Group's investment in the joint ventures | 本集團於合營企業的投資的合共賬面值 | - | 429 |
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Share of net assets | 應佔資產淨值 | 159,115 | 109,667 | | The following table illustrates the aggregate financial information of the Group's associates that are not individually material: | | 下表說明個別並非屬重大的本集團聯營公司的合計財務資料： | | | | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | Share of the associates' profit for the year | 應佔聯營公司年內利潤 | 1,493 | 2,276 | | Aggregate carrying amount of the Group's investments in the associates | 本集團於聯營公司的投資的合共賬面值 | 159,115 | 109,667 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The movements in deferred tax assets during the year are as follows:
本年度的遞延稅項資產變動如下：
| | | Year ended 31 December 2025 截至2025年12月31日止年度 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Impairment loss on financial assets 金融資產 減值虧損 RMB'000 人民幣千元 | Losses available for offsetting against future taxable profits 可供抵銷未來 應課稅利潤 的虧損 RMB'000 人民幣千元 | Impairment loss on inventories 存貨減值 虧損 RMB'000 人民幣千元 | Accrued expense 應計開支 RMB'000 人民幣千元 | Unrealised profits 未變現利潤 RMB'000 人民幣千元 | Lease liability and other temporary difference 租賃負債及其他暫時性 差額 RMB'000 人民幣千元 | Total 總計 RMB'000 人民幣千元 | | At 1 January 2025 Deferred tax (charged/ credited to profit or loss during the year | 於2025年1月1日 年內(如除自)/計入損益的 遞延稅項 | 4,450 | 31,185 | 7,839 | 2,053 | 72,152 | 19,040 | 136,719 | | | | 1,687 | 32,515 | (2,301) | (1,434) | (60,728) | 67,382 | 37,121 | | Gross deferred tax assets at 31 December 2025 | 於2025年12月31日的 遞延稅項資產總值 | 6,137 | 63,700 | 5,538 | 619 | 11,424 | 86,422 | 173,840 | | | | Year ended 31 December 2024 截至2024年12月31日止年度 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Impairment loss on financial assets 金融資產 減值虧損 RMB'000 人民幣千元 | Losses available for offsetting against future taxable profits 可供抵銷未來 應課稅利潤 的虧損 RMB'000 人民幣千元 | Impairment loss on inventories 存貨減值 虧損 RMB'000 人民幣千元 | Accrued expense 應計開支 RMB'000 人民幣千元 | Unrealised profits 未變現利潤 RMB'000 人民幣千元 | Lease liability and other temporary difference 租賃負債及其他暫時性 差額 RMB'000 人民幣千元 | Total 總計 RMB'000 人民幣千元 | | At 1 January 2024 Deferred tax (charged/ credited to profit or loss during the year | 於2024年1月1日 年內(如除自)/計入 損益的遞延稅項 | 3,850 | 34,078 | 8,311 | 3,014 | 35,534 | 37,979 | 122,766 | | | | 600 | (2,893) | (472) | (961) | 36,618 | (18,939) | 13,953 | | Gross deferred tax assets at 31 December 2024 | 於2024年12月31日的 遞延稅項資產總值 | 4,450 | 31,185 | 7,839 | 2,053 | 72,152 | 19,040 | 136,719 |
Annual Report 2025 年度報告 | 213
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The movements in deferred tax liabilities during the year are as follows:
Deferred tax liabilities
本年度的遞延稅項負債變動如下：
遞延稅項負債
| | | Year ended 31 December 2025 截至2025年12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | | | | Tax difference arising from accelerated tax depreciation 加速稅項折舊引起的稅務差異 RMB'000 人民幣千元 | Fair value adjustments of financial assets at fair value through profit or loss 按公平值計入損益的金融資產的公平值調整 RMB'000 人民幣千元 | Right of use assets 使用權資產 RMB'000 人民幣千元 | Total 總計 RMB'000 人民幣千元 | | At 1 January 2025 | 於2025年1月1日 | 14,709 | 2,908 | 168 | 17,785 | | Deferred tax (charged)/credited to profit or loss during the year | 年內(扣除自)/計入損益的遞延稅項 | 11,366 | (2,664) | 73,645 | 82,347 | | Deferred tax liabilities at 31 December 2025 | 於2025年12月31日的遞延稅項負債 | 26,075 | 244 | 73,813 | 100,132 | | | | Year ended 31 December 2024 截至2024年12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | | | | Accelerated tax depreciation 加速稅項折舊 RMB'000 人民幣千元 | Fair value adjustments of financial assets at fair value through profit or loss 按公平值計入損益的金融資產的公平值調整 RMB'000 人民幣千元 | Right of use assets 使用權資產 RMB'000 人民幣千元 | Total 總計 RMB'000 人民幣千元 | | At 1 January 2024 | 於2024年1月1日 | 9,654 | - | 171 | 9,825 | | Deferred tax (charged)/credited to profit or loss during the year | 年內(扣除自)/計入損益的遞延稅項 | 5,055 | 2,908 | (3) | 7,960 | | Deferred tax liabilities at 31 December 2024 | 於2024年12月31日的遞延稅項負債 | 14,709 | 2,908 | 168 | 17,785 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
For presentation purposes, certain deferred tax assets and liabilities have been offset in the statements of financial position. The following is an analysis of the deferred tax balances of the Group for financial reporting purposes:
就呈列而言，若干遞延稅項資產及負債已於財務狀況表內對銷。本集團作財務報告用途的遞延稅項結餘分析如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Net deferred tax assets recognised in the consolidated statement of financial position | 於綜合財務狀況表確認的遞延稅項資產淨值 | 94,916 | 118,934 |
| Net deferred tax liabilities recognised in the consolidated statement of financial position | 於綜合財務狀況表確認的遞延稅項負債淨額 | (21,208) | - |
| Total | 總計 | 73,708 | 118,934 |
As at 31 December 2025, deferred tax assets have not been recognised in respect of tax losses of RMB6,454,000 (2024: RMB242,000) and deductible temporary differences of RMB1,633,000 (2024: RMB17,000) arising in Chinese Mainland, which will expire in one to five years for offsetting against future taxable profits.
As at 31 December 2025, deferred tax assets have not been recognised in respect of tax losses of RMB14,046,000 (2024: RMB13,268,000) and deductible temporary differences of RMB495,000 (2024: RMB242,000) arising in other jurisdictions, which will expire in one to ten years or available indefinitely for offsetting against future taxable profits of the companies in which the losses arose.
於2025年12月31日，並無就於中國內地產生的稅項虧損人民幣6,454,000元（2024年：人民幣242,000元）以及可扣減暫時性差額人民幣1,633,000元（2024年：人民幣17,000元）確認遞延稅項資產，該等款項將於一至五年內到期用於抵銷未來應課稅利潤。
於2025年12月31日，並無就於其他司法權區產生的稅項虧損人民幣14,046,000元（2024年：人民幣13,268,000元）以及可扣減暫時性差額人民幣495,000元（2024年：人民幣242,000元）（將於一至十年內到期或無限期，用於抵銷產生虧損公司的未來應課稅利潤）確認遞延稅項資產。
Annual Report 2025 年度報告 | 215
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Raw materials | 原材料 | 141,978 | 160,253 |
| Work in progress | 在製品 | 22,711 | 21,371 |
| Finished goods | 製成品 | 488,244 | 509,015 |
| Total | 總計 | 652,933 | 690,639 |
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Trade receivables | 貿易應收款項 | 385,086 | 439,090 |
| Bills receivable | 應收票據 | 400 | 905 |
| Impairment | 減值 | (19,641) | (14,438) |
| Trade and bills receivables, net | 貿易應收款項及應收票據淨額 | 365,845 | 425,557 |
The Group's trading terms with its customers are mainly payment in advance, except for certain major customers, where is normally on credit. The credit period is generally due within 45 to 90 days. The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue balances are reviewed regularly by senior management. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Trade receivables are non-interest-bearing. Bills receivable are non-interest-bearing and have a maturity period ranging from 1 to 180 days for the financial years ended 31 December 2024 and 31 December 2025.
