2024 / 2025

ANNUAL REPORT

年报

目录Contents

Annual Report 2024/2025 二零二四年至二零二五年年报

PAGE(S)

页次

CORPORATE INFORMATION公司资料2-3

FINANCIAL HIGHLIGHTS财务摘要4

LETTER TO SHAREHOLDERS致股东函件5-10

DIRECTORS AND SENIOR MANAGEMENT董事及高级管理人员11-16

DIRECTORS’ REPORT董事会报告17-31

CORPORATE GOVERNANCE REPORT企业管治报告32-47

INDEPENDENT AUDITOR’S REPORT独立核数师报告48-54

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表55

CONSOLIDATED STATEMENT OF FINANCIAL POSITION综合财务状况表56-57

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY综合权益变动表58

CONSOLIDATED STATEMENT OF CASH FLOWS综合现金流量表59-60

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS综合财务报告书附注61-155

FINANCIAL SUMMARY财务概要156

Corporate Information公司资料

Allan International Holdings Limited亚伦国际集团有限公司2

董事会

执行董事

张丽珍女士（主席）

张树稳先生（董事总经理）

张丽斯女士

张树生博士

独立非执行董事

蔡慧璇女士

黎雅明先生

卢楚锵先生

公司秘书

唐安妮女士

授权代表

张树稳先生

张丽斯女士

审核委员会

蔡慧璇女士*

黎雅明先生

卢楚锵先生

提名委员会

张丽珍女士*

蔡慧璇女士

黎雅明先生

薪酬委员会

黎雅明先生*

张丽斯女士

蔡慧璇女士

核数师

德勤•关黄陈方会计师行

注册公众利益实体核数师

Board of Directors

Executive Directors

Ms. Cheung Lai Chun, Maggie (Chairman)

Mr. Cheung Shu Wan (Managing Director)

Ms. Cheung Lai See, Sophie

Dr. Cheung Shu Sang, William

Independent Non-Executive Directors

Ms. Choy Wai Sheun, Susan

Mr. Lai Ah Ming, Leon

Mr. Lo Chor Cheong, Colin

Company Secretary

Ms. Tong On Ni

Authorized Representatives

Mr. Cheung Shu Wan

Ms. Cheung Lai See, Sophie

Audit Committee

Ms. Choy Wai Sheun, Susan*

Mr. Lai Ah Ming, Leon

Mr. Lo Chor Cheong, Colin

Nomination Committee

Ms. Cheung Lai Chun, Maggie*

Ms. Choy Wai Sheun, Susan

Mr. Lai Ah Ming, Leon

Remuneration Committee

Mr. Lai Ah Ming, Leon*

Ms. Cheung Lai See, Sophie

Ms. Choy Wai Sheun, Susan

Auditor

Deloitte Touche Tohmatsu

Registered Public Interest Entity Auditors

Chairman of the relevant Board Committees 有关委员会的主席

Corporate Information公司资料

3Annual Report 2024/2025 二零二四年至二零二五年年报

Legal Advisers on Bermuda Law

Conyers, Dill and Pearman

29th Floor One Exchange Square

8 Connaught Place

Central

Hong Kong

Principal Bankers

The Hongkong and Shanghai Banking Corporation Limited

Hang Seng Bank Limited

Share Registrars and Transfer Office

Ocorian Management (Bermuda) Limited

Victoria Place, 5th Floor

31 Victoria Street

Hamilton HM 10

Bermuda

Hong Kong Branch Registrars and

Transfer Office

Tricor Investor Services Limited

17/F,

Far East Finance Centre

16 Harcourt Road

Hong Kong

Registered Office

Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

Head Office and Principal Place of

Business

Flat B, 23/F., Chaiwan Industrial Centre

20 Lee Chung Street, Chai Wan

Hong Kong

Tel: (852) 2103 7288

Fax: (852) 2214 9357

Website: www.allan.com.hk

Stock Code

百慕达法律之法律顾问

康德明律师事务所

香港

中环

康乐广场8号

交易广场第一座29楼

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

股份过户登记处

Ocorian Management (Bermuda) Limited

Victoria Place, 5th Floor

31 Victoria Street

Hamilton HM 10

Bermuda

股份过户登记处香港分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心

17楼

注册办事处

Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

总办事处及主要营业地点

香港

柴湾利众街20号

柴湾中心工业大厦23楼B室

电话：(852) 2103 7288

传真：(852) 2214 9357

网址：www.allan.com.hk

股份代号

Allan International Holdings Limited亚伦国际集团有限公司4

Financial Highlights财务摘要

For the year ended 31 March

截至三月三十一日止年度

2024Change

二零二四年变更

HK$’000%

千港元

Revenue营业额484,763-4.0%

Gross Profit毛利39,534-70.6%

Gross Profit%毛利率8.2%

Net Loss净亏损(69,131)39.1%

Net Loss%净亏损率-14.3%

HK cents%

港仙

Loss per share每股亏损(20.8)38.9%

Dividend Per Share — Interim每股股息—中期2

Dividend Per Share —

Interim special

每股股息—

中期特别13

Dividend Per Share — Final每股股息—末期2

Dividend Per Share — Special每股股息—特别13

Dividend Per Share — Total每股股息－总额30-93.3%

As at 31 March

于三月三十一日

20252024Change

二零二五年二零二四年变更

NotesDaysDays

附注天天

Inventories Turnover Days存货周转天数*1 32 32(0)

Trade Receivables Turnover Days应收贸易账款周转天数*2 71 692

Trade Payables Turnover Days应付贸易账款周转天数*3 45 441

Gearing Ratio资产负债比率*40.8%1.2%-0.4%

Return on Equity股东权益回报率*5-12.1%-7.4%-4.7%

*1. Inventories turnover days is equal to the average of the opening

and closing inventories divided by the cost of sales and multiplied

by the number of days for the year

*2. Trade receivables turnover days is equal to trade receivables

divided by the revenue and multiplied by the number of days for

the year

*3. Trade Payable turnover days is equal to trade payables divided by

the cost of sales and multiplied by the number of days for the year

*4. Gearing ratio is equal to the total borrowings divided by the equity

*5. Return on Equity is equal to the net loss after tax for the year

divided by the average of opening and closing equity

*1. 存货周转天数相等于期初及期末存货平均数

除以销售成本再乘以全年天数

*2. 应收贸易账款周转天数相等于贸易应收账款

除以营业额再乘以全年天数

*3. 应付贸易账款周转天数相等于应付贸易账款

除以销售成本再乘以全年天数

*4. 资产负债比率乃根据借贷总额除以股东权益

*5. 股东权益回报率相等于本年度亏损除以期初

及期末股东权益平均数

2025
二零二五年
HK$’000
千港元
465,170
11,635
2.5%
(96,136)
-20.7%
HK cents
港仙
(28.9)
2
–
–
–
2

5Annual Report 2024/2025 二零二四年至二零二五年年报

Letter to Shareholders致股东函件

Management Discussion and Analysis

For the year ended 31 March 2025, the Group’s sales turnover

decreased by 4% to HK$465.2 million (2024: HK$484.8 million)

and the consolidated net loss was HK$96.1 million (2024:

HK$69.1 million). Basic loss per share of the Group for the year

ended 31 March 2025 was HK28.9 cents (2024: HK20.8 cents).

The Board of Directors has resolved not to recommend any final

dividend (2024: final dividend of HK2 cents and special dividend

of HK13 cents) at the forthcoming Annual General Meeting. With

the interim dividend of HK2 cents paid in January this year, the

total dividend for the year ended 31 March 2025 is HK2 cents per

share (2024: HK30 cents).

Business Review

The Group is engaged in design, manufacturing and trading of a

wide range of household electrical appliances.

For the year ended 31 March 2025, business environment

continued to be unpredictable, challenging and difficult. Global

economy continued to be plagued by high inflation, high interest

rates, geopolitical conflicts in Russia-Ukraine and the Middle

East and US-China tension. Consumer sentiments remained

sluggish and our customers had been extremely cautious in their

purchasing and inventory monitoring. In addition, competition

within the industry had been very intense. Sales turnover

decreased by 4% to HK$465.2 million. Sales turnover to America

decreased by 8% to HK$296.6 million representing 64% of the

Group’s sales turnover. Sales turnover to Europe decreased by

41% to HK$68.9 million representing 15% of the Group’s sales

turnover. The significant drop in sales turnover to Europe was

mainly due to a change in sales destination from Europe to China

for one specific customer. Sales turnover to Asia increased by

121% to HK$81.3 million representing 17% of the Group’s sales

turnover. Sales turnover to other markets increased by 127% to

HK$18.3 million representing 4% of the Group’s sales turnover.

管理层讨论与分析

截至二零二五年三月三十一日止年度，本集团

之销售营业额下跌4%至4亿6,520万港元（二

零二四年：4亿8,480万港元）及综合净亏损为

9,610万港元（二零二四年：6,910万港元）。

截至二零二五年三月三十一日止年度本集团每

股亏损为28.9港仙（二零二四年：20.8港仙）。

董事会决定不建议派发截至二零二五年三月

三十一日止年度之末期股息（二零二四年：末

期股息每股2港仙及特别股息每股13港仙）。

连同已于本年一月份派发之中期股息每股2港

仙，截至二零二五年三月三十一日止年度之股

息总额将为每股2港仙（二零二四年：30港仙）。

业务回顾

本集团从事设计、制造及销售多种家庭电器。

截至二零二五年三月三十一日止年度，营商环

境依然变幻莫测、充满挑战及困难。全球经济

持续受高通胀、高利率、俄乌及中东地缘政

治冲突以及中美紧张局势困扰。消费者消费意

欲依然低迷，客户在采购及监控库存方面极为

谨慎。此外，同业竞争也非常激烈。销售营业

额下跌4%至4亿6,520万港元。美洲销售营业

额减少8%至2亿9,660万港元，占本集团销售

营业额的64%。欧洲销售营业额减少41%至

6,890万港元，占本集团销售营业额的15%。

欧洲销售营业额大幅下跌主要是由于一位特定

客户的销售目的地由欧洲改为中国所致。亚洲

的销售额增加121%至8,130万港元，占本集

团销售营业额的17%。其他市场的销售营业额

增加127%至1,830万港元，占本集团销售额

的4%。

Allan International Holdings Limited亚伦国际集团有限公司6

Letter to Shareholders致股东函件

截至二零二五年三月三十一日止年度的毛利减

少71%至1,160万港元。毛利率由8.2%下降至

2.5%。销售价格下调压力及产品结构改变导

致毛利率下降。我们继续严格控制各项成本，

精简优化制造流程，提高生产效率并降低劳动

成本。

本集团继续对所有管理费用及开支采取严格的

控制措施。销售及分销开支增加14%至1,600

万港元。销售及分销费用占销售营业额的百分

比由去年的2.9%上升至3.4%。行政开支增加

6.9%至7,820万港元。行政费用占销售营业额

的百分比由去年的15.1%上升至16.8%。

截至二零二五年三月三十一日止年度，其他收

入为3,610万港元，主要包括租金和物业管理

费收入及利息收入。减少1,020万港元主要由

于利息收入、租金和物业管理费收入及杂项收

入减少。

于二零二五年三月三十一日，位于香港湾仔之

投资物业重估值为1亿9,800万港元（二零二四

年：2亿3,600万港元），导致本年度投资物业

的公平值减少3,800万港元。

于二零二五年三月三十一日，位于中国惠南

高新技术产业园区的投资物业重估值为1亿

7,270万元人民币（1亿8,478万9千港元）（二零

二四年：1亿7,940万元人民币（1亿9,375万2

千港元），导致本年度投资物业的公平值减少

725万8千港元及汇兑亏损170万5千港元。

截至二零二五年三月三十一日止年度，位于香

港及中国的投资物业产生的租金及管理费收

入约为2,280万港元（二零二四年：2,350万港

元）。

截至二零二五年三月三十一日止年度的净亏

损为9,610万港元（二零二四年：6,910万港

元）。与去年相比，净亏损率从14.3%转差至

20.7%。

Gross profit for the year ended 31 March 2025 decreased by

71% to HK$11.6 million. Gross profit margin decreased from

8.2% to 2.5%. The intense pressure on selling price cuts and

change in product mix had contributed to the drop in gross profit

margin. We continue to apply stringent cost control on all costs

as well as streamline and optimize the manufacturing processes

to enhance production efficiency and reduce labour costs.

The Group continued to apply strict control and measures on all

overhead costs and expenses. Selling and distribution expenses

increased by 14% to HK$16 million. As a percentage to sales

turnover, selling and distribution expenses increased from

2.9% to 3.4% compared to last year. Administrative expenses

increased by 6.9% to HK$78.2 million. As a percentage to sales

turnover, administrative expenses increased from 15.1% to

16.8% compared to last year.

For the year ended 31 March 2025, other income amounted to

HK$36.1 million which primarily comprised rental and building

management fee income and interest income. The decrease

of HK$10.2 million was mainly due to decrease in interest

income, rental and building management fee income and other

miscellaneous income.

At 31 March 2025, the investment property located in Wanchai,

Hong Kong was revaluated at HK$198 million (2024: HK$236

million) resulting in a decrease in fair value of HK$38 million for

the year.

At 31 March 2025, the investment property located in the

PRC at Hui Nam Hi-Tech Industrial Park was revaluated at

RMB172,700,000 (HK$184,789,000) (2024: RMB179,400,000

(HK$193,752,000)) resulting in a decrease in fair value of

HK$7,258,000 and a translation loss of HK$1,705,000 for the

period.

For the year ended 31 March 2025, the rental and building

management fee income generated from the investment

properties in Hong Kong and the PRC was approximately

HK$22.8 million (2024: HK$23.5 million).

Net loss for the year ended 31 March 2025 was HK$96.1 million

(2024: HK$69.1 million). Net loss margin deteriorated from

14.3% to 20.7% compared to last year.

7Annual Report 2024/2025 二零二四年至二零二五年年报

Letter to Shareholders致股东函件

业务前景

预测未来宏观全球经济和商业前景极为困难。

我们预期在消费者信心低迷及同业竞争激烈之

下，商业环境仍然充满不确定、困难和极具挑

战。

俄乌及中东的地缘政治问题依然挥之不去，日

趋严重。我们主要的美国和欧洲市场，依然面

临高通胀和高利率。持续的中美紧张局势进一

步加剧。自二零二五年四月二日起，美国对中

国进口商品征收的关税经历了前所未有的过山

车式波动。于二零二五年四月二日，美国总统

特朗普宣布对中国征收34%的对等关税，该关

税将于二零二五年四月九日生效。加上对芬太

尼征收的20%关税，这意味著总关税将达到

54%。在中美双方多轮反制之后，对华对等关

税最高达至125%，自二零二五年四月九日，

总关税达至145%。于二零二五年五月十二

日，中美两国在日内瓦举行外交会谈后，同意

在90天内将对等关税降至10%，但美国对芬

太尼的关税仍为20%，有效关税降至30%。如

果90天后仍未达成协议，对等关税将恢复到

34%。随后，中美两国高级官员于二零二五年

六月九日至十日在伦敦举行会谈。双方已就框

架协议达成一致，以维护二零二五年五月达成

的日内瓦贸易协定的条款。此次高关税对本公

司美国销售产生重大影响。虽然我们与客户的

贸易条款是离岸价，关税并非由我们承担，但

客户承担的关税最终会大幅推高消费价格。为

了缓解此影响，我们正与客户紧密合作，在马

来西亚安排分包生产后将部分产品运往美国。

Business Outlook

Going forward, it has become exceedingly difficult to predict

the global economy and business outlook. We expect business

environment would remain uncertain, difficult and challenging

with sluggish consumer sentiments and intense competition

within the industry.

Geopolitical problems in Russia/Ukraine and the Middle East

are still lingering on and seem to be intensifying. The US and

Europe, which are our major markets, are still facing high

inflation and interest rates. The ongoing China/US tension has

intensified. From 2 April 2025 onwards, we have witnessed

an unprecedented rollercoaster ride of the tariffs imposed on

China imports into the US. On 2 April 2025, US President Trump

announces a 34% reciprocal tariff on China which would be

effective on 9 April 2025. Together with the 20% Fentanyl tariff,

that means total tariffs would be 54%. After several rounds of

retaliations from both the US and China, the reciprocal tariff on

China peaked to 125%, making the total tariffs 145% on 9 April

2025. On 12 May 2025, after diplomatic talks at Geneva, China

and the US agreed to reduce reciprocal tariffs to 10% for 90

days, with the US fentanyl tariff of 20% remaining, bringing the

effective tariffs to 30%. If no deal is reached after 90 days, the

reciprocal tariff will revert to 34%. Subsequently, senior Chinese

and US officials held a meeting in London on 9 and 10 June

2025. The two sides have agreed on a framework agreement to

uphold the terms of the Geneva trade deal reached in May 2025.

The high tariff imposed have a significant impact on our sales

to the US. Although the tariff is not borne by us as our trading

terms with our customers are FOB basis, the tariff borne by our

customer would no doubt significantly drive up the pricing to

end consumers. To alleviate this impact, we are working closely

together with our customers on sub-contracting arrangements in

Malaysia on manufacturing some of our products to the US.

Allan International Holdings Limited亚伦国际集团有限公司8

Letter to Shareholders致股东函件

透过持续改善、在运营方面进行精简和整合、

审慎的供应链管理和严格控制成本，我们将努

力进一步提升效率及加大降低成本。保持警

惕，灵活调整生产能力和资源规划，以应对市

场需求的波动。我们将引进更多自动化设备系

统以提高效率。我们将积极主动地通过新客户

和新产品类别以及中国大陆市场在线销售渠道

寻求增长机会。我们还将寻找商机，为股东创

造更高的价值。

凭借本集团审慎务实的经营方针、强健的资金

以及对卓越的执著追求，本集团继续努力、谨

慎而行，以度过当前难关和未来的困难及挑

战。

流动资金及财务资源

于二零二五年三月三十一日，本集团之总资产

为9亿3,760万港元（二零二四年：10亿9,240

万港元），资金来源包括流动负债1亿9,120万

港元（二零二四年：1亿8,390万港元）、长期

负债及递延税项2,910万港元（二零二四年：

3,750万港元）及股东权益7亿1,730万港元（二

零二四年：8亿7,100万港元）。

本集团持续保持雄厚及稳健之资产及流动资金

状况。于二零二五年三月三十一日，本集团持

有现金及银行存款3亿7,340万港元（二零二四

年：4亿7,930万港元）。除为支付特定付款而

须以其他货币持有之临时结余外，大部分存入

人民币及美元短期存款户口。截至二零二五年

三月三十一日止年度，本集团经营活动产生的

现金流流出净额6,250万港元（二零二四年：

3,840万港元）。同日，借贷总额为550万港元

（二零二四年：1,070万港元），而资产负债比

率（即借贷对股东权益之比率）为0.8%（二零

二四年：1.2%）。

Through continuous improvement, streamlining and

consolidation across all aspects of operations, prudent supply

chain management and stringent cost control measures, we

will strive to further improve in cost reduction and efficiency.

We will stay vigilant and versatile in our manufacturing capacity

and resources planning in response to fluctuations in market

demand. We will continue to introduce more automated

equipment systems to boost efficiency. We will proactively seek

growth opportunities through new customers and new product

categories as well as the mainland China market and online sales

channels. We will also look for business opportunities to create

higher value for our shareholders.

With our prudent and pragmatic business approach, financial

strength and commitment to excel, we will strive on and tread

cautiously to ride through the current and coming difficulties and

challenges.

Liquidity and Financial Resources

As at 31 March 2025, the Group had total assets of HK$937.6

million (2024: HK$1,092.4 million) which was financed by current

liabilities of HK$191.2 million (2024: HK$183.9 million), long-term

liabilities and taxation of HK$29.1 million (2024: HK$37.5 million)

and shareholders’ equity of HK$717.3 million (2024: HK$871.0

million).

The Group continued to maintain a strong balance sheet and a

healthy liquidity position. As at 31 March 2025, the Group held

HK$373.4 million (2024: HK$479.3 million) in cash and bank

deposits. They were mainly placed in Renminbi and US dollar

short-term deposits, except for temporary balances held in other

currencies as required pending specific payments. For the year

ended 31 March 2025, the Group incurred net cash outflow from

operating activities of HK$62.5 million (2024: HK$38.4 million).

As at the same date, total borrowings were HK$5.5 million (2024:

HK$10.7 million) and the gearing ratio (ratio of total borrowings

to shareholders’ equity) was 0.8% (2024: 1.2%).

9Annual Report 2024/2025 二零二四年至二零二五年年报

Letter to Shareholders致股东函件

本集团继续对营运资金周期实施严格监控。

截至二零二五年三月三十一日，存货结余为

4,170万港元（二零二四年：3,760万港元），

存货增加420万港元及存货周转天数维持在32

天。截至二零二五年三月三十一日，应收贸易

账款结余为9,110万港元（二零二四年：9,100

万港元）。应收贸易账款周转天数从69天增加

至71天。截至二零二五年三月三十一日，应

付贸易账款结余为5,600万港元（二零二四年：

5,360万港元）。应付贸易账款增加240万港元

及应付贸易账款周转天数从44天增加至45天。

就日常营运所需之营运资金及资本开支而言，

资金来源为内部流动现金及备用银行信贷。截

至二零二五年三月三十一日止年度，本集团

斥资约176万9千港元购入4辆汽车，全部为更

换目的。本集团并无对厂房及机器、模具及

工具、设备、电脑系统及其他有形资产进行重

大投资。本集团之财政状况稳健，连同备用银

行信贷，定能提供充裕财政资源，应付现有承

担、营运资金需要，并于有需要时，供本集团

进一步扩展业务及掌握未来投资商机。

本集团之大部分资产及负债以及业务交易均以

港元、美元及人民币计值。现时，本集团并无

使用对冲活动以对冲外币风险。然而，本集团

会严密监察外币风险，及于有需要时考虑对冲

重大外币风险。

We continue to apply stringent control over the working capital

cycle. The inventory balance as at 31 March 2025 was HK$41.7

million (2024: HK$37.6 million). Inventory increased by HK$4.2

million and inventory turnover maintained at 32 days. The trade

receivables balance as at 31 March 2025 was HK$91.1 million

(2024: HK$91.0 million). Trade receivables turnover increased

slightly from 69 days to 71 days. The trade payables balance as

at 31 March 2025 was HK$56.0 million (2024: HK$53.6 million).

Trade payables increased by HK$2.4 million and trade payables

turnover increased slightly from 44 days to 45 days.

Funding for day-to-day operational working capital and capital

expenditures are to be serviced by internal cash flow and

available banking facilities. For the year ended 31 March 2025,

the Group spent approximately HK$1,769,000 on addition of

4 motor vehicles, all of which were for replacement purpose.

There had been no other significant investment in plant and

machinery, moulds and tools, equipment, computer systems

and other tangible assets for expansion and upgrade to our

manufacturing facilities. The Group’s capital expenditures were

funded by internal resources and bank loans. With a healthy

financial position and available banking facilities, the Group

is able to provide sufficient financial resources for our current

commitments, working capital requirements, further expansions

of the Group’s business operations and future investment

opportunities, as and when required.

The majority of the Group’s assets and liabilities and business

transactions were denominated in Hong Kong dollars, US dollars,

Renminbis. Currently the Group does not implement hedging

activity to hedge against foreign currency exposure. However,

we will closely monitor foreign currency exposure and consider

hedging significant foreign currency exposure should the need

arise.

Allan International Holdings Limited亚伦国际集团有限公司10

Letter to Shareholders致股东函件

雇员及薪酬政策

于二零二五年三月三十一日，本集团聘用约

1,530名雇员（二零二四年：1,560名）。大部分

雇员于中国工作。本集团按照雇员之表现、经

验及当前市场水平厘定雇员薪酬，绩效花红则

由本集团酌情授出。

致谢

本人谨借此机会代表董事会衷心感谢各员工、

股东及业务伙伴年内之持续贡献及支持。

张丽珍

主席

香港

二零二五年六月二十六日

Employee and Remuneration Policies

As at 31 March 2025, the Group employed approximately 1,530

employees (2024: 1,560). The majority of our employees work

in the PRC. The Group remunerated our employees based on

their performance, experiences and prevailing market rates while

performance bonuses are granted on a discretionary basis.

Appreciation

On behalf of the Board, I would like to take this opportunity to

express our sincere appreciation to our employees, shareholders

and business associates for their continual contribution and

support throughout the year.

Cheung Lai Chun, Maggie

Chairman

Hong Kong

26 June 2025

11Annual Report 2024/2025 二零二四年至二零二五年年报

Directors and Senior Management董事及高级管理人员

Executive Directors

Cheung Lai Chun, Maggie, aged 67, was appointed as

Chairman of the Group on 17 March 2017 and joined the

Group in 1984. She obtained a degree in Bachelor of Science

from Kingston University London, England. She is responsible

for formulating the Group’s overall strategic planning and

development.

Ms. Cheung Lai Chun, Maggie is the sister of Mr. Cheung Shu

Wan, the Managing Director, Ms. Cheung Lai See, Sophie, an

Executive Director, Dr. Cheung Shu Sang, William, an Executive

Director and Mr. Cheung Shu Chun, Simon, the Director of Cost

Innovation. She is also the aunt of Mr. Cheung Man Ho, Timothy,

the General Manager of Allan Trading (HK) Company Limited and

Mr. Cheung Man Hoi, Calvin, the Marketing Manager of Allan

Trading (HK) Company Limited.

Ms. Cheung is a Director of all subsidiaries of the Company.

She is also a Director of Unison Associates Limited and Allan

Investment Company Limited, controlling shareholders of the

Company. As at 31 March 2025, according to the register

maintained by the Company pursuant to section 352 of the

Securities and Futures Ordinance (“SFO”), Ms. Cheung had

personal interest in 600,000 shares and The Cheung Lun Family

Trust (the beneficiaries of which include Ms. Cheung and other

family members other than spouse) directly and indirectly had

interest in 154,349,960 shares. Details of her interests are set

out in the “Directors’ and Chief Executives’ Interests and Short

Positions in Shares, Underlying Shares and Debentures” of this

report.

Cheung Shu Wan, aged 64, is the Managing Director of the

Group and joined the Group in 1983. He obtained a degree in

Bachelor of Science from the University of London, England. He

is responsible for the sales & marketing functions and the overall

manufacturing operations of the Group. He also assists the

Chairman in corporate strategic planning and development.

执行董事

张丽珍，现年六十七岁，于二零一七年三月

十七日获委任为集团主席。彼于一九八四年加

入本集团，持有英国金斯顿大学理学士学位。

彼专责制定本集团之整体策略规划及发展路

向。

张丽珍女士为董事总经理张树稳先生、执行董

事张丽斯女士、执行董事张树生博士及成本创

新总监张树春先生之姊姊。彼亦为亚伦贸易

（香港）有限公司总经理张文浩先生及亚伦贸易

（香港）有限公司市场部经理张文海先生的姑

妈。

张女士为本公司所有附属公司之董事，彼亦

为本公司之控股公司，Unison Associates

Limited及亚伦投资有限公司之董事。于二零

二五年三月三十一日，根据证券及期货条例

第352条须记入该条例所述登记册，张女士个

人及The Cheung Lun Family Trust（其受益

人包括张女士及家族其他成员（配偶除外））直

接和间接分别持有本公司600,000股股份及

154,349,960股股份。其权益已详载于本年报

「董事及主要行政人员于股份、相关股份、债

权证之权益及淡仓」一节内。

张树稳，现年六十四岁，为本集团董事总经

理。彼于一九八三年加入本集团，持有英国伦

敦大学理学士学位。彼负责本集团之营业及市

场推广业务及整体生产业务，亦协助主席制定

本集团策略规划及发展路向。

Allan International Holdings Limited亚伦国际集团有限公司12

Directors and Senior Management董事及高级管理人员

Executive Directors (Continued)

Mr. Cheung Shu Wan is the brother of Ms. Cheung Lai Chun,

Maggie, the Chairman, Ms. Cheung Lai See, Sophie, an

Executive Director, Dr. Cheung Shu Sang, William, an Executive

Director and Mr. Cheung Shu Chun, Simon, the Director of Cost

Innovation. He is also the father of Mr. Cheung Man Ho, Timothy,

the General Manager of Allan Trading (HK) Company Limited and

the uncle of Mr. Cheung Man Hoi, Calvin, the Marketing Manager

of Allan Trading (HK) Company Limited.

Mr. Cheung is a Director of all subsidiaries of the Company.

He is also a Director of Unison Associates Limited and Allan

Investment Company Limited, controlling shareholders of the

Company. As at 31 March 2025, according to the register

maintained by the Company pursuant to section 352 of the SFO,

Mr. Cheung had personal interest in 46,779,335 shares and The

Cheung Lun Family Trust (the beneficiaries of which include Mr.

Cheung and other family members other than spouse) directly

and indirectly had interest in 154,349,960 shares. Details of his

interests are set out in the “Directors’ and Chief Executives’

Interests and Short Positions in Shares, Underlying Shares and

Debentures” of this report.

Cheung Lai See, Sophie, aged 62, is an Executive Director of

the Group and joined the Group in 1995. She obtained a degree

in Bachelor of Science from the University of London, England

and a master degree in Business Management from the City

University, England. She is responsible for the financial and

administration functions of the Group.

Ms. Cheung Lai See, Sophie is the sister of Ms. Cheung

Lai Chun, Maggie, the Chairman, Mr. Cheung Shu Wan, the

Managing Director, Dr. Cheung Shu Sang, William, an Executive

Director and Mr. Cheung Shu Chun, Simon, the Director of Cost

Innovation. She is also the aunt of Mr. Cheung Man Ho, Timothy,

the General Manager of Allan Trading (HK) Company Limited and

Mr. Cheung Man Hoi, Calvin, the Marketing Manager of Allan

Trading (HK) Company Limited.

执行董事（续）

张树稳先生为主席张丽珍女士、执行董事张丽

斯女士、执行董事张树生博士及成本创新总监

张树春先生的兄弟。彼亦为亚伦贸易（香港）

有限公司总经理张文浩先生的父亲及亚伦贸易

（香港）有限公司市场部经理张文海先生的叔

父。

张先生为本公司所有附属公司之董事，彼亦

为本公司之控股公司，Unison Associates

Limited及亚伦投资有限公司之董事。于二零

二五年三月三十一日，根据证券及期货条例

第352条须记入该条例所述登记册，张先生个

人及The Cheung Lun Family Trust（其受益人

包括张先生及家族其他成员（配偶除外））直接

和间接分别持有本公司46,779,335股股份及

154,349,960股股份。其权益已详载于本年报

「董事及主要行政人员于股份、相关股份、债

权证之权益及淡仓」一节内。

张丽斯，现年六十二岁，为本集团执行董事。

彼于一九九五年加入本集团，持有英国伦敦大

学理学士学位及英国城市大学工商管理硕士学

位。彼负责本集团之财务及行政事宜。

张丽斯女士为主席张丽珍女士、董事总经理张

树稳先生、执行董事张树生博士及成本创新总

监张树春先生之姊妹。彼亦为亚伦贸易（香港）

有限公司总经理张文浩先生及亚伦贸易（香港）

有限公司市场部经理张文海先生的姑姐。

13Annual Report 2024/2025 二零二四年至二零二五年年报

Directors and Senior Management董事及高级管理人员

Executive Directors (Continued)

Ms. Cheung is a Director of all subsidiaries of the Company.

She is also a Director of Unison Associates Limited and Allan

Investment Company Limited, controlling shareholders of the

Company. As at 31 March 2025, according to the register

maintained by the Company pursuant to section 352 of the SFO,

Ms. Cheung had personal interest in 1,258,000 shares and The

Cheung Lun Family Trust (the beneficiaries of which include

Ms. Cheung and other family members other than spouse)

directly and indirectly had interest in 154,349,960 shares of the

Company. Details of her interests are set out in the “Directors’

and Chief Executives’ Interests and Short Positions in Shares,

Underlying Shares and Debentures” of this report.

Cheung Shu Sang, William, aged 60, is an Executive Director

and joined the Group in 1994. He holds a BSc degree in

Computing Science and a MSc degree in Management Science,

both at Imperial College London. He also holds a PhD degree

in Automation from the University of Bristol, and is a member

of The Hong Kong Institution of Engineers. He is in charge of

engineering, research and development functions, and also

management of intellectual property/patent application of the

Group.

Dr. Cheung Shu Sang, William is the brother of Ms. Cheung

Lai Chun, Maggie, the Chairman, Mr. Cheung Shu Wan, the

Managing Director, Ms. Cheung Lai See, Sophie, an Executive

Director and Mr. Cheung Shu Chun, Simon, the Director of Cost

Innovation. He is also the uncle of Mr. Cheung Man Ho, Timothy,

the General Manager of Allan Trading (HK) Company Limited and

Mr. Cheung Man Hoi, Calvin, the Marketing Manager of Allan

Trading (HK) Company Limited.

Dr. Cheung is a Director of Allan Trading (HK) Company Limited

and Total Profits Limited, all being subsidiaries of the Company.

He is also a director of Allan Investment Co. Ltd., a controlling

shareholder of the Company. As at 31 March 2025, according to

the register maintained by the Company pursuant to section 352

of the SFO, Dr. Cheung has personal interest in 900,000 shares

and The Cheung Lun Family Trust (the beneficiaries of which

include Dr. Cheung and other family members other than spouse)

directly and indirectly has interest in 154,349,960 shares.

Details of his interests are set out in the “Directors’ and Chief

Executives’ Interests and Short Positions in Shares, Underlying

Shares and Debentures” of this report.

执行董事（续）

张女士为本公司所有附属公司之董事，彼亦

为本公司之控股公司，Unison Associates

Limited及亚伦投资有限公司之董事。于二零

二五年三月三十一日，根据证券及期货条例

第352条须记入该条例所述登记册，张女士个

人及The Cheung Lun Family Trust（其受益

人包括张女士及家族其他成员（配偶除外））直

接和间接分别持有本公司1,258,000股股份及

154,349,960股股份。其权益已详载于本年报

「董事及主要行政人员于股份、相关股份、债

权证之权益及淡仓」一节内。

张树生，现年六十岁，为本集团执行董事，于

一九九四年加入本集团。彼持有英国伦敦帝国

学院理学士学位及管理科学硕士学位，以及布

里斯托大学自动机械博士学位及为香港工程师

学会会员。彼主管本集团之工程、研究及开发

业务，以及管理有关申请知识产权及专利注册

的事务。

张树生博士为主席张丽珍女士、董事总经理张

树稳先生、执行董事张丽斯女士及成本创新总

监张树春先生之弟弟。彼亦为亚伦贸易（香港）

有限公司总经理张文浩先生及亚伦贸易（香港）

有限公司市场部经理张文海先生的叔父。

张博士为亚伦贸易（香港）有限公司及Total

Profits Limited（全属本公司附属公司）之董

事。彼亦为本公司控股股东亚伦投资有限公

司之董事。于二零二五年三月三十一日，根

据证券及期货条例第352条须记入该条例所

述登记册，张博士个人及The Cheung Lun

Family Trust（其受益人包括张博士及家族其他

成员（配偶除外））直接和间接分别持有本公司

900,000股股份及154,349,960股股份。其权

益已详载于本年报「董事及主要行政人员于股

份、相关股份、债权证之权益及淡仓」一节内。

Allan International Holdings Limited亚伦国际集团有限公司14

Directors and Senior Management董事及高级管理人员

Independent Non-Executive Directors

Choy Wai Sheun, Susan, aged 61, was appointed as an

Independent Non-Executive Director on 29 August 2019. She

obtained her bachelor’s degree of accounting and financial

analysis from University of Newcastle Upon Tyne (UK) in 1985

and a postgraduate diploma from University of New England

(Australia) in 1988. She is a member of the Hong Kong Institute

of Certified Public Accountants.

Lai Ah Ming, Leon, aged 68, was appointed as an Independent

Non-Executive Director in December 1995. He is the chairman of

the remuneration committee and a member of audit committee

of the Company. He is a solicitor majoring in commercial and

property works. He has been an independent non-executive

director of Royal Deluxe Holdings Limited (stock code: 3789)

since 17 January 2017 and Tsun Yip Holdings Limited (stock

code: 8356) since 16 April 2024.

Lo Chor Cheong, Colin, aged 56, was appointed as an

Independent Non-Executive Director on 9 September 2022. He

is currently a director and shareholder of Foo Hang Jewellery

Limited and its family office. He obtained a Bachelor of Arts

honours degree in Economics from York University and is a

Graduate Gemologist from the Gemological Institute of America.

He is a Hospital Governing Committee member of Grantham

Hospital under Hospital Authority, a director of The Hong

Kong Tuberculosis Chest and Heart Diseases Association, and

an Independent Manager of The Incorporated Management

Committee of Tung Wah Group of Hospitals Lo Kon Ting

Memorial College.

