00899 中加国信 财务报表/环境、社会及管治资料：二零二五年年报
ANNUAL REPORT
年报
CONTENTS
目录
CORPORATE INFORMATION
公司资料
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
CORPORATE GOVERNANCE REPORT
企业管治报告
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION AND ANALYSIS
董事会总结与管理层讨论及分析
DIRECTORS’ REPORT
董事会报告
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
综合损益及其他全面收益表
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
FINANCIAL SUMMARY
财务摘要
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司2
CORPORATE INFORMATION
公司资料
BOARD OF DIRECTORS
Executive Directors
Ms. Ouyang Yanling (Chairman)
Mr. Li Yuguo
Mr. Liu Yan Chee James (Former Chief Executive Officer) (Note 1)
Mr. Li Xiaoming
Ms. Wen Junyi (Note 2)
Mr. Chan Wai Fung (Chief Executive Officer) (Note 3)
Non-executive Directors
Mr. Yang Xiaoqiang (Vice Chairman)
Mr. Huang Yilin
Mr. Chen Dong Yao
Independent Non-executive Directors
Mr. Ba Junyu
Mr. So Ting Kong (Note 4)
Mr. Wong Sung (Note 5)
Mr. Xu Xingge (Note 6)
Dr. Liang Jinxiang (Note 7)
COMPANY SECRETARY
Mr. Wu Ho Wai (Note 8)
Ms. Lam Yat Ting (Note 9)
Mr. Cheng King Yip (Note 10)
AUDIT COMMITTEE
Mr. Ba Junyu
Mr. So Ting Kong (Chairman) (Note 4)
Mr. Wong Sung (Note 5)
Mr. Xu Xingge (Note 6)
Dr. Liang Jinxiang (Chairman) (Note 7)
REMUNERATION COMMITTEE
Mr. Ba Junyu (Chairman)
Mr. So Ting Kong (Note 4)
Mr. Wong Sung (Note 5)
Mr. Xu Xingge (Note 6)
Dr. Liang Jinxiang (Note 7)
董事会
执行董事
欧阳艳玲女士（主席）
李玉国先生
刘恩赐先生（前行政总裁）（附注1）
李晓明先生
温钧贻女士（附注2）
陈伟峰先生（行政总裁）（附注3）
非执行董事
杨小强先生（副主席）
黄逸林先生
陈东尧先生
独立非执行董事
巴俊宇先生
苏定江先生（附注4）
黄嵩先生（附注5）
徐兴鸽先生（附注6）
梁金祥博士（附注7）
公司秘书
胡可为先生（附注8）
林溢婷女士（附注9）
郑璟烨先生（附注10）
审核委员会
巴俊宇先生
苏定江先生（主席）（附注4）
黄嵩先生（附注5）
徐兴鸽先生（附注6）
梁金祥博士（主席）（附注7）
薪酬委员会
巴俊宇先生（主席）
苏定江先生（附注4）
黄嵩先生（附注5）
徐兴鸽先生（附注6）
梁金祥博士（附注7）
3Annual Report
2025 年报
CORPORATE INFORMATION
公司资料
提名委员会
巴俊宇先生（主席）
李玉国先生
苏定江先生（附注4）
黄嵩先生（附注5）
徐兴鸽先生（附注6）
陈伟峰先生（附注3）
股份代号
核数师
利安达香港会计师事务所有限公司
（前称为刘欧阳会计师事务所有限公司）
执业会计师
香港湾仔
庄士敦道181号
大有大厦21楼
主要往来银行
中国建设银行（亚洲）股份有限公司
交通银行股份有限公司香港分行
香港上海汇丰银行有限公司
注册办事处
Clarendon House, 2 Church Street
Hamilton HM11, Bermuda
NOMINATION COMMITTEE
Mr. Ba Junyu (Chairman)
Mr. Li Yuguo
Mr. So Ting Kong (Note 4)
Mr. Wong Sung (Note 5)
Mr. Xu Xingge (Note 6)
Mr. Chan Wai Fung (Note 3)
STOCK CODE
AUDITORS
Reanda HK CPA Limited
(Formerly known as Lau & Au Yeung C.P.A. Limited)
Certified Public Accountants
21/F, Tai Yau Building
181 Johnston Road
Wanchai, Hong Kong
PRINCIPAL BANKERS
China Construction Bank (Asia) Corporation Limited
Bank of Communications Co., Ltd. Hong Kong Branch
The Hongkong and Shanghai Banking Corporation Limited
REGISTERED OFFICE
Clarendon House, 2 Church Street
Hamilton HM11, Bermuda
Note 1: Ceased to be the Chief Executive Officer on 14 March 2025
Note 2: Appointed with effect from 12 June 2024 and resigned with effect from 26 March 2025
Note 3: Appointed as the Chief Executive Officer with effect from 19 March 2025, appointed
as an Executive Director and a member of the nomination committee with effect from
26 March 2025
Note 4: Appointed with effect from 22 May 2024 and resigned and ceased to be the chairman
of audit committee with effect from 31 January 2025
Note 5: Appointed as an Independent Non-executive Directors and appointed as a member of
audit committee, remuneration committee and nomination committee with effect from
22 May 2024
Note 6: Appointed as an Independent Non-executive Directors and appointed as a member of
audit committee, remuneration committee and nomination committee with effect from
22 May 2024
Note 7: Appointed as an Independent Non-executive Directors, appointed as the chairman of
audit committee and appointed as a member of remuneration committee with effect
from 2 April 2025
Note 8: Resigned with effect from 23 December 2024
Note 9: Appointed with effect from 23 December 2024 and resigned with effect from 30 April
Note 10: Appointed with effect from 30 April 2025
附注1： 于二零二五年三月十四日起不再出任行政总裁
附注2： 自二零二四年六月十二日起获委任，并自二零
二五年三月二十六日起辞任
附注3： 自二零二五年三月十九日起获委任为行政总裁，
并自二零二五年三月二十六日起获委任为执行董
事及提名委员会成员
附注4： 自二零二四年五月二十二日起获委任，并自二零
二五年一月三十一日起辞任并不再出任审核委员
会主席
附注5： 自二零二四年五月二十二日起获委任为独立非执
行董事，并获委任为审核委员会、薪酬委员会及
提名委员会成员
附注6： 自二零二四年五月二十二日起获委任为独立非执
行董事，并获委任为审核委员会、薪酬委员会及
提名委员会成员
附注7： 自二零二五年四月二日起获委任为独立非执行
董事，并获委任为审核委员会主席及薪酬委员会
成员
附注8： 自二零二四年十二月二十三日起辞任
附注9： 自二零二四年十二月二十三日起获委任，并自二
零二五年四月三十日起辞任
附注10： 自二零二五年四月三十日起获委任
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司4
CORPORATE INFORMATION
公司资料
PRINCIPAL PLACE OF BUSINESS
IN HONG KONG
Room 2601, 26/F, West Tower Shun Tak Centre
168-200 Connaught Road Central, Sheung Wan
Hong Kong
(shall be changed to 21st Floor, CMA Building
64 Connaught Road Central, Hong Kong
with effect from 1 July 2025)
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFFICE (IN BERMUDA)
Conyers Corporate Services (Bermuda) Limited
Clarendon House, 2 Church Street
Hamilton HM11, Bermuda
BRANCH SHARE REGISTRAR AND
TRANSFER OFFICE (IN HONG KONG)
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
WEBSITE
http://www.zhongjiagx.com
香港主要营业地点
香港
上环干诺道中168-200号
信德中心西座26楼2601室
（由二零二五年七月一日起，更改为香港
中环干诺道中64号
厂商会大厦21楼）
股份过户登记总处（百慕达）
Conyers Corporate Services (Bermuda) Limited
Clarendon House, 2 Church Street
Hamilton HM11, Bermuda
股份过户登记分处（香港）
卓佳证券登记有限公司
香港
夏悫道16号
远东金融中心17楼
网址
http://www.zhongjiagx.com
5Annual Report
2025 年报
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
The biographical details of the Directors as at the date of this report are as
follows:
EXECUTIVE DIRECTORS
Ms. Ouyang Yanling, aged 41, has been an Executive Director of the
Company since 23 February 2024 and the Chairman of the board of
directors since 2 April 2024.
Ms. Ouyang has more than 10 years of experience in graphite mining
industry management since 2013.
Ms. Ouyang was an investment consultant at Hunan Wanhe Graphite
Technology Co., Ltd.* (湖南万合石墨科技有限公司) from 2013 to 2018.
Ms. Ouyang then served as a supervisor at Hunan Zhongjia Graphite
Co., Ltd.* (湖南中加石墨股份有限公司) from around October 2018 to
November 2021. Since 16 September 2020, she has been a director of
Sino Plus Graphite Holdings Co., Ltd (中加石墨控股股份有限公司). From
26 June 2023 onwards, she has been a director of Zhongjiaxincai Holdings
Co., Ltd (中加新材控股股份有限公司). Furthermore, since 15 June 2023,
she has been a director of Yongming Investment Holdings Limited (永名
投资控股有限公司), which is an indirect non wholly-owned subsidiary of
the Company; and since 8 June 2023, she has been a director of Yonyin
Investment Holdings Limited (永亦投资控股有限公司), which is an
indirect wholly-owned subsidiary of the Company.
Ms. Ouyang is mainly responsible for advising on the aforesaid companies’
business development matters. Her responsibilities include overseeing the
business operations and development of the aforesaid companies, mergers
and acquisitions of mining companies, project consulting, production,
operation and investment plans, and other related work.
Ms. Ouyang completed a 5-year college degree from Yueyang Vocational
and Technical College (岳阳职业技术学院) in June 2004 and obtained a
college degree.
于本报告日期董事履历详情如下：
执行董事
欧阳艳玲女士，41岁，自二零二四年二月
二十三日起担任为本公司执行董事，并自二
零二四年四月二日起担任为董事会主席。
欧阳女士自二零一三年起于石墨开采行业管
理方面拥有逾十年经验。
欧阳女士于二零一三年至二零一八年曾担任
湖南万合石墨科技有限公司投资顾问。欧阳
女士其后于二零一八年十月至二零二一年
十一月左右曾担任湖南中加石墨股份有限公
司监事。彼自二零二零年九月十六日起出任
中加石墨控股股份有限公司董事。彼自二零
二三年六月二十六日起出任中加新材控股股
份有限公司董事。再者，彼自二零二三年六
月十五日起出任永名投资控股有限公司（为本
公司间接非全资附属公司）董事；且彼自二零
二三年六月八日起出任永亦投资控股有限公
司（为本公司间接全资附属公司）董事。
欧阳女士主要负责就上述公司的业务发展事
宜提供建议。彼之职责包括监察上述公司的
业务营运及发展、开采公司的并购、项目咨
询、生产、经营及投资计划以及其他相关工
作。
欧阳女士于二零零四年六月于岳阳职业技术
学院修毕五年制大专课程，并取得大专学历。
* For identification purpose only
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司6
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
李玉国先生，71岁，自二零一七年八月十六
日起担任本公司执行董事，并自二零一八
年七月二十四日起担任本公司提名委员会
成员。彼于二零一七年九月二十二日至二
零二四年四月二日期间曾担任本公司董事会
主席，且于二零一八年七月二十四日至二零
二四年四月二日期间曾担任本公司提名委员
会主席。 彼亦为本公司若干附属公司之董事。
李先生于二零二四年一月十五日至二零二四
年五月十二日期间曾担任香港联合交易所有
限公司（「联交所」)主板上市公司富汇国际集
团控股有限公司（股份代号：1034）之执行董
事。彼自二零一八年九月十九日至二零二四
年五月二十二日期间曾担任联交所主板上市
公司高鹏矿业控股有限公司（「高鹏矿业」）（股
份代号：2212）之执行董事，并曾于二零二零
年六月十六日至二零二二年五月二十三日担
任高鹏矿业行政总裁。彼曾于二零一三年七
月至二零二一年三月期间担任联交所主板上
市公司盛京银行股份有限公司（「盛京银行」）
（股份代号：2066）之非执行董事，并曾于二
零一四年六月至二零一八年二月期间担任盛
京银行副董事长。彼自二零一三年六月起为
辽宁汇宝国际投资集团有限公司董事长，及
自一九九三年五月起为北京九台集团有限公
司董事长。在此之前，彼于一九八三年八月
至一九九二年十月期间，先后于中国科学技
术协会计划局担任财务处主任科员、副处长
及处长。
李先生于一九八三年七月毕业于江西财经大
学（前称江西财经学院）（中国江西），主修工
业财会。
Mr. Li Yuguo, aged 71, has been an Executive Director of the Company
since 16 August 2017 and a member of the nomination committee of
the Company since 24 July 2018. He was the chairman of the board of
directors of the Company from 22 September 2017 to 2 April 2024. He
was also the chairman of the nomination committee of the Company from
24 July 2018 to 2 April 2024. He is also a director of certain subsidiaries of
the Company.
Mr. Li was an executive director of Fullwealth International Group Holdings
Limited, a company listed on the Main Board of The Stock Exchange of
Hong Kong Limited (the “Stock Exchange”) (Stock Code: 1034), from 15
January 2024 to 12 May 2024. He was an executive director of Future
Bright Mining Holdings Limited (“Future Bright”), a company listed on the
Main Board of the Stock Exchange (Stock Code: 2212), from 19 September
2018 to 22 May 2024 and was the chief executive officer of Future Bright
from 16 June 2020 to 23 May 2022. He was a non-executive director of
Shengjing Bank Co., Ltd. (“Shengjing Bank”), a company listed on the Main
Board of the Stock Exchange (Stock Code: 2066), from July 2013 to March
2021 and was the vice chairman of the board of directors of Shengjing Bank
from June 2014 to February 2018. He has been the chairman of Liaoning
Huibao International Investment Group Co., Ltd.* (辽宁汇宝国际投资集
团有限公司) since June 2013 and has been the chairman of Beijing Jiutai
Group Co., Ltd.* (北京九台集团有限公司) since May 1993. Prior to that,
he successively worked at the planning bureau of the China Association
for Science and Technology (中国科学技术协会) as principal staff, deputy
chief and chief of the accounting division from August 1983 to October
1992.
Mr. Li graduated from Jiangxi University of Finance and Economics
(formerly known as Jiangxi Institute of Finance and Economics* (江西财经
学院)) (Jiangxi, PRC) in July 1983, majoring in industrial accounting.
* For identification purpose only
7Annual Report
2025 年报
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
Mr. Liu Yan Chee James, aged 55, has been an Executive Director of
the Company since 26 April 2017. He was the Chief Executive Officer of
the Company from 1 August 2018 to 14 March 2025.
He has over 20 years of experience in finance and accounting. He was
(i) an executive director of Future Bright (Stock Code: 2212) from 9
August 2019 to 30 September 2023 and the chief executive officer of
Future Bright from 26 October 2018 to 16 June 2020; (ii) an executive
director of Mindtell Technology Limited, a company listed on GEM of the
Stock Exchange (Stock Code: 8611), from 8 March 2018 to 8 June 2023
and (iii) an independent non-executive director of Luen Wong Group
Holdings Limited, a company listed on GEM of the Stock Exchange (Stock
Code: 8217), from March 2016 to December 2017.
In February 1994, he graduated from Dalhousie University in Canada with
a Bachelor of Commerce.
Mr. Liu was criticised by the Listing Committee of the Stock Exchange
on 20 January 2020 in relation to his breach of Rule 3.08(f) of the Rules
Governing the Listing of Securities on the Stock Exchange (“Listing Rules”),
and his obligations under the Declaration and Undertaking with regards to
Directors given by him to the Stock Exchange, in discharging his fiduciary
duties as an executive director of the Company with sufficient skill, care and
diligence of a director as may reasonably be expected of a person of his
knowledge and experience and holding his office. For details, please refer
to the announcement of the Company dated 23 January 2020.
刘恩赐先生，55岁，自二零一七年四月
二十六日起担任本公司执行董事。彼于二零
一八年八月一日至二零二五年三月十四日期
间曾担任本公司行政总裁。
彼于财务及会计方面拥有逾20年经验。彼
(i)于二零一九年八月九日至二零二三年九月
三十日期间担任高鹏矿业（股份代号：2212）
之执行董事及于二零一八年十月二十六日至
二零二零年六月十六日期间担任高鹏矿业之
行政总裁；(ii)于二零一八年三月八日至二
零二三年六月八日期间担任联交所GEM上市
公司Mindtell Technology Limited（股份代号：
8611）的执行董事及(iii)于二零一六年三月至
二零一七年十二月期间担任联交所GEM上
市公司联旺集团控股有限公司（股份代号：
8217）之独立非执行董事。
于一九九四年二月，彼从加拿大达尔豪西大
学(Dalhousie University)毕业，并取得商业学
士学位。
联交所上市委员会于二零二零年一月二十日
就刘先生违反联交所证券上市规则（「上市规
则」）第3.08(f)条及向联交所作出的董事声明
及承诺项下的责任（即履行其作为本公司执行
董事诚信责任及以董事足够的技能、谨慎及
勤勉行事，程度相当于别人合理地预期一名
具备相同知识及经验，并担任董事职务的人
士所应有的程度）作出批评。有关详情，请参
阅本公司日期为二零二零年一月二十三日的
公告。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司8
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
李晓明先生，58岁，自二零二二年十一月
二十一日起担任本公司执行董事。
李先生于一九八五年至一九九零年期间曾
任职于北京中瑞奶业培训中心。李先生于
一九九四年十二月至一九九五年十二月曾
为北京美华达装饰中心担任经理。彼自
一九九八年起至今一直为北京龙鑫房地产开
发集团有限公司担任主席及法定代表人。于
二零一零年九月至二零一二年一月，李先生
曾为北京华业通装饰工程有限公司担任监
事。彼自二零一二年起至今一直为北京市新
光灯具有限责任公司担任监事。自二零二一
年起至今，李先生一直为北京金华投资发展
有限公司担任总经理。
李先生于一九八七年毕业于北京人文函授大
学（现称北京人文大学），并取得法律系学士
学位。彼并于一九九八年毕业于中国社会科
学院研究生院，并取得财贸经济系国际贸易
专业硕士学位。
Mr. Li Xiaoming, aged 58, has been an Executive Director of the
Company since 21 November 2022.
Mr. Li worked in Beijing Zhongrui Dairy Training Centre* (北京中瑞奶
业培训中心) during the period between 1985 and 1990. Mr. Li was the
manager of Beijing Meihuada Design Centre* (北京美华达装饰中心) from
December 1994 to December 1995. He has been the chairman and legal
representative of Beijing Longxin Real Estate Development Co., Ltd. (北京
龙鑫房地产开发集团有限公司) since 1998 to present. From September
2010 to January 2012, Mr. Li was the supervisor of Beijing Huayetong
Decoration Engineering Co. Ltd. (北京华业通装饰工程有限公司). He
has become the supervisor of Beijing Xinguang Lamp Ware Co., Ltd.* (北
京市新光灯具有限责任公司) from 2012 to present. Mr. Li has been the
general manager of Beijing Jinhua Investment Development Co., Ltd.* (北
京金华投资发展有限公司) since 2021 to date.
Mr. Li graduated from Beijing Renwen Hanshou University* (北京人文函授
大学) (now known as Beijing Renwen University) with a bachelor’s degree
in Law in 1987. He also graduated from the Graduate School of Chinese
Academy of Social Sciences with a master degree in international trade
from the Department of Finance, Trade and Economics in 1998.
* For identification purpose only
9Annual Report
2025 年报
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
Mr. Chan Wai Fung (陈伟峰), aged 40, is our executive Director, chief
executive officer and a member of the nomination committee. Mr. Chan
appointed as chief executive officer on 19 March 2025 and executive
Director on 26 March 2025. He is also a director of certain subsidiaries of
the Company.
Mr. Chan has extensive experience in the areas of business management,
financial market, corporate goverance and corporate finance. Mr. Chan
was the responsible officer in Silverbricks Securities Company Limited
(“Silverbricks”), a licensed corporation registered under SFO to carry out
Type 1 (dealing in securities), Type 2 (dealing in futures), Type 6 (advising
on corporate finance) regulated activities, from February 2022 to March
2025, and he was a vice president of the Silverbricks from July 2020 to
January 2022. Mr. Chan was a co-founder and director of Draco Capital
Limited from October 2018 to June 2020. Mr. Chan held various positions
in Haitong International Securities Group Limited starting from November
2010 as an assistant business manager until April 2012, worked as an officer
in CEO office from April 2012 to July 2014, became assistant manager in
the investment and product team from August 2014 to July 2017, and was a
vice president from July 2017 to October 2018. Mr. Chan joined the Chief
Securities Group Limited from May 2008 to August 2010 as dealing officer.
Mr. Chan received his Bachelor of Social Science degree in Economics from
the Chinese University of Hong Kong in 2007 and his Master of Business
Administration from the Shanghai University of Finance and Economics
in 2016. Mr. Chan has also been awarded the qualification of a certified
Financial Risk Manager (FRM) in 2010, Chartered Financial Analyst (CFA)
in 2012 and Chartered Surveyor (MRICS) in 2023. Mr. Chan is a fellow
member of Chartered Institute of Management Accountants (CIMA), a
Chartered Global Management Accountant (CGMA) and a member of
CPA Australia.
Mr. Chan has been a non-executive director of 1957 & Co. (Hospitality)
Limited (stock code 8495), a company listed on GEM of The Stock
Exchange of Hong Kong Limited, since August 2022.
陈伟峰先生，40岁，为本公司执行董事、行政
总裁及提名委员会成员。陈先生于二零二五年
三月十九日获委任为行政总裁，并于二零二五
年三月二十六日获委任为执行董事。 彼亦为本
公司若干附属公司之董事。
陈先生在商业管理、金融市场、企业管治及
机构融资领域中拥有丰富经验。自二零二二
年二月至二零二五年三月，陈先生曾任元库
证券有限公司（「元库」，根据证券及期货条例
注册可从事第1类（证券交易）、第2类（期货
买卖）、第6类（就机构融资提供意见）受规管
活动的持牌法团）之负责人员，彼于二零二零
年七月至二零二二年一月为元库副总裁。陈
先生于二零一八年十月至二零二零年六月为
珑盛资本有限公司共同创办人兼董事。陈先
生自二零一零年十一月起于海通国际证券集
团有限公司担任多个职位，直至二零一二年
四月担任助理业务经理，自二零一二年四月
至二零一四年七月于行政总裁办公室担任高
级人员，自二零一四年八月至二零一七年七
月成为投资及产品团队的助理经理，自二零
一七年七月至二零一八年十月担任副总裁。
陈先生于二零零八年五月至二零一零年八月
加入致富证券集团有限公司，担任交易主任。
陈先生于二零零七年于香港中文大学取得经
济学社会科学学士学位，并于二零一六年于
上海财经大学取得工商管理硕士学位。陈先
生于二零一零年亦已获授金融风险管理师
(FRM)认证资格，分别于二零一二年及二零
二三年获授特许金融分析师(CFA)及英国皇家
特许测量师(MRICS)资格。陈先生为英国特许
管理会计师公会资深会员、全球特许管理会
计师及澳洲会计师公会会员。
陈先生自二零二二年八月起一直担任1957 &
Co. (Hospitality) Limited的非执行董事，该公
司于香港联合交易所有限公司GEM上市，股
份代号：8495。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司10
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
非执行董事
杨小强先生，54岁，自二零一八年九月十三
日起担任本公司非执行董事兼副主席。
杨先生于二零一八年九月十九日至二零二零
年十二月二十一日期间担任高鹏矿业（股份代
号：2212）之非执行董事及于二零二零年十二
月二十二日至二零二四年三月三十一日期间
担任高鹏矿业之执行董事。彼于二零一八年
九月十九日至二零二四年三月三十一日期间
担任高鹏矿业之董事会副主席。
杨先生自二零一零年九月起获委任为沈阳泰
荣房地产开发有限公司的董事兼总经理。彼
于其他公司担任类似职位超过20年。
杨先生于一九九四年取得沈阳机械工业大学
工业自动化专业学士学位，并于二零零一年
取得沈阳师范大学民商法学专业硕士学位。
黄逸林先生，57岁，自二零一八年八月一日
起担任本公司非执行董事。彼于二零一五年
一月二十三日至二零一八年七月三十一日期
间曾担任本公司执行董事，且于二零一七年
八月十六日至二零一八年七月三十一日期间
曾担任本公司行政总裁。
历年来，黄先生在汕头市三叶塑料有限公
司、深圳市中联资有限公司、深圳市日汇盛
集团有限公司及深圳市鸿讯投资有限公司担
任总经理一职，黄先生在企业的现代管理方
面有著丰富的理论知识及实操经验。
黄先生于一九九二年从电大财经学院专科毕
业。黄先生亦于二零二三年从北京外国语大
学取得国际经济与贸易学士学位。
NON-EXECUTIVE DIRECTORS
Mr. Yang Xiaoqiang, aged 54, has been a Non-executive Director and
the Vice Chairman of the Company since 13 September 2018.
Mr. Yang was a non-executive director of Future Bright (Stock Code: 2212)
from 19 September 2018 to 21 December 2020 and was an executive
director of Future Bright from 22 December 2020 to 31 March 2024. He
was the vice chairman of the board of directors of Future Bright from 19
September 2018 to 31 March 2024.
Mr. Yang has been appointed as director and general manager of Shenyang
Tairong Property Development Company Limited* (沈阳泰荣房地产开
发有限公司) since September 2010. He held similar positions in other
companies for more than 20 years.
Mr. Yang obtained a bachelor’s degree in industrial automation from the
Shenyang Mechanical Engineering University* (沈阳机械工业大学) in
1994 and obtained a master degree in civil and commercial laws from the
Shenyang Normal University in 2001.
Mr. Huang Yilin, aged 57, has been a Non-executive Director of the
Company since 1 August 2018. He acted as an Executive Director of
the Company from 23 January 2015 to 31 July 2018 and was the Chief
Executive Officer of the Company from 16 August 2017 to 31 July 2018.
During the past years, Mr. Huang was the general manager of Shantou
Sanye Plastic Company Limited* (汕头市三叶塑料有限公司), Shenzhen
China Investment Company Limited* (深圳市中联资有限公司), Shenzhen
Rihuisheng Group Company Limited* (深圳市日汇盛集团有限公司) and
Shenzhen Hongxun Investment Company Limited* (深圳市鸿讯投资有限
公司), and has extensive theoretical knowledge and practical experience in
corporate modern management.
Mr. Huang graduated from The Institute of Finance and Economics of Radio
and Television* (电大财经学院) in 1992. Mr. Huang has also obtained a
bachelor of international economics and trade degree from Beijing Foreign
Studies University in 2023.
* For identification purpose only
11Annual Report
2025 年报
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
Mr. Huang was criticised by the Listing Committee of the Stock Exchange
on 20 January 2020 in relation to his breach of Rule 3.08(f) of the Listing
Rules, and his obligations under the Declaration and Undertaking with
regards to Directors given by him to the Stock Exchange, in discharging his
fiduciary duties as an executive director of the Company with sufficient skill,
care and diligence of a director as may reasonably be expected of a person
of his knowledge and experience and holding his office. For details, please
refer to the announcement of the Company dated 23 January 2020.
Mr. Chen Dong Yao, aged 37, has been a Non-executive Director of the
Company since 23 February 2024.
Mr. Chen has more than 9 years of experience in graphite mining industry
management since 2014.
Mr. Chen has been a deputy general manager of Hunan Wanhe Graphite
Technology Co., Ltd.* (湖南万合石墨科技有限公司) since 2014 and has
been a director of Sino Plus Graphite Holdings Co., Ltd (中加石墨控股
股份有限公司) from 22 November 2021. He was mainly responsible for
advising business development matters.
Since 2014, Mr. Chen has been participating in the management of the
aforesaid companies. He is primarily responsible for formulating the
development objectives and corporate direction. He has also participated
in the planning, project management, investment analysis, risk assessment,
and feasibility analysis for various mergers, acquisitions, and restructuring
projects of mining companies or relevant companies.
Mr. Chen graduated with a degree of Bachelor of Arts from York University
in Canada in 2011.
As at the date of this report, Mr. Chen is interested in 30% of the
issued shares in Creation Financial Group Limited (创世金融集团有限
公司), which holds 26.9% of the issued shares in Yongming Investment
Holdings Limited (永名投资控股有限公司), an indirect non wholly-owned
subsidiary of the Group.
联交所上市委员会于二零二零年一月二十日
就黄先生违反上市规则第3.08(f)条及向联交
所作出的董事声明及承诺项下的责任（即履
行其作为本公司执行董事诚信责任及以董事
足够的技能、谨慎及勤勉行事，程度相当于
别人合理地预期一名具备相同知识及经验，
并担任董事职务的人士所应有的程度）作出批
评。有关详情，请参阅本公司日期为二零二
零年一月二十三日的公告。
陈东尧先生，37岁，自二零二四年二月
二十三日起担任为本公司非执行董事。
陈先生自二零一四年起于石墨开采行业管理
方面拥有逾九年经验。
陈先生自二零一四年起担任湖南万合石墨科
技有限公司副总经理，并自二零二一年十一
月二十二日起担任中加石墨控股股份有限公
司董事，主要负责就业务发展事宜提供建议。
自二零一四年起，陈先生一直参与上述公司
之管理，主要负责制定发展目标及企业方
向。彼亦参与了多家矿业公司或相关公司的
各类并购及重组项目的策划、项目管理、投
资分析、风险评估及可行性分析。
陈先生于二零一一年毕业于加拿大约克大
学，取得文学士学位。
于本报告日期，陈先生持有创世金融集团有
限公司已发行股份的30%权益，而该公司持
有本集团间接非全资附属公司永名投资控股
有限公司26.9%的已发行股份。
* For identification purpose only
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司12
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
独立非执行董事
巴俊宇先生，70岁，自二零一八年七月
二十四日起担任本公司独立非执行董事以及
审核委员会、薪酬委员会及提名委员会各自
之成员。彼自二零一八年八月一日起担任本
公司薪酬委员会主席及自二零二四年四月二
日获委任为本公司提名委员会主席。
巴先生自二零一八年二月起为盛京银行（股
份代号：2066）之外部监事，并于二零一零
年六月至二零一八年二月期间担任该银行之
独立非执行董事。巴先生自二零零一年九月
至今一直担任沈阳理工大学教授，并于二零
零一年九月至二零零九年五月担任沈阳理工
大学社会经济研究所所长、教授及研究员。
彼自二零零九年五月起担任沈阳理工大学文
法学院教授。在此之前，于一九九六年四月
至二零零三年八月期间，彼担任沈阳大学经
济研究所副教授及所长。于一九八五年八月
至一九九六年四月期间，彼担任沈阳财经学
院系副主任、市场经济研究所副所长及副教
授。于一九八二年八月至一九八五年八月期
间，彼担任沈阳市财会学校教研室副主任、
主任及讲师。
巴先生于一九八二年七月毕业于东北财经大
学（前称辽宁财经学院）（中国辽宁）商业企业
管理专业。彼自二零零八年八月起一直为辽
宁省人事厅认可的研究员。
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. Ba Junyu, aged 70, has been an Independent Non-executive Director
and a member of each of the Audit Committee, Remuneration Committee
and Nomination Committee of the Company since 24 July 2018. He
has been the chairman of Remuneration Committee of the Company
since 1 August 2018, and was appointed as the chairman of Nomination
Committee of the Company since 2 April 2024.
Mr. Ba has been an external supervisor of Shengjing Bank (Stock Code:
2066) since February 2018. He was an independent non-executive director
of that bank from June 2010 to February 2018. Mr. Ba has been a professor
at Shenyang Ligong University* (沈阳理工大学) since September 2001,
and served as principal, professor and researcher of the social economy
research institute of Shenyang Ligong University from September 2001
to May 2009. He serves as a professor at the School of Law and Ideology
of Shenyang Ligong University since May 2009. Prior to that, he served as
an associate professor and the head of the economic research institute at
Shenyang University from April 1996 to August 2003. From August 1985
to April 1996, he served as a vice dean, deputy principal and associate
professor of the market economy research institute at Shenyang Institute
of Finance and Economics. He used to work at the teaching and research
office at Shenyang Accounting School* (沈阳市财会学校) as deputy
director, director and lecturer from August 1982 to August 1985.
Mr. Ba graduated from Dongbei University of Finance and Economics
(formerly known as Liaoning Institute of Finance and Economics* (辽宁财
经学院) (Liaoning, PRC)) in July 1982, majoring in commercial enterprise
management. He has been a researcher as accredited by the Personnel
Office of Liaoning Province since August 2008.
* For identification purpose only
13Annual Report
2025 年报
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
Mr. Wong Sung, aged 43, has been an Independent Non-executive
Director, a member of each of the Audit Committee, the Remuneration
Committee and the Nomination Committee of the Company since 22 May
2024.
From 2007 to 2023, Mr. Wong served as the marketing director at Wai
May Fur And Fashion Company Limited (唯美皮草时装有限公司). From
2023 onwards, he has served as the marketing director at Dongguan Min
Gang Industrial Investment Co, Ltd.* (东莞闽港实业投资有限公司).
Mr. Wong obtained a Bachelor of Business (Administration) degree from
Central Queensland University in 2007.
Mr. Xu Xingge, aged 41, has been an Independent Non-executive
Director, a member of each of the Audit Committee, the Remuneration
Committee and the Nomination Committee of the Company since 22 May
2024.
During the period between June 2005 and October 2009, Mr. Xu joined
Tianjin Swarovski Wedding Photography* (天津施华洛婚礼摄影) as the
chief photographer and art director. After that, during the period between
November 2009 and April 2018, he worked at Tianjin Aishang Gediao
Wedding Photography* (天津爱尚格调婚礼摄影) as the art director.
Since May 2018, Mr. Xu has been the deputy general manager at Tianjin
Chenning Property Management Co., Ltd* (天津辰宁物业管理有限公司).
Mr. Xu graduated from Benxi Vocational and Technical College* (本溪市
职业技术学院) in 2003.
* For identification purpose only
黄嵩先生，43岁，自二零二四年五月二十二
日起担任本公司独立非执行董事以及审核委
员会、薪酬委员会及提名委员会各自之成员。
黄先生于二零零七年至二零二三年担任唯美
皮草时装有限公司营销总监。彼自二零二三
年至今担任东莞闽港实业投资有限公司营销
总监。
黄先生于二零零七年于中央昆士兰大学
(Central Queensland University)取得商业（行
政）学士学位。
徐兴鸽先生，41岁，自二零二四年五月
二十二日起担任本公司独立非执行董事以及
审核委员会、薪酬委员会及提名委员会各自
之成员。
于二零零五年六月至二零零九年十月期间，
徐先生加入天津施华洛婚礼摄影，出任首席
摄影师及美术总监。其后，于二零零九年
十一月至二零一八年四月期间，彼于天津爱
尚格调婚礼摄影任职，担任美术总监。徐先
生自二零一八年五月起一直担任天津辰宁物
业管理有限公司副总经理。
徐先生于二零零三年毕业于本溪市职业技术
学院。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司14
BIOGRAPHICAL DETAILS OF DIRECTORS
董事履历
Dr. Liang Jinxiang (梁金祥), aged 41, is our independent non-
executive Director, the chairman of the audit committee and a member
of the remuneration committee. Dr. Liang appointed as independent non-
executive Director on 2 April 2025.
Dr. Liang has extensive experience in the areas of the financial and capital
markets, with over 15 years of experience in investment and mergers
and acquisitions, corporate risk control, and financial audit management.
Dr. Liang’s research focuses on financial and tax compliance, behavioral
economics, and enterprise risk management. Dr. Liang currently serves as
an adjunct professor at several universities, including Yunnan University
of Finance and Economics (云南财经大学). In recent years, Dr. Liang has
also presided over or participated in multiple National Natural Science
Foundation projects.
Dr. Liang serves as a president of the Shenzhen Alumni Association of
Yunnan University of Finance and Economics and Chairman of its Fund
Investment Committee since 2022 and as an executive dean at the
Shenzhen Yun Cai Management Science Research Institute (深圳市云财
管理科学研究院) since 2019. Dr. Liang served as a chief risk officer and
a member of the investment committee at several investment groups in
China, overseeing corporate financial internal control and audit from 2009
to 2019. Dr. Liang received his Master of Business Administration from
Yunnan University of Finance and Economics in 2016 and his Doctor of
Philosophy in International Studies from Dong-A University in 2025.
梁金祥博士，41岁，为本公司独立非执行董
事、审核委员会主席及薪酬委员会成员。梁
博士于二零二五年四月二日获委任为独立非
执行董事。
梁博士长期专注于金融及资本市场，拥有超
过15年的投资与并购、企业风险控制及财务
审计管理经验。梁博士研究方向涵盖财务与
税务合规、行为经济学及企业风险管理。梁
博士现为多间大学客座教授（其中包括云南财
经大学），近年来主持或参与了多个国家自然
科学基金项目。
梁博士自二零二二年至今担任深圳市云南财
经大学校友会会长兼基金投资委员会主席。
自二零一九年至今任职深圳市云财管理科学
研究院执行院长。于二零零九年至二零一九
年期间担任国内多间投资集团公司的风控总
监及投资委员会成员，负责企业财务内控与
审计。梁博士于二零一六年获得云南财经大
学工商管理硕士学位，并于二零二五年获得
东亚大学哲学博士（国际研究）学位。
15Annual Report
2025 年报
CORPORATE GOVERNANCE REPORT
企业管治报告
The Company recognises the importance of maintaining a high standard of
corporate governance with an aim to protect the interest of shareholders.
Key corporate governance practices and activities of the Company for
the year ended 31 March 2025 (the “Year”) are highlighted in this report.
Discussions on the Company’s environmental policies/performance
and our relationship with key stakeholders are disclosed in a separate
Environmental, Social and Governance Report which is available on the
websites of the Company and the Stock Exchange.
CORPORATE GOVERNANCE PRACTICES
The Company has adopted the Corporate Governance Code contained
in Appendix C1 (the “Code”) of the Rules Governing the Listing of
Securities on the Stock Exchange (the “Listing Rules”). During the Year, the
Company complied with all applicable provisions of the Code except for
the deviation as stated below:
Code Provision C.1.8
Under Code provision C.1.8, the Company should arrange appropriate
insurance cover in respect of legal action which may be taken against the
Directors. The directors’ and officers’ liability insurance maintained by
the Company has expired on 20 May 2018. As the Company has not yet
reached an agreement with an insurer regarding the terms and insurance
premium of new insurance policy, the insurance cover in respect of legal
action which may be taken against the Directors has not been in place since
21 May 2018. The Company had liaised with various insurance companies
and brokers during the Year and will continue to liaise with them to arrange
appropriate insurance cover for the Directors and officers.
本公司深明维持高水平企业管治之重要性，
借以保障股东之利益。
截至二零二五年三月三十一日止年度（「本年
度」），本公司主要企业管治常规及活动载于
本报告。本公司的环境政策╱表现及我们与
主要持份者的关系的讨论于独立的环境、社
会及管治报告中披露（可于本公司及联交所网
站中查阅）。
企业管治常规
本公司已采纳联交所证券上市规则（「上市
规则」）附录C1所载之企业管治守则（「该守
则」）。于本年度，本公司已遵守该守则之所
有适用条文，惟下文所述之偏离情况除外：
守则条文第C.1.8条
根据守则条文第C.1.8条，本公司应就董事
可能会面对的法律行动作适当的投保安排。
本公司投购的董事及高级人员责任保险已经
于二零一八年五月二十日到期。由于本公司
尚未与保险公司就新保单的条款及保费达成
共识，故自二零一八年五月二十一日起就董
事可能会面对的法律行动尚未有任何保障范
围。本公司于本年度已与多间保险公司及经
纪洽谈并将继续与彼等洽谈，以为董事及高
级人员安排适合的保障范围。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司16
CORPORATE GOVERNANCE REPORT
企业管治报告
董事会
董事会负责领导及监控本公司，并负责监管
本集团之业务策略方针及表现。
责任及授权
董事会就领导及监控本公司向股东负责并透
过指导及监督本公司事务，共同负责促进本
公司及其业务的成功。董事有责任以本公司
利益为前提按客观标准行事。
董事会专注于整体策略及政策，特别是本集
团的增长及财务表现。董事会的主要职能为
（其中包括）：
- ；
- 、策略计划及
绩效目标；
- ；
- 、重大拨款建
议、主要融资及投资建议；及
- 、企业管治、风
险管理、财务申报及合规的充足性的程
序。
THE BOARD
The Board is responsible for the leadership and control of the Company
and oversees the Group’s business strategic decisions and performances.
Responsibilities and Delegation
The Board is responsible to the shareholders for leadership and control of
the Company and is collectively responsible for promoting the success of
the Company and its businesses by directing and supervising the Company’s
affairs. The Directors have the responsibility to act objectively in the
interests of the Company.
The Board focuses on the overall strategies and policies with particular
attention paid to the growth and financial performance of the Group. The
principal functions of the Board are to, inter alia:
- ;
- , strategic plans and
performance objectives of the Group;
- ;
- , major funding proposals,
key funding and investment proposals; and
• oversee the processes for evaluating the adequacy of internal
controls, corporate governance, risk management, financial reporting
and compliance.
17Annual Report
2025 年报
CORPORATE GOVERNANCE REPORT
企业管治报告
The Board delegates daily operations of the Group to executive Directors
and senior executives, while reserving certain key matters for its approval.
Matters reserved for decision and consideration of the Board include,
among others, all matters of strategic importance, corporate governance
practices, internal control matters and risk management, operating and
capital budgets, material transactions and investment commitments. The
management is responsible for the daily operations of the Group under the
leadership of the Board.
Board Composition
As at the date of this report, the Board comprises five Executive Directors,
Ms. Ouyang Yanling, Mr. Li Yuguo, Mr. Liu Yan Chee James, Mr. Li Xiaoming
and Mr. Chan Wai Fung; three Non-executive Directors, Mr. Chen Dong
Yao, Mr. Yang Xiaoqiang and Mr. Huang Yilin; and four Independent Non-
executive Directors, Mr. Ba Junyu, Mr. Wong Sung, Mr. Xu Xingge and
Dr. Liang Jinxiang. Ms. Ouyang Yanling is the chairman of the Board and
Mr. Chan Wai Fung; is the chief executive officer of the Company.
董事会委托执行董事及高级行政人员负责本
集团的日常营运，惟保留审批若干主要事项
的权利。须待董事会决策及审议的事项包括
（其中包括）所有重大策略性事项、企业管治
常规、内部监控事项及风险管理、营运及资
金预算、重大交易及投资承诺。管理层于董
事会的领导下负责本集团的日常营运。
董事会组成
于本报告日期，董事会由五名执行董事欧阳
艳玲女士、李玉国先生、刘恩赐先生、李晓
明先生及陈伟峰先生；三名非执行董事陈东
尧先生、杨小强先生及黄逸林先生；以及四
名独立非执行董事巴俊宇先生、黄嵩先生、
徐兴鸽先生及梁金祥博士组成。欧阳艳玲女
士为董事会主席，而陈伟峰先生为本公司行
政总裁。
Gender
性别
Designation
职衔
Age Group
年龄组别
Number of Directors
董事人数
| Female 女性 (8.33%) | Independent Non-executive | 71-80 (8.3%) | ||
|---|---|---|---|---|
| 61-70 (8.3%) | ||||
| Directors 独立非执行董事 (33.3%) | 51-60 | |||
| Non-executive Directors 非执行董事 | (33.4%) | |||
| Male 男性 (91.67%) | (25.0%) | 41-50 | ||
| Executive Directors 执行董事 (41.7%) | (33.4%) | |||
| 30-40 (16.6%) | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司18
CORPORATE GOVERNANCE REPORT
企业管治报告
The Independent Non-executive Directors of the Company are individuals
with academic and professional qualifications in the fields of accounting and
appropriate expertise. They provide strong support towards the effective
discharge of the duties and responsibilities of the Board. Each Independent
Non-executive Director has given an annual confirmation of independence
to the Company and the Company considers these directors to be
independent under Rule 3.13 of the Listing Rules.
Board Diversity Policy
The Company has adopted the board diversity policy (the “Board Diversity
Policy”). The Company recognises and embraces the benefits of having
a diverse Board so as to enhance the quality of its performance and as
an essential element in maintaining strategic objectives and sustainable
development of the Group. All appointments of the Board members will
be based on merits against objective criteria and with due regards for
benefits and balance of diversity on the Board. The Board diversity will
be considered in terms of, among other things, gender, age, professional
experience, qualifications and educational and cultural background, and any
other factors that the Nomination Committee may consider relevant and
applicable from time to time towards complementing and extending the
overall skills, know-how and experiences of the entire Board. The Board
comprises members of different genders and therefore has complied with
the gender diversity requirements of the Stock Exchange.
本公司之独立非执行董事为于会计范畴上拥
有学术及专业资历，并为具适当专业知识之
人士。彼等对董事会有效履行其职责及责任
上提供强大支持。各独立非执行董事已就其
独立性每年向本公司作出确认，本公司认
为，该等董事根据上市规则第3.13条属独立。
董事会成员多元化政策
本公司已采纳董事会成员多元化政策（「董事
会成员多元化政策」）。本公司明白并深信董
事会成员多元化对提升公司表现素质裨益良
多，并且是支援本集团达到战略目标及维持
可持续发展之必要因素。所有董事会成员的
委任均以用人唯才为原则，并充分考虑董事
会之利益及成员多元化方面保持平衡。权衡
董事会成员多元化时计及之因素包括（其中包
括）性别、年龄、专业经验及资格、教育及文
化背景，以及提名委员会不时认为有助于补
充及延展整个董事会的整体技能、专业知识
及经验之任何其他相关及适用因素。董事会
由不同性别的成员组成，因此已遵守联交所
有关性别多元化的要求。
19Annual Report
2025 年报
CORPORATE GOVERNANCE REPORT
企业管治报告
Meetings
Details of Directors’ attendance records at the Board meetings and general
meetings of the Company during the Year are set out below:
Executive Directors 执行董事
Ms. Ouyang Yanling欧阳艳玲女士1/10/015/15
Mr. Li Yuguo李玉国先生1/10/013/15
Mr. Liu Yan Chee James刘恩赐先生1/10/010/15
Mr. Li Xiaoming李晓明先生1/10/015/15
Ms. Wen Junyi
(Resigned on 26 March 2025)
温钧贻女士
（于二零二五年三月二十六日辞任）0/00/08/9
Mr. Chan Wai Fung
(appointed on 26 March 2025)
陈伟峰先生
（于二零二五年三月二十六日获委任）0/00/02/2
Non-executive Directors非执行董事
Mr. Yang Xiaoqiang杨小强先生0/10/012/15
Mr. Huang Yilin黄逸林先生1/10/013/15
Mr. Chen Dong Yao陈东尧先生1/10/015/15
Independent Non-executive Directors独立非执行董事
Mr. Ba Junyu巴俊宇先生1/10/015/15
Mr. So Ting Kong
(Resigned on 31 January 2025)
苏定江先生
（于二零二五年一月三十一日辞任）1/10/03/6
Mr. Wong Sung
(appointed on 22 May 2024)
黄嵩先生
（于二零二四年五月二十二日获委任）1/10/09/11
Mr. Xu Xingge
(appointed on 22 May 2024)
徐兴鸽先生
（于二零二四年五月二十二日获委任）1/10/011/11
Dr. Liang Jinxiang
(appointed on 2 April 2025)
梁金祥博士
（于二零二五年四月二日获委任）0/00/00/0
会议
各董事于本年度董事会会议及本公司股东大
会出席记录详情载列如下：
| Meetings attended/Held | ||||
|---|---|---|---|---|
| 出席次数╱举行会议次数 | ||||
| Annual General Meeting | Special General Meeting | Board Meeting | ||
| 股东周年大会 | 股东特别大会 | 董事会会议 | ||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司20
CORPORATE GOVERNANCE REPORT
企业管治报告
除本年度之董事会定期会议外，董事会亦将
于须就特定事项作出董事会层面之决定之其
他情况下举行会议。董事于每次董事会会议
前均已收取以供其作决定之议程项目详情及
委员会会议记录（如有）。董事会保留其对涵
盖企业策略、全年及中期业绩、董事委任、
继任计划、风险管理、重大收购事项、出售
事项及股本交易之有关事宜，以及其他重大
营运及财务事宜之决策或审议权。董事会明
确委托予管理层之主要企业事宜包括编制全
年及中期财务报表以于公开披露前供董事会
审批、执行获董事会采纳之业务策略及新方
案、实施充份之内部监控制度及风险管理程
序，以及遵守相关监管规定、规则及规例。
委任及重选董事
全体独立非执行董事均以三年为任期获委
任。此外，全体董事须根据本公司之公司细
则于股东周年大会上轮值退任及重选连任。
根据本公司之公司细则，获董事会委任以填
补临时空缺之任何董事或作为现有董事会新
增成员，任期须仅至本公司下届股东周年大
会为止，届时符合资格重选连任。
Apart from regular board meetings of the Year, the Board will also meet on
other occasions when a decision at the board level on a particular matter
is required. The Directors receive details of agenda items for decision and
minutes of committee meetings (if any) prior to every board meeting.
The Board has reserved its power for decision or consideration on those
matters relating to corporate strategy, annual and interim results, directors’
appointment, succession planning, risk management, major acquisitions,
disposals and capital transactions, and other significant operational
and financial matters. Major corporate matters that are specifically
delegated by the Board to the management include the preparation of
annual and interim financial statements for Board approval before public
disclosure, execution of business strategies and initiatives adopted by
the Board, implementation of adequate systems of internal controls and
risk management procedures, and compliance with relevant statutory
requirements, rules and regulations.
APPOINTMENT AND RE-ELECTION OF
DIRECTORS
All the Independent Non-executive Directors are appointed for a term of
three years. In addition, all Directors are subject to retirement by rotation
and re-election at the annual general meetings pursuant to the Bye-laws of
the Company.
According to the Company’s Bye-laws, any director appointed by the Board
to fill a casual vacancy or as an addition to the existing Board shall hold
office only until the next following annual general meeting of the Company
and shall then be eligible for re-election.
21Annual Report
2025 年报
CORPORATE GOVERNANCE REPORT
企业管治报告
董事之持续专业发展
本公司鼓励董事不时了解最新之法例及监管
框架的最新发展以及业务及市场变动，以促
进彼等履行其责任。
根据该守则，全体董事均须向本公司提供彼
等各自之培训记录。
于本年度，董事已确认，以下为彼等透过出
席研讨会或自行阅读而参与适当持续专业发
展活动：
CONTINUOUS PROFESSIONAL
DEVELOPMENT OF THE DIRECTORS
The Directors are encouraged to update themselves with the latest
developments in the legal and regulatory frameworks, and the business
and market changes from time to time to facilitate the performance and
discharge of their responsibilities.
All Directors are requested to provide the Company with their respective
training records pursuant to the Code.
During the Year, the Directors have confirmed their participation in
appropriate continuous professional development activities by ways of
attending seminars or self-reading as set out below:
Executive Directors执行董事
Ms. Ouyang Yanling欧阳艳玲女士✓✓
Mr. Li Yuguo李玉国先生✓✓
Mr. Liu Yan Chee James刘恩赐先生✓✓
Mr. Li Xiaoming李晓明先生✓✓
Ms. Wen Junyi
(Resigned on 26 March 2025)
温钧贻女士
（于二零二五年三月二十六日辞任）✓✓
Mr. Chan Wai Fung
(appointed on 26 March 2025)
陈伟峰先生
（于二零二五年三月二十六日获委任）✓✓
Non-executive Directors非执行董事
Mr. Yang Xiaoqiang杨小强先生✓✓
Mr. Huang Yilin黄逸林先生✓✓
Mr. Chen Dong Yao陈东尧先生✓✓
Independent Non-executive Directors独立非执行董事
Mr. Ba Junyu巴俊宇先生✓✓
Mr. So Ting Kong
(Resigned on 31 January 2025)
苏定江先生
（于二零二五年一月三十一日辞任）–✓
Mr. Wong Sung
(appointed on 22 May 2024)
黄嵩先生
（于二零二四年五月二十二日获委任）✓✓
Mr. Xu Xingge
(appointed on 22 May 2024)
徐兴鸽先生
（于二零二四年五月二十二日获委任）✓✓
Dr. Liang Jinxiang
(appointed on 2 April 2025)
梁金祥博士
（于二零二五年四月二日获委任）––
| Attending seminars | Self-reading | ||
|---|---|---|---|
| 出席研讨会 | 自行阅读 |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司22
CORPORATE GOVERNANCE REPORT
企业管治报告
证券交易之标准守则
本公司已采纳上市规则附录C3所载之上市发
行人董事进行证券交易之标准守则（「标准守
则」）。经向全体董事作出具体查询后，所有
董事确认彼等于整个本年度已全面遵守标准
守则所载列之规定标准。
提名委员会
本公司提名委员会现时由三名独立非执行董
事及两名执行董事组成，现时由巴俊宇先生
担任主席。其主要职责包括检讨董事会架
构、规模及组成、按照董事会成员多元化政
策物色具备合适资格可成为董事会成员之人
士、评估独立非执行董事之独立性、就委任
或重新委任董事之相关事宜向董事会提供推
荐建议。
提名委员会于本年度举行六(6)次会议。各提
名委员会成员于本年度的会议出席记录载列
如下：
MODEL CODE FOR SECURITIES
TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions
by Directors of Listed Issuers (the “Model Code”) as set out in Appendix
C3 to the Listing Rules. Having made specific enquiry of all Directors,
all Directors confirmed that they had fully complied with the required
standard set out in the Model Code throughout the Year.
NOMINATION COMMITTEE
The Nomination Committee of the Company currently comprises three
Independent Non-executive Directors and two Executive Director, and
is currently chaired by Mr. Ba Junyu. Its primary duties include reviewing
the structure, size and composition of the Board, identifying individuals
suitably qualified to become Board members in accordance with the Board
Diversity Policy, assessing the independence of Independent Non-executive
Directors and making recommendations to the Board on relevant matters
relating to the appointment or re-appointment of Directors.
The Nomination Committee held six (6) meetings during the Year. The
attendance of each member of the Nomination Committee at the meetings
during the Year is set out below:
Mr. Ba Junyu (Chairman)巴俊宇先生（主席）6/6
Mr. Li Yuguo李玉国先生6/6
Mr. So Ting Kong (Note 1)苏定江先生（附注1）2/2
Mr. Wong Sung (Note 2)黄嵩先生（附注2）3/4
Mr. Xu Xingge (Note 2)徐兴鸽先生（附注2）4/4
Mr. Wong Chung Man (Note 3)黄仲文先生（附注3）1/1
Mr. Chan Wai Fung (Note 4)陈伟峰先生（附注4）0/0
Note 1: Ceased to be a member on 31 January 2025
Note 2: Appointed as a member on 22 May 2024
Note 3: Ceased to be a member on 19 April 2024
Note 4: Appointed as a member on 26 March 2025
附注1： 于二零二五年一月三十一日不再出任成员
附注2： 于二零二四年五月二十二日获委任为成员
附注3： 于二零二四年四月十九日不再出任成员
附注4： 于二零二五年三月二十六日获委任为成员
| Committee members | Meetings attended/Held | |
|---|---|---|
| 委员会成员 | 出席会议次数╱ 举行会议次数 | |
23Annual Report
2025 年报
CORPORATE GOVERNANCE REPORT
企业管治报告
于本年度，提名委员会已检讨董事会之架构
及组成、检讨董事会成员多元化政策及评估
独立非执行董事之独立性，以及就委任及重
新委任董事提供推荐建议。
提名政策
提名委员会可邀请董事会成员提名人选，以
供提名委员会考虑。提名委员会亦可建议并
非由董事会成员提名之人选。提名委员会于
评估董事职位建议人选的合适性时，用作参
考之因素包括（其中包括）信誉、与本公司业
务及企业策略相关的专业资历、技能、知识
及经验、愿意投入充分的时间履行董事会成
员的职责以及其他董事职责和重大承诺、董
事会成员多元化，以及与本公司业务相关之
其他因素。提名委员会须作出推荐建议供董
事会考虑及批准。
薪酬委员会
本公司之薪酬委员会现时包括四名独立非执
行董事，现时由巴俊宇先生担任主席。其主
要职责包括就有关本公司董事及高级管理层
薪酬之政策及架构向董事会作出推荐建议；
检讨董事及高级管理层之薪酬待遇并就彼等
之薪金、花红（包括奖金）作出推荐建议；评
核执行董事的表现；审批董事服务合约；及
确保概无董事或其任何联系人参与厘定其本
身的薪酬以及审视本公司股份计划或是否有
必要采用该股份计划等。
During the Year, the Nomination Committee has reviewed the structure
and composition of the Board, reviewed the Board Diversity Policy,
assessed the independence of Independent Non-executive Directors
and made recommendations on the appointment and re-appointment of
Directors.
Nomination Policy
The Nomination Committee may invite nomination of candidates from
Board members for its consideration. The Nomination Committee may
also propose candidates who are not nominated by Board members.
The factors in assessing the suitability of a proposed candidate for the
position of director include, inter alia, reputation for integrity, professional
qualifications, skills, knowledge and experience that are relevant to the
Company’s business and corporate strategy, willingness to devote sufficient
time to discharge his duties as Board member and other directorships
and significant commitments, diversity of the Board, and such other
perspectives relevant to the Company’s business. The Nomination
Committee shall make recommendations for the Board’s consideration and
approval.
REMUNERATION COMMITTEE
The Remuneration Committee of the Company currently comprises
four Independent Non-executive Directors, and is currently chaired by
Mr. Ba Junyu. Its primary duties include making recommendations to
the Board on the Company’s policy and structure for the remuneration
of the Directors and senior management, reviewing the remuneration
package and recommending salaries, bonuses, including the incentive
awards for the Directors and senior management, assessing performance
of executive Directors, approving the directors’ services contracts and
ensuring no Director or any of his associates is involved in deciding his
own remuneration and reviewing the share scheme of the Company or the
necessity to adopt the same, etc.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司24
CORPORATE GOVERNANCE REPORT
企业管治报告
薪酬委员会于本年度举行五(5)次会议。各薪
酬委员会成员于本年度的会议出席记录载列
如下：
The Remuneration Committee held five (5) meetings during the Year.
