24-25

ANUAL REPORT

年报

–

年

报

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

Corporate Information

公司资料

Chairman’s Statement

主席报告

Management Discusion and Analysis

管理层讨论及分析

Corporate Governance Report

企业管治报告

Directors and Senior Management

董事及高级管理层

Report of the Directors

董事会报告

Independent Auditor’s Report

独立核数师报告

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

Consolidated Statement of Financial Position

综合财务状况表

Consolidated Statement of Changes in Equity

综合权益变动表

Consolidated Statement of Cash Flows

综合现金流量表

Notes to the Consolidated Financial Statements

综合财务报表附注

Financial Sumary

财务概要

2-3

4-5

6-10

11-27

28-30

31-47

48-54

55-56

59-60

61-123

公司资料

Corporate Information

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事

执行董事

郑合辉（主席兼董事总经理）

（于2024年8月16日退任）

郑白敏（主席）

郑白丽（董事总经理）

郑白明

独立非执行董事

罗道明（于2024年8月16日退任）

洪志远

袁绍章

罗国泰（于2024年6月19日获委任）

公司秘书

郑白明

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

核数师

大信梁学濂（香港）会计师

事务所有限公司

香港法律顾问

尼克松•郑林胡律师行

百慕达法律顾问

Conyers Dil & Pearman

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

DIRECTORS

Executive Directors

Cheng Hop Fai (Chairman and Managing Director)

(retired on 16 August 2024)

Cheng Pak Man, Anita (Chairperson)

Cheng Pak Lai, Lily (Managing Director)

Cheng Pak Ming, Judy

Independent Non-Executive Directors

Law Toe Ming (retired on 16 August 2024)

Hung Chi Yuen, Andrew

Yuen Shiu Cheong, Johny

Law Kwok Tai (apointed on 19 June 2024)

COMPANY SECRETARY

Cheng Pak Ming, Judy

PRINCIPAL BANKERS

The Hongkong and Shanghai Banking Corporation Limited

Hang Seng Bank Limited

AUDITOR

PKF Hong Kong Limited

HONG KONG LEGAL ADVISERS

Nixon Peabody CWL

BERMUDA LEGAL ADVISERS

Conyers Dil & Pearman

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

公司资料

Corporate Information

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

主要营业地点

香港

九龙尖沙咀东部

加连威老道98号

东海商业中心

1楼108室

主要股份过户登记处

MUFG Fund Services（Bermuda) Limited

（于2024年12月31日辞任）

4th flor North

Cedar House

41 Cedar Avenue

Hamilton HM 12

Bermuda

Apleby Global Corporate Services

（Bermuda) Limited

（于2025年1月1日获委任）

Canon’s Court

22 Victoria Stret

PO Box HM 1179

Hamilton HM EX

Bermuda

股份过户登记分处

香港中央证券登记有限公司

香港

皇后大道东183号

合和中心

17楼1712-1716室

公司网站

w.g-vision.com.hk

股份代号

PRINCIPAL PLACE OF BUSINES

Unit 108, 1st Flor

East Ocean Centre

98 Granvile Road

Tsim Sha Tsui East, Kowlon

Hong Kong

PRINCIPAL SHARE REGISTRAR

MUFG Fund Services (Bermuda) Limited

(resigned on 31 December 2024)

4th flor North

Cedar House

41 Cedar Avenue

Hamilton HM 12

Bermuda

Apleby Global Corporate Services

(Bermuda) Limited

(apointed on 1 January 2025)

Canon’s Court

22 Victoria Stret

PO Box HM 1179

Hamilton HM EX

Bermuda

BRANCH SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited

Shops 1712-1716, 17th Flor

Hopewel Centre

183 Quen’s Road East

Hong Kong

CORPORATE WEBSITE

w.g-vision.com.hk

STOCK CODE

主席报告

Chairman’s Statement

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

本人谨代表董事（「董事」）会（「董事会」）

呈报环科国际集团有限公司（「本公司」）及

其附属公司（统称为「本集团」）截至2025

年3月31日止财政年度的年报。

业绩

本公司截至2025年3月31日止年度经审核

综合本公司拥有人应占亏损约5,400,000

港元（2024年：约6,200,000港元）。根据

1,946,314,108已发行普通股计算的每股

亏损为 0.28港仙（2024年：0.32港仙）。

股息

董事会已议决不建议派发截至2025年3月

31日止年度的任何末期股息（2024年：无）。

业务回顾

截至2025年3月31日止年度，本集团录

得综合收入约50,200,000港元，较去年

综合收入约49,500,000港元轻微增加约

700,000港元或约1.4%。本年度净亏损

约5,400,000港元，而去年的净亏损约

6,200,000港元。

本集团主要在香港经营专门提供潮州菜的

中式酒楼。本集团尖沙咀分店的翻新工程

于2024年4月初完成后，收入持续改善，

并录得双位数字增长。优雅的新布置对酒

楼顾客具有一定吸引力，并因此引入更多

商务及私人活动。酒楼业务亦因应40周年

的促销活动以及东南亚旅客的增长而有所

得益。

On behalf of the board (the “Board”) of directors (the

“Directors”), I would like to present the anual report of

G-Vision International (Holdings) Limited (the

“Company”) and its subsidiaries (together the “Group”)

for the financial year ended 31 March 2025.

RESULTS

The audited consolidated los atributable to the owners

of the Company for the year ended 31 March 2025 was

aproximately HK$5.4 milion (2024: aproximately

HK$6.2 milion). Los per share based on 1,946,314,108

ordinary shares in isue amounted to HK$0.28 cents

(2024: HK$0.32 cents).

DIVIDEND

The Board has resolved not to recomend the payment

of any final dividend for the year ended 31 March 2025

(2024: HK$Nil).

REVIEW OF OPERATIONS

For the year ended 31 March 2025, the Group recorded

consolidated revenue of aproximately HK$50.2 milion,

marking a modest increase of aproximately HK$0.7

milion or 1.4% from last year’s consolidated revenue of

aproximately HK$49.5 milion. The net los for the year

amounted to aproximately HK$5.4 milion compared to

last year’s net los of aproximately HK$6.2 milion.

The Group is mainly engaged in the operation of

Chinese restaurants in Hong Kong which specialises in

Chiu Chow cuisine. Revenue for the Group’s Tsimshatsui

branch continued to thrive after the completion of the

refurbishment works in early April 2024 and a

double-digit growth in revenue was achieved. The

elegant new decor has captivated our restaurant

patrons, drawing in more corporate and private

functions. The restaurant busines also benefited from

the promotional ofers under the 40th aniversary

campaign and the increase in Southeast Asian tourists.

主席报告

Chairman’s Statement

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

业务回顾（续）

相反，观塘分店收入大幅下滑的趋势，乃

由于香港居民较喜欢跨境前往中国大陆购

物和用餐所致，便利的交通工具选择亦为

北上消费提供了快捷和方便。此外，许多

人外出用餐的次数降低，并选择在网上平

台订餐。经济压力和利率上升逼使消费者

对消费越趋谨慎。尽管如此，我们正在积

极探索创新策略，籍以增加收入及减少亏

损。

展望

香港餐饮业正在适应因外出旅游增长和消

费者偏好转变而须重新定位。食品成本上

涨和富有经验的劳工短缺问题进一步影响

本集团的利润。鉴于这些挑战，我们预计

未来一年的经营环境将极其困难。

展望未来，本集团的策略是专注开办或

经营中型酒楼，实现有效的风险管理。同

时，本集团对未来的扩张和资本投资机

会将采取更为谨慎的态度。此外，本集团

将继续在香港、内地和澳洲寻找新投资机

会，籍以获取更多元化的收入，从而为股

东带来正面回报。

鸣谢

本人衷心感谢本集团一班敬业的管理团队

和员工，他们坚定不移的承诺和不懈的努

力对我们今年的旅程发挥了重要作用。

郑白敏

主席

香港，2025年6月19日

REVIEW OF OPERATIONS (Continued)

Conversely, our Kwun Tong branch had experienced a

significant downturn in revenue. This trend was mainly

atributed to the growing preference among Hong Kong

residents for cros-border trips to mainland China for

shoping and dining, facilitated by acesible transport

options. Moreover, many people were dining out les

frequently and opting for online meal orders. Economic

presures and rising interest rates have made consumers

increasingly cautious with their spending. Nonetheles,

we are actively exploring inovative strategies to bost

our revenue and reduce these loses.

PROSPECTS

The Hong Kong fod and beverage industry is adapting

to a landscape reshaped by increased travel and evolving

customer preferences. Rising fod costs and a scarcity of

skiled labor further afect the Group’s profitability. In

light of these chalenges, we envisage a dificult

operating environment in the year ahead.

As we move forward, our strategy wil focus on

establishing and operating medium-sized restaurants,

while maintaining vigilant risk management. We wil

adopt a cautious aproach regarding future expansion

and capital investments. Furthermore, we aim to explore

new investment oportunities in Hong Kong, Mainland

China and Australia to diversify our revenue streams and

deliver a positive return to our shareholders.

ACKNOWLEDGEMENTS

I wish to extend my heartfelt gratitude to our dedicated

management team and staf members of the Group,

whose unwavering comitment and tireles eforts have

ben instrumental to our journey this year.

Cheng Pak Man, Anita

Chairperson

Hong Kong, 19 June 2025

管理层讨论及分析

Management Discusion and Analysis

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

财务回顾

收入及净亏损

截至2025年3月31日止年度，本集团录得

综合收入约50,200,000港元，较去年收入

约49,500,000港元仅增加约1.4%。

本集团于回顾年度录得净亏损约5,400,000

港元，较去年同期净亏损约6,200,000港

元减少约800,000港元。净亏损减少主要

由于收入增加、员工成本下降及利息收入

增加所致。

毛利

尽管收入增加，但由于回顾年度食品成本

增加约4%以及毛利率下跌约 0.7%，毛利

只维持在去年水平。

其他收入及亏损

截至2025年3月31日止年度内的其他收

入及亏损约1,800,000港元，较去年截至

2024年3月31日止年度约1,400,000港元增

加约400,000港元，主要由利息收入增加

约1,000,000港元；来自董事贷款的推算

利息收入增加约500,000港元以及于回顾

年度内，本集团并无收到与 COVID-19相

关的租金优惠（2024年：约1,100,000港元）

的几项因素所致。

员工成本

于回顾年度内，员工成本总额约

23,100,000港元，较去年员工成本约

23,400,000港元减少约300,000港元。去

年员工成本上涨是由额外长期服务金拨备

约400,000港元所致。

FINANCIAL REVIEW

Revenue and Net Los

For the year ended 31 March 2025, the Group recorded

consolidated revenue of aproximately HK$50.2 milion,

a mere increase of aproximately 1.4% from the

previous year’s revenue of aproximately HK$49.5

milion.

The Group recorded a net los of aproximately HK$5.4

milion for the year under review, a decrease of

aproximately HK$0.8 milion compared to a net los of

aproximately HK$6.2 milion for the last coresponding

year. The decrease in net los was mainly due to the

improvement in revenue, the decrease in staf costs and

the increase in interest income.

Gros Profit

Despite the increase in revenue, the gros profit

remained at previous year’s level due to the increase in

fod costs by aproximately 4% and the drop in profit

margin by aproximately 0.7% for the year under

review.

Other Income and Los

The increase in other income and los of aproximately

HK$0.4 milion from aproximately HK$1.4 milion for

the year ended 31 March 2024 to aproximately HK$1.8

milion for the year ended 31 March 2025 was the

combined efect of the increase in interest income of

aproximately HK$1.0 milion and the increase in

imputed interest income of aproximately HK$0.5

milion in relation to the loan from a Director and the

absence of the COVID-19-related rent concesions

(2024: aproximately HK$1.1 milion) for the year under

review.

Staf Costs

Total staf costs were aproximately HK$23.1 milion for

the year under review, representing a decrease of

aproximately HK$0.3 milion from the previous year’s

staf costs of aproximately HK$23.4 milion. Last year

staf costs were inflated by aproximately HK$0.4

milion aditional provision on long service payments.

管理层讨论及分析

Management Discusion and Analysis

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

财务回顾（续）

租赁租金及相关费用

于回顾年度内，本集团已为租赁协议采

纳香港财务报告准则第16号并确认短期

租约租金约5,500,000港元（2024年：约

5,600,000港元）；及租赁负债利息开支约

300,000港元（2024年：约500,000港元）。

折旧

物业、厂房及设备折旧增加约200,000港

元，主要由于本集团尖沙咀分店租赁改善

工程款项约1,200,000港元由2024年4月起

开始折旧。

其他营运费用

于回顾年度其他营运费用约13,700,000

港元，与去年相约。保险成本减少约

200,000港元，部分被信用卡佣金增加约

100,000港元所抵销。

FINANCIAL REVIEW (Continued)

Lease Rentals and Related Expenses

The adoption of HKFRS 16 on the Group’s lease

agrements resulted in the recognition of short-term

lease rentals of aproximately HK$5.5 milion (2024:

aproximately HK$5.6 milion) and interest expenses on

lease liabilities of aproximately HK$0.3 milion (2024:

aproximately HK$0.5 milion) for the year under review.

Depreciation

The increase in depreciation for property, plant and

equipment of aproximately HK$0.2 milion was mainly

atributable to the comencement of depreciation from

April 2024 for the leasehold improvement works of

aproximately HK$1.2 milion for the Group’s

Tsimshatsui branch.

Other Operating Expenses

The other operating expenses of aproximately HK$13.7

milion for the year under review were on previous year’s

level. The decrease in insurance costs of aproximately

HK$0.2 milion was partialy ofset by the increase in

credit card comision of aproximately HK$0.1 milion.

管理层讨论及分析

Management Discusion and Analysis

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

业务回顾

香港酒楼业务

于回顾年度内，酒楼业务收入约为

50,200,000港元，较去年增加约700,000

港元。

位于尖沙咀潮州城酒楼的装修工程已于

2024年4月初竣工，对本集团的收入产生

了正面影响。于回顾期内，该酒楼贡献的

收入同比增长约13%。收入的增加不仅归

因于酒楼的新形象导致公司活动和私人派

对的预订增加，还归因于40周年促销活动

以及于回顾期内来自东南亚旅行团的业务

增长。然而，尖沙咀酒楼的收入改善完全

被观塘酒楼收入按年下跌约14%所抵销。

观塘裕民坊的经营环境仍然困难和不利。

收入大幅下跌受香港市民日常生活及消费

模式转变所影响。更多在家工作的安排以

及公司活动和社交聚会的减少影响了观塘

酒楼的午市业务。不那么活跃的夜生活也

对酒楼的餐饮业务直接产生了负面的影

响。尽管酒楼努力提供更多种类的菜肴和

优惠套餐，但由于香港人前往大湾区和其

他国家旅行的频率增加，特别是平日的退

休人士顾客，以及周末和学校假期的各个

年龄层的客户持续流失。本集团对观塘裕

民坊商场人流减少表示关注，并与观塘酒

楼的业主及管理处保持紧密联系，寻求各

种措施以促进销售，并努力争取进一步租

金或其他优惠，以尽量减少该酒楼的持续

亏损情况。

BUSINES REVIEW

Restaurant Operation in Hong Kong

The revenue from the Group’s restaurant operation

amounted to aproximately HK$50.2 milion for the year

under review, representing an increase of aproximately

HK$0.7 milion from previous year.

The renovation of the City Chiu Chow Restaurant in

Tsimshatsui, completed in early April 2024, positively

impacted the Group’s revenue. This restaurant

experienced aproximately 13% year-on-year revenue

growth during the reviewed period. Such increase in

revenue can be atributed not only to the restaurant’s

refreshed image, which has atracted more bokings for

corporate functions and private events but also to the

40th-aniversary promotional campaign and heightened

busines from Southeast Asia tours during this

timeframe. Conversely, while there was an improvement

in revenue for the Tsimshatsui restaurant, it was entirely

ofset by an aproximate 14% year-on-year decline in

revenue for the Kwun Tong restaurant. The operating

environment at Yue Man Square, Kwun Tong remains

chalenging and unfavourable. The substantial revenue

drop is linked to transformations in daily life and shifts

in consumer behaviour among Hong Kong residents. The

prevalence of work-from-home arangements and a

reduction in corporate events and social gatherings have

adversely impacted lunchtime busines. Aditionaly, a

les vibrant nightlife has directly afected the

restaurant’s dining activities. Despite eforts to introduce

a greater variety of dishes and ofer discounted meal

sets, customer los has continued. This trend is

particularly noticeable among the retired demographic

during wekdays, as wel as acros al age groups in

wekends and during schol holidays, as residents

increasingly travel to the Greater Bay Area and other

countries. The Group has expresed concerns regarding

the decline in customer trafic at Yue Man Square, Kwun

Tong and is actively colaborating with the landlord and

the management ofice of the Kwun Tong restaurant to

explore various strategies to enhance sales and strive to

negotiate further rental concesions to mitigate ongoing

loses at this restaurant.

管理层讨论及分析

Management Discusion and Analysis

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

流动资金及财政资源

本集团于2025年3月31日的银行及现金结

余约为21,000,000港元。由于本集团并

无银行贷款，本集团于2025年3月31日及

2024年3月31日的资本负债比率（定义为

总银行贷款除以总资产值）为零。

考虑到本集团在其日常业务过程中取得的

现金；来自一名董事的资金支持以及现时

尚未动用的银行及其他信贷额，董事认为

本集团拥有足够的营运资金以应付其业务

所需。

所持重大投资、重大收购及出售

除本年报已披露外，于回顾年度并无其他

所持重大投资或重大收购或出售子公司。

除本年报已披露外，于本年报日期董事会

并无批准其他重大投资或添置资本资产。

外汇兑风险

由于本集团酒楼业务大部分的销售、采

购、银行及现金结余均以港元列值，本集

团面对的外汇风险，主要来自以澳元列值

的若干银行存款及一笔董事贷款。管理层

会密切监察该等风险，并在有需要时考虑

对冲重大外汇风险。

或然负债

截至2025年3月31日，本集团没有重大或

然负债。

雇员

于2025年3月31日，本集团拥有雇员约83

人。于回顾年度内总员工成本（包括董事

酬金）已达至约 23,100,000港元（2024年：

约23,400,000港元）。

LIQUIDITY AND FINANCIAL RESOURCES

The Group’s bank and cash balances amounted to

aproximately HK$21 milion as at 31 March 2025. As

the Group had no bank borowings, the Group’s gearing

ratio was zero (defined as total bank borowings divided

by total asets) as at 31 March 2025 and 31 March

2024.

With the cash generated from the Group’s operations in

its ordinary course of busines; the funding suport from

one of the Directors and the existing unutilized banking

and credit facilities, the Directors consider that the

Group has suficient working capital for its operations.

SIGNIFICANT INVESTMENTS HELD, MATERIAL

ACQUISITIONS AND DISPOSALS

Save for those disclosed in this anual report, there were

no other significant investments held, nor were there

material acquisitions or disposals of subsidiaries during

the year under review. Apart from those disclosed in this

anual report, there were no material investments or

aditions of capital asets authorised by the Board at the

date of this anual report.

FOREIGN EXCHANGE EXPOSURE

Most of the Group’s sales, purchases, bank and cash

balances from the restaurant operations are

denominated in Hong Kong dolars. The Group is

exposed to foreign curency risk primarily through

certain bank deposits and a loan from a Director which

are denominated in Australian dolars. The management

would closely monitor such risk and would consider

hedging significant foreign curency exposure should the

ned arise.

CONTINGENT LIABILITIES

As at 31 March 2025, the Group did not have any

significant contingent liabilities.

EMPLOYES

As at 31 March 2025, the Group had aproximately 83

staf. Total staf costs including Directors’ emoluments

amounted to aproximately HK$23.1 milion (2024:

aproximately HK$23.4 milion) for the year under

review.

管理层讨论及分析

Management Discusion and Analysis

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

本集团一般会每年及根据情况需要不时检

讨雇员的薪酬组合。本集团雇员的薪酬及

福利水准具竞争力，并参考个人表现透过

本集团的分红计划予以奖赏。其他福利包

括医疗保险以及为雇员提供强制性公积金

计划。

业务模式及策略

本集团致力透过可持续的业务发展，为股

东创造正回报，以维持股东的价值。就本

集团的传统业务而言，本集团将努力通过

向客户提供更多创新产品及╱或服务，实

施更严格的成本控制措施，并尽可能有效

地应用和管理资源来寻求增长及更高的回

报。为进一步提升本集团价值及为本公司

股东取得较高回报，较长远的做法是通过

业务多元化扩大收入来源。其目的是通过

识别和选择具有巨大潜力的新商机，并将

其纳入本集团现有的业务组合，从长远来

看，最大限度地提高公司股东的整体回报。

展望

酒楼业务持续为本集团之核心业务。然

而，出境到大湾区旅客持续增长已影响到

本集团周末及学校假期间的生意。加上

食品和服务成本上涨，以及富中式酒楼业

经验的劳工短缺，意味著前景仍然充满挑

战。尽管如此，本集团将持续(i)进行各种

促销活动以提升收入；(i)密切监控其营运

成本；(i)对进一步投入资本开支采取更

为审慎的态度；以及(iv)定时检讨及修订业

务策略，旨在改善本集团的状况以应付未

来香港酒楼业务面对的挑战并把握出现的

新投资机会。此外，本集团一直积极寻求

合适的投资机会以实现业务多元化。为扩

大业务并使本集团更为多元化，本集团会

向不同行业作出考察。

Review of the employes’ remuneration packages is

normaly conducted anualy and as required from time

to time. The salary and benefit levels of the Group’s

employes are competitive and individual performance is

rewarded through the Group’s bonus scheme. Other

benefits including medical coverage and mandatory

provident fund scheme are also provided to employes.

BUSINES MODEL AND STRATEGY

The Group strives to generate positive return to preserve

values of shareholders through its sustainable busines

development. For the Group’s traditional busines, the

Group wil try to sek growth and higher returns by

ofering more inovative products and/or services to

customers, to implement more stringent cost control

measures and to aply and manage resources as

efectively as posible. In order to further enhance the

value of the Group and to achieve higher returns to the

shareholders of the Company, the longer-term aproach

is to expand the income source through busines

diversification. The aim is to maximize the overal returns

to the shareholders of the Company in the long run by

identifying and selecting new busines oportunities

which are of great potential and include them in the

Group’s existing busines portfolio.

OUTLOK

The restaurant busines wil continue to serve as the

Group’s core operation. However, the continued growth

in outbound travels to the Greater Bay Area during

wekends and schol holidays; rising fod and service

costs as wel as the shortage of skiled labour in the

Chinese restaurant industry imply that the outlok

remains chalenging. Nevertheles, the Group wil

continue to (i) implement various promotional

campaigns to bost revenues; (i) monitor its operating

costs closely; (i) adopt a more cautious aproach when

comiting to further capital expenditure; and (iv)

review and revise its busines strategies regularly, with

the aim to beter positioning itself to face the upcoming

chalenges and capture new investment oportunities as

they arise. Moreover, the Group has ben actively

seking suitable investment oportunities for busines

diversification. The Group wil explore into diferent

industry sectors to expand and diversify the scope of the

Group’s busines.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事会知悉良好企业管治的重要性及好

处，并竭力根据香港联合交易所有限公司

（「联交所」）有关有效企业管治的指引处理

其业务，以加强其透明度、公平性、完整

性及问责性。

企业管治守则

本公司已采纳上市规则附录C1第2部分所

载的企业管治守则（「企业管治守则」）作

为其企业管治守则。于截至2025年3月31

日止年度内，本公司已遵守企业管治守则

的守则条文，惟守则条文C.2.1条（有关主

席及行政总裁的角色须分开）及守则条文

C.3.3条（有关董事的委任书）除外。

守则条文C.2.1条订明，主席及行政总裁

之角色须分开，不得由同一人担任。直至

2024年8月16日举行之股东周年大会结束

为止，郑合辉先生担任本公司之主席及董

事总经理（即与行政总裁之角色相同）。董

事会认为此安排不会促使权力过份集中，

而于当时，能有效地制定及实施本集团

之策略，促使本集团能更有效地发展其业

务。随著郑合辉先生于2024年8月16日退

任董事会主席及郑白敏女士接任董事会主

席及郑白丽女士接任董事总经理一职后，

本公司已遵守则条文第C.2.1条。

The Board acknowledges the importance and benefits of

god corporate governance and strives to manage the

Company and the busines in acordance with the

guidelines of The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”) for efective corporate

governance emphasising transparency, fairnes, integrity

and acountability.

CORPORATE GOVERNANCE CODE

The Company has adopted the Corporate Governance

Code (the “Code”) contained in Part 2 of Apendix C1

to the Listing Rules as its own corporate governance

code. The Company has complied with the code

provisions set out in the Code throughout the year

ended 31 March 2025 except for code provision C.2.1 in

respect of the role separation of the chairman and the

chief executive and code provision C.3.3 in respect of

the leters of apointment for directors.

Code provision C.2.1 sets out that the roles of the

chairman and the chief executive should be separate and

should not be performed by the same individual.

Mr. Cheng Hop Fai asumed the role of both the

chairman and the managing Director (equivalent to the

role of a chief executive) of the Company up to the

conclusion of the anual general meting of the

Company held on 16 August 2024. The Board

considered that such arangement would not result in

undue concentration of power and was, at that stage,

conducive to the eficient formulation and

implementation of the Group’s strategies, thus alowing

the Group to develop its busines more efectively.

Folowing Mr. Cheng Hop Fai’s retirement as the

chairman of the Board and Ms. Cheng Pak Man, Anita’s

sucesion as the chairperson of the Board and

Ms. Cheng Pak Lai, Lily’s sucesion as the managing

Director on 16 August 2024, the Company has complied

with code provision C.2.1.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

守则条文C.3.3条订明，上市发行人须为

董事提供正式委任书并列明委任的条款

及细则。本公司有若干董事未有正式委任

书。但是，全体董事均需要参考由公司注

册处发出的「董事责任指引」及由香港董

事学会发出的「董事指南」及「独立非执行

董事指南」以履行其作为董事的职责及责

任。董事认为，此举符合守则条文C.3.3条

的目标。

董事进行证券交易

本公司已采纳上市规则附录C3所载上市

发行人的董事进行证券交易的标准守则

（「标准守则」），作为其本身规范董事进行

证券交易的行为守则。全体董事经本公司

特定查询后确认，彼等于截至2025年3月

31日止年度内已遵守标准守则所载的规定

准则。

董事会

董事会现由三名执行董事及三名独立非执

行董事（「独立非执行董事」）组成：

执行董事

郑白敏（主席）

郑白丽（董事总经理）

郑白明

独立非执行董事

洪志远

袁绍章

罗国泰

郑白明女士及郑白丽女士为姊妹及为本公

司主席郑白敏女士的姊妹。除上述外，董

事会成员与其他成员并没有财务、业务、

家庭及其他重大关系。

Code provision C.3.3 sets out that isuers should have

formal leters of apointment for directors seting out

the key terms and conditions of their apointment. The

Company did not have formal leters of apointment for

certain Directors. Al Directors are, however, required to

refer to the guidelines set out in “A Guide on Directors’

Duties” isued by the Companies Registry and

“Guidelines for Directors” and “Guide for Independent

Non-Executive Directors” published by the Hong Kong

Institute of Directors in performing their duties and

responsibilities as Directors. In the opinion of the

Directors, this mets the objective of code provision

C.3.3.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code for

Securities Transactions by Directors of Listed Isuers (the

“Model Code”) contained in Apendix C3 to the Listing

Rules as its own code of conduct regarding securities

transactions by the Directors. Folowing specific enquiry

by the Company, al the Directors confirmed that they

have complied with the required standards as set out in

the Model Code during the year ended 31 March 2025.

BOARD OF DIRECTORS

The Board curently comprises thre executive Directors

and thre independent non-executive Directors

(“INEDs”):

Executive Directors

CHENG Pak Man, Anita (Chairperson)

CHENG Pak Lai, Lily (Managing Director)

CHENG Pak Ming, Judy

Independent Non-Executive Directors

HUNG Chi Yuen, Andrew

YUEN Shiu Cheong, Johny

LAW Kwok Tai

Ms. Cheng Pak Ming, Judy and Ms. Cheng Pak Lai, Lily

are sisters and are sisters of Ms. Cheng Pak Man, Anita,

the chairperson of the Company. Save as aforesaid, the

Board members have no financial, busines, family or

other material relationship with each other.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事会（续）

所有董事均可于股东周年大会上轮值退任

及膺选连任。根据本公司公司细则，在每

次股东周年大会上，三分之一的董事（或，

如其人数不是三的倍数，则为最接近但不

少于三分之一的人数）应轮值退任，惟每

位董事应至少每三年退任一次。因此，在

即将召开的股东周年大会上，郑白明女士

及洪志远先生将轮值退任董事职务，并符

合资格，在即将举行的股东周年大会上膺

选连任。

截至2025年3月31日止年度，本公司举行

了六次董事会议及一次股东大会。各位

董事会成员的个人出席情况如下：

BOARD OF DIRECTORS (Continued)

Al the Directors are subject to retirement by rotation

and re-election at the anual general metings. In

acordance with the Company’s bye-laws, at each

anual general meting one-third of the Directors for

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

thre, the number nearest to but not les than one third)

shal retire from ofice by rotation provided that every

Director shal be subject to retirement at least once

every thre years. Acordingly, Ms. Cheng Pak Ming,

Judy and Mr. Hung Chi Yuen, Andrew wil retire from

the ofice of Director by rotation and, being eligible, wil

ofer herself/himself for re-election at the forthcoming

anual general meting.

During the year ended 31 March 2025, there were six

Board metings and one general meting held.

Individual atendance of each of the Board members is

as folows:

出席率

Atendance

董事会股东大会

董事姓名Name of Director

Board

Meting

General

Meting

郑合辉

（于2024年8月16日退任）

CHENG Hop Fai

(retired on 16 August 2024)1/61/1

郑白明CHENG Pak Ming, Judy3/61/1

郑白敏CHENG Pak Man, Anita3/61/1

郑白丽CHENG Pak Lai, Lily3/61/1

罗道明

（于2024年8月16日退任）

LAW Toe Ming

(retired on 16 August 2024)3/60/1

洪志远HUNG Chi Yuen, Andrew6/61/1

袁绍章YUEN Shiu Cheong, Johny6/61/1

罗国泰

（于2024年6月19日获委任）

Law Kwok Tai

(apointed on 19 June 2024)4/61/1

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事会（续）

董事会成员是经验丰富的人士，在会计及

财务、业务管理、行业知识和行销策略领

域具有核心竞争力。董事们共同负责制定

及实施本集团的策略及政策、监察本集团

的表现及检讨企业管治常规。独立非执行

董事的专业技能及经验的结合是董事会正

常运作的重要因素。独立非执行董事可通

过参与董事会及委员会议，以其独立判

断作出适当检查及制衡，确保所有股东的

利益得到考虑。董事可适时查阅董事会文

件及相关资料，以及有关本集团的适当业

务文件及资料。如有需要，董事亦可取得

独立专业意见，费用由本集团承担。董事

会将日常营运和行政工作委托给管理层。

本公司已遵守上市规则第3.10(1)及(2)条，

于任何时候均维持足够数目的独立非执行

董事，包括一名具有专业会计及财务资格

的独立非执行董事。本公司自2012年12月

1日起遵守《上市规则》第3.10A条，即董事

会至少三分之一为独立非执行董事。本公

司认为所有独立非执行董事均为独立，并

已根据上市规则第3.13条从每位独立非执

行董事处收到年度独立性确认书。

所有董事（包括独立非执行董事）有平等

机会及渠道向董事会沟通及表达意见，并

可单独及独立接触本集团管理层，以便作

出知情决定。所有董事亦有权接触本公司

的公司秘书（「公司秘书」）。

BOARD OF DIRECTORS (Continued)

The members of the Board are experienced individuals

having a mix of core competencies in areas of

acounting and finance, busines management, industry

knowledge and marketing strategies. The Directors are

colectively responsible for formulating and

implementing the Group’s strategies and policies,

monitoring the performance of the Group and reviewing

the corporate governance practices. The mix of

profesional skils and experience of the INEDs is an

important element in the proper functioning of the

Board. Their participation in Board and comite

metings brings independent judgment and helps to

ensure that adequate checks and balances are provided

and that the interests of al shareholders are taken into

acount. Directors have ful aces to board papers and

related materials, and apropriate busines documents

and information about the Group on a timely basis. The

Directors can also obtain independent profesional

advice at the Group’s expense if they require it. The

Board delegates the day-to-day operation and

administration to the management.