独立非执行董事

蔡慧璇，现年六十一岁，于二零一九年八月

二十九日获委任为本公司独立非执行董事。彼

于一九八五年持有纽卡素大学（英国）会计及财

务分析学士学位，及于一九八八年持有新英格

兰大学（澳洲）研究生文凭。她为香港会计师公

会会员。

黎雅明，现年六十八岁，于一九九五年十二月

获委任为独立非执行董事。现为本公司薪酬委

员会主席及审核委员会成员。彼为专注商业及

物业事务之律师。彼自于二零一七年一月十七

日起担任御佳控股有限公司（股份代号：3789）

的独立非执行董事及自二零二四年四月十六日

起担任进业控股有限公司（股份代号：8356）的

独立非执行董事。

卢楚锵，现年五十六岁，于二零二二年九月九

日获委任为本公司独立非执行董事。彼为其家

族富衡珠宝行有限公司的股东兼董事。彼持有

约克大学经济学学士学位，并且是美国宝石研

究院的研究宝石学家。彼为葛量洪医院医院管

治委员会成员、香港防痨心脏及胸病协会董事

及东华三院卢干庭纪念中学法团校董会独立校

董。

15Annual Report 2024/2025 二零二四年至二零二五年年报

Directors and Senior Management董事及高级管理人员

高级管理人员

张树春，现年六十五岁，为成本创新总监，于

一九八三年加入本集团。彼持有英国威尔斯大

学理学士学位。彼主要负责本集团之采购及开

发供应商业务。

张树春先生为主席张丽珍女士、董事总经理张

树稳先生、执行董事张丽斯女士、执行董事张

树生博士之兄弟。彼亦为亚伦贸易（香港）有限

公司市场部经理张文海先生的父亲及亚伦贸易

（香港）有限公司总经理张文浩先生的伯父。

张先生为亚伦电业制造有限公司、Allan

International Limited、亚伦塑胶厂有限公司、

亚伦贸易（香港）有限公司、雅美工业有限公

司、艺成（远东）塑胶五金厂有限公司、（全属

本公司附属公司）之董事。彼亦为本公司控股

股东亚伦投资有限公司之董事。张先生是The

Cheung Lun Family Trust其中一位受益人（其

受益人包括张先生及家族其他成员（配偶除

外）），间接持有本公司154,349,960股股份。

张文浩，现年三十四岁，为亚伦贸易（香港）有

限公司总经理，于二零二一年加入本集团。彼

持有伦敦政治经济学院法律学学士学位和帝国

学院商学院管理学硕士学位。彼负责亚伦贸易

（香港）有限公司的所有业务。

张文浩先生为董事总经理张树稳先生之公子；

主席张丽珍女士、执行董事张丽斯女士、执行

董事张树生博士及成本创新总监张树春先生之

侄儿。彼亦为亚伦贸易（香港）有限公司市场部

经理张文海先生之堂兄。

Senior Management

Cheung Shu Chun, Simon, aged 65, is the Director of Cost

Innovation and joined the Group in 1983. He obtained a degree

in Bachelor of Science from the University of Wales, England. He

is responsible for the purchasing and sourcing functions of the

Group.

Mr. Cheung Shu Chun, Simon is the brother of Ms. Cheung

Lai Chun, Maggie, the Chairman, Mr. Cheung Shu Wan, the

Managing Director, Ms. Cheung Lai See, Sophie, an Executive

Director and Dr. Cheung Shu Sang, William, an Executive

Director. He is also the father of Mr. Cheung Man Hoi, Calvin, the

Marketing Manager of Allan Trading (HK) Company Limited and

the uncle of Mr. Cheung Man Ho, Timothy, the General Manager

of Allan Trading (HK) Company Limited.

Mr. Cheung is a director of Allan Electric Mfg. Limited, Allan

International Limited, Allan Plastic Mfg. Limited, Allan Trading

(HK) Company Limited, Artreal Manufactory Limited, Ngai

Shing (Far East) Plastic & Metalwares Factory Ltd., all being

subsidiaries of the Company. He is also a director of Allan

Investment Co. Ltd., a controlling shareholder of the Company.

Mr. Cheung is one of the beneficiaries of The Cheung Lun Family

Trust (the beneficiaries of which include Mr. Cheung and other

family members other than spouse) which indirectly has interest

in 154,349,960 shares of the Company.

Cheung Man Ho Timothy, aged 34, is the General Manager

of Allan Trading (HK) Company Limited and joined the group

in 2021. He obtained a bachelor’s degree in Law from London

School of Economics and Political Sciences and an MSc degree

in Management from Imperial College Business School. He is

responsible for all functions of Allan Trading (HK) Company

Limited.

Mr. Cheung Man Ho, Timothy is the son of Mr. Cheung Shu

Wan; the Managing Director; nephew of Ms. Cheung Lai

Chun, Maggie, the Chairman, Ms. Cheung Lai See, Sophie, an

Executive Director, Dr. Cheung Shu Sang, William, an Executive

Director and Mr. Cheung Shu Chun, Simon, the Director of Cost

Innovation. He is also a cousin of Mr. Cheung Man Hoi, the

Marketing Manager of Allan Trading (HK) Company Limited.

Allan International Holdings Limited亚伦国际集团有限公司16

Directors and Senior Management董事及高级管理人员

高级管理人员（续）

张文海，现年三十四岁，为亚伦贸易（香港）

有限公司市场部经理，于二零一九年加入本集

团，彼持有英国伦敦皇家哈洛威学院经济学学

士学位。彼负责亚伦贸易（香港）有限公司营业

及市场推广业务。

张文海先生是成本创新总监张树春先生之公

子；主席张丽珍女士、董事总经理张树稳先

生、执行董事张丽斯女士及执行董事张树生博

士之侄儿。彼亦为亚伦贸易（香港）有限公司总

经理张文浩先生之堂弟。

李永江，现年六十五岁，为质量保证总监，于

二零一三年加入本集团。彼持有香港理工学院

电机工程高级文凭。彼主管本集团之质量保证

业务。

曾咏棠，现年五十八岁，为制造总监，于

一九八七年加入本集团。彼主要负责管理及监

控制造业务。

唐安妮，现年三十七岁，为本公司之公司秘书

及本集团之财务及会计经理，于二零二三年加

入本集团。彼持有香港科技大学工商管理会计

学及管理学学士学位。唐女士为香港会计师公

会会员。彼主管本公司之公司秘书职务及本集

团所有财务及会计事宜。

Senior Management (Continued)

Cheung Man Hoi, Calvin, aged 34, is the Marketing Manager

of Allan Trading (HK) Company Limited and joined the Group in

2019. He obtained a bachelor’s degree in Economics from Royal

Holloway, University of London. He is responsible for sales and

marketing function of Allan Trading (HK) Company Limited.

Mr. Cheung Man Hoi, Calvin is the son of Mr. Cheung Shu Chun,

Simon; the Director of Cost Innovation; nephew of Ms. Cheung

Lai Chun, Maggie, the Chairman, Mr. Cheung Shu Wan, the

Managing Director, Ms. Cheung Lai See, Sophie, an Executive

Director and Dr. Cheung Shu Sang, William, an Executive

Director. He is also a cousin of Mr. Cheung Man Ho, the General

Manager of Allan Trading (HK) Company Limited.

Li Wing Kong, aged 65, is the Director of Quality Assurance

and joined the Group in 2013. He obtained a Higher Diploma

of Electrical Engineering from Hong Kong Polytechnic. He is

responsible for the Quality Assurance function of the Group.

Tsang Wing Tong, Michelle, aged 58, is the Director of

Manufacturing and joined the Group in 1987. She is responsible

for the manufacturing management and control function of the

Group.

Tong On Ni, aged 37, is the Company Secretary and Finance

and Accounts Manager of the Group and joined the Group in

2023. She holds a bachelor’s degree in professional accounting

and management from The Hong Kong University of Science

and Technology. Ms. Tong is a member of the Hong Kong

Institute of Certified Public Accountants. She is responsible for

the Company’s secretarial duties and financial and accounting

aspects of the Group.

17Annual Report 2024/2025 二零二四年至二零二五年年报

Directors’ Report董事会报告

The directors present their annual report and the audited

consolidated financial statements for the year ended 31 March

2025.

Principal Activities

The Company acts as an investment holding company and

provides corporate management services. The activities of its

principal subsidiaries are set out in Note 33 to the consolidated

financial statements.

Business Review

A review of the Group’s business during the year, including an

analysis using financial key performance indicators, the principal

risks and uncertainties faced by the Group, important events

affecting the Group and an indication of likely future development

of the Group’s business can be found in “Financial Highlights” set

out on page 4, “Letter to Shareholders” set out on Pages 5 to 10

and “Financial Risk Management objectives and policies” (Note

28b) set out on pages 132 to 144 of this annual report.

Relationship with Stakeholders

The success of the Group depends on the support from key

stakeholders which comprise customers, suppliers, employees

and shareholders.

Customers

The Group’s major customers are companies selling household

electrical appliances under well-known brand names. The Group

maintains long-term and good relationship with its customers.

The Group strives to provide excellent service and quality

products to our customers.

Suppliers

Supply chain is a critical aspect of our operations. The Group

maintains long-term and good relationship with its suppliers.

The Group selects its suppliers based on assessment criteria

including, among others, cost, quality, experience, capability,

capacity, sustainability and ethical behavior. The Group requires

all suppliers to comply with relevant manufacturing and safety

standards. The Group has communicated to all the suppliers

of the Group’s strict compliance to anti-bribery which is also

required to be observed by all suppliers.

董事会提呈本公司截至二零二五年三月三十一

日止年度之年报及经审核综合财务报告书。

主要业务

本公司乃一间投资控股公司，并提供公司管理

服务。其主要的附属公司之业务详见综合财务

报告书附注33。

业务回顾

本集团于年内的业务回顾包括财务关键表现指

标分析、本集团所面对的主要风险及不明朗因

素、发生对本集团造成影响的重大事件以及本

集团业务很可能出现的未来发展的预示，已列

示于本年报第4页的「财务摘要」，第5至10页

的「致股东函件」及第132至第144页的「财务风

险管理目标及政策」（附注28b）。

与利益相关者的关系

本集团的成功有赖于与主要的利益相关者包括

客户、供应商、员工和股东的支持。

顾客

本集团的主要客户为家庭电器知名品牌客户。

本集团长期与客户保持良好的关系。本集团致

力提供优良的服务和优质的产品给我们的客

户。

供应商

供应链是我们运作的一个重要环节。本集团长

期保持与供应商的良好合作关系。本集团拣选

供应商基于一套评估标准，当中包括成本、质

量、经验、能力、产能、可持续发展和道德行

为。集团要求所有供应商遵守相关的制造和安

全标准。本集团已传达给所有供应商有关本集

团严格遵守反贿赂条例，及要求所有供应商留

意遵守。

Allan International Holdings Limited亚伦国际集团有限公司18

Directors’ Report董事会报告

Relationship with Stakeholders (Continued)

Employees

Employees are one of the most valuable assets of the Group. The

Group provides competitive remuneration package together with

safe and harmonious workplace. In-house and external trainings

and seminars are provided to employee for their business and

personal development. Recreational activities are organized

periodically and employees are encouraged to participate in

volunteer work. The Group has been nominated and awarded

“Caring Company” since 2007. The Group also received “Happy

Company Award” since 2014 in recognition of our continuous

commitment in building happy workplace culture and a pleasant

working environment for employees.

Shareholders

The Group endeavors to maximize the return to its shareholders.

The Group strives to achieve profit growth and stable dividend

payouts taking into account the business development needs

and financial health of the Group.

Environmental Policies

The Group recognizes the importance of achieving environmental

sustainability. The Group is committed to comply with the

relevant environmental standards and policies related to

its business operations in the PRC and Hong Kong. The

manufacturing sites in the PRC and our head office in Hong Kong

are certified with the ISO 14001:2004 standard for environmental

management system. The Group incorporates the Reduce,

Reuse and Recycle principle and implements environmental-

friendly measures in operations and workplaces to achieve

efficient use of resources, waste reduction and energy saving.

The Company will publish its standalone Environmental, Social

and Governance Report for the year ended 31 March 2025 on

the websites of the Stock Exchange (http://www.hkexnews.hk)

and the Company (http://www.allan.com.hk) in due course.

Further discussion on the Group’s environmental policies and

performance and key relationships with employees, customers,

suppliers and others are also set out in the Environmental, Social

and Government Report.

与利益相关者的关系（续）

雇员

员工是集团最宝贵的资产之一。本集团提供具

竞争性的薪酬、安全及和谐的工作环境。我们

提供企业内部和外部的培训和研讨会，让员

工在业务和个人得以发展。亦会定期举办休闲

活动，并鼓励员工参与义工工作。自二零零七

年以来，本集团一直被提名并荣获「商界展关

怀」。本集团亦由二零一四年以来荣获「开心企

业」，认可本集团持续建立开心工作文化，为

雇员建设愉快的工作环境。

股东

本集团致力为股东带来最大的回报。集团基于

业务发展需要及财务状况考虑下，努力实现利

润增长和支付稳定的股息。

环境政策

本集团确认实现环境可持续性的重要性。集团

承诺遵守有关在中国和香港的业务营运相关的

环境标准和政策。位于中国的生产基地和香港

的总公司已取得ISO 14001:2004标准环境管

理体系认证。本集团以减低、再用和再循环的

原则，实现业务和工作场所的环保措施，以达

到资源的有效利用，减少废物和节约能源。

本公司将于适当时候独立在联交所网站

（http://www.hkexnews.hk）及本公司网

站（http://www.allan.com.hk）上发布截至

二零二五年三月三十一日止年度的环境、社会

及管治报告。本集团环保政策及表现之探讨及

与其雇员、顾客、供应商及其他人士的重要关

系之详情亦载于环境、社会及管治报告。

19Annual Report 2024/2025 二零二四年至二零二五年年报

Directors’ Report董事会报告

遵守法例及规例

于二零二五年三月三十一日止年度，就适用的

法律和法规，本集团并无重大违反或不遵守而

对本集团的业务及操作有重大影响。

董事于竞争业务的利益

于年内，董事概无与本集团业务直接或间接构

成竞争业务或有可能竞争之任何业务中持有利

益。

业绩及股息

本集团截至二零二五年三月三十一日止年度之

业绩及集团于当日之财务状况见第55至57页

集团之综合财务报告书。

年内已派发中期股息每股2港仙总金额666万

1千港元。董事会不建议派发截至二零二五年

三月三十一日止年度末期股息。

主要客户及供应商

本集团最大供应商及客户之购货额及销售额所

占百分比如下：

Compliance with laws and regulations

For the year ended 31 March 2025, there was no material breach

of or non-compliance with the applicable laws and regulations

by the Group that has a significant impact on the business and

operations of the Group.

Directors’ Interests in Competing

Business

During the year, none of the Directors was interested in any

business which competed or was likely to compete, either

directly or indirectly, with the business of the Group.

Results and Dividends

The results of the Group for the year ended 31 March 2025

and the Group’s financial position at that date are set out in the

Group’s consolidated financial statements on pages 55 to 57.

An interim dividend of HK2 cents per ordinary share amounting

to HK$6,661,000 in aggregate was paid to the ordinary

shareholders during the year. The Board does not recommend

the distribution of dividend for the year ended 31 March 2025.

Major Customers and Suppliers

The percentage of purchases and sales attributable to the

Group’s largest suppliers and customers are as follows:

Purchases购货额

– the largest supplier－最大供应商8%

– five largest suppliers combined－五大供应商合计29%

Sales销售额

– the largest customer－最大顾客31%

– five largest customers combined－五大顾客合计95%

Allan International Holdings Limited亚伦国际集团有限公司20

Directors’ Report董事会报告

Major Customers and Suppliers (Continued)

At no time during the year did a director, an associate of

a director or a shareholder of the Company (which to the

knowledge of the directors owns more than 5% of the

Company’s share capital) has an interest in any of the Group’s

five largest suppliers or customers.

Five Year Financial Summary

A summary of the results and the assets and liabilities of the

Group for the last five financial years is set out on page 156 of

the annual report.

Share Capital

Details of movements during the year in the share capital of the

Company are set out in Note 26 to the consolidated financial

statements.

Purchase, Redemption or Sale of Listed

Securities of the Company

During the Year, neither the Company nor any of its subsidiaries

purchased, sold or redeemed any of the Company’s listed

securities.

Distributable Reserves of the Company

In addition to the retained profits, under the Companies Act 1981

of Bermuda (as amended), the contributed surplus account of

the Company is available for distribution. However, the Company

cannot declare or pay a dividend, or make a distribution out of

contributed surplus if:

(a) it is, or would after the payment be, unable to pay its

liabilities as they become due; or

(b) the realisable value of its assets would thereby be less than

the aggregate of its liabilities and its issued share capital

and share premium account.

In the opinion of the directors, the Company’s reserves available

for distribution to shareholders as at 31 March 2025 comprised

the retained profit of HK$210,598,000 (2024: HK$261,371,000).

主要客户及供应商（续）

各董事、彼等之联系人士或股东（指就董事会

所知持有本公司逾5%股本之股东）于年内任何

时间概无拥有以上供应商或客户之任何权益。

五年财务概要

有关本集团最近的五个财政年度之业绩、资产

及负债概要载于本年报的第156页。

股本

有关本公司本年度之股本变动详情载于综合财

务报告书附注26。

购买、赎回及出售本公司上市

证券

于年内，本公司及其附属公司概无购买、出售

或赎回本公司任何上市证劵。

本公司可供分派储备

除保留溢利外，根据百慕达一九八一年公司法

（修订本），缴入盈余亦可供分派。惟本公司不

可宣派或派付股息或分派自缴入盈余，倘︰

(a) 于作出分派后无法偿还其到期负债；或

(b) 其可变现资产值将因此少于其负债以及

其已发行股本及股份溢价账之总和。

董事认为本公司于二零二五年三月三十一日可

供分派予股东之储备含保留溢利为2亿1,059

万8千港元（二零二四年：2亿6,137万1千港

元）。

21Annual Report 2024/2025 二零二四年至二零二五年年报

Directors’ Report董事会报告

投资物业

于二零二五年三月三十一日，位于香港持作投

资之主要物业如下：

地址：

－香港告士打道151号资本中心9楼

－香港告士打道151号资本中心3楼

303号泊车位

－香港告士打道151号资本中心3楼

304号泊车位

地段编号：

－内地段第2755号A节余段

－内地段第2755号余段

现有用途：写字楼出租

租约年期：长期

于二零二五年三月三十一日，位于中国持作投

资之主要物业如下：

地址：

中国广东省惠州市惠澳大道惠南高新科

技产业园金达路6号

现有用途：厂厦出租

租约年期：长期

本集团本年度之投资物业变动详情载于综合财

务报告书附注13。

Investment Properties

As at 31 March 2025, principal properties held for investment

purposes in Hong Kong are as follows:

Address:

– 9th Floor, Capital Centre, No. 151 Gloucester Road,

Hong Kong

– Car Parking Space No. 303 on 3rd Floor, Capital

Centre, No. 151 Gloucester Road, Hong Kong

– Car Parking Space No. 304 on 3rd Floor, Capital

Centre, No. 151 Gloucester Road, Hong Kong

Lot No.:

– The Remaining Portion of Section A of the Inland Lot

No. 2755

– The Remaining Portion of Inland Lot No. 2755

Existing Use: Office rental

Lease Term: Long term

As at 31 March 2025, principal properties held for investment

purposes in the PRC are as follows:

Address:

No. 6, Jin Da Road, Hui Nan Hi-Tech Industrial Park, HuiAo

Highway, Huizhou, Guangdong, The PRC

Existing Use:Factory rental

Lease Term:Long term

Details of the movement in investment properties of the Group

during the year are set out in Note 13 to the consolidated

financial statements.

Allan International Holdings Limited亚伦国际集团有限公司22

Directors’ Report董事会报告

Property, Plant and Equipment

During the year, the Group spent approximately HK$1,769,000

on addition of 4 motor vehicles for replacement purpose.

Details of movements during the year in the property, plant

and equipment of the Group are set out in Note 14 to the

consolidated financial statements.

Directors and Directors’ Service

Contracts

The directors of the Company during the year and up to the date

of this report were:

Executive Directors

Ms. Cheung Lai Chun, Maggie (Chairman)

Mr. Cheung Shu Wan (Managing Director)

Ms. Cheung Lai See, Sophie

Dr. Cheung Shu Sang, William

Independent Non-Executive Directors

Ms. Choy Wai Sheun, Susan

Mr. Lai Ah Ming, Leon

Mr. Lo Chor Cheong, Colin

According to bye-law 84 of the Company’s Bye-laws, Mr.

Cheung Shu Wan and Mr. Lai Ah Ming, Leon will retire by rotation

at the forthcoming Annual General Meeting and, being eligible,

offer themselves for re-election.

The term of office of each director is the period up to his/her

retirement by rotation in accordance with the Company’s Bye-

laws.

None of the directors of the Company proposed for re-election at

the forthcoming Annual General Meeting has any service contract

with the Company or any of its subsidiaries not determinable

by the employing company within one year without payment of

compensation (other than statutory compensation).

Biographical details of the directors of the Company are set out

on pages 11 to 14 of this annual report.

物业、厂房及设备

年内，本集团斥资约176万9千港元购入4辆汽

车为更换目的。本集团及本公司之物业、厂房

及设备之变动之情况载于综合财务报告书附注

14。

董事及董事服务合约

于年内至本报告发表当日本公司之董事如下：

执行董事

张丽珍女士（主席）

张树稳先生（董事总经理）

张丽斯女士

张树生博士

独立非执行董事

蔡慧璇女士

黎雅明先生

卢楚锵先生

根据本公司之公司细则第84条，张树稳先生

及黎雅明先生将于应届股东周年大会上轮值告

退，及彼等均符合资格并愿膺选连任。

根据本公司之公司细则，各董事之任期直至须

轮值告退为止。

应届股东周年大会候选连任之本公司董事概无

与本公司或其任何附属公司订立不可于一年内

终止而毋须作出补偿（法定赔偿除外）之服务合

约。

本公司董事的履历详情载于本年报第11至第

14页。

23Annual Report 2024/2025 二零二四年至二零二五年年报

Directors’ Report董事会报告

董事及主要行政人员于股份、

淡仓

于二零二五年三月三十一日，本公司董事及主

要行政人员及其联系人士于本公司及其联营公

司的股份、相关股份及债权证中拥有权益或淡

仓记载于本公司按证券及期货条例第352条须

置存之登记册内的权益或淡仓，或根据上市发

行人董事进行证券交易标准守则（「标准守则」）

之规定须知会本公司及香港联合交易所有限公

司（「联交所」）的权益或淡仓如下：

本公司每股面值0.10港元之普通股

Directors’ and Chief Executives’

Interests and Short Positions in Shares,

Underlying Shares and Debentures

At 31 March 2025, the interests and short positions of the

directors and the chief executives and their associates in the

shares, underlying shares and debentures of the Company

and its associated corporations, as recorded in the register

maintained by the Company pursuant to Section 352 of the

Securities and Futures Ordinance (“SFO”), or as otherwise

notified to the Company and the Stock Exchange of Hong Kong

Limited (“Stock Exchange”) pursuant to the Model Code for

Securities Transactions by Directors of Listed Issuers (the “Model

Code”), were as follows:

Ordinary shares of HK$0.10 each of the Company

Number of ordinary shares heldApproximate %

of the issued

share capital

of the Company

所持普通股数目

NameCapacity

Personal

interest

Other

interestTotal

姓名身份个人权益其他权益总数

占公司已发行股份

之概约百分比

Mr. Cheung Shu WanBeneficial Owner46,779,335

张树稳先生实益拥有人

Beneficiary of trust

信托受益人

154,349,960

(Note)

（附注）

201,129,29560.39%

Ms. Cheung Lai Chun, MaggieBeneficial Owner600,000

张丽珍女士实益拥有人

Beneficiary of trust

信托受益人

154,349,960

(Note)

（附注）

154,949,96046.52%

Ms. Cheung Lai See, SophieBeneficial Owner1,258,000

张丽斯女士实益拥有人

Beneficiary of trust

信托受益人

154,349,960

(Note)

（附注）

155,607,96046.72%

Dr. Cheung Shu Sang, WilliamBeneficial Owner900,000

张树生博士实益拥有人

Beneficiary of trust

信托受益人

154,349,960

(Note)

（附注）

155,249,96046.61%

Allan International Holdings Limited亚伦国际集团有限公司24

Directors’ Report董事会报告

Directors’ and Chief Executives’

Interests and Short Positions in Shares,

Underlying Shares and Debentures

(Continued)

Ordinary shares of HK$0.10 each of the Company (Continued)

Note:

The references to 154,349,960 shares relate to the same block of

shares in the Company, of which 134,821,960 shares are held by

Allan Investment Co. Limited (“AICL”), 12,958,000 shares are held by

Commence Investment Limited (“CIL”) and 6,570,000 shares are held by

Unison Associates Limited (“UAL”). AICL and CIL are owned as to 89%

and 100% respectively by UAL. Credit Suisse Trust Limited as trustee of

The Cheung Lun Family Trust (“Trust”) holds 100% of the shareholding of

UAL and the discretionary beneficiaries of the Trust are, among others,

Mr. Cheung Shu Wan, Ms. Cheung Lai Chun, Maggie, Ms. Cheung Lai

See, Sophie and Dr. Cheung Shu Sang, William.

Save as disclosed above, none of the directors or chief

executives, nor their associates, of the Company had, as at

31 March 2025, any interests or short positions in the shares,

underlying shares and debentures of the Company or any of its

associated corporations (within the meaning of Part XV of the

SFO) which would have to be notified to the Company and the

Stock Exchange pursuant to Divisions 7 and 8 of Part XV of

the SFO (including interests or short positions which they were

taken or deemed to have under such provisions of the SFO), or

which were recorded in the register required to be kept by the

Company pursuant to Section 352 of the SFO, or which were

required to be notified to the Company and the Stock Exchange

pursuant to the Model Code.

Arrangement to Purchase Shares or

Debentures

At no time during the year was the Company or any of its

subsidiaries, a party to any arrangements to enable the directors

of the Company to acquire benefits by means of the acquisition

of shares in, or debentures of, the Company or any other body

corporate.

董事及主要行政人员于股份、

购买股份或债券之安排

本公司或其任何附属公司于年内概无参与任何

安排，使本公司董事可藉购入本公司或其他公

司之股份或债券而获益。

25Annual Report 2024/2025 二零二四年至二零二五年年报

Directors’ Report董事会报告

Appointment of Independent

Non-Executive Directors

The Company has received, from each of the independent non-

executive directors, an annual confirmation of his independence

pursuant to Rule 3.13 of the Rules Governing the Listing of

Securities on the Stock Exchange (the “Listing Rules”). The

Company considers all of the independent non-executive

directors are independent.

Directors’ Interests in Transactions,

Arrangement and Contracts of

Significance

Allan International Holdings Limited (“AIHL”), entered into

a tenancy agreement with Ardent Investment Limited (“Ardent”),

a subsidiary of a substantial shareholder of the Company,

pursuant to which Ardent granted to AIHL a tenancy in respect

of certain premises on Unit B & Roof, 23rd Floor, Chaiwan

Industrial Centre, 20 Lee Chung Street, Chai Wan, Hong Kong at

a monthly rent of HK$123,800. The tenancy agreement was for a

term of one year commenced from 1 September 2024. The total

amount of rent paid for the year by the Group in respect of this

agreement was HK$1,485,600.

AIHL, entered into a tenancy agreement with Ardent, pursuant to

which Ardent granted to AIHL a tenancy in respect of car park

No. 33, Chaiwan Industrial Centre, 20 Lee Chung Street, Chai

Wan, Hong Kong at a monthly rent of HK$3,000. The tenancy

agreement was a term of one year commenced from 1 November

2024. The total amount of rent paid for the year by the Group in

respect of this agreement was HK$36,000.

AIHL, entered into a tenancy agreement with Ardent, pursuant to

which Ardent granted to AIHL a tenancy in respect of car park

No. 35, Chaiwan Industrial Centre, 20 Lee Chung Street, Chai

Wan, Hong Kong at a monthly rent of HK$3,000. The tenancy

agreement was a term of one year commenced from 1 November

2024. The total amount of rent paid for the year by the Group in

respect of this agreement was HK$36,000.

独立非执行董事之委任

本公司已接获各独立非执行董事各自发出之确

认书，表示其符合联交所证券上市规则（「上市

规则」）第3.13条规定之独立性。本公司认为，

全体独立非执行董事均为独立人士。

董事于重大交易、安排及

合约之权益

亚伦国际集团有限公司（「亚伦」）与本公司主要

股东的附属公司雅隆投资有限公司（「雅隆」）订

立一项租约，根据该租约，雅隆将位于香港柴

湾利众街20号柴湾中心工业大厦23楼B单位连

天台的物业租予亚伦，月租123,800港元。该

租约由二零二四年九月一日开始，为期一年。

本集团就该租约于本年内所付之租金总额为

1,485,600港元。

亚伦与雅隆订立一项租约，根据该租约，雅隆

将位于香港柴湾利众街20号柴湾中心工业大厦

的33号车位租予亚伦，每月租金3,000港元。

该租约由二零二四年十一月一日开始，为期一

年。本集团就该租约于本年内所付之租金总额

为36,000港元。

亚伦与雅隆订立一项租约，根据该租约，雅隆

将位于香港柴湾利众街20号柴湾中心工业大厦

的35号车位租予亚伦，每月租金3,000港元。

该租约由二零二四年十一月一日开始，为期一

年。本集团就该租约于本年内所付之租金总额

为36,000港元。

Allan International Holdings Limited亚伦国际集团有限公司26

Directors’ Report董事会报告

董事于重大交易、安排及

合约之权益（续）

康伦电业制造有限公司（「康伦」），本公司之全

资拥有附属公司，与海晖有限公司订立一项租

约。海晖有限公司为亚伦投资（本公司之主要

股东）全资拥有附属公司，根据该租约，海晖

有限公司将位于中国广东省惠州市仲恺高新技

术产业开发区沥林镇之部份土地租予康伦，月

租82,000港元。该租约由二零二四年四月一

日开始，为期一年。本集团就该租约于本年内

所付之租金总额为984,000港元。

康伦与亚伦投资订立一项租约。根据该租约，

亚伦投资将位于中国广东省惠州市仲恺高新技

术产业开发区沥林镇之部份物业租予康伦，月

租75,000港元。该租约于二零二四年四月一

日开始，续约一年。本集团就该租约于本年内

所付之租金总额为900,000港元。

本公司之独立非执行董事已批准以上交易，并

认为该些关连交易乃于本公司日常及一般业务

过程中按一般商业条款订立，及以规管交易之

有关协议为根据，其条款属公平合理并符合本

公司股东之整体利益。

除上文所披露者外，于年终或年内任何时间概

无其他由本公司、其控股公司、同系附属公司

或其任何附属公司订立与本公司董事及有关联

人士直接或间接拥有重大权益之重要交易、安

排及合约。

Directors’ Interests in Transactions,

Arrangement and Contracts of

Significance (Continued)

Conan Electric Manufacturing Limited (“Conan”), a wholly owned

subsidiary of the Company, entered into a tenancy agreement

with Fair Pacific Limited, a wholly-owned subsidiary of AICL,

a substantial shareholder of the Company, pursuant to which

Fair Pacific Limited granted to Conan a tenancy in respect of

certain land in Lilin, Zhongkai Hi-Tech Industrial Development

Zone, Huizhou City, Guangdong, the PRC at a monthly rent

of HK$82,000. The tenancy agreement was for a term of one

year commenced from 1 April 2024. The total amount of rent

paid for the year by the Group in respect of this agreement was

HK$984,000.

Conan entered into a tenancy agreement with AICL, pursuant

to which AICL granted to Conan a tenancy in respect of certain

premises in Lilin, Zhongkai Hi-Tech Industrial Development

Zone, Huizhou City, Guangdong, the PRC at a monthly rent

of HK$75,000. The tenancy agreement was for a term of one

year commenced from 1 April 2024. The total amount of rent

paid for the year by the Group in respect of this agreement was

HK$900,000.

The above transactions were approved by the independent non-

executive directors and were conducted on normal commercial

terms in the ordinary course of business of the Group and in

accordance with the terms of the agreement governing such

transactions that are fair and reasonable and in the interests of

the shareholders of the Company as a whole.

Other than disclosed above, no transactions, arrangement and

contracts of significance, to which the Company, its holding

company, fellow subsidiaries or subsidiaries was a party and

in which a director or a connected entity of a director of the

Company had a material interest, whether directly or indirectly,

subsisted at the end of the year or at any time during the year.

27Annual Report 2024/2025 二零二四年至二零二五年年报

Directors’ Report董事会报告

Emolument Policy

Salary package for employees are structured by reference

to market conditions, staff’s experience and individual

performance. Other benefits offered by the Group included

medical insurance, mandatory provident fund scheme, training

subsidies, share option scheme and discretionary bonus.

The emoluments of the directors and senior management are

recommended by the remuneration committee of the Company

and decided by the Board, with reference to the market rates,

commitment, contribution and their duties, and responsibilities

with the Group. Details of directors’ remuneration are set out in

details in Note 8 to the consolidated financial statements.

Substantial Shareholders

As at 31 March 2025, the register of substantial shareholders

maintained by the Company pursuant to Section 336 of the SFO

shows that other than the interests disclosed above in respect of

certain directors and chief executive, the following shareholders

had notified the Company of relevant interests and long/short

positions in the issued share capital of the Company.

薪酬政策

雇员之薪酬福利乃参考市场情况、雇员经验及

个人表现而厘定。本集团提供之其他福利包括

医疗保险、强制性公积金计划、培训补贴、购

股权计划及酌情花红。

董事及高级管理层酬金乃由本公司薪酬委员会

建议并由董事会参考市场价格、承担、贡献及

彼等于本集团之职务及责任而厘定。董事酬金

之详情载于综合财务报告书附注8。

主要股东

于二零二五年三月三十一日，除上文披露若干

董事的权益外，遵照证券及期货条例第336条

存置本公司主要股东的登记册所示，以下股东

及主要行政人员已知会本公司彼等在本公司已

发行股份中拥有的相关权益及好仓╱淡仓。

Allan International Holdings Limited亚伦国际集团有限公司28

Directors’ Report董事会报告

主要股东（续）

主要股东于本公司股份之好仓

Substantial Shareholders (Continued)

Long positions of substantial shareholders in the shares of

the Company

Name of shareholderCapacity

Number of

ordinary shares

Approximate %

of shareholding

股东名称身份普通股股份

占股权之

概约百分比

Credit Suisse Trust LimitedTrustee154,349,96046.34%

信托人

UALHeld by controlled corporation147,779,96044.37%

所控制之公司持有

Beneficial Owner6,570,0001.97%

实益拥有人

AICLBeneficial Owner134,821,96040.48%

亚伦投资实益拥有人

Webb, David Michael (“Mr. Webb”)Held by controlled corporation44,086,00013.24%

所控制之公司持有(Note)

（附注）

Member One Limited (“MOL”)Beneficial Owner18,410,2005.53%

实益拥有人(Note)

（附注）

Preferable Situation Assets Limited

(“PSAL”)

Beneficial Owner

实益拥有人

25,675,800

(Note)

（附注）

7.71%

Note:

MOL and PSAL held 18,410,200 (approximately 5.53%) and 25,675,800

(approximately 7.71%) Shares respectively, representing approximately

13.24% of the total issued Shares in aggregate. MOL and PSAL are

wholly owned by Mr. Webb. Therefore, Mr. Webb is deemed to be

interested in all the Shares held by MOL and PSAL.

附注：

MOL及PSAL分别持有18,410,200股（约5.53%）及

25,675,800股（约7.71%）股份，相当于本公司合共

约13.24%股权。MOL及PSAL由Mr. Webb全资拥

有。因此，Mr. Webb被视为于MOL及PSAL持有的

所有股份中拥有权益。

29Annual Report 2024/2025 二零二四年至二零二五年年报

Directors’ Report董事会报告

Substantial Shareholders (Continued)

Long positions of substantial shareholders in the shares of

the Company (Continued)

On 31 May 2025, after the reporting period, the Company had

been notified that the shares of the controlled corporations of

MOL and PSAL are jointly held by Mr. Webb David Michael (Mr.

Webb) and Ms. Webb Karen Anne (Ms. Webb).

Save as disclosed above, as at 31 March 2025, the Company

has not been notified by any persons (other than directors or

chief executives of the Company) who had interests or short

positions in the shares or underlying shares of the Company

which would fall to be disclosed to the Company under the

provisions of Divisions 2 and 3 of Part XV of the SFO, or

which were recorded in the register required to be kept by the

Company under Section 336 of the SFO.

Donations

During the year, the Group made charitable and other donations

amounting to approximately HK$87,000.

Corporate Governance

The Company is committed to maintaining a high standard of

corporate governance practices. Information on the corporate

governance practices of the Company is set out in the

“Corporate Governance Report” on pages 32 to 47.

主要股东（续）

主要股东于本公司股份之好仓（续）

于二零二五年五月三十一日，报告期后，本

公司获通知，Webb, David Michael先生及

Webb, Karen Anne女士共同持有Member One

Limited及Preferable Situation Assets Limited

股份。

除上文所披露者外，于二零二五年三月三十一

日，概无任何人士（本公司董事或主要行政人

员除外）曾知会本公司拥有根据证券及期货条

例第XV部第2及第3分部之条文须向本公司披

露或记载于本公司按证券及期货条例第336条

置存之登记册内的本公司股份或相关股份之权

益或淡仓。

捐款

年内，本集团给予慈善及其他机构之捐款约为

8万7千港元。

企业管治

本公司致力维持高水平之企业管治常规，有关

本公司之企业管治常规之资料，载于第32至

47页之「企业管治报告」内。

Allan International Holdings Limited亚伦国际集团有限公司30

Directors’ Report董事会报告

优先购买权

本公司之公司细则╱公司章程，及百慕达法例

概无载列有关优先购买权之规定，本公司无须

按此规定而按现有股东之持股比例发行新股。

足够公众持股量

根据本公司公开可得之资料及据董事所知，自

二零二四年四月二十五日至本年报日期，本

公司的公众持股量低于25%，即上市规则第

8.08(1)(a)条所规定的最低规定百分比（「最低

规定百分比」）。据董事所知，截至本年报日

期，本公司的公众持股量约为24.04%。

尽管本公司的公众持股量下跌并非本公司所能

控制，本公司将采取适当措施，确保尽快将公

众持股量恢复至最低规定百分比。

有关公众持股量不足的详情，请参阅本公司日

期为二零二四年六月十四日至二零二五年四月

十七日期间刊发的有关公众持股量的公告。

Pre-Emptive Rights

There are no provisions for pre-emptive rights under the

Company’s bye-laws/articles of association, or the laws of

Bermuda, which would oblige the Company to offer new shares

on a pro-rata basis to existing shareholders.

Sufficiency of Public Float

Based on information that is publicly available to the Company

and within the knowledge of the Directors, the Directors, from

25 April 2024 to the date of this annual report, the Company’s

public float was below 25%, the minimum prescribed percentage

(“Minimum Prescribed Percentage”) as required in Rule 8.08(1)

(a) of the Listing Rules. To the knowledge of the Directors, as at

the date of the annual report, the Company’s public float was

approximately 24.04%.

