* 仅供识别

ANNUALANNUAL REREPOPORRTT

年报

2024/25

Corporate Information 公司资料2

Chairman’s Statement 主席报告书4

Management Discussion and Analysis 管理层讨论与分析6

Profiles of Directors and Senior Management 董事及高级管理人员简介14

Directors’ Report 董事局报告20

Corporate Governance Report 企业管治报告35

Independent Auditor’s Report 独立核数师报告55

Financial Information 财务资料

Consolidated Statement of Profit or Loss

综合损益表60

Consolidated Statement of Comprehensive Income

综合全面收益表61

Consolidated Balance Sheet

综合资产负债表62

Consolidated Statement of Changes in Equity

综合权益变动表64

Consolidated Statement of Cash Flows

综合现金流量表65

Notes to the Consolidated Financial Statements

综合财务报表附注66

Financial Summary 财务概要167

Schedule of Group’s Properties 本集团物业一览表168

Glossary 专用词汇170

CONTENT

CORPORATE INFORMATION

公司资料

董事局

执行董事

奥富胜先生（主席兼行政总裁）

杜结威先生（首席财务总监兼公司秘书）

福元究一先生

独立非执行董事

陈裕光博士

伍清华先生

施国荣先生

凌致和女士

审核委员会

施国荣先生（主席）

陈裕光博士

伍清华先生

凌致和女士

薪酬委员会

陈裕光博士（主席）

伍清华先生

施国荣先生

凌致和女士

奥富胜先生

福元究一先生

提名委员会

伍清华先生（主席）

陈裕光博士

施国荣先生

凌致和女士

奥富胜先生

杜结威先生

公司秘书

杜结威先生

主要往来银行

香港上海汇丰银行有限公司

恒生银行有限公司

中国银行股份有限公司

法国巴黎银行香港分行

三菱UFJ银行

渣打银行（香港）有限公司

星展银行（香港）有限公司

三井住友银行香港分行

核数师

罗兵咸永道会计师事务所

香港执业会计师及注册公众利益实体核数师

BOARD OF DIRECTORS

Executive Directors

Mr. Masaru OKUTOMI (Chairman and Chief Executive Officer)

Mr. TOU Kit Vai (Chief Financial Officer and Company Secretary)

Mr. Kyuichi FUKUMOTO

Independent Non-executive Directors

Dr. CHAN Yue Kwong Michael

Mr. NG Ching Wah

Mr. SZE Kwok Wing Nigel

Ms. LING Chi Wo Teresa

AUDIT COMMITTEE

Mr. SZE Kwok Wing Nigel (Chairman)

Dr. CHAN Yue Kwong Michael

Mr. NG Ching Wah

Ms. LING Chi Wo Teresa

REMUNERATION COMMITTEE

Dr. CHAN Yue Kwong Michael (Chairman)

Mr. NG Ching Wah

Mr. SZE Kwok Wing Nigel

Ms. LING Chi Wo Teresa

Mr. Masaru OKUTOMI

Mr. Kyuichi FUKUMOTO

NOMINATION COMMITTEE

Mr. NG Ching Wah (Chairman)

Dr. CHAN Yue Kwong Michael

Mr. SZE Kwok Wing Nigel

Ms. LING Chi Wo Teresa

Mr. Masaru OKUTOMI

Mr. TOU Kit Vai

COMPANY SECRETARY

Mr. TOU Kit Vai

PRINCIPAL BANKERS

The Hongkong and Shanghai Banking Corporation Limited

Hang Seng Bank Limited

Bank of China Limited

BNP Paribas, Hong Kong Branch

MUFG Bank, Ltd.

Standard Chartered Bank (Hong Kong) Limited

DBS Bank (Hong Kong) Limited

Sumitomo Mitsui Banking Corporation, Hong Kong Branch

AUDITOR

PricewaterhouseCoopers

Certified Public Accountants and Registered Public Interest Entity Auditor

互太纺织控股有限公司 | 2024 / 2025 年报

CORPORATE INFORMATION

公司资料

REGISTERED OFFICE

P.O. Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE OF

BUSINESS IN HONG KONG

Unit B1, 7/F., Block B, Eastern Sea Industrial Building

48–56 Tai Lin Pai Road, Kwai Chung

New Territories, Hong Kong

PRINCIPAL PLACE OF BUSINESS IN THE PRC

Liu Chong Tong Xin County

Wan Qing Sha Town

Nansha, Guangzhou City

Guangdong Province, PRC

PRINCIPAL PLACE OF BUSINESS IN VIETNAM

Lai Vu Industrial Zone, Lai Vu Commune

Kim Thanh District

Hai Duong Province

Vietnam

Lot K1, Rang Dong Textile Industrial Park

Rang Dong Town

Nghia Hung District

Nam Dinh Province

Vietnam

PRINCIPAL SHARE REGISTRAR

Suntera (Cayman) Limited

Suite 3204, Unit 2A, Block 3, Building D

P.O. Box 1586, Gardenia Court, Camana Bay

Grand Cayman, KY1-1100, Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited

Shops 1712–1716, 17/F., Hopewell Centre

183 Queen’s Road East

Wanchai, Hong Kong

HONG KONG STOCK EXCHANGE STOCK CODE

COMPANY WEBSITE

www.pacific-textiles.com

注册办事处

P.O. Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

总办事处及香港主要

营业地点

香港新界

葵涌大连排道48–56号

东海工业大厦B座8楼B1室

中国主要营业地点

中国广东省

广州市南沙

万顷沙镇

六涌同兴村

越南主要营业地点

Lai Vu Industrial Zone, Lai Vu Commune

Kim Thanh District

Hai Duong Province

Vietnam

Lot K1, Rang Dong Textile Industrial Park

Rang Dong Town

Nghia Hung District

Nam Dinh Province

Vietnam

主要股份过户登记处

Suntera (Cayman) Limited

Suite 3204, Unit 2A, Block 3, Building D

P.O. Box 1586, Gardenia Court, Camana Bay

Grand Cayman, KY1-1100, Cayman Islands

股份过户登记处香港分处

香港中央证券登记有限公司

香港湾仔

皇后大道东183号

合和中心17楼1712–1716号舖

香港联合交易所股份代号

公司网址

www.pacific-textiles.com

CHAIRMAN’S STATEMENT

主席报告书

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

各位股东

本人谨代表董事局提呈本集团2025年财政年

度之综合财务业绩，并概述本集团的策略及

业务前景。

财务及业务回顾

尽管台风摩羯突然来袭令本集团越南海阳厂

的生产受到干扰，惟回顾年度结束时本集团

的财务业绩与2024年财政年度相若。要不是

受到该事件影响，本集团于2025年财政年度

应可录得更佳财务表现。

业务展望

互太致力透过结合多年来育成的先进针织

及染整技术，再辅以创新和可持续发展概念

而创制出优质的纺织品。去年，我们的研发

（「研发」）团队专注发展功能性面料，例如可

提升各类服装性能的高弹性面料。本集团冀

望可透过推出新产品而稳步拓展业务，借此

渗透包括非服装产品在内的新市场领域。

在生产技术以外，本集团亦将现代科技融入

业务营运的各个不同层面列为首要任务。本

集团已更新其数位核心，并增设综合数据平

台及整合平台，以作为其数位化计划的其中

一环。该等新元素使数据分析变得更容易，

亦是一间准备好与人工智能融合的企业的

必备组成部分。我们就数位可视化作出的努

力已见成效，现已可以更轻松地掌握生产状

况。我们将继续针对数位化作出进一步投

资，例如在研发过程中提供产品的数位版

本，让客户可创制详细的服装立体模型。此

举使客户免于等待实体样品及更快作出决

定，有助于缩短销售周期时间。

于2024年7月，本集团位于南定省的新建越

南厂房举行开幕典礼，标志著获得主要客户

及当地政府的积极和鼎力支持之里程碑。随

著产量及销量逐步增加，该厂房将很快实现

全面量产。我们相信，该厂房将成为越南供

应高性能面料的首要基地，可满足我们客户

的需求。

Dear Shareholders

On behalf of the Board, I hereby present the Group’s consolidated financial results for

the 2025 Financial Year and give an overview of the Group’s strategy and business

outlook.

FINANCIAL AND BUSINESS REVIEW

The year under review concluded with a similar financial result to that of 2024

Financial Year amid the unexpected event of the hit of typhoon Yagi which caused

production disruption to our Vietnam Plant in Hai Duong. Without such an incident,

the Group’s financial performance during 2025 Financial Year should have been

better.

BUSINESS OUTLOOK

Pacific Textiles is committed to creating premium textiles by integrating advanced

knitting and dyeing technologies cultivated over years with innovative and

sustainable concepts. Last year, our Research and Development (“R&D”) team’s focus

was on the advancement of functional fabrics such as highly stretchable ones which

could enhance the performance of various range of garments. Through launching

new products, the Group hopes to steadily expand business and penetrate into new

market sector which shall include non-clothing items.

Beyond production technology, the Group also prioritizes the integration of modern

technology across all different aspects of its business operations. As part of its

digitalization initiatives, the Group has updated its digital core with the addition of a

consolidated data platform and integration platform. These new elements allow for

easier data analysis and are essential components of an AI ready enterprise. Digital

visualization efforts have paid dividends as the production status can be more easily

grasped now. Further investments in digitalization will continue – such as offering

digital versions of our products during the R&D process so that customers can

create detailed 3D models of garments. This helps to reduce the sales cycle time as

customers do not need to wait for physical samples and make decisions faster.

The Group’s new Vietnam factory in Nam Dinh Province held an opening ceremony in

July 2024, marking a milestone with positive and strong support from key customers

and the local government. Production and sales volumes are gradually increasing, and

the factory will achieve full production soon. We believe that the factory will serve

as Vietnam’s premier base for supplying high-performance fabrics to cater for our

customers demand.

互太纺织控股有限公司 | 2024 / 2025 年报

CHAIRMAN’S STATEMENT

主席报告书

The reciprocal tariffs imposed by the U.S. is creating market uncertainties. For the time

being, we are prioritizing rigorous cost control and inventory management aligned

with the market condition. Given of the above, through strategic extension of our

product range and production bases, we look forward to growing significantly in the

medium term.

APPRECIATION

On behalf of the Board, I am pleased to express my sincere appreciation to our

customers, business partners, suppliers, bankers, community members relevant to our

production sites and other stakeholders for their continuous support to the Group

during the year. I sincerely hope our employees will be able to develop their fruitful

career path together with the Group, realise their potential and enjoy their balanced

life.

I would also like to thank our shareholders for their continuous support and

confidence in the Group during the past year.

On behalf of the Board

Masaru OKUTOMI

Chairman

Hong Kong, 26 June 2025

美国实施的对等关税为市场带来不确定性。

目前，我们首要重视严格控制成本，并根据

市况进行存货管理。有鉴于此，我们期望透

过策略性地扩展我们的产品系列及生产基

地，于中期内实现显著增长。

致谢

本人谨代表董事局衷心感谢我们的客户、业

务伙伴、供应商、往来银行、我们生产基地

的相关社区成员以及其他持份者年内对本集

团的持续支持。本人诚挚希望，员工上下能

与本集团携手开展成果丰硕的事业生涯、尽

展所长并享受均衡生活。

本人亦借此机会感谢股东过去一年对本集团

的恒久支持及信任。

代表董事局

主席

奥富胜

香港，2025年6月26日

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

概览

业务及财务回顾

互太纺织控股有限公司及其附属公司主要从

事纺织产品（包括优质全棉及化纤针织布）之

制造及贸易。

收入

于回顾年度，本集团之收入约为5,057.6百万

港元（2024年：约4,739.0百万港元），较截至

2024年3月31日止年度增加6.7%，乃由于销

量增加11.3%及平均售价减少4.5%的综合影

响所致。

不同地区销售货品产生的收入（根据产品交

付地点厘定）载于第88页本公司财务资料附

注5。

其他收入包含（其中包括）政府补助及保险

弥偿收入载于第130页本公司财务资料附注

22。

销售成本

本集团之销售成本约为4,673.6百万港元

（2024年：约4,241.6百万港元），较截至2024

年3月31日止年度增加10.2%，与收入增加

一致。

溢利

于回顾年度，本公司权益持有人应占溢利约

为167.6百万港元（2024年：约167.1百万港

元），较上一年度增加0.3%。

分销及销售开支

于回顾年度，销售及分销开支（包括应收账

款减值亏损）增加至55.4百万港元（2024年：

43.2百万港元），主要由于运费开支增加，

与收入增加相符。

行政开支

行政开支减少至165.3百万港元（2024年：

194.3百万港元）。减少乃主要由于以下因素

的综合影响所致：

(a) 2024年财政年度的递延收入的拨回调

整，使上个财政年度的行政开支增加；

及

(b) 2025年财政年度的个人所得税拨备的

拨回调整，使本财政年度的行政开支

减少。

OVERVIEW

BUSINESS AND FINANCIAL REVIEW

Pacific Textiles Holdings Limited and its subsidiaries are principally engaged in

manufacturing and trading of textiles products, including high quality cotton and

synthetic knitted fabrics.

Revenue

During the year under review, revenue of the Group was approximately HK$5,057.6

million (2024: approximately HK$4,739.0 million) representing an increase of 6.7% as

compared with the year ended 31 March 2024, as a result of the combined effect of an

increase of 11.3% in sales volume and a decrease of 4.5% in average sales price.

Revenue generated from sales of goods from different geographical locations (as

determined by where the products were delivered to) is set out in note 5 to the

financial information of the Company on page 88.

Other incomes comprising, among others, government grants and insurance

indemnity income are set out in note 22 to the financial information of the Company

on page 130.

Cost of sales

Cost of sales of the Group was approximately HK$4,673.6 million (2024: approximately

HK$4,241.6 million) representing an increase of 10.2% as compared with the year

ended 31 March 2024 which was consistent with increase in revenue.

Profit

During the year under review, the profit attributable to equity holders of the

Company was approximately HK$167.6 million (2024: approximately HK$167.1 million)

representing an increase of 0.3% as compared with last year.

Distribution and selling expenses

During the year under review, selling and distribution expenses including impairment

loss on trade receivables increased to HK$55.4 million (2024: HK$43.2 million), mainly

due to increase in expense on freight charge which was consistent with increase in

revenue.

Administration expenses

The administration expenses decreased to HK$165.3 million (2024: HK$194.3 million).

The decrease was primarily attributable to the combined effect of the following

factors:

(a) The reversal adjustment of deferred revenue in 2024 Financial Year, which

increased the administration expenses for the last financial year; and

(b) The reversal adjustment of individual income tax provision in 2025 Financial

Year, which decreased administration expenses for the current financial year.

互太纺织控股有限公司 | 2024 / 2025 年报

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

概览（续）

业务及财务回顾（续）

财务成本

财务成本轻微增加约1.9%至61.6百万港元

（2024年：60.5百万港元）。

应收账款及应付账款周转天数

应收账款周转天数为53日，而应付账款周转

天数为49日。

所得税

于回顾年度，本集团录得所得税开支约34.8

百万港元（2024年：30.4百万港元）。于回顾

年度，本集团之平均实际税率为约17.9%，

较截至2024年3月31日止年度（2024年：

15.0%）为高。实际税率增加，主要归因于越

南海阳厂及越南南定厂于2025年财政年度出

现经营亏损，以致本集团的所得税前溢利减

少所致。

资产

于2025年3月31日，本集团之资产总值为

5,310.4百万港元（2024年：5,566.0百万港

元），减少约4.6%。资产总值包括非流动资

产2,840.7百万港元（2024年：2,816.6百万港

元）及流动资产2,469.7百万港元（2024年：

2,749.3百万港元）。

关键财务比率载列如下：

附注：

%计算。

(2) 权益回报率乃按年内溢利除以权益总额再

乘以100%计算。

(3) 利息覆盖比率乃按银行贷款利息开支及税

项开支前溢利除以银行贷款利息开支计算。

OVERVIEW (Cont’d)

BUSINESS AND FINANCIAL REVIEW (Cont’d)

Finance costs

Finance costs slightly increased by approximately 1.9% to HK$61.6 million (2024:

HK$60.5 million).

Trade receivables and trade payables turnover days

Trade receivables turnover days was 53 days while trade payables turnover days was

49 days.

Income tax

The Group recorded an income tax expense of approximately HK$34.8 million during

the year under review (2024: HK$30.4 million). The average effective tax rate of the

Group during the year under review was approximately 17.9% which was higher than

the year ended 31 March 2024 (2024: 15.0%). The increase in effective tax rate was

mainly attributed to the decrease in profit before income tax of the Group resulted

from the operating loss of Vietnam Hai Duong Plant and Vietnam Nam Dinh Plant

during the 2025 Financial Year.

Assets

As at 31 March 2025, the total assets of the Group were HK$5,310.4 million (2024:

HK$5,566.0 million) representing a decrease of approximately 4.6%. The total assets

comprised non-current assets of HK$2,840.7 million (2024: HK$2,816.6 million) and

current assets of HK$2,469.7 million (2024: HK$2,749.3 million).

Key financial ratios are set out below:

Interest Coverage Ratio4.44.0

Notes:

(1) The calculation of Gross Profit Margin is based on gross profit divided by revenue and

multiplied by 100%.

(2) The calculation of Return on Equity is based on profit for the year divided by total

equity and multiplied by 100%.

(3) The calculation of Interest Coverage Ratio is based on profit before interest expenses

on bank loans and tax expenses divided by interest expenses on bank loans.

For the year ended 31 March
截至3月31日止年度
	2025	2024
	2025年	2024年
7.6%
5.5%
4.4

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

OVERVIEW (Cont’d)

BUSINESS AND FINANCIAL REVIEW (Cont’d)

Liquidity and financial resources and capital structure

As at 31 March 2025, the Group was in a net debt position (cash and bank balances

and time deposits less total borrowings) of HK$679.8 million (2024: net debt position

of HK$585.7 million). The increase in a net debt position was due to increase in trade

receivables and repayment of bank loans.

The Group’s principal source of working capital was cash generated from sales of its

products, supplemented with bank borrowings and a shareholder’s loan contributed

by our joint venture partner for a Vietnam subsidiary.

As at 31 March 2025, the Group had total cash and bank balances of HK$666.5 million

(2024: HK$894.9 million) comprising of HK$34.6 million, the equivalent of HK$437.2

million denominated in US$, the equivalent of HK$187.2 million denominated in RMB,

the equivalent of HK$6.9 million denominated in VND and the equivalent of HK$0.6

million denominated in other currencies. The cash and bank balances and time

deposits were to finance the Group’s working capital and capital expenditure plans.

The Group had bank loans of HK$1,220.9 million (2024: HK$1,354.5 million) and

shareholder’s loan of HK$125.4 million (2024: HK$126.2 million) contributed by our

joint venture partner to a Vietnam subsidiary. The said shareholder’s loan was of equity

nature and was not repayable within one year. The Group did not pledge any of its

assets for bank borrowing (2024: Nil).

For the year ended 31 March 2025, the Group’s total assets amounted to HK$5,310.4

million (2024: HK$5,566.0 million) representing a decrease of 4.6%. Non-current assets

and current assets were HK$2,840.7 million and HK$2,469.7 million respectively. The

above assets were financed by current liabilities of HK$2,087.3 million, non-current

liabilities of HK$340.2 million and equity attributable to Shareholders of HK$2,882.7

million.

概览（续）

业务及财务回顾（续）

资金流动性与财务资源及资本架构

于2025年3月31日，本集团之净负债水平

（现金及银行结余连同定期存款减借贷总额）

为679.8百万港元（2024年：净负债水平为

585.7百万港元）。净负债水平增加乃由于应

收账款增加及偿还银行贷款。

本集团之主要营运资金来源为销售其产品产

生的现金，配以银行借贷以及我们的合营企

业伙伴向一家越南附属公司提供的股东贷

款。

于2025年3月31日，本集团拥有现金及银行

结余总额666.5百万港元（2024年：894.9百

万港元），当中包括34.6百万港元、相等于

437.2百万港元之美元、相等于187.2百万港

元之人民币、相等于6.9百万港元之越南盾

及相等于0.6百万港元之其他货币。现金及

银行结余连同定期存款为本集团之营运资金

及资本开支计划提供资金来源。

本集团拥有银行贷款1,220.9百万港元（2024

年：1,354.5百万港元）及由我们的合营企业

伙伴向一家越南附属公司提供的股东贷款

125.4百万港元（2024年：126.2百万港元）。

所述股东贷款为权益性质，毋须于一年内偿

还。本集团并无就银行借贷抵押其任何资产

（2024年：无）。

截至2025年3月31日止年度，本集团资产总

值为5,310.4百万港元（2024年：5,566.0百万

港元），减少4.6%。非流动资产及流动资产分

别为2,840.7百万港元及2,469.7百万港元。上

述资产由流动负债2,087.3百万港元、非流动

负债340.2百万港元及股东应占权益2,882.7

百万港元提供融资。

互太纺织控股有限公司 | 2024 / 2025 年报

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

概览（续）

业务及财务回顾（续）

资本开支及资本承担

本集团一直采取谨慎的措施，并根据市场的

需求而微调资本开支。于回顾年度，本集团

录得资本开支总额减少69.4%至310.1百万港

元（2024年：1,012.9百万港元），主要由于越

南南定厂的资本开支投资减少。

资本承担的详情载于本年报第143页本公司

财务资料附注31。

主要流动资金或杠杆比率：

附注：

(5) 速动比率乃按流动资产减存货除以流动负

债计算。

(6) 资本负债比率乃按借贷总额及应付票据除

以权益总额再乘以100%计算。

(7) 负债权益比率乃按负债总额除以权益总额

再乘以100%计算。

OVERVIEW (Cont’d)

BUSINESS AND FINANCIAL REVIEW (Cont’d)

Capital expenditure and capital commitment

The Group had been adopting cautious measures and fine-tuned its capital

expenditure in response to the market demand. During the year under review, total

capital expenditure decreased by 69.4% to HK$310.1 million (2024: HK$1,012.9 million)

which was mainly due to less investment on capital expenditures for the Vietnam Nam

Dinh Plant.

Details of capital commitments are set out in note 31 to the financial information of

the Company on page 143 of this annual report.

Key liquidity or leverage ratios:

Debt to Equity Ratio84.2%87.6%

Notes:

(4) The calculation of Current Ratio is based on current assets divided by current liabilities.

(5) The calculation of Quick Ratio is based on current assets minus inventories divided by

current liabilities.

(6) The calculation of Gearing Ratio is based on total borrowings and bills payable divided

by total equity multiplied by 100%.

(7) The calculation of Debt to Equity Ratio is based on total liabilities divided by total

equity multiplied by 100%.

As at 31 March
于3月31日
	2025	2024
	2025年	2024年
1.2
0.7
47.1%
84.2%

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

概览（续）

业务及财务回顾（续）

外汇及利率风险管理

本集团一直面对多种货币之外汇风险，主要

涉及美元、人民币及越南盾。本集团通过定

期检讨及监察以管理外汇风险。本集团于适

时采用对冲措施以降低若干风险。

本集团主要于香港、中国、澳门及越南营

运。除了若干现金及银行结余与若干内部公

司应收款项以外币计算，交易通常以各集团

实体之功能货币进行。董事认为已确认资产

与负债所产生之外币风险极小。

本集团一直采用远期外汇合约对冲其部分外

汇风险。该等远期外汇合约不符合采用对冲

会计法入账，而按公允值计入损益。

资产抵押

于2024年3月31日及2025年3月31日，并无

为获得融资抵押资产。

重大收购及出售附属公司、联营公司及合营

企业

截至2025年3月31日止年度，本集团并无作

出有关本公司之附属公司、联营公司及合营

企业之重大收购或出售事项。

或有负债

于2025年3月31日，本集团并无重大或有负

债（2024年：无）。

期后事项

于2025年3月31日后及截至本报告日期，本

公司或本集团并无进行任何重大事项。

OVERVIEW (Cont’d)

BUSINESS AND FINANCIAL REVIEW (Cont’d)

Risk Management on Foreign Exchange and Interest Exposure

The Group had been exposed to foreign exchange risk arising from various currency

exposures with respect to the US Dollars, Renminbi and Vietnamese Dongs primarily.

The Group managed its foreign exchange risks by performing regular review and

monitoring its foreign exchange exposures. The Group would hedge against certain of

its exposures in order to reduce the risk involved as appropriate.

The Group mainly operated in Hong Kong, PRC, Macau and Vietnam. Except for certain

cash and bank balances and certain inter-company receivables denominated in

foreign currencies, transactions were generally conducted in a functional currency of

the respective group entity. The foreign currency risk arising from recognised assets

and liabilities was considered by the Directors to be minimal.

The Group had been using forward foreign currency contracts to hedge part of its

foreign exchange risk. These forward foreign currency contracts did not qualify for

hedge accounting and were accounted for at fair value through profit or loss.

Pledge of Assets

No assets were pledged to obtain financing as at 31 March 2024 and 31 March 2025

respectively.

Material Acquisitions and Disposals of Subsidiaries, Associates and Joint

Ventures

There was no material acquisition or disposal of the Company’s subsidiaries, associates

and joint ventures during the year ended 31 March 2025.

Contingent Liabilities

As at 31 March 2025, the Group had no material contingent liabilities (2024: Nil).

Events Subsequent to the Period

There was no significant event undertaken by the Company or by the Group after 31

March 2025 and up to the date of this report.

互太纺织控股有限公司 | 2024 / 2025 年报

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

环境及社会报告

本集团一直不遗余力地投资于环保、能源消

耗及减少浪费，其成绩已获得认可。于回顾

年度，本公司分别于南沙及香港之附属公司

于2024年10月获香港特区环境及生态局及

广东省工业和信息化厅颁授「粤港清洁生产

优越伙伴（制造业）」标志

。

于回顾年度，本公司于南沙之附属公司于

2024年12月获广东省清洁生产协会评为「优

秀会员单位」

。

产品研发

于回顾年度，本公司投入开发创新产品以迎

合市场需要。本公司于南沙之附属公司的新

产品荣获多个奖项，包括：

于2024年5月获中国针织工业协会评选为

「2023年度中国针织行业30强」

。

于2024年8月获中国纺织信息中心及纺织产

品开发中心颁发「中国流行面料入围企业之

优秀奖」证书

。

于2024年10月获中国纺织信息中心及纺织

产品开发中心颁发「2024年第七届中国生态

环保面料设计大赛（创新奖企业）－优秀奖产

品」证书

。

于2025年3月获中国纺织信息中心及纺织产

品开发中心颁发「中国流行面料入围企业之

优秀奖产品」证书

。

雇员及薪酬政策

于2025年3月31日，本集团雇用5,115名全职

雇员（2024年：4,874名）。本集团薪酬政策

并无重大变动。本集团雇员薪酬待遇包括薪

金、花红、津贴及退休福利，其乃根据各雇

员表现、技能及知识厘定。本集团亦向雇员

提供额外福利，如向驻生产设施之雇员提供

食宿津贴、意外及医疗保险等。

本集团将持续向雇员提供定期培训及具竞争

性之薪酬待遇以提升其工作动力及积极性。

本英译内容仅供参考。如中英文内容文意

不相符，应以中文为准。

ENVIRONMENTAL AND SOCIAL REPORTING

The Group has been sparing no effort in the investment of environmental protection,

energy consumption and reduction of wastage, and the achievements were well

recognised. During the year under review, two subsidiaries of the Company in

Nansha and Hong Kong respectively had been jointly commended as “Hong Kong-

Guangdong Cleaner Production Excellent Partners (Manufacturing)” Label by

Environment and Ecology Bureau of the HKSAR and the Department of Industry and

Information Technology of Guangdong Province in October 2024

During the year under review, the subsidiary of the Company in Nansha was

accredited as the “Excellent Member Unit” by Guangdong Cleaner Production

Association in December 2024

PRODUCT RESEARCH AND DEVELOPMENT

During the year under review, the Company contributed to develop innovative

products to meet the market needs. The Company’s subsidiary in Nansha has received

multiple awards for its new products including:

graded as “2023 China Textiles Industry Top 30” by China Knitting Industrial

Association in May 2024

awarded with a certificate of “Fabrics China Appraisal Entry Enterprise – Outstanding

Award” by China Textile Information Center and Textile Product Development Center

in August 2024

awarded with a certificate of “2024 7th China Eco-friendly Fabric Design Competition

(Innovative Enterprise) – Outstanding products” by China Textile Information Center

and Textile Product Development Center in October 2024

awarded with a certificate of “Fabrics China Appraisal Entry Enterprise – Outstanding

Products Award” by China Textile Information Center and Textile Product

Development Center in March 2025

EMPLOYEES AND REMUNERATION POLICIES

As at 31 March 2025, the Group had 5,115 full-time employees (2024: 4,874).

There was no significant change in the Group’s remuneration policy. The Group’s

remuneration package for its employees included salary, bonuses, allowances

and retirement benefits based on the performance, skills and knowledge of each

employee. The Group also provided additional benefits to its employees, for instance,

subsidized accommodation and meals for those working in production facilities,

accident and medical insurance, etc.

The Group will continue to provide regular trainings and competitive remuneration

package to employees in order to enhance their incentive and motivation to work.

The English translated version is for reference only. If there is any inconsistency

between the Chinese and English versions, the Chinese version shall prevail.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

DIVIDENDS

The Board proposed to pay a final dividend of HK$5 cents (2024: HK$5 cents) per

share for the 2025 Financial Year, subject to the approval of the Shareholders at the

forthcoming AGM. Together with an interim dividend of HK$7 cents (2024: HK$7

cents) per share, the total dividend for the 2025 Financial Year amounted to HK$12

cents (2024: HK$12 cents) per share.

PROSPECT AND OUTLOOK

The financial year ended 31 March 2025 was concluded with HK$167.6 million profit

attributable to equity holders of the Company, similar to 2024 Financial Year. Sales

revenue increased accompanied by increase in sales volumes, in spite of slight drop

of average sales price. Meanwhile, EBITDA (Earnings before interest, tax, depreciation

and amortization) rose by 12.5% to HK$473.4 million, signaling enhanced operational

efficiency and higher growth potential.

Last year, the hit of super typhoon Yagi on the Company’s Vietnam Hai Duong Plant

had led to temporary suspension of production for some time prior to its resumption

to 70% of its original production capacity. The incident has dragged down the profit

margin of the factory. However, with the Company’s efforts to reallocate certain

production orders to other plants for order fulfilments, the loss to the factory was

mitigated. Disruption of typhoon Yagi has turned the factory from profit (2024

Financial Year: HK$21.1 million) into loss (2025 Financial Year: HK$25.8 million).

Currently, the Vietnam Hai Duong Plant is almost ready for full recovery from the

impact of typhoon as structure of the plant has been repaired and new machines are

in place. The management expects that as Vietnam Hai Duong Plant fully resumes to

its full production, profit generated by the factory for 2026 Financial Year will reach to

the level of 2024 Financial Year.

The Group’s expansion in Vietnam has made significant progress in 2025. The newly

established Vietnam Nam Dinh Plant has shifted to bulk production in September

2024 and the production volume was about 1.1 million pounds on average during

September 2024 to March 2025. During the first five months of 2025 Financial Year,

the factory was in trial production stage and mainly dealing with sample making

only, followed by few months’ period dedicated to establishing and enhancing fabric

quality to satisfy customers’ requirement. The production volume generated in the

remaining months of 2025 Financial Year was not high enough to yield profit for

the first operating year of the plant, resulting in a loss of HK$103.7 million. Despite

the operating loss recorded during its first year, the management believes that the

prospect of this new Vietnam Nam Dinh Plant is promising. The management has

been putting a lot of efforts in training up staff’s skill to release the full potential of the

factory and plans for further expansion in next few years. Leveraging the experience

of the long-established Vietnam Hai Duong Plant, the management believes that the

Vietnam Nam Dinh Plant could gradually improve the efficiency and contribute to the

growth of the Group.

股息

董事局建议就2025年财政年度派发末期股息

每股5港仙（2024年：5港仙），惟须待股东

于应届股东周年大会上批准。连同中期股息

每股7港仙（2024年：7港仙），2025年财政

年度的股息总额为每股12港仙（2024年：12

港仙）。

前景及展望

截至2025年3月31日止年度，本公司权益

持有人应占溢利为167.6百万港元，与2024

年财政年度相若。尽管平均售价轻微下

跌，惟销售收入随著销量增长而增加。同

时，EBITDA（税息折旧及摊销前利润）增长

12.5%，为473.4百万港元，这表明本公司的

营运效率有所提升，且具备更高的增长潜力。

去年，超强台风摩羯对本公司越南海阳厂造

成破坏，导致该厂房需暂时停产一段时间，

随后方回复至原来产能的70%。该事故拖低

了该厂房的利润率。然而，在本公司为履行

订单而将若干生产订单重新分配至其他厂

房的努力下，已成功减轻该厂房的损失。该

厂房因受到台风摩羯的破坏而由录得溢利

（2024年财政年度：21.1百万港元）变为录得

亏损（2025年财政年度：25.8百万港元）。目

前，由于越南海阳厂的结构经已修复，新机

器亦已就位，该厂房已几乎准备就绪从台风

的影响中完全复原。管理层预期，随著越南

海阳厂恢复全面生产，该厂房于2026年财政

年度产生的溢利将达到2024年财政年度的水

平。

本集团在越南的扩展计划于2025年取得重大

进展。新落成的越南南定厂已于2024年9月

转为大规模生产，而于2024年9月至2025年

3月期间的平均产量约为1.1百万磅。于2025

年财政年度首五个月，该厂房处于试产阶

段，主要处理样品制作，其后数月则专注确

立及提升面料质量以满足客户要求。该厂房

于2025年财政年度余下月份的产量并不足

以为首个营运年度带来溢利，导致录得亏损

103.7百万港元。尽管新落成的越南南定厂

在首年录得营运亏损，惟管理层相信该新厂

房的前景看好。管理层一直致力培训员工技

能，以充分释出该厂房的潜力，并计划在未

来几年进一步扩张。凭借既有越南海阳厂的

经验，管理层相信越南南定厂可逐步提升效

率，并为本集团的增长带来贡献。

互太纺织控股有限公司 | 2024 / 2025 年报

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

Had there been no special issues stated above, the profit for the Group would have

been improved to approximately HK$304.2 million.

The textile industry is facing a complex landscape, shaped by trade tariffs, weak

consumer sentiment and high inflation. The ongoing trade tension between major

economies like the U.S. and China continues to impose pressure on supply chains

and trading patterns, the impact of which on Asia-based manufacturers and traders

is direct and severe. Diminishing consumer confidence in major economies is

dampening the demand of apparel, causing fierce competition in price among textile

mills to keep their respective market share. Inflation, on one hand, raises production

cost and on the other hand, erodes purchasing power of consumers, causing

challenges to both cost management and top-line growth for manufactures and

traders.

In 2026 Financial Year, the Group’s financial performance in short term will be

negatively impacted by the tariff negotiation issue between China and the U.S. as well

as Vietnam and the U.S.. We have been focusing on developing business of higher

value added fabrics and getting ready to increase the sales and profit in the middle

and long term after the result of tariff negotiation becomes clear.

The Company will concentrate on fostering closer cooperation with brand owners,

especially on functional synthetic fabrics which calls for innovation and higher

technological know-how. In order to satisfy customers’ need, the Company’s

experience in producing high quality fabrics in this area is definitely an advantage.

Diversifying customer base through penetrating into new markets and developing

new applications continues to be one of the key strategies of the Group.

In spite of the geopolitical uncertainties, the interest rate is expected to be on the

decline during 2026 Financial Year. Lower interest rate might have positive impact on

business, being conducive to expansion plan and decreasing cost of finance.

The management is optimistic over prospect of the business and expecting the start

of mid-term growth trajectory in 2026 Financial Year.

要不是发生上述特别事件，本集团的溢利将

增加至约304.2百万港元。

纺织业面临由贸易关税、消费意欲偏软及高

通胀造成的复杂形势。中美等主要经济体之

间持续的贸易紧张局势继续对供应链及贸易

模式构成压力，对亚洲制造商及贸易商造成

直接且严重的影响。随著主要经济体的消费

者信心下降，对服装的需求亦有所减少，导

致纺织厂为保持各自的市场份额而需在价格

上进行激烈竞争。就通胀而言，其一方面令

生产成本上涨，另一方面亦削弱消费者的购

买力，为制造商及贸易商的成本管理及业绩

增长带来挑战。

于2026年财政年度，本集团的短期财务表

现将因中国与美国及越南与美国之间的关税

谈判问题而受到负面影响。我们已一直专注

发展高增值面料业务，并已准备就绪在关税

谈判结果明朗后，增加中至长期的销售及溢

利。

本公司将致力促进与品牌拥有者更紧密合

作，特别是就需要创新及更高技术知识的功

能性合成面料方面。就满足客户需要而言，

本公司在此领域生产高品质面料的经验绝对

为一大优势。本集团仍然以透过进军新市场

及开发新应用来扩大客户基础作为其主要策

略之一。

尽管地缘政治存在不确定性，我们预计2026

年财政年度的利率将会下调。利率下调或会

对业务产生正面影响，有利于扩张计划及降

低融资成本。

管理层对业务前景感到乐观，并预计业务有

望在2026年财政年度踏入中期增长轨迹。

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

执行董事

奥富胜先生，67岁，于2019年7月1日加入

本集团，出任执行董事及董事局副主席。自

2021年10月1日起，奥富先生由董事局副主

席调任为董事局主席兼本集团行政总裁。

奥富先生继续担任执行董事、薪酬委员会成

员及提名委员会成员。此外，奥富先生为本

集团多间附属公司之董事及本集团联营公

司Teejay Lanka Plc.（其股份于斯里兰卡科伦

坡证券交易所上市）之非执行董事。奥富先

生负责领导管理团队，监督本集团整体生产

及营运，提供企业指示及制定本集团业务策

略。奥富先生于1981年取得一桥大学法律学

士学位，于毕业后加入Toray商品销售部门

（纺织品）。Toray为一间于东京证券交易所

上市的公司，亦为本公司之一名主要股东。

彼亦曾担任多个高级职位，包括于2016年5

月至2019年6月30日出任东丽（华南）有限

公司及东丽（香港）有限公司之董事总经理

及于2016年5月至2019年6月30日出任东丽

（中国）投资有限公司之副董事总经理，彼亦

获授予Toray常任理事之职衔。奥富先生于

纺织业务方面拥有丰富的管理经验。

杜结威先生，62岁，于2013年加入本集团

并于2014年4月1日成为本集团首席财务总

监。彼自2017年7月1日起获委任为本公司

执行董事及自2022年8月12日起获委任为本

公司公司秘书。杜先生自2022年10月1日起

出任本公司提名委员会成员。此外，彼为本

集团多间附属公司之董事及本集团联营公司

Teejay Lanka Plc.（其股份于斯里兰卡科伦坡

证券交易所上市）之非执行董事。杜先生于

工厂运营、财务管理、项目管理及ERP系统

方面拥有丰富经验。彼负责监督企业财务及

资金管理、资讯科技、投资者关系、内部审

计以及后勤支援职能。杜先生为香港会计师

公会及特许公认会计师公会资深会员。彼于

2007年至2012年期间于一间联交所上市之公

司担任执行董事。

EXECUTIVE DIRECTORS

Mr. Masaru OKUTOMI, aged 67, joined the Group on 1 July 2019 as executive

Director and the Vice Chairman of the Board. With effect from 1 October 2021, Mr.

Okutomi was re-designated from the Vice Chairman of the Board to the Chairman

of the Board and the Chief Executive Officer of the Group. Mr. Okutomi continues

to serve as an executive Director, a member of the Remuneration Committee and

a member of the Nomination Committee. Moreover, Mr. Okutomi is a director of

various subsidiaries of the Group and a non-executive director of Teejay Lanka Plc.,

an associated company of the Group, whose shares are listed on the Colombo Stock

Exchange in Sri Lanka. Mr. Okutomi is responsible to lead the management team

and oversee the overall production and operation of the Group, providing corporate

directions and formulating business strategies of the Group. Mr. Okutomi holds a

bachelor’s degree in law from Hitotsubashi University in 1981 and after his graduation,

he joined the merchandise sales department (textiles) of Toray. Toray is a company

listed on the Tokyo Stock Exchange and is a substantial shareholder of the Company.

He also held various senior positions including the managing director of Toray

Industries (South China) Co., Ltd. and Toray Industries (H.K.) Ltd. from May 2016 to 30

June 2019, and the deputy managing director of Toray Industries (China) Co., Ltd. from

May 2016 to 30 June 2019, and has been given the title as senior director in Toray. Mr.

Okutomi has extensive experience in management of textiles business.

Mr. TOU Kit Vai, aged 62, joined the Group in 2013 and became Chief Financial

Officer of the Group on 1 April 2014. He has been appointed as an executive Director

of the Company from 1 July 2017 and the Company Secretary of the Company

from 12 August 2022. Mr. Tou has been a member of Nomination Committee of the

Company since 1 October 2022. Moreover, he is a director of various subsidiaries of

the Group and a non-executive director of Teejay Lanka Plc., an associated company

of the Group, whose shares are listed on the Colombo Stock Exchange in Sri Lanka.

Mr. Tou has extensive experience in factory operations, financial management, project

management and ERP system. He is responsible for overseeing the corporate financial

and treasury management, information technology, investor relations, internal audit

and back office operations. Mr. Tou is a fellow member of The Hong Kong Institute of

Certified Public Accountants and The Association of Chartered Certified Accountants.

He was an executive director of a company listed on the Stock Exchange during the

period from 2007 to 2012.

互太纺织控股有限公司 | 2024 / 2025 年报

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

执行董事（续）

福元究一先生，54岁，于2022年2月加入本

集团出任执行董事。福元先生自2022年10月

1日起出任本公司薪酬委员会成员。此外，彼

为本集团多间附属公司之董事。福元先生负

责本集团之财务预算控制及设立主要绩效指

标以达成企业目标。福元先生在越南南定厂

投产后继续主导该工厂的进一步扩张。福元

先生于1995年毕业于东京大学法学院，并自

1995年起获聘于Toray Industries, Inc.。Toray

为一间于东京证券交易所上市的公司，亦为

本公司之一名主要股东。加入本集团之前，

彼于2017年5月至2019年3月期间为Toray

纤维及纺织品策略业务规划部高级职员，及

于2019年4月至2021年底担任该部门之助理

总经理。福元先生在纺织业拥有丰富经验。

独立非执行董事

陈裕光博士，73岁，自2007年起获委任为本

公司独立非执行董事。陈博士自2007年起担

任薪酬委员会之主席、审核委员会及提名委

员会之成员。彼于1984年加入香港上市公司

大家乐集团有限公司，曾任该公司主席，现

担任非执行董事，于策划及管理工作方面拥

有丰富经验。陈博士自1993年起出任星光集

团有限公司之独立非执行董事，自2010年起

出任谢瑞麟珠宝（国际）有限公司之独立非执

行董事，自2015年及2016年起先后出任现代

牙科集团有限公司及盈健医疗集团有限公司

之独立非执行董事及自2007年起出任稻香控

股有限公司之非执行董事，上述公司均于联

交所主板上市。陈博士持有加拿大曼尼托巴

大学(University of Manitoba)文学学士学位及

城市规划硕士学位，更获颁授工商管理荣誉

博士学位及荣膺岭南大学之荣誉院士殊荣。

彼现为优质旅游服务协会顾问及香港市务学

会荣誉主席。陈博士曾担任香港管理专业协

会企业管理发展中心主席，亦曾经为香港理

工大学管理及市场学系顾问委员会成员。

EXECUTIVE DIRECTORS (Cont’d)

Mr. Kyuichi FUKUMOTO, aged 54, joined the Group in February 2022 as an executive

Director. Mr. Fukumoto has been a member of Remuneration Committee of the

Company since 1 October 2022. Moreover, he is a director of various subsidiaries

of the Group. Mr. Fukumoto is responsible for the Group’s budgetary control and

setting up of key performance indicators for fulfilling corporate goal and targets. Mr.

Fukumoto continues to lead further expansion of Vietnam Nam Dinh Plant following

its commencement of operations. Mr. Fukumoto graduated from the faculty of law

in Tokyo University in 1995 and has been an employee of Toray Industries, Inc. since

1995. Toray is a company listed on the Tokyo Stock Exchange and is a substantial

shareholder of the Company. Prior to joining the Group, he was a senior staff of the

Fibers & Textiles Strategic Business Planning Department of Toray from May 2017 to

March 2019 and was an Assistant General Manager of the said Department since April

2019 to end of 2021. Mr. Fukumoto has extensive experience in the textiles industry.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Dr. CHAN Yue Kwong Michael, aged 73, has been appointed as an Independent

Non-executive Director of the Company since 2007. Dr. Chan has been the Chairman

of the Remuneration Committee, a member of the Audit Committee and a member

of the Nomination Committee since 2007. He was the former chairman and is

currently the non-executive director of Cafe de Coral Holdings Limited, a Hong

Kong listed company which he joined in 1984, and has considerable experience in

planning and management. Dr. Chan has also been an independent non-executive

director of Starlite Holdings Limited since 1993, Tse Sui Luen Jewellery (International)

Limited since 2010, Modern Dental Group Limited since 2015 and Human Health

Holdings Limited since 2016, and a non-executive director of Tao Heung Holdings

Limited since 2007, the abovementioned companies are listed on the Main Board

of the Stock Exchange. Dr. Chan holds a Bachelor of Arts, a Master degree in City

Planning from the University of Manitoba, Canada, an Honorary Doctorate Degree

in Business Administration and is also bestowed as Honorary Fellow from Lingnan

University. He is currently the adviser of the Quality Tourism Services Association, the

Honorary Chairman of the Hong Kong Institute of Marketing. Dr. Chan was the former

chairman of Business Enterprise Management Centre of The Hong Kong Management

Association and was also a member of the advisory committee of the department of

management and marketing of the Hong Kong Polytechnic University.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

独立非执行董事（续）

伍清华先生，75岁，自2007年起获委任为本

公司独立非执行董事。伍先生自2007年起担

任提名委员会之主席、审核委员会及薪酬委

员会之成员。伍先生于电讯业拥有逾35年

资深管理经验。伍先生曾出任泰国上市公司

Advanced Info Service Public Company Limited

之董事兼执行委员会成员。彼曾出任纽约证

券交易所上市公司中华数字电视控股有限公

司之独立董事及香港上市公司香港通讯国际

控股有限公司之非执行董事。彼曾出任香港

流动通讯有限公司行政总裁、香港上市公司

数码通电讯集团有限公司行政总裁及PCCW

Mobility Services Limited总裁。伍先生曾担任

香港通讯业联会荣誉顾问。伍先生曾担任数

码21资讯科技策略咨询委员会(D21SAC)委员

及曾获委任为于2012年4月根据《通讯事务

管理局条例》成立之独立法定机构通讯事务

管理局之成员。伍先生于1975年毕业于香港

中文大学，获颁工商管理学学士学位。

施国荣先生，67岁，自2007年起获委任为本

公司独立非执行董事。施先生自2007年起担

任审核委员会之主席、提名委员会及薪酬委

员会之成员。施先生于私人及投资银行业拥

有资深管理经验，服务高资产净值之客户及

机构。施先生自2019年2月27日起出任伟工

控股有限公司之独立非执行董事，该公司于

联交所主板上市。彼曾任瑞士宝盛银行有限

公司中国和香港区之董事总经理和主管；瑞

士盈丰资产管理（香港）有限公司亚太区行政

总裁；Citi Wealth Management亚太区董事总

经理与投资部主管；Barclays Wealth亚太区

行政总裁与香港摩根士丹利亚洲有限公司私

人客户部执行董事。施先生持有澳洲纽卡素

大学(University of Newcastle)颁授之商学硕士

学位，并为澳洲注册会计师公会资深会员。

INDEPENDENT NON-EXECUTIVE DIRECTORS (Cont’d)

Mr. NG Ching Wah, aged 75, has been appointed as an Independent Non-executive

Director of the Company since 2007. Mr. Ng has been the Chairman of Nomination

Committee, a member of the Audit Committee and a member of the Remuneration

Committee since 2007. Mr. Ng has over 35 years of senior management experience

in the telecommunications industry. Mr. Ng was a director and a member of the

executive committee for Advanced Info Service Public Company Limited, a Thailand

listed company. He was an independent director of China Digital TV Holding Co.