The Company has complied with rules 3.10(1) and (2) of

the Listing Rules in maintaining at al times suficient

number of INEDs on the Board including an INED with

profesional acounting and financial qualifications. The

Company has complied with rule 3.10A since 1

December 2012 and has INEDs representing at least

one-third of the Board. The Company considers al of

the INEDs are independent and has received from each

INED an anual confirmation of independence pursuant

to rule 3.13 of the Listing Rules.

Al the Directors, including the INEDs, are given equal

oportunity and chanels to comunicate and expres

their views to the Board and have separate and

independent aces to the management of the Group in

order to make informed decisions. Al Directors also have

aces to the company secretary of the Company (the

“Company Secretary”).

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事会（续）

议程和随附的董事会╱委员会文件会在会

议召开前以合理的通知方式分发给董事╱

董事会委员会成员。董事会议记录及董

事委员会议记录，载有足够详情记录董

事会及董事会委员会所考虑的事项及所作

出的决定，包括董事提出的任何关注事项

或表达的不同意见，会由公司秘书保存，

并开放供董事查阅。

董事会主席在无其他董事参与的情况下，

至少每年与独立非执行董事举行一次会

议，讨论任何问题及关注事项。

如果任何董事或其联系人在董事会将要考

虑的事项中存在利益冲突，而董事会已确

定该利益冲突为重大利益冲突，则该事项

将通过实际董事会议而非书面决议处

理。该董事须在会议召开前申报其利益，

并对有关决议案投弃权票。

董事会已检讨并认为，该等机制已得到妥

善实施，并有效确保在截至2025年3月31

日止年度内向董事会提供独立意见。

本公司与自1994年12月1日起成为独立非

执行董事的罗道明先生并无正式委任书。

其他独立非执行董事洪志远先生、袁绍

章先生及罗国泰先生，已与本公司订立

委任书，任期两年，分别由2019年6月18

日、2021年6月23日及2024年6月19日起

生效。任期自生效之日起每两年可续期一

次，除非且直至任何一方至少提前两个月

向另一方发出书面通知而终止聘任为止。

根据本公司公司细则的规定，所有董事（包

括独立非执行董事）至少每三年轮值退任

一次，退任的董事可膺选连任。

BOARD OF DIRECTORS (Continued)

An agenda and acompanying Board/comite papers

are distributed to the Directors/Board comite

members with reasonable notices in advance of the

metings. Minutes of Board metings and metings of

Board comites with suficient details recorded of the

maters considered by the Board and Board comites

and decisions reached, including any concerns raised by

the Directors or disenting views expresed, are kept by

the Company Secretary and are open for inspection by

the Directors.

The chairman of the Board holds metings with the

independent non-executive Directors without the

involvement of other Directors at least anualy to

discus any isues and concerns.

If any Director or his/her asociate has a conflict of

interest in a mater to be considered by the Board and

the Board has determined that such conflict of interest

to be material, such mater wil be dealt with by a

physical Board meting rather than by writen

resolutions. Such Director wil be required to declare his/

her interests before the meting and abstain from voting

on the relevant resolutions.

The Board has reviewed and considered that the

mechanisms have ben duly implemented and are

efective in ensuring that independent views and input

are available to the Board during the year ended 31

March 2025.

The Company did not have a formal leter of

apointment for Mr. Law Toe Ming, an INED since 1

December 1994. Other INEDs, namely Mr. Hung Chi

Yuen, Andrew, Mr. Yuen Shiu Cheong, Johny and

Mr. Law Kwok Tai, entered into a leter of apointment

with the Company for a term of two years comencing

from 18 June 2019, 23 June 2021 and 19 June 2024

respectively. The term of apointment is renewable every

two years from the date of comencement unles and

until terminated by either party giving to the other not

les than two months’ prior writen notice. In

acordance with the provisions of the Bye-laws of the

Company, al Directors (including the INEDs) are subject

to retirement by rotation at least once every thre years,

and the retiring Directors are eligible for re-election.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

财务报告

董事确认彼等负责编制本集团的财务报

表，真实及公平地反映本集团的财务状

况，并确保符合适用的会计准则及法定规

则及指引。就董事会所知，没有任何重大

不确定性的事件或情况会令本公司的持续

经营能力受到严重质疑。本公司亦已接获

核数师关于其报告责任的声明。

风险管理与内部监控

董事会承认其整体责任为成立、维持及检

讨风险管理及内部监控系统，对财务及营

运资料的可靠性及完整性、营运成效及效

率、资产保障及遵守法律及法规提供合理

保证。检讨亦涵盖本公司会计及财务汇报

职能的资源、员工资历及经验、培训计划

及预算是否充足。本集团的环境及社会管

治（「ESG」）管理团队（由所有执行董事及

其主要附属公司的高级管理层所组成）及

本公司审核委员会对本公司的ESG表现及

报告进行年度检讨。此类系统旨在管理而

不是消除未能实现业务目标的风险，并且

只能提供合理而非绝对的保证，以防止重

大错报或损失。

本集团的风险管理和内部监控系统是基于

本集团内部监控手册中概述的一套政策、

规则和指引，并受以下监控原则所规管：

－要明确界定责任和授权

－要减低被故意操纵或失

误的风险

FINANCIAL REPORTING

The Directors acknowledge their responsibility for the

preparation of financial statements of the Group that

give a true and fair view of the Group’s financial

position and are in acordance with aplicable

acounting standards and statutory rules and guidelines.

The Board is not aware of any material uncertainties

relating to events or conditions that may cast significant

doubt upon the Company’s ability to continue on a

going concern basis. The Company has also received a

statement by the auditor of the Company about their

reporting responsibilities.

RISK MANAGEMENT AND INTERNAL CONTROLS

The Board recognises its overal responsibility for the

establishment, maintenance and review of the risk

management and internal control systems that provide

reasonable asurance on the reliability and integrity of

financial and operational information, efective and

eficient operations, safeguarding of asets and

compliance with laws and regulations. The review also

covers the adequacy of resources, staf qualifications

and experience, training programes and budget of the

Company’s acounting and financial reporting functions.

The Group’s environmental and social governance

(“ESG”) management team, which consists of al

executive Directors and senior management of its major

subsidiaries, and the audit comite of the Company

conduct an anual review of the Company’s ESG

performance and reporting. Such systems are designed

to manage rather than eliminate the risk of failure to

achieve busines objectives, and can only provide

reasonable and not absolute asurance against material

mistatement or los.

The Group’s risk management and internal control

systems are based on a set of policies, rules and

guidelines as outlined in the Group’s internal control

manual and governed by the folowing types of control

principles:

– to have clearly defined line of

responsibility and delegation

– to reduce risk of intentional

manipulation or eror

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

风险管理与内部监控（续）

－要限制未经授权对各种

资产的接触

－要明确定立授权限额

－要确保交易记录的准

确性

－要有合资格人员执行日常职

务

－要观察和密切监测、识别和

汇报监控弱点

－要维持整体监控、管理和减

轻重大风险，并向董事会和审计委员

会强调重要事项

本公司已采纳证券及期货事务监察委员会

发出的《内幕消息披露指引》作为其处理

和发放内幕消息的指引。未经授权的机密

消息严禁被使用。本集团已制定程序来识

别和评估可能涉及或构成内幕消息的事件

或情况。在披露前，董事会有责任确保与

本集团有关的任何内幕消息严格保密，只

有限制人士在有需要知情的基础上才可接

触内幕消息。本集团将致力确保对公众以

平等、及时和有效获取的方式披露内幕消

息。

RISK MANAGEMENT AND INTERNAL CONTROLS

(Continued)

– to restrict unauthorised aces to

al kinds of asets

– to have clearly defined

limits for authorisations

– to ensure acuracy of

transactional records

– to have qualified staf to perform

day-to-day duties

– to observe and closely monitor, to

identify and report on control weakneses

– to maintain overal controls; to

manage and mitigate significant risks and to

highlight significant maters to the Board and the

audit comite

The Company has adopted the “Guidelines on Disclosure

of Inside Information” isued by the Securities and

Futures Comision as its own guidelines in handling

and disemination of inside information. Unauthorized

use of confidential information is strictly prohibited. The

Group has established procedures to identify and

evaluate events or circumstances which potentialy

involve or constitute inside information. Prior to

disclosure, the Board is responsible for ensuring that any

inside information relating to the Group is kept strictly

confidential and restricting aces to inside information

to a limited number of parties on a ned-to-know basis.

The Group would strive to ensure disclosure of inside

information to be made in a maner that provides for

equal, timely and efective aces by the public.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

风险管理与内部监控（续）

本集团维持其内部审计职能，负责审查本

集团的主要营运及财务监控、风险管理及

内部监控系统。董事会透过执行管理团

队、内部审计团队及审核委员会对本集团

的风险管理及内部监控系统进行年度检

讨。内部审计团队直接向本公司审核委员

会主席汇报，审核委员会信纳本公司正在

评估的内部监控及风险管理系统方面并无

重大不足，并有充分和有效的内部监控及

风险管理系统。鉴于上述情况，审核委员

会信纳内部审计职能独立、有效，并配备

具有相关资格及经验的人士，并拥有充足

的资源，并具有履行其职责的适当地位。

除年度审查外，内部审计团队对所有监控

领域和重点进行定期审查。该流程涉及识

别与每项财务、营运和合规监控的相关风

险，评估风险水平，实施监控程序以监控

或减轻风险，及持续向董事会汇报问题。

主席及行政总裁

守则条文C.2.1条订明，主席及行政总裁

之角色须分开，不得由同一人担任。直至

2024年8月16日举行之股东周年大会结束

为止，郑合辉先生担任本公司之主席及董

事总经理（即与行政总裁之角色相同）。董

事会认为此安排不会促使权力过份集中，

而于当时，能有效地制定及实施本集团

之策略，促使本集团能更有效地发展其业

务。随著郑合辉先生于2024年8月16日退

任董事会主席及郑白敏女士接任董事会主

席及郑白丽女士接任董事总经理一职后，

本公司已遵守则条文第C.2.1条。

RISK MANAGEMENT AND INTERNAL CONTROLS

(Continued)

The Group maintains its internal audit function which

reviews major operating and financial control and risk

management and internal control systems of the Group.

The Board through the executive management team, the

internal control team and the audit comite had

conducted an anual review on the risk management and

internal control systems of the Group. The internal auditors

reported directly to the chairman of the audit comite of

the Company and the audit comite is satisfied that

there has ben no major shortfal in the areas of the

Company’s internal controls and risk management systems

being evaluated and that adequate and efective internal

controls and risk management systems are in place. In view

of the foregoing, the audit comite is satisfied that the

internal audit function is independent, efective and

adequately resourced with persons with relevant

qualifications and experience, and has apropriate standing

to discharge its responsibilities. Apart from the anual

review, the internal control team performs regular reviews

for al material control areas and focus. The proces involves

the identification of risks asociated with each of the

financial, operational and compliance controls, the

asesment of risk level, the implementation of control

procedures to monitor or mitigate the risks and the report

of isues to the Board on an ongoing basis.

CHAIRMAN AND CHIEF EXECUTIVE

Code provision C.2.1 sets out that the roles of the

chairman and the chief executive should be separate and

should not be performed by the same individual.

Mr. Cheng Hop Fai asumed the role of both the

chairman and the managing Director (equivalent to the

role of a chief executive) of the Company up to the

conclusion of the anual general meting of the

Company held on 16 August 2024. The Board considered

that such arangement would not result in undue

concentration of power and was, at that stage, conducive

to the eficient formulation and implementation of the

Group’s strategies, thus alowing the Group to develop its

busines more efectively. Folowing Mr. Cheng Hop Fai’s

retirement as the chairman of the Board and Ms. Cheng

Pak Man, Anita’s sucesion as the chairperson of the

Board and Ms. Cheng Pak Lai, Lily’s sucesion as the

managing Director on 16 August 2024, the Company has

complied with code provision C.2.1.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事培训

守则条文C.1.4条订明，所有董事均须参

与持续的专业发展，以发展和更新其知识

和技能，以确保其对董事会的贡献保持知

情和相关性。本公司已收到每位董事于截

至2025年3月31日止年度内接受的培训记

录。此类培训的摘要如下：

A: 出席培训课程及╱或研讨会、会议、工作坊

或论坛

B: 阅读有关经济、本公司业务或董事职责的刊

物及最新资讯

DIRECTORS’ TRAINING

Code provision C.1.4 stipulates that al directors should

participate in continuous profesional development to

develop and refresh their knowledge and skils to ensure

that their contribution to the Board remains informed

and relevant. The Company had received from each of

the Directors a record of training they received during

the year ended 31 March 2025. A sumary of such

training is listed as folows:

培训类型

董事姓名Name of Director

Type of

training

执行董事Executive Director

郑合辉（于2024年8月16日退任）CHENG Hop Fai (retired on 16 August 2024)A, B

郑白明CHENG Pak Ming, JudyA, B

郑白敏CHENG Pak Man, AnitaA, B

郑白丽CHENG Pak Lai, LilyA, B

独立非执行董事Independent Non-Executive Director

罗道明（于2024年8月16日退任）LAW Toe Ming (retired on 16 August 2024)A, B

洪志远HUNG Chi Yuen, AndrewA, B

袁绍章YUEN Shiu Cheong, JohnyA, B

罗国泰（于2024年6月19日获委任）LAW Kwok Tai (apointed on 19 June 2024)A, B

A: Atending training courses and/or seminars, conferences,

workshops or forums

B: Reading journals and updates relevant to the Company’s

busines or directors’ duties and responsibilities

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

薪酬委员会

本公司由2005年7月14日起已成立薪酬委

员会，薪酬委员会的主要职能为就本集团

有关执行董事及独立非执行董事及高级管

理人员的薪酬条件向董事会提供建议。薪

酬委员会于2012年3月23日采纳的职权范

围与企业管治守则的守则条文一致。于截

至2025年3月31日止年度内，薪酬委员会

由三名独立非执行董事所组成，包括罗道

明先生为主席、洪志远先生及袁绍章先生

为成员。于2024年6月19日，罗道明先生

停止担任主席及成员，独立非执行董事罗

国泰先生被委任为薪酬委员会成员而袁绍

章先生则被调任为薪酬委员会主席。于截

至2025年3月31日止年度内，薪酬委员会

的全体成员曾举行一次会议，商讨并就董

事的薪酬条件，在参考个别董事的职责，

本集团的营运范围以及当前的市场情况

后，向董事会提供建议。各薪酬委员会成

员的个人出席情况如下：

截至2025年3月31日止年度已支付╱应付

予高级管理层（包括董事）的薪酬已载于

综合财务报表附注15。

REMUNERATION COMITE

The Company has established a remuneration comite

since 14 July 2005. The principal function of the

remuneration comite is to make recomendations to

the Board on the remuneration packages of the

executive Directors, INEDs and senior management. The

terms of reference of the remuneration comite

adopted on 23 March 2012 are consistent with the code

provisions set out in the Code. During the year ended

31 March 2025, the remuneration comite comprised

thre INEDs, namely Mr. Law Toe Ming as chairman,

Mr. Hung Chi Yuen, Andrew and Mr. Yuen Shiu Cheong

Johny as members. On 19 June 2024, Mr. Law Toe

Ming ceased to act as a member and the chairman and

Mr. Law Kwok Tai, an INED, was apointed as a member

of the remuneration comite; and Mr. Yuen Shiu

Cheong, Johny was redesignated as the chairman of

the remuneration comite. During the year ended 31

March 2025, the remuneration comite held one

meting to review and make recomendations to the

Board on the remuneration packages of the Directors

with reference to the level of responsibilities of the

individual Director, the scope of operation of the Group

as wel as the prevailing market conditions. Individual

atendance of each remuneration comite member is

as folows:

薪酬委员会成员姓名Name of出席率

remuneration comite memberAtendance

罗道明（主席）

（于2024年6月19日停任）

LAW Toe Ming (Chairman)

(ceased on 19 June 2024)

1/1

袁绍章（主席）

（于2024年6月19日获委任）

YUEN Shiu Cheong, Johny (Chairman)

(apointed on 19 June 2024)

1/1

洪志远HUNG Chi Yuen, Andrew1/1

罗国泰（于2024年6月19日获委任）LAW Kwok Tai (apointed on 19 June 2024)N/A

The remuneration paid/payable to senior management

(comprising Directors) for the year ended 31 March

2025 is set out in note 15 to the consolidated financial

statements.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

提名委员会

本公司于2012年3月23日成立提名委员

会。提名委员会的主要职能为至少每年根

据公司的业务需求和发展，检讨一次董事

会的架构、规模、组合及多元化，并就任

何变动建议向董事会提交意见，以配合本

集团的企业策略。

提名委员会的职权范围与企业管治守则的

守则条文一致。于截至2025年3月31日止

年度内，提名委员会包括本集团的主席及

执行董事郑合辉先生为提名委员会主席以

及两名独立非执行董事罗道明先生及洪志

远先生为成员。于2024年6月19日，罗道

明先生停止担任而袁绍章先生则获委任为

提名委员会成员。于2024年8月16日股东

周年大会结束后，郑合辉先生退任而郑白

敏女士则获委任为提名委员会主席。于截

至2025年3月31日止年度内，提名委员会

曾举行一次会议，检讨董事局的组合及多

元化并对愿意于股东周年大会上膺选连任

的独立非执行董事的独立性作出评估。由

于董事局乃由具备多方面范畴（包括会计

及财务、业务管理，行业知识及市场推广

策略）的成员所组成，因此提名委员会认

为董事局的多元化符合守则的标准，亦合

乎本集团的要求。各提名委员会成员的个

人出席情况如下：

NOMINATION COMITE

The Company established a nomination comite on

23 March 2012. The principal function of the

nomination comite is to review the structure, size,

composition and diversity of the Board at least anualy

with reference to the busines neds and development

of the Company and make recomendations to the

Board on any proposed changes to the Board to

complement the Group’s corporate strategy.

The terms of reference of the nomination comite are

consistent with the code provisions set out in the Code.

During the year ended 31 March 2025, the nomination

comite comprised the chairman and an executive

Director, Mr. Cheng Hop Fai, who acts as the chairman

of the nomination comite and the two INEDs,

namely, Mr. Law Toe Ming and Mr. Hung Chi Yuen,

Andrew as members. On 19 June 2024, Mr. Law Toe

Ming ceased to act and Mr. Yuen Shiu Cheong, Johny

was apointed as a member of the nomination

comite. The conclusion of the AGM on 16 August

2024, Mr. Cheng Hop Fai retired from his position and

Ms. Cheng Pak Man, Anita was apointed as a

chairperson of the nomination comite. During the

year ended 31 March 2025, the nomination comite

held one meting to review the composition and

diversity of the Board as wel as to ases the

independence of the INED who ofered himself for

re-election at the anual general meting. Since the

Board is composed of members having a mix of core

competencies in areas of acounting and finance,

busines management, industry knowledge and marketing

strategies, the nomination comite considered the

Board posesed a diversity of perspectives which is up

to the standard of the Code and was apropriate to the

Group’s requirements. Individual atendance of each of

the nomination comite members is as folows:

提名委员会成员姓名Name of出席率

nomination comite memberAtendance

郑合辉（主席）

（于2024年8月16日退任）

CHENG Hop Fai (Chairman)

(retired on 16 August 2024)

1/1

郑白敏（主席）

（于2024年8月16日获委任）

CHENG Pak Man, Anita (Chairperson)

(apointed on 16 August 2024)

N/A

罗道明（于2024年6月19日停任）LAW Toe Ming (ceased on 19 June 2024)1/1

洪志远HUNG Chi Yuen, Andrew1/1

袁绍章（于2024年6月19日获委任）YUEN Shiu Cheong, Johny

(apointed on 19 June 2024)

N/A

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

提名委员会（续）

董事会多元化

提名委员会已采纳有关董事会成员多元

化的政策（「政策」）。根据该政策，在检讨

董事会的多元化时，董事会考虑包括但

不限于性别、年龄、文化及教育背景、种

族，专业经验、技能、知识及服务年期。

现任董事可协助物色合资格及预期会为董

事会运作带来正面贡献的新董事，并根据

以上提到的标准而推荐其予董事会或股

东，批准其填补董事会的空缺或委任其为

额外董事。

于本年报日期，董事会由三名男性董事和

三名女性董事组成。因此，董事认为董事

会的性别多元化已经实现。董事会将继续

在继任规划过程中适当考虑性别均等，以

确保董事会有不同渠道物色潜在继任者。

董事会还意识到在员工层面实现多元化的

重要性。于2025年3月31日，本集团员工

（包括高级管理层）由男性占49%及女性占

51%。因此，董事会认为，员工层面的性

别多元化已经实现。

NOMINATION COMITE (Continued)

Board Diversity

The nomination comite has adopted a policy

concerning the diversity of Board members (the

“Policy”). Pursuant to the Policy, in reviewing the

Board’s diversity, the Board wil consider including but

not limited to gender, age, cultural and educational

background, ethnicity, profesional experience, skils,

knowledge and length of service. New Directors, being

individuals who are suitably qualified and expected to

make a positive contribution to the performance of the

Board and having due regards to the criteria stated in

the Policy, wil be identified and submited to the Board

or shareholders for aproval either to fil vacancies on

the Board or to be apointed as aditional directors.

As at the date of this anual report, the Board consists

of thre male Directors and thre female Directors.

Acordingly, the Directors consider that gender diversity

of the Board has ben achieved. The Board wil continue

to pay due regard to gender parity in the sucesion

planing proces to ensure that a diverse pipeline of

potential sucesors to the Board is available.

The Board also recognises the importance of achieving

diversity at the workforce level. As at 31 March 2025,

the workforce of the Group (including senior

management) consists of 49% male to 51% female.

Acordingly, the Board considers that the gender

diversity of the workforce has ben achieved.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

审核委员会

本公司自1999年起成立审核委员会。审核

委员会的主要职能包括：

(a) 就核数师的任命、重新任命和罢免提

出建议，并考虑这些任命的条件；

(b) 检讨及监察核数师的独立性并且制定

及实施有关聘请核数师提供非核数服

务的政策；

数师报告的完整性；审阅本集团的财

务及会计政策与常规以确保该等资料

真实及公平地反映本集团的财政状况；

(d) 检讨本集团的财务监控、风险管理及

内部监控系统；确保管理层已履行其

职责，建立有效的系统，并检讨及监

察内部审计职能的有效性；

(e) 考虑董事会授权或自发就风险管理及

内部监控事宜进行的主要调查结果，

以及管理层对这些调查结果的回应；

及

(f) 审阅核数师致管理层的信函、核数师

向管理层提出的任何问题，以及管理

层的答复。

审核委员会于2012年3月23日通过的职权

范围与企业管治守则所载的守则条文一

致。截至2025年3月31日止年度，审核委

员会由三名独立非执行董事所组成，包括

洪志远先生为主席，罗道明先生及袁绍章

先生为成员。于2024年6月19日，罗道明

先生停止担任而罗国泰先生则获委任为审

核委员会成员。

AUDIT COMITE

The Company has established an audit comite since

1999. The primary functions of the audit comite

include:

(a) To make recomendations on the apointment,

reapointment and removal of auditor and to

consider the terms of such apointments;

(b) To review and monitor the auditor’s independence;

to develop and implement policies on the

engagement of auditor for non-audit services;

anual and interim reports and the auditor’s report;

to review the Group’s financial and acounting

policies and practices and to ensure that the

information presents a true and fair asesment of

the Group’s financial position;

(d) To review the Group’s financial controls, risk

management and internal control systems; to ensure

management has fulfiled its duty to have efective

systems and to review and monitor the efectivenes

of the internal audit function;

(e) To consider major investigation findings on risk

management and internal control maters as

delegated by the Board or on its own initiative and

management’s response to these findings; and

(f) To review the auditor’s management leter and any

questions raised by the auditor to management, and

management’s response.

The terms of reference of the audit comite adopted

on 23 March 2012 are consistent with the code

provisions set out in the Code. During the year ended

31 March 2025, the audit comite comprised thre

INEDs namely, Mr. Hung Chi Yuen, Andrew as chairman,

Mr. Law Toe Ming and Mr. Yuen Shiu Cheong, Johny

as members. On 19 June 2024, Mr. Law Toe Ming

ceased to act and Mr. Law Kwok Tai was apointed as a

member of the audit comite.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

审核委员会（续）

截至2025年3月31日止年度，审核委员会

举行了两次会议，并与高级管理层及核数

师一同审阅了本集团的审核结果、中期报

告及年度财务报表及会计原则及常规。审

核委员会建议董事会采纳2024/25年度中

期报告及年报。审核委员会各成员个人出

席情况如下：

核数师的酬金

截至2025年3月31日止年度，本公司核数

师大信梁学濂（香港）会计师事务所有限

公司及其他公司向本集团提供的审计及非

审计服务的应付酬金如下：

核数师就其报告责任所作出的陈述载于本

年报第48至54页。

AUDIT COMITE (Continued)

During the year ended 31 March 2025, the audit

comite held two metings and reviewed with senior

management and the auditor their respective audit

findings, the interim and anual financial statements

and the acounting principles and practices adopted by

the Group. The audit comite recomended the

Board to adopt the interim and anual reports for

2024/25. Individual atendance of each member of the

audit comite is as folows:

审核委员会成员姓名Name of出席率

audit comite memberAtendance

洪志远（主席）HUNG Chi Yuen, Andrew (Chairman)2/2

罗道明（于2024年6月19日停任）LAW Toe Ming (ceased on 19 June 2024)1/2

袁绍章YUEN Shiu Cheong, Johny2/2

罗国泰（于2024年6月19日获委任）LAW Kwok Tai (apointed on 19 June 2024)1/2

AUDITOR’S REMUNERATION

The remuneration payable in respect of the year ended

31 March 2025 for audit and non-audit services

provided to the Group by the Company’s auditor, PKF

Hong Kong Limited and other firms, is as folows:

以千港元计

Amount in HKD’000

审计费Audit Fes430

非审计费Non-Audit Fes18

The statement made by the auditor in respect of their

reporting responsibilities is set out on pages 48 to 54 of

this anual report.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

企业管治职能

董事会负责履行以下企业管治职责：

(a) 制定及检讨本公司的企业管治政策及

常规，并向董事会提出建议；

(b) 检讨及监察董事及高级管理层的培训

及持续专业发展；

定的政策及常规；

(d) 制定、检讨及监管适用于雇员及董事

的操守准则及遵规手册（如有）;及

(e) 检讨本公司遵守则的情况及其在企

业管治报告中的披露规定。

董事会已检讨本集团截至2025年3月31日

止年度，有关企业管治常规及遵守法律及

监管规定（包括遵守则）的政策及常规。

公司秘书

郑白明女士，本公司执行董事，自2006年

2月17日起出任公司秘书。郑女士于截至

2025年3月31日止年度，已遵守上市规则

下的资历及培训规定。

CORPORATE GOVERNANCE FUNCTIONS

The Board is responsible for performing the corporate

governance duties as set out below:

(a) To develop and review the Company’s policies and

practices on corporate governance and make

recomendations to the Board;

(b) To review and monitor the training and continuous

profesional development of directors and senior

management;

practices on compliance with legal and regulatory

requirements;

(d) To develop, review and monitor the code of conduct

and compliance manual (if any) aplicable to

employes and directors; and

(e) To review the Company’s compliance with the Code

and its disclosure requirements in the Corporate

Governance Report.

The Board has reviewed the Group’s policies and

practices on corporate governance practices and

compliance with legal and regulatory requirements

including compliance with the Code for the year ended

31 March 2025.

COMPANY SECRETARY

Ms. Cheng Pak Ming, Judy, an executive Director, has

ben the Company Secretary since 17 February 2006.

Ms. Cheng complied with the qualification and training

requirements under the Listing Rules for the year ended

31 March 2025.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

股东权益

股东通讯及查询

本集团致力维持高度的透明度，以确保本

公司的投资者及股东能随时、平等和及时

地取得清晰及全面的有关本公司的资料。

本公司已建立多个与股东通讯的渠道，即(i)

刊发年报、中期报告、公告及通函；(i)在

本公司网站w.g-vision.com.hk及联交所

网站w.hkexnews.hk刊登所有企业通讯

及公司资料；及(i)举行股东周年大会及

其他股东大会，为股东提供平台，让股东

与董事及高级管理层发表及交流意见。

我们亦鼓励股东与本公司保持直接通讯。

股东如对董事会有任何疑问，可直接致函

公司秘书，地址为本公司香港主要营业地

点，即香港九龙尖沙咀东部加连威老道98

号东海商业中心1楼108室，或发送电邮至

info@g-vision.com.hk。公司秘书会将问题

直接提交给董事会。

如对股东持股有任何疑问，可直接向本公

司股份过户登记分处香港中央证券登记有

限公司查询，地址为香港皇后大道东183

号合和中心17楼1712-1716室。

SHAREHOLDERS’ RIGHTS

Shareholders’ Comunication and Enquiries

The Group is comited to maintaining a high degre of

transparency to ensure the investors and the shareholders

of the Company are provided with ready, equal and

timely aces to clear and comprehensive information

about the Company. The Company has established

several chanels to comunicate with the shareholders,

namely (i) publication of anual reports, interim reports,

anouncements and circulars; (i) posting of al corporate

comunications and corporate information on the

Company’s website at w.g-vision.com.hk and the

Stock Exchange’s website at w.hkexnews.hk; and (i)

holding of anual general metings and other general

metings which provide a forum for the shareholders to

make coments and exchange views with the Directors

and senior management.

Shareholders are also encouraged to maintain direct

comunication with the Company. Shareholders who

have any questions for the Board may write directly to

the Company Secretary at the Company’s Hong Kong

principal place of busines, Unit 108, 1st Flor, East Ocean

Centre, 98 Granvile Road, Tsim Sha Tsui East, Kowlon,

Hong Kong, or send emails to info@g-vision.com.hk. The

Company Secretary wil direct the questions to the

Board.

Any questions regarding the shareholdings of the

shareholders can be adresed directly to the Company’s

branch share registrar, Computershare Hong Kong

Investor Services Limited at Shops 1712-1716, 17th

flor, Hopewel Centre, 183 Quen’s Road East, Hong

Kong.

企业管治报告

Corporate Governance Report

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

SHAREHOLDERS’ RIGHTS (Continued)

Shareholders’ Metings

Shareholders are encouraged to participate in general

metings or to apoint proxies to atend and vote at

metings if they are unable to atend the metings.

The proces of the Company’s general meting wil be

monitored and reviewed on a regular basis, and, if

necesary, changes wil be made to ensure that

shareholders’ neds are best served.

Board members, in particular, either the chairman of

Board comites or their delegates, apropriate

management executives and external auditor wil atend

anual general metings to answer shareholders’

questions.

Procedures for shareholders to convene and put

forward proposals at shareholders meting

If the shareholders of the Company wish to cal a special

general meting, it must be convened acording to the

Company’s bye-laws. In sumary:

(a) Shareholders holding not les than one-tenth of the

paid-up capital of the Company can, in writing to

the Board or the Company Secretary, request a

special general meting to be caled by the Board to

transact any busines specified in such request.

(b) The signed writen request, which should specify

the purpose of the meting, should be delivered to

the Company’s principal place of busines in Hong

Kong. The meting wil be held within two months

after receipt of the request. If the Board fails to

proced to convene such meting within

twenty-one days after receiving the request, the

shareholders themselves may do so in acordance

with the provisions of section 74(3) of the

Companies Act 1981 of Bermuda.

The Board has reviewed the implementation and

efectivenes of the shareholders’ comunication

arangement and considers that the Company’s

comunication with shareholders is efective during the

year under review.