The attendance of each member of the Remuneration Committee at the
meetings during the Year is set out below:
Mr. Ba Junyu (Chairman)巴俊宇先生（主席）5/5
Mr. So Ting Kong (Note 1)苏定江先生（附注1）2/2
Mr. Wong Sung (Note 2)黄嵩先生（附注2）3/4
Mr. Xu Xingge (Note 2)徐兴鸽先生（附注2）4/4
Dr. Liang Jinxiang (Note 3)梁金祥博士（附注3）0/0
Note 1: Ceased to be a member on 31 January 2025
Note 2: Appointed as a member on 22 May 2024
Note 3: Appointed as a member on 2 April 2025
During the Year, the Remuneration Committee has considered and
reviewed the terms of the appointment letters of the Directors with
reference to various factors including, inter alia, salaries paid by comparable
companies, time commitment and responsibilities of the Directors,
employment conditions elsewhere in the Company and desirability
of performance-based remuneration. The Remuneration Committee
considers that the existing terms of the appointment letters of the
Executive Directors, Non-executive Directors and Independent Non-
executive Directors are fair and reasonable. Details of the remuneration
policy of the Directors are set out on page 60.
附注1： 于二零二五年一月三十一日不再出任成员
附注2： 于二零二四年五月二十二日获委任为成员
附注3： 于二零二五年四月二日获委任为成员
于本年度，薪酬委员会已参考包括（其中包
括）可资比较公司所支付之薪金、董事付出之
时间及职责、本公司其他职位之雇佣条件及
应否按表现厘定薪酬等各项因素，考虑及检
讨董事委任函之条款。薪酬委员会认为，执
行董事、非执行董事及独立非执行董事委任
函之现有条款属公平合理。董事之薪酬政策
详情载于第60页。
| Committee members | Meetings attended/Held | |
|---|---|---|
| 委员会成员 | 出席会议次数╱ 举行会议次数 | |
25Annual Report
2025 年报
CORPORATE GOVERNANCE REPORT
企业管治报告
审核委员会
本公司之审核委员会现时包括四(4)名独立
非执行董事，现时由梁金祥博士担任主席。
其主要职责为审阅及监督本集团之财务申报
制度、风险管理及内部监控制度以及其有效
性，并审阅及监察本公司财务报表以及本公
司年报及中期报告的完整性。
审核委员会于本年度举行四(4)次会议。各审
核委员会成员于本年度的会议出席记录载列
如下：
AUDIT COMMITTEE
The Audit Committee of the Company currently comprises four (4)
Independent Non-executive Directors and is currently chaired by Dr. Liang
Jinxiang. Its primary duties are to review and oversee the financial reporting
system, risk management and internal control system of the Group and its
effectiveness, and review and monitor the integrity of financial statements
of the Company and the Company’s annual reports and interim reports.
The Audit Committee held four (4) meetings during the Year. The
attendance of each member of the Audit Committee at the meetings
during the Year is set out below:
Mr. Ba Junyu巴俊宇先生4/4
Mr. So Ting Kong (Chairman) (Note 1)苏定江先生（主席）（附注1）2/3
Mr. Wong Sung (Note 2)黄嵩先生（附注2）3/3
Mr. Xu Xingge (Note 2)徐兴鸽先生（附注2）3/3
Mr. Wong Chung Man (Note 3)黄仲文先生（附注3）1/1
Mr. Zhu Xueyi (Note 3)朱学义先生（附注3）1/1
Dr. Liang Jinxiang (Chairman) (Note 4)梁金祥博士（主席）（附注4）0/0
Note 1: Ceased to be the chairman and a member on 31 January 2025
Note 2: Appointed as a member on 22 May 2024
Note 3: Ceased to be a member on 19 April 2024
Note 4: Appointed with effect from 2 April 2025
During the Year, the Audit Committee has reviewed with management the
accounting standards and practices adopted by the Group, and discussed
auditing, internal control, risk management and financial reporting matters
including the Group’s audited financial statements for the year ended 31
March 2024 and the unaudited financial statements for the six months
ended 30 September 2024 respectively. In June 2025, the Audit Committee
reviewed the Group’s audited financial statements for the Year prior to
recommending the same to the Board for approval.
附注1： 于二零二五年一月三十一日不再出任主席及成员
附注2： 于二零二四年五月二十二日获委任为成员
附注3： 于二零二四年四月十九日不再出任成员
附注4： 自二零二五年四月二日起获委任
于本年度，审核委员会已与管理层审阅获本
集团采纳之会计准则及惯例，并就审核、内
部监控、风险管理及财务申报事宜（分别包
括本集团截至二零二四年三月三十一日止年
度之经审核财务报表及截至二零二四年九月
三十日止六个月之未经审核财务报表）进行讨
论。于二零二五年六月，审核委员会审阅本
集团本年度之经审核财务报表后，向董事会
提出推荐建议以供审批。
| Committee members | Meetings attended/Held | |
|---|---|---|
| 委员会成员 | 出席会议次数╱ 举行会议次数 | |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司26
CORPORATE GOVERNANCE REPORT
企业管治报告
企业管治职能
董事会负责本公司企业管治事宜。董事会的
职责包括（其中包括）：(i)制定、审阅及实施
本公司就企业管治的政策及惯例；(ii)审阅、
监察及实施本公司就遵守法律及监管要求的
政策及惯例；(iii)制定、审阅、监察及实施适
用于董事及雇员的行为守则；及(iv)审视及实
施该守则的合规情况及企业管治报告的披露。
核数师酬金
本年度已付╱应付本公司核数师利安达香港
会计师事务所有限公司（前称为刘欧阳会计师
事务所有限公司）之酬金载列如下：
CORPORATE GOVERNANCE FUNCTION
The Board is responsible for the corporate governance matters of the
Company. The duties of the Board include, inter alia, (i) to develop,
review and implement the policies and practices of the Company on
corporate governance; (ii) to review, monitor and implement the policies
and practices of the Company in compliance with the legal and regulatory
requirements; (iii) to develop, review, monitor and implement the code
of conduct applicable to Directors and employees; and (iv) to review and
implement the compliance with the Code and disclosure in the Corporate
Governance Report.
AUDITORS’ REMUNERATION
During the Year, the remuneration paid/payable to the Company’s auditors,
Reanda HK CPA Limited (formerly known as Lau & Au Yeung C.P.A.
Limited), is set out as follows:
Audit services核数服务1,000
Non-Audit services
(Note)
非核数服务
（附注）
Note: The Audit Committee is of the view that the auditors’ independence was not affected
by the provision of those non-audit services during the Year.
附注： 审核委员会认为，本年度核数师之独立性并未因
所提供之该等非核数服务而受影响。
| Fees paid/payable | ||
|---|---|---|
| 已付╱应付费用 | ||
| Services rendered | HK$’000 | |
| 所提供服务 | 千港元 | |
27Annual Report
2025 年报
CORPORATE GOVERNANCE REPORT
企业管治报告
ACCOUNTABILITY AND AUDIT
The Directors acknowledge their responsibility to prepare financial
statements for each financial year which give a true and fair view of the
state of affairs of the Group. In preparing the financial statements for the
Year, the Directors have adopted suitable accounting policies which are
pertinent to its operations and relevant to the financial statements, made
judgements and estimates that are prudent and reasonable, and have
prepared the accounts on a going concern basis.
RISK MANAGEMENT AND INTERNAL
CONTROL
The Board is responsible for overseeing the Company’s risk management
and internal control systems. To facilitate the effectiveness and efficiency
of operations and to ensure compliance with relevant laws and regulations,
the Group emphasizes the importance of a sound risk management and
internal control systems which are also indispensable for mitigating the
Group’s risk exposures. The Group’s risk management and internal control
systems are designed to provide reasonable, but not absolute, assurance
against material misstatement or loss and to manage and eliminate risks of
failure in operational systems and fulfillment of the business objectives.
The risk management and internal control system are reviewed on an
ongoing basis by the Board, but in any event no less than once per year, in
order to make it practicable and effective in providing reasonable assurance
in relation to protection of material assets and identification of business
risks. The Board is satisfied that, based on the information furnished to it
and on its own observations, for the Year and up to the date of this report,
the risk management and internal controls of the Group are satisfactory,
effective and adequate.
The Group is committed to the identification, monitoring and management
of risks associated with its business activities and has implemented
a practicable and effective control system which includes a defined
management structure with clear scope of authority, a sound cash
management system and periodic review of the Group’s performance by
the Audit Committee and the Board.
问责及审核
董事确认彼等须负责编制各财政年度之财务
报表，以真实及公平地反映本集团之状况。
于编制本年度之财务报表时，董事已采用与
本集团业务及财务报表有关之合适会计政
策，作出审慎及合理之判断及估计，并已按
持续经营基准编制账目。
风险管理及内部监控
董事会负责监管本公司之风险管理及内部监
控制度。为推动营运效益及效率，以及确保
符合相关法律及规例，本集团强调良好风险
管理及内部监控制度之重要性，此亦为减低
本集团风险所不可或缺之元素。本集团之风
险管理及内部监控制度乃为确保无重大错误
陈述或损失提供合理但并非绝对的保证，并
管理及消除营运制度失误之风险以及履行业
务宗旨而设。
风险管理及内部监控制度乃由董事会持续进
行检讨（惟于任何情况下不少于每年一次），
使该制度实际上可行及有效为保障重要资产
及识别业务风险提供合理保证。董事会根据
向其提供之资料及本身之观察，信纳本集团
于本年度及直至本报告日期之风险管理及内
部监控令人满意，且为有效及充足。
本集团致力识别、监控及管理与其业务活动
有关之风险，并已实施一项实际可行及有效
之监控制度，包括清晰界定权限范围之管理
架构、良好之现金管理制度，以及由审核委
员会及董事会定期对本集团之业绩进行检讨。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司28
CORPORATE GOVERNANCE REPORT
企业管治报告
于本年度，董事会已委聘一名外部专业顾
问，就本集团于本年度之风险管理及内部监
控制度进行年度检讨。检讨涵盖财务、营运
及合规监控，以及于内部监控检讨报告内提
供若干推荐建议。所有推荐建议均获本集团
妥善跟进。因此，董事会认为本集团风险管
理及内部监控制度属有效及充分。
公司秘书之培训
于本年度，公司秘书郑璟烨先生已接受超过
十五(15)小时之相关专业培训以更新其技能
及知识。
股东之权利
召开股东特别大会
持有赋予于股东大会上的投票权之本公司缴
足股本不少于十分之一之股东可向董事会或
公司秘书发出书面申请以要求召开股东特别
大会（「股东特别大会」）。
书面申请应递交至本公司在香港之主要营业
地点（地址为香港干诺道中168-200号信德中
心西座26楼2601室（由二零二五年七月一日
起，更改为香港中环干诺道中64号厂商会大
厦21楼），注明公司秘书收启）。书面申请必
须列明建议决议案连同建议决议案内所提述
之事项声明，并经有关股东签署。
During the Year, the Board has engaged an external professional advisor
to conduct the annual review of the risk management and internal control
systems of the Group for the Year. The review has covered financial,
operational and compliance control and some recommendations were
provided in the internal control review report. All recommendations are
properly followed up by the Group. Therefore, the Board considered
that the risk management and internal control systems of the Group are
effective and adequate.
COMPANY SECRETARY’S TRAINING
During the Year, Mr. Cheng King Yip, the Company Secretary, has received
over fifteen (15) hours of relevant professional trainings to refresh his skills
and knowledge.
SHAREHOLDERS’ RIGHTS
Convening a Special General Meeting
Shareholders holding not less than one-tenth of the paid-up capital of
the Company and carrying voting right at general meetings can send a
written requisition to the Board or the Company Secretary to request for
convening a special general meeting (“SGM”).
The written requisition should be deposited at the principal place of
business of the Company in Hong Kong at Room 2601, 26/F., West Tower,
Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong (shall be
changed to 21st Floor, CMA Building, 64 Connaught Road Central, Hong
Kong with effect from 1 July 2025), for the attention of the Company
Secretary. The written requisition must state the proposed resolution(s),
accompanied by a statement of the matters referred in the proposed
resolution(s) and signed by the shareholders concerned.
29Annual Report
2025 年报
CORPORATE GOVERNANCE REPORT
企业管治报告
申请人之身份及资格将由本公司之股份登记
分处予以核实，并于其确认申请人合资格
作出该申请后，本公司将于递交该申请后
二十一(21)日内安排召开股东特别大会。实
际股东特别大会将于递交书面申请后两(2)个
月内举行。
于股东大会上提出建议
有意于股东大会上提出建议之股东须遵照根
据上文「召开股东特别大会」一段的程序要求
召开股东特别大会。
提名董事参选之程序
有意于股东大会上提名任何人士参选董事之
股东，应呈交以下文件至本公司香港主要营
业地点（地址为香港上环干诺道中168–200号
信德中心西座26楼2601室），惟可提交该等文
件的最短期限为至少七(7)日，而发出该等通
知的期间不得早于寄发指定进行董事选举的
股东大会通告翌日开始，亦不得迟于该股东
大会举行日期前七(7)日结束：
(i) 经股东签署表明其有意建议该人士
（「获提名人选」）参选的书面通知；
(ii) 经建议获提名人选签署表明其有意参
选的书面通知；及
(iii) 上市规则第13.51(2)条规定供本公司发
布的获提名人选履历详情。
The identities and eligibility of the requisitionist(s) will be verified with
the Company’s branch share registrar and upon its confirmation that the
requisitionist(s) is/are eligible to give such requisition, the Company will
then proceed to convene a SGM within twenty-one (21) days of the
deposit of the requisition. The actual SGM shall be held within two (2)
months after the deposit of the written requisition.
Making Proposals at Shareholders’ Meeting
Shareholders who wish to make a proposal at shareholders’ meeting shall
request for the convening of a SGM in accordance with the procedure
under the paragraph headed “Convening a Special General Meeting”
above.
Procedures for Nomination of Directors for Election
Shareholders who wish to nominate a person to stand for election as a
director at general meetings shall lodge the following documents at the
principal place of business of the Company in Hong Kong at Room 2601,
26/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central,
Sheung Wan, Hong Kong, provided that the minimum length of the period,
during which such documents are given, shall be at least seven (7) days
and that the period for lodgment of such notice(s) shall commence no
earlier than the day after the dispatch of the notice of the general meeting
appointed for such election and end no later than seven (7) days prior to
the date of such general meeting:
(i) notice in writing signed by the shareholder of his intention to
propose such person for election (“Nominated Candidate”);
(ii) notice in writing signed by the proposed Nominated Candidate of
his willingness to be elected; and
(iii) the biographical details of the Nominated Candidate as required
under Rule 13.51(2) of the Listing Rules for publication by the
Company.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司30
CORPORATE GOVERNANCE REPORT
企业管治报告
AMENDMENT TO CONSTITUTIONAL
DOCUMENT
During the year ended 31 March 2025, there were no significant changes to
the Company’s constitutional document.
The Company will propose amendments to its Bye-laws at the forthcoming
annual general meeting in order to comply with the latest amendments to
the Listing Rules.
COMMUNICATION WITH SHAREHOLDERS
The Company discloses relevant information to shareholders through
the Company’s annual and interim reports, notices, announcements and
circulars as well as the general meetings. The general meetings allow
directors to meet and communicate with shareholders.
To further promote effective communication, the corporate website
is maintained to disseminate announcements, various corporate
communications and other relevant financial and non-financial information
of the Company electronically on a timely basis.
The Board conducted a review of the implementation and effectiveness of
the Shareholders’ Communication Policy during the Year and the Board is
satisfied with the results thereof given the above measures.
ENQUIRIES TO THE COMPANY OR THE BOARD
We always welcome shareholders’ view and input. Shareholders and other
stakeholders may at any time address their concerns to the Company
Secretary by mail, facsimile or email. The contact details are as follows:
Address: Room 2601, 26/F, West Tower, Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong
(shall be changed to 21st Floor, CMA Building,
64 Connaught Road Central, Hong Kong with effect
from 1 July 2025)
Facsimile no.: (852) 3102 0899
Email: info@zhongjiagx.com
修订宪章文件
于截至二零二五年三月三十一日止年度，本
公司之宪章文件并无重大变动。
本公司将于应届股东周年大会上提呈其公司
细则修订本，以符合上市规则的最新修订。
与股东之沟通
本公司透过本公司之年报、中期报告、通
告、公告及通函以及股东大会披露相关资讯
予股东。股东大会可让各董事与股东会面及
沟通。
为进一步推动有效之沟通，本公司设有公司
网站，以透过电子渠道适时发放本公司之公
告、若干企业通讯及其他相关财务与非财务
资讯。
董事会已审阅本年度股东沟通政策的实施情
况及有效性，且董事会信纳以上措施所有带
来之成果。
向公司或董事会提出查询
我们时刻欢迎股东向我们表达意见和建议。
股东及其他持份者可随时向公司秘书以邮
寄、传真或电邮方式将所关注事项告知本公
司。联络详情如下：
地址： 香港干诺道中168-200号信德
中心西座26楼2601室
（由二零二五年七月一日起，更
改为香港中环干诺道中64号厂
商会大厦21楼）
传真号码： (852) 3102 0899
电邮地址： info@zhongjiagx.com
31Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Dear Shareholders,
On behalf of the Board of Zhong Jia Guo Xin Holdings Company Limited
(the “Company”) and its subsidiaries (collectively the “Group”), I am
pleased to present to the shareholders of the Company the annual report
and audited consolidated results of the Group for the year ended 31 March
2025 (the “Year”).
FINANCIAL REVIEW
Revenue
For the year, the Group’s revenue amounted to approximately
HK$20,044,000 (2024: HK$14,160,000), reflecting growth despite
challenging market conditions. The increase was primarily driven by the
Group’s bottled mineral water business, which commenced production
in March 2024. The management of Hunan Xintian has been actively
expanding its customer base and promoting its water products to enhance
sales and market penetration.
However, the post-pandemic global economy remains subdued, and the
PRC’s economic recovery has been slow, with no immediate signs of rapid
improvement. The property market, in particular, has weakened further,
leading to a decline in the Group’s revenue from developed property
sales in the PRC. Meanwhile, rental and management fee income from
investment properties showed resilience, partially offsetting the downturn
in property sales.
Cost of Sales
For the Year, cost of sales of the Group was approximately
HK$19,266,000 (2024: HK$3,215,000), including the cost of properties
sold of approximately HK$1,084,000 (2024: HK$2,162,000) and cost
of bottled mineral water sold of approximately HK$18,182,000 (2024:
HK$1,053,000). The decrease in cost of properties sold was in line with the
decrease in revenue from sales of properties. The cost of bottled mineral
water sold for the Year comprised mainly of the amortisation of water
mining right of approximately HK$10,011,000 (2024: HK$952,000).
Gross Profit
For the Year, the Group recorded a gross profit of approximately
HK$778,000 (2024: HK$10,945,000). The gross profit was mainly
attributable to the rental income generated from the investment properties
in Suzhou, Zhejiang and Beijing.
各位股东：
本人谨此代表中加国信控股股份有限公司
（「本公司」）及其附属公司（统称「本集团」）董
事会向本公司股东欣然呈报本集团截至二零
二五年三月三十一日止年度（「本年度」）之年
报及经审核综合业绩。
财务回顾
收入
本年度，本集团之收入约为20,044,000港元
（二零二四年：14,160,000港元），反映尽管市
场环境充满挑战，收入仍有所增长。此增长
主要得益于本集团于二零二四年三月正式投
产的瓶装矿泉水业务。湖南新田的管理层通
过积极拓展客户群及加强水产品推广，以提
高销售额及市场渗透率。
然而，后疫情的全球经济持续低迷，中国经
济复苏缓慢，并无即时迅速改善的迹象。特
别是物业市场进一步疲弱，导致本集团中国
已开发物业销售收入下降，而投资物业的租
金及管理费收入呈现复苏迹象，部分抵销了
物业销售的下行。
销售成本
于本年度，本集团的销售成本约为19,266,000
港元（二零二四年：3,215,000港元），包括
已售物业成本约1,084,000港元（二零二四
年：2,162,000港元）及已售瓶装矿泉水成本
约18,182,000港元（二零二四年：1,053,000港
元）。已售物业成本减少与物业销售收入减
少一致。于本年度已售瓶装矿泉水成本主要
包括采水权摊销约10,011,000港元（二零二四
年：952,000港元）。
毛利
于本年度，本集团录得毛利约778,000港元
（二零二四年：10,945,000港元）。毛利乃主要
来自位于苏州、浙江及北京之投资物业所产
生的租金收入。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司32
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Other Gains
During the current year, the Group recorded other income of
approximately HK$501,000 (2024: HK$18,813,000). This decrease is
mainly due to no such non-recurring income during the Year.
Other Losses
For the Year, the Group recorded other losses of approximately
HK$201,000 (2024: HK$4,277,000). The decrease in other losses was
mainly attributable to the decrease in currency exchange losses on the
monetary assets and liabilities denominated in RMB resulting from more
stable Renminbi (“RMB”) exchange rate during the Year.
Selling and Distribution Expenses
For the Year, selling and distribution expenses of the Group remained
stable at approximately HK$1,090,000 (2024: HK$831,000). They are
mainly attributable to the expenditures on the management, maintenance
and repairs of the investment properties.
Administrative Expenses
Administrative expenses primarily consisted of directors’ emoluments,
other staff costs and benefits, depreciation, legal and professional fees,
land and property taxes and other general office expenses, which were
approximately HK$29,703,000 for the Year (2024: HK$39,847,000).
The decrease was mainly due to the decrease in professional fees as no
acquisition or disposal transactions occurred during the Year.
Share of Results of Associates
For the Year, the share of losses of associates was approximately
HK$11,696,000 (2024: HK$11,425,000) which were mainly attributable
to the depreciation of property, plant and equipment and amortisation of
water procurement permit of the associate in Guangxi. The increase in
losses was mainly due to the increase in operating loss of the associate.
其他收益
于本年度，本集团录得其他收益约501,000港
元（二零二四年：18,813,000港元）。该减少乃
主要由于本年度无此类非经常性收入。
其他亏损
于本年度，本集团录得其他亏损约201,000港
元（二零二四年：4,277,000港元）。其他亏损
减少主要由于本年度人民币（「人民币」）汇率
趋于稳定，令以人民币计值的货币资产及负
债产生的汇兑亏损减少。
销售及分销开支
于本年度，本集团的销售及分销开支保持稳
定于约1,090,000港元（二零二四年：831,000港
元），主要为投资物业的管理及维护开支。
行政开支
行政开支主要包括董事酬金、其他员工成本
及福利、折旧、法律及专业费用、土地及
物业税及其他一般办公室开支，本年度行
政开支约为29,703,000港元（二零二四年：
39,847,000港元）。该减少主要由于本年度没
有产生收购或出售交易导致专业费用减少。
分占联营公司业绩
于本年度，分占联营公司亏损约为11,696,000
港元（二零二四年：11,425,000港元），其亏损
主要来自位于广西之联营公司的物业、厂房
及设备折旧及取水证摊销。亏损增加主要由
于联营公司经营亏损增加。
33Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
融资成本
于本年度，本集团的融资成本为约1,258,000
港元（二零二四年：773,000港元），其主要指
有抵押银行贷款及其他应付账款之利息。
资产之重大减值亏损及公平值亏损
疫情后全球市场经济低迷。中国的整体经济
仍然承压，且短期内不大可能快速复苏。由
于中国市场气氛不佳及消费者需求疲弱，本
集团业务受到重大影响，且本集团的若干资
产出现减值。于本年度，本集团确认来自持
续经营业务之重大资产减值亏损及公平值亏
损包括：
(i) 无形资产之减值亏损拨备约91,378,000
港元（二零二四年：29,230,000港元）（有
关详情载于综合财务报表附注21）；
(ii) 投资物业公平值变动之亏损约
315,973,000港元（二零二四年：
67,212,000港元）（有关详情载于综合财
务报表附注18）；
(iii) 于本年度，确认就北京物业的余下
已付按金作出的减值亏损拨备为约
43,103,000港元（二零二四年：已付按金
的减值亏损回拨约74,832,000港元）；及
(iv) 于本年度，就于联营公司之权益作出的
减值亏损拨备为约63,904,000港元（二零
二四年：780,000港元）（有关详情载于综
合财务报表附注22）。
于本年度概无来自已终止业务资产之重大减
值亏损或公平值亏损。
Finance Costs
For the Year, the finance costs of the Group was approximately
HK$1,258,000 (2024: HK$773,000), which mainly represented the interest
on secured bank loans and other payables.
Material Impairment Loss and Fair Value Loss on Assets
Post-pandemic economy has been depressing in the global market. The
overall economy in the PRC remains stagnant and is unlikely to recover
quickly in the near future. Due to the unfavourable market sentiment
and low consumers’ demands in the PRC, the business of the Group has
suffered significant impacts and certain assets of the Group were impaired.
For the Year, the Group recognised material impairment loss and fair value
loss on assets from continuing operations including:
(i) provision for impairment loss on intangible assets of approximately
HK$91,378,000 (2024: HK$29,230,000) (details of which are set out
in note 21 to the consolidated financial statements);
(ii) loss from changes in fair value of investment properties of
approximately HK$315,973,000 (2024: HK$67,212,000) (details of
which are set out in note 18 to the consolidated financial statements);
(iii) provision for impairment loss on the remaining deposits paid
for Beijing Properties of approximately HK$43,103,000 (2024:
reversal of impairment loss on the deposits paid of approximately
HK$74,832,000) was recognised for the Year; and
(iv) An impairment loss on the interests in associates of approximately
HK$63,904,000 (2024: HK$780,000) was provided for the Year
(details of which are set out in note 22 to the consolidated financial
statements).
There was no material impairment loss or fair value loss on assets from the
discontinued operations for the Year.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司34
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Loss attributable to Owners of the Company
For the Year, the Group recorded a loss attributable to owners of the
Company, which amounted to approximately HK$451,554,000 (2024:
HK$8,347,000). The increase in loss was mainly attributable to:
(i) provision for impairment loss on deposits paid for acquisition of
Beijing Properties as the fair value of properties to be transferred to
the Group as refund of deposits paid dropped during the Year;
(ii) increase in impairment loss on intangible assets;
(iii) increase in impairment loss on interests in associates; and
(iv) increase in loss from change in fair value of investment properties.
BUSINESS REVIEW
The Group continued to focus on its core businesses in water business,
property development, mining business and property investment business
during the Year.
In the post-pandemic era, the overall economy in the PRC remains
stagnant. The Group is facing more challenges, including but not limited
to downturn of the property market, unfavourable market sentiment
and low consumers’ demands in the PRC. The Group is proactively and
continuously taking actions to mitigate the adverse impacts of the pandemic
on the Group. Nevertheless, our core businesses are inevitably adversely
affected to some extent.
Water Business
The Group recorded a loss from water business segment of approximately
HK$99,820,000 for the Year (2024: HK$34,453,000). The increase in loss
from water business segment was mainly due to the increase in impairment
loss on the water mining right possessed by the subsidiary of the Company
in Hunan.
Water Production and Sales
The Group holds 20% equity interests in Hong Kong Spring Water Ding
Dong Group Company Limited which has a wholly-owned subsidiary in
Guangxi, Guangxi Spring Water Ding Dong Beverages Company Limited*
(“Guangxi Spring Water Ding Dong”). Guangxi Spring Water Ding Dong
possesses a water procurement permit for production and sales of bottled
water and is currently in operation in Guangxi.
本公司拥有人应占亏损
于本年度，本集团录得本公司拥有人应占亏
损约451,554,000港元（二零二四年：8,347,000
港元）。亏损增加乃主要由于：
(i) 将转移至本集团作为已付按金退款的物
业的公平值于本年度下降，故就收购北
京物业的已付按金作出减值亏损拨备；
(ii) 无形资产的减值亏损增加；
(iii) 应占联营公司权益的减值亏损增加；及
(iv) 投资物业的公平值变动亏损增加。
业务回顾
于本年度，本集团持续专注其核心业务，包
括水业务、物业发展、采矿业务及物业投资
业务。
后疫情时代，中国整体经济仍然承压。本集
团面临更多挑战，包括但不限于中国物业市
场低迷、市场气氛不佳及消费者需求疲弱。
本集团正积极并持续采取行动，以减轻疫情
对本集团的不利影响。尽管如此，我们的核
心业务不可避免地受到一定程度的不利影响。
水业务
于本年度，本集团自水业务分类录得约
99,820,000港元之亏损（二零二四年：
34,453,000港元）。水业务分类亏损增加乃主
要由于本公司于湖南的附属公司拥有的采水
权的减值亏损增加。
水生产及销售
本集团持有香港泉水叮咚集团有限公司（其于
广西拥有一间全资附属公司，广西泉水叮咚
饮品有限公司（「广西泉水叮咚」））之20%股本
权益。广西泉水叮咚持有取水证作生产及销
售瓶装水，并正于广西经营。
* For identification purpose only
35Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
During the Year, the Group shared losses of associates of approximately
HK$11,696,000 (2024: HK$11,425,000), which were mainly attributable
to the depreciation of property, plant and equipment and amortisation of
water procurement permit of the associate in Guangxi. The increase in
losses was mainly due to the increase in operating loss of the associate.
The Group reviewed the recoverable amount of the interests in associates
as at 31 March 2025 with reference to a valuation report issued by an
independent qualified valuer. An impairment loss on the interests in
associates of approximately HK$63,904,000 (2024: HK$780,000) was
provided for the Year. Details of the impairment assessment are set out in
note 22 to the consolidated financial statements.
Water Mining
The Group holds 67% equity interests in Good Union (China) Limited
(“Good Union”), which has a wholly-owned subsidiary in Hunan, Hunan
Xintian Strontium Rich Mineral Water Co., Ltd.* (“Hunan Xintian”). Hunan
Xintian possesses a water mining right for exploitation of mineral water in
Hunan. The construction of the factory buildings was completed in 2023
and the installation of machinery and equipment was also completed during
the Year. The commercial production has commenced in March 2024.
For the Year, the Group recognised revenue from the sales of bottled
mineral water of approximately HK$4,892,000 (2024: HK$50,000).
The management of Hunan Xintian is actively soliciting customers and
promoting its water products in order to enhance its turnover and
customer bases.
The Group reviewed the recoverable amount of the water mining right
as at 31 March 2025 with reference to a valuation report issued by an
independent qualified valuer. An impairment loss on the water mining right
of approximately HK$83,400,000 (2024: HK$29,230,000) was provided for
the Year. The water mining right was further impaired which was resulted
from the unfavourable market sentiment and low consumers’ demands in
the PRC. Details of the impairment assessment are set out in note 21 to
the consolidated financial statements.
于本年度，本集团分占联营公司亏损约为
11,696,000港元（二零二四年：11,425,000港
元），其亏损主要来自位于广西之联营公司的
物业、厂房及设备折旧及取水证摊销。亏损
增加主要由于联营公司经营亏损增加。
本集团参照独立合资格估值师出具的估值报
告，评核了于联营公司之权益于二零二五年
三月三十一日的可收回金额。于本年度，就
于联营公司之权益作出的减值亏损拨备为约
63,904,000港元（二零二四年：780,000港元）。
有关减值评估的详情载于综合财务报表附注
22。
泉水开采
本集团持有汇联（中国）有限公司（「汇联」）之
67%股本权益，其拥有一间位于湖南的全资
附属公司湖南新田富锶矿泉水有限公司（「湖
南新田」）。湖南新田持有采水权可用作于湖
南开采矿泉水。工厂大楼建设已于二零二三
年完成，并于本年度完成安装机械设备。商
业生产已于二零二四年三月开始。
本集团于本年度确认来自瓶装矿泉水销售的
收入约4,892,000港元（二零二四年：50,000港
元）。湖南新田的管理层正积极招徕客户及推
销其水产品，以提高其营业额及扩展其客户
群。
本集团参照独立合资格估值师出具的估值
报告，评核了该采水权于二零二五年三月
三十一日的可收回金额。于本年度，就该采
水权作出的减值亏损拨备为约83,400,000港元
（二零二四年：29,230,000港元）。由于中国市
场气氛不佳及消费者需求疲弱，所以采水权
进一步减值。有关减值评估的详情载于综合
财务报表附注21。
* For identification purpose only
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司36
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
The minority shareholder who holds 33% shareholding of Good Union
has committed to provide a production volume guarantee of the water
mining business in Hunan to the Group for the years from 2019 to 2028.
The compensation relating to the failure to fulfil the production volume
guarantee for the years 2019 and 2020 of approximately RMB21,936,000
was mutually agreed between the minority shareholder and the Group in
2021. As at the date of this report, the minority shareholder has paid the
compensation and interest of approximately RMB22,685,000 to the Group.
The production volume guarantee of the years 2021, 2022 and 2023 were
not satisfied due to the delay in construction works of the factory building
in Hunan resulting from the stringent precautionary measures during the
COVID-19 pandemic. For the compensation for the years 2021, 2022 and
2023, the Group is still negotiating with the minority shareholder.
The Group has been considering the various possible arrangements on
the production Volume Guarantee for the years 2021, 2022 and 2023 in
order to strike a balance between duly and properly safeguarding its assets
and ensuring a sustainable business of the Target Group in the long run.
As at the date of this report, there is not yet any details of the possible
arrangement concluded by the Company.
Mining Business
The Group recorded a loss from mining business segment of approximately
HK$8,465,000 for the Year (2024: HK$194,000). The loss from mining
business segment was mainly due to the operating expenses and provision
for impairment loss on mining right. Details of Jiuyuan Mine and Jinhao Mine
are set out below.
持有汇联33%股权的少数股东已承诺于二零
一九年至二零二八年期间向本集团提供有关
湖南采水业务的产量保证。有关未能履行二
零一九年及二零二零年产量保证的赔偿约为
人民币21,936,000元，由少数股东与本集团于
二零二一年共同协定。截至本报告日期，少
数股东已向本集团支付赔偿金及利息约人民
币22,685,000元。
二零二一年、二零二二年及二零二三年的产
量保证因COVID-19疫情实施的严格预防措
施导致湖南工厂大楼的建造工程遭到延误而
并未达成。本集团仍正就二零二一年、二零
二二年及二零二三年的赔偿与该少数股东进
行磋商。
本集团一直就二零二一年、二零二二年及二
零二三年的产量保证考虑各种可能的安排，
以在适当及妥善保障其资产与确保目标集团
业务可持续发展之间取得长远的平衡。于本
报告日期，本公司尚未就可能达成的安排决
定任何详情。
采矿业务
于本年度，本集团自采矿业务分类录得亏
损约8,465,000港元（二零二四年：194,000港
元）。采矿业务分类之亏损乃主要由于营运开
支及就采矿权作出减值亏损拨备。九源矿业
及金豪矿业的详情载列如下。
37Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Jiuyuan Mine
The Group holds 100% equity interests in Yonyin Investment Holdings
Limited (“Yonyin”). Yonyin’s indirect wholly-owned subsidiary, ZhenYuan
County JiuYuan Mining Co., Ltd.* (“Jiuyuan”) holds a mining licence with
minerals of lead and zinc located at Jiujia Township, Zhenyuan County,
Pu’er City, Yunnan Province, the PRC* (中国云南省普洱市镇沅县九甲
乡).
The mining sector operates within PRC’s stringent national regulatory
framework. In recent years, the Ministry of Ecology and Environment has
progressively enhanced pollution control policies through comprehensive
implementation of the “Three Lines and One List” governance mechanism
(encompassing Ecological Conservation Redlines, Environmental Quality
Baselines, Resource Utilization Ceilings, and Ecological Environment
Access Lists). These requirements now constitute fundamental compliance
benchmarks for industry operations. Within this regulatory context, the
expected time of commencement of commercial production of Jiuyuan
has been affected. Following an on-site inspection by regulatory authorities
in early 2024, the Group received directives mandating completion
of specified facility enhancements and process optimizations prior to
commencement of commercial production. Furthermore, supplementary
guidance from local regulators in early 2025 further verbally instructed
that the project is required to complete specialised certification protocols
and demonstrate compliance with core standards, including ecological
preservation, production safety, and sustainable resource utilization, before
commencing commercial operations.
The Group is now using its best endeavour to fulfill regulatory
requirements. After comprehensive evaluation of current compliance
progression and certification requirements, including extended regulatory
adjustment cycles arising from evolving standards, natural validation periods
for environmental engineering components, and multi-tiered approval
procedures. The Group has prudently adjusted the expected commercial
production commencement to the 4th quarter of 2026.
* For identification purpose only
九源矿业
本集团持有永亦投资控股有限公司（「永亦」）
的全部股权，永亦的间接全资附属公司镇沅
县九源矿业有限公司（「九源」）于中国云南省
普洱市镇沅县九甲乡持有铅及锌矿的开采许
可证。
中国矿业运营始终处于国家严格监管体系之
下。近年来，生态环境部持续强化污染防治
政策，全面推行”三线一单”（生态保护红线、
环境质量底线、资源利用上线和生态环境准
入清单）管控机制，相关要求已成为行业合规
运营的基准准则。在此监管背景下，九源启
动商业生产的预期时间受到影响，二零二四
年初，主管部门开展现场专项检查，下达多
项整改指令，要求本集团在商业生产启动前
完成指定设施升级及工艺改进。二零二五年
初，经地方监管部门进一步口头指导，项目
需履行专项验收程序，在符合生态保护、安
全生产及资源可持续利用等核心标准后，方
可启动商业生产。
本集团现正竭尽满足监管要求，经综合考量
当前合规建设进度及验收程序要求，包括监
管标准持续深化带来的延长合规调整周期；
特定环境工程需自然周期验证及多层级验收
流程等因素，本集团审慎调整预期启动商业
生产时间至二零二六年第四季。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司38
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
The Group reviewed the recoverable amount of the mining right of Jiuyuan
as at 31 March 2025 with reference to a valuation report issued by an
independent qualified valuer. An impairment loss on exploration and
mining right of approximately HK$7,978,000 (2024: Nil) was provided for
the Year. Details of the impairment assessment are set out in note 21 to
the consolidated financial statements.
Jinhao Mine
The Group holds 73.1% equity interests in Yongming Investment Holdings
Limited (“Yongming”). Yongming’s indirect wholly-owned subsidiary,
ZhenYuan County JinHao Mining Co., Ltd.* (“Jinhao”) holds an exploration
licence with minerals of copper, lead and silver located at Enshui Road
(Minjiang Market Section), Zhenyuan Yi Hani Lahu Autonomous County,
Pu’er City, Yunnan Province, the PRC* (中国云南省普洱市镇沅彝族哈尼
族拉祜族自治县恩水路（民江集贸市场段）).
Jinhao is in the process of applying the mining licence in accordance with
established procedures. Under the original plan, production was expected
to commence in the second half of 2025. However, project progress now
requires phased adjustments due to the following critical factors:
As the project site in Pu’er City is designated an important ecological
barrier zone in the upper reaches of the Yangtze River, it has been
formally classified as a key mineral resource monitoring area under Yunnan
Province’s Mineral Resources Master Plan (2021–2025) (issued October
2022). This policy mandates, upgraded approval mechanisms requiring
provincial-level direct review of new mining rights; multi-departmental
joint evaluations (natural resources, ecological protection, emergency
management); and Continuously enhanced ecological standards, including
new requirements such as cross-border ecological corridor assessments
and carbon offset obligations, which have substantially extended the
approval timeline.
Additionally, developing the mining licence necessitates infrastructure
investments totalling tens of millions of RMB, while the Group’s current
cash reserves remain insufficient to cover these costs.
本集团参考独立合资格估值师出具之估值报
告，评核了九源的采矿权截至二零二五年三
月三十一日的可回收金额。于本年度已就勘
探及采矿权作出减值亏损拨备约7,978,000港
元（二零二四年：无）。减值评估的详情载列
于综合财务报表附注21。
金豪矿业
本集团持有永名投资控股有限公司（「永名」）
73.1%的股权。永名的间接全资附属公司镇沅
彝族哈尼族拉祜族自治县金豪矿业有限公司
（「金豪」）于中国云南省普洱市镇沅彝族哈尼
族拉祜族自治县恩水路（民江集贸市场段）持
有铜、铅及银矿的勘探许可证。
金豪开采许可证申请工作正按程序进行。根
据原定规划，项目预计于二零二五年下半年
启动生产。然而，受以下关键因素影响，项
目进度面临阶段性调整：
项目所在地普洱市作为长江上游重要生态屏
障区，依据云南省二零二二年十月颁布的《矿
产资源总体规划（二零二一年至二零二五年）》
被正式列为矿产资源重点监控区域。该政策
要求新设采矿权审批升级为省级直审机制，
须经自然资源、生态环保、应急管理等多部
门联合审查，同时生态保护标准持续提高（如
跨境生物廊道评估、碳汇补偿等新增要求），
显著延长了审批周期。
此外，开采许可证开发需配套投入数千万人
民币元基础设施建设资金，而当前集团现金
储备尚不足以覆盖项目基建需求。
* For identification purpose only
39Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
The Group is now using its best endeavour to seek diversified financing
solutions, including, negotiating project loans with financial institutions;
exploring strategic investor partnerships and researching feasibility for
government special-fund applications. As at the date of this report, there
is not yet any agreement, arrangement, understanding or negotiation on
potential financing concluded by the Group.
Following a comprehensive assessment of approval progress and funding
efforts, the projected production commencement is now prudently
adjusted to the second half of 2026. The Group will continue optimizing
implementation plans, integrating policy and market resources, while strictly
complying with provincial ecological and safety regulations to support
efficient project advancement.
The Group reviewed the recoverable amount of the exploration right of
Jinhao as at 31 March 2025 with reference to a valuation report issued by
an independent qualified valuer. No impairment loss was provided for the
Year (2024: Nil). Details of the impairment assessment are set out in note
21 to the consolidated financial statements.
Property Development and Investment Business
The Group recorded a loss from property development and investment
segment of approximately HK$362,009,000 for the Year (2024: profit of
approximately HK$18,320,000). The turnaround from profit to loss was
mainly due to:
(i) provision for impairment loss on deposits paid for acquisition of
Beijing Properties as the fair value of properties to be transferred to
the Group as refund of deposits paid dropped during the Year; and
(ii) increase in loss from change in fair value of investment properties.
For the Year, the Group recorded revenue from property development
and investment segment of approximately HK$15,152,000 (2024:
HK$14,110,000). Details of the increase in revenue are set out in the
property projects in Dalian, Zhejiang and Suzhou below.
面对当前形势，本集团现正竭尽寻求多元化
融资方案，包括与金融机构磋商项目贷款、
探索战略投资者合作路径，并研究政府专项
基金申请可行性。于本报告日期，本集团尚
未就任何潜在融资活动达成协议、安排、谅
解或磋商。
经综合评估审批进度与资金筹措现状，审慎
预计项目投产时间将调整至二零二六年下半
年。本集团将持续优化实施方案，整合政策
与市场资源，在严格遵循省级生态保护要求
和安全生产规范的前提下，全力支持项目有
效推进。
本集团参考独立合资格估值师出具之估值报
告，评核了金豪的勘探权截至二零二五年三
月三十一日的可回收金额。于本年度概无就
减值亏损作出拨备（二零二四年：无）。减值
评估的详情载列于综合财务报表附注21。
物业发展及投资业务
于本年度，本集团自物业发展及投资分类录
得亏损约362,009,000港元（二零二四年：溢利
约18,320,000港元）。转盈为亏乃主要由于：
(i) 将转移至本集团作为已付按金退款的物
业的公平值于本年度下降，故就收购北
京物业的已付按金作出减值亏损拨备；
及
(ii) 投资物业的公平值变动亏损增加。
于本年度，本集团自物业发展及投资分类
录得收入约15,152,000港元（二零二四年：
14,110,000港元）。收入增加的详情载列于下
列的大连、浙江及苏州物业项目。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司40
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Property Development
Dalian Properties
The indirect wholly-owned subsidiary in Dalian, the PRC, Dalian Chuanghe
Landmark Co Ltd.* (“Dalian Chuanghe”), engages in the development of
urban land for residential usage in Dalian and plans to develop 55 buildings
with 21 buildings in the first phase (“Phase I”) and 34 buildings in the
second phase (“Phase ll”) at Beibu District, Jinshitan, Jinzhou New District,
Dalian, the PRC* (中国大连金州新区金石滩北部区).
Phase l, named “Xin Tian Jia Yuan”, was completed in March 2019 and
recognised as the completed properties held for sale of the Group.
There are 21 buildings established in Phase I with total saleable area of
approximately 42,540 square metres including 4 eight-storey apartments
(小高层), 9 garden villas (洋房) and 8 garden houses (联排别墅). Dalian
Chuanghe commenced to hand over the properties to buyers in April
2019. For the Year, approximately 181 square metres of properties
were handed over and revenue of approximately HK$1,186,000 (2024:
HK$1,788,000) was recorded. Due to the downturn of the property
market in the PRC, consumers’ behaviors have changed. They tend to
be more conservative and take a wait-and-see attitude towards property
investment, which has substantially affected the sales of property. As a
result, the revenue from sales of properties decreased during the Year.
Up to 31 March 2025, an aggregate of approximately 81% of the total
saleable area of Phase l have been handed over to the buyers. As at 31
March 2025, Dalian Chuanghe had sale contracts with contract amount of
approximately RMB37,597,000 with gross saleable areas of around 5,027
square metres which are expected to be handed over to buyers in the near
future. Under the unfavourable property market sentiment, it is challenging
to sell all the remaining unsold units in Phase 1 of the Dalian Properties in
the near future. However, the management of Dalian Chuanghe are closely
monitoring the property market condition and is using its best endeavor to
promote and sell the remaining unsold units.
The Group reviewed the market value of the completed properties held for
sale as at 31 March 2025 with reference to a valuation report issued by an
independent qualified valuer using market approach in the assessment of the
valuation. For the Year, provision for impairment loss on completed properties
held for sale of approximately HK$2,725,000 (2024: reversal of impairment
loss of approximately HK$270,000) was made. Details of the impairment
assessment are set out in note 24 to the consolidated financial statements.
物业发展
大连物业
位于中国大连之间接全资附属公司大连创和
置地有限公司（「大连创和」）于大连从事开发
城市用地作住宅用途，并计划于中国大连金
州新区金石滩北部区开发55幢楼宇，其中第
一期（「一期」）为21幢楼宇，第二期（「二期」）
为34幢楼宇。
一期「心田佳苑」已于二零一九年三月竣工，
并确认为本集团持作出售之已落成物业。一
期共有21幢楼宇，总可售面积约为42,540平
方米，包括四幢小高层、九幢洋房及八幢联
排别墅。大连创和于二零一九年四月开始向
买家交付物业。于本年度，约181平方米的
物业已完成交付并录得约1,186,000港元（二零
二四年：1,788,000港元）的收入。由于中国物
业市场萎靡，客户行为已发生改变。彼等趋
于保守并对物业投资采取观望态度，严重影
响物业销售。因此，本年度来自物业销售的
收入有所减少。
直至二零二五年三月三十一日，一期的总
可售面积合共约81%已交付给买家。于二零
二五年三月三十一日，大连创和有合约金额
约人民币37,597,000元的销售合约，总可售面
积约5,027平方米，预期将于不久将来交付予
买家。由于房地产市场行情不佳，短期内出
售大连物业一期所有待售单位具有挑战性。
然而，大连创和的管理层密切监察物业市场
状况，并尽全力推广及售卖余下待售单位。
本集团参照独立合资格估值师以市场法评估
估值所出具的估值报告，评核了持作出售之
已落成物业于二零二五年三月三十一日的市
场价值。于本年度，就持作出售的已落成物
业作出减值亏损拨备约2,725,000港元（二零
二四年：回拨减值亏损约270,000港元）。有
关减值评估的详情载于综合财务报表附注24。
* For identification purpose only
41Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Phase II is recognised as the properties under development of the Group.
The Group planned to develop 34 buildings with aggregate saleable area
of approximately 69,000 square metres. The development of Phase II is
in preliminary stage. Due to (i) the outbreak of the COVID-19 pandemic
since the beginning of 2020; (ii) the debt crisis of some of the property
developers in the PRC since mid-2021; and (iii) the downturn of the
property market in the PRC, the development of Phase II has been delayed
and rescheduled.
On 27 January 2022, Dalian Chuanghe received an idle land decision
from Dalian Municipal Bureau of Natural Resources* (大连市自然资
源局), pursuant to which the land of Phase II was determined to be in
idle condition. Therefore, there is a risk that the land of Phase II being
repossessed by the PRC government authorities without compensation.
The management of Dalian Chuanghe is actively negotiating and
communicating with the PRC government authorities to lift the decision
of idle status and to avoid land repossession by the PRC government
authorities without compensation.
Up to the date of this report, the legal title of the land of Phase II still
remained under the control of the Company despite the idle land decision.
No further action was taken by the PRC government authorities and the
Company was not aware of any exact timeline of the repossession.
The Board has reviewed and reconsidered the development plan of Phase
II. The construction material costs has continuously increased in recent
years, which led to the increase in the development costs. However, the
selling price of the properties in Dalian has dropped due to the debt crisis
of some of the property developers in the PRC since mid-2021 and the
downturn of the property market in the PRC. As a result, the projected
profit margin of developing Phase II has dropped significantly. Therefore,
the Board considered that developing the land of Phase II under the
current market condition is not in the best interest of the Company and
its shareholders as a whole. Nevertheless, the management are still using
its best endeavors to avoid land repossession by the PRC government
authorities without compensation. In the meantime, the Group is also
identifying a buyer to purchase the land of Phase II. However, the Group
was still not able to identify and secure a buyer.
二期获确认为本集团的发展中物业。本集团
计划开发34幢楼宇，总可售面积约为69,000
平方米。二期之开发处于初步阶段。由于
(i)COVID-19疫情自二零二零年初起爆发；(ii)
若干中国物业发展商自二零二一年中起遇上
债务危机；及(iii)中国物业市场萎靡，故二期
的开发已延期并改期进行。
于二零二二年一月二十七日，大连创和收到
大连市自然资源局出具的闲置土地认定书，
据此，二期土地被认定为处于闲置状态。因
此，二期土地可能存在被中国政府机关无偿
收回的风险。大连创和的管理层正积极与中
国政府机关进行协商及沟通，以解除闲置状
态的认定，及避免被中国政府机关无偿收回
土地。
直至本报告日期，尽管有闲置土地认定书，
惟二期土地的合法所有权仍由本公司控制。
中国政府机关并未采取进一步行动，而本公
司并不知悉任何确实的收回时间表。
董事会已审阅并重新考虑二期的发展计划。
近年建筑材料成本不断上升导致开发成本增
加。然而，由于自二零二一年中起若干中国
物业发展商遇上债务危机及中国物业市场萎
靡，故大连物业的售价有所下跌。由此，开
发二期的预期利润率大幅下降。因此，董事
会认为于现有市场情况下开发二期土地并不
符合本公司及其股东的整体最佳利益。尽管
如此，管理层仍正尽力避免土地被中国政府
机关无偿收回。与此同时，本集团正物色买
家收购二期土地。然而，本集团仍未能寻得
及确认买家。
* For identification purpose only
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司42
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Nevertheless, given that property development is a highly profitable
business, the Company does not intend to cease such business. Rather, the
Company has always been prepared to continue its property development
business whenever market opportunities arise. Given the recent market
conditions of the property market in the PRC, the economic uncertainties
and the increasing costs of construction resulting from the global inflation,
the Company has adopted a conservative approach on its property
development business for the time being.
Property Investment
Beijing Properties
The Group entered into an acquisition agreement on 28 February 2017 to
purchase (a) office premises with an aggregate gross floor area of 8,335
square metres and (b) underground car park with an aggregate gross floor
area of 3,100 square metres located at Phase III of Beijing Convention
and Exhibition International Port (Exhibition Centre Ancillary Facilities)
Project* (北京会展国际港展馆配套设施项目第三期) for a consideration
of approximately RMB220,000,000 (subject to adjustment). The Group has
paid the consideration of RMB200,000,000 in accordance with the payment
terms stated in the acquisitions agreement as deposits.
Due to the outbreak of the COVID-19 pandemic, construction works were
temporarily suspended and the vendor failed to hand over the properties
to the buyer in accordance with the agreed schedule. The Group took
legal action against the vendor for the material delay in handover of the
properties. Since the vendor has still not handed over the properties in 2023,
the vendor has undertaken with the Group to refund the entire deposit
to the Group. As the vendor was in financial difficulties, the vendor has
undertaken to (i) refund the deposit by transferring certain properties in
Beijing held by the vendor and (ii) pay an additional cash compensation of
RMB8,000,000 to the Group. As at 31 March 2024, the vendor has fully paid
the cash compensation of RMB8,000,000 and transferred 4 properties with
the aggregate Consideration of approximately RMB44,381,600 to the Group.
然而，鉴于物业发展为可回报率高的业务，
本公司并无计划停止进行有关业务。相反，
本公司一向为市场机遇随时出现作好准备，
以继续进行其物业发展业务。有见中国物业
市场的近期市况、经济充满不确定性及全球
通胀导致建造成本不断上升，本公司在其物
业发展业务上暂时采取保守的方针。
物业投资
北京物业
本集团于二零一七年二月二十八日订立收购
协议，以代价约人民币220,000,000元（可调
整）购买(a)建筑总面积为8,335平方米的办公
室物业及(b)位于北京会展国际港展馆配套设
施项目第三期建筑总面积为3,100平方米的地
下停车场。本集团根据收购协议列明的付款
条款以按金形式支付代价人民币200,000,000
元。
由于新冠疫情爆发，建筑工程曾暂时停工，
故卖方未能根据协定计划向买方交付物业。
本集团就物业交付出现重大延误向卖方采取
法律行动。由于卖方于二零二三年仍未交付
物业，卖方向本集团承诺退还全部按金。由
于卖方陷入财务困难，卖方承诺(i)将通过向
本集团转移其所持有的若干北京物业的形式
退还按金及(ii)向本集团支付额外现金补偿人
民币8,000,000元。于二零二四年三月三十一
日，卖方已向本集团全数支付现金补偿人民
币8,000,000元，并转移代价总额约为人民币
44,381,600元的四项物业。
* For identification purpose only
43Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
On 25 June 2023 and 13 July 2023, the four properties which have
been transferred to the Group were reclassified from deposits paid to
investment properties of the Group. These properties are currently
leased to tenants for rental income. For the Year, the Group recorded
rental income from these properties of approximately HK$453,000 (2024:
HK$518,000).
The Group reviewed the market values of the properties transferred and
proposed to transfer to the Group as refund as at 31 March 2025 with
reference to a valuation report issued by an independent qualified valuer
using market approach. A loss from change of fair value of the properties
transferred which are recognised as investment properties of the Group, of
approximately HK$21,029,000 (2024: HK$384,000) was recognised for the
Year. Details of the fair value assessment of these investment properties
are set out in note 18 to the consolidated financial statements. Apart
from this, provision for impairment loss on the remaining deposits paid
for Beijing Properties of approximately HK$43,103,000 (2024: reversal of
impairment loss on the deposits paid of approximately HK$74,832,000)
was recognised for the Year. Details of the impairment assessment of
the deposits paid are set out in note 27 to the consolidated financial
statements.
Up to the date of this report, the vendor has further transferred
2 properties with the aggregate Consideration of approximately
RMB80,482,620 to the Group, and refunded in total of RMB16,000,000 in
cash (RMB11,170,000 as refund of part of the Deposit and RMB4,830,000
as cash compensation of late refund) to the Group. For details, please refer
to the Company’s announcements dated 29 April 2025 and 15 May 2025.
The remaining properties are expected to be transferred as refunds of
deposits in 2025.
于二零二三年六月二十五日及二零二三年七
月十三日，已转移至本集团的四项物业由已
付按金重新分类为本集团的投资物业。该等
物业目前出租予租户以赚取租金收入。于本
年度，本集团录得来自该等物业的租金收入
约453,000港元（二零二四年：518,000港元）。
本集团参考独立合资格估值师使用市场法出
具之估值报告，评核了已转移给本集团及建
议转移给本集团作为退款的物业于二零二五
年三月三十一日的市场价值。于本年度，确
认来自已转移物业（获确认为本集团的投资
物业）的公平值变动的亏损为约21,029,000港
元（二零二四年：384,000港元）。有关该等投
资物业的公平值评估详情载列于综合财务报
表附注18。此外，于本年度，确认就北京物
业的余下已付按金作出的减值亏损拨备为约
43,103,000港元（二零二四年：已付按金的减
值亏损回拨约74,832,000港元）。有关已付按
金的减值评估详情载列于综合财务报表附注
27。
直至本报告日期，卖方已向本集团进一步
转移代价总额约为人民币80,482,620元的
两项物业以及以现金形式退还总计人民币
16,000,000元（人民币11,170,000元作为部分按
金的退还和人民币4,830,000元作为延迟退款
的现金补偿）。有关详情，请参阅本公司日期
为二零二五年四月二十九日及二零二五年五
月十五日的该等公告。预期将于二零二五年
转移剩余物业作为按金的退款。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司44
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Given that the vendor was actively settling its liabilities, the Group has
temporarily refrained from taking further actions against the vendor. While
the Group reserves all its rights against the vendor and in order to minimize
its loss as far as possible, the PRC lawyer and the Group are, and will
continue to, follow up and closely monitor the refund progress.
Zhejiang Properties
The Group holds the land use rights in respect of an industrial land parcel
with site area of approximately 31,950 square metres and a two-storey
industrial building with a total gross floor area of approximately 45,330
square metres together with another land parcel with a total site area of
approximately 74,960 square metres located at Chen Village, Shanghua
Street, Lanxi City, Jinhua, Zhejiang Province, the PRC* (中国浙江省金华兰
溪市上华街道沈村).
The industrial lands and building are currently leased to tenants for
rental income. The Group recorded rental income of approximately
HK$5,227,000 for the Year (2024: HK$4,394,000), representing an increase
primarily due to renewal lease agreement with higher rental rates and
improved tenant restructuring.
The Group reviewed the market value of Zhejiang Properties as at 31
March 2025 with reference to a valuation report issued by an independent
qualified valuer using market approach in the assessment of the valuation.
The gain from change in fair value of Zhejiang Properties of approximately
HK$109,000 (2024: loss from change in fair value of HK$11,689,000) was
recognised for the Year. Details of the fair value assessment are set out in
note 18 to the consolidated financial statements.