Ltd., a New York Stock Exchange listed company and a non-executive director of

HKC International Holdings Limited, a Hong Kong listed company. He was the chief

executive officer of Hong Kong CSL Limited. He was the chief executive officer of

SmarTone Telecommunications Holdings Limited, a Hong Kong listed company

and the President of PCCW Mobility Services Limited. Mr. Ng was the Honorary

Advisor of the Communications Association of Hong Kong. Mr. Ng was a member

of the Digital 21 Strategy Advisory Committee (D21SAC) and an appointed member

of Communications Authority, an independent statutory body established under

the Communications Authority Ordinance in April 2012. Mr. Ng graduated from

the Chinese University of Hong Kong in 1975, with a Bachelor of Business and

Administration.

Mr. SZE Kwok Wing Nigel, aged 67, has been appointed as an Independent Non-

executive Director of the Company since 2007. Mr. Sze has been the Chairman of

Audit Committee, a member of the Nomination Committee and a member of the

Remuneration Committee since 2007. Mr. Sze has senior management experience

in the private and investment banking industry serving high net worth clients and

institutions. Mr. Sze is an independent non-executive director of Wecon Holdings

Limited since 27 February 2019, which a company listed on the Main Board of the

Stock Exchange. He was the managing director, head of China and Hong Kong

of Julius Baer Bank; the chief executive officer of EFG Asset Management (Hong

Kong) Limited for Asia Pacific Region; the managing director, head of investment of

Citi Wealth Management for Asia Pacific region; the chief executive officer of Asia

Pacific for Barclays Wealth and an executive director in the private clients division at

Morgan Stanley Asia Limited, Hong Kong. Mr. Sze holds a Master of Business from the

University of Newcastle, Australia. He is a Fellow of CPA Australia.

互太纺织控股有限公司 | 2024 / 2025 年报

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

INDEPENDENT NON-EXECUTIVE DIRECTORS (Cont’d)

Ms. LING Chi Wo Teresa, aged 66, has been appointed as an Independent Non-

executive Director of the Company since 1 March 2023. Ms. Ling has also been

a member of each of the Audit Committee, the Nomination Committee and the

Remuneration Committee since 1 March 2023. Ms. Ling possess ample years of

experience in business management. She has been working for Newtimes group

of companies, a privately held apparel development and sourcing group with its

headquarter in Hong Kong, for over 30 years. She became the director of Newtimes

(HK) Limited since 2014. In addition, Ms. Ling is currently a director of Ling Charitable

Foundation Limited. Ms. Ling holds a Bachelor of Arts Degree in Psychology

from University of California, Berkeley. She also obtained a Master of Business

Administration Degree from California State University, East Bay.

SENIOR MANAGEMENT

Mr. GAO Jinhua, aged 59, is the Chief Operating Officer (Vietnam) and a director of

some of the subsidiaries of the Company who has worked for the Group for more

than 20 years and is experienced in operational and production management. Prior

to taking up the current position, Mr. Gao has been the General Manager of the

Production Department. Mr. Gao graduated from Shanghai Normal University, major

in Chemistry in 1988.

Mr. ZHAO Qizhi, aged 59, is the Chief Operating Officer (PRC) and a director of a

subsidiary of the Company who joined the Group in 1997 and has over 25 years of

experience in the textiles industry. He is responsible for managing the engineering

department of the factories. Mr. Zhao holds a Bachelor’s Degree in Mechanical

Engineering from Shanghai Jiaotong University, China.

Mr. LAI Chi Man, aged 59, is the Chief Marketing Officer and a director of some of the

subsidiaries of the Company who joined the Group in 1998 and has over 25 years of

experience in the textiles industry. Mr. Lai holds a Bachelor of Arts Degree in Textile

and Clothing Marketing from The Hong Kong Polytechnic University. He also obtained

a Master of Business Administration Degree (The Kellogg – HKUST EMBA Program)

awarded by Northwestern University and The Hong Kong University of Science and

Technology jointly.

Mr. TSANG Sian Chung, Hubert, aged 48, is the Chief Information Officer and a

director of some of the subsidiaries of the Company. Mr. Tsang joined the Group in

2010 and now leads the Group’s digitalization initiatives. Mr. Tsang has over 25 years

of experience in the IT field, ranging from performing academic research on high

performance computing to building large scale internet websites to building and

maintaining enterprise shared services. Mr. Tsang holds an MBA degree and Bachelor

of Computer Science, both from the University of Maryland, College Park.

独立非执行董事（续）

凌致和女士，66岁，自2023年3月1日起获

委任为本公司独立非执行董事。凌女士亦自

2023年3月1日起担任审核委员会、提名委

员会及薪酬委员会各自之成员。凌女士在企

业管理方面拥有丰富的经验。彼于新旭集团

公司工作超过30年，该集团为私人拥有之服

装开发及采购集团，其总部设于香港。彼自

2014年起出任新旭贸易（香港）有限公司之

董事。此外，凌女士现任凌天慈善基金有限

公司之董事。凌女士持有加州大学伯克莱分

校心理学文学士学位。彼亦取得加州州立大

学东湾分校的工商管理硕士学位。

高级管理人员

高金华先生，59岁，首席营运总监（越南）及

本公司若干附属公司之董事，于本集团任职

逾20年，在营运及生产管理方面富有经验。

履任现时职位前，高先生为生产部总经理。

高先生于1988年毕业于上海师范大学化学

系。

赵奇志先生，59岁，首席营运总监（中国）及

本公司一间附属公司之董事，于1997年加入

本集团，在纺织业拥有逾25年经验。他负责

管理各厂房之工程部门。赵先生持有中国上

海交通大学颁授之机械工程学学士学位。

黎志文先生，59岁，首席营销总监及本公司

若干附属公司之董事，于1998年加入本集

团，在纺织业拥有逾25年经验。黎先生持有

香港理工大学纺织和服装营销文学士学位。

彼亦获西北大学 (Northwestern University)与

香港科技大学共同颁授之工商管理硕士（凯

洛格商学院与香港科技大学合办之行政人员

工商管理硕士课程）学位。

曾宪中先生，48岁，首席资讯总监及本公司

若干附属公司之董事。曾先生于2010年加入

本集团，现时主管本集团之数码化方针。曾

先生在资讯科技领域拥有逾25年经验，当中

包括高性能计算学术研究及搭建大型网站及

建立和维护企业共享服务系统。曾先生持有

马里兰大学旗舰校区 (University of Maryland,

College Park)颁发之工商管理硕士及电脑科

学学士学位。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

SENIOR MANAGEMENT (Cont’d)

Mr. Mitsuru KAWABATA, aged 65, is the General Manager (HR & Administration)

who joined the Group in 2020. Mr. Kawabata holds a Bachelor of Laws Degree from

Doshisha University. Upon his graduation from Doshisha University, Mr. Kawabata

joined Toray in 1984. He has extensive business development experiences in fibres,

fabrics, and garment as well as general management experience. Prior to joining the

Group, he was the managing director of Toray Ultrasuede Marketing, Inc. a subsidiary

of Toray.

Mr. Masanari MURAKAMI, aged 56, is the General Manager (Research &

Development Division) who joined the Group in 2021. Upon his graduation from

Faculty of Law, Kobe University in 1991, Mr. Murakami joined Toray. Mr. Murakami

has worked as a knit textile salesman over 15 years in Japan and Hong Kong. Prior to

joining the Group, he was a director of Toray Industries (H.K.) Ltd. and was responsible

for textiles business and garment business.

Mr. Hiroyuki MATSUDA, aged 58, is the General Manager (Engineering) who

joined the Group in 2020. Mr. Matsuda is responsible for managing the engineering

department of the factories in China. Mr. Matsuda holds a Master Degree from

Graduate School of Letters of Kansai University, Japan. Prior to joining the Group,

he was a manager of Toray Industries, Inc. and has extensive experience in the

management of machinery, plant and equipment of factories.

Mr. CHUNG Chi Shing, aged 61, is the Assistant General Manager (Research &

Development Division – Inno-Tech Department & Material) and a director of a

subsidiary of the Company who joined the Group in 1998 and has been serving for

27 years. He is responsible for dyeing and finishing technology, fabric development,

procurement of yarns, dyes and chemicals (DCA). Mr. Chung graduated from

The Hong Kong Polytechnic University in Textile Chemistry, with over 30 years of

experience in textiles industry. He is a holder of Chartered Colourist granted by the

Society of Dyers and Colourists.

Mr. WANG Sijie, aged 54, is the General Manager (Production) and a director of a

subsidiary of the Company who joined the Group in 1997. Mr. Wang is responsible for

the production and related production technology, and quality management of China

Nansha Plant. Mr. Wang graduated from the Hunan University, major in chemistry in

1994. Mr. Wang is a professorate senior engineer and a holder of master degree. He is

a member of the 11th expert technical committee of Knitting Industry (《针织工业》

十一届专家技术委员会委员), a specialized journal in the field of knitting industry.

Mr. Wang was awarded as outstanding chief engineer by China Knitting Industries

Association and technical innovation award by China Textile Engineering Society.

高级管理人员（续）

川端充先生，65岁，总经理（人力资源及行

政），于2020年加入本集团。川端先生持有

同志社大学法律学士学位。从同志社大学毕

业后，川端先生于1984年加入Toray。彼在

纤维、面料和服装方面拥有丰富的业务开发

经验以及综合管理经验。加入本集团前，彼

为Toray附属公司Toray Ultrasuede Marketing,

Inc.之董事总经理。

村上征成先生，56岁，总经理（产品研发中

心），于2021年加入本集团。于1991年从

神户大学法学院毕业后，村上先生加入了

Toray。村上先生曾于日本及香港担任针织纺

织品营业员超过15年。加入本集团前，彼为

东丽（香港）有限公司之董事，负责纺织业务

及服装业务。

松田博之先生，58岁，总经理（工程），于

2020年加入本集团。松田先生负责管理中国

厂房的工程部门。松田先生持有日本关西大

学文学研究科硕士学位。加入本集团前，彼

为Toray Industries, Inc.的经理，并在厂房机

器、厂房及设备管理方面拥有丰富的经验。

钟志成先生，61岁，副总经理（产品研发中

心－创新技术部及物料）及本公司一间附属

公司之董事，于1998年加入本集团，至今服

务本公司27年。彼负责染整技术、布料研发

以及纱线、染料及化学品采购(DCA)。钟先生

毕业于香港理工大学纺织化学学系，在纺织

业拥有逾30年经验。彼持有英国染色家学会

(Society of Dyers and Colourists)之特许公认印

染师资格。

王思捷先生，54岁，总经理（生产）及本公司

一间附属公司之董事，于1997年加入本集

团。王先生负责生产及相关生产技术、及中

国南沙厂的质量管理。王先生于1994年毕业

于湖南大学化工工艺专业，为一名正高级工

程师，持有硕士学位。彼为针织工业领域的

专业期刊《针织工业》十一届专家技术委员会

委员。王先生曾获中国针织工业协会评为优

秀总工程师及获中国纺织工程学会颁发「技

术创新奖」。

互太纺织控股有限公司 | 2024 / 2025 年报

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

SENIOR MANAGEMENT (Cont’d)

Mr. Hidetoshi SUZUKI, aged 57, is the General Manager (Research & Development

Division) and he joined the Group as General Manager (Research and Development)

in 2021. Mr. Suzuki has over 30 years of experience in textiles and related production

technology development. Upon his graduation with a Bachelor’s Degree of

Engineering from Yamagata University, he started his career in textiles industry with

Toray in 1990. Prior to joining the Company, he has extensive experience and had

worked in laboratories in Japan, China, and USA respectively, such as Du Pont-Toray

Co., Ltd., Toray Fiber Research Center (China) and DuPont de Nemours, Inc. (USA).

Mr. LAU Tak Ho Kevin, aged 51, is the Assistant General Manager (Finance, Human

Resources Management & Administration) and a director of a subsidiary of the

Company who joined the Company in 2013. Mr. Lau is mainly responsible for group

finance, human resources, administration, procurement management in Hong Kong

and Mainland China. Mr. Lau graduated with Engineering (Hons.) and MBA degree

in Development & Industrialisation from the University of Liverpool in the United

Kingdom and a Postgraduate Certificate in Professional Accounting from the City

University of Hong Kong. He is a fellow member of Institute of Public Accountants in

Australia. Prior to joining the Group, he had worked in an international accounting

firm and various listed companies. He has extensive working experiences in finance,

cost control, human resources & administration and procurement management.

Mr. CHAN Kam Yuen, aged 57, is the Assistant General Manager (Sales) who joined

the Group in 1998 and has been serving for 27 years. Mr. Chan graduated from The

Hong Kong Polytechnic University with a Higher Diploma in Textile Chemistry, with

over 30 years of experience in textiles industry.

Mr. CHENG Wai Keung, aged 61, is the Assistant General Manager (Operations

in Vietnam) who joined the Group in 2018. Mr. Cheng is responsible for human

resources, administration and procurement management in Vietnam. Mr. Cheng holds

a Bachelor of Arts Degree from Laurentian University in Canada. He has extensive

experience in human resources, administration and procurement management.

Mr. Jiro TABATA, aged 58, is the Deputy General Director of a subsidiary in Vietnam

who joined the Group in 2023. Mr. Tabata is responsible for overseeing the operations

of Vietnam Nam Dinh Plant. Upon his graduation with a Bachelor’s Degree of

Engineering from University of Fukui, he started his career with Toray in 1992. Prior

to joining the Group, he was a manager at Strategy Development Office, Global

Operations Department of Toray Industries, Inc. and has over 30 years of experience in

textiles and related production technology development.

高级管理人员（续）

铃木英俊先生，57岁，总经理（产品研发中

心），于2021年加入本集团，当时出任总经

理（产品研发）。铃木先生在纺织及相关生产

技术开发方面拥有超过30年经验。从山形大

学毕业并取得工程学学士学位后，彼于1990

年加入了Toray开展其纺织事业。加入本公

司前，彼拥有丰富经验，曾先后在Du Pont-

Toray Co., Ltd., Toray Fiber Research Center

(China) 及DuPont de Nemours, Inc.(USA) 等日

中美三地各大实验室任职。

刘德浩先生，51岁，副总经理（财务、人力

资源管理及行政）及本公司一间附属公司之

董事，于2013年加入本公司。刘先生主要负

责本集团财务、人力资源、行政及香港与中

国内地的采购管理。刘先生毕业于英国利物

浦大学，并取得工程学学士（荣誉）及工商管

理（工业化及发展）硕士学位，亦自香港城

市大学取得专业会计学深造证书。彼为澳洲

公共会计师协会之资深会员。于加入本集团

前，彼曾于一间国际会计师事务所及多间上

市公司工作。彼在财务、成本控制、人力资

源及行政、及采购管理等界别拥有丰富工作

经验。

陈锦源先生，57岁，副总经理（销售），于

1998年加入本集团，至今服务本公司27年。

陈先生毕业于香港理工大学并获颁纺织化学

高级文凭，在纺织业拥有逾30年经验。

郑伟强先生，61岁，副总经理（越南营运），

于2018年加入本集团。郑先生主要负责越南

的人力资源、行政及采购管理。郑先生持有

加拿大劳伦森大学文学士学位。彼在人力资

源、行政及采购管理等界别拥有丰富经验。

田畑次郎先生，58岁，越南附属公司之副总

监，于2023年加入本集团。田畑先生负责监

督越南南定厂的营运。从福井大学毕业并取

得工程学学士学位后，彼于1992年加入Toray

开展其事业。加入本集团前，彼担任Toray

Industries, Inc.国际营运部门战略拓展办公室

之经理并在纺织及相关生产技术开发方面拥

有超过30年经验。

DIRECTORS’ REPORT

董事局报告

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

The Board is pleased to present the annual report together with the audited

consolidated financial statements of the Group for the 2025 Financial Year.

PRINCIPAL ACTIVITIES

The Group is principally engaged in manufacturing and trading of textiles products,

including high quality cotton and synthetic knitted fabrics.

An analysis of the performance of the Group for the 2025 Financial Year by

geographical locations of business operations is set out in note 5 to the consolidated

financial statements.

BUSINESS REVIEW

A review of the Group during the year and discussions on its future developments are

provided in the section headed “Management Discussion and Analysis” in this annual

report.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group’s financial condition, results of operations, business and prospects might

be affected by a number of risks and uncertainties. The followings were the key risks

and uncertainties identified by the Group for the 2025 Financial Year. There might

be other risks and/or uncertainties in addition to those outlined below which were

unknown to the Group or which might not be material during the year under review

but will turn out to be material in the future.

Business Risk

The macro-economic and political factors, such as US-China tensions, reciprocal tariff

and other potential trade barriers, posed uncertainty to the business of the Group.

Global economic uncertainty, slowing down of global economic growth, inflation,

fluctuating exchange rate in RMB, USD and VND, and drop of demand for garment and

textiles were also the factors that adversely affected the financial performance of the

Group.

Strategic Direction Risk

The success of future business depends on the achievement of our strategic

objectives including but not limited to acquisitions, joint ventures, disposals and/or

restructurings. The Group faced risk in its application of assets and capital towards

potential investments when business and investment opportunities had arisen.

Legal and Compliance Risk

Legal risk might be constituted due to unenforceable contracts, lawsuits or

unfavourable judgements which disrupted or negatively affected the business

operations or financial conditions of the Group.

Failing to oblige by relevant applicable laws and regulations might constitute

compliance risk. The Group might suffer from financial losses or losses in reputation

due to any possible legal risk or regulatory sanctions.

董事局欣然提呈本集团2025年财政年度之年

报连同经审核综合财务报表。

主要业务

本集团主要从事优质全棉及化纤针织布等纺

织产品之制造及贸易。

本集团按商业营运之地区划分的2025年财政

年度之表现分析载于综合财务报表附注5。

业务回顾

本集团年内回顾及其未来发展之讨论载于本

年报「管理层讨论与分析」一节。

主要风险及不明朗因素

本集团的财务状况、经营业绩、业务及前景

可能受多项风险及不明朗因素影响。本集团

识别到2025年财政年度的主要风险及不明朗

因素载列如下。除下文所概述者外，亦可能

存在本集团并不知悉或于回顾期内未必属重

大但日后可能变成重大的其他风险及╱或不

明朗因素。

业务风险

中美紧张局势、对等关税及其他潜在贸易壁

垒等宏观经济及政治局势，对本集团业务构

成不明朗因素。全球经济不稳定、全球经济

增长放缓、通胀、人民币、美元及越南盾汇

率波动及服装及纺织品的需求下降等因素，

亦对本集团财务表现构成不利影响。

策略方针风险

我们未来业务的成功取决于策略目标的达

致，包括但不限于收购、合营公司、出售及╱

或重组。本集团于出现业务及投资机会时动

用资产及资金作适合投资时，会面临风险。

法律及合规风险

不可执行合约、诉讼或不利判决可能造成法

律风险，其可能使本集团之业务营运或财务

状况出现混乱或负面影响。

未有遵守相关适用法例及规例可能造成合规

风险。本集团可能因任何潜在法律风险或监

管机构制裁而蒙受财务损失或声誉受损。

互太纺织控股有限公司 | 2024 / 2025 年报

DIRECTORS’ REPORT

董事局报告

业务回顾（续）

主要风险及不明朗因素（续）

政策风险

本集团业务经营所在国家的政府政策及规例

作出的变更（如修订环境保护政策等），可能

导致须调整生产方式或为符合该等法定标准

而导致成本增加。

附属公司

本公司附属公司于2025年3月31日之主要业

务详情载于综合财务报表附注8。

业绩及股息

本集团之2025年财政年度业绩载于本报告第

60页综合损益表。

本公司已于2024年12月18日向股东派发中

期股息每股7港仙（2024年：7港仙）。董事局

已建议派发末期股息每股5港仙（2024年：5

港仙）。待股东于应届股东周年大会上批准

后，末期股息5港仙将于2025年9月4日派付

予于2025年8月25日名列于本公司股东名册

之股东。

董事局有意持续为股东带来长期回报。于决

定是否建议派发股息及厘定股息金额时，

董事局会考虑多项因素，例如营运之财务

业绩、本集团之整体财务状况、未来资金需

求、业务营运及发展、整体市况、全体股东

利益、法律规定以及董事局认为相关之其他

情况。

暂停办理股份过户登记

本公司将由2025年8月11日至2025年8月14

日（首尾两天包括在内）暂停办理股份过户

登记手续，以便厘定股东出席应届股东周年

大会的权利并于会上投票之资格，期间将不

会办理本公司股份过户登记。为符合出席应

届股东周年大会之资格，股东最迟须于2025

年8月8日下午4时30分前将所有过户文件

连同有关股票交回本公司之股份过户登记处

香港分处香港中央证券登记有限公司，地址

为香港湾仔皇后大道东183号合和中心17楼

1712–1716号舖。厘定股东投票权的记录日

期为2025年8月11日。

BUSINESS REVIEW (Cont‘d)

PRINCIPAL RISKS AND UNCERTAINTIES (Cont‘d)

Policy risk

The change in governmental policies and regulations in the countries in which the

Group operated, such as amended environmental protection policies, might result

in adjustment to production method or increase in cost in fulfilling those statutory

standards.

SUBSIDIARIES

Details of principal activities of the Company’s subsidiaries at 31 March 2025 are set

out in note 8 to the consolidated financial statements.

RESULTS AND DIVIDENDS

The results of the Group for the 2025 Financial Year are set out in the consolidated

statement of profit or loss on page 60 of this report.

An interim dividend of HK$7 cents (2024: HK$7 cents) per Share was paid on 18

December 2024 to the Shareholders. The Board has recommended the payment of

a final dividend of HK$5 cents (2024: HK$5 cents) per Share. Subject to the approval

of the Shareholders at the forthcoming AGM, the final dividend of HK$5 cents will be

paid on 4 September 2025 to the Shareholders whose names appear on the Register

of Members of the Company on 25 August 2025.

The Board intends to maintain long term return for shareholders. In deciding

whether to propose a dividend and in determining the dividend amount, the Board

shall take into consideration of various factors, such as the financial results of the

operation, general financial condition of the Group, future funding requirements on

capital, business operations and development, general market conditions, interest

of shareholders as a whole, legal requirements, and other conditions that the Board

deems relevant.

CLOSURE OF REGISTER OF MEMBERS

The Register of the Members of the Company will be closed from 11 August 2025 to

14 August 2025 (both days inclusive) for the purpose of determining the identity of

members who are entitled to attend and vote at the forthcoming AGM, during which

period no transfer of shares of the Company will be registered. In order to qualify

for attending the forthcoming AGM, all transfers accompanied by the relevant share

certificates must be lodged with the Company’s Hong Kong Branch Share Registrar,

Computershare Hong Kong Investor Services Limited at Shops 1712–1716, 17/F.,

Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong not later than 4:30 p.m.

on 8 August 2025. The record date which determines the Shareholder’s voting right is

scheduled on 11 August 2025.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

DIRECTORS’ REPORT

董事局报告

暂停办理股份过户登记（续）

本公司将由2025年8月21日至2025年8月25

日（首尾两天包括在内）暂停办理股份过户登

记手续，以便厘定股东有权获派发截至2025

年3月31日止年度之末期股息之资格，期间

将不会办理本公司股份过户登记。为符合获

派发末期股息之资格，股东最迟须于2025年

8月20日下午4时30分前将所有过户文件连

同有关股票交回本公司之股份过户登记处

香港分处香港中央证券登记有限公司，地址

为香港湾仔皇后大道东183号合和中心17楼

1712–1716号舖。

股本

本公司已发行股本于2025年财政年度期间之

变动详情载于综合财务报表附注16。

储备

本集团储备于2025年财政年度期间之变动详

情载于综合财务报表附注17。

可供分派储备

于2025年3月31日，本公司之可供分派储备

总额约为2,056百万港元（2024年：2,005百万

港元），包括本公司股份溢价、以股份为基

准储备及保留溢利。

根据开曼群岛公司法（经修订）（第22章），

除本公司之保留溢利外，本公司之股份溢价

和资本储备亦可向股东分派，惟于紧随建议

进行任何上述分派当日之后，本公司必须仍

有能力偿还在日常业务中到期支付之欠款。

优先认购权

本公司之章程细则或本公司注册成立地点开

曼群岛之法例并无关于优先认购权之规定，

要求本公司须按比例向现有股东发行新股。

管理合约

本公司于2025年财政年度期间并无就整体业

务或任何重要业务之管理及行政工作签订或

存有任何合约。

CLOSURE OF REGISTER OF MEMBERS (Cont‘d)

The Register of the Members of the Company will be closed from 21 August 2025 to

25 August 2025 (both days inclusive) for the purpose of determining the identity of

members who are entitled to the final dividend for the year ended 31 March 2025,

during which period no transfer of shares of the Company will be registered. In order

to qualify for the final dividend, all transfers accompanied by the relevant share

certificates must be lodged with the Company’s Hong Kong Branch Share Registrar,

Computershare Hong Kong Investor Services Limited at Shops 1712–1716, 17/F.,

Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong not later than 4:30 p.m.

on 20 August 2025.

SHARE CAPITAL

Details of movements in the issued share capital of the Company during the 2025

Financial Year are set out in note 16 to the consolidated financial statements.

RESERVES

Details of movements in the reserves of the Group during the 2025 Financial Year are

set out in note 17 to the consolidated financial statements.

DISTRIBUTABLE RESERVES

As at 31 March 2025, the distributable reserves of the Company amounted to

approximately HK$2,056 million (2024: HK$2,005 million) comprising share premium,

share-based reserve and retained earnings of the Company.

Under the Companies Act (As Revised) (Cap. 22) of the Cayman Islands, in addition

to the retained earnings of the Company, the share premium and capital reserves

of the Company are also available for distribution to the Shareholders provided that

the Company will be able to pay its debts as they fall due in the ordinary course of

business immediately following the date on which any such distribution is proposed

to be paid.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Articles, or the laws of the

Cayman Islands, being the jurisdiction in which the Company is incorporated, which

oblige the Company to offer new Shares on a pro-rata basis to existing Shareholders.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the whole or any

substantial part of any business of the Company were entered into or existed during

the 2025 Financial Year.

互太纺织控股有限公司 | 2024 / 2025 年报

DIRECTORS’ REPORT

董事局报告

捐款

本集团于回顾年度作出之慈善及其他捐款共

约223,000港元（2024年：368,000港元）。

物业、厂房及设备以及使用权资产

于2025年财政年度期间，主要就扩充本集团

产能支出约310百万港元（2024年：1,013百

万港元）。

本集团物业、厂房及设备以及使用权资产之

变动详情分别载于综合财务报表附注6及7。

利息资本化

于2025年财政年度期间，约1,590,000港元的

利息开支资本化（2024年：10,129,000港元）。

购买、出售或赎回股份

截至2025年3月31日止年度，本公司从联交

所购回合共7,167,000股股份，总代价（撇除

开支）为11,137,970港元。在该等购回股份

中，3,027,000股购回股份于2024年8月1日

注销，而4,140,000股股份其后在2025年1月

15日注销。本公司的已发行股本按注销股份

的面值减少。

有关股份购回的详情如下：

董事根据股东分别在2023年8月10日及2024

年8月15日举行的股东周年大会上授予的一

般授权进行股份购回，旨在提高每股资产净

值及每股盈利，从而使股东整体获益。

除上文所披露者外，截至2025年3月31日止

年度及直至本报告日期，本公司或其任何附

属公司概无购买、赎回或出售本公司之任何

上市证券。

DONATIONS

During the year under review, the Group made charitable and other donation totalling

approximately HK$223,000 (2024: HK$368,000).

PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS

Expenditure of approximately HK$310 million (2024: HK$1,013 million) was incurred

during 2025 Financial Year primarily to expand the production capacity of the Group.

Details of movements in property, plant and equipment and right-of-use assets

of the Group are set out in note 6 and 7 respectively to the consolidated financial

statements.

CAPITALISED INTERESTS

During the 2025 Financial Year, interest expenses of approximately HK$1,590,000 had

been capitalised (2024: HK$10,129,000).

PURCHASE, SALE OR REDEMPTION OF SHARES

During the year ended 31 March 2025, the Company repurchased a total of 7,167,000

shares on the Stock Exchange at an aggregate consideration of (excluding expenses)

HK$11,137,970. Among those repurchased shares, 3,027,000 repurchased shares were

cancelled on 1 August 2024, and 4,140,000 shares were subsequently cancelled on 15

January 2025. The issued share capital of the Company was reduced by the par value

thereof.

Details of the repurchases of shares were as follows:

July 20242024年7月3,027,0001.751.635,101,260

December 20242024年12月4,140,0001.481.426,036,710

The repurchase of shares was made by the Directors, pursuant to the general mandate

granted by the Shareholders at the annual general meetings held on 10 August 2023

and 15 August 2024 respectively with a view to benefiting shareholders as a whole by

enhancing the net asset value per share and earnings per share.

Save as disclosed above, neither the Company, nor any of its subsidiaries purchased,

redeemed or sold any of the Company’s listed securities during the year ended 31

March 2025 and up to the date of this report.

Month of repurchase	Number of Shares repurchased	Price per Share		Aggregate consideration (excluding expenses)
		Highest	Lowest
		每股价格		总代价（撇除开支）
购回月份	购回股份数目	最高	最低
		HK$	HK$	HK$
		港元	港元	港元

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

DIRECTORS’ REPORT

董事局报告

主要客户及供应商

于2025年财政年度，向本集团五大客户作

出之销售占本集团销售总额约74.4%，而当

中向本集团最大客户作出之销售占其中约

45.0%。向本集团五大供应商作出之采购占

本集团采购总额约64.4%，而当中向本集团

最大供应商作出之采购占其中约39.0%。

除以下披露者外，本公司各董事、其联系人

或任何股东（就董事所知拥有本公司已发行

股份5%以上）概无拥有上述本集团五大客户

或供应商之任何权益：

本公司主要股东Toray占本集团采购总额约

0.8%。向Toray作出之采购构成持续关连交

易，有关详情载于综合财务报表附注32。

Toray亦占本集团销售总额约0.3%。向Toray

的销售构成持续关连交易，其详情载于综合

财务报表附注32。

财务概要

本集团于过去五个财政年度之综合业绩和综

合资产负债表概要载于本年报第167页。

董事

于本报告日期之董事名单如下：

执行董事

奥富胜先生（主席兼行政总裁）

杜结威先生（首席财务总监兼公司秘书）

福元究一先生

独立非执行董事

陈裕光博士

伍清华先生

施国荣先生

凌致和女士

MAJOR CUSTOMERS AND SUPPLIERS

During the 2025 Financial Year, sales to the Group’s five largest customers accounted

for approximately 74.4% of the Group’s total sales and sales to the Group’s largest

customer included therein amounted to approximately 45.0%. Purchases from the

Group’s five largest suppliers accounted for approximately 64.4% of the Group’s total

purchases and purchase from the Group’s largest supplier included therein amounted

to approximately 39.0%.

Except as disclosed below, none of the Directors, their associates or any Shareholders

of the Company (which to the knowledge of the Directors had owned more than

5% of the Company’s issued Shares) had any interests in the Group’s five largest

customers or suppliers noted above:

Toray, a substantial shareholder of the Company, accounted for approximately 0.8%

of the Group’s total purchases. The purchase from Toray constituted continuing

connected transactions, details of which are set out in note 32 to the consolidated

financial statements.

Toray also accounted for approximately 0.3% of the Group’s total sales. The sales to

Toray constituted continuing connected transactions, details of which are set out in

note 32 to the consolidated financial statements.

FINANCIAL SUMMARY

A summary of the consolidated results and consolidated balance sheet of the Group

for the last five financial years is set out on page 167 of this annual report.

DIRECTORS

The list of Directors as at the date of this report was as follows:

Executive Directors

Mr. Masaru OKUTOMI (Chairman and Chief Executive Officer)

Mr. TOU Kit Vai (Chief Financial Officer and Company Secretary)

Mr. Kyuichi FUKUMOTO

Independent Non-executive Directors

Dr. CHAN Yue Kwong Michael

Mr. NG Ching Wah

Mr. SZE Kwok Wing Nigel

Ms. LING Chi Wo Teresa

互太纺织控股有限公司 | 2024 / 2025 年报

DIRECTORS’ REPORT

董事局报告

董事（续）

根据章程细则第130条，于每届股东周年大

会上三分之一的当时在任董事（或倘董事人

数并非三或三的倍数，则为最接近但不少于

三分之一的人数）须轮席告退，惟每位董事

（包括委任为特定任期的董事）须最少每三年

轮席告退一次。

因此，杜结威先生、福元究一先生及施国荣

先生将于应届股东周年大会上从董事局轮席

告退，惟彼等合资格并愿膺选连任董事。

董事之简介

董事之简介详列于本年报第14页至第17页。

董事之服务合约

各执行董事已与本公司订立初步为期两年之

服务协议，其后可予续期，直至其中一方向

另一方发出不少于六个月事先书面通知终止

协议为止。

各独立非执行董事获委任之任期为两年，其

后可予续期。

全体董事须根据章程细则及上市规则轮席退

任。

拟于应届股东周年大会上膺选连任之董事概

无与本公司或任何附属公司订立任何本公司

不可于一年内终止而毋须作出赔偿（法定赔

偿除外）之服务合约。

董事薪酬

董事之薪酬由薪酬委员会按各董事之经验、

职责及于本集团业务所投放之时间而审阅与

厘定。

每位董事于2025年财政年度之酬金详情载于

综合财务报表附注34。

DIRECTORS (Cont‘d)

Pursuant to article 130 of the Articles, at every AGM one-third of the Directors for the

time being, or, if their number is not three or a multiple of three, then the number

nearest to, but not less than, one-third, shall retire from office by rotation provided

that every Director (including those appointed for a specific term) shall be subject to

retirement by rotation at least once every three years.

Accordingly, Mr. Tou Kit Vai, Mr. Kyuichi Fukumoto and Mr. Sze Kwok Wing Nigel will

retire by rotation from the Board at the forthcoming AGM and will, being eligible, have

offered themselves for re-election as Directors.

PROFILES OF DIRECTORS

Profiles of the Directors are set out on pages 14 to 17 of this annual report.

DIRECTORS’ SERVICE CONTRACTS

Each of the executive Directors had entered into a service agreement with the

Company for an initial term of two years, renewable thereafter until terminated by

either party by giving at least six months’ prior notice to another party in writing.

Each of the Independent Non-executive Directors had been appointed for a term of

two years and are renewable thereafter.

All Directors are subject to retirement by rotation in accordance with the Articles and

the Listing Rules.

None of the Directors proposed for re-election at the forthcoming AGM had a

service contract with the Company or any of its subsidiaries not determinable by the

Company within one year without payment of compensation (other than statutory

compensation).

REMUNERATION OF THE DIRECTORS

The remuneration of the Directors are reviewed and determined by the Remuneration

Committee on the basis of each Director’s experience, responsibility and the time

commitment to the business of the Group.

Details of emoluments of every Director for the 2025 Financial Year are set out in note

34 to the consolidated financial statements.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

DIRECTORS’ REPORT

董事局报告

DIRECTORS’ MATERIAL INTERESTS IN TRANSACTIONS,

ARRANGEMENTS OR CONTRACTS

No transaction, arrangement, or contract of significance in relation to the business of

the Group to which the Company or any of its subsidiaries was a party and in which

a Director or his or her connected entity had a material interest, either directly or

indirectly, subsisted at any time during or at the end of the 2025 Financial Year.

COMPETING INTEREST

None of the Directors had, either directly or indirectly, an interest in a business which

caused or might cause any significant competition with the business of the Group and

any other conflicts of interest which any such person had or might had with the Group

during the year under review.

TAX RELIEF AND EXEMPTION

The Directors were not aware of any tax relief and exemption available to the

Shareholders of the Company by reason of their holdings of the Shares.

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

At no time during the 2025 Financial Year was the Company, its holding companies, or

any of its subsidiaries or fellow subsidiaries a party to any arrangements to enable the

Directors of the Company to acquire benefits by means of the acquisition of Shares in,

or debentures of, the Company or any other body corporate.

PERMITTED INDEMNITY PROVISION

Pursuant to the Articles of Association, every director shall be entitled to be

indemnified out of the assets of the Company against all losses or liabilities which

he/she may sustain or incur in or about the execution of the duties of his office or

otherwise in relation thereto.

董事于交易、安排或合约的重大权益

于2025年财政年度内任何时间或年末，概无

存续任何与本集团业务相关，而本公司或其

任何附属公司为订约方及董事或其关连实体

直接或间接拥有重大权益的重大交易、安排

或合约。

竞争权益

于回顾年度内，董事概无在与本集团业务构

成或可能构成任何重大竞争的业务中直接或

间接拥有任何权益，而任何该等人士与本集

团亦无存在或可能存在任何其他利益冲突。

税务减免与豁免

董事并不知悉任何本公司之股东因持有股份

而可享有任何税务减免与豁免。

购买股份或债券之安排

本公司、其控股公司或其任何附属公司或同

系附属公司于2025年财政年度期间任何时间

概无参与订立任何安排，致使本公司董事可

藉购入本公司或任何其他法人团体之股份或

债券而获益。

获准许弥偿条文

根据组织章程细则，每位董事就其于履行职

务或其他相关情况下可能蒙受或招致的一切

损失或债务，均有权获得本公司以其资产赔

偿。

互太纺织控股有限公司 | 2024 / 2025 年报

DIRECTORS’ REPORT

董事局报告

董事于股份和相关股份之权益及淡仓

于2025年3月31日，本公司董事及最高行政

人员（附注1）于本公司或其任何相联法团

（附注1）之股份、相关股份及债券中，拥有

根据证券及期货条例第352条须予存置之登

记册所记录或须另行知会本公司及联交所之

权益及淡仓如下：

股份之好仓

附注：

╱最高行政人员向本公司作出通

知之资料及于相关事件日期之本公司已发

行股份总数。

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SHARES AND

UNDERLYING SHARES

As at 31 March 2025, the interests and short positions of the Directors and chief

executives (Note 1) of the Company in the Shares, underlying Shares and debentures

of the Company or any of its associated corporations (Note 1) as recorded in the

the Company and the Stock Exchange were as follows:

LONG POSITIONS IN SHARES

Tou Kit Vai

杜结威

900,000–––900,0000.06%

Sze Kwok Wing Nigel

施国荣

650,000–––650,0000.05%

Notes:

1. Within the meaning of Part XV of the SFO.

2. Based on the information and the total number of issued Shares of the Company on

the date of relevant event per notification to the Company made by the Directors/Chief

Executives.

Number of Issued Shares Held and Nature of Interests
持有已发行股份数目及权益性质
Name of Directors/ Chief Executives	Personal Interests (beneficial owner)	Family Interests (interests of spouse)	Corporate Interests (interests of a controlled corporation)	Trusts and similar interests	Total Interests	Approximate percentage of issued share capital of the Company
董事╱最高行政人员姓名	个人权益（实益拥有人）	家属权益（配偶权益）	法团权益（受控法团权益）	信托及类似权益	权益总额	于本公司已发行股本之概约百分比
						(Note 2)
						（附注2）

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

DIRECTORS’ REPORT

董事局报告

董事于股份和相关股份之权益及淡仓（续）

除上文披露者外，于2025年3月31日，概无

本公司董事或最高行政人员于本公司或其任

何相联法团之股份、相关股份及债券中，拥

有任何根据证券及期货条例第352条须予存

置之登记册所记录或须另行知会本公司及联

交所之权益或淡仓。

于回顾年度内任何时间，概无任何董事或彼

等各自的配偶或未成年子女获授可藉购入本

公司股份而获益的权利，或彼等行使任何此

等权利；或本公司、其控股公司或其任何附

属公司概无参与任何安排，致令董事可于任

何其他法人团体获得此等权利。

主要股东及其他人士于股份和

DIRECTORS’ REPORT

董事局报告

FIL LimitedInterest of a controlled corporation

受控法团权益

82,047,000 (L)

(Note 3)

（附注3）

5.88%

Lam Wing Tak

林荣德

Beneficial Owner

实益拥有人

14,566,000 (L)

Interest of Spouse

配偶权益

718,000 (L)

Founder of a discretionary trust

全权信托之创办人

69,243,000 (L)

84,527,000

(Note 4)

（附注4）

5.85%

Wong Bik Ha

黄碧霞

Beneficial Owner

实益拥有人

718,000 (L)

Interest of Spouse

配偶权益

14,566,000 (L)

Founder of a discretionary trust

全权信托之创办人

69,243,000 (L)

84,527,000

(Note 4)

（附注4）

5.85%

WEBB DAVID MICHAELInterest of a controlled corporation

受控法团权益

79,862,000 (L)5.74%

Notes:

3. Pandanus Partners L.P. is a wholly-owned subsidiary of Pandanus Associates Inc., and

Pandanus Partners L.P. holds 40.44% shareholding of FIL Limited. Pandanus Associates

Inc., Pandanus Partners L.P. and FIL Limited are therefore deemed to be interested in

the 82,047,000 shares of the Company.

4. Mr. Lam Wing Tak is the spouse of Ms. Wong Bik Ha, vice versa. For the purpose of the

SFO, Mr. Lam Wing Tak is the founder of the family trust.

5. Based on the information and the total number of issued Shares of the Company on

the date of relevant event per notification to the Company made by the respective

Shareholders.

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS

AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES

(Cont’d)

LONG POSITIONS IN SHARES (Cont’d)

主要股东及其他人士于股份和

3. Pandanus Partners L.P.为Pandanus

Associates Inc.的全资附属公司，及

Pandanus Partners L.P.持有FIL Limited的

40.44%股权。因此，Pandanus Associates

Inc.、Pandanus Partners L.P.及FIL Limited被

视为于本公司82,047,000股股份中拥有权益。

。就证券

及期货条例而言，林荣德先生为家族信托

之创办人。

5. 根据相关股东向本公司作出通知之资料及

于相关事件日期之本公司已发行股份总数。

Name	Capacity in which ordinary shares were held	Number of ordinary shares	Approximate percentage of issued share capital of the Company
姓名╱名称	于所持普通股之身份	普通股数目	于本公司已发行股本之概约百分比 (Note 5) （附注5）

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

DIRECTORS’ REPORT

董事局报告

购股权计划

根据股东于2007年4月27日通过之书面决议

案，本公司已采纳购股权计划，并受限于其

所订之条款及条件。购股权计划于紧接上市

日期第10周年届满当日前一日凌晨起自动终

止，换言之，购股权计划已于2017年5月17

日终止。

可行使购股权发行22,820,000股股份于2007

年7月18日授出（「第一次授出」），已于

2017年7月17日届满。可行使购股权发行

10,000,000股股份于2013年10月11日授出

（「第二次授出」），并于2023年10月10日届

满。换言之，根据购股权计划授出的全部购

股权已于2023年10月10日前行使、失效或

不可再行使。

持续关连交易

载于综合财务报表附注32的若干关联方交易

亦构成上市规则下的持续关连交易。

于2025年财政年度期间，本集团有下列持

续关连交易须根据上市规则第14A.33章遵守

申报及公告规定惟可获豁免遵守独立股东批

准：

(1) 向晶苑集团销售及购入针织布

于2025年财政年度，本集团根据日期

为2018年3月29日有关本集团向Crystal

International Group Limited（「晶苑」，连

同其附属公司统称为「晶苑集团」）销售本

集团所制造及拥有的针织布的总目协议

进行业务，年期直至2021年3月31日为

止。该协议之原定年期已于2021年3月

31日届满，而该协议已再续期三年，直

至2024年3月31日为止。于2024年3月

28日，该协议之年期已再续期三年，直

至2027年3月31日为止。截至2025年3

月31日、2026年3月31日及2027年3月

31日止三个年度之年度上限各为1,500百

万港元。有关销售针织布总目协议的详

情分别载于本公司日期为2018年3月29

日、2021年3月30日和2024年3月28日

的公告。

于2025年财政年度，晶苑集团与本集团

之间的交易总额约为961.4百万港元，有

关金额并无超出相关年度上限。

SHARE OPTION SCHEME

Pursuant to the written resolutions of Shareholders passed on 27 April 2007, the

Company adopted the Share Option Scheme subject to the terms and conditions

therein. The Share Option Scheme was terminated automatically at midnight on the

day immediately before the 10th anniversary of the Listing Date, in other words, the

Share Option Scheme was terminated as at 17 May 2017.

Options enabling the exercise of 22,820,000 Shares were granted on 18 July 2007

(“1st Grant”) and expired on 17 July 2017. Options enabling the exercise of 10,000,000

Shares were granted on 11 October 2013 (“2nd Grant”) and expired on 10 October

2023. In other words, all options granted under the Share Option Scheme had been

exercised, lapsed or ceased to be exercisable by 10 October 2023.