股东权益（续）

股东大会

本公司鼓励股东参加股东大会，或在股东

无法出席会议的情况下委任代理人出席会

议并在会议上投票。

本公司将定期监察及检讨股东大会的流

程，如有需要，将作出更改，以确保股东

的需要得到最佳满足。

董事会成员，特别是董事会委员会主席或

其代表、适当的管理层行政人员及外聘核

数师，将出席股东周年大会，回答股东的

提问。

股东召集股东大会及在股东大会上提出建

议的程序

如果本公司股东希望召开特别股东大会，

则必须根据本公司的公司细则召开。总结：

(a) 持有本公司缴足股本不少于十分之一

的股东可书面向董事会或公司秘书

要求召开由董事会召集的股东特别大

会，以处理该请求中指明的任何事项。

(b) 已签署的书面请求应列明会议的目

的，并应送达本公司在香港的主要营

业地点。会议将在收到请求后两个月

内举行。如果董事会未能在收到请求

后二十一天内召开此类会议，股东本

人可根据百慕达《1981年公司法》第

74(3)条的规定自行召开大会。

董事会已检讨股东通讯安排的实施情况及

成效，并认为本公司与股东的通讯于回顾

年度内是有效的。

董事及高级管理层

Directors and Senior Management

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

执行董事

郑白敏女士，现年53岁，于2004年9月30

日获委任为执行董事。由2024年8月16日

起，郑小姐获委任为本公司主席以及本公

司提名委员会主席。郑女士为郑合辉先生

的女儿及郑白明女士及郑白丽女士的姊

妹。她拥有新南威尔士大学的商科学士学

位和悉尼麦觉理大学的应用金融硕士学

位。彼为澳洲注册会计师及香港会计师公

会的会员。加入本集团前，郑女士于香港

投资银行及会计领域工作逾5年。彼负责

本集团的业务发展、市场推广及策略规划

工作。

郑白丽女士，现年52岁，于2011年4月1

日获委任为执行董事。由2024年8月16日

起，郑小姐获委任为本公司董事总经理。

郑女士为郑合辉先生的女儿及郑白明女士

及郑白敏女士的胞妹。彼于2006年加入本

集团，负责本集团的综合管理、财务及策

略规划工作。加入本集团前，郑女士于跨

国审计公司、投资银行及一家知名化工公

司拥有丰富的财务及会计经验。她拥有悉

尼新南威尔士大学的商科学士学位，并且

是澳洲注册会计师。

郑白明女士，现年54岁，于1992年9月25

日获委任为执行董事。彼亦于2006年2月

17日获委任为公司秘书。郑女士为郑合辉

先生的女儿及郑白敏女士及郑白丽女士的

胞姊。她拥有悉尼大学的经济学士学位

和悉尼新南威尔士大学的商科硕士学位，

并且是澳洲注册会计师及香港会计师公会

的会员，彼负责本集团的内部监控及公司

秘书工作。

EXECUTIVE DIRECTORS

Ms. Cheng Pak Man, Anita, aged 53, was apointed

as an executive Director on 30 September 2004.

Ms. Cheng was apointed as chairperson of the

Company and the nomination comite of the

Company with efect from 16 August 2024. Ms. Cheng

is a daughter of Mr. Cheng Hop Fai and a sister of

Ms. Cheng Pak Ming, Judy and Ms. Cheng Pak Lai, Lily.

She holds a Bachelor of Comerce degre from the

University of New South Wales, Sydney and a Master of

Aplied Finance degre from Macquarie University,

Sydney. She is a Certified Practising Acountant of CPA

Australia and a member of the Hong Kong Institute of

Certified Public Acountants. Prior to joining the Group,

Ms. Cheng had worked in the investment banking and

acounting fields in Hong Kong for over 5 years. She is

responsible for the busines development, marketing

and strategic planing functions of the Group.

Ms. Cheng Pak Lai, Lily, aged 52, was apointed as an

executive Director on 1 April 2011. Ms. Cheng was

apointed as managing Director of the Company with

efect from 16 August 2024. Ms. Cheng is a daughter of

Mr. Cheng Hop Fai and a sister of Ms. Cheng Pak Ming,

Judy and Ms. Cheng Pak Man, Anita. She joined the

Group in 2006. Ms. Cheng is responsible for the general

management, financial and strategic planing functions

of the Group. Prior to joining the Group, Ms. Cheng had

extensive finance and acounting experiences in

multinational audit firm, investment bank and a

renowned chemical company. She holds a Bachelor of

Comerce degre from the University of New South

Wales, Sydney and is a Certified Practising Acountant

of CPA Australia.

Ms. Cheng Pak Ming, Judy, aged 54, was apointed

as an executive Director on 25 September 1992. She

was also apointed as the Company Secretary on 17

February 2006. Ms. Cheng is a daughter of Mr. Cheng

Hop Fai and a sister of Ms. Cheng Pak Man, Anita and

Ms. Cheng Pak Lai, Lily. She holds a Bachelor degre in

Economics from the University of Sydney and a Master

of Comerce degre from the University of New South

Wales, Sydney. She is a Certified Practising Acountant

of CPA Australia and a member of the Hong Kong

Institute of Certified Public Acountants. She is

responsible for the internal control and company

secretarial functions of the Group.

董事及高级管理层

Directors and Senior Management

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

独立非执行董事

洪志远先生，现年56岁，于2019年6月18

日获委任为独立非执行董事及本公司薪酬

委员会、提名委员会及审核委员会成员。

于2021年6月23日，洪先生获委任为审核

委员会主席。洪先生现为Norton Rowland

CPA Limited董事。彼于1991年至1993年

间在德勤•关黄陈方会计师行接受专业培

训，并曾在瑞银投资银行出任商务总监七

年。洪先生持有香港理工大学会计学（荣

誉）文学士学位及University of Western

Sydney的应用金融学硕士学位。彼为执业

会计师、香港会计师公会员以及英国

特许公认会计师公会资深会员。洪先生

于2011年10月10日至2022年7月28日期间

曾担任安捷利实业有限公司（股份代号：

1639，其股份已于2022年7月28日从联交

所主板除牌）以及于2008年7月1日至2023

年2月20日期间曾担任五龙动力有限公司

（股份代号：378，其股份已于2023年2月

20日从联交所主板除牌）独立非执行董事。

袁绍章先生，52岁，于2021年6月23日获

委任为独立非执行董事及本公司薪酬委

员会及审核委员会成员。自2024年6月19

日起，袁先生被调任为薪酬委员会主席并

获委任为本公司提名委员会成员。袁先生

的事业始于毕马威会计师事务所，彼于财

务管理、会计、审计及行政方面拥有逾25

年经验。在加入于联交所主板上市的铁江

现货有限公司（股份代号：1029）之前，

他曾于香港其他上市公司担任多个高级职

位。袁先生现为铁江现货有限公司的财务

总监、公司秘书及授权代表。袁先生于过

去三年并无于其他上市公司担任何董事

职务。袁先生持有曼彻斯特大学曼彻斯特

商学院的工商管理硕士学位，并为香港会

计师公会及英国特许公认会计师公会资深

会员。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Hung Chi Yuen, Andrew, aged 56, was apointed

as an INED and a member of the Company’s

remuneration comite, nomination comite and

audit comite on 18 June 2019. He was apointed as

the chairman of the audit comite on 23 June 2021.

Mr. Hung is curently the director of Norton Rowland

CPA Limited. He received his profesional training in

Deloite Touche Tohmatsu during the period from 1991

to 1993 and had worked in UBS Investment Bank as

busines unit controler for seven years. Mr. Hung holds

a Bachelor’s Degre of Arts (Hons) in Acountancy from

The Hong Kong Polytechnic University and a Master’s

Degre in Aplied Finance from University of Western

Sydney. He is a practising Certified Public Acountant, a

member of the Hong Kong Institute of Certified Public

Acountants and a felow member of the Asociation of

Chartered Certified Acountants. Mr. Hung was an

independent non-executive director of AKM Industrial

Company Limited (stock code: 1639, the shares of which

were delisted from the Main Board of the Stock

Exchange with efect from 28 July 2022) from 10

October 2011 to 28 July 2022, and FDG Kinetic Limited

(stock code: 378, the shares of which were delisted from

the Main Board of the Stock Exchange with efect from

20 February 2023) from 1 July 2008 to 20 February

2023.

Mr. YUEN Shiu Cheong, Johny, aged 52, was

apointed as an INED and a member of the Company’s

remuneration comite and audit comite on 23

June 2021. He was redesignated as chairman of the

remuneration comite and apointed as member of

the nomination comite of the Company with efect

from 19 June 2024. Mr. Yuen began his carer in KPMG

and has over 25 years of experiences in financial

management, acounting, auditing and administration.

He held various senior positions in other listed

companies in Hong Kong before joining IRC Limited

(stock code: 1029) which is listed on the Main Board of

the Stock Exchange. Mr. Yuen is curently the finance

director, the company secretary and authorised

representative of IRC Limited. Mr. Yuen did not hold any

directorship in other listed companies in the last thre

years. Mr. Yuen holds a Master of Busines Administration

degre from the Manchester Busines Schol of

University of Manchester and is a felow member of the

Hong Kong Institute of Certified Public Acountants and

the Asociation of Chartered Certified Acountants.

董事及高级管理层

Directors and Senior Management

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

独立非执行董事（续）

罗国泰先生，53岁，于2024年6月19日获

委任为独立非执行董事及本公司薪酬委

员会及审核委员会成员。罗先生于企业融

资、投资银行及金融业拥有逾20年经验。

罗先生为联交所主板上市公司百乐皇宫控

股有限公司（股份代号：2536）的首席财

务总监兼公司秘书。罗先生于过去三年内

并无担任其他上市公司的任何董事职务。

罗先生于2018年9月至2023年5月期间担

任摩根士丹利亚洲有限公司的执行董事，

并于2015年9月至2018年8月期间担任瑞

士信贷（香港）有限公司董事。于2006年8

月至2015年8月期间，罗先生于法国巴黎

资本（亚太）有限公司担任董事。罗先生于

2005年2月至2006年8月期间担任中银国

际亚洲有限公司的助理副总裁。罗先生于

2000年3月至2005年2月期间在英高财务

顾问有限公司任职，离职时为高级经理。

1996年12月至2000年2月，罗先生在毕马

威会计师事务所任职，最后职位为助理经

理。罗先生于1994年11月毕业于香港理工

学院，持有护理学荣誉理学士学位，并

于1996年12月取得澳洲墨尔本莫纳什大

学工商管理硕士学位。

罗先生具有澳洲及香港执业会计师资格，

并于2001年9月获认可为特许金融分析师

资格。罗先生亦为香港证券及投资学会资

深会员。

INDEPENDENT NON-EXECUTIVE DIRECTORS

(Continued)

Mr. Law Kwok Tai, aged 53, was apointed as an INED

and a member of the Company’s remuneration

comite and audit comite on 19 June 2024.

Mr. Law has over 20 years of experience in the

corporate finance, investment banking and financial

industry. He is the Chief Financial Oficer and Company

Secretary of Palasino Holdings Limited (stock code:

2536) which is listed on the Main Board of the Stock

Exchange. Mr. Law did not hold any directorship in other

listed companies in the last thre years.

Mr. Law was an executive director at Morgan Stanley

Asia Limited from September 2018 to May 2023 and a

director at Credit Suise (Hong Kong) Limited from

September 2015 to August 2018. From August 2006 to

August 2015, He worked at BNP Paribas Capital (Asia

Pacific) Limited with his last position as a director. He

was an asistant vice president at BOCI Asia Limited

from February 2005 to August 2006. From March 2000

to February 2005, He was at Anglo Chinese Corporate

Finance, Limited, where his last position was senior

manager. From December 1996 to February 2000, He

was at KPMG, where his last position was asistant

manager. He graduated from Hong Kong Polytechnic

with an honorary Bachelor of Science in Nursing in

November 1994 and obtained his Master of Busines

Administration from Monash in Melbourne, Australia in

December 1996.

Mr. Law is qualified as a Certified Public Acountant in

Australia and in Hong Kong and was certified as a

Chartered Financial Analyst in September 2001. He is

also a felow of the Hong Kong Securities and

Investment Institute.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事谨此提呈截至2025年3月31日止年度

的年报及经审核综合财务报表。

主要业务

本公司为一家投资控股公司。其主要附属

公司在香港从事专门经营潮州菜的中式酒

楼。

业绩

本集团截至2025年3月31日止年度的业绩

详情载于第55至56页的综合损益及其他全

面收益表。

董事会已议决不建议派发截至2025年3月

31日止年度的末期股息（2024年：无）。

业务回顾

根据《公司条例》（香港法例第622章）附表

5的规定，对本集团业务进行公正的检讨，

以及就本集团于本年度的表现进行讨论和

分析，包括讨论本集团面临的主要风险及

不明朗因素，以及讨论本集团未来可能的

发展，已载于这份年报的主席报告及管理

层讨论及分析中。本集团的财务风险管理

目标及政策载于综合财务报表附注6。这

些讨论构成董事会报告的一部分。本公司

载于本公司网站 w.g-vision.com.hk 及

联交所网站 w.hkexnews.hk 的环境、

社会及管治报告亦构成业务检讨的一部分。

The Directors present their anual report and the

audited consolidated financial statements for the year

ended 31 March 2025.

PRINCIPAL ACTIVITIES

The Company is an investment holding company. Its

principal subsidiaries are engaged in the operation of

restaurants in Hong Kong which specialise in Chiu Chow

Cuisine.

RESULTS

The results of the Group for the year ended 31 March

2025 are set out in the consolidated statement of profit

or los and other comprehensive income on pages 55 to

56 of this anual report.

The Board has resolved not to recomend the payment

of a final dividend for the year ended 31 March 2025

(2024: Nil).

BUSINES REVIEW

A fair review of the busines of the Group as wel as a

discusion and analysis of the Group’s performance

during the year as required by schedule 5 to the

Companies Ordinance (Chapter 622 of the laws of Hong

Kong) including a discusion of the principal risks and

uncertainties facing the Group and a discusion of the

Group’s likely future development can be found in the

Chairman’s Statement and the Management Discusion

and Analysis of this anual report. The financial risk

management objectives and policies of the Group are

shown in note 6 to the consolidated financial

statements. Those discusions form part of this report of

the Directors. The environmental, social and governance

report of the Company which is available on the

Company’s website at w.g-vision.com.hk and the

Stock Exchange’s website at w.hkexnews.hk shal

also form part of the busines review.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

遵守相关法律法规

于回顾年度内，就董事会及管理层所知，

本集团并无出现严重违反或不遵守适用法

律及法规而对本集团业务及营运产生重大

影响的情况。

与员工、客户和供应商的关系

本集团深知与员工、客户和供应商保持良

好关系对于实现其短期和长远业务目标

的重要性。于回顾年度内，本集团与其员

工、客户或供应商之间并无发生重大争议。

主要供应商及客户

就本集团酒楼业务而言，本集团最大供应

商及五大供应商的总采购额分别占本集团

于本年度采购量额的23%及65%。本集团

五大客户应占总收入少于本集团本年度收

入的30%。

概无董事、其各自的紧密联系人士或任何

股东（据董事所知拥有本公司5%以上股本

权益）持有本集团五大供应商中任何一方

的权益。

环境政策及表现

本公司致力于环境及社会的可持续发展。

本集团已尽力遵守有关环境保护的法律及

法规，并采取有效的环保措施，以确保业

务符合环境保护所需的标准及道德规范。

有关本集团环境政策及表现的进一步详

情，已于本公司回顾年度的环境、社会及

管治报告中披露，该报告将与本年报一并

刊发。

COMPLIANCE WITH RELEVANT LAWS AND

REGULATIONS

During the year under review, as far as the Board and

the management are aware, there was no material

breach of or non-compliance with the aplicable laws

and regulations by the Group that has a significant

impact on the busines and operations of the Group.

RELATIONSHIP WITH EMPLOYES, CUSTOMERS

AND SUPLIERS

The Group understands the importance of maintaining a

god relationship with its employes, customers and

supliers to met its imediate and long-term busines

goals. During the year under review, there were no

material and significant disputes betwen the Group and

its employes, customers or supliers.

MAJOR SUPLIERS AND CUSTOMERS

For the Group’s restaurant operations, the agregate

purchases atributable to the largest suplier and five

largest supliers of the Group were 23% and 65%,

respectively, of the Group’s purchases for the year. The

agregate revenue atributable to the five largest

customers of the Group was les than 30% of the

Group’s revenue for the year.

None of the Directors, their respective close asociates

nor any shareholder, (which to the knowledge of the

Directors owns more than 5% of the Company’s share

capital), has an interest in any of the five largest

supliers of the Group.

ENVIRONMENTAL POLICIES AND

PERFORMANCE

The Company is comited to the sustainable

development of the environment and the society. The

Group has endeavoured to comply with the laws and

regulations regarding environmental protection and

adopted efective environmental practices to ensure the

busines met the required standards and ethics in

respect of environmental protection. Further details of

the Group’s environmental policies and performance are

disclosed in the environmental, social and governance

report of the Company for the year under review to be

published together with this anual report.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

物业、厂房及设备

本集团于本年度的物业、厂房及设备变动

详情载于综合财务报表附注18。

捐款

于回顾年度内，本集团并无作出慈善捐款

（2024年：无）。

股本

本公司股本变动详情载于综合财务报表附

注26。

储备

截至2025年3月31日止年度，本公司及本

集团的储备变动详情分别载于综合财务报

表附注27-28及综合权益变动表。

于2025年3月31日，本公司并无可分派储

备。

董事

于本年度及截至本报告日期的董事为：

执行董事：

郑白敏（主席）

郑白丽（董事总经理）

郑白明

独立非执行董事：

洪志远

袁绍章

罗国泰

根据本公司公司细则第87(1)条，郑白明女

士及洪志远先生将于即将举行的股东周年

大会（「股东周年大会」）上轮值退任，并符

合资格膺选连任。

PROPERTY, PLANT AND EQUIPMENT

Details of the movement of property, plant and

equipment of the Group during the year are set out in

note 18 to the consolidated financial statements.

DONATIONS

During the year under review, there was no charitable

donation made by the Group (2024: N/A).

SHARE CAPITAL

Details of the movements in the Company’s share capital

are set out in note 26 to the consolidated financial

statements.

RESERVES

Details of the movements in the reserves of the

Company and the Group for the year ended 31 March

2025 are set out in note 27-28 to the consolidated

financial statements and the consolidated statement of

changes of equity.

As at 31 March 2025, there were no distributable

reserves of the Company.

DIRECTORS

The Directors during the year and up to the date of this

report were:

Executive Directors:

CHENG Pak Man, Anita (Chairperson)

CHENG Pak Lai, Lily (Managing Director)

CHENG Pak Ming, Judy

Independent non-executive Directors:

HUNG Chi Yuen, Andrew

YUEN Shiu Cheong, Johny

LAW Kwok Tai

In acordance with Bye-law 87(1) of the Company’s

Bye-laws, Ms. Cheng Pak Ming, Judy and Mr. Hung Chi

Yuen wil retire from ofice by rotation at the

forthcoming anual general meting (“AGM”) and,

being eligible, ofer themselves for re-election.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事（续）

建议膺选连任的董事概无与本公司或其任

何附属公司订有除非本集团支付补偿（法

定薪酬除外），否则不能在一年内终止的

服务合约。

董事于股份、相关股份及债券中的权益

于2025年3月31日，董事及行政总裁及其

联系人在本公司或任何相联法团的股份、

相关股份或债券中的权益(a)须根据《证券

及期货条例》（「证券及期货条例」）第XV部

第7及8条通知本公司及联交所；或(b)须根

据《证券及期货条例》第352条在该条所提

及的登记册内登记；或(c)须根据上市规则

附录C3所载的标准守则通知本公司及联

交所的详情如下：

好仓

(1) 于本公司每股面值0.1港元普通股的

好仓：

DIRECTORS (Continued)

None of the Directors proposed for re-election has a

service contract with the Company or any of its

subsidiaries which is not determinable by the Group

within one year without payment of compensation

(other than statutory compensation).

DIRECTORS’ INTERESTS IN SHARES,

UNDERLYING SHARES AND DEBENTURES

As at 31 March 2025, the interests of the Directors and

the chief executive and their asociates in the shares,

underlying shares or debentures of the Company or any

asociated corporations which (a) were required to be

notified to the Company and the Stock Exchange

pursuant to Divisions 7 and 8 of Part XV of the Securities

and Futures Ordinance (the “SFO”); or (b) were required,

pursuant to section 352 of the SFO, to be entered in the

pursuant to the Model Code as set out in Apendix C3

to the Listing Rules, to be notified to the Company and

the Stock Exchange were as folows:

Long positions

$0.1 each of

the Company:

董事姓名

Name of Director

身份及权益性质

Capacity and

nature of interest

持有已发行

普通股数目

Number of isued

ordinary

shares held

占本公司

已发行股本

的概约百分比

Aproximate

percentage of

the isued

share capital

of the Company

郑白敏信托受益人（附注a）

Cheng Pak Man, AnitaBeneficiary of trusts (note a)1,450,037,84174.50%

郑白丽信托受益人（附注a）

Cheng Pak Lai, LilyBeneficiary of trusts (note a)1,450,037,84174.50%

郑白明信托受益人（附注a）

Cheng Pak Ming, JudyBeneficiary of trusts (note a)1,450,037,84174.50%

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事于股份、相关股份及债券中的权益

（续）

好仓（续）

(1) 于本公司每股面值0.1港元普通股的

好仓：（续）

附注：

(a) Golden Toy 及 Kong Fai分别持有本公

司172,869,780股（或8.88%权益）及

1,277,168,061股（或65.62%权益）的股

份。Golden Toy及 Kong Fai 由两间全

权信托全资拥有，该两项信托的全权

委托人为郑合辉先生的家族成员，包

括郑合辉先生、郑白明女士、郑白敏女

士及郑白丽女士。

本公司于2010年5月10日采纳购股

权计划（「2010年计划」），该计划于

2020年5月8日到期。根据于2020年8

月3日举行的股东周年大会通过的股

东决议案，本公司采纳了新的购股权

计划（「2020年计划」，连同2010年计

划统称「计划」）。除非根据2020年计

划的规则提前终止，否则2020年计划

有效期至2030年8月3日。有关计划的

详情载于综合财务报表附注29。

DIRECTORS’ INTERESTS IN SHARES,

UNDERLYING SHARES AND DEBENTURES

(Continued)

Long positions (Continued)

$0.1 each of

the Company: (Continued)

Notes:

(a) Golden Toy and Kong Fai held 172,869,780 shares (or

8.88% interest) and 1,277,168,061 shares (or 65.62%

interest) of the Company, respectively. Golden Toy and

Kong Fai are wholy-owned by two discretionary trusts

of which family members of Mr. Cheng Hop Fai,

including Mr. Cheng Hop Fai, Ms. Cheng Pak Ming,

Judy, Ms. Cheng Pak Man, Anita and Ms. Cheng Pak

Lai, Lily are discretionary objects.

The Company adopted a share option scheme on

10 May 2010 (the “2010 Scheme”) which expired

on 8 May 2020. By shareholders’ resolution pased

at the anual general meting held on 3 August

2020, the Company adopted a new share option

scheme (the “2020 Scheme”, and, together with

the 2010 Scheme, the “Schemes”). Unles

terminated earlier in acordance with the rules of

the 2020 Scheme, the 2020 Scheme shal be valid

and efective until 3 August 2030. Particulars of the

Schemes are set out in note 29 to the consolidated

financial statements.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事于股份、相关股份及债券中的权益

（续）

好仓（续）

：（续）

截至2025年3月31日止年度根据2010

年计划授予董事的购股权变动详情如

下：

附注：

(a) 于2017年10月23日授予购股权当日的

估计公允价值总额为2,906,000港元。

购股权总数的30%于授予日（2017年10

月23日）即时归属。购股权总数的30%

于2018年10月23日归属，其余40%于

2019年10月23日归属。紧接授予日前

本公司股份收市价为0.177港元。

DIRECTORS’ INTERESTS IN SHARES,

UNDERLYING SHARES AND DEBENTURES

(Continued)

Long positions (Continued)

: (Continued)

Details of movements in the share options granted

to the Directors under the 2010 Scheme for the

year ended 31 March 2025 are set out below:

购股权数目

Number of share options

购股权持有人授出日期行使期

(a)

每股

行使价

(a)

于2024年

4月1日

尚未行使

于年内

（失效）╱授出

于2025年

3月31日

尚未行使

Name of

option holdersDate of grantExercisable period

(a)

Exercise

price

per share

Outstanding

as at

1.4.2024

(Lapsed)/

granted

during

the year

Outstanding

as at

31.3.2025

郑合辉2017年10月23日2017年10月23日至

2025年10月22日

Cheng Hop Fai23.10.201723.10.2017 –

22.10.2025HK$0.1776,000,000–6,000,000

郑白明2017年10月23日2017年10月23日至

2025年10月22日

Cheng Pak Ming, Judy23.10.201723.10.2017 –

22.10.2025HK$0.1776,000,000–6,000,000

郑白敏2017年10月23日2017年10月23日至

2025年10月22日

Cheng Pak Man, Anita23.10.201723.10.2017 –

22.10.2025HK$0.1776,000,000–6,000,000

郑白丽2017年10月23日2017年10月23日至

2025年10月22日

Cheng Pak Lai, Lily23.10.201723.10.2017 –

22.10.2025HK$0.1776,000,000–6,000,000

罗道明2017年10月23日2017年10月23日至

2025年10月22日

Law Toe Ming23.10.201723.10.2017 –

22.10.2025HK$0.1772,000,000(2,000,000)–

26,000,000(2,000,000)24,000,000

Note:

(a) The total estimated fair value at the date of grant of the

share options on 23 October 2017 was HK$2,906,000.

30% of total number of the share options were vested

imediately on the date of grant, 23 October 2017.

30% of total number of the share options were vested

on 23 October 2018 and the remaining 40% were

vested on 23 October 2019. The closing price of the

Company’s share imediately before the date of grant

was HK$0.177.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事于股份、相关股份及债券中的权益

（续）

好仓（续）

：（续）

除上文所披露者外，于2025年3月31

日，根据《证券及期货条例》第XV部第

7及8分部，本公司董事及主要行政人

员均未被视为对本公司及其任何联系

法团的股份、相关股份或债券拥有任

何其他权益或淡仓，而该等权益或淡

仓(a)须根据《证券及期货条例》第XV

部第7及8分部通知本公司及联交所；

或(b)须根据《证券及期货条例》第352

条登记于登记册；或(c)须根据标准守

则通知本公司及联交所。

购买股份或债券的安排

除上述披露的购股权外，本公司、其任何

附属公司或控股公司，或其控股公司的任

何附属公司，于本年度内均未有参与任何

安排，以使董事能够通过收购本公司或任

何其他法人团体的股份或债券而获取利益。

DIRECTORS’ INTERESTS IN SHARES,

UNDERLYING SHARES AND DEBENTURES

(Continued)

Long positions (Continued)

: (Continued)

Save as disclosed above, as at 31 March 2025, none

of the Directors and the chief executive of the

Company was, under Divisions 7 and 8 of Part XV

of the SFO, taken to be interested or demed to

have any other interests or short positions in the

shares, underlying shares or debentures of the

Company or any asociated corporations which (a)

would have to be notified to the Company and the

Stock Exchange pursuant to Divisions 7 and 8 of

Part XV of the SFO, or (b) which were required to

be entered into the register refered to therein

pursuant to section 352 of the SFO, or (c) which

were required to be notified to the Company and

the Stock Exchange pursuant to the Model Code.

ARANGEMENTS TO PURCHASE SHARES OR

DEBENTURES

Other than the options disclosed above, at no time

during the year was the Company, any of its subsidiaries

or holding company, or any subsidiary of its holding

company, a party to any arangements to enable the

Directors to acquire benefits by means of the acquisition

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

other body corporate.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

主要股东

除上述就若干董事披露的权益外，于2025

年3月31日，本公司根据《证券及期货条例》

第336条备存的主要股东名册显示，下列

人士已通知本公司已根据《证券及期货条

例》第XV部第2及3分部向本公司披露其于

本公司已发行股本中的有关权益及淡仓：

好仓

本公司每股面值0.1港元的普通股：

SUBSTANTIAL SHAREHOLDERS

Other than the interests disclosed above in respect of

certain Directors, as at 31 March 2025, the register of

substantial shareholders maintained by the Company

pursuant to section 336 of the SFO indicated that the

folowing persons had notified the Company of interests

or short positions in the isued share capital of the

Company which fal to be disclosed to the Company

under Divisions 2 and 3 of Part XV of the SFO:

Long positions

Ordinary shares of HK$0.1 each of the Company:

名称身份及权益性质

所持有

已发行

普通股数目

占本公司

已发行股本的

概约百分比

Name

Capacity and

nature of interest

Number

of isued

ordinary

shares held

Aproximate

percentage of

the isued

share capital

of the Company

郑合辉实益拥有人

Cheng Hop FaiBeneficial owner6,900,0000.35%

信托受益人

Beneficial of trusts1,450,037,841

(a)

74.50%

Golden Toy实益拥有人

Golden ToyBeneficial owner172,869,780

(b)

8.88%

Kong Fai实益拥有人

Kong FaiBeneficial owner1,277,168,061

(b)

65.62%

Alpadis Trust (HK) Limited信托受托人

Alpadis Trust (HK) LimitedTruste of trusts1,450,037,841

(b)

74.50%

Alpadis Group Holding AG受控制企业的权益

Alpadis Group Holding AGInterest of controled corporation1,450,037,841

(c)

74.50%

Alain Eseiva受控制企业的权益

Alain EseivaInterest of controled corporation1,450,037,841

(d)

74.50%

Teo Wei Le配偶的权益

Teo Wei LeInterest of Spouse1,450,037,841

(e)

74.50%

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

主要股东（续）

好仓（续）

附注：

(a) Golden Toy及Kong Fai分别持有本公司

之172,869,780股份（或8.88%权益）及

1,277,168,061股份（或65.62%权益）。

Golden Toy及Kong Fai 乃由两项全权信托全

资拥有，该两项信托之受益人为郑合辉先生

之家族成员，包括郑先生、郑白明女士、郑

白敏女士及郑白丽女士。

(b) 根据证券及期货条例，作为两个全权信托单

位（拥有Golden Toy及Kong Fai的100%权益）

的受托人，Alpadis Trust (HK) Limited被视为

于Golden Toy及Kong Fai所合共实益拥有的

相同1,450,037,841股份中拥有权益。

Group Holding SA）存档的公司主要股东通

知指出彼根据证券及期货条例因彼于Alpadis

Trust (HK) Limited持有的权益而被视为于

1,450,037,841股份中拥有权益。

(d) Alain Eseiva存档的个人主要股东通知指

出彼根据证券及期货条例因彼于Alpadis

Group Holding AG持有的权益而被视为于

1,450,037,841股份中拥有权益。

(e) Teo Wei Le 存档的个人主要股东通知指出

彼于1,450,037,841股份中拥有的权益乃

指其配偶Alain Eseiva的权益。

除上文所披露者外，董事并不知悉于2025

年3月31日有任何其他人士在本公司的股

份或相关股份中拥有任何权益或淡仓，而

该等权益或淡仓须根据《证券及期货条例》

第336条记入本公司备存的登记册。

确认独立非执行董事

本公司已收到各独立非执行董事根据上市

规则第3.13条发出的年度独立性确认书。

本公司认为所有独立非执行董事均为独立。

SUBSTANTIAL SHAREHOLDERS (Continued)

Long positions (Continued)

Notes:

(a) Golden Toy and Kong Fai held 172,869,780 shares (or 8.88%

interest) and 1,277,168,061 shares (or 65.62% interest) of

the Company, respectively. Golden Toy and Kong Fai are

wholy-owned by two discretionary trusts of which family

members of Mr. Cheng Hop Fai, including Mr. Cheng Hop

Fai, Ms. Cheng Pak Ming, Judy, Ms. Cheng Pak Man, Anita

and Ms. Cheng Pak Lai, Lily are discretionary objects.

(b) Alpadis Trust (HK) Limited is demed under the SFO to have

an interest in the same 1,450,037,841 shares, in agregate,

beneficialy owned by Golden Toy and Kong Fai by virtue of it

being the truste of two discretionary trusts which own

100% of the shares of Golden Toy and Kong Fai.