While the drop of the Company’s public float was beyond the

Company’s control, it will take appropriate steps to ensure the

restoration of the Minimum Prescribed Percentage to public

hands as soon as possible.

For more details of the insufficiency of public float, please refer to

the announcements of the Company dated from 14 June 2024 to

17 April 2025 in relation to the status of its public float.

31Annual Report 2024/2025 二零二四年至二零二五年年报

Directors’ Report董事会报告

Auditor

A resolution will be submitted to the annual general meeting to

re-appoint Messrs. Deloitte Touche Tohmatsu as auditor of the

Company.

On behalf of the Board

Cheung Lai Chun, Maggie

Chairman

Hong Kong

26 June 2025

核数师

于应届股东周年大会上，将会提出一项决议

案，继续委任德勤•关黄陈方会计师行为本公

司核数师。

承董事会命

张丽珍

主席

香港

二零二五年六月二十六日

Allan International Holdings Limited亚伦国际集团有限公司32

Corporate Governance Report企业管治报告

The Company recognizes that good corporate governance is

vital to the success of the Group and the sustained development

of the Group. The Company aims at complying with, where

appropriate, all code provisions as set out in the Corporate

Governance Code (the “CG Code”) contained in Appendix C1

to the Rules Governing the Listing of Securities on The Stock

Exchange of Hong Kong Limited (the “Listing Rules”).

The Company’s corporate governance practices are based on

the principles and the code provisions as set out in the CG Code.

The Company has, throughout the year ended 31 March 2025,

applied and complied with most of the code provisions save for

certain deviations from the code provisions, details of which are

explained below.

Directors’ Securities Transactions

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Issuers (the “Model Code”)

as set out in Appendix C3 to the Listing Rules. The Company

has made specific enquiry to all directors regarding any non-

compliance with the Model Code during the year under review

and they have all confirmed that they had fully complied with the

required standard set out in the Model Code.

Board of Directors

The Board comprises of four Executive Directors, being Ms.

Cheung Lai Chun, Maggie (Chairman), Mr. Cheung Shu Wan

(Managing Director), Ms. Cheung Lai See, Sophie and Dr.

Cheung Shu Sang, William; and three Independent Non-

Executive Directors, being Ms. Choy Wai Sheun, Susan, Mr. Lai

Ah Ming, Leon and Mr. Lo Chor Cheong, Colin. Biographical

details, which include relationships among members of the

Board, are provided in the “Directors and Senior Management”

section of this Annual Report.

本公司深明良好企业管治对本集团之成功及持

续发展十分重要。本公司致力遵守（在适当情

况下）香港联合交易所有限公司证券上市规则

（「上市规则」）附录C1所载之「企业管治守则」

（「企管守则」）中所有守则条文。

本公司之企业管治常规乃根据企管守则所载附

的原则和守则条文而厘订。于截至二零二五年

三月三十一日止年度内，本公司已遵守大部份

守则条文，除了下文所述有关本公司有若干偏

离守则条文之外。

董事进行证券交易

本公司已采纳上市规则附录C3所载之上市发

行人董事进行证券交易的标准守则（「标准守

则」）。本公司已特地就董事于回顾年内有否任

何未有遵守标准守则之行为作出查询，全体董

事均确认彼等已完全遵从标准守则所规定之标

准。

董事会

董事会成员包括四名执行董事，张丽珍女士

（主席）、张树稳先生（董事总经理）、张丽斯女

士及张树生博士；及三名独立非执行董事，蔡

慧璇女士、黎雅明先生及卢楚锵先生。履历详

情（包括董事会成员间之关系）载于本年报「董

事及高级管理人员」一节内。

33Annual Report 2024/2025 二零二四年至二零二五年年报

Corporate Governance Report企业管治报告

Board of Directors (Continued)

The Company has complied with the Rules 3.10(1), 3.10(2)

and 3.10A of the Listing Rules relating to the appointment of

at least three Independent Non-Executive Directors and one

of the Independent Non-Executive Directors has appropriate

professional qualifications or accounting or related financial

management expertise. Each of the Independent Non-Executive

Directors has made an annual confirmation of independence

pursuant to Rule 3.13 of the Listing Rules. The Company is of

the view that all Independent Non-Executive Directors meet

the independence guidelines set out in Rule 3.13 of the Listing

Rules.

There is a clear division of responsibilities between the Board

and the management. The Board is responsible for providing

high-level guidance and effective oversight of the management

while day-to- day management of the Group is delegated to

the management team of each respective subsidiary. Generally

speaking, the Board is responsible for:

’s long term strategy and monitoring

he implementation thereof

• Approval of interim and year end dividend

• Reviewing and approving the annual and interim reports

• Ensuring good corporate governance and compliance

• Monitoring the performance of the management

• Reviewing and approving any material acquisition and

assets disposal

The Board authorises the management to carry out the strategies

that have been approved.

The Board meets regularly at least four times a year and

additional meetings or telephone conferences are convened as

and when the Board considers necessary. During the year, four

board meetings were held.

董事会（续）

本公司已遵守上市规则第3.10(1)、3.10(2)及

3.10A条有关最少委任三位独立非执行董事，

及其中一位独立非执行董事须具备适当之专业

资格或会计或相关财务管理专长之规定。每位

独立非执行董事已根据上市规则第3.13条之规

定，就其独立性作出年度确认。本公司认为所

有独立非执行董事均符合上市规则第3.13条所

载之独立性指引。

董事会与管理层之间有清晰分工。董事会负责

为管理层提供高层次之领导与有效之监察，而

集团业务之日常管理则委派予各附属公司之管

理层负责。一般而言，董事会之职责包括：

• 制订本集团长远之策略及对策略执行作

监控

• 通过中期及年末股息

• 检讨及批准全年及中期业绩报告

• 确保良好企业管治及遵守有关守则

• 监控管理层的表现

• 检讨及批准任何重大之收购及资产出售

董事会已授权管理层执行已获批准的策略。

董事会定期举行会议，并一年最少举行四次董

事会议，在董事会认为有需要情况下会举行额

外的董事会议或电话会议。于年内，已举行了

四次董事会。

Allan International Holdings Limited亚伦国际集团有限公司34

Corporate Governance Report企业管治报告

获准许的弥偿条文

本公司已为董事会成员购买董事及高级职员责

任保险，为董事依法履职过程中可能产生的赔

偿责任提供保障。该责任保险会按年检讨。

主席及行政总裁

董事会认为，董事总经理张树稳先生之职责与

企管守则之守则条文第C.2.1条内订明要求行

政总裁之职责并无差别，管理层视「董事总经

理」一词之涵义等同本公司行政总裁。

董事会主席张丽珍女士为执行董事，彼负责领

导董事会并确保其有效运作，以及确保董事会

能及时积极地讨论并在需要时解决所有重大及

关键事项。

董事会董事总经理获授予权限及责任，管理本

集团业务之营运及日常运作，并在执行董事和

高级管理层协助下，执行本集团为达致其业务

目标所订之策略。

Permitted Indemnity Provision

The Company has arranged for directors and officers liability

insurance to indemnify its directors against liabilities arising out

of corporate activities. The insurance coverage is reviewed on an

annual basis.

Chairman and Chief Executive

The Board considered that the duties of the Managing Director

(“MD”), Mr. Cheung Shu Wan were no different from that required

of a chief executive stipulated under the code provision C.2.1

of the CG Code. The management would regard that the term

MD will have the same meaning as the chief executive of the

Company.

Ms. Cheung Lai Chun, Maggie, the Chairman of the Board, is

an Executive Director who is responsible for the leadership and

effective running of the Board, and ensuring that all significant

and key issues are discussed and where required, resolved by

the Board timely and constructively.

The MD of the Board is delegated with the authority and

responsibility to run the Group’s business and day-to-day

operation, and implement the Group’s strategy with respect to

the achievement of its business objectives with the assistance of

the executive directors and senior management.

35Annual Report 2024/2025 二零二四年至二零二五年年报

Corporate Governance Report企业管治报告

Appointment and Re-election of

Directors

Code provision B.2.2 stipulates that every director, including

those appointed for a specific term, should be subject to

retirement by rotation at least once every three years.

In accordance with the provisions of the Bye-laws of the

Company, any director appointed by the Board during the year

shall retire and submit themselves for re-election at the first

general meeting immediately following his/her appointment.

Further, at each annual general meeting, one-third of the

directors for the time being, or if their number is not three or

multiple of three, then the number nearest to but not exceeding

one-third, shall retire from office. The directors to retire by

rotation shall be those who have been longest in office since their

last re-election or appointment. As such, the Company considers

that sufficient measures have been taken to ensure that the

Company’s corporate governance practices are similar to those

in the CG Code.

Code provision B.2.3 stipulates that If an independent non-

executive director has served more than nine years, such

director’s further appointment should be subject to a separate

resolution to be approved by shareholders.

Currently, one independent non-executive director, Mr. Lai Ah

Ming, Leon has served more than nine years. Particulars of Mr.

Lai seeking re-election at the forth coming AGM are set out in the

related circular to Shareholders.

董事之委任及重选

守则条文第B.2.2条规定每名董事（包括有指定

任期的董事）应轮流退任，至少每三年一次。

根据本公司细则之条文，董事会年内获委任之

任何董事须于紧随其获委任后首次股东大会上

轮值告退及膺选连任。此外，于每届股东周年

大会上，当时三分之一董事（或倘人数并非三

或三之倍数时，则为最接近者，但不得多于三

分之一的人数）应轮值告退。轮值告退之董事

须为自上次获重选或委任以来任期最长之董

事。因此，本公司认为已采取足够措施，确保

本公司之企业管治常规与企管守则内所载者相

若。

守则条文第B.2.3条规定若独立非执行董事在

任已过九年，其是否获续任应以独立决议案形

式由股东审议通过。

现时，一名独立非执行董事黎雅明先生已任职

九年以上。黎先生于应届股东周年大会上寻求

连任的详情载于相关的股东通函。

Allan International Holdings Limited亚伦国际集团有限公司36

Corporate Governance Report企业管治报告

Board Diversity Policy

The Board has adopted a board diversity policy which sets out

the approach to achieve diversity on the Board.

The Company recognises and embraces the benefits of the

diversity of Board members. It endeavours to ensure that

the Board has a balance of skills, experience and diversity of

perspectives appropriate to the requirements of the Group’s

business. As at the date of this report, the gender ratio amongst

members of the Board is 4 males to 3 females. All Board

appointments will continue to be made on a merit basis with

due regard for the benefits of diversity of the Board members.

Selection of candidates will be based on a range of diversity

perspectives, including but not limited to gender, age, cultural

and educational background, experience (professional or

otherwise), skills, knowledge and length of service. The ultimate

decision will be made upon the merits and contributions that the

selected candidates will bring to the Board.

Workforce Diversity

The gender ratio in the workforce of the Group (including senior

management) for the Year was approximately 37% male and

approximately 63% female. The Group encourages gender

diversity across its workplace. To achieve diversity at workforce

level, the Group has put in place appropriate recruitment and

selection practices such that a diverse range of candidates are

considered.

Directors’ Training

Directors must keep abreast of their collective responsibilities.

Each newly appointed Director would receive materials

covering the Group’s businesses and director’s duties and

responsibilities. The Company provides the Directors with market

news and regulatory updates for them to understand the latest

development of regulatory and compliance issues.

董事会成员多元化政策

董事会已采纳董事会成员多元化政策，当中载

列达致董事会成员多元化之方针。

本公司认同及相信董事会成员多元化所带来的

裨益。其致力确保董事会在适合本集团业务要

求的技能、经验及多元化角度方面取得平衡。

于本报告日期，董事会成员的性别比例为4男

3女。所有董事会成员的委任将继续以甄选优

秀人才为基准，并充分顾及董事会成员多元化

的裨益。甄选候选人将以一系列多元化角度考

虑，包括但不限于性别、年龄、文化及教育背

景、经验（专业或其他方面）、技能、知识及服

务年期。最终决定将会按照选定之候选人将会

为董事会带来的优点及贡献而作出。

员工多元化

年内，本集团工作团队（包括高级管理层）之性

别比例为约37%男性及约63%女性。本集团

鼓励工作场所性别多元化。为实现工作团队层

面多元化，本集团已实施适当的招聘及选拔措

施，以考虑多元化的人选。

董事培训

董事均须了解其集体职责。每名新委任的董事

将于上任时获得包括介绍本集团业务的资料及

董事职责及责任。本公司向董事提供市场新闻

及法规更新，以使其了解法规及合规性问题的

Corporate Governance Report企业管治报告

截至二零二五年三月三十一日止年度，董事参

与以下培训：

During the year ended 31 March 2025, the Directors participated

in the following trainings:

Types of training

培训类型

Directors董事

Executive Directors执行董事

Ms. Cheung Lai Chun, Maggie张丽珍女士B

Mr. Cheung Shu Wan张树稳先生B

Ms. Cheung Lai See, Sophie张丽斯女士A, B

Dr. Cheung Shu Sang, William张树生博士B

Independent Non-Executive Directors独立非执行董事

Ms. Choy Wai Sheun, Susan蔡慧璇女士B

Mr. Lai Ah Ming, Leon黎雅明先生B

Mr. Lo Chor Cheong, Colin卢楚锵先生B

A: attending seminars and/or conferences and/or forums

B: reading newspapers, journals and updates relating to the

economy, latest changes and development of the Listing

Rules, corporate governance practices, and etc.

Audit Committee

The Audit Committee was established in 1999 and comprises

three Board members, all of whom are independent

non-executive directors. The Audit Committee has adopted the

same terms of reference, which describe the authority and duties

of the Committee, as quoted under code provision D.3.3 of the

CG Code.

The Audit Committee will meet at least twice each year. During

the year, the Audit Committee met twice considering the annual

results of the Group for the financial year ended 31 March 2025

and the interim results of the Group for the 6 months ended 30

September 2024, assessing any changes in accounting policies

and practices, major judgmental areas and compliance with

applicable legal and accounting requirements and standards,

discussing with the auditor of the Company on the risk

management and internal control systems.

A：出席研讨会及╱或会议及╱或论坛

B：阅读有关经济、上市规则之最新变动及

发展、企业管制常规等报章、刊物及更

新资料

审核委员会

审核委员会于一九九九年成立，由三名董事会

成员组成，全部均为独立非执行董事。审核委

员会已采纳企管守则之守则条文第D.3.3条引

用的审核委员会之职责与权力为委员会相同职

权范围。

审核委员会每年至少召开会议两次。年内，审

核委员会举行了两次会议，以考虑本集团截至

二零二五年三月三十一日止财务年度之全年业

绩及截至二零二四年九月三十日止六个月之中

期业绩、评估会计政策及惯例之任何变动、主

要判断范畴及是否遵守适用法律及会计规定及

准则，以及与本公司核数师就风险管理及内部

监控制度进行讨论。

Allan International Holdings Limited亚伦国际集团有限公司38

Corporate Governance Report企业管治报告

提名委员会

本公司提名委员会于二零二二年成立，并订立

依照企管守则之守则条文第B.3.1条所载之书

面职权范围。提名委员会由三名成员组成，董

事会主席张丽珍女士为提名委员会主席，独立

非执行董事蔡慧璇女士及黎雅明先生为委员会

成员。

提名委员会的主要职责为就委任董事向董事会

提供建议及管理董事会的继任事宜。

于评估董事会组成时，提名委员会将考虑本公

司董事会多元化政策中载列的董事会多元化的

各个方面和因素。提名委员会将在必要时讨

论并商定实现和维持董事会多元化的可计量目

标，并建议董事会采纳。

于确定及选择合适的董事候选人时，提名委员

会在向董事会作出建议之前，将考虑董事提名

政策中载列的候选人的相关标准，以补充公司

策略并在适当情况下实现董事会多元化。

于年内，提名委员会已举行一次会议，以检讨

董事会的架构、规模及组成以及检讨及评估独

立非执行董事的独立性，并审议在本公司股东

周年大会上选举的退任董事的资格。提名委员

会认为，董事会多元化观点的适当平衡已得以

维持，但并未设定实施董事会多元化政策的任

何可计量目标。

Nomination Committee

The Nomination Committee was established in 2022 with written

terms of reference as stated in Code B.3.1 of the CG Code.

The Nomination Committee consists of three members, which

is chaired by Ms. Cheung Lai Chun, Maggie, the Chairman. Ms.

Choy Wai Sheun, Susan, an Independent Non-Executive Director

and Mr. Lai Ah Ming, Leon, an Independent Non-Executive

Director, are the Committee Members.

The primary duties of the Nomination Committee are to make

recommendations to our Board on the appointment of Directors

and the management of the Board succession.

In assessing the Board composition, the Nomination Committee

would take into account various aspects as well as factors

concerning Board diversity as set out in the Company’s Board

Diversity Policy. The Nomination Committee would discuss and

agree on measurable objectives for achieving and maintaining

diversity on the Board, where necessary, and recommend them

to the Board for adoption.

In identifying and selecting suitable candidates for directorships,

the Nomination Committee would consider the candidate’s

relevant criteria as set out in the Director Nomination Policy

that are necessary to complement the corporate strategy and

achieve Board diversity, where appropriate, before making

recommendation to the Board.

During the year, the Nomination Committee has held one meeting

to review the structure, size and composition of the Board and

to review and access the independence of the independent

non-executive Directors, and to consider the qualifications of

the retiring directors standing for election at the annual general

meeting of the Company. The Nomination Committee considered

an appropriate balance of diversity perspectives of the Board

is maintained and has not set any measurable objective

implementing the Board Diversity Policy.

39Annual Report 2024/2025 二零二四年至二零二五年年报

Corporate Governance Report企业管治报告

Remuneration Committee

The Remuneration Committee was established in 2012 with

written terms of reference as stated in Code E.1.2 of the CG

Code. The Remuneration Committee consists of three members,

majority of which are Independent Non-Executive Directors.

Mr. Lai Ah Ming, Leon, being an Independent Non-Executive

Director, acts as the chairman. Ms. Choy Wai Sheun, Susan, an

Independent Non-Executive Director and Ms. Cheung Lai See,

Sophie, an Executive Director, are the Committee Members.

The Remuneration Committee is responsible for ensuring formal

and transparent procedures for developing remuneration policies

and overseeing the remuneration packages of all directors

and senior management. The Remuneration Committee makes

recommendation to the Board for the determination of the

remuneration packages of all executive directors and senior

management, including benefits in kind, pension rights and

compensation payments, including any compensation payable

for loss or termination of their office or appointment, and make

recommendations to the Board for the directors’ fee of non-

executive directors. It takes into account factors such as

salaries paid by comparable companies with similar size and

trade, education background and qualification of each director

and senior management, time commitment and responsibilities

of directors and senior management and reviewing and/or

approving matters relating to share schemes under Chapter 17 of

the Listing Rules.

During the year, the Remuneration Committee has held one

meeting, in which it reviewed, discussed and approved the

remuneration policies, system, package and the discretionary

bonus of the directors and senior management of the Company.

Details on the emolument payable to the directors are disclosed

in Note 8 to the consolidated financial statements.

薪酬委员会

本公司薪酬委员会于二零一二年成立，并订立

依照企管守则之守则条文第E.1.2条所载之书

面职权范围。薪酬委员会由三名成员组成，大

部份为独立非执行董事。独立非执行董事黎雅

明先生为薪酬委员会主席，独立非执行董事蔡

慧璇女士及执行董事张丽斯女士为委员会成

员。

薪酬委员会负责确保正式及透明之薪酬政策制

订程序以及监督所有董事及高级管理层之薪酬

待遇。薪酬委员会向董事会就所有执行董事及

高层管理人员的薪酬待遇之最终决定作建议，

其中包括金钱利益、退休金权利及赔偿金额

（包括丧失或终止职务或委任的赔偿），及就

非执行董事的董事袍金提出建议。厘定薪酬时

将考虑同样规模及业务之可比较公司支付之薪

金水平、各董事及高级管理层之教育背景及资

格，以及彼等所投入之时间及职责等因素，及

根据上市规则第17章审阅及╱或批准与股份计

划有关之事宜。

于年内，薪酬委员会举行了一次会议。并在会

上审阅、讨论及批准了本公司董事及高级管理

层之薪酬政策、制度、待遇及酌情花红。

应付董事之薪酬详情于综合财务报告书附注8

披露。

Allan International Holdings Limited亚伦国际集团有限公司40

Corporate Governance Report企业管治报告

–：该董事并非委员会成员

Attendance Records of Meetings

The Board meets regularly for considering, reviewing and/

or approving matters relating to, among others, the financial

and operating performance, as well as the overall strategies

and policies of the Company. Additional meetings are held

when significant events or important issues are required to be

discussed and resolved.

Details of all Directors’ attendance at Board meetings and Board

committee meetings held during the year ended 31 March 2025

are as follows:

Number of Meeting Attended During Tenure/Held During Tenure

任期内出席次数╱任期内会议举行次数

Board

Meetings

Audit

Committee

Meetings

Remuneration

Committee

Meetings

Nomination

Committee

Meeting

Annual

General

Meeting

董事会会议审核委员会会议薪酬委员会会议提名委员会会议

二零二四年

股东周年大会

Name of Directors董事姓名

Executive Directors执行董事

Ms. Cheung Lai Chun, Maggie

(Chairman)

张丽珍女士

（主席）4/4––1/11/1

Mr. Cheung Shu Wan

(Managing Director)

张树稳先生

（董事总经理）4/4–––1/1

Ms. Cheung Lai See, Sophie 张丽斯女士4/4–1/1–1/1

Dr. Cheung Shu Sang, William张树生博士4/4–––1/1

Independent Non-Executive

Directors

独立非执行董事

Ms. Choy Wai Sheun, Susan 蔡慧璇女士4/42/21/11/11/1

Mr. Lai Ah Ming, Leon 黎雅明先生4/42/21/11/11/1

Mr. Lo Chor Cheong, Colin卢楚锵先生4/42/2––1/1

– : The director is not a committee member

会议出席记录

董事会定期召开会议，以考虑、审阅及╱或批

准有关（其中包括）本公司财务及营运表现，以

及整体策略及方针。当需要讨论及解决重大事

项或重要事件时，本公司将另行举行会议。

于截至二零二五年三月三十一日止年度全体董

事出席董事会会议及董事委员会会议的详情如

下：

41Annual Report 2024/2025 二零二四年至二零二五年年报

Corporate Governance Report企业管治报告

企业管治职能

董事会负责制定及检讨本公司的企业管治政策

及常规；检讨及监察董事及高层管理人员的培

训及持续专业发展；检讨及监察本公司在遵

守法律及监管规定方面的政策及常规；检讨及

监察雇员及董事的操守准则；以及检讨本公司

遵守企管守则的情况及在企业管治报告内的披

露。

年内，董事会已经检讨本集团遵守企业管治报

告所披露规定，并通过本公司二零二四╱二零

二五年企业管治报告。

公司秘书

唐安妮女士（「唐女士」）于二零二三年三月

二十三日获委任为本公司秘书及会计及财务经

理。唐女士负责提升及就根据上市规则及适用

法律法规及企业管治事宜向董事会提供意见。

唐女士已向本公司提供培训记录以示已遵守上

市规则第3.29条之培训规定。唐女士之履历详

情已载于本年报「董事及高级管理人员」一节

内。

Corporate Governance Functions

The Board is responsible to develop and review the Company’s

policies and practices on corporate governance; review and

monitor the training and continuous professional development

of directors and senior management; review and monitor the

Company’s policies and practices on compliance with legal

and regulatory requirements; review and monitor the code of

conduct applicable to employees and directors; and review the

Company’s compliance with the CG Code and disclosure in the

Corporate Governance Report.

During the year, the Board reviewed the Group’s compliance with

the code of corporate governance disclosure requirements in

the Corporate Governance Report and approved the 2024/2025

Corporate Governance Report of the Company.

Company Secretary

Ms. Tong On Ni (“Ms. Tong”) was appointed as the Company

Secretary and Finance and Accounts Manager of the Company

with effect from 23 March 2023. Ms. Tong is responsible to

update and provide advice to the Board in relation to directors’

obligations under the Listing Rules, applicable laws and

regulations, and corporate governance matters. Ms. Tong has

provided her training records to the Company indicating her

compliance with the training requirement under Rule 3.29 of the

Listing Rules. Ms. Tong’s biographical details are provided in

the “Directors and Senior Management” section of this Annual

Report.

Allan International Holdings Limited亚伦国际集团有限公司42

Corporate Governance Report企业管治报告

Constitutional Documents

During the year, there is no significant change in the Company’s

constitutional documents.

Directors’ Responsibilities for the

Financial Statement

The Board acknowledges that it is their responsibility for (i)

overseeing the preparation of the financial statements of the

Group with a view to ensuring such financial statements give

a true and fair view of the state of affairs of the Group and (ii)

selecting suitable accounting policies and applying the selected

accounting policies consistently with the support of reasonable

and prudent judgement and estimates.

A statement by the independent auditor about their reporting

responsibilities is set out on pages 48 to 54 of this Annual

Report.

Auditor’s Remuneration

During the year under review, the remuneration payable to the

Company’s independent auditor, Deloitte Touche Tohmatsu, is

set out as follows:

Services renderedFees payable

HK$’000

Audit services2,106

Non-audit services

Taxation services294

Report on occupational retirement scheme27

组织章程文件

于年内，本公司的组织章程文件并无重大变

动。

董事对财务报表之责任

董事会确认彼等之责任为(i)确保本集团财务报

告书的编制真实反映本集团之财务状况及(ii)选

取适合之会计政策，并且贯彻应用该等会计政

策，以作出审慎及合理之判断及估计。

独立核数师就彼等之呈报责任所作声明载于本

年报第48至54页内。

核数师酬金

于回顾年度，应支付本公司独立核数师德勤•

关黄陈方会计师行之酬金如下：

提供服务应付费用

千港元

核数服务2,106

非核数服务

税务服务294

职业退休计划之报告27

43Annual Report 2024/2025 二零二四年至二零二五年年报

Corporate Governance Report企业管治报告

风险管理及内部监控

董事会确认，其有责任持续监察本集团之风险

管理及内部监控系统，并检讨其有效性。有关

系统旨在管理而非消除未能达成业务目标的风

险，并仅可就重大的失实陈述或损失作出合理

而非绝对保证。

董事会透过审核委员会，每年检讨本集团风险

管理及内部监控系统的设计及实施成效，涵盖

所有重大监控措施，包括财务、营运及合规控

制，以确保本集团的会计、内部审核、财务报

告职能及本集团环境、社会及管治表现和汇报

均具备充足的相关资源、员工资历及经验、培

训项目及预算。在此方面，审核委员会向董事

会通报任何重大事项。

考虑本集团业务之规模、性质及结构而言，董

事认为聘用外部独立专业人士为本集团进行内

部审核工作以满足需求，更具成本效益。本集

团目前并无内部审计部门，会持续审视设立内

部审计部门之需要。

Risk Management and Internal Controls

The Board acknowledges that it is its duty to monitor the risk

management and internal control systems of the Group on an

ongoing basis and review their effectiveness. Such systems are

designed to manage rather than eliminate the risk of failure to

achieve business objectives, and can only provide reasonable

and not absolute assurance against material misstatement or

loss.

The Board, through the Audit Committee, conducted an annual

review of both design and implementation effectiveness of the

risk management and internal control systems of the Group,

covering all material controls, including financial, operational and

compliance controls, with a view to ensuring that resources, staff

qualifications and experience, training programmes and budget

of the Group’s accounting, internal audit, financial reporting

functions, as well as those relating to the Group’s environmental,

social and governance performance and reporting are adequate.

In this respect, the Audit Committee communicates any material

issues to the Board.

In light of the size, nature and complexity of the business of

the Group, the Directors are of the view that it would be more

cost effective to appoint external independent professionals to

perform internal audit function for the Group in order to meet its

needs. The Group does not have an internal audit department

and will continue to review the need for an internal audit function.

Allan International Holdings Limited亚伦国际集团有限公司44

Corporate Governance Report企业管治报告

Risk Management and Internal Controls

(Continued)

During the year, the Group appointed KLC Kennic Lui & Co.,

Limited (“KLC”) as an external independent professional to:

• assist in identifying and assessing the risks of the Group

through a series of interviews; and

• independently perform internal control reviews and assess

effectiveness of the Group’s risk management and internal

control systems.

The results of the independent review and assessment were

reported to the Audit Committee and the Board. Moreover,

improvements in internal control and risk management measures

as recommended by KLC to enhance the risk management and

internal control systems of the Group and mitigate risks of the

Group were adopted by the Board. Based on the findings and

recommendations of KLC as well as the comments of the Audit

Committee, the Board considered the internal control and risk

management systems effective and adequate.

The Group has established internal control procedures for the

handling and dissemination of inside information in order to

comply with Chapter 13 of the Listing Rules as well as Part XIVA

of the SFO. The internal control mechanism includes information

flow and reporting processes, confidentiality arrangements,

disclosure procedures, and staff training arrangements, etc.

The Company will continue to engage external independent

professionals to review the Group’s system of internal controls

and risk management and further enhance the Group’s internal

control and risk management systems as appropriate.

风险管理及内部监控（续）

年内，本集团委任吕礼恒会计师事务所有限公

司（「吕礼恒会计师事务所」）担任外部独立专业

人士以：

，协助识别及评估本集

团的风险；及

• 独立进行内部监控审核并评估本集团的

风险管理及内部监控系统之有效性。

独立审核及评估结果已呈报予审核委员会及董

事会。此外，吕礼恒会计师事务所所建议为提

高本集团风险管理及内部监控系统及减低本集

团风险的内部监控及风险管理措施的改进工作

已获董事会采纳。根据吕礼恒会计师事务所之

调查结果及推荐意见以及审核委员会之意见，

董事会认为内部监控及风险管理系统属有效及

充分。

本集团已就处理及发布内幕消息制订内部监控

程序，以遵守上市规则第13章及证券及期货条

例第XIVA部。内部监控机制包括消息流向与申

报流程、保密安排、披露程序及员工培训安排

等。

本公司将继续委聘外部独立专业人士检讨本集

团的内部监控及风险管理系统，并于适当时候

进一步提升本集团的内部监控及风险管理系

统。

45Annual Report 2024/2025 二零二四年至二零二五年年报

Corporate Governance Report企业管治报告

股息政策

董事局已采纳股息政策，旨在一方面让本公司

股东分享本公司溢利，同时预留足够储备以供

本公司日后发展之用。董事局在宣布派发或建

议派发股息前，须考虑下列因素：

• 本公司及本集团各附属公司的留存收益

和可分配储备金；

，资本开支要

求及未来扩展计划；

、本集团业务的商业周

期，以及对本公司业务、财务业绩和定

位可能有影响的内在或外在因素；及

本公司派付股息亦须遵守适用的法例及规例，

包括百慕达法例及本公司章程细则。董事局将

不时检讨股息政策，并不保证会在任何指定期

间派付任何特定金额的股息。

Dividend Policy

The board adopts a Dividend Policy which aims to allow

shareholders of the company to participate in the company’s

profits whilst retaining adequate reserves for the group’s future

growth. The board shall consider the following factors before

declaring or recommending dividends:

’s actual and expected financial performance;

• retained earnings and distributable reserves of the

company and each of the members of the group;

’s working capital requirements, capital

expenditure requirements and future expansion plans;

’s liquidity position;

, business cycle of the group’s

business and other internal or external factors that may

have an impact on the business or financial performance

and position of the company; and

• other factors that the board deems relevant.

The payment of dividend is also subject to compliance with

applicable laws and regulations including the laws of Bermuda

and the company’s Bye-laws. The board will continually review

the Dividend Policy from time to time and there can be no

assurance that dividends will be paid in any particular amount for

any given period.

Allan International Holdings Limited亚伦国际集团有限公司46

Corporate Governance Report企业管治报告

Shareholders’ Rights

The rights of the Shareholders are set out in the Bye-laws.

Convening a special general meeting

The Shareholders may put forward their proposals or enquiries

to the Board by sending their written request to the Company’s

principal place of business in Hong Kong.

Pursuant to bye-law 58 of the Bye-laws, any one or more

Shareholders holding at the date of deposit of the requisition not

less than one-tenth of the paid up capital of the Company having

the right of voting at general meetings of the Company shall at

all times have the right, by written requisition to the Board or the

Company Secretary, to require a special general meeting to be

called by the Board for the transaction of any business specified

in such requisition; and such meeting shall be held within two

months after the deposit of such requisition. If within twenty-one

days of such deposit the Board fails to proceed to convene such

meeting the requisitionist(s) himself (themselves) may do so in

accordance with the provisions of Section 74(3) of the Bermuda

Companies Act.

Putting forward proposals at Shareholders’ meeting

Shareholder(s) can also submit a written requisition to move a

resolution at a general meeting pursuant to Section 79 to 80 of

the Bermuda Companies Act if they (a) represent not less than

one-twentieth of the total voting rights of those shareholders

having the right to vote at a general meeting; or (b) are not less

than one hundred shareholders. The written requisition must

state the resolution, accompanied by a statement of not more

than 1,000 words with respect to the matter referred to in the

proposed resolution or the business to be dealt with at the

general meeting and deposited at the Company’s principal place

of business in Hong Kong.

股东权利

股东的股东权利载于细则。

召开股东特别大会

股东可将书面要求发送至本公司在香港的主要

营业地点，借此向董事会提交建议或查询。

根据细则的第58条，任何一名或多名于提呈要

求当日持有不少于本公司缴足股本十分之一并

可于本公司股东大会上投票的股东，于任何时

候均有权向董事会或公司秘书发出书面要求，

要求董事会召开股东特别大会，以处理于该要

求所列的任何交易事项，且有关大会应于递呈

该要求后两个月内举行。倘董事会于接获要求

日期起计二十一日内并无召开有关大会，则要

求人士本身可根据百慕达公司法第74(3)条之

条文召开有关会议。

于股东大会提呈决议案

股东亦可根据百慕达公司法第79至80条递交

书面要求于股东大会上动议决议案，条件为彼

等(a)占有权于股东大会上投票的该等股东总投

票权不少于二十分之一；或(b)不少于一百名

股东。书面要求必须列明决议案，连同不超过

1,000字的陈述书，就提呈决议案所指事宜或

将于股东大会上处理的事项作出说明，并交回

本公司的香港主要营业地点。

47Annual Report 2024/2025 二零二四年至二零二五年年报

Corporate Governance Report企业管治报告

股东权利（续）

于股东大会提呈决议案（续）

书面要求必须由所有相关股东于一份或多份同

样格式的文件上签署，并交回本公司的香港主

要营业地点，注明公司秘书收启。如属提呈决

议案的要求通知，有关要求须于会议举行前不

少于六个星期提交；如属任何其他要求，则须

于会议举行前不少于一个星期提交。有关要求

人士亦须缴存合理及足够款项，用以支付本公

司根据适用法例及规则的规定向所有股东发出

决议案通知及传阅有关要求人士呈交的陈述书

所产生的开支。

向董事会提出查询

股东可将彼等提请董事会关注之事宜，送交本

公司主要办事处地址，地址为香港柴湾利众街

20号柴湾中心工业大厦23楼B室，并注明公司

秘书收。

与股东之沟通

公司视股东周年大会为提供董事会与股东直接

沟通之机会。全体董事及外聘核数师均尽力出

席股东周年大会，以回应股东提问。公司亦回

应股东与投资者索取资料之要求和提问，欢迎

股东对影响集团之事宜提意见，亦鼓励股东出

席股东大会，让股东直接向董事会表达所关注

之事宜。

Shareholders’ Rights (Continued)

Putting forward proposals at Shareholders’ meeting (Continued)

The written requisition must be signed by all the Shareholders

concerned in one or more documents in like form and deposited

at the Company’s principal place of business in Hong Kong

for the attention of the Company Secretary not less than six

weeks before the meeting in the case of a requisition requiring

notice of a resolution, and not less than one week before the

meeting in the case of any other requisition. A sum of money

reasonably sufficient to meet the Company’s expenses in serving

the notice of the resolution and circulating the statement given

by the requisitionists to all shareholders in accordance with the

requirements under the applicable laws and rules should also be

accompanied.

Putting enquiries to the Board

Shareholders may send their enquiries requiring the Board’s

attention to the Company Secretary at the Company’s principal

office address at Flat B, 23/F., Chaiwan Industrial Centre, 20 Lee

Chung Street, Chai Wan, Hong Kong.

Communication with Shareholders

The Company regards its Annual General Meeting as an

opportunity for direct communication between the Board

and its shareholders. All Directors and external auditor make

an effort to attend the Annual General Meeting to address

shareholders’ queries. The Company also responds to requests

for information and queries from the shareholders and investors

and welcomes the views of shareholders on matter affecting the

Group and encourages them to attend shareholders’ meeting to

communicate any concerns they might have with the Board.

Allan International Holdings Limited亚伦国际集团有限公司48

Independent Auditor’s Report独立核数师报告

TO THE SHAREHOLDERS OF ALLAN INTERNATIONAL

HOLDINGS LIMITED

(incorporated in Bermuda with limited liability)

Opinion

We have audited the consolidated financial statements of

Allan International Holdings Limited (the “Company”) and its

subsidiaries (collectively referred to as “the Group”) set out on

pages 55 to 155, which comprise the consolidated statement

of financial position as at 31 March 2025, and the consolidated

statement of profit or loss and other comprehensive income,

consolidated statement of changes in equity and consolidated

statement of cash flows for the year then ended, and notes to the

consolidated financial statements, including material accounting

policy information and other explanatory information.