本集團與其客戶的貿易條款主要以預先付款為主，惟若干主要客戶除外，其一般採取信用方式。信用期一般於45至90日內到期。本集團致力嚴格控制其尚未收取的應收款項並設有信貸控制部門減低信用風險。逾期結餘由高級管理層定期審閱。本集團對其貿易應收款項結餘並無持有任何抵押品或其他信貸增強措施。貿易應收款項不計利息。於截至2024年12月31日及2025年12月31日止財政年度，應收票據不計息，且到期期限介乎1至180日。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
In the opinion of the directors, the Group has retained the substantial risks and rewards, which include default risks relating to such endorsed bills, and accordingly, it continued to recognise the full carrying amounts of the endorsed bills and the associated trade payables settled. The expected credit losses rate for bills receivable is assessed to be immaterial, and thus the loss allowance is immaterial.
An ageing analysis of the Group's trade receivables and bills receivable as at the end of the reporting period, based on the invoice date and net of loss allowance, is as follows:
董事認為，本集團保留大部分風險及回報（包括與該等背書票據有關的違約風險），因此其繼續確認背書票據的全部賬面值及已結算相關貿易應付款項。應收票據的預期信貸虧損率被評估為不重大，因此虧損撥備並不重大。
於報告期末，本集團根據發票日期及扣除虧損撥備後的貿易應收款項及應收票據賬齡分析如下：
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Within 1 year | 1年內 | 323,034 | 419,137 | | Over 1 year | 1年以上 | 42,811 | 6,420 | | Total | 總計 | 365,845 | 425,557 |
Annual Report 2025 年度報告 | 217
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The movements in the loss allowance for impairment of trade receivables are as follows:
貿易應收款項的減值虧損撥備變動如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| At beginning of year | 於年初 | 14,438 | 12,005 |
| Impairment losses, net | 減值虧損淨額 | 10,783 | 6,803 |
| Amount written off as uncollectible | 撇銷為不可收回的金額 | (5,580) | (4,370) |
| At end of year | 於年末 | 19,641 | 14,438 |
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on ageing on invoice for groupings of various customer segments with similar loss patterns. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.
The Group writes off trade receivables when there is information indicating that the counterparty is in severe financial difficulties and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, whichever occurs sooner, also taking into account legal advice where appropriate.
於各報告日期採用撥備矩陣進行減值分析，以計量預期信貸虧損。撥備率乃根據具有類似虧損模式的多個客戶分部組別的發票按賬齡釐定。該計算反映概率加權結果、貨幣時值及於報告日期可得有關過往事項、當前狀況及未來經濟條件預測的合理及可靠資料。
本集團於有資料顯示對手方處於嚴重財務困難及未來並無合理預期可收回(例如對手方已進行清算或已進入破產程序，以較早者為準)時核銷貿易應收款項，亦會考慮法律意見（如適用）。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Set out below is the information about the credit risk exposure on the Group's trade receivables using a provision matrix:
As at 31 December 2025
下表載列本集團使用撥備矩陣計算所得貿易應收款項的信用風險資料：
於2025年12月31日
| Less than | ||||||
|---|---|---|---|---|---|---|
| 1 year 1年以內 | 1 to 2 years 1至2年 | 2 to 3 years 2至3年 | Over 3 years 3年以上 | Total 總計 | ||
| Expected credit loss rate | 預期信貸虧損率 | 0.5% | 24% | 76% | 100% | 5% |
| Gross carrying amount (RMB'000) | 賬面總額(人民幣千元) | 324,151 | 54,832 | 4,914 | 1,189 | 385,086 |
| Expected credit losses (RMB'000) | 預期信貸虧損 (人民幣千元) | 1,517 | 13,185 | 3,750 | 1,189 | 19,641 |
As at 31 December 2024
於2024年12月31日
| Less than | ||||||
|---|---|---|---|---|---|---|
| 1 year 1年以內 | 1 to 2 years 1至2年 | 2 to 3 years 2至3年 | Over 3 years 3年以上 | Total 總計 | ||
| Expected credit loss rate | 預期信貸虧損率 | 1% | 15% | 70% | 100% | 3% |
| Gross carrying amount (RMB'000) | 賬面總額(人民幣千元) | 422,847 | 7,069 | 1,323 | 7,851 | 439,090 |
| Expected credit losses (RMB'000) | 預期信貸虧損 (人民幣千元) | 4,615 | 1,049 | 923 | 7,851 | 14,438 |
Annual Report 2025 年度報告 | 219
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Deductible input VAT | 可扣減進賬增值稅 | 131,660 | 102,381 | | Prepaid corporate income tax | 預付企業所得稅 | 6,239 | 620 | | Deposits and other receivables | 按金及其他應收款項 | 245,773 | 145,579 | | Other financial assets included in prepayments and other receivables | 計入預付款項及其他應收款項的其他金融資產 | 123,832 | 28,935 | | Prepayments | 預付款項 | 670,692 | 369,649 | | Others | 其他 | 13,352 | 6,070 | | Impairment allowance | 減值撥備 | (6,165) | (2,363) | | Current portion | 即期部分 | 1,185,383 | 650,871 | | Rental deposits | 租賃按金 | 16,656 | 11,840 | | Prepayments | 預付款項 | 89,642 | 64,806 | | Non-current portion | 非即期部分 | 106,298 | 76,646 | | Total | 總計 | 1,291,681 | 727,517 |
As at the end of the reporting period, other receivables of the Group are considered to be of low credit risk and thus the Group has assessed that the ECL for other receivables is immaterial under the 12-month expected credit loss method.
於報告期末，本集團的其他應收款項被認為具有較低的信用風險，因此本集團已評估其他應收款項的預期信貸虧損在12個月預期信貸虧損法下並不重大。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Listed equity investments | 上市股權投資 | 84,922 | 118,031 |
| Wealth management products | 理財產品 | 63,461 | 126,293 |
| Total | 總計 | 148,383 | 244,324 |
The above equity investments were classified as financial assets at fair value through profit or loss as they were held for trading.
The above unlisted investments were wealth management products issued by licensed financial institutions. They were mandatorily classified as financial assets at fair value through profit or loss as their contractual cash flows are not solely payments of principal and interest. The underlying investments financial assets were primarily short-term treasury bonds and principal protected securities, which were very liquid with a relatively short-term maturity and the expected returns are based on actual performance.
上述股權投資被分類為按公平值計入損益的金融資產，原因為其乃為交易而持有。
上述非上市投資為持牌金融機構發行的理財產品，因其合約現金流量並非僅為支付本金及利息，而被強制分類為按公平值計入損益的金融資產。金融資產的相關投資主要為短期國債及保本證券，屆滿期限較短，產品流通性強，且預期回報根據實際業績而定。
Annual Report 2025 年度報告 | 221
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Cash and cash equivalents | 現金及現金等價物 | 802,308 | 459,449 | | Pledged deposits | 質押存款 | 7,112 | - | | Total | 總計 | 809,420 | 459,449 | | | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | Cash and cash equivalents and restricted cash denominated in | 以下列貨幣計值的現金及 現金等價物以及受限制現金 | | | | - RMB | -人民幣 | 526,478 | 408,811 | | - USD | -美元 | 211,262 | 2,107 | | - SGD | -新加坡元 | 12,712 | 13,462 | | - JPY | -日元 | 20,238 | 19,245 | | - HKD | -港幣 | 25,441 | 14,351 | | - VND | -越南盾 | 5,771 | 1,473 | | - IDR | -印尼盾 | 7,518 | - | | Total | 總計 | 809,420 | 459,449 |
The RMB is not freely convertible into other currencies, however, under Chinese Mainland's Foreign Exchange Control Regulations and Administration of Settlement, and Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.