Group Holding AG (formerly known as Alpadis Group Holding

SA) indicated that it is demed to be interested in the

1,450,037,841 shares under the SFO by virtue of its interest

held in Alpadis Trust (HK) Limited.

(d) The individual substantial shareholder notice filed by Alain

Eseiva indicated that he is demed to be interested in the

1,450,037,841 shares under the SFO by virtue of his interests

held in Alpadis Group Holding AG.

(e) The individual substantial shareholder notice filed by Teo Wei

Le indicated that her demed interest in the 1,450,037,841

shares represents the interest of her spouse Alain Eseiva.

Save as disclosed above, the Directors are not aware of

any other persons who, as at 31 March 2025, had any

interests or short positions in the shares or underlying

shares of the Company that were required to be entered

into the register kept by the Company pursuant to

section 336 of the SFO.

CONFIRMATION OF INDEPENDENT

NON-EXECUTIVE DIRECTORS

The Company has received, from each of the INEDs, an

anual confirmation of independence pursuant to rule

3.13 of the Listing Rules. The Company considers that

al of the INEDs are independent.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事于竞争业务中的权益

于回顾年度内，概无董事或其各自的紧密

联系人（定义见上市规则）在与本集团业

务直接或间接竞争或可能竞争的业务中拥

有任何权益。

董事于合约及关连交易中的权益

(a) 本集团自2002年5月6日起向鸿利发展

有限公司（「鸿利」）租用若干物业作本

集团酒楼营运之用。

于2023年4月28日，本集团与鸿利续

签租约，为期一年，租期由2023年5

月1日起至2024年4月30日止，月租

360,000港元（不包括差饷、管理费

及冷气费），租赁按金为1,080,000港

元。月租由订约双方参照市场租金而

厘定。有关安排的详情载于本公司于

2023年4月28日发出的公告。

于2024年4月30日，本集团与鸿利续

签租约，为期一年，租期由2024年5

月1日起至2025年4月30日止，月租

360,000港元（不包括差饷、管理费

及冷气费），租赁按金为1,080,000港

元。月租由订约双方参照市场租金而

厘定。有关安排的详情载于本公司于

2024年4月30日发出的公告。

鸿利根据上述租约于年内收取的租金

为4,320,000港元。

鸿利乃Golden Toy的全资附属公司，

故为本公司执行董事郑合辉先生、郑

白明女士、郑白敏女士及郑白丽女士

的关联方，并根据上市规则被视为本

公司的关连人士。

DIRECTORS’ INTEREST IN COMPETING

BUSINES

During the year under review, none of the Directors or

their respective close asociates (as defined in the Listing

Rules) had any interests in a busines that competed or

was likely to compete, either directly or indirectly, with

the busines of the Group.

DIRECTORS’ INTEREST IN CONTRACTS AND

CONECTED TRANSACTIONS

(a) The Group has leased from Homley Development

Limited (“Homley”) certain properties for the

Group’s restaurant operations since 6 May 2002.

On 28 April 2023, the Group renewed the tenancy

agrement with Homley for a further period of one

year comencing 1 May 2023 to 30 April 2024 at a

monthly rental of HK$360,000 (exclusive of rates,

management and air-conditioning fes) and a rental

deposit of HK$1,080,000. The monthly rental was

negotiated with Homley with reference to the

market rents. Details of the arangement are set out

in the anouncement dated 28 April 2023 isued by

the Company.

On 30 April 2024, the Group renewed the tenancy

agrement with Homley for a further period of one

year comencing 1 May 2024 to 30 April 2025 at a

monthly rental of HK$360,000 (exclusive of rates,

management and air-conditioning fes) and a rental

deposit of HK$1,080,000. The monthly rental was

negotiated with Homley with reference to the

market rents. Details of the arangement are set out

in the anouncement dated 30 April 2024 isued by

the Company.

Rentals charged by Homley during the year under

the said tenancy agrement amounted to

HK$4,320,000.

Homley is a wholy-owned subsidiary of Golden Toy

and therefore is an asociate of the executive

Directors of the Company, namely, Mr. Cheng Hop

Fai, Ms. Cheng Pak Ming, Judy, Ms. Cheng Pak

Man, Anita and Ms. Cheng Pak Lai, Lily, and is

regarded as a conected person of the Company

under the Listing Rules.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事于合约及关连交易中的权益（续）

(b) 本集团自2005年1月31日起向豪城实

业有限公司（「豪城」）租用一个住宅大

厦单位。

于2024年1月31日，本集团与豪城续

签租约，为期一年，自2024年2月1日

起至2025年1月31日止，月租75,000

港元（不包括差饷、管理费及冷气费）

及租赁按金150,000港元。月租由订

约双方参照市场租金而厘定。

于2025年1月21日，本集团与豪城续

签租约，为期一年，自2025年2月1日

起至2026年1月31日止，月租75,000

港元（不包括差饷、管理费及冷气费）

及租赁按金150,000港元。月租由订

约双方参照市场租金而厘定。

豪城根据上述租约于年内收取的租金

为900,000港元。

豪城乃Golden Toy的全资附属公司，

故为本公司执行董事郑合辉先生、郑

白明女士、郑白敏女士及郑白丽女士

的关联方，并根据上市规则被视为本

公司的关连人士。

DIRECTORS’ INTEREST IN CONTRACTS AND

CONECTED TRANSACTIONS (Continued)

(b) The Group has leased from Hover City Industrial

Limited (“Hover City”) a unit of a residential

building since 31 January 2005.

On 31 January 2024, the Group renewed the

tenancy agrement with Hover City for a further

period of one year comencing 1 February 2024 to

31 January 2025 at a monthly rental of HK$75,000

(exclusive of rates, management and air-conditioning

fes) and a rental deposit of HK$150,000. The

monthly rental was determined by both parties with

reference to market rents.

On 21 January 2025, the Group renewed the

tenancy agrement with Hover City for a further

period of one year comencing 1 February 2025 to

31 January 2026 at a monthly rental of HK$75,000

(exclusive of rates, management and air-conditioning

fes) and a rental deposit of HK$150,000. The

monthly rental was determined by both parties with

reference to market rents.

Rental charged by Hover City during the year under

the said tenancy agrement amounted to

HK$900,000.

Hover City is a wholy-owned subsidiary of Golden

Toy and therefore is an asociate of the executive

Directors of the Company, namely, Mr. Cheng Hop

Fai, Ms. Cheng Pak Ming, Judy, Ms. Cheng Pak

Man, Anita and Ms. Cheng Pak Lai, Lily, and is

regarded as a conected person of the Company

under the Listing Rules.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事于合约及关连交易中的权益（续）

资有限公司（「升浩」）租用一间办公室。

于2024年1月31日，本集团与升浩续

签租约，为期一年，自2024年2月1日

起至2025年1月31日止，月租100,000

港元（不包括差饷、管理费及冷气费）

及租赁按金241,000港元。月租由订

约双方参照市场租金而厘定。

于2025年1月21日，本集团与升浩续

签租约，为期一年，自2025年2月1日

起至2026年1月31日止，月租90,000

港元（不包括差饷、管理费及冷气费）

及租赁按金241,000港元。月租由订

约双方参照市场租金而厘定。

升浩根据上述租约于年内收取的租金

为1,180,000港元。

升浩乃豪城的全资附属公司，而豪城

又为Golden Toy的全资附属公司，故

为本公司执行董事郑合辉先生、郑白

明女士、郑白敏女士及郑白丽女士的

关联方，并根据上市规则被视为本公

司的关连人士。

(d) 于年内，本集团与鸿益五金有限公司

（「鸿益」）进行交易。本年度向鸿益

销售的金额为375,000港元（2024年：

492,000港元）。于2025年3月31日，

应收鸿益的款项为20,000港元（2024

年： 40,000 港元）。

鸿益是豪城的全资附属公司，而豪城

则是 Golden Toy的直接全资附属公司。

DIRECTORS’ INTEREST IN CONTRACTS AND

CONECTED TRANSACTIONS (Continued)

Limited (“Sky Global”) an ofice since 30 January

2012.

On 31 January 2024, the Group renewed the

tenancy agrement with Sky Global for a further

period of one year comencing 1 February 2024 to

31 January 2025 at a monthly rental of HK$100,000

(exclusive of rates, management and air-conditioning

fes) and a rental deposit of HK$241,000. The

monthly rental was determined by both parties with

reference to market rents.

On 21 January 2025, the Group renewed the

tenancy agrement with Sky Global for a further

period of one year comencing 1 February 2025 to

31 January 2026 at a monthly rental of HK$90,000

(exclusive of rates, management and air-conditioning

fes) and a rental deposit of HK$241,000. The

monthly rental was determined by both parties with

reference to market rents.

Rental charged by Sky Global during the year under

the said tenancy agrement amounted to

HK$1,180,000.

Sky Global is a wholy-owned subsidiary of Hover

City which in turn is a direct wholy-owned

subsidiary of Golden Toy and therefore is an

asociate of the executive Directors of the

Company, namely, Mr. Cheng Hop Fai, Ms. Cheng

Pak Ming, Judy, Ms. Cheng Pak Man, Anita and

Ms. Cheng Pak Lai, Lily, and is regarded as a

conected person of the Company under the Listing

Rules.

(d) During the year, the Group entered into transactions

with Hung Yick Metal Company Limited (“Hung

Yick”). Sales to Hung Yick during the year

amounted to HK$375,000 (2024: HK$492,000). At

31 March 2025, receivable from Hung Yick was

HK$20,000 (2024: HK$40,000).

Hung Yick is a wholy-owned subsidiary of Hover

City which in turn is a direct wholy-owned

subsidiary of Golden Toy.

2025年
2025
千港元
HK$’000
2,020
54
2,074

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事于合约及关连交易中的权益（续）

(e) 于年内，董事（同时为主要管理人员）

的薪酬如下：

本公司核数师受聘根据香港会计师公会发

出的《香港核证聘用准则》第3000号（经修

订）「历史财务资料审计或审阅以外的核证

聘用」并参照实务说明第740号「关于香港

上市规则所述持续关连交易的核数师函件」

汇报本集团的持续关连交易。核数师已根

据上市规则第14A.56条发出无保留意见函

件，载有其就本集团在上文(a)至(c)项所披

露的持续关连交易的调查结果及结论。

独立非执行董事已审阅上述(a)至(c)的持续

关连交易及核数师报告，并确认该等交易

已由本公司在其正常业务过程中、按一般

商业条款及根据规管该等交易的协定条款

订立，该等交易公平合理，并符合本公司

股东整体利益。

DIRECTORS’ INTEREST IN CONTRACTS AND

CONECTED TRANSACTIONS (Continued)

(e) The remuneration of directors, which are key

management personel during the year was as

folows:

2024年

千港元

HK$’000

薪酬及其他福利Salaries and other benefits2,620

退休福利费用Retirement benefits cost54

2,674

The Company’s auditor was engaged to report on the

Group’s continuing conected transactions in

acordance with Hong Kong Standard on Asurance

Engagements 3000 (Revised) “Asurance Engagements

Other Than Audits or Reviews of Historical Financial

Information” and with reference to Practice Note 740

“Auditor’s Leter on Continuing Conected Transactions

under the Hong Kong Listing Rules” isued by the Hong

Kong Institute of Certified Public Acountants. The

auditor has isued its unqualified leter containing its

findings and conclusions in respect of the continuing

conected transactions disclosed by the Group in (a) to

Rules.

The INEDs have reviewed the continuing conected

transactions in (a) to (c) above and the report of the

auditor and have confirmed that the transactions have

ben entered into by the Company in the ordinary

course of its busines, on normal comercial terms and

in acordance with the terms of the agrement

governing such transactions that are fair and reasonable

and in the interests of the shareholders of the Company

as a whole.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

董事于合约及关连交易中的权益（续）

除上述(a)至(c)所披露外，综合财务报表附

注32所列的关联方交易均不构成本公司根

据上市规则须披露的关连交易或持续关连

交易。本公司确认其符合上市规则第14A

章的披露规定。

除上文披露者外，本公司、其任何附属公

司或控股公司或其控股公司的任何附属公

司并无在其他重要交易、安排或合约上作

为其中一方，而其董事或董事之关联实体

在年底或年内任何时间直接或间接地拥有

重大利益。

管理合约

于回顾年度内，并无就本集团全部或任何

重大部份业务的管理及行政订立或存有合

约。

购买、出售或赎回股份

于回顾年度内，本公司或其任何附属公司

并无购买、出售或赎回本公司的股份。

薪酬政策

本公司全体董事及高级管理层的薪酬由薪

酬委员会在考虑本公司的经营业绩、个人

表现及可供比较的市场统计数据后厘定。

本集团员工是根据其优点、资格和能力而

获得报酬。

DIRECTORS’ INTEREST IN CONTRACTS AND

CONECTED TRANSACTIONS (Continued)

Save as disclosed in (a) to (c) above, none of the related

party transactions set out in note 32 to the consolidated

financial statements constitutes conected transactions

or continuing conected transactions of the Company

which is required to be disclosed under the Listing Rules.

The Company confirmed that it was in compliance with

the disclosure requirements in Chapter 14A of the

Listing Rules.

Save as disclosed above, there was no other transaction,

arangement or contract of significance, to which the

Company, any of its subsidiaries or holding company, or

any subsidiary of its holding company was a party and in

which a Director or an entity conected with him/her

had a material interest, whether directly or indirectly,

subsisting at the end of the year or at any time during

the year.

MANAGEMENT CONTRACTS

No contracts concerning the management and

administration of the whole or any substantial part of

the busines of the Group were entered into or in

existence during the year under review.

PURCHASE, SALE OR REDEMPTION OF SHARES

There was no purchase, sale or redemption of the

Company’s shares by the Company or any of its

subsidiaries during the year under review.

REMUNERATION POLICY

The remuneration of al Directors and senior

management of the Company are decided by the

remuneration comite, having regard to the Company’s

operating results, individual performance and comparable

market statistics.

Employes of the Group are compensated based on their

merit, qualifications and competence.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

薪酬政策（续）

本公司于2020年8月3日采纳2020计划。

2020计划是为董事及合资格雇员提供长

期奖励，同时亦作为挽留高绩效员工的工

具。2020计划的详情已载于综合财务报表

附注29。

股息政策

董事会有绝对酌情权根据本公司的组织章

程大纲及公司细则，并须遵守所有适用法

律及法规向本公司股东宣布及派发股息。

本公司并无固定的股息支付比率。在建议

或宣布派发股息时，董事会将考虑以下因

素，包括但不限于：

(a) 本公司的实际和预期财务表现；

(b) 本公司及其附属公司的留存收益及可

分派储备金水平；

和其他相关财务指标；

(d) 本集团债权人就派发股息施加的限制

及财务契约；

(e) 本集团的流动资金状况、现金流量预

测及业务发展计划；

(f) 本集团的营运资金以及其他资本开支

需求；

(g) 宏观经济因素以及商业、财务或经济

状况的其他变化；和

(h) 董事会认为相关的任何其他因素。

董事会将不时检讨股息政策。

REMUNERATION POLICY (Continued)

The 2020 Scheme was adopted by the Company on 3

August 2020. The 2020 Scheme provides long-term

incentives to Directors and eligible employes and also

serves as a retention tol for high performing staf.

Details of the 2020 Scheme are set out in note 29 to the

consolidated financial statements.

DIVIDEND POLICY

The Board has absolute discretion to declare and

distribute dividends to the shareholders of the Company

in acordance to the memorandum of asociation and

bye-laws of the Company and subject to al aplicable

laws and regulations. The Company has no fixed

dividend pay-out ratio. In recomending or declaring

dividends, the Board wil take into consideration the

folowing factors, including, but not limited to:

(a) the Company’s actual and expected financial

performance;

(b) the level of retained earnings and distributable

reserves of the Company and its subsidiaries;

and other relevant financial indicators;

(d) the restrictions and financial covenants on payments

of dividends imposed by the Group’s creditors;

(e) the Group’s liquidity conditions, cashflow forecasts

and busines development plan;

(f) the Group’s working capital and other capital

expenditure requirements;

(g) the macroeconomic factors and other changes in

busines, financial or economic conditions; and

(h) any other factors the Board may consider relevant.

The Board wil review the dividend policy as apropriate

from time to time.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

优先认购权

本公司的公司细则或百慕达法律并无关于

优先认购权的规定，强制本公司按比例向

现有股东发售新股。

充足的公众持股量

根据董事所知悉的公开资讯，董事确认，

本公司于截至2025年3月31日止年度及截

至本报告日期均保持足够的公众持股量。

获准许的弥偿条文

根据公司细则第166(1)条，董事应就其或

其任何继承人、遗嘱执行人或管理人因他

们在执行或被认为执行职务或受托责任

时，所产生或遭受的所有诉讼、成本、费

用、损失、损害和开支，可从本公司的资

产和利润中获得赔偿和保护，以免其受损

害，但此赔偿不适用于任何与上述人士有

关涉及欺诈或不诚实行为的事项。

在回顾年度内，本公司已经购买并维持适

当的保险，以应对可能针对其董事的潜在

法律行动。

股票挂钩协议

本公司拥有购股权计划，其详情载于综合

财务报表附注29「购股权计划」一节。除上

述情况外，本集团于截至2025年3月31日

止年度并无订立或存在任何股票挂钩协议。

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the

Company’s Bye-laws, or the laws of Bermuda, which

would oblige the Company to ofer new shares on a

pro-rata basis to existing shareholders.

SUFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available and

within the knowledge of the Directors, the Directors

confirm that the Company has maintained a suficient

public float throughout the year ended 31 March 2025

and up to the date of this report.

PERMITED INDEMNITY

Under Bye-law 166(1) of the Company’s Bye-laws, the

Directors shal be indemnified and secured harmles out

of the asets and profits of the Company from and

against al actions, costs, charges, loses, damages and

expenses which they or any of them, their or any of

their heirs, executors or administrators, shal or may

incur or sustain by or by reason of any act done,

concured in or omited in or about the execution of

their duty, or suposed duty, in their respective ofices

or trusts, provided that this indemnity shal not extend

to any mater in respect of any fraud or dishonesty

which may atach to any of said persons.

During the year under review, the Company has taken

out and maintained apropriate insurance to cover

potential legal actions against its Directors.

EQUITY-LINKED AGREMENTS

The Company has share option scheme, the details of

which are set out in the section headed “Share Option

Scheme” in note 29 to the consolidated financial

statements. Save as the aforesaid, no equity-linked

agrements were entered into by the Group or existed

during the year ended 31 March 2025.

董事会报告

Report of the Directors

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

核数师

大信梁学濂（香港）会计师事务所有限公

司已完成本集团截至2025年3月31日止年

度综合财务报表的审计工作。本公司将于

应届的股东周年大会上提呈一项决议案，

续聘大信梁学濂（香港）会计师事务所有

限公司为本公司的核数师。

董事会代表

郑白敏

主席

香港

2025年6月19日

AUDITOR

The consolidated financial statements of the Group for

the year ended 31 March 2025 have ben audited by

PKF Hong Kong Limited. A resolution wil be submited

at the AGM to re-apoint PKF Hong Kong Limited as the

auditor of the Company.

On behalf of the Board

CHENG PAK MAN, ANITA

CHAIRPERSON

Hong Kong

19 June 2025

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

独立核数师报告

Independent Auditor’s Report

TO THE MEMBERS OF

G-VISION INTERNATIONAL (HOLDINGS) LIMITED

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements

of G-Vision International (Holdings) Limited (the

“Company”) and its subsidiaries (the “Group”) set out

on pages 55 to 123, which comprise the consolidated

statement of financial position as at 31 March 2025, the

consolidated statement of profit or los 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

acounting policy information.

In our opinion, the consolidated financial statements

give a true and fair view of the consolidated financial

position of the Group as at 31 March 2025, and of its

consolidated financial performance and its consolidated

cash flows for the year then ended in acordance with

HKFRS Acounting Standards isued by the Hong Kong

Institute of Certified Public Acountants (the “HKICPA”)

and have ben properly prepared in compliance with the

disclosure requirements of the Hong Kong Companies

Ordinance.

大信梁学濂（香港）会计师事务所有限公司

致：环科国际集团有限公司

列位股东

（于百慕达注册成立之有限公司）

意见

本核数师（「本行」）已审计载于第55至第

123页环科国际集团有限公司（「贵公司」）

及其附属公司（「贵集团」）的综合财务报

表，当中包括于2025年3月31日的综合财

务状况表、截至该日止年度的综合损益及

其他全面收益表、综合权益变动表及综合

现金流量表，以及综合财务报表附注，包

括重大会计政策资料。

本行认为，该等综合财务报表已根据香港

会计师公会（「香港会计师公会」）颁布的香

港财务报告准则会计准则真实而公平地反

映了贵集团于2025年3月31日的综合财

务状况以及其截至该日止年度的综合财务

表现及综合现金流量，并已按照香港《公

司条例》的披露要求妥为编制。

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

独立核数师报告

Independent Auditor’s Report

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) as isued 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

acordance with the HKICPA’s Code of Ethics for

Profesional Acountants (the “Code”), and we have

fulfiled our other ethical responsibilities in acordance

with the Code. We believe that the audit evidence we

have obtained is suficient and apropriate to provide a

basis for our opinion.

KEY AUDIT MATERS

Key audit maters are those maters that, in our

profesional judgement, were of most significance in our

audit of the consolidated financial statements of the

curent period. These maters were adresed 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 maters. The key audit mater we identified is:

意见的基础

本行已根据香港会计师公会颁布的香港

审计准则（「香港审计准则」）进行审计。

本行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须承担的责

任」部分中作进一步详述。根据香港会计

师公会颁布的《专业会计师道德守则》（「守

则」），本行独立于贵集团，并已履行守

则中的其他道德责任。本行相信已获得的

审计凭证是充分和适当的，为本行的意见

提供了基础。

关键审计事项

关键审计事项是根据本行的专业判断，认

为对本期间综合财务报表的审计最为重要

的事项。这些事项是在本行审计整体综合

财务报表及出具意见时进行处理，本行不

会对这些事项出具单独的意见。本行识别

的关键审计事项如下：

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

独立核数师报告

Independent Auditor’s Report

关键审计事项（续）

关键审计事项本行如何对关键审计事项进行审计

Key Audit MaterHow our audit adresed the Key Audit Mater

收入确认

Revenue recognition

请参阅综合财务报表附注8和重大会计政

策附注4(j)。

Refer to note 8 to the consolidated

financial statements and note 4(j) of

material acounting policies.

鉴于酒楼业务交易量，本行认定收入确认

为关键审计事项。

We identified recognition of revenue

from restaurant operations as a key audit

mater due to the volume of transactions

of restaurant operations.

截至2025年3月31日止年度，酒楼业务收

入约为50,230,000港元。大部分收入以现

金或信用卡支付结算。

For the year ended 31 March 2025, revenue

from restaurant operations amounted

to aproximately HK$50,230,000. Vast

majority of revenue was setled in cash or

by credit card.

本行就酒楼业务的收入进行的程序包括：

Our procedures in relation to revenue from restaurant

operations included:

– 了解收入业务流程，并测试确认收入的关键控制；

– Obtaining an understanding of the revenue busines

proceses and testing key controls over revenue

recognition;

– 从收入记录，抽取样本进行细节测试，查证到销售

摘要、销售发票及银行收款凭证；

– Performing tests of details, on a sample basis, on

recorded revenue by vouching to sales sumary,

sales invoices and bank receipts;

– 测试年末收入的截数；及

– Testing revenue cut-of at year-end; and

– 进行分析性程序，以识别收入的任何不寻常模式。

– Performing analytical procedures to identify any

unusual paterns of revenue.

KEY AUDIT MATERS (Continued)

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

独立核数师报告

Independent Auditor’s Report

其他资料

贵公司董事须对其他资料负责。其他资料

包括年报内所载的所有资料，但不包括综

合财务报表及我们就此发出的核数师报告。

本行对综合财务报表的意见并不涵盖其他

资料，亦不对该等其他资料发表任何形式

的保证结论。

就本行对综合财务报表的审计而言，本行

的责任是阅读其他资料，在此过程中，考

虑其他资料是否与综合财务报表或本行

在审计过程中所了解的情况存在重大不一

致，或者似乎存在重大错报。基于本行已

执行的工作，如果本行认为其他资料存在

重大错报，本行需要报告该事实。在这方

面，本行没有任何报告。

董事及管治层就综合财务报表须承担

的责任

贵公司董事负责根据香港会计师公会颁布

的香港财务报告准则会计准则及香港《公

司条例》的披露要求，以及董事认为必要

的内部控制，编制真实而公平的综合财务

报表，以确保综合财务报表不存在由于欺

诈或错误而导致的重大错报。

在编制综合财务报表时，董事负责评

估贵集团持续经营的能力，并在适用情

况下披露与持续经营有关的事项，以及使

用以持续经营为基础的会计方法，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而必须进行上述事

项。

管治层负责监督贵集团的财务报告过程。

OTHER INFORMATION

The directors of the Company are responsible for the

other information. The other information comprises al

of the information included in the anual report other

than the consolidated financial statements and our

auditor’s report thereon.

Our opinion on the consolidated financial statements

does not cover the other information and we do not

expres any form of asurance conclusion thereon.

In conection 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 materialy inconsistent with the

consolidated financial statements or our knowledge

obtained in the audit or otherwise apears to be

materialy mistated. If, based on the work we have

performed, we conclude that there is a material

mistatement 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 acordance with HKFRS

Acounting Standards isued by the HKICPA and the

disclosure requirements of the Hong Kong Companies

Ordinance, and for such internal control as the directors

determine is necesary to enable the preparation of

consolidated financial statements that are fre from

material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the

directors are responsible for asesing the Group’s ability

to continue as a going concern, disclosing, as aplicable,

maters related to going concern and using the going

concern basis of acounting unles 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

overseing the Group’s financial reporting proces.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

独立核数师报告

Independent Auditor’s Report

核数师就审计综合财务报表须承担的

责任

本行的目标是对整体而言，此等综合财务

报表是否不存在由于舞弊或错误而导致的

重大错报取得合理保证，并出具包含本行

意见的核数师报告。本行仅根据百慕达公

司法第90条向阁下（作为一个团体）报告

本行的意见，而不作其他目的。本行不会

就本报告的内容对任何其他人承担责任或

接受责任。合理保证是高水平的保证，但

不能担保按照香港审计准则进行的审计总

能发现存在的重大错报。错报可能由于舞

弊或错误而产生，如果合理预期它们单独

或汇总起来可能影响使用者依赖该等综合

财务报表做出的经济决策，则被视为重大

错报。

作为根据香港审计准则进行审计的一部

分，本行在整个审计过程中行使专业判断

并保持专业怀疑态度。本行还：

• 识别和评估综合财务报表是否存在由

于舞弊或错误而导致的重大错报风

险，设计和执行应对这些风险的审计

程序，并获取充分和适当的审计证据

为本行的意见提供基础。由于舞弊可

能涉及串通、伪造、故意遗漏、虚假

陈述或凌驾内部控制，因此未能发现

由舞弊引起的重大错报的风险高于未

能发现由错误引起的重大错报的风险。

，以设计

恰当的审计程序，但目的并非对贵

集团内部控制的有效性发表意见。

• 评估董事所采用的会计政策的恰当

性，以及会计估算和相关披露的合理

性。

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about

whether the consolidated financial statements as a

whole are fre from material mistatement, whether due

to fraud or eror, and to isue an auditor’s report that

includes our opinion. We report our opinion solely to

you, as a body, in acordance with Section 90 of the

Bermuda Companies Act, and for no other purpose. We

do not asume responsibility towards or acept liability

to any other person for the contents of this report.

Reasonable asurance is a high level of asurance, but is

not a guarante that an audit conducted in acordance

with HKSAs wil always detect a material mistatement

when it exists. Mistatements can arise from fraud or

eror and are considered material if, individualy or in

the agregate, 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 acordance with HKSAs, we

exercise profesional judgement and maintain

profesional skepticism throughout the audit. We also:

• Identify and ases the risks of material

mistatement of the consolidated financial

statements, whether due to fraud or eror, design

and perform audit procedures responsive to those

risks, and obtain audit evidence that is suficient

and apropriate to provide a basis for our opinion.

The risk of not detecting a material mistatement

resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery,

intentional omisions, misrepresentations, or the

overide of internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures

that are apropriate in the circumstances, but not

for the purpose of expresing an opinion on the

efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies

used and the reasonablenes of acounting

estimates and related disclosures made by the

directors.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

独立核数师报告

Independent Auditor’s Report

核数师就审计综合财务报表须承担的

责任（续）

• 就董事采用持续经营为基础的会计方

法的恰当性作出结论，并根据所获取

的审计证据，确定是否存在与可能导

致对贵集团持续经营能力产生重大

疑虑的事项或情况有关的重大不确

定性。如果本行认为存在重大不确定

性，则须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，或

如果有关披露不足，则修改本行的意

见。本行的结论是基于截至核数师报

告日期所获取的审计证据。然而，未

来事项或情况可能导致贵集团不能

持续经营。

• 评估本综合财务报表的整体呈列方

式、结构和内容（包括披露事项）以及

综合财务报表是否以公平反映相关交

易和事项的方式列报。

，为贵集团内

实体或业务单位的财务资料获取充分

适当的审计证据，作为对集团财务报

表发表意见的基础。本行负责指导、

监督和审阅为集团审计而执行的审计

工作。本行对审计意见承担全部责任。

除其他事项外，本行与管治层就包括审计

工作的计划范围、时间安排以及重大审计

发现等事项进行沟通，包括本行在审计过

程中识别出的任何重大内部控制缺陷。

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

use of the going concern basis of acounting 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 atention 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 maner that

achieves fair presentation.

• Plan and perform the group audit to obtain

suficient apropriate audit evidence regarding the

financial information of the entities or busines

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 the purposes of

the group audit. We remain solely responsible for

our audit opinion.

We comunicate with those charged with governance

regarding, among other maters, the planed scope and

timing of the audit and significant audit findings,

including any significant deficiencies in internal control

that we identify during our audit.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

独立核数师报告

Independent Auditor’s Report

核数师就审计综合财务报表须承担的

责任（续）

本行还向管治层提供声明，说明本行已遵

守有关独立性的相关道德要求，并与他们

沟通所有被合理认为可能影响本行独立性

的关系和其他事项，以及在适当情况下采

取消除威胁或应用防范措施的行动。

从与管治层沟通的事项中，本行确定那些

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。本行在核数

师报告中描述这些事项，除非法律或法规

禁止公开披露这些事项，或在极少数情况

下，本行确定某事项不应在报告中沟通，

因为其负面后果合理预期将超过此种沟通

带来的公众利益。

出具本独立核数师报告的审计项目董事为

许丽琼（执业证书编号P03499）。

大信梁学濂（香港）会计师事务所有限公司

执业会计师

香港

2025年6月19日

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

We also provide those charged with governance with a

statement that we have complied with relevant ethical

requirements regarding independence, and to

comunicate with them al relationships and other

maters that may reasonably be thought to bear on our

independence, and where aplicable, actions taken to

eliminate threats or safeguards aplied.

From the maters comunicated with those charged

with governance, we determine those maters that were

of most significance in the audit of the consolidated

financial statements of the curent period and are

therefore the key audit maters. We describe these

maters in our auditor’s report unles law or regulation

precludes public disclosure about the mater or when, in

extremely rare circumstances, we determine that a

mater should not be comunicated in our report

because the adverse consequences of doing so would

reasonably be expected to outweigh the public interest

benefits of such comunication.

The engagement director on the audit resulting in this

independent auditor’s report is Hui Lai King (Practising

Certificate Number: P03499).