* For identification purpose only
鉴于卖方积极清偿其债务，本集团暂时不采
取进一步行动起诉卖方。尽管本集团保留起
诉卖方的所有权利，但为了尽可能减少损
失，中国律师及本集团正在并将继续跟进及
密切留意退款进程。
浙江物业
本集团持有位于中国浙江省金华兰溪市上
华街道沈村的一幅工业用地（土地面积约为
31,950平方米）及一幢双层工业建筑（总建筑
面积约45,330平方米），连同另一幅总土地面
积约74,960平方米的土地之土地使用权。
工业用地及建筑目前出租予租户以赚取租
金收入。本集团于本年度录得租金收入约
5,227,000港元（二零二四年：4,394,000港
元），收入增加主要由于续租合约租金上升及
租户重组改善所致。
本集团参考独立合资格估值师以市场法评估
估值所出具的估值报告，评核了浙江物业于
二零二五年三月三十一日之市场价值。于本
年度，确认来自浙江物业的公平值变动的收
益约109,000港元（二零二四年：公平值变动
的亏损11,689,000港元）。有关公平值评估的
详情载于综合财务报表附注18。
45Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Suzhou Properties
The Group holds the land use rights in respect of several buildings with
total construction area of approximately 14,798 square metres together
with the land parcel with a total site area of approximately 20,841 square
metres located at 6 Waiwujingnong, Suzhou, Jiangsu, the PRC* (中国江苏
省苏州市外五泾弄6号).
The Suzhou Properties comprise a garden-style hotel in Suzhou for travel,
vacation, conference and meeting. It was being leased out by the Group
for rental income and the tenants operated the same as, inter alia, business
clubs, featured business boutique hotels, restaurants, shops, offices, etc.
For the Year, the Group recorded rental and management fee income of
approximately HK$7,555,000 (2024: HK$7,410,000).
While the post-pandemic economic environment in the PRC previously
impacted tourism and business activities, leading to some tenant turnover
in prior years, the leasing situation has since stabilised during the year.
The Group has maintained steady occupancy and rental rates, reflecting
improved market resilience and effective tenant retention strategies.
The Group is now using its best endeavour to identify and solicit new
tenants for the vacant units in the Suzhou Properties. The Company is
confident that, once the market conditions improve, the demand for
tourism properties will increase and the occupancy rate of the Suzhou
Properties will improve accordingly. The Company intends to adopt a more
progressive approach in securing new tenants, including but not limited to
(i) carry out more active marketing of the properties available for lease;
(ii) offer more competitive rental packages for potential tenants; and (iii)
engage more real estate agents to secure potential tenants.
* For identification purpose only
苏州物业
本集团持有位于中国江苏省苏州市外五泾弄
6号的总建筑面积约14,798平方米的若干建筑
物，连同总土地面积约20,841平方米的土地
的土地使用权。
苏州物业包括一间经营集旅游、度假及会
议于一体的苏州园林式酒店。本集团现正
出租苏州物业以赚取租金收入，而租户则
于苏州物业经营（其中包括）商务会所、特
色商务精品酒店、餐厅、商店及办公室等。
于本年度，本集团录得租金及管理费收入约
7,555,000港元（二零二四年：7,410,000港元）。
尽管中国的后疫情经济环境曾对旅游业及商
务活动造成冲击，导致往年部分租户退租，
但本年度租赁情况已趋于稳定。本集团一直
维持平稳的出租率及租金水准，反映市场适
应力有所改善及租户维系策略属有效。
本集团现正尽最大努力为苏州物业的空置单
位物色并招揽新租户。本公司深信，一旦市
场状况改善，旅游物业的需求将会增加，而
苏州物业的出租率将会随之提高。本公司拟
采取更积极的方式来吸引新租户，包括但
不限于(i)对可供租赁的物业进行更积极的营
销；(ii)为潜在租户提供更具竞争力的租赁组
合；及(iii)聘请更多的物业经纪以获取潜在租
户。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司46
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
The Group reviewed the market value of Suzhou Properties as at 31
March 2025 with reference to a valuation report issued by an independent
qualified valuer using market approach in the assessment of the valuation.
The loss from change in fair value of Suzhou Properties of approximately
HK$295,053,000 (2024: HK$55,139,000) was recognised for the Year.
Details of the fair value assessment are set out in note 18 to the
consolidated financial statements.
Yantian Properties (Discontinued operations)
(A) The Group entered into an acquisition agreement on 24 June 2014, a
supplemental agreement on 15 April 2015, the second supplemental
agreement on 12 July 2016, the third supplemental agreement on
17 May 2017 and the fourth supplemental agreement on 3 May
2018 to purchase the property at a consideration of approximately
RMB100,000,000 (equivalent to approximately HK$126,000,000).
The property comprises 46 units of Jinma Creative Industry Park
(formerly known as “Kingma Information Logistic Park”) which is
situated at Depot No. 2, 3rd Road and Shenyan Road Intersect, Inner
Logistic Park, Yantian Bonded Area, Yantian District, Shenzhen City,
the PRC* (中国深圳市盐田区盐田保税区物流园内三号路与深盐
路交汇处二号堆场) (“Jinma Creative Industry Park”) with a total
gross floor area of approximately 8,699 square metres.
本集团参考独立合资格估值师以市场法评估
估值所出具的估值报告，评核了苏州物业
于二零二五年三月三十一日之市场价值。
于本年度，确认来自苏州物业的公平值变
动的亏损约295,053,000港元（二零二四年：
55,139,000港元）。有关公平值评估的详情载
于综合财务报表附注18。
盐田物业（已终止业务）
(A) 于二零一四年六月二十四日，本集团订
立一份收购协议，并于二零一五年四月
十五日订立补充协议、于二零一六年七
月十二日订立第二份补充协议、于二零
一七年五月十七日订立第三份补充协议
及于二零一八年五月三日订立第四份补
充协议，以代价约人民币100,000,000元
（相当于约126,000,000港元）购买该物
业。
该物业包括位于中国深圳市盐田区盐田
保税区物流园内三号路与深盐路交汇处
二号堆场之金马创新产业园（前称为「金
马讯息物流园」）（「金马创新产业园」）46
个单位，总建筑面积约为8,699平方米。
* For identification purpose only
47Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
As at 31 March 2025, the Group had obtained physical possession
of the property and paid conditionally refundable deposit in the
aggregate sum of RMB90,000,000 in accordance with the payment
terms stated in the sales and purchase agreement. The remaining
balance of the consideration of approximately RMB10,000,000 shall
be paid within 30 days from the date on which the relevant building
ownership certificates are issued in favour of the purchaser which is an
indirect wholly-owned subsidiary of the Company (the “Jinma Industry
Park Purchaser”). The vendor shall register the title of the property
under the name of the Jinma Industry Park Purchaser on or before 31
December 2018 (or such other date as may be mutually agreed).
(B) The Group entered into the second acquisition agreement on 15
May 2015, a supplemental agreement on 12 July 2016, the second
supplemental agreement on 17 May 2017 and the third supplemental
agreement on 3 May 2018 to purchase additional property at a
consideration of approximately RMB65,100,000 (equivalent to
approximately HK$81,400,000). The property comprises 30 units
of Jinma Creative Industry Park with a total gross floor area of
approximately 5,400 square metres.
As at 31 March 2025, the Group had obtained physical possession
of the property and paid conditionally refundable deposit in the
aggregate sum of RMB60,000,000 in accordance with the payment
terms stated in the sale and purchase agreement. The remaining
balance of the consideration of approximately RMB5,100,000 shall be
paid within 30 days from the date on which the property is registered
under the name of the Jinma Industry Park Purchaser. The vendor shall
register the title of the property under the name of the Jinma Industry
Park Purchaser on or before 31 December 2018 (or such other date
as may be mutually agreed).
于二零二五年三月三十一日，本集团已
取得该物业的实质拥有权及已按照买卖
协议所述付款条款支付有条件可退还按
金总额人民币90,000,000元。代价之余
额约人民币10,000,000元须于向买方（本
公司之一间间接全资附属公司，「金马
产业园之买方」）发出有关房产证当日起
30日内支付。卖方须于二零一八年十二
月三十一日或之前（或其他可能由双方
协定之日期）以金马产业园之买方名义
登记物业业权。
(B) 于二零一五年五月十五日，本集团订立
第二份收购协议，并于二零一六年七月
十二日订立补充协议、于二零一七年五
月十七日订立第二份补充协议及于二零
一八年五月三日订立第三份补充协议，
以代价约人民币65,100,000元（相当于约
81,400,000港元）再购额外物业。该物业
包括金马创新产业园30个单位，总建筑
面积约为5,400平方米。
于二零二五年三月三十一日，本集团已
取得该物业实质拥有权及已按照买卖协
议所述付款条款支付有条件可退还按金
总额人民币60,000,000元。代价之余额
约人民币5,100,000元须于该物业以金马
产业园之买方名义登记当日起30日内支
付。卖方须于二零一八年十二月三十一
日或之前（或其他可能由双方协定之日
期）以金马产业园之买方名义登记物业
业权。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司48
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
(C) The Group entered into the third acquisition agreement on 10
November 2015, a supplemental agreement on 17 May 2017
and the second supplemental agreement on 3 May 2018 to
purchase additional property at a consideration of approximately
RMB101,600,000 (equivalent to approximately HK$122,000,000). The
property acquired was a single-storey reinforced concrete building
designated for office and storage uses located at Block 2 of Jinma
Creative Industry Park with a total gross floor area of approximately
4,957 square metres.
As at 31 March 2025, the Group had obtained physical possession
of the property and paid conditionally refundable deposit in the
aggregate sum of RMB100,000,000 in accordance with the terms of
payment stated in the sale and purchase agreement. The remaining
balance of the consideration of approximately RMB1,600,000 shall be
paid within 30 days from the date on which the property is registered
under the name of the Jinma Industry Park Purchaser. The vendor shall
register the title of the property under the name of the Jinma Industry
Park Purchaser on or before 31 December 2018 (or such other date
as may be mutually agreed).
For Yantian Properties (A), (B) and (C) as described above, as at the date
of this report, the vendor has still not registered the titles of the properties
under the name of the Jinma Industry Park Purchaser. The approval
from the PRC government authority for issuing the building ownership
certificates remained pending. In April 2021, the Company received the
second letter from the vendor requesting for an extension of the deadline
to 31 December 2021 for handling the matter of building ownership
certificates. However, due to the continuation of the COVID-19 pandemic,
the registration of building ownership certificates has not been completed
by the extended deadline. The Company has engaged a PRC law firm to
negotiate with the vendor to resolve this matter.
Given the title defects in the Yantian Properties, such properties do not
generate any revenue nor profit for the Group while the Group has to
expend certain costs in continuing to hold and maintain the same.
(C) 于二零一五年十一月十日，本集团订立
第三份收购协议，并于二零一七年五
月十七日订立补充协议及于二零一八
年五月三日订立第二份补充协议，以
代价约人民币101,600,000元（相当于约
122,000,000港元）再购额外物业。该收
购物业为位于金马创新产业园2座指定
作办公室及仓贮用途之单层钢筋混凝土
大楼，总建筑面积约为4,957平方米。
于二零二五年三月三十一日，本集团已
取得该物业实质拥有权及已按照买卖协
议所述付款条款支付有条件可退还按金
总额人民币100,000,000元。代价之余额
约人民币1,600,000元须于该物业以金马
产业园之买方名义登记当日起30日内支
付。卖方须于二零一八年十二月三十一
日或之前（或其他可能由双方协定之日
期）以金马产业园之买方名义登记物业
业权。
就上述盐田物业(A)、(B)及(C)而言，于本报
告日期，卖方尚未以金马产业园之买方名义
登记该等物业业权。中国政府机关尚未发出
该房产证的批准。于二零二一年四月，本公
司接获卖方第二份信函，要求延长有关处理
房产证事宜的最后限期至二零二一年十二月
三十一日。然而，由于COVID-19疫情持续，
故房产证于经延长的最后限期前尚未完成登
记。本公司已委聘一间中国律师事务所与卖
方磋商，以解决此事宜。
鉴于盐田物业业权存有缺陷，该等物业无法
为本集团带来任何收入或溢利，而本集团在
继续持有及维护该等物业时须支出若干成本。
49Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
于二零二三年四月二十七日，本集团订立一
项买卖协议，出售Century Strong Limited之
全部已发行股本及Century Strong Limited及其
附属公司（「出售集团」）获垫付的股东贷款，
代价为人民币150,000,000元。Century Strong
Limited之全资附属公司持有金马创新产业
园之命名权及广告权及盐田物业(A)、(B)及
(C)。出售事项根据上市规则构成一项非常重
大出售交易，并于二零二三年七月十二日举
行的股东特别大会上获本公司股东批准。出
售事项预期将于二零二五年年初完成。出售
事项之详情载于本公司日期为二零二三年五
月二日的公告及本公司日期为二零二三年六
月二十三日的通函。
于二零二五年三月三十一日，出售集团按相
当于出售代价的公平值人民币150,000,000元
列账。
鉴于买方拥有的资产、其业务的规模及多元
化及经管理层针对买方提供的房地产所有权
证书所代表的物业的估计价值作出评估后，
管理层与买方一致认为买方提供的资产证明
的总价值估计不低于出售事项代价，并认为
买方有能力完成此出售交易。因此，于二零
二五年三月三十一日，概无任何出售集团的
减值迹象，且出售集团的公平值维持不变。
上述金额减少乃主要由于人民币贬值产生的
汇兑差异，其已于其他全面收益中获确认。
On 27 April 2023, the Group entered into a sale and purchase agreement
to dispose of the entire issued share capital of Century Strong Limited
and the shareholder’s loan advanced to Century Strong Limited and its
subsidiaries (the “Disposal Group”), at a consideration of RMB150,000,000.
The wholly-owned subsidiaries of Century Strong Limited hold the naming
right and advertising right of Jimma Creative Industry Park and the Yantian
Properties (A), (B) and (C). The disposal constituted a very substantial
disposal transaction under the Listing Rules and was approved by the
shareholders of the Company at the special general meeting held on 12 July
2023. The disposal is expected to be completed by early 2025. Details of
the disposal are set out in the announcement of the Company dated 2 May
2023 and the circular of the Company dated 23 June 2023.
As at 31 March 2025, the Disposal Group was stated at the fair
value equivalent to the consideration for disposal amounting to
RMB150,000,000.
In view of the assets owned by the Purchaser, the scale and diversity of her
businesses and further to the assessments made by the management on
the estimated value of the properties represented by real estate ownership
certificate provided by the Purchaser, the management concurs with the
view of the Purchaser that the aggregate value of the asset proof provided
by the Purchaser is estimated to be not less than the consideration
for the disposal, and considers that the Purchaser has the capability to
complete the disposal transaction. Therefore, as at 31 March 2025, there
was no indication of any impairment on the Disposal Group and the fair
value of the Disposal Group remained unchanged. The decrease in the
above amounts is mainly due to the exchange difference resulting from
the depreciation of RMB, which was recognised in other comprehensive
income.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司50
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Environmental Policies and Performance
The Group is committed to the long-term sustainability of the environment
and communities in which it operates. As a responsible corporation,
the Group has complied with all relevant laws and regulations regarding
environmental protection, health and safety, workplace conditions and
employment in all material respects. The Group has also adopted effective
measures to achieve efficient use of resources, energy saving and waste
reduction.
Compliance with Laws and Regulations
During the Year, there was no incident of material non-compliance with
any relevant laws and regulations for the Group.
Relationship with Suppliers, Customers and other
Stakeholders
During the Year, there were no material dispute between the Group and
its key stakeholders, including employees, customers, suppliers, banks,
regulators and shareholders. The Group will continue to ensure effective
communication and maintain good relationship with each of its key
stakeholders.
PROSPECTS
Although the Group has faced challenge from the aftermath of the
COVID-19 pandemic and the downturn of property market and economy
in the PRC during the Year, the Directors are optimistic about the
economic development of the PRC in the long run and believes that the
demands for water products and properties in the PRC will remain stable
and sustainable. The Group will continue to strengthen its competitive
strength in its core business, i.e. water business, property development,
mining business and property investment business and look for appropriate
business and investment opportunities in these areas.
环境政策及表现
本集团致力促进经营所在地区之环境及社区
之长期可持续发展。作为负责任之企业，本
集团在所有重大方面遵守有关环保、健康及
安全、工地状况及雇佣之一切相关法律及法
规。本集团亦已采纳有效措施达致资源有效
利用、节约能源及减少废物。
遵守法律及法规
于本年度内，本集团概无任何严重违反任何
相关法律及法规之事件。
与供应商、客户及其他持份者之关系
于本年度内，本集团与其主要持份者（包括雇
员、客户、供应商、银行、监管机构及股东）
之间概无发生任何重大纠纷。本集团将继续
确保与各主要持份者进行有效沟通及保持良
好关系。
展望
尽管本集团于本年度面临对COVID-19疫情后
影响以及中国房地产市场下行及经济低迷带
来的挑战，惟董事对中国长远经济发展感到
乐观，并相信中国水产品及物业的需求将保
持稳定及具可持续性。本集团将继续加强于
其核心业务（即水业务、物业发展、采矿业务
及物业投资业务）的竞争优势，并于该等范畴
寻求合适的商机及投资机会。
51Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
The Group has completed to acquire Jiuyuan and Jinhao. The acquisitions
represent an excellent opportunity for the Group to invest and tap
into in the natural resources industry in the PRC and are in line with
the development objective of the Group of becoming a market player
in the natural resources industry. The Group is looking forward for the
contributions from mining business in near future.
The Group will continue to endeavour to diversify its business and
asset portfolio in order to diverse the risks from its existing businesses.
Apart from its existing core business, the Group is actively studying the
feasibilities of expansion into energy-related business. The management
remains open for other business opportunities whenever the same arise.
SIGNIFICANT INVESTMENTS
Save for disclosed elsewhere in this report, the Group had no material
investments during the Year.
DIVIDEND
The Board does not recommend the payment of final dividend for the Year
(2024: Nil).
本集团已完成收购九源及金豪。该等收购事
项为本集团于中国投资并参与自然资源产业
提供绝佳机会，并与本集团成为自然资源行
业市场参与者的发展目标相一致。本集团期
望采矿业务将很快带来贡献。
本集团将继续致力促进其业务及资产组合多
元化，以分散现有业务的风险。除其现有核
心业务外，本集团正积极研究拓展至能源相
关业务的可行性。管理层对随时出现的其他
商机一直保持开放态度。
重大投资
除本报告其他章节所披露者外，本集团于本
年度并无重大投资。
股息
董事会不建议派付本年度之末期股息（二零
二四年：无）。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司52
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
FUND RAISING ACTIVITIES OF THE GROUP
Placing of Shares on 3 August 2018
The net proceeds (net of all relevant costs and expenses) from placing
of shares under specific mandate on 3 August 2018 were approximately
HK$316,500,000. Details of the placing of shares were set out in the
announcements of the Company dated 17 April 2018 and 3 August 2018
respectively and the circular of the Company dated 5 June 2018.
Up to 31 March 2025, the Group had utilised the net proceeds as follows:
Capital expenditure on the
production facilities of
Hunan Xintian
56.017.7%Capital expenditure on the
production facilities of
Hunan Xintian
56.017.7%34.121.9
湖南新田生产设施之
资本开支
湖南新田生产设施之
资本开支
Potential acquisition of
business or companies
213.067.3%Acquisition of Shenyang
Properties
213.067.3%213.0–
潜在业务或公司收购收购沈阳物业
Working capital of the Group47.515.0%Working capital of the Group47.515.0%47.5–
本集团之营运资金本集团之营运资金
316.5100.0%316.5100.0%294.621.9
本集团之集资活动
于二零一八年八月三日配售股份
于二零一八年八月三日，根据特别授权配售
股份之所得款项净额（经扣除所有相关成本及
开支后）约为316,500,000港元。配售股份之
详情载于本公司日期分别为二零一八年四月
十七日及二零一八年八月三日之该等公告以
及本公司日期为二零一八年六月五日之通函
内。
直至二零二五年三月三十一日，本集团已使
用所得款项净额如下：
| Intended use of net proceeds | Original allocation of net proceeds | Actual use of net proceeds | Actual allocation of net proceeds | Utilisation up to 31 March 2025 | Remaining balance of net proceeds as at 31 March 2025 | ||
|---|---|---|---|---|---|---|---|
| 所得款项净额之拟定用途 | 所得款项净额之原先分配 | 所得款项净额之实际用途 | 所得款项净额之实际分配 | 直至 二零二五年 三月三十一日 已使用 | 于二零二五年 三月三十一日 所得款项净额 之余额 | ||
| HK$’million | % of net proceeds | HK$’million | % of net proceeds | HK$’million | HK$’million | ||
| 百万港元 | 占所得款项 净额百分比 | 百万港元 | 占所得款项 净额百分比 | 百万港元 | 百万港元 | ||
53Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
于本年度，所得款项净额约15,900,000港元
已用于湖南新田生产设施的资本开支。由于
过去几年新冠疫情突然爆发而疫后经济复苏
速度不及预期，中国经济的发展势头受阻。
由于中国经济及市场气氛可能需时复苏，湖
南新田目前已调低其原定生产规模。本集团
往后根据中国经济的复苏速度及产品需求可
能扩大生产规模。因此，于二零二四年三月
三十一日未动用所得款项净额为约21,900,000
港元（二零二三年：37,800,000港元），预期将
于二零三一年第一季度前用于湖南新田生产
设施的扩建。然而，倘市场气氛不利于该等
资本投资，动用日期可能获进一步修订。
为了更好利用本公司的资源，董事会可能临
时重新分配上述未动用所得款项净额作其他
用途。然而，一旦产品预期需求超过我们的
产能，董事会将会将未动用所得款项净额约
21,900,000港元拨回湖南新田生产设施的资本
开支。
于二零二二年七月二十九日配售股份
于二零二二年七月二十九日，根据一般授权
配售股份之所得款项净额（经扣除所有相关
成本及开支后，并按配售价每股0.03港元计
算）约为29,510,000港元。净配售价约为每
股0.0295港元。有关配售股份的详情分别载
于本公司日期为二零二二年七月五日及二零
二二年七月二十九日之该等公告。股份于配
售协议日期的收市价为0.03港元。
Net proceeds of approximately HK$15.9 million has been utilised for the
use of capital expenditure on the production facilities of Hunan Xintian
during the Year. Due to the unexpected outbreak of the COVID-19
pandemic in the past few years and the slower-than-expected economic
recovery after the pandemic, the upward trend of the PRC economy have
been obstructed. Since it may take time for the economy and the market
sentiment of the PRC to recover, Hunan Xintian has currently tuned
down the production scale from original plan. The Group may expand the
production scale in the future after taking into account the pace of recovery
of the PRC economy and the demand of the products. Therefore, the
unutilised net proceeds as at 31 March 2024 of approximately HK$21.9
million (2023: HK$37.8 million) are expected to be utilised by the first
quarter of 2031 for the expansion of production facilities of Hunan Xintian.
However, the utilization date may be subject to further amendments if the
market conditions do not favour such capital investments.
In view for a better use of the Company’s resources, the Board may
temporarily re-allocate the aforesaid unutilised net proceeds for other
uses. However, once the expected demand for our products exceeds our
production capacity, the Board will deploy the unutilised net proceeds
of approximately HK$21.9 million back to the capital expenditure on the
production facilities of Hunan Xintian.
Placing of Shares on 29 July 2022
The net proceeds (net of all relevant costs and expenses) from placing
of shares under general mandate on 29 July 2022 at the placing price of
HK$0.03 per share were approximately HK$29.51 million. The net placing
price was approximately HK$0.0295 per share. Details of the placing of
shares were set out in the announcements of the Company dated 5 July
2022 and 29 July 2022 respectively. The closing price of the shares on the
date of placing agreement was HK$0.03.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司54
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Up to 31 March 2025, the Group had utilised the net proceeds as follows:
Working capital of the Group本集团之营运资金19.5166.1%19.51–
Potential investment潜在投资10.0033.9%10.00–
29.51100.0%29.51–
Net proceeds of approximately HK$9.96 million has been utilised for the
use of potential investment during the Year. As at 31 March 2025, the
net proceeds had been fully utilised (2023: unutilised net proceeds was
approximately HK$9.96 million which was for potential investment).
Placing of Shares on 31 March 2023
The net proceeds (net of all relevant costs and expenses) from placing of
shares under general mandate on 31 March 2023 at the placing price of
HK$0.146 per share were approximately HK$11 million. The net placing
price was approximately HK$0.142 per share. Details of the placing of
shares were set out in the announcements of the Company dated 16 March
2023 and 31 March 2023 respectively. The closing price of the shares on
the date of placing agreement was HK$0.177.
于本年度，所得款项净额约9,960,000港元已
用作潜在投资。于二零二五年三月三十一
日，所得款项净额已悉数动用（二零二三年：
未动用所得款项净额约9,960,000港元作潜在
投资用途）。
于二零二三年三月三十一日配售股份
于二零二三年三月三十一日，根据一般授权
配售股份之所得款项净额（经扣除所有相关
成本及开支后，并按配售价每股0.146港元计
算）约为11,000,000港元。净配售价约为每股
0.142港元。有关配售股份的详情分别载于
本公司日期为二零二三年三月十六日及二零
二三年三月三十一日之该等公告。股份于配
售协议日期的收市价为0.177港元。
直至二零二五年三月三十一日，本集团已使
用所得款项净额如下：
| Intended use of net proceeds | Allocation of net proceeds | Utilisation up to 31 March 2025 | Remaining balance of net proceeds as at 31 March 2025 | ||
|---|---|---|---|---|---|
| 所得款项净额之拟定用途 | 所得款项净额之分配 | 直至二零二五年 三月三十一日 已使用 | 于二零二五年 三月三十一日 所得款项净额 之余额 | ||
| HK$ million | % of net proceeds | HK$ million | HK$ million | ||
| 百万港元 | 占所得款项 净额百分比 | 百万港元 | 百万港元 | ||
55Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Up to 31 March 2025, the Group had utilised the net proceeds as follows:
Working capital of the Group本集团之营运资金11.0100%11.0–
Net proceeds of approximately HK$11.0 million has been utilised for the
use of working capital of the Group during the Year. As at 31 March 2024,
the net proceeds had been fully utilised (2023: unutilised net proceeds was
approximately HK$11.0 million which was for the working capital of the
Group).
Placing of Shares on 20 May 2024
The net proceeds (net of all relevant costs and expenses) from placing
of shares under general mandate on 20 May 2024 at the placing price of
HK$0.105 per share were approximately HK$19 million. The net placing
price was approximately HK$0.101 per share. Details of the placing of
shares were set out in the announcements of the Company dated 25 April
2024 and 20 May 2024 respectively. The closing price of the shares on the
date of placing agreement was HK$0.12.
直至二零二五年三月三十一日，本集团已使
用所得款项净额如下：
于本年度，所得款项净额约11,000,000港元
已用作本集团营运资金。于二零二四年三月
三十一日，所得款项净额已悉数动用（二零
二三年：未动用所得款项净额约11,000,000港
元作本集团营运资金用途）。
于二零二四年五月二十日配售股份
于二零二四年五月二十日，根据一般授权配
售股份之所得款项净额（经扣除所有相关成
本及开支后，并按配售价每股0.105港元计
算）约为19,000,000港元。净配售价约为每股
0.101港元。有关配售股份的详情分别载于本
公司日期为二零二四年四月二十五日及二零
二四年五月二十日之该等公告。股份于配售
协议日期的收市价为0.12港元。
| Intended use of net proceeds | Allocation of net proceeds | Utilisation up to 31 March 2025 | Remaining balance of net proceeds as at 31 March 2025 | ||
|---|---|---|---|---|---|
| 所得款项净额之拟定用途 | 所得款项净额之分配 | 直至二零二五年 三月三十一日 已使用 | 于二零二五年 三月三十一日 所得款项净额 之余额 | ||
| HK$ million | % of net proceeds | HK$ million | HK$ million | ||
| 百万港元 | 占所得款项 净额百分比 | 百万港元 | 百万港元 | ||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司56
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
Up to 31 March 2025, the Group had utilised the net proceeds as follows:
Working capital of the Group本集团之营运资金19.0100%19.0–
Net proceeds of approximately HK$19.0 million has been utilised for the
use of working capital of the Group during the Year. As at 31 March 2025,
the net proceeds had been fully utilised.
CAPITAL STRUCTURE
As at 31 March 2025, total equity attributable to owners of the Company
was approximately HK$935,872,000 (2024: HK$1,343,790,000). The
decrease arose from the loss attributable to owners of the Company.
There were no other material change in the capital structure of the Group
during the Year.
直至二零二五年三月三十一日，本集团已使
用所得款项净额如下：
于本年度，所得款项净额约19,000,000港元
已用作本集团营运资金。于二零二五年三月
三十一日，所得款项净额已悉数动用。
资本架构
于二零二五年三月三十一日，本公司拥有人
应占权益总额约为935,872,000港元（二零二四
年：1,343,790,000港元）。该减少乃由于本公
司拥有人应占亏损。于本年度内，本集团资
本架构概无其他重大变动。
| Intended use of net proceeds | Allocation of net proceeds | Utilisation up to 31 March 2025 | Remaining balance of net proceeds as at 31 March 2025 | ||
|---|---|---|---|---|---|
| 所得款项净额之拟定用途 | 所得款项净额之分配 | 直至二零二五年 三月三十一日 已使用 | 于二零二五年 三月三十一日 所得款项净额 之余额 | ||
| HK$ million | % of net proceeds | HK$ million | HK$ million | ||
| 百万港元 | 占所得款项 净额百分比 | 百万港元 | 百万港元 | ||
57Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
LIQUIDITY AND FINANCIAL RESOURCES
During the Year, the Group’s liquidity funds were primarily used to
invest in the development of our property business, mining business and
water business and for their operations and such funds were funded by a
combination of capital contribution by shareholders, borrowings as well as
cash generated from operation.
As at 31 March 2025, the total borrowings of the Group comprised
advances from independent third parties of approximately HK$13,350,000
(2024: HK$3,861,000) and secured bank borrowings of approximately
HK$8,669,000 (2024: HK$8,825,000). The advances from independent
third parties are interest-bearing at 7% to 10% per annum and repayable
within one year. The secured bank borrowings are interest-bearing at
4.615% per annum and repayable on 19 September 2026.
As at 31 March 2025, the Group had total assets of approximately
HK$1,388,147,000 (2024: HK$1,954,633,000) which was financed
by current liabilities of approximately HK$224,857,000 (2024:
HK$271,104,000), non-current liabilities of approximately HK$8,669,000
(2024: HK$8,825,000), non-controlling interests of approximately
HK$83,073,000 (2024: HK$117,414,000) and shareholders’ equity of
approximately HK$935,872,000 (2024: HK$1,343,790,000).
As at 31 March 2025, the current ratio of the Group was approximately
1.22 (2024: 1.03). Current ratio is calculated based on current assets
divided by current liabilities.
As at 31 March 2025, the gearing ratio of the Group was approximately
0.022 (2024: 0.009). Gearing ratio is calculated based on total borrowings
divided by total equity.
流动资金及财务资源
于本年度，本集团的流动资金主要用于投资
开发物业业务、采矿业务及水业务以及其营
运，而该等资金以股东注资、借款及经营产
生的现金相结合的方式拨付。
于二零二五年三月三十一日，本集团总借款
包括来自独立第三方的往来款约13,350,000
港元（二零二四年：3,861,000港元）及有抵
押银行借款约8,669,000港元（二零二四年：
8,825,000港元）。来自独立第三方的往来款按
年利率7%至10%计息并须于一年内偿还。有
抵押银行借款按年利率4.615%计息并须于二
零二六年九月十九日偿还。
于二零二五年三月三十一日，本集团之资产
总值约为1,388,147,000港元（二零二四年：
1,954,633,000港元），乃透过流动负债约
224,857,000港元（二零二四年：271,104,000
港元）、非流动负债约8,669,000港元（二零
二四年：8,825,000港元）、非控股权益约
83,073,000港元（二零二四年：117,414,000港
元）及股东权益约935,872,000港元（二零二四
年：1,343,790,000港元）提供资金。
于二零二五年三月三十一日，本集团之流动
比率约为1.22（二零二四年：1.03）。流动比率
乃按流动资产除以流动负债计算。
于二零二五年三月三十一日，本集团之资产
负债比率约为0.022（二零二四年：0.009）。资
产负债比率乃按借款总额除以总权益计算。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司58
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
MATERIAL ACQUISITIONS OR DISPOSALS
The Group has no material acquisition or disposal during the Year.
SUBSEQUENT EVENTS
On 10 June 2025, a total of 170,100,000 new shares of the Company
had been successfully placed by the placing agent to not less than six
placees at the placing price of HK$0.1 per placing share under the general
mandate granted to the Directors by ordinary resolution passed at the
annual general meeting of the Company held on 28 August 2024. Upon
the completion of the aforesaid placing of new shares, the total number
of issued shares of the Company increased from 1,313,763,360 shares to
1,483,863,360 shares. Details of the placing of shares were set out in the
announcements of the Company dated 20 May 2025, 4 June 2025 and 10
June 2025 respectively.
On 25 June 2025, the Company held an special general meeting and an
ordinary resolution was passed to approve the capital reorganisation which
involves the share consolidation, the capital reduction and the subdivision.
(1) Share consolidation
The share consolidation involved a consolidation of every ten (10)
issued and unissued ordinary shares of par value of HK$0.1 each in
the share capital of the Company into one consolidated share of par
value of HK$1.00 each in the share capital of the Company. The share
consolidation became effective on 27 June 2025 and the total number
of issued shares of the Company became 148,386,336 shares.
重大收购或出售
本集团于本年度并无重大收购或出售。
结算日后事项
于二零二五年六月十日，配售代理根据本公
司于二零二四年八月二十八日举行的股东周
年大会上以普通决议案的形式授予董事的一
般授权，向不少于六名承配人以配售价每股
配售股份0.1港元成功配售共计170,100,000股
本公司新股份。于完成上述配售新股份后，
本公司已发行股份总数由1,313,763,360股股
份增加至1,483,863,360股股份。有关配售股
份的详情分别载于本公司日期为二零二五年
五月二十日，二零二五年六月四日及二零
二五年六月十日之该等公告。
于二零二五年六月二十五日，本公司举行股
东特别大会，并通过一项普通决议案批准股
本重组，当中涉及股份合并、股本削减及拆
细。
(1) 股份合并
股份合并涉及将本公司股本中每十(10)
股每股面值0.1港元之已发行及未发行普
通股合并为本公司股本中一股每股面值
1.00港元之合并股份。股份合并于二零
二五年六月二十七日生效，且本公司已
发行股份总数变为148,386,336股。
59Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
(2) Capital reduction
The capital reduction involved a reduction of the par value of
each issued consolidated share from HK$1.00 to HK$0.01 by (a)
eliminating any fraction of a consolidated share in the issued share
capital of the Company arising from the share consolidation in order
to round down the total number of the consolidated Shares to a
whole number; and (b) cancelling HK$0.99 of the paid-up capital of
the Company on each issued consolidated Share so that each issued
new share will be treated as one (1) fully paid-up share of par value of
HK$0.01 each in the share capital of the Company.
(3) Subdivision
The subdivision involved each authorised but unissued consolidated
shares be subdivided into one hundreds (100) authorised but
unissued new shares of par value HK$0.01 each.
For details of the capital reorganisation, please refer to the
announcements of the Company dated 2 June 2025 and 4 June 2025
and the circular of the Company dated 9 June 2025.
Save and except for those disclosed above and in note 48 to the
consolidated financial statements, the Board is not aware of any significant
events that have occurred subsequent to 31 March 2025 and up to the
date of this report which require disclosure herein.
(2) 股本削减
股本削减涉及每股已发行合并股份的面
值由1.00港元减少至0.01港元，方式为
(a)剔除从股份合并中产生本公司已发行
股本中的任何零碎合并股份，以便将合
并股份总数目向下凑整至最接近整数；
及(b)注销本公司每股已发行合并股份的
缴足股本0.99港元，使每股已发行新股
份将被视为本公司股本中一(1)股每股面
值0.01港元的缴足股份。
(3) 拆细
拆细涉及每股法定但未发行合并股份拆
细为一百(100)股每股面值0.01港元之法
定但未发行新股份。
有关股本重组的详情，请参阅本公司日
期为二零二五年六月二日及二零二五年
六月四日之公告以及本公司日期为二零
二五年六月九日之通函。
除上述及综合财务报表附注48的披露事项
外，董事会并不知悉二零二五年三月三十一
日后至本报告日期发生任何重大事件须于本
年报披露。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司60
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
EXPOSURE TO FLUCTUATION IN EXCHANGE
RATES
The Group is mainly exposed to fluctuation in the exchange rate of
RMB, arising from relevant group entities’ monetary assets and liabilities
denominated in foreign currency for the Group’s operating activities.
The Group currently does not have a foreign currency hedging policy to
eliminate the currency exposures. Nevertheless, the management closely
monitors the relevant foreign currency exposure from time to time and will
consider hedging significant foreign currency exposures should the need
arise.
EMPLOYEE AND REMUNERATION POLICY
The Group had a total of 73 (2024: 66) employees in Hong Kong
and the PRC as at 31 March 2025. The total staff cost (staff salaries,
directors’ emoluments and other staff costs) for the Year amounted to
approximately HK$11,907,000 (2024: HK$11,938,000). Remuneration
packages are generally structured with reference to the market conditions
and individual performance. Apart from the mandatory provident fund and
statutory retirement benefits, the Group also provides medical benefits
and subsidises employees in various trainings and continuous education
programs.
CAPITAL COMMITMENTS AND CONTINGENT
LIABILITIES
Save and except for those disclosed in note 41 to the consolidated financial
statements, the Group did not have other capital commitments and
contingent liabilities as at 31 March 2025.
汇率波动风险
相关集团实体就本集团经营活动以外币计值
的货币资产及负债令本集团主要面临人民币
汇率波动带来之风险。
本集团现时并无就消除货币风险设定任何外
币对冲政策。然而，管理层会不时密切监察
相关的外币风险，并将于需要时考虑对冲重
大的外币风险。
雇员及薪酬政策
于二零二五年三月三十一日，本集团在香港
及中国共聘用73名（二零二四年：66名）雇
员。本年度的总员工成本（员工薪金、董事酬
金及其他员工成本）约为11,907,000港元（二零
二四年：11,938,000港元）。薪酬待遇一般参
考市场状况及个人表现而厘定。除强制性公
积金及法定退休福利外，本集团亦提供医疗
福利及就雇员参加各种培训及持续教育计划
提供津贴。
资本承担及或然负债
除综合财务报表附注41的披露事项外，本集
团于二零二五年三月三十一日并无其他资本
承担及或然负债。
61Annual Report
2025 年报
BOARD OF DIRECTORS’ STATEMENT, MANAGEMENT DISCUSSION
AND ANALYSIS
董事会总结与管理层讨论及分析
FINANCIAL GUARANTEE CONTRACTS
Save and except for those disclosed in note 42 to the consolidated financial
statements, the Group did not have other financial guarantee contracts as
at 31 March 2025.
CHARGES ON GROUP’S ASSETS
Save and except for those disclosed in note 19(ii) and 21(i) to the
consolidated financial statements, the Group did not have other charges
over its assets as at 31 March 2025.
APPRECIATION
On behalf of the Board, I would like to take this opportunity to express
my gratitude to our shareholders and business associates for their ongoing
support and extend our appreciation to our management team and staff
members for their contributions in the Year.
By order of the Board
Chan Wai Fung
Executive Director & chief executive officer
Hong Kong, 26 June 2025
财务担保合约
除综合财务报表附注42所披露者外，本集团
于二零二五年三月三十一日概无其他财务担
保合约。
本集团资产抵押
除综合财务报表附注19(ii)及21(i)的披露事项
外，本集团于二零二五年三月三十一日并无
其他资产抵押。
致谢
本人谨借此机会代表董事会，对股东及同业
友好一直以来的支持表示谢意，并就管理层
团队及雇员于本年度对本集团贡献致以衷心
感谢。
承董事会命
执行董事兼行政总裁
陈伟峰
香港，二零二五年六月二十六日
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司62
DIRECTORS’ REPORT
董事会报告
The Directors of the Company present their annual report and the audited
consolidated financial statements for the year ended 31 March 2025 (the
“Year”).
PRINCIPAL ACTIVITIES
The Company acts as an investment holding company. The principal
activities of its principal subsidiaries are set out in note 45 to the
consolidated financial statements.
RESULTS
The results of the Group for the Year are set out in the consolidated
statement of profit or loss and other comprehensive income on pages 88
to 89.
DIVIDEND POLICY
The Company has adopted a dividend policy (“Dividend Policy”), pursuant
to which the Company may distribute dividends to the shareholders of the
Company by way of cash or shares. Any distribution of dividends shall be
in accordance with the Bye-laws of the Company and the distribution shall
achieve continuity, stability and sustainability.
The recommendation of any dividend is subject to the discretion of the
Board, and any declaration of final dividend will be subject to the approval
of the shareholders. In proposing any dividend payout, the Board shall also
take into account, inter alia, the Group’s earnings per share, the reasonable
return in investment of the investors and the shareholders in order to
provide incentive to them to continue to support the Group in their long-
term development, the financial conditions and business plan of the Group,
and the market sentiment and circumstances.
本公司董事谨此提呈截至二零二五年三月
三十一日止年度（「本年度」）之年报及经审核
综合财务报表。
主要业务
本公司乃作为一间投资控股公司，其主要附
属公司之主要业务载于综合财务报表附注45。
业绩
本集团于本年度之业绩载于第88页至第89页
之综合损益及其他全面收益表。
股息政策
本公司已采纳股息政策（「股息政策」），据
此，本公司可透过现金或股份方式向本公司
股东派付股息。任何股息派付均应符合本公
司的公司细则之规定，派付应达致连续性，
稳定性及可持续性。
任何股息的建议视乎董事会的酌情决定，任
何末期股息之宣派须待股东批准后方可作
实。在建议派发股息时，董事会亦应考虑（其
中包括）本集团的每股盈利、投资者及股东
的合理投资回报，以鼓励彼等继续支持本集
团之长期发展、本集团之财务状况及业务计
划，以及市场气氛及情况。
63Annual Report
2025 年报
DIRECTORS’ REPORT
董事会报告
The Dividend Policy will be reviewed from time to time and there is no
assurance that a dividend will be proposed or declared in any specific
periods.
The Board does not recommend the payment of final dividend for the
Year.
SHARE CAPITAL
As at 31 March 2025, the total number of issued ordinary shares of the
Company was 1,313,763,360 (2024: 938,402,800). Details of the share
capital of the Company are set out in note 35 to the consolidated financial
statements.
BUSINESS REVIEW
A review of the Group’s business during the Year are set out in the
paragraph headed “BUSINESS REVIEW” under “BOARD OF DIRECTOR’S
STATEMENT, MANAGEMENT DISCUSSION AND ANALYSIS” which
forms part of this Directors’ Report.
股息政策将不时进行检讨，并不保证在任何
特定时期内会建议或宣派股息。
董事会不建议派付本年度之末期股息。
股本
于二零二五年三月三十一日，本公司已发行
普通股总数为1,313,763,360股（二零二四年：
938,402,800股）。本公司股本之详情载于综合
财务报表附注35。
业务回顾
本集团于本年度之业务回顾载于「董事会总结
与管理层讨论及分析」中「业务回顾」一段，构
成本董事会报告的一部分。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司64
DIRECTORS’ REPORT
董事会报告
PRINCIPAL RISKS AND UNCERTAINTIES
The Group’s has identified the principal risks and uncertainties in the
industries in which the Group operates. The risks and uncertainties may
affect the operations and results of the Group. The principal risks and
uncertainties include but not limited to the followings:
(1) Revenue relied heavily on sales and leasing of
properties
收入主要依赖物业销售及租赁
Apart from the property development and property
investment businesses, the Group is also developing the
water business in Hunan. The water factory in Hunan has
commenced its commercial production in the first quarter
of 2024 and is currently generating sales. The development
of water business in Hunan will gradually diversify the
sources of income of the Group. In addition, the mining
business will bring new source of income to the Group in
the future. Moreover, the Group is also actively looking for
other potential investment projects and commodity trading
businesses to expand the source of revenue and diversify its
business.
除物业发展及物业投资业务外，本集团亦正于湖南发展
水业务。位于湖南的水厂已于二零二四年第一季正式
商业投产，现正进行销售。湖南水业务的开展，将逐步
分散本集团的收入来源。此外，采矿业务未来将为本集
团带来新的收入来源。除此等之外，本集团亦积极物色
其他有潜力的投资项目及商品贸易业务，以扩阔收入来
源，并使其业务更多元化。
主要风险及不明朗因素
本集团已识别本集团经营所在行业的主要风
险及不明朗因素。该等风险及不明朗因素可
能影响本集团的经营及业绩。该等主要风险
及不明朗因素包括但不限于以下各项：
| Risk factors and uncertainties | Risk Responses | |
|---|---|---|
| 风险因素及不确定因素 | 风险回应 | |
65Annual Report
2025 年报
DIRECTORS’ REPORT
董事会报告
(2) Affected by various factors such as change in
policies of the PRC government, slowdown of the
PRC’s economic growth and change in consumers’
preference, the property market in the PRC became
sluggish
受中国政府政策变化、中国经济增长放缓及消费
者喜好改变等多种因素影响，中国物业市场变得
疲弱
The Group pays close attention to the latest policies,
news and market trends relating to the property market
in the PRC from time to time, and formulates appropriate
business strategies in a timely manner to ensure that business
operations are in line with changes in the social, political,
economic and legal environment. The Group will continue
to implement its strategic development and strengthen
penetration and coverage in different regional markets to
reduce reliance on any specific market.
本集团不时密切留意中国物业市场最新的政策、消息及
市场走势，适时制定适当的经营策略，以确保业务运营
切合社会、政治、经济及法律环境的变化。本集团将继
续实施其策略性发展，加强于不同地区市场的渗透及覆
盖，以减少倚赖任何个别市场。
(3) Failure to retain the land use rights in the PRC
未能保留于中国的土地使用权
The Group pays close attention to the latest land policies of
the PRC government and maintains communication with the
relevant authorities to protect our land use rights.
本集团密切关注中国政府最新的土地政策，亦与有关部
门保持沟通，以保障土地之使用权。
| Risk factors and uncertainties | Risk Responses | |
|---|---|---|
| 风险因素及不确定因素 | 风险回应 | |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司66
DIRECTORS’ REPORT
董事会报告
(4) Significant portion of our business relies on major
customers
大部分的业务倚赖主要客户
Major customers of the Group include tenants and
customers from sales of properties. The Group increased
investment properties in Beijing and will gradually hand over
more units in the future, thereby increasing rental income of
the Group and expanding its customer base. The Group also
pays close attention to the latest policies and news relating
to the PRC property market and formulates appropriate
operating strategies in a timely manner. At the same time,
the Group is actively developing other businesses such as
water business and mining business to expand its customer
bases.
本集团的主要客户包括租客及物业销售之客户。本集团
增加了位于北京的投资物业，未来亦会逐步交收更多单
位，以此提升本集团的租金收入及扩大客户群。本集团
亦密切留意有关中国物业市场最新的政策及消息，适时
制定适当的经营策略。同时，本集团积极发展其他业务
如水业务和矿业务，以扩大其客户群。
(5) Price fluctuations on minerals
矿产价格波动
The Group pays close attention to the price fluctuations of
the metal markets and will formulate appropriate operating
strategies in a timely manner to ensure the stability of
revenue and profits.
本集团密切留意金属市场价格的波动，将适时制定适当
的经营策略，确保收入及利润的稳定性。
Further, the Group’s activities are exposed to a variety of financial risks:
market risk (including currency risk, cash flow and fair value interest rate risk),
credit risk and liquidity risk. The Group’s overall risk management framework
also takes into account the unpredictability of financial markets and seeks to
minimize potential adverse effects on the Group’s financial performance. The
details are set out in note 5 to the consolidated financial statements.
再者，本集团的活动面对多种财务风险：市场
风险（包括货币风险、现金流量及公平值利率
风险）、信贷风险及流动资金风险。本集团整
体的风险管理框架也考虑到金融市场的不可预
测性，并寻求尽量减低对本集团财务表现的潜
在不利影响。详情载于综合财务报表附注5。
| Risk factors and uncertainties | Risk Responses | |
|---|---|---|
| 风险因素及不确定因素 | 风险回应 | |
67Annual Report
2025 年报
DIRECTORS’ REPORT
董事会报告
本公司之可分派储备
根据一九八一年百慕达公司法（经修订），
本公司之实缴盈余可供分派予股东。然而，
倘出现下列情况，则公司不得宣派或派付股
息，或自实缴盈余作出分派：
(i) 于派付股息后，公司将无法于其负债到
期时偿还负债；或
(ii) 其资产之可变现价值将因而低于其负
债、已发行股本及股份溢价账之总额。
于二零二五年三月三十一日，本公司录得亏
绌，当中包括实缴盈余约180,057,000港元减
累计亏损约3,258,122,000港元。因此，于二
零二五年三月三十一日，本公司并无可分派
予股东之储备。
物业、厂房及设备
于本年度，有关本集团之物业、厂房及设备
之变动详情载于综合财务报表附注19。
董事及董事服务合约
于本年度及直至本报告日期，本公司之董事
如下：
执行董事
欧阳艳玲女士
李玉国先生
刘恩赐先生
李晓明先生
温钧贻女士
（自二零二四年六月十二日起获委任，并
自二零二五年三月二十六日起辞任）
陈伟峰先生
（自二零二五年三月二十六日起获委任）
DISTRIBUTABLE RESERVES OF THE COMPANY
Under the Companies Act 1981 of Bermuda (as amended), the contributed
surplus of the Company is available for distribution to shareholders.
However, a company shall not declare or pay a dividend, or make a
distribution out of contributed surplus, if:
(i) it is, or would after the payment be, unable to pay its liabilities as they
become due; or
(ii) the realisable value of its assets would thereby be less than the
aggregate of its liabilities and its issued share capital and share
premium accounts.
The Company has deficit as at 31 March 2025 which comprises contributed
surplus of approximately HK$180,057,000 less accumulated losses of
approximately HK$3,258,122,000. Accordingly, the Company has no
reserves available for distribution to shareholders as at 31 March 2025.
PROPERTY, PLANT AND EQUIPMENT
Details of the movements in property, plant and equipment of the Group
during the Year are set out in note 19 to the consolidated financial
statements.
DIRECTORS AND DIRECTORS’ SERVICE
CONTRACTS
The Directors of the Company during the Year and up to the date of this
report were:
Executive Directors
Ms. Ouyang Yanling
Mr. Li Yuguo
Mr. Liu Yan Chee James
Mr. Li Xiaoming
Ms. Wen Junyi
(appointed with effect from 12 June 2024 and
resigned with effect from 26 March 2025)
Mr. Chan Wai Fung
(appointed with effect from 26 March 2025)
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司68
DIRECTORS’ REPORT
董事会报告
Non-executive Directors
Mr. Yang Xiaoqiang
Mr. Huang Yilin
Mr. Chen Dong Yao
Independent Non-executive Directors
Mr. Ba Junyu
Mr. So Ting Kong
(appointed with effect from 22 May 2024 and
resigned with effect from 31 January 2025)
Mr. Wong Sung
(appointed with effect from 22 May 2024)
Mr. Xu Xingge
(appointed with effect from 22 May 2024)
Dr. Liang Jinxiang
(appointed with effect from 2 April 2025)
In accordance with Rule 3.09D of the Listing Rules:
- , Mr Wong Sung and Mr. Xu Xingge have received
the legal advice on 21 May 2024;
- ; and
c. Mr. Chan Wai Fung and Dr. Liang Jinxiang have received the legal
advice on 26 March 2025.
In accordance with Bye-Law 83(2) of the Company’s Bye-laws, Mr. Chan
Wai Fung and Dr. Liang Jinxiang will retire at the forthcoming annual
general meeting, and, being eligible, offer themselves for re-election as
Directors at the forthcoming annual general meeting.
非执行董事
杨小强先生
黄逸林先生
陈东尧先生
独立非执行董事
巴俊宇先生
苏定江先生
（自二零二四年五月二十二日起获委任，并
自二零二五年一月三十一日起辞任）
黄嵩先生
（自二零二四年五月二十二日起获委任）
徐兴鸽先生
（自二零二四年五月二十二日起获委任）
梁金祥博士
（自二零二五年四月二日起获委任）
根据上市规则第3.09D条：
- 、黄嵩先生及徐兴鸽先生已
于二零二四年五月二十一日接获法律意
见；
b. 温钧贻女士已于二零二四年六月十一日
接获法律意见；及
c. 陈伟峰先生及梁金祥博士已于二零二五
年三月二十六日接获法律意见。
根据本公司之公司细则中公司细则第83(2)
条，陈伟峰先生及梁金祥博士将于应届股东
周年大会上退任，而彼等均符合资格且愿意
于应届股东周年大会上重选连任董事。
69Annual Report
2025 年报
DIRECTORS’ REPORT
董事会报告
In accordance with Bye-Law 84(1) of the Company’s Bye-laws, Ms. Ouyang
Yanling, Mr. Li Yuguo, Mr. Liu Yan Chee James, Mr. Li Xiaoming, Mr. Yang
Xiaoqiang, Mr. Huang Yilin, Mr. Chen Dong Yao, Mr. Ba Junyu, Mr. Wong
Sung and Mr. Xu Xingge will retire by rotation at the forthcoming annual
general meeting, and, being eligible, offer themselves for re-election as
Directors at the annual general meeting.
The term of office of each of the Independent Non-executive Directors is
three years subject to retirement by rotation and re-election at the annual
general meetings as required by the Company’s Bye-laws.
None of the Directors has any unexpired service contract with the
Company or any of its subsidiaries which is not determinable by the Group
within one year without payment of compensation, other than statutory
compensation.
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS IN SECURITIES
Directors’ and Chief Executives’ Interests and Short
Positions in Shares, Underlying Shares and Debenture
of the Company or associated corporations
As at 31 March 2025, the interests and short positions of the Directors
and chief executives 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 Securities and Futures Ordinance (“SFO”)),
as recorded in the register maintained by the Company under Section
352 of the SFO or as otherwise notified to the Company and the Stock
Exchange pursuant to the Model Code for Securities Transactions by
Directors of Listed Issuers as set out in Appendix C3 (the “Model Code”)
to the Rules Governing the Listing of Securities on the Stock Exchange (the
“Listing Rules”) were as follows:
根据本公司之公司细则中公司细则第84(1)
条，欧阳艳玲女士、李玉国先生、刘恩赐先
生、李晓明先生、杨小强先生、黄逸林先
生、陈东尧先生、巴俊宇先生、黄嵩先生及
徐兴鸽先生将于应届股东周年大会上轮值退
任，而彼等均符合资格且愿意于股东周年大
会上重选连任董事。
各独立非执行董事之任期为三年，惟须根据
本公司之公司细则规定于股东周年大会上轮
值退任及重选连任。
概无董事与本公司或其任何附属公司订立不
可由本集团于一年内终止而毋须支付赔偿（法
定赔偿除外）之任何未届满服务合约。
董事及主要行政人员于证券之
权益
董事及主要行政人员于本公司或相联
法团之股份、相关股份及债权证之权
益及淡仓
于二零二五年三月三十一日，本公司董事及
主要行政人员于本公司或其任何相联法团（定
义见证券及期货条例（「证券及期货条例」）第
XV部）之股份、相关股份及债权证中拥有须
记录于本公司根据证券及期货条例第352条须
存置之登记册内，或根据联交所证券上市规
则（「上市规则」）附录C3所载上市发行人董事
进行证券交易之标准守则（「标准守则」）须另
行知会本公司及联交所之权益及淡仓如下：
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司70
DIRECTORS’ REPORT
董事会报告
于本公司股份、相关股份及债权证之
好仓
Long positions in shares, underlying shares and
debentures of the Company
Liu Yan Chee JamesBeneficial owner13,650,0001.04%
刘恩赐实益拥有人
Huang YilinBeneficial owner7,000less than 0.001%
黄逸林实益拥有人少于0.001%
Note:
The percentages calculated are based on the total number of issued shares of the Company of
1,313,763,360 Shares as at 31 March 2025.
Save as disclosed above, as at 31 March 2025, none of the Directors or
the chief executives of the Company or their associates had any interests
or short positions in any shares, underlying shares or debentures of the
Company or any of its associated corporations (within the meaning of
Part XV of the SFO) as recorded in the register required to be kept under
Section 352 of the SFO or as otherwise notified to the Company and the
Stock Exchange pursuant to the Model Code.
附注：
该等百分比乃根据本公司于二零二五年三月三十一日之已
发行股份总数1,313,763,360股计算。
除上文所披露者外，于二零二五年三月
三十一日，概无本公司董事或主要行政人员
或彼等之联系人于本公司或其任何相联法团
（定义见证券及期货条例第XV部）之任何股
份、相关股份或债权证中拥有须记录于根据
证券及期货条例第352条须存置之登记册内，
或根据标准守则须另行知会本公司及联交所
之任何权益或淡仓。
| Name of directors | Capacity | Number of issued ordinary shares held | Approximate percentage of the issued share capital of the Company (Note) |
|---|---|---|---|
| 董事姓名 | 身份 | 持有之 已发行 普通股数目 | 占本公司 已发行股本之 概约百分比 （附注） |
71Annual Report
2025 年报
DIRECTORS’ REPORT
董事会报告
SHARE OPTION SCHEME
As at 31 March 2025, there was no outstanding share options. During the
Year and up to the date of this Report, the Company did not have any
subsisting share option scheme or other share scheme.
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR
DEBENTURES
Save as disclosed above in respect of the Directors’ interests in securities
and share options, at no time during the Year, was the Company or any of
its subsidiaries, a party to any arrangement to enable the Directors of the
Company to acquire benefits by means of the acquisition of shares in, or
debt securities (including debentures) of, the Company or any other body
corporate.