In our opinion, the consolidated financial statements give a

true and fair view of the consolidated financial position of the

Group as at 31 March 2025, and of its consolidated financial

performance and its consolidated cash flows for the year then

ended in accordance with HKFRS Accounting Standards issued

by the Hong Kong Institute of Certified Public Accountants

(“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”) issued by the HKICPA. Our

responsibilities under those standards are further described in

the Auditor’s Responsibilities for the Audit of the Consolidated

Financial Statements section of our report. We are independent

of the Group in accordance with the HKICPA’s Code of Ethics for

Professional Accountants (“the Code”), and we have fulfilled our

other ethical responsibilities in accordance with the Code. We

believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

致亚伦国际集团有限公司股东

（于百慕达注册成立的有限公司）

意见

本核数师（以下简称「我们」）已审计列载于第

55至155页的亚伦国际集团有限公司（以下简

称「贵公司」）及其附属公司（以下统称「贵集

团」）的综合财务报表，此财务报表包括于二

零二五年三月三十一日的综合财务状况表与截

至该日止年度的综合损益表及综合损益及其他

全面收益表、综合权益变动表和综合现金流量

表，以及综合财务报表附注，包括重大会计政

策资料及其他说明资料。

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真实而中肯地

反映了贵集团于二零二五年三月三十一日的

综合财务状况及截至该日止年度的综合财务表

现及综合现金流量，并已遵照香港《公司条例》

的披露要求妥为拟备。

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。根据香港会

计师公会职业道德准则理事会颁布的《专业会

计师道德守则》（以下简称「守则」），我们独立

于贵集团，并已履行守则中的其他专业道德

责任。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。

49Annual Report 2024/2025 二零二四年至二零二五年年报

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.

Key audit matterHow our audit addressed the key audit matter

关键审计事项我们的审计如何对关键审计事项进行处理

Valuation of investment properties

投资物业的估值

We identified the valuation of investment properties

as a key audit matter due to the significance in

consolidated statement of financial position and

significant assumptions and judgements involved in

determining their fair value.

我们确认投资物业的估值作为关键的审计事项，是由于

在合并财务状况表中的重要性以及决定其公平值估值中

涉及重大假设和判断。

The Group’s investment properties amounted to

HK$382,789,000 as at 31 March 2025 and a loss

on fair value changes of investment properties of

HK$45,258,000 was recognised in the consolidated

statement of profit or loss and other comprehensive

income for the year then ended.

于二零二五年三月三十一日，集团投资物业合共为3亿

8,278万9千港元及投资物业的公平值变动之亏损净额

4,525万8千港元已于本年度综合损益及其他全面收益表

中确认。

Our procedures in relation to the valuation of investment

properties included:

我们就有关评估投资物业的程序包括：

, capabilities and

objectivity of the Surveyors;

、功能和客观性；

• Obtaining an understanding from the Surveyors

about the valuation technique, the performance of

the market, significant assumptions adopted and

key inputs used in the valuations;

，市场表现，所采用

的重大假设和估值中使用的关键输入数据；

• Checking the accuracy and integrity of tenancy

information provided by management to the

Surveyors with the underlying source documents;

• 查阅管理层提供给测量师的租赁信息的准确性及相关

文件；

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。

Allan International Holdings Limited亚伦国际集团有限公司50

Independent Auditor’s Report独立核数师报告

Key audit matterHow our audit addressed the key audit matter

关键审计事项我们的审计如何对关键审计事项进行处理

Valuation of investment properties (Continued)

投资物业的估值（续）

As disclosed in Notes 4 and 13 to the consolidated

financial statements, all of the Group’s investment

properties were stated at fair value based on a

valuation performed by a firm of independent qualified

professional surveyors (“Surveyors”). The fair value

of the Group’s investment properties in Hong Kong

was determined by adopting the direct comparison

method. The valuation is sensitive to the market

unit rate of comparable properties and adjustment

factors such as size, view, location and floor level of

property and timing of the comparable transactions.

The fair value of the Group’s investment properties

in the People’s Republic of China was determined by

adopting the term and reversion analysis of investment

approach. The valuation is sensitive to market rents

with key inputs including rental in reversionary

period and yield. The directors of the Company have

exercised their judgement on the methods of valuation

in relying on the valuation reports.

于综合财务报告书附注4和13中披露，集团所有投资物

业的公平值是根据一家公司的独立专业合资格测量师

（「测量师」）而定。集团于香港投资物业的公平值是采

用直接比较方法厘定。估值时可比较的市场单位价格敏

感，物业的尺寸、景观、位置、楼层及类似的交易时间

作为调整的因素。本集团在中华人民共和国的投资物业

的公平值采用投资期限和回归分析法确定。关键输入数

据的估值对市场租金敏感，包括复归租金及回报率。贵

公司董事依据估值报告行使彼等之判断。

• Assessing the appropriateness of valuation

techniques and the reasonableness of the key

inputs used by the Surveyors, including the rental

in reversionary period, yield, market rents, market

unit rate of individual unit and adjustment factors

for size, view, location and floor level of property

and timing of comparable transactions against

current market data and entity specific information

on a sample basis; and

，包括复归租金、

回报、市场租金、个别单位的市场单位价格和物业的

尺寸、景观、位置和楼层，以及可比交易的时间与当

前市场数据和实体具体信息的调整因素，以抽样方式

进行为基础；及

, on a

sample basis, to evaluate the appropriateness of

the valuation techniques and reasonableness of the

key inputs used by the Surveyors.

• 我们的内部估值专家透过抽样方式评估测量师所使用

的评估技术以及关键输入数据的合理性。

Key Audit Matters (Continued)关键审计事项（续）

51Annual Report 2024/2025 二零二四年至二零二五年年报

Independent Auditor’s Report独立核数师报告

Other Information

The directors of the Company are responsible for the other

information. The other information comprises the information

included in the annual report, but does not include the

consolidated financial statements and our auditor’s report

thereon.

Our opinion on the consolidated financial statements does not

cover the other information and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the consolidated financial

statements, our responsibility is to read the other information

and, in doing so, consider whether the other information is

materially inconsistent with the consolidated financial statements

or our knowledge obtained in the audit or otherwise appears

to be materially misstated. If, based on the work we have

performed, we conclude that there is a material misstatement

of this other information, we are required to report that fact. We

have nothing to report in this regard.

Responsibilities of Directors and Those

Charged with Governance 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.

Those charged with governance are responsible for overseeing

the Group’s financial reporting process.

其他资讯

贵公司董事需对其他资讯负责。其他资讯包括

刊载于年报内的资讯，但不包括综合财务报表

及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他资

讯，我们亦不对该等其他资讯发表任何形式的

鉴证结论。

结合我们对综合财务报表的审计，我们的责任

是阅读其他资讯，在此过程中，考虑其他资讯

是否与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

为其他资讯存在重大错误陈述，我们需要报告

该事实。在这方面，我们没有任何报告。

董事及管治层就综合财务报表

须承担的责任

贵公司董事须负责根据《香港会计师公会》及香

港《公司条例》的披露要求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

拟备不存在因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。

管治层须负责监督贵集团的财务报告过程。

Allan International Holdings Limited亚伦国际集团有限公司52

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 solely to

you, as a body, in accordance with Section 90 of the Bermuda

Companies Act, and for no other purpose. We do not assume

responsibility towards or accept liability to any other person

for the contents of this report. Reasonable assurance is a

high level of assurance, but is not a guarantee that an audit

conducted in accordance with HKSAs will always detect a

material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or

in the aggregate, they could reasonably be expected to influence

the economic decisions of users taken on the basis of these

consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise

professional judgment and maintain professional skepticism

throughout the audit. We also:

• Identify and assess the risks of material misstatement of

the consolidated financial statements, whether due to fraud

or error, design and perform audit procedures responsive

to those risks, and obtain audit evidence that is sufficient

and appropriate to provide a basis for our opinion. The

risk of not detecting a material misstatement resulting

from fraud is higher than for one resulting from error, as

fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

• 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.

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，并按照《百慕达公司法》第90条的

规定仅向全体股东出具包括我们意见的核数师

报告。除此以外，我们的报告不可用作其他用

途。本行并不就本行报告之内容对任何其他人

士承担任何责任或接受任何义务。合理保证是

高水准的保证，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

计及执行审计程式以应对这些风险，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

驾于内部控制之上，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

当的审计程式，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。

53Annual Report 2024/2025 二零二四年至二零二五年年报

Independent Auditor’s Report独立核数师报告

Auditor’s Responsibilities for the Audit of

the Consolidated Financial Statements

(Continued)

’ 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.

, 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 group

financial statements. We are responsible for the direction,

supervision and review of the audit work performed for

purposes of the group audit. We remain solely responsible

for our audit opinion.

We communicate with those charged with governance 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 those charged with governance with a statement

that we have complied with relevant ethical requirements

regarding independence, and to communicate with them all

relationships and other matters that may reasonably be thought

to bear on our independence, and where applicable, actions

taken to eliminate threats or safeguards applied.

核数师就审计综合财务报表

承担的责任（续）

• 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

结论是基于核数师报告日止所取得的审

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。

、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。

，以获得关于集团

内实体或业务单位的财务资讯的充分适

当的审计证据，作为对集团财务报告形

成意见的基础。我们负责指导、监督和

审查为集团审计目的而进行的审计工

作。我们为审计意见承担全部责任。

除其他事项外，我们与管治层沟通了计划的审

计范围、时间安排、重大审计发现等，包括我

们在审计中识别出内部控制的任何重大缺陷。

我们还向管治层提交声明，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，为消

除威胁或采取的保障措施而采取的行动。

Allan International Holdings Limited亚伦国际集团有限公司54

Independent Auditor’s Report独立核数师报告

Auditor’s Responsibilities for the Audit of

the Consolidated Financial Statements

(Continued)

From the matters communicated with those charged with

governance, 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 Yuen Wing Hang.

Deloitte Touche Tohmatsu

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）

从与管治层沟通的事项中，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袁

永恒。

德勤•关黄陈方会计师行

执业会计师

香港

二零二五年六月二十六日

55Annual Report 2024/2025 二零二四年至二零二五年年报

Consolidated Statement of Profit or

Loss and Other Comprehensive Income

For the year ended 31 March 2025

综合损益及

其他全面收益表

截至二零二五年三月三十一日止年度

二零二四年

NotesHK$’000

附注千港元

Revenue营业额5484,763

Cost of sales销售成本(445,229)

Gross profit毛利39,534

Other income其他收益646,279

Other gains and losses其他盈利及亏损7(722)

Selling and distribution expenses销售及分销成本(14,023)

Administrative expenses行政成本(73,193)

Loss on fair value changes of

investment properties

投资物业之公平值变动所

产生的亏损13(69,143)

Impairment loss under expected credit loss

model, net

预期信贷亏损模型下的减

值亏损净额(158)

Finance costs财务费用(697)

Loss before tax除税前亏损(72,123)

Income tax (expense) credit所得税（开支）抵免92,992

Loss for the year attributable to owners of

the Company

本年度可分配给公司拥有人

之亏损10(69,131)

Other comprehensive (expense) income:其他全面（开支）收益：

Items that may be reclassified subsequently

to profit or loss:

其后可能重新分类至损益

的项目：

Exchange differences arising on translation of

foreign operations

换算海外业务所产生之汇兑

差额(17,386)

Net fair value gain on debt instruments

at fair value through other comprehensive

income

按公平值计入其他全面收益的

债务工具的公平值盈利净额

Reclassification of investment revaluation

reserve upon disposal of debt instruments at

fair value through other comprehensive income

出售按公平值计入其他全面

收益之债务工具由投资

重估储备重新分类24

Other comprehensive expense for the year本年度其他全面开支(17,243)

Total comprehensive expense for the year

attributable to owners of the Company

本公司可分配给公司拥有人之

年度全面开支总额(86,374)

Loss per share每股亏损12

Basic基本HHK(20.8) cents港仙

2025
二零二五年
HK$’000
千港元
465,170
(453,535)
11,635
36,110
(1,825)
(16,025)
(78,248)
(45,258)
(134)
(434)
(94,179)
(1,957)
(96,136)
(903)
50
(69)
(922)
(97,058)
HK(28.9) cents港仙

Allan International Holdings Limited亚伦国际集团有限公司56

Consolidated Statement of Financial Position

At 31 March 2025

综合财务状况表

于二零二五年三月三十一日

二零二四年

NotesHK$’000

附注千港元

Non-current assets非流动资产

Investment properties投资物业13429,752

Property, plant and equipment物业、厂房及设备143,785

Right-of-use assets使用权资产153,582

Club debentures会籍债券1610,343

Debt instruments at fair value through

other comprehensive income

(“FVTOCI”)

按公平值计入其他全面

收益之债务工具

203,844

Deferred tax assets递延税项资产25787

452,093

Current assets流动资产

Inventories存货1737,550

Trade receivables应收贸易账款1891,005

Other receivables其他应收账款1824,803

Mould deposits paid已付模具订金2,120

Financial assets at fair value through

profit or loss (“FVTPL”)

透过损益按公平值计算

之财务资产191,540

Debt instruments at FVTOCI按公平值计入其他全面

收益之债务工具203,901

Tax recoverable应退税项97

Short-term deposits短期存款21(a)304,696

Bank balances and cash银行结存及现金21(b)174,556

640,268

Current liabilities流动负债

Trade payables应付贸易账款2253,608

Other payables and accruals其他应付账款及

应付未付2372,722

Mould deposits received已收模具订金19,111

Tax liabilities税项负债33,291

Secured bank loan有抵押银行贷款245,124

183,856

Net current assets流动资产净值456,412

Total assets less current liabilities总资产减流动负债908,505

2025
二零二五年
HK$’000
千港元
382,789
3,603
3,398
10,343
–
631
400,764
41,732
91,079
27,051
3,307
–
–
284
225,897
147,493
536,843
55,975
74,804
22,591
32,671
5,124
191,165
345,678
746,442

57Annual Report 2024/2025 二零二四年至二零二五年年报

Consolidated Statement of Financial Position

At 31 March 2025

综合财务状况表

于二零二五年三月三十一日

载于第55至155页之综合财务报告书已于二零

二五年六月二十六日获董事会批准及授权刊

发，并由下列董事代表签署：

二零二四年

NotesHK$’000

附注千港元

Non-current liabilities非流动负债

Deferred tax liabilities递延税项负债2531,957

Secured bank loan有抵押银行贷款245,541

37,498

Net assets资产净值871,007

Capital and reserves资本及储备

Share capital股本2633,305

Reserves储备837,702

871,007

The consolidated financial statements on pages 55 to 155 were

approved and authorised for issue by the board of directors on

26 June 2025 and are signed on its behalf by:

CHEUNG LAI CHUN, MAGGIECHEUNG LAI SEE, SOPHIE

张丽珍张丽斯

DIRECTORDIRECTOR

董事董事

2025
二零二五年
HK$’000
千港元
28,695
417
29,112
717,330
33,305
684,025
717,330

Allan International Holdings Limited亚伦国际集团有限公司58

Consolidated Statement of Changes in Equity

For the year ended 31 March 2025

综合权益变动表

截至二零二五年三月三十一日止年度

capital

premium

Capital

redemption

reserve

Property

revaluation

reserve

Investment

revaluation

reserve

Translation

reserve

Retained

profitsTotal

股本股份溢价

股本

赎回储备

物业

重估储备

投资

重估储备汇兑储备保留溢利总额

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’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

At 31 March 2023于二零二三年三月三十一日33,305105,95679385,807(124)13,436768,1661,007,339

Loss for the year本年度亏损––––––(69,131)(69,131)

Exchange differences arising on

translation of foreign operations

海外业务换算所产生之

汇兑差额–––––(17,386)–(17,386)

Net fair value gain on debt instruments

at FVTOCI

按公平值计入其他全面收益

的债务工具的公平值

盈利净额––––119––119

Reclassification of investment

revaluation reserve upon disposal of

debt instruments at FVTOCI

出售按公平值计入其他全面

收益的债务工具由投资

重估储备重新分类––––24––24

Other comprehensive income (expense)

for the year

本年度其他全面收入（支出）

––––143(17,386)–(17,243)

Total comprehensive income (expense)

for the year

本年度全面收入（支出）总额

––––143(17,386)(69,131)(86,374)

Dividends recognised as distribution

(Note 11)

确认作分派之股息

（附注11）––––––(49,958)(49,958)

At 31 March 2024于二零二四年三月三十一日33,305105,95679385,80719(3,950)649,077871,007

Loss for the year本年度亏损––––––(96,136)(96,136)

Exchange differences arising on

translation of foreign operations

海外业务换算所产生之

汇兑差额–––––(903)–(903)

Net fair value gain on debt instruments

at FVTOCI

按公平值计入其他全面收益

的债务工具的公平值

盈利净额––––50––50

Reclassification of investment

revaluation reserve upon disposal of

debt instruments at FVTOCI

出售按公平值计入其他全面

收益的债务工具由投资

重估储备重新分类––––(69)––(69)

Other comprehensive expense

for the year

本年度其他全面支出

––––(19)(903)–(922)

Total comprehensive expense

for the year

本年度全面支出总额

––––(19)(903)(96,136)(97,058)

Dividends recognised as distribution

(Note 11)

确认作分派之股息

（附注11）––––––(56,619)(56,619)

At 31 March 2025于二零二五年三月三十一日33,305105,95679385,807–(4,853)496,322717,330

59Annual Report 2024/2025 二零二四年至二零二五年年报

Consolidated Statement of Cash Flows

For the year ended 31 March 2025

综合现金流量表

截至二零二五年三月三十一日止年度

二零二四年

HK$’000

千港元

OPERATING ACTIVITIES经营活动

Loss before tax除税前亏损(72,123)

Adjustments for:调整：

Finance costs财务成本697

Interest income利息收入(17,624)

Depreciation of property, plant and equipment物业、厂房及设备之折旧2,075

Depreciation of right-of-use assets使用权资产之折旧183

Impairment loss under expected credit loss

model, net

预期信贷亏损模型下的减值亏损

净额158

Allowance (reversal of allowance) for inventory

provision, net

存货拨备（拨备拨回）

(196)

Loss on fair value changes of

investment properties

投资物业公平值变动所产生之

亏损69,143

Cumulative (gain) loss reclassified from

investment revaluation reserve upon

disposal of debt instruments at FVTOCI

出售按公平值计入其他全面收益之

债务工具由投资重估储备重新

分类的累计（盈利）亏损24

Net gain on fair value changes of

financial assets at FVTPL

透过损益按公平值计算之

金融资产的公平值变动所

产生的盈利净额(231)

Gain on disposal of property, plant and equipment出售物业、厂房及设备盈利(180)

Write-off of property, plant and equipment撇除物业、厂房及设备–

Operating cash flows before movements in

working capital

营运资本变动前之经营现金流量

(18,074)

(Increase) decrease in inventories存货（增加）减少1,458

Increase in trade receivables应收贸易账款增加(18,210)

Increase in other receivables其他应收账款增加(2,281)

(Increase) decrease in mould deposits paid已付模具按金（增加）减少3,749

Increase in trade payables应付贸易账款增加5,496

Increase (decrease) in other payables and accruals其他应付账款及应付

未付增加（减少）(305)

Increase (decrease) in mould deposits received已收模具按金增加（减少）(9,673)

Cash used in operations经营业务所耗之现金(37,840)

Hong Kong Profits Tax (paid) refunded香港利得税（已付）退款2,426

The People’s Republic of China (“PRC”)

Enterprise Income Tax paid

已付中华人民共和国（「中国」）

企业所得税(2,993)

NET CASH USED IN OPERATING

ACTIVITIES

经营活动所耗之现金净额

(38,407)

2025
二零二五年
HK$’000
千港元
(94,179)
434
(13,017)
1,719
184
134
5,473
45,258
(69)
(48)
(125)
7
(54,229)
(9,994)
(247)
(2,306)
(1,187)
2,844
2,546
3,480
(59,093)
(757)
(2,679)
(62,529)

Allan International Holdings Limited亚伦国际集团有限公司60

Consolidated Statement of Cash Flows

For the year ended 31 March 2025

综合现金流量表

截至二零二五年三月三十一日止年度

二零二四年

HK$’000

千港元

INVESTING ACTIVITIES投资活动

Interest received已收利息17,683

Proceeds from disposal of所得款项由出售：

– financial assets at FVTPL—透过损益按公平值

计算之金融资产5,981

– debt instruments at FVTOCI—按公平值计入其他全面

收益的债务工具1,565

Proceeds on disposal of property, plant and

equipment

出售物业、厂房及设备

所得收益180

Purchases of property, plant and equipment购买物业、厂房及设备–

Withdrawal of short-term deposits提取短期存款159,243

Placement of short-term deposits存放于短期存款(101,707)

NET CASH FROM INVESTING ACTIVITIES投资活动所产生之现金净额82,945

FINANCING ACTIVITIES融资活动

Dividends paid已付股息(49,958)

Interest paid已付利息(697)

Repayment of secured bank loan偿还有抵押银行贷款(5,124)

CASH USED IN FINANCING ACTIVITIES融资活动所耗现金(55,779)

NET DECREASE IN CASH AND

CASH EQUIVALENTS

现金及现金等值减少净额

(11,241)

CASH AND CASH EQUIVALENTS AT

BEGINNING OF THE YEAR

于年初之现金及现金等值

438,627

Effect of foreign exchange rate changes外币汇率变动之影响(2,134)

TOTAL CASH AND CASH EQUIVALENTS AT

END OF THE YEAR, represented by

于年结之现金及现金等总值，

相当于425,252

Bank balances and cash银行结存及现金174,556

Short-term deposits with

original maturity within three months

原到期日为三个月以内的

短期银行存款250,696

425,252

2025
二零二五年
HK$’000
千港元
13,051
1,554
7,795
291
(1,774)
152,512
(162,653)
10,776
(56,619)
(434)
(5,124)
(62,177)
(113,930)
425,252
(2,132)
309,190
147,493
161,697
309,190

61Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

1. General Information

Allan International Holdings Limited (the “Company”) is

incorporated in Bermuda as an exempted company with

limited liability and its shares are listed on The Stock

Exchange of Hong Kong Limited (the “Stock Exchange”). Its

immediate holding company is Allan Investment Company

Limited, a private company incorporated in Hong Kong;

and its ultimate holding company is Credit Suisse Trust

Limited, who is a trustee of The Cheung Lun Family Trust,

the discretionary beneficiaries of which are, among other

family members, the directors of the Company, Mr. Cheung

Shu Wan, Ms. Cheung Lai Chun, Maggie, Ms. Cheung

Lai See, Sophie and Dr. Cheung Shu Sang, William. The

addresses of the registered office and principal place of

business of the Company are disclosed in the corporate

information section to the annual report.

The Company acts as an investment holding company

and provides corporate management services to its

subsidiaries. The principal activities of the Company and its

subsidiaries (the “Group”) are manufacturing and trading of

household electrical appliances.

The consolidated financial statements are presented in

Hong Kong dollars (“HK$”), which is also the functional

currency of the Company.

1. 一般资料

亚伦国际集团有限公司（「本公司」）

于百慕达注册成立为受豁免有限责任

公司，其股份在香港联合交易所有限

公司上市（「联交所」）。直接控股公

司为亚伦投资有限公司，于香港注册

成立的私人公司；其最终控股公司

为Credit Suisse Trust Limited，为

The Cheung Lun Family Trust之信托

人。其可能受益人中（为家族其他成员

内）有本公司之董事张树稳先生、张丽珍

女士、张丽斯女士及张树生博士。本公

司注册办事处之地址及主要营业地点于

本年报「公司资料」部份中披露。

本公司乃投资控股公司及提供企业管理

服务给附属公司，本公司及其附属公司

（「本集团」）的主要业务为制造及销售家

庭电器。

综合财务报告书乃以港元列示，亦为公

司之功能货币。

Allan International Holdings Limited亚伦国际集团有限公司62

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

2. Application of New and

Amendments to HKFRS

Accounting Standards

Amendments to HKFRS Accounting Standards that are

mandatorily effective for the current year

In the current year, the Group has applied the following

amendments to HKFRS Accounting Standards issued by

the Hong Kong Institute of Certified Public Accountants

(“HKICPA”) for the first time, which are mandatorily

effective for the Group’s annual period beginning on 1

April 2024 for the preparation of the consolidated financial

statements:

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Classification of Liabilities as

Current or Non-current and

related amendments to Hong

Kong Interpretation 5 (2020)

Amendments to HKAS 1Non-current Liabilities with

Covenants

Amendments to HKAS 7

and HKFRS 7

Supplier Finance

Arrangements

The application of the amendments to HKFRS Accounting

Standards in the current year has had no material impact

on the Group’s financial positions and performance for the

current and prior years and/or on the disclosures set out in

these consolidated financial statements.

2. 应用新订及经修订香港财

务报告准则

本年度强制生效之经修订的香港财务报

告准则

于本年度，本集团编制其综合财务报表

时，已首次应用以下由香港会计师公会

颁布之下列经修订香港财务报告准则，

该等修订本于本集团二零二四年四月一

日开始之年度期间强制生效：

香港财务报告准则

第16号（修订本）

售后租回中之租赁

负债

香港会计准则

第1号（修订本）

负债分类为流动或

非流动及香港诠

释第5号（二零二

零年）相关修订

香港会计准则

第1号（修订本）

附有契约的非流动

负债

香港会计准则

第7号及香港财

务报告准则

第7号（修订本）

供应商融资安排

除下文所披露者外，于本年度应用经修

订香港财务报告准则对本集团本年度及

过往年度的财务状况及表现及╱或该等

综合财务报表所载之披露并无重大影响。

63Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

2. Application of New and

Amendments to HKFRS

Accounting Standards (Continued)

New and amendments to HKFRS Accounting

Standards in issue but not yet effective

The Group has not early applied the following new and

amendments to HKFRS Accounting Standards that have

been issued but are not yet effective:

Amendments to HKFRS 9

and HKFRS 7

Amendments to the

Classification and

Measurement of Financial

Instruments

Amendments to HKFRS 9

and HKFRS 7

Contracts Referencing Nature

dependent Electricity

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Assets

between an Investor and its

Associate or Joint Venture

Amendments to HKFRS

Accounting Standards

Annual Improvements

to HKFRS Accounting

Standards – Volume 11

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and Disclosure in

Financial Statements

Effective for annual periods beginning on or after a

date to be determined.

Effective for annual periods beginning on or after 1

January 2025.

Effective for annual periods beginning on or after 1

January 2026.

Effective for annual periods beginning on or after 1

January 2027.

2. 应用新订及经修订香港财

务报告准则（续）

已颁布但尚未生效之新订及经修订香港

财务报告准则

本集团并未提前应用下列已发布但尚未

生效的新订及经修订香港财务报告准则：

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）

金融工具分类及

计量的修订

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）

涉及自然依赖型

电力之合约

香港财务报告准则

第10号及香港会

计准则第28号

（修订本）

投资者与其联营或

合营公司之间的

资产出售或投入

香港财务报告准则

之修订

香港财务报告准则

会计准则年度改

进－第11卷

香港会计准则

第21号（修订本）

缺乏可兑换性

香港财务报告准则

第18号

财务报表之呈列及

披露

于厘定日期或之后开始的年度期间

生效

于二零二五年一月一日或之后开始

的年度期间生效

于二零二六年一月一日或之后开始

的年度期间生效

于二零二七年一月一日或之后开始

的年度期间生效

Allan International Holdings Limited亚伦国际集团有限公司64

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

2. Application of New and

Amendments to HKFRS

Accounting Standards (Continued)

New and amendments to HKFRS Accounting

Standards in issue but not yet effective (Continued)

Except for the new HKFRS Accounting Standard mentioned

below, the directors of the Company anticipate that the

application of all other new and amendments to HKFRS

Accounting Standards will have no material impact on the

consolidated financial statements in the foreseeable future.

HKFRS 18 Presentation and Disclosure in Financial

Statements (“HKFRS 18”)

HKFRS 18 Presentation and Disclosure in Financial

Statements, which sets out requirements on presentation

and disclosures in financial statements, will replace HKAS 1

Presentation of Financial Statements. This new HKFRS

Accounting Standard, while carrying forward many of the

requirements in HKAS 1, introduces new requirements

to present specified categories and defined subtotals in

the statement of profit or loss; provide disclosures on

management-defined performance measures in the notes

to the financial statements and improve aggregation

and disaggregation of information to be disclosed in the

financial statements. In addition, some HKAS 1 paragraphs

have been moved to HKAS 8 and HKFRS 7. Minor

amendments to HKAS 7 Statement of Cash Flows and

HKAS 33 Earnings per Share are also made.

HKFRS 18, and amendments to other standards, will be

effective for annual periods beginning on or after 1 April

2027, with early application permitted. The application of

the new standard is expected to affect the presentation

of the statement of profit or loss and disclosures in the

future financial statements. The Group is in the process of

assessing the detailed impact of HKFRS 18 on the Group’s

consolidated financial statements.

2. 应用新订及经修订香港财

务报告准则（续）

已颁布但尚未生效之新订及经修订香港

财务报告准则（续）

除下文所述之新订香港财务报告准则

外，本公司董事预期于可预见未来应用

所有其他新订及经修订香港财务报告准

则将不会对综合财务报表造成重大影响。

香港财务报告准则第18号财务报表之呈

列及披露

香港财务报告准则第18号「财务报表之

呈列及披露」载列财务报表之呈列及披露

规定，将取代香港会计准则第1号「财务

报表之呈列」。此新订香港财务报告准则

会计准则在延续香港会计准则第1号中众

多规定之同时，引入于损益表中呈列指

定类别及定义小计之新规定；就财务报

表附注中管理层界定之表现计量提供披

露及改进于财务报表中将予披露之合并

及分类资料。此外，香港会计准则第1号

之部分段落已移至香港会计准则第8号及

香港财务报告准则第7号。香港会计准则

第7号「现金流量表」及香港会计准则第

33号「每股盈利」亦作出细微修订。

香港财务报告准则第18号及其他准则

之修订本将于二零二七年四月一日或之

后开始之年度期间生效，并允许提早应

用。应用新准则预期将会影响损益表之

呈列以及未来财务报表之披露。本集团

正在评估香港财务报告准则第18号对本

集团综合财务报表之详细影响。

65Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

3.1 Basis of preparation of consolidated financial

statements

The consolidated financial statements have been

prepared in accordance with HKFRS Accounting

Standards issued by the HKICPA. For the purpose of

preparation of the consolidated financial statements,

information is considered material if such information

is reasonably expected to influence decisions made

by primary users. In addition, the consolidated

financial statements include applicable disclosures

required by the Rules Governing the Listing of

Securities on the Stock Exchange (“Listing Rules”)

and by the Hong Kong Companies Ordinance.

3.2 Material accounting policy information

Basis of consolidation

The consolidated financial statements incorporate

the financial statements of the Company and entities

controlled by the Company and its subsidiaries.

Control is achieved when the Company:

;

, or has rights, to variable returns

from its involvement with the investee; and

• has the ability to use its power to affect its

returns.

3. 综合财务报表编制基准及

重大会计政策资料

3.1 综合财务报表的编制

综合财务报告书乃根据香港会计师

公会颁布之香港财务报告准则编

制。就编制综合财务报表而言，如

该信息被合理预期会影响主要用

户的决策，则该信息被视为重要信

息。此外，综合财务报告书包括根

据香港联合交易所有限公司证券上

市规则（「上市规则」）及香港公司

条例之规定作出适当披露。

3.2 重大会计政策资料

综合账目基准

综合财务报表包括本公司、由本公

司控制的实体及其附属公司的财务

报表。本公司在下列情况下被视为

取得控制权：

• 因参与投资对象业务而承担

或有权获得不同回报；及

• 有能力使用其权力影响其回

报。

Allan International Holdings Limited亚伦国际集团有限公司66

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Basis of consolidation (Continued)

The Group reassesses whether or not it controls an

investee if facts and circumstances indicate that there

are changes to one or more of the three elements of

control listed above.

Consolidation of a subsidiary begins when the Group

obtains control over the subsidiary and ceases

when the Group loses control of the subsidiary.

Specifically, income and expenses of a subsidiary

acquired or disposed of during the year are included

in the consolidated statement of profit or loss and

other comprehensive income from the date the Group

gains control until the date when the Group ceases to

control the subsidiary.

When necessary, adjustments are made to the

financial statements of subsidiaries to bring their

accounting policies into line with the Group’s

accounting policies.

All intragroup assets and liabilities, equity, income,

expenses and cash flows relating to transactions

between members of the Group are eliminated in full

on consolidation.

Revenue from contracts with customers

Information about the Group’s accounting policies

relating to contracts with customers is provided in

Note 5.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

综合账目基准（续）

倘有事实及情况显示上述三项控制

权要素有一项或以上出现变动，本

集团会重新评估其是否对投资对象

拥有控制权。

附属公司之综合入账于本集团取得

附属公司之控制权时开始，并于本

集团失去附属公司之控制权时终

止。具体而言，年内所收购或出售

附属公司之收入及开支乃自本集团

取得控制权之日起计入综合损益及

其他全面收益表，直至本集团不再

控制相关附属公司当日为止。

于必要时，将对附属公司之财务报

表作出调整，以令彼等之会计政策

与本集团之会计政策一致。

有关集团内所有资产及负债、权

益、收入、开支及现金流量与本集

团成员公司之间的交易于综合账目

时悉数对消。

来自客户合约之收益

本集团与客户合约相关的会计资料

请参阅附注5。

67Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Leases

The Group assesses whether a contract is or contains

a lease based on the definition under HKFRS 16 at

inception of the contract. Such contract will not be

reassessed unless the terms and conditions of the

contract are subsequently changed.

The Group as a lessee

Short-term leases

The Group applies the short-term lease recognition

exemption to leases that have a lease term of 12

months or less from the commencement date and do

not contain a purchase option. Lease payments on

short-term leases are recognised as expense on a

straight-line basis over the lease term.

The Group as a lessor

Classification and measurement of leases

Leases for which the Group is a lessor are classified

as finance or operating leases. Whenever the terms

of the lease transfer substantially all the risks and

rewards incidental to ownership of an underlying

asset to the lessee, the contract is classified as

a finance lease. All other leases are classified as

operating leases.

Rental income from operating leases is recognised

in profit or loss on a straight-line basis over the term

of the relevant lease. Initial direct costs incurred in

negotiating and arranging an operating lease are

added to the carrying amount of the leased asset,

and such costs are recognised as an expense on

a straight-line basis over the lease term except for

investment properties measured under fair value

model.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

租赁

本集团根据香港财务报告准则第

16号的定义于初始评估该合约是

否为租赁或包含租赁。除非合约之

条款及条件其后变动，否则有关合

约将不予重新评估。

本集团作为承租人

短期租赁

本集团对自开始日期起十二个月或

以下之租赁期限及没有购置权之房

地产租赁采用短期租赁确认豁免

。短期租赁之租赁付款在租赁期内

以直线法确认为费用。

本集团作为出租人

租赁的分类及计算

本集团为出租人的租赁分类为融资

或营运租赁。凡将拥有资产之所有

报酬及风险绝大部份转移至承租方

均列为融资租赁。所有其他租赁则

分类为营运租赁。

营运租赁之租金收入乃按相关租约

年期以直线法于损益中确认。除以

公平值模式计量的投资物业外，协

商和安排经营租赁时发生的初始直

接费用，计入租赁资产的账面价值

中，该成本在租赁期内按直线法确

认为费用。

Allan International Holdings Limited亚伦国际集团有限公司68

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Leases (Continued)

The Group as a lessor (Continued)

Refundable rental deposits

Refundable rental deposits received are accounted

for under HKFRS 9 Financial Instruments (“HKFRS 9”)

and initially measured at fair value. Adjustments to

fair value at initial recognition are considered as

additional lease payments from lessees.

Foreign currencies

In preparing the financial statements of each

individual group entity, transactions in currencies

other than the functional currency of that entity

(foreign currencies) are recognised at the rates

of exchanges prevailing on the dates of the

transactions. At the end of the reporting period,

monetary items denominated in foreign currencies

are retranslated at the rates prevailing at that date.

Non-monetary items carried at fair value that are

denominated in foreign currencies are retranslated at

the rates prevailing on the date when the fair value

was determined. When a fair value gain or loss on

a non-monetary item is recognised in profit or loss,

any exchange component of that gain or loss is also

recognised in profit or loss. Non-monetary items that

are measured in terms of historical cost in a foreign

currency are not retranslated.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为出租人（续）

可退还租金按金

所收取的可退还租金按金根据香

港财务报告准则第9号金融工具入

账，并初步按公平值计量。初始确

认时对公平值的调整被视为承租人

的额外租赁付款。

外币

在编制各个别集团公司的财务报告

书时，以该公司的功能货币以外的

货币（外币）计价之交易按交易日

期之适用汇率确认。在报告期结束

时，以外币为单位之货币性项目均

按该日之汇率再换算。以公平值并

以外币计价的非货币性项目会按确

定公平值日期的汇率再换算。当非

货币项目的公允价值收益或损失计

入损益时，该收益或损失的任何汇

兑部分也计入损益。以历史成本计

量并以外币计价的非货币性项目不

会再换算。

69Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Foreign currencies (Continued)

Exchange differences arising on the settlement of

monetary items, and on the retranslation of monetary

items, are recognised in profit or loss in the period in

which they arise.

For the purposes of presenting the consolidated

financial statements, the assets and liabilities of the

Group’s foreign operations are translated into the

presentation currency of the Group (i.e. HK$) using

exchange rates prevailing at the end of each reporting

period. Income and expenses items are translated

at the average exchange rates for the period, unless

exchange rate fluctuate significantly during that

period, in which case the exchange rates at the

date of transactions are used. Exchange differences

arising, if any, are recognised in other comprehensive

income and accumulated in equity under the heading

of translation reserve.

Employee benefits

Retirement benefit costs

Payments to state-managed retirement benefit

schemes, the Occupational Retirement Schemes

Ordinance (“ORSO Scheme”) and a Mandatory

Provident Fund Scheme established under the

Mandatory Provident Fund Schemes Ordinance

(“MPF Scheme”) in December 2000, all being defined

contribution schemes, are recognised as an expense

when employees have rendered service entitling them

to the contributions.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

外币（续）

因结算货币项目及重新换算货币项

目而产生之汇兑差额于产生期间在

损益中确认。

就呈列综合财务报表而言，本集团

之海外业务资产及负债按各报告期

末的现行汇率换算为本集团的呈列

货币（即港元）。除该期间的汇率

有显著波动，则使用交易当日的汇

率外，收入及开支项目按该期间的

平均汇率换算。所产生之汇兑差额

（如有）乃于其他全面收益确认并于

汇兑储备项下之权益累计。

雇员褔利

退休福利成本

界定国家管理之养老金计划、职业

退休计划有关条例（「公积金」）及

已于二零零零年十二月成立的强制

性公积金条例之强制性公积金计划

（「强积金」），所有都是定额供款

计划，于顾员提供服务后而应得供

款时被确认为开支。

Allan International Holdings Limited亚伦国际集团有限公司70

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Employee benefits (Continued)

Termination benefits

A liability for a termination benefit is recognised at the

earlier of when the Group can no longer withdraw the

offer of the termination benefit and when it recognises

any related restricting cost.