人民幣不可自由兌換為其他貨幣，然而，根據中國內地的《外匯管理條例》及《結匯、售匯及付匯管理規定》，本集團獲准透過授權銀行將人民幣兌換為其他貨幣以進行外匯業務。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term time deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group and earn interest at the respective short-term time deposit rates. The bank balances are deposited with creditworthy banks with no recent history of default.
An ageing analysis of trade payables as at the end of the reporting period, based on the invoice date, is as follows:
存於銀行的現金基於每日銀行存款利率按浮動利率賺取利息。短期定期存款的存款期介乎一日至三個月不等，視乎本集團的即時現金需求而定，並按個別短期定期存款利率賺取利息。銀行結餘存放於近期並無拖欠記錄且信譽良好的銀行。
於報告期末的貿易應付款項基於發票日期的賬齡分析如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Within 1 year | 1年內 | 675,242 | 637,926 |
| Over 1 year | 1年以上 | 3,081 | 481 |
| Total | 總計 | 678,323 | 638,407 |
The amount of the Group's trade payables due to the Group's related parties is disclosed in note 36, which represents credit terms similar to those offered by the Group's related parties to their major customers.
The trade payables are non-interest-bearing and are normally settled within 6 months.
本集團應付本集團關聯方貿易應付款項的數額於附註36(其信用期與本集團關聯方向其主要客戶提供者相若)披露。
貿易應付款項不計息，一般於6個月內結算。
Annual Report 2025 年度報告 | 223
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| Notes | RMB'000 | RMB'000 | |
| 附註 | 人民幣千元 | 人民幣千元 | |
| Current | 即期 | ||
| Contract liabilities | 合約負債 (i) | 32,136 | 38,398 |
| VAT and other tax payables | 增值稅及其他應付稅項 | 107,459 | 50,188 |
| Staff payroll and welfare payables | 應付員工工資及福利 | 102,227 | 64,365 |
| Dividend payables | 應付股息 | - | 85,445 |
| Accrued operating expenses | 已計提經營費用 | 266,815 | 195,114 |
| Payables for purchase of property, plant and equipment | 購買物業、廠房及設備應付款項 | 11,939 | 4,746 |
| Deposits | 按金 (ii) | 23,664 | 26,969 |
| Others | 其他 | 15,134 | 6,918 |
| Total current portion | 即期部分總計 | 559,374 | 472,143 |
| Non-current | 非即期 | ||
| Put option over non-controlling interests* | 有關非控股權益的認沽期權* | 28,670 | - |
| Deferred government grants | 遞延政府補助 | 8,644 | 10,516 |
| Total non current portion | 非即期部分總計 | 37,314 | 10,516 |
| Total | 總計 | 596,688 | 482,659 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(i) Details of contract liabilities are as follows:
| 2025 | |||
|---|---|---|---|
| 2024 | |||
| 2024年 | |||
| RMB'000人民幣千元 | RMB'000人民幣千元 | ||
| Advance payments from customers | 客戶預付款項 | 28,770 | 27,610 |
| Sales rebates | 銷售回佣 | 3,366 | 10,788 |
| Total | 總計 | 32,136 | 38,398 |
(ii) Deposits mainly represent deposits from customers at the end of each year.
Except for the aforementioned deposits, other payables are unsecured, interest-free and repayable on demand.
(i) 合約負債的詳情如下：
(ii) 按金主要指於各年度末的客戶按金。
除上述按金外，其他應付款項均無抵押、免息及可隨時償還。
Annual Report 2025 年度報告 | 225
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Effective interest rate (%) 實際利率(%) | 2025年 Maturity 到期 | RMB'000 人民幣千元 | Effective interest rate (%) 實際利率(%) | 2024年 Maturity 到期 | RMB'000 人民幣千元 | ||
| Current | 即期 | ||||||
| Bank loans - unsecured | 銀行貸款 - 無擔保 | 0.75-2.75 | 2026 | 290,064 | 1.71-3.00 | 2025 | 60,080 |
| Total | 總計 | 290,064 | 60,080 | ||||
| 2025 | 2024 | ||||||
| 2025年 | 2024年 | ||||||
| RMB'000 人民幣千元 | RMB'000 人民幣千元 | ||||||
| Analysed into: | 分析如下： | ||||||
| Bank loans repayable: | 應償還銀行貸款： | ||||||
| Within one year or on demand | 1年內或可隨時償還 | 290,064 | 60,080 | ||||
| Total | 總計 | 290,064 | 60,080 |
Notes: As at 31 December 2025, certain of the Group's bank loans amounting to (i) RMB290,064,000 were guaranteed by the Group with interest rates of 0.75% to 2.75%. As at 31 December 2024, certain of the Group's bank loans amounting to (ii) RMB60,000,000 were guaranteed by the Group with interest rates of 1.71% to 3.00%.
附註： 於2025年12月31日，本集團的部分銀行貸款如下 (i) 人民幣290,064,000元由本集團擔保，利率介乎 0.75%至2.75% 。 於2024年12月31日，本集團的部分銀行貸款如下 (ii) 人民幣60,000,000元由本集團擔保，利率介乎 1.71%至3.00% 。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Issued and fully paid: | 已發行及繳足： | ||
| 398,107,102 (2024: 398,024,940) | 398,107,102股（2024年： | ||
| ordinary shares of RMB1.00 each | 398,024,940股）每股 | ||
| 人民幣1.00元的普通股 | 398,107 | 398,025 |
A summary of movements in the Company's share capital is as follows:
本公司股本變動概述如下：
| Number of shares in issue 已發行股份數目 | Share capital 股本 RMB'000 人民幣千元 | ||
|---|---|---|---|
| At 1 January 2024 | 於2024年1月1日 | 397,957,900 | 397,958 |
| Share issued during the year | 年內已發行股份 | 67,040 | 67 |
| At 31 December 2024 and 1 January 2025 | 於2024年12月31日及 | ||
| 2025年1月1日 | 398,024,940 | 398,025 | |
| Share issued during the year | 年內已發行股份 | 82,162 | 82 |
| At 31 December 2025 | 於2025年12月31日 | 398,107,102 | 398,107 |
Annual Report 2025 年度報告 | 227
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Mr. Lyu Yixiong has implemented 5 share incentive schemes (hereinafter referred to as "plan I" to "plan V") through the shareholding platform controlled by the controlling shareholder of the Group, to encourage and reward people who contribute to the operation of the Group. Eligible persons include directors and other employees of the Group.
In March 2021, 3 employees (including directors) of the Group entered into an agreement (plan V) with Mr. Lyu Yixiong Under this agreement, Mr. Lyu Yixiong granted these 3 employees 1,080,000 shares of the Company with no vesting period.
In March 2021, 43 employees of the Group entered into an agreement (plan V) with Mr. Lyu Yixiong. Under this agreement, Mr. Lyu Yixiong granted these 43 employees 4,176,000 shares of the Company with vesting periods dated from 1 January 2021 to 31 December 2024.
In March 2021, 4 employees entered into an agreement (plan V) with Mr. Lyu Yixiong which is deemed as modification to the terms and conditions of plan III.
In August 2021, 1 employee of the Group entered into an agreement (plan V) with Mr. Lyu Yixiong. Under this agreement, Mr. Lyu Yixiong granted this employee 72,000 shares of the Company with vesting periods dated from 1 January 2021 to 31 December 2024.
In August 2021, 3 employees (including directors) of the Group entered into an agreement (plan V) with Mr. Lyu Yixiong. Under this agreement, Mr. Lyu Yixiong granted these 3 employees 108,000 shares of the Company with vesting periods dated from 1 January 2021 to 31 December 2024.