INTERESTS AND SHORT POSITIONS OF
SUBSTANTIAL SHAREHOLDERS
As at 31 March 2025, so far as was known to the Directors and the chief
executives of the Company, the following persons (other than any director
and chief executives of the Company) who had interests or short positions
in the shares and 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 as recorded in the register to be kept by the Company
under Section 336 of the SFO, or as otherwise notified to the Company
and the Stock Exchange:
购股权计划
于二零二五年三月三十一日，概无任何尚未
行使之购股权。截至本年度及直至本报告日
期，本公司并无任何现存购股权计划或其他
股份计划。
董事收购股份或债权证之权利
除上文就董事于证券之权益及购股权所披露
者外，本公司或其任何附属公司于本年度任
何时间概无参与订立任何安排，致使本公司
之董事可藉收购本公司或任何其他法人团体
之股份或债务证券（包括债权证）而获利。
主要股东之权益及淡仓
于二零二五年三月三十一日，就董事及本公
司之主要行政人员所知，以下人士（本公司任
何董事及主要行政人员除外）于本公司股份及
相关股份中拥有权益或淡仓，而须根据证券
及期货条例第XV部第2及第3分部之条文向本
公司披露，或记录于本公司须根据证券及期
货条例第336条须存置之登记册内，或另行知
会本公司及联交所：
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司72
DIRECTORS’ REPORT
董事会报告
Long positions in shares and underlying shares of the
Company
Yao Jigen (Note 2)Beneficial owner and interest in
controlled corporation
252,973,80019.20%
姚继根（附注2）实益拥有人及于受控制法团
拥有权益
Full Tenda Development Limited
(Note 2)
Beneficial owner243,273,80018.52%
富腾达发展有限公司（附注2）实益拥有人
Li Jia YiBeneficial owner233,921,00017.81%
李佳怡实益拥有人
Creation Financial Group Limited
(Note 3)
Beneficial owner187,680,00014.29%
创世金融集团有限公司（附注3）实益拥有人
Chen HuaijunBeneficial owner73,000,0005.56%
陈怀军实益拥有人
于本公司股份及相关股份之好仓
| Name of shareholder | Capacity | Number of issued ordinary shares held | Approximate percentage of the issued share capital of the Company (Note 1) |
|---|---|---|---|
| 股东名称╱姓名 | 身份 | 持有之已发行 普通股数目 | 占本公司已发行股本 之概约百分比 （附注1） |
73Annual Report
2025 年报
DIRECTORS’ REPORT
董事会报告
附注1： 百分比乃基于本公司截至二零二五年三月三十一
日已发行股份总额1,313,763,360股股份计算。
附注2： 姚继根个人持有9,700,000股股份，而姚继根
全资实益拥有公司富腾达发展有限公司持有
243,273,800股股份。姚继根实益拥有股份总额为
252,973,800股股份。
附注3： 创世金融集团有限公司并未申报其最终实益拥有
人。
除上文所披露者外，于二零二五年三月三十一
日，本公司并无获通知且并不知悉有任何其
他人士于本公司股份或相关股份中拥有记录
于本公司根据证券及期货条例第336条须存置
之登记册内占本公司已发行股本5%或以上权
益之权益或淡仓。
董事于合约之权益
除本报告所披露者外，本公司、其控股公司
或其任何附属公司概无参与订立任何于本年
度末或于本年度任何时间存续且本公司董事
或与董事有关连的实体直接或间接拥有重大
权益之重大交易、安排或合约。
董事于重大交易、安排或合约
及关连人士交易之权益
概无董事于本公司在年内或年底订立与本集
团业务有重大关系之任何交易、安排或合约
中，直接或间接拥有重大实益权益。董事会
并不知悉任何本年度之关联方交易会构成上
市规则第14A章项下之本公司不获豁免关连
交易或持续关连交易。
Note 1: The percentages calculated are based on the total number of issued shares of the
Company of 1,313,763,360 Shares as at 31 March 2025.
Note 2: Yao Jigen personally held 9,700,000 shares and Full Tenda Development Limited, a
company wholly and beneficially owned by Yao Jigen, holds 243,273,800 shares. The
total number of shares beneficially owned by Yao Jigen is 252,973,800 shares.
Note 3: Creation Financial Group Limited did not disclose its ultimate beneficial owner.
Save as disclosed above, the Company had not been notified and is not
aware of any other person who had an interest or short position in the
shares or underlying shares of the Company as recorded in the register
required to be kept by the Company pursuant to Section 336 of the SFO
as having an interest of 5% or more in the issued shares capital of the
Company as at 31 March 2025.
DIRECTORS’ INTERESTS IN CONTRACTS
Save as disclosed in this report, there were no transaction, arrangement
or contracts of significance to which the Company, its holding company or
any of its subsidiaries was a party and in which a Director of the Company
or an entity connected with a Director had a material interest, whether
directly or indirectly, subsisted at the end of the Year or at any time during
the Year.
DIRECTORS’ INTERESTS IN TRANSACTIONS,
ARRANGEMENTS OR CONTRACTS OF
SIGNIFICANCE AND CONNECTED PARTY
TRANSACTIONS
No Director had a significant beneficial interest, either directly or indirectly,
in any transaction, arrangement or contract of significance to the business
of the Group to which the Company was a party during or at the end of the
year. The Board is not aware of any related party transactions during the
Year, which constituted a non-exempt connected transaction or continuing
connected transaction of the Company under Chapter 14A of the Listing
Rules.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司74
DIRECTORS’ REPORT
董事会报告
关联方交易
本集团关联方交易详情载于综合财务报表附
注44。
除上文「关连交易」一段所披露者外，载于综
合财务报表附注44的若干关联方交易构成本
公司关连交易，惟获全面豁免遵守上市规则
第14A章的申报、年度审阅、公告及独立股
东批准规定。
慈善捐款
于本年度，本集团并无作出任何慈善捐款（二
零二四年：无）。
获准许弥偿条文
本公司投购的董事及高级人员责任保险已经
于二零一八年五月二十日到期。由于本公司
尚未与保险公司就新保单的条款及保费达成
共识，故自二零一八年五月二十一日起就本
公司董事可能会面对的法律行动尚未有任何
保险保障。本公司将就此继续与保险公司洽
谈。
权益挂钩协议
本公司于本年度概无订立或于年末亦概无存
续将会或可能导致本公司发行股份或要求本
公司订立任何协议并将会或可能导致本公司
发行股份的任何权益挂钩协议。
管理合约
于本年度，概无订立或存在有关本公司全部
或任何实质部分业务之管理及行政的合约。
RELATED PARTY TRANSACTIONS
Details of the related party transactions of the Group are set out in note 44
to the consolidated financial statements.
Save as disclosed in the paragraph headed “CONNECTED TRANSACTIONS”
above, certain related party transactions set out in note 44 to the
consolidated financial statements constituted connected transactions of
the Company but were fully exempted from the reporting, annual review,
announcement and independent shareholders’ approval requirements
under Chapter 14A of the Listing Rules.
CHARITABLE DONATIONS
During the Year, the Group had not made any charitable donations (2024:
Nil).
PERMITTED INDEMNITY PROVISIONS
The directors’ and officers’ liability insurance maintained by the Company
has expired on 20 May 2018. As the Company has not yet reached an
agreement with an insurer regarding the terms and insurance premium of
new insurance policy, the insurance cover in respect of legal action which
may be taken against the Directors of the Company has not been in place
since 21 May 2018. The Company will continue to liaise with the insurer on
the same.
EQUITY-LINKED AGREEMENTS
No equity-linked agreements that will or may result in the Company issuing
shares or that require the Company to enter into any agreements that
will or may result in the Company issuing shares were entered into by the
Company during the Year or subsisted at the end of the Year.
MANAGEMENT CONTRACTS
No contract concerning the management and administration of the whole
or any substantial part of the business of the Company was entered into or
existed during the Year.
75Annual Report
2025 年报
DIRECTORS’ REPORT
董事会报告
MAJOR CUSTOMERS AND SUPPLIERS
During the Year, the revenue attributable to the Group’s largest customer
accounted for approximately 21.48% (2024: 30.7%) of the Group’s total
revenue and the revenue attributable to the Group’s five largest customers
accounted for approximately 68.17% (2024: 82.7%) of the Group’s total
revenue.
During the Year, the costs incurred in respect of the Group’s largest
supplier accounted for approximately 38.47% (2024: 32.4%) of the Group’s
total cost of sales and the costs incurred in respect of the Group’s five
largest suppliers accounted for approximately 76.45% (2024: 48.6%) of the
Group’s total cost of sales.
At no time during the Year, did a director, a close associate of a director
or a shareholder of the Company, which to the knowledge of the directors
owned more than 5% of the Company’s issued share capital, have an
interest in any of the five largest suppliers or customers of the Group.
PURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES
During the Year, neither the Company nor any of its subsidiaries purchased,
sold or redeemed any of the Company’s listed securities.
REMUNERATION POLICY
The remuneration policy of the employees of the Group is formulated on
the basis of their merit, qualifications and competence. Apart from the
mandatory provident fund and statutory retirement benefits, the Group
also provides medical benefits and sponsored employees in different
training and continuous education program.
The remuneration of the Directors of the Company are determined, taking
into account the Company’s operating results, individual performance and
comparable market statistics.
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the Company’s Bye-
laws, or the laws of Bermuda, which would oblige the Company to offer
new shares on a pro-rata basis to existing shareholders.
主要客户及供应商
于本年度，本集团最大客户贡献之收入占本
集团总收入约21.48%（二零二四年：30.7%），
而本集团五大客户贡献之收入占本集团总收
入约68.17%（二零二四年：82.7%）。
于本年度，本集团最大供应商产生之成本占
本集团总销售成本约38.47%（二零二四年：
32.4%），而本集团五大供应商产生之成本占
本集团总销售成本约76.45%（二零二四年：
48.6%）。
于本年度任何时间，本公司董事、董事之紧
密联系人或就董事所知拥有本公司已发行股
本5%以上之本公司股东概无拥有本集团任何
五大供应商或客户之权益。
购买、出售或赎回本公司之上
市证券
于本年度，本公司及其附属公司概无购买、
出售或赎回本公司任何上市证券。
薪酬政策
本集团雇员之薪酬政策乃根据其表现、资历
及才能而制定。除强制性公积金及法定退休
福利外，本集团亦提供医疗福利及资助雇员
参加各种培训及持续教育计划。
本公司董事之薪酬乃参照本公司之经营业
绩、个人表现及市场上可资比较统计数字而
厘定。
优先购买权
本公司之公司细则或百慕达法律概无有关本
公司须按比例向现有股东发售新股之优先购
买权规定。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司76
DIRECTORS’ REPORT
董事会报告
税务宽减
本公司并不知悉任何股东因持有本公司股份
而可享有的税务宽减。
董事于竞争性业务中之权益
于本年度，概无董事或任何彼等各自的紧密
联系人从事任何与本集团业务构成竞争或可
能构成竞争或与本集团有任何其他利益冲突
的业务。
足够公众持股量
就董事所深知及经参考公众可得资料，本公
司已于本年度期间维持足够公众持股量。
核数师
续聘利安达香港会计师事务所有限公司（前称
为刘欧阳会计师事务所有限公司）为本公司之
核数师及授权董事厘定彼等薪酬之一项决议
案将于是次股东周年大会上获提呈。
代表董事会
执行董事兼行政总裁
陈伟峰
香港，二零二五年六月二十六日
TAX RELIEF
The Company is not aware of any relief from taxation available to
shareholders by reason of their holding of the shares of the Company.
DIRECTORS’ INTERESTS IN COMPETING
BUSINESS
During the Year, none of the Directors or any of their respective close
associates has engaged in any business that competes or may compete with
the business of the Group or has any other conflict of interests with the
Group.
SUFFICIENCY OF PUBLIC FLOAT
To the best knowledge of the Directors and based on public information
available, the Company has maintained a sufficient public float throughout
the Year.
AUDITORS
A resolution to re-appoint Reanda HK CPA Limited (formerly known
as Lau & Au Yeung C.P.A. Limited) as auditors of the Company and to
authorise the Directors to fix their remuneration will be proposed at the
forthcoming annual general meeting.
On behalf of the Board
Chan Wai Fung
Executive Director & chief executive officer
Hong Kong, 26 June 2025
77Annual Report
2025 年报
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
21/F, Tai Yau Building
181 Johnston Road
Wanchai
Hong Kong
香港
湾仔
庄士敦道181号
大有大厦21楼
TO THE SHAREHOLDERS OF
ZHONG JIA GUO XIN HOLDINGS COMPANY LIMITED
(Incorporated in Bermuda with limited liability)
OPINION
We have audited the consolidated financial statements of Zhong Jia Guo
Xin Holdings Company Limited (the “Company”) and its subsidiaries
(together, the “Group”) set out on pages 88 to 258, which comprise the
consolidated statement of financial position as at 31 March 2025, and the
consolidated statement of profit or loss and other comprehensive income,
consolidated statement of changes in equity and 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 March
2025, and of its consolidated financial performance and its consolidated
cash flows for the year then ended in accordance with HKFRS Accounting
Standards as issued by the Hong Kong Institute of Certified Public
Accountants (“HKICPA”) and have been properly prepared in compliance
with the disclosure requirements of the Hong Kong Companies Ordinance.
致中加国信控股股份有限公司各股东
（于百慕达注册成立之有限公司）
意见
我们已审计载列于第88页至第258页的中加国
信控股股份有限公司（「贵公司」）及其附属公
司（统称为「贵集团」）的综合财务报表，此综
合财务报表包括于二零二五年三月三十一日
的综合财务状况表，截至该日止年度的综合
损益及其他全面收益表、综合权益变动表及
综合现金流量表，以及综合财务报表附注，
包括重大会计政策资料。
我们认为，该等综合财务报表已根据香港会
计师公会（「香港会计师公会」）颁布的香港财
务报告会计准则真实而中肯地反映 贵集团
于二零二五年三月三十一日的综合财务状况
及截至该日止年度的综合财务表现及综合现
金流量，并已按照香港公司条例的披露规定
妥为编制。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司78
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
BASIS FOR OPINION
We conducted our audit in accordance with Hong Kong Standards on
Auditing (“HKSAs”) as issued by the HKICPA. Our responsibilities under
those standards are further described in the Auditors’ 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”), and we have fulfilled
our other ethical responsibilities in accordance with the Code. We believe
that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement,
were of most significance in our audit of the consolidated financial
statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
意见之基础
我们已根据香港会计师公会颁布之香港审计
准则（「香港审计准则」）进行审计。我们在该
等准则下承担之责任已在本报告核数师就审
计综合财务报表承担之责任部分中作进一步
阐述。根据香港会计师公会之专业会计师道
德守则（以下简称「守则」），我们独立于 贵
集团，并已履行守则中之其他道德责任。我
们相信，我们获得之审计凭证能充足及适当
地为我们的意见提供基础。
关键审计事项
关键审计事项为根据我们之专业判断，我们
认为对本期综合财务报表之审计最为重要之
事项。这些事项是在我们审计整体综合财务
报表及出具意见时进行处理。我们不会对这
些事项提供单独意见。
79Annual Report
2025 年报
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
KEY AUDIT MATTERS (CONTINUED)
Impairment assessment of exploration and mining right included in intangible assets
计入无形资产之勘探及采矿权之减值评估
Refer to Note 21 to the consolidated financial statements.
参阅综合财务报表附注21。
As at 31 March 2025, the carrying amount of the exploration and mining
rights included in intangible assets was approximately HK$346,001,000.
于二零二五年三月三十一日，计入无形资产之勘探及采矿权之账面
值约为346,001,000港元。
As detailed in note 21 to the consolidated financial statements,
exploration and mining activities have not yet commenced during the
year.
如综合财务报表附注21所详述，勘探及开采活动于年内尚未开始。
The Group is required to consider any indication of impairment on the
mineral mining rights at the end of each reporting period. Management
determined the recoverable amount of the mineral mining rights based
on the fair value estimated by an independent external valuer who used
multi period excess earnings method, in which key assumptions included
expected price of mineral products, net profit margin and discount rate.
贵集团须于各报告期末考虑采矿权的任何减值迹象。根据独立外聘
估值师使用多期间超额盈利法（其中的主要假设包括矿物产品之预期
价格、纯利率及折现率）估计之公平值，管理层厘定采矿权之可收回
金额。
This area was significant to our audit due to the significance of the
balances, and the fact that management’s assessment of the recoverable
amount of the balances involved significant judgement.
由于余额非常重大及管理层评估余额之可收回金额涉及重大判断，
此范畴为重要审核事项。
Our procedures in relation to impairment
assessment of exploration and mining right
included:
对勘探及采矿权所作之减值评估之程序包
括：
• Assessing the appropriateness of
valuation methodology, key assumptions
and estimated used based on general
conditions of lead and zinc market;
• 根据铅及锌矿市场之一般状况评估所使
用的估值方法、主要假设及估计是否合
适；
- , capabilities,
objectivity and independence of the
management’s expert; and
- 、能力、客观性
及独立性；及
• Checking the key assumptions including
expected price of lead and zinc, net profit
margin and discount rate against industry
data.
- （包括铅及锌
矿之预期价格、纯利率及折现率）。
We found that the key assumptions were
supported by the available evidence.
我们已查证主要假设乃有据可依。
关键审计事项（续）
| Key audit matters | How our audit addressed the key audit matter |
|---|---|
| 关键审计事项 | 我们的审计如何处理该关键审计事项 |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司80
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
KEY AUDIT MATTERS (CONTINUED)
Impairment assessment of water mining right included in intangible assets
计入无形资产之采水权之减值评估
Refer to Note 21 to the consolidated financial statements.
参阅综合财务报表附注21。
As at 31 March 2025, the carrying amounts of the water mining right
included in intangible assets was approximately HK$105,003,000.
于二零二五年三月三十一日，计入无形资产之采水权之账面值约为
105,003,000港元。
The Group is required to consider any indication of impairment on the
water mining right at the end of each reporting period. Management
determined the recoverable amount of the water mining right based on
the fair value estimated by an independent professional external valuer
who used multi period excess earnings method, in which key assumptions
included expected price of bottled mineral water, net profit margin and
discount rate.
贵集团须于各报告期末考虑采水权的任何减值迹象。根据独立专业
外部估值师使用多期超额收益法所估计之公平值（其中的主要假设包
括瓶装矿泉水之预期价格、纯利率及折现率），管理层厘定采水权之
可收回金额。
Our procedures in relation to impairment
assessment of water mining right included:
对采水权所作之减值评估之程序包括：
• Assessing the appropriateness of valuation
methodology, key assumptions and
estimates used based on general conditions
of the bottled mineral water industry;
• 根据瓶装矿泉水行业之一般状况评估所
使用的估值方法、主要假设及估计是否
合适；
- , capabilities,
objectivity and independence of the
management’s expert; and
- 、能力、客观性
及独立性；及
关键审计事项（续）
| Key audit matters | How our audit addressed the key audit matter |
|---|---|
| 关键审计事项 | 我们的审计如何处理该关键审计事项 |
81Annual Report
2025 年报
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
KEY AUDIT MATTERS (CONTINUED)
Impairment assessment of water mining right included in intangible assets (continued)
计入无形资产之采水权之减值评估（续）
This area was significant to our audit due to the significance of the
balances, and the fact that management’s assessment of the recoverable
amount of the balances involved significant judgement.
由于余额非常重大及管理层评估余额之可收回金额涉及重大判断，
此范畴为重要审核事项。
• Checking the key assumptions including
expected price of bottled mineral water,
net profit margin and discount rate against
industry data.
- （包括瓶装矿
泉水之预期价格、纯利率及折现率）。
We found that the key assumptions were
supported by the available evidence.
我们已查证主要假设乃有据可依。
Impairment assessment of interests in associates
于联营公司之权益减值评估
Refer to Note 22 to the consolidated financial statements.
参阅综合财务报表附注22。
The Group has 20% equity interests in Hong Kong Spring Water Ding
Dong Group Company Limited and its wholly-owned subsidiary in
Guangxi, which are presented as interests in associates under the equity
method. The principal activities of the associates are production and
sales of bottled water. As at 31 March 2025, the interests in associates
amounted to approximately HK$14,571,000, the related share of losses of
the associates was approximately HK$11,696,000 and the impairment loss
on the interests in associates was approximately HK$63,904,000.
贵集团拥有香港泉水叮咚集团有限公司及其广西全资附属公司之20%
股权，并按权益法将于联营公司之权益呈列。联营公司的主要业务
为生产及销售瓶装水。于二零二五年三月三十一日，于联营公司之
权益约14,571,000港元，相关分占该联营公司亏损约为11,696,000港
元及就于联营公司之权益的减值亏损约为63,904,000港元。
Our procedures in relation to management’s
impairment assessment of interests in
associates included:
我们对于管理层在联营公司之权益所作的减
值评估的程序包括：
- , capabilities,
objectivity and independence of the
management’s expert;
- 、能力、客观性
及独立性；
关键审计事项（续）
| Key audit matters | How our audit addressed the key audit matter |
|---|---|
| 关键审计事项 | 我们的审计如何处理该关键审计事项 |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司82
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
Impairment assessment of interests in associates (continued)
于联营公司之权益减值评估（续）
The management performed impairment assessment of interests in
associates with the use of valuation performed by an independent
professional external valuer based on the value in use calculation.
The valuation requires the application of significant judgement and
estimation by the management in determining the appropriate valuation
methodology, use of assumptions and judgements.
管理层就于联营公司之权益进行减值评估，乃使用独立专业外部估
值师按使用价值计算法得出之估值。估值需要管理层应用重大判断
及估计，以决定适当之估值方法、使用假设及判断。
• Assessing the appropriateness of valuation
methodology, key assumptions and
estimates used based on the general
conditions of the bottled water industry;
and
• 根据瓶装水行业之一般状况评估所使用
的估值方法、主要假设及估计是否合
适；及
• Checking the key assumptions including
expected price of bottled water, gross
profit margin and discount rate against
industry data.
- （包括瓶装水
之预期价格、毛利率及折现率）。
We found that the key assumptions were
supported by the available evidence.
我们已查证主要假设乃有据可依。
KEY AUDIT MATTERS (CONTINUED)关键审计事项（续）
| Key audit matters | How our audit addressed the key audit matter |
|---|---|
| 关键审计事项 | 我们的审计如何处理该关键审计事项 |
83Annual Report
2025 年报
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
OTHER INFORMATION
The directors of the Company are responsible for the other information.
The other information comprises the information included in the annual
report, but does not include the consolidated financial statements and our
auditors’ report thereon (“Other Information”).
Our opinion on the consolidated financial statements does not cover
the Other Information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the consolidated financial statements,
our responsibility is to read the Other Information and, in doing so,
consider whether the Other Information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of this
Other Information, we are required to report that fact. We have nothing to
report in this regard.
RESPONSIBILITIES OF DIRECTORS
AND THE AUDIT COMMITTEE FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation of
the consolidated financial statements that give a true and fair view in
accordance with HKFRS Accounting Standards as issued by the HKICPA
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 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 either intend to liquidate the Group
or to cease operations, or have no realistic alternative but to do so.
The Audit Committee are responsible for overseeing the Group’s financial
reporting process.
其他资料
贵公司董事须对其他资料负责。其他资料包
括年报内的资料，但不包括综合财务报表及
我们的核数师报告（「其他资料」）。
我们对综合财务报表的意见并不涵盖其他资
料，我们并不对该等其他资料发表任何形式
的保证结论。
结合我们对综合财务报表的审计，我们的责
任是阅读其他资料，考虑其他资料是否与综
合财务报表或我们在审计过程中所了解的情
况存在重大抵触或者似乎存在重大错误陈述
的情况。根据我们所做的工作，倘我们认为
该其他资料存在重大错误陈述，则我们须报
告该事实。我们于此方面并无报告。
董事及审核委员会对综合财务
报表的责任
贵公司董事负责根据香港会计师公会颁布的
香港财务报告会计准则及香港公司条例的披
露规定编制真实而中肯之综合财务报表，并
对彼等认为为使综合财务报表的拟备不存在
由于欺诈或错误而导致的重大错误陈述所需
的内部控制负责。在编制综合财务报表时，
董事负责评估 贵集团持续经营的能力，
并在适用情况下披露与持续经营有关的事
项及使用持续经营会计基础，除非董事有意
将 贵集团清盘或终止营运，或别无其他实
际的替代方案。
审核委员会负责监督 贵集团之财务报告程
序。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司84
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
核数师就审计综合财务报表承
担之责任
我们的目标是对综合财务报表整体是否不存
在由于欺诈或错误而导致之重大错误陈述取
得合理保证，并出具包括我们意见之核数师
报告。我们仅向 阁下（作为整体）按照百慕
达一九八一年《公司法》第90条报告我们的意
见，除此之外报告别无其他目的。我们不会
就本报告之内容向任何其他人士负上或承担
任何责任。合理保证是高水平之保证，但不
能保证按照香港审计准则进行之审计，总能
发现所存在之重大错误陈述。错误陈述可能
由欺诈或错误引起，倘合理预期单独或汇总
该等错误可能影响综合财务报表使用者依赖
该等财务报表所作出之经济决定，则有关之
错误陈述可被视为重大。
在根据香港审计准则进行审计之过程中，我
们运用了专业判断，保持了专业怀疑态度。
我们亦：
• 识别及评估由于欺诈或错误而导致综合
财务报表存在重大错误陈述之风险、设
计及执行审计程序以应对这些风险，以
及获取充足及适当之审计凭证，作为我
们之意见基础。由于欺诈可能涉及串
谋、伪造、蓄意遗漏、虚假陈述或凌驾
内部控制之上，因此未能发现因欺诈而
导致之重大错误陈述之风险高于未能发
现因错误而导致之重大错误陈述之风
险。
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance about whether the
consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. We report our opinion solely to you, as
a body, in accordance with Section 90 of the Bermuda Companies Act
1981, and for no other purpose. We do not assume responsibility towards
or accept liability to any other person for the contents of this report.
Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with HKSAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.
As part of an audit in accordance with HKSAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We
also:
• Identify and assess the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
85Annual Report
2025 年报
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
核数师就审计综合财务报表承
担之责任（续）
- ，以设计适
当之审计程序，但目的并非对 贵集团
内部控制之有效性发表意见。
• 评估董事所采用会计政策之恰当性及作
出会计估计及相关披露之合理性。
• 对董事采用持续经营会计基础之恰当性
作出结论。根据所获取之审计凭证，确
定是否存在与事项或情况有关之重大不
确定性，从而可能导致对 贵集团之持
续经营能力产生重大疑虑。若我们认为
存在重大不确定性，则有必要在核数师
报告中引起使用者注意综合财务报表之
相关披露。假若有关之披露不足，则我
们应当修订意见。我们之结论是基于截
至核数师报告日止所取得之审计凭证。
然而，未来事项或情况可能导致 贵集
团不能持续经营。
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (CONTINUED)
• Obtain an understanding of internal control relevant to the audit
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by the directors.
- ’ use of the going
concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report
to the related disclosures in the consolidated financial statements
or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date
of our auditor’s report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司86
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
核数师就审计综合财务报表承
担之责任（续）
- 、结
构及内容，包括披露资料，以及综合财
务报表是否中肯反映相关交易及事项。
- ，就 贵集团内实
体或业务单位的财务资料获取充足、适
当的审计凭证，以便对综合财务报表发
表意见提供基础。我们负责指示、监督
和审阅就 贵集团审计而执行的审计工
作。我们为审计意见承担全部责任。
除其他事项外，我们与审核委员会沟通了计
划的审计范围、时间安排、重大审核发现
等，包括我们在审计中识别出内部控制的任
何重大缺陷。
我们亦向审核委员会提交声明，说明我们已
符合有关独立性的相关道德要求，并与他们
沟通有可能合理地被认为会影响我们独立性
的所有关系及其他事项，以及在适用的情况
下，会采取行动以消除威胁或应用防范措施。
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (CONTINUED)
- , structure and content of the
consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair
presentation.
• Plan and perform the group audit to obtain sufficient appropriate
audit evidence regarding the financial information of the entities or
business units within the Group as a basis for forming an opinion on
the consolidated financial statements. We are responsible for the
direction, supervision and review of the audit work performed for the
purposes of the group audit. We remain solely responsible for our
audit opinion.
We communicate with the Audit Committee regarding, among other
matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have
complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or safeguards applied.
87Annual Report
2025 年报
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
核数师就审计综合财务报表承
担之责任（续）
从与审核委员会沟通的事项中，我们确定哪
些事项对本期间综合财务报表的审计最为重
要，因而构成关键审计事项。我们在核数师
报告中描述这些事项，除非法律法规不允许
公开披露这些事项，或于极端罕见的情况
下，如果合理预期在我们报告中沟通某事项
造成的负面后果超过产生的公众利益，则我
们决定不应在报告中沟通该事项。
出具本独立核数师报告的审核项目董事为张
东容。
利安达香港会计师事务所有限公司
执业会计师
张东容
执业证书编号：P06945
香港，二零二五年六月二十六日
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (CONTINUED)
From the matters communicated with the Audit Committee, we
determine those matters that were of most significance in the audit of the
consolidated financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report
unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
The engagement director on the audit resulting in this independent
auditor’s report is Cheung Tung Yung.
Reanda HK CPA Limited
Certified Public Accountants
Cheung Tung Yung
Practising Certificate Number: P06945
Hong Kong, 26 June 2025
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司88
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
综合损益及其他全面收益表
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| 20,044 | ||||
| (19,266) | ||||
| 778 | ||||
| 501 | ||||
| (201) | ||||
| (1,090) | ||||
| (29,703) | ||||
| (11,696) | ||||
| (91,378) | ||||
| (43,103) | ||||
| – | ||||
| (2,725) | ||||
| (63,904) | ||||
| (90) | ||||
| (300) | ||||
| (315,973) | ||||
| – | ||||
| (1,258) | ||||
| (560,142) | ||||
| 75,389 | ||||
| (484,753) | ||||
| (12) | ||||
89Annual Report
2025 年报
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
综合损益及其他全面收益表
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
The accompanying notes form an integral part of these consolidated
financial statements.
随附之附注为该等综合财务报表之一部分。
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| (484,765) | ||||
| 171 | ||||
| (19,947) | ||||
| (19,776) | ||||
| (504,541) | ||||
| (451,554) | ||||
| (33,211) | ||||
| (484,765) | ||||
| (470,200) | ||||
| (34,341) | ||||
| (504,541) | ||||
| HK$ | ||||
| 港元 | ||||
| 0.361 | ||||
| 0.361 | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司90
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
As at 31 March 2025 于二零二五年三月三十一日
less than one thousand Hong Kong dollars 少于一千港元
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| 405,580 | ||||
| 129,740 | ||||
| 296 | ||||
| 459,517 | ||||
| 14,571 | ||||
| 102,980 | ||||
| 1,112,684 | ||||
| – | ||||
| 58,015 | ||||
| 1,266 | ||||
| 1,409 | ||||
| 41,168 | ||||
| 726 | ||||
| – | ||||
| 1,647 | ||||
| 745 | ||||
| 7,943 | ||||
| 112,919 | ||||
| 162,544 | ||||
| 275,463 | ||||
| 47,449 | ||||
| 110,920 | ||||
| 15,612 | ||||
| 1,225 | ||||
| 47,893 | ||||
| 128 | ||||
| 1,630 | ||||
| 224,857 | ||||
| –* | ||||
| 224,857 | ||||
| 50,606 | ||||
| 1,163,290 | ||||
91Annual Report
2025 年报
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
As at 31 March 2025 于二零二五年三月三十一日
The consolidated financial statements were approved and authorised for
issue by the Board of Directors on 26 June 2025 and signed on its behalf by:
Mr. Chan Wai FungMr. Li Yuguo
陈伟峰先生李玉国先生
DirectorDirector
董事董事
The accompanying notes form an integral part of these consolidated
financial statements.
该等综合财务报表已由董事会于二零二五年
六月二十六日批准及授权刊发并由以下人士
代表董事会签署：
随附之附注为该等综合财务报表之一部分。
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| 131,376 | ||||
| 804,496 | ||||
| 935,872 | ||||
| 83,073 | ||||
| 1,018,945 | ||||
| 135,676 | ||||
| – | ||||
| 8,669 | ||||
| 144,345 | ||||
| 1,163,290 | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司92
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
At 31 March 2023于二零二三年三月三十一日93,8401,620,0532,025,15692,926(128,889)(2,317,860)1,385,22667,4291,452,655
Loss for the year本年度亏损–––––(8,347)(8,347)(11,419)(19,766)
Other comprehensive income for the year本年度其他全面收益––––(33,089)–(33,089)95(32,994)
Total comprehensive income for the year本年度全面收益总额––––(33,089)(8,347)(41,436)(11,324)(52,760)
Acquisition of subsidiaries (Note 39)收购附属公司（附注39）–––––––61,30961,309
At 31 March 2024于二零二四年三月三十一日93,8401,620,0532,025,15692,926(161,978)(2,326,207)1,343,790117,4141,461,204
Loss for the year本年度亏损
Other comprehensive income for the year本年度其他全面收益
Total comprehensive income for the year本年度全面收益总额
Placing of shares (Note 35)配售股份（附注35）
Issuance of consideration shares (Note 35)发行代价股份（附注35）
New shares issue expense新股之发行开支
At 31 March 2025于二零二五年三月三十一日
The accompanying notes form an integral part of these consolidated
financial statements.
随附之附注为该等综合财务报表之一部分。
| Attributable to owners of the Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 本公司拥有人应占 | ||||||||||
| Share capital | Share premium | Capital reserve | Special reserve | Translation reserve | Accumulated losses | Subtotal | Non- controlling interest | Total equity | ||
| 股本 | 股份溢价 | 资本储备 | 特别储备 | 汇兑储备 | 累计亏损 | 小计 | 非控股权益 | 权益总额 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| Note 40(a) | Note 40(b) | |||||||||
| 附注40(a) | 附注40(b) | |||||||||
| – | – | – | – | – | (451,554) | (451,554) | (33,211) | (484,765) |
|---|---|---|---|---|---|---|---|---|
| – | – | – | – | (18,646) | – | (18,646) | (1,130) | (19,776) |
| – | – | – | – | (18,646) | (451,554) | (470,200) | (34,341) | (504,541) |
| 18,768 | 938 | – | – | – | – | 19,706 | – | 19,706 |
| 18,768 | 24,399 | – | – | – | – | 43,167 | – | 43,167 |
| – | (591) | – | – | – | – | (591) | – | (591) |
| 131,376 | 1,644,799 | 2,025,156 | 92,926 | (180,624) | (2,777,761) | 935,872 | 83,073 | 1,018,945 |
93Annual Report
2025 年报
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| (560,142) | ||||
| (12) | ||||
| (560,154) | ||||
| (24) | ||||
| (135) | ||||
| – | ||||
| – | ||||
| (90) | ||||
| 1,258 | ||||
| 198 | ||||
| 10,011 | ||||
| 3,771 | ||||
| 2,296 | ||||
| – | ||||
| (4) | ||||
| 315,973 | ||||
| (213) | ||||
| 11,696 | ||||
| – | ||||
| 91,378 | ||||
| 63,904 | ||||
| 43,103 | ||||
| 90 | ||||
| 300 | ||||
| 2,725 | ||||
| 196 | ||||
| (79) | ||||
| 5 | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司94
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| (13,795) | ||||
| 1,084 | ||||
| (347) | ||||
| (1,083) | ||||
| 50 | ||||
| (9,402) | ||||
| 1,157 | ||||
| 19,184 | ||||
| 5,887 | ||||
| 2,735 | ||||
| (2,861) | ||||
| (106) | ||||
| (232) | ||||
| (1) | ||||
| 24 | ||||
| – | ||||
| (1,775) | ||||
| – | ||||
| 90 | ||||
| – | ||||
| (1,662) | ||||
95Annual Report
2025 年报
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
Cash and cash equivalents of the subsidiaries classified as Disposal Group
held for sale are included in cash and cash equivalents as stated in the
consolidated statement of cash flows.
The accompanying notes form an integral part of these consolidated
financial statements.
分类为持作出售之出售集团的附属公司现金
及现金等值物计入综合现金流量表所列的现
金及现金等值物。
随附之附注为该等综合财务报表之一部分。
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| (519) | ||||
| 19,115 | ||||
| – | ||||
| (2,443) | ||||
| 5,000 | ||||
| 1,100 | ||||
| (5,000) | ||||
| (19,000) | ||||
| (1,747) | ||||
| (3,641) | ||||
| 14,329 | ||||
| (195) | ||||
| 10,493 | ||||
| 7,943 | ||||
| 2,550 | ||||
| 10,493 | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司96
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
1. GENERAL
Zhong Jia Guo Xin Holdings Company Limited (the “Company”) was
incorporated in Bermuda as an exempted company with limited liability.
Its shares are listed on The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”). The address of the Company’s registered office
is disclosed in the corporate information of its annual report and its
principal place of business in Hong Kong is Room 2601, 26/F, West
Tower Shun Tak Centre, 168-200 Connaught Road Central, Sheung
Wan, Hong Kong (shall be changed to 21st Floor, CMA Building, 64
Connaught Road Central, Hong Kong with effect from 1 July 2025).
The Company acts as an investment holding company, while its
subsidiaries (hereinafter the Company and its subsidiaries are collectively
referred to as the “Group”) are principally engaged in property
development, property investment and production and sales of bottled
water in the People’s Republic of China (the “PRC”).
The consolidated financial statements are presented in Hong Kong dollars
(HK$) and all amounts have been rounded to the nearest thousand
(HK$’000), unless otherwise indicated.
1. 总则
中加国信控股股份有限公司（「本公司」）
在百慕达注册成立为获豁免有限公司，
其股份在香港联合交易所有限公司（「联
交所」）上市。本公司注册办事处之地
址于其年报之公司资料中披露，其于香
港的主要营业地点为香港上环干诺道中
168-200号信德中心西座26楼2601室（由
二零二五年七月一日起，更改为香港中
环干诺道中64号厂商会大厦21楼）。
本公司为一间投资控股公司，而其附
属公司（下文本公司及其附属公司统称
为「本集团」）则主要于中华人民共和国
（「中国」）从事物业发展、物业投资及瓶
装水生产及销售。
综合财务报表以港元（「港元」）呈列。除
另有说明外，所有金额均凑整至最接近
千位（千港元）。
97Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
2. 应用新订及经修订香港财务
报告会计准则
(a) 本集团采用之新订及经修订
香港财务报告会计准则
下列为本集团已于二零二四年四月
一日开始的财政期间首次采纳且可
能与本集团经营有关的新订及经修
订准则。
香港会计准则第1
号（修订本）
分类为流动或非流动之
负债及附带契诺之非
流动负债
香港财务报告准则
第16号（修订本）
售后租回之租赁负债
香港会计准则
第7号及香港
财务报告准则
第7号（修订本）
供应商融资安排
香港诠释第5号
（经修订）
财务报表之呈列－借款
人对含有按要求偿还
条款之定期贷款之分
类
应用上述于二零二四年四月一日开
始的财政期间生效的经修订准则于
本期间及过往期间并无对本集团造
成重大财务影响。
2. APPLICATION OF THE NEW AND REVISED
HKFRS ACCOUNTING STANDARDS
(a) New and amended HKFRS Accounting Standards
adopted by the Group
The following new and amended standards that may be relevant to
the Group’s operations have been adopted by the Group for the
first time for the financial period beginning on 1 April 2024.
Amendments to HKAS 1Classification of Liabilities as Current
or Non-current and Non-current
Liabilities with Covenants
Amendments to
HKFRS 16
Lease Liability in a Sale and
Leaseback
Amendments to HKAS 7
and HKFRS 7
Supplier Finance Arrangements
Hong Kong
Interpretation 5 (Revised)
Presentation of Financial Statements
– Classification by the Borrower
of a Term Loan that Contains a
Repayment on Demand Clause
The application of the above amended standards which are
effective for the financial period beginning on 1 April 2024 did not
have material financial effect to the Group for the current and prior
periods.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司98
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
2. 应用新订及经修订香港财务
报告会计准则（续）
(b) 已颁布但尚未生效之香港财
务报告会计准则
本集团并无于截至二零二五年三月
三十一日止财政年度提早采用下列
已颁布但尚未生效之新订香港财务
报告会计准则：
香港会计准则第21号（修订本）缺乏可兑换性
香港财务报告准则第9号及
香港财务报告准则第7号
（修订本）
金融工具之分类及计量
香港财务报告准则第19号非公共受托责任附属公司：
披露
香港财务报告准则第18号财务报表呈列及披露
香港诠释第5号（修订本）香港诠释第5号财务报表之
呈列—借款人对含有按要
求偿还条款之定期贷款之
分类
香港财务报告准则第10号及
香港会计准则第28号
（修订本）
投资者与其联营公司或合营
企业之间的资产出售或
注资
香港财务报告准则第1号、
香港财务报告准则第7号、
香港财务报告准则第9号、
香港财务报告准则第10号
及香港会计准则第7号
（修订本）
香港财务报告会计准则的年
度改进—第11册
于二零二五年一月一日或之后开始的
年度期间生效
于二零二六年一月一日或之后开始的
年度期间生效
于二零二七年一月一日或之后开始的
年度期间生效
有待厘定强制生效日期，但可提前采
纳
2. APPLICATION OF THE NEW AND REVISED
HKFRS ACCOUNTING STANDARDS
(CONTINUED)
(b) Issued but not yet effective HKFRS Accounting
Standards
The Group has not early adopted the following new HKFRS
Accounting Standards that have been issued but are not yet
effective for the financial year ended 31 March 2025:
Amendments to HKAS 21Lack of Exchangeability
Amendments to HKFRS 9
and HKFRS 7
Classification and Measurement of
Financial Instruments
HKFRS 19Subsidiaries without Public Accountability:
Disclosures
HKFRS 18Presentation and Disclosure in
Financial Statements
Amendment to Hong Kong
Interpretation 5
Hong Kong Interpretation 5 Presentation of
Financial Statements — Classification by the
Borrower of a Term Loan that Contains a
Repayment on Demand Clause
Amendments to HKFRS 10
and HKAS 28
Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
Amendments to HKFRS 1,
HKFRS 7, HKFRS 9, HKFRS
10 and HKAS 7
Annual Improvements to HKFRS
Accounting Standards – Volume 11
Effective for annual periods beginning on or after 1 January 2025
Effective for annual periods beginning on or after 1 January 2026
Effective for annual periods beginning on or after 1 January 2027
No mandatory effective date yet determined but available for adoption
99Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
2. 应用新订及经修订香港财务
报告会计准则（续）
(b) 已颁布但尚未生效之香港财
务报告会计准则（续）
本公司董事预期，除以下所述者
外，应用新订香港财务报告会计准
则及其修订本将不会对本集团的业
绩及财务状况造成重大影响。
香港财务报告准则第18号—财务报
表的呈列及披露
香港财务报告准则第18号载列财
务报表的呈列及披露规定，将取代
香港会计准则第1号财务报表的呈
列。香港财务报告准则第18号引入
新规定，以于损益表内呈列指定分
类及界定小计；于财务报表附注内
提供由管理层定义的业绩指标的披
露，及改进于财务报表内将予披露
的汇总及分解资料。香港会计准则
第7号「现金流量表」及香港会计准
则第33号「每股盈利」亦作出细微修
订。香港财务报告准则第18号及其
他香港财务报告会计准则的相应修
订本将于二零二七年一月一日或之
后开始的年度期间生效，并可提早
应用。预期应用香港财务报告准则
第18号不会对本集团的财务状况造
成任何重大影响。董事正在评估香
港财务报告准则第18号的影响，惟
尚无法说明采纳该准则是否会对本
集团综合财务报表的呈列及披露造
成重大影响。
2. APPLICATION OF THE NEW AND REVISED
HKFRS ACCOUNTING STANDARDS
(CONTINUED)
(b) Issued but not yet effective HKFRS Accounting
Standards (continued)
The directors of the Company anticipate that, except as
described below, the application of the new and amendments
to HKFRS Accounting Standards will have no material impact on
the results and the financial position of the Group.
HKFRS 18 – Presentation and Disclosure in Financial Statements
HKFRS 18 sets out requirements on presentation and disclosures
in financial statements and will replace HKAS 1 Presentation of
Financial Statements. HKFRS 18 introduces new requirements
to present specified categories and defined subtotals in the
statement of profit or loss; provide disclosures on management-
defined performance measures in the notes to the financial
statements and improve aggregation and disaggregation of
information to be disclosed in the financial statements. Minor
amendments to HKAS 7 “Statement of Cash Flows” and
HKAS 33 “Earnings per Share” are also made. HKFRS 18, and
the consequential amendments to other HKFRS Accounting
Standards, will be effective for annual periods beginning on
or after 1 January 2027, with early application permitted. The
application of the HKFRS 18 is not expected to have material
impact on the financial position of the Group. The directors
are in the process of making an assessment of the impact of
HKFRS 18, but is not yet in a position to state whether the
adoption would have a material impact on the presentation and
disclosures of consolidated financial statements of the Group.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司100
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
Statement of compliance
These consolidated financial statements have been prepared in
accordance with all applicable HKFRS Accounting Standards issued by
the Hong Kong Institute of Certified Public Accountants (“HKICPA”)
and the disclosure requirements of the Hong Kong Companies
Ordinance.
The material accounting policies applied in the preparation of these
consolidated financial statements are set out below. These policies
have been consistently applied to the years presented, unless
otherwise stated.
Basis of preparation
The consolidated financial statements have been prepared on the
historical cost basis except for certain financial instruments, which are
measured at fair values, as explained in the accounting policies set out
below.
Historical cost is generally based on the fair value of the consideration
given exchange for assets.
3. 重大会计政策
合规声明
该等综合财务报表乃根据香港会计师公
会（「香港会计师公会」）颁布之所有适用
香港财务报告会计准则及香港公司条例
之披露规定编制。
编制该等综合财务报表所应用之重大会
计政策载列如下。除另有注明者外，否
则该等政策已于呈报年间贯彻应用。
编制基准
综合财务报表乃根据历史成本法编制，
惟如下文所列会计政策所述，以公平值
计量之若干金融工具除外。
历史成本一般是基于换取资产所给予代
价之公平值。
101Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
编制基准（续）
公平值为在计量日的有序交易中，市场
参与者之间出售一项资产所能收取或转
移一项负债将会支付的价格，而不论该
价格是否直接可予观察或可采用另一项
估值方法估计。于估计资产或负债公平
值时，倘市场参与者于计量日对资产或
负债定价时考虑该项资产或负债的特
征，则本集团会计及该等特征。综合财
务报表中用作计量及╱或披露用途的公
平值按该基准厘定，惟香港财务报告准
则第2号范围内的股份付款交易、根据
香港财务报告准则第16号入账的租赁交
易，以及与公平值存在若干相似点但并
非公平值的计量（如香港会计准则第2号
中的可变现净值或香港会计准则第36号
中的使用价值）除外。
非金融资产的公平值计量已考虑市场参
与者以最高和最佳方式使用资产或将其
出售予另一市场参与者（其将以最高及
最佳方式使用该资产）来产生经济利益
的能力。
对于按公平值交易及于其后期间使用不
可观察参数值计算公平值的估值技巧的
金融工具及投资物业，估值技巧予以调
整，以令初始确认时的估值技巧结果与
交易价格相等。
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Basis of preparation (continued)
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, regardless of whether that
price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the
Group takes into account the characteristics of the asset or liability
if market participants would take those characteristics into account
when pricing the asset or liability at the measurement date. Fair value
for measurement and/or disclosure purposes in these consolidated
financial statements is determined on such a basis, except for share-
based payment transactions that are within the scope of HKFRS 2,
leasing transactions that are accounted for in accordance with HKFRS
16, and measurements that have some similarities to fair value but are
not fair value, such as net realisable value in HKAS 2 or value in use in
HKAS 36.
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.
For financial instruments and investment properties which are
transacted at fair value and a valuation technique that unobservable
inputs is to be used to measure fair value in subsequent periods,
the valuation technique is calibrated so that at initial recognition the
results of the valuation technique equals the transaction price.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司102
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Basis of preparation (continued)
In addition, for financial reporting purposes, fair value measurements
are categorised into Level 1, 2 or 3 based on the degree to which
the inputs to the fair value measurements are observable and the
significance of the inputs to the fair value measurement in its entirety,
which are described as follows:
• Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date;
- , other than quoted prices included
within Level 1, that are observable for the asset or liability, either
directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities (including structured entities)
controlled by the Group. Control is achieved when the Company:
- ;
- , or has rights, to variable returns from its involvement
with the investee; and
• has the ability to use its power to affect its returns.
- （续）
编制基准（续）
此外，就财务报告而言，公平值计量根
据公平值计量参数值的可观察程度及公
平值计量参数值的整体重要性划分为第
一、第二或第三等级，描述如下：
• 第一等级参数值为实体可于计量日
获取的相同资产或负债于活跃市场
的报价（未经调整）；
• 第二等级参数值为资产或负债的可
直接或间接观察所得参数值（第一
等级包括的报价除外）；及
• 第三等级参数值为资产或负债的不
可观察所得参数值。
综合账目基准
综合财务报表包括本公司及由本集团控
制之实体（包括结构性实体）之财务报
表。在以下情况下，本公司被视为有控
制权：
- ；
• 因参与投资对象的业务而面对或有
权享有可变回报；及
• 有能力透过其对投资对象的权力影
响该等回报。
103Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Basis of consolidation (continued)
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 listed above.
Consolidation of a subsidiary begins when the Group obtains control
over the subsidiary and ceases when the Group loses control of the
subsidiary. Specifically, income and expenses of a subsidiary acquired
or disposed of during the year are included in the consolidated
statement of profit or loss and other comprehensive income from the
date the Group gains control until the date when the Group ceases to
control the subsidiary.
Profit or loss and each item of other comprehensive income are
attributed to the owners of the Company and to the non-controlling
interests. Total comprehensive income of subsidiaries is attributed to
the owners of the Company and to the non-controlling interests even
if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements
of subsidiaries to bring their accounting policies into line with the
Group’s accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash
flows relating to transactions between members of the Group are
eliminated in full on consolidation.
- （续）
综合账目基准（续）
倘事实及情况显示上文所述的三项控制
因素之一项或多项出现变动，本集团会
重新评估其是否控制投资对象。
本集团于获得附属公司控制权时将附属
公司综合入账，并于失去附属公司控制
权时终止综合入账。具体而言，于本年
度内购入或出售之附属公司之收益及开
支，按自本集团获得控制权当日起至本
集团失去附属公司控制权当日止，计入
综合损益及其他全面收益表内。
损益及各项其他全面收益项目归属于本
公司拥有人及非控股权益。附属公司的
全面收益总额归属于本公司拥有人及非
控股权益，即使此举将导致非控股权益
出现亏绌结余。
必要时，可调整附属公司之财务报表使
彼等之会计政策符合本集团之会计政
策。
本集团成员公司之间的交易所涉及的集
团内公司间的所有资产及负债、权益、
收益、开支及现金流量均于综合账目时
悉数对销。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司104
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Business combinations
Acquisitions of businesses are accounted for using the acquisition
method. The consideration transferred in a business combination
is measured at fair value, which is calculated as the sum of the
acquisition-date fair values of the assets transferred by the Group,
liabilities incurred 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. Acquisition-related costs are generally recognised in
profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the
liabilities assumed are recognised at their fair value, except that:
• deferred tax assets or liabilities and liabilities or assets related to
employee benefit arrangements are recognised and measured in
accordance with HKAS 12 and HKAS 19 respectively;
• liabilities or equity instruments related to share-based
payment arrangement of the acquiree or share-based payment
arrangements of the Group entered into to replace share-
based payment arrangements of the acquiree are measured in
accordance with HKFRS 2 at the acquisition date; and
• assets (or disposal groups) that are classified as held for sale in
accordance with HKFRS 5 are measured in accordance with that
Standard.
- （续）
业务合并
业务收购乃采用收购法进行列账。业务
合并转让代价乃按公平值计量，计算方
式为本集团所转让的资产、本集团对被
收购方的前拥有人所产生的负债，以及
本集团为换取被收购方的控制权发行的
股权于收购日的公平值的总和。收购相
关成本通常于产生时在损益中确认。
于收购日期，所收购可识别资产及所承
担负债按其公平值确认，惟下列项目除
外：
• 递延税项资产或负债及与雇员福利
安排有关之负债或资产分别根据香
港会计准则第12号及香港会计准则
第19号确认及计量；
• 与被收购方以股份为基础的支付款
项安排或本集团就替换被收购方之
以股份为基础的支付款项安排而订
立之以股份为基础的支付款项安排
有关之负债或权益工具于收购日
期根据香港财务报告准则第2号计
量；及
• 根据香港财务报告准则第5号划分
为持作出售之资产（或出售组别）根
据该项准则计量。
105Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Business combinations (continued)
Goodwill is measured as the excess of the sum of the consideration
transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer’s previously held equity
interest in the acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the liabilities assumed.
If, after reassessment, the net of the acquisition date amounts of the
identifiable assets acquired and liabilities assumed exceeds the sum
of the consideration transferred, the amount of any non-controlling
interests in the acquiree and the fair value of the acquirer’s previously
held interest in the acquiree (if any), the excess is recognised
immediately in profit or loss as a bargain purchase gain.
Non-controlling interests that are present ownership interests and
entitle their holders to a proportionate share of the entity’s net
assets in the event of liquidation may be initially measured either at
fair value or at the non-controlling interests’ proportionate share of
the recognised amounts of the acquiree’s identifiable net assets. The
choice of measurement basis is made on a transaction by-transaction
basis. Other types of non-controlling interests are measured at
their fair value or, when applicable, on the basis specified in another
HKFRS.
- （续）
业务合并（续）
商誉乃以所转让之代价、任何非控股权
益于被收购方中所占金额及收购方以往
持有之被收购方股本权益公平值（如有）
之总和，超出所收购可识别资产及所承
担之负债于收购日期之净值之部分计
量。倘经过重估后，所收购可识别资产
及所承担负债于收购日期之净值超出所
转让代价、任何非控股权益于被收购方
中所占金额及收购方以往持有之被收购
方权益公平值（如有）之总和，则超出部
分即时于损益内确认为议价收购收益。
属现时拥有权权益且于清盘时让持有人
有权按比例分占实体资产净值之非控股
权益，可初步按公平值或非控股权益应
占被收购方可识别资产净值之已确认金
额比例计量。计量基准视乎每项交易而
作出选择。其他类别之非控股权益乃按
其公平值或（如适用）按另一香港财务报
告准则规定之基准计量。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司106
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Business combinations (continued)
When the consideration transferred by the Group in a business
combination includes assets or liabilities resulting from a contingent
consideration arrangement, the contingent consideration is
measured at its acquisition-date fair value and included as part of
the consideration transferred in a business combination. Changes
in the fair value of the contingent consideration that qualify as
measurement period adjustments are adjusted retrospectively, with
the corresponding adjustments made against goodwill. Measurement
period adjustments are adjustments that arise from additional
information obtained during the “measurement period” (which
cannot exceed one year from the acquisition date) about facts and
circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the
contingent consideration that do not qualify as measurement
period adjustments depends on how the contingent consideration
is classified. Contingent consideration that is classified as equity is
not remeasured at subsequent reporting dates and its subsequent
settlement is accounted for within equity. Contingent consideration
that is classified as an asset or a liability is remeasured at subsequent
reporting dates in accordance with the corresponding gain or loss
being recognised in profit or loss.
- （续）
业务合并（续）
倘本集团于业务合并中转让之代价包括
或然代价安排产生之资产或负债，则或
然代价按其于收购日期之公平值计量，
并计入于业务合并所转让之代价之一部
分。符合资格为计量期间调整之或然代
价公平值变动将予追溯调整，相应调整
于商誉调整。计量期间调整为于「计量
期间」（不可超过自收购日期起计一年）
取得有关于收购日期已存在之事实及情
况之额外资料产生之调整。
不合资格为计量期间调整之或然代价公
平值变动之后续会计处理取决于如何将
或然代价分类。分类为权益之或然代价
不会于后续报告日期重新计量，其后续
结算亦于权益内入账。分类为资产或负
债之或然代价将于后续报告日期按照于
损益内确认之收益或亏损重新计量。
107Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Business combinations (continued)
When a business combination is achieved in stages, the Group’s
previously held equity interest in the acquiree is remeasured to fair
value at the acquisition date (i.e. the date when the Group obtains
control) and the resulting gain or loss, if any, is recognised in profit
or loss. Amounts arising from interests in the acquiree prior to
the acquisition date that have previously been recognised in other
comprehensive income are reclassified to profit or loss where such
treatment would be appropriate if that interest were disposed of.
If the initial accounting for a business combination is incomplete by
the end of the reporting period in which the combination occurs,
the Group reports provisional amounts for the items for which the
accounting is incomplete. Those provisional amounts are adjusted
during the measurement period, and additional assets or liabilities
are recognised, to reflect new information obtained about facts and
circumstances that existed at the acquisition date that, if known,
would have affected the amounts recognised at that date.
Revenue recognition
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.
- （续）
业务合并（续）
倘业务合并分阶段达成，本集团以往所
持的被收购方股本权益于收购日期（即
本集团取得控制权当日）按公平值重新
计量，所产生的盈亏（如有）在损益内确
认。倘出售被收购方权益，则以往在其
他全面收益中确认的从该等权益于收购
日期前产生的金额重新分类至损益（若
此处理方法合适）。
倘业务合并的初步会计处理于合并产生
的报告期末仍未完成，则本集团会就仍
未完成会计处理的项目呈报暂定金额。
该等暂定金额于计量期间内作出调整，
同时确认额外资产或负债，以反映获得
有关于收购日期已存在事实及情况的新
资料，而倘知悉该等资料，将会影响于
当日确认的金额。
收入确认
来自客户合约的收入于向客户转让对货
品或服务的控制权时，按反映本集团预
期就该等货品或服务而有权换取的代价
金额确认。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司108
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Revenue recognition (continued)
(i) Sales of properties
Revenue is recognised when or as the control of the asset is
transferred to the customer. Depending on the terms of the
contract and the law that apply to the contract, control of the
asset may be transferred over time or at a point in time. Control
of the asset is transferred over time if the Group’s performance:
• provides all of the benefits received and consumed
simultaneously by the customer;
• creates and enhances an asset that the customer controls
as the Group performs; or
• does not create an asset with an alternative use to the
Group and the Group has an enforceable right to payment
for performance completed to date.
If control of the asset transfers over time, revenue is recognised
over the period of the contract by reference to the progress
towards complete satisfaction of that performance obligation.
Otherwise, revenue is recognised at a point in time when the
customer obtains control of the asset.