CONTINUING CONNECTED TRANSACTIONS

Certain related party transactions set out in note 32 to the consolidated financial

statements also constituted continuing connected transaction under the Listing

Rules.

During the 2025 Financial Year, the Group had the following continuing connected

transactions, which were subject to reporting, and announcement requirements but

are exempt from the independent shareholders’ approval requirement under Chapter

14A.33 of the Listing Rules:

(1) SALE AND PURCHASE OF KNITTED FABRIC TO CRYSTAL GROUP

During the 2025 Financial Year, the Group conducted business pursuant to a

master agreement dated 29 March 2018 in relation to the sale of knitted fabric

manufactured and owned by the Group to Crystal International Group Limited

(“Crystal” together with its subsidiaries, referred to as “Crystal Group”) with its term

up to 31 March 2021. The original term of the agreement has expired on 31 March

2021 and the agreement has been renewed for a further term of three years up to

31 March 2024. On 28 March 2024, the term of the agreement has been renewed

for a further term of three years up to 31 March 2027. The annual cap for each of

the three years ended 31 March 2025 and ending 31 March 2026 and 31 March

2027 shall be HK$1,500 million. Details of the Master Agreement relating to the

sale of knitted fabrics were set out in the Company’s announcements dated 29

March 2018, 30 March 2021 and 28 March 2024 respectively.

During the 2025 Financial Year, the total transaction amount between Crystal

Group and the Group was approximately HK$961.4 million which was within the

relevant annual cap.

互太纺织控股有限公司 | 2024 / 2025 年报

DIRECTORS’ REPORT

董事局报告

持续关连交易（续）

（续）

根据上市规则，因晶苑为本公司间接非全

资附属公司PCGT Limited及本公司间接非

全资附属公司PC Textiles Trading Limited

的股东，晶苑为本公司该两间非全资附

属公司各自的主要股东（定义见上市规

则），故此为本公司附属公司层面的关连

人士。晶苑集团亦因而视作本公司关连

人士。

根据上市规则第14A.55条，本公司独立

非执行董事已审阅上述持续关连交易并

确认该等交易的订立：

(i) 属本集团的日常业务；

(ii) 按照一般商务条款或更佳条款进行；

及

(iii) 根据有关交易的协议条款进行，而交

易条款属公平合理，并且符合本集团

股东的整体利益。

(2) TORAY向本集团销售纱线

于2025年财政年度，本集团根据日期为

2017年7月28日有关Toray Industries, Inc.

（「Toray」，连同其附属公司统称为「Toray

集团」）向本集团销售其生产或拥有的纱

线之协议进行业务，年期截至2020年3月

31日为止。该协议之原定年期已于2020

年3月31日届满，而该协议已再续期

三年，直至2023年3月31日为止。于

2023年3月30日，该协议之年期已再续

期三年，直至2026年3月31日为止。截

至2024年3月31日、2025年3月31日及

2026年3月31日止三个年度之年度上限

各为100百万港元。有关销售纱线的总

目协议详情分别载于本公司日期为2017

年7月28日、2020年4月27日及2023年

3月30日的公告。

于2025年财政年度，Toray集团与本集团

之间的交易总额约为24.8百万港元，有

关金额并无超出相关年度上限。

根据上市规则，由于Toray为本公司的主

要股东，故为本公司的关连人士。Toray

集团亦视作本公司的关连人士。

CONTINUING CONNECTED TRANSACTIONS (Cont‘d)

‘d)

According to the Listing Rules, by virtue of its shareholding in PCGT Limited (an

indirect non-wholly-owned subsidiaries of the Company) and PC Textiles Trading

Limited (an indirect non-wholly-owned subsidiaries of the Company), Crystal is a

substantial shareholder (as defined in the Listing Rules) of each of these two non-

wholly owned subsidiaries of the Company and hence a connected person of

the Company at the subsidiary level. Crystal Group is therefore also regarded as

connected person of the Company.

In accordance with Rule 14A.55 of the Listing Rules, the Independent Non-

executive Directors of the Company reviewed the continuing connected

transactions in the paragraph above and confirmed that the transactions were

entered into:

(i) in the ordinary and usual course of business of the Group;

(ii) on normal commercial terms or better; and

(iii) according to the relevant agreement governing them on terms that are fair

and reasonable and in the interests of the shareholders of the Group as a

whole.

(2) SALE OF YARNS BY TORAY TO THE GROUP

During the 2025 Financial Year, the Group conducted business pursuant to an

agreement dated 28 July 2017 in relation to sale of yarns by manufactured or

owned by Toray Industries, Inc. (“ Toray”, together with its subsidiaries, “ Toray

Group”) to the Group for a period ended 31 March 2020. The original term of

the agreement has expired on 31 March 2020 and the agreement has been

renewed for a further term of three years up to 31 March 2023. On 30 March

2023, the term of the agreement has been renewed for a further term of three

years up to 31 March 2026. The annual cap for each of the three years ended 31

March 2024, 31 March 2025 and ending 31 March 2026 shall be HK$100 million.

Details of the Master Agreement relating to the sale of yarns were set out in the

Company’s announcements dated 28 July 2017, 27 April 2020 and 30 March 2023

respectively.

During the 2025 Financial Year, the total transaction amount between Toray

Group and the Group was approximately HK$24.8 million which was within the

relevant annual cap.

According to the Listing Rules, Toray is a substantial shareholder of the Company

and hence a connected person of the Company. Toray Group is therefore also

regarded as connected person of the Company.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

DIRECTORS’ REPORT

董事局报告

持续关连交易（续）

（续）

根据上市规则第14A.55条，本公司独立

非执行董事已审阅上述持续关连交易并

确认该等交易的订立：

(i) 属本集团的日常业务；

(ii) 按照一般商务条款或更佳条款进行；

及

(iii) 根据有关交易的协议条款进行，而交

易条款属公平合理，并且符合本集团

股东的整体利益。

(3) 本集团向TORAY集团销售布料

于2025年财政年度，本集团根据日期为

2019年2月27日有关本集团向Toray集

团销售布料之协议进行业务，年期截至

2021年3月31日为止。该协议之原定年

期已于2021年3月31日届满，而该协议

已再续期三年，直至2024年3月31日为

止。于2024年3月22日，该协议之年期已

再续期三年，直至2027年3月31日为止。

截至2025年3月31日、2026年3月31日

及2027年3月31日止三个年度之年度上

限各为70百万港元。有关销售纱线总目

协议的详情分别载于本公司日期为2019

年2月27日、2021年3月30日及2024年

3月22日的公告。

根据上市规则，由于Toray为本公司的主

要股东，故为本公司的关连人士。Toray

集团亦视作本公司的关连人士。

于2025年财政年度，Toray集团与本集团

之间的交易总额约为13.1百万港元，有

关金额并无超出相关年度上限。

根据上市规则第14A.55条，本公司独立

非执行董事已审阅上述持续关连交易并

确认该等交易的订立：

(i) 属本集团的日常业务；

(ii) 按照一般商务条款或更佳条款进行；

及

(iii) 根据有关交易的协议条款进行，而交

易条款属公平合理，并且符合本集团

股东的整体利益。

CONTINUING CONNECTED TRANSACTIONS (Cont‘d)

‘d)

In accordance with Rule 14A.55 of the Listing Rules, the Independent Non-

executive Directors of the Company reviewed the continuing connected

transactions in the paragraph above and confirmed that the transactions were

entered into:

(i) in the ordinary and usual course of business of the Group;

(ii) on normal commercial terms or better; and

(iii) according to the relevant agreement governing them on terms that are fair

and reasonable and in the interests of the shareholders of the Group as a

whole.

(3) SALE OF FABRICS BY THE GROUP TO TORAY GROUP

During the 2025 Financial Year, the Group conducted business pursuant to an

agreement dated 27 February 2019 in relation to sale of fabrics by the Group

to Toray Group for a period ended 31 March 2021. The original term of the

agreement has expired on 31 March 2021 and the agreement has been renewed

for a further term of three years up to 31 March 2024. On 22 March 2024, the

term of the agreement has been renewed for a further term of three years up to

31 March 2027. The annual cap for each of the three years ended 31 March 2025

and ending 31 March 2026 and 31 March 2027 shall be HK$70 million. Details of

the Master Agreement relating to the sale of yarns were set out in the Company’s

announcements dated 27 February 2019, 30 March 2021 and 22 March 2024

respectively.

According to the Listing Rules, Toray is a substantial shareholder of the Company

and hence a connected person of the Company. Toray Group is therefore also

regarded as connected person of the Company.

During the 2025 Financial Year, the total transaction amount between Toray

Group and the Group was approximately HK$13.1 million which was within the

relevant annual cap.

In accordance with Rule 14A.55 of the Listing Rules, the Independent Non-

executive Directors of the Company reviewed the continuing connected

transactions in the paragraph above and confirmed that the transactions were

entered into:

(i) in the ordinary and usual course of business of the Group;

(ii) on normal commercial terms or better; and

(iii) according to the relevant agreement governing them on terms that are fair

and reasonable and in the interests of the shareholders of the Group as a

whole.

互太纺织控股有限公司 | 2024 / 2025 年报

DIRECTORS’ REPORT

董事局报告

持续关连交易（续）

（续）

本公司已按照上市规则第14A章遵守适

用的披露规定。

根据上市规则第14A.56条，本公司的外

聘核数师罗兵咸永道会计师事务所（「罗

兵咸永道」）获聘遵照香港会计师公会发

出的香港核证聘用准则第3000号（经修

订）的「历史财务资料审计或审阅以外的

核证聘用」，并参照《实务说明》第740号

「关于香港上市规则所述持续关连交易的

核数师函件」，就本集团的持续关连交易

作出汇报。罗兵咸永道已根据上市规则

第14A.56条发出载有本集团于上文(1)至

(3)项披露之持续关连交易的审验结果的

无保留意见函件。

审核委员会

本公司已成立审核委员会（「审核委员会」），

并定明符合上市规则附录C1所载的企业管

治守则的书面职权范围。审核委员会之成员

为施国荣先生、伍清华先生、陈裕光博士及

凌致和女士（彼等均为独立非执行董事）。施

国荣先生为澳洲注册会计师公会资深会员，

担任审核委员会主席。

审核委员会已审阅本集团2025年财政年度的

财务报表，并已与本公司管理层及核数师讨

论本集团所采纳的会计原则及惯例，以及内

部监控及财务申报事宜。

依据上市规则附录C1所载企业管治守则的

最新修订，审核委员会经修订及重列的职权

范围自2019年1月1日起生效。

企业管治

本公司所采纳的主要企业管治常规载列于本

年报第35页至第54页的企业管治报告内。

环境、社会以及管治报告

有关本集团环境政策及绩效、与其关键持份

者的关系以及对本集团有重大影响之相关法

律法规合规情况的讨论，将载于环境、社会

以及管治报告，该报告将在本公司及联交所

网站登载。

CONTINUING CONNECTED TRANSACTIONS (Cont‘d)

‘d)

The Company has complied with the applicable disclosure requirements in

accordance with Chapter 14A of the Listing Rules.

Pursuant to Rule 14A.56 of the Listing Rules, the Company’s external auditor,

PricewaterhouseCoopers (“PwC”) was engaged to report on the Group’s

continuing connected transactions in accordance with Hong Kong Standard on

Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than

Audits or Reviews of Historical Financial Information” and with reference to

Practice Note 740 “Auditor’s Letter on Continuing Connected Transactions under

the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified

Public Accountants. PwC had issued an unmodified letter containing findings and

conclusions in respect of the above continuing connected transactions (1) to (3)

as disclosed by the Group in accordance with rule 14A.56 of the Listing Rules.

AUDIT COMMITTEE

The Company has established an audit committee (the “Audit Committee”) with

written terms of reference in compliance with the CG Code contained in Appendix

C1 to the Listing Rules. The members of the Audit Committee are Mr. Sze Kwok Wing

Nigel, Mr. Ng Ching Wah, Dr. Chan Yue Kwong Michael and Ms. Ling Chi Wo Teresa

(who are Independent Non-executive Directors). Mr. Sze Kwok Wing Nigel, a Fellow of

CPA Australia, is the chairman of the Audit Committee.

The Audit Committee had reviewed the financial statements of the Group for the 2025

Financial Year and discussed with the management and the auditor of the Company

on the accounting principles and practices adopted by the Group and internal

controls and financial reporting matters.

Pursuant to the recent development of CG Code contained in Appendix C1 to the

Listing Rules, an amended and restated terms of reference for Audit Committee was

effective from 1 January 2019.

CORPORATE GOVERNANCE

Principal corporate governance practices adopted by the Company are set out in the

Corporate Governance Report on pages 35 to 54 of this annual report.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

Discussion on the Group’s environmental policies and performance, relationships with

its key stakeholders and compliance with relevant laws and regulations which have

a significant impact on the Group will be provided in the Environmental, Social and

Governance Report which will be published on the websites of the Company and the

Stock Exchange.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

DIRECTORS’ REPORT

董事局报告

充足公众持股量

根据本公司可获得之公开资料显示及就董

事所知，于刊发本年报前之最后实际可行日

期，本公司已发行股份有足够并超过上市规

则规定25%之公众持股量。

核数师

罗兵咸永道会计师事务所已审核2025年财

政年度的综合财务报表。于应届股东周年大

会上将提呈决议案，以取得本公司股东批准

续聘罗兵咸永道会计师事务所为本公司核数

师。

代表董事局

奥富胜

主席

香港，2025年6月26日

SUFFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within the

knowledge of the Directors, as at the latest practicable date prior to the issue of this

annual report, there was sufficient public float of more than 25% of the issued shares

of the Company as required under the Listing Rules.

AUDITOR

The consolidated financial statements for the 2025 Financial Year have been audited

by PricewaterhouseCoopers. A resolution to re-appoint PricewaterhouseCoopers as

auditor of the Company will be proposed for approval by the Shareholders of the

Company at the forthcoming AGM.

On behalf of the Board

Masaru OKUTOMI

Chairman

Hong Kong, 26 June 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

互太纺织控股有限公司 | 2024 / 2025 年报

董事局致力维持高水平的企业管治，以提升

透明度与问责性，维护本公司股东之利益。

本集团不时检讨企业管治常规，借以确保业

务活动及决策程序受到适当的规管。

A. 本公司的企业管治常规

本公司于整个2025年财政年度内一直遵

守上市规则附录C1所载的企业管治守则

载列的适用守则条文与若干建议最佳常

规，惟以下偏离除外。

年内，奥富胜先生同时兼任本公司主席与

行政总裁的角色，故本公司未能遵守企

业管治守则守则条文第C.2.1条（该条文

规定主席与行政总裁的角色应有区分，

并不应由一人同时兼任）。虽然本公司主

席与行政总裁的角色并没有作出区分，但

基于所有重大决定均会咨询拥有相关知

识及专长的董事局成员及高级管理层，

以及适当的董事局委员会后才作出，权

力和职权并未因此而过份集中。故此，

即使存在上述偏离，目前的安排仍然受

限于充份制衡。尽管双重职务安排已提

供强大一致的领导及有利于实施本集团

的业务策略，本公司仍会因应当前情况

不时检讨有关架构。

根据企业管治守则的守则条文第C.1.6

条，独立非执行董事及其他非执行董事

应出席股东大会，从而对股东的意见有

全面、公正的了解。本公司独立非执行

董事陈裕光博士因其他要务在身，未能

出席本公司于2024年8月15日举行的股

东周年大会。

B. 董事局

1. 董事局的责任

董事局负责领导及控制本公司。董事

局负责制定本集团策略、管理和财务

目标，以及确保股东的权益得以保

障。本集团的日常营运及行政管理委

派执行董事和管理层处理。董事局已

成立董事委员会并将多项责任委派予

该等委员会（如其各自之职权范围所

载）。所有有关职权范围均于联交所

及本公司网站刊载。

The Board is committed to maintaining high standard of corporate governance

to enhance transparency and accountability and to safeguard the interests of

Shareholders of the Company. The Group reviews corporate governance practices

from time to time to ensure that business activities and decision making processes are

properly regulated.

A. CORPORATE GOVERNANCE PRACTICE OF THE COMPANY

The Company had complied with the applicable code provisions and certain

recommended best practices set out in the CG Code contained in Appendix

C1 to the Listing Rules where suitable to the Company except for the following

deviations throughout the 2025 Financial Year.

During the year, Mr. Masaru Okutomi served the roles of Chairman and the Chief

Executive Officer of the Company simultaneously, hence the Company did not

comply with the code provision C.2.1 of the CG Code which requires that the

roles of chairman and chief executive should be separate and should not be

performed by the same individual. Although the roles of the chairman and the

chief executive officer of the Company have not been segregated, powers and

authorities have not been over-concentrated as all major decisions are made

in consultation with Board members and senior management who possess the

relevant knowledge and expertise, as well as appropriate Board committees.

Hence, the current arrangements are subject to adequate checks and balances

notwithstanding such deviation. While the dual role arrangement has provided

strong and consistent leadership and facilitated the implementation of the

Group’s business strategies, the Company will nevertheless review the structure

from time to time in light of the prevailing circumstance.

Under the code provision C.1.6 of the CG Code, independent non-executive

directors and other non-executive directors should attend general meetings to

gain and develop a balanced understanding of the views of shareholders. Dr. Chan

Yue Kwong Michael, the independent non-executive director of the Company,

was unable to attend the annual general meeting of the Company held on 15

August 2024 due to his other commitments.

B. THE BOARD

1. RESPONSIBILITIES OF THE BOARD

The Board is responsible for leadership and control of the Company, the

Board is responsible for formulation of strategic, management and financial

objectives of the Group and ensuring that Shareholders’ interests are

protected. Daily operations and administration of the Group are delegated

to the Executive Directors and the management. The Board has established

Board committees and has delegated various responsibilities to these

committees as set out in their respective terms of reference. All relevant terms

of reference are published on the websites of the Stock Exchange and the

Company respectively.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

（续）

本公司及董事局要求各董事清楚彼作

为本公司董事之职责，以及了解本集

团之业务和经营活动及发展。各董事

均已承诺投入足够时间及精神处理董

事局事务及本公司重要事宜，并按照

各自之专门知识、资历及专业技能，

以谨慎尽责之态度为董事局服务。

执行董事于本集团的业务上担负不同

的管理范畴或职责。非执行董事就本

集团业务策略提供意见和审阅其财

务和营运表现。独立非执行董事出任

审核委员会、薪酬委员会和提名委员

会成员，并独立审阅本集团的策略方

针、发展、业绩及风险管理事宜。

所有董事皆获得最新有关法例和监管

事项的变动简要提示，以确保彼等清

楚了解本集团之营运及业务，且充分

明了彼等于适用法律及法规下之责

任。

2. 委派管理职能

董事局负责本公司的所有重大决策，

包括批准及监督所有重大政策、整体

策略及预算、内部监控、风险管理框

架、重大财务及营运事宜以及提名董

事。本公司的日常管理及营运委派本

公司管理团队处理并受执行董事监

督。执行董事一般定期举行非正式会

议，并定期参与高级管理层之会议，

以便掌握本集团近期之营运及表现，

且监察及确保管理层恰当地执行董事

局制定之所有指示及策略。

3. 董事局之组成

有关各现任董事的简介载于本年报第

17页至第20页及载于本公司网站。

2025年财政年度的董事局名单如下：

执行董事

奥富胜先生（主席兼行政总裁）

杜结威先生

（首席财务总监兼公司秘书）

福元究一先生

’d)

1. RESPONSIBILITIES OF THE BOARD (Cont’d)

The Company and the Board require each Director to keep abreast of

the responsibilities as a Director of the Company and of the business

and operating activities and development of the Group. Every Director is

committed to devoting sufficient time and involvement in the affairs of the

Board and material matters of the Company and serving the Board with such

degree of care and due diligence given his own expertise, qualification and

professionalism.

Executive Directors are responsible for managing different aspects or

functions of the business of the Group. The Non-executive Directors advise

on business strategies of the Group and review its financial and operational

performance. The INEDs serve the Audit Committee, the Remuneration

Committee and the Nomination Committee and provide independent reviews

on the issues of strategic direction, development, performance and risk

management of the Group.

All Directors had been updated and briefed relevant changes in legal and

regulatory matters to ensure that they had a proper understanding of the

operations and business of the Group and that they were fully aware of their

responsibilities under applicable laws and regulations.

2. DELEGATION OF MANAGEMENT FUNCTION

The Board is responsible for making all major decisions of the Company,

including approving and monitoring all major policies, overall strategies

and budgets, internal control, risk management framework, significant

financial and operational matters as well as nomination of directors. The day-

to-day management and operation of the Company are delegated to the

management team of the Company under the supervision of the Executive

Directors. The Executive Directors normally meet on an informal basis and

participate in senior management meetings on a regular basis to keep abreast

of the latest operations and performance of the Group and to monitor and

ensure the management carrying out all directions and strategies set by the

Board appropriately.

3. COMPOSITION OF THE BOARD

Profiles of current Directors are set out on pages 17 to 20 of this annual report

and are available on the website of the Company. The list of Directors during

the 2025 Financial Year was as follows:

Executive Directors

Mr. Masaru OKUTOMI (Chairman and Chief Executive Officer)

Mr. TOU Kit Vai (Chief Financial Officer and Company Secretary)

Mr. Kyuichi FUKUMOTO

互太纺织控股有限公司 | 2024 / 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

（续）

独立非执行董事

陈裕光博士

伍清华先生

施国荣先生

凌致和女士

董事之间，主席及最高行政人员之间

概无存有有关财务、业务、家属或其

他重大关系。董事名单与其职责和职

能已刊载于联交所及本公司网站。

董事局之均衡组成，有赖董事具备有

关纺织业务之销售及市场推广经验及

技术知识、中国工厂之行政及管理经

验，以及财务及会计技能。鉴于本集

团之业务营运与发展性质及规模，此

等技能、经验与观点多元化的平衡对

其决策效率而言实属合适。董事局认

为各独立非执行董事均能将其本身之

专业知识带入董事局。

于章程细则允许下，本公司已为董事

和管理层就履行其职责或相关事宜时

可能承担之法律行动安排董事和管理

人员责任保险。

、重选及罢免

董事局依照章程细则有权委任任何人

士出任董事以补替临时空缺或作为董

事局新增成员。具丰富经验及才能，

有能力履行受托职责，有技能、谨慎

及勤勉之合适候选人士将获推荐予董

事局。

若股东拟在股东周年大会上提名人

士竞选董事，彼可向本公司注册办事

处递交书面通知，抬头注明公司秘书

收。股东提名人士竞选董事之程序已

刊载于本公司网站。

各执行董事之委任初步为期两年，其

后各服务协议可予续期，直至其中一

方向另一方发出不少于六个月事先书

面通知终止协议为止。

’d)

3. COMPOSITION OF THE BOARD (Cont’d)

Independent Non-executive Directors

Dr. CHAN Yue Kwong Michael

Mr. NG Ching Wah

Mr. SZE Kwok Wing Nigel

Ms. LING Chi Wo Teresa

There is no financial, business, family or other material relationships among

the Directors, and between chairman and chief executive. The list of Directors

and their roles and functions are published on the websites of the Stock

Exchange and the Company respectively.

The composition of the Board is well-balanced with the Directors having

sales and marketing experience and technical knowledge in textiles business,

administrative and managerial experience in PRC factories and financial

and accounting skill. Taking into account the nature and scope of business

operations and development of the Group, such balance of skills, experience

and diversity of perspectives is appropriate for effective decision making. The

Board considers that each of the INEDs bring their own relevant expertise to

the Board.

As permitted under the Articles, the Company has arranged Directors and

Officers Liability Insurance in respect of any legal actions which may be taken

against Directors and management in execution and discharge of their duties

or in relation thereto.

4. APPOINTMENT, RE-ELECTION AND REMOVAL OF DIRECTORS

The Board is empowered under the Articles to appoint any person as a

Director either to fill a casual vacancy or as an additional member of the Board.

Suitable candidates who are experienced and competent and able to fulfil

fiduciary duties and duties of skill, care and diligence would be recommended

to the Board.

If a Shareholder wishes to propose a person for election as a Director at

the AGM, the Shareholder can deposit a written notice to that effect at the

registered office of the Company for the attention of the Company Secretary.

Procedures for shareholders to propose a person for election as a director are

published on the website of the Company.

Each of the Executive Directors was appointed for an initial term of two years

and each service agreement is renewable thereafter until terminated by either

party by giving to the other party at least six months’ prior notice in writing.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

、重选及罢免（续）

各独立非执行董事获委任之任期为两

年，其后可予续期。

根据章程细则，全体董事须轮席退任

并符合资格膺选连任。根据章程细

则，董事局委任之任何董事（不论为

填补临时空缺或属董事局新增成员）

均仅留任至下届股东周年大会为止，

届时将合资格于股东周年大会上膺

选连任。此外，于每届股东周年大会

上，三分之一之董事（包括主席）均须

至少每三年一次轮席退任及由股东重

选。于计算当时董事总数时，将会计

入按上文所述由董事局委任而须退任

及膺选连任之董事，惟于计算将轮席

退任董事人数时则不予计算。所有符

合资格膺选连任之董事均须向股东披

露个人履历，以便股东于重选时作出

知情决定。

任何董事委任、辞任、罢免或调任事

宜均须以公告形式及时向股东披露。

董事所提供任何辞任之理由亦须在该

公告中注明。

5. 董事之入职介绍及持续发展

每名新委任董事均于首次获委任时获

得详尽而有针对性的介绍，以确保其

对本集团的业务营运有适当的理解，

并充分明了在上市规则及相关法定规

定下的董事职责及义务。

本公司鼓励所有董事参与持续专业发

展并更新其知识及技能。本公司不时

向董事提供上市规则及其他适用监管

规定的最新修订，以确保其继续在具

备全面资讯及切合所需的情况下对董

事局作出贡献。

’d)

4. APPOINTMENT, RE-ELECTION AND REMOVAL OF DIRECTORS (Cont’d)

Each of the Independent Non-executive Directors had been appointed for a

term of two years and are renewable thereafter.

All Directors are subject to retirement by rotation and are eligible for re-

election pursuant to the Articles. Pursuant to the Articles, any Director

appointed by the Board either to fill a casual vacancy or as an addition to

the Board shall hold office only until the next following AGM and then be

eligible for re-election at that AGM. In addition, at every AGM, one-third of the

Directors, including the chairman, shall be subject to retirement by rotation

and re-election by Shareholders at least once every three years. The Directors

appointed by the Board who are subject to retirement and re-election

as mentioned above shall be taken into account in calculating the total

number of Directors for the time being but shall not be taken into account in

calculating the number of Directors who are to retire by rotation. All Directors

eligible for re-election shall have their biographical details made available

to Shareholders to enable them to make an informed decision on their re-

election.

Any appointment, resignation, removal or re-designation of Director

shall be timely disclosed to Shareholders by announcement. Any reasons

for resignation given by the Director shall also be included in such

announcement.

5. INDUCTION AND CONTINUING DEVELOPMENT FOR DIRECTORS

Every newly appointed Director had been provided with comprehensive and

tailored induction on the first occasion of his/her appointment to ensure

appropriate understanding of the business operation of the Group and full

awareness of Directors’ responsibilities and obligations under the Listing Rules

and relevant statutory requirements.

All Directors are encouraged to participate in continuous professional

development to develop and refresh their knowledge and skills. The Company

from time to time updates the Directors on the latest development on the

Listing Rules and other applicable regulatory requirements to ensure their

contribution to the Board remains informed and relevant.

互太纺织控股有限公司 | 2024 / 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

（续）

根据董事所提供的培训记录，于2025

年财政年度期间的培训记录概要如

下：

培训类别

、座谈会、网络研讨

会或培训课程

B. 阅读资料

’d)

5. INDUCTION AND CONTINUING DEVELOPMENT FOR DIRECTORS

(Cont’d)

According to the training records provided by the Directors, a summary of

which during the 2025 Financial Year is as follows:

Executive Directors执行董事

Mr. Masaru OKUTOMI

奥富胜先生BBB

Mr. TOU Kit Vai

杜结威先生BBB

Mr. Kyuichi FUKUMOTO

福元究一先生BBB

Independent Non-executive

Directors

独立非执行董事

Dr. CHAN Yue Kwong Michael

陈裕光博士A, BA, BA, B

Mr. NG Ching Wah

伍清华先生BBB

Mr. SZE Kwok Wing Nigel

施国荣先生BBB

Ms. LING Chi Wo Teresa

凌致和女士BBB

Type of trainings

, seminars, webinar or training courses

B. Reading materials

Topics on training covered
培训所涵盖的主题
	Corporate governance	Listing Rules and regulatory updates	Risk and financial management
	企业管治	上市规则及法规更新	风险及财务管理

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

6. 董事局会议及股东大会

会议次数

董事局每年召开会议不少于4次，并

于董事局认为需要时增开会议。全年

定期会议时间表已通知各董事。董事

出席会议记录载于本年报第41页。

于2025年财政年度期间，董事局举

行5次会议以批准中期与全年业绩公

告、中期报告与年报、商讨派息政

策、讨论本公司重要事项及一般运

作。

本公司已于2024年8月15日举行股

东周年大会。所有获提呈之建议股东

决议案已按投票表决方式议决并获正

式通过。各项决议案之表决结果载于

本公司于同日刊发之公告。

会议常规及程序

召开董事局会议通告将会于会议举行

前不少于14天送呈全体董事。召开董

事局会议通告及议程由主席委派公司

秘书负责编制。全体董事皆有机会提

出任何彼等认为合适商讨之事项并将

其列入董事局会议议程。

董事局会议议程及相关附有充足的背

景资料及论据分析的资料会在拟召开

的董事局会议日期前最少3天送呈各

董事查阅。所有董事可各自单独接触

本公司高级管理人员索取进一步的资

讯与查询。公司秘书与相关的高级管

理层成员参与所有董事局会议及董事

局辖下各委员会会议，就企业管治、

遵守法则和财务事宜方面提供意见。

任何重要事项中存有董事或主要股东

和本公司有利益冲突时，将在董事局

会议上处理。根据章程细则规定，除

若干特殊情况外，董事无权就彼或彼

任何联系人（包括上市规则项下被视

为董事「联系人」之任何人士）拥有任

何重大权益之任何合约或安排或任何

其他建议，就董事局决议案投票（或

就此计入法定人数）。董事局会议的

主席须于每次董事局会议举行时确保

每名董事均知悉有关规定，并于出现

利益冲突时妥为向董事局申报其权

益。

’d)

6. THE BOARD MEETINGS AND GENERAL MEETINGS

Number of Meetings

The Board meets at least 4 times per year and additional meetings are

convened when deemed necessary by the Board. The schedule of regular

meetings for the whole year had been informed to each Director. The

attendance record of the Directors is set out on page 41 of this annual report.

During the 2025 Financial Year, the Board held 5 meetings to approve

interim and final results announcements, interim report and annual report, to

consider dividend policy, to discuss significant issues and general operation of

the Company.

The Company held the AGM on 15 August 2024. All proposed Shareholders’

resolutions put forwarded were resolved by poll and were duly passed. The

poll result of each resolution was set out in the Company’s announcement

released on the even date.

Practice and Conduct of Meetings

Notice of Board meeting will be served to all Directors at least 14 days before

the meeting. Notices and agenda of the Board meeting are prepared by the

Company Secretary as delegated by the chairman. All Directors are given the

opportunity to include any matters which they believe to be appropriate in

the agenda of the Board meetings.

Agenda and relevant information of Board meeting with adequate

background information and supporting analysis are made available to the

Directors at least 3 days before the intended date of the Board meeting. All

Directors are given separate and independent access to the Company’s senior

management for further information and enquiries. The Company Secretary

and relevant senior management members attend all the meetings of the

Board and Board committees to advise on corporate governance, statutory

compliance and financial matters.

Any material matters that would have conflict of interest between the

Directors or substantial Shareholders and the Company will be dealt with in

the Board meeting. Pursuant to the Articles, a Director is not entitled to vote

on (nor is counted in the quorum) any resolution of the Board in respect of

any contract or arrangement or any other proposal whatsoever in which he or

any of his associates (including any person who would be deemed to be an

“associate” of the Directors under the Listing Rules) has any material interest

except in certain special circumstances. The chairman of the Board meeting

is required to ensure that each Director is aware of such requirement at the

commencement of each Board meeting and declaration of interest is properly

made in the Board meeting where conflicts of interest arise.

互太纺织控股有限公司 | 2024 / 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

（续）

会议常规及程序（续）

董事有权要求本公司公司秘书和主要

职员提供有关董事局程序的意见和服

务。董事局或其辖下委员会会议草稿

详细记录该等会议参与者所考虑的事

项及达致的决定，并于会议后的合理

时间内送呈会议草稿予议会者表达意

见。董事局或其辖下委员会会议记录

最后定稿由公司秘书存档。任何董事

于合理时间内，发出合理通知后可查

阅有关文件。

董事局向其成员提供完整、适当、及

时的资料，以使董事能够恰当地履行

其职责。董事如有需要时，于得到董

事局批准后，可寻求独立专业意见，

费用由本公司支付。

出席会议情况

各董事于2025年财政年度期间出席

董事局、审核委员会、薪酬委员会、

提名委员会会议及股东周年大会之记

录载列如下：

’d)

6. THE BOARD MEETINGS AND GENERAL MEETINGS (Cont’d)

Practice and Conduct of Meetings (Cont’d)

Directors have access to advice and services of the Company Secretary and

key officers of the Company in relation to the Board procedures. Draft minutes

of the Board or Board committee meetings recorded in sufficient details,

the matters considered by the participants of those meetings and decisions

reached are forwarded to the participants for comments within a reasonable

time after the meetings and final versions of minutes of Board or Board

committee meetings are kept by the Company Secretary, which are open for

inspection by any Directors at any reasonable time on reasonable notice.

Board members are provided with complete, adequate and timely information

to allow the Directors to fulfil their duties properly. Directors may seek

independent professional advice at the Company’s expenses with the

approval of the Board, if necessary.

Attendance of Meetings

The attendance records of each Director at the meetings of the Board, the

Audit Committee, Remuneration Committee, Nomination Committee and

AGM during the 2025 Financial Year are set out as follows:

Executive Directors执行董事

Mr. Masaru OKUTOMI (Chairman and

Chief Executive Officer)

奥富胜先生（主席兼

行政总裁）

4/5N/A 不适用1/11/11/1

Mr. TOU Kit Vai (Chief Financial Officer

and Company Secretary)

杜结威先生（首席财务总监

兼公司秘书）

5/5N/A 不适用N/A 不适用1/11/1

Mr. Kyuichi FUKUMOTO福元究一先生4/5N/A 不适用1/1N/A 不适用1/1

INEDs独立非执行董事

Dr. CHAN Yue Kwong Michael陈裕光博士5/54/41/11/10/1

Mr. NG Ching Wah伍清华先生5/54/41/11/11/1

Mr. SZE Kwok Wing Nigel施国荣先生5/54/41/11/11/1

Ms. LING Chi Wo Teresa凌致和女士5/54/41/11/11/1

Meetings attended/Meetings held
出席会议次数╱举行会议次数
	Board	Audit Committee	Remuneration Committee	Nomination Committee	AGM
	董事局	审核委员会	薪酬委员会	提名委员会	股东周年大会

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

7. 独立非执行董事

董事局于2025年财政年度期间所有

时间均符合上市规则之规定，委任最

少3名独立非执行董事，而其中最少

一名独立非执行董事具备适当专业资

格，或会计或有关财务管理之专业知

识。

于2025年3月31日，董事局由七名成

员组成，包括四名独立非执行董事。

独立非执行董事人数符合上市规则第

3.10A条规定之最低要求。

C. 主席及最高行政人员

董事局主席领导董事局及负责主持会议、

管理董事局之运作及确保董事局及时有

序地讨论已提呈的所有待商讨事宜。行

政总裁负责领导管理团队及监督本集团

的营运。

年内，奥富胜先生同时兼任本公司主席与

行政总裁的角色，故本公司未能遵守企

业管治守则守则条文第C.2.1条（该条文

规定主席与行政总裁的角色应有区分，

并不应由一人同时兼任）。

本公司认为，奥富胜先生对本集团业务

具相关深厚专长及知识，彼出任本公司

主席兼行政总裁之双重角色，符合本公

司之最佳利益。虽然本公司主席与行政

总裁的角色并没有作出区分，但基于所

有重大决定均会咨询拥有相关知识及专

长的董事局成员及高级管理层，以及适

当的董事局委员会后才作出，权力和职

权并未因此而过份集中。故此，即使存

在上述偏离，目前的安排仍然受限于充

份制衡。

尽管双重职务安排已提供强大一致的领

导及有利于实施本集团的业务策略，本

公司仍会因应当前情况不时检讨有关架

构。

’d)

7. INEDS

The Board at all times met the requirements of the Listing Rules relating to the

appointment of at least 3 INEDs with at least one INED possessing appropriate

professional qualifications, or accounting or related financial management

expertise throughout the 2025 Financial Year.

As at 31 March 2025, the Board comprised seven members with four INEDs.

The number of INEDs met the minimum requirement prescribed under Rule

3.10A of the Listing Rules.

C. CHAIRMAN AND CHIEF EXECUTIVES

The Chairman of the Board provides leadership for the Board and is responsible

for chairing the meetings, managing the operations of the Board and ensuring

that all matters submitted for discussion are discussed by the Board in a timely

and orderly manner. The Chief Executive Officer is responsible for leading the

management team and overseeing the operations for the Group.

During the year, Mr. Masaru Okutomi served the roles of Chairman and the Chief

Executive Officer of the Company simultaneously, hence the Company did not

comply with the code provision C.2.1 of the CG Code which requires that the roles

of chairman and chief executive should be separate and should not be performed

by the same individual.

The Company is of the view that it is in the best interest of the Company that

Mr. Masaru Okutomi, with his relevant in-depth expertise and knowledge in the

Group’s business, acts in the dual capacity as Chairman and Chief Executive Officer

of the Company. Although the roles of the chairman and the chief executive

officer of the Company are not segregated, powers and authorities have not

been over-concentrated as all major decisions are made in consultation with

Board members and senior management who possess the relevant knowledge

and expertise, as well as appropriate Board committees. Hence, the current

arrangements are subject to adequate checks and balances notwithstanding such

deviation.

While the dual role arrangement has provided strong and consistent leadership

and facilitated the implementation of the Group’s business strategies, the

Company will nevertheless review the structure from time to time in light of the

prevailing circumstance.

互太纺织控股有限公司 | 2024 / 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

在公司秘书协助下，主席确保于董事局会

议上所有董事均适当知悉当前的事项，

并适时获得充足资料。

本公司已接获各独立非执行董事根据上

市规则第3.13条之规定发出之年度独立

性书面确认函，并认同独立非执行董事

乃独立于管理层，且并无任何足以严重

干预彼等进行独立判断之关系。

D. 董事局委员会

董事局已成立三个主要董事局委员会，

即审核委员会、薪酬委员会及提名委员

会，分别由不同独立非执行董事出任主

席，以协助董事局监督本公司事务之各

项特定范畴。董事局委员会于董事局会

议向董事局汇报其决定和建议。

审核委员会、薪酬委员会及提名委员会之

原则、程序及安排之职权范围（经修订）

已由董事局经参照企业管治守则审阅，

并已刊载于联交所及本公司网站。

董事局委员会获提供充足资源以履行其

职责，并于提出合理要求后，可于适当

情况下寻求独立专业意见，费用概由本

公司承担。

审核委员会

审核委员会于2007年4月27日成立，其

书面职权范围与企业管治守则相符。审

核委员会之主要职责为检讨、管理及监

督本集团之财务汇报程序、风险管理及

内部监控系统的成效。

审核委员会之成员为施国荣先生、伍清

华先生、陈裕光博士及凌致和女士。彼

等均为独立非执行董事。施国荣先生，

澳洲注册会计师公会资深会员，为审核

委员会主席。

审核委员会已和管理层联同核数师审阅

本集团2025年财政年度之经审核年度综

合财务资料及本集团所采纳之会计原则

及常规。2025年财政年度之年报已由审

核委员会审阅。

’d)

With the support of the Company Secretary, the Chairman ensures that all

Directors were properly briefed on the issues arising at the Board meetings and

provided with adequate information in a timely manner.

The Company received an annual written confirmation from each of the INEDs

of their independence pursuant to Rule 3.13 of the Listing Rules and considered

them to be independence of the management and free of any relationship that

could materially interfere with the exercise of their independent judgements.

D. BOARD COMMITTEES

The Board has established three main Board Committees, namely the Audit

Committee, the Remuneration Committee and the Nomination Committee, each

chaired by different INED, to assist the Board in overseeing particular aspects of

the Company’s affairs. Board Committees report to the Board of their decisions

and recommendations at the Board meetings.

The terms of reference (as revised) setting out the principles, procedures and

arrangements of the Audit Committee, the Remuneration Committee and the

Nomination Committee have been reviewed by the Board with reference to

the CG Code and are published on the websites of the Stock Exchange and the

Company respectively.

The Board Committees are provided with sufficient resources to discharge their

duties and, upon reasonable request, are able to seek independent professional

advice in appropriate circumstances at the Company’s expenses.

AUDIT COMMITTEE

The Audit Committee was established on 27 April 2007 with written terms of

reference in compliance with the CG Code. The primary duties of the Audit

Committee are reviewing, overseeing and supervising the effectiveness of

the Group’s financial reporting process, risk management and internal control

systems.

The members of the Audit Committee are Mr. Sze Kwok Wing Nigel, Mr. Ng Ching

Wah, Dr. Chan Yue Kwong Michael and Ms. Ling Chi Wo Teresa. All of them are

INEDs. Mr. Sze Kwok Wing Nigel, a Fellow of CPA Australia, is the chairman of the

Audit Committee.

The Audit Committee has reviewed the audited annual consolidated financial

information of the Group for the 2025 Financial Year and the accounting

principles and practices adopted by the Group with the management in

conjunction with the auditor. The Annual Report for the 2025 Financial Year has

been reviewed by the Audit Committee.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

审核委员会（续）

审核委员会于2025年财政年度期间举行

了4次会议。审核委员会于2025年财政

年度已履行之主要职务包括批准外聘核

数师之聘任条款（包括酬金）、审阅截至

2024年9月30日止六个月之未经审核中

期财务资料及中期业绩公告、审阅2025

年财政年度经审核全年综合财务资料及

全年业绩公告、审阅本集团内部审计部

之工作、评估本集团之风险管理系统与

内部监控系统之成效及审阅检举政策之

成效与透过此渠道检举之事件。董事出

席审核委员会会议记录载于本年报第41

页之表内。

审核委员会已检讨审核之范畴、结果及

成本效益，以及本公司外聘核数师的独

立性和客观性。

于回顾年度（及去年），本公司外聘核数

师所提供的审核及非审核服务之费用如

下：

审核委员会已检讨本公司外聘核数师所

提供之全部非审核服务，认为该等服务

并不影响外聘核数师之独立性。

审核委员会向董事局建议重新聘任罗兵

咸永道会计师事务所为本公司下年度之

外聘核数师，并建议于应届股东周年大

会提呈有关决议。

’d)

AUDIT COMMITTEE (Cont’d)

The Audit Committee held 4 meetings during 2025 Financial Year. The major

work performed by the Audit Committee in respect of the 2025 Financial Year

included approving the terms of engagement (including the remuneration) of

the external auditor; reviewing the unaudited interim financial information and

interim results announcement for the six months ended 30 September 2024;

reviewing the audited annual consolidated financial information and final results

announcement for the 2025 Financial Year; reviewing the work of the Group’s

internal audit department; assessing the effectiveness of the Group’s systems

of risk management and internal control and reviewing the effectiveness of the

whistleblowing policy and the incidents reported through such channel. The

attendance of the Directors for the Audit Committee meetings is set out in the

table on page 41 of this annual report.

The Audit Committee has reviewed the scope and results of the audit and its cost

effectiveness and the independence and objectivity of the Company’s external

auditor.

The fees in respect of audit and non-audit services provided by the Company’s

external auditor during the years under review (and the previous year) are as

follows:

The Audit Committee has undertaken a review of all non-audit services provided

by the Company’s external auditor and concluded that such services did not affect

the independence of the external auditor.

The Audit Committee recommended the Board about re-appointment of

PricewaterhouseCoopers as the Company’s external auditor for the coming year

and the related resolutions shall be put forth in the forthcoming AGM.

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
3,510
734

互太纺织控股有限公司 | 2024 / 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

提名委员会

提名委员会于2007年4月27日成立，其

书面职权范围与企业管治守则相符。提

名委员会之主要职责为构思及制订有关

提名及委任董事的程序、就委任董事适

当考虑董事局多元化及董事局继任之管

理向董事局提供建议，以及评估独立非

执行董事的独立性。

提名委员会之大部份成员均为独立非执

行董事。于本报告日期，提名委员会之

成员为伍清华先生、陈裕光博士、施国

荣先生、凌致和女士、奥富胜先生及杜

结威先生。独立非执行董事伍清华先生

为提名委员会主席。

提名委员会于2025年财政年度期间举行

了1次会议并检讨了董事局多元化政策

的实施情况。提名委员会于2025年财政

年度已履行之主要职务包括评估独立非

执行董事之独立性，检讨董事局多元化

政策以及于应届股东周年大会上根据轮

席规定重选本公司董事（包括获董事局委

任须遵守章程细则第114条项下之重选

规定之新董事）连任之事宜依据该政策作

出建议。董事出席提名委员会会议记录

载于本年报第41页之表内。

董事局多元化政策

董事局已于2014年3月21日采纳一项董

事局多元化政策（「多元化政策」）。多元

化政策概要连同为落实政策而设的计量

目标以及该等目标的达成进度于下文披

露。

董事局多元化政策概要

在检讨及评估董事局的组成时，提名委

员会及董事局成员已按照本公司之实际

情况，在遵守适用法律相关条文之情况

下，考虑多项因素，包括但不限于教育

背景、专业资格、技能、行业经验、年

龄、性别及种族。筛选候选人名单时，

将不会设置如年龄、性别和种族的规限。

’d)

NOMINATION COMMITTEE

The Nomination Committee was established on 27 April 2007 with written

terms of reference in compliance with the CG Code. The primary duties of the

Nomination Committee are to develop and formulate relevant procedures for

the nomination and appointment of Directors, make recommendations to the

Board on appointment of Directors with due regard to diversity of the Board

and management of the Board succession and assess the independence of

Independent Non-executive Directors.