In July 2022, 4 employees of the Group entered into an agreement (plan V) with Mr. Lyu Yixiong. Under this agreement, Mr. Lyu Yixiong granted these 4 employees 198,000 shares of the Company with vesting periods dated from 1 July 2022 to 30 June 2026.
In July 2022, 1 employee of the Group entered into an agreement (plan V) with Mr. Lyu Yixiong. Under this agreement, Mr. Lyu Yixiong granted this employee 108,000 shares of the Company with vesting periods dated from 1 July 2022 to 31 December 2024.
呂義雄先生透過本集團控股股東控制的持股平台已實施5期股份激勵計劃（以下簡稱「計劃I」至「計劃V」），以鼓勵及嘉獎為本集團營運作出貢獻的人士。合資格人士包括本集團董事及其他僱員。
於2021年3月，本集團3名僱員（包括董事）與呂義雄先生訂立協議（計劃V）。根據該協議，呂義雄先生授予該3名僱員1,080,000股無歸屬期的本公司股份。
於2021年3月，本集團43名僱員與呂義雄先生訂立協議（計劃V）。根據該協議，呂義雄先生授予該43名僱員4,176,000股本公司股份，歸屬期為2021年1月1日至2024年12月31日。
於2021年3月，4名僱員與呂義雄先生訂立協議（計劃V），視為對計劃III條款及條件的修訂。
於2021年8月，本集團1名僱員與呂義雄先生訂立協議（計劃V）。根據該協議，呂義雄先生授予該名僱員72,000股本公司股份，歸屬期為2021年1月1日至2024年12月31日。
於2021年8月，本集團3名僱員（包括董事）與呂義雄先生訂立協議（計劃V）。根據該協議，呂義雄先生授予該3名僱員108,000股本公司股份，歸屬期為2021年1月1日至2024年12月31日。
於2022年7月，本集團4名僱員與呂義雄先生訂立協議（計劃V）。根據該協議，呂義雄先生授予該4名僱員198,000股本公司股份，歸屬期為2022年7月1日至2026年6月30日。
於2022年7月，本集團1名僱員與呂義雄先生訂立協議（計劃V）。根據該協議，呂義雄先生授予該名僱員108,000股本公司股份，歸屬期為2022年7月1日至2024年12月31日。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The following share incentive table is the movement of the is under the "plan I" to "plan V" during the year:
下表載列年內「計劃I」至「計劃V」項下股份激勵的變動情況：
| 2025 2025年 | 2024 2024年 | |||
|---|---|---|---|---|
| Weighted average subscription price RMB per share 加權平均認購價每股人民幣元 | Number of shares | Weighted average subscription price RMB per share 加權平均認購價每股人民幣元 | Number of shares | |
| At 1 January and 31 December | 1 | 12,189,600 | 1 | 12,189,600 |
The fair values of the share incentive schemes granted under the "plan I" to "plan V" during the year was nil (2024: Nil). The Group recognised a share-based compensation expenses of nil (2024: RMB3,977,000) during the year ended 31 December 2025.
The Company has implemented a new share incentive scheme (hereinafter referred to as "plan VI"), to encourage and reward people who contribute to the operation of the Group. Eligible persons include directors and other employees of the Group.
年內，根據「計劃I」至「計劃V」授出的股份激勵計劃的公平值為零（2024年：零）。於截至2025年12月31日止年度，本集團確認以股份為基礎的薪酬開支零（2024年：人民幣3,977,000元）。
本公司已實施一項新股份激勵計劃（以下簡稱「計劃VI」），以鼓勵及嘉獎為本集團營運作出貢獻的人士。合資格人士包括本集團董事及其他僱員。
Annual Report 2025 年度報告 | 229
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
During the year, 17 employees of the Group entered into an agreement (plan VI) with the Company. Under this agreement, the Company granted these employees 82,162 shares of the Company with no vesting period.
Shares confer rights on the holders to dividends and to vote at shareholders' meetings.
The following table is the movement of the share incentive under the "plan VI" during the year:
年內，本集團17名僱員與本公司訂立協議（計劃VI）。根據該協議，本公司授予該等僱員82,162股無歸屬期的本公司股份。
股份賦予持有人收取股息及於股東會上投票的權利。
下表載列年內「計劃VI」項下股份激勵的變動情況：
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| 2025年 | 2024年 | ||||
| Weighted average subscription price RMB per share 加權平均認購價每股人民幣元 | Number of shares | Weighted average subscription price RMB per share 加權平均認購價每股人民幣元 | Number of shares | ||
| At 1 January | 於1月1日 | 38 | 67,040 | - | - |
| Granted during the year | 於年內授出 | 80 | 82,162 | 38 | 67,040 |
| At 31 December | 於12月31日 | 61 | 149,202 | 38 | 67,040 |
The fair values of the share incentive schemes granted under the "plan VI" during the year was RMB6,572,000 (2024: RMB2,572,000), of which the Group recognised a share-based compensation expenses of RMB6,572,000 (2024: RMB2,572,000) during the year ended 31 December 2025.
年內根據「計劃VI」授出的股份激勵計劃的公平值為人民幣6,572,000元（2024年：人民幣2,572,000元），其中本集團於截至2025年12月31日止年度確認以股份為基礎的薪酬開支人民幣6,572,000元（2024年：人民幣2,572,000元）。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The amounts of the Group's reserves and the movements therein for the current and prior years are presented in the consolidated statement of changes in equity.
The share-based payment reserve represents reserve arisen from share incentive schemes. Details of the movements in the share-based payment reserve are set out in the consolidated statement of changes in equity.
The share premium represents the difference between the par value of the shares issued and the consideration received.
In accordance with the Company Law of the People's Republic of China, each company in the PRC is required to allocate 10% of the statutory after tax profits to the statutory reserve until the cumulative total of the reserve reaches 50% of the company's registered capital. Subject to approval from the relevant PRC authorities, the statutory reserve may be used to offset any accumulated losses or increase the registered capital of the company. The statutory reserve is not available for dividend distribution to shareholders of the PRC subsidiaries.
The capital reserve of the Group represents the contribution from the ultimate holding company and shareholders, business combinations under the common control and the excess of the consideration over the carrying amount of the non-controlling interests acquired. Details of the movements in capital reserve are set out in the consolidated statement of changes in equity.
The exchange fluctuation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from the Group's presentation currency.
本集團於本年度及過往年度的儲備金額及其變動於綜合權益變動表中呈列。
以股份為基礎的付款儲備指股份激勵計劃產生的儲備。以股份為基礎的付款儲備的變動詳情載於綜合權益變動表。
股份溢價指已發行股份面值與已收代價之間的差額。
根據《中華人民共和國公司法》，中國境內各公司須提取法定稅後利潤的10%列入法定公積金，直至公積金累計總額達到公司註冊資本的50%。經中國有關政府部門批准後，法定儲備可用於抵銷任何累計虧損或增加公司的註冊資本。法定儲備不可用於向中國附屬公司股東分派股息。
本集團的資本儲備指最終控股公司及股東的出資、受共同控制的業務合併以及代價超逾所收購非控股權益賬面值的差額。資本儲備變動的詳情載於綜合權益變動表。
匯兑波動儲備指換算功能貨幣與本集團呈列貨幣不同的海外業務的財務報表所產生的匯兑差額。
Annual Report 2025 年度報告 | 231
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
During the year, the Group had non-cash additions to right-of-use assets of RMB348,591,000 (2024: RMB24,107,000), and lease liabilities of RMB348,591,000 (2024: RMB24,107,000), respectively, in respect of lease arrangements for office premises and plant.