PKF Hong Kong Limited

Certified Public Acountants

Hong Kong

19 June 2025

2025年
2025
千港元
HK$’000
50,230
(14,373)
35,857
1,766
(23,060)
(5,510)
(408)
(13,730)
(5,085)
(356)
(5,441)
–
(5,441)

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合损益及其他全面收益表

Consolidated Statement of Profit or Los and Other Comprehensive Income

截至2025年3月31日止年度 For the year ended 31 March 2025

2024年

附注千港元

NoteHK$’000

收入Revenue849,549

销售成本Cost of sales(13,807)

毛利Gros profit35,742

其他收入及亏损Other income and los91,399

员工成本Staf costs14(23,417)

短期租约租金Short-term lease rentals(5,573)

折旧Depreciation(197)

其他营运费用Other operating expenses(13,685)

经营亏损Los from operations(5,731)

财务费用Finance costs11(501)

除税前亏损Los before tax(6,232)

所得税费用Income tax expense12–

本公司拥有人应占

本年度亏损

Los for the year atributable to

owners of the Company13(6,232)

2025年
2025
千港元
HK$’000
397
(4)
393
(5,048)
(0.28)

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合损益及其他全面收益表

Consolidated Statement of Profit or Los and Other Comprehensive Income

截至2025年3月31日止年度 For the year ended 31 March 2025

2024年

附注千港元

NoteHK$’000

其他全面收益╱（支出）: Other comprehensive income/

(expense):

不会被重新分类至损益之

项目：

Items that wil not be reclasified

to profit or los:

按公平值计入其他全面

收益（「按公平值计入

其他全面收益」）之

权益工具其公平值变动

Fair value changes of equity

investments at fair value through

other comprehensive income

(“FVTOCI”)(53)

其后可能被重新分类至

损益之项目：

Items that may be reclasified

subsequently to profit or los:

换算海外业务所产生之

汇兑差额

Exchange diferences arising on

translating foreign operations(7)

本年度其他全面

收益╱（支出）

Other comprehensive income/

(expense) for the year(60)

本公司拥有人应占

本年度全面支出总额

Total comprehensive expense

for the year atributable to

owners of the Company(6,292)

每股基本及摊薄亏损

（港仙）

Los per share (basic and

diluted) (cents)17(0.32)

2025年
2025
千港元
HK$’000
1,387
–
1,447
2,834
536
2,091
1,471
1,321
26,405
21,023
52,847
8,181
30,600
4,692
43,473
9,374
12,208
1,482
9,501
10,983
1,225
194,631
(193,406)
1,225

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务状况表

Consolidated Statement of Financial Position

于2025年3月31日 As At 31 March 2025

2024年

附注千港元

NoteHK$’000

非流动资产Non-curent asets

物业、厂房及设备Property, plant and equipment181,777

使用权资产Right-of-use asets19–

物业租赁按金Property rental deposits1,408

3,185

流动资产Curent asets

存货Inventories20519

应收账款、预付款及

其他应收款

Trade receivables, prepayments

and other receivables212,338

物业租赁按金Property rental deposits1,481

按公平值计入其他全面

收益之权益工具

Equity instruments as at FVTOCI

定期存款Fixed deposits25,500

银行及现金结余Bank and cash balances15,848

46,610

流动负债Curent liabilities

应付账款及其他应付款Trade and other payables239,045

董事贷款Loans from a director2426,500

租赁负债Lease liabilities253,108

38,653

流动资产净值Net curent asets7,957

总资产减流动负债Total asets les curent

liabilities11,142

非流动负债Non-curent liabilities

租赁负债Lease liabilities254,869

董事贷款Loans from a director24–

4,869

资产净值NET ASETS6,273

股本及储备Capital and reserves

股本Share capital26194,631

储备Reserves28(188,358)

权益总额TOTAL EQUITY6,273

于2025年6月19日获董事会批准，现由下

列董事代表签署：

Aproved by the Board of Directors on 19 June 2025

and are signed on its behalf by:

郑白敏郑白丽

CHENG Pak Man, AnitaCHENG Pak Lai, Lily

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合权益变动表

Consolidated Statement of Changes in Equity

截至2025年3月31日止年度 For the year ended 31 March 2025

股本股份溢价股本储备投资重估储备购股权储备汇兑储备累积亏损总额

capital

premium

Capital

reserve

Investment

revaluation

reserve

options

reserve

Translation

reserve

Acumulated

losesTotal

（附注28(a)(i)（附注28(a)(i)（附注28(a)(i)

(note 28(a)(i)(note 28(a)(i)(note 28(a)(i)

千港元千港元千港元千港元千港元千港元千港元千港元

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

于2023年4月1日At 1 April 2023194,63188,79484,123(321)2,534(1)(357,195)12,565

年度全面亏损总额Total comprehensive los

for the year–(7)(6,232)(6,239)

按公平值计入其他全面收益之

权益工具其公平值变动

Change in fair value of equity

instruments at FVTOCI–(53)–(53)

年度权益变动Changes in equity for the year–(53)–(7)(6,232)(6,292)

于2024年3月31日At 31 March 2024194,63188,79484,123(374)2,534(8)(363,427)6,273

于2024年4月1日At 1 April 2024194,63188,79484,123(374)2,534(8)(363,427)6,273

年度全面亏损总额Total comprehensive los

for the year–(4)(5,441)(5,445)

按公平值计入其他全面收益之

权益工具其公平值变动

Change in fair value of equity

instruments at FVTOCI–397–397

购股权失效Lapse of share options–(186)–186–

年度权益变动Changes in equity for the year–397(186)(4)(5,255)(5,048)

于2025年3月31日At 31 March 2025194,63188,79484,123232,348(12)(368,682)1,225

2025年
2025
千港元
HK$’000
(5,441)
408
356
(2,259)
(6,936)
(17)
768
10
(898)
(7,073)
(322)
–
(7,395)
(18)
(26,405)
25,500
1,200
277

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合现金流量表

Consolidated Statement of Cash Flows

截至2025年3月31日止年度 For the year ended 31 March 2025

2024年

千港元

HK$’000

经营活动所产生之现金流量CASH FLOWS FROM OPERATING

ACTIVITIES

除税前亏损Los before tax(6,232)

调整：Adjustments for:

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

equipment197

财务费用Finance costs501

利息及股息收入Interest and dividend income(711)

营运资金变动前之经营亏损Operating los before working capital

changes(6,245)

存货（增加）╱减少(Increase)/decrease in inventories144

应收账款，预付款及

其他应收款减少╱（增加）

Decrease/(increase) in trade

receivables, prepayments and

other receivables(669)

物业租赁按金减少Decrease in property rental deposit–

应付账款及其他应付款

（减少）╱增加

(Decrease)/increase in trade and

other payables939

用于经营业务之现金Cash used in operations(5,831)

租赁负债利息Interest on lease liabilities(467)

已缴所得税Income tax paid(44)

用于经营活动之现金净额Net cash used in operating activities(6,342)

投资活动所产生之现金流量CASH FLOWS FROM INVESTING

ACTIVITIES

购置物业、厂房及设备Purchases of property, plant and

equipment(1,153)

存入定期存款Placement of fixed deposits(25,500)

提取定期存款Withdrawal of fixed deposits–

已收利息及股息Interest and dividend received672

来自╱（用于）投资活动之

现金净额

Net cash generated from/(used in)

investing activities(25,981)

2025年
2025
千港元
HK$’000
(1,803)
14,100
12,297
5,179
(4)
15,848
21,023
21,023

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合现金流量表

Consolidated Statement of Cash Flows

截至2025年3月31日止年度 For the year ended 31 March 2025

2024年

千港元

HK$’000

融资活动所产生之现金流量CASH FLOWS FROM FINANCING

ACTIVITIES

租赁付款的本金部分Principal elements of lease payment(2,843)

提取董事贷款Drawdown loans from a director26,500

来自融资活动之现金净额Net cash generated from financing

activities23,657

现金及现金等值项目

增加╱（减少）净额

NET INCREASE/(DECREASE) IN

CASH AND CASH EQUIVALENTS(8,666)

汇率变动之影响Efect of foreign exchange rate changes(9)

于4月1日之现金及现金等值

项目

CASH AND CASH EQUIVALENTS

AT 1 APRIL24,523

于3月31日之现金及现金等值

项目

CASH AND CASH EQUIVALENTS

AT 31 MARCH15,848

现金及现金等值项目分析ANALYSIS OF CASH AND

CASH EQUIVALENTS

银行及现金结余Bank and cash balances15,848

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

1. GENERAL INFORMATION

G-Vision International (Holdings) Limited (the

“Company”) was incorporated in Bermuda as an

exempted company with limited liability. The

adres of its registered ofice is Clarendon House,

2 Church Stret, Hamilton HM 11, Bermuda. The

adres of its principal place of busines is Unit 108,

1st Flor, East Ocean Centre, 98 Granvile Road,

Tsimshatsui East, Kowlon, Hong Kong. The

Company’s shares are listed on the Main Board of

The Stock Exchange of Hong Kong Limited (the

“Stock Exchange”).

The Company is an investment holding company.

The principal activities of its subsidiaries are set out

in note 30 to the consolidated financial statements.

In the opinion of the directors of the Company,

Kong Fai International Limited (“Kong Fai”), a

company incorporated in the British Virgin Islands

(the “BVI”), is the ultimate parent. Mr. Cheng Hop

Fai (“Mr. Cheng”) and his family members are the

ultimate controling parties of the Company.

2. BASIS OF PREPARATION

These consolidated financial statements have ben

prepared in acordance with al aplicable Hong

Kong Financial Reporting Standards (“HKFRS”),

Hong Kong Acounting Standards (“HKAS”) and

Interpretations isued by the Hong Kong Institute of

Certified Public Acountants (the “HKICPA”)

(hereinafter colectively refered to as (“HKFRS

Acounting Standards”). These consolidated

financial statements also comply with the aplicable

disclosure provisions of the Rules Governing the

Listing of Securities on the Stock Exchange (the

“Listing Rules”) and with the disclosure

requirements of the Hong Kong Companies

Ordinance.

1. 一般资料

环科国际集团有限公司（「本公司」）

于百慕达注册成立为受豁免有限公

司。其注册办事处地址为Clarendon

House, 2 Church Stret, Hamilton HM

11, Bermuda。其主要营业地点为香

港九龙尖沙咀东部加连威老道98号东

海商业中心1楼108室。本公司之股份

于香港联合交易所有限公司（「联交

所」）主板上市。

本公司为一间投资控股公司。其附属

公司之主要业务载于综合财务报表附

注30。

本公司董事认为，于英属处女群岛

注册成立之Kong Fai International

Limited为其最终控股公司。郑合辉先

生（「郑先生」）及其家族成员为本公司

之最终控股方。

2. 编制基准

本综合财务报表乃根据香港会计师公

会（「香港会计师公会」）颁布之所有适

用香港财务报告准则（「香港财务报告

准则」）、香港会计准则（「香港会计准

则」）及诠释（以下统称《香港财务报告

准则会计准则》）。本综合财务报表已

符合香港联合交易所有限公司证券上

市规则（「上市规则」）之适用披露条文

及《公司条例》之披露规定。

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

3. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(a) Amendments to HKFRS Acounting

Standards that are mandatorily efective

for the curent year

In the curent year, the Group has aplied the

folowing amendments to HKFRS Acounting

Standards isued by the HKICPA for the first

time, which are mandatorily efective for the

anual periods begining on or after 1 January

2024 for the preparation of the consolidated

financial statements:

Amendments to

HKFRS 16

Lease Liability in a Sale

and Leaseback

Amendments to

HKAS 1

Clasification of Liabilities

as Curent or

Non-curent and

related amendments to

Hong Kong

Interpretation 5 (2020)

Amendments to

HKAS 1

Non-curent Liabilities

with Covenants

Amendments to

HKAS 7 and

HKFRS 7

Suplier Finance

Arangements

Except as described below, the initial

aplication of the above amendments to HKFRS

Acounting Standards in the curent year has

had no material impact on the Group’s

financial positions and performance for the

curent and prior years and/or on the

disclosures set out in these consolidated

financial statements.

《香港财务报告

准则会计准则》

(a) 于本年度强制生效之经修订《香

港财务报告准则会计准则》

于本年度，本集团编制综合财务

报表时已首次应用以下由香港会

计师公会颁布并于2024年1月1日

或之后开始的年度期间强制生效

的经修订《香港财务报告准则会

计准则》：

香港财务报告

准则第16号

之修订

售后租回的租赁

责任

香港会计准则

第1号之修订

将负债分类为流

动或非流动及

香港诠释第5

号（2020年）

的相应修订

香港会计准则

第1号之修订

附带契约的非流

动负债

香港会计准则

第7号及香港

财务报告准则

第7号之修订

供应商融资安排

除下文所述外，于本年度首次应

用以上经修订《香港财务报告准

则会计准则》对本集团于本年度

及过往年度的财务状况及表现和

╱或该等综合财务报表所载披露

并无重大影响。

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

《香港财务报告

准则会计准则》（续）

(a) 于本年度强制生效之经修订《香

港财务报告准则会计准则》（续）

应用《香港会计准则第1号：将负

债分类为流动或非流动及附带契

约的非流动负债》之修订及《香港

诠释第5号：财务报表的呈列－

借款人对载有按要求还款条款的

定期贷款的分类》之修订的影响：

该2020年修订本就评估自报告日

期起至少延迟十二个月结算的权

利分类为流动或非流动负债提供

阐明及额外指引，其中：

• 明确规定将负债分类为流

动或非流动应以报告期末

时存在的权利为基础。具体

而言，分类不应因管理层在

十二个月内结清负债的意图

或意向而受到影响。

• 阐明负债之结算可透过现

金、商品或服务之转让，或

实体向交易对方转让本身的

股权工具。倘负债之条款可

由交易对方选择以转让实体

本身的股权工具进行结算，

则仅当该实体须应用香港会

计准则第32号「金融工具：

呈列」将该选择单独确认为

股权工具时，该等条款才不

会影响其分类为流动或非流

动。

3. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(Continued)

(a) Amendments to HKFRS Acounting

Standards that are mandatorily efective

for the curent year (Continued)

Impacts on aplication of Amendments to

HKAS 1 Clasification of Liabilities as Curent or

Non-curent and Non-curent Liabilities with

Covenants and Amendments to Hong Kong

Interpretation 5 Presentation of Financial

Statements – Clasification by the Borower of

a Term Loan that Contains a Repayment on

Demand Clause:

The 2020 Amendments provide clarification

and aditional guidance on the asesment of

right to defer setlement for at least twelve

months from reporting date for clasification of

liabilities as curent or non-curent, which:

• specify that the clasification of liabilities

as curent or non-curent should be based

on rights that are in existence at the end

of the reporting period. Specificaly, the

clasification should not be afected by

management intentions or expectations to

setle the liability within twelve months.

• clarify that the setlement of a liability can

be a transfer of cash, gods or services, or

the entity’s own equity instruments to the

counterparty. If a liability has terms that

could, at the option of the counterparty,

result in its setlement by the transfer of

the entity’s own equity instruments, these

terms do not afect its clasification as

curent or non-curent only if the entity

recognises the option separately as an

equity instrument aplying HKAS 32

Financial Instruments: Presentation.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

《香港财务报告

准则会计准则》（续）

(a) 于本年度强制生效之经修订《香

港财务报告准则会计准则》（续）

就以遵守契约为条件的自报告日

期起计至少延迟十二个月才结算

的权利而言，2022年修订本明确

阐明，实体于报告期末或之前必

须遵守的契约方会影响实体于报

告日期后最少延迟十二个月才结

清负债的权利（即使对契约条款

之遵守情况只于报告日期后方进

行评估）。2022年修订本进一步

规定，实体于报告日期后须遵守

之契约（即未来契约）并不影响

负债于报告日期之流动或非流动

分类。然而，若实体延迟结算负

债之权利取决于其于报告期间后

十二个月内遵守契约之情况，则

实体须披露相关资料，以使财务

报表使用者得以了解负债于报告

期间后十二个月内可能须偿还之

风险。此等资料应包括相关契约

之内容、相关负债之账面金额，

以及任何可能显示实体于遵守契

约方面存在困难之事实与情况。

根据过渡条款，本集团已追溯应

用新会计政策，对负债进行流动

或非流动之分类。本年度应用该

等修订，对综合财务报表概无造

成重大影响。

3. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(Continued)

(a) Amendments to HKFRS Acounting

Standards that are mandatorily efective

for the curent year (Continued)

For rights to defer setlement for at least

twelve months from reporting date which are

conditional on the compliance with covenants,

the 2022 Amendments specificaly clarify that

only covenants that an entity is required to

comply with on or before the end of the

reporting period afect the entity’s right to

defer setlement of a liability for at least twelve

months after the reporting date, even if

compliance with the covenant is asesed only

after the reporting date. The 2022

Amendments also specify that covenants with

which an entity must comply after the

reporting date (i.e. future covenants) do not

afect the clasification of a liability as curent

or non-curent at the reporting date. However,

if the entity’s right to defer setlement of a

liability is subject to the entity complying with

covenants within twelve months after the

reporting period, an entity discloses

information that enables users of financial

statements to understand the risk of the

liabilities becoming repayable within twelve

months after the reporting period. This would

include information about the covenants, the

carying amount of related liabilities and facts

and circumstances, if any, that indicate that the

entity may have dificulties complying with the

covenants.

In acordance with the transition provision, the

Group has aplied the new acounting policy

to the clasification of liability as curent or

non-curent retrospectively. The aplication of

the amendments in the curent year had no

material impact on the consolidated financial

statements.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

《香港财务报告

准则会计准则》（续）

(b) 已颁布但尚未生效之新订及经修

订《香港财务报告准则会计准则》

本集团并无提早应用以下已颁布

但尚未生效的新订及经修订《香

港财务报告准则会计准则》：

香港会计准则第21号之修订缺乏可兑换性

Amendments to HKAS 21Lack of Exchangeability

香港财务报告准则第10号及香港

会计准则第28号之修订

投资者与其联营公司或合营企业之间的资产出售

或注资

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets betwen an

Investor and its Asociate or Joint

Venture

香港财务报告准则第9号及香港

财务报告准则第7号之修订

金融工具的分类及计量之修订

Amendments to HKFRS 9 and

HKFRS 7

Amendments to the Clasification and

Measurement of Financial Instruments

《香港财务报告准则会计准则》之

修订

《香港财务报告准则会计准则》年度改进 – 第

11册

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS Acounting

Standards – Volume 11

香港财务报告准则第18号财务报表呈列及披露

HKFRS 18Presentation and Disclosure in Financial

Statements

适用于待定日期或之后开始的年

度期间生效

于2025年1月1日或之后开始的年

度期间生效

于2026年1月1日或之后开始的年

度期间生效

于2027年1月1日或之后开始的年

度期间生效

除下文所述之新订及经修订《香港财

务报告准则会计准则》外，董事们预

期应用所有其他新订及经修订《香港

财务报告准则会计准则》于可见将来

不会对综合财务报表造成重大影响。

3. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(Continued)

(b) New and amendments to HKFRS

Acounting Standards in isue but not yet

efective

The Group has not early aplied the folowing

new and amendments to HKFRS Acounting

Standards that have ben isued but are not

yet efective:

Efective for anual periods begining on or after

a date to be determined.

Efective for anual periods begining on or after

1 January 2025.

Efective for anual periods begining on or after

1 January 2026.

Efective for anual periods begining on or after

1 January 2027.

Except for the new and amendments to HKFRS

Acounting Standards mentioned below, the

Directors anticipate that the aplication of al other

new and amendments to HKFRS Acounting

Standards wil have no material impact on the

consolidated financial statements in the foreseable

future.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

《香港财务报告

准则会计准则》（续）

(b) 已颁布但尚未生效之新订及经修

订《香港财务报告准则会计准则》

（续）

香港财务报告准则第9号及香港

财务报告准则第7号之修订「金融

工具分类及计量之修订」

香港财务报告准则第9号的修订

澄清了金融资产和金融负债的确

认和终止确认，并增加了一项例

外，即如果企业使用电子支付系

统以现金结算金融负债，且仅当

满足某些条件时，企业才可视为

该金融负债在结算日之前解除。

香港财务报告准则第7号就有关

按公平值计入其他全面收益之

股权工具投资的披露要求作出修

订。具体而言，实体须披露当期

期间于其他全面收益中呈报之公

平值收益或亏损，并分别列示与

报告期间终止确认之投资相关部

分，以及与报告期末仍持有之投

资相关部分。实体另须披露报告

期间内因终止确认投资而产生的

相关权益累计损益之任何转拨情

况。此外，修订本须就基于非直

接涉及基本借贷风险及成本之或

有事件而可能影响合约现金流量

之合约条款要求作出定性及定量

披露。

该等修订将于2026年1月1日或之

后开始之年度报告期间生效，并

可提前应用，应用该等修订预期

不会对本集团的财务状况及表现

有重大影响。

3. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(Continued)

(b) New and amendments to HKFRS

Acounting Standards in isue but not yet

efective (Continued)

Amendments to HKFRS 9 and HKFRS 7

Amendments to the Clasification and

Measurement of Financial Instruments

The amendments to HKFRS 9 clarify the

recognition and derecognition for financial

aset and financial liability and ad an

exception which permits an entity to dem a

financial liability to be discharged before the

setlement date if it is setled in cash using an

electronic payment system if, and only if certain

conditions are met.

The disclosure requirements in HKFRS 7 in

respect of investments in equity instruments

designated at fair value through other

comprehensive income are amended. In

particular, the entities are required to disclose

the fair value gain or los presented in other

comprehensive income during the period,

showing separately those related to

investments derecognised during the reporting

period and those related to investments held at

the end of the reporting period. An entity is

also required to disclose any transfers of the

cumulative gain or los within equity related to

the investments derecognised during the

reporting period. In adition, the amendments

introduce the requirements of qualitative and

quantitative disclosure of contractual terms that

could afect the contractual cash flow based on

a contingent even not directly relating to basic

lending risks and cost.

The amendments are efective for anual

reporting periods begining on or after 1

January 2026, with early aplication permited.

The aplication of the amendments is not

expected to have significant impact on the

financial position and performance of the

Group.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

《香港财务报告

准则会计准则》（续）

(b) 已颁布但尚未生效之新订及经修

订《香港财务报告准则会计准则》

（续）

香港财务报告准则第18号「财务

报表的呈列及揭露」

香港财务报告准则第18号载列「财

务报表之呈列及披露」要求，将

取代现行香港会计准则第1号「财

务报表之呈列」。此新订《香港财

务报告准则会计准则》除保留香

港会计准则第1号多项现有要求

外，新增于损益表内列示特定类

别项目及小计金额之新要求；于

财务报表附注中披露管理层定义

绩效指标及改进与分类呈现财务

资料方式之披露要求。此外，香

港会计准则第1号部份条文已转

移至香港会计准则第8号及香港

财务报告准则第7号。本次修订

亦对香港会计准则第7号「现金流

量表」及香港会计准则第33号「每

股盈利」作出轻微调整。香港财

务报告准则第18号及其他相关准

则修订本将于2027年1月1日或之

后开始的年度期间生效，并可提

前应用。新准则的实施预计将影

响未来财务报表中损益表的呈列

方式及相关披露要求。本集团目

前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的具

体影响。

3. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(Continued)

(b) New and amendments to HKFRS

Acounting Standards in isue but not yet

efective (Continued)

HKFRS 18 Presentation and Disclosure in

Financial Statements

HKFRS 18 Presentation and Disclosure in

Financial Statements, which sets out

requirements on presentation and disclosures in

financial statements, wil replace HKAS 1

Presentation of Financial Statements. This new

HKFRS Acounting Standard, while carying

forward many of the requirements in HKAS 1,

introduces new requirements to present

specified categories and defined subtotals in

the statement of profit or los; provide

disclosures on management-defined

performance measures in the notes to the

financial statements and improve agregation

and disagregation of information to be

disclosed in the financial statements. In

adition, some HKAS 1 paragraphs have ben

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, wil be efective for anual periods

begining on or after 1 January 2027, with

early aplication permited. The aplication of

the new standard is expected to afect the

presentation of the statement of profit or los

and disclosures in the future financial

statements. The Group is in the proces of

asesing the detailed impact of HKFRS 18 on

the Group’s consolidated financial statements.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

4. 重大会计政策

本综合财务报表是根据历史成本法编

制，除了若干金融工具是按每个报告

期末的公平值计量，犹如下文会计政

策所述。

(a) 综合基准

综合财务报表包括本公司及本集

团控制的子公司的财务报表。当

本集团对一个实体承担可变回报

的风险或享有权利，并有能力通

过对该实体的权力影响这些回报

时，集团即对该实体实现控制。

子公司自本集团取得控制权之日

起纳入合并范围，直至本集团失

去控制权之日终止合并。

本集团的内部交易、余额及现金

流量已完全抵销。

在本公司的财务状况表中，对子

公司的投资是以成本减去减值亏

损的金额呈报。

(b) 外币换算

(i) 功能货币和呈报货币

本集团各实体的财务报表中

包含的项目，均以实体经营

所在地的主要经济环境货币

（「功能货币」）计量。而综合

财务报表则以港元（即本公

司之功能及呈报货币）呈列。

4. MATERIAL ACOUNTING POLICIES

These consolidated financial statements have ben

prepared under the historical cost basis, except for

certain financial instruments that are measured at

fair value at the end of each reporting period, as

explained in the acounting policies below.

(a) Basis of consolidation

The consolidated financial statements include

the financial statements of the Company and

its subsidiaries controled by the group. The

Group controls an entity when it is exposed, or

has rights, to variable returns from its

involvement with the entity and has the ability

to afect those returns through its power over

the entity.

Subsidiaries are consolidated from the date on

which control is obtained by the Group. They

are de-consolidated from the date the control

ceases.

Intragroup transactions, balances, and cash

flows are fuly eliminated.

In the Company’s statement of financial

position, investments in subsidiaries are stated

at cost les impairment los.

(b) Foreign curency translation

(i) Functional and presentation curency

Items included in the financial statements

of each of the Group’s entities are

measured using the curency of the

primary economic environment in which

the entity operates (the “functional

curency”). The consolidated financial

statements are presented in Hong Kong

dolars, which is the Company’s functional

and presentation curency.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(b) 外币换算（续）

(i) 各实体财务报表的交易和余

额

外币交易在初始确认时采用

交易发生日的汇率换算为功

能货币。外币货币性资产和

负债以报告期末的汇率换

算。结算或换算货币性项目

产生的汇兑损益在产生期间

计入损益。

(i) 综合账目换算

本集团所有实体的功能货币

如有别于本公司的呈报货

币，其业绩和财务状况均被

换算为本公司的呈报货币，

具体如下：

– 每份财务状况表所列资

产和负债，均按该财务

状况表日期的收市汇率

换算；

– 收支项目按期内平均汇

率换算（除非该平均汇

率相对交易日汇率的累

积影响并非合理，在此

情况下，收支项目按交

易日的汇率换算）；及

– 所有由此产生的汇兑差

额均确认为其他全面收

益，并累计在汇兑储备

中。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(b) Foreign curency translation (Continued)

(i) Transactions and balances in each

entity’s financial statements

Transactions in foreign curencies are

translated into the functional curency on

initial recognition using the exchange rates

prevailing on the transaction dates.

Monetary asets and liabilities in foreign

curencies are translated at the exchange

rates at the end of each reporting period.

Gains and loses resulting from setlement

of or retranslation of monetary items are

recognised in profit or los in the period in

which they arise.

(i) Translation on consolidation

The results and financial position of al the

Group entities that have a functional

curency diferent from the Company’s

presentation curency are translated into

the Company’s presentation curency as

folows:

– Asets and liabilities for each

statement of financial position

presented are translated at the closing

rate at the date of that statement of

financial position;

– Income and expenses are translated at

average exchange rates for the period

(unles this average is not a

reasonable aproximation of the

cumulative efect of the rates

prevailing on the transaction dates, in

which case income and expenses are

translated at the exchange rates on

the transaction dates); and

– Al resulting exchange diferences are

recognised in other comprehensive

income and acumulated in the

foreign curency translation reserve.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

物业、厂房及设备在综合财务状

况表中按成本减其后累计折旧和

累计减值亏损（如有）列账。

后续产生的成本，只有在与该项

目有关的未来经济利益很可能流

入本集团，且该项目的成本能够

可靠计量时，才会计入资产的账

面金额或确认为单独资产（如适

用）。所有其他维修及保养费用

在产生的期间内计入损益。

折旧是按直线法在估计可使用年

期内撇销其成本减剩余价值。主

要的年利率如下：

家具和酒楼设备租赁期限或

2-5年

租赁物业装修5年

于每个报告期末，预期剩余价

值、可使用期限和折旧方法会以

前瞻性的方式按适当情况进行审

阅和调整。

(d) 租赁

在合同开始时，本集团评估有关

合同是否为租赁或包含租赁。如

果合同赋予在一段时间内控制已

识别资产的使用权以换取对价，

则该合同为租赁或包含租赁。当

客户既有权指导已识别资产的使

用，又有权获得该使用带来的几

乎全部经济利益时，即表明拥有

控制权。

4. MATERIAL ACOUNTING POLICIES

(Continued)

Property, plant and equipment are stated in the

consolidated statement of financial position at

cost, les subsequent acumulated depreciation

and subsequent acumulated impairment

loses, if any.

Subsequent costs are included in the aset’s

carying amount or recognised as a separate

aset, as apropriate, only when it is probable

that future economic benefits asociated with

the item wil flow to the Group and the cost of

the item can be measured reliably. Al other

repairs and maintenance are recognised in

profit or los during the period in which they

are incured.

Depreciation is recognised so as to write of

their cost les their residual values over the

estimated useful lives on a straight-line basis.

The principal anual rates are as folows:

Furniture and restaurant

equipment

Over the lease term

or 2 – 5 years

Leasehold improvement5 years

The estimated residual values, useful lives and

depreciation method are reviewed and adjusted

on a prospective basis, if apropriate, at the

end of each reporting period.

(d) Leases

At inception of a contract, the Group aseses

whether the contract is, or contains, a lease. A

contract is, or contains, a lease if the contract

conveys the right to control the use of an

identified aset for a period of time in

exchange for consideration. Control is

conveyed where the customer has both the

right to direct the use of the identified aset

and to obtain substantialy al of the economic

benefits from that use.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(d) 租赁（续）

本集团作为承租人

在租赁开始日，本集团确认使用

权资产和租赁负债，但租赁期为

12个月或更短的短期租赁除外，

这些主要为本集团的酒楼、办公

室、董事宿舍及储物室。

当租赁被资本化，租赁负债初始

按租赁期内应付租赁付款的现值

确认，折现率为租赁隐含的利率

或（如无法轻易确定该利率）相关

增量借款利率。初始确认后，租

赁负债按摊销成本计量，利息开

支采用实际利率法计算。不取决

于指数或利率的可变租赁付款不

包括在租赁负债的计量中，而是

在其发生的会计期间内计入损益。

使用权资产初步按成本计量，包

括租赁负债的初始金额，在开始

日或之前支付的任何租赁付款以

及任何初始直接费用。如适用，

使用权资产的成本还包括拆卸和

移除相关资产或还原相关资产或

其所在地的估计成本。使用权资

产随后按成本减累计折旧和减值

亏损列账。

使用权资产按直线法在其估计可

使用年期与租赁期两者中较短的

期间内折旧。

本集团将使用权资产作为合并财

务状况表中的单独项目列示。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(d) Leases (Continued)

The Group as a lese

At the lease comencement date, the Group

recognises a right-of-use aset and a lease

liability, except for short-term leases that have

a lease term of 12 months or les, for the

Group are primarily restaurant, ofice, director’s

quarter and storage rom.

Where the lease is capitalised, the lease liability

is initialy recognised at the present value of

the lease payments payable over the lease

term, discounted using the interest rate implicit

in the lease or, if that rate canot be readily

determined, using a relevant incremental

borowing rate. After initial recognition, the

lease liability is measured at amortised cost and

interest expense is calculated using the

efective interest method. Variable lease

payments that do not depend on an index or

rate are not included in the measurement of

the lease liability and hence are charged to

profit or los in the acounting period in which

they are incured.

Right-of-use aset is initialy measured at cost,

which comprises the initial amount of the lease

liability plus any lease payments made at or

before the comencement date, and any initial

direct costs incured. Where aplicable, the

cost of the right-of-use asets also includes an

estimate of costs to dismantle and remove the

underlying aset or to restore the underlying

aset or the site on which it is located. The

right-of-use aset is subsequently stated at cost

les acumulated depreciation and impairment

loses.

