01170 信星集团 财务报表/环境、社会及管治资料：二零二五年年报
2Corporate Information
公司资料
4Financial Highlights
财务摘要
6Chairman’s Statement
主席报告
14Management Discusion and Analysis
管理层讨论及分析
26 Environmental, Social and Governance Report
环境、社会及管治报告
101Corporate Governance Report
企业管治报告
127 Directors and Senior Management Profiles
董事及高层管理人员履历
143Report of the Directors
董事会报告
157Independent Auditor’s Report
独立核数师报告
Audited Financial Statements
经审核财务报表
166Consolidated Statement of Profit or Los
综合损益表
167 Consolidated Statement of Comprehensive Income
综合全面收益表
168 Consolidated Statement of Financial Position
综合财务状况表
170 Consolidated Statement of Changes in Equity
综合权益变动表
172Consolidated Statement of Cash Flows
综合现金流量表
175Notes to Financial Statements
财务报表附注
295 Particulars of Investment Properties Held by the Group
本集团持有之投资物业详情
Contents
目录
Corporate Information
公司资料
2Kingmaker Fotwear Holdings Limited Anual Report 2025
BOARD OF DIRECTORS
Executive Directors
Mdm. Huang Hsiu-duan, Helen
Mr. Wong Hei-chiu
Mr. Chen Yi-wu, Ares
Non-executive Directors
Mr. Chan Ho-man, Daniel
Mr. Kimel, Philip Brian
Dr. Chow Wing-kin, Anthony, SBS, J.P.
Independent non-executive Directors
Ms. Chan Mei-bo, Mabel, J.P.
Mr. Wong Hin-wing, MH, J.P.
Mr. Law Ka-kin (apointed on 28 August 2024)
Mr. Tam King-ching, Keny
(retired by rotation on 28 August 2024)
COMPANY SECRETARY
Mr. Wong Hei-chiu
REGISTERED OFICE
Clarendon House
2 Church Stret
Hamilton HM11
Bermuda
HEAD OFICE AND PRINCIPAL PLACE OF
BUSINES IN HONG KONG
17th Flor
Empres Plaza
17-19 Chatham Road South
Tsimshatsui
Kowlon
Hong Kong
SOLICITORS
Guantao and Chow
Solicitors and Notaries
AUDITOR
Ernst & Young
Certified Public Acountants
Registered Public Interest Entity Auditor
董事会
执行董事
黄秀端女士
黄禧超先生
陈奕舞先生
非执行董事
陈浩文先生
柯民佑先生
周永健博士，
银紫荆星章，太平绅士
独立非执行董事
陈美宝女士，
太平绅士
黄显荣先生，
荣誉勋章，太平绅士
罗家健先生（于二零二四年八月二十八日获委任）
谭竞正先生
（于二零二四年八月二十八日轮席退任）
公司秘书
黄禧超先生
注册办事处
Clarendon House
2 Church Stret
Hamilton HM11
Bermuda
香港总办事处及主要营业地点
香港
九龙
尖沙咀
漆咸道南
17-19
号
帝后广场
楼
律师
观韬律师事务所
律师及公证人
核数师
安永会计师事务所
执业会计师
注册公众利益实体核数师
Corporate Information
公司资料
信星鞋业集团有限公司 年报
2025
BERMUDA PRINCIPAL SHARE REGISTRAR
AND TRANSFER OFICE
MUFG Fund Services (Bermuda) Limited
26 Burnaby Stret
Hamilton HM11
Bermuda
HONG KONG BRANCH SHARE REGISTRAR
AND TRANSFER OFICE
Tricor Investor Services Limited
17th Flor, Far East Finance Centre
16 Harcourt Road
Hong Kong
PRINCIPAL BANKERS
Industrial and Comercial Bank of China (Asia) Limited
China Construction Bank (Asia) Corporation Limited
Taishin International Bank
Taipei Fubon Comercial Bank Company Limited
STOCK CODE
WEBSITE
htp:/w.irasia.com/listco/hk/kingmaker
KEY DATES
Closure of Register of Members
Entitlement to atend and vote at the Anual General
Meting
25 August 2025 to 28 August 2025