2025
年內，本集團與辦公場所及廠房租賃安排有關的使用權資產的非現金添置為人民幣348,591,000元（2024年：人民幣24,107,000元），租賃負債為人民幣348,591,000元（2024年：人民幣24,107,000元）。
2025年
| Interest-bearing bank borrowings | Lease liabilities |
|---|---|
| 計息銀行借款 | 租賃負債 |
| RMB'000 | RMB'000 |
| 人民幣千元 | 人民幣千元 |
| At 1 January 2025 | 於2025年1月1日 |
| --- | --- |
| Changes from financing cash flows | 融資現金流量變動 |
| Interest expense | 利息開支 |
| Interest paid classified as operating cash flows | 分類為經營現金流量的已付利息 |
| New leases | 新租賃 |
| Lease termination | 租賃終止 |
| At 31 December 2025 | 於2025年12月31日 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(b) Changes in liabilities arising from financing activities (continued)
2024
(b) 融資活動產生的負債變動 (續)
2024年
| Interest-bearing bank borrowings 計息銀行借款 RMB'000 人民幣千元 | Lease liabilities 租賃負債 RMB'000 人民幣千元 | |
|---|---|---|
| At 1 January 2024 | 於2024年1月1日 | 100,008 |
| Changes from financing cash flows | 融資現金流量變動 | (39,928) |
| Interest expense | 利息開支 | - |
| Interest paid classified as operating cash flows | 分類為經營現金流量的 已付利息 | - |
| New leases | 新租賃 | - |
| At 31 December 2024 | 於2024年12月31日 | 60,080 |
As of 31 December 2025 (2024: Nil), the Group did not pledge any assets.
截至2025年12月31日（2024年：零），本集團並無抵押任何資產。
Annual Report 2025 年度報告 | 233
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group had the following contractual commitments at the end of the year:
於年末，本集團有以下資本承諾：
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Contracted, but not provided for: | 已訂約但未撥備： | | | | Property, plant and equipment | 物業、廠房及設備 | 60,527 | 42,875 | | Capital contributions to an associate | 向聯營公司注資 | 105,007 | 153,650 | | Total | 總計 | 165,534 | 196,525 |
In March 2025, the Group acquired 51% of the equity interests in an associate (the "acquiree") by cash. Upon completion of the acquisition, the acquiree became a wholly owned subsidiary of the Group.
The following table summarises the consideration transferred for the acquisition and the fair value of assets acquired and liabilities assumed on the acquisition date.
於2025年3月，本集團以現金收購一家聯營公司（「被收購方」）51%的股權。於收購完成後，該被收購方成為本集團的全資附屬公司。
下表概述就收購所轉讓的代價，以及於收購日期所收購資產及所承擔負債的公平值。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| Notes附註 | Fair value recognised on acquisition 就收購確認的公平值 RMB'000 人民幣千元 | ||
|---|---|---|---|
| Property, plant and equipment | 物業、廠房及設備 | 14 | 147 |
| Cash and bank balances | 現金及銀行結餘 | 6,415 | |
| Inventory | 存貨 | 5,307 | |
| Trade receivables | 貿易應收款項 | 144 | |
| Prepayments and other receivables | 預付款項及其他應收款項 | 1,845 | |
| Trade payables | 貿易應付款項 | (16,465) | |
| Accruals and other payables | 應計費用及其他應付款項 | (6,229) | |
| Intangible assets | 無形資產 | 17 | 16,486 |
| Total identifiable net assets at fair value | 按公平值列賬的可識別資產 總淨值 | 7,650 | |
| Non-controlling interests | 非控股權益 | - | |
| Cash consideration transferred | 所轉讓現金代價 | 7,650 | |
| Less: Fair value of identifiable net assets acquired (100%) | 減：所收購可識別資產淨值 的公平值(100%) | 7,650 | |
| Goodwill arising from acquisition | 收購產生的商譽 | - | |
| Satisfied by cash | 以現金支付 | - |
Annual Report 2025 年度報告 | 235
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
An analysis of the cash flows in respect of the acquisition is as follows:
有關收購的現金流量分析如下：
| 2025 | ||
|---|---|---|
| 2025年 | ||
| RMB'000 | ||
| 人民幣千元 | ||
| Cash consideration | 現金代價 | 7,650 |
| Cash and bank balances acquired | 已取得現金及銀行結餘 | 6,415 |
| Net outflow of cash and cash equivalents included in cash flows from investing activities | 計入投資活動所得現金流之現金及現金等價物流出淨額 | (1,235) |
| Transaction costs of the acquisition included in cash flows from operating activities | 計入經營活動所得現金流之收購交易成本 | - |
| Total | 總計 | (1,235) |
Since the combination, the acquiree contributed RMB7,920,000 to the Group's Revenue and a loss of RMB67,000 to the consolidated profit of the Group for the year ended 31 December 2025.
Had the combination taken place at the beginning of the year, the revenue of the Group and the profit of the Group for the year ended 31 December 2025 would have been RMB9,182,497,000 and RMB1,152,625,000, respectively.
自合併以來，被收購方為本集團截至2025年12月31日止年度的收入貢獻人民幣7,920,000元，並為本集團綜合利潤帶來虧損人民幣67,000元。
倘合併發生於年初，本集團截至2025年12月31日止年度的收入及利潤將分別為人民幣9,182,497,000元及人民幣1,152,625,000元。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(a) Name and relationship:
(a) 姓名／名稱及關係：
| Name of related party 關聯方姓名／名稱 | Relationship with the Group 與本集團的關係 | | --- | --- | | Mr. Lyu Yixiong ("呂義雄") | The controlling shareholder | | 呂義雄先生 | 控股股東 | | Shanghai Misu Cosmetics Co., Ltd. ("上海蜜儀化妝品有限公司") | Associate | | 上海蜜儀化妝品有限公司 | 聯營公司 | | Shanghai Shangxin Cosmetics Co., Ltd. ("上海上新化妝品有限公司") * | Joint venture | | 上海上新化妝品有限公司* | 合營企業 | | Shanghai Biog Co., Ltd. ("上海白澳肌電子商務有限公司") | Joint venture | | 上海白澳肌電子商務有限公司 | 合營企業 | | Shanghai Quyi Cosmetics Co., Ltd. ("上海趣一化妝品有限公司")** | Joint venture | | 上海趣一化妝品有限公司** | 合營企業 | | Suzhou Xiongze Packaging Co., Ltd. ("蘇州雄澤包裝有限公司") *** | Entity controlled by close relatives of Mr. Lyu Yixiong | | 蘇州雄澤包裝有限公司*** | 受呂義雄先生的近親控制的實體 | | Yinxi (Shanghai) Cultural Communication Co., Ltd. ("隱溪(上海)文化傳播有限公司") | Entity controlled by Mr. Lyu Yixiong | | 隱溪(上海)文化傳播有限公司 | 受呂義雄先生控制的實體 | | Shanghai Yinxi Brand Development Co., Ltd. ("上海隱系品牌發展有限公司") | Entity controlled by Mr. Lyu Yixiong | | 上海隱系品牌發展有限公司 | 受呂義雄先生控制的實體 |
Shanghai Shangxin Cosmetics Co., Ltd. was no longer a related party of the Group after 25 March 2025.
Shanghai Quyi Cosmetics Co., Ltd. was no longer a related party of the Group after 11 April 2025. *** Suzhou Xiongze Packaging Co., Ltd. was no longer a related party of the Group after 21 August 2024.