- （续）
收入确认（续）
(i) 物业销售
收入于资产控制权转移予客户时确
认。资产控制权是在一段时间内或
某一时间点转移，取决于合约的条
款与适用于合约的法律规定。倘本
集团在履约过程中符合下列条件，
资产控制权乃在一段时间内转移：
- ，而客户亦同步
收到并消耗有关利益；
• 本集团履约时创建及优化由客
户控制的资产；或
• 并无产生对本集团有替代用途
的资产，且本集团可强制执行
其权利以收取累计至今已完成
履约部分的款项。
倘资产控制权在一段时间内转移，
则收入乃于整个合约期间经参考完
成履行履约责任的进度确认。否
则，收入于客户获得资产控制权的
时间点确认。
109Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Revenue recognition (continued)
(i) Sales of properties (continued)
For properties that have no alternative use to the Group due
to contractual reasons and when the Group has an enforceable
right to payment from the customers for performance
completed to date, the Group recognises revenue as the
performance obligation is satisfied over time in accordance with
the input method for measuring progress, i.e. the costs incurred
up to date compared with the total budgeted costs, which depict
the Group’s performance towards satisfying the performance
obligation.
Deposits and instalments received from purchasers prior
to delivery of the properties to the customers are contract
liabilities.
For property sales contract for which the control of the property
is transferred at a point in time, revenue is recognised when the
customer obtains the physical possession or the legal title of the
completed property and the Group has present right to payment
and the collection of the consideration is probable.
(ii) Sales of goods
Revenue from sale of goods is recognised at the point in time
when control of the products is transferred to the customer,
generally on delivery of goods.
- （续）
收入确认（续）
(i) 物业销售（续）
就本集团因合约原因不可作其他用
途之物业，且倘本集团有强制执行
权就累计至今已完成之履约部分向
客户收取付款，则本集团将按计量
进度之输入法随达成履约责任之时
间而确认收入（即迄今产生的成本
与总预算成本作比较，其显示本集
团的履约情况）。
将物业交付予客户前从买方收取的
订金及分期供款为合约负债。
对于在某时间点转移物业控制权的
物业销售合约，收入于客户获得已
完工物业的实物所有权或合法所有
权，且本集团已获得现时收款权并
很可能收回代价时确认。
(ii) 货物销售
销售商品之收入于商品控制权转移
至客户之时间点（通常于产品交付
时）确认。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司110
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Property, plant and equipment
Property, plant and equipment, other than construction in progress,
are stated at cost less subsequent depreciation and any identified
impairment loss at the end of the reporting period.
Construction in progress represents property, plant and equipment
in the course of construction for production or for its own use
purposes. Construction in progress is carried at cost less any
recognised impairment loss. Construction in progress is classified to
the appropriate category of property, plant and equipment when
completed and ready for intended use. Depreciation of these assets,
on the same basis as other property assets, commences when the
assets are ready for their intended use.
Depreciation is provided to write off the cost of other property, plant
and equipment other than mine infrastructure over their estimated
useful lives after considering their estimated residual values, using the
straight-line method, at the following rates per annum:
Land and buildings5%
Furniture, fixtures and equipment5% – 25%
Leasehold improvements20% – 50%
Motor vehicles12.5% – 30%
Machinery10%
Included in property, plant and equipment are mine infrastructure
located at the mining sites. Depreciation is provided to write off the
cost of mine infrastructure using the units of production method
based on the proved and probable mineral reserves.
An item of property, plant and equipment is derecognised upon
disposal or when no future economic benefits are expected to arise
from the continued use of the asset. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the
net disposal proceeds and the carrying amount of the item) is included
in the consolidated statement of profit or loss in the year in which the
item is derecognised.
- （续）
物业、厂房及设备
物业、厂房及设备（在建工程除外）按成
本减其后之折旧及报告期末之任何已辨
认之减值亏损入账。
在建工程指作生产或自用用途而仍然在
建之物业、厂房及设备。在建工程乃按
成本减任何已确认减值亏损入账。在建
工程于完工及可作拟定用途时分类为物
业、厂房及设备之适当类别。与其他物
业资产相同，该等资产于可作拟定用途
时开始计提折旧。
其他物业、厂房及设备（矿场基础设施
除外）之折旧按下列年率于其估计可使
用年期内（于计及其估计残值后）以直线
法撇销成本：
土地及楼宇5%
家私、装置及设备5% – 25%
租赁物业装修20% – 50%
汽车12.5% – 30%
机器10%
物业、厂房及设备包括位于矿场的矿场
基础设施。折旧乃按探明及推断矿物储
量以生产单位法撇销矿井成本计提拨
备。
物业、厂房及设备项目于出售时或预期
继续使用资产再不会产生未来经济利益
时取消确认。任何资产取消确认之盈亏
（按项目出售所得款项净额与账面值之
差额计算）列入项目取消确认年度之综
合损益表。
111Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Investment properties
Investment properties, principally the land use rights in respect of land
parcels and industrial buildings, are held for long-term rental yields
and are not occupied by the Group. Investment property is initially
measured at cost, including related transaction costs and where
applicable borrowing costs. Subsequently, they are carried at fair
value. Changes in fair values are presented in profit or loss.
Intangible assets (other than goodwill)
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 intangible assets are assessed to be either finite or indefinite.
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.
Intangible assets with indefinite useful lives are tested for impairment
annually either individually or at the cash-generating unit level. Such
intangible assets are not amortised. The useful life of an intangible
asset with an indefinite life is reviewed annually to determine whether
the indefinite life assessment continues to be supportable. If not,
the change in the useful life assessment from indefinite to finite is
accounted for on a prospective basis.
- （续）
投资物业
投资物业主要包括本集团为获得长期租
金收益而持有但不占用的与土地相关的
土地使用权及工业建筑。投资物业初步
按成本（包括相关交易成本及（如适用）
借款成本）计量。其后，彼等按公平值
入账。公平值变动于损益呈列。
无形资产（商誉除外）
单独收购的无形资产于初步确认时按成
本计量。业务合并中所收购无形资产的
成本为收购日期的公平价值。无形资产
的可使用年期乃评估为有限或无限。具
有限年期的无形资产其后于可使用经济
年期摊销，并于该无形资产可能出现减
值迹象时作减值评估。具有限可使用年
期的无形资产的摊销年期及摊销方法须
至少于每个财政年度末期审核。
具无限使用年期的无形资产须每年单独
或按现金产生单位之基准进行减值测
试。该等无形资产不予摊销，但具有限
年期的无形资产的可使用年期需每年进
行审核，以厘定其无限使用年期的评估
是否继续成立。倘不再成立，可使用年
期评估由无限变为有限之变动乃按预期
基准入账。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司112
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Water mining right
Water mining right is stated at cost less accumulated amortisation and
impairment losses. Water mining right is amortised on a straight-line
basis over its estimated useful life.
Exploration and mining right
Exploration and mining right is stated at cost less accumulated
amortisation and any impairment losses. Exploration and Mining
right includes the cost of acquiring mining licences, exploration and
evaluation costs transferred from exploration rights and assets upon
determination that an exploration property is capable of commercial
production, and the cost of acquiring interests in the mining reserves
of existing mining properties. The exploration and mining right is
amortised over the estimated useful lives of the mines, in accordance
with the production plans of the entities concerned and the proved
and probable reserves of the mines using the Units of Production
(“UOP”). The exploration and mining right is written off to profit or
loss if the mining property is abandoned.
Land use rights
The Group makes upfront payments to obtain operating leases of
land use rights. The land use rights are stated at cost less accumulated
amortisation and impairment. The upfront payments of the land use
rights are recorded as assets. The amortisation of land use rights is
recognised as an expense on a straight-line basis over the unexpired
period of the land use rights.
- （续）
采水权
采水权乃以成本减累计摊销及减值亏损
列账。采水权于其估计可使用年期按直
线法摊销。
勘探及采矿权
勘探及采矿权按成本减累计摊销及任何
减值亏损列账。勘探及采矿权包括取得
采矿证的成本，于厘定该勘探矿产适合
进行商业生产时转移至勘探权及资产的
勘探及估值成本，以及收购现有矿产之
矿物储备权益之成本。勘探及采矿权根
据有关实体的生产计划及使用生产单位
法（「生产单位法」）已探明的矿山及其可
能的矿物储备，采矿权乃按矿山的预期
可使用年期进行摊销。倘矿产遭弃置，
勘探及采矿权将撇销至损益。
土地使用权
本集团预先支付款项以取得土地使用权
经营租赁。土地使用权乃以成本减累计
摊销及减值列账。土地使用权之前期款
项入账列为资产。土地使用权摊销于土
地使用权未届满期间按直线法确认为开
支。
113Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Interests in associates
An associate is an entity over which the Group 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.
The results and assets and liabilities of associates are incorporated
in the consolidated financial statements using the equity method
of accounting, except when the investment, or a portion thereof,
is classified as held for sale, in which case it is accounted for in
accordance with HKFRS 5. Under the equity method, interests in
associates is initially recognised in the consolidated statement of
financial position at cost and adjusted thereafter to recognise Group’s
share of the profit or loss and other comprehensive income of the
associate. When the Group’s share of losses of an associate exceeds
its interest in that associate (which includes any long-term interests
that, in substance, form part of the Group’s net investment in the
associate), the Group discontinues recognising its share of further
losses. Additional losses are recognised only to the extent that
the Group has incurred legal or constructive obligations or made
payments on behalf of the associate.
- （续）
于联营公司之权益
联营公司指本集团可对其行使重大影响
力之实体。重大影响力指有权参与决定
被投资方之财务及营运政策，但并非控
制或共同控制该等政策。
联营公司之业绩及资产与负债乃采用权
益会计法计入综合财务报表，惟当投资
或其中部分分类为持作出售则除外，于
该情况下，则根据香港财务报告准则
第5号入账。根据权益法，于联营公司
之权益首次按成本在综合财务状况表确
认，并于其后就确认本集团应占联营公
司之损益及其他全面收益而作出调整。
倘本集团应占联营公司之亏损超过其于
该联营公司之权益（包括实质上构成本
集团于联营公司之部分投资净额之任何
长期权益），则本集团会终止确认其应
占之日后亏损。本集团只会在本集团已
产生法定或推定责任或代表该联营公司
支付款项之情况下确认额外亏损。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司114
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Interests in associates (continued)
An investment in an associate is accounted for using the equity
method from the date on which the investee becomes an associate.
On acquisition of the investment in an associate, any excess of the
cost of the investment over the Group’s share of the net fair value
of the identifiable assets and liabilities of the investee is recognised
as goodwill, which is included within the carrying amount of the
investment. Any excess of the Group’s share of the net fair value of
the identifiable assets and liabilities over the cost of the investment,
after reassessment, is recognised immediately in profit or loss in the
period in which the investment is acquired.
The requirements of HKAS are applied to determine whether
it is necessary to recognise any impairment loss with respect to
the Group’s interest in associate. When necessary, the entire
carrying amount of the investment (including goodwill) is tested
for impairment in accordance with HKAS 36 as a single asset by
comparing its recoverable amount (higher of value in use and fair
value less costs of disposal) with its carrying amount. Any impairment
loss recognised forms part of the carrying amount of the investment.
Any reversal of that impairment loss is recognised in accordance
with HKAS 36 to the extent that the recoverable amount of the
investment subsequently increases.
When a group entity transacts with an associate of the Group,
profits and losses resulting from the transactions with associate are
recognised in the Group’s consolidated financial statements only to
the extent of interests in associate that are not related to the Group.
- （续）
于联营公司之权益（续）
自被投资公司成为联营公司之日起，任
何于联营公司之投资使用权益法入账。
关于收购于联营公司之投资，投资成本
超出本集团应占被投资公司之可识别资
产及负债公平净值之任何数额确认为商
誉，计入有关投资之账面值内。于重新
评估后，本集团应占可识别资产及负债
公平净值超出投资成本之数额，即时在
收购投资期间之损益中确认。
香港会计准则之规定应用于厘定是否有
必要确认本集团于联营公司权益之减值
亏损，如有必要，则根据香港会计准则
第36号，将投资之全部账面值（包括商
誉）作为单一资产，透过比较其可收回
金额（使用价值与公平值减出售成本之
较高者）与账面值以测试有否减值。任
何确认之减值亏损属投资账面值之一部
分。倘其后投资之可收回金额增加，则
根据香港会计准则第36号确认该减值亏
损之回拨。
倘集团实体与本集团联营公司进行交
易，则只会就与本集团无关之联营公司
权益，在本集团综合财务报表中确认与
联营公司进行交易所产生之溢利及亏
损。
115Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Leases
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.
For contracts entered into or modified or arising from business
combinations on or after the date of initial application of HKFRS 16,
the Group assesses whether a contract is or contains a lease based
on the definition under HKFRS 16 at inception, modification date or
acquisition date, as appropriate. Such contract will not be reassessed
unless the terms and conditions of the contract are subsequently
changed. As a practical expedient, leases with similar characteristics
are accounted on a portfolio basis when the Group reasonably
expects that the effects on the consolidated financial statements
would not differ materially from individual leases within the portfolio.
The Group as a lessee
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.
- （续）
租赁
本集团于合约开始时评估合约是否属于
或包含租赁。一项合约如让渡于一段时
间内控制一项已识别资产用途的权利以
获取代价，则属于或包含租赁。
就于首次应用香港财务报告准则第16号
当日或之后订立或修改或由业务合并产
生的合约而言，本集团根据香港财务报
告准则第16号的定义于初始或修改日期
或收购日期（倘适用）评估该合约是否为
租赁或包含租赁。除非合约的条款及条
件其后出现变动，否则有关合约将不予
重新评估。作为实际权宜方法，具有相
似特征的租赁于本集团合理预期对综合
财务报表的影响与组合内各项租赁并无
重大出入时按组合基准入账。
本集团作为承租人
本集团就所有租赁（惟短期租赁及低价
值资产租赁除外）采用单一确认及计量
方法。本集团确认租赁负债以作出租赁
付款，而使用权资产指使用相关资产的
权利。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司116
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Leases (continued)
The Group as a lessee (continued)
(a) Right-of-use 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:
Buildings 1 to 3 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.
- （续）
租赁（续）
本集团作为承租人（续）
(a) 使用权资产
使用权资产于租赁开始日期（即相
关资产可供使用当日）确认。使用
权资产按成本减任何累计折旧及任
何减值亏损计量，并就任何重新
计量租赁负债作出调整。使用权
资产的成本包括已确认的租赁负债
金额、已产生的初始直接成本及于
开始日期或之前作出的租赁付款减
已收取的任何租赁奖励。使用权资
产在下述资产的租期及估计可使用
年期两者中之较短者内按直线法折
旧：
楼宇 一至三年
倘于租期结束时租赁资产的所有权
转移至本集团或成本反映购买选择
权的行使，则使用资产的估计可使
用年期计算折旧。
117Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Leases (continued)
The 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 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.
The Group presents lease liabilities as a separate line on the
consolidated statement of financial position.
- （续）
租赁（续）
本集团作为承租人（续）
(b) 租赁负债
于租赁开始日期，租赁负债按于租
期内作出的租赁付款的现值予以确
认。租赁付款包括固定付款（包含
实质固定付款）减任何租赁奖励应
收款项、取决于指数或利率的可变
租赁付款以及预期根据剩余价值担
保支付的金额。租赁付款亦包括本
集团合理确定行使的购买选择权的
行使价及在租期反映本集团行使终
止租赁选择权时，有关终止租赁的
罚款。不取决于指数或利率的可变
租赁付款在出现触发付款的事件或
条件的期间内确认为开支。
在计算租赁付款的现值时，由于租
赁中所隐含的利率不易确定，故本
集团在租赁开始日期使用增量借款
利率。在开始日期之后，租赁负债
的金额将会增加以反映利息的增加
及扣减租赁付款。此外，如有修
改、租期发生变动、租赁付款变动
（即日后租赁付款因指数或利率变
动出现变动）或购买相关资产的选
择评估变更，租赁负债的账面值将
重新计量。
本集团在综合财务状况表中将租赁
负债作为单独的项目呈报。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司118
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Leases (continued)
The 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).
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.
The Group as a lessor
Lease income from operating leases is recognised in profit or loss
on a straight-line basis over the term of the relevant lease. Initial
direct costs incurred in negotiating and arranging an operating lease
are added to the carrying amount of the leased asset, such costs are
recognised as an expense on a straight-line basis over the lease term
except for investment properties measured under fair value method.
Variable lease payments for operating leases that depend on an index
or a rate are based on the market or rate at commencement date of
the lease and included in the total lease payments to be recognised on
a straight-line basis over the lease term. Variable lease payments that
do not depend on an index or a rate are recognised as income when
they arise.
Lease income derived from the Group’s ordinary course of business is
presented as revenue.
- （续）
租赁（续）
本集团作为承租人（续）
(c) 短期租赁及低价值资产租赁
本集团对其机器及设备的短期租赁
（即自开始日期起计的租期为12个
月或以下且不包含购买选择权的该
等租赁）应用短期租赁确认豁免。
短期租赁及低价值资产租赁的租赁
款项于租期内以直线法确认为开
支。
本集团作为出租人
经营租赁之租赁收入乃按有关租赁之租
期以直线法于损益确认。因商议及安排
经营租赁所引致之初始直接成本则计入
已出租资产之账面值，除投资物业按公
平值法计量外，该成本于租期内按直线
法确认为开支。视乎指数或利率而定的
经营租赁的可变租赁付款乃根据租赁开
始日期市场或利率而定，并计入按租期
以直线法将予确认的租赁付款总额内。
不会视乎指数或利率而定的可变租赁付
款于其产生时确认为收入。
来自本集团日常业务之租金收入作为收
入呈列。
119Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Foreign currencies
These consolidated financial statements are presented in Hong Kong
dollars, which is the Company’s presentation 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 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 determined. 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).
The functional currencies of certain overseas subsidiaries, jointly-
controlled entities and associates are currencies other than the
Hong Kong dollar. As at the end of the reporting period, the assets
and liabilities of these entities are translated into the presentation
currency of the Company at the exchange rates prevailing at the end
of the reporting period and their profit or loss are translated into
Hong Kong dollars at the weighted average exchange rates for the
year.
- （续）
外币
该等综合财务报表以港元（即本公司之
呈报货币）呈报。本集团旗下各实体决
定其自身之功能货币，而计入各实体财
务报表之项目均按该功能货币计量。本
集团旗下实体录得之外币交易会初步按
彼等各自于交易日期适用之功能货币汇
率入账。以外币计值之货币资产及负
债，按有关功能货币于报告期末之适用
汇率换算。结算或换算货币项目产生的
差额于损益中确认。
按外币历史成本计量的非货币项目按首
次交易日期的汇率换算。按外币公平值
计量的非货币项目采用厘定公平值当日
的汇率换算。换算按公平值计量的非货
币项目而产生的收益或亏损，按确认该
项目的公平值变动的收益或亏损一致的
方法处理（即公平值收益或亏损于其他
全面收益或损益中确认的项目的换算差
额亦分别于其他全面收益或损益中确
认）。
若干海外附属公司、共同控制实体及联
营公司的功能货币为港元以外的货币。
于报告期末，该等实体的资产与负债，
按于报告期末的适用汇率换算为本公司
的呈报货币，其损益则按本年度的加权
平均汇率换算为港元。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司120
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Foreign currencies (continued)
The resulting exchange differences are recognised in other
comprehensive income and accumulated in the exchange fluctuation
reserve. On disposal of a foreign operation, the component of other
comprehensive income relating to that particular foreign operation is
recognised in profit or loss.
For the purpose of the consolidated statement of cash flows, the cash
flows of overseas subsidiaries are translated into Hong Kong dollars
at the exchange rates ruling at the dates of the cash flows. Frequently
recurring cash flows of overseas subsidiaries which arise throughout
the year are translated into Hong Kong dollars at the weighted
average exchange rates for the year.
Retirement benefits costs
Retirement benefits scheme
Payments to defined contribution retirement benefit plans (state-
managed retirement benefits schemes/the Mandatory Provident Fund
Scheme) are charged as an expense when employees have rendered
service entitling them to the contributions.
The Group operates a Mandatory Provident Fund Scheme (the “MPF
Scheme”) under the Hong Kong Mandatory Provident Fund Schemes
Ordinance for those employees employed under the jurisdiction of
the Hong Kong Employment Ordinance. The MPF Scheme is a defined
contribution scheme, the assets of which are held in separate trustee
administered funds.
- （续）
外币（续）
所产生的汇兑差额于其他全面收益确认
并于汇兑波动储备累计。出售海外业务
时，与该特定海外业务有关之其他全面
收益之部分于损益中确认。
就综合现金流量表而言，海外附属公司
之现金流量按现金流量当日适用汇率换
算为港元。海外附属公司于整个年度经
常产生之现金流量乃按年内之加权平均
汇率换算为港元。
退休福利成本
退休福利计划
向界定供款退休福利计划（国家管理之
退休福利计划╱强制性公积金计划）所
作之供款，均于雇员提供使彼等有权享
用供款之服务时列为开支。
本集团根据香港强制性公积金计划条例
为根据香港雇佣条例所雇用之雇员提供
强制性公积金计划（「强积金计划」）。强
积金计划为定额供款计划，其资产由独
立信托管理基金持有。
121Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
退休福利成本（续）
退休福利计划（续）
根据强积金计划，雇主及其雇员各自须
按雇员相关收入之5%之比例就计划作
出供款，而雇员供款的每月相关收入之
上限为30,000港元。本集团向强积金计
划作出之供款于产生时支销，并根据计
划之应享比例归属雇员。倘雇员于雇主
供款全数归属前退出强积金计划，没收
之供款金额将用作扣减本集团之应付供
款。
根据中国有关部门之规例，本集团参
加相关的社会退休褔利计划（「中国计
划」），据此，本集团须向中国计划作出
供款以为合资格雇员之退休福利提供资
金。向中国计划作出之供款乃根据中国
有关规定所指定之适用工资成本之若干
百分比计算。中国有关部门负责应付予
已退休雇员之全部退休金责任。本集团
就中国计划之唯一责任为根据中国计划
支付持续所需之供款。
退休福利计划供款指本集团向由中国有
关部门营办之中国计划作出之供款总
额。
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Retirement benefits costs (continued)
Retirement benefits scheme (continued)
Under the MPF Scheme, the employer and its employees are
each required to make contributions to the scheme at 5% of the
employees’ relevant income, with the employers’ contributions
subject to a cap monthly relevant income of HK$30,000. The Group’s
contributions to the scheme are expensed as incurred are vested in
accordance with the scheme’s vesting scales. Where employees leave
the scheme prior to the full vesting of the employer’s contributions,
the amount of forfeited contributions is used to reduce the
contributions payable by the Group.
Pursuant to the regulations of the relevant authorities in the PRC,
the Group participates in the relevant social retirement benefit
schemes (the “PRC Schemes”) whereby the Group is required to
contribute to the PRC Schemes to fund the retirement benefits of
the eligible employees. Contributions made to the PRC Schemes
are calculated based on certain percentages of the applicable payroll
costs as stipulated under the requirements in the PRC. The relevant
authorities of the PRC are responsible for the entire pension
obligations payable to the retired employees. The only obligation of
the Group with respect to the PRC Schemes is to pay the ongoing
required contributions under the PRC Schemes.
The retirement benefit schemes contribution represents gross
contributions by the Group to the PRC Schemes operated by the
relevant authorities of the PRC.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司122
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Taxation
Income tax expense represents the sum of the tax currently payable
and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Taxable profit differs from profit as reported in the consolidated
statement of profit or loss because it excludes items of income or
expense that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group’s
liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on differences between the carrying
amounts of assets and liabilities in the consolidated financial
statements and the corresponding tax base used in the computation
of taxable profit. Deferred tax liabilities are generally recognised for all
taxable temporary differences and deferred tax assets are recognised
to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. Such
assets and liabilities are not recognised if the temporary difference
arises from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction
that affects neither the taxable profit nor the accounting profit.
- （续）
税项
所得税开支指现时应付税项及递延税项
总额。
即期税项
即期应付税项乃按本年度应课税溢利计
算。由于应课税溢利不包括其他年度之
应课税或应扣减之收益或开支项目，亦
不包括永不应课税或可扣税之项目，故
与综合损益表所列溢利不同。本集团之
即期税项负债乃按报告期末已制定或实
质上已制定之税率计算。
递延税项
递延税项乃按于综合财务报表内资产及
负债账面值与计算应课税溢利所采用相
应税基之差额确认。递延税项负债一般
就所有应课税暂时差额确认，而递延税
项资产则于很可能可对销应课税溢利应
用可扣减暂时差额之情况下才予以确
认。倘暂时差额由商誉或由初步确认一
项不影响应课税溢利或会计溢利之交易
之其他资产及负债（业务合并除外）所产
生，则有关资产及负债不予确认。
123Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Taxation (continued)
Deferred tax (continued)
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and associates,
except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference
will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end of
each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or
part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that
are expected to apply in the period in which the liability is settled or
the asset realised, based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner in which the Group
expects, at the end of the reporting period, to recover or settle the
carrying amount of its assets and liabilities.
Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, except
when they relate to items that are recognised in other comprehensive
income or directly in equity, in which case, the current and deferred
tax are also recognised in other comprehensive income or directly in
equity respectively. Where current tax or deferred tax arises from the
initial accounting for a business combination, the tax effect is included
in the accounting for the business combination.
- （续）
税项（续）
递延税项（续）
递延税项负债就于附属公司及联营公司
之投资所产生之应课税暂时差额确认，
惟本集团有能力控制暂时差额之回拨，
以及有关暂时差额很有可能于可见未来
将无法回拨，则作别论。
递延税项资产之账面值乃于各个报告期
末进行检讨，并予以相应扣减，直至并
无可能将有足够应课税溢利可供收回全
部或部分资产为止。
递延税项资产及负债乃按预期适用于负
债清偿或资产变现期间之税率计量，有
关税率根据于报告期末已制定或实质上
已制定之税率（及税法）计算。
递延税项负债及资产之计量，反映了本
集团于报告期末所预期对收回或偿还其
资产及负债之账面值之方式所产生之税
务结果。
本年度之即期及递延税项
即期及递延税项于损益确认，惟当其与
在其他全面收益中或直接在权益中确认
之项目相关时，则即期及递延税项亦分
别于其他全面收益或直接于权益中确
认。倘即期税项或递延税项产生自某项
业务合并之初步会计处理，则有关税务
影响计入该业务合并之会计处理内。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司124
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Intangible assets
Intangible assets acquired separately
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 intangible assets are assessed to be either finite or indefinite.
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.
Impairment of tangible and intangible assets
At the end of each reporting period, the Group reviews the carrying
amounts of its tangible and intangible assets with finite useful lives
to determine whether there is any indication that those assets
have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss. When it is not possible to estimate
the recoverable amount of an individual asset, the Group estimates
the recoverable amount of the cash-generating unit to which the
asset belongs. When a reasonable and consistent basis of allocation
can be identified, corporate assets are also allocated to individual
cash-generating units, or otherwise they are allocated to the smallest
group of cash-generating units for which a reasonable and consistent
allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not
yet available for use are tested for impairment at least annually, and
whenever there is an indication that the asset may be impaired.
- （续）
无形资产
分开收购之无形资产
分开收购之无形资产在初始确认时以成
本计量。业务合并所收购之无形资产成
本为其在收购日之公平值。无形资产可
使用年期分为有限期或无限期。具有限
期之无形资产随后按可使用经济年期摊
销，并于有迹象显示无形资产可能出现
减值时评估减值。具有限可使用年期之
无形资产之摊销期及摊销方法至少于每
个财政年度末检讨。
有形及无形资产减值
于各报告期末，本集团会对其有使用年
限之有形及无形资产之账面金额进行审
核，以厘定是否有任何迹象显示该等资
产已出现减值亏损。如有任何该等迹
象，则会估计资产之可收回金额，以厘
定减值亏损之程度。当无法估计个别资
产之可收回金额时，本集团会估计该资
产之所属现金产生单位之可收回金额。
当可识别分配之合理及持续基准时，企
业资产亦会分配至个别现金产生单位，
或分配至可识别合理及持续分配基准之
最小现金产生单位组别。
具无限可使用年期之无形资产以及尚未
可使用之无形资产会至少每年及于有迹
象显示该资产可能减值时进行减值测
试。
125Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Inventories – properties under development
The cost of properties under development for sale comprises
specifically identified cost, including the acquisition cost of land,
aggregate cost of development, materials and supplies, wages and
other direct expenses, and an appropriate proportion of overheads
and borrowing costs capitalised. Net realisable value represents the
estimated selling price, based on prevailing market conditions, less
estimated costs of completion and costs to be incurred in selling the
property.
Properties under development are transferred to completed
properties held for sale upon completion of development activities,
which is when the relevant completion certificates are issued by the
respective government authorities.
Inventories – completed properties held for sale
Completed properties held for sale are stated at the lower of cost and
net realisable value. Cost is determined by apportionment of the total
land and development costs attributable to the completed properties
held for sale. Net realisable value is determined based on prevailing
market conditions.
Inventories – raw materials, work in progress and
finished goods
Raw materials, work in progress and finished goods are stated at the
lower of cost and net realisable value. Cost comprises direct materials,
direct labour and an appropriate of variable and fixed overhead
expenditure, the latter being allocated on the basis of normal
operating capacity. Net realisable value is the estimated selling price in
the ordinary course of business less the estimated costs of completion
and the estimated costs necessary to make the sale.
- （续）
存货－发展中物业
供出售之发展中物业之成本由特别识别
之成本组成，包括土地收购成本、开发
总成本、材料及物料、工资及其他直接
费用，以及适当比例的间接成本及资本
化的借贷成本。可变现净值指按现行市
场状况估计的销售价格减估计竣工成本
及销售物业将产生的成本。
开发活动竣工时，即有关政府机关发出
相关竣工证明时，发展中物业结转至持
作出售之已落成物业。
存货－持作出售之已落成物业
持作出售之已落成物业按成本及可变现
净值两者之较低者列账。成本乃按持作
出售之已落成物业应占之土地及发展成
本总额厘定。可变现净值乃根据当前市
场情况厘定。
存货－原材料、半成品及制成品
原材料、半成品及制成品乃按成本及可
变现价值净额（以较低者为准）列账。成
本包括直接物料、直接劳工及合适的可
变及固定超额开支，后者根据正常营运
能力分配。可变现净值为于一般业务过
程中估计出售价格减估计完成成本及进
行销售所必须的估计成本。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司126
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Provision
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 the
profit or loss.
Financial instruments
Financial assets and financial liabilities are recognised on the
consolidated statement of financial position when a group entity
becomes a party to the contractual provisions of the instrument.
- （续）
拨备
凡因过去事件而产生现有责任（不论法
律上或推论的责任），以致未来将可能
需要付出资源履行该责任，而责任金额
能可靠地估计，即应确认拨备。
倘折现影响重大，确认之拨备金额应为
预期履行责任所需未来开支于报告期末
之现值。倘折现现值随时间而增加，则
增加金额于损益中列为融资成本。
金融工具
当集团实体成为工具合约条文之一方
时，金融资产及金融负债于综合财务状
况表内确认。
127Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Financial assets and financial liabilities are initially measured at fair
value. Transaction costs that are directly attributable to the acquisition
or issue of financial assets and financial liabilities (other than financial
assets and financial liabilities at fair value through profit or loss) are
added to or deducted from the fair value of the financial assets or
financial liabilities, as appropriate, on initial recognition. Transaction
costs directly attributable to the acquisition of financial assets or
financial liabilities at fair value through profit or loss are recognised
immediately in profit or loss.
Classification and subsequent measurement of financial assets
Financial assets that meet the following conditions are subsequently
measured at amortised cost:
• the financial asset is held within a business model whose
objective is to collect contractual cash flows; and
• the contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal
amount outstanding.
Financial assets that meet the following conditions are subsequently
measured at fair value through other comprehensive income
(“FVTOCI”):
• the financial asset is held within a business model whose
objective is achieved by both collecting contractual cash flows
and selling; and
- （续）
金融工具（续）
金融资产及金融负债初步按公平值计
量。收购或发行金融资产及金融负债直
接应占之交易成本（按公平值计入损益
之金融资产及金融负债除外）乃按适当
情况于初步确认时加入，或从金融资产
或金融负债之公平值扣除。收购按公平
值计入损益之金融资产或金融负债产生
之直接应占交易成本即时于损益确认。
金融资产之分类及其后计量
符合以下条件之金融资产其后按摊销成
本计量：
• 目的为收取合约现金流量之业务模
式下持有之金融资产；及
• 合约条款引述于特定日期产生仅为
支付本金及未偿还本金利息之现金
流量。
符合以下条件之金融资产其后按公平值
计入其他全面收益（「按公平值计入其他
全面收益」）之方式计量：
• 目的为收取合约现金流量及出售之
业务模式下持有之金融资产；及
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司128
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Classification and subsequent measurement of financial assets
(continued)
• the contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal
amount outstanding.
All other financial assets are subsequently measured at fair value
through profit or loss (“FVTPL”), except that at the date of initial
application/initial recognition of a financial asset the Group may
irrevocably elect to present subsequent changes in fair value of
an equity investment in other comprehensive income (“OCI”) if
that equity investment is neither held for trading nor contingent
consideration recognised by an acquirer in a business combination to
which HKFRS 3 Business Combinations applies.
A financial asset is classified as held for trading if:
• it has been acquired principally for the purpose of selling in the
near term; or
• on initial recognition it is a part of a portfolio of identified
financial instruments that the Group manages together and has a
recent actual pattern of short-term profit-taking; or
• it is a derivative that is not designated and effective as a hedging
instrument.
- （续）
金融工具（续）
金融资产之分类及其后计量（续）
• 合约条款引述于特定日期产生仅为
支付本金及未偿还本金利息之现金
流量。
所有其他金融资产其后按公平值计入损
益（「按公平值计入损益」）计量，倘该股
权投资并非持作买卖或收购方应用香港
财务报告准则第3号「业务合并」于业务
合并中确认或然代价，于金融资产首次
应用╱首次确认日期本集团可作不可撤
回之选择于其他全面收益（「其他全面收
益」）内呈列股权投资其后之公平值变动
除外。
在下列情况下，金融资产被分类为持作
买卖：
- ；或
• 首次确认属于本集团合并管理之可
识别金融工具组合之一部分，并具
有最近实际短期获利模式；或
• 并未被指定且可有效作为对冲工具
之衍生工具。
129Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Classification and subsequent measurement of financial assets
(continued)
In addition, the Group may irrevocably designate a financial asset that
are required to be measured at the amortised cost or FVTOCI as
measured at FVTPL if doing so eliminates or significantly reduces an
accounting mismatch.
(i) Amortised cost and interest income
Interest income is recognised using the effective interest method
for financial assets measured subsequently at amortised cost.
Interest income is calculated by applying the effective interest
rate to the gross carrying amount of a financial asset, except
for financial assets that have subsequently become credit-
impaired. For financial assets that have subsequently become
credit-impaired, interest income is recognised by applying the
effective interest rate to the amortised cost of the financial asset
from the next reporting period. If the credit risk on the credit
impaired financial instrument improves so that the financial asset
is no longer credit-impaired, interest income is recognised by
applying the effective interest rate to the gross carrying amount
of the financial asset from the beginning of the reporting period
following the determination that the asset is no longer credit
impaired.
- （续）
金融工具（续）
金融资产之分类及其后计量（续）
此外，本集团可不可撤回地指定须按摊
销成本计量或按公平值计入其他全面收
益之金融资产以按公平值计入损益之方
式计量，前提为有关指定可消除或大幅
减少会计错配。
(i) 摊销成本及利息收入
金融资产之利息收入使用实际利率
法确认及其后按摊销成本计量。利
息收入乃通过对金融资产之账面总
值应用实际利率计算得出，惟其
后成为信贷减值之金融资产除外。
就其后成为信贷减值之金融资产
而言，利息收入透过对下一报告期
间金融资产之摊销成本应用实际利
率予以确认。倘信贷减值金融工具
之信贷风险有所改善，以致金融资
产不再出现信贷减值，则利息收入
透过于资产被厘定为不再出现信贷
减值后之报告期间开始时，对金融
资产账面总值应用实际利率予以确
认。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司130
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Classification and subsequent measurement of financial assets
(continued)
(ii) Financial assets at FVTPL
Financial assets that do not meet the criteria for being measured
at amortised cost or FVTOCI or designated as FVTOCI are
measured at FVTPL.
Financial assets at FVTPL are measured at fair value at the end
of each reporting period, with any fair value gains or losses
recognised in profit or loss.
Impairment of financial assets
The Group recognises a loss allowance for ECL on financial assets
which are subject to impairment under HKFRS 9 (including trade
receivable, other receivables, restricted bank deposits and bank
balances). The amount of ECL is updated at each reporting date to
reflect changes in credit risk since initial recognition.
- （续）
金融工具（续）
金融资产之分类及其后计量（续）
(ii) 按公平值计入损益之金融资产
不符合按摊销成本或按公平值计入
其他全面收益或指定为按公平值计
入其他全面收益计量之标准之金融
资产乃按公平值计入损益计量。
按公平值计入损益之金融资产于各
报告期末按公平值计量，而任何公
平值收益或亏损均于损益内确认。
金融资产减值
本集团就须根据香港财务报告准则第9
号项下减值的金融资产（包括贸易应收
账款、其他应收账款、受限制银行存款
及银行结余）确认预期信贷亏损的亏损
拨备。预期信贷亏损金额于各报告日期
予以更新，以反映信贷风险自初始确认
以来的变动。
131Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
金融工具（续）
金融资产减值（续）
存续期预期信贷亏损指于相关工具预计
年期内所有可能的违约事件将产生的预
期信贷亏损。相反，12个月预期信贷亏
损（「12个月预期信贷亏损」）指于报告
日期后12个月内可能发生的违约事件预
计产生的该部分存续期预期信贷亏损。
评估乃根据本集团过往信贷亏损经验进
行，并就债务人特定因素、整体经济环
境及报告日期当前情况及预测未来情况
的评估作出调整。
本集团一直就并无重大融资组成部分的
贸易应收账款确认存续期预期信贷亏
损。该等资产之预期信贷亏损个别评
估。
对于所有其他工具而言，本集团按12个
月预期信贷亏损等额计量亏损拨备，除
非信贷风险自初始确认以来显著上升，
本集团确认存续期预期信贷亏损。评估
是否应确认存续期预期信贷亏损的依
据，是自初始确认以来发生违约的可能
性或风险显著上升。
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Impairment of financial assets (continued)
Lifetime ECL represents the ECL that will result from all possible
default events over the expected life of the relevant instrument.
In contrast, 12-month ECL (“12m ECL”) represents the portion of
lifetime ECL that is expected to result from default events that are
possible within 12 months after the reporting date. Assessment
are done based on the Group’s historical credit loss experience,
adjusted for factors that are specific to the debtors, general economic
conditions and an assessment of both the current conditions at the
reporting date as well as the forecast of future conditions.
The Group always recognises lifetime ECL for trade receivables
without significant financing component. The ECL on these assets are
assessed individually.
For all other instruments, the Group measures the loss allowance
equal to 12m ECL, unless when there has been a significant increase
in credit risk since initial recognition, the Group recognises lifetime
ECL. The assessment of whether lifetime ECL should be recognised
is based on significant increases in the likelihood or risk of a default
occurring since initial recognition.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司132
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Impairment of financial assets (continued)
(i) Significant increase in credit risk
In assessing whether the credit risk has increased significantly
since initial recognition, 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. In making this assessment, the
Group considers both quantitative and qualitative information
that is reasonable and supportable, including historical
experience and forward-looking information that is available
without undue cost or effort.
In particular, the following information is taken into account
when assessing whether credit risk has increased significantly:
• an actual or expected significant deterioration in the
financial instrument’s external (if available) or internal
credit rating;
• significant deterioration in external market indicators of
credit risk, e.g. a significant increase in the credit spread, the
credit default swap prices for the debtor;
- , financial
or economic conditions that are expected to cause a
significant decrease in the debtor’s ability to meet its debt
obligations;
- （续）
金融工具（续）
金融资产减值（续）
(i) 信贷风险显著上升
评估信贷风险自初始确认以来是否
显著上升时，本集团会比较金融工
具于报告日期发生违约的风险与金
融工具于初始确认日期发生违约
的风险。作出评估时，本集团会考
虑合理及具支持性的定量及定性资
料，包括过往经验及可以合理成本
及精力获取的前瞻性资料。
具体而言，评估信贷风险是否显著
上升时会考虑以下资料：
- （如有）或内部
信贷评级的实际或预期显著恶
化；
• 信贷风险的外部市场指标显著
恶化，例如债务人的信贷息
差、信用违约掉期价格显著上
升；
- 、金融或经济情况目前或
预期有不利变动，预计将导致
债务人偿还债项的能力显著下
降；
133Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Impairment of financial assets (continued)
(i) Significant increase in credit risk (continued)
• an actual or expected significant deterioration in the
operating results of the debtor;
• an actual or expected significant adverse change in the
regulatory, economic, or technological environment of the
debtor that results in a significant decrease in the debtor’s
ability to meet its debt obligations.
Irrespective of the outcome of the above assessment, the Group
presumes that the credit risk has increased significantly since
initial recognition when contractual payments are more than 30
days past due, unless the Group has reasonable and supportable
information that demonstrates otherwise.
Despite the aforegoing, the Group assumes that the credit risk
on the Group’s financial assets has not increased significantly
since initial recognition if the financial assets are determined
to have low credit risk at the reporting date. A financial asset
is determined to have low credit risk if (i) it has a low risk of
default; (ii) the borrower has a strong capacity to meet its
contractual cash flow obligations in the near term; and (iii)
adverse changes in economic and business conditions in the
longer term may, but will not necessarily, reduce the ability of
the borrower to fulfill its contractual cash flow obligations. The
Group considers a financial asset to have low credit risk when it
has an internal or external credit rating of ‘investment grade’ as
per globally understood definitions.
- （续）
金融工具（续）
金融资产减值（续）
(i) 信贷风险显著上升（续）
• 债务人经营业绩实际或预期显
著恶化；
- 、经济或技术环
境有实际或预计的重大不利变
动，导致债务人履行债务责任
的能力显著下降。
不论上述评估结果如何，本集团均
假设合约付款逾期超过30日后信贷
风险自初始确认以来显著上升，除
非本集团有合理及具支持性的资料
说明其他情况。
尽管存在上述情况，倘金融资产于
报告日期厘定为具有低信贷风险，
本集团假设金融资产的信贷风险自
初始确认起并无大幅增加。倘(i)其
违约风险偏低；(ii)借款人有强大
能力于短期满足其合约现金流量责
任；及(iii)较长期的经济及业务状
况存在不利变动，惟将未必削弱借
款人达成其合约现金流量责任的能
力，则金融资产的信贷风险会被厘
定为偏低。当金融资产的内部或外
部信贷评级为「投资级别」（按照全
球理解的释义），则本集团会视该
金融资产的信贷风险偏低。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司134
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Impairment of financial assets (continued)
(i) Significant increase in credit risk (continued)
The Group regularly monitors the effectiveness of the criteria
used to identify whether there has been a significant increase in
credit risk and revises them as appropriate to ensure that the
criteria are capable of identifying significant increase in credit risk
before the amount becomes past due.
(ii) Definition of default
For internal credit risk management, the Group considers an
event of default occurs when information developed internally
or obtained from external sources indicates that the debtor is
unlikely to pay its creditors, including the Group, in full (without
taking into account any collaterals held by the Group).
(iii) Credit-impaired financial assets
A financial asset is credit-impaired when one or more events of
default that have a detrimental impact on the estimated future
cash flows of that financial asset have occurred. Evidence that a
financial asset is credit impaired includes observable data about
the following events:
(a) significant financial difficulty of the issuer or the borrower;
(b) a breach of contract, such as a default or past due event;
- （续）
金融工具（续）
金融资产减值（续）
(i) 信贷风险显著上升（续）
本集团定期监察用以确定信贷风险
曾否显著增加的标准的成效，并于
适当时候作出修订，从而确保有关
标准能够于款项逾期前确定信贷风
险显著增加。
(ii) 违约定义
就内部信贷风险管理而言，于内部
产生或自外部来源取得的资料显示
债务人不大可能向债权人（包括本
集团）悉数付款（不计及本集团持有
的任何抵押品）时，本集团会认为
已发生违约事件。
(iii) 信贷减值金融资产
倘发生一项或多项对金融资产估计
未来现金流量有不利影响的违约事
件，则金融资产出现信贷减值。金
融资产信贷减值的证据包括有关下
列事件的可观察数据：
(a) 发行人或借款人出现严重财务
困难；
(b) 违反合约，如违约或逾期事
件；
135Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Impairment of financial assets (continued)
(iii) Credit-impaired financial assets (continued)
(c) the lender(s) of the borrower, for economic or contractual
reasons relating to the borrower’s financial difficulty, having
granted to the borrower a concession(s) that the lender(s)
would not otherwise consider;
(d) it is becoming probable that the borrower will enter
bankruptcy or other financial reorganisation; or
(e) the disappearance of an active market for that financial
asset because of financial difficulties.
(iv) Write-off policy
The Group writes off a financial asset when there is information
indicating that the counterparty is in severe financial difficulty and
there is no realistic prospect of recovery, for example, when the
counterparty has been placed under liquidation or has entered
into bankruptcy proceedings, or in the case of trade receivables,
when the amounts are over two years past due, whichever
occurs sooner. Financial assets written off may still be subject to
enforcement activities under the Group’s recovery procedures,
taking into account legal advice where appropriate. A write-off
constitutes a derecognition event. Any subsequent recoveries
are recognised in profit or loss.
- （续）
金融工具（续）
金融资产减值（续）
(iii) 信贷减值金融资产（续）
(c) 借款人的放款人因与借款人出
现财务困难有关的经济或合约
理由而给予借款人在一般情况
下放款人不予考虑的优惠条
件；
(d) 借款人可能破产或进行其他财
务重组；或
(e) 因财务困难而导致该金融资产
失去活跃市场。
(iv) 撇销政策
倘有资料显示交易对手处于重大财
政困难时，且并无实际收回可能
（例如交易对手已被清盘或已进入
破产程序），或就贸易应收账款而
言，有关金额逾期超过两年（以较
早发生者为准），本集团会撇销金
融资产。在考虑法律意见（如适用）
后，已撇销的金融资产仍可根据本
集团的收回程序实施强制执行。撇
销构成终止确认事件。任何其后收
回均会于损益内确认。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司136
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Impairment of financial assets (continued)
(v) Measurement and recognition of ECL
The measurement of ECL is a function of the probability of
default, loss given default (i.e. the magnitude of the loss if there
is a default) and the exposure at default. The assessment of the
probability of default and loss given default is based on historical
data adjusted by forward-looking information. Estimation of ECL
reflects an unbiased and probability-weighted amount that is
determined with the respective risks of default occurring as the
weights.
Generally, the ECL is the difference between all contractual
cash flows that are due to the Group in accordance with the
contract and the cash flows that the Group expects to receive,
discounted at the effective interest rate determined at initial
recognition.
- （续）
金融工具（续）
金融资产减值（续）
(v) 预期信贷亏损的计量及确认
预期信贷亏损的计量为违约可能
性、违约损失率（即出现违约时的
损失幅度）及违约风险的函数。违
约可能性及违约损失率的评估乃按
照历史数据进行，并就前瞻性资料
作出调整。预期信贷亏损的估计反
映无偏颇及概率加权之金额，乃按
发生相应违约风险之权重厘定。
一般而言，预期信贷亏损为根据合
约到期支付予本集团的所有合约现
金流量与本集团预期收取的现金流
量之间的差异，并按于初始确认时
厘定的实际利率折现。
137Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Impairment of financial assets (continued)
(v) Measurement and recognition of ECL (continued)
Where ECL is measured on a collective basis or cater for cases
where evidence at the individual instrument level may not yet be
available, the financial instruments are grouped on the following
basis:
- ’s trade and
other receivables, finance lease receivables and amounts
due from customers are each assessed as a separate group.
Loans to related parties are assessed for expected credit
losses on an individual basis);
- ;
- , size and industry of debtors; and
• External credit ratings where available.
The grouping is regularly reviewed by management to ensure the
constituents of each group continue to share similar credit risk
characteristics.
Interest income is calculated based on the gross carrying amount
of the financial asset unless the financial asset is credit impaired,
in which case interest income is calculated based on amortised
cost of the financial asset.
- （续）
金融工具（续）
金融资产减值（续）
(v) 预期信贷亏损的计量及确认（续）
倘预期信贷亏损按整体基准计量或
针对个别工具层面的证据可能尚未
提供的情况，则金融工具按以下基
准分组：
- （即本集团的
贸易应收账款及其他应收账
款、融资租赁应收款项及应收
客户款项均作为单独组别进行
评估。提供予关联方的贷款单
独评估预期信贷亏损）；
- ；
- 、规模及行业；
及
- 。
管理层定期检讨分组，以确保各组
的组成继续具有类似的信贷风险特
征。
利息收入乃按金融资产的总账面值
计算，除非金融资产发生信贷减
值，于该情况下，利息收入按金融
资产的摊销成本计算。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司138
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Financial liabilities and equity instruments
Classification as debt or equity
Financial liabilities and equity instruments issued by a group entity are
classified according to the substance of the contractual arrangements
entered into and the definitions of a financial liability and an equity
instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest
in the assets of the group entity after deducting all of its liabilities.
Equity instruments issued by the Group are recognised at the
proceeds received, net of direct issue costs.
Other financial liabilities
Other financial liabilities (including trade payables, other payables
and accruals) are subsequently measured at amortised cost using the
effective interest method.
Effective interest method
The effective interest method is a method of calculating the amortised
cost of a financial liability and of allocating interest expense over the
relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments through the expected life of
the financial liability or where appropriate, a short period to the net
carrying amount on initial recognition.
- （续）
金融工具（续）
金融负债及权益工具
分类为债务或权益
集团实体发行之金融负债及权益工具乃
根据所订立合约安排之性质与金融负债
及权益工具之定义分类。
权益工具
权益工具乃证明集团实体于扣减所有负
债后之资产中拥有剩余权益之任何合
约。本集团发行之权益工具乃按已收所
得款项（扣除直接发行成本）确认。
其他金融负债
其他金融负债（包括贸易应付账款、其
他应付账款及应计费用）其后采用实际
利率法按摊销成本计量。
实际利率法
实际利率法乃计算金融负债之摊销成本
及分配相关期间利息开支之方法。实际
利率乃按金融负债之预计年期或适用之
较短期间，准确折现估计未来现金付款
至初步确认时账面净值之利率。
139Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
Derecognition
The Group derecognises a financial asset only when the contractual
rights to the cash flows from the asset expire, or when it transfers the
financial asset and substantially all the risks and rewards of ownership
of the asset to another entity. If the Group neither transfers nor
retains substantially all the risks and rewards of ownership and
continues to control the transferred asset, the Group continues to
recognise the asset to the extent of its continuing involvement and
recognises an associated liability.
If the Group retains substantially all the risks and rewards of
ownership of a transferred financial asset, the Group continues to
recognise the financial asset and also recognises a collateralised
borrowing for the proceeds received.
On derecognition of a financial asset in its entirety, the difference
between the asset’s carrying amount and the sum of the consideration
received and receivable and the cumulative gain or loss that had been
recognised in other comprehensive income and accumulated in equity
is recognised in profit or loss.
- （续）
金融工具（续）
取消确认
本集团仅当从资产收取现金流量之合约
权利届满，或金融资产已予转让及资产
拥有权之绝大部分风险及回报转让予其
他实体时方取消确认金融资产。如本集
团并无转让或保留拥有权之绝大部分风
险及回报及继续控制该转让资产，则本
集团于持续参与及确认相关债务下继续
确认该资产。
如本集团保留转让金融资产拥有权之绝
大部分风险及回报，则本集团继续确认
该金融资产及亦就已收所得款项确认抵
押借贷。
于全面取消确认金融资产时，资产账面
值与已收及应收代价总和之间的差额，
以及已于其他全面收益确认及于权益累
计之累计收益或亏损，乃于损益中确
认。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司140
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Financial instruments (continued)
On derecognition of a financial asset other than in its entirety, the
Group allocates the previous carrying amount of the financial asset
between the part it continues to recognise, and the part it no longer
recognises on the basis of the relative fair values of those parts
on the date of the transfer. The difference between the carrying
amount allocated to the part that is no longer recognised and the
sum of the consideration received for the part no longer recognised
and any cumulative gain or loss allocated to it that had been
recognised in other comprehensive income is recognised in profit
or loss. A cumulative gain or loss that had been recognised in other
comprehensive income is allocated between the part that continues
to be recognised and the part that is no longer recognised on the
basis of the relative fair values of those parts.
The Group derecognises financial liabilities when, and only when,
the Group’s obligations are discharged, cancelled or they expire.
The difference between the carrying amount of the financial liability
derecognised and the consideration paid and payable is recognised in
profit or loss.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks, other short-term highly liquid investments with
original maturities of three months or less, and bank overdrafts. Bank
overdrafts are shown within borrowings in current liabilities on the
consolidated statement of financial positions.
- （续）
金融工具（续）
除全面取消确认外，于终止确认金融资
产时，本集团将金融资产之过往账面值
于其仍确认为继续参与之部分及不再确
认之部分之间，按照该两者于转让日期
之相关公平值作出分配。不再确认部分
获分配之账面值与该部分已收代价及其
已于其他全面收益确认获分配之任何累
计收益或亏损之总和间的差额，乃于损
益内确认。已于其他全面收益确认之累
计收益或亏损乃按继续确认部分及不再
确认部分之相关公平值在该两者间作出
分配。
当及仅当本集团之责任获解除、取消或
到期时，本集团方会取消确认金融负
债。取消确认之金融负债之账面值与已
付及应付代价之间的差额会于损益中确
认。
现金及现金等值物
现金及现金等值物包括手头现金、随时
可提取之银行存款、原期限不超过三个
月之其他高流动性短期投资及银行透
支。银行透支于综合财务状况表内流动
负债之借款中呈列。
141Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Contingent liabilities and assets
A contingent liability is a possible obligation that arises from past
events and whose existence will only be confirmed by the occurrence
or non-occurrence of one or more uncertain future events not wholly
within the control of the Group. It can also be a present obligation
arising from past events that is not recognised because it is not
probable that outflow of economic resources will be required or
the amount of obligation cannot be measured reliably. A contingent
liability is not recognised but is disclosed in the notes to the
consolidated financial statements. When a change in the probability
of an outflow occurs so that outflow is probable, they will then be
recognised as a provision.
A contingent asset is a possible asset that arises from past events and
whose existence will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within
the control of the Group. A contingent asset is not recognised but is
disclosed in the notes to the consolidated financial statements when
an inflow of economic benefits is probable. When inflow is virtually
certain, an asset is recognised.
Segment reporting
Operating segments, and the amounts of each segment item reported
in the consolidated financial statements, are identified from the
financial information provided regularly to the Group’s most senior
executive management for the purposes of allocating resources
to, and assessing the performance of, the Group’s various lines of
business and geographical locations.
- （续）
或然负债及资产
或然负债乃因过去事件而可能出现之责
任，而须视乎日后会否出现一项或多项
本集团不可完全控制之不确定事件方可
确认。或然负债亦包括基于过去事件而
产生之现有责任，但由于未必需要经济
资源流出或不能就该责任数额作可靠计
量而未有确认。或然负债不会确认入账
但会于综合财务报表附注中披露。倘流
出之可能性出现变化，而相当可能出现
流出，则会确认为拨备。
或然资产乃因过去事件而可能出现之资
产，而须视乎日后会否出现一项或多项
本集团不可完全控制之不确定事件方可
确认。倘很可能出现经济利益流入，则
或然资产不会确认入账但会于综合财务
报表附注中披露。倘实际存在经济利益
流入，则确认有关资产。
分类报告
经营分类及综合财务报表所呈报的各分
类项目金额从就本集团各项业务线及地
区作资源分配及评估其表现而定期向本
集团最高行政管理人员提供的财务资料
识别。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司142
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
分类报告（续）
就财务报告而言，个别重大的经营分类
不会汇集入账，除非该等分类的经济特
质相近，且彼等的产品及服务性质、生
产工序性质、客户类别、分销产品或提
供服务的方法及监管环境性质等方面相
类近。如具备上述大部分特质，个别不
重大的经营分类可合并为一个分类。
持作出售之非流动资产及已终止
业务
持作出售之非流动资产
倘非流动资产（或出售组别）的账面值很
有可能将透过出售交易而非透过持续使
用而收回，而该资产（或出售组别）于其
现况下可供出售，则会获分类为持作出
售。出售组别指一组资产将于同一交易
中被一并出售，而与该等资产有直接关
连的负债将于该交易中转移。
当本集团承诺的出售计划涉及失去某附
属公司的控制权时，不论本集团是否将
于出售后保留该附属公司的非控股权
益，该附属公司的所有资产及负债于符
合上述分类为持作出售的条件时会分类
为持作出售。
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Segment reporting (continued)
Individually material operating segments are not aggregated for
financial reporting purposes unless the segments have similar
economic characteristics and are similar economic characteristics
and are similar in respect of the nature of products and services, the
nature of production processes, the type of class of customers, the
methods used to distribute the products or provide the services, and
the nature of the regulatory environment. Operating segments which
are not individually material may be aggregated if they share a majority
of these criteria.
Non-current assets held for sale and discontinued
operations
Non-current assets held for sale
A non-current asset (or disposal group) is classified as held for sale if
it is highly probable that its carrying amount will be recovered through
a sale transaction rather than through continuing use and the asset (or
disposal group) is available for sale in its present condition. A disposal
group is a group of assets to be disposed of together as a group in a
single transaction, and liabilities directly associated with those assets
that will be transferred in the transaction.
When the Group is committed to a sale plan involving loss of control
of a subsidiary, all the assets and liabilities of that subsidiary are
classified as held for sale when the above criteria for classification as
held for sale are met, regardless of whether the group will retain a
non-controlling interest in the subsidiary after the sale.
143Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Non-current assets held for sale and discontinued
operations (Continued)
Non-current assets held for sale (Continued)
Immediately before classification as held for sale, the measurement
of the non-current assets (and all individual assets and liabilities
in a disposal group) is brought up-to-date in accordance with
the accounting policies before the classification. Then, on initial
classification as held for sale and until disposal, the non-current assets
(except for certain assets as explained below), or disposal groups,
are recognised at the lower of their carrying amount and fair value
less costs to sell. The principal exceptions to this measurement policy
so far as the financial statements of the group and the company are
concerned are deferred tax assets, assets arising from employee
benefits, financial assets (other than investments in subsidiaries,
associates and joint ventures) and investment properties. These
assets, even if held for sale, would continue to be measured in
accordance with the policies set out elsewhere in note 3.