The majority members of the Nomination Committee are INEDs. As at the date of

the report, the members of the Nomination Committee are Mr. Ng Ching Wah; Dr.

Chan Yue Kwong Michael, Mr. Sze Kwok Wing Nigel, Ms. Ling Chi Wo Teresa, Mr.

Masaru Okutomi and Mr. Tou Kit Vai. Mr. Ng Ching Wah, an INED, is the chairman

of the Nomination Committee.

The Nomination Committee met once during the 2025 Financial Year and

reviewed the implementation of the board diversity policy. The major work

performed by the Nomination Committee in respect of the 2025 Financial Year

included assessing the independence of the INEDs, reviewing the Board Diversity

Policy and making recommendations in line with the Policy on re-election of

the Directors of the Company to be subject to rotation requirements at the

forthcoming AGM (including the new director(s) appointed by the Board who is

subject to re-election requirement under rule 114 of the Articles. The attendance

of the Directors for the Nomination Committee meeting is set out in the table on

page 41 of this annual report.

BOARD DIVERSITY POLICY

The Board adopted a board diversity policy (the “Diversity Policy”) on 21 March

2014. A summary of this Diversity Policy, together with the measurable objectives

set for implementing this policy, and the progress made towards achieving those

objectives are disclosed as below.

Summary of the Board Diversity Policy

In reviewing and assessing the Board composition, the Nomination Committee

and the Board members considered a number of factors, including but not limited

to educational background, professional qualifications, skills, industry experience,

age, gender and ethnic origin, subject to the actual situation of the Company and

relevant provisions under the applicable laws. Restrictions like age, gender and

ethnic origin will not be set when short-listing the candidates.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

董事局多元化政策（续）

可计量目标

提名委员会将讨论及协定达致多元化的

可计量目标并向董事局作出推荐以供采

纳。

该等目标的达致乃通过股东客观地检讨

董事局整体组成、各董事的背景及经验

的多元以及董事局促进股东利益的有效

性来衡量。为了让股东判断董事局的组

成是否反映出多元化，提名委员会应向

股东提供有关董事局规模、各董事局成

员的资格以至于董事局整体的足够资料。

性别多元

于2025年3月31日，本集团聘有约5,115

名员工，当中66.2%为男性，33.8%为女

性。本公司将采取步骤，于本公司上下

各级推动性别多元，包括但不限于董事

局及管理层。董事局有一名女性独立非

执行董事，故本公司已于董事局层面达

致性别多元。适当强调保持性别多元化

已纳入董事局组成、董事局多元化及继

任计划中。

下表按地域及性别载列于2025年3月31

日的员工性别多元状况：

’d)

BOARD DIVERSITY POLICY (Cont’d)

Measurable Objectives

The Nomination Committee will discuss and agree on the measurable objectives

for achieving diversity and recommend them to the Board for adoption.

The achievement of these objectives is measurable on an objective review by

shareholders of the overall composition of the Board, the diversity of background

and experience of individual directors and the effectiveness of the Board in

promoting shareholder’s interests. In order for shareholders to judge whether the

Board as constituted is a reflection of diversity, the Nomination Committee shall

provide sufficient information to shareholders about the size, qualifications of

each individual Board member and therefore, the Board as a whole.

GENDER DIVERSITY

At 31 March 2025, the Group employed around 5,115 people, being 66.2% male

and 33.8% female. The Company will take steps to promote gender diversity

at all levels of the Company, including but without limitation at the Board and

the management levels. The Company has achieved gender diversity at the

Board level with one female Independent Non-executive Director on the Board.

Appropriate emphasis on maintaining gender diversity has been placed in the

reviews of board composition, board diversity and succession planning.

The following table sets out the workforce gender diversity by geographical

region and gender at 31 March 2025:

China中国60.0%40.9%19.1%

Vietnam越南38.9%24.7%14.2%

Hong Kong and other offices in Asia香港及其他亚洲办事处1.1%0.6%0.5%

Total总计100.0%66.2%33.8%

Percentage of Workforce
员工所占百分比
		Total	Male	Female
Geographical Region	地域	总计	男性	女性

互太纺织控股有限公司 | 2024 / 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

薪酬委员会

薪酬委员会于2007年4月27日成立，其

书面职权范围与企业管治守则相符。薪

酬委员会之主要职责为参照本集团董事

及高级管理人员之工作性质、职责的复

杂性和表现，审阅及厘定付予彼等之薪

酬组合条款、花红及其他应付酬金，并

就此向董事局提出建议。任何董事不可

参与讨论其个人薪酬。

薪酬委员会之大部份成员均为独立非执

行董事。于本报告日期，薪酬委员会之

成员为陈裕光博士、施国荣先生、伍清

华先生、凌致和女士、奥富胜先生及福

元究一先生。独立非执行董事陈裕光博

士为薪酬委员会主席。

薪酬委员会于2025年财政年度期间举行

了一次会议。薪酬委员会于2025年财政

年度已履行之主要职务包括参照可比较

上市公司之董事及高级管理人员薪酬水

平以审阅董事及高级管理人员酬金。董

事出席薪酬委员会会议记录载于本年报

第41页之表内。

依照香港公司条例第383条及上市规则

附录D2而披露之董事酬金资料详列于综

合财务报表附注34。执行董事酬金则由

薪酬委员会参照董事之职责及责任而不

时厘定。

E. 企业管治功能

董事局应负责履行如下企业管治职责：

(a) 制定及检讨本公司的企业管治政策及

常规并提出建议；

(b) 检讨及监察董事及高级管理人员的培

训及持续专业发展；

规定方面的政策及常规；

’d)

REMUNERATION COMMITTEE

The Remuneration Committee was established on 27 April 2007 with written

terms of reference in compliance with the CG Code. The primary duties of the

Remuneration Committee are to review and determine the terms of remuneration

packages, bonuses and other compensation payable to Directors and senior

management of the Group with reference to the nature of their works, complexity

of their responsibilities and performances and to make recommendations to

the Board. No director is allowed to take part in any discussion about his own

remuneration.

The majority members of the Remuneration Committee are INEDs. As at the date

of report, the members of the Remuneration Committee are Dr. Chan Yue Kwong

Michael; Mr. Sze Kwok Wing Nigel, Mr. Ng Ching Wah, Ms. Ling Chi Wo Teresa, Mr.

Masaru Okutomi and Mr. Kyuichi Fukumoto. Dr. Chan Yue Kwong Michael, an INED,

is the chairman of the Remuneration Committee.

The Remuneration Committee met once during the 2025 Financial Year. The

major work performed by the Remuneration Committee for the 2025 Financial

Year included reviewing the remunerations of the Directors and senior

management with reference to the remuneration levels of directors and senior

management of comparable listed companies. The attendance of the Directors for

the Remuneration Committee meeting is set out in the table on page 41 of this

annual report.

Details of the remunerations of the Directors disclosed pursuant to Section 383

of Hong Kong Companies Ordinance and Appendix D2 of the Listing Rules are

set out in note 34 to the consolidated financial statements. Executive Directors’

remunerations shall from time to time be determined by the Remuneration

Committee with reference to the Directors’ duties and responsibilities.

E. CORPORATE GOVERNANCE FUNCTIONS

The Board should be responsible for performing corporate governance duties as

follows:

(a) to develop and review the Company’s policies and practices on corporate

governance and make recommendations;

(b) to review and monitor the training and continuous professional development

of Directors and senior management;

with legal and regulatory requirements;

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

(d) 制定、检讨及监察雇员及董事适用的

操守准则及合规手册（如有）；及

(e) 检讨本公司遵守企业管治守则的情况

及在企业管治报告内的披露。

F. 公司秘书

执行董事杜结威先生于2022年8月12日

获委任为公司秘书，直接向董事局汇报。

董事可获取公司秘书之意见及服务以确

保遵从董事局程序及所有适用法例、规

则及规例。于2025年财政年度，公司秘

书透过参加不少于15小时的有关专业培

训遵守上市规则第3.29条。

G. 董事的证券交易

本公司已采纳上市规则附录C3所载标准

守则的标准，作为其内部有关董事所进

行证券交易的行为守则。在向全体董事

作出特定查询后，全体董事已确认，彼

等于2025年财政年度内已遵守该守则所

规定的标准。

H. 董事的财务报告责任

董事局知悉其有编制本公司2025年财政

年度财务报表的责任且账目须真实而公

平地反映本集团的财政状况，并根据法

定规定与适用会计准则编制。本公司中

期报告及年报乃根据上市规则要求按法

定规定及香港财务报告准则而适时编制

与刊发。董事获提供适当资料，以便彼

等就批准的事项作出财务和其他资料的

知情决定。此外，董事每月获提供本集

团的表现之更新资料，以使彼等履行其

职责。

本公司外聘核数师就其对本集团综合财

务报表向股东承担之申报责任作出之声

明载于本年报第55页至第59页之独立核

数师报告。

’d)

(d) to develop, review and monitor the code of conduct and compliance manual

(if any) applicable to employees and Directors; and

(e) to review the Company’s compliance with the CG Code and disclosure in the

Corporate Governance Report.

F. COMPANY SECRETARY

Mr. Tou Kit Vai, the executive Director, was appointed as Company Secretary on

12 August 2022 to report directly to the Board. The Directors have access to the

advice and services of the Company Secretary to ensure the Board procedures,

and all applicable law, rules and regulations, are followed. During the 2025

Financial Year, the Company Secretary complied with Rule 3.29 of the Listing Rules

by taking no less than 15 hours of relevant professional training.

’ SECURITIES TRANSACTIONS

The Company has adopted the standard of Model Code as set out in Appendix

C3 to the Listing Rules as its code of conduct regarding securities transactions

by the Directors. Having made specific enquiries of all Directors, all Directors

confirmed that they had complied with the required standard set out in such

Code throughout the 2025 Financial Year.

’ RESPONSIBILITY FOR FINANCIAL REPORTING

The Board acknowledged its responsibility for preparing the Company’s financial

statements for 2025 Financial Year which gave a true and fair view of financial

position of the Group and in accordance with statutory requirements and

applicable accounting standards. The Company’s interim report and annual report

were prepared and published in accordance with statutory requirements and

Hong Kong Financial Reporting Standards in a timely manner required under the

Listing Rules. Directors were provided with adequate information to enable them

to make an informed assessment of financial and other information on matters for

their approval. Furthermore, Directors were provided with monthly updates on

the Group’s performance to enable them to discharge their duties.

The statement of the external auditor of the Company regarding its reporting

responsibility to Shareholders on the consolidated financial statements of the

Group is set out in the Independent Auditor’s Report on pages 55 to 59 of this

annual report.

互太纺织控股有限公司 | 2024 / 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

I. 风险管理及内部监控

董事局确认其有责任建立及维持有效的

风险管理及内部监控系统，及确定其为

追求战略目标而愿意承担的风险性质及

程度。管理层主要负责设计、执行及监

控该等系统。

本集团已制定程序，以保障本集团资产

不受未经授权使用或处置、维持准确的

会计记录、确保用于内部及外部用途的

财务资料的可靠性，以及监控适用法律

及法规的遵守情况。该等控制的设计目

的在于管理而非消除无法达成业务目标

的风险，并且仅能就重大误报或损失提

供合理而非绝对的保证。

关键风险管理及内部监控程序：

(i) 授权

董事局已将日常管理、营运及维护内

部监控系统的权力及责任授予业务单

位及职能部门。本集团采用定制的管

治架构，其责任与权力分工明确，确

保有效的职责分工，同时纳入制衡机

制。

(ii) 风险管理程序

系统化的程序可用来规管主要风险

的识别、评估、管理及报告，包括策

略、营运、财务、合规、报告及技术

相关风险。风险管理委员会负责监控

及审查风险管理系统、监督整体风险

框架、设定风险容忍度、评估风险状

况、厘定关键风险优次，及培养强健

的风险意识文化。

风险管理框架包含五个核心部分：风

险识别、风险评估及优次、风险管理

员╱拥有人的委任、风险应对计划的

开发，及持续监控的风险沟通。风险

管理委员会每年均会维护及审查企业

风险名册，以确保其维持相关性。风

险拥有人持续监控高风险领域，并实

施策略以有效降低该等风险。

I. RISK MANAGEMENT AND INTERNAL CONTROL

The Board acknowledges its responsibilities for establishing and maintaining

effective risk management and internal control systems, as well as determining

the nature and extent of risks it is willing to accept in pursuit of strategic

objectives. Management is primarily responsible for designing, implementing,

and monitoring these systems.

Procedures have been established to safeguard the Group’s assets against

unauthorized use or disposal, maintain accurate accounting records, ensure the

reliability of financial information for both internal and external purposes, and

monitor compliance with applicable laws and regulations. These controls are

designed to manage rather than eliminate the risk of failing to achieve business

objectives and can only provide reasonable, but not absolute, assurance against

material misstatements or losses.

KEY RISK MANAGEMENT AND INTERNAL CONTROL PROCEDURES:

(i) Delegation of Authority

The Board has delegated powers and responsibilities to business units

and functional departments for day-to-day management, operations, and

maintenance of internal control systems. The Group has adopted a tailored

governance structure with clear lines of responsibility and authority, ensuring

effective segregation of duties while incorporating checks and balances.

(ii) Risk Management Process

Systematic procedures are in place to govern the identification, evaluation,

management, and reporting of key risks, including strategic, operational,

financial, compliance, reporting, and technology-related risks. The Risk

Management Committee (RMC) is responsible for monitoring and reviewing

the risk management system, overseeing the overall risk framework, setting

risk tolerance levels, assessing risk profiles, prioritizing critical risks, and

fostering a strong culture of risk awareness.

The Risk Management Framework consists of five core components:

risk identification, risk assessment and prioritization, appointment of

risk managers/owners, development of risk response plans, and risk

communication with ongoing monitoring. A Corporate Risk Register is

maintained and reviewed annually by the RMC to ensure it remains relevant.

Risk owners continuously monitor high-risk areas and implement strategies to

effectively mitigate those risks.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

关键风险管理及内部监控程序：（续）

(iii) 市场状况及外部环境

董事局定期评估内部监控系统的有效

性，并实施适当措施。专门管理委员

会已告成立，以制定政策并监督潜在

的内部监控弱点，确保其与动态的商

业环境保持一致。此外，我们亦设有

相关程序，以识别因市场状况或外部

因素变动而可能影响营运或声誉的风

险。管理层负责评估、监控、降低及

管理该等风险。

(iv) 财务报告

管理层会根据预算或预测审查每月的

财务业绩，密切监控业务表现。我们

设有适当的监控机制，以确保准确及

时地记录财务资料。此外，我们亦会

定期进行外部审计，以确保符合会计

准则、政策及法规要求。

(v) 内部审计

内部审计部门对本集团的风险管理、

内部监控及管治系统进行独立评估，

并提供改善建议。年度内部审计工作

计划乃采用以风险为基础的方法制

定，并由审核委员会审查及批准。

审核委员会评估内部审计活动报告中

呈列的调查结果，并审查可能影响内

部监控或显示潜在违规行为的事件专

案报告。每季度向委员会报告审计进

度、结果及跟进行动。

(vi) 内幕消息

本公司已制定处理及发布内幕消息的

政策及程序。该政策为董事、高级职

员、高级管理人员及相关员工处理机

密资料、监督披露及回应查询的一般

指引。

我们已制定监控程序，严格防止未经

授权接触及使用内幕消息，并监管其

处理及披露。除非豁免情况适用，否

则本集团会在公开披露前确保机密

性。若无法保密，则会以公告方式迅

速披露相关资料。

’d)

KEY RISK MANAGEMENT AND INTERNAL CONTROL PROCEDURES: (Cont’d)

(iii) Market Conditions & External Environment

The Board periodically assesses the effectiveness of internal control systems

and implements appropriate measures. Dedicated management committees

have been established to formulate policies and oversee potential internal

control weaknesses, ensuring alignment with the dynamic business

environment. Additionally, processes are in place to identify risks arising from

changes in market conditions or external factors that could impact operations

or reputational standing. Management is responsible for evaluating,

monitoring, mitigating, and managing these risks.

(iv) Financial Reporting

Management closely monitors business performance by reviewing monthly

financial results against budgets or forecasts. Appropriate controls are in place

to ensure financial information is recorded accurately and in a timely manner.

Additionally, regular external audits are conducted to ensure compliance with

accounting standards, policies, and regulatory requirements.

(v) Internal Audit

The Internal Audit Department performs independent assessments of

the Group’s risk management, internal control, and governance systems,

providing recommendations for improvement. The annual internal audit work

plan is developed using a risk-based approach and is reviewed and approved

by the Audit Committee.

The Audit Committee evaluates investigation outcomes presented in internal

audit activity reports and examines ad hoc reports on incidents that may

impact internal controls or indicate potential irregularities. Audit progress,

findings, and follow-up actions are reported to the Committee on a quarterly

basis.

(vi) Inside Information

The Company has established policy and procedures for handling and

disseminating inside information. This policy serves as a general guideline for

Directors, officers, senior management, and relevant employees on handling

confidential information, overseeing disclosure, and responding to inquiries.

Control procedures are in place to strictly prevent unauthorized access to and

use of inside information, as well as to govern its handling and disclosure. The

Group ensures confidentiality prior to public disclosure unless exemptions

apply. If confidentiality cannot be maintained, relevant information is

promptly disclosed by way of announcements.

互太纺织控股有限公司 | 2024 / 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

关键风险管理及内部监控程序：（续）

(vii) 行为准则

本公司的「行为准则」为员工在履行

职责时可能遇到的各种情况提供行为

指引。其提倡以诚实、正直及公平为

基础的商业惯例。本准则确立了预期

行为标准，并为应对业务互动中的各

种情况提供指引。

(viii) 举报渠道

为打击失德行为、不当行为、欺诈及

贪污，本公司已建立举报政策及支援

系统。该系统为雇员、业务伙伴及供

应商提供保密的沟通渠道，让其对与

本集团有关的潜在不当行为表达关

注，而不必担心遭到报复。举报委员

会将仔细审查举报案件，以决定是否

需要进行调查，并采取适当的行动解

决疑虑。

整体评估

截至2025年3月31日止年度，董事局在

审核委员会的协助下，对本集团风险管

理及内部监控系统的有效性进行了年度

检讨。该检讨涵盖所有重大监控，包括

财务、营运及合规监控，以及评估资源、

员工资历及经验、培训计划及分配予本

集团会计、内部审核、财务报告职能的

预算，以及相关环境、社会及管治表现

及报告是否充分。

于2025年财政年度，董事局认为风险管

理及内部监控系统有效且充分，并无发

现任何重大内部监控缺失或影响股东利

益的重大问题。

’d)

KEY RISK MANAGEMENT AND INTERNAL CONTROL PROCEDURES: (Cont’d)

(vii) Code of Conduct

The Company’s “Code of Conduct” provides employees with behavioral

guidance for various situations they may encounter while performing their

duties. It promotes business practices rooted in honesty, integrity and fairness.

This Code establishes expected standards of conduct and offers guidelines for

navigating different scenarios in business interactions.

(viii) Whistle-Blowing Channels

To combat unethical practices, malpractice, fraud, and corruption, the

Company has established a whistleblowing policy and supporting

system. This system provides a confidential communication channel

for employees, business partners, and suppliers to raise concern about

potential improprieties related to the Group without fear of retaliation. The

Whistleblowing Committee carefully reviews reported cases to determine

if an investigation is warranted and takes appropriate actions to address

concerns.

OVERALL ASSESSMENT

During the year ended 31 March 2025, the Board, assisted by the Audit

Committee, conducted an annual review of the effectiveness of the Group’s risk

management and internal control systems. This review encompassed all material

controls, including financial, operational, and compliance controls, as well as an

assessment of the adequacy of resources, staff qualifications and experience,

training programs, and budgets allocated to the Group’s accounting, internal

audit, financial reporting functions, and relevant environmental, social, and

governance performance and reporting.

During the 2025 Financial Year, the Board considered that the risk management

and internal control system was effective and adequate and was not aware of any

material internal control deficiencies or significant issues affecting Shareholders’

interests.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

J. 与股东沟通

董事局明白与股东维持沟通的重要性，

并致力确保能适时向股东披露完整准确

的资料及保障股东的利益。

董事局已制定股东通讯政策，并定期检

讨以确保其成效。本集团已设立网站，

以作为增进有效沟通之渠道，让股东查

阅本公司最新资料，而本公司之公告、

财务资料、股东通讯政策及其他资料皆

于网站刊登。

董事局通过本公司股东大会作为与股东

沟通的桥梁，与股东保持持续对话。董事

局主席、各委员会代表及外部核数师均

出席股东大会，回答股东之任何提问。

本公司须就各项实质上个别事项于股东

大会上个别提呈决议案。股东可委派任

何数目之代表出席大会及代其投票。

本公司设立网站www.pacific-textiles.com

以增进有效沟通。公众可于该网站查阅

有关本公司业务发展及营运之资料及更

新情况、财务资料、公司管治常规及其

他资料。

于年内已检讨股东通讯政策的相关部分。

已设有足够渠道供股东就影响本公司之

各种事宜表达其意见，而且征求及了解股

东和持份者意见的步骤亦被视为足够。

政策执行及与股东沟通均见成效。

J. COMMUNICATION WITH SHAREHOLDERS

The Board recognises the importance of continuing communications with

Shareholders and strives to ensure timeliness, completeness and accuracy

of information disclosure to Shareholders and to protect the interests of

Shareholders.

The Board has established a shareholders’ communication policy and reviews it

on a regular basis to ensure its effectiveness. As a channel to further promote

effective communication, the Group maintains a website allowing Shareholders

to access updates on the Company’s particulars where the Company’s

announcements, financial information, shareholders’ communication policy and

CORPORATE GOVERNANCE REPORT

企业管治报告

K. 股东权利

召开股东特别大会之程序

根据本公司章程细则列明之规定及程序，

任何一名或以上持有本公司股本中不少

于十分之一投票权（按一股一票之基准）

之股东，可向董事局书面要求召开本公

司股东特别大会，并于会上提呈议案。

召开会议之目的必须列明于有关书面要

求内，并由提出该请求之人士签署及送

达本公司之香港主要营业地点。

开曼群岛法例或本公司章程细则并未规

定股东可在股东大会上提呈新决议案。

有意提呈决议案之股东可按上述程序要

求本公司召开股东特别大会。

股东大会通告

所有股东大会之通告将根据章程细则及

上市规则之规定寄发予股东。股东周年

大会通告及所有其他股东大会通告须分

别在大会举行前不少于足20个营业日及

不少于足10个营业日寄发。

以投票方式表决

于任何股东大会上，提呈予会议表决的决

议案应予投票表决方式决定，主席可真

诚允许以举手方式表决纯属与上市规则

规定的程序或行政事项相关的决议案。

主席将解释以投票方式进行表决之详细

程序以及回答股东有关以投票方式进行

表决的任何提问。投票方式表决的结果

（如有）将于联交所及本公司网站登载。

’ RIGHTS

PROCEDURES FOR CONVENING AN EXTRAORDINARY GENERAL

MEETING

Any one or more shareholders, holding not less than one-tenth of the voting

rights, on a one vote per share basis, in the share capital of the Company may,

in accordance with requirements and procedures set out in the Articles of the

Company, make a written requisition to the Board to convene an extraordinary

general meeting of the Company and put forward proposals at the meeting. The

objects of the meeting must be stated in the written requisition which must be

signed by the requisitionist(s) and deposited at the Company’s principal place of

business in Hong Kong.

There are no provisions allowing Shareholders to put forward new resolutions

at general meetings under Cayman Islands law or the Articles of the Company.

Shareholders who wish to put forward a resolution may request the Company to

convene an extraordinary general meeting in accordance with procedures set out

above.

NOTICE OF GENERAL MEETINGS

Notice of all general meetings shall be sent to Shareholders in accordance

with the Articles and the requirements of Listing Rules. Notice for AGM and all

other general meetings shall be sent at least 20 clear business days and 10 clear

business days prior to the meeting respectively.

VOTING BY POLL

At any general meeting a resolution put to the vote of the meeting shall be

decided on a poll save that the Chairman may, in good faith, allow a resolution

which relates purely to a procedural or administrative matter as prescribed

under the Listing Rules to be voted on by a show of hands. The Chairman will

explain detailed procedures for conducting a poll and answer any questions from

Shareholders on voting by poll. The results of the poll, if any, will be published on

the websites of the Stock Exchange and the Company respectively.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

（续）

提出查询之程序

股东如对其名下持有之股份有任何疑问，

应向本公司股份过户登记处香港分处香

港中央证券登记有限公司（地址：香港湾

仔皇后大道东183号合和中心17M楼；电

话：(852) 2862 8555）提出。

股东如欲向董事局提出任何查询，可将书

面查询连同其详细联络资料（如邮寄地址

或电邮地址）邮寄至本公司之香港主要营

业地点，或电邮至ir@pacific-textiles.com。

董事局亦鼓励股东出席股东大会，直接

提出查询。

L. 宪章文件

目前的组织章程大纲及细则已于2024年

8月15日修订及重列，并可于本公司及

联交所网站查阅。自该修订及重列后，

组织章程大纲及细则并无其他变动。

’ RIGHTS (Cont’d)

PROCEDURES FOR RAISING ENQUIRIES

Shareholders should direct their questions about their shareholdings to the

Company’s Hong Kong Branch Share Registrar, Computershare Hong Kong

Investor Services Limited (Address: 17M/F., Hopewell Centre, 183 Queen’s Road

East, Wan Chai, Hong Kong and Telephone: (852) 2862 8555).

Shareholders who have any questions for the Board may send written enquiries

together with their detailed contact information, such as postal address or e-mail

address, by post to the Company’s principal place of business in Hong Kong or by

e-mail to ir@pacific-textiles.com.

The Board also encourages Shareholders to attend general meetings to make

enquiries directly.

L. CONSTITUTIONAL DOCUMENTS

The current Memorandum and Articles of Association was amended and restated

on 15 August 2024, and is available for viewing on the websites of the Company

and the Stock Exchange. There were no further changes to the Memorandum and

Articles of Association since such amendment and restatement.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

互太纺织控股有限公司 | 2024 / 2025 年报

TO THE SHAREHOLDERS OF PACIFIC TEXTILES HOLDINGS LIMITED

(incorporated in the Cayman Islands with limited liability)

OPINION

What we have audited

The consolidated financial statements of Pacific Textiles Holdings Limited (the

“Company”) and its subsidiaries (the “Group”), which are set out on pages 60 to 166,

comprise:

;

;

;

;

; and

, comprising material

accounting policy information and other explanatory information.

Our opinion

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.

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 Auditor’s Responsibilities for the Audit of the Consolidated

Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to

provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the HKICPA’s Code of Ethics for

Professional Accountants (“the Code”), as applicable to audits of financial statements

of public interest entities. We have also fulfilled our other ethical responsibilities in

accordance with the Code.

PricewaterhouseCoopers, 22/F, Prince’s Building, Central, Hong Kong

T: +852 2289 8888, F: +852 2810 9888, www.pwchk.com

罗兵咸永道会计师事务所，香港中环太子大厦廿二楼

总机：+852 2289 8888，传真：+852 2810 9888，www.pwchk.com

致互太纺织控股有限公司股东

（于开曼群岛注册成立之有限公司）

意见

我们已审计的内容

互太纺织控股有限公司（以下简称「贵公司」）

及其附属公司（以下统称「贵集团」）列载于

第60至166页的综合财务报表，包括：

；及

，包括重大会计政策

信息及其他解释信息。

我们的意见

我们认为，该等综合财务报表已根据香港会

计师公会颁布的《香港财务报告准则会计准

则》真实而中肯地反映了贵集团于2025年

3月31日的综合财务状况及其截至该日止年

度的综合财务表现及综合现金流量，并已遵

照香港《公司条例》的披露规定妥为拟备。

意见的基础

我们已根据香港会计师公会颁布的《香港审

计准则》进行审计。我们在该等准则下承担

的责任已在本报告「核数师就审计综合财务

报表承担的责任」部分中作进一步阐述。

我们相信，我们所获得的审计凭证能充足及

适当地为我们的审计意见提供基础。

独立性

根据香港会计师公会颁布的《专业会计师道

德守则》（以下简称「守则」）中适用于公众利

益实体财务报表审计的相关要求，我们独立

于贵集团。我们亦已履行守则中的其他道

德责任。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, 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.

The key audit matter identified in our audit is related to revenue recognition.

Revenue Recognition

收入确认

Refer to note 5 for the Group’s accounting policies on revenue

recognition and the analysis of revenue from sales of goods for the

year ended 31 March 2025.

有关贵集团采用的对收入确认的会计政策及有关截至2025

年3月31日止年度销售货品所得收入的分析，请参阅附注5。

Revenue from sales of goods for the year ended 31 March 2025

amounted to HK$4,985,019,000. The Group has operations in

several geographical locations, and derives revenue from sales to

multiple customers.

截至2025年3月31日止年度销售货品所得收入为4,985,019,000

港元。贵集团于多个地区经营业务，并从多个客户销售取得

收入。

Revenue is recognised when the control of the products has

transferred, being when the products are delivered to the

customers, the customers have full discretion over the price to

sell the products and there is no unfulfilled obligation that could

affect the customers’ acceptance of the products. Delivery occurs

when the products have been shipped to the specified location

and the risks of obsolescence and loss have been transferred to the

customers.

当产品的控制权转移至客户（即交付产品予客户时），而客户

对销售产品的价格拥有绝对酌情权，且并无可能影响客户接

纳产品的未履约义务时，贵集团确认收入。当产品付运至指

定地点，且陈旧及损失风险已转移至客户时，则落实交付。

We focused on this area due to the large volume of revenue

transactions derived from sales to multiple customers in different

geographical locations such that we have incurred significant time

and resources in carrying out our work in this area.

我们关注该领域是因为源自在不同地区向多个客户销售的收

入交易量大，故我们为进行于该领域的工作花费了大量时间

及资源。

We understood, evaluated and tested management’s key internal

controls that are present in the Group’s sales process from end-to-

end.

我们已了解、评估及验证管理层对贵集团销售过程中的关键

内部监控。

We tested samples of sales transactions against invoices, shipping

documents, and other supporting documents.

我们已针对发票及其他支持性文件对销售交易作出抽样测试。

Furthermore, we tested sales transactions that took place shortly

before and after the balance sheet date to assess whether sales

transactions were recognised in the correct reporting periods.

此外，我们已测试于紧接资产负债表日期前后发生的销售交

易，以评估销售交易是否于正确的报告期间确认。

Our work also included testing of a sample of revenue-related

journal entries by inquiring management of their nature and

inspecting the relevant supporting documents.

我们的工作还包括通过询问管理层日志性质及查阅相关支持

性文件对收入相关日志的样本进行测试。

We found that the Groups’ sales transactions being tested were

recognised in a manner consistent with the Group’s accounting

policy for revenue recognition.

我们认为贵集团被测试的销售交易已按与贵集团的收入确

认会计政策一致的方式确认。

关键审计事项

关键审计事项是根据我们的专业判断，认为

对本期综合财务报表的审计最为重要的事

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的。我们不会对这

些事项提供单独的意见。

我们在审计中识别的关键审计事项是关于收

入确认。

Key Audit Matter	How our audit addressed the Key Audit Matter
关键审计事项	我们的审计如何处理关键审计事项

互太纺织控股有限公司 | 2024 / 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 all of the information included in the annual report other

than the consolidated financial statements and our auditor’s report thereon. We have

obtained some of the other information including Corporate Information, Chairman’s

Statement, Management Discussion and Analysis, Profiles of Directors and Senior

Management, Director’s Report, Corporate Governance report, Financial Summary and

Schedule of Group’s Properties prior to the date of this auditor’s report. The remaining

other information, including the Environmental, Social and Governance report and

the other sections to be included in the annual report, is expected to be made

available to us after that date.

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.

When we read the remaining other information to be included in the annual report,

if we conclude that there is a material misstatement therein, we are required to

communicate the matter to the directors and take appropriate action considering our

legal rights and obligations.

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 is responsible for overseeing the Group’s financial reporting

process.

其他信息

贵公司董事须对其他信息负责。其他信息包

括年报内的所有信息，但不包括综合财务报

表及我们的核数师报告。我们在本核数师报

告日前已取得部份其他信息包括公司资料、

主席报告书、管理层讨论与分析、董事及高

级管理人员简介、董事局报告、企业管治报

告、财务概要及本集团物业一览表。余下的

其他信息，包括环境、社会及管治报告及将

包括在年报内的其他部分，将预期会在本核

数师报告日后取得。

我们对综合财务报表的意见并不涵盖其他信

息，我们亦不对该等其他信息发表任何形式

的鉴证结论。

结合我们对综合财务报表的审计，我们的责

任是阅读其他信息，在此过程中，考虑其他

信息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。

基于我们已执行的工作，如果我们认为其他

信息存在重大错误陈述，我们需要报告该事

实。在这方面，我们没有任何报告。

当我们阅读该等将包括在年报内余下的其他

信息后，如果我们认为其中存在重大错误陈

述，我们需要将有关事项与董事沟通，并考

虑我们的法律权利和义务后采取适当行动。

董事及审核委员会就综合财务报表须承担

的责任

贵公司董事须负责根据香港会计师公会颁布

的《香港财务报告准则会计准则》及香港《公

司条例》的披露规定拟备真实而中肯的综合

财务报表，并对其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。

在拟备综合财务报表时，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，以及使用持续经营

为会计基础，除非董事有意将贵集团清盘

或停止经营，或别无其他实际的替代方案。

审核委员会须负责监督贵集团的财务报告

过程。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated

financial statements as a whole are free from material misstatement, whether due to

fraud or error, and to issue an auditor’s report that includes our opinion. We report

our opinion solely to you, as a body, 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 scepticism 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.

• 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.

核数师就审计综合财务报表承担的责任

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的重大错误陈述

取得合理保证，并出具包括我们意见的核数

师报告。我们仅向阁下（作为整体）报告我

们的意见，除此之外本报告别无其他目的。

我们不会就本报告的内容向任何其他人士负

上或承担任何责任。合理保证是高水平的保

证，但不能保证按照《香港审计准则》进行

的审计，在某一重大错误陈述存在时总能发

现。错误陈述可以由欺诈或错误引起，如果

合理预期它们单独或汇总起来可能影响综合

财务报表使用者依赖综合财务报表所作出

的经济决定，则有关的错误陈述可被视作重

大。

在根据《香港审计准则》进行审计的过程中，

我们运用了专业判断，保持了专业怀疑态

度。我们亦：

• 识别和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的风险，设

计及执行审计程序以应对这些风险，以

及获取充足和适当的审计凭证，作为我

们意见的基础。由于欺诈可能涉及串谋、

伪造、蓄意遗漏、虚假陈述，或凌驾于

内部监控之上，因此未能发现因欺诈而

导致的重大错误陈述的风险高于未能发

现因错误而导致的重大错误陈述的风险。

，以设计适

当的审计程序，但目的并非对贵集团

内部控制的有效性发表意见。

• 评价董事所采用会计政策的恰当性及作

出会计估计和相关披露的合理性。

• 对董事采用持续经营会计基础的恰当性

作出结论。根据所获取的审计凭证，确

定是否存在与事项或情况有关的重大不

确定性，从而可能导致对贵集团的持

续经营能力产生重大疑虑。如果我们认

为存在重大不确定性，则有必要在核数

师报告中提请使用者注意综合财务报表

中的相关披露。假若有关的披露不足，

则我们应当发表非无保留意见。我们的

结论是基于截至核数师报告日期止所取

得的审计凭证。然而，未来事项或情况

可能导致贵集团不能持续经营。

互太纺织控股有限公司 | 2024 / 2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (Cont’d)

, 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 performance 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.

From the matters communicated with the Audit Committee, we determine those

matters that were of most significance in the audit of the consolidated financial

statements of the current period and are therefore the key audit matters. We describe

these matters in our auditor’s report unless law or regulation precludes public

disclosure about the matter or when, in extremely rare circumstances, we determine

that a matter should not be communicated in our report because the adverse

consequences of doing so would reasonably be expected to outweigh the public

interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is

Lam Chun Yee, Johnny (practising certificate number: P06566).

PricewaterhouseCoopers

Certified Public Accountants

Hong Kong, 26 June 2025

核数师就审计综合财务报表承担的责任

（续）

、结

构和内容，包括披露，以及综合财务报

表是否中肯反映交易和事项。

，以获取关于贵集

团内实体或业务单位财务信息的充足和

适当的审计凭证，以对综合财务报表形

成审计意见提供基础。我们负责指导、

监督和覆核为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、重大审计发现

等，包括我们在审计中识别出的内部控制的

任何重大缺陷。

我们还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专业道德要求，并与

他们沟通有可能合理地被认为会影响我们独

立性的所有关系和其他事项，以及在适用的

情况下，用以消除对独立性产生威胁的行动

或采取的防范措施。

从与审核委员会沟通的事项中，我们确定哪

些事项对本期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，或在极端罕见的情况

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，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计项目合伙人是

林俊而。（执业证书编号：P06566）

罗兵咸永道会计师事务所

执业会计师

香港，2025年6月26日

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the Year ended 31 March 2025

综合损益表

截至2025年3月31日止年度

FINANCIAL INFORMATION

财务资料

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

The above consolidated statement of profit or loss should be read in conjunction with

the accompanying notes.

以上综合损益表应与随附之附注一并阅读。

		2025	2024
		2025年	2024年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
(Note 2.1)
（附注2.1）
5,057,570
(4,673,585)
383,985
36,979
367
(55,737)
(165,280)
200,314
34,204
(61,630)
21,369
–
194,257
(34,840)
159,417
167,597
(8,180)
159,417
0.12
0.12

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the Year ended 31 March 2025

综合全面收益表

截至2025年3月31日止年度

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

The above consolidated statement of comprehensive income should be read in

conjunction with the accompanying notes.

以上综合全面收益表应与随附之附注一并阅

读。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
159,417
(64,296)
95,121
107,099
(11,978)
95,121

CONSOLIDATED BALANCE SHEET

As at 31 March 2025

综合资产负债表

于2025年3月31日

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

		2025	2024
		2025年	2024年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
2,316,482
161,021
263,997
427
25,427
73,304
2,840,658
990,962
743,534
67,659
1,046
–
–
666,507
2,469,708
5,310,366
1,391
1,268,039
1,613,260
2,882,690
204
2,882,894

互太纺织控股有限公司 | 2024 / 2025 年报

综合资产负债表（续）

于2025年3月31日

CONSOLIDATED BALANCE SHEET (Cont’d)

As at 31 March 2025

FINANCIAL INFORMATION

财务资料

The above consolidated balance sheet should be read in conjunction with the

accompanying notes.

The consolidated financial statements were approved by the Board of Directors on 26

June 2025 and were signed on its behalf:

Masaru OkutomiTou Kit Vai

奥富胜杜结威

DirectorDirector

董事董事

以上综合资产负债表应与随附之附注一并阅

读。

董事局已于2025年6月26日批准综合财务报

表并代表董事局签署：

		2025	2024
		2025年	2024年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
125,428
6,715
53,497
154,538
340,178
1,220,904
634,210
161,861
856
143
69,320
2,087,294
2,427,472
5,310,366

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Year ended 31 March 2025

综合权益变动表

截至2025年3月31日止年度

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

Balance at 1 April 2023于2023年4月1日之结余1,4081,295,8801,777,5763,074,86413,7133,088,577

Comprehensive income:全面收入：

Profit for the year年内溢利––167,118167,1185,340172,458

Other comprehensive income:其他全面收入：

Currency translation differences外币换算差额––(117,005)(117,005)(6,871)(123,876)

Total other comprehensive income,

net of tax

其他全面收入总额，扣除税项

––(117,005)(117,005)(6,871)(123,876)

Total comprehensive income全面收入总额––50,11350,113(1,531)48,582

Transactions with owners:与拥有人交易：

Repurchase and cancellation of shares回购及注销股份(10)(16,659)–(16,669)–(16,669)

Dividend paid to equity holders向权益持有人派付股息––(154,036)(154,036)–(154,036)

Total transactions with owners与拥有人交易总额(10)(16,659)(154,036)(170,705)–(170,705)

Balance at 31 March 2024于2024年3月31日之结余1,3981,279,2211,673,6532,954,27212,1822,966,454

Balance at 1 April 2024于2024年4月1日之结余

Comprehensive income:全面收入：

Profit/(loss) for the year年内溢利╱（亏损）

Other comprehensive income:其他全面收入：

Currency translation differences外币换算差额

Total other comprehensive income,

net of tax

其他全面收入总额，扣除税项

Total comprehensive income全面收入总额

Transactions with owners:与拥有人交易：

Repurchase and cancellation of shares回购及注销股份

Dividend paid to equity holders向权益持有人派付股息

Total transactions with owners与拥有人交易总额

Balance at 31 March 2025于2025年3月31日之结余

The above consolidated statement of changes in equity should be read in conjunction

with the accompanying notes.

以上综合权益变动表应与随附之附注一并阅

读。

Attributable to equity holders of the Company
本公司权益持有人应占权益
	Share capital	Share premium	Reserves	Sub-total	Non- controlling interests	Total
	股本	股份溢价	储备	小计	非控制性权益	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
	(Note 16)	(Note 16)	(Note 17)
	（附注16）	（附注16）	（附注17）

1,398	1,279,221	1,673,653	2,954,272	12,182	2,966,454
–	–	167,597	167,597	(8,180)	159,417
–	–	(60,498)	(60,498)	(3,798)	(64,296)
–	–	(60,498)	(60,498)	(3,798)	(64,296)
–	–	107,099	107,099	(11,978)	95,121
(7)	(11,182)	–	(11,189)	–	(11,189)
–	–	(167,492)	(167,492)	–	(167,492)
(7)	(11,182)	(167,492)	(178,681)	–	(178,681)
1,391	1,268,039	1,613,260	2,882,690	204	2,882,894

CONSOLIDATED STATEMENT OF CASH FLOWS

For the Year ended 31 March 2025

综合现金流量表

截至2025年3月31日止年度

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

The above consolidated statement of cash flows should be read in conjunction with

the accompanying notes.

以上综合现金流量表应与随附之附注一并

阅读。

		2025	2024
		2025年	2024年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
482,567
(57,876)
(20,348)
(20,292)
384,051
(294,416)
4,919
10,786
–
1,051
23,093
(254,567)
(1,403,558)
1,219,611
(874)
(167,492)
(11,189)
(363,502)
(234,018)
893,889
6,636
666,507

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报表附注

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

1 GENERAL INFORMATION

Pacific Textiles Holdings Limited (the “Company”) and its subsidiaries (together,

the “Group”) are principally engaged in manufacturing and trading of textile

products with production base located in the People’s Republic of China (the

“PRC”) and Vietnam.

The Company is a limited liability company incorporated in the Cayman Islands.

The address of its registered office is P.O. Box 309, Ugland House, Grand Cayman,

KY1-1104, Cayman Islands.

The Company’s shares are listed on the Main Board of The Stock Exchange of Hong

Kong Limited.

These consolidated financial statements are presented in Hong Kong Dollars

(“HK$”), unless otherwise stated. These consolidated financial statements have

been approved for issue by the Board of Directors on 26 June 2025.

2 BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES

2.1 Basis of preparation

The consolidated financial statements of the Group have been prepared

in accordance with all applicable HKFRS Accounting Standards as issued

by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).

The consolidated financial statements have been prepared under the

historical cost basis, except for financial assets at fair value through other

comprehensive income and derivative financial instruments which were

measured at fair value.

The preparation of financial statements in conformity with HKFRS requires

the use of certain critical accounting estimates. It also requires management

to exercise its judgement in the process of applying the Group’s accounting

policies.

Comparative amounts in the consolidated financial statements have been

reclassified to conform with the current year’s presentation. The Company has

reclassified certain other income to revenue for both financial years.

1 一般资料

互太纺织控股有限公司（「本公司」）及其

附属公司（统称「本集团」）主要从事纺织

产品之制造及贸易。其生产基地位于中

华人民共和国（「中国」）及越南。

本公司是于开曼群岛注册成立之有限公

司。其注册地址为P.O. Box 309, Ugland

House, Grand Cayman, KY1-1104, Cayman

Islands。

本公司股份于香港联合交易所有限公司

主板上市。

除另有说明外，此等综合财务报表以港

元（「港元」）呈报。此等综合财务报表于

2025年6月26日经董事局批准刊发。

2 编制基准与主要会计政策概要

2.1 编制基准

本集团综合财务报表乃按照香港会计

师公会（「香港会计师公会」）颁布的

所有适用香港财务报告准则会计准则

编制。综合财务报表乃根据历史成本

基准编制，惟按公允值计入其他全面

收入的金融资产及衍生金融工具乃按

公允值计量。

编制财务报表乃符合香港财务报告准

则所规定使用的若干主要会计估计。

此亦要求管理层在运用本集团会计政

策时行使其判断。

综合财务报表内的比较金额已重新分

类，以符合本年度的呈列方式。本公

司已将该两个财政年度的若干其他收

入重新分类为收入。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

2 编制基准与主要会计政策概要（续）

2.1 编制基准（续）

(a) 本集团已采纳之经修订准则及诠

释

本集团于2024年4月1日开始之

年度报告期间首次应用以下准则

修订、年度改进及指引：

香港会计准则第

1号（修订本）

将负债分类为

流动或非流

动

香港会计准则第

1号（修订本）

附带契诺的非

流动负债

香港财务报告

准则第16号

（修订本）

售后租回的

租赁负债

香港诠释第5号

（经修订）

财务报表的呈

列－借贷人

对包含按要

求偿还条文

的有期贷款

的分类

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

采纳该等经修订准则概无对会计

政策构成任何重大变动，且对本

集团之业绩及财务状况概无任何

重大影响。

2 BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES (Cont’d)

2.1 Basis of preparation (Cont’d)

(a) Amended standards and Interpretations adopted by the Group

The Group has applied the following amendments to standards, annual

improvements and guideline for the first time for the reporting period

commencing 1 April 2024:

Amendments to HKAS 1Classification of Liabilities as Current

or Non-current

Amendments to HKAS 1Non-current Liabilities with Covenant

Amendments to HKFRS 16Lease Liability in a Sale and Leaseback

Hong Kong Interpretation 5

(Revised)

Presentation of Financial Statements

– Classification by the Borrower

of a Term Loan that Contains a

Repayment on Demand Clause

Amendments to HKAS 7 and

HKFRS 7

Supplier Finance Arrangements

The adoption of these amended standards, does not have any significant

change to the accounting policies or any significant effect on the results

and financial position of the Group.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

2 BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES (Cont’d)

2.1 Basis of preparation (Cont’d)

(b) New and amended standards and interpretations that have been issued

but are not effective

The following amended standards and interpretations have been issued

but are not effective for the financial year beginning on 1 April 2025 and

have not been early adopted by the Group:

Effective for

annual periods

beginning

on or after

Amendments to HKAS 21

and HKFRS 1

Lack of Exchangeability1 January 2025

Amendments to HKFRS 9

and HKFRS 7

Classification and Measurement of

Financial Instruments

1 January 2026

HKFRS 1, HKFRS 7,

HKFRS 9, HKFRS 10

and HKAS 7

Annual Improvements to HKFRS

Accounting Standards – Volume 11

1 January 2026

HKFRS 18Presentation and Disclosure in Financial

Statements

1 January 2027

HKFRS 19Subsidiaries without Public Accountability:

Disclosures

1 January 2027

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Assets between

an Investor and its Associate or Joint

Venture

To be announced

None of the above new and amended standards and interpretation

is expected to have a material impact on the consolidated financial

statements of the Group in the current or future reporting periods and on

foreseeable future transactions.