Entitlement to the proposed special final dividend
10 September 2025 to 12 September 2025
Anual General Meting
28 August 2025
Proposed payment date of special final dividend
On or about 29 September 2025
百慕达主要股份过户登记处
MUFG Fund Services (Bermuda) Limited
26 Burnaby Stret
Hamilton HM11
Bermuda
香港股份过户登记分处
卓佳证券登记有限公司
香港
夏悫道
号
远东金融中心
楼
主要往来银行
中国工商银行（亚洲）有限公司
中国建设银行（亚洲）股份有限公司
台新国际商业银行
台北富邦商业银行股份有限公司
股份代号
网站
htp:/w.irasia.com/listco/hk/kingmaker
重要日期
暂停办理股份过户登记
获得出席股东周年大会并于会上投票的资格
二零二五年八月二十五日至二零二五年八月
二十八日
拟派特别末期股息的获得资格
二零二五年九月十日至二零二五年九月十二日
股东周年大会
二零二五年八月二十八日
建议派发特别末期股息日期
二零二五年九月二十九或该日前后
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 625,876 |
| (11,384) |
| (1.8)% |
| (33,890) |
| HK cents |
| 港仙 |
| (5.05) |
| HK cents |
| 港仙 |
| – |
| 2.0 |
| – |
| 2.0 |
| 4.0 |
Financial Highlights
财务摘要
4Kingmaker Fotwear Holdings Limited Anual Report 2025
2024Change
二零二四年变动
HK$’000
千港元
Revenue
收益
689,269-9.2%
Gros profit/(los)
毛利／（毛损）
29,106N/A
不适用
Gros profit/(los) margin
毛利率／（毛损率）
4.2%-6.0 points
-6.0
个百分点
Profit/(los) for the year atributable
to equity holders of the Company
本公司权益持有人
应占年度溢利／（亏损）
20,221N/A
不适用
HK cents
港仙
Basic earnings/(los) per share
每股基本盈利／（亏损）
3.00N/A
不适用
HK cents
港仙
Proposed final and special final
dividends
拟派末期及特别末期股息
Interim dividend per share
每股中期股息
1.5
Special interim dividend per share
每股特别中期股息
0.5
Final dividend per share
每股末期股息
0.2
Special final dividend per share
每股特别末期股息
6.8
Total dividends per share for the year
年内每股息合计
9.0-55.6%
- $353 milion•
现金及等同现金项目约
353,000,000
港元
Revenue
收益
(HK$ Mil
百万港元
)(HK$ Mil
百万港元
)
1,000
1,200
-100
0.5
1.0
1.5
2.0
2.5
7.5
Special
特别
Final
末期
Interim
中期
1,062
-18
1.80
1.78
1.83
2.0
1.5
0.7
4.0
2.0
1.5
1.8
1.60
-34
1.74
7.3
1.5
0.2
2.0
2.0
Profit/(Los) for the Year Atributable
to Equity Holders of the Company
本公司权益持有人应占年度溢利／（亏损）
| 7.3 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2.0 | 0.7 2.0 | |||||||
| 0.7 | ||||||||
| 2.0 | ||||||||
| 2.0 | ||||||||
| 1.5 | 4.0 | 0.2 | ||||||
| 1.5 | 1.8 | 1.5 | 2.0 | |||||
Financial Highlights
财务摘要
信星鞋业集团有限公司 年报
2025
Net Aset Value Per Share Atributable
to Equity Holders of the Company
本公司权益持有人应占每股资产净值
(HK Cents
港仙
)(HK$
港元
)
1,000
1,200
-100
0.5
1.0
1.5
2.0
2.5
7.5
Special
特别
Final
末期
Interim
中期
1,062
-18
1.80
1.78
1.83
-34
1.74
Dividend Per Share
每股息
Revenue (by geography)
收益（按地区划分）
35.2%
20.4%24.4%
20.0%
Others
其他
Asia
亚洲
Europe
欧洲
United States of America
美国
26.4%
27.7%
26.5%
19.4%
6Kingmaker Fotwear Holdings Limited Anual Report 2025
Chairman’s Statement
主席报告
I am delighted to present the anual results of Kingmaker
Fotwear Holdings Limited (the “Company”) and its subsidiaries
(colectively the “Group”) for the year ended 31 March 2025 (the
“Year”), a period of formidable chalenges for the manufacturing
sector.