Right-of-use asets are depreciated on a

straight-line basis over the shorter of its

estimated useful life and the lease term.

The Group presents right-of-use asets as a

separate line item on the consolidated

statements of financial position.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(d) 租赁（续）

本集团作为承租人（续）

物业租赁按金根据香港财务报告

准则第9号入账，初始按公平值

计量。初始确认时的公平价值调

整被视为额外的租赁付款并计入

使用权资产的成本。

(e) 存货

存货按成本与可变现净值两者中

较低者列账。成本采用先进先出

方法计算。可变现净值是指存货

在日常业务过程中的估计售价，

减去完成生产和进行销售所需的

估计成本。

(f) 确认及终止确认金融工具

当本集团实体成为工具合同条款

的其中一方时，金融资产和金融

负债在综合财务状况表中确认。

金融资产和金融负债初始按公平

值计量，惟客户合同产生的应收

账款初始根据香港财务报告准则

第15号「来自客户合同的收入」计

量。收购或发行金融资产和金融

负债直接相关的交易成本，在初

始确认时计入或从金融资产或金

融负债的公平值中扣除（视情况

而定）。

只有在资产现金流量的合同权利

到期，或将金融资产及其所有权

上几乎所有的风险和报酬转移给

另一实体的情况下，本集团才终

止确认金融资产。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(d) Leases (Continued)

The Group as a lese (Continued)

Refundable rental deposits paid are acounted

under HKFRS 9 and initialy measured at fair

value. Adjustments to fair value at initial

recognition are considered as aditional lease

payments and included in the cost of

right-of-use asets.

(e) Inventories

Inventories are stated at the lower of cost and

net realisable value. Cost is determined using

the first-in, first-out basis. Net realisable value

is the estimated seling price in the ordinary

course of busines, les the estimated costs of

completion and the estimated costs necesary

to make the sale.

(f) Recognition and derecognition of financial

instruments

Financial asets and financial liabilities are

recognised in the consolidated statement of

financial position when a group entity becomes

a party to the contractual provisions of the

instrument.

Financial asets and financial liabilities are

initialy measured at fair value except for trade

receivables arising from contracts with

customers which are initialy measured in

acordance with HKFRS 15 Revenue from

contracts with customers. Transaction costs

that are directly atributable to the acquisition

or isue of financial asets and financial

liabilities are aded to or deducted from the

fair value of the financial asets or financial

liabilities, as apropriate, on initial recognition.

The Group derecognises a financial aset only

when the contractual rights to the cash flows

from the aset expire, or when it transfers the

financial aset and substantialy al the risks and

rewards of ownership of the aset to another

entity.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(f) 确认及终止确认金融工具（续）

只有在本集团的责任被解除、取

消或到期时，本集团才终止确认

金融负债。终止确认的金融负债

账面值与已支付及应付的对价之

间的差额，于损益中确认。

(g) 金融资产

股权投资

权益证券投资分类为以公平值计

入损益（「公平值计入损益」），

除非该股权投资并非持作交易

用途，且在初始确认投资时，本

集团作出不可撤销的选择将其指

定为以公平值计入其他全面收益

（「公平值计入其他全面收益」）（不

可转回）。做出此种选择后，以

公平值计入其他全面收益金额将

一直留在投资重估储备（不可转

回）中，直至该投资被处置。处

置时，投资重估储备（不可转回）

中累计的金额将转入留存收益，

不得转入损益。权益证券投资股

息在损益中确认为其他收入。

应收账款及其他应收款

当本集团拥有无条件收取对价权

利时，应收款项被予以确认。如

果只需要经过一段时间，对价即

会到期支付，则收取对价的权利

是无条件的。

应收款项采用实际利率法按摊销

成本减信贷亏损拨备列账。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(f) Recognition and derecognition of financial

instruments (Continued)

The Group derecognises financial liabilities

when, and only when, the Group’s obligations

are discharged, canceled or have expired. The

diference betwen the carying amount of the

financial liability derecognised and the

consideration paid and payable, is recognised

in profit or los.

(g) Financial asets

Equity investments

An investment in equity securities is clasified

as fair value through profit or los (“FVTPL”)

unles the equity investment is not held for

trading purposes and on initial recognition of

the investment the Group makes an irevocable

election to designate the investment at fair

value through other comprehensive income

(“FVTOCI”) (non-recycling) such that

subsequent changes in fair value are recognised

in other comprehensive income. Where such an

election is made, the amount acumulated in

other comprehensive income remains in the fair

value reserve (non-recycling) until the

investment is disposed of. At the time of

disposal, the amount acumulated in the fair

value reserve (non-recycling) is transfered to

retained earnings. It is not recycled through

profit or los. Dividends from an investment in

equity securities, are recognised in profit or los

as other income.

Trade receivables and other receivables

A receivable is recognised when the Group has

an unconditional right to receive consideration.

A right to receive consideration is unconditional

if only the pasage of time is required before

payment of that consideration is due.

Receivables are stated at amortised cost using

the efective interest method les alowance for

credit loses.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(h) 现金及现金等值项目

现金及现金等值项目包括银行存

款、手头现金、银行活期存款，

以及可随时转换为已知金额现金

且价值变动风险很小的短期、高

度流动性投资。

(i) 金融负债及权益工具

金融负债及权益工具根据合约安

排的实质内容以及根据金融负债

和权益工具的定义进行分类。权

益工具是指能够证明对本集团资

产在扣除所有负债后的剩余权益

的任何合约。本公司发行的权益

工具按已收取的所得款项扣除直

接发行成本记账。

借款

借款初始按公平值扣除所发生的

交易成本确认，其后采用实际利

率法按摊销成本计量。

除非本集团有无条件权利将负债

的结算递延至报告期后至少12个

月，否则借款分类为流动负债。

应付账款及其他应付款

应付账款及其他应付款初始按公

平值确认，其后采用实际利率法

按摊销成本计量，除非折现影响

并不重大，在此情况下则按成本

列账。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(h) Cash and cash equivalents

Cash and cash equivalents comprise cash at

bank and on hand, demand deposits with

banks, and short-term, highly liquid

investments that are readily convertible into

known amounts of cash and which are subject

to an insignificant risk of changes in value.

(i) Financial liabilities and equity instruments

Financial liabilities and equity instruments are

clasified acording to the substance of the

contractual arangements entered into and the

definitions of a financial liability and an equity

instrument. An equity instrument is any

contract that evidences a residual interest in

the asets of the Group after deducting al of

its liabilities. Equity instruments isued by the

Company are recorded at the proceds

received, net of direct isue costs.

Borowings

Borowings are recognised initialy at fair value,

net of transaction costs incured, and

subsequently measured at amortised cost using

the efective interest method.

Borowings are clasified as curent liabilities

unles the Group has an unconditional right to

defer setlement of the liability for at least 12

months after the reporting period.

Trade and other payables

Trade and other payables are recognised

initialy at their fair value and subsequently

measured at amortised cost using the efective

interest method unles the efect of

discounting would be imaterial, in which case

they are stated at cost.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(j) 收入及其他收入

客户合同收入

收入在产品或服务的控制权转移

给客户时确认，金额为本集团预

期有权收取的承诺对价，不包括

代表第三方收取的金额（如增值

税或其他销售税），并扣除任何

交易折扣。

酒楼业务

履约责任是提供食品和饮料的承

诺。经营中式酒楼的收入在向客

户提供食品和饮料时的某个时间

点确认。客户在接受服务时应立

即支付交易价格。对于客户以信

用卡结算的款项，结算期通常为

交易日后2天内。

股息收入

在股东收取股息的权利确立时确

认股息收入。

其他收入

利息收入采用实际利率法随时间

累计确认。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(j) Revenue and other income

Revenue from contracts with customers

Revenue is recognised when control over a

product or service is transfered to the

customer, at the amount of promised

consideration to which the Group is expected

to be entitled, excluding those amounts

colected on behalf of third parties, such as

value aded tax or other sales taxes and is after

deduction of any trade discounts.

Restaurant operations

The performance obligation is the promise to

provide fod and beverages. Revenue from

operation of Chinese restaurants is recognised

at a point in time when the fod and beverages

are served to the customers. Payment of the

transaction price is due imediately at the

point the services are rendered to the

customers. For payments setled by credit cards

by customers, the setlement period is normaly

within 2 days from the trade date.

Dividend income

Dividend income is recognised when the

shareholders’ rights to receive payment are

established.

Other income

Interest income is recognised as it acrues using

the efective interest method.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(k) 雇员福利

(i) 短期及长期雇员福利

短期雇员福利乃按雇员提供

服务时预期须支付的福利的

未贴现金额确认。除非另一

项香港财务报告准则会计准

则规定或允许将短期雇员福

利计入资产成本，否则所有

短期雇员福利均确认为开支。

雇员之应得福利（如工资、

薪金及年假）在扣除已支付

的任何金额后被确认为负债。

就其他长期雇员福利确认的

负债，是按本集团截至报告

日期预计就雇员提供的服务

将作出的估计未来现金流出

的现值计量。因服务成本、

利息和重新计量而产生的负

债账面金额的任何变动均于

损益确认，除非另一项香港

财务报告准则会计准则规定

或允许将其纳入资产成本中。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(k) Employe benefits

(i) Short-term and other long-term

employe benefits

Short-term employe benefits are

recognised at the undiscounted amount of

the benefits expected to be paid as and

when employes rendered the services. Al

short-term employe benefits are

recognised as an expense unles another

HKFRS Acounting Standards requires or

permits the inclusion of the benefit in the

cost of an aset.

A liability is recognised for benefits

acruing to employes (such as wages,

salaries and anual leave) after deducting

any amount already paid.

Liabilities recognised in respect of other

long-term employe benefits are measured

at the present value of the estimated

future cash outflows expected to be made

by the Group in respect of services

provided by employes up to the reporting

date. Any changes in the liabilities’

carying amounts resulting from service

cost, interest and remeasurements are

recognised in profit or los except to the

extent that another HKFRS Acounting

Standards requires or permits their

inclusion in the cost of an aset.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(k) 雇员福利（续）

(i) 退休福利成本

本集团按照香港强制性公积

金计划条例为所有合资格参

与界定供款强制性公积金退

休福利计划（「强积金计划」）

的雇员运作强积金计划。供

款按雇员基本薪金的某一百

分比计算，于应按照强积金

计划的规则于支付供款时在

损益账扣除。强积金计划的

资产由独立管理基金持有并

与本集团资产分开管理。当

向强积金计划供款时，本集

团的雇主供款全数归属于雇

员所有，当员工在供款完全

归属前离职时，该等供款将

根据强积金计划的规则退还

给本集团。对于长期服务金

义务，根据香港会计准则第

19号第93(a)段，本集团将预

期抵销为视同员工向长期服

务金义务作出的供款。这种

责任以净额计量。未来福利

的估计金额在扣除员工已归

属的本集团强积金供款产生

的负服务成本后确定，这些

负服务成本视为相关员工的

供款。

(i) 离职福利

离职福利在本集团不能再撤

回该等福利要约，或本集团

确认重组成本（以较早者为

准）时确认。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(k) Employe benefits (Continued)

(i) Retirement benefit costs

The Group operates a defined contribution

scheme, the Mandatory Provident Fund

retirement benefits scheme (the “MPF

Scheme”) under the Hong Kong

Mandatory Provident Fund Schemes

Ordinance, for those employes who are

eligible to participate in the MPF Scheme.

Contributions are made based on a

percentage of the employes’ basic salaries

and are charged to profit or los as they

become payable in acordance with the

rules of the MPF Scheme. The asets of the

MPF Scheme are held separately from

those of the Group in an independently

administered fund. The Group’s employer

contributions vest fuly with the employes

when contributed into the MPF Scheme,

(which are refunded to the Group when

the employe leaves employment prior to

the contributions vesting fuly, in

acordance with the rules of the MPF

Scheme.) For LSP obligation, the Group

acounts for the employer MPF

contributions expected to be ofset as a

demed employe contribution towards

the LSP obligation in terms of HKAS

19.93(a) and it is measured on a net basis.

The estimated amount of future benefit is

determined after deducting the negative

service cost arising from the acrued

benefits derived from the Group’s MPF

contributions that have ben vested with

employes, which are demed to be

contributions from the relevant employes.

(i) Termination benefits

Termination benefits are recognised at the

earlier of the dates when the Group can

no longer withdraw the ofer of those

benefits, and when the Group recognises

restructuring costs.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(l) 以股份为基础的支付

本集团向若干董事和员工发行以

权益结算的股份支付。

向董事和员工授予的以权益结

算的股份支付，以授予日权益工

具的公平值（不包括非市场条件

的影响）计量。以权益结算的股

份支付在授予日确定的公平值，

在归属期内按直线法摊销计入费

用，并根据本集团对最终将会归

属的股份数量的估计，以及非市

场化归属条件的影响进行调整而

相应增加权益。

在每个报告期末，本集团根据所

有相关非市场归属条件的评估，

修正其对预计将归属的权益工具

的估计数量。

当购股权被行使时，之前在购股

权储备中确认的金额将转入累计

亏损。当购股权在归属日后被没

收或在到期日仍未行使时，之前

在购股权储备中确认的金额将转

入累计亏损。

(m) 借贷成本

所有借贷成本在发生期间计入损

益。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(l) Share-based payments

The Group isues equity-setled share-based

payments to certain directors and employes.

Equity-setled share-based payments to

directors and employes are measured at the

fair value (excluding the efect of non-market

based vesting conditions) of the equity

instruments at the date of grant. The fair value

determined at the grant date of the

equity-setled share-based payments is

expensed on a straight-line basis over the

vesting period, based on the Group’s estimate

of shares that wil eventualy vest and adjusted

for the efect of non-market based vesting

conditions with the coresponding increase in

equity.

At the end of each reporting period, the Group

revises its estimate of the number of equity

instruments expected to vest based on

asesment of al relevant non-market vesting

conditions.

When share options are exercised, the amount

previously recognised in share-based payments

reserve wil be transfered to acumulated

loses. When the share options are forfeited

after the vesting date or are stil not exercised

at the expiry date, the amount previously

recognised in share-based payments reserve wil

be transfered to acumulated loses.

(m) Borowing costs

Al borowing costs are recognised in profit or

los in the period in which they are incured.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(n) 税项

所得税指当期所得税和递延所得

税的总和。

应付即期所得税基于年内应课税

利润计算。应课税利润与损益表

中确认的除税前亏损不同，因为

其中不包括在其他年度应课税或

可抵扣的收支项目，也不包括永

远无须课税或不可抵扣的项目。

本集团的即期税项负债按报告期

末已颁布或实质上已颁布的税率

计算。

递延税项就综合财务报表中资产

和负债的账面值与计算应课税利

润所采用的相应税基之间的暂时

性差异进行确认。一般就所有应

课税暂时性差异确认递延税项负

债，并就可能有应课税利润用于

抵销可抵扣暂时性差异、未动用

税项亏损或未动用税项抵免的范

围内确认递延税项资产。若暂时

性差异是由首次确认一项交易中

的资产及负债（业务合并除外）所

产生，而该交易既不影响应课税

利润亦不影响会计利润，且在该

交易发生时不会产生相等的应课

税及可抵扣暂时性差异，则不会

确认有关资产及负债。

递延税项资产的账面值会于各报

告期末进行检讨，并判断是否有

足够应课税利润以收回全部或部

分资产的情况下作出相应调减。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(n) Taxation

Income tax represents the sum of the curent

tax and defered tax.

The tax curently payable is based on taxable

profit for the year. Taxable profit difers from

los before tax recognised in profit or los

because it excludes items 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 curent tax is calculated

using tax rates that have ben enacted or

substantively enacted by the end of the

reporting period.

Defered tax is recognised on temporary

diferences betwen the carying amounts of

asets and liabilities in the consolidated

financial statements and the coresponding tax

bases used in the computation of taxable

profit. Defered tax liabilities are generaly

recognised for al taxable temporary diferences

and defered tax asets are recognised to the

extent that it is probable that taxable profits

wil be available against which deductible

temporary diferences, unused tax loses or

unused tax credits can be utilised. Such asets

and liabilities are not recognised if the

temporary diference arises from the initial

recognition (other than in a busines

combination) of asets and liabilities in a

transaction that afects neither the taxable

profit nor the acounting profit and at the time

of the transaction does not give rise to equal

taxable and deductible temporary diferences.

The carying amount of defered tax asets is

reviewed at the end of each reporting period to

se if suficient taxable profits wil be available

to alow al or part of the aset to be

recovered.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(n) 税项（续）

递延税项乃根据报告期末已颁布

或实质上已颁布的税率，按预期

于负债清偿或资产变现期间适用

的税率计算。当递延税项与于其

他全面收益或直接于权益内确认

的项目有关时，即时确认的即期

及递延税项亦分别于其他全面收

益或直接于权益内确认。

就计量本集团确认使用权资产及

相关租赁负债的租赁交易的递延

税项而言，本集团首先厘定税项

扣减是归属于使用权资产还是租

赁负债。

就税项扣减归属于租赁负债的租

赁交易而言，本集团对使用权资

产及租赁负债分别应用香港会计

准则第12号的规定。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(n) Taxation (Continued)

Defered tax is calculated at the tax rates that

are expected to aply in the period in which

the liability is setled or the aset is realised,

based on tax rates that have ben enacted or

substantively enacted by the end of the

reporting period. Curent and defered tax is

recognised in profit or los, except when it

relates to items recognised in other

comprehensive income or directly in equity, in

which case the curent and defered tax is also

recognised in other comprehensive income or

directly in equity.

For the purposes of measuring defered tax for

leasing transactions in which the Group

recognises the right-of-use asets and the

related lease liabilities, the Group first

determines whether the tax deductions are

atributable to the right-of-use asets or the

lease liabilities.

For leasing transactions in which the tax

deductions are atributable to the lease

liabilities, the Group aplies HKAS 12

requirements to right-of-use asets and lease

liabilities separately.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(o) 非金融资产减值

非金融资产的账面值于每个报告

日期检讨是否有减值迹象，如资

产出现减值，则透过综合损益及

其他全面收益表以开支方式撇减

至其估计可收回金额。可收回金

额乃就个别资产厘定，除非有关

资产并无产生大致上独立于其他

资产或资产组别的现金流入。在

此情况下，可收回金额就资产所

属的现金产生单位（「现金产生单

位」）厘定。可收回金额为使用价

值与公平值减出售成本两者中的

较高者。

使用价值为资产╱现金产生单位

的估计未来现金流量的现值。现

值乃使用反映目前市场评估的货

币时间价值及资产╱现金产生单

位（其未来现金流量估计尚未调

整）特有风险的税前折现率计算。

减值亏损按比例分摊至该现金产

生单位的资产并即时计入损益。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(o) Impairment of non-financial asets

The carying amounts of non-financial asets

are reviewed at each reporting date for

indications of impairment and where an aset is

impaired, it is writen down as an expense

through the consolidated statement of profit or

los and other comprehensive income to its

estimated recoverable amount. The recoverable

amount is determined for an individual aset,

unles the aset does not generate cash inflows

that are largely independent of those from

other asets or groups of asets. If this is the

case, recoverable amount is determined for the

cash-generating unit (“CGU”) to which the

aset belongs. Recoverable amount is the

higher of value in use and the fair value les

costs of disposal of the individual aset or the

CGU.

Value in use is the present value of the

estimated future cash flows of the aset/CGU.

Present values are computed using pre-tax

discount rates that reflect curent market

asesments of the time value of money and

the risks specific to the aset/CGU for which

the estimates of future cash flows have not

ben adjusted.

Impairment loses are alocated pro rata

amongst the asets of the CGU and recognised

imediately in profit or los.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(p) 金融资产减值

本集团对金融资产进行预期信贷

亏损（「预期信贷亏损」）模型减值

评估。预期信贷亏损金额于各报

告日更新，以反映自相关金融工

具初始确认以来信贷风险的变化。

全期预期信贷亏损代表将因金融

工具预计存续期内所有可能的违

约事件而产生的预期信贷亏损。

相反，12个月预期信贷亏损代表

将因报告日后12个月内金融工具

可能发生的违约事件而预期产生

的部分全期预期信贷亏损。

本集团会就应收账款确认全期预

期信贷亏损。

对于所有其他金融工具，当信贷

风险自初始确认以来显著增加

时，本集团会确认全期预期信贷

亏损。然而，如果金融工具的信

贷风险自初始确认以来并未显著

增加，本集团会就该金融工具按

相当于12个月预期信贷亏损的金

额计量亏损拨备。

信贷风险显著增加

在评估金融工具的信贷风险自初

始确认以来是否显著增加时，本

集团比较报告日该金融工具发生

违约的风险与初始确认日该金融

工具发生违约的风险。在进行评

估时，本集团考虑合理且有依据

的定量及定性资料，包括历史经

验和无需付出过多成本或努力即

可获得的前瞻性资料。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(p) Impairment of financial asets

The Group performs impairment asesment

under expected credit los (“ECL”) model on

financial asets. The amount of ECL is updated

at each reporting date to reflect changes in

credit risk since initial recognition of the

respective financial instrument.

Lifetime ECL represents the ECL that wil result

from al posible default events over the

expected life of a financial instrument. In

contrast, 12-month ECL represents the portion

of lifetime ECL that is expected to result from

default events on a financial instrument that

are posible within 12 months after the

reporting date.

The Group always recognises lifetime ECL for

trade receivables.

For al other financial instruments, the Group

recognises lifetime ECL when there has ben a

significant increase in credit risk since initial

recognition. However, if the credit risk on the

financial instrument has not increased

significantly since initial recognition, the Group

measures the los alowance for that financial

instrument at an amount equal to 12-month

ECL.

Significant increase in credit risk

In asesing whether the credit risk on a

financial instrument has increased significantly

since initial recognition, the Group compares

the risk of a default ocuring on the financial

instrument at the reporting date with the risk

of a default ocuring on the financial

instrument at the date of initial recognition. In

making this asesment, the Group considers

both quantitative and qualitative information

that is reasonable and suportable, including

historical experience and forward-loking

information that is available without undue

cost or efort.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(p) 金融资产减值（续）

信贷风险显著增加（续）

尤其是，在评估信贷风险是否自

初始确认以来显著增加时，会考

虑以下资料：

– 金融工具的外部（如果可获

得）或内部信贷评级实际或

预期出现重大恶化；

– 特定金融工具的外部市场信

用风险指标出现重大恶化；

– 预期会导致债务人偿债能力

显著下降的业务、财务或经

济状况的现有或预测不利变

化；

– 债务人经营业绩实际或预期

出现重大恶化；

– 导致债务人偿债能力显著下

降的债务人监管、经济或技

术环境实际或预期发生重大

不利变化。

在上述评估结果的基础上，不论

如何，本集团假定当合约付款逾

期超过30天时，金融资产的信贷

风险自初始确认以来已显著增

加，除非本集团有合理且有依据

的资讯证明并非如此。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(p) Impairment of financial asets (Continued)

Significant increase in credit risk (Continued)

In particular, the folowing information is taken

into acount when asesing whether credit risk

has increased significantly since initial

recognition:

– 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 for a particular

financial instrument;

– existing or forecast adverse changes in

busines, financial or economic conditions

that are expected to cause a significant

decrease in the debtor’s ability to met its

debt obligations;

– 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 met its debt

obligations.

Irespective of the outcome of the above

asesment, the Group presumes that the credit

risk on a financial aset has increased

significantly since initial recognition when

contractual payments are more than 30 days

past due, unles the Group has reasonable and

suportable information that demonstrates

otherwise.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(p) 金融资产减值（续）

信贷风险显著增加（续）

尽管有前述规定，但如果金融工

具在报告日被确定具有较低的

信贷风险，则本集团假定该金融

工具的信贷风险自初始确认以来

并未显著增加。当满足以下条件

时，金融工具被确定为具有较低

的信用风险：

(i) 该金融工具违约风险较低；

(i) 债务人近期内具有强大的偿

付合约现金流量责任的能力；

以及

(i) 长期内经济和商业环境的不

利变化未必会降低借款人履

行合约现金流量责任的能力。

根据全球通用的定义，本集团认

为当金融资产的外部信用评级为

「投资级别」时，该资产具有较低

的信用风险。

本集团定期监控用于识别信贷风

险是否显著增加的标准与其有效

性，并在适当时进行修订，以确

保该等标准能够在金额逾期之前

识别信贷风险的重大增加。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(p) Impairment of financial asets (Continued)

Significant increase in credit risk (Continued)

Despite the foregoing, the Group asumes that

the credit risk on a financial instrument has not

increased significantly since initial recognition if

the financial instrument is determined to have

low credit risk at the reporting date. A financial

instrument is determined to have low credit risk

if:

(i) the financial instrument has a low risk of

default,

(i) the debtor has a strong capacity to met

its contractual cash flow obligations in the

near term, and

(i) adverse changes in economic and busines

conditions in the longer term may, but wil

not necesarily, reduce the ability of the

borower to fulfil its contractual cash flow

obligations.

The Group considers a financial aset to have

low credit risk when the aset has external

credit rating of “investment grade” in

acordance with the globaly understod

definition.

The Group regularly monitors the efectivenes

of the criteria used to identify whether there

has ben a significant increase in credit risk and

revises them as apropriate to ensure that the

criteria are capable of identifying significant

increase in credit risk before the amount

becomes past due.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(p) 金融资产减值（续）

违约的定义

本集团认为以下情况就内部信贷

风险管理目的而言已构成违约事

件，因为凭过往经验显示，符合

以下任何一项条件的应收款项一

般无法收回：

– 当交易对手方违反了财务契

约时；或

– 从内部提交或从外部来源取

得的资料显示，债务人不太

可能向债权人（包括本集团）

还清欠款（未有考虑本集团

持有的任何抵押品）。

不管上述分析如何，除非本集团

有合理且有依据的资料证明较晚

的违约标准更为适当，否则本集

团认为当金融资产逾期超过90天

时即发生违约。

发生信贷减值的金融资产

倘发生一项或多项事件对金融资

产之未来现金流量之估计有不利

影响时，则金融资产已发生信贷

减值。金融资产信贷出现减值之

凭据包括下列事项中之可观察数

据：

– 发行人或交易对手出现重大

财务困难；

– 违反合约（如拖欠或逾期事

件）；

4. MATERIAL ACOUNTING POLICIES

(Continued)

(p) Impairment of financial asets (Continued)

Definition of default

The Group considers the folowing as

constituting an event of default for internal

credit risk management purposes as historical

experience indicates that receivables that met

either of the folowing criteria are generaly not

recoverable.

– when there is a breach of financial

covenants by the counterparty; or

– information developed internaly or

obtained from external sources indicates

that the debtor is unlikely to pay its

creditors, including the Group, in ful

(without taking into acount any colaterals

held by the Group).

Irespective of the above analysis, the Group

considers that default has ocured when a

financial aset is more than 90 days past due

unles the Group has reasonable and

suportable information to demonstrate that a

more laging default criterion is more

apropriate.

Credit-impaired financial asets

A financial aset is credit-impaired when one or

more events that have a detrimental impact on

the estimated future cash flows of that

financial aset have ocured. Evidence that a

financial aset is credit-impaired includes

observable data about the folowing events:

– significant financial dificulty of the isuer

or the counterparty;

– a breach of contract, such as a default or

past due event;

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(p) 金融资产减值（续）

发生信贷减值的金融资产（续）

– 交易对手的贷款人出于与交

易对手财务困难相关的经济

或合约原因，而向交易对手

授予贷款人原本不会考虑的

优惠；

– 交易对手可能破产或进行其

他财务重组；或

– 该金融资产的活跃市场因财

务困难而消失。

核销政策

当有资料显示债务人陷入严重的

财务困难，且实际上没有收回的

前景时（包括债务人已进入清算

程序或已进入破产程序，或就贸

易应收账款而言，当款项逾期超

过两年时，以较早发生者为准），

本集团将核销该金融资产。在适

当情况下经征求法律意见后，已

核销的金融资产仍可能受到本集

团回收程序的执行活动。任何收

回的款项均在损益中确认。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(p) Impairment of financial asets (Continued)

Credit-impaired financial asets (Continued)

– the lender(s) of the counterparty, for

economic or contractual reasons relating

to the counterparty’s financial dificulty,

having granted to the counterparty a

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

otherwise consider;

– it is becoming probable that the

counterparty wil enter bankruptcy or other

financial reorganisation; or

– the disapearance of an active market for

that financial aset because of financial

dificulties.

Write-of policy

The Group writes of a financial aset when

there is information indicating that the debtor

is in severe financial dificulty and there is no

realistic prospect of recovery, including when

the debtor has ben placed under liquidation

or has entered into bankruptcy procedings, or

in the case of trade receivables, when the

amounts are over two years past due,

whichever ocurs soner. Financial asets

writen of may stil be subject to enforcement

activities under the Group’s recovery

procedures, taking into acount legal advice

where apropriate. Any recoveries made are

recognised in profit or los.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(p) 金融资产减值（续）

预期信贷亏损计量及确认

预期信贷亏损的计量是违约概

率、违约损失率（即违约情况下

的损失程度）和违约风险暴露的

函数。违约概率和违约损失率的

评估是基于前瞻性资料为历史数

据作出调整。

对于金融资产的预期信贷亏损为

根据合同应付本集团的所有合同

现金流量与本集团预期收到的所

有现金流量之间的差额，并以原

有实际利率折现。

本集团在损益中确认所有金融工

具的减值收益或亏损，并通过亏

损拨备账项相应调整其账面金额。

(q) 拨备

当因过去事项产生现有法定或推

定责任，且很可能需要经济利益

流出以清偿该责任，并能可靠估

算时，本集团会确认拨备。确认

的拨备金额为报告期末清偿现有

责任所需的最佳估算，并考虑了

该责任的风险和不确定性。如果

货币时间价值重大，拨备将以预

计清偿责任所需支出的现值列账。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(p) Impairment of financial asets (Continued)

Measurement and recognition of ECL

The measurement of ECL is a function of the

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

the magnitude of the los if there is a default)

and the exposure at default. The asesment of

the probability of default and los given default

is based on historical data adjusted by

forward-loking information.

For financial asets, the ECL is estimated as the

diference betwen al contractual cash flows

that are due to the Group in acordance with

the contract and al the cash flows that the

Group expects to receive, discounted at the

original efective interest rate.

The Group recognises an impairment gain or

los in profit or los for al financial instruments

with a coresponding adjustment to their

carying amount through a los alowance

acount.

(q) Provisions

Provisions are recognised when the Group has

a present legal or constructive obligation

arising as a result of a past event, it is probable

that an outflow of economic benefits wil be

required to setle the obligation and a reliable

estimate can be made. The amount recognised

as a provision is the best estimate of the

consideration required to setle the present

obligation at the end of the reporting period,

taking into acount the risks and uncertainties

surounding the obligation. Where the time

value of money is material, provisions are

stated at the present value of the expenditures

expected to setle the obligation.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(q) 拨备（续）

根据租赁条款及细则的要求而恢

复租赁资产至原始状况之成本

拨备，于租赁开始日按董事对恢

复该资产所需费用的最佳估算确

认。定期审查估算并根据新情况

进行适当调整。

5. 估计不确定性的主要来源

在应用本集团会计政策（如附注4所述）

时，本公司董事需要对资产和负债的

账面金额作出判断、估计和假设，这

些信息并非从其他来源直接获得。这

些估计和相关假设是基于历史经验和

其他被认为相关的因素作出的。实际

结果可能与这些估计存在差异。

本集团会持续为这些估计及相关假设

进行审查。如果会计估算的修订仅影

响当期，则在修订当期确认，如果修

订影响当期和未来期间，则在修订当

期和未来期间确认。

4. MATERIAL ACOUNTING POLICIES

(Continued)

(q) Provisions (Continued)

Provisions for the costs to restore leased asets

to their original condition, as required by the

terms and conditions of the lease, are

recognised at the date of inception of the lease

at the directors’ best estimate of the

expenditure that would be required to restore

the asets, Estimates are regularly reviewed and

adjusted as apropriate for new circumstances.