於2025年3月25日後，上海上新化妝品有限公司不再為本集團的關聯方。
於2025年4月11日後，上海趣一化妝品有限公司不再為本集團的關聯方。
於2024年8月21日後，蘇州雄澤包裝有限公司不再為本集團的關聯方。
Annual Report 2025 年度報告 | 237
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(b) Related party transactions:
The Group had the following transactions with related parties during the current year:
(b) 關聯方交易：
本集團於本年度與關聯方進行下列交易：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| Notes | RMB'000 | RMB'000 | |
| 附註 | 人民幣千元 | 人民幣千元 | |
| Associates: | 聯營公司: | ||
| Sales of products | 銷售產品 | (i) | 16 |
| 850 | |||
| Joint ventures: | 合營企業: | ||
| Sales of products | 銷售產品 | (i) | 3,989 |
| 24,221 | |||
| Service fees | 服務費 | (ii) | 580 |
| 6,904 | |||
| An entity controlled by Mr. Lyu Yixiong: | 受呂義雄先生控制的實體: | ||
| Purchases of products | 購買產品 | (iii), (iv) | 11,865 |
| Service fees | 服務費 | (ii) | 227 |
| Sales of products | 銷售產品 | (i) | 3 |
| - | |||
| An entity controlled by close relatives of Mr. Lyu Yixiong: | 受呂義雄先生的近親控制的實體: | ||
| Purchases of products | 購買產品 | (iii), (iv) | - |
| 76,809 |
Notes:
(i) The sales of products to the related parties were made according to the prices and terms offered by the related parties with reference to the market price.
(ii) The service fees from the related parties were based on the sales amount of the related parties.
(iii) The purchases of products from the related parties were made according to the prices and terms offered by the related parties with reference to the market price.
(iv) This related party transaction constitutes continuing connected transactions as defined in Chapter 14A of the Listing Rules.
附註：
(i) 向關聯方銷售產品乃參考市價根據關聯方提供的價格及條款作出。
(ii) 來自關聯方的服務費乃根據相關訂約方的銷售額計算。
(iii) 向關聯方購買產品乃參考市價根據關聯方提供的價格及條款作出。
(iv) 該關聯方交易構成上市規則第14A章所界定的持續關連交易。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
(c) Outstanding balances with related parties
(c) 與關聯方的尚未償還結餘
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Trade: | 貿易： | | | | Associates: | 聯營公司： | | | | Trade receivables | 貿易應收款項 | 2,819 | 3,748 | | Joint ventures: | 合營企業： | | | | Trade receivables | 貿易應收款項 | 6,137 | 24,556 | | Entities controlled by Mr. Lyu Yixiong: | 受呂義雄先生控制的實體： | | | | Trade payables | 貿易應付款項 | 105 | - |
The Group's trade balances with its joint ventures and associates are unsecured, interest-free and has no fixed terms of repayment.
本集團與其合營企業及聯營公司之間的貿易結餘為無抵押、免息且無固定還款期。
(d) Compensation of key management personnel of the Group:
(d) 本集團主要管理層成員的薪酬：
| | | 2025 2025年 RMB'000 人民幣千元 | 2024 2024年 RMB'000 人民幣千元 | | --- | --- | --- | --- | | Short term employee benefits | 短期僱員福利 | 8,033 | 8,211 | | Equity-settled share option expenses | 以權益結算的購股權開支 | 1,875 | 250 | | Total compensation paid to key management personnel | 支付予主要管理層成員的薪酬總額 | 9,908 | 8,461 |
Further details of directors' emoluments are included in note 9 to the financial statements.
有關董事酬金的進一步詳情載於財務報表附註9。
Annual Report 2025 年度報告 | 239
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows:
於報告期末，各類金融工具的賬面值如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Financial assets | 金融資產 | ||
| Financial assets at amortised cost: | 按攤銷成本列賬的金融資產： | ||
| Trade receivables | 貿易應收款項 | 365,445 | 424,652 |
| Financial assets included in prepayments, other receivables and other assets | 計入預付款項、其他應收款項及其他資產的金融資產 | 182,430 | 78,547 |
| Cash and cash equivalents | 現金及現金等價物 | 809,420 | 459,449 |
| Total | 總計 | 1,357,295 | 962,648 |
| Financial assets at fair value through profit or loss: | 按公平值計入損益的金融資產： | ||
| Financial assets at fair value through profit or loss | 按公平值計入損益的金融資產 | 148,383 | 244,324 |
| Financial assets at fair value through other comprehensive income: Debt investments: | 按公平值計入其他全面收入的金融資產：債務投資： | ||
| Bills receivable | 應收票據 | 400 | 905 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Financial liabilities | 金融負債 | ||
| Financial liabilities at amortised cost: | 按攤銷成本列賬的金融負債： | ||
| Trade payables | 貿易應付款項 | 678,323 | 638,407 |
| Financial liabilities included in other payables and accruals | 計入其他應付款項及應計費用的金融負債 | 317,552 | 230,231 |
| Interest-bearing bank borrowings | 計息銀行借款 | 290,064 | 60,080 |
| Put option | 認沽期權 | 28,670 | - |
| Total | 總計 | 1,314,609 | 928,718 |
The carrying amounts and fair values of the Group's financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows:
本集團金融工具（賬面值與公平值合理相若的金融工具除外）的賬面值及公平值如下：
| Carrying amounts | Fair values | |
|---|---|---|
| 賬面值 | 公平值 | |
| 2025 | 2024 | 2025 |
| 2025年 | 2024年 | 2025年 |
| RMB'000 | RMB'000 | RMB'000 |
| 人民幣千元 | 人民幣千元 | 人民幣千元 |
| Financial assets | 金融資產 | |
| Financial assets at fair value through profit or loss | 按公平值計入損益的金融資產 | 148,383 |
| Debt investments at fair value through other comprehensive income | 按公平值計入其他全面收入的債務投資 | 400 |
Annual Report 2025 年度報告 | 241
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The following tables illustrate the fair value measurement hierarchy of the Group's financial instruments:
Assets measured at fair value:
下表說明本集團金融工具的公平值計量層級：
按公平值計量的資產：
| Quoted prices in active markets (Level 1) | Fair value measurement using 用於公平值計量的參數 | |||
|---|---|---|---|---|
| Significant observable inputs (Level 2) 重大可觀察 | Significant unobservable inputs (Level 3) 重大不可觀察 | Total | ||
| 活躍市場報價 (第一級) | RMB'000 | 輸入數據 (第二級) | 輸入數據 (第三級) | 總計 |
| RMB'000 | 人民幣千元 | RMB'000 | 人民幣千元 | RMB'000 |
| 人民幣千元 | 人民幣千元 | |||
| As at 31 December 2025 | 於2025年12月31日 | |||
| Financial assets at fair value through profit or loss | 按公平值計入損益的金融資產 | 84,922 | 63,461 | - |
| Bills receivable | 應收票據 | - | 400 | - |
| Quoted prices in active markets (Level 1) | Fair value measurement using 用於公平值計量的參數 | |||
| --- | --- | --- | --- | --- |
| Significant observable inputs (Level 2) 重大可觀察 | Significant unobservable inputs (Level 3) 重大不可觀察 | Total | ||
| 活躍市場報價 (第一級) | RMB'000 | 輸入數據 (第二級) | 輸入數據 (第三級) | 總計 |
| RMB'000 | 人民幣千元 | RMB'000 | 人民幣千元 | RMB'000 |
| 人民幣千元 | 人民幣千元 | |||
| As at 31 December 2024 | 於2024年12月31日 | |||
| Financial assets at fair value through profit or loss | 按公平值計入損益的金融資產 | 118,031 | 126,293 | - |
| Bills receivable | 應收票據 | - | 905 | - |
The group use trading price method as valuation technique, the significant observable input used for valuation is recent observed price.
集團採用交易價格法作為估值方法，用於估值的重大可觀察輸入數據為最近期觀察價格。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
During the year, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities.
Management has assessed that the fair values of cash and cash equivalents, bills receivable, trade receivables, trade payables, financial assets included in prepayments, other receivables and other assets, current bank loans, financial liabilities included in other payables and accruals and lease liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments.
The fair values of interest-bearing bank borrowings have been calculated by discounting the expected future cash flows using rates currently available for instruments with similar terms, credit risk and remaining maturities. The changes in fair value as a result of the Group's own non-performance risk for interest-bearing bank borrowings as at the end of the reporting period were assessed to be insignificant.