Impairment losses on initial classification as held for sale, and on
subsequent remeasurement while held for sale, are recognised in
profit or loss. As long as a non-current asset is classified as held for
sale, or is included in a disposal group that is classified as held for sale,
the non-current asset is not depreciated or amortised.
Discontinued operations
A discontinued operation is a component of the Group’s business,
the operations and cash flows of which can be clearly distinguished
from the rest of the Group and which represents a separate major line
of business or geographical area of operations, or is part of a single
co-ordinated plan to dispose of a separate major line of business or
geographical area of operations, or is a subsidiary acquired exclusively
with a view to resale.
- （续）
持作出售之非流动资产及已终止
业务（续）
持作出售之非流动资产（续）
于紧接分类为持作出售前，非流动资产
（及于出售组别内的所有个别资产及负
债）的计量根据分类前的会计政策作出
更新。其后于首次分类为持作出售及直
至出售期间，非流动资产（不包括下列
所阐释的若干资产）或出售组别按其账
面值及公平值减出售成本的较低者列
账。就本集团及本公司的财务报表而
言，此计量政策的主要例外情况为递延
税项资产、雇员福利产生的资产、金融
资产（不包括于附属公司、联营公司及
合营企业的投资）及投资物业。该等资
产（即使为持作出售）将继续根据附注3
其他部分的政策计量。
于首次分类为持作出售及其后在持作出
售期间重新计量的减值亏损于损益中确
认。只要非流动资产获分类为持作出
售，或获纳入分类为持作出售的出售组
别，则该非流动资产即不予折旧或摊
销。
已终止业务
已终止业务为本集团业务之组成部分，
其经营及现金流量可与本集团其余部分
清晰划分，且其指一项独立的主要业务
线或经营地区，或为处置一项独立的主
要业务线或经营地区之单一协调计划之
一部分，或为专以转售为目的而收购之
附属公司。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司144
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
持作出售之非流动资产及已终止
业务（续）
已终止业务（续）
分类为已终止业务于出售时或该业务符
合予以分类为持作出售的标准时（以较
早者为准）（见上文(i)）发生。其亦会于该
业务被放弃时发生。
于一项业务被分类为已终止业务时，会
于损益表内呈列单一金额，该金额包
括：
－ 已终止业务的除税后溢利或亏损；
及
－ 计量构成已终止业务的资产或出售
组别的公平值减出售成本或于出售
前述各项时所确认之除税后收益或
亏损。
4. 估计不确定因素之主要来源
于应用本集团之会计政策（如附注3所
载）过程中，管理层需要对其他来源未
能显然易见之资产及负债账面值作出判
断、估计及假设。此等估计及相关假设
乃根据过往经验及其他被认为相关之因
素而作出，实际情况可能与此等估计有
所不同。
此等估计及相关假设会持续予以审阅。
如会计估计的修订仅对作出修订的期间
产生影响，则有关修订只会在该期间内
确认；如会计估计的修订对现时及未来
期间均产生影响，则会在作出该修订期
间及未来期间内确认。
3. MATERIAL ACCOUNTING POLICIES
(CONTINUED)
Non-current assets held for sale and discontinued
operations (Continued)
Discontinued operations (Continued)
Classification as a discontinued operation occurs upon disposal or
when the operation meets the criteria to be classified as held for sale
(see (i) above), if earlier. It also occurs if the operation is abandoned.
Where an operation is classified as discontinued, a single amount
is presented on the face of the statement of profit or loss, which
comprises:
– the post-tax profit or loss of the discontinued operation; and
– the post-tax gain or loss recognised on the measurement to
fair value less costs to sell, or on the disposal, of the assets or
disposal group(s) constituting the discontinued operation.
4. KEY SOURCES OF ESTIMATION
UNCERTAINTY
In the application of the Group’s accounting policies, which are
described in note 3, the management is required to make judgements,
estimates and assumptions about the carrying amounts of assets
and liabilities that are not readily apparent from other sources.
The estimates and underlying assumptions are based on historical
experience and other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only
that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
145Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
4. 估计不确定因素之主要来源
（续）
估计不确定因素之主要来源
以下为报告期末关于未来之主要假设，
以及估计不确定因素之其他主要来源，
对下一财政年度内资产及负债之账面值
有重大大幅调整风险。
物业、厂房及设备之可使用年期
附注3阐述物业、厂房及设备之折旧按
其估计可使用年期以直线法撇销成本。
可折旧资产之可使用年期乃根据本集团
之经验进行估计，并于各报告期末按照
相应转变检讨有关可使用年期。
物业、厂房及设备之减值
本集团根据香港会计准则第16号之规定
估计物业、厂房及设备之可使用年期，
从而厘定所须列账之折旧开支金额。本
集团于购入资产之时，根据以往经验、
资产之预期使用量、损耗程度，以及技
术会否因市场需求或资产产能有变而变
成过时，估计其可使用年期。本集团亦
会于每年作出检讨，以判断就可使用年
期所作出之假设是否仍然合理。本集
团每年测试该等资产是否已遭受任何减
值。资产或现金产生单位之可收回金额
乃根据资产的使用价值厘定，当中须作
出假设及估计。
4. KEY SOURCES OF ESTIMATION
UNCERTAINTY (CONTINUED)
Key sources of estimation uncertainty
The followings are the key assumptions concerning the future,
and other key sources of estimation uncertainty at the end of the
reporting period, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the
next financial year.
Useful lives of property, plant and equipment
Note 3 describes that depreciation is provided to write off the cost of
property, plant and equipment over their estimated useful lives, using
straight-line method. The estimation of useful lives of the depreciable
assets is based on the experience of the Group, and useful lives are
reviewed at each end of the reporting period based on changes in
circumstances.
Impairment of property, plant and equipment
In accordance with HKAS 16, the Group estimates the useful lives of
property, plant and equipment in order to determine the amount of
depreciation expenses to be recorded. The useful lives are estimated
at the time the asset is acquired based on historical experience, the
expected usage, wear and tear of the assets, as well as technical
obsolescence arising from changes in the market demands or service
output of the assets. The Group also performs annual reviews on
whether the assumptions made on useful lives continued to be valid.
The Group tests annually whether the assets have suffered any
impairment. The recoverable amount of an asset or a cash generating
unit is determined based on value in use of the assets which require
the use of assumptions and estimates.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司146
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
4. KEY SOURCES OF ESTIMATION
UNCERTAINTY (CONTINUED)
Key sources of estimation uncertainty (continued)
Income tax
The Group is subject to income taxes in Hong Kong and the PRC.
Significant judgment is required in determining the provision for
income taxes. There are many transactions and calculations for which
the ultimate tax determination is uncertain during the ordinary course
of business. The Group recognises liabilities for anticipated tax audit
issues based on estimates of whether additional taxes will be due.
Where the final tax outcome of these matters is different from the
amounts that were initially recorded, such differences will impact the
income tax and deferred tax provisions in the period in which such
determination is made.
Net realisable value of properties under development and completed
properties held for sale
Carrying amount of properties under development and completed
properties held for sale are stated at the lower of cost and net realisable
value at the end of the reporting period. Net realisable value is
determined on the basis of the estimated selling price less the estimated
costs necessary to make the sale. The directors estimate the net realisable
value for properties under development and completed properties
held for sale based primarily on the latest contract prices and current
market conditions. In addition, the directors perform an inventory review
on a product by product basis at the end of each reporting period
and assess the need for write down of properties under development
and completed properties held for sale. As at 31 March 2025, the
accumulated impairment on properties under development and
completed properties held for sale were approximately HK$305,431,000
(2024: HK$310,916,000) and HK$57,521,000 (2024: HK$56,843,000)
respectively.
4. 估计不确定因素之主要来源
（续）
估计不确定因素之主要来源（续）
所得税
本集团须在香港及中国缴纳所得税。于
厘定所得税拨备时须作出重大判断。日
常业务过程中有大量无法确定最终税款
之交易及计算。本集团根据对是否需要
缴付额外税款之估计，就预期税务审计
项目确认负债。倘该等事项最终税款结
果有别于最初记录之金额，有关差额将
影响作出有关决定之期间之所得税及递
延税项拨备。
发展中物业及持作出售之已落成物业之
可变现净值
于报告期末，发展中物业及持作出售之
已落成物业之账面值乃按成本及可变现
净值中之较低者列账。可变现净值乃按
估计售价减估计出售必要成本厘定。董
事估计发展中物业及持作出售之已落成
物业之可变现净值乃主要基于最新合约
价格及现行市场状况。此外，于各报告
期末，董事按产品进行存货审阅，并评
估撇减发展中物业及持作出售之已落成
物业之需要。于二零二五年三月三十一
日，发展中物业及持作出售之已落成
物业的累计减值分别约为305,431,000
港元（二零二四年︰310,916,000港元）及
57,521,000港元（二零二四年︰56,843,000
港元）。
147Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
4. KEY SOURCES OF ESTIMATION
UNCERTAINTY (CONTINUED)
Key sources of estimation uncertainty (continued)
Impairment of non-financial assets (other than goodwill)
The Group assesses whether there are any indicators of impairment
for all non-financial assets (including the right-of-use assets, interests
in associates and intangible 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, the
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. As at 31
March 2025, the accumulated impairment loss on intangible assets
were approximately HK$266,049,000 (2024: HK$174,739,000).
4. 估计不确定因素之主要来源
（续）
估计不确定因素之主要来源（续）
非金融资产（商誉除外）减值
本集团于各报告期末评估所有非金融
资产（包括使用权资产、于联营公司之
权益及无形资产）是否存在任何减值迹
象。无限定年期的无形资产会于每年
及于出现迹象时进行减值测试。其他
非金融资产于有迹象显示账面值可能
无法收回时进行减值测试。当资产或现
金产生单位的账面值超出其可收回金
额（为公平值减出售成本或使用价值两
者中的较高者）时，即存在减值。公平
值减出售成本乃按类似资产的公平原则
交易中具约束力销售交易所得数据或可
观察市价扣除出售资产的递增成本计
算。于计算使用价值时，管理层须估计
来自资产或现金产生单位的预期未来
现金流量，及选择适当折现率以计算该
等现金流量的现值。于二零二五年三
月三十一日，无形资产的累计减值亏
损为约266,049,000港元（二零二四年：
174,739,000港元）。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司148
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
4. 估计不确定因素之主要来源
（续）
估计不确定因素之主要来源（续）
按金以及贸易应收账款及其他应收账款
减值
本集团按照与违约风险有关的假设及预
期亏损率对涉及预期信贷亏损的项目作
出拨备（包括按金以及贸易应收账款及
其他应收账款（不包括预付款项及其他
预缴税项））。诚如附注3－金融工具所
述，于各报告期末，本集团根据其信贷
亏损经验、逾期应收账款之账龄、客户
的还款纪录及市况及前瞻性估计，通过
判断作出该等假设及选择减值计算之参
数值。于二零二五年及二零二四年三月
三十一日，已付按金以及贸易应收账款
及其他应收账款（不包括预付款项及其
他预缴税项）的账面总值如下：
于二零二五年三月三十一日
4. KEY SOURCES OF ESTIMATION
UNCERTAINTY (CONTINUED)
Key sources of estimation uncertainty (continued)
Impairment of deposits and trade and other receivables
The Group makes allowances on items subjects to ECL (including
deposits and trade and other receivables (excluding prepayments
and prepaid other taxes)) based on assumptions about risk of default
and expected loss rates. The Group uses judgement in making these
assumptions and selecting the inputs to the impairment calculation,
based on the Group’s credit loss experience, ageing of overdue
receivables, customers’ repayment history and market conditions as
well as forward looking estimates at the end of each reporting period
as set out in note 3 – Financial Instruments. As at 31 March 2025 and
2024, the aggregate carrying amounts of deposits paid and trade and
other receivables (excluding prepayments and prepaid other taxes)
are as follows:
As at 31 March 2025
| Carrying amount | Accumulated ECL allowance | Net carrying amount | ||
|---|---|---|---|---|
| 账面值 | 累计预期信贷 亏损拨备 | 账面净值 | ||
| HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | ||
| 1,499 | 90 | 1,409 | ||
| 31,229 | 3,479 | 27,750 | ||
| 68,395 | 67,185 | 1,210 |
149Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
4. KEY SOURCES OF ESTIMATION
UNCERTAINTY (CONTINUED)
Key sources of estimation uncertainty (continued)
Impairment of deposits and trade and other receivables (Continued)
As at 31 March 2024
Trade receivables贸易应收账款428–428
Other receivables (excluding prepayments and
prepaid other taxes)
其他应收账款（不包括预付款项及
其他预缴税项）24,1143,54120,573
Deposits paid已付按金69,60268,3911,211
Fair value of investment properties
Investment properties with a carrying amount of approximately
HK$405,580,000 (2024: HK$731,812,000) are stated at fair value
based on the valuation performed by the independent qualified
professional valuer. In determining the fair values, the valuation
involves certain assumptions of market conditions. In relying on the
valuation reports, the directors have exercised their judgment and are
satisfied that the methods of valuation are reflective of the current
market conditions. Changes in assumption relating to these factors
could affect the reported fair values of the investment properties. See
note 18 for further disclosures.
4. 估计不确定因素之主要来源
（续）
估计不确定因素之主要来源（续）
按金以及贸易应收账款及其他应收账款
减值（续）
于二零二四年三月三十一日
投资物业之公平值
账面值约为405,580,000港元（二零二四
年：731,812,000港元）之投资物业乃按
独立合资格专业估值师进行之估值以公
平值呈报。厘定公平值之估值方法涉及
市场状况之若干假设。在依赖估值报告
时，董事已作出判断，并信纳估值所使
用之方法已反映现时市场状况。有关该
等因素之假设变动可能影响呈报之投资
物业公平值。进一步披露见附注18。
| Carrying amount | Accumulated ECL allowance | Net carrying amount | ||
|---|---|---|---|---|
| 账面值 | 累计预期信贷 亏损拨备 | 账面净值 | ||
| HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司150
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
4. 估计不确定因素之主要来源
（续）
估计不确定因素之主要来源（续）
租赁－估算增量借款利率
本集团无法轻易厘定租赁内所隐含的利
率，因此，使用增量借款利率（「增量借
款利率」）计量租赁负债。增量借款利率
为本集团于类似经济环境中为取得与使
用权资产价值相近之资产，而以类似抵
押品与类似期间借入所需资金应支付之
利率。因此，增量借款利率反映了本集
团「应支付」的利率，当无可观察的利率
时（如就并无订立融资交易之附属公司
而言）或当须对利率进行调整以反映租
赁之条款及条件时（如当租赁并非以附
属公司之功能货币订立时），则须作出
利率估计。当可观察参数值可用时，本
集团使用可观察参数值（如市场利率）估
算增量借款利率并须作出若干实体特定
的估计（如附属公司之独立信用评级）。
5. 金融工具
5A. 资本风险管理
本集团管理资本之目的，在于确保
本集团各实体能够持续经营，同时
透过取得债务与权益之间之最佳平
衡，为持份者争取最大回报。本集
团之整体策略与往年一致。
4. KEY SOURCES OF ESTIMATION
UNCERTAINTY (CONTINUED)
Key sources of estimation uncertainty (continued)
Leases – Estimating the incremental borrowing rate
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).
5. FINANCIAL INSTRUMENTS
5A. Capital risk management
The Group manages its capital to ensure that entities in the
Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation
of the debt and equity balance. The Group’s overall strategy
remains unchanged from prior year.
151Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
5A. 资本风险管理（续）
于二零二五年及二零二四年三月
三十一日，本集团之资本架构包括
债务及本公司拥有人应占权益（包
括已发行股本及储备）。
本公司董事定期检讨资本架构。作
为检讨一部分，董事考虑资本之成
本与各类资本之相关风险。本集团
会根据董事之推荐意见，透过发行
新股、发行新债或赎回现债以平衡
整体资本架构。
于报告期末负债比率如下：
5. FINANCIAL INSTRUMENTS (CONTINUED)
5A. Capital risk management (continued)
As at 31 March 2025 and 2024, the capital structure of the
Group consisted of debt and equity attributable to owners of
the Company, comprising issued share capital and reserves.
The directors of the Company review the capital structure
regularly. As part of this review, the directors consider the cost
of capital and the risks associates with each class of capital. Based
on recommendations of the directors, the Group will balance its
overall capital structure through new shares issues, as well as the
issue of new debt or the redemption of existing debt.
The gearing ratio at the end of the reporting period was as
follows:
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 22,019 | |||
| 935,872 | |||
| 2.4% | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司152
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
5B. 金融工具类别
5. FINANCIAL INSTRUMENTS (CONTINUED)
5B. Categories of financial instruments
5C. Financial risk management objectives and policies
The Group’s major financial instruments include trade
receivables, other receivables, deposits paid, financial assets
at fair value through profit or loss, amount due from an
associate, amount due from non-controlling interests, restricted
bank deposits, bank balances and cash, trade payables, other
payables and accruals and lease liabilities. Details of these
financial instruments are disclosed in respective notes. The risks
associated with these financial instruments and the policies on
how to mitigate these risks are set out below. The management
manages and monitors these exposures to ensure appropriate
measures are implemented on a timely and effective manner.
5C. 财务风险管理目标及政策
本集团主要金融工具包括贸易应收
账款、其他应收账款、已付按金、
按公平值计入损益之金融资产、应
收一间联营公司之款项、应收非
控股权益款项、受限制银行存款、
银行结余及现金、贸易应付账款、
其他应付账款及应计费用及租赁负
债。该等金融工具之详情于各附注
披露。该等金融工具之相关风险及
如何减低该等风险之政策载列如
下。管理层管理及监督该等风险，
确保及时及有效地采取适当措施。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 1,647 | |||
| 38,573 | |||
| 183,740 | |||
153Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
5C. 财务风险管理目标及政策（续）
市场风险
外币风险
外币风险指涉及外币汇率变动（会
影响本集团之财务业绩及其现金流
量）之风险。本集团面临于附属公
司投资所产生的外币风险，主要与
人民币有关。外币风险亦因未来商
业交易、已确认资产及负债，以及
于海外业务之投资净额而产生，主
要均以人民币计值。
于二零二五年三月三十一日，以人
民币计值的资产及负债主要由中国
附属公司持有。管理层认为计入损
益的换算影响并不重大，因此并无
呈列有关敏感度分析。
于二零二四年三月三十一日，倘港
元兑人民币贬值╱升值5%，而所
有其他可变因素保持不变，则除
税前年度亏损将分别减少╱增加
138,000港元，主要由于诚如附注
28所披露之应收非控股权益款项所
产生的外汇收益╱亏损。本集团现
时并无订立任何合约以对冲外币风
险。然而，管理层会监察外币风险
及于必要时考虑就重大外币风险进
行对冲。
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Market risk
Foreign currency risk
Foreign currency risk refers to the risk that movement in foreign
currency exchange rate which will affect the Group’s financial
results and its cash flows. The Group is exposed to foreign
currency risk arising from investments in subsidiaries primarily
with respect to RMB. Foreign currency risk also arises from
future commercial transactions, recognised assets and liabilities
and net investments in foreign operations, which are mainly
denominated in RMB.
As at 31 March 2025, the assets and liabilities denominated
in RMB are mainly held by PRC subsidiaries. The management
considered that the effect on translation included in profit or loss
are insignificant and therefore no sensitivity analysis is presented
thereon.
As at 31 March 2024, if the Hong Kong dollars had weakened/
strengthened by 5% against the RMB with all other variables
held constant, pre-tax loss for the year would have been
HK$138,000 lower/higher, mainly as a result of foreign exchange
gains/losses of the amount due from non-controlling interests
as disclosed in notes 28. The Group currently has not entered
into any contracts to hedge its foreign currency risk. However,
the management monitors foreign currency exposure and will
consider hedging significant foreign currency exposure should
the need arise.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司154
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
5C. 财务风险管理目标及政策（续）
利率风险
本集团之收益及营运现金流量大致
上不受市场利率变动所影响。于二
零二五年三月三十一日，本集团并
无重大计息资产及负债（除受限制
银行存款、现金及现金等值物、其
他应付账款及借款外），有关详情
已于附注30、32(ii)及37披露。于
二零二四年三月三十一日，本集
团并无重大计息资产及负债（除应
收利息、受限制银行存款、现金及
现金等值物、其他应付账款及借款
外），有关详情已于附注30、32(ii)
及37披露。
由于银行借款以及其他应付账款之
利率为固定及银行利息收入并不重
大，管理层认为，于二零二五年及
二零二四年三月三十一日，本集团
之现金流量及公平值利率风险并不
重大，故并无呈列敏感度分析。
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Interest rate risk
The Group’s income and operating cash flows are substantially
independent of change in market interest rates. As at 31 March
2025, the Group has no significant interest-bearing assets and
liabilities except for restricted bank deposits, cash and cash
equivalents, other payables and borrowings, details of which
have been disclosed in notes 30, 32(ii) and 37. As at 31 March
2024, the Group has no significant interest-bearing assets and
liabilities except for interest receivable, restricted bank deposits,
cash and cash equivalents, other payables and borrowings, details
of which have been disclosed in notes 30, 32(ii) and 37.
Due to the fixed interest rate on bank borrowings and other
payables and the insignificant bank interest income, the
management considers that cash flow and fair value interest rate
risks of the Group are insignificant as at 31 March 2025 and 2024
and therefore no sensitivity analysis is presented thereon.
155Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Credit risk
Credit risk arises from the possibility that the counterparty to
a transaction is unwilling or unable to fulfil its obligation which
results in financial loss. The gross carrying amounts of restricted
bank deposits, bank balances, amount due from an associate,
amount due from non-controlling interests, deposits paid, other
receivables (excluding prepayments and prepaid other taxes)
and trade receivables included in the consolidated statement
of financial position of approximately HK$109,237,000 (2024:
HK$105,384,000) represent the Group’s maximum exposure to
credit risk in relation to its financial assets.
The credit risks on restricted bank deposits and bank balances
are considered to be insignificant because the counterparties are
banks/financial institutions with high credit ratings assigned by
international credit-rating agencies.
For trade receivables, the Group performs impairment
assessment under ECL model on trade balances individually.
Trade receivables are written off where there is no reasonable
expectation of recovery. Indicators for no reasonable
expectation of recovery include, amongst others, the failure of
a debtor to engage in a repayment plan with the Group, and a
failure to make contractual payments for a period of greater than
1 year past due.
- （续）
5C. 财务风险管理目标及政策（续）
信贷风险
信贷风险源自因交易对手方可能不
愿意或无法履行其责任而导致本集
团蒙受财务损失。计入综合财务状
况表之受限制银行存款、银行结
余、应收一间联营公司之款项、应
收非控股权益款项、已付按金、其
他应收账款（不包括预付款项及其
他预缴税项）以及贸易应收账款之
账面总值约109,237,000港元（二零
二四年：105,384,000港元），为本集
团就其金融资产承受之最高信贷风
险。
受限制银行存款及银行结余的信贷
风险被视为不重大，原因为交易对
手获国际信用评级机构指定为信用
评级较高的银行╱金融机构。
就贸易应收账款而言，本集团按照
预期信贷亏损模式对贸易结存个别
进行减值评估。
贸易应收账款于并无任何合理预期
收回的情况下予以撇销。无任何合
理预期收回之指标包括债务人未能
进行本集团的偿还计划及于逾期超
过1年的期间内未能作出合约付款
等。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司156
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
5C. 财务风险管理目标及政策（续）
信贷风险（续）
贸易应收账款的减值亏损于经营溢
利呈列为减值亏损净额。其后收回
过往撇销的金额计入相同项目。
本集团评估贸易应收账款之预期信
贷亏损并不重大，因此截至二零
二五年及二零二四年三月三十一日
止年度并未确认任何亏损拨备。
就其他应收账款（不包括预付款项
及其他预缴税项）、已付按金、应
收一间联营公司之款项及应收非控
股权益款项而言，管理层会定期作
出整体评估，并根据过往的结算记
录及过往经验，对其可收回性作个
别评估。
本集团在资产的初始确认时考虑坏
账的可能性，也评估信贷风险在每
个报告期间有否持续显著增加。在
评估信贷风险是否显著增加时本集
团将报告日期资产发生坏账的可能
性与初始确认日期发生坏账的可能
性进行比较，同时也考虑合理及具
支持性的前瞻信息。
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Credit risk (continued)
Impairment losses on trade receivables are presented as net
impairment losses within operating profit. Subsequent recoveries
of amounts previously written off are credited against the same
line item.
For the years ended 31 March 2025 and 2024, the Group
assessed the ECL on trade receivables were insignificant and thus
no loss allowance was recognised.
For other receivables (excluding prepayments and prepaid other
taxes), deposits paid, amount due from an associate and amount
due from non-controlling interests, the management makes
periodic collective assessments as well as individual assessment
on its recoverability based on historical settlement records and
past experience.
The Group considers the probability of default upon initial
recognition of assets and whether there has been a significant
increase in credit risk on an ongoing basis throughout each
reporting period. To assess whether there is a significant increase
in credit risk, the Group compares the risk of a default occurring
on the assets as at the reporting date with the risk of default
as at the date of initial recognition. It also considers available
reasonable and supportive forwarding-looking information.
157Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Credit risk (continued)
Especially the following indicators are incorporated:
- ;
- ;
- ,
financial or economic conditions that are expected to
cause a significant change to the debtor’s ability to meet its
obligations;
• actual or expected significant changes in the operating
results of individual debtor;
• significant increases in credit risk on other financial
instruments of the debtors; and
• significant changes in the expected performance and
behaviour of the debtors, including changes in the payment
status of the debtors and changes in the operating results
of the borrower.
- （续）
5C. 财务风险管理目标及政策（续）
信贷风险（续）
以下指标需要重点考虑：
- ；
- ；
• 实际发生的或者预期的营业状
况、财务状况及经济环境中的
重大不利变化预期导致债务人
按期偿还到期债务的能力产生
重大变化；
• 个别债务人的经营业绩实际发
生或者预期发生重大变化；
• 债务人的其他金融工具信贷风
险显著增加；及
• 债务人预期表现或者行为发生
重大变化，包括债务人付款情
况的变化及借款人经营业绩的
变化。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Credit risk (continued)
The Group uses four categories for those receivables which
reflect their credit risk and how the loss provision is determined
for each of those categories.
A summary of the assumptions underlying the Group’s ECL
model is as follows:
Performing
正常
Debtors have a low risk of default and a
strong capacity to meet
债务人违约风险很低且有能力履约
12 months expected losses. Where the
expected lifetime of an asset is less than
12 months, expected losses are measured
at its expected lifetime.
12个月的预期亏损。对于预期存续期为
少于12个月的资产，预期亏损基于预期
存续期计量。
Underperforming
关注
Receivables for which there is a significant
increase in credit risk; as significant
increase in credit risk is presumed if
interest and/or principal repayments are
more than 90 days past due
应收款项的信贷风险显著增加；倘利息
及╱或本金还款逾期超过90天，则假设
信贷风险显著增加
Lifetime expected losses
存续期预期亏损
Non-Performing
不良
Interest and/or principal repayments are
more than 365 days past due
利息及╱或本金还款逾期超过365天
Lifetime expected losses
存续期预期亏损
Write-off
撇销
Interest and/or principal repayments are
more than 3 years past due and there is no
reasonable expectation of recovery
利息及╱或本金还款逾期超过三年且合
理预计不能收回
Asset is written off
撇销资产
- （续）
5C. 财务风险管理目标及政策（续）
信贷风险（续）
本集团将该等应收款项分为四类用
以分别反映其信贷风险，亏损拨备
亦以该等类别分别厘定。
本集团预期信贷亏损模式的相关假
设概述如下：
| Category | Group definition of category | Basis for recognition of ECL provision |
|---|---|---|
| 类别 | 本集团针对各类别的定义 | 确认预期信贷亏损拨备的基础 |
159Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
5C. 财务风险管理目标及政策（续）
信贷风险（续）
本集团通过及时就预期信贷亏损计
提适当拨备将其信贷风险入账。在
计算预期信贷亏损比率时，本集团
以各类应收款项的历史亏损率为基
础，并且通过前瞻性的宏观资料对
该比率进行调整。
本集团的已付按金、其他应收账
款（不包括预付款项及其他预缴税
项）、应收一间联营公司之款项及
应收非控股权益款项计提信贷亏损
拨备如下：
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Credit risk (continued)
The Group accounts for its credit risk by appropriately providing
for ECL on a timely basis. In calculating the ECL rates, the Group
considers historical loss rates for each category of receivables
and adjusts for forward-looking macroeconomic data.
The Group provides for credit losses against deposits paid, other
receivables (excluding prepayments and prepaid other taxes),
amount due from an associate and amount due from non-
controlling interests as follows:
As at 31 March 2024
于二零二四年三月三十一日
Performing0.1% – 1.5%12 month expected losses24,071–24,071
正常12个月预期亏损
Non-Performing100%Lifetime expected losses71,93271,932–
不良存续期预期亏损
Total
总计96,00371,93224,071
| Company internal credit rating | Expected credit loss rates | Basis for recognition of expected credit loss provision | Estimated gross carrying amount at default | Loss allowance provision | Carrying amount (net of impairment provision) |
|---|---|---|---|---|---|
| 本公司内部信贷评估 | 预期信贷亏损比率 | 确认预期信贷亏损 拨备的基础 | 违约时的 估计账面总值 | 减值亏损拨备 | 账面值 （扣除减值拨备） |
| HK$’000 | HK$’000 | HK$’000 | |||
| 千港元 | 千港元 | 千港元 | |||
| 28,477 | – | 28,477 | |||
| 70,663 | 70,663 | – | |||
| 99,140 | 70,663 | 28,477 |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司160
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Credit risk (continued)
The loss allowance provision for deposits paid and other
receivables as at 31 March 2025 reconciles to the opening loss
allowance for that provision as follows:
- （续）
5C. 财务风险管理目标及政策（续）
信贷风险（续）
于二零二五年三月三十一日就已付
按金及其他应收账款计提的亏损拨
备与年初亏损拨备的对账如下：
| Performing | Non- performing | Total | ||
|---|---|---|---|---|
| 正常 | 不良 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | ||
| – | 70,824 | 70,824 | ||
| – | 3,540 | 3,540 | ||
| – | (2,432) | (2,432) | ||
| – | 71,932 | 71,932 | ||
| – | 300 | 300 | ||
| – | (1,569) | (1,569) | ||
| – | 70,663 | 70,663 |
161Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
5C. 财务风险管理目标及政策（续）
流动资金风险
流动资金风险管理之最终责任在董
事会，而董事会已设立合适之流动
资金风险管理架构，以满足本集团
之短期、中期及长期融资及流动
资金管理需要。本集团透过维持充
足储备管理流动资金风险，方法是
持续监察预测及实际现金流量并安
排金融资产及负债之到期日得到配
合。
流动性列表
下表详列本集团非衍生金融负债之
尚余合约到期状况。下表乃根据于
本集团须支付金融负债之最早日期
按金融负债之未折现现金流量编
制。
非衍生金融负债之到期日分析乃根
据预设还款日期而编制。
该表包括利息及本金现金流量。
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Liquidity risk
Ultimate responsibility for liquidity risk management rests with
the Board of Directors, which has built an appropriate liquidity
risk management framework to meet the Group’s short, medium
and long-term funding and liquidity management requirements.
The Group manages liquidity risk by maintaining adequate
reserves by continuously monitoring forecast and actual cash
flows and matching the maturity profiles of financial assets and
liabilities.
Liquidity table
The following tables detail the Group’s remaining contractual
maturity for its non-derivative financial liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Group can be
required to pay.
The maturity analysis for non-derivative financial liabilities is
prepared based on the scheduled repayment dates.
The tables include both interest and principal cash flows.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司162
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Liquidity risk (continued)
Liquidity table (continued)
As at 31 March 2024于二零二四年
三月三十一日
Non-derivative financial liabilities非衍生金融负债
Trade payables贸易应付账款–47,133–––47,13347,133
Other payables and accruals其他应付账款及
应计费用–93,846–––93,84693,846
Amount due to non-controlling interest应付非控股权益款项–58,779–––58,77958,779
Amount due to a director应付一名董事之款项–20,499–––20,49920,499
Lease liabilities租赁负债8%2,426253––2,6792,571
Borrowings借款5%4074079,016–9,8308,825
223,0906609,016–232,766231,653
- （续）
5C. 财务风险管理目标及政策
（续）
流动资金风险（续）
流动性列表（续）
| Weighted average effective interest rate | Within 1 year | 1-2 years | 2-5 years | Over 5 years | Total undiscounted cash flows | Total carrying amount at year ended | ||
|---|---|---|---|---|---|---|---|---|
| 加权平均 实际利率 | 一年内 | 一至两年 | 两至五年 | 五年以上 | 未折现总 现金流量 | 年末 总账面值 | ||
| % | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | |||
| – | 47,449 | – | – | – | 47,449 | 47,449 | ||
| – | 110,657 | – | – | – | 110,657 | 110,657 | ||
| – | 15,612 | – | – | – | 15,612 | 15,612 | ||
| – | 1,225 | – | – | – | 1,225 | 1,225 | ||
| 8% | 131 | – | – | – | 131 | 128 | ||
| 5% | 400 | 8,857 | – | – | 9,257 | 8,669 | ||
| 175,470 | 8,857 | – | – | 184,327 | 183,739 |
163Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
5. FINANCIAL INSTRUMENTS (CONTINUED)
5C. Financial risk management objectives and policies
(continued)
Other price risk
The Group is exposed to equity price risk through its investment
in listed equity securities. The management manages this
exposure by maintaining a portfolio of investments with
different risk and return profiles. The Group’s equity price risk is
mainly concentrated on equity securities quoted on The Stock
Exchange of Hong Kong Limited. In addition, the management
monitors the price risk and will consider hedging the risk
exposure should the need arise.
Other price risk – Sensitivity analysis
The sensitivity analyses below have been determined based on
the exposure to equity price risk at the reporting date.
If equity prices had been 10% higher/lower, the Group’s loss
for the year ended 31 March 2025 would decrease/increase by
approximately HK$165,000 (2024: HK$143,000). This is mainly
due to the changes in fair value of held-for-trading investments.
- （续）
5C. 财务风险管理目标及政策
（续）
其他价格风险
本集团因投资于上市股本证券而须
承受股本价格风险。管理层透过维
持具有不同风险及回报之投资组合
管理有关风险。本集团之股本价格
风险主要集中于在香港联合交易所
有限公司挂牌之股本证券。此外，
管理层会监察价格风险，并于有需
要时考虑对冲有关风险。
其他价格风险 － 敏感度分析
以下敏感度分析乃根据于报告日期
之股本价格风险进行。
倘股本价格上升╱下跌10%，本集
团截至二零二五年三月三十一日止
年度之亏损会减少╱增加约165,000
港元（二零二四年：143,000港元），
主要受到持作买卖投资之公平值变
动影响。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司164
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
6. SEGMENT INFORMATION
The Group’s operating segments are identified on the basis of
internal reports which provides information about components of the
Group. These information are reported to and reviewed by the chief
operating decision maker (“CODM”) for the purpose of resource
allocation and performance assessment.
The Group has the following reportable segments during the year.
These segments are managed separately.
- , the CODM regularly reviews the
performance of the water business in the PRC. These operations
have been aggregated into a single operating segment and
named “Water business”.
- , the CODM
regularly reviews the performance of the property development
and investment business. These operations have been
aggregated into a single operating segment and named “Property
development and investment”.
- , the CODM regularly reviews the
performance of mining business in the PRC. These operations
have been aggregated into a single operating segment and
named “Mining business”.
- , a sale and purchase agreement was entered
into between the Company and the purchaser, pursuant to
which, the Company has agreed to sell, and the purchaser has
agreed to acquire, the entire issued share capital of Century
Strong Limited and the shareholder’s loan advanced to Century
Strong Limited and its subsidiaries (the “Disposal Group”).
Century Strong Limited is an investment holding company
and the Disposal Group are principally engaged in property
investment. The Disposal Group is presented as a discontinued
reportable segment and named as “Investment in Yantian”.
6. 分类资料
本集团经营分类按提供有关本集团各组
成部分资料之内部报告区分。该等资料
会呈报予主要营运决策者（「主要营运决
策者」）并由其审阅，以分配资源及评估
表现。
于本年度，本集团拥有下列可报告分
类。该等分类乃受个别管理。
- ，主要营运决策者定
期检讨中国水业务的表现。该等业
务已合计并名为「水业务」之单一经
营分类。
- ，主要
营运决策者定期检讨物业发展及投
资业务的表现。该等业务已合计并
名为「物业发展及投资」之单一经营
分类。
- ，主要营运决策者
定期检讨中国采矿业务的表现。该
等业务已合计并名为「采矿业务」之
单一经营分类。
- ，本公
司与买方订立买卖协议，据此，本
公司同意出售，及买方同意收购
Century Strong Limited的全部已发
行股本及Century Strong Limited及
其附属公司（「出售集团」）获垫付的
股东贷款。Century Strong Limited
为投资控股公司，而出售集团主要
从事物业投资。出售集团以「盐田
投资」之名呈列为已终止可报告分
类。
165Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
6. SEGMENT INFORMATION (CONTINUED)
Segment revenue and results
The following is an analysis of the Group’s revenue and results by
reportable segments:
For the year ended 31 March
Revenue reported above represents revenue generated from external
customers. There were no inter-segment sales during the year.
- （续）
分类收入及业绩
以下为本集团按可报告分类划分之收入
及业绩分析：
截至三月三十一日止年度
以上报告之收入指来自外部客户之收
入。于本年度，并无分类间之销售。
| Continuing operations | Discontinued operations | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 持续经营业务 | 已终止业务 | ||||||||||
| Water business | Property development and investment | Mining business | Investment in Yantian | Consolidation | |||||||
| 水业务 | 物业发展及投资 | 采矿业务 | 盐田投资 | 综合 | |||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
| 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| 50 | 14,110 | – | – | ||||||||
| 4,892 | 15,152 | – | – | 20,044 | |||||||
| 50 | 14,110 | – | – | ||||||||
| 4,892 | 15,152 | – | – | 20,044 | |||||||
| (99,820) | (362,009) | (8,465) | (12) | (470,306) | |||||||
| 213 | |||||||||||
| (63,904) | |||||||||||
| (13,203) | |||||||||||
| – | |||||||||||
| (11,696) | |||||||||||
| (1,258) | |||||||||||
| (560,154) | |||||||||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司166
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
* 少于一千港元
为评估分类表现及分类间分配资源之目
的，本公司董事以下述基准监察各可报
告分类应占之业绩、资产及负债：
所有资产均分配至可报告分类，惟未分
配企业资产（主要包括物业、厂房及设
备、投资控股公司持有之银行结余及现
金及投资控股公司应收之其他应收账
款）除外。
6. SEGMENT INFORMATION (CONTINUED)
Segment assets and liabilities
The following is an analysis of the Group’s assets and liabilities by
reportable segments:
* less than one thousand Hong Kong dollars
For the purposes of assessing segment performance and allocating
resources between segments, the directors of the Company monitor
the results, assets and liabilities attributable to each reportable
segment on the following basis:
All assets are allocated to reportable segments other than unallocated
corporate assets (mainly include property, plant and equipment, bank
balances and cash that are held by the investment holding companies
and other receivables that are receivable by the investment holding
companies).
- （续）
分类资产及负债
以下为本集团按可报告分类划分之资产
及负债分析：
| Continuing operations | Discontinued operation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 持续经营业务 | 已终止业务 | ||||||||||
| Water business | Property development and investment | Mining business | Investment in Yantian | Consolidation | |||||||
| 水业务 | 物业发展及投资 | 采矿业务 | 盐田投资 | 综合 | |||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
| 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| 175,985 | 600,165 | 423,794 | 162,544 | 1,362,488 | |||||||
| 25,659 | |||||||||||
| 1,388,147 | |||||||||||
| (45,391) | (147,938) | (154,795) | –* | (348,124) | |||||||
| (21,078) | |||||||||||
| (369,202) | |||||||||||
167Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
6. SEGMENT INFORMATION (CONTINUED)
Segment assets and liabilities (continued)
All liabilities are allocated to reportable segments other than
unallocated corporate liabilities (mainly include lease liabilities
and other payables and accruals borne by the investment holding
companies).
Other segment information
* less than one thousand Hong Kong dollars
- （续）
分类资产及负债（续）
所有负债均分配至可报告分类，惟未分
配企业负债（主要包括租赁负债及投资
控股公司所承担之其他应付账款及应计
费用）除外。
其他分类资料
* 少于一千港元
| Continuing operations | Discontinued operations | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 持续经营业务 | 已终止业务 | ||||||||||||
| Water business | Property development and investment | Mining business | Investment in Yantian | Unallocated | Consolidation | ||||||||
| 水业务 | 物业发展及投资 | 采矿业务 | 盐田投资 | 未分配 | 综合 | ||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
| 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| 15,866 – – – (1,151) (815) 636 (399) (29,230) – – – – – – | – – 1,644 – – (1,158) 18,056 (3,919) – 74,832 (3,203) 270 353 (3,540) (67,212) | – 77,889 – 358,649 – (7) –* – – – – – – – – | – – – – – – 5 – – – – – – – – | 294 – – – – (3,328) 121 41 – – – – – – – | |||||||||
| 2,034 | – | – | – | 4 | 2,038 | ||||||||
| – | – | – | – | – | – | ||||||||
| – | – | – | – | – | – | ||||||||
| – | – | – | – | – | – | ||||||||
| (10,209) | – | – | – | – | (10,209) | ||||||||
| (3,169) | (501) | (18) | – | (2,379) | (6,067) | ||||||||
| 134 | 33 | 1 | 5 | 328 | 501 | ||||||||
| (201) | – | – | – | – | (201) | ||||||||
| (83,400) | – | (7,978) | – | – | (91,378) | ||||||||
| – | (43,103) | – | – | – | (43,103) | ||||||||
| – | – | – | – | – | – | ||||||||
| – | (2,725) | – | – | – | (2,725) | ||||||||
| – | (90) | – | – | – | (90) | ||||||||
| – | – | – | – | (300) | (300) | ||||||||
| – | (315,973) | – | – | – | (315,973) | ||||||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司168
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
主要客户资料
截至二零二五年三月三十一日止年度，
除三名租户之租赁收入分别占本集团总
收入约22%、15%及11%，及一名客户之
瓶装矿泉水销售占本集团总收入约15%
外，概无任何其他单一客户之收入占本
集团总收入10%以上。
截至二零二四年三月三十一日止年度，
除三名租户之租赁收入分别占本集团总
收入约31%、22%及16%，及一名客户之
物业销售占本集团总收入约10%外，概
无任何其他单一客户之收入占本集团总
收入10%以上。
6. SEGMENT INFORMATION (CONTINUED)
Geographical information
The Group operates in two principal geographical areas – the PRC
and Hong Kong.
The Group’s revenue from external customers and information about
its non-current assets by geographical location are detailed below:
Information about major customers
Other than three tenants from whom the lease income represents
approximately 22%, 15% and 11% of the total revenue of the Group
respectively, and one customer from sales of bottled mineral water
represents approximately 15% of the total revenue of the Group,
there is no other single customer who contributes over 10% of the
total revenue of the Group for the year ended 31 March 2025.
Other than three tenants from whom the lease income represents
approximately 31%, 22% and 16% of the total revenue of the Group
respectively, and one customer from sales of properties represents
approximately 10% of the total revenue of the Group, there is no
other single customer who contributes over 10% of the total revenue
of the Group for the year ended 31 March 2024.
- （续）
地区资料
本集团在两个主要地区经营－中国及香
港。
本集团来自外部客户之收入及有关其非
流动资产（按地理位置划分）之资料详述
如下：
| Revenue from external customers | Non-current assets | ||||
|---|---|---|---|---|---|
| 来自外部客户的收入 | 非流动资产 | ||||
| 2025 | 2024 | 2025 | 2024 | ||
| 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | ||
| 14,160 – | |||||
| 20,044 | 1,112,364 | ||||
| – | 320 | ||||
| 14,160 | |||||
| 20,044 | 1,112,684 | ||||
169Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
附注：
(i) 履约责任
有关本集团的履约责任资料概述如下：
物业销售
履约责任于交付物业后达成。于二零二五年
及二零二四年三月三十一日，概无分配至余
下履约责任（未达成或部分达成）的交易价格。
瓶装矿泉水销售
履约责任于交付商品后达成。本集团所有商
品销售的收入于产品控制权转让予客户的时
间点时获确认。
7. REVENUE
An analysis of the Group’s revenue for the year is as follows:
Notes:
(i) Performance obligations
Information about the Group’s performance obligations is summarised below:
Sales of properties
The performance obligation is satisfied upon handover of the properties. There
were no transaction prices allocated to the remaining performance obligations
(unsatisfied or partially unsatisfied) as at 31 March 2025 and 2024.
Sales of bottled mineral water
The performance obligation is satisfied upon delivery of goods. All of the Group’s
revenue from sale of goods was recognised at the point in time when the control
of the products was transferred to customers.
7. 收入
本集团于本年度之收入分析如下：
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| 1,186 | ||||
| 4,892 | ||||
| 6,078 | ||||
| 13,966 | ||||
| 20,044 | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司170
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
8. 其他收益
7. REVENUE (CONTINUED)
Notes: (continued)
(ii) Leases
8. OTHER GAINS
- （续）
附注：（续）
(ii) 租赁
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 13,966 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 4 | |||
| 19 | |||
| – | |||
| 90 | |||
| 69 | |||
| – | |||
| – | |||
| 135 | |||
| 79 | |||
| 105 | |||
| 501 | |||
171Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
9. OTHER LOSSES
10. FINANCE COSTS
9. 其他亏损
10. 融资成本
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| – | |||
| 196 | |||
| 5 | |||
| 201 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 409 | |||
| 106 | |||
| 646 | |||
| 97 | |||
| 1,258 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司172
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
11. LOSS BEFORE TAXATION11. 除税前亏损
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 6,722 | |||
| 90 | |||
| 6,812 | |||
| 1,000 | |||
| 3 | |||
| 1,003 | |||
| 3,771 | |||
| 2,296 | |||
| 198 | |||
| 10,011 | |||
| 1,227 | |||
| (213) | |||
173Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
* 其他福利主要包括其他非现金福利一住宿之
估计货币价值。
12. DIRECTORS’ EMOLUMENTS
The emoluments paid or payable to each of the directors were as follows:
* Other benefits mainly included estimated money value of other non-cash benefits-
accommodation.
12. 董事酬金
已付或应付每位董事之酬金如下：
| Directors’ fees | Salaries and other benefits* | Retirement benefits scheme contributions | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 董事袍金 | 薪金及其他福利* | 退休福利计划供款 | 总额 | ||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
| 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| 6 384 – 384 143 – – | – 2,294 650 – – – – | – – 18 18 7 – – | |||||||
| 60 | – | – | 60 | ||||||
| 384 | 2,201 | – | 2,585 | ||||||
| 650 | 80 | 19 | 749 | ||||||
| 384 | – | 18 | 402 | ||||||
| – | – | – | – | ||||||
| 284 | – | – | 284 | ||||||
| 23 | – | – | 23 | ||||||
| 917 | 2,944 | 43 | |||||||
| 1,785 | 2,281 | 37 | 4,103 | ||||||
| 192 192 6 | – – – | – – – | |||||||
| 192 | – | – | 192 | ||||||
| 192 | – | – | 192 | ||||||
| 60 | – | – | 60 | ||||||
| 390 | – | – | |||||||
| 444 | – | – | 444 | ||||||
| 156 156 156 – – – | – – – – – – | – – – – – – | |||||||
| 156 | – | – | 156 | ||||||
| 8 | – | – | 8 | ||||||
| 8 | – | – | 8 | ||||||
| 108 | – | – | 108 | ||||||
| 134 | – | – | 134 | ||||||
| 134 | – | – | 134 | ||||||
| 468 | – | – | |||||||
| 548 | – | – | 548 | ||||||
| 1,775 | 2,944 | 43 | |||||||
| 2,777 | 2,281 | 37 | 5,095 | ||||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司174
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
于截至二零二五年及二零二四年三月
三十一日止年度内，本集团概无支付予
董事酬金作为彼等加入或于加入本集团
时之奖金或离职补偿。于截至二零二五
年及二零二四年三月三十一日止年度
内，概无董事放弃或同意放弃任何酬
金。
13. 雇员酬金
(a) 五名最高薪人士
本年度五名最高薪人士之酬金总额包
括本公司两名（二零二四年：两名）董
事，其酬金详情载于上文附注12。余
下三名（二零二四年：三名）人士的酬
金如下：
12. DIRECTORS’ EMOLUMENTS (CONTINUED)
During the years ended 31 March 2025 and 2024, no emoluments
were paid by the Group to the directors as an inducement to join, or
upon joining the Group, or as compensation for loss of office. None of
the directors has waived or agreed to waive any emoluments during
the years ended 31 March 2025 and 2024.
13. EMPLOYEES’ EMOLUMENTS
(a) Five highest paid individuals
The aggregate emoluments of the five highest paid individuals for
the year included 2 (2024: 2) directors of the Company, whose
emoluments are included in note 12 above. The emoluments for
the remaining 3 (2024: 3) individuals are as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 2,348 | |||
| 50 | |||
| 2,398 | |||
175Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
(b) 本集团之高级管理层
于截至二零二五年及二零二四年三
月三十一日止年度内，本集团概无
支付予高级管理层酬金作为彼等加
入或于加入本集团时之奖金或离职
补偿。于截至二零二五年及二零
二四年三月三十一日止年度内，彼
等概无放弃或同意放弃任何酬金。
13. EMPLOYEES’ EMOLUMENTS (CONTINUED)
(a) Five highest paid individuals (continued)
The emoluments of the remaining 3 (2024: 3) individuals fell
within the following bands:
(b) Senior management of the Group
During the years ended 31 March 2025 and 2024, no
emoluments were paid by the Group to the senior management
as an inducement to join or upon joining the Group or as
compensation for loss of office. None of them has waived or
agreed to waive any emoluments during the year ended 31
March 2025 and 2024.
- （续）
(a) 五名最高薪人士（续）
余下三名（二零二四年：三名）人士
之酬金介乎以下范围：
| Number of individuals | |||
|---|---|---|---|
| 人数 | |||
| 2025 | 2024 | ||
| 二零二五年 | 二零二四年 | ||
| 2 | |||
| 1 | |||
| 3 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司176
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
14. TAXATION
Continuing Operations
* Less than one thousand Hong Kong dollars
14. 税项
持续经营业务
* 少于一千港元
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| – | |||
| (954) | |||
| (954) | |||
| –* | |||
| 785 | |||
| (75,220) | |||
| (74,435) | |||
| (75,389) | |||
177Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
14. TAXATION (CONTINUED)
Continuing Operations (continued)
Hong Kong Profits Tax should be provided at the rate of 16.5% on the
estimated assessable profit arising in Hong Kong. For the years ended
31 March 2025 and 2024, no provision for Hong Kong profits tax was
made as the Group has no assessable profits arising in or derived from
Hong Kong.
Subsidiaries in the PRC are subject to the PRC Enterprise Income Tax
at 25% (2024: 25%) for the year ended 31 March 2025.
Deferred tax assets have not been recognised in respect of tax losses
amounting to approximately RMB29,293,000 as at 31 March 2025
(2024: RMB10,759,000) that will expire within 5 years for offsetting
against future taxable profits. The tax losses of approximately
HK$125,739,000 as at 31 March 2025 (2024: HK$122,107,000) are
available indefinitely for offsetting against future taxable profits in
Hong Kong. Deferred tax assets have not been recognised as it is not
considered probable that taxable profits will be available against which
the above tax losses can be utilised.
- （续）
持续经营业务（续）
在香港产生之估计应评税溢利应按税率
16.5%计提香港利得税拨备。截至二零
二五年及二零二四年三月三十一日止年
度，由于本集团并无于或自香港产生之
应评税溢利，故并无计提香港利得税拨
备。
截至二零二五年三月三十一日止年度，
中国之附属公司须按税率25%（二零二四
年：25%）缴付中国企业所得税。
于二零二五年三月三十一日，并无就金
额约为人民币29,293,000元（二零二四
年：人民币10,759,000元）之税项亏损
确认递延税项资产，其税项亏损将于
未来五年内届满以抵销未来应课税溢
利。于二零二五年三月三十一日，金
额为约125,739,000港元（二零二四年：
122,107,000港元）之税项亏损可供无限
期抵销未来于香港之应课税溢利。由于
并无被视为大有可能可动用上述税项亏
损作抵销之应课税溢利，故并无确认递
延税项资产。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司178
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
* 少于一千港元
14. TAXATION (CONTINUED)
Continuing Operations (continued)
The income tax credit for the year can be reconciled to the loss
before taxation per consolidated statement of profit or loss and other
comprehensive income as follows:
* Less than one thousand Hong Kong dollars
- （续）
持续经营业务（续）
本年度之所得税抵免可与综合损益及其
他全面收益表之除税前亏损对账如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| (560,142) | |||
| (92,424) | |||
| 1,930 | |||
| 55,145 | |||
| (597) | |||
| 5,675 | |||
| (5,230) | |||
| – | |||
| (39,888) | |||
| –* | |||
| (75,389) | |||
179Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
15. 已终止业务
于二零二三年四月二十七日，本公司
与毛玉珍女士（「买方」，为独立第三
方）订立一项买卖协议，据此，本公
司同意出售，及买方同意收购Century
Strong Limited的全部已发行股本及出售
集团获垫付的股东贷款，代价为人民币
150,000,000元。出售事项获本公司股东
于二零二三年七月十二日举行的股东特
别大会上批准。出售事项预期将于二零
二五年年初完成。
然而，买方要求推迟完成日期。本集团
已探索向其他潜在买家出售出售集团的
可能性但本集团无法觅得新的意愿买
方。鉴于买方提供的更新资产证明及背
景资料及人民币1,000,000元的进一步按
金，本集团已批准买方将完成出售事项
的期限延长至二零二五年十二月三十一
日。详情请参阅日期为二零二五年二月
十四日的公告。
出售集团的业绩及现金流量均被视为已
终止业务。
15. DISCONTINUED OPERATIONS
On 27 April 2023, the Company and Ms. Mao Yuzhen (“the
Purchaser”, an independent third party) entered into a sale and
purchase agreement, pursuant to which, the Company has agreed to
sell, and the Purchaser has agreed to acquire, the entire issued share
capital of Century Strong Limited and the shareholder’s loan advanced
to the Disposal Group, at a consideration of RMB150,000,000. The
disposal was approved by the shareholders of the Company at the
special general meeting held on 12 July 2023. The disposal is expected
to be completed by early 2025.
However, the Purchaser requested for postponement of the date
of Completion. The Group has explored the possibility of selling
the Disposal Group to other potential buyers while no new willing
purchaser could be secured by the Group. In view of the updated
asset proofs and background information provided by the Purchaser,
and a further deposit of RMB1,000,000, the Group has granted the
Purchaser the extension of deadline for the completion of disposal to
31 December 2025. Refer to the announcement dated 14 February
2025 for the details.
The results and cash flows of the Disposal Group are treated as
discontinued operations.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司180
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
截至二零二五年三月三十一日止年度，
已终止业务的业绩及现金流量分析如
下：
已终止业务之分析
15. DISCONTINUED OPERATIONS
(CONTINUED)
For the year ended 31 March 2025, the results and cash flows of the
discontinued operations are analysed as follows:
Analysis of discontinued operations
less than one thousand Hong Kong dollars 少于一千港元
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| – | |||
| 5 | |||
| (17) | |||
| (12) | |||
| –* | |||
| (12) | |||
| – | |||
| (1) | |||
| 5 | |||
| – | |||
| 4 | |||
| (46) | |||
| (42) | |||
181Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
16. ASSETS CLASSIFIED AS HELD FOR SALE/
LIABILITIES DIRECTLY ASSOCIATED WITH
ASSETS CLASSIFIED AS HELD FOR SALE
As the net assets of the Disposal Group will be recovered principally
through a sale transaction rather than through continuing use (details
of which are set out in note 15), the Group classified the assets as
held for sale.
The major classes of assets and liabilities comprising the Disposal
Group classified as held for sale are as follows:
* less than one thousand Hong Kong dollars
- ╱与
分类为持作出售的资产直接
相关之负债
由于出售集团之净资产将主要透过销售
交易而非透过持续使用而得以收回（详
情载于附注15），本集团将资产分类为
持作出售。
包括分类为持作出售的出售集团之主要
资产及负债类别如下：
* 少于一千港元
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 176 | |||
| 149,429 | |||
| 7,918 | |||
| 2,550 | |||
| 2,471 | |||
| 162,544 | |||
| –* | |||
| –* | |||
| 162,544 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司182
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
16. ASSETS CLASSIFIED AS HELD FOR SALE/
LIABILITIES DIRECTLY ASSOCIATED WITH
ASSETS CLASSIFIED AS HELD FOR SALE
(CONTINUED)
The net assets directly associated with the Disposal Group was
stated at the lower of their carrying amount and fair value less costs
to sell, which is the consideration for the disposal amounting to
RMB150,000,000. In view of the assets owned by the Purchaser, the
scale and diversity of her businesses and further to the assessments
made by the management on the estimated value of the properties
represented by real estate ownership certificate provided by the
Purchaser, the management concurs with the view of the Purchaser
that the aggregate value of the asset proof provided by the Purchaser
is estimated to be not less than the consideration for the disposal,
and considers that the Purchaser has the capability to complete the
disposal transaction. Therefore, as at 31 March 2025, there was no
indication of any impairment on the Disposal Group and the fair
value of the Disposal Group remained unchanged. The decrease in
the above amounts is mainly due to the exchange difference resulting
from the depreciation of RMB, which was recognised in other
comprehensive income.