5. KEY SOURCE OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting

policies, which are described in note 4, the directors

of the Company are required to make judgements,

estimates and asumptions about the carying

amounts of asets and liabilities that are not readily

aparent from other sources. The estimates and

underlying asumptions are based on historical

experience and other factors that are considered to

be relevant. Actual results may difer from these

estimates.

The estimates and underlying asumptions are

reviewed on an on-going basis. Revisions to

acounting estimates are recognised in the period in

which the estimate is revised if the revision afects

only that period, or in the period of the revision and

future periods if the revision afect both curent and

future periods.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

递延税项

由于未来利润来源的不可预测性，税

项亏损259,258,000港元（2024年：

252,258,000港元）及由减速折旧免税

额5,270,000港元（2024年：5,385,000

港元）产生的可抵扣暂时性差异未被

确认为递延税项资产。递延税项资产

的实现主要依靠未来是否有足够应课

税利润或预期应课税暂时性差异可以

拨回同期的预期可拨回可抵扣暂时性

差异，这是估计不确定性的一个主要

来源。如果实际未来产生的应课税利

润超过预期，或事实和情况的改变导

致对未来应课税利润估计的修正，而

可能产生递延税项资产确认，并于修

正发生的期间计入损益。

长期服务金拨备（「长期服务金拨备」）

长期服务金的现值取决于多个以精算

方式厘定的假设因素。这些假设的任

何变动将影响长期服务金的账面值。

5. KEY SOURCE OF ESTIMATION

UNCERTAINTY (Continued)

Defered taxation

No defered tax aset has ben recognised on the

tax loses of HK$259,258,000 (2024:

HK$252,258,000) and deductible temporary

diferences arising from decelerated depreciation

alowance of HK$5,270,000 (2024: HK$5,385,000)

due to the unpredictability of future profit streams.

The realisability of the defered tax aset mainly

depends on whether suficient taxable profits wil

be available in the future or taxable temporary

diferences are expected to reverse in the same

period as the expected reversal of the deductible

temporary diferences, which is a key source of

estimation uncertainty. In cases where the actual

future taxable profits generated are more than

expected, or change in facts and circumstances

which result in revision of future taxable profits

estimation, a recognition of defered tax asets may

arise, which would be recognised in profit or los

for the period in which such a revision takes place.

Provision for long service payments (“LSP”)

The present value of the long service payment

depends on a number of factors that are

determined on an actuarial basis using a number of

asumptions. Any changes in these asumptions wil

impact the carying amount of long service

payment.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

6. 财务风险管理

本集团的业务面临各种金融风险：外

汇风险、价格风险、信贷风险、流动

性风险及利率风险。本集团的整体风

险管理计划集中于金融市场的不确定

性，并寻求将对本集团财务表现的潜

在不利影响降至最低。

(a) 外汇风险

本集团大部份实体的功能货币

为港元，当中大部分交易均以港

元计价。但本公司其中一间附属

公司有一笔董事贷款24,500,000

港元（2024年：25,500,000港

元）以及定期存款及银行结余

共36,639,000港元（2024年：

37,203,000港元）以澳元（「澳

元」）计价，令本集团面临外汇风

险。

本集团目前没有制定任何外币

交易、资产和负债的对冲政策。

本集团将密切关注外汇风险的变

化，必要时会考虑采取对冲措施

来降低重大外汇风险。

于2025年3月31日，如果澳元兑

港元贬值5%（2024年：5%)，

而所有其他变量保持不变，则本

年度的综合税后亏损将增加约

607,000港元（2024年：585,000

港元）。假设澳元兑港元升值5%

（2024年：5%)，而所有其他变

量保持不变，则本年度的综合税

后亏损将呈现同等的反向变动。

6. FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of

financial risks including foreign curency risk, price

risk, credit risk, liquidity risk and interest rate risk.

The Group’s overal risk management programe

focuses on the unpredictability of financial markets

and seks to minimise potential adverse efects on

the Group’s financial performance.

(a) Foreign curency risk

The functional curency of most of the Group’s

entities is HKD in which most of the

transactions are denominated. However, a

subsidiary of the Company has a loan from a

director of HK$24,500,000 (2024: HK$25,500,000)

and the agregate of fixed deposits and bank

balances totaling HK$36,639,000 (2024:

HK$37,203,000) in Australian dolar (“AUD”)

which expose the Group to foreign curency

risk.

The Group curently does not have a foreign

curency hedging policy in respect of foreign

curency transactions, asets and liabilities. The

Group wil monitor its foreign curency

exposure closely and wil consider hedging

significant foreign curency exposure should

the ned arise.

At 31 March 2025, if AUD had weakened 5%

(2024: 5%) against HK$ with al other variables

held constant, consolidated los after tax for

the year would have increased by aproximately

HK$607,000 (2024: HK$585,000). If the AUD

had strengthened 5% against (2024: 5%) HK$

with al other variables held constant, there

would be an equal and oposite impact on the

consolidated los after tax for the year.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(b) 价格风险

本集团通过投资股票证券而面临

股票价格风险。本集团的股票价

格风险主要集中在联交所挂牌的

股票证券上。

下列敏感性分析是基于报告期末

的股票价格风险而确定的。由于

近期投资表现，本年度的敏感性

比率已增加至10%。

如果股票价格上升╱下降10%

（2024年：5%），截至2025年3

月31日止年度的其他全面收益将

增加╱减少约132,000港元（2024

年：46,000港元）。这是由于以

公平值计入其他全面收益的金融

资产的公平值变动所致。

本集团面临的最大信贷风险来自

于综合财务状况表中列示的各项

已确认金融资产的账面值，这些

风险源自于交易对手方未能履行

其责任。

本集团不提供任何其他可能使本

集团承受信贷风险的担保。

6. FINANCIAL RISK MANAGEMENT (Continued)

(b) Price risk

The Group is exposed to equity price risk

through its investment in equity securities

measured at FVTOCI. The Group’s equity price

risk is mainly concentrated on equity securities

quoted on the Stock Exchange.

The sensitivity analysis below has ben

determined based on the exposure to equity

price risk at the end of the reporting period.

The sensitivity rate is increased to 10% in

curent year as a result of the recent

performance of the investments.

If equity prices had ben 10% (2024: 5%)

higher/lower, other comprehensive income for

the year ended 31 March 2025 would increase/

decrease by aproximately HK$132,000 (2024:

HK$46,000) as a result of the changes in fair

value of financial asets at FVTOCI.

The Group’s maximum exposure to credit risk

in the event of the counterparties failure to

perform its obligations is arising from the

carying amounts of the respective recognised

financial asets as stated in the consolidated

statement of financial position.

The Group does not provide any other

guarantes which would expose the Group to

credit risk.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

应收账款

应收账款（除信用卡提供者外）自

账单日起30天内到期。

对于以现金或主要信用卡交易的

零售客户，本集团不进行任何信

用评估。本集团通过信用卡供应

商结算的应收账款涉及高信用评

级且过去无违约记录的客户。鉴

于这些资产性质短期，且基于发

行人信用评级较高的情况下违约

概率可忽略不计，两年内预期信

用损失率微不足道且接近于零，

因此未就应收账款确认任何损失

准备。

其他应收款╱物业租赁按金╱银

行结余╱定期存款

其他应收款项和物业租赁按金并

未确认任何减值准备，因为基于

本集团对相应交易对手方违约概

率的假设，并考虑前瞻性信息，

这些款项在12个月预期信贷亏损

模型下的预期损失并不重大。

银行结余及定期存款的信用风险

有限，因为交易对手方为信用评

级机构评定为高信用评级的银行。

6. FINANCIAL RISK MANAGEMENT (Continued)

Trade receivables

Trade receivables except for credit card

providers are due within 30 days from the date

of biling.

No credit evaluations are performed for retail

customers that transact in cash, or via major

credit cards. The Group’s trade receivables in

conection with sales setled through credit

cards provider are with high credit rating and

no past default history. Given that these asets

are short-term in nature and the probability of

default is negligible on the basis of high-credit

rating isuers, the expected credit los rates

were insignificant and close to zero for both

years, and acordingly, no los alowance was

recognised in respect of trade receivables.

Other receivables/property rental deposits/

bank balances/fixed deposits

No alowance has ben recognised for other

receivables and property rental deposits as the

expected los for these balances is imaterial

under 12-month ECL model based on the

Group’s asumption on the rates of default of

respective counterparties taking into acount

forward-loking information.

The credit risk on bank balances and fixed

deposits are limited because the counterparties

are banks with high credit ratings asigned by

credit-rating agencies.

不适用N/A	4,329	–	–	4,329	4,329
5.25%	30,600	10,000	–	40,600	40,101
5.00%	4,855	1,500	–	6,355	6,174
5.00%	39,784	11,500	–	51,284	50,604

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

6. FINANCIAL RISK MANAGEMENT (Continued)

(d) Liquidity risk

The Group’s policy is to regularly monitor

curent and expected liquidity requirements to

ensure that it maintains suficient reserves of

cash to met its liquidity requirements in the

short and longer term.

The maturity analysis based on contractual

undiscounted cash flows of the Group’s

non-derivative financial liabilities is as folow:

加权平均利率按需或1年内1至2年2至5年总额帐面值

Weighted

average

interest rate

On demand

or within

1 year

Betwen 1

and 2 years

Betwen 2

and 5 yearsTotal

Carying

amount

千港元千港元千港元千港元千港元

HK$’000HK$’000HK$’000HK$’000HK$’000

于2025年3月31日At 31 March 2025

应付账款及其他应付款Trade and other payables

董事贷款Loans from a director

租赁负债Lease liabilities

于2024年3月31日At 31 March 2024

应付账款及其他应付款Trade and other payables不适用N/A5,227–5,2275,227

董事贷款A loan from a director不适用N/A26,500–26,50026,500

租赁负债Lease liabilities5.00%3,4305,050–8,4807,977

35,1575,050–40,20739,704

（续）

(d) 流动性风险

本集团的政策是定期监控当前和

预期的流动性要求，以确保其在

短期和长期内维持充足的现金储

备以满足其流动性需求。

基于本集团非衍生金融负债的合

约未折现金流量的到期分析如

下：

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(e) 利率风险

本集团面对公平值利率风险，该

风险源自租赁负债（附注25）及

董事贷款（附注24）。本集团面

对与浮动利率银行结余相关的现

金流量利率风险。本集团管理层

认为，本集团对银行结余的风险

并不重大，因为计息银行结余的

到期限很短，因此没有包括在

敏感性分析中。本集团目前没有

利率风险现金流量对冲政策。然

而，本集团管理层会监察利率风

险，并在有需要时考虑对冲重大

利率风险。

利率变动的影响对综合财务报表

而言并不重大。除上述情况外，

本集团没有其他重大计息资产和

负债，本集团的收入和经营现金

流量基本上不受市场利率变动的

影响。

6. FINANCIAL RISK MANAGEMENT (Continued)

(e) Interest rate risk

The Group is exposed to fair value interest rate

risk which arises from lease liabilities (note 25)

and loans from a director (note 24). The Group

is exposed to cash flow interest rate risk in

relation to variable-rate bank balances. The

management of the Group considers the

Group’s exposures of the bank balances are not

significant as interest bearing bank balances

are within short maturity period and thus they

are not included in sensitivity analysis. The

Group curently does not have a policy on cash

flow hedges of interest rate risk. However, the

management of the Group monitors interest

rate exposure and wil consider hedging

significant interest rate risk should the ned

arise.

The efect of changes in interest rates is not

significant to the consolidated financial

statements. Except as stated above, the Group

has no other significant interest-bearing asets

and liabilities and the Group’s income and

operating cash flows are substantialy

independent of changes in market interest

rates.

2025年
2025
千港元
HK$’000
51,977
1,321
44,430
6,174

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(f) 金融工具的分类

7. 金融工具公平值计量

公平值是指在计量日市场参与者之

间的有序交易中，出售一项资产所能

收到或者转移一项负债所需支付的价

格。以下公平值计量披露使用公平值

层级制将估值技术使用的输入数据划

分为三个层级：

第1层级输入值：本集团在计量日

能够取得的相同

资产或负债在活

跃市场上未经调

整的报价。

第2层级输入值：除第1层级输入值

外相关资产或负

债直接或间接可

观察的输入值。

第3层级输入值：相关资产或负债

的不可观察输入

值。

6. FINANCIAL RISK MANAGEMENT (Continued)

(f) Categories of financial instruments

2024年

千港元

HK$’000

金融资产：Financial asets:

按摊销成本计量的

金融资产

Financial asets measured at

amortised cost45,693

按公平值计入其他全面收益

的金融资产

Financial asets measured at

FVTOCI

－权益工具– equity instruments924

金融负债：Financial liabilities:

按摊销成本计量的

金融负债

Financial liabilities measured at

amortised cost31,727

租赁负债Lease liabilities7,977

7. FAIR VALUE MEASUREMENTS OF FINANCIAL

INSTRUMENTS

Fair value is the price that would be received to sel

an aset or paid to transfer a liability in an orderly

transaction betwen market participants at the

measurement date. The folowing disclosures of fair

value measurements use a fair value hierarchy that

categorises into thre levels the inputs to valuation

techniques used to measure fair value:

Level 1 inputs:quoted prices (unadjusted) in

active markets for identical

asets or liabilities that the

Group can aces at the

measurement date.

Level 2 inputs:inputs other than quoted

prices included within level 1

that are observable for the

aset or liability, either directly

or indirectly.

Level 3 inputs:unobservable inputs for the

aset or liability.

2025年
2025
第1层
Level 1
千港元
HK$’000
1,321

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

公平值层级披露：

这些投资的公平值来自活跃市场中的

报价。

于本年度内，没有任何金融工具在三

个层级之间发生转移。

本集团其他金融资产和金融负债的账

面值与其各自的公平值相近，如综合

财务状况表所示。

7. FAIR VALUE MEASUREMENTS OF FINANCIAL

INSTRUMENTS (Continued)

Fair value hierarchy as at the end of the

reporting period:

2024年

第1层

Level 1

千港元

HK$’000

经常性公平值计量：Recuring fair value

measurements:

按公平值计入其他全面

收益的权益工具

Equity instruments at FVTOCI

– 上市权益证券– Listed equity securities924

Fair values of these investments are derived from

quoted bid prices in an active market.

There were no transfers into and transfers out of

any of the thre levels during the year.

The carying amount of the Group’s other financial

asets and financial liabilities as reflected in the

consolidated statement of financial position

aproximate their respective fair values.

2025年
2025
千港元
HK$’000
50,230

2025年
2025
千港元
HK$’000
1,609
112
–
39
499
2,259
(493)
1,766

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

8. 收入

9. 其他收入及亏损

8. REVENUE

2024年

千港元

HK$’000

于某时间点在香港为客户

合同确认收入

Revenue from contracts with

customers recognised at a point

in time in Hong Kong

– 经营中式酒楼– Operation of Chinese restaurants49,549

9. OTHER INCOME AND LOS

2024年

千港元

HK$’000

利息收入－银行存款Interest income – bank deposits599

股息收入Dividend income73

租金优惠Rental concesion1,134

租赁按金的推算利息收入Imputed interest income on rental

deposits39

董事贷款的推算利息收入Imputed interest income on loans

from a director–

1,845

净汇兑亏损Net exchange los(446)

1,399

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

10. 分部资料

本集团主要业务是在香港经营中式酒

楼。

本集团以单一单位管理其业务，因

此，酒楼营运是唯一的报告分部，除

一些未分配费用外，几乎所有收入和

经营亏损都来自这个业务分部。

为资源分配和评估目的而向执行董事

（主要经营决策者）报告的资讯，重点

是按酒楼所在位置进行收入分析。因

此，仅提供实体的整体披露、主要客

户和地区性资料。

地区性资料和主要客户

本集团的业务位于香港，本集团的非

流动资产并非位于香港境外。

收入来自外部客户。于这两年内，分

部之间并无销售。

于这两年酒楼业务中，没有客户贡献

超过本集团总收入的10%。

10. SEGMENT INFORMATION

The principal activity of the Group is the operation

of Chinese restaurants in Hong Kong.

The Group manages its busines as a single unit

and, acordingly, the operation of restaurants is the

only reporting segment and virtualy al the revenue

and operating loses are derived from this busines

segment except for some unalocated expenses.

Information reported to the executive directors,

being the chief operating decision maker, for the

purposes of resource alocation and asesment

focuses on revenue analysis by location of

restaurants. Acordingly, only entity-wide

disclosures, major customers and geographic

information are presented.

GEOGRAPHICAL INFORMATION AND MAJOR

CUSTOMERS

The Group’s operations are located in Hong Kong

and no non-curent asets of the Group are located

outside Hong Kong.

Revenue is generated from external customers.

There were no inter-segment sales in both years.

There is no customer contributing over 10% of the

total revenue of the Group for both years from

restaurant operations.

2025年
2025
千港元
HK$’000
322
34
356

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

11. 财务费用

12. 所得税费用

由于本集团于这两年并无应课税溢

利，或者有足够承前税项亏损以抵销

估计应课税溢利，因此无须就香港利

得税提拨准备。

本集团于澳洲注册成立的附属公司须

按照25%（2024年：25%) 的税率缴

纳澳洲所得税。

11. FINANCE COSTS

2024年

千港元

HK$’000

租赁负债的利息费用

（附注19）

Interest expenses on lease liabilities

(note 19)467

应付重置成本产生的推算

利息费用（附注23）

Imputed interest expense arising

from provision for reinstatement

work (note 23)34

12. INCOME TAX EXPENSE

No provision for Hong Kong Profits Tax has ben

made for both years as the Group has no asesable

profits or has suficient tax loses brought forward

to absorb the estimated asesable profits in ful.

The Group’s subsidiary incorporated in Australia

was subject to Australian income tax at a rate of

25% (2024: 25%).

2025年
2025
千港元
HK$’000
(5,441)
(898)
(366)
131
(19)
1,366
(211)
(3)
–

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

本年度的所得税与综合损益及其他全

面收益表的除税前亏损其对账如下：

在报告期末，本集团有未动用税项

亏损约259,258,000港元（2024年：

252,258,000港元）及减速折旧免税额

5,270,000港元（2024年：5,385,000

港元），可用于抵销未来溢利。由于

未来溢利来源的不确定性，尚未确认

递延税项资产。本集团上述未动用税

项亏损仍有待相关税务机关确认。这

两年的所有税项亏损均可无限期结转。

12. INCOME TAX EXPENSE (Continued)

Income tax for the year can be reconciled to the

los before tax per the consolidated statement of

profit or los and other comprehensive income as

folows:

2024年

千港元

HK$’000

除税前亏损Los before tax(6,232)

按香港利得税率16.5%

（2024年：16.5%）计算的税项

Tax at Hong Kong Profits Tax rate

of 16.5% (2024: 16.5%)(1,028)

毋须课税收入的税务影响Tax efect of income that are

not taxable(118)

不可抵扣费用的税务影响Tax efect of expenses that are

not deductible121

未确认暂时性差异的

税务影响

Tax efect of temporary

diferences not recognised(52)

未确认的税项亏损的

税务影响

Tax efect of tax loses

not recognised1,380

动用先前未确认的税项亏损Utilisation of tax loses previously

not recognised(298)

在其他司法管辖区经营的

附属公司的不同税率的

影响

Efect of diferent tax rates of a

subsidiary operating in other

jurisdiction(5)

所得税费用Income tax expense–

At the end of the reporting period the Group has

unused tax loses of HK$259,258,000 (2024:

HK$252,258,000) and decelerated depreciation

alowance of HK$5,270,000 (2024: HK$5,385,000)

available for ofseting against future profits. No

defered tax aset has ben recognised due to the

unpredictability of future profit streams. The

aforesaid unused tax loses of the Group have not

yet ben agred by respective tax authorities. Al tax

loses may be caried forward indefinitely for both

years.

2025年
2025
千港元
HK$’000
430
4,167
14,373
4,568

2025年
2025
千港元
HK$’000
22,316
744
23,060

2025年
2025
千港元
HK$’000
1,430
36
1,466

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

13. LOS FOR THE YEAR

The Group’s los for the year has ben arived at

after charging the folowing:

2024年

千港元

HK$’000

核数师酬金Auditor’s remuneration430

管理费及差饷Building management fe and rates4,137

已用存货成本Cost of inventories consumed13,807

公用事业及清洁费用Utilities and cleaning expenses4,621

14. EMPLOYE BENEFITS EXPENSE

2024年

千港元

HK$’000

薪金、花红及津贴Salaries, bonuses and alowances22,207

退休福利计划供款Retirement benefits scheme

contributions1,210

23,417

Five highest paid individuals

The five highest paid individuals in the Group

during the year included two (2024: thre) directors

whose emoluments are reflected in the analysis

presented in note 15. The emoluments of the

remaining thre (2024: two) individual are set out

below:

2024年

千港元

HK$’000

薪金、花红及津贴Salaries and alowances870

退休福利计划供款Retirement benefits scheme

contribution36

13. 年度亏损

本集团年度亏损已扣除以下各项：

14. 雇员福利开支

五位最高薪酬人士

本集团本年度的五名最高薪酬人士

中，包括二名（2024年：三名）董事，

其薪酬已在附注15的分析中反映。其

余三名（2024年：两名）人士的薪酬

如下所述：

2025年
2025
人数
Number of individuals
3

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

14. EMPLOYE BENEFITS EXPENSE (Continued)

Five highest paid individuals (Continued)

The emoluments fel within the folowing band:

2024年

人数

Number of

individuals

零港元至1,000,000港元HK$Nil to HK$1,000,0002

No emoluments were paid by the Group to any of

the employes of the Group or the five highest paid

individuals as an inducement to join or upon joining

the Group or as compensation for los of ofice for

both years.

None of the employes has waived any emoluments

for both years.

（续）

五位最高薪酬人士（续）

薪酬范围如下：

本集团在这两个年度内概无向本集团

的任何雇员或五名最高薪酬人士支付

任何酬金，作为吸引他们加入本集团

或作为离职补偿。

在这两个年度内，没有任何雇员放弃

任何酬金。

袍金	薪金	雇主退休福利计划供款	房屋津贴	总计
Fees	Salaries	Employer’s contribution to a retirement benefit scheme	Housing allowance	Total
千港元	千港元	千港元	千港元	千港元
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
–	45	–	375	420
–	360	18	–	378
–	360	18	360	738
–	520	18	–	538
27	–	–	–	27
72	–	–	–	72
72	–	–	–	72
56	–	–	–	56
227	1,285	54	735	2,301

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

15. 董事及行政总裁酬金

董事的酬金

于本年度内，董事及行政总裁酬金根

据适用上市规则及香港《公司条例》之

披露如下：

15. DIRECTORS’ AND CHIEF EXECUTIVE’S

EMOLUMENTS

Directors’ emoluments

Directors’ and chief executive’s remuneration for

the year, disclosed pursuant to the aplicable Listing

Rules and the Hong Kong Companies Ordinance, is

as folows:

执行董事：Executive directors:

郑合辉先生

(1)

Mr. Cheng Hop Fai

(1)

郑白明女士Ms. Cheng Pak Ming, Judy

郑白敏女士

(1)

Ms. Cheng Pak Man, Anita

(1)

郑白丽女士

(1)

Ms. Cheng Pak Lai, Lily

(1)

独立非执行董事：Independent non-executive

directors (“INED”):

罗道明先生

(2)

Mr. Law Toe Ming

(2)

洪志远先生Mr. Hung Chi Yuen, Andrew

袁绍章先生Mr. Yuen Shiu Cheong, Johny

罗国泰先生

(3)

Mr. Law Kwok Tai

(3)

2025年总计Total for 2025

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

董事的酬金（续）

附注：

(1)

于2024年8月16日郑合辉先生退任，于

同日郑白敏女士接任本公司主席而郑

白丽女士则接任为本公司董事总经理。

(2)

于2024年8月16日罗道明先生退任。

(3)

于2024年6月19日罗国泰先生获委任为

独立非执行董事。

15. DIRECTORS’ AND CHIEF EXECUTIVE’S

EMOLUMENTS (Continued)

Directors’ emoluments (Continued)

作为本公司或其附属公司董事所提供服务而支付或应收的酬金

Emoluments paid or receivable in respect of a person’s services as a director,

whether of the Company or its subsidiary undertaking

袍金薪金

雇主退休福利

计划供款房屋津贴总计

FesSalaries

Employer’s

contribution to

a retirement

benefit scheme

Housing

alowanceTotal

千港元千港元千港元千港元千港元

HK$’000HK$’000HK$’000HK$’000HK$’000

执行董事：Executive directors:

郑合辉先生Mr. Cheng Hop Fai–160–9001,060

郑白明女士Ms. Cheng Pak Ming, Judy–36018–378

郑白敏女士Ms. Cheng Pak Man, Anita–36018360738

郑白丽女士Ms. Cheng Pak Lai, Lily–48018–498

独立非执行董事：Independent non-executive

directors (“INED”):

罗道明先生Mr. Law Toe Ming72–72

洪志远先生Mr. Hung Chi Yuen, Andrew72–72

袁绍章先生Mr. Yuen Shiu Cheong, Johny72–72

2024年总计Total for 20242161,360541,2602,890

Notes:

(1)

Mr. Cheng Hop Fai retired on 16 August 2024.

Ms. Cheng Pak Man, Anita was apointed as

chairperson of the Board and Ms. Cheng Pak Lai, Lily

was apointed as managing Director on the same day.

(2)

Mr. Law Toe Ming retired on 16 August 2024.

(3)

Mr. Law Kwok Tai was apointed as independent

non-executive director on 19 June 2024.

2025年
2025
HK$’000
千港元
(5,441)
1,946,314,108

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

董事的酬金（续）

于本年度内，行政总裁及任何董事均

无放弃或同意放弃任何酬金（2024年：

零港元）。

于这两个年度内，董事并无支付或收

取任何酌情花红。

于本年度内，本集团并无向任何董事

支付任何酬金，作为吸引彼等加入或

加入本集团时的奖励，或作为离职补

偿。

本集团一直免费为董事提供来自关联

方租赁的住房。

16. 股息

于本年度内，本公司并未支付或宣

派任何股息（2024年：零港元）,自报

告期末以来亦未提议支付任何股息

（2024年：零港元）。

17. 每股亏损

每股基本及摊薄亏损乃根据以下计算：

附注：于这两个年度内，本公司的购股权

均没有摊薄性潜在普通股。

15. DIRECTORS’ AND CHIEF EXECUTIVE’S

EMOLUMENTS (Continued)

Directors’ emoluments (Continued)

Neither the chief executive nor any of the directors

waived or agred to waive any remuneration during

the year (2024: HK$Nil).

No discretionary bonuses have ben paid or are

receivable by directors for both years.

During the year, no emoluments were paid by the

Group to any of the directors as an inducement to

join or upon joining the Group or as compensation

for los of ofice.

The Group has ben providing acomodation,

which is leased from a related party, to the directors

at no charge.

16. DIVIDEND

No dividend has ben paid or declared by the

Company during the year (2024: HK$Nil), nor has

any dividend ben proposed since the end of the

reporting period (2024: HK$Nil).

17. LOS PER SHARE

The calculation of basic and diluted los per share is

based on the folowing:

2024年

HK$’000

千港元

亏损Los

本公司拥有人应占亏损Los atributable to owners of the

Company(6,232)

股份数目Number of shares

用于计算每股基本亏损的

加权平均普通股数（附注）

Weighted average number of

ordinary shares for the purpose

of calculating basic los per

share (Note)1,946,314,108

Note: There was no dilutive potential ordinary share for the

Company’s share option for both years.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

、厂房及设备18. PROPERTY, PLANT AND EQUIPMENT

家私及酒楼设备租赁物业装修总额

Furniture and

restaurant

equipment

Leasehold

improvementsTotal

千港元千港元千港元

HK$’000HK$’000HK$’000

原值Cost

于2023年4月1日At 1 April 202310,8717,14918,020

添置Aditions101,1431,153

于2024年3月31日及

2024年4月1日

At 31 March 2024 and

1 April 202410,8818,29219,173

添置Aditions18–18

于2025年3月31日At 31 March 202510,8998,29219,191

累计折旧及减值Acumulated depreciation

and impairment

于2023年4月1日At 1 April 202310,0507,14917,199

年内支出（附注13）Charge for the year (note 13)197–197

于2024年3月31日及

2024年4月1日

At 31 March 2024 and

1 April 202410,2477,14917,396

年内支出（附注13）Charge for the year (note 13)179229408

于2025年3月31日At 31 March 202510,4267,37817,804

账面值Carying amount

于2025年3月31日At 31 March 20254739141,387

于2024年3月31日At 31 March 20246341,1431,777

2025年
2025
千港元
HK$’000
322
5,510

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

19. 使用权资产

租赁现金流出总额的详情载于附注

31(b)。

于这两个年度内，本集团拥有若干租

赁物业作为营运用途。租赁合同按固

定1至5年租期（2024年：1至5年）订

立。租赁条款是在个别基础上协商，

当中包含各种不同的条款和条件。在

厘定租赁期限及评估不可撤销期的长

度时，本集团采用合约的定义，并确

定合约可强制执行的期限。

酒楼的租赁包含基于12%（2024年：

12%) 销售额的可变租赁付款以及在

租赁期内固定的最低年度租赁付款。

使用权资产7,511,000港元已于上年

度全面减值评估。

19. RIGHT-OF-USE ASETS

2024年

千港元

HK$’000

租赁负债的利息开支

（包括在财务费用）

Interest expense on lease liabilities

(included in finance costs)467

与短期租赁有关的费用Expenses relating to short-term lease5,573

Details of total cash outflow for leases are set out

in note 31(b).

For both years, the Group has various leased

properties for its operations. Lease contracts are

entered into for fixed term of 1 to 5 years (2024: 1

to 5 years), and have no extension and termination

options. Lease terms are negotiated on an individual

basis and contain a wide range of diferent terms

and conditions. In determining the lease term and

asesing the length of the non-cancelable period,

the Group aplies the definition of a contract and

determines the period for which the contract is

enforceable.

Lease of one of the restaurants contains variable

lease payment that is based on the exces of 12%

(2024: 12%) on sales and the fixed monthly lease

payment over the lease term. No such amount was

paid/payable for both years.

The right-of-use asets with the carying amount of

HK$7,511,000 were fuly impaired in prior years.

2025年
2025
千港元
HK$’000
536

2025年
2025
千港元
HK$’000
101
–
460
999
521
10
2,091

2025年
2025
千港元
HK$’000
101

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

20. 存货

、预付款及其他应收款

酒楼顾客大多以现金和信用卡结账。

营运酒楼的应收账款按照发票日期扣

除拨备后的账龄分析如下：

于2025年3月31日，酒楼业务概无已

逾期但未减值的应收账款（2024年：

零港元）。

本集团未有就该等结余持有任何抵押

品。所有酒楼业务应收账款都以港元

计值。

20. INVENTORIES

2024年

千港元

HK$’000

食物及饮品Fod and beverage519

21. TRADE RECEIVABLES, PREPAYMENTS AND

OTHER RECEIVABLES

2024年

千港元

HK$’000

来自酒楼业务的应收账款Trade receivables from restaurant

operations510

预付租金Prepaid rental expense512

其他预付款Prepayment of other expenses370

按金Deposits894

应收利息Interest receivables22

其他应收款Other receivables30

2,338

Most of the restaurant customers setle in cash and

credit cards.

The ageing analysis of trade receivables from

restaurant operations, based on the invoice date,

and net of alowance, is as folows:

2024年

千港元

HK$’000

0至30日0 to 30 days510

As of 31 March 2025, no trade receivables from

restaurant operations were past due but not

impaired (2024: HK$Nil).

The Group does not hold any colateral over these

balances. Al trade receivables from restaurant

operations are denominated in HK$.

2025年
2025
千港元
HK$’000
1,321

2025年
2025
千港元
HK$’000
2,439
1,864
26
3,852
8,181

2025年
2025
千港元
HK$’000
2,321
118
2,439

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

22. 按公平值计入其他全面收益的权

益工具

按公平值计入其他全面收益的权益工

具以港元计值。

23. 应付账款及其他应付款

附注：应付账款按照收货日期的账龄分析

如下：

采购货品的平均赊数期为60天。

所有应付账款均以港元计值。

22. EQUITY INSTRUMENTS AT FVTOCI

2024年

千港元

HK$’000

香港上市股票Equity securities listed in Hong Kong924

Equity instruments at FVTOCI are denominated in

HK$.