Short-term employee benefits

Short-term employee benefits are recognised at the

undiscounted amount of the benefits expected to be

paid as and when employees rendered the services.

All short-term employee benefits are recognised

as an expense unless another HKFRS requires or

permits the inclusion of the benefit in the cost of an

asset.

A liability is recognised for benefits accruing to

employees (such as wages and salaries and annual

leave) after deducting any amount already paid.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

雇员褔利（续）

终止福利

于本集团不可撤回终止福利要约或

于确认任何相关限制成本时（以较

早者为准），终止福利被确认为负

债。

短期雇员福利

短期雇员福利是在雇员提供服务时

预期支付福利之未折现金额。所有

短期雇员福利均被确认为开支，除

非另有香港财务报告准则要求或允

许将福利计入资产成本。

经扣除任何已付金额后，雇员应得

的福利（如工资及薪金及年假）确认

为负债。

71Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Taxation

Income tax expense represents the sum of current

and deferred income tax expense.

The tax currently payable is based on taxable profit

for the year. Taxable profit differs from profit (loss)

before tax because of income or expense that are

taxable or deductible in other years and items that

are never taxable or deductible. The Group’s liability

for current tax is calculated using tax rates that have

been enacted or substantively enacted by the end of

the reporting period.

Deferred tax is recognised on temporary differences

between the carrying amounts of assets and liabilities

in the consolidated financial statements and the

corresponding tax bases used in the computation

of taxable profit. Deferred tax liabilities are generally

recognised for all taxable temporary differences.

Deferred tax assets are generally recognised for

all deductible temporary differences to the extent

that it is probable that taxable profits will be

available against which those deductible temporary

differences can be utilised. Such deferred tax assets

and liabilities are not recognised if the temporary

difference arises from the initial recognition (other

than in a business combination) of assets and

liabilities in a transaction that affects neither the

taxable profit nor the accounting profit and at the time

of the transaction does not give rise to equal taxable

and deductible temporary differences.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

税项

所得税开支指本年度应付税项及递

延税项之总额。

现行应缴税项根据本年度之应课税

溢利计算。应课税溢利有别于除税

前溢利╱亏损，原因是其并无计入

其他年度之应课税或可扣减收支项

目，亦无计入毋须课税及不获扣减

之项目所致。本集团之即期税项负

债乃以报告期末前已实施或大致上

已实施之税率计算。

递延税项按综合财务报表内资产及

负债账面值与计算应课税溢利所用

相关税基之暂时差额确认。递延税

项负债一般按所有应课税暂时差额

确认。递延税项资产之所有可扣税

暂时差额一般按可抵销应课税溢利

之可扣税暂时差额确认。倘暂时差

额乃因初步确认交易（业务合并除

外）中之资产及负债而产生，其并

不影响应课税溢利及会计溢利，且

于交易时不会产生相等的应课税及

可扣税暂时差额，则有关递延税项

资产及负债不予确认。

Allan International Holdings Limited亚伦国际集团有限公司72

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Taxation (Continued)

Deferred tax liabilities are recognised for taxable

temporary differences associated with investments

in subsidiaries except where the Group is able to

control the reversal of the temporary difference

and it is probable that the temporary difference will

not reverse in the foreseeable future. Deferred tax

assets arising from deductible temporary differences

associated with such investments are only recognised

to the extent that it is probable that there will be

sufficient taxable profits against which to utilise the

benefits of the temporary differences and they are

expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is

reviewed at the end of each reporting period and

reduced to the extent that it is no longer probable

that sufficient taxable profits will be available to allow

all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at

the tax rates that are expected to apply in the period

in which the liability is settled or the asset realised,

based on tax rate (and tax laws) that have been

enacted or substantively enacted by the end of the

reporting period.

The measurement of deferred tax liabilities and assets

reflects the tax consequences that would follow from

the manner in which the Group expects, at the end of

the reporting period, to recover or settle the carrying

amount of its assets and liabilities.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

递延税项负债须就于附属公司之投

资相关的应课税临时差异以确认，

除非本集团可控制临时差异的回拨

时间，而此临时差异在可预见的将

来很可能不会回拨。与该等投资相

关之可扣减临时差异所产生的递延

税项资产，仅于应课税溢利有很大

机会足以利用该等临时差异并预期

于可见将来出现的情况下，才予以

确认。

递延税项资产之账面值于各报告期

结束时均作检讨，并在不大可能再

有足够应课税溢利收回全部或部份

资产时减少。

递延税项资产及负债乃按预期于负

债清偿或资产实现之期间适用之税

率计算，而该等税率乃基于报告期

结束时已颁布或大致颁布之税率

（及税法）。

递延税项负债及资产之计量反映按

本集团预期于报告期结束时收回或

结算其资产及负债之账面值之方式

计算所得之税务结果。

73Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Taxation (Continued)

For the purposes of measuring deferred tax for

investment properties that are measured using

the fair value model, the carrying amounts of such

properties are presumed to be recovered entirely

through sale, unless the presumption is rebutted.

The presumption is rebutted when the investment

property is depreciable and is held within a business

model whose objective is to consume substantially all

of the economic benefits embodied in the investment

property over time, rather than through sale.

Deferred tax assets and liabilities are offset when

there is a legally enforceable right to set off current

tax assets against current tax liabilities and when

they relate to income taxes levied to the same taxable

entity by the same taxation authority.

Current and deferred tax are recognised in profit or

loss.

Property, plant and equipment

Property, plant and equipment are tangible assets

that are held for use in the production or supply of

goods or services, or for administrative purposes.

Property, plant and equipment are stated in the

consolidated statement of financial position at

cost, less subsequent accumulated depreciation

and subsequent accumulated impairment losses,

if any. Costs include any costs directly attributable

to bringing the asset to the location and condition

necessary for it to be capable of operating in the

manner intended by management, including costs

of testing whether the related assets is functioning

properly and, for qualifying assets, borrowing

costs capitalised in accordance with the Group’s

accounting policy.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

就计量使用公平值模式计量之投资

物业的递延税项而言，乃假设完全

透过出售收回有关物业之账面值，

除非假设被驳回。倘投资物业可折

旧及目的为于一段时间内使用该物

业所包含之绝大部分经济利益（而

非透过出售）之业务模式所持有，

则驳回此假设。

当有可合法执行权利许可将即期税

项资产与即期税项负债抵销，并涉

及与同一税务机关对同一应课税实

体征收之所得税有关时，则递延税

项资产及负债可互相对销。

本年度及递延税项于损益确认。

物业、厂房及设备

物业、机器及设备为持作生产或供

应货品或服务或作行政用途之有形

资产。物业、机器及设备按成本减

其后累计折旧及其后累计减值亏损

（如有）于综合财务状况表列账。

成本包括将资产达致管理层拟定运

作方式所需地点及状况之直接应占

成本，包括测试相关资产是否正常

运行的费用，以及就合资格资产而

言，根据本集团会计政策资本化之

借贷成本。

Allan International Holdings Limited亚伦国际集团有限公司74

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Property, plant and equipment (Continued)

When the Group makes payments for ownership

interests of properties which includes both leasehold

land and building elements, the entire consideration is

allocated between the leasehold land and the building

elements in proportion to the relative fair values at

initial recognition. To the extent the allocation of the

relevant payments can be made reliably, interest in

leasehold land is presented as “right-of-use assets”

in the consolidated statement of financial position

except for those that are classified and accounted for

as investment properties under the fair value model.

When the consideration cannot be allocated reliably

between non-lease building element and undivided

interest in the underlying leasehold land, the entire

properties are classified as property, plant and

equipment.

Depreciation is recognised so as to write off the

cost of assets less their residual values over their

estimated useful lives, using the straight-line method.

The estimated useful lives, residual values and

depreciation method are reviewed at the end of each

reporting period, with the effect of any changes in

estimate accounted for on a prospective basis.

An item of property, plant and equipment is

derecognised upon disposal or when no future

economic benefits are expected to arise from the

continued use of the asset. Any gain or loss arising

on the disposal or retirement of an item of property,

plant and equipment is determined as the difference

between the sales proceeds and the carrying amount

of the asset and is recognised in profit or loss.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备（续）

当本集团就于物业的拥有权权益

（包括租赁土地及楼宇成分）付款

时，全部代价于租赁土地及楼宇成

分之间按初始确认时的相对公平值

的比例分配。除按公平值模式分类

而入账为投资物业外，倘有关付款

能可靠作出分配，于租赁土地之权

益在综合财务状况表内呈报为「使

用权资产」当代价无法在相关租赁

土地的非租赁楼宇成分及未分割权

益之间可靠分配时，整项物业分类

为物业、厂房及设备。

资产的成本按其估计可使用年期以

直线法确认撇销折旧。估计可使用

年期、残值及折旧方法会于每个报

告期末作出检讨，估计之任何变动

之影响按未来适用法入账。

一项物业、厂房及设备项目于出售

后或当预期持续使用该资产不再带

来经济利益时终止确认。出售或废

弃物业、厂房及设备项目产生之任

何盈利或亏损按出售所得款项与资

产账面值之间的差额算，并于损益

内确认。

75Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Investment properties

Investment properties are properties held to earn

rentals and/or for capital appreciation.

Investment properties are initially measured at cost,

including any directly attributable expenditure.

Subsequent to initial recognition, investment

properties are measured at their fair values, adjusted

to exclude any prepaid or accrued operating lease

income.

Gains and losses arising from changes in the fair

value of investment properties are included in profit or

loss for the period in which they arise.

An investment property is derecognised upon

disposal or when the investment property is

permanently withdrawn from use or no future

economic benefits are expected from its disposals.

Any gain or loss arising on derecognition of the

property (calculated as the difference between the

net disposal proceeds and the carrying amount of

the asset) is included in profit or loss in the period in

which the property is derecognised.

Club debentures

Club debentures with indefinite useful lives that

are acquired separately are carried at cost less

accumulated impairment losses.

A club debenture is derecognised on disposal, or

when no future economic benefits are expected

from use or disposal. Gains or losses arising from

derecognition of a club debenture, measured as the

difference between the net disposal proceeds and the

carrying amount of the asset, are recognised in profit

or loss when the asset is derecognised.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

投资物业

持有投资物业为获得租金及╱或资

本增值。

投资物业初步按成本（包括任何直

接应占开支）计量。初步确认后，

投资物业按它们的公平值计量，并

进行调整以排除任何预付或应计的

经营租赁收入。

投资物业公平值变动产生之盈利或

亏损计入产生期间之损益内。

于投资物业出售或永久停止使用及

预计不会从出售该物业中获得未来

经济收益时，投资物业会终止确

认。终止确认物业所产生任何盈利

或亏损（按出售所得款项净额与该

资产账面值之差额计算）于物业终

止确认之期间计入损益。

会籍债券

独立收购无确定使用期限之会籍债

券按成本减任何累计减值亏损列

账。

会籍债券于出售或当预期使用或出

售时再无日后经济利益时终止确

认。于终止确认会籍债券而产生之

盈利或亏损，乃按出售所得款项净

额，与该项资产账面值之间之差额

计量，并于有关资产不再认时于损

益内确认。

Allan International Holdings Limited亚伦国际集团有限公司76

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Impairment on property, plant and equipment,

right-of-use assets and club debentures

At the end of each reporting period, the Group

reviews the carrying amounts of its property, plant

and equipment and right-of-use assets to determine

whether there is any indication that those assets

have suffered an impairment loss. If any such

indication exists, the recoverable amount of the

asset is estimated in order to determine the extent

of the impairment loss (if any). Club debentures with

indefinite useful lives are tested for impairment at

least annually, and whenever there is an indication

that they may be impaired.

The recoverable amount of property, plant and

equipment, right-of-use assets, and club debentures

are estimated individually. When it is not possible

to estimate the recoverable amount individually, the

Group estimates the recoverable amount of the cash-

generating unit to which the asset belongs.

In testing a cash-generating unit for impairment,

corporate assets are allocated to the relevant cash-

generating unit when a reasonable and consistent

basis of allocation can be established, or otherwise

they are allocated to the smallest group of cash

generating units for which a reasonable and

consistent allocation basis can be established. The

recoverable amount is determined for the cash-

generating unit or group of cash-generating units to

which the corporate asset belongs, and is compared

with the carrying amount of the relevant cash-

generating unit or group of cash-generating units.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备、使用权资产以

及会籍债券之减值

于报告期末，本集团将审阅其物

业、厂房及设备、使用权资产账面

值，以厘定该等资产是否出现任何

减值亏损迹象。若存在任何该等迹

象，本集团会估计相关资产之可收

回金额，以厘定减值亏损（若有）程

度。并无限定使用年期之会籍债券

会最少每年进行减值测试，并会于

有迹象显示该等资产可能减值时进

行减值测试。

物业、厂房及设备、使用权资产以

及会籍债券的可收回金额乃个别估

计，倘不能个别估计可收回金额，

本集团会估计该项资产所属现金产

生单位之可收回金额。

测试现金产生单位之减值，倘可建

立合理及一致的分配基准时，企业

资产会获分配至有关现金产生单

位，否则该等资产将分配至可建立

合理及一致分配基准的最小现金产

生单位。就企业资产所属的现金产

生单位或现金产生单位组别厘定可

收回金额，并与相关现金产生单位

或现金产生单位组别的账面值作比

较。

77Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Impairment on property, plant and equipment,

right-of-use assets and club debentures (Continued)

Recoverable amount is the higher of fair value less

costs of disposal and value in use. In assessing

value in use, the estimated future cash flows are

discounted to their present value using a pre-

tax discount rate that reflects current market

assessments of the time value of money and the

risks specific to the asset (or cash-generating unit)

for which the estimates of future cash flows have not

been adjusted.

If the recoverable amount of an asset (or a cash-

generating unit) is estimated to be less than its

carrying amount, the carrying amount of the asset (or

a cash-generating unit) is reduced to its recoverable

amount. For corporate assets or portion of corporate

assets which cannot be allocated on a reasonable

and consistent basis to a cash-generating unit, the

Group compares the carrying amount of a group of

cash-generating units, including the carrying amounts

of the corporate assets or portion of corporate assets

allocated to that group of cash-generating units,

with the recoverable amount of the group of cash-

generating units. In allocating the impairment loss,

the impairment loss is allocated first to reduce the

carrying amount of any goodwill (if applicable) and

then to the other assets on a pro-rata basis based on

the carrying amount of each asset in the unit or the

group of cash-generating units. The carrying amount

of an asset is not reduced below the highest of its

fair value less costs of disposal (if measurable), its

value in use (if determinable) and zero. The amount

of the impairment loss that would otherwise have

been allocated to the asset is allocated pro rata to

the other assets of the unit or the group of cash-

generating units. An impairment loss is recognised

immediately in profit or loss.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备、使用权资产以

及会籍债券之减值（续）

可收回金额为公平值减出售成本及

使用价值之较高者。于评估使用价

值时，估计未来现金流量乃以税前

贴现率贴现至现值，该贴现率反映

当前市场所评估之货币时间值及资

产特定风险（或现金产生单位）未来

现金流量估计尚未就此作出调整。

倘资产（或现金产生单位）之可收回

金额估计低于其账面值，则将该资

产（或现金产生单位）之账面值扣减

至可收回金额。就不能按合理及一

致基准将企业资产或部分企业资产

分配予现金产生单位时，本集团将

现金产生单位组别的账面值（包括

分配予该现金产生单位组别的企业

资产或部分企业资产的账面值）与

其可收回金额进行比较。于分配减

值亏损时，所分配的减值亏损首先

冲减商誉账面值（如适用），然后根

据该单位各资产之账面值按比例分

配至其他资产。资产账面值不得减

少至低于其公平值减出售成本（如

可计量）、使用价值（如可厘定）及

零中之最高者。本应分配至资产之

减值亏损金额按比例分配至该单位

或现金产生单位组别之其他资产。

减值亏损即时于损益确认。

Allan International Holdings Limited亚伦国际集团有限公司78

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Cash and cash equivalents

Cash and cash equivalents presented on the

consolidated statement of financial position include:

(a) cash, which comprises of cash on hand and

demand deposits, excluding bank balances

that are subject to regulatory restrictions that

result in such balances no longer meeting the

definition of cash; and

(b) cash equivalents, which comprises of short-

term (generally with original maturity of three

months or less), highly liquid investments that

are readily convertible to a known amount of

cash and which are subject to an insignificant

risk of changes in value. Cash equivalents are

held for the purpose of meeting short-term

cash commitments rather than for investment or

other purposes.

For the purposes of the consolidated statement of

cash flows, cash and cash equivalents consist of

cash and cash equivalents as defined above.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

现金及现金等价值

综合财务状况表中列载的现金和现

金等值包括：

(a) 现金，包括即手头现金及活

期存款，不包括受监管限制

导致此类余额不再符合现金

定义的银行余额；及

(b) 现金等价值包括短期（通常原

到期日为三个月或更短）、

高流动性投资，可随时兑换

为已知金额现金且承受之价

值变动风险并不重大。现金

等价物持作满足短期现金承

诺，而非用于投资或其他目

的。

就综合现金流量表中列载的现金和

现金等值包括上文定义的现金及现

金等价值。

79Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Inventories

Inventories are stated at the lower of cost and net

realisable value. Costs of inventories are calculated

using the first-in, first-out method. Net realisable

value represents the estimated selling price for

inventories less all estimated costs of completion and

costs necessary to make the sale. Costs necessary

to make the sale include incremental costs directly

attributable to the sale and non-incremental costs

which the Group must incur to make the sale.

Provisions

Provisions are recognised when the Group has

a present obligation (legal or constructive) as a

result of a past event, it is probable that the Group

will be required to settle that obligation, and a

reliable estimate can be made of the amount of the

obligation.

The amount recognised as a provision is the best

estimate of the consideration required to settle the

present obligation at the end of the reporting period,

taking into account the risks and uncertainties

surrounding the obligation. When a provision is

measured using the cash flows estimated to settle the

present obligation, its carrying amount is the present

value of those cash flows (where the effect of the time

value of money is material).

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

存货

存货按其成本及可变现净值较低者

列示。存货成本采用先进先出法计

算。可变现净值乃按存货的估计销

售价格减估计完成成本及销售所需

之成本。进行销售所需的成本包括

直接归属于销售的增量成本及本集

团为进行销售而必须产生的非增量

成本。

拨备

当本集团因过往事件引致法定或推

定现时责任，本集团有可能须清偿

该责任，而该责任金额能可靠估

计，则拨备予以确认。

确认为拨备的金额为清偿报告期末

的现时责任并计入该责任的风险及

不明朗因素所需代价的最佳估计。

当使用估计用以清偿现时责任的现

金流量计量拨备，其账面值为该等

现金流量的现值（如金钱的时间价

值影响属重大）。

Allan International Holdings Limited亚伦国际集团有限公司80

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具

倘集团实体成为金融工具合约订约

方时，金融资产及金融负债须确

认。所有日常买卖之金融资产于交

易日确认及终止确认。日常买卖指

须根据市场规则或惯例订立之时间

内交收资产之金融资产卖。

金融资产及金融负债初步按公平值

计量，惟客户合约产生的应收贸易

账款除外，根据香港财务报告准则

第15号客户合约收入初步计量。

收购或发行金融资产及金融负债直

接应占的交易成本（按公平值计入

损益的金融资产及金融负债除外）

于初步确认时加入金融资产或金融

负债（如适用）公平值或自公平值减

除。收购按公平值计入损益的金融

资产或金融负债的直接应占交易成

本即时于损益账确认。

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments

Financial assets and financial liabilities are recognised

when a group entity becomes a party to the

contractual provisions of the instrument. All regular

way purchases or sales of financial assets are

recognised and derecognised on a trade date basis.

Regular way purchases or sales are purchases or

sales of financial assets that require delivery of assets

within the time frame established by regulation or

convention in the market place.

Financial assets and financial liabilities are initially

measured at fair value except for trade receivables

arising from contracts with customers which are

initially measured in accordance with HKFRS 15

Revenue from Contracts with Customers. Transaction

costs that are directly attributable to the acquisition

or issue of financial assets and financial liabilities

(other than financial assets and financial liabilities

at FVTPL) are added to or deducted from the fair

value of the financial assets or financial liabilities, as

appropriate, on initial recognition. Transaction costs

directly attributable to the acquisition of financial

assets or financial liabilities at FVTPL are recognised

immediately in profit or loss.

81Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

The effective interest method is a method of

calculating the amortised cost of a financial asset

or financial liability and of allocating interest income

and interest expense over the relevant period.

The effective interest rate is the rate that exactly

discounts estimated future cash receipts and

payments (including all fees and points paid or

received that form an integral part of the effective

interest rate, transaction costs and other premiums

or discounts) through the expected life of the financial

asset or financial liability, or, where appropriate, a

shorter period, to the net carrying amount on initial

recognition.

Financial assets

Classification and subsequent measurement of

financial assets

Financial assets that meet the following conditions

are subsequently measured at amortised cost:

• the financial asset is held within a business

model whose objective is to collect contractual

cash flows; and

• the contractual terms give rise on specified

dates to cash flows that are solely payments of

principal and interest on the principal amount

outstanding.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

实际利率法是计算金融资产或金融

负债摊销成本及在有关期间分配利

息收入及利息开支的方法。实际利

率是将金融资产或金融负债于其预

期年期或（如适用）较短期间所得的

估计未来现金收入及付款（包括构

成实际利率组成部分的所有已付或

已收费用、交易成本及其他溢价或

折让）准确贴现至初始确认时的账

面值的利率。

金融资产

金融资产之分类及后续计量

符合下列条件的金融资产其后按摊

销成本计量：

• 管理该金融资产的业务模式

以收取合同现金流量为目

标；及

• 合约条款引致于指定日期之

现金流量仅为支付本金和未

偿还之本金利息。

Allan International Holdings Limited亚伦国际集团有限公司82

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Classification and subsequent measurement of

financial assets (Continued)

Financial assets that meet the following conditions

are subsequently measured at FVTOCI:

• the financial asset is held within a business

model whose objective is achieved by both

collecting contractual cash flows and selling the

financial assets; and

• the contractual terms give rise on specified

dates to cash flows that are solely payments of

principal and interest on the principal amount

outstanding.

All other financial assets are subsequently measured

at FVTPL, except that initial recognition of a financial

asset the Group may irrevocably elect to present

subsequent changes in fair value of an equity

investment in other comprehensive income if that

equity investment is neither held for trading nor

contingent consideration recognised by an acquirer in

a business combination to which HKFRS 3 Business

Combinations applies.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及后续计量（续）

符合下列条件之金融资产其后以按

公平值透过其他全面收益列账的方

式计量：

• 管理该金融资产的业务模式

既以收取合同现金流量又以

出售该金融资产为目标；及

• 合约条款于指定日期产生的

现金流量仅用于支付本金及

未偿还本金之利息。

所有其他金融资产随后会按公允值

透过损益计量，惟于首次确认金融

资产之日，倘股本投资并非持作买

卖用途或收购方于香港财务报告准

则第3号业务合并所适用的业务合

并中确认的或然代价，则本集团可

不可撤销地选择于其他广泛收入中

呈列有关股权投资公允值的其后变

动。

83Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Classification and subsequent measurement of

financial assets (Continued)

A financial asset is held for trading if:

• it has been acquired principally for the purpose

of selling in the near term; or

• on initial recognition it is a part of a portfolio of

identified financial instruments that the Group

manages together and has a recent actual

pattern of short-term profit-taking; or

• it is a derivative that is not designated and

effective as a hedging instrument.

In addition, the Group may irrevocably designate a

financial asset that are required to be measured at

the amortised cost or FVTOCI as measured at FVTPL

if doing so eliminates or significantly reduces an

accounting mismatch.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及后续计量（续）

下列情况下金融资产乃归类为持作

买卖：

• 其主要为于不久将来出售而

购买；或

，其为本集团

所集中管理，并拥有短期获

利之近期实际模式之已识别

金融工具组合的一部分；或

• 其为并非指定及有效作对冲

工具的衍生工具。

此外，本集团可以不可撤回地指定

符合按摊销成本计量或按公平值计

入其他全面收益的规定的金融资产

为按公平值计入损益，前提是有关

指定可消除或大幅减少会计错配发

生。

Allan International Holdings Limited亚伦国际集团有限公司84

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Classification and subsequent measurement of

financial assets (Continued)

(i) Amortised cost and interest income

Interest income is recognised using the

effective interest method for financial assets

measured subsequently at amortised cost

and debt instruments subsequently measured

at FVTOCI. Interest income is calculated by

applying the effective interest rate to the gross

carrying amount of a financial asset, except

for financial assets that have subsequently

become credit-impaired (see below). For

financial assets that have subsequently become

credit-impaired, interest income is recognised

by applying the effective interest rate to the

amortised cost of the financial asset from the

next reporting period. If the credit risk on the

credit-impaired financial instrument improves

so that the financial asset is no longer credit-

impaired, interest income is recognised by

applying the effective interest rate to the gross

carrying amount of the financial asset from the

beginning of the reporting period following the

determination that the asset is no longer credit-

impaired.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及后续计量（续）

(i) 摊销成本及利息收入

对于随后以摊销成本计量的

金融资产及随后按公平值计

入其他全面收益的债务工

具，利息收入乃使用实际利

率法确认。利息收入乃根据

对金融资产的总账面值应用

实际利率计算，惟随后出现

信贷减值的金融资产除外（参

见下文）。就其后出现信贷

减值的金融资产而言，自下

一报告期起，利息收入乃对

金融资产摊销成本应用实际

利率予以确认。倘信贷减值

金融工具之信贷风险好转，

使金融资产不再出现信贷减

值，于厘定资产不再出现信

贷减值后，自报告期开始起

利息收入乃对金融资产账面

总值应用实际利率予以确认。

85Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Classification and subsequent measurement of

financial assets (Continued)

(ii) Debt instruments classified as at FVTOCI

Subsequent changes in the carrying amounts

for debt instruments classified as at FVTOCI as

a result of interest income calculated using the

effective interest method, and foreign exchange

gains and losses are recognised in profit or

loss. All other changes in the carrying amount of

these debt instruments are recognised in other

comprehensive income and accumulated under

the heading of investment revaluation reserve.

Impairment allowances are recognised in profit

or loss with corresponding adjustment to other

comprehensive income without reducing the

carrying amounts of these debt instruments.

When these debt instruments are derecognised,

the cumulative gains or losses previously

recognised in other comprehensive income are

reclassified to profit or loss.

(iii) Financial assets at FVTPL

Financial assets that do not meet the criteria for

being measured at amortised cost or FVTOCI or

designated as FVTOCI are measured at FVTPL.

Financial assets at FVTPL are measured at fair

value at the end of each reporting period, with

any fair value gains or losses recognised in

profit or loss. The net gain or loss recognised in

profit or loss includes any dividend or interest

earned on the financial asset and is included in

the “other gains and losses” line item.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及后续计量（续）

(ii) 分类为按公平值计入其他全

面收益之债务工具

因按实际利率法计算的利息

收入及汇兑损益引致分类为

按公平值计入其他全面收益

之债务工具的随后账面值变

动，在损益确认。该等债务

工具账面值的所有其他变动

均于其他全面收益中确认，

并于投资重估储备项下累

计。减值准备于损益确认，

并在不减少该等债务工具账

面值的情况下对其他全面收

益作出相应调整。当取消确

认该等债务工具时，先前于

其他全面收益确认的累计盈

利或亏损将重新分类至损益。

(iii) 按公平值计入损益的金融资产

不符合按摊销成本或按公平

值计入其他全面收益计量或

指定为按公平值计入其他全

面收益的金融资产乃按公平

值计入损益计量。

按公平值计入损益之金融资

产于各报告期末按公平值计

量，而任何公平值盈利或亏

损均于损益内确认。于损益

内确认的净盈利或亏损并包

括就金融资产赚取的任何股

息或利息并包含在「其他盈利

及亏损」项目中。

Allan International Holdings Limited亚伦国际集团有限公司86

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets subject to impairment

assessment under HKFRS 9

The Group performs impairment assessment under

expected credit loss (“ECL”) model on financial assets

(including trade receivables, other receivables, debt

instruments at FVTOCI, short-term deposits, and

bank balances) which are subject to impairment

assessment under HKFRS 9. The amount of ECL is

updated at each reporting date to reflect changes in

credit risk since initial recognition.

Lifetime ECL represents the ECL that will result from

all possible default events over the expected life of the

relevant instrument. In contrast, 12-months ECL (“12m

ECL”) represents the portion of lifetime ECL that is

expected to result from default events that are possible

within 12 months after the reporting date. Assessment

are done based on the Group’s historical credit loss

experience, adjusted for factors that are specific to the

debtors, general economic conditions and an assessment

of both the current conditions at the reporting date as well

as the forecast of future conditions.

The Group always recognises lifetime ECL for trade

receivables.

For all other instruments, the Group measures the

loss allowance equal to 12m ECL, unless when

there has been a significant increase in credit risk

since initial recognition, in which case the Group

recognises lifetime ECL. The assessment of whether

lifetime ECL should be recognised is based on

significant increases in the likelihood or risk of a

default occurring since initial recognition.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须进

行之金融资产减值

本集团根据预期信贷亏损模式对

就评估的根据香港财务报告准则

第9号须受减值评估的规限金融资

产（包括应收贸易账款、其他应收

款、按公平值计入其他全面收益之

债务工具、短期存款及银行结余）

进行减值评估。预期信贷亏损款项

于各报告日期更新，以反映自初始

确认以来的信贷风险变动。

全期预期信贷亏损指将于有关工具

的预期可使用年期内因所有可能违

约事件而产生的预期信贷亏损。相

反，12个月预期信贷亏损指预期

因报告日期后12个月内可能发生

的违约事件而产生的全期预期信贷

亏损其中部分。评估乃根据本集团

过往信贷亏损经验作出，并就个别

应收贸易账款、整体经济状况及对

于报告日期的当前状况及未来状况

预测的评估适用的因素作出调整。

本集团一向对应收贸易账款确认全

期预期信贷亏损。

就所有其他工具而言，本集团按相

当于12个月预期信贷亏损的金额

计量亏损拨备，惟倘自初步确认以

来信贷风险显著增加，在这情况

下，本集团确认全期预期信贷亏

损。评估是否应确认全期预期信贷

亏损的依据为，自初步确认以来发

生违约的可能性或风险显著增加。

87Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets subject to impairment

assessment under HKFRS 9 (Continued)

(i) Significant increase in credit risk

In assessing whether the credit risk has

increased significantly since initial recognition,

the Group compares the risk of a default

occurring on the financial instrument as at

the reporting date with the risk of a default

occurring on the financial instrument as at

the date of initial recognition. In making

this assessment, the Group considers both

quantitative and qualitative information that is

reasonable and supportable, including historical

experience and forward-looking information that

is available without undue cost or effort.

In particular, the following information is taken

into account when assessing whether credit risk

has increased significantly:

• an actual or expected significant

deterioration in the financial instrument’s

external (if available) or internal credit

rating;

• significant deterioration in external market

indicators of credit risk, e.g. a significant

increase in the credit spread, the credit

default swap prices for the debtor;

• existing or forecast adverse changes in

business, financial or economic conditions

that are expected to cause a significant

decrease in the debtor’s ability to meet its

debt obligations;

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须进

行之金融资产减值（续）

(i) 信贷风险显著增加

在评估自初步确认以来信贷

风险是否显著增加时，本集

团对比金融工具在呈报日期

发生违约的风险与在初步确

认日期发生违约的风险。在

评估过程中，本集团同时考

虑可作为依据的合理定量及

定性资料，包括过往经验以

及在无需付出不必要的费用

或工作的情况下可获得的前

瞻性资料。

尤其是，在评估信贷风险是

否显著增加时将考虑以下信

息：

（如

有）或内部信贷评级实

际已发生或预期会发

生显著恶化；

• 外部市场信贷风险指

标严重恶化，如信贷

息差、债务人信贷违

约掉期价格显著上升；

、财务或经济状

况的现有或估计不利

变动，预期将严重削

弱债务人的偿债能力；

Allan International Holdings Limited亚伦国际集团有限公司88

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets subject to impairment

assessment under HKFRS 9 (Continued)

(i) Significant increase in credit risk (Continued)

• an actual or expected significant

deterioration in the operating results of

the debtor;

• an actual or expected significant adverse

change in the regulatory, economic, or

technological environment of the debtor

that results in a significant decrease

in the debtor’s ability to meet its debt

obligations.

Irrespective of the outcome of the above

assessment, the Group presumes that the

credit risk has increased significantly since

initial recognition when contractual payments

are more than 30 days past due, unless

the Group has reasonable and supportable

information that demonstrates otherwise.

Despite the aforegoing, the Group assumes

that the credit risk on a debt instrument has not

increased significantly since initial recognition

if the debt instrument is determined to have

low credit risk at the reporting date. A debt

instrument is determined to have low credit risk

if i) it has a low risk of default, ii) the borrower

has a strong capacity to meet its contractual

cash flow obligations in the near term and iii)

adverse changes in economic and business

conditions in the longer term may, but will not

necessarily, reduce the ability of the borrower

to fulfil its contractual cash flow obligations. The

Group considers a debt instrument to have low

credit risk when it has an internal or external

credit rating of “investment grade” as per

globally understood definitions.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须进

行之金融资产减值（续）

(i) 信贷风险显著增加（续）

• 债务人的经营业绩实

际已发生或预期会发

生严重恶化；

、经济

或技术环境实际已发

生或预期会发生重大

不利变动，导致债务

人的偿债能力严重削

弱。

不论上述评估结果如何，倘

合约付款逾期超过30日，本

集团将假设自初步确认以来

信贷风险已显著增加，除非

本集团掌握可作为依据的合

理资料，证明情况并非如此。

尽管如此，倘债务工具于报

告期厘定为低信贷风险，则

本集团假设自初次确认后，

债务工具的信贷风险并未显

著增加。倘i)违约风险低；

ii)借贷人具有强大的能力履

行其于短期内合约现金流量

任；及iii)长远而言，经济及

商业条件的不利变化可能但

不一定会降低借贷人履行其

合约现金流量责任的能力，

则债务工具厘定为具低信贷

风险。根据全球理解的定

义，本集团认为内部或外部

信贷评级为「投资级别」时，

则债务工具的信贷风险低。

89Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets subject to impairment

assessment under HKFRS 9 (Continued)

(i) Significant increase in credit risk (Continued)

The Group regularly monitors the effectiveness

of the criteria used to identify whether there

has been a significant increase in credit risk

and revises them as appropriate to ensure that

the criteria are capable of identifying significant

increase in credit risk before the amount

becomes past due.

(ii) Definition of default

For internal credit risk management, the Group

considers an event of default occurs when

information developed internally or obtained

from external sources indicates that the debtor

is unlikely to pay its creditors, including the

Group, in full (without taking into account any

collaterals held by the Group).

The Group considers that default has occurred

when a financial asset is more than 90 days

past due unless the Group has reasonable

and supportable information to demonstrate

that a more lagging default criterion is more

appropriate.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须进

行之金融资产减值（续）

(i) 信贷风险显著增加（续）

本集团定期监察以识别信贷

风险是否显著增加准则的有

效性，并酌情对其进行修

订，以确保该准则能够在金

额到期前确定信贷风险的显

著增加。

(ii) 违约的定义

就内部信贷风险管理而言，

倘内部产生或自外部来源取

得的资料显示债务人不大可

能向其债权人（包括本集团）

全额还款（并未计算本集团所

持抵押品），本集团将视为发

生违约事件。

倘金融资产逾期超过90日，

本集团将视为已发生违约，

除非本集团掌握可作为依据

的合理资料，证明将违约指

标后延较为适当。

Allan International Holdings Limited亚伦国际集团有限公司90

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets subject to impairment

assessment under HKFRS 9 (Continued)

(iii) Credit-impaired financial assets

A financial asset is credit-impaired when one or

more events that have a detrimental impact on

the estimated future cash flows of that financial

asset have occurred. Evidence that a financial

asset is credit-impaired includes observable

data about the following events:

(a) significant financial difficulty of the issuer

or the borrower;

(b) a breach of contract, such as a default or

past due event;

economic or contractual reasons relating

to the borrower’s financial difficulty,

having granted to the borrower a

concession(s) that the lender(s) would not

otherwise consider;

(d) it is becoming probable that the borrower

will enter bankruptcy or other financial

reorganisation; or

(e) the disappearance of an active market for

that financial asset because of financial

difficulties.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须进

行之金融资产减值（续）

(iii) 信贷减值金融资产

倘发生一项或多项对金融资

产的估计未来现金流量产生

不利影响的违约事件，则该

金融资产发生信贷减值。金

融资产发生信贷减值的凭证

包括有关以下事件的可观察

数据：

(a) 发行人或借款人陷入

严重财务困境；

(b) 违反合约，如违约或

逾期未付事件；

与借款人的财务困境

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets subject to impairment

assessment under HKFRS 9 (Continued)

(iv) Write-off policy

The Group writes off a financial asset when there

is information indicating that the counterparty

is in severe financial difficulty and there is no

realistic prospect of recovery, for example,

when the counterparty has been placed under

liquidation or has entered into bankruptcy

proceedings, or in the case of trade receivables,

when the amounts are over one year past due,

whichever occurs sooner. Financial assets

written off may still be subject to enforcement

activities under the Group’s recovery

procedures, taking into account legal advice

where appropriate. A write-off constitutes a

derecognition event. Any subsequent recoveries

are recognised in profit or loss.