17. LOSS PER SHARE ATTRIBUTABLE TO
OWNERS OF THE COMPANY FOR THE YEAR
From continuing and discontinued operations
The calculation of the basic loss per share attributable to the owners
of the Company is based on the following data:
- ╱与
分类为持作出售的资产直接
相关之负债（续）
与出售集团直接相关的资产净额按其
账面值及公平值减成本出售（以较低者
为准）列账，即出售事项代价人民币
150,000,000元。鉴于买方拥有的资产、
其业务的规模及多元化及经管理层针对
买方提供的房地产所有权证书所代表的
物业的估计价值作出评估后，管理层与
买方一致认为买方提供的资产证明的总
价值估计不低于出售事项代价，并认为
买方有能力完成此出售交易。因此，于
二零二五年三月三十一日，概无任何出
售集团的减值迹象，且出售集团的公平
值维持不变。上述金额减少乃主要由于
人民币贬值产生的汇兑差异，其已于其
他全面收益中获确认。
17. 本年度本公司拥有人应占
每股亏损
来自持续经营业务及已终止业务
本公司拥有人应占每股基本亏损乃根据
以下数据计算：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| (451,542) | |||
| (12) | |||
| (451,554) | |||
183Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
17. LOSS PER SHARE ATTRIBUTABLE TO
OWNERS OF THE COMPANY FOR THE YEAR
(CONTINUED)
Note:
The basic and diluted loss per share from continuing and discontinued operations are the
same for the years ended 31 March 2025 and 2024, as there are no dilutive potential
ordinary shares in existence.
From continuing operations
The calculation of basic loss per share from continuing operations
attributable to the owners of the Company is based on the following
data:
From discontinued operations
Basic loss per share from discontinued operations is HK$0.00001
per share (2024: HK$0.00001), based on the loss for the year from
discontinued operations attributable to the owners of the Company
of approximately HK$12,000 (2024: HK$11,000). The denominators
used are the same as those detailed above for both basic and diluted
loss per share.
17. 本年度本公司拥有人应占
每股亏损（续）
来自已终止业务
根据本公司拥有人应占来自已终止业务
之本年度亏损约12,000港元（二零二四
年：11,000港元），来自已终止业务之
每股基本亏损为每股0.00001港元（二零
二四年：0.00001港元）。所用分母与上
文详述用于计算每股基本及摊薄亏损的
数据相同。
附注：
由于概无任何潜在摊薄影响之普通股，故此截至二
零二五年及二零二四年三月三十一日止年度来自持
续经营业务及已终止业务之每股基本及摊薄亏损相
同。
来自持续经营业务
本公司拥有人应占来自持续经营业务之
每股基本亏损的计算乃基于以下数据：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| ’000 Shares | ’000 Shares | ||
| 千股 | 千股 | ||
| 1,251,032 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| (451,542) | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司184
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
18. 投资物业
于二零二五年及二零二四年三月三十一
日，投资物业位于中国浙江、苏州及北
京，并按中期租赁持有。
18. INVESTMENT PROPERTIES
As at 31 March 2025 and 2024, investment properties are situated in
Zhejiang, Suzhou and Beijing, the PRC and are held under medium-
term leases.
Amount recognised in profit or loss for investment
properties
于损益中就投资物业的已确认金
额
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 731,812 | |||
| – | |||
| – | |||
| (315,973) | |||
| (10,259) | |||
| 405,580 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 13,235 | |||
| 4,298 | |||
| (315,973) | |||
185Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
18. INVESTMENT PROPERTIES (CONTINUED)
Contractual obligation
As at 31 March 2025 and 2024, there is no contractual obligation to
purchase, construct or develop investment properties or for repairs,
maintenance or enhancements.
Leasing arrangements
The investment properties are leased to tenants under operating
leases. The future minimum lease payments receivable under non-
cancellable operating leases are as follows:
- （续）
合约责任
于二零二五年及二零二四年三月三十一
日，概无购买、建造或开发投资物业或
有关维修、维护或升级的合约责任。
租赁安排
投资物业按经营租赁出租予租户。不可
撤销经营租赁下应收未来最低租赁付款
如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 11,130 | |||
| 37,379 | |||
| 27,576 | |||
| 76,085 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司186
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
18. INVESTMENT PROPERTIES (CONTINUED)
Valuation processes of the Group
The fair values of the Group’s investment properties as at 31 March
2025 were arrived at on the basis of valuations carried out by the
independent qualified professional valuer, Graval Consulting Limited
(2024: AP Appraisal Limited).
Discussions of valuation processes and results are held between the
management, audit committee and the independent valuer annually, in
line with the Group’s annual reporting date.
The management:
- ;
• assesses property valuations movements when compared to the
prior valuation report; and
• holds discussions with the independent valuer.
Valuation methodology
The Group completed its annual valuation on investment properties,
and the valuation used direct comparison method under market
approach. Market approach is common for property valuation. As
there are publicly available data on comparable transactions in the
market, the fair values of investment properties are generally arrived
by adopting the direct comparison method by making reference to
the recent transaction prices and/or asking prices of comparable
properties.
- （续）
本集团的估值过程
于二零二五年三月三十一日，本集团投
资物业的公平值乃按独立合资格专业估
值师博浩企业顾问有限公司（二零二四
年：AP Appraisal Limited）进行的估值得
出。
管理层、审核委员会及独立估值师每年
就估值过程及结果进行讨论，与本集团
之年度报告日期一致。
管理层：
- ；
• 评估物业估值相较过往估值报告的
变动；及
- 。
估值方法
本集团已完成其就投资物业的年度估
值，而该估值使用市场法项下的直接比
较法。市场法乃物业估值的常用方法。
由于市场上有可资比较交易的公开数
据，投资物业的公平值一般采纳直接比
较法（其参照可资比较物业的近期交易
价格及╱或索价）得出。
187Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
18. INVESTMENT PROPERTIES (CONTINUED)
Valuation methodology (continued)
Detail of the key inputs used in the valuation are as follows:
- （续）
估值方法（续）
估值所用的主要参数值之详情如下：
| Non-financial assets 非金融资产 | Fair value as at 31 March 于三月三十一日 之公平值 | Key inputs to the valuation 估值之主要参数值 | Relationship of key inputs to fair value 主要参数值与 公平值之关系 | |
|---|---|---|---|---|
| 2025 | 2024 | |||
| 二零二五年 | 二零二四年 | |||
| HK$’000 | HK$’000 | |||
| 千港元 | 千港元 | |||
| 73,686 | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司188
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
估值方法（续）
18. INVESTMENT PROPERTIES (CONTINUED)
Valuation methodology (continued)
| Non-financial assets 非金融资产 | Fair value as at 31 March 于三月三十一日 之公平值 | Key inputs to the valuation 估值之主要参数值 | Relationship of key inputs to fair value 主要参数值与 公平值之关系 | |
|---|---|---|---|---|
| 2025 | 2024 | |||
| 二零二五年 | 二零二四年 | |||
| HK$’000 | HK$’000 | |||
| 千港元 | 千港元 | |||
| 303,415 | ||||
189Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
There is no significant changes in the assumptions from those
previously adopted. The change in the key inputs was mainly due to
the change in market values of properties in the PRC resulting from
the slowdown of the PRC economy and the debt crisis of some of the
property developers in the PRC.
As at 31 March 2025 and 2024, the fair value measurement of the
Group’s investment properties is categorised at level 3 hierarchy.
During the year ended 31 March 2025 and 2024, there were no
transfers into or out of level 3.
- （续）
估值方法（续）
与过往采用的假设相比，概无重大变
动。主要参数值的变动主要由于中国经
济放缓加上中国部分物业发展商遇上债
务危机，导致中国物业的市场价值变
动。
于二零二五年及二零二四年三月三十一
日，本集团投资物业的公平值衡量分类
为第三等级。截至二零二五年及二零
二四年三月三十一日止年度并无转拨入
第三等级或自第三等级转出。
18. INVESTMENT PROPERTIES (CONTINUED)
Valuation methodology (continued)
| Non-financial assets 非金融资产 | Fair value as at 31 March 于三月三十一日 之公平值 | Key inputs to the valuation 估值之主要参数值 | Relationship of key inputs to fair value 主要参数值与 公平值之关系 | |
|---|---|---|---|---|
| 2025 | 2024 | |||
| 二零二五年 | 二零二四年 | |||
| HK$’000 | HK$’000 | |||
| 千港元 | 千港元 | |||
| 28,479 | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司190
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
19. PROPERTY, PLANT AND EQUIPMENT
Cost成本
As at 1 April 2023于二零二三年四月一日––76017,2995,9952,41236,98763,453
Additions添置1,136––12,9712493911,41316,160
Additions through acquisitions of subsidiaries透过收购附属公司增添2,69185,743–7,089846––96,369
Transfers转移36,647––1839–(36,839)–
Exchange realignment汇兑调整22387(14)(558)(188)(83)(1,279)(1,713)
As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及
二零二四年四月一日40,49686,13074636,9846,9112,720282174,269
Additions添置
Write off撤销
Disposals出售
Exchange realignment汇兑调整
As at 31 March 2025于二零二五年三月三十一日
Accumulated depreciation and
impairment
累计折旧及减值
As at 1 April 2023于二零二三年四月一日––76012,7061,5451,797–16,808
Depreciation for the year年内折旧735––775373133–2,016
Accumulated depreciation of acquisition
through subsidiaries
透过附属公司收购的累计折旧
1,26414,112–2,587517––18,480
Impairment loss for the year年内减值亏损–––3,203–––3,203
Exchange realignment汇兑调整664(14)(424)(39)(62)–(469)
As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及
二零二四年四月一日2,00514,17674618,8472,3961,868–40,038
Depreciation for the year年内折旧
Write off撤销
Disposals出售
Exchange realignment汇兑调整
As at 31 March 2025于二零二五年三月三十一日
Carrying amounts账面值
As at 31 March 2025于二零二五年三月三十一日
As at 31 March 2024于二零二四年三月三十一日38,49171,954–18,1374,515852282134,231
* Less than one thousand Hong Kong dollars
- 、厂房及设备
* 少于一千港元
| Land and buildings | Mine infrastructures | Leasehold improvement | Machinery | Furniture, fixtures and office equipments | Motor vehicles | Construction in progress | Total | ||
|---|---|---|---|---|---|---|---|---|---|
| 土地及楼宇 | 矿场 基础设施 | 租赁 物业装修 | 机器 | 家私、装置及 办公室设备 | 汽车 | 在建工程 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
| 562 | – | – | 824 | 52 | 6 | 594 | 2,038 |
|---|---|---|---|---|---|---|---|
| – | – | – | (196) | – | – | – | (196) |
| – | – | – | – | – | (298) | – | (298) |
| (719) | (1,519) | (8) | (659) | (115) | (42) | (10) | (3,072) |
| 40,339 | 84,611 | 738 | 36,953 | 6,848 | 2,386 | 866 | 172,741 |
| 1,805 | – | – | 1,352 | 431 | 183 | – | 3,771 |
|---|---|---|---|---|---|---|---|
| – | – | – | –* | – | – | – | – |
| – | – | – | – | – | (87) | – | (87) |
| (51) | (249) | (8) | (343) | (37) | (33) | – | (721) |
| 3,759 | 13,927 | 738 | 19,856 | 2,790 | 1,931 | – | 43,001 |
| 36,580 | 70,684 | – | 17,097 | 4,058 | 455 | 866 | 129,740 |
191Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- 、厂房及设备（续）
附注：
(i) 于二零二四年三月三十一日，位于浙江并出
租赚取租金收入的机器（「浙江机器」）之可收
回金额已根据机器的使用价值厘定，并参考
独立合资格估值师AP Appraisal Limited出具的
估值报告。
由于资产法并无考虑未来增长潜力，资产法
并非适当的浙江机器估值方法。此外，由于
现时市场上并无充足的可资比较交易，故并
不采用市场法。因此，估值中采用收入法项
下的折现现金流量法计算活动产生的现金流
量现值的公平值。
浙江机器之可收回金额乃采用折现现金流量
法厘定，主要参数值包括折现率8%及租金收
入增长率1.25%。该估值分类为第三等级。
于二零二五年三月三十一日，浙江机器之账
面值约为384,000港元（二零二四年：491,000
港元）。根据本集团管理层之评估，概无迹
象显示浙江机器之减值拨备应当拨回或需
要进一步作出减值亏损拨备。截至二零二四
年三月三十一日止年度，已确认减值亏损约
3,203,000港元。
(ii) 账面值约35,172,000港元（二零二四年：
37,058,000港元）的土地及楼宇已抵押作为银
行借款的担保（附注37）。
19. PROPERTY, PLANT AND EQUIPMENT
(CONTINUED)
Notes:
(i) As at 31 March 2024, the recoverable amount of the machinery located in
Zhejiang, which was leased out for rental income (“Zhejiang machinery”), has
been determined based on value in use of the machinery and with reference to a
valuation report issued by AP Appraisal Limited, an independent qualified valuer.
As asset approach does not take future growth potential into consideration, asset
approach not an adequate approach for the valuation of the Zhejiang machinery.
Besides, as there are insufficient comparable transactions exist in the market,
market approach is not adopted. Therefore, discounted cash flow method under
the income approach, to derive the fair value for the present value of the cashflows
generated from the activity, was adopted in the valuation.
The recoverable amount of the Zhejiang machinery was determined using the
discounted cash-flow approach with the key inputs including the discount rate of
8% and growth rate on rental income of 1.25%. The valuation is categorised at level
3 hierarchy.
As at 31 March 2025, the carrying amount of the Zhejiang machinery is amounted
to approximately HK$384,000 (2024: HK$491,000). Based on the assessment
of the management of the Group, there was no indication that the provision for
impairment on Zhejiang machinery should be reversed or further impairment loss
should be provided. An impairment loss of approximately HK$3,203,000 has been
recognised for the year ended 31 March 2024.
(ii) The land and buildings with carrying amount of approximately HK$35,172,000
(2024: HK$37,058,000) are pledged as securities for bank borrowings (note 37).
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司192
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
19. PROPERTY, PLANT AND EQUIPMENT
(CONTINUED)
Amount recognised in profit or loss
Leasing arrangements
The machinery is leased to tenants under operating leases. The future
minimum lease payments receivable under non-cancellable operating
leases are as follows:
- 、厂房及设备（续）
于损益中已确认金额
租赁安排
机器按经营租赁出租予租户。不可撤销
经营租赁下应收未来最低租赁付款如
下：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 731 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| – | |||
| – | |||
| – | |||
| – | |||
193Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
20. 租赁
本集团作为承租人
本集团有租赁期为一至两年（二零二四
年：一至两年）的楼宇的租赁合约。
(a) 使用权资产
本集团使用权资产于年内的账面值
及变动如下：
20. LEASES
The Group as a lessee
The Group has lease contracts for buildings with lease periods of 1 to
2 years (2024: 1 to 2 years).
(a) Right-of-use assets
The carrying amounts of the Group’s right-of-use assets and the
movements during the year are as follows:
As at 1 April 2023于二零二三年四月一日3,1733393,512
Additions增添–2,3722,372
Depreciation折旧(2,063)(1,229)(3,292)
As at 31 March 2024 and
1 April 2024
于二零二四年三月三十一日
及二零二四年四月一日1,1101,4822,592
Depreciation折旧
As at 31 March 2025于二零二五年三月三十一日
| Residential units | Offices | Total | ||
|---|---|---|---|---|
| 住宅单位 | 办公室 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 |
| (1,110) | (1,186) | (2,296) |
|---|---|---|
| – | 296 | 296 |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司194
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
20. LEASES (CONTINUED)
The Group as a lessee (continued)
(b) Lease liabilities
The carrying amount of lease liabilities and the movements
during the year are as follows:
As at 1 April 2023于二零二三年四月一日3,441
Additions增添2,372
Interest expense利息开支312
Payments付款(3,554)
As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及
二零二四年四月一日2,571
Interest expense利息开支
Payments付款
As at 31 March 2025于二零二五年三月三十一日
- （续）
本集团作为承租人（续）
(b) 租赁负债
租赁负债于年内的账面值及变动如
下：
| HK$’000 | ||
|---|---|---|
| 千港元 |
| 106 |
|---|
| (2,549) |
| 128 |
195Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
本集团作为承租人（续）
(b) 租赁负债（续）
20. LEASES (CONTINUED)
The Group as a lessee (continued)
(b) Lease liabilities (continued)
(c) The amounts recognised in profit or loss in relation to leases are
as follows:
(c) 于损益中确认有关租赁的金额如
下：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 128 | |||
| – | |||
| 128 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 106 | |||
| 2,296 | |||
| 1,227 | |||
| 3,629 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司196
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
21. INTANGIBLE ASSETS
Cost成本
As at 1 April 2023于二零二三年四月一日10,363374,314–384,677
Additions through acquisition of
subsidiaries
透过收购附属公司增添
––359,493359,493
Exchange realignment汇兑调整(356)(141)1,6221,125
As at 31 March 2024 and
1 April 2024
于二零二四年三月三十一日
及二零二四年四月一日10,007374,173361,115745,295
Exchange realignment汇兑调整
As at 31 March 2025于二零二五年三月三十一日
Accumulated amortisation
and impairment
累计摊销及减值
As at 1 April 2023于二零二三年四月一日975145,509–146,484
Accumulated amortisation of
acquisition through subsidiaries
透过附属公司收购的
累计摊销––844844
Amortisation for the year年内摊销199952–1,151
Impairment loss for the year年内减值亏损–29,230–29,230
Exchange realignment汇兑调整(33)–4(29)
As at 31 March 2024 and
1 April 2024
于二零二四年三月三十一日
及二零二四年四月一日1,141175,691848177,680
Amortisation for the year年内摊销
Impairment loss for the year年内减值亏损
Exchange realignment汇兑调整
As at 31 March 2025于二零二五年三月三十一日
Carrying amount账面值
As at 31 March 2025于二零二五年三月三十一日
As at 31 March 2024于二零二四年三月三十一日8,866198,482360,267567,615
21. 无形资产
| Land use right (Note i) | Water mining right (Note ii) | Exploration and mining right (Note iii) | Total | ||
|---|---|---|---|---|---|
| 土地使用权 （附注i） | 采水权 （附注ii） | 勘探及采矿权 （附注iii） | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 |
| (177) | (70) | (6,371) | (6,618) |
|---|---|---|---|
| 9,830 | 374,103 | 354,744 | 738,677 |
| 198 | 10,011 | – | 10,209 |
|---|---|---|---|
| – | 83,400 | 7,978 | 91,378 |
| (22) | (2) | (83) | (107) |
| 1,317 | 269,100 | 8,743 | 279,160 |
| 8,513 | 105,003 | 346,001 | 459,517 |
197Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
附注：
(i) 土地使用权指于湖南用作水开采活动之土地
之使用权利。该土地位于湖南新田县新圩镇
新嘉公路三占塘段西侧。
土地使用权于其50年租期按直线法摊销，而
且土地使用权已抵押作为银行借款的担保（附
注37）。
(ii) 采水权指于湖南进行水开采活动的权利。附
属公司湖南新田富锶矿泉水有限公司已与湖
南政府订立协议以授予该附属公司开采矿泉
水之采水权，为期五年。该附属公司其后可
优先延长矿泉水采水权。矿泉位于湖南新田
县三占塘。该附属公司拥有独家权利及权力
管理及安排于矿区进行之所有活动。采水权
已于二零二二年十二月一日重续，并将于二
零二五年十二月三日届满。
采水权于其20年估计可用经济年期按直线法
摊销，而该经济年期乃参考本集团所持经营
许可证之有效期及生产计划而估计。
本集团须于各报告期末评估采水权之任何减
值迹象。本集团已完成采水权之年度减值测
试。于二零二五年三月三十一日，采水权之
可收回金额乃参考独立合资格估值师博浩企
业顾问有限公司（二零二四年：AP Appraisal
Limited）出具之估值报告。采水权之可收回金
额乃根据多期超额收益法（以预算年度超额收
益之折现现值总和进行估算）厘定。此估值乃
根据二十年期之财务估算利用现金流量预测
计算。该估值分类为第三等级。
21. INTANGIBLE ASSETS (CONTINUED)
Notes:
(i) Land use right represents the right to use the land for water exploitation activities in
Hunan. The land is located at 湖南新田县新圩镇新嘉公路三占塘段西侧.
Land use right is amortised on a straight-line basis over its lease term of 50 years. It
is pledged as securities for bank borrowings (note 37).
(ii) Water mining right represents the right to conduct water exploitation activities
in Hunan. The subsidiary, 湖南新田富锶矿泉水有限公司 had entered into an
agreement with Hunan Government to grant the subsidiary a water mining right for
exploitation of mineral water for 5 years. The subsidiary has the priority to extend
the mineral water mining right afterwards. The mine is located at 湖南新田县三占
塘. The subsidiary has the exclusive rights and authorities to manage and arrange all
activities in the mining area. The water mining right was renewed on 1 December
2022 and will expire on 3 December 2025.
Water mining right is amortised on a straight-line basis over its estimated useful
economic life of 20 years which was estimated with reference to the validity of the
operation licence held and the productions plans of the Group.
The Group is required to assess any indication of impairment on the water mining
right at the end of each reporting period. The Group has completed its annual
impairment test for the water mining right. As at 31 March 2025, the recoverable
amount of the water mining right referenced to a valuation report issued by Graval
Consulting Limited (2024: AP Appraisal Limited), an independent qualified valuer.
The recoverable amount of the water mining right was determined based on multi
period excess earnings method which uses sum of discounted present value of the
projected annual excess earnings. This valuation uses cash flow projections based
on financial estimates covering a twenty-year period. The valuation is categorised
at level 3 hierarchy.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司198
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
21. INTANGIBLE ASSETS (CONTINUED)
Notes: (continued)
(ii) (continued)
As there are insufficient comparable transactions in the market, the market
approach was not feasible for the valuation. As asset approach does not take
future growth potential into consideration, this approach is not considered to
be an adequate approach for the valuation. Therefore, income approach was
considered the most appropriate valuation approach to assess the value of the
water mining right. Multi period excess earnings method under income approach is
used which reflects the sum of discounted present value of the projected operating
profit attributed to the water mining right less required return for its contributory
tangible and intangible assets.
The key inputs used in the annual excess earnings calculation are as follows:
The net profit margin is based on management’s expectation and experience
in bottled water market, adjusted for expected efficiency improvements and
expected increase in production.
The long-term annual growth rate is the growth rate used to extrapolate the cash
flows beyond the ten-year period which are based on the estimated growth rate
taking into account the industry growth rate and the medium or long term growth
target of the Group.
- （续）
附注：（续）
(ii) （续）
由于市场上可资比较交易不足，无法采用市
场法进行估值。由于资产法并无考虑未来增
长潜力，因此该方法不被认为是适当的估值
方法。因此，收入法被认为是评估采水权价
值的最合适的估值方法。收入法项下的多期
超额收益法获采用以反映采水权的预计经营
溢利的折现现值金额减其贡献有形及无形资
产所需回报。
用于计算年度超额收益之主要参数值载列如
下：
纯利率乃基于管理层对瓶装水市场的期望及
经验计算，并对预期效率提高及预期产量增
加而进行调整。
长期年度增长率为用于推算超过十年期的现
金流量的增长率，乃以估计增长率为基准，
并考虑行业增长率及本集团的中长期增长目
标计算得出。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| 22.47%-45.08% | |||
| 2.02% | |||
| 21.84% | |||
199Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
附注：（续）
(ii) （续）
折现率乃税前并反映特定风险。
分配至上述假设之价值反映过往经验，并与
管理层专注于经营该等市场之计划一致。与
过往采用的假设相比，概无重大变化。主要
参数值的变化主要反映中国经济放缓。管理
层相信该等假设为合理及可行。
(iii) 勘探及采矿权指于中国云南省普洱市镇沅彝
族哈尼族拉祜族自治县恩水路（民江集贸市场
段）及中国云南省普洱市镇沅县九甲乡的矿
场进行铅、锌、铜及银矿勘探及开采活动之
权力。该等矿场分别由本公司的附属公司镇
沅彝族哈尼族拉祜族自治县金豪矿业有限公
司（「金豪」）及镇沅县九源矿业有限责任公司
（「九源」）经营。九源持有的开采许可证的有
效期为二零一九年七月二十五日至二零二六
年七月二十五日，而金豪持有的勘探许可证
的有效期为二零二二年七月二十五日至二零
二七年七月二十五日。
由于商业生产于本年度尚未开始，概无于截
至二零二五年三月三十一日止年度计提摊销
（二零二四年：无）。
21. INTANGIBLE ASSETS (CONTINUED)
Notes: (continued)
(ii) (continued)
The discount rate is before tax and reflects specific risks.
The value assigned to the above assumptions reflect past experience and are
consistent with management plans for focusing operations in these markets. There
are no significant changes in the assumptions from those previously adopted. The
change in the key inputs was mainly reflected the slowdown of the PRC economy.
The management believes that the assumptions are reasonable and achievable.
(iii) The exploration and mining right represents the rights for conducting exploration
and mining of lead, zinc, copper and silver at the mines which are located in Enshui
Road (Minjiang Market Section), Zhenyuan Yi Hani Lahu Autonomous County,
Pu’er City, Yunnan Province, the PRC* (中国云南省普洱市镇沅彝族哈尼族拉
祜族自治县恩水路（民江集贸市场段）) and Jiujia Township, Zhenyuan County,
Pu’er City, Yunnan Province, the PRC* (中国云南省普洱市镇沅县九甲乡). The
mines are operated by the subsidiaries of the Company, Zhenyuan County Jinhao
Mining Co., Ltd.* (镇沅彝族哈尼族拉祜族自治县金豪矿业有限公司) (“Jinhao”)
and Zhenyuan County Jiuyuan Mining Co., Ltd.* (镇沅县九源矿业有限责任公司)
(“Jiuyuan”) respectively. The mining license held by Jiuyuan is valid from 25 July
2019 to 25 July 2026 and the exploration license held by Jinhao is valid from 25 July
2022 to 25 July 2027.
No amortisation was provided for the year ended 31 March 2025 as commercial
production has not yet commenced during the year (2024: Nil).
* For identification purpose only
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司200
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
附注：（续）
(iii) （续）
本集团须于各报告期末评估勘探及采矿权之
任何减值迹象。本集团已完成勘探及采矿权
之年度减值测试。于二零二五年三月三十一
日，勘探及采矿权之可收回金额乃参考独立
合资格估值师博浩企业顾问有限公司（二零
二四年：AP Appraisal Limited）出具之估值报
告。勘探及采矿权之可收回金额乃根据多期
超额收益法（以预算年度超额收益之折现现值
总和进行估算）厘定。此估值乃根据涵盖许可
期之财务估算利用现金流量预测计算。该估
值分类为第三等级。
由于市场上可资比较交易不足，无法采用市
场法进行估值。由于资产法并无考虑未来增
长潜力，因此该方法不被认为是适当的估值
方法。因此，收入法被认为是评估勘探及采
矿权价值的最合适的估值方法。收入法项下
的多期超额收益法获采用以反映勘探及采矿
权的预计经营溢利的折现现值金额减其贡献
有形及无形资产所需回报。
21. INTANGIBLE ASSETS (CONTINUED)
Notes: (continued)
(iii) (continued)
The Group is required to assess any indication of impairment on the exploration
and mining rights at the end of each reporting period. The Group has completed
its annual impairment test for the exploration and mining rights. As at 31 March
2025, the recoverable amount of the exploration and mining rights referenced to a
valuation report issued by Graval Consulting Limited (2024: AP Appraisal Limited),
an independent qualified valuer. The recoverable amount of the exploration and
mining rights was determined based on multi period excess earnings method which
uses sum of discounted present value of the projected annual excess earnings.
This valuation uses cash flow projections based on financial estimates covering the
licenses terms. The valuation is categorised at level 3 hierarchy.
As there are insufficient comparable transactions in the market, the market
approach was not feasible for the valuation. As asset approach does not take future
growth potential into consideration, this approach is not considered to be an
adequate approach for the valuation. Therefore, income approach was considered
the most appropriate valuation approach to assess the value of the exploration
and mining rights. Multi period excess earnings method under income approach is
used which reflects the sum of discounted present value of the projected operating
profit attributed to the exploration and mining rights less required return for its
contributory tangible and intangible assets.
201Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
21. INTANGIBLE ASSETS (CONTINUED)
Notes: (continued)
(iii) (continued)
The key inputs used in the annual excess earnings calculation are as follows:
The net profit margin is based on management’s expectation and experience
in metal market, adjusted for expected efficiency improvements and expected
increase in production.
The annual growth rate is based on the estimated growth rate taking into account
the average growth rate of the global Gross Domestic Product and the Consumer
Price Index.
The discount rate is before tax and reflects specific risks.
The value assigned to the above assumptions are consistent with management
plans for focusing operations in these markets. The management believes that the
assumptions are reasonable and achievable.
The recoverable amount of the mining right held by Jiuyuan is lower than its
carrying amount, provision for impairment loss of approximately HK$7,978,000 was
provided in the consolidated statement of profit or loss and other comprehensive
income.
The recoverable amount of the exploration right held by Jinhao is amounted
to approximately HKS403,800,000, while the carrying amount is amounted
to approximately HK$312,084,000. A decrease in the growth rate by 1%
would cause the recoverable amount of the exploration right decrease by
approximately HK$22,300,000. A decrease in the net profit margin by 10%
would cause the recoverable amount of the exploration right decrease by
approximately HK$44,700,000. An increase in the discount rate by 2% would
cause the recoverable amount of the exploration right decrease by approximately
HK$32,100,000. In the opinion of the Company’s directors, any reasonably possible
change in key assumptions on which the recoverable amount is based would not
cause the exploration right carrying amount to exceed its recoverable amount.
- （续）
附注：（续）
(iii) （续）
用于计算年度超额收益之主要参数值载列如
下：
纯利率乃基于管理层对金属市场的期望及经
验计算，并对预期效率提高及预期产量增加
而进行调整。
年度增长率乃以估计增长率为基准，并考虑
全球国内生产总值及消费者价格指数的平均
增长率计算得出。
折现率乃税前并反映特定风险。
分配至上述假设之价值与管理层专注于经营
该等市场之计划一致。管理层认为，该等假
设属合理及可达成。
由于九源持有的采矿权的可收回金额低于其
账面值，故于综合损益及其他全面收益表作
出减值亏损拨备约7,978,000港元。
金豪持有的勘探权的可收回金额约为
403,800,000港元，而账面值约为312,084,000
港元。增长率减少1%将导致勘探权的可收回
金额减少约22,300,000港元。纯利率下降10%
将导致勘探权的可收回金额减少约44,700,000
港元。折现率增加2%将导致勘探权的可收回
金额减少约32,100,000港元。本公司董事认
为，可收回金额所依据的主要假设的任何合
理可能变动，将不会导致勘探权的账面值超
出其可收回金额。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| 40.9%-54.9% | |||
| 2.0% | |||
| 24.0%-26.4% | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司202
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
附注：
(i) 应收一间联营公司之款项为无抵押、免息及
按要求偿还。
(ii) 本年度之最高未偿还余额约为739,000港元。
(iii) 本集团持有香港泉水叮咚集团有限公司（其于
广西拥有一间全资附属公司广西泉水叮咚饮
品有限公司（「广西泉水叮咚」））之20%股本权
益。广西泉水叮咚持有取水证作生产及销售
瓶装水，并正在于广西经营。余下80%股本权
益由本集团执行董事李玉国先生持有。
22. INTERESTS IN ASSOCIATES
Notes:
(i) Amount due from an associate is unsecured, interest-free and repayable on
demand.
(ii) The maximum outstanding balance during the year was approximately
HK$739,000.
(iii) The Group holds 20% equity interests in Hong Kong Spring Water Ding Dong
Group Company Limited which has a wholly-owned subsidiary in Guangxi, Guangxi
Spring Water Ding Dong Beverages Company Limited* (“Guangxi Spring Water
Ding Dong”). Guangxi Spring Water Ding Dong possesses a water procurement
permit for the production and sales of bottled water and is currently in operation in
Guangxi. The remaining 80% equity interests is held by Mr. Li Yuguo, an executive
director of the Group.
22. 于联营公司之权益
* For identification purpose only
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 90,000 | |||
| (11,525) | |||
| (63,904) | |||
| 14,571 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 726 | |||
203Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
22. INTERESTS IN ASSOCIATES (CONTINUED)
Notes: (continued)
(iii) (continued)
The Group completed its annual impairment test for interests in associates by
comparing the recoverable amount to the carrying amount. Graval Consulting
Limited (2024: AP Appraisal Limited), an independent qualified valuer, carried out a
valuation of the interests in associates as at 31 March 2025 and 2024 based on the
value-in-use calculations. This valuation uses cash flow projections under income
approach based on financial estimates covering a ten-year period. The valuation is
categorised at level 3 hierarchy.
As there are insufficient comparable transactions in the market, the market
approach was not feasible for the valuation. As asset approach does not take future
growth potential into consideration, this approach is not considered to be an
adequate approach for the valuation. Therefore, income approach was considered
the most appropriate valuation approach to assess the value of the equity interests
of the associates and the discounted cash-flow method is used in the value-in-use
calculations which reflects the discounted present value of all future benefits that
flow to the shareholders.
The key inputs used in the value-in-use calculations are as follows:
Gross profit margin is the margin as a percentage of revenue over the ten-year
forecast period. It is based on the current sales margin levels with adjustments for
expected efficiency improvements and expected increase in production.
The long-term annual growth rate is the growth rate used to extrapolate the cash
flows beyond the ten-year period based on the estimated growth rate taking into
account the industry growth rate, past experience and the medium or long term
growth target of the associates.
The discount rate is before tax and reflects specific risks.
- （续）
附注：（续）
(iii) （续）
本集团透过比较可收回金额与其账面值，完
成其于联营公司之权益之年度减值测试。独
立合资格估值师博浩企业顾问有限公司（二零
二四年：AP Appraisal Limited）以使用价值计算
为基准，就于二零二五年及二零二四年三月
三十一日该等联营公司之权益进行估值。此
估值乃按根据十年期之财务估算利用收入法
项下之现金流量预测计算。该估值分类为第
三等级。
由于市场上可资比较交易不足，无法采用市
场法进行估值。由于资产法并无考虑未来增
长潜力，因此该方法不被认为是适当的估值
方法。因此，收入法被认为是评估联营公司
股本权益价值的最合适的估值方法，并采用
折现现金流量法（反映流向股东的所有未来利
益的折现现值）进行使用价值计算。
用于使用价值计算之主要参数值载列如下：
毛利率为十年预测期内占收入百分比的利润
率，其乃按目前销售利润率水平计算，并对
预期效率提高及预期产量增加而进行调整。
长期年度增长率为用于推算超过十年期的现
金流量的增长率，乃以估计增长率为基准，
并考虑行业增长率、过往经验及联营公司的
中长期增长目标计算得出。
折现率乃税前并反映特定的风险。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| 17.73%-35.62% | |||
| 2.02% | |||
| 20.54% | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司204
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
22. INTERESTS IN ASSOCIATES (CONTINUED)
Notes: (continued)
(iii) (continued)
The value assigned to the above assumptions reflect past experience and are
consistent with management plans for focusing operations in these markets. There
are no significant changes in the assumptions from those previously adopted. The
change in the key inputs was mainly reflected the slowdown of the PRC economy.
The management believes that the assumptions are reasonable and achievable.
Details of the Group’s associates, which were held indirectly by the
Company at the end of the reporting period, were as follows:
- （续）
附注：（续）
(iii) （续）
分配至上述假设之价值反映过往经验，并与
管理层专注于经营该等市场之计划一致。与
过往采用的假设相比，概无重大变化。主要
参数值的变化主要反映中国经济放缓。管理
层相信该等假设为合理及可行。
本集团联营公司（本公司于报告期末间
接持有）之详情如下：
* For identification purpose only
| Name of associates | Form of business and structure | Place of incorporation/ operation | Class of shares/ registered capital held | Proportion of nominal value of paid capital/registered capital held by the Group | Principal activities | |
|---|---|---|---|---|---|---|
| 联营公司名称 | 业务形式及架构 | 注册成立╱ 营运地点 | 持有之股份╱ 注册资本类别 | 占本集团持有之已付股本╱ 注册资本面值之百分比 | 主要业务 | |
| 2025 | 2024 | |||||
| 二零二五年 | 二零二四年 | |||||
| 20% | ||||||
| 20% | ||||||
205Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
本集团之联营公司截至二零二五年及二
零二四年三月三十一日止年度之财务资
料概要载于下文，为有关联营公司按香
港财务报告会计准则编制之各相关财务
报表内所示之金额。联营公司在综合财
务报表内以权益法列账。
22. INTERESTS IN ASSOCIATES (CONTINUED)
Summarised financial information in respect of the Group’s associates
for the years ended 31 March 2025 and 2024 was set out below
which represents amounts shown in the respective financial
statements of the associates prepared in accordance with HKFRS
Accounting Standards. The associates are accounted for using the
equity method in the consolidated financial statements.
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 22,285 | |||
| 63,570 | |||
| 193,127 | |||
| 5,201 | |||
| 8,681 | |||
| (58,481) | |||
| 859 | |||
| (57,622) | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司206
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
该等联营公司下并无任何承担及或然负
债。
22. INTERESTS IN ASSOCIATES (CONTINUED)
Reconciliation of the net liabilities of associates at the acquisition date
to the carrying amount of the interests in associates recognised in the
consolidated financial statements is as follows:
There is no commitment and contingent liabilities under the
associates.
- （续）
联营公司于收购日期之负债净额与于综
合财务报表内确认的联营公司权益之账
面值之对账如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| (33,841) | |||
| 20% | |||
| (6,768) | |||
| 116,028 | |||
| (94,689) | |||
| 14,571 | |||
207Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
发展中物业乃位于中国大连金州新区金
石滩北部区之发展中以供出售住宅物
业，并按中期租赁持有。
于二零二五年三月三十一日，发展中物
业之账面值包括约112,299,000港元（二
零二四年：114,315,000港元）之土地使用
权。
于二零二二年一月二十七日，本集团收
到大连市自然资源局出具的闲置土地认
定书，认定了发展中物业的土地处于闲
置状态，因而中国政府机关可能无偿收
回土地。董事会已审阅并重新考虑发展
计划，预计开发发展中物业的毛利率大
幅下降。由于上述因素，故董事会认为
对发展中物业进行全额减值是适当及合
理的。尽管如此，管理层仍正尽力避免
土地被中国政府机关无偿收回。
截至二零二五年三月三十一日止年度，
概无迹象显示发展中物业之减值拨备应
当回拨（二零二四年：无）。
23. PROPERTIES UNDER DEVELOPMENT
Properties under development are the residential properties located
in Beibu District, Jinshitan, Jinzhou New District, Dalian, the PRC*
under development for sale and are held under medium-term lease.
As at 31 March 2025, the carrying amount of properties
under development included land use rights of approximately
HK$112,299,000 (2024: HK$114,315,000).
On 27 January 2022, the Group received an idle land decision from
Dalian Municipal Bureau of Natural Resources* (大连市自然资源
局) which determined the land of properties under development
was in idle condition and the land may be repossessed by the PRC
government authorities without compensation. The Board has
reviewed and reconsidered the development plan and projected a
significant drop in gross profit margin in developing the properties
under development. Due to the abovementioned factors, the Board
considered a full impairment on the properties under development
is appropriate and reasonable. Nevertheless, the management are
still using its best endeavors to avoid land repossession by the PRC
government authorities without compensation.
For the year ended 31 March 2025, there was no indication that the
provision for impairment on properties under development should be
reversed (2024: Nil).
23. 发展中物业
* For identification purpose only
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 305,431 | |||
| (305,431) | |||
| – | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司208
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
24. COMPLETED PROPERTIES HELD FOR SALE
The completed properties held for sale are located in Beibu District,
Jinshitan, Jinzhou New District, Dalian, the PRC* and are held under
medium-term lease. Completed properties held for sale which are
expected to be recovered in more than twelve months after the
reporting date are classified under current assets as it is expected to
be realised in the Group’s normal operating cycle.
In the annual impairment assessment of the completed properties
held for sale as at 31 March 2025, a valuation report issued by Graval
Consulting Limited (2024: AP Appraisal Limited), an independent
qualified valuer and the sales contracts entered into between the
Group and the customers were referred to.
The valuation used direct comparison method under market
approach. Market approach is common for property valuation. As
there are publicly available data on comparable transactions in the
market, the direct comparison method is adopted, which the fair value
of the completed properties held for sale were determined based on
the recent transaction prices and/or asking prices of similar properties
adjusted for nature, location and conditions of the completed
properties held for sale.
24. 持作出售之已落成物业
持作出售之已落成物业位于中国大连金
州新区金石滩北部区，并按中期租赁持
有。预期将于报告日期超过十二个月后
收回之持作出售之已落成物业分类为流
动资产，乃由于该等物业预期将于本集
团的正常营运周期变现。
于二零二五年三月三十一日，在持作出
售之已落成物业的年度减值评估中，
已参考独立合资格估值师博浩企业顾
问有限公司（二零二四年：AP Appraisal
Limited）出具的估值报告以及本集团与
客户订立的销售合约。
该估值使用市场法项下的直接比较法。
市场法乃物业估值的常用方法。由于市
场上有可资比较交易的公开数据，故采
用直接比较法，即根据类似物业的近
期交易价格及╱或索价（就持作出售之
已落成物业的性质、地点及条件作出调
整）厘定持作出售之已落成物业的公平
值。
* For identification purpose only
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 115,536 | |||
| (57,521) | |||
| 58,015 | |||
209Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
估值所用的主要参数值之详情如下：
24. COMPLETED PROPERTIES HELD FOR SALE
(CONTINUED)
Details of the key input to the valuation are as follows:
There are no significant changes in the assumptions from those
previously adopted. The change in the key inputs was mainly due to
the change in market values of properties in the PRC resulting from
the slowdown of the PRC economy and the debt crisis of some of the
property developers in the PRC.
For the year ended 31 March 2025, provision for impairment loss of
approximately HK$2,725,000 (2024: reversal of impairment loss of
approximately HK$270,000) was recognised to reflect the decrease
(2024: increase) in net realisable value of the completed properties
held for sale.
As at 31 March 2025 and 2024, the fair value measurement of
the completed properties held for sale was categorised at level 3
hierarchy.
与过往采用的假设相比，概无重大变
化。主要参数值的变动主要由于中国经
济放缓加上中国部分物业发展商遇上债
务危机，导致中国物业的市场价值变
动。
截至二零二五年三月三十一日止年度，
已确认的减值亏损拨备约2,725,000港元
（二零二四年：减值亏损回拨约270,000
港元），以反映持作出售之已落成物业
可变现净值之减少（二零二四年：增
加）。
于二零二五年及二零二四年三月三十一
日，持作出售之已落成物业的公平值衡
量分类为第三等级。
| Non-financial assets | Key inputs to the valuation | |
|---|---|---|
| 非金融资产 | 估值的主要参数值 | |
| 2025 | 2024 | |
| 二零二五年 | 二零二四年 | |
| PRC comparables ranging from RMB4,344 to RMB7,176 per square metre | ||
| 介乎每平方米人民币4,344元至人民币7,176元 的中国可资比较交易 | ||
| – | ||
| – | ||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司210
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
25. INVENTORIES
26. TRADE RECEIVABLES
Based on the payment terms of tenancy agreements and credit
period granted to customers, the aging analysis of the Group’s trade
receivables as of each reporting date is as follows:
25. 存货
26. 贸易应收账款
根据租赁协议之付款条款及给予客户的
信贷期，本集团之贸易应收账款于各报
告日期之账龄分析如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 889 | |||
| 244 | |||
| 133 | |||
| 1,266 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 1,409 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 1,409 | |||
211Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
本集团之贸易应收账款以人民币计值，
为使用中国投资物业及机器的租户的应
收租金及销售瓶装矿泉水之贸易货款。
租金按租赁协议支付，并无授予信贷
期。瓶装矿泉水的客户获授予1个月的
信贷期。
于报告日期，最高之信贷风险为贸易应
收账款之账面值。未被个别或整体视为
已减值之贸易应收账款账龄分析如下：
26. TRADE RECEIVABLES (CONTINUED)
The Group’s trade receivables are denominated in RMB, and
represent rental receivable from tenants for the use of PRC
investment properties and machinery and trading receipts from sales
of bottled mineral water. Rentals are payable in accordance with
tenancy agreements and no credit period is granted. Credit period of
1 month is granted to customers of bottled mineral water.
The maximum exposure to credit risk at the reporting date is the
carrying value of the trade receivables. The aging analysis of the trade
receivables that are not individually nor collectively considered to be
impaired is as follows:
As at 31 March 2025, as 94% (2024: 91%) of trade receivables were
not yet past due, management considered that the expected credit
loss of the trade receivables is immaterial.
于二零二五年三月三十一日，由于94%
（二零二四年：91%）的贸易应收账款仍
未到期，管理层认为贸易应收账款的预
期信贷亏损属不重大。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 1,326 | |||
| 83 | |||
| – | |||
| 1,409 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司212
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
27. PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES
The movement of the provision for impairment loss on deposits paid
and other receivables (excluding prepayments and prepaid other
taxes) is disclosed in note 5C.
The creation and release of impairment provision on deposits paid
have been included in the consolidated statement of profit or loss
and other comprehensive income. Amounts charged to the provision
account are generally written off, when there is no expectation of
recovering additional cash.
- 、按金及其他应收
账款
已付按金及其他应收账款（不包括预付
款项及其他预缴税项）的减值亏损拨备
变动于附注5C披露。
产生及解除已付按金之减值拨备已计入
综合损益及其他全面收益表。于拨备账
扣除之金额一般在预期不能收回额外现
金时撇销。
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| 102,980 | ||||
| 1,210 | ||||
| 4,010 | ||||
| 1,194 | ||||
| 34,754 | ||||
| 41,168 | ||||
213Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- 、按金及其他应收
账款（续）
其他应收账款净额按以下列货币计值：
27. PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES (CONTINUED)
Other receivables, net are denominated in the following currencies:
Notes:
(i) Beijing Properties
As at 31 March 2025, deposit paid of approximately HK$102,980,000,
net of provision for impairment of approximately HK$65,652,000 (2024:
HK$148,338,000, net of provision for impairment of approximately
HK$22,322,000) was related to the acquisition of investment properties in Beijing.
Details of the acquisition are set out in the announcement of the Company dated
28 February 2017. Due to the financial difficulties faced by various property
developers in the PRC during the recent years, the vendor indicated that there may
be difficulties in completing and delivering the Beijing Properties in accordance with
the previously agreed original schedule. After series of negotiations, the vendor
proposed to refund the Deposit by way of transferring the Refund Properties,
which comprise 10 properties of office premises and retail shops and 106 car
parking spaces in Beijing, to the Group and pay an additional compensation of
RMB8,000,000 in cash, i.e. the Refund Package. As at 31 March 2025 and 2024, the
Group has received 4 properties with aggregate consideration of approximately
RMB44,381,600, and the remaining properties were still pending to be delivered to
the Group.
附注：
(i) 北京物业
于二零二五年三月三十一日，与收购于北京
之投资物业有关的已付按金为约102,980,000
港元（已扣除减值拨备约65,652,000港元）（二
零二四年：148,338,000港元（已扣除减值拨备
约22,322,000港元））。收购事项的详情载于
本公司日期为二零一七年二月二十八日之公
告。由于中国多家物业发展商于近年内均面
临财务困难，卖方表明根据过往协定的原定
时间表完成及交付北京物业可能存在困难。
经过多轮磋商后，卖方建议以转移退还物业
予本集团的方式退还按金，其包括位于北京
的10个办公室物业及零售店舖以及106个停车
位，并支付额外现金补偿人民币8,000,000元
（即退还组合）。于二零二五年及二零二四年
三月三十一日，本集团已接获4项物业，合计
代价为约人民币44,381,600元，而其余物业仍
正待交付予本集团。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 34,331 | |||
| 423 | |||
| 34,754 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司214
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
27. PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES (CONTINUED)
Notes: (continued)
(i) Beijing Properties (continued)
Up to the date of this report, the Group has received 2 more properties with
aggregate consideration of approximately RMB80,483,000 on 23 April 2025 and
RMB16,000,000 in cash (approximately RMB11,170,000 as refund of part of the
deposit and RMB4,830,000 as cash compensation of late refund) on 15 May 2025.
Details of the properties and cash received are set out in the announcements of
the Company dated 29 April 2025 and 15 May 2025 respectively.
The recoverable amount of the deposit paid for acquisition of investment
properties in Beijing has been determined based on fair value less cost of disposal
of the properties to be refunded to the Group. The fair value of the deposit paid
was determined by reference to the valuation carried out by Graval Consulting
Limited (2024: AP Appraisal Limited), an independent qualified professional valuer.
The valuation used direct comparison method under market approach. Market
approach is common for property valuation. As there are publicly available data on
comparable transactions in the market, the direct comparison method is adopted,
which is based on the recent transaction prices and/or asking prices of similar
properties adjusted for nature, location and conditions of the properties to be
transferred to the Group. The key inputs to the valuation are PRC comparables
ranging from RMB23,436 to RMB35,594 per sq.m. for commercial portion
(2024: ranging from RMB34,928 to RMB55,936 per sq.m.) and RMB104,500 to
RMB269,100 per carpark space for carpark portion (2024: ranging from RMB8,892
to RMB16,825 per sq.m.). If there is significant increase in the key inputs, it would
result in a significant increase in the fair value, and vice versa.
The fair value measurement of the deposit paid was categorised at level 3
hierarchy.
- 、按金及其他应收
账款（续）
附注：（续）
(i) 北京物业（续）
直至本报告日期，本集团已于二零二五年四
月二十三日多接获2项物业，合计代价为约
人民币80,483,000元及于二零二五年五月十五
日接获现金人民币16,000,000元（其中约人民
币11,170,000元作为部分按金的退还，人民币
4,830,000元作为延迟退款的现金补偿）。有关
接获的物业及现金之详情分别载于本公司日
期为二零二五年四月二十九日及二零二五年
五月十五日之公告。
与收购于北京之投资物业有关的已付按金的
可回收金额乃根据将退还予本集团的该等物
业的公平值减出售该等物业之成本。已付
按金的公平值经参考独立合资格专业估值
师博浩企业顾问有限公司（二零二四年：AP
Appraisal Limited）进行的估值后厘定。估值
使用市场法项下直接比较法。市场法乃物业
估值的常用方法。由于市场上有可资比较交
易的公开数据，故采用直接比较法，即根据
类似物业的近期交易价格及╱或索价（就拟转
移予本集团的物业的性质、地点及条件作出
调整）而厘定。估值的主要参数值就商业用部
分为介乎每平方米人民币23,436元至人民币
35,594元（二零二四年：介乎每平方米人民币
34,928元至人民币55,936元）之中国可资比较
交易，而就停车场部分每个车位介乎人民币
104,500元至人民币269,100元（二零二四年：
介乎每平方米人民币8,892元至人民币16,825
元）之中国可资比较交易。倘主要参数值大幅
增加，则会导致公平值大幅增加，反之亦然。
已付按金的公平值衡量分类为第三等级。
215Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- 、按金及其他应收
账款（续）
附注：（续）
(ii) 已付按金主要包括租金按金及业务相关事宜
之付款，而与收购增城物业有关之已付按金
已作全数减值。
增城物业
收购增城物业已于二零一七年一月十八日终
止及超过77%已付代价已于先前年度退回。
于二零二五年三月三十一日，与收购增城物
业有关的已付按金为约67,185,000港元（二零
二四年：68,391,000港元），而已付按金之
预期信贷亏损的亏损拨备已在先前年度悉数
确认。本集团之法律顾问已向卖方发出催款
函，要求偿还已付代价及相关赔偿之余款。
直至本报告日期，本集团仍在尝试追讨卖方
还款。根据本集团之过往信贷亏损经验，概
无迹象显示在先前年度就已付按金之预期信
贷亏损作出的亏损拨备应当回拨。
(iii) 于二零二五年及二零二四年三月三十一日，
预付款项主要包括预先支付发展中物业产生
之间接成本以及在湖南生产瓶装矿泉水的机
器采购成本。
(iv) 于二零二五年三月三十一日，约34,754,000港
元（已扣除减值拨备约3,479,000港元）（二零
二四年：约27,705,000港元（已扣除减值拨备
约3,540,000港元））之其他应收账款主要包括
预付其他中国税项及业务相关事宜之垫付款。
27. PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES (CONTINUED)
Notes: (continued)
(ii) Deposits paid mainly comprised rental deposits and payments for business related
matters. Deposits paid relating to acquisition of properties in Zengcheng were fully
impaired.
Zengcheng Properties
The acquisition of properties in Zengcheng was terminated on 18 January 2017
and over 77% of the paid consideration has been refunded in previous years. As
at 31 March 2025, deposit paid related to acquisition of properties in Zengcheng
was approximately HK$67,185,000 (2024: HK$68,391,000) which loss allowance
for expected credit loss on the deposit paid was fully recognised in prior year. The
Group’s legal advisors has issued demand letters to the vendor for the repayment
of the remaining balance of the paid consideration and related compensation. Up
to the date of this report, the Group is still trying to chase the repayment from
the vendor. Based on the Group’s historical credit loss experience, there is no
indication that the loss allowance for expected credit loss on the deposits paid in
prior year should be reversed.
(iii) As at 31 March 2025 and 2024, prepayments mainly comprised prepayment of
indirect cost incurred for properties under development and purchase cost of
machineries for the production of bottled mineral water in Hunan.
(iv) As at 31 March 2025, other receivables of approximately HK$34,754,000, net
of provision of impairment approximately HK$3,479,000 (2024: approximately
HK$27,705,000, net of provision of impairment approximately HK$3,540,000),
mainly comprised other tax prepaid in the PRC and advance payments for business
related matters.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司216
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
28. AMOUNT DUE FROM NON-CONTROLLING
INTERESTS
The non-controlling interests who holds 33% shareholding of Good
Union (China) Limited have committed to provide a production
volume guarantee of the water mining business in Hunan to
the Group. The compensation relating to the failure to fulfil the
production volume guarantee for the years 2019 and 2020 of
approximately RMB21,936,000 (equivalent to approximately
HK$26,338,000) was mutually agreed between the non-controlling
interests and the Group in 2021.
As at 31 March 2024, amount due from non-controlling interest of
HK$2,759,000 is unsecured, interest-bearing at 5% per annum and
repayable on or before 27 March 2025 and denominated in RMB.
On 27 March 2025, the non-controlling interests signed a deed
to repay the other payable on behalf of the Group amounted to
RMB2,625,000. Thus, amount due from non-controlling interests was
fully settled. Such payment transaction was a non-cash transaction.
28. 应收非控股权益款项
持有汇联（中国）有限公司33%股权的非
控股权益已承诺向本集团提供有关湖南
采水业务的产量保证。有关未能履行二
零一九年及二零二零年产量保证的赔
偿约为人民币21,936,000元（相当于约
26,338,000港元），由非控股权益与本集
团于二零二一年共同协定。
于二零二四年三月三十一日，应收非控
股权益款项2,759,000港元为无抵押、按
年利率5%计息、须于二零二五年三月
二十七日或之前偿还，及以人民币计
值。
于二零二五年三月二十七日，非控股权
益签订一份契据，代替本集团偿还其他
应付款项，金额为人民币2,625,000元。
至此，应收非控股权益款项全数结清。
此付款交易为非现金交易。
217Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
29. FINANCIAL ASSETS AT FAIR VALUE
THROUGH PROFIT OR LOSS
Fair value are determined with reference to quoted market bid price.
As at 31 March 2025 and 2024, the fair value measurement of
the Group’s financial assets at fair value through profit or loss is
categorised at level 1. During the year ended 31 March 2025 and
2024, there were no transfers into or out of level 3.
29. 按公平值计入损益之金融
资产
公平值乃参照市场买入价报价厘定。
于二零二五年及二零二四年三月三十一
日，本集团按公平值计入损益之金融资
产的公平值计量分类为第一等级。截至
二零二五年及二零二四年三月三十一日
止年度并无转拨入第三等级或自第三等
级转出。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 1,647 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司218
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
30. BANK BALANCES AND CASH
Bank balances and cash (including restricted bank deposits) were
denominated in the following currencies:
The remittance of cash and cash equivalents denominated in RMB
out of the PRC is subject to the foreign exchange control restrictions
imposed by the government of the PRC.
As at 31 March 2025, bank balances and cash of approximately
HK$2,550,000 (2024: approximately HK$2,592,000) have been
included in assets classified as held for sale. For details, please refer to
note 16.
30. 银行结余及现金
银行结余及现金（包括受限制银行存款）
以下列货币计值：
自中国汇出以人民币计值之现金及现金
等值物须符合中国政府实施之外汇管制
限制。
于二零二五年三月三十一日，约
2,550,000港元（二零二四年：约2,592,000
港元）之银行结余及现金已包含分类为
持作出售的资产。有关详情，请参阅附
注16。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 6,377 | |||
| 1,557 | |||
| 754 | |||
| 8,688 | |||
219Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
(a) 受限制银行存款
于二零二五年三月三十一日，受
限制银行存款约745,000港元（二零
二四年：757,000港元）为受监管限
制的存款，因此本集团内其他实体
无法用作一般用途。
(b) 现金及现金等值物
30. BANK BALANCES AND CASH
(CONTINUED)
(a) Restricted bank deposits
As at 31 March 2025, restricted bank deposits of approximately
HK$745,000 (2024: HK$757,000) are deposits subject to
regulatory restrictions and are therefore not available for general
use by the other entities within the Group.
(b) Cash and cash equivalents
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 7,943 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司220
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
31. TRADE PAYABLES
The following is an aging analysis of trade payables at the end of the
reporting period, based on the contract date or invoice date:
The trade payables are not interest-bearing, normally settled within
six months after receiving suppliers’ invoices and denominated in
RMB.
31. 贸易应付账款
于报告期末根据合约日期或发票日期之
贸易应付账款的账龄分析如下：
贸易应付账款为不计息，且一般须于收
到供应商发票起计六个月内结清并以人
民币计值。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 47,449 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 2,305 | |||
| 189 | |||
| 44,955 | |||
| 47,449 | |||
221Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
32. OTHER PAYABLES AND ACCRUALS
Other payables and accruals are denominated in the following
currencies:
Notes:
(i) Deposit received represented the 1.67% (2024: 1%) of consideration received
from the purchaser relating to the sale of the entire issued share capital of Century
Strong Limited, amounting to RMB2,500,000 (2024: RMB1,500,000). The details
of disposal are set out in notes 15 and 16, and the announcement and circular of
the Company dated 2 May 2023 and 23 June 2023 respectively. The disposal is
expected to be completed by early 2025.
However, the Group has granted the Purchaser the extension of deadline for the
completion of disposal to 31 December 2025. Refer to the note 15 for the details.