The fair values of the non-current portion of financial liabilities have been calculated by discounting the expected future cash flows of the amount payable on exercise of the put option over non-controlling interests which is approximate to their carrying amounts.
於年內，金融資產及金融負債的第一級與第二級之間的公平值計量並無轉移且第三級並無轉入或轉出。
管理層已評估現金及現金等價物、應收票據、貿易應收款項、貿易應付款項、計入預付款項、其他應收款項及其他資產的金融資產、即期銀行貸款、計入其他應付款項及應計費用的金融負債以及租賃負債的公平值與賬面值相若，主要由於該等工具的剩餘期限不長。
計息銀行借款的公平值乃使用具有類似條款、信貸風險及剩餘期限的工具的現時可用利率貼現預期未來現金流量計算。於報告期末，本集團自身的計息銀行借款的不履約風險導致的公平值變動被評估為不重大。
金融負債非流動部分的公平值乃通過對行使有關非控股權益的認洽期權時應付款項的預期未來現金流量進行貼現計算得出，其金額與其賬面值相若。
Annual Report 2025 年度報告 | 243
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group's finance department headed by the finance manager is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The corporate finance team reports directly to the chief financial officer and the board of directors. At each reporting date, the finance department analyses the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the chief financial officer and also are discussed with the audit committee.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The Group's principal financial instruments comprise cash and cash equivalents, lease liabilities, and interest-bearing bank borrowings. The main purpose of these financial instruments is to support the Group's operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables which arise directly from its operations.
The main risks arising from the Group's financial instruments are foreign currency risk, credit risk and liquidity risk. The board of directors reviews and agrees policies for managing these risks and they are summarised below.
The Group's major businesses are in Chinese Mainland and the majority of the transactions are conducted in RMB. Most of the Group's assets and liabilities are denominated in RMB. The Group does not have material foreign currency risk during the year.
本集團的財務部由財務經理領導，負責制定金融工具公平值計量的政策和程序。公司財務團隊直接向財務總監和董事會報告。於各報告日期，財務部分析金融工具價值變動，並確定估值適用的主要輸入值。估值須經財務總監審核並批准，亦會與審計委員會討論。
金融資產及負債的公平值按自願雙方於當前交易（強制或清算出售除外）中交換有關工具的金額入賬。
本集團的主要金融工具包括現金及現金等價物、租賃負債及計息銀行借款。該等金融工具的主要目的是為支持本集團的營運。本集團有多項其他金融資產及負債，如其營運中直接產生的貿易應收款項及貿易應付款項。
本集團金融工具產生的主要風險為外幣風險、信貸風險及流動資金風險。董事會審閱及批准管理該等風險的政策，詳情概述如下。
本集團主要業務位於中國內地及大部分交易以人民幣進行。本集團大部分資產及負債以人民幣計值。於年內，本集團並無重大外幣風險。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group trades only with recognised and creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis and the Group's exposure to bad debts is not significant.
The table below shows the credit quality and the maximum exposure to credit risk based on the Group's credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as at 31 December.
The amounts presented are gross carrying amounts for financial assets.
As at 31 December 2025
本集團僅與獲認可且信譽良好的第三方進行交易。本集團秉持的政策是，所有希望以信貸方式進行交易的客戶須接受信貸審核程序。此外，持續對應收款項結餘進行監控，而本集團承受的壞賬風險並不重大。
下表顯示於12月31日基於本集團信貸政策的信貸質素及承擔的最大信貸風險（其主要基於逾期資料所作出，除非其他資料無須過多成本或努力可獲取）及年末的階段分類。
所呈列金額為金融資產的總賬面值。
於2025年12月31日
| | 12-month ECLs 十二個月預期 信貸虧損 | Lifetime ECLs | | | Total | | --- | --- | --- | --- | --- | --- | | | | 全期預期信貸虧損 | | | 總計 | | | Stage 1 第一階段 RMB'000 人民幣千元 | Stage 2 第二階段 RMB'000 人民幣千元 | Stage 3 第三階段 RMB'000 人民幣千元 | Simplified approach 簡化法 RMB'000 人民幣千元 | RMB'000 人民幣千元 | | Bills receivable | 應收票據 | 400 | - | - | 400 | | Trade receivables* | 貿易應收款項* | - | - | 385,086 | 385,086 | | Financial assets included in prepayments, other receivables and other assets | 計入預付款項，其他應收款項 及其他資產的金融資產 | | | | | | - Normal** | - 正常** | 182,430 | - | - | 182,430 | | Cash and cash equivalents | 現金及現金等價物 | | | | | | - Not yet past due | - 尚未逾期 | 809,420 | - | - | 809,420 | | Total | 總計 | 992,250 | - | - | 385,086 |
Annual Report 2025 年度報告 | 245
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Maximum exposure and year-end staging (continued)
As at 31 December 2024
於2024年12月31日
| | 12-month ECLs 十二個月預期 信貸虧損 | Lifetime ECLs | | | Total | | --- | --- | --- | --- | --- | --- | | | | 全期預期信貸虧損 | | | 總計 | | | Stage 1 第一階段 RMB'000 人民幣千元 | Stage 2 第二階段 RMB'000 人民幣千元 | Stage 3 第三階段 RMB'000 人民幣千元 | Simplified approach 簡化法 RMB'000 人民幣千元 | RMB'000 人民幣千元 | | Bills receivable | 應收票據 | 905 | - | - | 905 | | Trade receivables* | 貿易應收款項* | - | - | 439,090 | 439,090 | | Financial assets included in prepayments, other receivables and other assets | 計入預付款項、 其他應收款項及 其他資產的金融資產 | | | | | | - Normal** | - 正常** | 78,547 | - | - | 78,547 | | Cash and cash equivalents | 現金及現金等價物 | | | | | | - Not yet past due | - 尚未逾期 | 459,449 | - | - | 459,449 | | Total | 總計 | 538,901 | - | 439,090 | 977,991 |
** The credit quality of the financial assets included in prepayments, other receivables and other assets is considered to be "normal" when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be "doubtful".
At the end of the reporting period, the Group had certain concentrations of credit risk as 43% (2024: 33%) and 79% (2024: 68%) of the Group's trade receivables were due from the Group's largest customer and five largest customers, respectively. The Group does not hold any collateral or other credit enhancement for the balance of trade receivable.
** 計入預付款項、其他應收款項及其他資產的金融資產的信貸質素於未逾期時被視為「正常」及並無資料顯示金融資產的信貸風險自初步確認以來已大幅增加。否則，金融資產的信貸質素被視為「可疑」。
於報告期末，由於本集團 43% （2024年：33%）及 79% （2024年：68%）的貿易應收款項分別屬應收本集團的最大客戶及五大客戶款項，故本集團存在一定程度的信貸風險集中。本集團並無就貿易應收款項結餘持有任何抵押物或採取其他信貸增強措施。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial instruments and projected cash flows from operations.