23. TRADE AND OTHER PAYABLES

2024年

千港元

HK$’000

应付账款（附注）Trade payables (Note)2,453

应计费用Acruals2,392

其他应付款Other payables382

拨备Provisions3,818

9,045

Note: The ageing analysis of trade payables, based on the

date of receipt of gods, is as folows:

2024年

千港元

HK$’000

0至60日0 to 60 days2,399

60日以上Over 60 days54

2,453

The average credit period on purchases of gods is

60 days.

Al trade payables are denominated in HK$.

2025年		2025年
2025		2025
千港元		千港元
HK$’000		HK$’000
4,855		4,692
1,500		1,482
–		–
8,480 (503)
6,355		6,174
(181)		不适用N/A
7,977
6,174		6,174
(4,692)
1,482

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

24. 董事贷款

此等款项乃无抵押及免息。

10,000,000港元须于2026年4月1日

偿还而余额30,600,000港元（2024:

26,500,000港元）则须按要求偿还。

董事贷款的实际年利率为5.25%。

25. 租赁负债

应用于负债的增量借款利率为 5.00%

（2024年：5.00%）。

所有租赁负债均以港元计值。

24. LOANS FROM A DIRECTOR

The amounts are unsecured and non-interest

bearing. HK$10,000,000 is repayable on 1 April

2026 and the remaining balance of HK$30,600,000

(2024: HK$26,500,000) is repayable on demand.

The efective interest rate of the loans from the

director is 5.25% per anum.

25. LEASE LIABILITIES

最低租赁付款最低租赁付款之现值

Minimum lease payments

Present value of minimum

lease payments

2024年

千港元

HK$’000

一年内Within one year3,108

超过一年但不超过两年More than one year, but not exceding

two years4,869

超过两年但不超过五年More than two years, but not more

than five years–

7,977

减：未来财务费用Les: Future finance charges不适用N/A

租赁责任的现值Present value of lease obligations7,977

减： 12个月内到期结算的金额

（列示于流动负债项下）

Les: Amount due for setlement within

12 months (shown under

curent liabilities)(3,108)

12个月后到期结算的金额

（列示于非流动负债项下）

Amount due for setlement after

12 months (shown under

non-curent liabilities)4,869

The incremental borowing rates aplied to liabilities

were 5.00% (2024: 5.00%).

Al lease liabilities are denominated in HK$.

2025年
2025
千港元
HK$’000
500,000
194,631

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

26. 股本及资产风险管理

本集团管理资本的目标是保障本集团

持续经营的能力，并通过优化债务和

权益之间的平衡来使股东得到最大回

报。

本集团根据风险比例设定资本金额。

本集团管理资本结构，并根据经济状

况的变化和相关资产的风险特征对

其进行调整。为了维持或调整资本结

构，本集团可能会调整股息支付，发

行新股，回购股份，筹集新债务，偿

还现有债务或出售资产以减少债务。

本集团以股东权益比率为基准监控资

本。该比率按股权总额除以总资产计

算。股权总额包括股本和其他储备。

本集团维持在联交所上市的唯一外部

资本要求是必须有至少25%的已发行

股份公众持股量。

26. SHARE CAPITAL AND CAPITAL RISK

MANAGEMENT

2024年

千港元

HK$’000

法定：Authorised:

5,000,000,000股每股面值

0.1港元的普通股

5,000,000,000 ordinary shares of

HK$0.1 each500,000

已发行及缴足：Isued and fuly paid:

1,946,314,108股每股面值

0.1港元的普通股

1,946,314,108 ordinary shares of

HK$0.1 each194,631

The Group’s objectives when managing capital are

to safeguard the Group’s ability to continue as a

going concern and to maximise the return to the

shareholders through the optimisation of the debt

and equity balance.

The Group sets the amount of capital in proportion

to risk. The Group manages the capital structure

and makes adjustments to it in the light of changes

in economic conditions and the risk characteristics

of the underlying asets. In order to maintain or

adjust the capital structure, the Group may adjust

the payment of dividends, isue new shares,

buy-back shares, raise new debts, redem existing

debts or sel asets to reduce debts.

The Group monitors capital on the basis of the

shareholders equity ratio. This ratio is calculated as

total share equity divided by total asets. Total share

equity comprises share capital and other reserves.

The only externaly imposed capital requirement for

the Group is in order to maintain its listing on the

Stock Exchange, it has to have a public float of at

least 25% of the isued shares.

2025年
2025
千港元
HK$’000
–
169
15
154
194,631
(194,477)
154

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

本集团每月都可取到来自股份过户登

记处关于重大股份权益的报告，该报

告显示了非公众持股量，并且表明了

全年仍有遵守25%的限额。于2025年

3月31日，超过25%（2024年：超过

25%）的股份由公众持有。

27. 本公司财务状况表及储备变动表

(a) 本公司财务状况表

于2025年6月19日获董事会批

准，现由下列董事代表签署：

26. SHARE CAPITAL AND CAPITAL RISK

MANAGEMENT (Continued)

The Group receives a report from the share

registrars monthly on substantial share interests

showing the non-public float and it demonstrates

continuing compliance with the 25% limit

throughout the year. As at 31 March 2025, over

25% (2024: over 25%) of the shares were in public

hands.

27. STATEMENT OF FINANCIAL POSITION AND

RESERVE MOVEMENT OF THE COMPANY

(a) Statement of financial position of the

Company

2024年

附注千港元

NoteHK$’000

非流动资产Non-curent aset

于附属公司投资Investment in subsidiaries–

流动资产Curent aset

银行及现金结余Bank and cash balances170

流动负债Curent liability

应计费用Acruals15

资产净值Net asets155

资本及储备Capital and reserves

股本Share capital26194,631

储备Reserves27(b)(194,476)

权益总额Total equity155

Aproved by the Board of Directors on 19 June

2025 and are signed on its behalf by:

郑白敏郑白丽

CHENG Pak Man, AnitaCHENG Pak Lai, Lily

于2025年3月31日	At 31 March 2025	88,794	113,143	2,348	(398,762)	(194,477)

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

27. 本公司财务状况表及储备变动表

（续）

(b) 本公司储备变动表

28. 储备

(a) 储备的性质和目的

(i) 股本溢价

股本溢价是指以超过每股面

值的价格发行股份产生的溢

价。股本溢价账的应用受百

慕达《1981年公司法》管制。

(i) 资本储备

本集团的资本储备是由1992

年10月的集团重组产生的。

它代表本公司为换取附属公

司股本总面值而发行的股本

总面值之间的差额。

27. STATEMENT OF FINANCIAL POSITION AND

RESERVE MOVEMENT OF THE COMPANY

(Continued)

(b) Movement in the Company’s reserves

股份溢价股本储备购股权储备累计亏损总计

premium

Capital

reserve

Share option

reserve

Acumulated

losesTotal

（附注28(a)(i)）（附注28(a)(i)）

(note 28(a)(i)(note 28(a)(i)

千港元千港元千港元千港元千港元

HK$’000HK$’000HK$’000HK$’000HK$’000

于2023年4月1日At 1 April 202388,794113,1432,534(398,943)(194,472)

年度亏损Los for the year–(4)(4)

于2024年3月31日及

2024年4月1日

At 31 March 2024 and

1 April 202488,794113,1432,534(398,947)(194,476)

年度亏损Los for the year–(1)(1)

购股权失效Lapse of share options–(186)186–

28. RESERVES

(a) Nature and purpose of reserves

(i) Share premium

Share premium represents premium arising

from the isue of shares at a price in

exces of their par value per share. The

aplication of the share premium acount

is governed by the Companies Act 1981 of

Bermuda.

(i) Capital reserve

The capital reserve of the Group arose as a

result of the group reorganisation in

October 1992. It represents the diference

betwen the agregate nominal amount of

the share capital isued by the Company in

exchange for the agregate nominal

amount of the share capital of subsidiaries.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(a) 储备的性质和目的（续）

(i) 汇兑储备

汇兑储备包括因换算海外业

务的综合财务报表而产生的

所有外汇差额。该储备根据

综合财务报表附注4(b)所载

的会计政策处理。

29. 购股权计划

本公司于2010年5月10日采纳的购股

权计划（「2010计划」）于2020年5月8

日届满。本公司于2020年8月3日举

行的股东周年大会上经股东决议通过

采纳新的购股权计划（「2020计划」与

2010计划，统称「该等计划」）。根据

2010计划，不得再授出任何其他购

股权。然而，根据2010计划授出的任

何尚未行使的购股权将继续可予以行

使，惟须遵守2010计划的规则及上市

规则第17章的条文。除非根据2020计

划的规则提早终止，否则2020计划之

有效期会直至2030年8月3日为止。

2010计划的目的是透过向以下合资格

参与者授予购股权作为激励或奖励，

以认可彼等的承诺及贡献：

(a) 本集团任何成员公司或本集团持

有股权的任何实体（「投资实体」）

的任何雇员或董事（包括执行董

事、非执行董事及独立非执行董

事）；

28. RESERVES (Continued)

(a) Nature and purpose of reserves (Continued)

(i) Translation reserve

The translation reserve comprises al

foreign exchange diferences arising from

the translation of the financial statements

of foreign operations. The reserve is dealt

with in acordance with the acounting

policies set out in note 4(b) to the

consolidated financial statements.

29. SHARE OPTION SCHEME

The Company adopted a share option scheme on

10 May 2010 (the “2010 Scheme”) which expired

on 8 May 2020. By shareholders’ resolution pased

at the anual general meting held on 3 August

2020, the Company adopted a new share option

scheme (the “2020 Scheme”, and, together with

the 2010 Scheme, the “Schemes”). No further share

options could be ofered under the 2010 Scheme.

However, any outstanding share options granted

under the 2010 Scheme shal continue to be

exercisable subject to the rules of the 2010 Scheme

and the provisions of Chapter 17 of the Listing

Rules. Unles terminated earlier in acordance with

the rules of the 2020 Scheme, the 2020 Scheme

shal be valid and efective until 3 August 2030.

The purpose of the 2010 Scheme is to recognise the

comitments and contributions of the folowing

eligible participants by granting options to them as

incentives or rewards:

(a) any employe or director (including executive

director, non-executive directors and

independent non-executive director) of any

member of the Group or any entity in which

any member of the Group holds an equity

interest (the “Invested Entity”);

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(b) 董事会全权酌情认为合资格参与

2010计划的本集团任何成员公司

或任何投资实体的任何顾问、咨

询师、专业人士、代理人、承包

商、客户、货品及╱或服务供应

商、业务或合营伙伴，基于彼等

对本集团或投资实体（视情况而

定）的贡献；及

本集团或被投资实体（视情况而

定）作出贡献的任何人士。

2020计划的目的是使本公司能够向本

集团的任何全职或兼职雇员、最高行

政人员、高级职员或董事（包括独立

非执行董事）、主要股东以及董事会

全权认为将对或已对本集团的业务事

务、发展及增长作出贡献的任何专业

顾问、咨询师、供应商、客户及分销

商授出购股权，作为激励或奖励以肯

定及嘉许彼等对本集团的贡献。2020

计划将为合资格参与者提供于本公司

拥有个人权益的机会，旨在实现以下

目标：

(a) 激励合资格参与者优化其工作效

率，以造福本集团；及

(b) 吸引、挽留或以其他方式维持与

合资格参与者的持续业务关系，

而彼等的贡献现时或将来均有利

于本集团的长期增长。

于2025年3月31日，本公司根据该

等计划有24,000,000股（2024年：

26,000,000股）尚未被行使的购股权，

相当于当日已发行股份约1.2%（2024

年：1.3%)。

29. SHARE OPTION SCHEME (Continued)

(b) any advisor, consultant, profesional, agent,

contractor, customer, provider of gods and/or

services, busines or joint-venture partner of

any member of the Group or any Invested

Entity whom the Board in its sole discretion

considers eligible for the 2010 Scheme on the

basis of his or her contribution to the Group or

the Invested Entity (as the case may be); and

discretion considers has contributed or wil

contribute to the Group or to the Invested

Entity (as the case may be).

The purpose of the 2020 Scheme is to enable the

Company to grant options to any ful-time or

part-time employes, chief executives, oficers or

directors (including independent non-executive

directors) of the Group, substantial shareholders

and any profesional advisers, consultants, supliers,

customers and distributors who, in the sole opinion

of the Board, wil contribute or have contributed to

the busines afairs, development and growth of the

Group as incentives or rewards to recognise and

acknowledge their contributions to the Group. The

2020 Scheme wil provide the eligible participants

an oportunity to have a personal stake in the

Company with the view to achieving the folowing

objectives:

(a) to motivate the eligible participants to optimise

their performance eficiency for the benefit of

the Group; and

(b) to atract, retain or otherwise maintain an

on-going busines relationship with the eligible

participants whose contributions are or wil be

beneficial to the long-term growth of the

Group.

As at 31 March 2025, the Company had

24,000,000 (2024: 26,000,000) share options

outstanding under the Schemes, which represented

aproximately 1.2% (2024: 1.3%) of the shares of

the Company in isue at that date.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

根据2020计划可授出的购股权所

涉及的股份总数，合共不得超过

194,631,410股份（约为本公司在

2020计划制定时的已发行股本的

10%），除非已取得进一步的股东批

准。根据该等计划可能授出而尚未行

使的所有尚未行使购股权获行使时可

予发行的股份总数，不得超过本公司

不时已发行股份的30%。

根据2010计划和2020计划的规定，任

何授予本公司董事、行政总裁或主要

股东或他们各自的联系人的购股权，

必须获得本公司所有独立非执行董事

的批准。如果任何授予本公司主要股

东或独立非执行董事或他们各自的联

系人的购股权，将导致在授出日之前

12个月内向该人士已授出或将授出的

所有购股权获行使而发行的股份合共

超过本公司已发行股份的0.1%，且

总价值（按授出日的股份收市价计算）

超过5,000,000港元，则该进一步授

出的购股权必须经本公司股东批准，

获授人、其联系人及本公司所有核心

关连人士（定义见上市规则）须放弃表

决。

在此前提下，根据2010年计划和2020

年计划，在任何12个月期间内，授予

各参与者的购股权（包括已行使和未

行使的购股权）获行使而发行和将发

行的股份总数，不得超过本公司已发

行股份的1%。如果超过此限额，则

须经股东批准，而有关参与者及其联

系人须放弃表决。

29. SHARE OPTION SCHEME (Continued)

The total number of shares in respect of which

options may be granted under the 2020 Scheme

shal not in agregate exced 194,631,410 shares

(10% of the isued share capital of the Company at

the time the 2020 Scheme was established) unles

further shareholders’ aproval has ben obtained.

The overal limit in the number of shares which may

be isued upon exercise of al outstanding options

granted and yet to be exercised under the Schemes

shal not exced 30% of the shares of the Company

in isue from time to time.

Pursuant to each of the 2010 Scheme and the 2020

Scheme, each grant of options to any director, chief

executive or substantial shareholder of the

Company, or any of their respective asociates,

must be aproved by al independent non-executive

directors of the Company. Where any grant of

options to a substantial shareholder or an

independent non-executive director of the

Company, or any of their respective asociates,

would result in the shares of the Company isued

and to be isued upon exercise of al options already

granted or to be granted to such person in the

12-month period up to and including the date of

such grant representing in agregate over 0.1% of

the shares of the Company in isue and having an

agregate value, based on the closing price of the

shares at the date of such grant, in exces of

HK$5,000,000, such further grant of options must

be aproved by the shareholders of the Company,

with the grante(s), his asociates and al core

conected persons (as defined under the Listing

Rules) of the Company abstaining from voting in

favour.

Subject to the aforesaid, pursuant to each of the

2010 Scheme and the 2020 Scheme, the total

number of shares isued and to be isued upon

exercise of the options granted and to be granted

to each participant (including both exercised and

outstanding options) in any 12-month period must

not exced 1% of the shares of the Company in

isue. Any further grant of options in exces of the

limit shal be subject to the shareholders’ aproval

with such participant and his asociate abstaining

from voting.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

根据2010计划，购股权须在授出日

期起30天内书面接纳。授出购股权无

须支付任何代价。根据2020计划，当

获授人在授出日期后30个营业日内，

向本公司提交已正式签署的购股权要

约接纳文件副本，并缴付1.00港元的

不可退还款项作为授出购股权的代价

时，则该购股权应被视为已授予获授

人并已生效。

根据该等计划，购股权的行使价至少

应为以下三者中的最高者：(i)紧接授

出日期前五个营业日联交所每日报价

表所列的本公司股份平均收市价；(i)

授出日期（须为营业日）联交所每日报

价表所列的本公司股份收市价；以及

(i)本公司股份的面值。

根据该等计划，董事会可全权酌情向

任何参与者授出购股权，并可施加其

认为合适的任何条件。除此之外，获

授人无需达成任何绩效目标，亦无最

短持有期才可行使购股权。

根据该等计划，获授人可在董事会确

定和通知的期间内的任何时间行使购

股权，但该期间不得超过自授出日期

起计10年，并于该10年期的最后一个

营业日届满。

29. SHARE OPTION SCHEME (Continued)

Options granted under the 2010 Scheme must be

acepted in writing within 30 days from the date of

ofer. No consideration is payable on grant of

option. Pursuant to the 2020 Scheme, an option

shal be demed to have ben granted to the

grante and to have taken efect when the

duplicate ofer document constituting aceptance of

the ofer for such option duly signed by the

grante, together with a non-refundable remitance

in favour of the Company of HK$1.00 by way of

consideration for the grant thereof, is received by

the Company within 30 busines days after the date

of ofer.

The exercise price under the Schemes of the option

shares shal at least be the highest of (i) the average

closing price of the shares of the Company as

stated in the Stock Exchange’s daily quotations

shets for the five busines days imediately

preceding the date of ofer; (i) the closing price of

the shares of the Company as stated in the Stock

Exchange’s daily quotations shet on the date of

ofer, which shal be a busines day; and (i) the

nominal value of the shares of the Company.

Pursuant to the Schemes, a share option may be

granted to any participant by the Board at its

absolute discretion and subject to any conditions as

it may think fit. Save for this, there is neither any

performance targets that ned to be achieved by

the grante nor any minimum period for which a

share option must be held before a share option

can be exercised.

Pursuant to the Schemes, a share option may be

exercised by the grante at any time during a period

determined and notified by the Board of Directors

provided that such period shal be not more than 10

years comencing from the date of grant and

expiring on the last busines day of such 10-year

period.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

下表列载根据该等计划授出的购股权

的变动情况，以及于2025年3月31日

和2024年3月31日的余额：

附注：

(a) 于2017年10月23日授出的购股权于授

出日期的总估计公平值为2,906,000

港元。购股权总数的30%于授出日期

2017年10月23日即时归属，30%于

2018年10月23日归属，其余40%于

2019年10月23日归属。本公司股份于

紧接授出日期前的收市价为0.177港元。

(b) 罗道明先生于2024年8月16日退任独立

非执行董事。

截至2025年3月31日止年度，本集团

并未就本公司授出的购股权确认任何

开支（2024年：零港元）。于两年内，

未有购股权获行使或授出。截至2025

年3月31日止年度，有2,000,000股购

股权失效（2024年：无）。

29. SHARE OPTION SCHEME (Continued)

Details of movements in the share options granted

under the Schemes and the balances at 31 March

2025 and 31 March 2024 are set out below:

参与者授出日期行使期每股行使价

于2023年

4月1日及

2024年

3月31日

尚未行使

于年内失效

或到期

于2025年

3月31日

尚未行使

ParticipantsDate of grant

Exercisable

period

Exercise

price

per share

Outstanding

as at

1 April 2023

and

31 March

Lapsed/

expired

during

the year

Outstanding

as at

31 March

（附注a）（附注b）

(note a)(note b)

港元

HK$

董事2017年10月23日2017年10月23日至

2025年10月22日

Directors23 October 201723 October 2017 to

22 October 20250.17726,000,000(2,000,000)24,000,000

可于年末行使

Exercisable at the end of the year26,000,000(2,000,000)24,000,000

Notes:

(a) The total estimated fair value at the date of grant of the

share options on 23 October 2017 was HK$2,906,000.

30% of total number of the share options were vested

imediately on the date of grant, 23 October 2017.

30% of total number of the share options were vested

on 23 October 2018 and the remaining 40% were

vested on 23 October 2019. The closing price of the

Company’s share imediately before the date of grant

was HK$0.177.

(b) Mr. Law Toe Ming retired as an INED on 16 August

2024.

The Group did not recognise the expenses for the

year ended 31 March 2025 in relation to share

options granted by the Company (2024: HK$Nil).

No share options were exercised or granted for both

years. 2,000,000 share option lapsed during the

year ended 31 March 2025 (2024: Nil).

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

30. 主要附属公司

截至2024年及2025年3月31日的主要

附属公司详情如下：

* 无表决权递延股份无权收取任何股东

大会的通知、出席或投票，也无权收取

股息或在清算时参与任何分配。这些

无表决权递延股份由本公司间接持有，

除了汉顺发展有限公司的4,000,000股

无表决权递延股份由外部人士拥有。

30. PRINCIPAL SUBSIDIARIES

Particulars of the principal subsidiaries as at 31

March 2025 and 2024 are as folows:

名称注册成立╱营业地点

持有股份类别╱

已发行股本的面值

本公司所持已发行股本

面值的比例主要业务

Name

Place of incorporation/

operation

Clas of shares held/

nominal value of isued

share capital

Proportion of nominal

value of isued share

capital held by the

CompanyPrincipal activities

直接持有：

Directly held:

C Holdings (BVI) Limited英属处女群岛╱香港普通股

187,325,513港元

100%投资控股

C Holdings (BVI) LimitedBritish Virgin Islands

(“BVI”)/Hong Kong

Ordinary

HK$187,325,513

100%Investment holding

间接持有：

Indirectly held:

C Investments (BVI) Limited英属处女群岛╱香港普通股1美元100%投资控股

C Investments (BVI) LimitedBVI/Hong KongOrdinary US$1100%Investment holding

潮州城管理顾问有限公司香港普通股100港元

（无投票权递延股

10,000港元）*

100%提供管理服务

City Chiu Chow Management &

Consultants Company Limited

Hong KongOrdinary HK$100

(Non-voting defered

HK$10,000)*

100%Provision of

management services

潮州城酒楼有限公司香港普通股100港元

（无投票权递延股

2,000,000港元）*

100%经营酒楼

City Chiu Chow Restaurant LimitedHong KongOrdinary HK$100

(Non-voting defered

HK$2,000,000)*

100%Restaurant operations

汉顺发展有限公司香港普通股100港元

（无投票权递延股

20,000,000港元）*

100%经营酒楼

Honcert Development LimitedHong KongOrdinary HK$100

(Non-voting defered

HK$20,000,000)*

100%Restaurant operations

GV Australia Pty Ltd澳洲普通股10,000澳元100%物业发展

GV Australia Pty LtdAustraliaOrdinary AUD10,000100%Property development

* The non-voting defered shares cary no rights to receive

notice of or to atend or vote at any general meting

and have no rights to dividends or to participate in any

distribution on winding up. These non-voting defered

shares were indirectly held by the Company except for

4,000,000 non-voting defered shares of Honcert

Development Limited which were owned by outside

parties.

于2024年 4月1日	利息（收入）╱开支（附注9, 11）	现金项目	支付租赁负债	于2025年 3月31日
1 April 2024	Interest (income)/ expenses (note 9, 11)	Cash flows	Payment of lease liabilities	31 March 2025
千港元	千港元	千港元	千港元	千港元
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
26,500	(499)	14,100	–	40,101
7,977	322	–	(2,125)	6,174
34,477	(177)	14,100	(2,125)	46,275

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

31. 综合现金流量表附注

(a) 融资活动产生的负债对账

下表详列本集团融资活动产生的

负债变动，包括现金及非现金变

动。融资活动产生的负债是指其

现金流量已经或未来将被归类为

本集团综合现金流量表中的融资

活动现金流量的负债。

31. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(a) 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 wil be, clasified in the Group’s

consolidated statement of cash flows as cash

flows from financing activities.

应付一名董事款项（附注24）

Loans from a director (note 24)

租赁负债（附注25）

Lease liabilities (note 25)

于2023年

4月1日

利息开支

（附注11）现金项目

支付

租赁负债

于2024年

3月31日

1 April 2023

Interest

expenses

(note 11)Cash flows

Payment

of lease

liabilities

31 March

千港元千港元千港元千港元千港元

HK$’000HK$’000HK$’000HK$’000HK$’000

应付一名董事款项（附注24）

A loan from a director (note 24)–26,500–26,500

租赁负债（附注25）

Lease liabilities (note 25)10,820467–(3,310)7,977

10,82046726,500(3,310)34,477

2025年
2025
千港元
HK$’000
5,832
1,803
7,635

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(b) 用于租赁现金流出总额

综合现金流量表中用于租赁金额

包括以下各项：

32. 关连交易

(a) 于年内，本集团向鸿利发展有限

公司（「鸿利」）租用若干物业用

于酒楼运营。本年度鸿利收取的

租金为4,320,000港元（2024年：

4,320,000港元）。于2025年3月

31日，已计入流动物业租赁按

金的租赁按金为1,080,000港元

（2024年：1,080,000港元已计入

流动物业租赁按金）。于2025年

及2024年3月31日，并无应付鸿

利的应计租金（2024年：360,000

港元）。

鸿利是Golden Toy Investments

Limited（「Golden Toy」）的全资附

属公司，而Golden Toy 的全部已

发行股本由一家全权信托实益拥

有，该信托的受益人包括本公司

执行董事郑合辉先生、郑白明女

士、郑白敏女士和郑白丽女士，

彼等亦为本公司最终控股公司

Kong Fai 的实益拥有人。

31. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS (Continued)

(b) Total cash outflow for leases

Amounts included in the consolidated

statement of cash flows for leases comprise the

folowing:

2024年

千港元

HK$’000

于经营现金流量内Within operating cash flows6,040

于融资现金流量内Within financing cash flows2,843

8,883

32. RELATED PARTY TRANSACTIONS

(a) During the year, the Group leased certain

properties for its restaurant operations from

Homley Development Limited (“Homley”).

Rentals charged by Homley during the year

amounted to HK$4,320,000 (2024:

HK$4,320,000). At 31 March 2025, rental

deposit of HK$1,080,000 (2024:

HK$1,080,000) was included in curent

property rental deposits. At 31 March 2025,

there is no acrued rental payable to Homley of

(2024: HK$360,000).

Homley is a wholy-owned subsidiary of Golden

Toy Investments Limited (“Golden Toy”) whose

entire isued share capital is beneficialy owned

by a discretionary trust the objects of which

include Mr. Cheng Hop Fai, Ms. Cheng Pak

Ming, Judy, Ms. Cheng Pak Man, Anita and

Ms. Cheng Pak Lai, Lily who are also executive

directors of the Company and beneficial

owners of Kong Fai, the Company’s ultimate

holding company.

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(b) 于年内，本集团向豪城实业有限

公司（「豪城」）租用一个住宅物

业。本年度豪城收取的租金为

900,000港元（2024年：900,000

港元）。于2025年3月31日，计入

流动物业租赁按金的租赁按金为

150,000港元（2024年：150,000

港元计入流动物业租赁按金）。

于2025年及2024年3月31日，并

无应付豪城的应计租金。

豪城是Golden Toy的全资附属公

司。

限公司（「升浩」）租用一个办

公室。本年度升浩收取的租金

为1,180,000港元（2024年：

1,200,000港元）。于2025年3月

31日，计入流动物业租赁按金的

租赁按金为241,000港元（2024

年：241,000港元计入流动物业

租赁按金）。于2025年及2024年

3月31日，并无应付升浩的应计

租金。

升浩是豪城的全资附属公司，而

豪城则是 Golden Toy的直接全资

附属公司。

(d) 于年内，本集团与鸿益五金有限

公司（「鸿益」）进行交易。本年

度向鸿益销售的金额为375,000

港元（2024年：492,000港元）。

于2025年3月31日，应收鸿益

的款项为20,000港元（2024年：

40,000港元）。

鸿益是豪城的全资附属公司，而

豪城则是 Golden Toy的直接全资

附属公司。

32. RELATED PARTY TRANSACTIONS

(Continued)

(b) During the year, the Group leased a unit of a

residential building from Hover City Industrial

Limited (“Hover City”). Rental charged by

Hover City during the year amounted to

HK$900,000 (2024: HK$900,000). At 31 March

2025, rental deposit of HK$150,000 (2024:

HK$150,000) was included in curent property

rental deposits. At 31 March 2025 and 2024,

no acrued rental was payable to Hover City.

Hover City is a wholy-owned subsidiary of

Golden Toy.

from Sky Global Investments Limited (“Sky

Global”). Rentals charged by Sky Global during

the year amounted to HK$1,180,000 (2024:

HK$1,200,000). At 31 March 2025, rental

deposit of HK$241,000 (2024: HK$241,000)

was included in curent property rental

deposits. At 31 March 2025 and 2024, no

acrued rental was payable to Sky Global.

Sky Global is a wholy-owned subsidiary of

Hover City which in turn is an indirect

wholy-owned subsidiary of Golden Toy.

(d) During the year, the Group entered into

transactions with Hung Yick Metal Company

Limited (“Hung Yick”). Sales to Hung Yick

during the year amounted to HK$375,000

(2024: HK$492,000). At 31 March 2025,

receivable from Hung Yick was HK$20,000

(2024: HK$40,000).

Hung Yick is a wholy-owned subsidiary of

Hover City which in turn is a direct

wholy-owned subsidiary of Golden Toy.

2025年
2025
千港元
HK$’000
2,020
54
2,074

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

综合财务报表附注

Notes to the Consolidated Financial Statements

截至2025年3月31日止年度 For the year ended 31 March 2025

（续）

(e) 于本期间，董事的薪酬（即主要

管理人员的薪酬）如下：

32. RELATED PARTY TRANSACTIONS

(Continued)

(e) The remuneration of directors, which are key

management personel during the period was

as folows:

2024年

千港元

HK$’000

薪金及其他福利Salaries and other benefits2,620

退休福利成本Retirement benefits cost54

2,674

2025年
2025
千港元
HK$’000
50,230
(5,441)
–
(5,441)

2025年
2025
千港元
HK$’000
55,681
(54,456)
1,225

G-VISION INTERNATIONAL (HOLDINGS) LIMITED 环科国际集团有限公司

2024 /25 Anual Report 年报

财务概要

Financial Sumary

RESULTS

截至3月31日止年度

Year ended 31 March

2021年2022年2023年2024年

千港元千港元千港元千港元

HK$’000HK$’000HK$’000HK$’000

收入Revenue37,173114,63745,18149,549

除税前亏损Los before tax(8,517)(13,776)(21,586)(6,232)

所得税费用Income tax expenses(243)(304)(44)–

本公司拥有人应占

之年度亏损

Los for the year

atributable to owners

of the Company(8,760)(14,080)(21,630)(6,232)

ASETS AND LIABILITIES

于3月31日

At 31 March

2021年2022年2023年2024年

千港元千港元千港元千港元

HK$’000HK$’000HK$’000HK$’000

资产总值Total asets81,59553,47031,50349,795

负债总值Total liabilities(33,129)(19,093)(18,938)(43,522)

权益总额Total equity48,46634,37712,5656,273

业绩

资产与负债

24-25

ANUAL REPORT

年报

–

年

报

24-25

ANUAL REPORT

目录

Contents

公司资料

Corporate Information

公司资料

Corporate Information

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

1999. The primary functions of the audit comite

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

董事及高级管理层

Directors and Senior Management

董事及高级管理层

Directors and Senior Management

董事及高级管理层

Directors and Senior Management

董事会报告

Report of the Directors

董事会报告

Report of the Directors

董事会报告

Report of the Directors

董事会报告

Report of the Directors

董事会报告

Report of the Directors

Notes:

董事会报告

Report of the Directors

Note:

董事会报告

Report of the Directors

董事会报告