32. 其他应付账款及应计费用
其他应付账款及应计费用以下列货币计
值：
附注：
(i) 已收按金指就有关出售Century Strong Limited
全部已发行股本而向买方收取的1.67%（二零
二四年：1%）代价，金额为人民币2,500,000元
（二零二四年：人民币1,500,000元）。出售事
项的详情载于附注15及16，且分别载于本公
司日期为二零二三年五月二日及二零二三年
六月二十三日的公告及通函。出售事项预期
将于二零二五年年初完成。
然而，本集团已批准买方将完成出售事项的
期限延长至二零二五年十二月三十一日。详
情请参阅附注15。
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 | ||
| 2,739 | ||||
| 482 | ||||
| 16,322 | ||||
| 263 | ||||
| 91,114 | ||||
| 110,920 | ||||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 86,439 | |||
| 24,481 | |||
| 110,920 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司222
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
32. 其他应付账款及应计费用
（续）
附注：（续）
(ii) 截至二零二五年三月三十一日，其他应付账
款约2,601,000港元（二零二四年：1,103,000港
元）按年利率10%计息，且须按要求偿还（二
零二四年：于二零二五年一月二十五日或之
前偿还）。该款项于二零二五年五月二十六日
结清。其他应付账款约2,749,000港元按年利
率7%计息，且须于二零二六年六月十一日或
之前偿还。其他应付账款8,000,000港元以某
些附属公司之权益作抵押（附注45），按年利
率10%计息，且须于二零二六年三月二十六日
或之前偿还。
截至二零二四年三月三十一日，其他应付账
款约2,758,000港元按年利率10%计息。
33. 应付非控股权益款项
于二零二五年三月三十一日，应付非控
股权益款项15,612,000港元（二零二四
年：15,612,000港元）为无抵押、免息及
须按要求偿还。
于二零二四年三月三十一日，应付非控
股权益款项43,167,000港元为收购附属
公司（见附注39）之应付代价，其已于二
零二四年六月十三日通过发行代价股份
获全数结清。
32. OTHER PAYABLES AND ACCRUALS
(CONTINUED)
Notes: (Continued)
(ii) As at 31 March 2025, other payables of approximately HK$2,601,000 (2024:
HK$1,103,000) is interest-bearing at 10% per annum, repayable on demand (2024:
on or before 25 January 2025). It was settled on 26 May 2025. Other payables
of approximately HK$2,749,000 is interest-bearing at 7% per annum, repayable
on or before 11 June 2026. Other payables of HK$8,000,000 is secured by equity
interests of certain subsidiaries (note 45), interest-bearing at 10% per annum and
repayable on or before 26 March 2026.
As at 31 March 2024, other payables of approximately HK$2,758,000 is interest-
bearing at 10% per annum.
33. AMOUNT DUE TO NON-CONTROLLING
INTERESTS
As at 31 March 2025, amount due to non-controlling interests of
HK$15,612,000 (2024: HK$15,612,000) is unsecured, interest free
and repayable on demand.
As at 31 March 2024, amount due to non-controlling interest of
HK$43,167,000 is consideration payable for acquisition of subsidiaries
as set out in note 39. It was fully settled by issuance of consideration
shares on 13 June 2024.
223Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
34. AMOUNTS DUE TO THE DIRECTORS
As at 31 March 2025, amount due to the director, Mr. Li Yuguo,
amounting to approximately HK$125,000 (2024: approximately
HK$20,499,000) is unsecured, interest-free and repayable on demand.
Proceeds from disposal of property, plant and equipment amounted
to HK$290,000 and further deposit relating to disposal of Disposal
Group amounted to RMB1,000,000 were received by the director
for settlement of amount due to him. Such transaction is a non-cash
transaction.
As at 31 March 2025, amount due to the director, Mr. Li Xiaoming,
amounting to HK$1,100,000 is unsecured, interest free and repayable
on demand. It was settled on 15 April 2025.
35. SHARE CAPITAL
Authorised:法定：
Ordinary share of HK$0.1 each 每股0.1港元的普通股
At 31 March 2024, 1 April 2024 and
31 March 2025
于二零二四年三月三十一日、
二零二四年四月一日及
二零二五年三月三十一日25,000,000,0002,500,000
Issued and fully paid:已发行及缴足：
Ordinary share of HK$0.1 each每股0.1港元的普通股
At 31 March 2024 and 1 April 2024于二零二四年三月三十一日
及二零二四年四月一日938,402,80093,840
Placing of shares on 20 May 2024于二零二四年五月二十日配
售股份(i)187,680,56018,768
Issuance of consideration shares on
13 June 2024
于二零二四年六月十三日
发行代价股份(ii)187,680,00018,768
At 31 March 2025于二零二五年三月三十一日1,313,763,360131,376
34. 应付董事之款项
于二零二五年三月三十一日，应付董事
李玉国先生之款项金额约为125,000港
元（二零二四年：约为20,499,000港元）
为无抵押、免息及须按要求偿还。董事
已收取出售物业、厂房及设备所得款项
290,000港元及有关出售出售集团的进一
步按金人民币1,000,000元，以结清应付
其之款项。此交易为非现金交易。
于二零二五年三月三十一日，应付董事
李晓明先生之款项金额为1,100,000港元
为无抵押、免息及须按要求偿还。该款
项于二零二五年四月十五日结清。
35. 股本
| Number of ordinary shares | Amount | |||
|---|---|---|---|---|
| 普通股数目 | 金额 | |||
| Notes | HK$’000 | |||
| 附注 | 千港元 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司224
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
35. SHARE CAPITAL(CONTINUED)
Notes:
(i) On 20 May 2024, the Company completed a placing of 187,680,560 new shares at
a price of HK$0.105 per placing share and raised gross proceeds of approximately
HK$19,706,000, of which approximately HK$18,768,000 was credited to share
capital account and the balance of approximately HK$938,000 was credited to
share premium account of the Company.
Share issuance expenses (mainly include the placing commission and other related
expenses) that are directly attributable to the placing of shares amounting to
approximately HK$591,000 was treated as a deduction against the share premium
account arising of the placing of shares.
(ii) On 13 June 2024, the Company issued a total of 187,680,000 consideration
shares at a price of HK$0.23 per consideration share (equivalent to the amount
of HK$43,166,400) as part of the consideration of the acquisitions of two target
companies, of which HK$18,768,000 was credited to share capital account and the
balance of approximately HK$24,399,000 was credited to share premium account
of the Company. The issue of consideration shares was a non-cash transaction.
- （续）
附注：
(i) 于二零二四年五月二十日，本公司完成按每
股配售股份0.105港元的价格配售187,680,560
股新股，并筹得所得款项总额约19,706,000港
元，其中约18,768,000港元已入账至股本账，
而约938,000港元的余额则入账至本公司股份
溢价账。
配售股份直接应占的股份发行开支（主要包括
配售佣金及其他相关开支）约591,000港元已
视为配售股份产生的股份溢价账的扣减。
(ii) 于二零二四年六月十三日，本公司按每股代
价股份0.23港元的价格发行合共187,680,000
股代价股份（相等于43,166,400港元的金
额），作为收购两间目标公司的部分代价，
其中18,768,000港元已入账至股本账，而约
24,399,000港元的余额则入账至本公司股份溢
价账。发行代价股份为一项非现金交易。
225Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
36. DEFERRED TAX
The components of deferred tax liabilities recognised on the
consolidated statement of financial position and the movements
during the years ended 31 March 2025 and 2024 are as follows:
(i) Deferred tax assets
36. 递延税项
于截至二零二五年及二零二四年三月
三十一日止年度内，于综合财务状况表
确认为递延税项负债的组成部分及变动
如下：
(i) 递延税项资产
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| HK$’000 | HK$’000 | |||
| 千港元 | 千港元 | |||
| 1,430 | ||||
| 36 | ||||
| 870 | ||||
| 2,336 | ||||
| (2,336) | ||||
| – | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司226
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
36. DEFERRED TAX (CONTINUED)
(i) Deferred tax assets (Continued)
Movements变动
At 1 April 2023于二零二三年
四月一日1,209––1,209
(Charged)/credited（扣除）╱计入
– to profit or loss－损益1,102258852,012
– to other comprehensive income－其他全面收益
(41)(10)–(51)
At 31 March 2024 and
1 April 2024
于二零二四年
三月三十一日及
二零二四年
四月一日2,270158853,170
(Charged)/credited（扣除）╱计入
– to profit or loss－损益
– to other comprehensive income－其他全面收益
At 31 March 2025于二零二五年
三月三十一日
- （续）
(i) 递延税项资产（续）
| Tax losses | Effective rental | Other receivables | Total | ||
|---|---|---|---|---|---|
| 税项亏损 | 实际租金 | 其他应收账款 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 |
| (806) | 21 | – | (785) |
|---|---|---|---|
| (34) | – | (15) | (49) |
| 1,430 | 36 | 870 | 2,336 |
227Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
(ii) 递延税项负债
36. DEFERRED TAX (CONTINUED)
(ii) Deferred tax liabilities
| 2025 | 2024 | |||
|---|---|---|---|---|
| 二零二五年 | 二零二四年 | |||
| HK$’000 | HK$’000 | |||
| 千港元 | 千港元 | |||
| 311 | ||||
| 42,050 | ||||
| 8,262 | ||||
| 87,389 | ||||
| 138,012 | ||||
| (2,336) | ||||
| 135,676 | ||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司228
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
36. DEFERRED TAX (CONTINUED)
(ii) Deferred tax liabilities (Continued)
Movements变动
At 1 April 2023于二零二三年四月一日4,564138,711––143,275
Acquisition of subsidiaries收购附属公司––8,37288,55996,931
Credited计入
– to profit or loss－损益(2,581)(16,707)––(19,288)
– to other comprehensive income－其他全面收益(168)(4,768)38399(4,499)
At 31 March 2024 and 1April 2024于二零二四年三月三十一日及
二零二四年四月一日1,815117,2368,41088,958216,419
Credited/(charged)计入╱（扣除）
– to profit or loss－损益
– to other comprehensive income－其他全面收益
At 31 March 2025于二零二五年三月三十一日
- （续）
(ii) 递延税项负债（续）
| Fair value adjustments arising from acquisition of subsidiaries | ||||||
|---|---|---|---|---|---|---|
| 收购附属公司产生之公平值调整 | ||||||
| Effective rental | Investment properties | Property, plant and equipment | Intangible asset | Total | ||
| 实际租金 | 投资物业 | 物业、 厂房及设备 | 无形资产 | 总计 | ||
| HK’000 | HK’000 | HK’000 | HK’000 | HK’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| (1,484) | (73,736) | – | – | (75,220) |
|---|---|---|---|---|
| (20) | (1,450) | (148) | (1,569) | (3,187) |
| 311 | 42,050 | 8,262 | 87,389 | 138,012 |
229Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
37. BORROWINGS
As at 31 March 2025 and 2024, bank borrowings are interest-bearing
at 4.615% per annum, secured by factories under land and buildings
(note 19) and land use right (note 21) located in Hunan, the PRC and
repayable on 19 September 2026.
The fair values of the borrowings are not materially different from
their carrying amounts, since the interest payable on those borrowings
is close to current market rates.
The Group’s borrowings are denominated in RMB.
37. 借款
于二零二五年及二零二四年三月三十一
日，银行借款按年利率4.615%计息，由
位于中国湖南的土地及楼宇（附注19）
及土地使用权（附注21）项下的厂房所
抵押，并须于二零二六年九月十九日偿
还。
由于该等借款之应付利息与当前市场利
率相近，该等借款之公平值与其账面值
无重大差异。
本集团之借款以人民币计值。
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 8,669 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司230
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
38. CASH FLOW INFORMATION
Net debt reconciliation
Net debt as at 31 March
于二零二三年三月
三十一日之债务
净额–––3,441
Cash flows现金流量
––8,822(3,554)
Other non-cash movements其他非现金变动
–20,49932,684
Net debt as at 31 March
于二零二四年三月
三十一日之债务
净额–20,4998,8252,571
Cash flows from issuance of
promissionary note
由发行承兑票据产
生之现金流量
Cash flows from redemption
of promissionary note
由赎回承兑票据产
生之现金流量
Advances from a director
预收一名董事款项
Repayment to a director
偿还一名董事款项
Cash flows现金流量
Other non-cash movements其他非现金变动
Net debt as at
31 March 2025
于二零二五年三月
三十一日之债务
净额
38. 现金流量资料
债务净额对账
| Liabilities from financing activities | |||||
|---|---|---|---|---|---|
| 来自融资活动之负债 | |||||
| Promissionary notes | Amounts due to directors | Bank borrowings | Lease liabilities | ||
| 承兑票据 | 应付董事之款项 | 银行借款 | 租赁负债 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | ||
| 5,000 | – | – | – |
|---|---|---|---|
| (5,000) | – | – | – |
| – | 1,100 | – | – |
| – | (19,000) | – | – |
| – | – | – | (2,549) |
| – | (1,374) | (156) | 106 |
| – | 1,225 | 8,669 | 128 |
231Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
39. 收购附属公司
收购永亦投资控股有限公司（「永
亦」）
截至二零二四年三月三十一日止年度，
本集团收购永亦之100%已发行股本及向
其垫付之股东贷款，代价为37,000,000
港元。永亦主要从事投资控股及其间接
全资附属公司主要于中国从事矿物勘探
及开采业务。该收购已于二零二三年
十二月十四日完成。
39. ACQUISITION OF SUBSIDIARIES
Acquisition of Yongyin Investment Holdings Limited
(“Yongyin”)
For the year ended 31 March 2024, the Group acquired 100% of
the issued share capital of, and the shareholder’s loan advanced to,
Yongyin at a consideration of HK$37 million. Yongyin is principally
engaged in investment holding and its indirect wholly-owned
subsidiary is principally engaged in mineral exploration and mining
activities in the PRC. The acquisition has been completed on 14
December 2023.
The identifiable assets acquired
and the liabilities assumed at
the date of acquisition
于收购日期所得可识别资产
及所承担负债
Property, plant and equipment物业、厂房及设备44,401(5,747)38,654
Intangible assets无形资产4,41537,97342,388
Inventories存货100–100
Prepayments, deposit and other
receivable
预付款项、按金及其他应收
款项441–441
Bank balances and cash银行结余及现金446–446
Other payables and accruals其他应付账款及应计费用(20,617)–(20,617)
Deferred tax liabilities递延税项负债–(8,057)(8,057)
Identifiable net assets可识别资产净值29,18624,16953,355
Gain on bargain purchase议价收购收益(16,355)
Total consideration (Note)总代价（附注）
37,000
Note: Part of consideration for this acquisition amounted to HK$29,640,000 was
paid by issuance of promissory note on 14 December 2023. On 18 December
2023, Mr. Li Yuguo, an executive director of the Company, agreed to repay
the promissory note and the interest expense on behalf of the Company
directly. This payment transaction was a non-cash transaction. The remaining
consideration for this acquisition amounted to HK$7,360,000 was paid by
allotment and issue of 32,000,000 consideration shares at HK$0.23 per share.
The issue of consideration shares was completed on 13 June 2024.
附注： 该收购事项的部分代价29,640,000港元已由
二零二三年十二月十四日发行的承兑票据
所支付。于二零二三年十二月十八日，本
公司执行董事李玉国先生同意代表本公司
直接偿还承兑票据及利息开支。有关付款
交易乃非现金交易。该收购事项的剩余代
价7,360,000港元由按每股股份0.23港元配发
及发行32,000,000股代价股份支付。代价股
份已于二零二四年六月十三日完成发行。
| Carrying value | Fair value adjustment | Fair value | ||
|---|---|---|---|---|
| 账面值 | 公平值调整 | 公平值 | ||
| HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司232
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
39. ACQUISITION OF SUBSIDIARIES
(CONTINUED)
Acquisition of Yongyin Investment Holdings Limited
(“Yongyin”) (Continued)
The Group recognised a gain on bargain purchase of approximately
HK$16,355,000 in the business combination as a result of the
fair value of Yongyin’s identifiable net assets over the sum of the
consideration transferred. The fair value of the identifiable net assets
at the date of acquisition is referenced to a valuation report issued by
AP Appraisal Limited, an independent qualified valuer.
Yongyin contributed a loss of approximately HK$191,000 to the
Group’s results for the period from the date of acquisition to 31
March 2024.
If the acquisition had been completed on 1 April 2023, the Group’s
revenue for the year ended 31 March 2024 would have been
approximately HK$14,160,000, and the Group’s loss for the year
would have been approximately HK$20,340,000. The pro forma
information is for illustrative purposes only and is not necessarily
an indication of the revenue and results of operations of the Group
that actually would have been achieved, had the acquisition been
completed on 1 April 2023, nor is intended to be a projection of
future results.
- （续）
收购永亦投资控股有限公司（「永
亦」）（续）
由于永亦之可识别资产净值之公平值高
于所转让代价总额，故本集团就业务
合并确认议价收购收益约16,355,000港
元。于收购日期，可识别资产净值之
公平值乃参考自独立合资格估值师AP
Appraisal Limited出具之估值报告。
永亦于收购日期至二零二四年三月
三十一日期间为本集团的业绩带来约
191,000港元之亏损。
倘收购事项已于二零二三年四月一
日完成，则本集团截至二零二四年
三月三十一日止年度的收入将约为
14,160,000港元，而本集团于本年度的
亏损将约为20,340,000港元。备考资料
仅用于说明目的，并不一定表示倘收购
事项于二零二三年四月一日完成时实际
将达致的本集团收入及经营业绩，亦并
非拟作为对未来业绩的预测。
| HK$’000 | ||
|---|---|---|
| 千港元 | ||
| 446 |
233Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
收购永名投资控股有限公司（「永
名」）
截至二零二四年三月三十一日止年度，
本集团收购永名之73.1%已发行股本及向
其垫付之股东贷款，代价为163,000,000
港元。永名主要从事投资控股及其间接
全资附属公司主要于中国从事矿物勘探
及采矿业务。该收购已于二零二三年
十二月十四日完成。
39. ACQUISITION OF SUBSIDIARIES
(CONTINUED)
Acquisition of Yongming Investment Holdings
Limited (“Yongming”)
For the year ended 31 March 2024, the Group acquired 73.1% of
the issued share capital of, and the shareholder’s loan advanced
to, Yongming at a consideration of HK$163 million. Yongming is
principally engaged in investment holding and its indirect wholly-
owned subsidiary is principally engaged in mineral exploration and
mining activities in the PRC. The acquisition has been completed on
14 December 2023.
The identifiable assets acquired
and the liabilities assumed at
the date of acquisition
于收购日期所得可识别资产及
所承担负债
Property, plant and equipment物业、厂房及设备–39,23539,235
Intangible assets无形资产–316,261316,261
Bank balances and cash银行结余及现金4–4
Other payables and accruals其他应付账款及应计费用(38,711)–(38,711)
Deferred tax liabilities递延税项负债–(88,874)(88,874)
Identifiable net assets可识别资产净值(38,707)266,622227,915
Non-controlling interest非控股权益10,412(71,721)(61,309)
(28,295)194,901166,606
Gain on bargain purchase议价收购收益(3,606)
Total consideration (Note)总代价（附注）
163,000
Note: Part of consideration for this acquisition amounted to HK$127,193,600 was
paid by issuance of promissory note on 14 December 2023. On 18 December
2023, Mr. Li Yuguo, an executive director of the Company, agreed to repay
the promissory note and the interest expense on behalf of the Company
directly. This payment transaction was a non-cash transaction. The remaining
consideration for this acquisition amounted to HK$35,806,400 was paid by
allotment and issue of 155,680,000 consideration shares at HK$0.23 per share.
The issue of consideration shares was completed on 13 June 2024.
附注： 该收购事项的部分代价127,193,600港元已
由二零二三年十二月十四日发行的承兑票
据所支付。于二零二三年十二月十八日，
本公司执行董事李玉国先生同意代表本公
司直接偿还承兑票据及利息开支。有关付
款交易乃非现金交易。该收购事项的剩余
代价35,806,400港元由按每股股份0.23港元
配发及发行155,680,000股代价股份支付。
代价股份已于二零二四年六月十三日完成
发行。
| Carrying value | Fair value adjustment | Fair value | ||
|---|---|---|---|---|
| 账面值 | 公平值调整 | 公平值 | ||
| HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 |
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司234
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
39. ACQUISITION OF SUBSIDIARIES
(CONTINUED)
Acquisition of Yongming Investment Holdings
Limited (“Yongming”) (Continued)
The Group recognised a gain on bargain purchase of approximately
HK$3,606,000 in the business combination as a result of the fair
value of Yongming’s identifiable net assets over the sum of the
consideration transferred. The fair value of the identifiable net assets
at the date of acquisition is referenced to a valuation report issued by
AP Appraisal Limited, an independent qualified valuer.
Yongming contributed a loss approximately HK$3,000 to the Group’s
results for the period from the date of acquisition to 31 March 2024.
If the acquisition had been completed on 1 April 2023, the Group’s
revenue for the year ended 31 March 2024 would have been
approximately HK$14,160,000, and the Group’s loss for the year
would have been approximately HK$19,775,000. The pro forma
information is for illustrative purposes only and is not necessarily
an indication of the revenue and results of operations of the Group
that actually would have been achieved, had the acquisition been
completed on 1 April 2023, nor is intended to be a projection of
future results.
- （续）
收购永名投资控股有限公司（「永
名」）（续）
由于永名之可识别资产净值之公平值高
于所转让代价总额，故本集团就业务合
并确认议价收购收益约3,606,000港元。
于收购日期，可识别资产净值之公平值
乃参考自独立合资格估值师AP Appraisal
Limited出具之估值报告。
永名于收购日期至二零二四年三月
三十一日期间为本集团的业绩带来约
3,000港元之亏损。
倘收购事项已于二零二三年四月一
日完成，则本集团截至二零二四年
三月三十一日止年度的收入将约为
14,160,000港元，而本集团于本年度的
亏损将约为19,775,000港元。备考资料
仅用于说明目的，并不一定表示倘收购
事项于二零二三年四月一日完成时实际
将达致的本集团收入及经营业绩，亦并
非拟作为对未来业绩的预测。
| HK$’000 | ||
|---|---|---|
| 千港元 | ||
| 4 |
235Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
40. 储备
(a) 资本储备
根据于二零一三年五月三十一日举
行之股东特别大会上通过之特别决
议案，本公司实行股本重组（「二零
一三年股本重组」）并于二零一三年
六月三日生效及涉及(i)每二十五股
每股面值为0.05港元之已发行及未
发行股份合并为一股合并股份；(ii)
削减已发行股本，据此，每股已发
行合并股份之面值将透过注销每股
合并股份之实缴股本1.00港元至每
股面值为0.25港元之经削减股份而
由1.25港元削减至0.25港元；(iii)将
因股本削减产生之进账额拨入本公
司之资本储备账；(iv)每股未发行合
并股份拆细为五股每股面值为0.25
港元之经削减股份。
根据于二零一八年十一月十二日举
行之股东特别大会上通过之特别决
议案，本公司于二零一八年十一月
十三日实行股本重组（「二零一八年
股本重组」），其涉及(i)股本削减，
据此本公司每股已发行股份之面值
由0.25港元削减至0.01港元，以削
减本公司之已发行股本。此股本削
减包括在每股已发行股份注销相当
数量之实缴股本，使每股已发行股
份于紧随股本削减后被当作本公司
股本中之一股每股面值为0.01港元
之实缴股份。股本削减所产生之进
账额拨入本公司之资本储备账；及
(ii)拆细面值为0.25港元之每股法定
但未发行之股份为二十五股每股面
值为0.01港元之新股份。
40. RESERVES
(a) Capital reserve
Pursuant to a special resolution passed at a special general
meeting held on 31 May 2013, the Company effected the capital
reorganisation (“Capital Reorganisation 2013”) which became
effective on 3 June 2013 and involved (i) the consolidation of
every twenty-five issued and unissued shares with a par value
of HK$0.05 each into one consolidated share; (ii) the reduction
of issued share capital whereby the par value of each issued
consolidated shares will be reduced from HK$1.25 to HK$0.25
by cancelling the paid-up capital to the extent of HK$1.00 on
each of the consolidated shares to a reduced share of HK$0.25
each; (iii) transfer of the credit arising from the capital reduction
to the capital reserve account of the Company; (iv) the sub-
division of each unissued consolidated share into five reduced
shares of HK$0.25 each.
Pursuant to a special resolution passed at a special general
meeting held on 12 November 2018, the Company
implemented a capital reorganisation (“Capital Reorganisation
2018”) on 13 November 2018 which involved (i) capital
reduction, pursuant to which the issued share capital of the
Company were reduced by a reduction of the par value of
each issued shares from HK$0.25 to HK$0.01, which reduction
comprised a cancellation of such amount of the paid-up capital
on each issued share so that each issued share were treated
as one fully paid-up share of par value of HK$0.01 in the share
capital of the Company immediately following the capital
reduction and the credit arising from the capital reduction were
credited to the capital reserve account of the Company; and (ii)
sub-division of each of the authorised but unissued shares of par
value of HK$0.25 into twenty-five new shares of par value of
HK$0.01 each.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司236
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
(b) 特别储备
本集团之特别储备指于集团重组当
日附属公司之股份面值超出本公司
作为收购附属公司之代价而发行之
股份面值之金额。
本集团储备变动详情载于第92页之综合
权益变动表。
本公司储备变动详情载于综合财务报表
附注46。
41. 资本承担
于报告期末，本集团有下列资本承担：
40. RESERVES (CONTINUED)
(b) Special reserve
The special reserve of the Group represents the excess of the
nominal amount of the shares of the subsidiaries at the date of
the group reorganisation over the nominal amount of the shares
issued by the Company as consideration for the acquisition of
the subsidiaries.
Details of the movements of the Group’s reserves are set out in the
consolidated statement of changes in equity on page 92.
Details of the movements of the Company’s reserves are set out in
note 46 to the consolidated financial statements.
41. CAPITAL COMMITMENTS
At the end of the reporting period, the Group had the following
capital commitments:
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 98,428 | |||
| 5,920 | |||
| 104,348 | |||
237Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
42. 财务担保负债
于二零二五年三月三十一日，本公司于
中国注册成立之全资附属公司大连创和
置地有限公司（「大连创和」）向第三方提
供公司担保约人民币100,000,000元（二
零二四年：人民币100,000,000元），详
述如下：
- ，大连创
和就大连银行第一中心支行（「大连
银行（一）」）向第三方大连东润物资
回收有限公司（「大连东润」）发放之
循环银行贷款人民币50,000,000元
提供公司担保。于二零一七年，大
连银行（一）对大连东润提出法律诉
讼，以追回上述贷款。于二零一七
年十二月二十一日，辽宁省大连市
中级人民法院（「法院」）命令大连东
润向大连银行（一）偿还贷款，连同
相关法律费用及利息。
- ，大
连创和就大连银行（一）向第三方
大连连隆物资有限公司（「大连连
隆」）发放之循环银行贷款人民币
50,000,000元提供公司担保。于二
零一七年，大连银行（一）对大连
连隆提出法律诉讼，以追回上述贷
款。于二零一七年十二月二十八
日，法院命令大连连隆向大连银行
（一）偿还贷款，连同相关法律费用
及利息。
42. FINANCIAL GUARANTEE LIABILITIES
As at 31 March 2025, a wholly-owned subsidiary of the Company,
大连创和置地有限公司 (“大连创和”), incorporated in the PRC,
provided corporate guarantees to third parties amounting to
approximately RMB100,000,000 (2024: RMB100,000,000), detailed as
follows:
- , 大连创和 provided a corporate guarantee to
大连银行第一中心支行 (“大连银行（一）”) for a recurring bank
loan of RMB50,000,000 granted to a third party, 大连东润物
资回收有限公司 (“大连东润”). In 2017, 大连银行（一） took a
legal action against 大连东润 for the recovery of the aforesaid
loan. On 21 December 2017, 辽宁省大连市中级人民法院
(the “Court”) ordered 大连东润 to repay the loan to 大连银行
（一）, together with relevant legal cost and interest.
- , 大连创和 provided a corporate guarantee
to 大连银行（一） for a recurring bank loan of RMB50,000,000
granted to a third party, 大连连隆物资有限公司 (“大连连隆”).
In 2017, 大连银行（一） took a legal action against 大连连隆 for
the recovery of the aforesaid loan. On 28 December 2017, the
Court ordered 大连连隆 to repay the loan to 大连银行（一）,
together with relevant legal cost and interest.
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司238
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
- ，大连创
和就大连银行（一）向第三方大连泽
琦贸易有限公司（「大连泽琦」）发放
之循环银行贷款人民币50,000,000
元提供公司担保。于二零一七年，
大连银行（一）对大连泽琦提出法
律诉讼，以追回上述贷款。于二零
一七年十二月二十一日，法院命
令大连泽琦向大连银行（一）偿还
贷款，连同相关法律费用及利息。
于二零一七年十二月三十日，大
连泽琦已偿还贷款之本金人民币
50,000,000元。
另一个独立担保人大连顺浩置业有限公
司（「大连顺浩」）已就(1)、(2)及(3)所述
的银行贷款将其物业抵押。估计抵押物
业的价值超过人民币250,000,000元。
董事相信，上述之贷款、利息及其他费
用可以从销售抵押物业之所得款项中全
额收回。此外，大连创和获创达地产
（大连）有限公司（「创达地产」）作出反担
保。如大连创和就所有上述之公司担保
产生任何法律费用及蒙受经济损失，创
达地产将承诺向大连创和作出赔偿。
42. FINANCIAL GUARANTEE LIABILITIES
(CONTINUED)
- , 大连创和 provided a corporate guarantee
to 大连银行（一） for a recurring bank loan of RMB50,000,000
granted to a third party, 大连泽琦贸易有限公司 (“大连泽琦”).
In 2017, 大连银行（一） took a legal action against 大连泽琦
for the recovery of the aforesaid loan. On 21 December 2017,
the Court ordered 大连泽琦 to repay the loan to 大连银行
（一）, together with relevant legal cost and interest. The loan
principal of RMB50,000,000 has been repaid by 大连泽琦 on 30
December 2017.
Another independent guarantor, 大连顺浩置业有限公司 (“大连
顺浩”) has pledged its properties to secure the bank loans stated
in (1), (2) and (3). The estimated value of the pledged properties
is over RMB250 million. The directors believe that the aforesaid
loans, interests and other costs can fully be recovered from the sales
proceeds of the pledged properties. In addition, 大连创和 obtained
counter-guarantees given by 创达地产（大连）有限公司 (“创达地
产”). 创达地产 undertook to compensate 大连创和 any legal costs
and economic losses that may be suffered by 大连创和 in relation to
all the aforesaid corporate guarantees.
239Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
42. FINANCIAL GUARANTEE LIABILITIES
(CONTINUED)
On 27 December 2017, a restructuring loan agreement was signed
by 大连顺浩 with 大连银行. Under this agreement, a new loan of
RMB245,000,000 was granted to 大连顺浩 for the repayment of the
loans, interests and other cost stated in (1), (2) and (3) and then
the corporate guarantee provided by 大连创和 will be released.
However, the procedure to release the corporate guarantee is still in
progress.
The directors are closely monitoring the situations and will continue
to use their best endeavor to resolve the corporate guarantees above.
The directors are also assessing the legal position of the Group and
may consider taking legal actions if appropriate.
Up to the date of this report, the Group did not suffer any loss from
the above corporate guarantees. Having considered the counter-
guarantees provided by 创达地产, pledge of valuable properties by
大连顺浩 and subsequent settlement arrangements as stated above,
in the opinion of the directors of the Company, the fair values of
the financial guarantee contracts are insignificant at initial recognition
as the probability of suffering any significant loss by the Group from
the above corporate guarantees is low. Accordingly, no provision
has been made in the consolidated financial statements for these
guarantees.
- （续）
于二零一七年十二月二十七日，大连顺
浩与大连银行签订重组贷款协议。根据
此协议，人民币245,000,000元的新贷款
将授予大连顺浩以偿还(1)、(2)及(3)所
述的贷款、利息及其他费用，且将继而
解除由大连创和所提供的公司担保。然
而，解除公司担保的程序仍在进行中。
董事正密切监察有关情况，并会继续尽
力解除上述公司担保。董事亦正评估本
集团的法律立场，并会考虑采取适当的
法律行动。
直至本报告日期，本集团并未有因上述
公司担保而蒙受任何损失。经审视创达
地产提供的反担保、大连顺浩具价值的
物业抵押及上述之其后结算安排后，本
公司董事认为财务担保合约的公平值于
初始确认时并不重大，原因为本集团因
上述公司担保而蒙受任何重大损失的机
会较小。故此，概无就该等担保于综合
财务报表中计提拨备。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司240
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
43. RETIREMENT BENEFITS SCHEMES
The Group’s qualifying employees in Hong Kong participate in the
Mandatory Provident Fund (the “MPF”) in Hong Kong. The assets of
the MPF are held separately from those of the Group in funds under
the control of trustee. The Group and each of the employees make
monthly mandatory contributions to the MPF scheme.
The employees of the PRC subsidiaries are members of the
state-managed retirement benefits scheme operated by the PRC
government. The PRC subsidiaries are required to contribute a certain
percentage of their payroll to the retirement benefits scheme to fund
the benefits. The only obligation of the Group with respect to the
retirement benefits scheme is to make the required contributions
under the scheme.
For the years ended 31 March 2025 and 2024, there were no
forfeited contributions which were available to reduce the Group’s
existing level of contributions to the MPF Scheme and the state-
managed retirement benefits scheme.
The total expense recognised in the consolidated statement of profit
or loss of approximately HK$686,000 (2024: HK$751,000) represents
contributions payable to these plans by the Group at rates specified in
the rules of the plans.
43. 退休福利计划
本集团于香港之合资格雇员参与香港之
强制性公积金（「强积金」）。强积金之资
产与本集团之资产分开持有，由受托人
控制之基金管理。本集团及每名雇员每
月向强积金计划强制供款。
中国附属公司之雇员乃中国政府设立之
国家管理退休福利计划成员。中国附属
公司须向退休福利计划缴付占薪金若干
百分比之供款，以作提供福利之资金。
本集团对退休福利计划之唯一责任为向
计划作出所需供款。
截至二零二五年及二零二四年三月
三十一日止年度，概无被没收的供款可
用于减少本集团对强积金计划和国家管
理退休福利计划的现有供款水平。
综合损益表内确认之总开支为约686,000
港元（二零二四年：751,000港元），乃本
集团按计划规则指定之比率应向该等计
划缴付之供款。
241Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
于二零二三年十二月十八日，
李玉国先生已全数结清所欠款
项，因此本年度并无此项利息
收入。
44. MATERIAL RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which
are related parties of the Company, have been eliminated on
consolidation and are not disclosed in this note. Save as disclosed
elsewhere in the consolidated financial statements, details of
transactions between the Group and other related parties are
disclosed below.
(a) Transactions with related parties
(i) Interest income relating to termination of acquisition of
Shenyang Properties
Interest income relating to termination of acquisition
of Shenyang Properties for the year ended 31 March
2024, which were receivable from Mr. Li Yuguo who is
an executive director of the Company, are recognised as
follows:
On 18 December 2023, Mr. Li Yuguo has fully settled the
amounts due from him, thus, there was no such interest
income in current year.
44. 重要关联方交易
本公司与其附属公司（其乃本公司之关
联方）间之交易已于综合时抵销，且并
无于本附注披露。除综合财务报表其他
章节所披露者外，本集团与其他关联方
间之交易详情披露如下。
(a) 与关联方之交易
(i) 终止收购沈阳物业之相关利息
收入
截至二零二四年三月三十一日
止年度，就终止收购沈阳物业
应收本公司执行董事李玉国先
生之相关利息收入确认如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| – | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司242
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
44. MATERIAL RELATED PARTY
TRANSACTIONS (CONTINUED)
(a) Transactions with related parties (Continued)
(ii) Interest on promissory note
A promissory note of HK$5,000,000 was issued by the
Company on 29 November 2024 to Mr. Liu Yan Chee
James, who is an executive director of the Company. On
26 March 2025, the Company has redeemed all promissory
note. The interest on promissory note are recognised as
follows:
(b) Transaction relating to non-controlling interests
As disclosed in note 28, during the year ended 31 March 2025
and 2024, the interest income relating to the amount due from
non-controlling interests are recognised as follows:
- （续）
(a) 与关联方之交易（续）
(ii) 承兑票据之利息
于二零二四年十一月二十九
日，本公司发行5,000,000港元
之承兑票据予本公司执行董事
刘恩赐先生。于二零二五年三
月二十六日，本公司已赎回全
部承兑票据。承兑票据之利息
确认如下：
(b) 有关非控股权益之交易
如附注28所披露，截至二零二五
年及二零二四年三月三十一日止年
度，就应收非控股权益款项之利息
收入确认如下：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 97 | |||
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 135 | |||
243Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
44. MATERIAL RELATED PARTY
TRANSACTIONS (CONTINUED)
(c) Remuneration of key management personnel
The remuneration of key management personnel during the year
was as follows:
- （续）
(c) 主要管理人员之薪酬
主要管理人员于本年度之薪酬如
下：
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 5,058 | |||
| 37 | |||
| 5,095 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司244
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
45. PARTICULARS OF SUBSIDIARIES
Details of the Group’s material subsidiaries at the end of the reporting
period are as follows.
Adco Rich LimitedBritish Virgin Islands
英属处女群岛
OrdinaryUS$1100%–Investment holding
普通股1美元投资控股
Century Strong Limited (Note 2)
（附注2）
British Virgin Islands
英属处女群岛
OrdinaryUS$1100%–Investment holding
普通股1美元投资控股
Continental Joy Limited British Virgin IslandsOrdinaryUS$1100%–Investment holding
英属处女群岛普通股1美元投资控股
Chi Sheng Trading Company Limited
炽盛贸易有限公司
Hong KongOrdinaryHK$1–100%Investment holding
香港普通股1港元投资控股
Good Union (China) Limited (Note 3)Hong KongOrdinaryHK$1,000–67%Investment holding
汇联（中国）有限公司（附注3）香港普通股1,000港元投资控股
King Lotus LimitedBritish Virgin IslandsOrdinaryUS$1100%–Investment holding
英属处女群岛普通股1美元投资控股
45. 附属公司详情
于报告期末，本集团之主要附属公司详
情如下。
| Name of subsidiaries | Place of incorporation/ operation | Class of shares/ registered capital held | Fully paid share capital/ registered capital | Proportion of nominal value of paid capital/ registered capital held by the Company | Principal activities | |
|---|---|---|---|---|---|---|
| 附属公司名称 | 注册成立╱ 经营地点 | 所持股份╱ 注册资本类别 | 缴足股本╱ 注册资本 | 本公司持有之 已付股本╱ 注册资本面值之比例 | 主要业务 | |
| Directly | Indirectly | |||||
| 直接 | 间接 | |||||
245Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）45. PARTICULARS OF SUBSIDIARIES
(CONTINUED)
Man Lee Management LimitedHong KongOrdinaryHK$2–100%Management services and
securities trading
管理服务及证券买卖
万利管理有限公司香港普通股2港元
New Jumbo Group LimitedBritish Virgin IslandsOrdinaryUS$1100%–Investment holding
汇宝集团有限公司英属处女群岛普通股1美元投资控股
Shun Jie International Holdings
Company Limited
舜捷国际控股有限公司
Hong KongOrdinaryHK$10,000 –100%Investment holding
香港普通股10,000港元投资控股
World Kingdom Worldwide LimitedBritish Virgin IslandsOrdinaryUS$1 100%–Investment holding
国京环球有限公司 英属处女群岛普通股1美元投资控股
World Land Development LimitedBritish Virgin IslandsOrdinaryUS$1100%–Investment holding
华联发展有限公司英属处女群岛普通股1美元投资控股
亚洲企业管理（深圳）有限公司
(Notes 1 and 2)
亚洲企业管理（深圳）有限公司
（附注1及2）
The PRCRegisteredRMB60,000,000–100%Investment holding
中国注册人民币60,000,000元投资控股
| Name of subsidiaries | Place of incorporation/ operation | Class of shares/ registered capital held | Fully paid share capital/ registered capital | Proportion of nominal value of paid capital/ registered capital held by the Company | Principal activities | |
|---|---|---|---|---|---|---|
| 附属公司名称 | 注册成立╱ 经营地点 | 所持股份╱ 注册资本类别 | 缴足股本╱ 注册资本 | 本公司持有之 已付股本╱ 注册资本面值之比例 | 主要业务 | |
| Directly | Indirectly | |||||
| 直接 | 间接 | |||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司246
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
置宏供应链管理（深圳）有限公司
(Note 1)
置宏供应链管理（深圳）有限公司
（附注1）
The PRCRegisteredRMB60,000,000–100%Investment holding
中国注册人民币60,000,000元投资控股
大连创和置地有限公司(Note 1)The PRCRegisteredHK$205,000,000–100%Property development
大连创和置地有限公司（附注1）中国注册205,000,000港元物业发展
晟奕信息咨询（深圳）有限公司
(Notes 1 and 2)
晟奕信息咨询（深圳）有限公司
（附注1及2）
The PRCRegisteredRMB3,000,000–100%Property investment
中国注册人民币3,000,000元物业投资
深圳弘永润实业发展有限公司
(Note 1)
深圳弘永润实业发展有限公司
（附注1）
The PRCRegisteredRMB1,000,000–100%Property investment
中国注册人民币1,000,000元物业投资
湖南新田富锶矿泉水有限公司
(Note 1 and 3)
湖南新田富锶矿泉水有限公司
（附注1及3）
The PRCRegisteredHK$30,000,000–67%Production and sales of
bottled mineral water
生产及销售瓶装矿泉水
中国注册30,000,000港元
45. PARTICULARS OF SUBSIDIARIES
(CONTINUED)
| Name of subsidiaries | Place of incorporation/ operation | Class of shares/ registered capital held | Fully paid share capital/ registered capital | Proportion of nominal value of paid capital/ registered capital held by the Company | Principal activities | |
|---|---|---|---|---|---|---|
| 附属公司名称 | 注册成立╱ 经营地点 | 所持股份╱ 注册资本类别 | 缴足股本╱ 注册资本 | 本公司持有之 已付股本╱ 注册资本面值之比例 | 主要业务 | |
| Directly | Indirectly | |||||
| 直接 | 间接 | |||||
247Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
深圳威斯顿投资发展有限公司
(Note 1)
深圳威斯顿投资发展有限公司
（附注1）
The PRCRegisteredRMB100,000–100%Property investment
中国注册人民币100,000元物业投资
浙江上水捷运食品有限公司(Note 1)
浙江上水捷运食品有限公司（附注1）
The PRCRegisteredRMB10,000,000–100%Property investment
中国注册人民币10,000,000元物业投资
苏州舜捷经贸有限公司(Note 1)The PRCRegisteredRMB1,000,000–100%Investment holding
苏州舜捷经贸有限公司（附注1）中国注册人民币1,000,000元投资控股
苏州蒙恋南庭文化发展有限公司
(Note 1)
苏州蒙恋南庭文化发展有限公司
（附注1）
The PRCRegisteredRMB64,000,000–100%Property investment
中国注册人民币64,000,000元物业投资
East Dynasty Group Limited
东汇集团有限公司
British Virgin Islands
英属处女群岛
Ordinary
普通股
US$1
1美元
100%–Investment holding
投资控股
Yonyin Investment Holdings Limited
永亦投资控股有限公司
British Virgin Islands
英属处女群岛
Ordinary
普通股
US$50,000
50,000美元
–100%Investment holding
投资控股
45. PARTICULARS OF SUBSIDIARIES
(CONTINUED)
| Name of subsidiaries | Place of incorporation/ operation | Class of shares/ registered capital held | Fully paid share capital/ registered capital | Proportion of nominal value of paid capital/ registered capital held by the Company | Principal activities | |
|---|---|---|---|---|---|---|
| 附属公司名称 | 注册成立╱ 经营地点 | 所持股份╱ 注册资本类别 | 缴足股本╱ 注册资本 | 本公司持有之 已付股本╱ 注册资本面值之比例 | 主要业务 | |
| Directly | Indirectly | |||||
| 直接 | 间接 | |||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司248
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
Note 1: The subsidiary was an indirectly wholly foreign-owned enterprise established in
the PRC.
Note 2: The entity was included in the Disposal Group as set out in Note 16.
Note 3: Other payables of HK$8,000,000 (note 32(ii)) are secured by the equity interests
of the subsidiaries.
附注1： 该附属公司为于中国成立之间接外商独资
企业。
附注2： 根据附注16该实体计入出售集团。
附注3： 其他应付账款8,000,000港元（附注32(ii)）以
附属公司之股本权益作抵押。
Yongming Investment Holdings
Limited
永名投资控股有限公司
British Virgin Islands
英属处女群岛
Ordinary
普通股
US$50,000
50,000美元
–73.1%Investment holding
投资控股
湖南辰熹控股有限公司(Note 1)
湖南辰熹控股有限公司（附注1）
The PRC
中国
Registered
注册
RMB2,000,000
人民币2,000,000元
–100%Investment holding
投资控股
湖南虹嘉控股有限公司(Note 1)
湖南虹嘉控股有限公司（附注1）
The PRC
中国
Registered
注册
RMB2,000,000
人民币2,000,000元
–73.1%Investment holding
投资控股
镇沅县九源矿业有限公司(Note 1)
镇沅县九源矿业有限公司（附注1）
The PRC
中国
Registered
注册
RMB16,600,000
人民币16,600,000元
–100%Mineral exploration and
mining
矿物勘探及采矿业务
镇沅彝族哈尼族拉祜族自治县
金豪矿业有限公司(Note 1)
镇沅彝族哈尼族拉祜族自治县
金豪矿业有限公司（附注1）
The PRC
中国
Registered
注册
RMB5,000,000
人民币5,000,000元
–73.1%Mineral exploration and
mining
矿物勘探及采矿业务
45. PARTICULARS OF SUBSIDIARIES
(CONTINUED)
| Name of subsidiaries | Place of incorporation/ operation | Class of shares/ registered capital held | Fully paid share capital/ registered capital | Proportion of nominal value of paid capital/ registered capital held by the Company | Principal activities | |
|---|---|---|---|---|---|---|
| 附属公司名称 | 注册成立╱ 经营地点 | 所持股份╱ 注册资本类别 | 缴足股本╱ 注册资本 | 本公司持有之 已付股本╱ 注册资本面值之比例 | 主要业务 | |
| Directly | Indirectly | |||||
| 直接 | 间接 | |||||
249Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
45. PARTICULARS OF SUBSIDIARIES
(CONTINUED)
None of the subsidiaries had any debt securities outstanding at the
end of the year, or at any time during the year.
The above table lists the subsidiaries of the Group, which in the
opinion of the directors, principally affected the result or assets of the
Group. To give the details of other subsidiaries would, in the opinion
of the directors, result in particulars of excessive lengths.
The table below shows details of non-wholly owned subsidiaries of
the Group that have material non-controlling interests:
Summarised financial information in respect of each of the Group’s
subsidiary that has material non-controlling interests is set out below.
The summarised financial information below represents amounts
before intragroup eliminations.
- （续）
于年末或本年度内任何时间，附属公司
概无任何未偿还之债务证券。
董事认为上表列出之本集团之附属公司
对本集团之业绩或资产有重要影响。董
事认为载列其他附属公司之详情会使详
情篇幅过于冗长。
下表载列本集团拥有重大非控股权益之
非全资附属公司之详情：
关于本集团各具有重大非控股权益之附
属公司之财务资料概要载列如下。以下
财务资料概要表示集团内对销前之金
额。
| Name of subsidiary | Place of incorporation/ operation | Proportion of ownership interest and voting rights held by non- controlling interest | Loss allocated to non- controlling interest | Accumulated non- controlling interests | |||
|---|---|---|---|---|---|---|---|
| 附属公司名称 | 注册成立╱ 经营地点 | 非控股权益所持有之 拥有权权益及投票权之比例 | 分配至非控股权益 之亏损 | 累计 非控股权益 | |||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
| 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | 二零二五年 | 二零二四年 | ||
| % | % | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | ||||
| 33 | 33,208 | 22,578 | |||||
| 26.9 | 3 | 60,495 | |||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司250
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
- （续）
汇联（中国）有限公司
45. PARTICULARS OF SUBSIDIARIES
(CONTINUED)
Good Union (China) Limited
| Summarised statement of financial position | 财务状况表概要 | 2025 | 2024 |
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 15,691 | |||
| (100,695) | |||
| (85,004) | |||
| 162,092 | |||
| (8,669) | |||
| 153,423 | |||
| 68,419 | |||
| 22,578 | |||
251Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
45. PARTICULARS OF SUBSIDIARIES
(CONTINUED)
Good Union (China) Limited (continued)
- （续）
汇联（中国）有限公司（续）
| Summarised statement of comprehensive income | 全面收益表概要 | 2025 | 2024 |
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 4,892 | |||
| (100,629) | |||
| (132) | |||
| (100,761) | |||
| (33,208) | |||
| Summarised cash flows | 现金流量概要 | 2025 | 2024 |
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| (74) | |||
| (1,440) | |||
| 5 | |||
| (10) | |||
| (1,519) | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司252
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
45. PARTICULARS OF SUBSIDIARIES
(CONTINUED)
Yongming Investment Holdings Limited
- （续）
永名投资控股有限公司
| Summarised statement of financial position | 财务状况表概要 | 2025 | 2024 |
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 4 | |||
| (38,216) | |||
| (38,212) | |||
| 350,801 | |||
| (87,700) | |||
| 263,101 | |||
| 224,889 | |||
| 60,495 | |||
253Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
45. PARTICULARS OF SUBSIDIARIES
(CONTINUED)
Yongming Investment Holdings Limited (continued)
- （续）
永名投资控股有限公司（续）
| Summarised statement of comprehensive income | 全面收益表概要 | 2025 | 2024 |
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| – | |||
| (14) | |||
| (4,039) | |||
| (4,053) | |||
| (3) | |||
| Summarised cash flows | 现金流量概要 | 2025 | 2024 |
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| – | |||
| – | |||
| – | |||
| – | |||
| – | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司254
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
46. SUMMARISED STATEMENT OF
FINANCIAL POSITION INFORMATION OF
THE COMPANY
Summarised statement of financial position information of the
Company at the end of the reporting period includes:
46. 本公司之财务状况表资料概
要
本公司于报告期末之财务状况表资料概
要包括：
less than one thousand Hong Kong dollars 少于一千港元
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| –* | |||
| 24 | |||
| 297 | |||
| 321 | |||
| 1,313 | |||
| 741,290 | |||
| 1,138 | |||
| 743,741 | |||
| 1,100 | |||
| 401 | |||
| 16,418 | |||
| 128 | |||
| 18,047 | |||
| 725,694 | |||
| 726,015 | |||
255Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
46. SUMMARISED STATEMENT OF
FINANCIAL POSITION INFORMATION OF
THE COMPANY (CONTINUED)
46. 本公司之财务状况表资料概
要（续）
The financial statements were approved and authorised for issue by
the Board of Directors on 26 June 2025 and signed on its behalf by:
Mr. Chan Wai FungMr. Li Yuguo
陈伟峰先生李玉国先生
DirectorDirector
董事董事
财务报表已于二零二五年六月二十六日
经董事会批准并授权刊发，并由下列人
士代表签署确定：
* 少于一千港元
| 2025 | 2024 | ||
|---|---|---|---|
| 二零二五年 | 二零二四年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | ||
| 131,376 | |||
| 591,890 | |||
| 723,266 | |||
| 2,749 | |||
| – | |||
| 2,749 | |||
| 726,015 | |||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司256
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
46. 本公司之财务状况表资料概
要（续）
46. SUMMARISED STATEMENT OF
FINANCIAL POSITION INFORMATION OF
THE COMPANY (CONTINUED)
At 31 March 2023于二零二三年三月三十一日93,8401,620,0532,025,156180,057(2,675,672)1,243,434
Loss for the year本年度亏损––––(98,476)(98,476)
Total comprehensive income
for the year
本年度全面收益总额
––––(98,476)(98,476)
At 31 March 2024于二零二四年三月三十一日93,8401,620,0532,025,156180,057(2,774,148)1,144,958
Loss for the year本年度亏损
Total comprehensive income
for the year
本年度全面收益总额
Placing of new shares配售新股
Issuance of consideration shares发行代价股份
New shares issue expense新股之发行开支
At 31 March 2025于二零二五年三月三十一日
| Share capital | Share premium | Capital reserve | General reserve | Accumulated losses | Total | ||
|---|---|---|---|---|---|---|---|
| 股本 | 股份溢价 | 资本储备 | 一般储备 | 累计亏损 | 总额 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
| – | – | – | – | (483,974) | (483,974) |
|---|---|---|---|---|---|
| 93,840 | 1,620,053 | 2,025,156 | 180,057 | (3,258,122) | 660,984 |
| 18,768 | 938 | – | – | – | 19,706 |
| 18,768 | 24,399 | – | – | – | 43,167 |
| – | (591) | – | – | – | (591) |
| 131,376 | 1,644,799 | 2,025,156 | 180,057 | (3,258,122) | 723,266 |
257Annual Report
2025 年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
47. DIVIDENDS
The directors did not recommend the payment of any dividend for
the year ended 31 March 2025 (2024: Nil).
48. SUBSEQUENT EVENTS
On 10 June 2025, a total of 170,100,000 new shares of the Company
had been successfully placed by the placing agent to not less than
six placees at the placing price of HK$0.1 per placing share under
the general mandate granted to the Directors by ordinary resolution
passed at the annual general meeting of the Company held on 28
August 2024. Upon the completion of the aforesaid placing of new
shares, the total number of issued shares of the Company increased
from 1,313,763,360 shares to 1,483,863,360 shares. Details of the
placing of shares were set out in the announcements of the Company
dated 20 May 2025, 4 June 2025 and 10 June 2025 respectively.
On 25 June 2025, the Company held a special general meeting and an
ordinary resolution was passed to approve the capital reorganisation
which involves the share consolidation, the capital reduction and the
subdivision.
(1) Share consolidation
The share consolidation involved a consolidation of every ten
- $0.1
each in the share capital of the Company into one consolidated
share of par value of HK$1.00 each in the share capital of the
Company. The share consolidation became effective on 27 June
2025 and the total number of issued shares of the Company
became 148,386,336 shares.
47. 股息
董事不建议派付截至二零二五年三月
三十一日止年度之任何股息（二零二四
年：无）。
48. 结算日后事项
于二零二五年六月十日，配售代理根据
本公司于二零二四年八月二十八日举行
的股东周年大会上以普通决议案的形式
授予董事的一般授权，向不少于六名承
配人以配售价每股配售股份0.1港元成功
配售共计170,100,000股本公司新股份。
于完成上述配售新股份后，本公司已发
行股份总数由1,313,763,360股股份增加
至1,483,863,360股股份。有关配售股份
的详情分别载于本公司日期为二零二五
年五月二十日，二零二五年六月四日及
二零二五年六月十日之该等公告。
于二零二五年六月二十五日，本公司举
行股东特别大会，并通过一项普通决议
案批准股本重组，当中涉及股份合并，
股本削减及拆细。
(1) 股份合并
股份合并涉及将本公司股本中每十
(10)股每股面值0.1港元之已发行及
未发行普通股合并为本公司股本
中一股每股面值1.00港元之合并股
份。股份合并于二零二五年六月
二十七日生效，且本公司已发行股
份总数变为148,386,336股。
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司258
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
48. SUBSEQUENT EVENTS (CONTINUED)
(2) Capital reduction
The capital reduction involved a reduction of the par value
of each issued consolidated share from HK$1.00 to HK$0.01
by (a) eliminating any fraction of a consolidated share in the
issued share capital of the Company arising from the share
consolidation in order to round down the total number of the
consolidated Shares to a whole number; and (b) cancelling
HK$0.99 of the paid-up capital of the Company on each issued
consolidated Share so that each issued new share will be treated
as one (1) fully paid-up share of par value of HK$0.01 each in the
share capital of the Company.
(3) Subdivision
The subdivision involved each authorised but unissued
consolidated shares be subdivided into one hundreds (100)
authorised but unissued new shares of par value HK$0.01 each.
For details of the capital reorganisation, please refer to the
announcements of the Company dated 2 June 2025 and 4 June
2025 and the circular of the Company dated 9 June 2025.
49. AUTHORISATION FOR ISSUE OF
CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements were approved and authorised
for issue by the Board of Directors on 26 June 2025.
- （续）
(2) 股本削减
股本削减涉及每股已发行合并股
份的面值由1.00港元减少至0.01港
元，方式为(a)剔除从股份合并中产
生本公司已发行股本中的任何零碎
合并股份，以便将合并股份总数目
向下凑整至最接近整数；及(b)注销
本公司每股已发行合并股份的缴足
股本0.99港元，使每股已发行新股
份将被视为本公司股本中一(1)股每
股面值0.01港元的缴足股份。
(3) 拆细
拆细涉及每股法定但未发行合并股
份拆细为一百(100)股每股面值0.01
港元之法定但未发行新股份。
有关股本重组的详情，请参阅本公
司日期为二零二五年六月二日及二
零二五年六月四日之公告以及本公
司日期为二零二五年六月九日之通
函。
49. 授权刊发综合财务报表
综合财务报表已于二零二五年六月
二十六日经董事会批准并授权刊发。
259Annual Report
2025 年报
FINANCIAL SUMMARY
财务摘要
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
| Year ended 31 March | ||||||
|---|---|---|---|---|---|---|
| 截至三月三十一日止年度 | ||||||
| 2021 | 2022 | 2023 | 2024 | 2025 | ||
| 二零二一年 | 二零二二年 | 二零二三年 | 二零二四年 | 二零二五年 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| 20,044 | ||||||
| (560,142) | ||||||
| 75,389 | ||||||
| (484,753) | ||||||
| (12) | ||||||
| (484,765) | ||||||
| (451,554) | ||||||
| (33,211) | ||||||
| (484,765) | ||||||
Zhong Jia Guo Xin Holdings Company Limited | 中加国信控股股份有限公司260
FINANCIAL SUMMARY
财务摘要
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
| As at 31 March | ||||||
|---|---|---|---|---|---|---|
| 于三月三十一日 | ||||||
| 2021 | 2022 | 2023 | 2024 | 2025 | ||
| 二零二一年 | 二零二二年 | 二零二三年 | 二零二四年 | 二零二五年 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| 1,388,147 | ||||||
| (369,202) | ||||||
| 1,018,945 | ||||||