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the

probability of default, loss given default (i.e.

the magnitude of the loss if there is a default)

and the exposure at default. The assessment

of the probability of default and loss given

default is based on historical data and forward-

looking information. Estimation of ECL reflects

an unbiased and probability-weighted amount

that is determined with the respective risks of

default occurring as the weights. The Group

uses a practical expedient in estimating ECL

on trade receivables using a provision matrix

taking into consideration historical credit loss

experience and forward looking information that

is available without undue cost or effort.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须进

行之金融资产减值（续）

(iv) 撇销政策

倘有资料显示对手方陷入严

重财务困境且已不大可能收

回款项，如倘对手方已被责

令清盘或已进入破产程序，

或若为应收贸易账款已逾期

超过一年（以较早发生者为

准），则本集团撇销金融资

产。已撇销的金融资产仍可

由本集团在考虑适当的法律

意见后根据追讨程序采取强

制执行活动。撇销构成取消

确认事件。其后收回的款项

于损益账确认。

(v) 预期信贷亏损的计量及确认

预期信贷亏损根据违约可能

性、违约损失率（即发生违

约时的损失程度）以及违约

风险暴露计量。违约可能性

及违约损失率根据过往数据

评估，并按照前瞻性资料调

整。对预期信贷亏损的估计

反映将发生相关违约风险作

为权重而厘定的无偏概率加

权数值。本集团使用实务权

宜方法估计以拨备矩阵进行

之贸易应收款项之预期信贷

亏损。考虑过往信贷亏损经

验及在无需付出不必要的费

用或工作的情况下可获得的

前瞻性资料。

Allan International Holdings Limited亚伦国际集团有限公司92

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets subject to impairment

assessment under HKFRS 9 (Continued)

(v) Measurement and recognition of ECL

(Continued)

Generally, the ECL is the difference between

all contractual cash flows that are due to the

Group in accordance with the contract and

all the cash flows that the Group expects to

receive, discounted at the effective interest rate

determined at initial recognition.

Lifetime ECL for certain trade receivables are

considered on a collective basis taking into

consideration past due information and relevant

credit information. The historical loss rates are

adjusted to reflect current and forward looking

macroeconomic information including gross

domestic product growth, unemployment rate,

non-performing loan and broad money supply

growth.

For collective assessment, the Group takes into

consideration the following characteristics when

formulating the grouping:

;

, size and industry of debtors; and

• External credit ratings where available.

The grouping is regularly reviewed by

management to ensure the constituents of

each group continue to share similar credit risk

characteristics.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须进

行之金融资产减值（续）

(v) 预期信贷亏损的计量及确认

（续）

一般而言，预期信贷亏损按

根据合约应付本集团之所有

合约现金流量与本集团将收

取之所有现金流量之间之差

额，并按初步确认时厘定之

实际利率贴现。

贸易应收款项确认全期预期

信贷亏损，是根据逾期状况

及相关的信贷信息（例如宏观

经济状况）的基准进行考虑

的。历史损失率经过调整以

反映当前和前瞻性的宏观经

济讯息，包括国内生产总值

增长、失业率、不良贷款和

广义货币总量增长。

对于集体评估，本集团在制

定分组时考虑了以下特点：

、规模

和行业；和

管理层会定期审阅该分组，

以确保各组的成员继续具有

相似的信用风险特征。

93Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets subject to impairment

assessment under HKFRS 9 (Continued)

(v) Measurement and recognition of ECL

(Continued)

Interest income is calculated based on the

gross carrying amount of the financial asset

unless the financial asset is credit impaired, in

which case interest income is calculated based

on amortised cost of the financial asset.

Except for investments in debt instruments that

are measured at FVTOCI, the Group recognises

an impairment gain or loss in profit or loss for all

financial instruments by adjusting their carrying

amount, with the exception of trade receivables

where the corresponding adjustment is

recognised through a loss allowance account.

For investments in debt instruments that are

measured at FVTOCI, the loss allowance is

recognised in other comprehensive income

and accumulated in the investment revaluation

reserve without reducing the carrying amounts

of these debt instruments. Such amounts

represents the changes in the investment

revaluation reserves in relation to accumulated

loss allowance.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须进

行之金融资产减值（续）

(v) 预期信贷亏损的计量及确认

（续）

利息收入乃基于金融资产之

账面值总额计算，惟倘金融

资产已出现信贷减值，利息

收入会按金融资产之摊销成

本计算。

除以透过按公平值计入其他

全面收益的债务工具投资

外，本集团通过调整金融工

具的账面值于损益内确认所

有金融工具的减值盈利或亏

损，惟应收贸易账款的相应

调整通过亏损准备账确认。

对于透过按公平值计入其他

全面收益的债务工具投资，

亏损准备在其他全面收益中

确认并累计在其他全面收益

按公平值的储备中，而不

会减少这些债务工具的账面

值。该金额代表投资重估准

备金相对于累计亏损准备金

的变动。

Allan International Holdings Limited亚伦国际集团有限公司94

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Derecognition of financial assets

The Group derecognises a financial asset only when

the contractual rights to the cash flows from the asset

expire, or when it transfers the financial asset and

substantially all the risks and rewards of ownership

of the asset to another entity. If the Group neither

transfers nor retains substantially all the risks and

rewards of ownership and continues to control the

transferred asset, the Group recognises its retained

interest in the asset and an associated liability for

amounts it may have to pay. If the Group retains

substantially all the risks and rewards of ownership

of a transferred financial asset, the Group continues

to recognise the financial asset and also recognises a

collateralised borrowing for the proceeds received.

On derecognition of a financial asset measured at

amortised cost, the difference between the asset’s

carrying amount and the sum of the consideration

received and receivable is recognised in profit or loss.

On derecognition of an investment in a debt instrument

classified as at FVTOCI, the cumulative gain or loss

previously accumulated in the investment revaluation

reserve is reclassified to profit or loss.

Financial liabilities and equity

Classification as debt or equity

Debt and equity instruments are classified as either

financial liabilities or as equity in accordance with

the substance of the contractual arrangements and

the definitions of a financial liability and an equity

instrument.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

取消确认金融资产

仅当自资产收取现金流量之合约权

利届满或其将金融资产及资产拥有

权之绝大部分的风险及回报转移至

另一实体，本集团方会取消确认金

融资产。倘本集团并未转移亦未保

留拥有权之绝大部分风险及回报，

并继续控制已转移资产，则本集团

继续确认其于该资产之保留权益以

及其或须支付金额之相关负债。倘

本集团保留已转让金融资产拥有权

之绝大部分风险及回报，则本集团

继续确认金融资产，亦就所收取之

款项确认为已抵押借贷。

于取消确认按摊销成本计量的金融

资产时，该资产账面值与已收及应

收代价总和之差额于损益账内确

认。

于取消确认分类为按公平值计入其

他全面收益之债务工具投资时，先

前按公平值计入投资重估储备中累

计的盈利或亏损将重新分类至损益

账。

金融负债和股本

分类为债务或股本

债务及股本工具视乎合约安排内

容、金融负债及股本工具的定义，

分类为金融负债或股本工具。

95Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

3. Basis of Preparation of Consolidated

Financial Statements and Material

Accounting Policy Information

(Continued)

3.2 Material accounting policy information (Continued)

Financial instruments (Continued)

Financial liabilities and equity (Continued)

Equity instruments

An equity instrument is any contract that evidences

a residual interest in the assets of an entity after

deducting all of its liabilities. Equity instruments

issued by the Company are recognised at the

proceeds received, net of direct issue costs.

Repurchase of the Company’s own equity

instruments is recognised and deducted directly in

equity. No gain or loss is recognised in profit or loss

on the purchase, sale, issue or cancellation of the

Company’s own equity instruments.

Financial liabilities at amortised cost

Financial liabilities including secured bank loan,

trade payables and other payables are subsequently

measured at amortised cost, using the effective

interest method.

Derecognition of financial liabilities

The Group derecognise financial liabilities when, and

only when, the Group’s obligations are discharged,

cancelled or have expired. The difference between

the carrying amount of the financial liability

derecognised and the consideration paid and payable

is recognised in profit or loss.

3. 综合财务报表编制基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债和股本（续）

股本工具

股本工具乃证明一个实体于扣减所

有负债后之资产中拥有剩余权益之

合同。本公司发行之股本工具乃按

已收所得款项扣除直接发行成本确

认。

本公司购买、出售、发行或注销自

身股本时，直接在权益中确认并扣

除。并确认没有盈利或亏损计入当

期损益中。

按摊销成本计算的金融负债

金融负债（包括有抵押银行贷款，

应付贸易账款及其他应付账款）其

后以实际利率法按摊销成本计量。

取消确认金融负债

本集团仅于本集团之责任获解除、

注销或届满时方取消确认金融负

债。被取消确认之金融负债之账面

值与已付及应付代价间之差额于损

益账确认。

Allan International Holdings Limited亚伦国际集团有限公司96

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

4. 重要会计判断及估计不明

朗因素的主要来源

本集团于应用载于会计政策时，本公司

董事须对未能依循其他途径取得的资产

及负债账面值作出判断、估计及假设。

估计及相关假设乃根据过往经验及其他

视为相关的因素作出。实际业绩可能有

别于该等估计。

本集团以持续性为基础检讨所作出的估

计及相关假设。倘修订会计估计仅影响

某一期间，则于修订有关估计的期间内

确认修订；倘修订影响本期间及未来期

间，则于作出修订的期间及未来期间确

认有关修订。

应用会计政策的重要判断

以下为本公司董事于应用本集团会计政

策过程中所作出而对于综合财务报告书

确认的金额具有最重大影响的重要判

断，涉及估计除外（见下文）。

4. Critical Accounting Judgements

and Key Sources of Estimation

Uncertainty

In the application of the Group’s accounting policies,

the directors of the Company are required to make

judgements, estimates and assumptions about the carrying

amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and underlying

assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results

may differ from these estimates.

The estimates and underlying assumptions are reviewed on

an on-going basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised

if the revision affects only that period, or in the period of

the revision and future periods if the revision affects both

current and future periods.

Critical judgement in applying accounting policies

The following is the critical judgement, apart from those

involving estimations (see below), that the directors of

the Company have made in the process of applying the

Group’s accounting policies and that have the most

significant effect on the amounts recognised in the

consolidated financial statements.

97Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

4. Critical Accounting Judgements

and Key Sources of Estimation

Uncertainty (Continued)

Critical judgement in applying accounting policies

(Continued)

Deferred taxation on investment properties

For the purposes of measuring deferred tax arising from

investment properties that are measured using the fair

value model, the directors of the Company have reviewed

the Group’s investment property portfolios in Hong Kong

and the PRC, and concluded that the Group’s investment

properties in Hong Kong are not held under a business

model whose objective is to consume substantially all

of the economic benefits embodied in the investment

properties over time. Therefore, in measuring the Group’s

deferred taxation on investment properties in Hong Kong,

the directors of the Company have determined that the

presumption that the carrying amounts of investment

properties measured using the fair value model are

recovered entirely through sale is not rebutted. The Group

has not recognised any deferred taxes on changes in fair

value of investment properties in Hong Kong as the Group

is not subject to any income taxes on the fair value changes

of the investment properties on disposal.

The directors of the Company concluded that the Group’s

investment properties in the PRC are held under a business

model whose objective is to earn rental which consume

substantially all of the economic benefits embodied in the

investment properties over time. Therefore, in measuring

the Group’s deferred taxation on investment properties in

the PRC, the directors of the Company have determined

that the presumption that the carrying amounts of

investment properties measured using the fair value model

are recovered entirely through sale is rebutted. The Group

has recognised deferred taxes on changes in fair value of

investment properties in the PRC as the Group is subject

to income tax rate of 25% on the fair value changes of the

investment properties.

4. 重要会计判断及估计不明

朗因素的主要来源（续）

应用会计政策的重要判断（续）

于投资物业之递延税项

就计算以公平值模式计量的投资物业产

生之递延税项而言，本公司董事已审阅

本集团位于香港及中国之投资物业组

合，总结为本集团位于香港之该等物业

并非以通过时间消耗该投资物业所含绝

大部分经济利益为目标之商业模式持

有。因此，于计算本集团于香港投资物

业之递延税项时，本公司董事厘定，使

用公平值模式计量之投资物业账面值乃

全部透过出售予以收回之假设并没有被

推翻。本集团并无就位于香港投资物业

之公平值变动确认任何递延税项，因为

本集团毋须就出售其投资物业之公平值

变动缴付任何所得税。

本公司董事作出结论，本集团在中国的

投资物业以一种商业模式持有，其目的

是赚取租金，随著时间的流逝，这些租

金基本上消耗了所有的经济利益。因

此，在计算本集团对中国投资性房地产

的递延税项时，公司董事已确定以公平

价值模式计算的投资性房地产的账面价

值全部通过出售予以收回的假设被驳

回。本集团已就中国投资物业之公平值

变动确认递延税项，因为本集团须就投

资物业之公平值变动缴纳所得税税率为

25％。

Allan International Holdings Limited亚伦国际集团有限公司98

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

4. 重要会计判断及估计不明

朗因素的主要来源（续）

估计不明朗因素的主要来源

下文为涉及日后之主要假设及于报告期

结束时估计不明朗因素之其他主要来

源，均具有导致下一个财政年度之资产

及负债账面值出现大幅调整之重大风险。

投资物业的公平值

于报告期结束时，本集团的投资物业公

平值为港币3亿8,278万9千港元（二零

二四年：4亿2,975万2千港元），乃由一

家独立具专业资格测量行估值。

在厘定位于香港投资物业公平值时，测

量师已使用直接比较方法，该方法涉及

对相似物业的市场单位价值作出评估，

就如物业的尺寸、景观、楼层、位置及

类似交易的时间等因素调整。位于中国

投资物业的公平值是根据投资期限和复

归分析方法，在考虑到现有租约的当期

租金收入和市场水平和空置率的潜在复

归租金收入的基础上，通过全额租赁将

租金收入资本化及关键输入数据（包括复

归租金及回报率）而确定的。

本公司董事信赖估值报告，并已行使彼

等之判断，信纳估值方法可反映现时市

场状况。用于厘定投资物业之公平值估

值技术，该等假设的变动将导致本集团

投资性房地产的公平值发生变动，并导

致综合损益及其他全面收益表中报告的

损益金额发生相应调整。输入数据及主

要假设之详细资料已于附注13披露。

4. Critical Accounting Judgements

and Key Sources of Estimation

Uncertainty (Continued)

Key sources of estimation uncertainty

The following are the key assumptions concerning the

future, and other key sources of estimation uncertainty at

the end of the reporting period, that have a significant risk

of causing a material adjustment to the carrying amounts of

assets and liabilities within the next financial year.

Fair values of investment properties

At the end of the reporting period, the Group’s investment

properties are stated at fair value of HK$382,789,000

(2024: HK$429,752,000) based on the valuation performed

by a firm of independent qualified professional surveyors.

In determining the fair value of investment properties

located in Hong Kong, surveyors have used the direct

comparison method which involves estimation of market

unit rate of comparable properties and adjustment factors

such as size, view, location and floor level of properties

and timing of the comparable transactions. Fair value of

investment properties located in the PRC was determined

based on term and reversion analysis of investment method

by capitalising rental income on a basis having regard to

the current passing rental income from existing tenancy

and the potential reversionary rental income at market

level and vacancy rate, with key inputs including rental in

reversionary period and yield.

In relying on the valuation reports, the directors of the

Company have exercised their judgement and are satisfied

that the methods of valuations are reflective of the

current market conditions. Changes to these assumptions

would result in changes in the fair values of the Group’s

investment properties and the corresponding adjustments

to the amount of gain or loss reported in the consolidated

statement of profit or loss and other comprehensive

income. Note 13 provides detailed information about the

valuation techniques, inputs and key assumptions used in

the determination of the fair value of investment properties.

99Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

5. 营业额及分部资料

客户合约的履约责任及确认收入政策

集团主要业务为制造及销售家庭电器。

本集团之营业额来自销售家庭电器，收

入在某一时点确认。当货物的控制权转

移时，即货物离开特定地点时确认收

入。在客户获得控制权之前发生的运输

和装卸活动被视为履行活动。交货后，

客户对销售货物的分配方式和价格拥有

完全的决定权，对销售货物承担主要责

任，并承担与货物相关的过时及损失的

风险。

于二零二五年及二零二四年三月三十一

日，所有收到的采购订单预计将在1年内

完成。

业务资料会呈报给本公司之执行董事（主

要营运决策人士）就地理区域分类以集中

分配资源及评核分部表现。

本集团现划分成4个主要地区分部：欧

洲、亚洲、美洲及其他地区销售。业务

资料会呈报给集团主要营运决策人士以

集中在该等营运分部之资源分配及评核

分部表现。

5. Revenue and Segment Information

Performance obligations for contracts with customers

and revenue recognition policies

The principal activities of the Group are manufacturing

and trading of household electrical appliances. Revenue of

the Group is sales of household electrical appliances and

the revenue is recognised at one point in time. Revenue

is recognised when control of the goods has transferred,

being when the goods have been departed from specific

location. Transportation and handling activities that

occur before customers obtain control are considered as

fulfilment activities. Following the delivery, the customer

has full discretion over the manner of distribution and price

to sell the goods, has the primary responsibility when on

selling the goods and bears the risks of obsolescence and

loss in relation to the goods.

As at 31 March 2025 and 2024, all received purchase

orders are expected to be completed within 1 year.

Information reported to the Company’s executive directors

(the chief operating decision maker) for the purposes

of resource allocation and assessment of segment

performance focuses on geographical regions.

The Group is currently organised into four operating

divisions – Europe sales, Asia sales, America sales and

other regions sales. The information reported to the

Group’s chief operating decision maker for the purposes

of resource allocation and assessment of performance is

based on these operating divisions.

Allan International Holdings Limited亚伦国际集团有限公司100

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

5. Revenue and Segment Information

(Continued)

Segment revenues and results

The following is an analysis of the Group’s revenue and

results for each of the reportable and operating segments.

Year ended 31 March 2025

Segment revenue (Note a)分部营业额（附注a）

Segment loss分部亏损

Other gains and losses

(except net foreign exchange loss)

其他盈利及亏损

（外汇亏损净额除外）

Depreciation折旧

Loss on fair value changes

of investment properties

投资物业之公平值变动

所产生的亏损

Finance costs财务费用

Impairment loss under ECL model, net预期信贷亏损模型下的减值

亏损净额

Unallocated income and expenses,

net (Note b)

未分配收入及开支净额

（附注b）

Loss before tax除税前亏损

5. 营业额及分部资料（续）

分部营业额及业绩

以下乃来自本集团按可呈报及营运分部

地区业务之营业额及业绩作出之分析：

截至二零二五年三月三十一日止年度

Europe	Asia	America	Other regions	Consolidated
欧洲	亚洲	美洲	其他地区	综合
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
68,933	81,331	296,581	18,325	465,170
(10,257)	(12,101)	(44,129)	(2,727)	(69,214)
				231
				(1,903)
				(45,258)
				(434)
				(134)
				22,533
				(94,179)

101Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

5. 营业额及分部资料（续）

分部营业额及业绩（续）

截至二零二四年三月三十一日止年度

5. Revenue and Segment Information

(Continued)

Segment revenues and results (Continued)

Year ended 31 March 2024

EuropeAsiaAmerica

Other

regionsConsolidated

欧洲亚洲美洲其他地区综合

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment revenue (Note a)分部营业额（附注a）116,17536,819323,6928,077484,763

Segment loss分部亏损(6,736)(2,135)(18,767)(468)(28,106)

Other gains and losses

(except net foreign exchange loss)

其他盈利及亏损

（外汇亏损净额除外）384

Depreciation折旧(2,258)

Loss on fair value changes

of investment properties

投资物业之公平值变动

所产生的亏损(69,143)

Finance costs财务费用(697)

Impairment loss under ECL model, net预期信贷亏损模型下的

减值亏损净额(158)

Unallocated income and expenses,

net (Note b)

未分配收入及开支净额

（附注b）27,855

Loss before tax除税前亏损(72,123)

Notes:

a) The allocation of segment revenue is determined based on

destinations of shipment of products.

b) Unallocated income and expenses mainly represented

certain other income, central administration costs and

directors’ salaries.

附注：

a) 分部营业额的分配是基于产品的船运

目的地而确定。

b) 未分配收入及开支主要来自某些其他

收入、中央行政费用及董事薪金。

Allan International Holdings Limited亚伦国际集团有限公司102

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

5. Revenue and Segment Information

(Continued)

Segment revenues and results (Continued)

The accounting policies of the reportable and operating

segments are the same as the Group’s accounting

policies. Segment loss represents the loss from each

segment without allocation of certain other income,

central administration costs and directors’ salaries, other

gains and losses (except net foreign exchange loss),

depreciation, loss on fair value changes of investment

properties, finance costs, impairment loss under ECL

model, net. This is the measure reported to the Group’s

chief operating decision maker for the purposes of

resource allocation and performance assessment. Revenue

reported above represents revenue generated from

external customers. There were no inter-segment sales in

both years.

Segment assets and liabilities

The following is an analysis of the Group’s assets and

liabilities by reportable and operating segment:

Segment assets

二零二四年

HK$’000

千港元

Europe欧洲31,274

Asia亚洲14,207

America美洲83,087

Other regions其他地区2,107

Segment assets分部资产130,675

Unallocated assets未分配资产

Financial assets as FVTPL透过损益按公平值计算

之财务资产1,540

Debt instruments at FVTOCI按公平值计入其他全面

收益之债务工具7,745

Short-term deposits短期存款304,696

Bank balances and cash银行结存及现金174,556

Investment properties投资物业429,752

Property, plant and equipment物业、厂房及设备3,785

Other receivables其他应收账款24,803

Other unallocated assets (Note)其他未分配资产（附注）14,809

Consolidated assets综合资产1,092,361

Note: Other unallocated assets comprised tax recoverable, club

debentures, right-of-use assets and deferred tax assets.

5. 营业额及分部资料（续）

分部营业额及业绩（续）

可呈报及营运分部之会计政策与集团会

计政策一致。分部亏损指各分部亏损，

当中并未分配某些其他收入、中央行政

费用及董事薪金、其他盈利及亏损（外汇

亏损净额除外）、折旧、投资物业之公平

值变动所产生的亏损、财务费用、预期

信贷亏损模型下的减值亏损净额。以此

计量向集团主要营运决策人士汇报，藉

此作资源分配及评核表现。上述所报告

之营业额乃由外部客户所产生的。这两

年内并未有联营分部销售。

分部资产及负债

以下乃本集团按可呈报及营运分部分析

资产及负债资料：

分部资产

附注：其他未分配资产包括应退税项、会籍

债券、使用权资产及递延税项资产。

2025
二零二五年
HK$’000
千港元
27,664
11,000
92,343
5,111
136,118
–
–
225,897
147,493
382,789
3,603
27,051
14,656
937,607

103Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

5. 营业额及分部资料（续）

分部资产及负债（续）

分部负债

5. Revenue and Segment Information

(Continued)

Segment assets and liabilities (Continued)

Segment liabilities

二零二四年

HK$’000

千港元

Europe欧洲4,580

Asia亚洲1,451

America美洲12,762

Other regions其他地区318

Segment liabilities (Note)分部负债（附注）19,111

Unallocated liabilities未分配负债

Trade payables应付贸易账款53,608

Other payables and accruals其他应付账款及应付未付72,722

Secured bank loan有抵押银行贷款10,665

Tax liabilities税项负债33,291

Deferred tax liabilities递延税项负债31,957

Consolidated liabilities综合负债221,354

Note: Segment liabilities represented mould deposits received by

each segment.

附注：分部负债指每一分部已收模具订金。

2025
二零二五年
HK$’000
千港元
3,348
3,950
14,403
890
22,591
55,975
74,804
5,541
32,671
28,695
220,277

Allan International Holdings Limited亚伦国际集团有限公司104

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

5. Revenue and Segment Information

(Continued)

Information about major customers

Revenue from customers of the corresponding years

contributing over 10% of the total revenue of the Group are

as follows:

二零二四年

HK$’000

千港元

Customer A (Europe, Asia, America and

Other regions)

客户A（欧洲、亚洲、

美洲及其他地区）124,695

Customer B (Europe, Asia, America and

Other regions)

客户B（欧洲、亚洲、

美洲及其他地区）200,916

Customer C (Europe, Asia, America and

Other regions)

客户C（欧洲、亚洲、

美洲及其他地区）66,909

Customer D (Europe, Asia, America and

Other regions)

客户D（欧洲、亚洲、

美洲及其他地区）50,727

Geographical information

The Group’s operations are located in Hong Kong and the

PRC.

Information about the Group’s non-current assets,

excluding debt instruments at FVTOCI and deferred tax

assets, is presented based on the geographical location of

the assets.

二零二四年

HK$’000

千港元

Hong Kong香港246,329

The PRC中国201,133

447,462

5. 营业额及分部资料（续）

主要客户的资料

本集团与同期超过总营业额10%或以上

的客户营业额如下：

地区资料

本集团之营运地点为香港及中华人民共

和国（「中国」）。

有关本集团之非流动资产（按公平值计入

其他全面收益之债务工具及递延税项资

产除外）是基于资产所在地区而呈列。

2025
二零二五年
HK$’000
千港元
146,068
130,321
95,741
53,185

2025
二零二五年
HK$’000
千港元
208,744
191,389
400,133

105Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

5. 营业额及分部资料（续）

其他分部资料

截至二零二五年三月三十一日止年度

5. Revenue and Segment Information

(Continued)

Other segment information

Year ended 31 March 2025

Amounts regularly provided to the chief operating decision

maker but not included in the measure of segment profit or

loss or segment assets:

Interest income on

bank deposits

银行存款之

利息收入

Interest income on

debt instruments

债务工具之

利息收入

Rental income租金收入

Year ended 31 March 2024

EuropeAsiaAmerica

Other

regions

Total

segmentUnallocatedConsolidated

欧洲亚洲美洲其他地区分部总额未分配综合

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元

Amounts regularly provided to the chief operating decision

maker but not included in the measure of segment profit or

loss or segment assets:

Interest income on

bank deposits

银行存款之

利息收入–––––17,26217,262

Interest income on

debt instruments

债务工具之

利息收入–––––362362

Rental income租金收入–––––17,25917,259

截至二零二四年三月三十一日止年度

此数额定期提供给主要营运决策人士，

但不包含于计量分部溢利或亏损或分部

资产：

此数额定期提供给主要营运决策人士，

但不包含于计量分部溢利或亏损或分部

资产：

Europe	Asia	America	Other regions	Total segment	Unallocated	Consolidated
欧洲	亚洲	美洲	其他地区	分部总额	未分配	综合
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

–	–	–	–	–	12,874	12,874
–	–	–	–	–	143	143
–	–	–	–	–	16,652	16,652

Allan International Holdings Limited亚伦国际集团有限公司106

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

6. Other Income

二零二四年

HK$’000

千港元

Rental income租金收入17,259

Interest income利息收入17,624

Building management fee income楼宇管理费收入6,272

Scrap sales废品销售259

Government grants (Note)政府补助金（附注）5

Others其他4,860

46,279

Note: The Group recognised government assistance and tax

refunds of approximately HK$9,000 (2024: HK$5,000) in the

PRC during the year. There are no unfulfilled conditions or

contingencies in relation to these grants.

7. Other Gains and Losses

二零二四年

HK$’000

千港元

Net foreign exchange loss外汇亏损净额(1,106)

Gain on disposal of property,

plant and equipment

出售物业、厂房及设备盈利

Write-off of property, plant and

equipment

物业、厂房及设备撇除

–

Cumulative gain (loss) reclassified

from investment revaluation reserve

upon disposal of debt instruments

at FVTOCI

出售按公平值计入其他

全面收益之债务工具由

投资重估储备重新分类

的累计盈利（亏损）(24)

Net gain on fair value changes of

financial assets at FVTPL

透过损益按公平值计算之

财务资产公平值变动所

产生之盈利（亏损）净额231

Others其他(3)

(722)

6. 其他收入

附注：本集团年内于中国确认相关的政府援

助及退税约9千港元（二零二四年：5千

港元）。这些补助金不存在未满足的条

件或不虞事项。

7. 其他盈利及亏损

2025
二零二五年
HK$’000
千港元
16,652
13,017
6,157
208
9
67
36,110

2025
二零二五年
HK$’000
千港元
(2,056)
125
(7)
69
48
(4)
(1,825)

107Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

8. 董事、主要行政人员及雇

员酬金

(a) 董事及主要行政人员酬金

年内根据可适用的上市规则及香港

公司条例披露的董事及主要行政人

员的酬金如下：

截至二零二五年三月三十一日止

年度

8. Directors’, Chief Executive’s and

Employees’ Emoluments

(a) Directors’ and chief executive’s emoluments

Directors’ and chief executive’s remuneration for the

year, disclosed pursuant to the applicable Listing

Rules and the Hong Kong Companies Ordinance, is

as follows:

For the year ended 31 March 2025

EXECUTIVE DIRECTORS执行董事

Mr. Cheung Shu Wan (Note 2)张树稳先生（附注2）

Ms. Cheung Lai Chun, Maggie张丽珍女士

Ms. Cheung Lai See, Sophie张丽斯女士

Dr. Cheung Shu Sang, William张树生博士

INDEPENDENT NON-

EXECUTIVE DIRECTORS

独立非执行董事

Mr. Lai Ah Ming, Leon黎雅明先生

Ms. Choy Wai Sheun, Susan蔡慧璇女士

Mr. Lo Chor Cheong, Colin卢楚锵先生

Total总额

Fee	Salaries and other benefits	Bonus	Retirement benefit scheme contribution	Total
袍金	薪金及其他福利	花红	退休福利计划供款	总额
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
		(Note 1)
		（附注1）
–	2,078	165	198	2,441
–	1,436	120	144	1,700
–	1,265	104	125	1,494
–	984	90	108	1,182
120	–	–	–	120
120	–	–	–	120
120	–	–	–	120
360	5,763	479	575	7,177

Allan International Holdings Limited亚伦国际集团有限公司108

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

8. Directors’, Chief Executive’s and

Employees’ Emoluments (Continued)

(a) Directors’ and chief executive’s emoluments

(Continued)

For the year ended 31 March 2024

Fee

Salaries

and other

benefitsBonus

Retirement

benefit

scheme

contributionTotal

袍金

薪金及

其他福利花红

退休福利

计划供款总额

HK$’000HK$’000HK$’000HK’000HK$’000

千港元千港元千港元千港元千港元

(Note 1)

（附注1）

EXECUTIVE DIRECTORS执行董事

Mr. Cheung Shu Wan (Note 2)张树稳先生（附注2）–1,9701651982,333

Ms. Cheung Lai Chun, Maggie张丽珍女士–1,4401201441,704

Ms. Cheung Lai See, Sophie张丽斯女士–1,2381041251,467

Dr. Cheung Shu Sang, William张树生博士–1,176901081,374

INDEPENDENT NON-

EXECUTIVE DIRECTORS

独立非执行董事

Mr. Lai Ah Ming, Leon黎雅明先生120–––120

Ms. Choy Wai Sheun, Susan蔡慧璇女士120–––120

Mr. Lo Chor Cheong, Colin卢楚锵先生120–––120

Total总额3605,8244795757,238

8. 董事、主要行政人员及雇

员酬金（续）

(a) 董事及主要行政人员酬金（续）

截至二零二四年三月三十一日止

年度

109Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

8. Directors’, Chief Executive’s and

Employees’ Emoluments (Continued)

(a) Directors’ and chief executive’s emoluments

(Continued)

Notes:

(1) The bonus is determined with reference to the

performance of the individual and the Group.

(2) Mr. Cheung Shu Wan is the managing director of

the Company and his emoluments disclosed above

include those for services rendered by him as the

managing director. The board of directors considered

that the duties of the managing director were no

different from that required of a chief executive

stipulated. The management of the Company would

regard that the term of managing director of the

Company will have the same meaning as the chief

executive of the Company.

’ emoluments shown above

were for their services in connection with the

management of the affairs of the Company and the

Group. The independent non-executive directors’

emoluments shown above were for their services as

directors of the Company.

No directors waived or agreed to waive any

remuneration during both years.

8. 董事、主要行政人员及雇

员酬金（续）

(a) 董事及主要行政人员酬金（续）

附注：

(1) 花红乃根据个别人士及集团表现

决定。

(2) 张树稳先生亦为本公司之董事总

经理，其上述披露之酬金乃包括

他作为提供董事总经理服务之费

用。董事会认为，董事总经理的

职责与行政总裁规定的职责没有

什么不同。本公司管理层将认为

本公司董事总经理的条款与本公

司行政总裁的含义相同。

(3) 上列执行董事酬金为彼等有关管

理本公司及本集团事务的服务。

上列独立非执行董事酬金为彼等

作为董事为本公司提供服务之费

用。

这两年内并无董事放弃任何酬金。

Allan International Holdings Limited亚伦国际集团有限公司110

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

8. Directors’, Chief Executive’s and

Employees’ Emoluments (Continued)

(b) Employees’ emoluments

The five highest paid employees of the Group for the

year ended 31 March 2025 included four directors

(2024: four directors), details of whose remuneration

are set out above.

For the years ended 31 March 2025 and 2024, the

remuneration of the one highest paid employee

who is neither a director nor chief executive of the

Company is as follows:

二零二四年

HK$’000

千港元

Salaries and other allowances薪金及其他津贴1,392

Discretionary bonus绩效花红116

Retirement benefit scheme contribution退休福利计划供款139

1,647

For the years ended 31 March 2025 and 2024, the

number of the one highest paid employee who is not

the director of the Company whose remuneration fell

within the following band is as follows:

二零二四年

No. of

employees

雇员数目

HK$1,500,001 to HK$2,000,0001,500,001港元至

2,000,000港元1

During the years ended 31 March 2025 and 2024, no

emoluments were paid by the Group to the directors

and five highest paid employees as an inducement to

join or upon joining the Group or as compensation for

loss of office.

8. 董事、主要行政人员及雇

员酬金（续）

(b) 雇员酬金

截至二零二五年三月三十一日止年

度，本集团五位最高薪金雇员包括

4名董事（二零二四年：4名董事），

其酬金详情载于上文。

截至二零二五年及二零二四年三月

三十一日止年度，并非本公司董事

或行政总裁的最高薪雇员的薪酬如

下：

截至二零二五年及二零二四年三月

三十一日止年度，其余一名非本公

司董事的最高薪金的雇员在以下范

围内：

截至二零二五年及二零二四年三月

三十一日止年度，本集团概无向董

事及五名薪金最高的雇员支付酬

金，以鼓励其加入本集团或加入本

集团或作为离职补偿。

2025
二零二五年
HK$’000
千港元
1,392
116
139
1,647

2025
二零二五年
No. of employees
雇员数目
1

111Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

在香港两级制利得税率制度下，合资

格集团实体的首200万港元利润将按

8.25%的税率征税，而200万港元以上

的利润将按16.5%的税率征税。不符合

两级制利得税率制度的集团实体利润将

继续按16.5%的统一税率征税。因此，

合资格集团实体的香港利得税按估计应

课税溢利的首200万港元按8.25%征税

及超过200万港元的估计应课税溢利按

16.5%计算。

根据中国企业所得税法及实施条例，附

属公司两个年度之法定企业所得税为

25%。

9. Income Tax Expense (Credit)

二零二四年

HK$’000

千港元

Current tax:本年度税项：

Hong Kong香港436

PRC Enterprise Income Tax中国企业所得税2,714

3,150

Overprovision in prior years:过往年度过度拨备

Hong Kong香港(468)

Deferred tax (Note 25)递延税项（附注25）(5,674)

(2,992)

Under the two-tiered profits tax rates regime of Hong Kong

Profits Tax, the first HK$2 million of profits of the qualifying

group entity will be taxed at 8.25%, and profits above

HK$2 million will be taxed at 16.5%. The profits of group

entities not qualifying for the two-tiered profits tax rates

regime will continue to be taxed at a flat rate of 16.5%.

Accordingly, the Hong Kong Profits Tax of the qualifying

group entity is calculated at 8.25% on the first HK$2 of

million of the estimated assessable profits and at 16.5% on

the estimated assessable profits above HK$2 million.

Under the Law of the PRC on Enterprise Income Tax (the

“EIT Law”) and Implementation Regulation of the EIT Law,

the tax rate of the PRC subsidiaries is 25% for both years.