2 编制基准与主要会计政策概要（续）

2.1 编制基准（续）

(b) 已颁布但未生效之新订及经修订

准则及诠释

下列为已颁布之新订及经修订准

则以及诠释，但并未于2025年4

月1日开始之财政年度生效且本

集团并未提早采纳：

于以下日期

或之后开始

之年度

期间生效

香港会计准则第21号

及香港财务报告准

则第1号（修订本）

缺乏可兑换性2025年1月1日

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）

金融工具分类与

计量

2026年1月1日

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

香港财务报告准则

会计准则之年度

改进－第11卷

2026年1月1日

香港财务报告准则

第18号

财务报表之呈列及

披露

2027年1月1日

香港财务报告准则

第19号

非公共受托责任附

属公司：披露

2027年1月1日

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

待定

上述新订及经修订准则及诠释预

期将不会对本集团于当前或未来

申报期间的综合财务报表以及可

见将来交易造成重大影响。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

2 编制基准及会计政策更改（续）

2.2 会计政策的更改

由于采纳香港会计准则第1号（修订

本），本集团对借款分类的会计政策

作出以下更改：

「借款归类为流动负债，除非在报告

期末，本集团有权将负债的结算延后

至报告期间后至少12个月。

附有契约的贷款安排分类为流动或非

流动时，会考虑本集团于报告期末或

之前须遵守的契约。本集团于报告期

后须遵守的契约不影响分类。」

该新政策并未导致集团借款分类的改

变。本集团并无因采纳香港会计准则

第1号（修订本）而作出追溯调整。

3.1 财务风险因素

本集团业务面临多种财务风险：市场

风险（包括外汇风险、现金流量及公

允值利率风险）、信贷风险及流动资

金风险。本集团之整体风险管理专注

于金融市场之不可预测性，并寻求将

对本集团财务表现之潜在不利影响降

至最低。

(a) 市场风险

(i) 外汇风险

于2025年3月31日，本集团

涉及多种货币之外汇风险，主

要为美元（「美元」）、人民币

（「人民币」）及越南盾（「越南

盾」）。本集团透过定期审阅

和不断监察所承受外汇风险

以管理其外汇风险。本集团对

冲若干外汇风险以减低所涉

及之风险（如适用）（2024年：

相同）。

由于港元与美元挂钩，管理层

认为港元与美元换算的汇率

风险不会对本集团产生重大

影响。

2 BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES

(Cont’d)

2.2 Changes in accounting policies

As a result of the adoption of the amendments to HKAS 1, the group changed

its accounting policy for the classification of borrowings:

“Borrowings are classified as current liabilities unless, at the end of the

reporting period, the group has a right to defer settlement of the liability for at

least 12 months after the reporting period.

Covenants that the group is required to comply with, on or before the end

of the reporting period, are considered in classifying loan arrangements with

covenants as current or non-current. Covenants that the group is required to

comply with after the reporting period do not affect the classification.”

This new policy did not result in a change in the classification of the Group’s

borrowings. The group did not make retrospective adjustments as a result of

adopting the amendments to HKAS 1.

3.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks: market risk

(including foreign exchange risk, and cash flow and fair value interest rate

risk), credit risk and liquidity risk. The Group’s overall risk management focuses

on the unpredictability of financial markets and seeks to minimise potential

adverse effects on the Group’s financial performance.

(a) Market risk

(i) Foreign exchange risk

As at 31 March 2025, the Group is exposed to foreign exchange

risk arising from various currency exposures, primarily with respect

to US Dollars (“US$”), Renminbi (“RMB”) and Vietnamese Dongs

(“VND”). The Group manages its foreign exchange risks by performing

regular review and monitoring its foreign exchange exposure. The

Group hedges certain of its exposure to reduce the risk involved as

appropriate (2024: same).

As HK$ is pegged to US$, management believes that the exchange

rate risk for translations between HK$ and US$ do not have material

impact to the Group.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

(a) Market risk (Cont’d)

(i) Foreign exchange risk (Cont’d)

The Group mainly operates in Hong Kong, the PRC, Macau and

Vietnam. Except for certain cash and bank balances and certain inter-

company receivables denominated in foreign currencies, transactions

are mainly conducted in the functional currency of the respective

group entity. The foreign currency risk arising from recognised assets

and liabilities is considered by the Directors to be minimal.

The Group uses forward currency contracts to economically hedge

part of its foreign exchange risk. These forward currency contracts do

not qualify for hedge accounting and are accounted for at fair value

through profit or loss.

The table below illustrates the sensitivity as at the end of the reporting

period to a reasonably possible change in the respectively exchange

rates against the functional currency of the respective group entities,

with all other variables held constant, to the profit for the year ended

31 March 2025, mainly as a result of net foreign exchange impact on

translation of financial assets and liabilities denominated in these

foreign currencies.

20242024年

If US$ strengthens/weakens against RMB倘美元对人民币升值╱贬值+1%/-1%10,801 higher/lower增加╱减少

If US$ strengthens/weakens against VND倘美元对越南盾升值╱贬值+1%/-1%440 lower/higher减少╱增加

If RMB strengthens/weakens against HK$倘人民币对港元升值╱贬值+1%/-1%239 higher/lower增加╱减少

3 财务风险管理（续）

3.1 财务风险因素（续）

(a) 市场风险（续）

(i) 外汇风险（续）

本集团主要于香港、中国、澳

门及越南营运。除了若干现金

及银行结余与若干内部公司

应收款项以外币计算，交易主

要以各集团实体之功能货币

进行。董事认为已确认资产与

负债所产生之外币风险极小。

本集团采用远期货币合约经

济对冲其部分外汇风险。该等

远期货币合约不符合采用对

冲会计法入账，而按公允值计

入损益。

下表阐释于报告期末的各集

团实体之功能货币各汇率的

合理可能变动（其他所有变量

保持不变）对截至2025年3月

31日止年度溢利的敏感度分

析，主要因换算以该等外币列

值的金融资产及负债的外汇

影响净值而产生。

	Change in exchange rate	Impact on post-tax profit
	汇率变动	对除税后溢利的影响
HK$’000
千港元
		+1%/-1%	9,329 higher/lower增加╱减少
		+1%/-1%	832 lower/higher减少╱增加
	+1%/-1%	274 higher/lower增加╱减少

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

(a) Market risk (Cont’d)

(ii) Cash flow and fair value interest rate risk

As at 31 March 2025, except for derivative financial instruments, bank

deposits, lease liabilities and bank loans, details of which are disclosed

in Note 14, Note 15, Note 7 and Note 18 respectively, the Group has

no other significant interest-bearing assets or liabilities (2024: same).

The Group’s bank deposits and bank loans are subject to variable rates

which expose the Group to cash flow interest rate risk. The Group

manages its interest rate risk by performing regular reviews and

continually monitoring its interest rate exposures. The Group has not

used any interest rate swaps to hedge its exposure to interest rate risk.

If the market interest rates for cash and bank balance and bank loans

had been 50 basis points (2024: 50 basis points) higher/lower with all

other variables held constant, the Group’s post-tax profit for the year

ended 31 March 2025 would have been approximately HK$2,774,000

lower/higher (2024: HK$2,298,000 lower/higher).

3 财务风险管理（续）

3.1 财务风险因素（续）

(a) 市场风险（续）

(ii) 现金流量及公允值利率风险

于2025年3月31日，除衍生

金融工具、银行存款、租赁负

债及银行贷款（详情分别于附

注14、附注15、附注7及附注

18中披露）外，本集团并无其

他重大计息资产或负债（2024

年：相同）。

本集团之银行存款及银行贷

款按浮动利率计息，此令本集

团面对现金流量利率风险。本

集团透过定期审阅及不断监

察其利率所承受风险以管理

其利率风险。本集团并无利用

任何利率掉期交易以对冲其

所承受之利率风险。

倘现金及银行结余及银行贷

款之市场利率上升╱下降50

基点（2024年：50基点），而

其他可变因素维持不变，本集

团截至2025年3月31日止年

度除税后溢利将减少╱增加

约2,774,000港元（2024年：减

少╱增加2,298,000港元）。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

(b) Credit risk

As at 31 March 2025, the Group’s credit risk arises from trade and bills

receivables, deposits and other receivables, amounts due from associates,

financial assets at fair value through profit or loss, short-term deposits and

cash and bank balances (2024: same).

Cash and cash equivalents and short-term bank deposits

(i) Risk management

Substantially all of the cash and bank balances, as detailed in Note 15,

are held in major financial institutions located in Hong Kong, the PRC,

Macau and Vietnam. with high credit rating.

(ii) Impairment of cash and bank deposits

Cash and bank deposits are also subject to impairment requirement of

HKFRS 9. Management is of the view that the Group’s cash and bank

deposits are placed in those banks which are independently rated

with a high credit rating. Management does not expect any material

losses from non-performance by these banks as they have no default

history in the past. Thus, the loss allowance provision recognised for

cash and bank deposits is close to zero as at 31 March 2025 (2024:

same).

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险

于2025年3月31日，本集团的信

贷风险来自应付账款及票据、按

金及其他应收款项、应收联营公

司款项、按公允值计入损益的金

融资产、短期存款以及现金及银

行结余（2024年：相同）。

现金及现金等值项目以及短期银

行存款

(i) 风险管理

诚如附注15所详列，几乎所

有现金及银行结余存放于香

港、中国、澳门及越南具高信

贷评级之主要金融机构。

(ii) 现金及银行存款减值

现金及银行存款亦须按照香

港财务报告准则第9号的规定

予以减值。管理层认为，本集

团存放现金及银行存款的银

行经独立评估为具有高信贷

评级。该等银行过往并无违约

记录，管理层预期不会因彼等

不履约而引致大额亏损。因

此，于2025年3月31日就现

金及银行存款计提的亏损拨

备接近零（2024年：相同）。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

(b) Credit risk (Cont’d)

Trade and bills receivables

(i) Risk management

The Group monitors the outstanding debts from its customers

individually due to the concentration of credit risk. Management

assesses the credit quality of the customers, taking into account

its financial position, past experience and other factors. The

compliance with credit limits by customers is regularly monitored by

management.

(ii) Impairment of trade and bills receivables

The Group applies the HKFRS 9 simplified approach to measure

expected credit losses which uses a lifetime expected loss allowance

for all trade and bills receivables.

As the Group’s historical credit loss experience indicates different loss

patterns in different geographical region, the calculation of expected

credit losses on trade and bill receivables are estimated using a

provision matrix based on the Group’s historical credit loss experience,

the debtors’ credit history and the ageing profile in different

geographical region. Subsequently, the expected credit losses on

trade and bills receivables are adjusted to reflect current and forward-

looking information on macroeconomic factors affecting the ability of

the customers to settle the receivables.

The Group identified the Gross Domestic Products (“GDP”) of the

countries in which it sells its goods and services to be the most

relevant factor, and accordingly adjusts the historical loss rates based

on expected changes in these factors.

As at 31 March 2025 and 2024, the loss allowance for trade and bills

receivables was determined as follows. The expected credit losses

below also incorporated forward looking information.

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

应收账款及票据

(i) 风险管理

由于信贷风险集中，本集团个

别监察其客户的未清偿债务。

管理层考虑财政状况、过往经

验及其他因素而评估客户之

信贷质素。管理层会定期监察

客户符合信贷限额的情况。

(ii) 应收账款及票据减值

本集团采用香港财务报告准

则第9号简化方法计量预期信

贷亏损，并就所有应收账款及

票据使用整个生命期的预期

亏损拨备。

本集团的过往信贷亏损经验

显示，不同地区具有不同的亏

损模式，故计算应收账款及票

据的预期信贷亏损时，会根据

本集团的过往信贷亏损经验、

债务人的信贷记录及不同地

区账龄组合，以拨备矩阵予以

估算。随后，本集团会调整应

收账款及应收票据的预期信

贷亏损，以反映宏观经济因素

中会影响客户结付应收款项

能力的即期及前瞻资讯。

本集团将其销售货品及服务

国家的国内生产总值（「国内

生产总值」）识别为最相关因

素，并据以根据该等因素的预

期变动调整过往亏损比率。

于2025年及2024年3月31日

就应收账款及票据计提的亏

损拨备厘订如下。下表的预期

信贷亏损已纳入前瞻资讯。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

(b) Credit risk (Cont’d)

Trade and bills receivables (Cont’d)

(ii) Impairment of trade and bills receivables (Cont’d)

31 March 20242024年3月31日

Trade and bills receivables

– Gross (HK$’000)

应收账款及票据－

总额（千港元）704,10524,8686,7102,000737,683

Weighted average

expected loss rate (%)

加权平均预期

亏损率(%)0.05%1.09%5.13%51.80%0.27%

Loss allowance (HK$’000)亏损拨备（千港元）3502703441,0362,000

Impairment losses on trade and bills receivables is presented as

provision for impairment of trade and bills receivables within

operating profit. Subsequent recoveries of amounts previously written

off are credited against the same line item.

The loss allowances for trade and bills receivables as at 31 March 2025

reconcile to the opening loss allowances are presented in Note 12.

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

应收账款及票据（续）

(ii) 应收账款及票据减值（续）

应收账款及票据减值亏损于经营溢利内

列报为应收账款及票据减值拨备。后续

收回先前已撇销的款项于同一项目记账。

于2025年3月31日就应收账款及票据计

提的亏损拨备与年初亏损拨备的对账于

附注12呈列。

Not yet past due	1 to 30 days	31 to 60 days	Over 60 days	Total
未逾期	1至30日	31至60日	超过60日	总计
716,918	19,728	6,888	1,611	745,145
0.04%	0.88%	3.73%	57.42%	0.22%
255	174	257	925	1,611

		Not yet past due	1 to 30 days	31 to 60 days	Over 60 days	Total
		未逾期	1至30日	31至60日	超过60日	总计

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

(b) Credit risk (Cont’d)

Derivative financial instruments and unlisted financial product classified

as FVPL

(i) Risk management

The Group had investments in derivative financial instruments –

foreign currency forward contracts (the “investments”). The Group

monitors the credit risks of its investments through evaluation of

financial data provided by the investees.

(ii) Credit risk of derivative financial instruments

The derivative financial instruments – foreign currency forward

contracts were entered into with banks with sound credit ratings and

the Group did not consider there was material exposure to credit risks.

As at 31 March 2025, the maximum exposure of derivative financial

instruments was Nil (2024: HK$239,000).

Other financial assets at amortised cost

(i) Risk management

The directors of the Group consider the probability of default upon

initial recognition of the assets and whether there has been significant

increase in credit risk on an ongoing basis. To assess whether there

is a significant increase in credit risk, the Group compares 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. The following indicators

are considered:

financial economic conditions that are expected to cause a

significant change to the company’s ability to meet its obligations;

• actual or expected significant changes in the operating results of

the company;

• significant changes in the expected performance and behavior

of the company, including changes in the payment status of the

third party.

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

衍生金融工具及非上市金融产品

分类为按公允值计入损益的资产

(i) 风险管理

本集团对衍生金融工具－外

币远期合约进行投资（「投

资」）。本集团会评估投资对

象提供的财务资料，借此监察

其投资的信贷风险。

(ii) 衍生金融工具的信贷风险

衍生金融工具－外币远期合

约乃与具有良好信贷评级的

银行订立，本集团认为不存在

重大信贷风险。于2025年3月

31日，衍生工具的最高风险为

零（2024年：239,000港元）。

按摊销成本列账的其他金融资产

(i) 风险管理

本集团董事在初始确认资产

时考虑违约的可能性，并持续

评估信贷风险有否显著增加。

在评估信贷风险有否显著增

加时，本集团将资产于报告日

期的违约风险与初始确认日

期的违约风险加以比较。已考

虑以下指标：

• 预期导致公司履行责任能

力出现重大变动的业务、

财务经济状况的实际或预

期重大不利变动；

• 公司经营业绩的实际或预

期重大变动；

• 公司预期表现及行为的重

大变动，包括第三方的付

款状况变动。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

(b) Credit risk (Cont’d)

Other financial assets at amortised cost (Cont’d)

(ii) Impairment of other financial assets at amortised cost

Financial assets are written off when there is no reasonable

expectation of recovery, such as a debtor failing to engage in a

repayment plan with the Group. The Group categories a receivable for

write off when a debtor fails to make contractual payments/repayable

demanded greater than 365 days past due. Where the receivables

have been written off, the Group continues to engage in enforcement

activity to attempt to recover the receivable due. Where recoveries are

made, these are recognised in profit or loss.

Other financial assets at amortised cost include certain deposits and

other receivables. These financial assets are considered to be low

credit risk primarily because they had no history of default and the

counterparties had a strong capacity to meet their contractual cash

flow obligations in the near term. The Group has assessed that the

expected credit losses for these receivables are immaterial under 12

months expected losses method. Thus, the loss allowance provision

recognised for these balances is close to zero as at 31 March 2025

(2024: same).

Prudent liquidity risk management includes maintaining sufficient cash

and the availability of funding through adequate committed credit

facilities. The Group’s primary cash requirements are for additions and

upgrades to property, plant and equipment, purchases of land, capital

injections into subsidiaries, and payments for purchases and operating

expenses and any other unforeseen crisis. The Group finances its working

capital requirements through funds generated from its operations, bank

loans and other borrowings.

The Group’s policy is to monitor current and expected liquidity

requirements regularly to ensure it maintains sufficient cash and cash

equivalents and has available funding through adequate amount of

committed credit facilities to meet its working capital requirements.

3 财务风险管理（续）

3.1 财务风险因素（续）

(b) 信贷风险（续）

按摊销成本列账的其他金融资产

（续）

(ii) 按摊销成本列账的其他金融

资产减值

倘无合理的收回预期，例如债

务人未能与本集团制订还款

计划，则会撇销金融资产。当

债务人未能支付合约款项╱

须偿还款项被催缴超过365

天，本集团即将应收款项分类

为撇销。倘应收款项已被撇

销，本集团仍会继续采取强制

活动尝试收回到期应收款项。

倘收回款项，该款项会于损益

中确认。

按摊销成本列账的其他金融

资产包括若干按金及其他应

收款项。此等金融资产被视为

信贷风险低，主要因为其并无

违约记录且对手方有强大能

力应付短期内的合约现金流

量责任。本集团已评定根据12

个月预期亏损方法，应收账款

的预期信贷亏损并不重大。因

此，于2025年3月31日，就该

等结余确认之亏损准备拨备

接近零（2024年：相同）。

审慎之流动性风险管理是维持充

足之现金并通过充足之信贷额度

获得资金。本集团之现金需求主

要用于添置及更新物业、厂房及

设备、土地购买、附属公司注资、

支付采购费用及营运开支以及任

何其他不可预见之危机。本集团

通过营运产生之资金、银行贷款

及其他借款以拨付营运资金需求。

本集团之政策为定期监察现时及

预期流动资金要求，从而确保本

集团有足够之现金及现金等值项

目及通过充足之信贷额度获得资

金，以满足营运资金需求。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 财务风险管理（续）

3.1 财务风险因素（续）

下表为按相关到期组别列示本集

团于综合结算日至合约到期日

之剩余期间之财务负债情况之分

析。于表中披露之金额为合约性

未折算现金流量。

于2025年3月31日

于2024年3月31日

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

The tables below analyse the Group’s financial liabilities into relevant

maturity groupings based on the remaining period at the consolidated

balance sheet date to the contractual maturity date. The amounts

disclosed in the tables are the contractual undiscounted cash flows.

As at 31 March 2025

As at 31 March 2024

Bank loans银行贷款1,354,491––1,354,491

Loan from a non-controlling

interest of a subsidiary

一间附属公司非控制性

权益提供贷款––126,156126,156

Trade and bills payables应付账款及票据–629,757–629,757

Lease liabilities租赁负债–8,0171268,143

Accruals and other payables应计项目及其他应付

款项–135,500–135,500

1,354,491773,274126,2822,254,047

On demand	Within 1 year	Over 1 year	Total
按要求	1年内	1年以上	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
1,220,904	–	–	1,220,904
–	–	125,428	125,428
–	634,210	–	634,210
–	890	7,144	8,034
–	90,253	–	90,253
1,220,904	725,353	132,572	2,078,829

On demand	Within 1 year	Over 1 year	Total
按要求	1年内	1年以上	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 财务风险管理（续）

3.1 财务风险因素（续）

下表概括根据贷款协议所列之既

定还款时间表，本集团包含按要

求偿还条款之银行贷款之到期分

析。该等款项包括以合约利率计

算之利息付款。因此，该等款项

超过上文所载到期分析中「按要

求」时间范围内所披露之款项。

计及本集团之财务状况，董事并

不认为银行有可能行使其权利以

要求即时还款。董事认为该等贷

款将根据贷款协议内所列之既定

还款时间表还款。

到期分析－根据既定还款时间表

包含按要求偿还条款之银行借贷

（包括相关应付利息）：

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

The table below summarises the maturity analysis of the Group’s bank

loans with repayable on demand clause based on agreed scheduled

repayments set out in the loan agreements. The amounts included

interest payments computed using contractual rates. As a result, these

amounts were greater than the amounts disclosed in the “on demand”

time band in the maturity analysis contained above.

Taking into account the Group’s financial position, the Directors do not

consider that it is probable that the banks will exercise their discretions to

demand immediate repayment. The Directors believe that such loans will

be repaid in accordance with the scheduled repayment date as set out in

the loan agreements.

Maturity Analysis – bank borrowings subject to a repayable on demand

clause based on scheduled repayments (including related interest

payable):

31 March 20242024年3月31日1,116,377154,961122,889–1,394,227

Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	Over 5 years	Total
1年内	1至2年	2至5年	5年以上	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
1,126,744	67,027	52,893	–	1,246,664

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 财务风险管理（续）

3.1 财务风险因素（续）

下表为按相关到期组别列示本集

团结算日至合约到期日之剩余期

间之以毛额基准结算之非上市金

融产品及衍生金融工具之分析。

于表中披露之金额为合约性未折

算现金流量。

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.1 Financial risk factors (Cont’d)

The table below analyses the Group’s unlisted financial product and

derivative financial instruments which will be settled on a gross basis into

relevant maturity groupings based on the remaining period at the balance

sheet to the contractual maturity date. The amounts disclosed in the table

are the contractual undiscounted cash flows.

At 31 March 2024:于2024年3月31日：

Foreign currency forward

contracts:

外币远期合约：

Inflow流入–239––239

Outflow流出–(294)––(294)

Less than 1 month	Between 1 and 3 months	Between 3 months and 1 year	Over 1 year	Total
少于1个月	1至3个月	3个月至1年	1年以上	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
–	(143)	–	–	–

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 财务风险管理（续）

3.2 资金风险管理

本集团之资金管理目标为保障本集团

能继续营运，以为股东提供回报，同

时兼顾其他股权持有人之利益，并维

持最佳之资本结构以减低资金成本。

为了维持或调整资本结构，本集团可

能会调整向股东派付之股息金额、向

股东发还资金、发行新股、提取或偿

还债务。

与其他同业相同，本集团以资本负债

比率监察资本。此比率按照债务总额

除以资本总额计算。债务总额包括综

合资产负债表所列之借贷及应付票据

以及资本总额为综合资产负债表所列

之「权益」。资本负债比率如下：

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.2 Capital risk management

The Group’s objectives when managing capital are to safeguard the Group’s

ability to continue as a going concern in order to provide returns for

shareholders and benefits for other stakeholders and to maintain an optimal

capital structure to reduce the cost of capital. In order to maintain or adjust

the capital structure, the Group may adjust the amount of dividends paid to

shareholders, return capital to shareholders, issue new shares, draw down or

repay debt.

Consistent with others in the industry, the Group monitors capital on the

basis of the gearing ratio. This ratio is calculated as total debt divided by

total capital. Total debt includes borrowings and bills payables as shown in

the consolidated balance sheet, and total capital is the amount of “equity” as

shown in the consolidated balance sheet. The gearing ratios were as follows:

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
1,346,332
11,268
1,357,600
2,882,894
47%

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 财务风险管理（续）

3.3 公允值估计

于2025年3月31日，本集团按公允值

计入损益的金融资产及负债以及按公

允值计入其他全面收益的金融资产以

公允值列账，而本集团的现金及现金

等价物、短期银行存款、应收账款及

票据、存款、其他应收款项、应收联

营公司款项、应付账款及票据、应计

款项及其他应付款项（不包括与雇员

福利有关的应付款项、拨备及其他应

付税款）、租赁负债及借款的账面值

与其公允值相若，乃由于其到期日短

及╱或按市场利率计息。到期日在一

年以内的金融资产及负债的名义价值

减估计信贷调整，被假定为与其公允

值相若（2024年：相同）。

下表载列按计量公允值所用估值技术

输入值等级分析本集团于2025年及

2024年3月31日以公允值列账之金融

工具。输入值按以下三个公允值层级

分类：

• 相同资产或负债在活跃市场之报

价（未经调整）（第1层）。

，该资

产或负债之可观察之其他输入，

可为直接（即例如价格）或间接

（即源自价格）（第2层）。

• 资产或负债并非依据可观察市场

数据之输入（即非可观察输入）

（第3层）。

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.3 Fair value estimation

As at 31 March 2025, the Group’s financial assets and liabilities at fair

value through profit or loss and financial assets at fair value through other

comprehensive income carries at fair value while the carrying amounts of

the Group’s cash and cash equivalents, short-term bank deposits, trade and

bills receivables, deposits, other receivables, amounts due from associates,

trade and bills payables, accrual and other payables (excluding employees

benefits related payable, provisions and other taxes payable), lease liabilities

and borrowings approximate their fair values due to their short maturities

and/or bear interest rate at market. The nominal values less estimated credit

adjustments for financial assets and liabilities with a maturity of less than one

year are assumed to approximate their fair values (2024: same).

The table below analyses the Group’s financial instruments carried at fair value

as at 31 March 2025 and 2024, by level of inputs to valuation techniques used

to measure fair value. Such inputs are categorised into three levels within a fair

value hierarchy as follows:

• Quoted prices (unadjusted) in active markets for identical assets or

liabilities (level 1).

• Inputs other than quoted prices included within level 1 that are

observable for the asset or liability, either directly (that is, as prices) or

indirectly (that is, derived from prices) (level 2).

• Inputs for the asset or liability that are not based on observable market

data (that is, unobservable inputs) (level 3).

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 财务风险管理（续）

3.3 公允值估计（续）

下表列示本集团于2025年3月31日

按公允值计量之资产及负债。

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.3 Fair value estimation (Cont’d)

The following table presents the Group’s assets and liabilities that are

measured at fair value at 31 March 2025.

Level 1	Level 2	Level 3	Total
第1层	第2层	第3层	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
427	–	–	427
427	–	–	427

Level 1	Level 2	Level 3	Total
第1层	第2层	第3层	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
–	143	–	143
–	143	–	143

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 财务风险管理（续）

3.3 公允值估计（续）

下表列示本集团于2024年3月31日

按公允值计量之资产及负债。

截至2025年3月31日止年度各层级之间

并无转拨（2024年：相同）。

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.3 Fair value estimation (Cont’d)

The following table presents the Group’s assets and liabilities that are

measured at fair value at 31 March 2024.

Assets资产

Financial assets at fair value through

other comprehensive income

(Note 10)

按公允值计入其他全面收入

的金融资产

（附注10）

– Club debentures－会籍债券427––427

Financial assets at fair value through

profit or loss (Note 14)

按公允值计入损益的

金融资产（附注14）

– Derivative financial instruments

Foreign currency forward

contracts

－衍生金融工具远期

外币合约

–239–239

427239–666

Liabilities负债

Financial liabilities at fair value

through profit or loss (Note 14)

按公允值计入损益的

金融负债（附注14）

– Derivative financial instruments

Foreign currency forward

contracts

－衍生金融工具远期

外币合约

–294–294

There were no transfers between levels during the years ended 31 March 2025

(2024: same).

Level 1	Level 2	Level 3	Total
第1层	第2层	第3层	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

Level 1	Level 2	Level 3	Total
第1层	第2层	第3层	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

3 财务风险管理（续）

3.3 公允值估计（续）

在活跃市场买卖的金融工具的公允

值根据结算日的市场报价列账。当报

价可即时和定期从证券交易所、交易

商、经纪、业内人士、定价服务者或

监管代理获得，而该等报价代表按公

平交易基准进行的实际和常规市场交

易时，该市场被视为活跃。本集团持

有的金融资产的市场报价为收市买方

报价。此等工具包括在第1层。

没有在活跃市场买卖的金融工具（例

如场外衍生工具）的公允值利用估值

技术厘定。估值技术尽量利用可观察

市场数据（如有），尽量少依赖主体

的特定估计。如计算一金融工具的公

允值所需的所有重大输入为可观察数

据，则该金融工具列入第2层。

如一项或多项重大输入并非根据可观

察市场数据，则该金融工具列入第3

层。

于2025年及2024年3月31日，本集

团用于评估第1层及第2层金融工具

的具体估值技术包括：

• 同类型工具的市场报价或交易商

报价。

• 远期外汇合约的公允值利用结算

日的远期汇率厘定，而所得价值

折算至现值。

3 FINANCIAL RISK MANAGEMENT (Cont’d)

3.3 Fair value estimation (Cont’d)

The fair values of financial instruments traded in active markets are based on

quoted market prices at the balance sheet date. A market is regarded as active

if quoted prices are readily and regularly available from an exchange, dealer,

broker, industry Group, pricing service, or regulatory agency, and those prices

represent actual and regularly occurring market transactions on an arm’s

length basis. The quoted market price used for financial assets held by the

Group is the closing bid price. These instruments are included in level 1.

The fair value of financial instruments that are not traded in an active market

(for example, over-the-counter derivatives) is determined by using valuation

techniques. These valuation techniques maximise the use of observable

market data where it is available and rely as little as possible on entity specific

estimates. If all significant inputs required to fair value an instrument are

observable, the instrument is included in level 2.

If one or more of the significant inputs is not based on observable market

data, the instrument is included in level 3.

As at 31 March 2025 and 2024, specific valuation techniques used by the

Group to value level 1 and 2 financial instruments include:

• Quoted market prices or dealer quotes for similar instruments.

• The fair value of forward foreign exchange contracts is determined using

forward exchange rates at the balance sheet date, with the resulting value

discounted back to present value.

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

4 重大会计估计及判断

估计及判断会持续评估，并根据过往经

验及其他因素作出，包括于有关情况下

被认为属合理之日后事项预测。

本集团作出有关日后之估计及假设。作

出之会计估计顾名思义地甚少与相关实

际结果相同。存有重大风险或会导致须

对下一个财政年度资产及负债账面值作

出重大调整之估计及假设论述如下。

(a) 对联营公司的权益之减值

管理层定期检讨本集团于联营公司之

权益的可收回程度，彼等尤其会考虑

减值的客观证据，如上市联营公司之

市场报价跌至低于其账面值或联营公

司之市场环境及其营运所在国家出现

重大不利变动。

在厘定于联营公司之权益的可收回金

额时，管理层已考虑使用价值与公允

值减处置成本两者中的较高者。于厘

定使用价值时，实体估计(a)其应占

预期将由联营公司产生之估计未来

现金流量之现值及出售所得款项；或

(b)将予收取股息产生之估计未来现

金流量之现值及出售所得款项。管理

层评估减值时所选用假设如有任何变

化，包括(i)现金流量预测所用贴现率

或增长率假设以及(ii)公允值减处置

成本的控制溢价，可能对减值评估中

所用可收回金额造成重大影响，以致

对本集团报告资产负债表及营运业绩

造成重大影响。倘减值评估中所用的

重大假设出现重大负面变动，则或须

于损益表作出减值支出。任何减值亏

损将透过撇减于联营公司之权益予以

确认。确认之减值亏损拨回以该项投

资其后所增加之可收回金额为限。

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Estimates and judgements are continually evaluated and are based on historical

experience and other factors, including expectations of future events that are

believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting

accounting estimates will, by definition, seldom equal the related actual results.

The estimates and assumptions that have a significant risk of causing a material

adjustment to the carrying amounts of assets and liabilities within the next

financial year are addressed below.

(a) Impairment of interests in associates

Management regularly reviews the recoverability of the Group’s interests in

associates, in particular when they consider objective evidence of impairment

exists, such as the quoted market value of listed associate having fallen below

its carrying amount or significant adverse changes in the market environment

of the associates and the countries in which they operate.

In determining the recoverable amounts of interests in associates,

management considered the higher of the value in use and fair value less

cost to disposal. In determining value-in-use, an entity estimates either: (a)

its share of the present value of the estimated future cash flows expected to

be generated by the associates and proceeds on disposal, or (b) the present

value of estimated future cash flows expected to arise from dividends to be

received and proceeds on disposal. Changing the assumptions selected by

management in assessing impairment, including (i) the discount rates or the

growth rate assumptions in the cash flow projections and (ii) control premium

in the fair value less cost of disposal could materially affect the recoverable

amount used in the impairment assessment and as a result affect the Group’s

reported balance sheet and results of operations. If there is a significant

adverse change in the significant assumptions used in the impairment

assessment, it may be necessary to take an impairment charge to the

statement of profit or loss. Any impairment loss is recognised by writing down

the interests in associates. Any reversal of that impairment loss is recognised

to the extent that the recoverable amount of the investment subsequently

increases.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

4 重大会计估计及判断（续）

(b) 所得税、递延税项及其他税项

本集团须在其附属公司营运所在司法

权区缴纳所得税。于厘定所得税拨备

时须作出重大判断。存在若干交易及

计算无法确定最终税款。本集团按是

否须缴纳额外税项确认预计税务审核

事宜的负债。倘该等事宜的最终税务

结果有异于最初记录的数额，有关差

额将会影响厘定有关数额期间的即期

及递延所得税资产及负债。

本集团还须缴纳其他税项与关税。于

厘定该等拨备时须作出重大判断。倘

该等事宜的最终税务结果有异于实际

结果，则有关差额将会影响有关拨备

和于损益表上之盈利。

递延税项资产之确认主要涉及税项亏

损，视乎获得可动用税项亏损抵扣的

未来应课税溢利之预期而定。实际动

用结果可能有所不同。管理层于年末

对此等递延所得税资产的收回成数作

出评估，认为此等税务亏损有可能实

现，故毋须作出减值拨备。

值拨备

本集团基于有关违约风险及预亏损比

率的假设作出应收款项减值拨备（附

注3.1(b)）。本集团作出此等假设时运

用判断并基于本集团过往记录、现行

市况及于结算日的前瞻性估计挑选减

值计算的输入数据。

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Cont’d)

(b) Income taxes, deferred taxes and other taxes

The Group is subject to income taxes in the jurisdictions where its subsidiaries

operate. Significant judgement is required in determining provisions for

income taxes. There are certain transactions and calculations for which the

ultimate tax determination is uncertain. 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 current

and deferred income tax assets and liabilities in the period in which such

determination is made.

The Group is also exposed to other taxes and duties. Significant judgement

is required in determining these provisions. Where the final outcomes of

these matters differ from the actual results, such difference will impact the

provisions made and the earnings stated in the statement of profit or loss.

Recognition of deferred tax assets, which principally relate to tax losses,

depends on the expectation of future taxable profit that will be available

against which tax losses can be utilised. The outcome of their actual utilisation

may be different. Management has performed an assessment on the

recoverability of these deferred tax assets and consider that the realisation of

these tax losses probable and no impairment provision is required as at year

end.

The Group makes provision for impairment of receivables based on

assumptions about risk of default and expected loss rates (Note 3.1(b)). The

Group uses judgement in making these assumptions and selecting the inputs

to the impairment calculation, based on the Group’s past history, existing

market conditions as well as forward – looking estimates at the balance sheet

date.

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

4 重大会计估计及判断（续）

(d) 存货可变现净值

存货之可变现净值乃按日常业务过程

中之估计售价减估计完成成本及出售

开支计算。该等估计乃按现行市况及

制造及销售类似性质产品之过往经验

作出。这可能因客户口味转变及竞争

对手因应严峻行业周期而作出之行动

而大幅变化。管理层于每个结算日重

新评估该等估计。

(e) 物业、厂房及设备之可使用年期

本集团管理层厘定物业、厂房及设备

之估计可使用年期及相关折旧支出。

该等估计乃根据类似性质及功能之物

业、厂房及设备之实际可使用年期的

过往经验作出。管理层将于可使用年

期少于早前估计时增加折旧支出，并

撇销或撇减已废弃或售出之技术上陈

旧或非策略性资产。实际经济年期可

能有别于估计可使用年期。定期作出

之检讨可能导致可折旧年期出现变

动，因而导致日后折旧开支有变。

(f) 非流动资产减值

本集团须最少每年对无形资产进行测

试以确定其是否有任何减值。其他非

金融资产于出现显示可能无法收回账

面值之事件或状况变化时检讨有否减

值。可收回金额乃按使用价值或公允

值减出售成本之较高者厘定。此等计

算需要作出判断及估计。

管理层须就资产减值之情况作出判

断，特别是：(i)评估有否发生可能显

示有关资产价值可能无法收回之事

件；(ii)评估资产之可收回金额能否支

持其账面值，可收回金额为公允值减

出售成本，或估计于业务中持续使用

该资产可产生之日后现金流量净现值

之较高者；及(iii)评估编制现金流量

预测时所用适当主要假设，包括该等

现金流量预测是否按适当比率贴现。

管理层评估减值时所选用假设（包括

现金流量预测所用贴现率或增长率假

设）如有任何变化，均可能对减值检

测中所用净现值造成重大影响，以致

对本集团报告资产负债表及营运业绩

造成重大影响。倘所预测表现及因此

作出之日后现金流量预测出现重大负

面变动，则或须于损益表作出减值支

出。

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Cont’d)

(d) Net realisable value of inventories

Net realisable value of inventories is the estimated selling price in the ordinary

course of business, less estimated costs of completion and selling expenses.

These estimates are based on the current market condition and the historical

experience of manufacturing and selling products of similar nature. It could

change significantly as a result of changes in customer taste and competitor

actions in response to severe industry cycle. Management reassesses these

estimates at each balance sheet date.

(e) Useful lives of property, plant and equipment

The Group’s management determines the estimated useful lives and related

depreciation charges for its property, plant and equipment. These estimates

are based on the historical experience of the actual useful lives of property,

plant and equipment of similar nature and functions. Management will

increase the depreciation charge where useful lives are less than previously

estimated lives, it will write-off or write-down technically obsolete or non-

strategic assets that have been abandoned or sold. Actual economic lives may

differ from estimated useful lives. Periodic review could result in a change in

depreciable lives and therefore depreciation expense in the future periods.

(f) Impairment of non-current assets

The group tests at least annually whether intangible assets have suffered nay

impairment. Other non-financial assets are reviewed for impairment whenever

events or changes in circumstances indicate that the carrying amount may

not be recoverable. The recoverable amounts have been determined based

on the higher of value-in-use calculations or fair values less cost to disposal.

These calculations require the use of judgements and estimates.

Management judgement is required in the area of asset impairment

particularly in assessing: (i) whether an event has occurred that may indicate

that the related asset values may not be recoverable; (ii) whether the carrying

value of an asset can be supported by the recoverable amount, being the

higher of fair value less costs to sell or net present value of future cash flows

which are estimated based upon the continued use of the assets in the

business; and (iii) the appropriate key assumptions to be applied in preparing

cash flow projections including whether these cash flow projections are

discounted using an appropriate rate. Changing the assumptions selected

by management in assessing impairment, including the discount rates or

the growth rate assumptions in the cash flow projections, could materially

affect the net present value used in the impairment test and as a result affect

the Group’s reported balance sheet and results of operations. If there is a

significant adverse change in the projected performance and resulting future

cash flow projections, it may be necessary to take an impairment charge to the

statement of profit or loss.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

5 分部资料

首席经营决策者（「首席经营决策者」）已

被确认为本公司执行董事，彼审阅本集

团之内部呈报，以评估表现并分配资源。

由于本集团所有业务均与制造及买卖具

有类似经济特性的纺织品有关，执行董

事按照单一分部（包括于香港、澳门、中

国与越南的附属公司所经营的业务）审阅

本集团之表现。执行董事亦基于以下财

务资料，定期审阅本集团的资源分配及

进行表现评估：

5 SEGMENT INFORMATION

The chief operating decision-maker (“CODM”) has been identified as the executive

directors of the Company collectively, who review the Group’s internal reporting

in order to assess performance and allocate resources.

As all of the Group’s business operations relate to the manufacturing and

trading of textile products with similar economic characteristics, the executive

directors review the performance of the Group as a single segment, which covers

operations conducted by subsidiaries in Hong Kong, Macau, the PRC and Vietnam.

The executive directors review resources allocation and assess performance of the

Group on a regular basis based on the following financial information:

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
4,985,019
39,464
22,530
10,557
5,057,570
383,985
7.6%
220,650
4.4%
473,414
9.4%
34,204
61,630
251,731
21,369
34,840
167,597
3.3%
5,310,366
2,882,690
666,507
1,346,332
990,962
79
743,534
53
634,210
49

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

5 分部资料（续）

附注：

(i) 为补充本集团根据香港财务报告准则编

制的综合业绩，若干非香港财务报告准

则财务计量（包括利息、税项、折旧及

摊销前溢利╱收入、存货周转日数、应

收账款及票据周转日数及应付账款及票

据周转日数）已于本报告内呈列。本公

司管理层相信，非香港财务报告准则财

务计量为投资者提供更清晰的本集团财

务业绩，并提供有用的补充资料以评估

本集团策略经营的表现。然而，使用该

等非香港财务报告准则财务计量作为分

析工具存在局限性。此等非香港财务报

告准则财务计量应被视为根据香港财务

报告准则编制的本公司财务表现分析的

补充而非替代计量。

(ii) 利息、税项、折旧及摊销前溢利被定义

为未计财务收入、财务成本、所得税开

支、折旧与摊销前年度溢利。

(iii) 截至2025年3月31日止年度，本集团就

结转合约负债确认收益8,332,000港元

（2024年：7,517,000港元）。

(iv) 周转日数按年初与年末结余之简单平均

数除以销售成本计算。

(v) 周转日数按年初与年末结余之简单平均

数除以收入计算。

利息、税项、折旧及摊销前溢利与所得

税前溢利之间的对账如下：

5 SEGMENT INFORMATION (Cont’d)

Notes:

(i) To supplement the consolidated results of the Group prepared in accordance with

HKFRS, certain non-HKFRS financial measures, including EBIDTA, EBITDA/Revenue,

inventories turnover days, trade and bills receivables turnover days, and trade and

bills payables turnover days have been presented in this report. The Company’s

management believes that the non-HKFRS financial measures provide investors

with clearer view on the Group’s financial results, and with useful supplementary

information to assess the performance of the Group’s strategic operations.

Nevertheless, the use of these non-HKFRS financial measures has limitations as

an analytical tool. These non-HKFRS financial measures should be considered in

addition to, not as a substitute for, analysis of the Company’s financial performance

prepared in accordance with HKFRS.

(ii) EBITDA is defined as profit for the year before finance income, finance costs,

income tax expense, depreciation and amortisation.

(iii) For the year ended 31 March 2025, the Group recognised revenue of HK$8,332,000

(2024: HK$7,517,000) related to carried-forward contract liabilities.

(iv) The turnover days are calculated by the simple average of the beginning of the

year and the end of the year balances over costs of sales.

(v) The turnover days are calculated by the simple average of the beginning of the

year and the end of the year balances over revenue.

A reconciliation of EBITDA to profit before income tax is provided as follows:

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
473,414
(251,731)
34,204
(61,630)
194,257

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

5 分部资料（续）

本集团的收入指货品销售。对按地区（以

产品交付之目的地为准）划分之收入的分

析如下：

截至2025年3月31日止年度，客户A及

客户B分别占本集团收入的约45%（2024

年：45%）及19%（2024年：21%）。截至

2025年3月31日止年度，所有其他客户

各自占本集团收入均低于5%（2024年：

相同）。

本集团之非流动资产（不包括于联营公司

之权益及递延所得税资产）位于以下地

区：

5 SEGMENT INFORMATION (Cont’d)

The Group’s revenue represents sales of goods. An analysis of revenue by

geographical location, as determined by the destination where the products were

delivered, is as follows:

For the year ended 31 March 2025, customer A and customer B accounted for

approximately 45% (2024: 45%) and 19% (2024: 21%) of the Group’s revenue,

respectively. All other customers individually accounted for less than 5% of the

Group’s revenue for the year ended 31 March 2025 (2024: same).

The Group’s non-current assets (excluding interests in associates and deferred

income tax assets) are located in the following geographical areas:

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
2,568,849
1,372,531
234,020
211,605
190,000
108,692
106,887
90,932
75,833
30,919
29,119
20,103
17,674
406
5,057,570

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
1,553,960
985,651
11,623
2,551,234

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

5 分部资料（续）

收入确认的会计政策

(a) 销售货品

本集团主要从事纺织产品之制造及贸

易。当产品的控制权转移至客户（即

交付产品予客户时），而客户已接纳

产品，且并无可能影响客户接纳产品

的未履约义务时，则确认收入。当产

品付运至指定地点，且陈旧及损失风

险已转移至客户时，则落实交付。

销售货品的收入乃基于每份订单各自

的价格确认。

应收款项于交付货品时确认，原因为

仅在付款日期到期前才需经过一段时

间予以确认，而该阶段的代价为无条

件。

合约负债于客户在本集团确认相关收

入之前支付代价时确认。本集团将收

取客户之订金于综合资产负债表之其

他应付款项及应计费用下确认。

(b) 蒸汽销售与输配

蒸汽的销售与输配在控制权转移至客

户时确认，其与主要根据蒸汽表读数

得出的蒸汽传输时间一致。

服务费收入指软件开发收入，其于客

户接收软件时确认。

5 SEGMENT INFORMATION (Cont’d)

Accounting policies of revenue recognition

(a) Sales of goods

The Group is principally engaged in the manufacturing and trading of

textile products. Revenue are recognised when control of the products has

transferred, being when the products are delivered to the customer, the

customer has accepted the products and there is no unfulfilled obligation

that could affect the customer’s acceptance of the products. Delivery occurs

when the products have been shipped to the specified location and the risk of

obsolescence and loss have been transferred to the customers.