The maturity profile of the Group's financial liabilities as at the end of the reporting period, based on the contractual undiscounted payments, is as follows:
As at 31 December 2025
本集團採用經常性流動資金計劃工具，監察其資金短缺的風險。此工具會考慮其金融工具到期日及來自經營業務的預期現金流量。
基於合約未貼現付款，本集團金融負債於報告期末的到期情況如下：
於2025年12月31日
| Within | 1 to | Over | |||
|---|---|---|---|---|---|
| 1 year | 5 years | 5 years | Total | ||
| 1年內 | 1至5年 | 5年以上 | 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 | ||
| Trade payables | 貿易應付款項 | 678,323 | - | - | 678,323 |
| Financial liabilities included in other payables and accruals | 計入其他應付款項及應計費用的金融負債 | 288,882 | - | 28,670 | 317,552 |
| Interest-bearing bank borrowings | 計息銀行借款 | 293,734 | - | - | 293,734 |
| Lease liabilities | 租賃負債 | 17,886 | 208,050 | 213,945 | 439,881 |
| Total | 總計 | 1,278,825 | 208,050 | 242,615 | 1,729,490 |
Annual Report 2025 年度報告 | 247
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Liquidity risk (continued)
As at 31 December 2024
流動資金風險（續）
於2024年12月31日
| Within | 1 to | |||
|---|---|---|---|---|
| 1 year | 5 years | Total | ||
| 1年內 | 1至5年 | 總計 | ||
| RMB'000 | RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | 人民幣千元 | ||
| Trade payables | 貿易應付款項 | 638,407 | - | 638,407 |
| Financial liabilities included in other payables | 計入其他應付款項及 | |||
| and accruals | 應計費用的金融負債 | 230,231 | - | 230,231 |
| Interest-bearing bank borrowings | 計息銀行借款 | 60,080 | - | 60,080 |
| Lease liabilities | 租賃負債 | 43,471 | 9,483 | 52,954 |
| Total | 總計 | 972,189 | 9,483 | 981,672 |
The primary objectives of the Group's capital management are to safeguard the Group's ability to continue as a going concern and to maintain healthy capital ratios in order to support its business and maximise shareholders' value.
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is not subject to any externally imposed capital requirements. No change was made in the objectives, policies or processes for managing capital during the years ended 31 December 2025 and 31 December 2024.
The Group monitors capital using a gearing ratio, which is total debt divided by the total equity. Total debt includes current liabilities and non-current liabilities. Total equity includes equity attributable to owners of the parent and non-controlling interests.
本集團資金管理的主要目的乃保障本集團有能力持續經營及維持穩健資本比率以支持其業務及使股東價值最大化。
本集團管理其資本結構並根據經濟狀況的變化及相關資產的風險特徵對其作出調整。為保持或調整資本結構，本集團可調整向股東派付的股息，向股東歸還資本或發行新股。本集團不受任何外界施加的資金規定所限。截至2025年12月31日及2024年12月31日止年度，資本管理目標、政策或流程概無任何變動。
本集團採用資產負債比率（即總債務除以總權益）監察資本。總債務包括流動負債及非流動負債。總權益包括母公司擁有人應佔權益及非控股權益。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
The gearing ratios as at the end of the reporting period were as follows:
報告期末的資產負債比率如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| Total debt* | 總債務* | 632,201 | 111,671 |
| Total equity | 權益總額 | 2,874,504 | 2,234,670 |
| Gearing ratio | 資產負債比率 | 21.99% | 5.00% |
There is no material subsequent event undertaken by the Group after 31 December 2025.
本集團於2025年12月31日後並無進行重大期後事項。
Annual Report 2025 年度報告 | 249
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Information about the statement of financial position of the Company at the end of the reporting period is as follows:
本公司於報告期末的財務狀況表資料如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| NON-CURRENT ASSETS | 非流動資產 | ||
| Property, plant and equipment | 物業、廠房及設備 | 14,903 | 14,507 |
| Prepayments, other receivables and other assets | 預付款項、其他應收款項及其他資產 | 1,919 | 7,678 |
| Right-of-use assets | 使用權資產 | 41,953 | 24,286 |
| Other intangible assets | 其他無形資產 | 9,118 | 11,686 |
| Investments in subsidiaries | 於附屬公司的投資 | 1,062,723 | 664,588 |
| Investment in associates | 於聯營公司的投資 | 144,721 | 109,667 |
| Deferred tax assets | 遞延稅項資產 | 39,668 | 16,964 |
| Total non-current assets | 非流動資產總值 | 1,315,005 | 849,376 |
| CURRENT ASSETS | 流動資產 | ||
| Inventories | 存貨 | - | 346 |
| Trade and bills receivables | 貿易應收款項及應收票據 | 23,750 | 1,090,620 |
| Prepayments, other receivables and other assets | 預付款項、其他應收款項及其他資產 | 997,398 | 627,475 |
| Financial assets at fair value through profit or loss | 按公平值計入損益的金融資產 | 63,461 | 126,293 |
| Cash and cash equivalents | 現金及現金等價物 | 149,570 | 76,697 |
| Total current assets | 流動資產總值 | 1,234,179 | 1,921,431 |
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| RMB'000 | RMB'000 | ||
| 人民幣千元 | 人民幣千元 | ||
| CURRENT LIABILITIES | 流動負債 | ||
| Trade payables | 貿易應付款項 | 90 | 414,112 |
| Other payables and accruals | 其他應付款項及應計費用 | 55,219 | 133,468 |
| Interest-bearing bank borrowings | 計息銀行借款 | 140,064 | 40,080 |
| Lease liabilities | 租賃負債 | 5,312 | 17,869 |
| Tax payable | 應付稅項 | 9,862 | 11,403 |
| Total current liabilities | 流動負債總額 | 210,547 | 616,932 |
| NET CURRENT ASSETS | 流動資產淨值 | 1,023,632 | 1,304,499 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 總資產減流動負債 | 2,338,637 | 2,153,875 |
| NON-CURRENT LIABILITIES | 非流動負債 | ||
| Lease liabilities | 租賃負債 | 37,027 | 8,222 |
| Total non-current liabilities | 非流動負債總額 | 37,027 | 8,222 |
| NET ASSETS | 資產淨值 | 2,301,610 | 2,145,653 |
| EQUITY | 權益 | ||
| Share capital | 股本 | 398,107 | 398,025 |
| Reserves | 儲備 | 1,903,503 | 1,747,628 |
| Total equity | 權益總額 | 2,301,610 | 2,145,653 |
Annual Report 2025 年度報告 | 251
Notes to Financial Statements
財務報表附註
31 December 2025
2025年12月31日
Note: A summary of the Company's reserves is as follows:
附註： 本公司儲備概要如下：
| | | Share capital 股本 RMB'000 人民幣千元 | Share premium 股份溢價 RMB'000 人民幣千元 | Capital reserve 資本儲備 RMB'000 人民幣千元 | Statutory reserve funds 法定儲備基金 RMB'000 人民幣千元 | Retained profits 保留利潤 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 | 於2023年12月31日及2024年1月1日 | 397,958 | 991,327 | 110,602 | 74,695 | 410,842 | 1,985,424 | | Total comprehensive income for the year | 年內全面收入總額 | - | - | - | - | 750,667 | 750,667 | | Final 2023 dividend declared | 宣派的2023年末期限息 | - | - | - | - | (298,468) | (298,468) | | Interim 2024 dividend paid | 已付2024年中期限息 | - | - | - | - | (298,519) | (298,519) | | Equity-settled share-based compensation | 以權益結果股份為基礎的薪酬 | 67 | 6,482 | - | - | - | 6,549 | | Transfer from retained profits | 自保留利潤轉撥 | - | - | - | 75,154 | (75,154) | - | | At 31 December 2024 | 於2024年12月31日 | 398,025 | 997,809 | 110,602 | 149,849 | 489,368 | 2,145,653 | | Total comprehensive income for the year | 年內全面收入總額 | - | - | - | - | 646,875 | 646,875 | | Final 2024 dividend declared | 宣派的2024年末期限息 | - | - | - | - | (298,519) | (298,519) | | Interim 2025 dividend paid | 已付2025年中期限息 | - | - | - | - | (199,053) | (199,053) | | Equity-settled share-based compensation | 以權益結果股份為基礎的薪酬 | 82 | 6,572 | - | - | - | 6,654 | | Transfer from retained profits | 自保留利潤轉撥 | - | - | - | 49,205 | (49,205) | - | | At 31 December 2025 | 於2025年12月31日 | 398,107 | 1,004,381 | 110,602 | 199,054 | 589,466 | 2,301,610 |
The financial statements were approved and authorised for issue by the board of directors on 26 March 2026.
財務報表已於2026年3月26日獲董事會批准及授權刊發。
| Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司
CCM上美股份 Shanghai Chicmax Cosmetic Co., Ltd.