9. 所得税开支（抵免）

2025
二零二五年
HK$’000
千港元
220
2,664
2,884
(263)
(664)
1,957

Allan International Holdings Limited亚伦国际集团有限公司112

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

9. Income Tax Expense (Credit)

(Continued)

The tax charge (credit) for the year can be reconciled to the

loss before tax per the consolidated statement of profit or

loss and other comprehensive expense as follows:

二零二四年

HK$’000

千港元

Loss before tax除税前亏损(72,123)

Tax at the Hong Kong Profits Tax

rate of 16.5%

按香港利得税税率16.5%

(11,900)

Tax effect of expenses not deductible

for tax purpose

不可扣减之开支对

税项影响13,230

Tax effect of income not taxable for

tax purpose

无须缴税之收入对

税项影响(3,229)

Effect of different tax rates of

subsidiaries operating in the PRC

附属公司于中国经营对

不同税率之影响(1,374)

Overprovision in prior years过往年度过度拨备(468)

Tax effect of tax losses not recognised未确认税项亏损之影响2,705

Utilisation of tax losses previously

not recognised

之前未确认税项亏损

之使用(234)

Others其他(1,722)

Income tax expense (credit) for the year本年度税项开支（抵免）(2,992)

9. 所得税开支（抵免）（续）

本年度之税项扣减（抵免）可对应综合损

益及其他全面支出表内之除税前亏损之

对账如下：

2025
二零二五年
HK$’000
千港元
(94,179)
(15,540)
13,003
(1,975)
906
(263)
3,818
(80)
2,088
1,957

113Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

10. 本年度亏损10. Loss for the Year

二零二四年

HK$’000

千港元

Loss for the year has been arrived at

after charging (crediting):

本年度亏损已扣除（计入）

下列各项：

Employee benefit expenses, including

directors’ remunerations (Note 8)

员工成本（包括董事酬金）

– Salaries and allowances— 员工薪酬及津贴147,009

– Retirement benefit

scheme contributions

— 退休福利计划供款

12,552

Total employee benefit expenses总员工成本159,561

Less: amount capitalised in inventories减：存货资本化金额(3,733)

155,828

Depreciation of property,

plant and equipment

物业、厂房及设备折旧

2,075

Depreciation of right-of-use assets资产使用权折旧183

Total depreciation总折旧2,258

Gross rental income from

investment properties

投资物业的总租金收入

(17,259)

Less: direct operating expenses

incurred for investment properties that

generated rental income during the year

减：年内产生租金收入的

投资物业所产生的

直接营运开支931

(16,328)

Auditor’s remuneration核数师酬金2,081

Cost of inventories recognised as an

expense (including allowance for

inventory provision, net amounting

to HK$5,473,000 (2024: reversal of

allowance for inventory provision, net

amounting to HK$196,000))

存货成本被确认为开支（包括

存货拨备净额为

547万3千港元（二零二四

年：存货拨备回拨净额为

19万6千港元））

445,229

2025
二零二五年
HK$’000
千港元
145,039
13,131
158,170
(3,918)
154,252
1,719
184
1,903
(16,652)
984
(15,668)
2,106
453,535

Allan International Holdings Limited亚伦国际集团有限公司114

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

11. Dividends

二零二四年

HK$’000

千港元

Dividends for ordinary shareholders of

the Company recognised

as distribution during the year:

年内已确认派发予本公司之

普通股股东之股息

– 2025 interim dividend of HK2 cents

(2024: 2024 interim dividend of

HK2 cents) per share

－二零二五年中期股息每股

2港仙（二零二四年：

二零二四年中期股息

每股2港仙）6,661

– 2025 interim special dividend of nil

cents (2024: 2024 interim special

dividend of HK13 cents) per share

－二零二五年没有中期

特别股息（二零二四年：

二零二四年中期特别

股息每股13港仙）43,297

– 2024 final dividend of HK2 cents

(2024: 2023 final dividend of nil

cents) per share

－二零二四年末期股息每股

2港仙（二零二四年：

二零二三年没有

末期股息）–

– 2024 special dividend of HK13 cents

(2024: 2023 special dividend of nil

cents) per share

－二零二四年特别股息每股

13港仙（二零二四年：

二零二三年没有

特别股息）–

49,958

The board of directors does not propose a final dividend

for the year ended 31 March 2025 (2024: final dividend in

respect of the year ended 31 March 2024 of HK2 cents

per ordinary share, in aggregate amount of HK$6,661,000,

and a special dividend in respect of the year ended 31

March 2024 of HK13 cents per ordinary share, in aggregate

amount of HK$43,297,000, respectively).

11. 股息

董事会不建议派发截至二零二五年三

月三十一日止年度末期股息（二零二四

年：截至二零二四年三月三十一日止年

度末期股息每股2港仙，总额为666万1

千港元及截至二零二四年三月三十一日

止年度特别股息每股13港仙，总金额为

4,329万7千港元）。

2025
二零二五年
HK$’000
千港元
6,661
–
6,661
43,297
56,619

115Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

12. 每股亏损

每股可分配给公司拥有人的基本亏损之

计算乃根据以下资料：

12. Loss Per Share

The calculation of the basic loss per share attributable to

owners of the Company is based on the following data:

二零二四年

HK$’000

千港元

Loss for the purpose of basic loss per

share (loss for the year attributable to

owners of the Company)

就每股基本亏损而言之亏损

（本年度可分配给本公司

拥有人之亏损）(69,131)

Number of shares

股份数量

二零二四年

’000

千股

Weighted average number of ordinary

shares for the purpose of basic

loss per share

就每股基本亏损而言之

普通股股份加权平均数目

333,055

No diluted loss per share has been presented for both

years as there were no potential dilutive ordinary shares in

issue.

这两年度未有发行潜在摊薄之普通股，

故此并没有列出每股摊薄亏损。

2025
二零二五年
HK$’000
千港元
(96,136)

2025
二零二五年
’000
千股
333,055

Allan International Holdings Limited亚伦国际集团有限公司116

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

13. Investment Properties

The Group leases out various offices, car parks and

manufacturing plants under operating leases with rentals

receivable monthly. The leases typically run for a fixed

period of 1 to 3 years (2024: 1 to 3 years) and the lease

payments are fixed over the lease term.

The Group is not exposed to foreign currency risk as

a result of the lease arrangements, as all leases are

denominated in the respective functional currencies of

group entities. The lease contracts do not contain residual

value guarantee and/or lessee’s option to purchase the

property at the end of lease term.

The Group’s property interests held under operating leases

to earn rentals are measured using fair value model and

are classified and accounted for as investment properties.

These investment properties are manufacturing plants,

office units and car park spacing.

二零二四年

HK$’000

千港元

FAIR VALUE公平值

Balance at beginning of year年初结余512,990

Net decrease in fair values recognised

in profit or loss

公平值变动所产生的

净减值于损益确认(69,143)

Exchange adjustments汇兑调整(14,095)

Balance at end of year年末结余429,752

Unrealised loss on investment property

revaluation included in profit or loss

已包含损益内之未实现投资

物业重估亏损(69,143)

13. 投资物业

本集团以经营租赁的方式出租多个办公

室、车位及制造厂房，每月收取租金。

租赁通常为期一至三年（二零二四年：一

至三年），租赁付款在租赁期内为固定。

由于所有租赁均以集团实体各自的功能

货币计价，故本集团不会因租赁安排而

承受外币风险。租赁合同不包含残值担

保和╱或承租人在租赁期末购买该物业

的选择权。

本集团经营租赁以赚取租金的物业权益

乃采用公平值模型计量，并分类为投资

性房地产。这些投资物业包括制造厂

房、写字楼和车位。

2025
二零二五年
HK$’000
千港元
429,752
(45,258)
(1,705)
382,789
(45,258)

117Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

13. 投资物业（续）

本集团投资物业于二零二五年及二零

二四年三月三十一日的公平值乃根据永

利行评值顾问有限公司（一间独立专业合

资格估值师并与本集团没有关连）于各自

日期进行的估值得出。

在确定相关物业的公平值时，本公司董

事与合资格的专业测量师紧密合作，以

建立适当的估值技巧和计量输入。

在估计物业的公允价值时，该等物业的

最高及最佳用途为其当前用途。

香港投资物业的估值属于公平值层次第3

级，已采用直接比较法，并参考相同地

点和条件下类似物业的交易价格的市场

证据得出。对于中国投资物业的估值属

于公平值层次第3级，已通过对投资期限

和复归分析方法，在租金收入及按市场

水平调整空置率潜在复归租金收入资本

化。

13. Investment Properties (Continued)

The fair value of the Group’s investment properties as

at 31 March 2025 and 2024 has been arrived at on the

basis of a valuation carried out on the respective dates by

RHL Appraisal Ltd., an independent qualified professional

surveyors not connected to the Group.

In determining the fair value of the relevant properties,

the directors of the Company work closely with qualified

professional surveyors to establish the appropriate

valuation techniques and inputs to the model.

In estimating the fair value of the investment property, the

highest and best use of the investment property is their

current use.

The valuation of the investment properties in Hong Kong,

which falls under level 3 of the fair value hierarchy, has

been arrived at by using direct comparison method

by reference to market evidence of transaction prices

for properties in the similar locations and conditions.

The valuation of the investment properties in the PRC,

which falls under level 3 of the fair value hierarchy, has

been arrived at by using term and reversion analysis of

investment method by capitalising rental income and the

potential reversionary rental income at market level and

adjusted to vacancy rate.

Allan International Holdings Limited亚伦国际集团有限公司118

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

13. Investment Properties (Continued)

Valuation technique(s)Significant unobservable input(s)

Relationship of unobservable

inputs to fair value

估值技巧重大不可观察之输入参数不可观察之输入参数与公平值之关系

Office units in Hong Kong

2025: HK$194,000,000

2024: HK$231,000,000

Direct comparisonThe recent market unit rate of comparable

transactions, adjusted by size, view

and floor level of property, timing of

comparable transactions, etc., of

approximately HK$17,000 per square

foot (2024: approximately HK$20,000 per

square foot)

A significant decrease in the recent

market unit rate (adjusted by size, view

and floor level of property, timing of

comparable transactions) used would

result in a significant decrease in fair

value, and vice versa.

位于香港的写字楼

二零二五年：1亿9,400万港元

二零二四年：2亿3,100万港元

直接比较按近期市场价格，由资产的面积、景观和

楼层水平以及可比较的交易时间等调整。

市场单位价格为每平方呎约17,000港元

（二零二四年：每平方呎约20,000港元）

使用的市场价格（由资产的面积、景观和

楼层水平以及可比较的交易时间等

调整）的显著下降将导致公平值的

显著下降，反之亦然。

Car park spacing in Hong Kong

2025: HK$4,000,000

2024: HK$5,000,000

Direct comparisonThe recent market unit rate of comparable

transactions, adjusted by timing of the

comparable transactions and location of

the car park spacing, of HK$2,000,000

each (2024: HK$2,500,000 each)

A significant decrease in the recent

market unit rate (adjusted by timing

of the comparable transactions and

location) used would result in a

significant decrease in fair value, and

vice versa.

位于香港的车位

二零二五年：400万港元

二零二四年：500万港元

直接比较按近期市场价格，由可比较的交易时间和

车位的位置进行调整，每个为200万港元

（二零二四年：每个250万港元）

使用的市场价格（由可比较的交易时间和

位置进行调整）的显著下降将导致公平值

的显著下降，反之亦然。

Manufacturing plants in the PRC

2025: HK$184,789,000

2024: HK$193,752,000

Term and reversion

analysis of

investment approach

The monthly market rent of comparable

transactions, adjusted by rental in

reversionary period and yield, of RMB13.74

per square meter (approximately HK$14.70

per square meter) (2024: RMB13.91 per

square meter (approximately HK$15.02

per square meter))

A significant decrease in the monthly

market rent (adjusted by rental in

reversionary period and yield) of

comparable transactions used would

result in a significant decrease in fair

value, and vice versa.

位于中国的制造厂房

二零二五年：1亿8,478万9千港元

二零二四年：1亿9,375万2千港元

投资期限和复归分析按每月市场租金，由在市场水平上潜在的

归还租金收入及回报调整。每月市场租金

为每平方米13.74元人民币（每平方米约

14.70港元）（二零二四年：每平方米

13.91元人民币（每平方米约15.02港元））

使用的每月市场租金（由在市场水平上潜

在的归还租金收入及回报调整）的显

著下降将导致公平值的显著下降，反

之亦然。

There were no transfers into or out of level 3 during the

year.

The Group’s investment properties in Hong Kong were

pledged to secure banking facilities granted to the Group at

the end of both years as disclosed in Note 24.

13. 投资物业（续）

于年内第三级并没有转入或转出。

本集团在香港的投资物业已作抵押，以

担保于两个年度结束时在附注24中授予

本集团的银行融资。

119Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

14. 物业、厂房及设备14. Property, Plant and Equipment

Office

buildings

Factory

buildings

Plant and

machinery

Furniture,

fixtures and

equipment

Moulds

and tools

Motor

vehiclesTotal

商业楼宇工厂物业

厂房设备

及机器

家具、装置

及设备模具及工具汽车合计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元

COST成本值

At 1 April 2023于二零二三年四月一日1,01974,592254,62881,65020,7727,008439,669

Exchange adjustments外汇调整–(1,436)(10,689)(2,637)(83)(137)(14,982)

Disposals/write-off出售╱撇除––(13,804)(2,693)–(2,704)(19,201)

At 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日及

二零二四年四月一日

Exchange adjustments外汇调整

Additions添置

Disposals/write-off出售╱撇除

At 31 March 2025于二零二五年

三月三十一日

DEPRECIATION

AND IMPAIRMENT

折旧及减值

At 1 April 2023于二零二三年四月一日1,01974,063248,90181,65020,7726,681433,086

Exchange adjustments外汇调整–(1,436)(9,969)(2,637)(83)(134)(14,259)

Provided for the year本年度拨备–461,893––1362,075

Eliminated on disposals/

write-off

出售╱撇除时抵销

––(13,804)(2,693)–(2,704)(19,201)

At 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日及

二零二四年四月一日

Exchange adjustments外汇调整

Provided for the year本年度拨备

Eliminated on disposals/

write-off

出售╱撇除时抵销

At 31 March 2025于二零二五年

三月三十一日

CARRYING VALUES账面值

At 31 March 2025于二零二五年

三月三十一日

At 31 March 2024于二零二四年

三月三十一日–4833,114––1883,785

1,019	73,156	230,135	76,320	20,689	4,167	405,486
–	(205)	(1,214)	(150)	(11)	(14)	(1,594)
–	–	–	5	–	1,769	1,774
–	–	(2,612)	(3,660)	(6)	(2,733)	(9,011)
1,019	72,951	226,309	72,515	20,672	3,189	396,655

1,019	72,673	227,021	76,320	20,689	3,979	401,701
–	(205)	(1,157)	(150)	(11)	(7)	(1,530)
–	46	1,445	–	–	228	1,719
–	–	(2,605)	(3,655)	(6)	(2,572)	(8,838)
1,019	72,514	224,704	72,515	20,672	1,628	393,052
–	437	1,605	–	–	1,561	3,603

Allan International Holdings Limited亚伦国际集团有限公司120

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

15. 使用权资产

14. Property, Plant and Equipment

(Continued)

The above items of property, plant and equipment, after

taking into account the residual values, are depreciated on

a straight-line basis at the following rates per annum:

Office buildings and factory buildings商业楼宇及工厂物业4% or over the lease term, if shorter

4%或于租赁期内（如较短）

Plant and machinery厂房设备及机器15%

Furniture, fixtures and equipment家具、装置及设备20–33

/3%

Moulds and tools模具及工具20–33

/3%

Motor vehicles汽车20%

15. Right-of-Use Assets

Leasehold

Lands

租赁土地

HK$’000

千港元

CARRYING VALUES账面值

At 1 April 2023于二零二三年四月一日3,765

Depreciation charge折旧费用(183)

At 31 March 2024于二零二四年三月三十一日3,582

Depreciation charge折旧费用(184)

At 31 March 2025于二零二五年三月三十一日

14. 物业、厂房及设备（续）

上述各项物业、厂房及设备之折旧在考

虑残值后按下列年率直线法计算：

3,398

121Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

15. 使用权资产（续）15. Right-of-Use Assets

(Continued)

二零二四年

HK$’000

千港元

Expense relating to short-term leases短期租赁的有关费用4,005

Expense relating to leases of low-value

assets,excluding short-term leases of

low-value assets

低价值资产租赁的有关费用，

不包括低价值资产的

短期租赁21

Total cash outflow for leases租赁的现金流出总额4,026

For both years, the Group leases several factory and office

buildings for its operations. Lease contracts, including

leasehold lands, are entered into for fixed terms of 1 year

to 912 years. Lease terms are negotiated on an individual

basis and contain a wide range of different terms and

conditions. In determining the lease term and assessing the

length of the non-cancellable period, the Group applies the

definition of a contract and determines the period for which

the contract is enforceable.

The Group owns several factory buildings in the PRC where

its manufacturing plants and warehouses are primarily

located. The Group is the registered owner of these

property interests, including the underlying leasehold land.

Lump sum payments were made upfront to acquire these

property interests. The leasehold land components of

these owned properties are presented separately only if the

payments made can be allocated reliably.

The Group regularly entered into short-term leases for

office premises. As at 31 March 2025 and 2024, the

portfolio of short-term leases is similar to the portfolio of

short-term leases to which the short-term lease expense

disclosed above.

于两个年度，本集团租赁数座厂房和办

公室作营运。租赁合约（包括租赁土地）

之固定期限为1年到912年。租赁条款根

据个别情况磋商确定，其中包含各种不

同之条款及条件。本集团于厘定租赁期

限及评估不可撤销之期限时，采用合约

之定义并确定合约可强制执行之期限。

本集团在中国拥有多幢厂房，主要为生

产制造厂房及货仓。本集团为此等物业

权益（包括相关租赁土地）之注册拥有

人。已提前作出一次性付款以收购此等

物业权益。只有在支付款项时能够可靠

分配的情况下，这些自有物业的租赁土

地组成部分会分别列报。

本集团定期为办公室订立短期租赁。于

二零二五年及二零二四年三月三十一

日，短期租赁组合与上述于短期租赁支

出披露的短期租赁组合相似。

2025
二零二五年
HK$’000
千港元
4,054
20
4,074

Allan International Holdings Limited亚伦国际集团有限公司122

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

15. Right-of-Use Assets (Continued)

Restrictions or covenants on leases

As at 31 March 2025 and 2024, right-of-use assets of

approximately HK$3,398,000 and HK$3,582,000 are

recognised, respectively, with no lease liabilities as

being settled. The lease agreements do not impose any

covenants. Leased assets may not be used as security for

borrowing purposes.

16. Club Debentures

HK$’000

千港元

CARRYING VALUE账面值

At 1 April 2023, 31 March 2024 and

31 March 2025

于二零二三年四月一日、二零二四年

三月三十一日及二零二五年

三月三十一日

The club debentures with indefinite useful lives are tested

for impairment annually and whenever there is an indication

that they may be impaired. The directors of the Company

are of the opinion that no impairment indication was

identified with reference to market value.

17. Inventories

二零二四年

HK$’000

千港元

Raw materials原材料10,837

Work in progress在制品9,110

Finished goods制成品17,603

37,550

15. 使用权资产（续）

租赁限制或契约

于二零二五年及二零二四年三月三十一

日，分别确认使用权资产约339万8千港

元及358万2千港元。除出租人持有的租

赁资产的担保权益外，没有已结算的租

赁负债。租赁协议不施加任何契约。租

赁资产不得用作借贷用途的担保。

16. 会籍债券

无期限的会籍债券于每年会作减值测试

及当有迹象显示减值会作减值。本公司

董事根据参考市场价值，认为没有减值

迹象。

17. 存货

10,343

2025
二零二五年
HK$’000
千港元
14,002
8,356
19,374
41,732

123Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

18. 应收贸易账款及其他应收

账款

18. Trade and Other Receivables

二零二四年

HK$’000

千港元

Trade receivables – sales of goods应收贸易账款—货品销售91,461

Less: Allowance for credit loss减：信贷亏损拨备(456)

91,005

Other receivables (Note)其他应收账款（附注）24,803

Total trade and other receivables应收贸易账款及其他

应收账款总额115,808

Note: As at 31 March 2025, the Group’s other receivables mainly

include value added tax recoverable of HK$13,823,000

(2024: HK$13,185,000), which will be recovered within one

year.

As at 1 April 2023, trade receivables from contracts with

customers amounted to HK$73,266,000.

附注：于二零二五年三月三十一日，本集团

的其他应收账款主要包括1,382万3千

港元（二零二四年：1,318万5千港元）

之可收回增值税款，将可于一年内收

回。

于二零二三年四月一日，与客户签订的

合同的应收账款为7,326万6千港元。

2025
二零二五年
HK$’000
千港元
91,669
(590)
91,079
27,051
118,130

Allan International Holdings Limited亚伦国际集团有限公司124

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

18. Trade and Other Receivables

(Continued)

The following is an aged analysis of trade receivables,

presented based on the invoice dates:

二零二四年

HK$’000

千港元

0 – 90 days0–90日70,072

91 – 120 days91–120日2,135

Over 120 days超过120日18,798

91,005

As at 31 March 2025, included in the Group’s trade

receivables balance are debtors with aggregated carrying

amount of HK$1,981,000 (2024: HK$18,088,000) which

are past due at the reporting date. Out of the past due

balances, HK$281,000 (2024: HK$1,271,000) has been

past due 90 days or more and is not considered as in

default because there had not been significant changes in

credit quality of the relevant debtors and the amounts are

still considered recoverable. The Group does not hold any

collateral over these balances.

Details of impairment assessment of trade and other

receivables are set out in Note 28(b).

18. 应收贸易账款及其他应收

账款（续）

以下为应收贸易账款于报告日以发票日

期为基础之账龄分析：

于二零二五年三月三十一日，本集团应

收贸易账款包括账面值合共198万1千港

元（二零二四年：1,808万8千港元）之已

逾期应收账款。在逾期结余中，28万1

千港元（二零二四年：127万1千港元）已

逾期90天或更长时间，由于相关债务人

的信用质量没有重大变化且仍被视为可

收回，因此不被视为违约。本集团并无

就该等结余持有任何抵押品。

应收贸易账款及其他应收账款的减值评

估详情载于附注28(b)。

2025
二零二五年
HK$’000
千港元
56,129
9,634
25,316
91,079

125Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

于二零二四年三月三十一日，投资於单

位连结式基金，是指投资组合，包括各

类市场的股票及债务证券。

20. 按公平值计入其他全面收

益的债务工具

19. Financial Assets at FVTPL

Financial assets mandatorily measured at FVTPL:

二零二四年

HK$’000

千港元

Debt instruments债务工具1,540

As at 31 March 2024, investment in unit-linked funds

represent pool investments, comprising equity and debts

securities in various markets.

20. Debt Instruments at FVTOCI

二零二四年

HK$’000

千港元

Investment in listed debt instruments

with fixed interest rate from 3.37% to

4.25% per annum as at 31 March 2024

于二零二四年三月三十一日，

上市债务工具投资之固定年

利率为3.37%至4.25%内7,745

Analysed for reporting purposes based

on maturity date of respective

instruments as:

报告分析根据相关工具的

到期日：

Current assets流动资产3,901

Non-current assets非流动资产3,844

7,745

19. 透过损益按公平值计算之

金融资产

金融资产强制地透过损益按公平值计量：

2025
二零二五年
HK$’000
千港元
–

2025
二零二五年
HK$’000
千港元
–
–
–
–

Allan International Holdings Limited亚伦国际集团有限公司126

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

21. Short-Term Deposits/Bank

Balances and Cash

(a) Short-term deposits

Short-term deposits of HK$64,200,000 (2024:

HK$54,000,000) are deposits with original maturity

of more than three months and the remaining

HK$161,697,000 (2024: HK$250,696,000) are

deposits with original maturity within three months.

Short-term deposits placed with banks or financial

institution are for investment purpose. The short-

term deposits carry fixed interest rates with effective

interest rates ranging from 1.25% to 4.03% (2024:

1.29% to 5.56%) per annum.

(b) Bank balances and cash

Bank balances carry interest at market rates which

range from 0% to 0.38% (2024: 0% to 1%) per

annum.

Details of impairment assessment of short-term deposits

and bank balances are set out in Note 28(b).

21. 短期存款╱银行结存及

现金

(a) 短期存款

短期存款6,420万港元（二零二四

年：5,400万港元）为原到期日超过

三个月的存款，其余1亿6,169万7

千港元（二零二四年：2亿5,069万6

千港元）为原到期日在三个月内的

存款。存放在银行或金融机构的短

期存款用于投资目的。短期存款按

固定息率以实际利率法计算，年息

为1.25%至4.03%（二零二四年：

1.29%至5.56%）。

(b) 银行结存及现金

银行结存按市场利息率计息，年息

约0%至0.38%（二零二四年：0%

至1%）。

短期存款及银行结存减值评估详情载于

附注28(b)。

127Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

22. Trade Payables

The following is an aged analysis of trade payables

presented based on the invoice date.

二零二四年

HK$’000

千港元

0 – 90 days0–90日47,031

91 – 120 days91–120日5,993

Over 120 days超过120日584

53,608

The credit period on purchase of goods is ranged from 30

to 90 days.

23. Other Payables and Accruals

二零二四年

HK$’000

千港元

Salaries, wages and staff welfare payable应付薪金、工资及雇员福利54,920

Other payables and accruals其他应付账款及应付未付17,802

72,722

22. 应付贸易账款

根据发票日期呈列之应付贸易账款之账

龄分析如下。

采购商品获授30日至90日之信贷期。

23. 其他应付账款及应付未付

2025
二零二五年
HK$’000
千港元
55,132
360
483
55,975

2025
二零二五年
HK$’000
千港元
58,653
16,151
74,804

Allan International Holdings Limited亚伦国际集团有限公司128

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

24. Secured Bank Loan

二零二四年

HK$’000

千港元

The carrying amounts of secured bank

loan is repayable*:

有抵押银行贷款，可偿还之

账面值*：

Within one year一年内5,124

Within a period of more than one year

but not exceeding two years

多于一年，但不超过

两年期间内5,124

Within a period of more than two years

but not exceeding five years

多于两年，但不超过

五年期间内417

10,665

Less: Amounts due within one year

shown under current liabilities

减：列账于流动负债之

一年内还款金额(5,124)

Amounts shown under non-current

liabilities

列账于非流动负债之金额

5,541

* The amounts due are based on scheduled repayment dates

set out in the loan agreements.

The bank loan is variable-rate borrowing which carry

interest at 1-month Hong Kong Interbank Offered Rate

(“HIBOR”) plus 0.8% per annum (2024: 1-month HIBOR

plus 0.8% per annum). As at 31 March 2025, the effective

interest rate on the Group’s borrowing is 4.60% per annum

(2024: 5.33% per annum).

As at 31 March 2025, bank loan of approximately

HK$5,541,000 (2024: approximately HK$10,665,000) is

secured by the Group’s investment properties with a fair

value HK$198,000,000 (2024: HK$236,000,000) (Note 13).

24. 有抵押银行贷款

* 到期还款金额是基于贷款协定所载之

还款日期。

银行贷款为浮动利率之借贷，年息率为

香港银行同业拆息（一个月）加0.8%（二

零二四年：香港银行同业拆息（一个月）

加0.8%）。于二零二五年三月三十一

日，本集团实际借贷年利率为4.60%（二

零二四年：实际借贷年利率为5.33%）。

于二零二五年三月三十一日，银行贷款

约554万1千港元（二零二四年：约1,066

万5千港元）由集团投资在香港的物业以

公平值为1亿9,800万港元（二零二四年：

2亿3,600万港元）作担保（附注13）。

2025
二零二五年
HK$’000
千港元
5,124
417
–
5,541
(5,124)
417

129Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

本年及过往年度确认的递延税项资产（负

债）及其变动情况如下：

25. Deferred Taxation

For the purpose of presentation in the consolidated

statement of financial position, certain deferred tax

assets and liabilities have been offset. The following is the

analysis of the deferred tax balances for financial reporting

purposes:

二零二四年

HK$’000

千港元

Deferred tax assets递延税项资产787

Deferred tax liabilities递延税项负债(31,957)

(31,170)

The following are the deferred tax assets(liabilities)

recognised and movements thereon during the current and

prior years:

Accelerated

tax

depreciation

Withholding

tax on

distributable

profit of

subsidiaries

operating

in the PRC

Fair value

changes on

investment

propertiesTotal

加速税项

折旧

中国附属公司

可分配溢利

之预扣税

投资物业的

公平值变动总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日(5,349)(2,246)(29,249)(36,844)

(Charge) credit to profit or loss于损益账（扣减）计入(333)(248)6,2555,674

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日

及二零二四年四月一日(5,682)(2,494)(22,994)(31,170)

(Charge) credit to profit or loss于损益账（扣减）计入(798)(341)1,803664

Exchange adjustments汇兑调整––2,4422,442

At 31 March 2025于二零二五年三月三十一日

25. 递延税项

就综合财务状况表之呈列而言，若干递

延税项资产及负债已抵销。以下为用于

财务呈报目的之递延税项结余分析：

2025
二零二五年
HK$’000
千港元
631
(28,695)
(28,064)

(6,480)	(2,835)	(18,749)	(28,064)

Allan International Holdings Limited亚伦国际集团有限公司130

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

25. Deferred Taxation (Continued)

At the end of the reporting period, the Group has unused

tax losses of approximately HK$67,199,000 (2024:

HK$44,670,000) available for offset against future profits.

No deferred tax asset has been recognised in respect of

the tax losses due to the unpredictability of future profit

streams.

Included in unrecognised tax losses of HK$24,052,000

(2024: HK$13,714,000) will expire up to 2030 (2024:

2029). Other tax losses may be carried forward indefinitely.

Under the EIT Law in the PRC and implementation

regulations issued by the State Council, withholding tax

at 5% rate is imposed on dividends declared in respect

of profits earned by PRC subsidiaries from 1 January

2008 onwards. Deferred taxation has been fully provided

for in the consolidated financial statements in respect of

temporary differences attributable to retained profits of the

PRC subsidiaries.

26. Share Capital

Number of

sharesHK$’000

股份数量千港元

Ordinary shares of HK$0.10 each每股面值0.10港元之普通股

Authorised:法定：

At 1 April 2023, 31 March 2024 and

31 March 2025

于二零二三年四月一日，

二零二四年三月三十一日

及二零二五年三月三十一日60,000

Issued and fully paid:已发行及缴足︰

At 1 April 2023, 31 March 2024 and

31 March 2025

于二零二三年四月一日，

二零二四年三月三十一日

及二零二五年三月三十一日33,305

25. 递延税项（续）

于本报告期末，本集团有未动用的税

项亏损6,719万9千港元（二零二四年：

4,467万港元）可用以抵销未来溢利。因

难以确定未来溢利来源，故未就该税项

亏损确认递延税项资产。

包括未确认之税项亏损2,405万2千港元

（二零二四年：1,371万4千港元）将于二

零三零年到期（二零二四年：二零二九

年）。其他税项亏损可能无限期结转。

根据中国企业所得税法例，及由国务院

发布的实施条例，从二零零八年一月一

日开始，由中国附属公司所得的利润而

派发之股息，以5％的预扣税税率征收。

有关中国附属公司保留溢利的暂时性差

异所得的递延税项已于综合财务报表内

充分提供。

26. 股本

600,000,000
333,054,520

131Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

27. Capital Risk Management

The Group manages its capital to ensure that entities in

the Group will be able to continue as a going concern

while maximising the return to shareholders through the

optimisation of the debt and equity balance. The Group’s

overall strategy remains unchanged from prior year.

The capital structure of the Group consists of net cash,

which includes secured bank loan disclosed in Note 24,

net of cash and cash equivalents and equity attributable to

owners of the Company, comprising issued share capital,

other reserves and retained profits.

The directors of the Company review the capital structure

on a quarterly basis. As part of this review, the directors

of the Company consider the cost of capital and the

risks associated with each class of capital. Based on

recommendations of the directors of the Company, the

Group will balance its overall capital structure through the

payment of dividends and new share issues as well as the

issue of new debt or the redemption of existing debt.

27. 资本风险管理

本集团管理资本，旨在确保本集团实体

可按持续基准经营，并透过优化债务及

权益平衡为股东带来最大回报。本集团

之整体策略自去年以来一直维持不变。

本集团之资本架构包括净现金，含有抵

押银行贷款（于附注24披露），净现金及

现金等值及本公司拥有人应占权益，当

中包括已发行股本、其他储备及保留溢

利。

本公司董事按季度检讨资本架构。董事

考虑资本成本及各类资本相关风险作为

审阅之一部分。根据本公司董事的建

议，本集团将透过支付股息、发行新

股、发行新债券或赎回现有债项，以平

衡其整体资本架构。

Allan International Holdings Limited亚伦国际集团有限公司132

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. Financial Instruments

a. Categories of financial instruments

二零二四年

HK$’000

千港元

Financial assets金融资产

Financial assets at amortised cost按摊销成本列账之金融资产572,324

Financial assets at FVTPL透过损益按公平值计算之

金融资产1,540

Debt instruments at FVTOCI按公平值计入其他全面收益

的债务工具7,745

Financial liabilities金融负债

Financial liabilities at amortised cost按摊销成本列账之金融负债70,963

b. Financial risk management objectives and

policies

The Group’s major financial instruments include

debt instruments at FVTOCI, financial assets at

FVTPL, trade receivables, other receivables, short-

term deposits, bank balances and cash, trade

payables, other payables and secured bank loan.

Details of these financial instruments are disclosed

in respective notes. The risks associated with these

financial instruments include market risk (currency

risk, interest rate risk and other price risk), credit risk

and liquidity risk. The policies on how to mitigate

these risks are set out below. The management

manages and monitors these exposures to ensure

appropriate measures are implemented on a timely

and effective manner.

b. 财务风险管理目标及政策

本集团之主要金融工具包括按公平

值计入其他全面收益的债务工具、

透过损益按公平值计算之金融资

产、应收贸易账款、其他应收账

款、短期存款、银行结余及现金、

应付贸易账款、其他应付账款及有

抵押银行贷款。该等金融工具详情

于各附注披露。该等金融工具相关

风险包括市场风险（货币风险、利

率风险及其他价格风险）、信贷风

险及流动资金风险。下文为如何降

低该等风险之政策。管理层管理及

监控该等风险以确保及时和有效地

采取适当之措施。

28. 金融工具

a. 金融工具类别

2025
二零二五年
HK$’000
千港元
465,386
–
–
68,841

133Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. 金融工具（续）

（续）

市场风险

货币风险

本公司有数间附属公司以外币进行

买卖及银行结存，使集团承受外币

风险。此外，本公司与数间子公司

之间存在外币结余，也使集团面临

外币风险。

于报告期结束日，本集团以外币计

算之货币资产及货币负债之账面值

如下：

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Market risk

Currency risk

Several subsidiaries of the Company have foreign

currency sales and purchases and bank balances

which expose the Group to foreign currency risk. In

addition, the Company has intra-group balances with

several subsidiaries denominated in foreign currency

which also expose the Group to foreign currency risk.

The carrying amounts of the Group’s foreign currency

denominated monetary assets and monetary liabilities

at the end of the reporting period are as follow:

LiabilitiesAssets

负债资产

二零二四年二零二四年

HK$’000HK$’000

千港元千港元

United States dollar (“USD”)美元1,053384,082

Renminbi (“RMB”)人民币–11,522

HK$港元46,297432,290

Sensitivity analysis

The Group is mainly exposed to exchange rate

fluctuations of USD, HK$ and RMB against the

functional currency of respective group entities,

which is either HK$ or RMB. As the HK$ is pegged

to USD, the management of the Company are of the

opinion that the Group’s exposure to USD relative to

HK$ is minimal and accordingly, no foreign currency

sensitivity analysis on USD is presented.

敏感度分析

本集团主要承受美元、港元及人民

币汇兑各集团实体功能货币，即港

元或人民币之汇率波动风险。由于

港元与美元挂钩，本公司管理层认

为本集团美元风险相对于港元很

低，故此没有为美元作外币敏感度

分析。

2025
二零二五年
HK$’000
千港元
242
–
73,823

2025
二零二五年
HK$’000
千港元
282,819
625
412,948

Allan International Holdings Limited亚伦国际集团有限公司134

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Market risk (Continued)

Sensitivity analysis (Continued)

The following table details the Group’s sensitivity

to a 10% (2024: 10%) increase and decrease in

functional currency of respective group entities

against the relevant foreign currencies. 10% (2024:

10%) is the sensitivity rate used when reporting

foreign currency risk internally to key management

personnel and represent management’s assessment

of the reasonably possible change in foreign

exchange rates. The sensitivity analysis includes only

outstanding foreign currency denominated monetary

items and adjusts their translation at the year end

for a 10% (2024: 10%) change in foreign currency

rates. A positive number below indicates a decrease

in post-tax loss where the functional currencies of

respective group entities weaken 10% against the

foreign currencies. A 10% (2024: 10%) strengthening

of the functional currencies of respective group

entities against the relevant currencies, there would

be an equal and opposite impact on the loss.

Impact of HK$Impact of RMB

港元冲击人民币冲击

二零二四年二零二四年

HK$’000HK$’000

千港元千港元

Loss for the year本年亏损28,949962

The above is mainly attributable to the exposure to

short-term deposits, outstanding receivables and

payables at the year end.

28. 金融工具（续）

（续）

市场风险（续）

敏感度分析（续）

下表详列因应本集团对于各集团实

体功能货币汇兑相关外币汇率上下

波动10%的敏感度（二零二四年：

10%）。10%（二零二四年：10%）

为向内部主要管理人员汇报外币风

险所用之敏感率，并为管理层对汇

率可能合理变动之评估。敏感度分

析仅包括以外币计算之尚结存的货

币项目，并于年终调整其换算10%

（二零二四年：10%）以反映外币汇

率之变动。下列正数表示减少税后

亏税，其中各集团实体功能货币汇

兑相关外币转弱10%。倘各集团实

体功能货币汇兑相关外币或假如外

币转强10%（二零二四年：10%），

将会对亏损造成相等及相反之影

响。

上述主要来自年度期末所面对的短

期存款，应收账款及应付账款的风

险。

2025
二零二五年
HK$’000
千港元
25,434

2025
二零二五年
HK$’000
千港元
52

135Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. 金融工具（续）

（续）

市场风险（续）

利率风险

本集团的定息短期存款、透过损益

按公平值计算之债务工具及按公平

值计入其他全面收益的债务工具承

受公平值利率风险。

本集团的透过损益按公平值计算的

浮息债务工具、有抵押银行贷款

（此贷款详情见附注24）及银行结

余亦承受现金流量利率风险。

敏感度分析

透过损益按公平值计算的浮息债务

工具、银行结余及有抵押银行贷款

被排除在敏感度分析之外，因为本

公司董事认为浮动利率带来的现金

流量利率风险较小。管理层亦考虑

到定息短期存款、透过损益按公平

值计算之债务工具及按公平值计入

其他全面收益的债务工具承受公平

值利率的风险较少。

其他价格风险

本集团因投资单位连结式基金及其

他上市债务工具而面临价格风险。

管理层考虑到此等风险并不严重，

因此，没有对此等风险作敏感度分

析。然而，管理层会密切监察此等

风险和在有需要时会考虑对冲此等

风险。

信贷风险及减值评估

应收贸易账款

倘交易方于二零二五年三月三十一

日未能履行彼等就各类已确认金融

资产之承担，则本集团须承受之最

高信贷风险为于综合财务状况表所

载该资产之账面金额。本集团并无

持有任何抵押品或其他信贷增强措

施以弥补其金融资产相关的信贷风

险。

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Market risk (Continued)

Interest rate risk

The Group is exposed to fair value interest rate

risk in relation to fixed-rate short-term deposits,

debt instruments at FVTPL and debt instruments at

FVTOCI.