Revenue from sales of goods is recognised based on the price specified for

each order.

A receivable is recognised when the goods are delivered as this is the point in

time that the consideration is unconditional because only the passage of time

is required before the payment is due.

A contract liability is recognised when a customer pays consideration

before the Group recognises the related revenue. The Group recognised its

down payments from customers under other payables and accruals in the

consolidated balance sheet.

(b) Sales and distribution of steam

Sales and distribution of steam are recognised at a point in time when control

is transferred to customers, which coincides with the time when steam is

transmitted primarily derived from steam meter readings.

Service fee income represents the development of software, the revenue is

recognised at a point in time when the customer accepted the software.

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

6 PROPERTY, PLANT AND EQUIPMENT

At 1 April 2023于2023年4月1日

Cost 成本1,212,9982,648,531525,35649,494111,830363,2964,911,505

Accumulated depreciation 累计折旧(704,823)(2,166,766)(392,359)(36,411)(66,498)–(3,366,857)

Net book amount账面净值508,175481,765132,99713,08345,332363,2961,544,648

Year ended 31 March 2024截至2024年3月31日止年度

Opening net book amount 年初账面净值508,175481,765132,99713,08345,332363,2961,544,648

Interest capitalisation利息资本化–––––10,12910,129

Additions 添置44,70353,24917,41062812,784883,2611,012,035

Disposals and write-off出售与撇销(492)(10,001)(920)(207)––(11,620)

Depreciation (Note 23)折旧（附注23）(50,747)(93,317)(31,274)(2,625)(16,615)–(194,578)

Transfers转拨36,91241,15213,630–7,712(99,406)–

Currency translation differences 外币换算差额(19,894)(19,597)(5,566)(479)(539)(23,849)(69,924)

Closing net book amount年终账面净值518,657453,251126,27710,40048,6741,133,4312,290,690

At 31 March 2024于2024年3月31日

Cost 成本1,274,2272,713,334549,91049,436131,7871,133,4315,852,125

Accumulated depreciation 累计折旧(755,570)(2,260,083)(423,633)(39,036)(83,113)–(3,561,435)

Net book amount账面净值518,657453,251126,27710,40048,6741,133,4312,290,690

Year ended 31 March 2025截至2025年3月31日止年度

Opening net book amount 年初账面净值

Interest capitalisation利息资本化

Additions 添置

Disposals and write-off出售与撇销

Depreciation (Note 23)折旧（附注23）

Transfers转拨

Currency translation differences 外币换算差额

Closing net book amount年终账面净值

At 31 March 2025于2025年3月31日

Cost 成本

Accumulated depreciation 累计折旧

Net book amount账面净值

6 物业、厂房及设备

Buildings	Plant and machinery	Leasehold improvements, furniture and equipment	Motor vehicles	Computer software	Construction in progress	Total
楼宇	厂房及机器	租赁物业装修、家具及设备	汽车	电脑软件	在建工程	总计
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

518,657	453,251	126,277	10,400	48,674	1,133,431	2,290,690
–	–	–	–	–	1,590	1,590
1,493	51,627	40,665	3,466	23,279	188,718	309,248
(396)	(9,583)	(2,457)	(199)	(51)	–	(12,686)
(67,986)	(117,660)	(42,697)	(3,300)	(11,909)	–	(243,552)
491,646	578,522	156,196	11,469	–	(1,237,833)	–
(11,418)	(10,186)	(2,558)	(213)	(275)	(4,158)	(28,808)
931,996	945,971	275,426	21,623	59,718	81,748	2,316,482
1,755,552	3,323,714	741,755	63,344	154,740	81,748	6,120,853
(823,556)	(2,377,743)	(466,329)	(41,721)	(95,022)	–	(3,804,371)
931,996	945,971	275,426	21,623	59,718	81,748	2,316,482

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

6 物业、厂房及设备（续）

于综合损益表内确认之折旧开支分析如

下：

物业、厂房及设备的会计政策

物业、厂房及设备（在建工程除外）乃按

历史成本减折旧及减值亏损（如有）列账。

在建工程指建设工程尚未完成之楼宇、

厂房及机器及租赁物业装修、家具及设

备，乃按成本（包括工程开支及其他直接

成本）减任何减值亏损列账。完成时，在

建工程会按成本减累计减值亏损（如有）

转拨至适当类别之物业、厂房及设备。

历史成本包括收购该等项目直接应占之

开支。成本亦可包括从权益中转拨之有

关利用外币购买物业、厂房及设备之合

资格现金流量对冲产生之任何收益或亏

损。

只有当与项目相关之日后经济利益有可

能流入本集团及能可靠地计算项目成本

之情况下，往后成本方会计入资产之账

面值或确认为独立资产（按适用情况）。

作为独立资产入账的任何组成部分的账

面值在替换时予以取消确认。所有其他

维修及保养于其产生期间在综合损益表

内扣除。

6 PROPERTY, PLANT AND EQUIPMENT (Cont’d)

Depreciation expense recognised in the consolidated statement of profit or loss is

analysed as follows:

Accounting policies of property, plant and equipment

Property, plant and equipment other than construction in progress are stated at

historical cost less depreciation and impairment losses, if any.

Construction in progress represents buildings, plant and machinery and leasehold

improvements, furniture and equipment on which construction work has not

been completed. It is carried at cost which includes construction expenditures

and other direct costs less any impairment losses. On completion, construction

in progress is transferred to the appropriate categories of property, plant and

equipment at cost less accumulated impairment losses if any.

Historical cost includes expenditure that is directly attributable to the acquisition

of the items. Cost may also include transfers from equity of any gains or losses on

qualifying cash flow hedges of foreign currency purchases of property, plant and

equipment.

Subsequent costs are included in the asset’s carrying amount or recognised as

a separate asset, as appropriate, only when it is probable that future economic

benefits associated with the item will flow to the Group and the cost of the item

can be measured reliably. The carrying amount of any component accounted

for as a separate asset is derecognised when replaced. All other repairs and

maintenance are charged to the consolidated statement of profit or loss during

the period in which they are incurred.

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
231,175
12,377
243,552

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

6 PROPERTY, PLANT AND EQUIPMENT (Cont’d)

Accounting policies of property, plant and equipment (Cont’d)

Depreciation on other assets other than construction in progress are calculated

using the straight-line method to allocate their costs (less estimated residual

values, if any) over their estimated useful lives at the annual rates, as follows:

Buildings4%–5%

Plant and machinery10%–20%

Leasehold improvements20%–33%

or shorter of the lease terms

Furniture and equipment20%–33%

Motor vehicles20%–25%

Computer software10%

Depreciation is not provided for construction in progress until the asset is

completed and available for use.

The assets’ residual values and useful lives are reviewed, and adjusted if

appropriate, at each balance sheet date.

An asset’s carrying amount is written down immediately to its recoverable amount

if the asset’s carrying amount is greater than its estimated recoverable amount

(Note 36.4).

Gains and losses on disposals are determined by comparing proceeds with the

carrying amount are recognised in the consolidated statement of profit or loss.

6 物业、厂房及设备（续）

物业、厂房及设备的会计政策（续）

其他资产（在建工程除外）以直线法计算

折旧，以根据年率按其估计可使用年期

摊销成本（减去估计剩余价值（如有））如

下：

楼宇4%–5%

厂房及机器10%–20%

租赁物业装修20%–33%

或较短租期

家具及设备20%–33%

汽车20%–25%

电脑软件10%

直至资产完成及可投入使用前，不会就

在建工程计提折旧。

资产之剩余价值及可使用年期会于每个

结算日检讨及（倘适用）作出调整。

倘资产之账面值超过其估计可收回金额，

则资产之账面值将即时撇减至其可收回

金额（附注36.4）。

出售盈亏按将所得款项与账面值相比较

后厘定，并于综合损益表中确认。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

7 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

(a) Balance recognised in the consolidated balance sheet

Right-of-use assets

Year ended 31 March 2024截至2024年3月31日

止年度

Opening net book amount年初账面净值8071,008100,09976,891178,805

Additions添置839–––839

Transfer转拨––76,891(76,891)–

Depreciation (Note 23)折旧（附注23）(839)(42)(4,546)–(5,427)

Exchange differences换算差额––(5,158)–(5,158)

Closing net book amount年终账面净值807966167,286-169,059

At 31 March 2024于2024年3月31日

Cost成本4,9562,787232,247–239,990

Accumulated depreciation累计折旧(4,149)(1,821)(64,961)–(70,931)

Net book amount账面净值807966167,286–169,059

Year ended 31 March 2025截至2025年3月31日

止年度

Opening net book amount年初账面净值

Additions添置

Depreciation (Note 23)折旧（附注23）

Exchange differences换算差额

Closing net book amount年终账面净值

At 31 March 2025于2025年3月31日

Cost成本

Accumulated depreciation累计折旧

Net book amount账面净值

7 使用权资产及租赁负债

(a) 于综合资产负债表确认之结余

使用权资产

Office premise	Leasehold land	Land use rights	Prepayment for land use rights	Total
办公室物业	租赁土地	土地使用权	土地使用权预付款项	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

807	966	167,286	–	169,059
859	–	–	–	859
(797)	(42)	(7,340)	–	(8,179)
–	–	(718)	–	(718)
869	924	159,228	–	161,021
5,815	2,787	232,247	–	240,849
(4,946)	(1,863)	(73,019)	–	(79,828)
869	924	159,228	–	161,021

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

7 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Cont’d)

(a) Balance recognised in the consolidated balance sheet (Cont’d)

Lease liabilities

(b) Amounts recognised in the consolidated income statement

The total cash outflow of leases for the year ended 31 March 2025 was

approximately HK$2,427,000 (2024: HK$27,875,000).

Depreciation of HK$7,382,000 (2024: HK$4,588,000) has been charged in ‘cost

of sales’ and HK$797,000 (2024: HK$839,000) in ‘general and administrative

expenses’ respectively during the year ended 31 March 2025.

7 使用权资产及租赁负债（续）

(a) 于综合资产负债表确认之结余（续）

租赁负债

(b) 于综合收益表确认之金额

于截至2025年3月31日止年度有关

租赁之现金流出总额约为2,427,000港

元（2024年：27,875,000港元）。

于截至2025年3月31日止年度分别

于「销售成本」及「一般及行政开支」

扣除折旧7,382,000港元（2024年：

4,588,000港元）及797,000港元（2024

年：839,000港元）。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
856
6,715
7,571

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
8,179
1,553
651

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

7 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Cont’d)

The Group leases land under land use right arrangements in the PRC and

Vietnam and owns leasehold land in Hong Kong.

The Group leases various office premises. Rental contracts are typically made

for fixed periods of 2 to 3 years.

Lease terms are negotiated on an individual basis and contain a wide range

of different terms and conditions. The lease agreements do not impose any

covenants, but leased assets may not be used as security for borrowing

purposes.

As at 31 March 2025, the carrying amount for land use rights in Vietnam

amounted to HK$72,896,000, (2024: HK$75,243,000) which the Group

obtained the formal legal title in 2024. As at 31 March 2025, the outstanding

lease liabilities in respect of such land use rights amounted to HK$6,715,000.

Accounting policies of leases

Leases are recognised as a right-of-use asset and a corresponding liability at the

date at which the leased asset is available for use by the Group.

Lease terms are negotiated on an individual basis and contain a wide range

of different terms and conditions. The lease agreements do not impose any

covenants other than the security interests in the leased assets that are held by

the lessor. Leased assets may not be used as security for borrowing purposes.

Assets and liabilities arising from a lease are initially measured on a present

value basis. Lease liabilities include the net present value of the following lease

payments:

, less any lease

incentives receivable (if any);

• the exercise price of a purchase option if the Group is reasonably certain to

exercise that option; and

, if the lease term reflects the

Group exercising that option.

Lease payments to be made under reasonably certain extension options are also

included in the measurement of the liability.

7 使用权资产及租赁负债（续）

本集团于中国及越南根据土地使用权

安排租用土地以及于香港拥有租赁土

地。

本集团租用若干办公室物业。租赁合

约一般为2至3年的固定期限。

租赁条款个别磋商，条款及条件各有

不同。租赁协议并无施加任何契诺，

惟租赁资产不可用作借款之抵押品。

于2025年3月31日，越南土地使用权

的账面值为72,896,000港元（2024年：

75,243,000港元），而本集团已于2024

年取得正式的法定产权。于2025年3

月31日，有关土地使用权的未清偿租

赁负债为6,715,000港元。

租赁之会计政策

租赁于租赁资产可供本集团使用当日确

认为使用权资产及相关负债。

租赁条款按个别基准磋商、并包含多种

不同条款及条件。除出租人就租赁资产

持有担保利益外，租赁协议不会施加任

何其他契诺。租赁资产未必会用于借款

抵押。

租赁产生的资产及负债最初按现值基准

计量。租赁负债包括下列租赁付款的净

现值：

（包括实质固定付款），减

任何应收租赁优惠（如有）；

，倘本集团合理

确定行使该选择权；及

，倘租期反映本集团

行使该选择权。

根据合理确定延续选择权而支付的租赁

款项亦包括于负债计量。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

7 RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Cont’d)

Accounting policies of leases (Cont’d)

The lease payments are discounted using the interest rate implicit in the lease. If

that rate cannot be readily determined, which is generally the case for leases in

the Group, the lessee’s incremental borrowing rate is used, being the rate that the

individual lessee would have to pay to borrow the funds necessary to obtain an

asset of similar value to the right-of-use asset in a similar economic environment

with similar terms, security and conditions.

To determine the incremental borrowing rate, the Group uses recent third-party

financing received by the individual lessee as a starting point, adjusted to reflect

changes in financing conditions since third party financing was received.

Lease payments are allocated between principal and finance cost. The finance

cost is charged to profit or loss over the lease period so as to produce a constant

periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

;

• any lease payments made at or before the commencement date less any lease

incentives received (if any); and

• any initial direct costs

Right-of-use assets are generally depreciated over the shorter of the asset’s useful

life and the lease term on a straight-line basis. If the Group is reasonably certain

to exercise a purchase option, the right-of-use asset is depreciated over the

underlying asset’s useful life.

Payments associated with short-term leases and leases of low-value assets are

recognised on a straight-line basis as an expense in profit or loss. Short-term

leases are leases with a lease term of 12 months or less. Low-value assets comprise

small items of office equipment.

Lease income from operating leases where the group is a lessor is recognised

in income on a straight-line basis over the lease term (Note 31(b)). Initial direct

costs incurred in obtaining an operating lease are added to the carrying amount

of the underlying asset and recognised as expenses over the lease term on the

same basis as lease income. The respective leased assets are included in the

consolidated balance sheet based on their nature. The Group did not need to

make any adjustments to the accounting for assets held as lessor as a result of

adopting the new leasing standard.

7 使用权资产及租赁负债（续）

租赁之会计政策（续）

租赁付款采用租赁所隐含的利率予以贴

现。倘无法轻易厘定该利率（本集团的租

赁一般属此类情况），则使用承租人递增

借款利率，即个别承租人在类似经济环

境中按类似条款、抵押及条件借入所需

资金以获得与使用权资产价值类似的资

产必须支付的利率。

为厘定递增借款利率，本集团使用个别

承租人最近获得的第三方融资为出发点

作出调整以反映自获得第三方融资以来

融资条件的变动。

租赁付款于本金及融资成本之间摊分。

融资成本在租期于损益扣除，借以令各

期间的负债余额的期间利率一致。

使用权资产按成本计量，包括以下各项：

• 于开始日期或之前作出之任何租赁

付款，扣除已收之任何租赁优惠（如

有）；及

使用权资产一般按直线法于资产可使用

年期或租期（以较短者为准）计算折旧。

倘本集团合理确定行使购买选择权，则

使用权资产于相关资产的可使用年期内

折旧。

与短期租赁及低价值资产租赁有关之付

款按直线法于损益中确认为开支。短期

租赁指租赁期为12个月或以下之租赁。

低价值资产包括办公室设备的小型项目。

本集团作为出租人从经营租赁收取的租

赁收入于租期内以直线法于收入内确认

（附注31(b)）。取得经营租赁产生的初始

直接成本加入相关资产的账面值，并于

租期内以确认租赁收入的相同基础确认

为开支。个别租赁资产按其性质计入综

合资产负债表。采纳新租赁准则后，本

集团无需对以出租人身份持有资产的会

计处理作出任何调整。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

8 SUBSIDIARIES

The following is a list of the principal subsidiaries at 31 March 2025 and 2024.

本

正

8 附属公司

下表列示于2025年及2024年3月31日之

主要附属公司。

Name of subsidiaries	Place of incorporation and kind of legal entity	Particulars of issued share/ paid up capital	Equity interest attributable to the Group		Principal activities
附属公司名称	注册成立地点及法人实体类型	已发行股本╱ 缴足股本详情	本集团应占股本权益		主要业务
			2025	2024
			2025年	2024年
			100%
			100%
			100%
			100%
			100%
			100%
			100%

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

本

正

互

兆

互

10,000

8 SUBSIDIARIES (Cont’d)8 附属公司（续）

Name of subsidiaries	Place of incorporation and kind of legal entity	Particulars of issued share/ paid up capital	Equity interest attributable to the Group		Principal activities
附属公司名称	注册成立地点及法人实体类型	已发行股本╱ 缴足股本详情	本集团应占股本权益		主要业务
			2025	2024
			2025年	2024年
			100%
			100%
			100%
			100%
			100%
			95%
			71.25%
			71.25%

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

本

南

广

Top Textiles Limited(d)178,000,000

8 SUBSIDIARIES (Cont’d)8 附属公司（续）

Name of subsidiaries	Place of incorporation and kind of legal entity	Particulars of issued share/ paid up capital	Equity interest attributable to the Group		Principal activities
附属公司名称	注册成立地点及法人实体类型	已发行股本╱ 缴足股本详情	本集团应占股本权益		主要业务
			2025	2024
			2025年	2024年
			71.25%
			95%
			100%
			100%
			100%
			100%

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

8 附属公司（续）

(a) 互太（番禺）纺织印染有限公司为一

家于中国注册成立之外商独资有限责

任公司，其注册资本为134,804,000美

元，由1997年7月开始营运至2047年

7月。于2025年3月31日，本集团已

缴足该附属公司之注册资本。

(b) Pacific Crystal Textiles Limited为一家

于越南注册成立之有限责任公司，其

注册资本为55,500,000美元，由2011

年4月开始营运至2054年1月。于

2025年3月31日，本集团已缴足该附

属公司之注册资本。

中国注册成立之外商独资有限责任公

司，其注册资本为人民币20,000,000

元，由2016年5月开始营运至2046年

5月。于2025年3月31日，本集团尚

未缴付该附属公司之注册资本人民币

10,000,000元。

(d) Top Textiles Limited为一家于越南注

册成立之有限责任公司，其注册资本

为178,000,000美元，由2019年12月

开始营运至2065年12月。于2025年

3月31日，本集团已缴足此附属公司

之注册资本。

(e) 于年末或年内任何时间，附属公司概

无发行任何债务证券。

8 SUBSIDIARIES (Cont’d)

(a) Pacific (Panyu) Textiles Limited is a wholly foreign owned limited liability

company incorporated in the PRC with registered capital of US$134,804,000 to

be operated from July 1997 to July 2047. As at 31 March 2025, the Group has

fully paid up the registered capital to this subsidiary.

(b) Pacific Crystal Textiles Limited is a limited liability company incorporated in

Vietnam with registered capital of US$55,500,000 to be operated from April

2011 to January 2054. As at 31 March 2025, the Group has fully paid up the

registered capital to this subsidiary.

owned limited liability company incorporated in PRC with registered capital

of RMB20,000,000 to be operated from May 2016 to May 2046. As at 31 March

2025, the Group is yet to pay up registered capital of RMB10,000,000 to this

subsidiary.

(d) Top Textiles Limited is a limited liability company incorporated in Vietnam

with registered capital of US$178,000,000 to be operated from December

2019 to December 2065. As at 31 March 2025, the Group has fully paid up the

registered capital to this subsidiary.

(e) None of the subsidiaries has issued any debt security at the end of the year or

at any time during the year.

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

8 SUBSIDIARIES (Cont’d)

(f) Material non-controlling interests

The total non-controlling interest as at 31 March 2025 is HK$204,000 (2024:

HK$12,182,000), mainly comprised the Group’s investment in Vietnam through

Pacific GT Limited, PCGT Limited, PCTL and PCTT. The non-controlling interests

in respect of South Shining Limited are not material.

Summarised financial information on subsidiaries with material non-

controlling interests

Set out below are the summarised financial information for each subsidiary

that has non-controlling interests that are material to the Group.

8 附属公司（续）

(f) 重大非控制性权益

于2025年3月31日之非控制性权

益总额为204,000港元（2024年：

12,182,000港元），主要包括本集团透

过Pacific GT Limited、PCGT Limited、

PCTL及PCTT于越南进行的投资。南

昱有限公司的非控制性权益属非重

大。

拥有重大非控制性权益附属公司之财

务资料概要

以下载列拥有对本集团而言属重大的

非控制性权益之各附属公司之财务资

料概要。

Pacific GT Limited		PCGT Limited		PCTL		PCTT
2025	2024	2025	2024	2025	2024	2025	2024
2025年	2024年	2025年	2024年	2025年	2024年	2025年	2024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
千港元	2,932 153,409 – 2,117 154,224		435,906 13,123 126,156 285,059 37,814		250,628 208,159 28,771 23,348 406,668
2,932		434,057		223,036		–
138,322		10,769		185,722		180,418
–		125,428		41,861		–
2,084		279,384		17,255		162,511
139,172		38,156		349,642		17,907

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

8 SUBSIDIARIES (Cont’d)

(f) Material non-controlling interests (Cont’d)

The information above is the amount before inter-company eliminations.

As at 31 March 2025, cash and bank deposits of HK$18,339,000 (2024:

HK$9,491,000) of PCTL are held in Vietnam and are subject to local exchange

control regulations. These local exchange control regulations provide for

restrictions on exporting capital from the country, other than through normal

dividends.

8 附属公司（续）

(f) 重大非控制性权益（续）

上述资料为公司间抵销前金额。

于2025年3月31日，PCTL于越南持

有现金及银行存款18,339,000港元

（2024年：9,491,000港元），且须受地

方外汇管制规定的规限。该等地方外

汇管制规定对从国内汇出资本作出限

制，惟透过普通股息汇出则除外。

Pacific GT Limited		PCGT Limited		PCTL		PCTT
2025	2024	2025	2024	2025	2024	2025	2024
2025年	2024年	2025年	2024年	2025年	2024年	2025年	2024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
千港元	4 (14,989) – (14,989) (749)		582,040 9,282 – 9,282 2,669		813,187 8,877 (2,830) 6,047 1,738
–		–		607,554		1,067,714
(15,052)		341		(24,992)		12,040
–		–		13,216		–
(15,052)		341		(38,208)		12,040
(753)		98		(10,985)		3,462
	(1,679) – – (1,679)		(37,283) – (78,523) (115,806)		26,581 (22,086) (184) 4,311
(3)		(4,584)		14,931		(65,267)
–		–		(6,083)		3,335
–		727		–		–
(3)		(3,857)		8,848		(61,932)

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

9 INTERESTS IN ASSOCIATES AND AMOUNTS DUE FROM ASSOCIATES

Movements in share of net assets of associates are as follows:

9 于联营公司之权益及应收联营公司款项

分占联营公司资产净值之变动如下：

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
35,851
228,146
263,997

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
251,112
(10,786)
21,369
–
2,302
263,997

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

9 INTERESTS IN ASSOCIATES AND AMOUNTS DUE FROM ASSOCIATES

(Cont’d)

The particulars of the associates at 31 March 2025 and 2024, which were held

indirectly by the Company, are as follows:

及

9 于联营公司之权益及应收联营公司款项

（续）

于2025年及2024年3月31日之联营公司

（由本公司间接持有）之详情如下：

Name of associates	Place of incorporation and kind of legal entity	Particulars of issued share capital	Equity interest attributable to the Group		Principal activities and place of operation
附属公司名称	注册成立地点及法人实体类型	已发行股本详情	本集团应占股本权益		主要业务
			2025	2024
			2025年	2024年
			33%
			27%

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

9 INTERESTS IN ASSOCIATES AND AMOUNTS DUE FROM ASSOCIATES

(Cont’d)

Summarised financial information for associates

Set out below are the summarised financial information for SPM Automotive and

PT Sri Lanka, which are accounted for using the equity method.

9 于联营公司之权益及应收联营公司款项

（续）

联营公司的财务资料概要

以下载列住江互太及PT斯里兰卡以权益

法入账的财务资料概要。

	SPM Automotive		PT Sri Lanka
	住江互太		PT斯里兰卡
	2025	2024	2025	2024
	2025年	2024年	2025年	2024年
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元
11,013 154,203 – 48,186 117,030
	千港元	9,281		593,056
	147,002		903,575
	264		187,143
	47,377		460,689
	108,642		848,799
285,461 7,051 – 7,051
	254,716		1,779,519
	4,614		73,074
	–		–
	4,614		73,074

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

9 INTERESTS IN ASSOCIATES AND AMOUNTS DUE FROM ASSOCIATES

(Cont’d)

Summarised financial information for associates (Cont’d)

Reconciliation of the above summarised financial information of the associates to

the carrying value of the Group’s interests in associates is as follows:

The information above reflects the amounts presented in the financial statements

of the associates adjusted for differences in accounting policies between the

Group and the associates.

As at 31 March 2025, the Group’s share of contingent liability in respect of a

pending tax claim against PT Sri Lanka amounted to approximately HK$11,412,000

(2024: HK$3,626,000). The Group has no contingent liabilities relating to its

interests in associates.

Cash and bank deposits of HK$46,000,000 (2024: HK$54,885,000) which belongs

to the Group’s associate in the PRC are held in the PRC and are subject to local

exchange control regulations. These local exchange control regulations provide

for restrictions on exporting capital from the country, other than through normal

dividends.

9 于联营公司之权益及应收联营公司款项

（续）

联营公司的财务资料概要（续）

上述联营公司财务资料概要与本集团于

联营公司权益账面值的对账如下：

上述资料反映联营公司财务报表所列金

额，并已就本集团与联营公司之会计政

策差异作出调整。

于2025年3月31日，本集团就一项对PT

斯里兰卡提出之待决税务申索应占的

或有负债约为11,412,000港元（2024年：

3,626,000港元）。本集团概无关于其联营

公司权益之或有负债。

于中国持有归属于本集团于中国之联营

公司的现金及银行存款46,000,000港元

（2024年：54,885,000港元），且须受地方

外汇管制规定的规限。该等地方外汇管

制规定对从国内汇出资本作出限制，惟

透过普通股息汇出则除外。

SPM Automotive		PT Sri Lanka		Total
住江互太		PT斯里兰卡		总计
2025	2024	2025	2024	2025	2024
2025年	2024年	2025年	2024年	2025年	2024年
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	124,615 6,143 7,051 (20,779)		770,968 (5,960) 26,148 (11,928)
117,030		779,228		896,258
–		25,066		25,066
4,614		73,074		77,688
(13,002)		(28,569)		(41,571)
	117,030		779,228
108,642		848,799		957,441
	38,620 – –		214,604 108,693 (110,805)
35,851		230,258		266,109
–		108,693		108,693
–		(110,805)		(110,805)
	38,620		212,492
35,851		228,146		263,997
	6,857		3,329
4,291		6,495		10,786

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

9 INTERESTS IN ASSOCIATES AND AMOUNTS DUE FROM ASSOCIATES

(Cont’d)

Amounts due from associates

The amounts due from associates are unsecured, non-interest bearing, repayable

on demand and current in nature. The amounts are denominated in US$.

Accounting policies of associates

Associates are all entities over which the Group has significant influence but not

control, generally accompanying a shareholding of between 20% and 50% of the

voting rights. Interests in associates are accounted for using the equity method of

accounting.

Under the equity method, the investment is initially recognised at cost, and

the carrying amount is increased or decreased to recognise the investor’s share

of the profit or loss of the investee in the consolidated statement of profit

or loss after the date of acquisition and the investor’s share of movements in

other comprehensive income of the investee in the consolidated statement of

comprehensive income. Dividends received or receivable from associates are

recognised as a reduction in the carrying amount of the investment.

When the Group’s share of losses in an associate equals or exceeds its investments

in the associate, including any other unsecured receivables, the Group does not

recognise further losses, unless it has incurred legal or constructive obligations or

made payments on behalf of the associate.

Profits and losses resulting from upstream and downstream transactions between

the Group and its associate are recognised in the Group’s financial statements

only to the extent of unrelated investor’s interests in the associates. Unrealised

losses are eliminated unless the transaction provides evidence of an impairment

of the asset transferred. The financial information of associates has been changed

where necessary to ensure consistency with the accounting policies adopted by

the Group.

The Group’s interests in associates include goodwill identified on acquisition.

Upon the acquisition of the ownership interest in an associate, any difference

between the cost of the associate and the Group’s share of the aggregate fair

value of the associate’s identifiable assets and liabilities is accounted for as

goodwill.

The Group determines at each reporting date whether there is any objective

evidence that the investments in associates are impaired. If this is the case,

the Group calculates the amount of impairment as the difference between the

recoverable amount of the associate and its carrying value and recognises the

amount adjacent to “impairment of interests in an associate” in the consolidated

statement of profit or loss.

9 于联营公司之权益及应收联营公司款项

（续）

应收联营公司款项

应收联营公司款项为无抵押、免息、于

要求时偿还及属于即期性质。金额以美

元列值。

联营公司之会计政策

联营公司是指本集团对其有重大影响力

而无控制权之所有实体，通常附带有20%

至50%投票权之股权。于联营公司权益

以权益会计法入账。

根据权益法，投资初始以成本确认，账

面值可予增减，以于综合损益表确认投

资公司于收购日期后应占所投资公司之

损益及于综合全面收益表确认投资者应

占所投资公司之其他全面收入变动。已

收或应收联营公司股息以扣减投资账面

值的方式确认。

当本集团分占联营公司的亏损等于或超

出于联营公司的投资（包括任何其他无抵

押应收款项），除非本集团产生法律或推

定责任，或须代替联营公司付款，否则

不会进一步确认亏损。

如本集团与其联营公司进行上下游交易

并引致损益，本集团仅会于财务报表中，

确认无关连投资者于联营公司的权益部

分。除非交易有证据显示转让资产已经

减值，否则未变现亏损会被对销。已对

联营公司的财务资料作出必要改动，确

保与本集团采取的会计保持政策一致。

本集团于联营公司之权益包括于收购时

识别之商誉。在购买一间联营公司之所

有权权益时，购买成本与本集团享有之

联营公司可识别资产和负债之公允值总

额之任何差额入账列作商誉。

本集团在每个报告日期厘定是否有客观

证据证明联营公司投资已减值。如投资

已减值，本集团计算减值，数额为联营

公司可收回数额与其账面值之差额，并

在综合损益表中紧邻「对一家联营公司的

权益之减值」确认有关数额。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

9 INTERESTS IN ASSOCIATES AND AMOUNTS DUE FROM ASSOCIATES

(Cont’d)

Accounting policies of associates (Cont’d)

If the ownership interest in an associate is reduced but significant influence is

retained, only a proportionate share of the amounts previously recognised in

other comprehensive income is reclassified to profit or loss where appropriate.

Gains or losses on dilution of equity interest in associates are recognised in the

consolidated statement of profit or loss.

The carrying amount of equity-accounted investments is tested for impairment in

accordance with the policy described in note 36.4.

10 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE

INCOME

The fair values of club debentures are based on second hand market prices.

See Note 3.3 for further information on fair value. The club debentures are

denominated in HK$.

11 INVENTORIES

The cost of inventories included in cost of sales during the year amounted

to approximately HK$3,906,750,000 (2024: HK$3,598,052,000) which included

impairment loss of provision for inventories amounted to approximately

HK$10,042,000 (2024: reversal of provision for inventories amounted to

approximately HK$9,435,000) for the year ended 31 March 2025.

9 于联营公司之权益及应收联营公司款项

（续）

联营公司之会计政策（续）

如对联营公司的拥有人权益下降，但仍

保留重大影响力，在先前已于其他全面

收益确认的金额中，仅会将适当比例的

份额重新分类至损益。于联营公司之股

权所产生之摊薄盈亏于综合损益表确认。

权益类投资的账面值根据附注36.4描述

的政策进行减值测试。

10 按公允值计入其他全面收入的金融资产

会籍债券之公允值乃根据二手市场价厘

定。见附注3.3有关公允值之进一步资

料。会籍债券以港元列值。

11 存货

年内计入销售成本之存货成本约

为3,906,750,000港元（2024年：

3,598,052,000港元），包括截至2025年3

月31日止年度计提存货拨备之减值亏损

约10,042,000港元（2024年：拨回存货拨

备约9,435,000港元）。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
427

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
590,942
97,734
302,286
990,962

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

11 INVENTORIES (Cont’d)

Accounting policies of inventories

Inventories are stated at the lower of cost and net realisable value. Cost is

determined using the weighted average method. The cost of finished goods and

work-in-progress comprises raw materials, direct labour, other direct costs and

related production overheads (based on normal operating capacity). It excludes

borrowing costs. Net realisable value is the estimated selling price in the ordinary

course of business, less applicable variable selling expenses.

12 TRADE AND BILLS RECEIVABLES

Majority of the Group’s sales are with credit terms of 30 to 120 days. The ageing

analysis of trade and bills receivables based on invoice date is as follows:

11 存货（续）

存货之会计政策

存货以成本与可变现净值之较低者列账。

成本以加权平均法厘定。制成品及在制

品之成本包括原料、直接劳工、其他直

接成本及相关生产间接费用（按正常营运

能力计算），而不包括借款成本。可变现

净值为日常业务过程中之估计售价减适

用之变动销售开支。

12 应收账款及票据

本集团大部分销售之信贷期介乎30至

120天。根据发票日期，应收账款及票据

之账龄分析如下：

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
718,831
26,314
745,145
(1,611)
743,534

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
669,725
73,644
1,776
745,145

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

12 TRADE AND BILLS RECEIVABLES (Cont’d)

Trade and bills receivables were denominated in the following currencies:

The top two customers accounted for approximately 42% (2024: 38%) and 29%

(2024: 24%), respectively, of the Group’s trade and bills receivables; all other

customers individually accounted for less than 4% of the Group’s trade and bills

receivables as at 31 March 2025 (2024: 6%).

The book carrying amounts of trade and bills receivables approximate their fair

values.

The Group applies the HKFRS 9 simplified approach to measuring expected

credit losses which uses a lifetime expected loss allowance for all trade and bills

receivables. Note 3.1 provides for details about the calculation of the allowance

and the Group’s exposure to foreign exchange risk and interest rate risk.

Movements in the Group’s provision for impairment of trade and bills receivables

are as follows:

The maximum exposure to credit risk at balance sheet date is the net book

carrying amounts of the receivables mentioned above. The Group does not hold

any collateral as security.

12 应收账款及票据（续）

应收账款及票据按以下货币列值：

首两大客户分别约占本集团应收账款

及票据42%（2024年：38%）及29%（2024

年：24%）；于2025年3月31日，所有其

他客户个别占本集团应收账款及票据少

于4%（2024年：6%）。

应收账款及票据之账面值与其公允值相

若。

本集团采用香港财务报告准则第9号简

化方法计量预期信贷亏损，并就所有应

收账款及票据使用整个生命期的预期亏

损拨备。附注3.1载有计算拨备以及本集

团外汇风险及利率风险之详情。

本集团就应收账款及票据作出减值拨备

之变动如下：

于结算日，最大信贷风险为上述应收款

项之账面净值。本集团并无持有任何抵

押品作担保。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
650,049
80,792
14,304
745,145

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
2,000
(367)
(22)
1,611

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

12 TRADE AND BILLS RECEIVABLES (Cont’d)

Accounting policies of trade and bills receivables

Trade receivables are amounts due from customers for goods sold or services

performed in the ordinary course of business. If collection of trade and other

receivables is expected in one year or less (or in the normal operating cycle of the

business if longer), they are classified as current assets. If not, they are presented

as non-current assets.

Trade and bills receivables are recognised initially at fair value and subsequently

measured at amortised cost using the effective interest method, less provision for

impairment. See Note 36.5 for a description of the Group’s impairment policies.

13 DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

12 应收账款及票据（续）

应收账款及票据之会计政策

应收账款为在日常营运活动中就货品销

售或提供服务而应收客户之款项。如应

收账款及其他应收款项之收回预期在一

年或以内（如仍在正常经营周期中，则可

较长时间），则其被分类为流动资产；否

则分类为非流动资产。

应收账款及票据初步按公允值确认，其

后则按实际利率法以摊销成本扣除减值

拨备计量。有关本集团减值政策之描述，

请参阅附注36.5。

13 按金、预付款项及其他应收款项

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
674
33,724
73,304
5,756
12,154
4,638
3,630
7,083
140,963
(73,304)
67,659

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

13 DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES (Cont’d)

Deposits, prepayments and other receivables are denominated in the following

currencies:

As at 31 March 2025, due to the short-term nature of deposits and other

receivables, except for the prepayments and value-added tax recoverable which

are not financial assets, the carrying amounts of deposits and other receivables

approximate their fair values (2024: same).

The maximum exposure to credit risk at balance sheet date is the carrying amount

of deposits and other receivables. The Group does not hold any collateral as

security.

The Group applies the HKFRS 9 simplified approach to measuring expected credit

losses which uses a lifetime expected loss allowance for all deposits and other

receivables. Information about the impairment of deposits and other receivables

and the Group’s exposure to credit risk, foreign currency risk and interest rate risk

can be found in Note 3.1.

13 按金、预付款项及其他应收款项（续）

按金、预付款项及其他应收款项按以下

货币列值：

于2025年3月31日，由于按金及其他应

收款项的短期性质，除预付款项及可收

回增值税并非金融资产外，按金及其他

应收款项的账面值与其公允值相若（2024

年：相同）。

于结算日，最大信贷风险为按金及其他

应收款项之账面值。本集团并无持有任

何抵押品作担保。

本集团采用香港财务报告准则第9号简

化方法计量预期信贷亏损，并就所有按

金及其他应收款项使用整个生命期的预

期亏损拨备。有关按金及其他应收款项

减值以及本集团信贷风险、外币风险及

利率风险的资料载于附注3.1。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
76,218
49,521
8,925
1,031
5,268
140,963

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

14 FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR

LOSS

Note: As at 31 March 2025, the notional principal amounts of the Group’s outstanding

foreign currency forward contracts were US$5,000,000 (2024: US$10,000,000).

15 CASH AND CASH EQUIVALENTS AND SHORT-TERM BANK DEPOSITS

The maximum exposure to credit risk at the balance sheet date is the book

carrying value of the cash at banks.

14 按公允值计入损益的金融资产╱负债

附注：于2025年3月31日，本集团之未到

期外币远期合约之名义本金额为

5,000,000美元（2024年：10,000,000

美元）。

15 现金及现金等值项目以及短期银行存款

于结算日，最大信贷风险为银行现金之

账面值。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
–
143

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
666,507
–
666,507

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

15 CASH AND CASH EQUIVALENTS AND SHORT-TERM BANK DEPOSITS

(Cont’d)

Cash and cash equivalents and short-term bank deposits are denominated in the

following currencies:

The Group’s cash and bank balances denominated in RMB amounted

HK$187,062,000 (2024: HK$122,037,000) and VND amounted HK$6,831,000 (2024:

HK$7,570,000) are primarily deposited with banks in the PRC and Vietnam. The

conversion of RMB and VND denominated balances into foreign currencies and

the remittance of funds out of the PRC and Vietnam are subject to rules and

regulations on foreign exchange control promulgated by the PRC Government

and the Vietnam Government, respectively.

Cash at banks earns interest at floating rates based on daily bank deposit rates

ranging from 0.1% to 3.96% per annum at 31 March 2025 (2024: 0.20% to 3.73%

per annum).

The effective annual interest rate and maturities of short-term bank deposits at 31

March 2025 and 2024 are as follows:

Information about the impairment of cash and cash equivalents and short-term

bank deposits and the Group’s exposure to credit risk, foreign currency risk and

interest rate risk can be found in Note 3.1.

15 现金及现金等值项目以及短期银行存款

（续）

现金及现金等值项目以及短期银行存款

按以下货币列值：

本集团以人民币及越南盾列值之现金及

银行结余分别为187,062,000港元（2024

年：122,037,000港元）及6,831,000港元

（2024年：7,570,000港元），乃主要存放

于中国及越南之银行。将人民币及越南

盾列值之结余兑换为外币以及汇款至中

国及越南境外须遵守中国政府及越南政

府分别颁布之外汇管制规则及规定。

银行现金按银行每日存款利率以浮息赚

取利息，于2025年3月31日息率介乎每

年0.1%至3.96%（2024年：每年为0.20%

至3.73%）。

于2025年及2024年3月31日，短期银行

存款之实际年利率及到期日如下：

有关现金及现金等值项目及短期银行存

款减值以及本集团信贷风险、外币风险

及利率风险的资料载于附注3.1。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
437,219
187,187
34,633
6,873
595
666,507

	2025	2024
	2025年	2024年
N/A 不适用
N/A 不适用

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

15 CASH AND CASH EQUIVALENTS AND SHORT-TERM BANK DEPOSITS

(Cont’d)

Accounting policies of cash and cash equivalents

In the consolidated statement of cash flows, cash and cash equivalents include

cash in hand, deposits held at call with banks and other short-term highly liquid

investments with original maturities of three months or less.

16 SHARE CAPITAL, SHARE PREMIUM AND SHARE OPTION SCHEME

(a) Share capital

At 1 April 2023于2023年4月1日5,000,0005,0001,408,5211,408

Repurchase and cancellation of

ordinary shares (Note i)

购回及注销普通股

（附注i）––(9,730)(10)

At 31 March 2024于2024年3月31日5,000,0005,0001,398,7911,398

Repurchase and cancellation of

ordinary shares (Note i)

购回及注销普通股

（附注i）––(7,167)(7)

At 31 March 2025于2025年3月31日

Notes:

(i) During the year ended 31 March 2025, the Company repurchased a total

of 7,167,000 shares (2024: 9,730,000) at an aggregate consideration of

HK$11,189,000 (2024: HK$16,669,000). As at 31 March 2025, all share

repurchased by the Company have been cancelled.

(ii) The issued share capital of the Company was reduced by the nominal value

of these shares and the premiums paid on these shares upon the repurchase

were charged against the share premium account.

(b) Share premium

In accordance with the Companies Law, Cap.22 of the Cayman Islands, share

premium is distributable to the shareholders of the Company, provided that

immediately following the date on which the dividend is proposed to be

distributed, the Company is in a position to pay off its debts as and when they

fall due in the ordinary course of business.

15 现金及现金等值项目以及短期银行存款

（续）

现金及现金等值项目的会计政策

在综合现金流量表中，现金及现金等值

项目包括手持现金、活期银行存款及原

到期日为三个月或以下之其他短期高流

通性投资。

16 股本、股份溢价及购股权计划

(a) 股本

附注：

(i) 截至2025年3月31日止年度，本公

司以总代价11,189,000港元（2024

年：16,669,000港元）购回合共

7,167,000股股份（2024年：9,730,000

股股份）。于2025年3月31日，本公

司购回的所有股份已注销。

(ii) 本公司之已发行股本已按该等股份

之面值减少，而就购回该等股份支

付之溢价已于股份溢价账扣除。

(b) 股份溢价

根据开曼群岛公司法第22章，股份溢

价可供分派予本公司股东，惟本公司

于紧随建议派发股息当日后，须有能

力偿还日常业务过程中到期的债项。

Authorised (Ordinary shares of HK$0.001 each)		Issued and fully paid (Ordinary shares of HK$0.001 each)
法定（每股面值0.001港元之普通股）		已发行及缴足（每股面值 0.001港元之普通股）
Number of shares	Nominal value	Number of shares	Nominal value
股份数目	面值	股份数目	面值
(thousands)	HK$’000	(thousands)	HK$’000
（千股）	千港元	（千股）	千港元

5,000,000	5,000	1,391,624	1,391

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

17 RESERVES

At 1 April 2023于2023年4月1日1,000472,542205,86014,942351,083,1971,777,576

Profit attributable to equity holders

of the Company

本公司权益持有人应占溢利

–––––167,118167,118

Currency translation differences外币换算差额––(117,005)–––(117,005)

Total comprehensive income全面收入总额––(117,005)––167,11850,113

Transaction with owners:与拥有人交易：

Lapse of share options购股权失效–––(14,942)–14,942–

Transfer to statutory reserve转拨至法定储备–14,338–––(14,338)–

2022/2023 final dividends2022/2023年末期股息–––––(55,825)(55,825)

2023/2024 interim dividends2023/2024年中期股息–––––(98,211)(98,211)

Total transaction with owners与拥有人交易总额–14,338–(14,942)–(153,432)(154,036)

At 31 March 2024于2024年3月31日1,000486,88088,855–351,096,8831,673,653

Representing:表示：

Proposed final dividend (Note 28)建议末期股息（附注28）69,940

Others其他1,026,943

Proposed final dividend (Note 28)建议末期股息（附注28）1,096,883

17 储备

Capital reserve (Note (i))	Statutory reserves (Note (ii))	Foreign currency translation reserve	Share-based compensation reserve	Capital redemption reserve	Retained earnings	Total
资本储备（附注(i)）	法定储备（附注(ii)）	外币换算储备	以股份为基础之酬金储备	资本赎回储备	保留溢利	总计
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

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

17 储备（续）17 RESERVES (Cont’d)

	Capital reserve (Note (i))	Statutory reserves (Note (ii))	Foreign currency translation reserve	Capital redemption reserve	Retained earnings	Total
	资本储备（附注(i)）	法定储备（附注(ii)）	外币换算储备	资本赎回储备	保留溢利	总计
	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
	1,000	486,880	88,855	35	1,096,883	1,673,653
	–	–	–	–	167,597	167,597
	–	–	(60,498)	–	–	(60,498)
	–	–	(60,498)	–	167,597	107,099
	–	367	–	–	(367)	–
	–	–	–	–	(69,789)	(69,789)
	–	–	–	–	(97,703)	(97,703)
	–	367	–	–	(167,859)	(167,492)
	1,000	487,247	28,357	35	1,096,621	1,613,260
69,581
1,027,040
1,096,621

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

17 RESERVES (Cont’d)

Notes:

(i) Capital reserve represents the difference between the nominal value of shares

of subsidiaries acquired pursuant to a reorganisation in November 2004 over the

nominal value of the share capital of the Company issued in exchange thereof.