The Group is also exposed to cash flow interest rate

risk in relation to variable-rate debt instruments at

FVTPL, secured bank loan (see Note 24 for details of

the loan) and bank balances.

Sensitivity analysis

Variable-rate debt instruments at FVTPL, bank

balances and secured bank loans are excluded from

sensitivity analysis as the directors of the Company

consider that the exposure of cash flow interest rate

risk arising from variable-rate is insignificant. The

management also considers the exposure of the

fair value interest rate risk of fixed-rate short-term

deposits, debt instruments at FVTPL and FVTOCI is

insignificant.

Other price risk

The Group is exposed to price risk through its

investments in unit-linked funds and other listed debt

instruments. The management considers these risks

are insignificant and therefore no sensitivity analysis

on such risks has been prepared. However, the

management will closely monitor such exposures and

consider hedging such exposures should the need

arise.

Credit risk and impairment assessment

Trade receivables

The Group’s maximum exposure to credit risk in the

event of the counterparties’ failure to perform their

obligations as at 31 March 2025 in relation to each

class of recognised financial assets is the carrying

amount of those assets as stated in the consolidated

statement of financial position. The Group does not

hold any collateral or other credit enhancements

to cover its credit risk associated with its financial

assets.

Allan International Holdings Limited亚伦国际集团有限公司136

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Credit risk and impairment assessment

(Continued)

Trade receivables (Continued)

The Group’s credit risk is primarily attributable to its

trade receivables and the Group has been largely

dependent on a small number of customers for a

substantial portion of its business. The top three

customers represent over 72% (2024: 64%) of the

trade receivables as at 31 March 2025. The failure

of these customers to make required payment could

have a substantial negative impact on the Group’s

profits and liquidity.

In order to minimise the credit risk, the management

of the Group has credit approvals and other

monitoring procedures to ensure that follow-up

action is taken to recover overdue debts. In this

regard, the directors of the Company consider that

the Group’s credit risk is significantly reduced.

The Group performs impairment assessment under

ECL model on trade receivables with significant

balances and credit-impaired individually and/or

collectively which are grouped based on shared

credit risk characteristics by reference to the Group’s

internal credit ratings and aging of outstanding

balances.

Other receivables

For other receivables, the directors of the

Company make periodic individual assessment

on the recoverability of other receivables based

on historical settlement records, past experience,

and also quantitative and qualitative information

that is reasonable and supportive forward-looking

information. The directors of the Company believe

that there are no significant increase in credit risk

of these amounts since initial recognition and the

Group provided impairment based on 12m ECL.

For the years ended 31 March 2025 and 2024,

the Group assessed the ECL for other receivables

were insignificant and thus no loss allowance was

recognised.

28. 金融工具（续）

（续）

信贷风险及减值评估（续）

应收贸易账款（续）

本集团主要的信贷风险为其贸易应

收账款，本集团大部份之业务乃依

靠少数的客户。于二零二五年三月

三十一日，最大三个客户所占的

应收贸易款项超过72%（二零二四

年：64%）。此等客户如未能付

款，将对集团的溢利和流动资金有

重大的负面影响。

为将信贷风险降至最低，本集团管

理层已有信贷审批及其他监控程

序，以确保采取跟进措施收回逾期

未付之债项。就此而言，本公司董

事认为本集团的信用风险已大幅降

低。

本集团根据共同信用风险特征分

组，并参考本集团内部信用评级和

余额账龄，对单项和╱或组合金额

重大及已发生信用减值的应收账

款，采用预期信用损失模型进行减

值评估。

其他应收账款

本公司董事根据历史结算记录，以

往经验以及合理的定量和定性信息

及具有支持性的前瞻性信息，对其

他应收账款的可收回性进行定期评

估。公司董事认为，自初始确认以

来，这些金额的信贷风险没有显著

增加，而且本集团根据12个月预

期信贷亏损作了减值准备。截至二

零二五年及二零二四年三月三十一

日止年度，本集团评估了其他应

收账款金额并无重大的预期信贷亏

损，因此未确认损失准备。

137Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. 金融工具（续）

（续）

信贷风险及减值评估（续）

银行结余及短期存款

银行结余及短期存款存在之信贷风

险是有限的，因为交易方为经国际

信用评级机构评定为有高信用评级

之香港有信誉银行或财务机构。按

平均损失率，银行结余及短期存款

的12个月预期信贷亏损被评估为

不重要，因此未确认损失准备。

按公平值计入其他全面收益的债务

工具

本集团仅投资低信贷风险的债务证

券。本集团按公平值计入其他全面

收益的债务工具主要包括根据全球

理解定义在投资评级的上市债券及

票据，因此被视为低信贷风险投

资。按公平值计入其他全面收益的

债务工具的预期信贷亏损被评估为

不重要，因此未确认损失准备。

除上述信贷风险集中于应收贸易账

款，银行结余及存于若干银行或信

贷评级较高的金融机构的短期存款

外，本集团并无任何其他重大信贷

集中风险。

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Credit risk and impairment assessment

(Continued)

Bank balances and short-term deposits

The credit risk on bank balances and short term

deposits are limited because the counterparties are

reputable banks in Hong Kong or financial institutions

with high credit ratings assigned by international

credit-rating agencies. Based on the average loss

rate, the 12m ECL on bank balances and short-

term deposits are considered to be insignificant and

therefore no loss allowance was recognised.

Debt instruments at FVTOCI

The Group only invests in debt securities with

low credit risk. The Group’s debt instruments at

FVTOCI mainly comprise listed bonds and notes

that are graded in the investment grade as per

globally understood definitions and therefore are

considered to be low credit risk investment. The ECL

on debt instruments at FVTOCI is considered to be

insignificant and therefore no loss allowance was

recognised.

Other than concentration of credit risk on trade

receivables set out above, bank balances and short-

term deposits which are deposited with several

banks or financial institutions with high credit ratings,

the Group does not have any other significant

concentration of credit risk.

Allan International Holdings Limited亚伦国际集团有限公司138

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Credit risk and impairment assessment

(Continued)

The Group’s internal credit risk grading assessment

comprises the following categories:

Internal

credit ratingDescriptionTrade receivables

Other

financial assets

内部信贷评级描述应收贸易账款其他金融资产

Low riskReputable counterparty with low probability of

default, long and stable business relationship and

well established repayment pattern

Lifetime ECL –

not credit-impaired

12m ECL

低风险信誉良好的交易对手保持长期稳定的业务关系和

完善的还款模式，违约概率较低

全期预期信贷亏损

—非信贷减值

12个月预期信贷亏损

Normal riskThe counterparty sometimes repays

after due dates but settle in full

Lifetime ECL –

not credit-impaired

12m ECL

一般风险交易对手有时会在到期日后还款，并全数偿还全期预期信贷亏损

—非信贷减值

12个月预期信贷亏损

Watch listThe counterparty has lower default risk and usually

settle after due date

Lifetime ECL –

not credit-impaired

12m ECL

观察名单交易对手的违约风险较低并且通常会于到期日后偿还全期预期信贷亏损

—非信贷减值

12个月预期信贷亏损

DoubtfulThere have been significant increases in credit

risk since initial recognition through information

developed internally or external resources

Lifetime ECL –

not credit-impaired

Lifetime ECL –

not credit-impaired

怀疑透过内部或外部资料信息获知信用风险较初始确认

显著增加

全期预期信贷亏损

—非信贷减值

全期预期信贷亏损

—非信贷减值

LossThere is evidence indicating the asset is credit-

impaired

Lifetime ECL –

credit-impaired

Lifetime ECL –

credit-impaired

亏损有凭证显示资产出现信贷减值全期预期信贷亏损

—信贷减值

全期预期信贷亏损

—信贷减值

Write-offThere is evidence indicating that the debtor is in

severe financial difficulty and the Group has no

realistic prospect of recovery

Amount is written offAmount is written off

撇销有凭证显示债务人处于严重财务困难及本集团实际上

已无法再收回款项

撇销金额撇销金额

28. 金融工具（续）

（续）

信贷风险及减值评估（续）

本集团的内部信贷风险等级评估包

括以下类别：

139Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. 金融工具（续）

（续）

信贷风险及减值评估（续）

就金融资产面对的信贷风险，下表

详述本集团根据预期信贷亏损评

估：

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Credit risk and impairment assessment

(Continued)

The tables below detail the credit risk exposures of

the Group’s financial assets which are subject to ECL

assessment:

Notes

External

credit rating

Internal

credit rating

12m or

lifetime ECL

Gross

carrying

amount

附注外部信贷评级内部信贷评级

12个月或全期预期

信贷亏损总账面值

二零二四年

HK$’000

千港元

Debt instruments at FVTOCI

按公平值计入其他全面

收益的债务工具

Investment of listed

debt instruments

20A3 to Baa2N/A12m ECL7,745

投资上市债务工具不适用12个月预期信贷亏损

Financial assets at

amortised cost

按摊销成本列账之金融资产

Trade receivables18N/ANoteLifetime ECL

(not credit-impaired)

91,461

应收贸易账款不适用附注全期预期信贷亏损

（非信贷减值）

Other receivables18N/ALow risk12m ECL2,067

其他应收账款不适用低风险12个月预期信贷亏损

Short-term deposits21(a)Aa3 to Baa1N/A12m ECL304,696

短期存款不适用12个月预期信贷亏损

Bank balances21(b)Aa3 to Baa1N/A12m ECL173,296

银行结余不适用12个月预期信贷亏损

571,520

Note: The Group has applied the simplified approach in

HKFRS 9 to measure the loss allowance at lifetime

ECL. Except for debtors with significant outstanding

balances and credit-impaired, the Group determines

the ECL on a collective basis, grouped by internal

credit rating and past due status.

注：本集团采用香港财务报告准则第

9号中的简化方法计量整个存续

期预期信贷损失准备的损失准

备。除具有重大未偿余额及已发

生信用减值的债务人外，本集团

按照内部信用评级和逾期状况分

组，以集体方式确定预期信用损

失。

Gross carrying amount
总账面值
2025
二零二五年
HK$’000
千港元
–
91,669
917
225,897
146,356
464,839

Allan International Holdings Limited亚伦国际集团有限公司140

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Credit risk and impairment assessment

(Continued)

As part of the Group’s credit risk management, the

Group applies internal credit rating for its customers

in relation to its operation. The following table

provides information about the exposure to credit risk

for trade receivables which are assessed based on a

collective basis as at 31 March 2024 and 2025 within

lifetime ECL (not credit-impaired).

二零二五年二零二四年

Internal credit rating

Average

loss rates

Gross

carrying

amount

内部信用评级平均损失率账面总值

%HK$’000

千港元

Grade 1: Low risk

第一级：低风险0.1173,774

Grade 2: Normal risk

第二级：普通风险2.1017,682

Grade 3: Watch list

第三级：观察名单6.015

Grade 4: Doubtful

第四级：怀疑N/A–

91,461

The estimated loss rates are estimated based on

expected default rates over the expected life of the

debtors with reference to published information

from credit agencies and are adjusted for forward-

looking information that is available without undue

cost or effort. The grouping is regularly reviewed by

management to ensure relevant information about

specific debtors is updated.

During the year ended 31 March 2025, the Group

provided HK$590,000 (2024: HK$456,000)

impairment allowance for newly originated trade

receivables that are assessed collectively and

reversed HK$456,000 (2024: HK$298,000)

impairment allowance due to full settlement of trade

receivables.

28. 金融工具（续）

（续）

信贷风险及减值评估（续）

作为本集团信贷风险管理的一部

分，本集团对其客户进行与其经营

相关的内部信用评级。下表提供了

有关在整个存续期预期信贷亏损

（非信贷减值）内截至二零二四年及

二零二五年三月三十一日基于集体

基础评估的应收账款信贷风险暴露

的信息。

估计损失率是根据债务人预期寿命

内的预期违约率并参考信贷机构公

布的信息估计的，并根据无需过度

成本或努力即可获得的前瞻性信息

进行调整。管理层会定期审查该分

组，以确保更新有关特定债务人的

Average loss rates	Gross carrying amount
平均损失率	账面总值
%	HK$’000
千港元
0.11	66,450
2.05	25,218
N/A	–
23. 86	1
91,669

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. 金融工具（续）

（续）

信贷风险及减值评估（续）

下表显示已用简单方法确认应收贸

易账款的全期预期信贷亏损变动：

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Credit risk and impairment assessment

(Continued)

The following table shows the movement in lifetime

ECL that has been recognised for trade receivables

under the simplified approach.

Lifetime ECL

(not credit-

impaired)

全期预期

信贷亏损

（非信贷减值）

HK$’000

千港元

At 1 April 2023于二零二三年三月三十一日298

Changes due to financial instruments

recognised as at 1 April 2023:

于二零二三年四月一日已确认之

金融工具变动：

– Impairment losses reversed—拨回减值亏损(298)

New financial assets originated产生的新金融资产456

At 31 March 2024于二零二四年三月三十一日456

Changes due to financial instruments

recognised as at 1 April 2024:

于二零二四年四月一日已确认之

金融工具变动：

– Impairment losses reversed—拨回减值亏损(456)

New financial assets originated产生的新金融资产590

At 31 March 2025于二零二五年三月三十一日590

Allan International Holdings Limited亚伦国际集团有限公司142

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Credit risk and impairment assessment

(Continued)

Changes in the loss allowance for trade receivables

are mainly due to:

Increase (decrease)

in lifetime ECL

(not credit-impaired)

全期预期信贷亏损增加（减少）

（非信贷减值）

二零二四年

HK$’000

千港元

New trade receivable with gross

carrying amount of HK$91,669,000

(2024: HK$91,461,000)

新应收贸易账款总账面值

为9,166万9千港元

（二零二四年：9,146万1千港元）456

Reversal from settlement in full of

trade receivables with a gross

carrying amount of HK$91,461,000

(2024: HK$73,266,000)

拨回应收贸易账款悉数结算

总账面值为9,146万1千港元

（二零二四年：7,326万6千港元）

(298)

Liquidity risk

In the management of the liquidity risk, the Group

monitors and maintains a level of cash and cash

equivalents deemed adequate by the management

to finance the Group’s operations and mitigate the

effects of fluctuations in cash flows. The management

monitors the utilisation of bank borrowings.

28. 金融工具（续）

（续）

信贷风险及减值评估（续）

应收贸易账款的亏损拨备变动主要

是由于：

流动资金风险

在管理流动资金风险时，本集团监

控及维持现金及现金等值于管理层

认为足够之水平，为本集团的业务

营运提供资金并减轻现金流量波动

的影响。管理层监控银行借贷之使

用情况。

2025
二零二五年
HK$’000
千港元
590
(456)

143Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. 金融工具（续）

（续）

流动资金风险（续）

下表详列本集团非衍生金融负债之

余下合约到期日。此表乃根据本集

团于可被要求偿还金融负债之最早

日期之未折现值现金流量编制。此

表包括利息及本金现金流量。利息

流量为浮动利率，就此而言，未

折现值金额按报告期末时之利率计

算。

流动资金表

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Liquidity risk (Continued)

The following table details the Group’s remaining

contractual maturity for its non-derivative financial

liabilities. The table has been drawn up based on

the undiscounted cash flows of financial liabilities

based on the earliest date on which the Group can be

required to pay. The table includes both interest and

principal cash flows. To the extent that interest flows

are floating rate, the undiscounted amount is derived

from interest rate at the end of the reporting period.

Liquidity tables

2025二零二五年

Financial liabilities at

amortised cost

按摊销成本列账之

金融负债

Trade payables应付贸易账款

Other payables其他应付账款

Secured bank loan –

variable rate

有抵押银行贷款

－浮息

Weighted average interest rate	Less than 3 months	3 months to 1 year	1 to 2 years	2 to 5 years	Total undiscounted cash flows	Carrying amount at 31 March 2025
加权平均利率	少于三个月	三个月至一年	一年至二年	二年至五年	未折现值现金流量总额	二零二五年三月三十一日之账面值
%	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
%	千港元	千港元	千港元	千港元	千港元	千港元
–	55,131	844	–	–	55,975	55,975
–	7,325	–	–	–	7,325	7,325
4.60	893	4,376	419	–	5,688	5,541
4.60	63,349	5,220	419	–	68,988	68,841

Allan International Holdings Limited亚伦国际集团有限公司144

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. Financial Instruments (Continued)

b. Financial risk management objectives and

policies (Continued)

Liquidity risk (Continued)

Liquidity tables (Continued)

Weighted

average

interest rate

Less than

3 months

to 1 year

1 to 2

years

2 to 5

years

Total

undiscounted

cash flows

Carrying

amount at

31 March

加权

平均利率少于三个月三个月至一年一年至二年二年至五年

未折现值现金

流量总额

二零二四年

三月三十一日

之账面值

%HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

2024二零二四年

Financial liabilities at

amortised cost

按摊销成本列账之

金融负债

Trade payables应付贸易账款–53,032576––53,60853,608

Other payables其他应付账款–6,690–––6,6906,690

Secured bank loan –

variable rate

有抵押银行贷款

－浮息5.331,4184,1495,29541911,28110,665

61,1404,7255,29541971,57970,963

The amounts included above for variable interest rate

bank loan are subject to change if changes in variable

interest rates differ from those estimates of interest

rates determined at the end of the reporting period.

28. 金融工具（续）

（续）

流动资金风险（续）

流动资金表（续）

倘浮息与该等于报告期末厘定之估

计利率出现差异，计入上述银行贷

款之浮息工具之金额将会变动。

145Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. 金融工具（续）

c. 按公平值计量之金融工具

此附注提供本集团如何厘定各种金

融资产的公平值之资料。

(i) 本集团的金融资产公平值及

金融负债根据经常性基准按

公平值计量

于各报告期末，本集团部分

金融资产乃按公平值计量。

下表提供如何厘定该等金融

资产公平值的资料（特别是所

用估值技术），以及按公平

值计量输入数据的可观察程

度，将公平值计量分为公平

值等级第1级至第3级。

28. Financial Instruments (Continued)

c. Fair value measurements of financial instruments

This note provides information about how the Group

determines fair values of various financial assets.

(i) Fair value of the Group’s financial assets

and financial liabilities that are measured at

fair value on a recurring basis

Some of the Group’s financial assets are

measured at fair value at the end of each

reporting period. The following table gives

information about how the fair values of these

financial assets are determined (in particular,

the valuation technique used), as well as the

level of the fair value hierarchy into which the

fair value measurements are categorised (levels

1 to 3) based on the degree to which the inputs

to the fair value measurements is observable.

Financial assetsFair value as at

Fair value

hierarchy

Valuation techniques

and key inputs

金融资产公平值公平值等级估值技术及关键输入数据

31 March

于二零二五年

三月三十一日

于二零二四年

三月三十一日

HK$’000HK$’000

千港元千港元

Listed debt securities

上市债务证券

Level 1

第一级

Quoted bid prices in an active market

于活跃市场所报买卖价

– classified as debt instruments

measured at FVTOCI

—分类为按公平值计入其他全面收益

的债务工具

–7,745

– classified as financial assets at

FVTPL

—分类为透过损益按公平值计算之

金融资产

–1,540

There were no transfers between Level 1 and 2

during both years.

这两年内第一级与第二级并

没有转入或转出。

Allan International Holdings Limited亚伦国际集团有限公司146

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

28. Financial Instruments (Continued)

c. Fair value measurements of financial instruments

(Continued)

(ii) Fair value of the Group’s financial assets

and financial liabilities that are not

measured at fair value on a recurring basis

The fair value of financial assets and financial

liabilities, carried at amortised cost, are

determined in accordance with generally

accepted pricing models which is based on

discounted cash flows analysis using the

relevant prevailing market rates as input.

The directors of the Company consider that

the carrying amounts of the financial assets

and financial liabilities recognised at amortised

cost in the consolidated financial statements

approximate their fair values.

28. 金融工具（续）

（续）

(ii) 本集团并非根据经常性基准

按公平值计量的金融资产及

金融负债之公平值

金融资产及金融负债之公平

值，按摊销成本列账，乃根

据通用定价模式，按折现现

金流量分析以目前市场交易

价格作为投入数据计算。

本公司董事认为，于综合财

务报表内按摊销成本确认之

金融资产及金融负债之账面

值与其公平值相若。

147Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

29. 融资活动产生之负债对账

下表详列本集团因融资活动而产生的负

债变动，包括现金及非现金变动。融资

活动产生的负债为该等现金流曾经或未

来现金流将于本集团之综合现金流量表

中分类为融资活动所得现金流。

29. Reconciliation Of Liabilities Arising

From Financing Activities

The table below details changes in the Group’s liabilities

arising from financing activities, including both cash

and non-cash changes. Liabilities arising from financing

activities are those for which cash flows were, or future

cash flows will be, classified in the Group’s consolidated

statement of cash flows as cash flows from financing

activities.

Interest

payable

included in

other

payables

Dividends

payable

included in

other

payables

Secured

bank loanTotal

应付利息

（己计入其他

应付账款）

应付股息

（己计入其他

应付账款）

有抵押

银行贷款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日––15,78915,789

Financing cash flows融资现金流(697)(49,958)(5,124)(55,779)

Dividend declared已宣派股息–49,958–49,958

Finance costs财务费用697––697

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日

Financing cash flows融资现金流

Dividend declared已宣派股息

Finance costs财务费用

At 31 March 2025于二零二五年三月三十一日

–	–	10,665	10,665
(434)	(56,619)	(5,124)	(62,177)
–	56,619	–	56,619
434	–	–	434
–	–	5,541	5,541

Allan International Holdings Limited亚伦国际集团有限公司148

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

30. Related Party Disclosures

Expense relating to short-term or low-value leases paid or

payable by the Group to its related parties are as follows:

二零二四年

HK$’000

千港元

Immediate holding company直接控股公司

Allan Investment Company Limited亚伦投资有限公司900

Fellow subsidiaries同系附属公司

Fair Pacific Limited海晖有限公司984

Ardent Investment Limited雅隆投资有限公司1,558

Certain directors of the Company have controls in Allan

Investment Company Limited, Fair Pacific Limited and

Ardent Investment Limited.

The compensation of key management personnel consists

of directors’ remuneration as set out in Note 8.

The remuneration of directors of the Company is

recommended by the remuneration committee having

regard to the performance of individuals, market trends and

conditions with a view to retain and motivate executives.

30. 关连人士披露

本集团已付或应付的短期或低值租赁费

用予有关连人士如下：

部份公司董事于亚伦投资有限公司、海

晖有限公司及雅隆投资有限公司有控制

权。

主要管理人员之补偿包括附注8所列之董

事酬金。

本公司董事之酬金乃按个别人士的表

现、市场趋势及情况，由薪酬委员会提

交建议，务求挽留及推动行政人员继续

为集团效力。

2025
二零二五年
HK$’000
千港元
900
984
1,558

149Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

31. 营运租赁安排

本集团作为出租人

集团持有的所有租赁物业与租户们已承

诺未来一至三年租约（二零二四年：一至

三年）。年内物业租金收入为1,665万2千

港元（二零二四年：1,725万9千港元）。

无折扣的租赁应收的租赁付款如下：

31. Operating Leasing Arrangements

The Group as lessor

All of the leased properties held by the Group for rental

purposes have committed leases for the next 1 to 3 years

(2024: 1 to 3 years). Property rental income earned during

the year was HK$16,652,000 (2024: HK$17,259,000).

Undiscounted lease payments receivable on leases are as

follows:

二零二四年

HK$’000

千港元

Within one year一年内16,136

In the second year第二年8,665

In the third year第三年391

25,192

32. Retirement Benefits Schemes

The subsidiaries operating in Hong Kong participates in

both an ORSO Scheme and a MPF Scheme. The assets of

the schemes are held separately from those of the Group,

but in funds under the control of independent trustees.

The ORSO Scheme is funded by contributions from

employees of 5% of their salaries. The employers will

contribute based on the monthly salaries of employees

according to the following schedule:

Number of completed years of service完成服务年期

Rate of

contribution

供款率

Not more than 5 years少于五年5%

More than 5 years but not more than 10 years多于五年但不多于十年7.5%

More than 10 years多于十年10%

32. 退休福利计划

香港附属公司参与两项定额供款计划；

公积金计划及强积金计划。该等计划资

产与本集团资产为分开持有，有关资产

由各托管人所控制之独立基金持有。

参加公积金计划之雇员，每月供款为入

息之5%。雇主将根据以下基制来订定每

月替雇员供款之供款额：

2025
二零二五年
HK$’000
千港元
9,998
9,479
5,764
25,241

Allan International Holdings Limited亚伦国际集团有限公司150

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

32. Retirement Benefits Schemes

(Continued)

The employees are entitled to the full benefit of the

subsidiaries’ contributions and accrued returns after

participating in the ORSO Scheme for 10 years or more, or

at an increased scale of 30% to 90% after participating in

the ORSO Scheme from 3 to 9 years respectively. Where

an employee leaves the employment prior to becoming

fully entitled to the employer’s contributions, the excess

contributions are forfeited and the employer may utilise the

forfeited contributions to reduce its future contributions.

As at 31 March 2024 and 2025, the Group had no

material unutilised forfeited contributions in the ORSO

Scheme which may be used to reduce the Group’s future

contributions.

The MPF Scheme is available to all employees aged

18 to 65 and with at least 59 days of service under the

employment in Hong Kong. The Group contributes at the

lower of 5% of relevant payroll costs monthly to the MPF

Scheme, subject to a maximum amount of HK$1,500 per

month for each employee, which contribution is matched

by employees.

The employees of the subsidiaries operating in the PRC

are required to participate in a central pension scheme

operated by the local municipal government. The

contributions for the scheme in the PRC are made based

on a percentage of the average salary as advised by

the relevant authority in the PRC. The contributions are

charged to the consolidated statement of profit or loss and

other comprehensive income as they become payable in

accordance with the rules of the central pension scheme.

The subsidiaries operating in the PRC also contributed

to a local municipal government retirement scheme for

all qualified employees in the PRC. The employer and its

employees are each required to make contributions to the

scheme at the rates specified in the rules.

The only obligation of the Group with respect to the

retirement schemes in the PRC is to make the retired

contributions under the schemes. No forfeited contribution

is available to reduce the contribution payable in the future

years.

32. 退休福利计划（续）

参加公积金计划满十年之雇员，可全部

享有附属公司为雇员供之供款额及其供

款利息，若参加年数为3至9年，雇员

将享有30%至90%雇主之供款额。倘雇

员于未能领取全部雇主供款前离职，则

多出供款将予没收，而雇主可运用所没

收之供款扣减日后应付之供款。于二零

二四年及二零二五年三月三十一日，本

集团没有重大没收供款可作扣减日后应

付供款运用。

强积金计划可供所有18至65岁受雇于香

港最少59日之雇员参加。本集团每月均

按强积金计划之最低5%相关工资成本供

款，而每名员工每月最高可达1,500港

元，该供款与员工供款数额相同。

中国附属公司之雇员需要参加由地方政

府运作之中央退休福利计划。于中国之

供款计划乃根据中国有关当局所建议之

平均工资百份比计算供款。供款已在综

合损益及其他全面收益表内扣除，根据

中央退休金计划之条例，此款项为应

付。于中国经营的附属公司亦为中国所

有合资格雇员向当地市政府退休计划作

出供款。雇主及雇员均须按特定条例的

比率向该计划供款。

此为本集团于国内唯一需要承担之退休

供款。没有没收之供款可作减低将来应

付供款。

151Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

33. 附属公司详情

于二零二五年及二零二四年三月三十一

日，本公司之附属公司，全部均为本公

司之全资附属公司，详情如下：

33. Particulars Of Subsidiaries

Particulars of the Company’s subsidiaries as at 31 March

2025 and 2024, all of which are wholly-owned subsidiaries

of the Company, are as follows:

Name of subsidiaries

Place of incorporation

or establishment

operations

Issued and fully paid share capital or

registered capitalPrincipal activities

附属公司名称注册或成立╱营业地点已发行及缴足股本或注册资本主要业务

Allan Electric Mfg., LimitedHong Kong100 ordinary shares and 50,000 non-voting

deferred shares

Investment holding

亚伦电业制造有限公司香港100股普通股及50,000股无投票权递延股份投资控股

Allan International Limited *British Virgin Islands/

Hong Kong

55,000 ordinary shares of HK$1 eachInvestment holding

英属处女群岛╱香港55,000股每股面值1港元之普通股投资控股

Allan Mould Manufacturing

Limited

Hong Kong/the PRC100 ordinary sharesManufacturing of plastic injection

moulds

亚伦工模制造有限公司香港╱中国100股普通股生产塑胶注塑模具

Allan Plastic Mfg., LimitedHong Kong3,005 ordinary sharesProperty holding and trading of

household electrical appliances

亚伦塑胶厂有限公司香港3,005股普通股持有物业及销售家庭电器

Allan Trading (HK)

Company Limited

Hong Kong270,000 ordinary sharesInvestment holding

亚伦贸易（香港）有限公司香港270,000股普通股投资控股

亚伦工业科技（惠州）有限公司The PRC

Registered capital of USD49,600,000Property holding and manufacturing

of household electrical appliances

and plastic parts

中国注册资本49,600,000美元持有物业及生产家庭电器及塑胶零件

雅美工业（惠阳）有限公司The PRC

Registered capital of HK$75,000,000Manufacturing of household electrical

appliances and plastic parts

中国注册资本75,000,000港元生产家庭电器及塑胶零件

Allan International Holdings Limited亚伦国际集团有限公司152

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

Name of subsidiaries

Place of incorporation

or establishment

operations

Issued and fully paid share capital or

registered capitalPrincipal activities

附属公司名称注册或成立╱营业地点已发行及缴足股本或注册资本主要业务

深圳市唯物森林科技有限公司The PRC

Registered capital of RMB55,000,000

(2024: RMB45,000,000)

Trading of household electrical

appliances

中国注册资本人民币55,000,000元（二零二四年：

人民币45,000,000元）

销售家庭电器

Artreal Manufactory LimitedHong Kong2 ordinary sharesTrading of household electrical

appliances

雅美工业有限公司香港2股普通股销售家庭电器

Conan Electric Manufacturing LimitedHong Kong2 ordinary sharesTrading of household electrical

appliances

康伦电业制造有限公司香港2股普通股销售家庭电器

Good Eagle Investment Limited (Note)Hong Kong1 ordinary shareInvestment holding

佳鹰投资有限公司（附注）香港1股普通股投资控股

Great Yield LimitedHong Kong1 ordinary shareTrading of household electrical

appliances

长怡有限公司香港1股普通股销售家庭电器

惠阳亚伦塑胶电器实业有限公司The PRC

Registered capital of HK$100,000,000Manufacturing of household electrical

appliances and plastic parts

中国注册资本100,000,000港元生产家庭电器及塑胶零件

Karan Electric Manufacturing LimitedHong Kong100 ordinary sharesTrading of household electrical

appliances

嘉伦电业制造有限公司香港100股普通股销售家庭电器

New Prestige Investments Limited *Hong Kong1 ordinary shareProperty investment

香港1股普通股持有物业

33. Particulars Of Subsidiaries (Continued)33. 附属公司详情（续）

153Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

33. 附属公司详情（续）

Name of subsidiaries

Place of incorporation

or establishment

operations

Issued and fully paid share capital or

registered capitalPrincipal activities

附属公司名称注册或成立╱营业地点已发行及缴足股本或注册资本主要业务

Ngai Shing (Far East) Plastic &

Metalwares Factory Limited

Hong Kong100 ordinary shares and 54,000 non-voting

deferred shares

Property holding

艺成（远东）塑胶五金厂有限公司香港100股普通股及54,000股无投票权递延股份持有物业

Progress Associates Limited *British Virgin Islands/

Hong Kong

1 ordinary share of USD1Investment in securities

英属处女群岛╱香港1股面值1美元之普通股证券投资

Total Profits LimitedBritish Virgin Islands/

Hong Kong

2 ordinary shares of USD1 eachInvestment holding

英属处女群岛╱香港2股面值1美元之普通股证券投资

Well Sincere Investment Limited *Hong Kong2 ordinary sharesInvestment holding

有诚投资有限公司*香港2股普通股证券投资

* Direct subsidiaries

Wholly foreign-owned enterprises established in the PRC

Note: The subsidiary was deregistered on 4 October 2024.

None of the subsidiaries had issued any debt securities at

the end of the year.

33. Particulars Of Subsidiaries (Continued)

* 直接附属公司

全资外商独资企业

附注：该子公司于二零二四年十月四日注销

于年终，附属公司概无发行任何债务证

券。

Allan International Holdings Limited亚伦国际集团有限公司154

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

34. Statement Of Financial Position

And Reserves Of The Company

二零二四年

HK$’000

千港元

NON-CURRENT ASSETS非流动资产

Property and equipment物业及设备483

Interests in subsidiaries附属公司权益75,319

Amounts due from subsidiaries应收附属公司款项132,480

Deferred tax asset递延税项资产324

Club debenture会所债券10,030

218,636

CURRENT ASSETS流动资产

Other receivables其他应收账款3,141

Short-term deposits短期存款175,278

Bank balances and cash银行结余及现金14,678

193,097

CURRENT LIABILITIES流动负债

Other payables and accruals其他应付账款及应付未付4,424

Amounts due to subsidiaries应付附属公司款项5,884

10,308

NET CURRENT ASSETS净流动资产182,789

NET ASSETS资产净值401,425

CAPITAL AND RESERVES资本及储备

Share capital股本33,305

Reserves储备368,120

401,425

34. 本公司财务状况表及储备

2025
二零二五年
HK$’000
千港元
437
75,319
192,518
271
10,030
278,575
2,098
73,536
3,094
78,728
4,921
1,730
6,651
72,077
350,652
33,305
317,347
350,652

155Annual Report 2024/2025 二零二四年至二零二五年年报

Notes to the Consolidated Financial Statements

For the year ended 31 March 2025

综合财务报告书附注

截至二零二五年三月三十一日止年度

34. 本公司财务状况表及储备

（续）

公司储备变动

34. Statement Of Financial Position

And Reserves Of The Company

(Continued)

Movement in the Company’s reserves

premium

Capital

redemption

reserve

Capital

contributed

surplus

Retained

profitsTotal

股份溢价

股本

回购储备

股本

缴入盈余保留溢利总额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年三月三十一日105,95679328,230273,346408,325

Profit and total comprehensive income for

the year

本年度溢利及全面收益总额

–––9,7539,753

Dividends recognised as distribution确认作分派之股息–––(49,958)(49,958)

At 31 March 2024于二零二四年三月三十一日

Profit and total comprehensive income

for the year

本年度溢利及全面收益总额

Dividends recognised as distribution确认作分派之股息

At 31 March 2025于二零二五年三月三十一日

105,956	793	28,230	233,141	368,120
–	–	–	5,846	5,846
–	–	–	(56,619)	(56,619)
105,956	793	28,230	182,368	317,347

Allan International Holdings Limited亚伦国际集团有限公司156

Financial Summary财务概要

The following table summarises the results, assets and liabilities

of the Group for the five years ended 31 March 2025.

For the year ended 31 March

截至三月三十一日止年度

二零二四年二零二三年二零二二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Revenue营业额484,763413,332783,192909,466

(Loss) profit before tax除税前（亏损）溢利(72,123)(60,705)(21,344)54,541

Taxation税项2,992(1,348)(5,651)(8,139)

(Loss) profit for the year本年度（亏损）溢利(69,131)(62,053)(26,995)46,402

At 31 March

于三月三十一日

二零二四年二零二三年二零二二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Total assets资产总值1,092,3611,248,8811,412,5501,583,924

Total liabilities负债总值221,354241,542310,003378,930

Net assets资产净值871,0071,007,3391,102,5471,204,994

下表总结了本集团截至二零二五年三月三十一

日止五个年度的业绩、资产及负债。

2025
二零二五年
HK$’000
千港元
465,170
(94,179)
(1,957)
(96,136)

2025
二零二五年
HK$’000
千港元
937,607
220,277
717,330

2024 / 2025

年报

目 录Contents

Corporate Information公司资料

董事会

公司秘书

授权代表

审核委员会

提名委员会

薪酬委员会

Board of Directors

Company Secretary

Authorized Representatives

Audit Committee

Nomination Committee

Remuneration Committee

Corporate Information公司资料

Legal Advisers on Bermuda Law

Principal Bankers

Share Registrars and Transfer Office

Hong Kong Branch Registrars and

Transfer Office

Registered Office

Head Office and Principal Place of

Business

Tel: (852) 2103 7288

Fax: (852) 2214 9357

Website: www.allan.com.hk

Stock Code

百慕达法律之法律顾问

主要往来银行

股份过户登记处

股份过户登记处香港分处

注册办事处

总办事处及主要营业地点

股份代号

Financial Highlights财务摘要

Letter to Shareholders致股东函件

Management Discussion and Analysis

Business Review

管理层讨论与分析

业务回顾

Letter to Shareholders致股东函件

Letter to Shareholders致股东函件

业务前景

Business Outlook

2025. On 12 May 2025, after diplomatic talks at Geneva, China

2025. The two sides have agreed on a framework agreement to

Letter to Shareholders致股东函件

流动资金及财务资源

Liquidity and Financial Resources

Letter to Shareholders致股东函件

Letter to Shareholders致股东函件

雇员及薪酬政策

致谢

Employee and Remuneration Policies

Appreciation

Directors and Senior Management董事及高级管理人员

Executive Directors

执行董事

Directors and Senior Management董事及高级管理人员

Executive Directors (Continued)

执行董事（续）

Directors and Senior Management董事及高级管理人员

Executive Directors (Continued)

执行董事（续）

Directors and Senior Management董事及高级管理人员

Independent Non-Executive Directors

独立非执行董事

Directors and Senior Management董事及高级管理人员

高级管理人员

Senior Management

Directors and Senior Management董事及高级管理人员

高级管理人员（续）

Senior Management (Continued)

2019. He obtained a bachelor’s degree in Economics from Royal

2023. She holds a bachelor’s degree in professional accounting

Directors’ Report董事会报告

Principal Activities

Relationship with Stakeholders

目录Contents