(ii) Statutory reserves represent legal reserve of a subsidiary incorporated in Macau

and statutory reserves of a subsidiary incorporated in the PRC.

In accordance with the Macao Commercial Code, the Group’s subsidiary

incorporated in Macau is required to set aside a minimum of 25% of its after-tax

profit to legal reserve until the balance of this reserve reaches a level equivalent to

50% of its capital.

The subsidiary established in the PRC is required to make appropriations to certain

statutory reserves from profit for the year after offsetting accumulated losses from

prior years before any profit distribution to equity holders. The percentages to

be appropriated to different statutory reserves are determined according to the

relevant regulations in the PRC or at the discretion of the board of the subsidiary.

Such statutory reserves can only be used to offset accumulated losses, to increase

capital, or for special bonus or collective welfare of employees.

These statutory reserves cannot be distributed to equity holders of the subsidiary.

No other statutory reserves are required to be made by the Group in other

jurisdictions in which the Group operates.

17 储备（续）

附注：

(i) 资本储备指根据2004年11月之重组所

收购附属公司股份之面值与本公司就此

发行之股本面值之差额。

(ii) 法定储备指于澳门注册成立之一间附属

公司之合法储备与于中国注册成立之一

间附属公司之法定储备。

根据澳门商法典，于澳门注册成立之本

集团附属公司须将其除税后溢利最少

25%拨入合法储备，直至该储备结余达

至相当于其股本50%为止。

于中国成立之附属公司经抵销以往年度

累计亏损后之年度溢利在向权益持有

人作出任何溢利分派之前须提拨若干法

定储备。提拨法定储备资金比率按相关

中国法规或由该附属公司董事局自行决

定。有关法定储备只可用作抵销累计亏

损、增加资本或派发特别花红或员工集

体福利。

该等法定储备不能分派予该附属公司之

权益持有人。

本集团无须于本集团经营所在的其他司

法权区作出其他法定储备。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

18 BORROWINGS

Notes:

(i) The loan from a non-controlling interest of a subsidiary is denominated in US$,

unsecured, non-interest bearing, and not expected to be repayable within the next

12 months. The fair value of this balance approximates its carrying amount.

(ii) The bank loans bear interest at floating rates. The fair values of the bank loans

approximates their carrying amounts.

The Group’s bank borrowings, after taking into account of repayable on demand

clause, are repayable as follows:

18 借贷

附注：

(i) 一间附属公司非控制性权益提供贷款以

美元列值，为无抵押、免利息及预期无

须于未来12个月内偿还。该结余之公

允值约等于其账面值。

(ii) 银行贷款按浮动利率计息。银行贷款之

公允值约等于其账面值。

经计及按要求偿还条款，本集团之银行

借贷偿还期限如下：

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
125,428
1,220,904

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
1,220,904

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

18 BORROWINGS (Cont’d)

The Group’s bank borrowings repayable based on the scheduled repayment dates

are as follows:

The carrying amounts of the Group’s bank borrowings are denominated in the

following currencies:

As at 31 March 2025, the weighted average interest rates at each of the

consolidated balance sheet date were 4.16% (2024: 5.03%).

As at 31 March 2025, the Group had aggregate banking facilities of approximately

HK$3,668,755,000 (2024: HK$3,139,431,000). Unused facilities as at the same date

amounted to approximately HK$2,447,851,000 (2024: HK$1,784,940,000).

As at 31 March 2025, the Group has complied with the financial covenants of its

bank facilities (2024: same).

18 借贷（续）

于计划还款日期本集团应偿还的银行借

贷如下：

本集团银行借贷之账面值按以下货币列

值：

于2025年3月31日，于各综合资产负债

表日期的加权平均利率为4.16%（2024

年：5.03%）。

于2025年3月31日，本集团的银行融资

总额约为3,668,755,000港元（2024年：

3,139,431,000港元）。于同日的未动用

融资约为2,447,851,000港元（2024年：

1,784,940,000港元）。

于2025年3月31日，本集团已遵守其银

行融资的财务契据（2024年：相同）。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
1,109,126
62,378
49,400
1,220,904

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
891,908
9,334
319,662
1,220,904

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

18 BORROWINGS (Cont’d)

As at 31 March 2025, the Group’s borrowings amounting to HK$814,004,000

(2024: HK$980,350,000) were secured by corporate guarantees provided by the

Company.

Information about the Group’s exposure to liquidity risk, foreign currency risk and

interest rate risk can be found in Note 3.1. The exposure of the Group’s borrowings

to interest rate changes and the contractual repricing dates were as follows:

Accounting policies of borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred.

Borrowings are subsequently carried at amortised cost; any difference between

the proceeds (net of transaction costs) and the redemption value is recognised

in the consolidated statement of profit or loss over the period of the borrowings

using the effective interest method.

Fees paid on the establishment of loan facilities are recognised as transaction

costs of the loan to the extent that it is probable that some or all of the facility will

be drawn down. In this case, the fee is deferred until the draw-down occurs. To the

extent there is no evidence that it is probable that some or all of the facility will

be drawn down, the fee is capitalised as a pre-payment for liquidity services and

amortised over the period of the facility to which it relates.

Borrowings are removed from the balance sheet when the obligation specified

in the contract is discharged, cancelled or expired. The difference between the

carrying amount of a financial liability that has been extinguished or transferred

to another party and the consideration paid, including any non-cash assets

transferred or liabilities assumed, is recognised in profit or loss as finance costs.

Borrowings are classified as current liabilities unless, at the end of the reporting

period, the Group has a right to defer settlement of the liability for at least 12

months after the balance sheet date.

Covenants that the group is required to comply with, on or before the end of the

reporting period, are considered in classifying loan arrangements with covenants

as current or non-current. Covenants that the group is required to comply with

after the reporting period do not affect the classification at the reporting date.

18 借贷（续）

于2025年3月31日，本集团为数

814,004,000港元（2024年：980,350,000港

元）之借贷由本公司提供的企业担保所抵

押。

有关本集团流动资金风险、外币风险及

利率风险的资料载于附注3.1。本集团借

贷的利率变化风险及合约重新定价日期

载列如下：

借贷的会计政策

借贷初步按公允值扣除所产生之交易成

本确认。借贷其后按摊销成本列账；所

得款项（扣除交易成本）与赎回价值间任

何差额乃以实际利率法按借款期于综合

损益表确认。

倘部分或全部融资很可能将被提取，则

设立贷款融资时支付之费用确认为贷款

之交易费用。在此情况下，费用递延至

贷款被提取为止。如没有证据证明部分

或全部融资很可能将被提取，则该费用

资本化为流动资金服务之预付款，并于

有关融资期间摊销。

借款会在合约列明的责任获履行、注销

或届满时自资产负债表移除。已撇除或

转移至其他部分、且已经支付代价的金

融负债（包括任何已转移非现金资产或已

承担负债），账面值差额会于损益确认为

财务成本。

借贷于报告期末分类为流动负债，惟本

集团有权利递延偿还负债日期至结算日

后最少12个月者除外。

将附有契约的贷款安排分类为流动或非

流动时，会考虑集团在报告期末或之前

必须遵守的契约。集团在报告期间后必

须遵守的契约不影响报告日的分类。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
1,220,904

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

18 BORROWINGS (Cont’d)

Accounting policies of borrowings (Cont’d)

Borrowing costs

General and specific borrowing costs that are directly attributable to the

acquisition, construction or production of a qualifying asset are capitalised during

the period of time that is required to complete and prepare the asset for its

intended use or sale. Qualifying assets are assets that necessarily take a substantial

period of time to get ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings

pending their expenditure on qualifying assets is deducted from the borrowing

costs eligible for capitalisation.

Other borrowing costs are expensed in the period in which they are incurred.

19 DEFERRED TAXATION

Deferred income tax assets and liabilities are offset when there is a legally

enforceable right to offset current income tax assets against current income tax

liabilities and when the deferred income tax assets and liabilities relate to income

taxes levied by the same taxation authority on either the taxable entity or different

taxable entities where there is an intention to settle the balances on a net basis.

The net movement in the deferred income tax assets/(liabilities) is as follows:

18 借贷（续）

借贷的会计政策（续）

借款成本

直接源于收购、建设或生产合资格资产

的一般及特定借款成本，会于资产完成

及准备好作拟定用途或销售的期间资本

化。合资格资产指需要花费可观时间方

能准备好作拟定用途或销售的资产。

等待将特定借款用于合资格资产开销的

期间，倘曾将有关借款用作临时投资，

所赚取的投资收入须自合资格资本化的

借款成本中扣除。

其他借款成本于产生期间支销。

19 递延税项

当有法定可执行权力将即期所得税资产

及即期所得税负债抵销，且递延所得税

资产及负债涉及由同一税务机关对应课

税实体或不同应课税实体但有意向以净

额基准结算结余时，则可将递延所得税

资产及负债互相抵销。

递延所得税资产╱（负债）的净变动如下：

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
(26,310)
(4,971)
2,954
257
(28,070)

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

19 DEFERRED TAXATION (Cont’d)

The movement in deferred income tax assets and liabilities, without taking into

consideration the offsetting of balances within the same tax jurisdiction, is as

follows:

Deferred income tax assets:

At 1 April 2023于2023年4月1日–14,92314,923

Credited/(charged) to profit or loss于损益计入╱（扣除）19,678(4,411)15,267

Currency translation differences外币换算差额–(611)(611)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

(Charged)/credited to profit or loss于损益（扣除）╱计入

Currency translation differences外币换算差额

At 31 March 2025于2025年3月31日

Deferred income tax liabilities:

At 1 April 2023于2023年4月1日13,38755,28168,668

Charged to profit or loss于损益扣除2,104932,197

Transfer to current tax liabilities转拨至即期税项负债–(12,958)(12,958)

Currency translation differences外币换算差额213(2,231)(2,018)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

(Credited)/charged to profit or loss于损益（计入）╱扣除

Transfer to current tax liabilities转拨至即期税项负债

Currency translation differences外币换算差额

At 31 March 2025于2025年3月31日

See note 26 for the accounting policies of deferred income tax.

19 递延税项（续）

递延所得税资产及负债变动（未计及同一

税务司法权区抵销之结余）如下：

递延所得税资产：

递延所得税负债：

递延所得税的会计政策载于附注26。

Decelerated tax deprecation allowance	Provisions	Total
减速税项折旧拨备	拨备	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元

19,678	9,901	29,579
(785)	1,019	234
(36)	(22)	(58)
18,857	10,898	29,755

Accelerated tax depreciation allowance	Undistributed profits of a subsidiary and associates	Total
加速税项折旧拨备	附属公司与联营公司未分配溢利	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元

15,704	40,185	55,889
(195)	5,400	5,205
–	(2,954)	(2,954)
4	(319)	(315)
15,513	42,312	57,825

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

20 TRADE AND BILLS PAYABLES

The book carrying amounts of trade and bills payables approximate their fair

values.

Credit period granted by creditors generally ranges from 30 to 90 days. The aging

analysis based on invoice date on trade and bills payables were aged as follows:

Trade and bills payables were denominated in the following currencies:

Information about the Group’s exposure to liquidity risk, foreign currency risk and

interest rate risk can be found in Note 3.1.

20 应付账款及票据

应付账款及票据之账面值与其公允值相

若。

贷方授予之信贷期一般介乎30至90天。

基于发票日期之应付账款及票据之账龄

分析如下：

应付账款及票据按以下货币列值：

有关本集团流动资金风险、外币风险及

利率风险之资料载于附注3.1。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
622,942
11,268
634,210

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
618,176
11,146
4,646
242
634,210

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
430,345
108,755
91,226
3,884
634,210

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

20 TRADE AND BILLS PAYABLES (Cont’d)

Accounting policies of trade and bills payables

Trade and bills payables are obligations to pay for goods or services that have

been acquired in the ordinary course of business from suppliers. Trade and bills

payables are classified as current liabilities if payment is due within one year or

less (or in the normal operating cycle of the business if longer). If not, they are

presented as non-current liabilities.

Trade and bills payables are recognised initially at fair value and subsequently

measured at amortised cost using the effective interest method.

21 ACCRUALS AND OTHER PAYABLES

Note: The payables for purchase of property, plant and equipment and retention

payables were related to the construction factory located in Vietnam. The

retention period is over 2 to 3 years after acceptance check, and as such the

balance was classified as non-current.

20 应付账款及票据（续）

应付账款及票据的会计政策

应付账款及票据为在日常营运活动中自

供应商购买货品或服务而应支付之义务。

如应付账款及票据之支付日期为一年或

以内（如仍在正常经营周期中，则可较长

时间），则其被分类为流动负债；否则分

类为非流动负债。

应付账款及票据初步按公允值确认，其

后以实际利率法按摊销成本计量。

21 应计项目及其他应付款项

附注：购买物业、厂房及设备的应付款项

及应付保留金与位于越南的建设工

厂有关。保留期超过验收后2至3

年，因此该结余分类为非流动。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
47,494
31,613
60,323
6,549
144,636
1,590
1,954
2,834
10,214
9,192
316,399
(144,636)
(1,954)
(7,948)
161,861

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

21 ACCRUALS AND OTHER PAYABLES (Cont’d)

Movement of provision for reinstatement costs is as follows:

Accruals and other payables were denominated in the following currencies:

Information about the Group’s exposure to liquidity risk, foreign currency risk and

interest rate risk can be found in Note 3.1.

21 应计项目及其他应付款项（续）

修复成本拨备变动如下：

应计项目及其他应付款项按以下货币列

值：

有关本集团流动资金风险、外币风险及

利率风险之资料载于附注3.1。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
120,032
25,297
4,693
(5,386)
144,636

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
134,036
102,436
36,591
43,336
316,399

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

21 ACCRUALS AND OTHER PAYABLES (Cont’d)

Accounting policies of other payables and provisions

Other payables are obligations to pay for goods or services that have been

acquired in the ordinary course of business from suppliers. Other payables are

classified as current liabilities if payment is due within one year or less (or in the

normal operating cycle of the business if longer). If not, they are presented as non-

current liabilities.

Other payables are recognised initially at fair value and subsequently measured at

amortised cost using the effective interest method.

Provisions are recognised when the Group has a present legal or constructive

obligation as a result of past events; it is probable that an outflow of resources will

be required to settle the obligation; and the amount has been reliably estimated.

Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will

be required in settlement is determined by considering the class of obligations as

a whole. A provision is recognised even if the likelihood of an outflow with respect

to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be

required to settle the obligation using a pre-tax rate that reflects current market

assessments of the time value of money and the risks specific to the obligation.

The increase in the provision due to passage of time is recognised as interest

expense.

21 应计项目及其他应付款项（续）

其他应付款项及拨备的会计政策

其他应付款项为在日常营运活动中自供

应商购买货品或服务而应支付之义务。

如其他应付款项之支付日期为一年或以

内（如仍在正常经营周期中，则可较长时

间），则其被分类为流动负债；否则分类

为非流动负债。

其他应付款项初步按公允值确认，其后

以实际利率法按摊销成本计量。

倘本集团须就过去事件承担现有法律或

推定责任，而有可能须产生资源流出以

履行该责任，并能可靠估计金额，则会

确认拨备。日后营运亏损不予确认拨备。

倘出现多项类似责任，会否导致资源流

出以履行责任之可能性乃于整体考虑该

责任类别后确定。即使同一责任类别中

任何一项可能流出资源之机会不大，仍

会确认拨备。

拨备采用反映当时市场对金钱时间价值

之评估及该责任之特定风险之税前利率，

按照履行责任预期所需支出的现值计量。

因时间流逝而产生之拨备增加确认为利

息开支。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

22 OTHER INCOME AND OTHER GAINS – NET

Note:

(i) It represents insurance indemnity income for damaged property, plant and

equipment and inventories.

22 其他收入及其他收益－净额

附注：

(i) 其指受损物业、厂房及设备以及存货的

保险弥偿收入。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
8,888
7,449
8,137
24,474
(143)
(7,767)
20,415
12,505
36,979

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

23 EXPENSES BY NATURE

24 EMPLOYEE BENEFITS EXPENSE (INCLUDING DIRECTORS’ EMOLUMENTS)

23 按性质细分的开支

24 雇员福利开支（包括董事酬金）

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
3,896,708
10,042
243,552
8,179
629,581
36,385
1,553
3,510
734
64,358
4,894,602

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
540,797
42,860
45,924
629,581

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

24 EMPLOYEE BENEFITS EXPENSE (INCLUDING DIRECTORS’ EMOLUMENTS)

(Cont’d)

(a) Retirement benefit – defined contribution schemes

The Company’s subsidiary in the PRC is a member of the state-managed

retirement benefits scheme operated by the Government of the PRC. The

Group contributes to the scheme at a fixed percentage of the basic salaries

of the subsidiary’s employees, subject to a cap, and has no further obligations

for the actual payment of pensions or post-retirement benefits beyond its

contributions. The state-managed retirement plans are responsible for the

entire pension obligations payable to retired employees.

The Group has arranged for its Hong Kong employees to join the Mandatory

Provident Fund Scheme (“the MPF Scheme”), a defined contribution scheme

managed by an independent trustee. Under the MPF Scheme, the Group and

its employees make monthly contributions to the scheme at 5% (2024: 5%)

of the employees’ earnings as defined under the Mandatory Provident Fund

legislation. Both the Group’s and the employees’ contributions are subject to a

cap of HK$1,500 (2024: HK$1,500) per month and thereafter contributions are

voluntary.

The Company’s subsidiary in Vietnam contributes to state-sponsored

employees’ social insurance scheme for its employees in Vietnam. The

Group contributes to the scheme at 18% (2024: 18%) of the basic salaries

of the subsidiary’s employees, subject to a cap. The state-sponsored social

insurance scheme is responsible for the pension obligations payable to retired

employees.

(b) Five highest paid individuals

The five individuals whose emoluments were the highest in the Group for

the year ended 31 March 2025 include 2 directors (2024: 3 directors), whose

emoluments are disclosed in Note 34. The aggregate emolument payable to

the remaining 3 individuals (2024: 2 individuals) is as follow:

24 雇员福利开支（包括董事酬金）（续）

(a) 退休福利－定额供款计划

本公司于中国之附属公司为中国政府

所推行国家管理退休福利计划之成

员。本集团按附属公司雇员基本薪金

之固定百分比向计划作出供款（不超

过某一上限），而除其供款外，并无

实际支付退休金或离职福利之进一步

责任。国家管理之退休计划负责向退

休雇员支付所有退休金。

本集团已安排其香港雇员参加强制性

公积金计划（「强积金计划」）。该计

划为由独立受托人管理之定额供款计

划。根据强积金计划，本集团及其雇

员按强制性公积金条例定义之雇员收

入之5%（2024年：5%）每月向计划作

出供款。本集团及雇员供款均以每月

1,500港元（2024年：1,500港元）为上

限，其后作出之供款属自愿性质。

本公司于越南之附属公司为其越南雇

员向国家推行之雇员社会保险计划作

出供款。本集团按附属公司雇员基本

薪金之18%（2024年：18%）（不超过某

一上限）向计划作出供款。国家推行

之社会保险计划负责为退休雇员提供

退休金。

(b) 五名最高薪人士

截至2025年3月31日止年度，本集

团之五名最高薪人士包括2名董事

（2024年：3名董事），彼等之酬金于

附注34披露。应付余下3名人士之酬

金总额（2024年：2名人士）如下：

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
9,701
1,011
10,712

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

24 EMPLOYEE BENEFITS EXPENSE (INCLUDING DIRECTORS’ EMOLUMENTS)

(Cont’d)

(b) Five highest paid individuals (Cont’d)

The number of non-directors with emoluments fell within the following

bands:

The number of senior management with emoluments fell within the following

bands:

24 雇员福利开支（包括董事酬金）（续）

(b) 五名最高薪人士（续）

非董事人士之酬金在下列范围之人

数：

高级管理层之酬金在列范围之人数：

	2025	2024
	2025年	2024年
2
–
–
1
3

	2025	2024
	2025年	2024年
2
6
2
1
3
–
1
15

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

25 FINANCE INCOME AND COSTS

26 INCOME TAX EXPENSE

The Group is subject to profits tax in Hong Kong, the PRC and Vietnam. Hong

Kong profits tax has been provided for at the rate of 16.5% (2024: 16.5%) on the

estimated assessable profits for the year. PRC enterprise income tax has been

provided for at the rate of 25% (2024: 25%) on the estimated assessable profits

for the year. Vietnam enterprise income tax has been provided for at the rate of

20% (2024: 20%) on the estimated assessable profits for the year. Macau enterprise

income tax has been provided for at the rate of 12% (2024: 12%) on the estimated

assessable profits for the year.

25 财务收入及成本

26 所得税开支

本集团须缴纳香港、中国及越南利得税。

香港利得税乃就年内估计应课税溢利按

16.5%（2024年：16.5%）之税率作出拨备。

中国企业所得税乃就年内估计应课税溢

利按25%（2024年：25%）之税率作出拨

备。越南企业所得税乃就年内估计应课

税溢利按20%（2024年：20%）之税率作出

拨备。澳门企业所得税乃就年内估计应

课税溢利按12%（2024年：12%）之税率作

出拨备。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
23,093
10,766
345
34,204
(57,876)
–
(651)
(4,693)
(63,220)
1,590
(61,630)
(27,426)

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

26 INCOME TAX EXPENSE (Cont’d)

Two of the Group’s subsidiaries registered in the PRC are recognised as a High and

New-technology Enterprise which has been granted tax concessions by the local

tax bureau and was entitled to PRC Enterprise Income Tax at concessionary rate of

15% during the year ended 31 March 2025 (2024: 15%).

During the year ended 31 March 2025, one of the Group’s subsidiaries in the

PRC is entitled to an additional deduction on research and development (“R&D”)

expenses for which the R&D expenses is incurred in the profit or loss by the that

subsidiary in the course of carrying out manufacturing activities (2024: same).

The amount of income tax charged to the consolidated statement of profit or loss

represents:

26 所得税开支（续）

于截至2025年3月31日止年度，本集团

有两间中国注册附属公司获认定为高新

科技企业，获地方税局给予税务优惠，

可按15%的优惠税率缴纳中国企业所得

税（2024年：15%）。

于截至2025年3月31日止年度，本集团

其中一间中国附属公司享有额外的研究

及开发（「研发」）开支扣减，该等研发开

支乃由该附属公司在开展制造活动的过

程中于损益产生（2024年：相同）。

于综合损益表扣除之所得税金额为：

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
8,609
21,334
(74)
4,971
34,840

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

26 INCOME TAX EXPENSE (Cont’d)

The tax on the Group’s profit before income tax differs from the theoretical

amount that would arise using the weighted average tax rate applicable to profits

of the consolidated entities as follows:

The weighted average applicable tax rate was 9.2% (2024: 18.1%). The change in

weighted average applicable tax rate is due to a change in the profitability of the

Group’s subsidiaries in the respective countries.

26 所得税开支（续）

就本集团所得税前溢利之税项与按适用

于综合实体溢利之加权平均税率计算之

理论金额之差异如下：

加权平均适用税率为9.2%（2024年：

18.1%）。加权平均适用税率变动乃因本

集团附属公司在各自国家的盈利能力发

生变化所致。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
194,257
(21,369)
–
172,888
15,841
(3,268)
9,163
(12,006)
(1,708)
–
(4,068)
25,560
5,400
(74)
34,840

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

26 INCOME TAX EXPENSE (Cont’d)

In December 2021, the Organisation for Economic Co-operation and

Development (‘OECD’) published Tax Challenges Arising from the Digitalisation of

the Economy – Global Anti-Base Erosion Model Rules (Pillar Two). In general, the

rules apply a system of top-up taxes that brings the total amount of taxes paid on

an entity’s excess profit in a jurisdiction up to the minimum rate of 15%.

There is no major jurisdiction which the Group operates in have enacted or

substantively enacted the Pillar Two legislation. The Hong Kong government

has announced the implementation of the Pillar Two legislation for years

commencing on or after 1 January 2025.

In late 2024, the Ministry of Finance of Vietnam released a draft decree on the

global minimum tax, aligning with international efforts to create a fairer taxation

system and address issues like base erosion and profit shifting (BEPS). This draft

decree is now open for comments and is primarily aligned with the OECD Pillar 2

model rules.

Based on the management’s assessment, the Group is not subjected to the scope

of rule. The Group continues to monitor local legislation and other development

of the Pillar Two legislation in relevant jurisdictions and assess the potential

impact, if any.

Accounting policies of current and deferred income tax

The tax expense for the period comprises current and deferred tax. Tax is

recognised in the consolidated statement of profit or loss, except to the extent

that it relates to items recognised in other comprehensive income or directly in

equity. In this case the tax is also recognised in other comprehensive income or

directly in equity, respectively.

The current income tax charge is calculated on the basis of the tax laws enacted

or substantively enacted at the balance sheet date in the countries where the

Company’s subsidiaries and associates and joint ventures operate and generate

taxable income. Management periodically evaluates positions taken in tax

returns with respect to situations in which applicable tax regulation is subject

to interpretation. It establishes provisions where appropriate on the basis of

amounts expected to be paid to the tax authorities.

26 所得税开支（续）

于2021年12月，经济合作与发展组织

（「OECD」）发布《数位经济衍生税务挑

战－全球防止税基侵蚀模型规则（支柱

二）。原则上，该规则透过「补足税」机

制，使企业於单一司法权区超额溢利的

实质税率，补足至最低税率15%。

本集团营运所在的主要司法权区尚未制

定或实质性通过支柱二法规的立法。香

港政府已宣布于2025年1月1日或之后开

始的年度实施支柱二法规。

于2024年底，越南财政部发布有关全球

最低税额的法令草案，旨在配合国际社

会建立更公平税制及解决税基侵蚀与利

润转移（BEPS）等问题。该法令草案目前

已公开征求意见，并主要与OECD支柱二

模型规则保持一致。

根据管理层的评估，本集团不受规则范围

所限。本集团会继续监察相关司法权区

的当地法规及其他支柱二法规的发展，

并评估潜在影响（如有）。

即期及递延所得税之会计政策

期内之税项支出包括即期和递延税项。

除了在其他全面收入或直接在权益中确

认之项目相关者外，税项在综合损益表

中确认。在该情况下，税项亦分别在其

他全面收入或直接在权益中确认。

即期所得税费用根据本公司附属公司与

联营公司及合营公司营运及产生应课税

收入之国家于结算日已颁布或实质颁布

之税务法例计算。管理层就适用税务法

例诠释所规限之情况定期评估纳税申报

表之状况，并在适当情况下根据预期须

向税务机关支付之税款设定拨备。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

26 INCOME TAX EXPENSE (Cont’d)

Accounting policies of current and deferred income tax (Cont’d)

Deferred income tax is recognised, using the liability method, on temporary

differences arising between the tax bases of assets and liabilities and their carrying

amounts in the consolidated financial statements. However, the deferred income

tax is not accounted for if it arises from initial recognition of an asset or liability in a

transaction other than a business combination that at the time of the transaction

affects neither accounting nor taxable profit or loss. Deferred income tax is

determined using tax rates (and laws) that have been enacted or substantively

enacted by the balance sheet date and are expected to apply when the related

deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised only to the extent that it is probable

that future taxable profit will be available against which the temporary differences

can be utilised.

Deferred income tax is provided on taxable temporary differences arising on

investments in subsidiaries and associates, except for deferred income tax liability

where the timing of the reversal of the temporary difference is controlled by the

Group and it is probable that the temporary difference will not reverse in the

foreseeable future. Generally the Group is unable to control the reversal of the

temporary difference for associates. Only when there is an agreement in place

that gives the Group the ability to control the reversal of the temporary difference

in the foreseeable future, deferred tax liability in relation to taxable temporary

differences arising from the associate’s undistributed profits is not recognised.

Deferred income tax assets and liabilities are offset when there is a legally

enforceable right to offset current tax assets against current tax liabilities and

when the deferred income tax assets and liabilities relate to income taxes levied

by the same taxation authority on either the taxable entity or different taxable

entities where there is an intention to settle the balances on a net basis.

26 所得税开支（续）

即期及递延所得税之会计政策（续）

递延所得税是以负债法就资产与负债之

税基与综合财务报表内之账面值间之暂

时差额确认。然而，倘递延所得税因初

次确认一项交易（业务合并除外）之资产

或负债而产生，而交易时并无对会计或

应课税溢利或亏损造成影响，则该等递

延所得税不予计算。递延所得税乃按于

结算日已经颁布或实质颁布，及预期在

有关递延所得税资产变现或递延所得税

负债清偿时适用之税率（及法例）厘定。

递延所得税资产仅于可能出现日后应课

税溢利抵销暂时差额时方会确认。

递延所得税按投资于附属公司及联营公

司所产生之应课税暂时差额作出拨备，

惟本集团可控制拨回暂时差额之时间且

暂时差额在可见未来不会拨回之递延所

得税负债除外。一般而言，本集团无法

控制联营公司之暂时差额之拨回。只有

当有协议赋予本集团在可见未来控制暂

时差额之拨回之能力时，与联营公司未

分配溢利所产生之应课税暂时差额有关

的递延税务负债方不会确认。

当有法定可执行权力将即期税项资产与

即期税项负债抵销，且递延所得税资产

和负债涉及由同一税务机关对有意向以

净额基准结算结余之应课税主体或不同

应课税主体征收之所得税时，则可将递

延所得税资产与负债互相抵销。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

27 EARNINGS PER SHARE

(a) Basic

Basic earnings per share is calculated by dividing the profit attributable to

equity holders of the Company by the weighted average number of shares in

issue, excluding treasury shares, during the year.

(b) Diluted

Diluted earnings per share is calculated by adjusting the weighted average

number of ordinary shares in issue to assume conversion of all dilutive

potential ordinary shares. The Company had share options to employees for

the year ended 31 March 2023, which was lapsed during the year ended 31

March 2024.

27 每股盈利

(a) 基本

每股基本盈利按本公司权益持有人应

占溢利除年内已发行股份加权平均数

（不包括库存股份）计算。

(b) 摊薄

每股摊薄盈利以假设兑换所有潜在摊

薄普通股而调整已发行普通股之加

权平均数计算。于截至2023年3月31

日止年度，本公司曾向雇员发行购股

权，惟该等购股权已于截至2024年3

月31日止年度失效。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
167,597
1,395,755
0.12

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

28 DIVIDENDS

Notes:

(i) On 21 November 2024, the Company’s Board of Directors declared an interim

dividend of HK$7 cents per share (2024: HK$7 cents per share) for the six-month

period ended 30 September 2024. The amount was paid in December 2024.

(ii) On 26 June 2025, the Company’s Board of Directors proposed a final dividend of

HK$5 cents (2024: HK$5 cents) per share for the year ended 31 March 2025. This

proposed dividend has not been reflected as dividend payable in the consolidated

financial statements as at 31 March 2025.

28 股息

附注：

(i) 于2024年11月21日，本公司董事局宣

派截至2024年9月30日止六个月期间

中期股息每股7港仙（2024年：每股7港

仙）。该等款项已于2024年12月支付。

(ii) 于2025年6月26日，本公司董事局建议

宣派截至2025年3月31日止年度末期

股息每股5港仙（2024年：5港仙）。拟

派付股息并无于2025年3月31日的综

合财务报表内反映为应付股息。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
97,703
69,581
167,284

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

29 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

(a) Cash generated from operations

(b) In the consolidated statement of cash flows, proceeds from disposals of

property, plant and equipment comprise:

29. 综合现金流量表附注

(a) 营运产生之现金

(b) 于综合现金流量表内，出售物业、厂

房及设备所得款项包括：

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
194,257
(21,369)
–
243,552
8,179
7,767
10,042
(367)
143
(34,204)
61,630
469,630
43,442
(12,612)
18,640
50
4,362
(40,945)
482,567

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
12,686
(7,767)
4,919

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

29 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Cont’d)

As at 1 April 2023于2023年4月1日126,5761,320,27733,3101,480,163

New bank borrowings新借银行借贷–1,090,670–1,090,670

Repayment of bank borrowings偿还银行借贷–(1,056,456)–(1,054,889)

Accrued interest应计利息–67,5951,39668,991

Interest payments利息付款–(67,338)–(67,338)

Acquisition for leases收购租赁––839839

Payment for lease liabilities支付租赁负债––(25,531)(25,531)

Exchange currency alignment汇兑调整(420)(257)(2,206)(2,883)

As at 31 March 2024于2024年3月31日126,1561,354,4917,8081,488,455

As at 1 April 2024于2024年4月1日

New bank borrowings新借银行借贷

Repayment of bank borrowings偿还银行借贷

Accrued interest应计利息

Interest payments利息付款

Acquisition for leases收购租赁

Payment for lease liabilities支付租赁负债

Exchange currency alignment汇兑调整

As at 31 March 2025于2025年3月31日

（续）

Loan from a non-controlling interest of a subsidiary	Bank borrowings	Lease liabilities	Total
一间附属公司非控制性权益提供贷款	银行借贷	租赁负债	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

126,156	1,354,491	7,808	1,488,455
–	1,219,611	–	1,219,611
–	(1,403,558)	–	(1,403,558)
–	57,531	651	58,182
–	(57,876)	–	(57,876)
–	–	859	859
–	–	(874)	(874)
(728)	50,705	(873)	49,104
125,428	1,220,904	7,571	1,353,903

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

30 CONTINGENT LIABILITIES

At 31 March 2025, the Group had no material contingent liabilities (2024: Nil).

For contingent liabilities relating to associates, please refer to Note 9.

31 COMMITMENTS

(a) Capital commitments

Capital expenditure contracted for at the balance sheet date but not yet

incurred is as follows:

At 31 March 2025, the Group did not have any significant share of capital

commitments of its associates (2024: Nil).

(b) Operating lease commitments – Group as lessor

The future aggregate minimum lease receivables under non-cancellable

operating leases are as follows:

30 或有负债

于2025年3月31日，本集团并无重大或

有负债（2024年：无）。

有关联营公司之或有负债请参阅附注9。

31 承担

(a) 资本承担

于结算日已订约但尚未发生之资本开

支如下：

于2025年3月31日，本集团并无分

占联营公司任何重大资本承担（2024

年：无）。

(b) 经营租约承担－本集团作为出租人

根据不可撤销经营租约应收的未来最

低租金款项总额如下：

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
123,145

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
2,938
3,232
6,170

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

32 RELATED PARTY TRANSACTIONS

Related parties are those parties that have the ability to control, jointly control or

exert significant influence over the other party in holding power over the investee;

exposure, or rights, to variable returns from its involvement with the investee; and

the ability to use its power over the investee to affect the amount of the investor’s

returns. Parties are also considered to be related if they are subject to common

control or joint control. Related parties may be individuals or other entities.

The directors are of the view that the following entities were related parties that

had transactions or balances with the Group during the year.

Toray Industries, Inc.A substantial shareholder

主要股东

Teejay Lanka PLCAn associate

联营公司

SPM Automotive Textiles Co. Ltd.An associate

住江互太（广州）汽车纺织产品有限公司联营公司

32 有关连人士交易

有关连人士指有能力控制、联合控制被

投资方或对其他可对被投资方行使权力

的人士行使重大影响力的人士；须承担

或享有自其参与被投资方所得可变回报

的风险或权利的人士；及可利用其对被

投资方的权力影响投资者回报金额的人

士。受共同控制或联合控制的人士亦被

视为有关连。有关连人士可为个人或其

他实体。

董事认为，下列实体为年内曾与本集团

进行交易或拥有结余之有关连人士。

Name	Relationship with the Group
名称	与本集团之关系

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

32 RELATED PARTY TRANSACTIONS (Cont’d)

(a) The following transactions were carried out with related parties

Notes:

(i) Goods are purchased at prices mutually agreed by the Group and the

substantial shareholder in the ordinary course of business.

(ii) Goods are sold and sub-contracting income are received at prices mutually

agreed by the Group and its related parties in the ordinary course of business.

32 有关连人士交易（续）

(a) 与有关连人士进行之交易如下：

附注：

(i) 货品购买乃在日常业务过程中按本

集团与主要股东共同协定之价格进

行。

(ii) 货品销售与分包收入乃在日常业务

过程中按本集团与有关连人士共同

协定之价格进行及收取。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
13,109
24,795
2,375
5,649
19
6,495
4,291
10,786

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

32 RELATED PARTY TRANSACTIONS (Cont’d)

(a) The following transactions were carried out with related parties: (Cont’d)

Notes: (Cont’d)

(iii) Rental income is determined based on the size of the property and the

relevant market rate.

(iv) Handling fee received from an associate is charged at 2% to 3% of the value

of certain purchases made as an agent of the associate, and the rates of the

handling fee were mutually agreed by both parties.

(b) Year-end balances

32 有关连人士交易（续）

(a) 与有关连人士进行之交易如下：（续）

附注：（续）

(iii) 租金收入乃基于物业面积与相关市

场价格厘定。

(iv) 向一间联营公司收取处理费用是以

作为联营公司代理人进行若干采购

的价值按2%至3%收取，而处理费

用比率乃经双方共同协商。

(b) 年末结余

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
1,046
–
2,546
2,546
810

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
43,060
126
43,186

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

33 BALANCE SHEET AND RESERVE MOVEMENT OF THE COMPANY

Balance sheet of the Company

The balance sheet of the Company has been approved by the Board of Directors

on 26 June 2025 and has been signed on behalf.

Masaru OkutomiTou Kit Vai

奥富胜杜结威

DirectorDirector

董事董事

33 本公司资产负债表及储备之变动

本公司资产负债表

本公司资产负债表已于2025年6月26日

获董事局批准并由以下董事代表签署。

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
1,478,297
925,440
1,528
926,968
2,405,265
1,391
1,268,039
788,362
2,057,792
136,000
3,217
208,256
347,473
347,473
2,405,265

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

33 BALANCE SHEET AND RESERVE MOVEMENT OF THE COMPANY (Cont’d)

Reserve movement of the Company

At 1 April 2023于2023年4月1日14,942628,39835643,375

Profit for the year年度溢利–236,738–236,738

Lapse of share options购股权失效(14,942)14,942––

2022/2023 final dividends2022/2023年末期股息–(55,825)–(55,825)

2023/2024 interim dividends2023/2024年中期股息–(98,211)–(98,211)

At 31 March 2024于2024年3月31日–726,04235726,077

Representing:表示：

Proposed final dividend (Note 28)建议末期股息（附注28）69,940

Others其他656,102

726,042

At 1 April 2024于2024年4月1日

Profit for the year年度溢利

2023/2024 final dividends2023/2024年末期股息

2024/2025 interim dividends2024/2025年中期股息

At 31 March 2025于2025年3月31日

Representing:表示：

Proposed final dividend (Note 28)建议末期股息（附注28）

Others其他

33 本公司资产负债表及储备之变动（续）

本公司储备之变动

Share-based compensation reserve	Retained earnings	Capital Redemption reserve	Total
以股份为基础之酬金储备	保留溢利	资本赎回储备	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

–	726,042	35	726,077
–	229,777	–	229,777
–	(69,789)	–	(69,789)
–	(97,703)	–	(97,703)
–	788,327	35	788,362
	69,581
	718,746
	788,327

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

34 DIRECTORS’ AND CHIEF EXECUTIVE’S EMOLUMENTS

Directors’ and chief executive’s emoluments

The aggregate amounts of emoluments paid/payable to directors of the Company

by the Group are as follows:

The emoluments of each director for the year ended 31 March 2025 are as follows:

34 董事及最高行政人员之酬金

董事及最高行政人员之酬金

本集团已付╱应付本公司董事之酬金总

额如下：

截至2025年3月31日止年度，各董事之

酬金如下：

Name of directors	Fees	Salaries, bonus and allowances	Retirement benefit – defined contribution schemes	Total
董事姓名	袍金	薪金、花红及津贴	退休福利－定额供款计划	总计
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元
	1,000	3,729	–	4,729
	1,000	3,278	18	4,296
	1,000	2,501	–	3,501
	276	–	–	276
	276	–	–	276
	276	–	–	276
	276	–	–	276
	4,104	9,508	18	13,630

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

34 DIRECTORS’ AND CHIEF EXECUTIVE’S EMOLUMENTS (Cont’d)

Directors’ and chief executive’s emoluments (Cont’d)

The emoluments of each director for the year ended 31 March 2024 are as follows:

Executive directors执行董事

Masaru Okutomi (Chief executive officer)奥富胜（行政总裁）1,0003,673–4,673

Tou Kit Vai杜结威1,0003,237184,255

Kyuichi Fukumoto福元究一1,0002,361–3,361

Non-executive directors (note)非执行董事（附注）

Lau Yiu Tong刘耀棠––––

Independent non-executive directors独立非执行董事

Chan Yue Kwong, Michael陈裕光263––263

Ng Ching Wah伍清华263––263

Sze Kwok Wing, Nigel施国荣263––263

Ling Chi Wo Teresa凌致和263––263

4,0529,2711813,341

Note: Mr. Lau has waived any emoluments for the year ended 31 March 2024.

34 董事及最高行政人员之酬金（续）

董事及最高行政人员之酬金（续）

截至2024年3月31日止年度，各董事之

酬金如下：

附注：刘先生已放弃截至2024年3月31日

止年度的任何酬金。

Name of directors	Fees	Salaries, bonus and allowances	Retirement benefit – defined contribution schemes	Total
董事姓名	袍金	薪金、花红及津贴	退休福利－定额供款计划	总计
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

35 FINANCIAL INSTRUMENTS BY CATEGORY35 按类别划分的金融工具

	2025	2024
	2025年	2024年
	HK$’000	HK$’000
	千港元	千港元
743,534
16,025
–
666,507
1,046
1,427,112
427
–
1,427,539
634,210
90,253
1,346,332
7,571
2,078,366
143
2,078,509

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

36.1 Subsidiaries

36.1.1 Consolidation

Subsidiaries are entities (including a structured entity) over which the

Group has control. The Group controls an entity when the Group is

exposed to, or has rights to, variable returns from its involvement with the

entity and has the ability to affect those returns through its power over

the entity. Subsidiaries are consolidated from the date on which control

is transferred to the Group. They are deconsolidated from the date that

control ceases.

(a) Business combinations

The Group applies the acquisition method to account for business

combinations. The consideration transferred for the acquisition of a

subsidiary is the aggregate fair values of the assets transferred, the

liabilities incurred to the former owners of the acquiree and the equity

interests issued by the Group. The consideration transferred includes

the fair value of any asset or liability resulting from a contingent

consideration arrangement. Acquisition related costs are expensed

as incurred. Identifiable assets acquired and liabilities and contingent

liabilities assumed in a business combination are measured initially

at their fair values at the acquisition date. The Group recognises

any non-controlling interest in the acquiree on an acquisition-

by-acquisition basis, either at fair value or at the non-controlling

interest’s proportionate share of the recognised amounts of acquiree’s

identifiable net assets. All other components of non-controlling

interests are measured at their acquisition date fair value, unless

another measurement basis is required by HKFRS.

The excess of the consideration transferred, the amount of any non-

controlling interest in the acquiree and the acquisition-date fair value

of any previous equity interest in the acquiree over the fair value of

the identifiable net assets acquired is recorded as goodwill. If the total

of consideration transferred, non-controlling interest recognised and

previously held interest measured is less than the fair value of the net

assets of the subsidiary acquired in the case of a bargain purchase,

the difference is recognised directly in the consolidated statement of

profit or loss.

36其他潜在重大会计政策概要

36.1 附属公司

36.1.1 综合账目

附属公司指本集团对其具有控制

权之实体（包括结构性实体）。

当本集团因为参与该实体而承担

可变回报之风险或享有可变回报

之权利，并有能力透过其对该实

体之权力影响此等回报时，本集

团即控制该实体。附属公司自控

制权转移至本集团之日起综合入

账。附属公司自控制权终止之日

起停止综合入账。

(a) 业务合并

本集团应用收购法为业务合

并列账。收购附属公司之转让

代价为向被收购方前拥有人

转让之资产、产生之负债及本

集团所发行股本权益之公允

值总额。所转让代价包括或然

代价安排产生之任何资产或

负债之公允值。收购相关成本

于产生时列为开支。在业务合

并中所收购可识别之资产以

及所承担之负债及或有负债，

首先以其于收购日期之公允

值计量。本集团根据逐项收购

基准按公允值或非控制性权

益占被收购方之可识别资产

净值之已确认金额之比例，确

认任何于被收购方之非控制

性权益。非控制性权益之所有

其他组成部分按收购日期之

公允值计量，惟香港财务报告

准则规定按其他计量基准计

量者除外。

所转让代价、被收购方之任何

非控制性权益数额及任何先

前于被收购方之权益在收购

日期之公允值，超过购入可

识别资产净值之公允值之数

额记录为商誉。如所转让代

价、确认之非控制性权益及

先前持有之权益计量之总和

低于购入附属公司资产净值

之公允值（于议价购买之情况

下），则将该差额直接在综合

损益表中确认。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.1 Subsidiaries (Cont’d)

36.1.1 Consolidation (Cont’d)

(a) Business combinations (Cont’d)

Intra-Group transactions, balances and unrealised gains on

transactions between Group companies are eliminated. Unrealised

losses are also eliminated. When necessary, amounts reported

by subsidiaries have been adjusted to conform with the Group’s

accounting policies.

Non-controlling interests in the results and equity of subsidiaries

are shown separately in the consolidated statement of profit or loss,

consolidated statement of comprehensive income, consolidated

balance sheet and consolidated statement of changes in equity

respectively.

(b) Changes in ownership interests in subsidiaries without change in

control

Transactions with non-controlling interests that do not result in

loss of control are accounted for as equity transactions – that is,

as transactions with the owners in their capacity as owners. The

difference between the fair value of any consideration paid and the

relevant share acquired of the carrying value of net assets of the

subsidiary is recorded in equity. Gains or losses on disposals to non-

controlling interests are also recorded in equity.

When the Group ceases to have control, any retained interest in

the entity is re-measured to its fair value at the date when control

is lost, with the change in carrying amount recognised in profit or

loss. The fair value is the initial carrying amount for the purposes of

subsequently accounting for the retained interest as an associate,

joint venture or financial asset. In addition, any amounts previously

recognised in other comprehensive income in respect of that entity

are accounted for as if the Group had directly disposed of the

related assets or liabilities. This may mean that amounts previously

recognised in other comprehensive income are reclassified to profit or

loss.

36其他潜在重大会计政策概要（续）

36.1 附属公司（续）

36.1.1 综合账目（续）

(a)业务合并（续）

集团内公司之间之交易、结余

及交易之未变现收益予以对

销。未变现亏损亦予以对销。

附属公司报告之数额已按需

要作出改变，以确保与本集团

会计政策相符。

附属公司业绩及权益中的非

控股权益，分别于综合损益

表、综合全面收益表、综合资

产负债表及综合权益变动表

中独立列示。

(b) 不涉及控制权变动之于附属

公司拥有权权益变动并无导

致失去控制权之非控制性权

益交易入账列作权益交易－

即与拥有人以彼等作为拥有

人身份进行之交易。任何已付

代价公允值与有关应占所收

购附属公司资产净值账面值

之间之差额均计入权益。出售

非控制性权益之收益或亏损

亦计入权益。

倘本集团不再拥有控制权，于

该实体之任何保留权益按其

失去控制权当日之公允值重

新计量，而账面值变动则于损

益内确认。就随后入账列作一

间联营公司、合营企业或金融

资产之保留权益而言，此公允

值即初步账面值。此外，先前

于其他全面收入内确认与该

实体有关之任何金额按犹如

本集团已直接出售有关资产

或负债之方式入账。这可能意

味著先前在其他全面收入内

确认之金额重新分类至损益。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.1 Subsidiaries (Cont’d)

36.1.2 Separate financial statements

Interests in subsidiaries are accounted for at cost less impairment. Cost

also includes direct attributable costs of investment. The results of

subsidiaries are accounted for by the company on the basis of dividends

received and receivable.

Impairment testing of the interests in subsidiaries is required upon

receiving dividends from these investments if the dividend exceeds the

total comprehensive income of the subsidiary in the period the dividend

is declared or if the carrying amount of the investment in the separate

financial statements exceeds the carrying amount in the financial

statements of the investee’s net assets including goodwill.

36.2 Segment reporting

Operating segments are reported in a manner consistent with the internal

reporting provided to the chief operating decision-maker. The chief operating

decision-maker, who is responsible for allocating resources and assessing

performance of the operating segments, has been identified as the executive

directors collectively, who make strategic decisions.

36.3 Foreign currency translation

(a) Functional and presentation currency

Items included in the financial statements of each of the Group’s entities

are measured using the currency of the primary economic environment

in which the group entity operates (the “functional currency”). The

consolidated financial statements are presented in HK$, which is the

Company’s functional and the Group’s presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency

using the exchange rates prevailing at the dates of the transactions or

valuations where items are re-measured. Foreign exchange gains and

losses resulting from the settlement of such transactions and from the

translation at year-end exchange rates of monetary assets and liabilities

denominated in foreign currencies are recognised in the consolidated

statement of profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and

cash equivalents are presented in the consolidated statement of profit or

loss within “finance income” or “finance costs”. All other foreign exchange

gains and losses are presented in the consolidated statement of profit or

loss within “other income and other gains – net”.

36其他潜在重大会计政策概要（续）

36.1 附属公司（续）

36.1.2 独立财务报表

于附属公司之权益乃以成本减减

值入账。成本亦包括投资之直接

应占费用。附属公司之业绩由公

司按已收及应收股息入账。

当收到于附属公司之投资之股息

时，如股息超过附属公司在宣派

股息期间之总全面收入，或在独

立财务报表之投资账面值超过被

投资方资产净值（包括商誉）在财

务报表之账面值时，必须对有关

投资进行减值测试。

36.2 分部呈报

报告经营分部之基准与向首席经营决

策者所提供之内部报告所探用之基准

贯彻一致。首席经营决策者负责分配

资源和评估经营分部之表现，其为作

出策略决定之执行董事全体。

36.3 外币换算

(a) 功能及呈列货币

本集团各实体之财务报表所列项

目，均以集团实体经营所在主要

经济环境之货币（「功能货币」）计

量。综合财务报表乃以本公司之

功能货币及本集团之呈列货币港

元呈列。

(b) 交易及结余

外币交易按交易或项目重新计量

日之汇率换算为功能货币。结算

该等交易及按年结日之汇率换算

以外币列值之货币资产及负债所

产生外汇盈亏均于综合损益表确

认。

借贷、现金及现金等值项目有关

之外汇盈亏在综合损益表内之

「财务收入」或「财务成本」中列

报。所有其他外汇盈亏于综合损

益表「其他收入及其他收益－净

额」中呈列。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.3 Foreign currency translation (Cont’d)

(b) Transactions and balances (Cont’d)

Changes in the fair value of monetary securities denominated in

foreign currency classified as financial assets at fair value through other

comprehensive income are analysed between translation differences

resulting from changes in the amortised cost of the securities and other

changes in the carrying amount of the securities. Translation differences

related to changes in amortised cost are recognised in profit or loss, and

other changes in carrying amount are recognised in other comprehensive

income.

Translation differences on non-monetary financial assets and liabilities

such as equities held at fair value through profit or loss are recognised in

profit or loss as part of the fair value gain or loss. Translation differences

on non-monetary financial assets, such as equities classified as financial

assets at fair value through other comprehensive income, are included in

other comprehensive income.

The results and financial position of all the group entities (none of which

has the currency of a hyperinflationary economy) that have a functional

currency different from the presentation currency are translated into the

presentation currency as follows:

(i) assets and liabilities for each balance sheet presented are translated at

the closing rate at the date of that balance sheet;

(ii) income and expenses for each statement of profit or loss are

translated at average exchange rates (unless this average is not

a reasonable approximation of the cumulative effect of the rates

prevailing on the transaction dates, in which case income and

expenses are translated at the rate on the dates of the transactions);

and

(iii) all resulting exchange differences are recognised in other

comprehensive income.

Goodwill and fair value adjustments arising on the acquisition of a

foreign entity are treated as assets and liabilities of the foreign entity and

translated at the closing rate. Exchange differences arising are recognised

in other comprehensive income.

36其他潜在重大会计政策概要（续）

36.3 外币换算（续）

(b) 交易及结余（续）

分类为按公允值计入其他全面收

入的金融资产之外币列值货币证

券之公允值变动，分析为证券摊

销成本变动产生之换算差额及证

券账面值之其他变动。摊销成本

变动相关之换算差额乃于损益确

认，而账面值其他变动则于其他

全面收入确认。

非货币金融资产及负债（例如按

公允值计入损益之权益）之换算

差额乃于损益中确认为公允值损

益之一部分。分类为按公允值计

入其他全面收入的金融资产之权

益等非货币金融资产之换算差额

于其他全面收入入账。

集团旗下所有实体（当中不持有

严重通胀经济之货币）之功能货

币倘有别于呈列货币，则其业绩

及财务状况须按以下方式换算为

呈列货币：

(i) 每份资产负债表内所呈列资

产及负债按该结算日之收市

汇率换算；

(ii) 每份损益表所列收益及开支

按平均汇率换算，除非此平均

汇率不足以合理反映于交易

日期适用汇率之累计影响，则

在此情况下，收益及开支按交

易日期之汇率换算；及

(iii) 所有由此产生之汇兑差额均

确认为其他全面收入。

收购海外实体时产生之商誉及公

允值调整视为该海外实体之资产

及负债处理，并按收市汇率换算。

所产生汇兑差额均计入其他全面

收入。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.4 Impairment of non-financial assets

Assets that are subject to depreciation and amortisation are reviewed for

impairment whenever events or changes in circumstances indicate that the

carrying amount may not be recoverable. An impairment loss is recognised

for the amount by which the asset’s carrying amount exceeds its recoverable

amount. The recoverable amount is the higher of an asset’s fair value less

costs to sell and value in use. For the purposes of assessing impairment, assets

are grouped at the lowest levels for which there are separately identifiable

cash flows which are largely independent of the cash flows from other assets

or groups of assets (cash-generating units). Non-financial assets other than

goodwill that suffered an impairment are reviewed for possible reversal of the

impairment at each balance sheet date.

36.5 Financial assets

(i) Classification

The Group classifies its financial assets in the following measurement

categories:

• those to be measured subsequently at fair value (either through other

comprehensive income, or through profit or loss), and

• those to be measured at amortised cost.

The classification depends on the entity’s business model for managing

the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded

in profit or loss or other comprehensive income. For investments in

debt instruments, this will depend on the business model in which the

investment is held. For investments in equity instruments, this will depend

on whether the Group has made an irrevocable election at the time

of initial recognition to account for the equity investment at fair value

through other comprehensive income.

The Group reclassifies debt investments when and only when its business

model for managing those assets changes.

36其他潜在重大会计政策概要（续）

36.4 非金融资产之减值

倘事件或情况变动显示账面值或不可

收回，须作折旧及摊销之资产亦会作

减值检讨。在资产账面值高于可收回

数额时须将差额确认为减值亏损。可

收回数额即资产公允值减销售成本与

使用价值两者当中之较高者。为评估

减值，资产按独立可识别现金流量之

最低水平（在很大程度上独立于其他

资产或组别资产的现金流量）（现金产

生单位）分类。商誉以外之非金融资

产若出现减值，则须于各资产负债表

日期评估会否拨回减值。

36.5 金融资产

(i) 分类

本集团将其金融资产按以下计量

类别分类：

（计入其

他全面收入或计入损益）；及

该分类取决于实体管理金融资产

及现金流量合约期之业务模式。

就按公允值计量的资产而言，其

收益及亏损将于损益或其他全面

收入列账。就债务工具投资而言，

将取决于持有投资的业务模式。

就权益工具而言，将取决于本集

团有否于初始确认时不可撤回地

选择将股本投资以按公允值计入

其他全面收入之方式入账。

本集团仅会于管理债务投资之业

务模式改变时方将该等资产重新

分类。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.5 Financial assets (Cont’d)

(ii) Recognition and derecognition

Regular way purchases and sales of financial assets are recognised on

trade-date, the date on which the group commits to purchase or sell the

asset. Financial assets are derecognised when the rights to receive cash

flows from the financial assets have expired or have been transferred

and the group has transferred substantially all the risks and rewards of

ownership.

(iii) Measurement

At initial recognition, the Group measures a financial asset at its fair value

plus, in the case of a financial asset not at fair value through profit or loss,

transaction costs that are directly attributable to the acquisition of the

financial asset. Transaction costs of financial assets carried at fair value

through profit or loss are expensed in the consolidated statement of profit

or loss.

Debt instruments

Subsequent measurement of debt instruments depends on the Group’s

business model for managing the asset and the cash flow characteristics

of the asset. There are three measurement categories into which the

Group classifies its debt instruments:

: Assets that are held for collection of contractual cash

flows where those cash flows represent solely payments of principal

and interest are measured at amortised cost. A gain or loss on a debt

investment that is subsequently measured at amortised cost and is

not part of a hedging relationship is recognised in the consolidated

statement of profit or loss when the asset is derecognised or impaired.

Interest income from these financial assets is included in finance

income using the effective interest rate method.

36其他潜在重大会计政策概要（续）

36.5 金融资产（续）

(ii) 确认及终止确认

常规购买及出售金融资产在交

易日确认，交易日指本集团承诺

购买或出售该资产之日。当从金

融资产收取现金流量之权利已到

期或已转让，而本集团已实质上

将所有权之所有风险和报酬转让

时，金融资产即终止确认。

(iii) 计量

初始确认时，本集团按金融资产

的公允值加（倘并非按公允值计

入损益的金融资产）直接归属于

收购金融资产的交易成本计量该

金融资产。按公允值计入损益的

金融资产的交易成本于综合损益

表列作开支。

债务工具

债务工具之后续计量取决于本集

团管理资产之业务模式及该资产

之现金流量特征。本集团将其债

务工具分类为三种计量类别：

：持作收回合约现金

流量之资产，倘该等现金流量

仅指支付之本金及利息，则按

摊销成本计量。后续按摊销成

本计量且并非对冲关系一部

份之债务投资的收益或亏损

于资产终止确认或减值时于

综合损益表确认。该等金融资

产的利息收入采用实际利率

法计入财务收入。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36其他潜在重大会计政策概要（续）

36.5 金融资产（续）

(iii) 计量（续）

债务工具（续）

持作收回合约现金流量及出

售金融资产之资产，倘该等资

产现金流量仅指支付本金及

利息，则按公允值计入其他

全面收入（其他全面收入）计

量。账面值之变动乃计入其他

全面收入，惟于损益确认之减

值收益或亏损、利息收入及外

汇盈亏除外。金融资产终止确

认时，先前于其他全面收入

确认之累计收益或亏损由权

益重新分类至综合损益表并

于「其他收入及其他收益－净

额」确认。该等金融资产的利

息收入采用实际利率法计入

财务收入。

：未达摊销

成本标准或未按公允值计入

其他全面收入的资产按公允

值计入损益计量。后续按公允

值计入损益计量且并非对冲

关系一部份的债务投资的收

益或亏损于损益确认，并于产

生期间在综合损益表「其他收

入及其他收益－净额」内以净

值呈列。该等金融资产的利息

收入计入「财务收入」。

权益工具

本集团按公允值后续计量所有权

益投资。倘本集团管理层选择于

其他全面收入列报权益投资之公

允值收益及亏损，概无后续重新

分类公允值收益及亏损至综合损

益表。

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.5 Financial assets (Cont’d)

(iii) Measurement (Cont’d)

Debt instruments (Cont’d)

: Assets that are held

for collection of contractual cash flows and for selling the financial

assets, where the assets’ cash flows represent solely payments of

principal and interest, are measured at fair value through other

comprehensive income (OCI). Movements in the carrying amount are

taken through OCI, except for the recognition of impairment gains

or losses, interest revenue and foreign exchange gains and losses

which are recognised in profit and loss. When the financial asset is

derecognised, the cumulative gain or loss previously recognised in

OCI is reclassified from equity to the consolidated statement of profit

or loss and recognised in ‘other income and other gains – net’. Interest

income from these financial assets is included in finance income using

the effective interest rate method.

: Assets that do not meet the criteria

for amortised cost or financial assets at fair value through other

comprehensive income are measured at fair value through profit

or loss. A gain or loss on a debt investment that is subsequently

measured at fair value through profit or loss and is not part of a

hedging relationship is recognised in profit or loss and presented net

in the consolidated statement of profit or loss within “other income

and other gains – net” in the period in which it arises. Interest income

from these financial assets is included in the “finance income”.

Equity instruments

The Group subsequently measures all equity investments at fair value.

Where the Group’s management has elected to present fair value

gains and losses on equity investments in OCI, there is no subsequent

reclassification of fair value gains and losses to the consolidated

statement of profit or loss.

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.5 Financial assets (Cont’d)

(iii) Measurement (Cont’d)

Equity instruments (Cont’d)

Dividends from such investments continue to be recognised in the

consolidated statement of profit or loss as “other income and other gains

– net” when the Group’s right to receive payments is established.

Changes in the fair value of financial assets at fair value through profit

or loss are recognised in “other income and other gains – net” in the

consolidated statement of profit or loss as applicable. Impairment losses

(and reversal of impairment losses) on equity investments measured at fair

value through OCI are not reported separately from other changes in fair

value.

(iv) Impairment

The Group assesses the expected credit losses associated with its financial

assets carried at amortised cost using historical and forward looking data.

The impairment methodology applied depends on whether there has

been a significant increase in credit risk.

For trade and bills receivables and amounts due from associates, the

Group applies the simplified approach permitted by HKFRS 9, which

requires expected lifetime losses to be recognised from initial recognition

of the receivables. See Note 3.1(b) for further details.

36.6 Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in

the balance sheet when there is a legally enforceable right to offset the

recognised amounts and there is an intention to settle on a net basis or

realise the asset and settle the liability simultaneously. The legally enforceable

right must not be contingent on future events and must be enforceable

in the normal course of business and in the event of default, insolvency or

bankruptcy of the Group or the counterparty.

36其他潜在重大会计政策概要（续）

36.5 金融资产（续）

(iii) 计量（续）

权益工具（续）

当本集团有权收取股息付款时，

该等投资之股息继续于综合损

益表确认为「其他收入及其他收

益－净额」。

按公允值计入损益之金融资产的

公允值变动于综合损益表的「其

他收入及其他收益－净额」确认

（如适用）。按公允值计入其他全

面收益之股本投资之减值亏损及

（及拨回减值亏损）并无与其他公

允值变动分开呈报。

(iv) 减值

本集团使用历史及前瞻性数据对

按摊销成本列账的金融资产的相

关的预期信贷亏损进行评估。所

采用的减值方法取决于信贷风险

是否大幅增加。

就应收账款及票据以及应收联营

公司款项而言，本集团采用香港

财务报告准则第9号允许的简化

方法，其中要求整个生命期的预

期亏损须自初始确认应收款项时

确认。更多详情请参阅附注3.1(b)。

36.6 抵销金融工具

当有法定可执行权力可抵销已确认金

额，并有意图按净额基准结算或同时

变现资产和结算负债时，金融资产与

负债可互相抵销，并在资产负债表报

告其净额。该法定可执行权利不得依

赖未来事项而定。在一般业务过程中

以及倘本集团或对手方出现违约、无

偿债能力或破产时，也必须具有法律

约束力。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.7 Derivative financial instruments

Derivatives are initially recognised at fair value on the date a derivative

contract is entered into and are subsequently re-measured at their fair value at

the end of each balance sheet date. The method of recognising the resulting

gain or loss depends on whether the derivative is designated as a hedging

instrument, and if so, the nature of the item being hedged.

Derivative instruments which do not qualify for hedge accounting are

accounted for at fair value through profit or loss. Changes in the fair value of

these derivative instruments are recognised immediately in the consolidated

statement of profit or loss.

36.8 Other receivables

Other receivables are recognised initially at fair value and subsequently

measured at amortised cost using the effective interest method, less provision

for impairment. See Note 36.5(iv) for a description of the Group’s impairment

policies.

36.9 Share capital

Shares are classified as equity. Incremental costs directly attributable to the

issue of new shares or options are shown in equity as a deduction, net of tax,

from the proceeds.

When any Group company purchases the Company’s equity share capital

(treasury shares), the consideration paid, including any directly attributable

incremental costs (net of income taxes) is deducted from equity attributable

to owners of the company until the shares are cancelled or reissued.

36其他潜在重大会计政策概要（续）

36.7 衍生金融工具

衍生工具初始按于衍生工具合约订立

日之公允值确认，其后按于各资产负

债表日期之公允值重新计量。确认所

产生之收益或亏损之方法取决于该衍

生工具是否指定作套期工具，如指定

为套期工具，则取决于其所套期项目

之性质。

不符合采用对冲会计法入账之衍生工

具按公允值计入损益。该等衍生工具

之公允值的变动，即时于综合损益表

中确认。

36.8 其他应收款项

其他应收款项初步按公允值确认，其

后则按实际利率法以摊销成本扣除减

值拨备计量。有关本集团减值政策之

描述，请参阅附注36.5 (iv)。

36.9 股本

股份分类为权益。直接归属于发行新

股或购股权之新增成本在权益中列为

所得款之减少（扣除税项）。

如任何集团公司购入本公司之权益

股本（库存股），所支付之代价，包括

任何直接所占之新增成本（扣除所得

税），自归属于本公司权益持有者之

权益中扣除，直至股份被注销或重新

发行为止。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.10 Employee benefits

(a) Short-term obligations

Liabilities for wages and salaries that are expected to be settled wholly

within 12 months after the end of the period in which the employees

render the related service are recognised in respect of employees’ services

up to the end of the balance sheet date and are measured at the amounts

expected to be paid when the liabilities are settled. The liabilities are

presented as current employee benefit obligations in the consolidated

balance sheet.

(b) Bonus plan

The expected cost of bonus payments is recognised as a liability when the

Group has a present legal or constructive obligation as a result of services

rendered by employees and a reliable estimate of the obligation can be

made.

Employee entitlements to annual leave are recognised when they accrue

to employees. A provision is made for the estimated liability for annual

leave as a result of services rendered by employees up to the balance

sheet date. Employee entitlements to sick leave and maternity leave are

not recognised until the time of leave.

(d) Retirement benefits

The Group participates in various defined contribution retirement

benefit schemes. A defined contribution plan is a retirement benefit

scheme under which the Group pays fixed contributions into a separate

entity. The Group has no legal or constructive obligations to pay further

contributions if the fund does not hold sufficient assets to pay all

employees the benefits relating to employee service in the current and

prior periods.

The schemes are generally funded through payments to state or trustee-

administered funds. The Group pays contributions to publicly or privately

administered funds on a mandatory, contractual or voluntary basis. The

Group has no further payment obligations once the contributions have

been paid. The contributions are recognised as employee benefit expense

when they are due. Prepaid contributions are recognised as an asset to

the extent that a cash refund or a reduction in the future payments is

available.

36其他潜在重大会计政策概要（续）

36.10 雇员福利

(a) 短期责任

倘工资及薪金负债预期于雇员提

供相关服务的期间完结后12个

月内全额结付，有关负债会就直

至结算日完结为止的雇员服务确

认，并按结清负债时预期须付的

金额计量。有关负债于综合资产

负债表呈报为即期雇员福利。

(b) 花红计划

倘本集团因雇员提供之服务而产

生现有法律或推定责任，而责任

金额能可靠估算时，则将花红计

划之预计成本确认为负债入账。

雇员可享有之年假之权利于该等

假期累计予雇员时确认。本集团

就雇员截至结算日止所提供服务

而享有之年假之估计负债作出拨

备。雇员可享有之病假及产假于

休假时方予确认。

(d) 退休福利

本集团推行多项定额供款退休福

利计划。定额供款计划为本集团

向独立实体作出定额供款之退休

福利计划。倘有关基金并无足够

资产就雇员于现时及过往期间所

提供服务支付所有雇员福利，本

集团并无法律或推定责任作出进

一步供款。

计划一般透过向国家或受托人管

理之基金作出供款拨资。本集团

按强制性、合约或自愿基准向公

共或私人管理基金作出供款。一

经作出供款后，本集团并无进一

步付款责任。供款于到期应付时

确认为雇员福利支出。预付供款

在可取得退回现金或可扣减日后

付款之情况下确认为资产。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.10 Employee benefits (Cont’d)

(e) Termination benefits

Termination benefits are payable when employment is terminated by

the Group before the normal retirement date, or whenever an employee

accepts voluntary redundancy in exchange for these benefits. The Group

recognises termination benefits at the earlier of the following dates: (a)

when the Group can no longer withdraw the offer of those benefits; and

(b) when the entity recognises costs for a restructuring that is within

the scope of HKAS 37 and involves the payment of termination benefits.

In the case of an offer made to encourage voluntary redundancy, the

termination benefits are measured based on the number of employees

expected to accept the offer. Benefits falling due more than 12 months

after the end of the balance sheet date are discounted to their present

value.

(f) Share-based compensation

Equity-settled share-based payment transactions

The Group operates an equity-settled, share-based compensation plan,

under which the entity receives services from employees as consideration

for equity instruments (options) of the Group. The fair value of the

employee services received in exchange for the grant of the options is

recognised as an expense. The total amount to be expensed is determined

by reference to the fair value of the options granted:

, an entity’s

share price);

• excluding the impact of any service and non-market performance

vesting conditions (for example, profitability, sales growth targets and

remaining an employee of the entity over a specified time period);

and

, the

requirement for employees to save).

36其他潜在重大会计政策概要（续）

36.10 雇员福利（续）

(e) 离职福利

倘本集团于正常退休日前终止

雇佣关系，或雇员透过自愿离职

换取离职福利，即须支付有关福

利。本集团于以下之较早日期确

认离职福利：(a)当本集团不再能

够拒绝提供该等福利；及(b)当实

体在香港会计准则第37号的范围

内确认重组成本，且涉及离职福

利付款。在提供离职福利鼓励雇

员自愿离职的情况下，离职福利

会根据预期接纳要约的雇员数目

计量。本集团会将须于年结日结

束后12个月内支付的福利贴现至

其现值。

(f) 以股份为基础之酬金

以权益结算以股份为基础之交易

本集团实行以权益结算以股份为

基础之酬金计划，根据该计划，

以本集团之权益工具（购股权）作

为实体取得雇员服务之代价。授

出购股权所相应获得之雇员服务

公允值确认为开支。列为开支之

总额乃参考已授购股权之公允值

厘定：

（例如

实体股份价格）；

• 不包括任何服务和非市场表

现归属条件（例如盈利能力、

销售增长目标和职工在某特

定时期内留任实体）之影响；

及

（例

如要求雇员储蓄）。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.10 Employee benefits (Cont’d)

(f) Share-based compensation (Cont’d)

Equity-settled share-based payment transactions (Cont’d)

Non-market vesting conditions are included in assumptions about

the number of options that are expected to vest. The total expense is

recognised over the vesting period, which is the period over which all

of the specified vesting conditions are to be satisfied. At each balance

sheet date, the entity revises its estimates of the number of options that

are expected to vest based on the non-marketing vesting conditions. It

recognises the impact of the revision to original estimates, if any, in the

statement of profit or loss, with a corresponding adjustment to equity.

When the options are exercised, the Company issues new shares. The

proceeds received net of any directly attributable transaction costs are

credited to share capital (nominal value) and share premium.

Share-based payment transactions among group entities

The grant by the Company of options over its equity instruments to

the employees of subsidiary undertakings in the Group is treated as a

capital contribution to the subsidiary. The fair value of employee services

received, measured by reference to the grant date fair value, is recognised

over the vesting period as an increase to investment in subsidiary

undertakings, with a corresponding credit to equity in the parent equity

accounts.

(g) Long service payment scheme in Hong Kong

The Group’s net obligation in respect of long service amounts payable on

cessation of employment in certain circumstances under the Hong Kong

Employment Ordinance is the amount of future benefit that employees

have earned in return for their service in the current and prior periods.

In June 2022, the Hong Kong Government enacted the Employment and

Retirement Schemes Legislation (Offsetting Arrangement) (Amendment)

Ordinance 2022 (the “Amendment Ordinance”). The amendment will

come into effect prospectively from a date to be appointed by the Hong

Kong Government (the “Transition Date”).

36其他潜在重大会计政策概要（续）

36.10 雇员福利（续）

(f) 以股份为基础之酬金（续）

以权益结算以股份为基础之交易

（续）

非市场归属条件包括在预期归属

购股权数目之假设。支销之总金

额于归属期间确认，归属期间为

达成所有特定归属条件之期间。

于各结算日，该实体根据非市场

归属条件修订预期归属购股权数

目之估计。彼会于损益表确认修

订原来估计（如有）之影响，并相

应调整股本。

于购股权获行使时，本公司会发

行新股。扣除任何直接应占交易

成本所收取之所得款项计入股本

（面值）及股份溢价。

集团内以股份为基础之交易

本公司向本集团附属公司之职工

授予其权益工具之购股权，被视

为附属公司资本投入。收取职工

服务之公允值，参考授出日之公

允值计量，并在归属期内确认，

作为对附属公司投资之增加，并

相应对母公司权益赈户之权益贷

记。

(g) 香港长期服务金计划

本集团根据香港《雇佣条例》在若

干情况下终止雇用雇员而支付之

长期服务金所衍生之负债净额，

是指雇员于本期间及过往期间

就提供服务所赚取之未来福利。

于2022年6月，香港政府颁布了

《2022年雇佣及退休计划法例（抵

销安排）（修订）条例》（「修订条

例」）。该修订将于香港政府指定

的日期（「转制日」）起生效。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.10 Employee benefits (Cont’d)

(g) Long service payment scheme in Hong Kong (Cont’d)

Under the Amendment Ordinance, any accrued benefits attributable to

the employer’s mandatory contributions under mandatory provident fund

scheme (“MPF Benefits”) of an entity would no longer be eligible to offset

against its obligations on long service payment (“LSP”) for the portion of

the LSP accrued on or after the Transition Date. There is also a change

in the calculation basis of last monthly wages for the portion of the LSP

accrued before the Transition Date.

By following the Guidance issued by HKICPA in July 2023, the Group has

reattributed the deemed employee contributions on a straight-line basis

from the date when services by employees first lead to their benefits in

terms of the LSP legislation in accordance with HKAS 19 paragraph 93(a).

The amendment did not have material impact on the Group’s

consolidated financial statements for the year ended 31 March 2025 and

2024.

36.11 Income recognition

(a) Sub-contracting income

The Group provides ad-hoc sub-contracting service to customers. Sub-

contracting income is recognised when the services are rendered.

(b) Handling income

The Group provides handling service for purchases of raw materials on

behalf. Handling income is recognised when the services are rendered.

Rental income under operating leases is recognised on a straight-line

basis over the lease periods.

36.12 Interest income

Interest income on financial assets at amortised cost calculated using effective

interest method is recognised in consolidated statement of profit or loss.

Interest income is presented as finance income where it is earned from

financial assets that are held for cash management purposes. Interest income

is calculated by applying the effective interest rate to the gross carrying

amount of a financial asset.

36其他潜在重大会计政策概要（续）

36.10 雇员福利（续）

(g) 香港长期服务金计划（续）

根据修订条例，实体的强制性公

积金计划项下雇主的强制性供款

（「强积金权益」）所产生的任何累

计权益将不再符合资格抵销其于

转制日或之后累计的长期服务金

（「长期服务金」）部分的长期服务

金责任。于转制日前累计的长期

服务金部分的最后一个月工资的

计算基准亦有所变动。

根据香港会计师公会于2023年7

月颁布的指引，本集团根据香港

会计准则第19号第93(a)段，自雇

员服务就长期服务金法例而言首

次导致权益之日起，以直线法重

新归类视作雇员供款。

该修订对本集团截至2025年及

2024年3月31日止年度的综合财

务报表并无重大影响。

36.11 收益确认

(a) 分包收入

本集团按特定情况向客户提供分

包服务。分包收入于提供服务时

确认。

(b) 处理收入

本集团就代为购买原材料提供处

理服务。处理收入于提供服务时

确认。

经营租约之租金收入乃按租约期

间以直线法来确认。

36.12 利息收入

按摊销成本计量之金融资产的利息收

入采用实际利率法计算，并于综合损

益表确认。持有作现金管理用途的金

融资产所赚取的利息收入列报为财务

收入。利息收入按实际利率应用于金

融资产账面总值计算。

互太纺织控股有限公司 | 2024 / 2025 年报

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.13 Dividend income

Dividend income is recognised when the right to receive payment is

established.

36.14 Earning per shares

(i) Basic earnings per share

Basic earnings per share is calculated by dividing:

, excluding

any costs of servicing equity other than ordinary shares.

• By the weighted average number of ordinary shares outstanding

during the financial year, adjusted for bonus elements in ordinary

shares issued during the year and excluding treasury shares.

(ii) Dilutive earnings per share

Diluted earnings per share adjusts the figures used in the determination of

basic earnings per share taking into account:

• The after-income tax effect of interest and other financing costs

associated with dilutive potential ordinary shares; and

• The weighted average number of ordinary shares outstanding during

the financial year, adjusted for bonus elements in ordinary shares

issued during the year and excluding treasury shares.

36其他潜在重大会计政策概要（续）

36.13 股息收入

股息收入在收取款项之权利确定时确

认。

36.14 每股盈利

(i) 每股基本盈利

计算每股基本盈利时会将：

• 本公司权益持有人应占溢利

（不包括用于普通股以外权益

的任何成本）除以

• 财政年度内流通普通股的加

权平均数（就年内发行普通股

的红股部分予以调整，且不包

括库存股份）。

(ii) 每股摊薄盈利

每股摊薄盈利于计及下列因素后

调整用于厘订每股基本盈利的数

字：

• 潜在摊薄普通股之相关利息

及其他财务成于除所得税后

的影响；及

• 财政年度内流通普通股的加

权平均数（就年内发行普通股

的红股部分予以调整，且不包

括库存股份）。

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

FINANCIAL INFORMATION

财务资料

综合财务报表附注（续）NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)

36 SUMMARY OF OTHER POTENTIAL MATERIAL ACCOUNTING POLICIES

(Cont’d)

36.15 Government grants

Grants from the government are recognised at their fair value where there

is a reasonable assurance that the grant will be received and the Group has

complied with all attached conditions.

Government grants relating to costs are deferred and recognised in the

consolidated statement of profit or loss over the period necessary to match

them with the costs that they are intended to compensate.

Government grants relating to property, plant and equipment are included

in non-current liabilities as deferred government grants and are credited to

the consolidated statement of profit or loss on a straight-line basis over the

expected lives of the related assets.

36.16 Contingent liabilities

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 consolidated

financial statements. When a change in the probability of an outflow occurs so

that outflow is probable, it will then be recognised as a provision.

36.17 Dividend distribution

Dividend distribution to the Company’s shareholders is recognised as a

liability in the Group’s consolidated financial statements in the period in which

the dividends are approved by the Company’s shareholders or directors,

where appropriate.

36其他潜在重大会计政策概要（续）

36.15 政府补贴

当能够合理地保证政府补贴将可收

取，且本集团已符合所有附带条件

时，将政府提供之补助按其公允值确

认入账。

与成本有关之政府补贴递延入账，并

配合拟补偿之成本所需期间在综合损

益表中确认。

与购买物业、厂房及设备有关之政府

补贴列入非流动负债作为递延政府补

贴，并按有关资产之预计年期以直线

法在综合损益表列账。

36.16 或有负债

或有负债指可能因过往事件而产生之

可能责任，而有关责任存在须透过一

项或多项并非本集团完全控制范围内

无法肯定之日后事件发生与否方能确

定。或有负债亦指因过往事件而产生

之现有责任，由于可能不需要流出经

济资源或责任金额无法可靠计量而未

有确认。

或有负债不予确认，惟会于综合财务

报表内披露。倘资源流出之可能性有

变，以致可能流出资源，则将确认为

拨备。

36.17 股息分派

分派予本公司股东之股息于本公司

股东或董事（倘适用）批准股息之期

间，在本集团之综合财务报表确认为

负债。

FINANCIAL SUMMARY

财务概要

互太纺织控股有限公司 | 2024 / 2025 年报

CONSOLIDATED RESULTS

CONSOLIDATED BALANCE SHEET

综合业绩

综合资产负债表

Year ended 31 March,
截至3月31日止年度
	2025	2024	2023	2022	2021
	2025年	2024年	2023年	2022年	2021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
5,057,570
383,985
167,597
(8,180)
159,417

As at 31 March,
于3月31日
	2025	2024	2023	2022	2021
	2025年	2024年	2023年	2022年	2021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
2,840,658
2,469,708
5,310,366
2,087,294
3,223,072
340,178
2,882,894
382,414
2,882,690
204
2,882,894

SCHEDULE OF GROUP’S PROPERTIES

本集团物业一览表

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

As at 31 March 2025于2025年3月31日

持作自用物业PROPERTIES HELD FOR OWN USE

Hong Kong

香港

Unit B1, B3 on 7/F and Car

Parking Space (No.39) on G/F

Eastern Sea Industrial Building,

29/39 Kwai Cheong Rd. & 48/56

Tai Lin Pai Rd. Kwai Chung NT

The property comprises unit B1 and

B3 on the 7th floor together with a

car parking space on the ground floor.

The property has saleable area of

approximately 1,568 sq.m.

Kwai Chung Town Lot No. 143Industrial/

Office

The property is held for a term

of 99 years from 1 July 1898

and renewed to 30 June 2047.

新界葵涌

葵昌路29/39号及

大连排道48/56号

东海工业大厦

8楼B1、B3室及

地下停车位（第39号）

该物业包括8楼B1及B3室，连同地

下停车位。该物业的实用面积约

1,568平方米。

葵涌市地段第143号工业╱

办公室

该物业由1898年7月1日起

计持有为期99年，并已重续

至2047年6月30日。

Mainland China

中国内地

Liu Chong Tong Xin County,

Wan Qing Sha Town

Nansha, Guangzhou City

Guangdong Province, PRC

(Pacific Textiles Industrial City)

The property comprises several

factory buildings, warehouses,

sewage treatment plants, electric

heating plants, office buildings,

dormitories, production facilities and

environmental facilities. The total land

area is around 421,410 sq.m.

Lot No.：21-0664

Lot No.：4401151002080125

Lot No.：4401151002080126

IndustrialThe land use right（Lot No.：

21-0664）is held for a term up

to 11 June 2048.

The land use rights（Lot

No.：4401151002080125 &

4401151002080126）are held

for a term up to 17 October

2061.

中国广东省

广州市

南沙万顷沙镇

六涌同兴村

（互太工业城）

该物业包括数间厂房、仓库、污水

处理厂、电热厂、办公楼、宿舍、生

产设施及环保设施。总土地面积约

为421,410平方米。

地段编号：21-0664

地段编号：

工业土地使用权（地段编号：

21-0664）持有期限至2048年

6月11日。

土地使用权（地段编号：

4401151002080125及

4401151002080126）持有期

限至2061年10月17日。

Property	Description	Lot Number	Type	Lease Term
物业	概况	地段编号	类型	年期

互太纺织控股有限公司 | 2024 / 2025 年报

As at 31 March 2025于2025年3月31日

SCHEDULE OF GROUP’S PROPERTIES

本集团物业一览表

Vietnam

越南

Land Lot CN9, CN11 and CN12,

Lai Vu Industrial Zone, Lai Vu

Commune, Kim Thanh District,

Hai Duong Province

The property mainly comprises factory

buildings and warehouses. The total

land area is around 308,504 sq.m.

Lot CN9, CN11 and CN12IndustrialThe land use right is held for a

term up to 12 January 2054.

Land Lot CN9, CN11 and CN12,

Lai Vu Industrial Zone, Lai Vu

Commune, Kim Thanh District,

Hai Duong Province

该物业主要包括厂房及仓库。总土

地面积约为308,504平方米。

CN9、CN11及CN12地段工业土地使用权持有期限至

2054年1月12日。

Lot K1, Rang Dong Garment

and Textiles Industrial Zone,

Nghia Hung District, Nam Dinh

Province

The property mainly comprises

factory buildings, office buildings

and warehouse. The total land area is

around 312,000 sq.m.

Lot K1IndustrialThe land use right is held for a

term up to 30 June 2065.

Lot K1, Rang Dong Garment

and Textiles Industrial Zone,

Nghia Hung District, Nam Dinh

Province

该物业主要包括厂房、办公楼及

仓库。总土地面积约为312,000平方

米。

K1地段工业土地使用权持有期限至2065

年6月30日。

Property	Description	Lot Number	Type	Lease Term
物业	概况	地段编号	类型	年期

GLOSSARY

专用词汇

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

于本年报内（独立核数师报告与财务资料除

外），除非文义另有所指，下列词汇具有以

下含义：

「2024年财政

年度」

截至2024年3月31日止

年度

「2025年财政

年度」

截至2025年3月31日止

年度

「2026年财政

年度」

截至2026年3月31日止

年度

「股东周年

大会」

本公司之股东周年大会

「章程细则」本公司不时修订之组织章

程细则

「董事局」本公司之董事局

「企业管治

守则」

主板上市规则附录C1所

载之企业管治守则

「中国」中华人民共和国

「中国南沙厂」或

「番禺厂」或

「番禺工厂」

于中国广州市南沙区由互

太（番禺）纺织印染有限

公司营运之工厂

「本公司」互太纺织控股有限公司，

一间于开曼群岛注册成立

之获豁免有限公司，其股

份于联交所上市

「董事」本公司之董事

「本集团」本公司及其附属公司

「港元」港元

「香港」中华人民共和国香港特别

行政区

「独立非执行

董事」

本公司之独立非执行董事

「上市规则」或

「主板上市

规则」

经不时修订之联交所证券

上市规则

In this annual report (other than the Independent Auditor’s Report and Financial

Information), unless the context otherwise requires, the following expressions shall

have the following meanings:

“2024 Financial Year”For the year ended 31 March 2024

“2025 Financial Year”For the year ended 31 March 2025

“2026 Financial Year”For the year ended 31 March 2026

“AGM” Annual General Meeting of the Company

“Articles”The Articles of Association of the Company, as

amended from time to time

“Board”The board of Directors of the Company

“CG Code” or “Corporate

Governance Code”

The Corporate Governance Code, stated in the

Appendix C1 to the Main Board Listing Rules

“China” or “PRC”The People’s Republic of China

“China Nansha Plant” or

“Panyu Plant” or

“Panyu Factory”

The factory run by Pacific (Panyu) Textiles Limited

located in Nansha District of Guangzhou City, the

PRC

“Company”Pacific Textiles Holdings Limited, an exempted

company incorporated in Cayman Islands with

limited liability, the Shares of which are listed on

the Stock Exchange

“Director(s)”The director(s) of the Company

“Group”The Company and its subsidiaries

“HKD” or “$” or “HK$”Hong Kong Dollar

“HKSAR” or “Hong Kong”Hong Kong Special Administrative Region of the

People’s Republic of China

“INED(s)”The independent non-executive director(s) of the

Company

“Listing Rules” or “Main Board

Listing Rules”

The Rules Governing the Listing of Securities on

the Stock Exchange, as amended from time to

time

互太纺织控股有限公司 | 2024 / 2025 年报

GLOSSARY

专用词汇

「斯里兰卡

卢比」

斯里兰卡卢比

「章程大纲」本公司不时修订之组织章

程大纲

「标准守则」主板上市规则附录C3上

市发行人董事进行证券交

易的标准守则

「人民币」人民币

「证券及期货

条例」

证券及期货条例（香港法

例第571章）

「购股权计划」本公司根据股东于2007

年4月27日通过之书面决

议案采纳之购股权计划，

且已于2017年5月17日

届满。截至2023年10月

10日，根据购股权计划授

出的所有购股权均已行

使、失效或停止可行使

「股东」本公司之股东

「股份」本公司每股面值0.001港

元之股份

「联交所」香港联合交易所有限公司

「Teejay Lanka

PLC」或

「Teejay」

Teejay Lanka PLC（前称

Textured Jersey Lanka PLC

及Textured Jersey Lanka

(Private) Limited），一间根

据斯里兰卡法律注册成立

之有限公司，其股份于斯

里兰卡科伦坡交易所上市

「Toray」Toray Industries, Inc.，一

间根据日本法律注册成立

之公司，其股份于日本东

京证券交易所上市，现为

本公司之一名主要股东

「美元」美元

“LKR” or “RS”Sri Lankan Rupee

“Memorandum” the Memorandum of Association of the Company

as amended from time to time.

“Model Code”Model Code for Securities Transactions by

Directors of Listed Issuers, Appendix C3 to the

Main Board Listing Rules

“RMB” or “CNY” Renminbi/Chinese Yuan

“SFO” Securities and Futures Ordinance (Chapter 571 of

the laws of Hong Kong)

“Share Option Scheme” The Share Option Scheme adopted by the

Company pursuant to the written resolutions of

Shareholders passed on 27 April 2007, and expired

on 17 May 2017. All options granted under the

share option scheme had been exercised, lapsed

or ceased to be exercisable by 10 October 2023

“Shareholder(s)” The Company’s Shareholder(s)

“Shares” Shares of the Company, with a nominal value of

HK$0.001 each

“Stock Exchange” The Stock Exchange of Hong Kong Limited

“Teejay Lanka PLC” or

“Teejay”

Teejay Lanka PLC (formerly known as Textured

Jersey Lanka PLC and Textured Jersey Lanka

(Private) Limited), a limited liability company

incorporated under the laws of Sri Lanka and

whose shares are listed on the Colombo Stock

Exchange of Sri Lanka

“Toray” Toray Industries, Inc., a company incorporated

under the laws of Japan and whose shares are

listed on the Tokyo Stock Exchange in Japan,

substantial Shareholder of the Company

“USD” or “US$” United States Dollar

Pacific Textiles Holdings Limited | 2024 / 2025 Annual Report

GLOSSARY

专用词汇

“U.S.”United States or United States of America

“Vietnam Hai Duong Plant”The factory run by Pacific Crystal Textiles Limited

located in Kim Thanh District of Hai Duong

Province, Vietnam

“Vietnam Nam Dinh Plant”The factory run by TOP Textiles Limited located

in Nghia Hung District of Nam Dinh Province,

Vietnam

“VND” Vietnamese Dong

「美国」美国或美利坚合众国

「越南海阳厂」于越南海阳省Kim Thanh

县由Pacific Crystal Textiles

Limited营运之工厂

「越南南定厂」于越南南定省Nghia

Hung县由TOP Textiles

Limited营运之工厂

越南盾

* 仅供识别

ANNUALANNUAL REREPOPORRTT

年报

2024/25

Corporate Information 公司资料2

Chairman’s Statement 主席报告书4

Management Discussion and Analysis 管理层讨论与分析6

Profiles of Directors and Senior Management 董事及高级管理人员简介14

Directors’ Report 董事局报告20

Corporate Governance Report 企业管治报告35

Independent Auditor’s Report 独立核数师报告55

Financial Information 财务资料

Financial Summary 财务概要167

Schedule of Group’s Properties 本集团物业一览表168

Glossary 专用词汇170

CONTENT

目录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

CHAIRMAN’S STATEMENT

主席报告书

CHAIRMAN’S STATEMENT

主席报告书

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

Key financial ratios are set out below:

Notes:

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

Key liquidity or leverage ratios:

Notes:

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSSION AND ANALYSIS

管理层讨论与分析

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

1995. Toray is a company listed on the Tokyo Stock Exchange and is a substantial

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

1994. Mr. Wang is a professorate senior engineer and a holder of master degree. He is

PROFILES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员简介

DIRECTORS’ REPORT

董事局报告

DIRECTORS’ REPORT

董事局报告

DIRECTORS’ REPORT

董事局报告

DIRECTORS’ REPORT

董事局报告

Details of the repurchases of shares were as follows:

DIRECTORS’ REPORT

董事局报告

DIRECTORS’ REPORT

董事局报告

DIRECTORS’ REPORT

董事局报告

DIRECTORS’ REPORT

董事局报告

Notes:

1. Within the meaning of Part XV of the SFO.

2. Based on the information and the total number of issued Shares of the Company on

DIRECTORS’ REPORT

董事局报告