While these chalenges significantly tested our operations, they
also reafirmed the fundamental strengths of our busines model.
Our financial resilience, multi-location manufacturing base,
and specialized technical capabilities in sophisticated fotwear
colectively reinforce our competitive advantage in times of
market turbulence. The enduring partnerships we maintain with
global brand leaders have ben built through years of in-depth
colaboration, enabling us to create products that withstand
market shifts and economic fluctuations. As we navigate what
may prove to be an even more uncertain period ahead, I remain
confident in our Group’s proven capacity to adapt and endure.
Our strategic investments in operational and product excelence
have positioned us not only to weather these headwinds but also
to adres emerging oportunities within them.
Huang Hsiu Duan, Helen
Chairman
本人欣然提呈信星鞋业集团有限公司（「本公
司」）及其附属公司（统称「本集团」）于截至二零
二五年三月三十一日止年度（「本年度」）之全年
业绩报告。本年度对制造业而言，无疑是充满严
峻挑战的一年。
尽管此等挑战对本集团营运带来考验，却也再
次验证我们商业模式的基础实力。稳健的财务
韧度、跨区域生产布局，以及在高阶制鞋领域的
专门技术，三者相辅相成，大强化本集团在市
场动荡中的竞争优势。与全球领先品牌多年的
深厚伙伴关系，淬炼出能抵御市场周期与经济
波动的产品开发能力。我对本集团的适应力与
抗压能力深具信心，我们的实力历经验证，未来
定能克服或更趋复杂的经营环境。在优质生产
与产品上所作出的策略性投资，不仅使我们能
够抵御逆风，更能在变局中精准捕捉新涌现的
商机。
主席
黄秀端
To become the leading lifestyle fotwear company
trusted by premium brands for value creation and
inovation.
成为领先的生活潮流鞋履企业，深受优质品牌信赖，共同创造
价值和推动创新。
To partner with leading brands in making the best lifestyle
products to met and create consumer demand in fotwear
and related products.
与领先品牌合作制造最佳生活潮流产品，满足消费者对鞋履及相关产
品的需要，并携手创造需求。
OUR VISIONOUR VISION
愿景愿景
OUR MISIONOUR MISION
使命使命
Chairman’s Statement
主席报告
信星鞋业集团有限公司 年报
2025
宏观经济讨论
步入截至二零二六年三月三十一日止财政年度
（「二零二六财政年度」），全球经济前景更趋不
明朗，市场能见度从偏低降至极度有限。美国政
府于二零二五年四月宣布的对等关税措施，已
引发复杂的贸易谈判与突发政策转变。此等发
展叠加地缘政治不确定性加剧，为零售及制造
业带来极大变数。缺乏方向的局势发展，大干
扰零售商的备货策略，使其在需求预测波动与
消费者支出趋于谨慎的双重压力下举步维艰。
伊朗紧张局势升级以及中东关键航道可能封闭
所带来的威胁，将加剧原油价格波动并推高运
输成本，令制造业面临难以预测的能源与物流
成本波动。
承前所述挑战，加上市场整体情绪持续低迷，将
促使采购行为更趋保守。品牌客户很可能继续
采取短交货期、小批量的下单模式；此举将削弱
制造效率，推升生产成本。
就短期来看，针对多数国家的九十天关税暂缓
措施，促使零售商趁暂时缓冲期积极回补库存，
刺激短期制造订单激增。此举虽在二零二六财
政年度第一季为本集团带来订单增长，我们仍
将按保守策略管理制造业务，以应对关税缓冲
期结束后可能出现的市场波动。
策略和前景
二零二六财政年度首季，本集团订单呈现增长，
主因品牌客户趁九十天关税宽限期加速出货，
而订单增长主要来自成本结构更具竞争力的柬
埔寨厂区。目前尚无明确证据显示增长势头可
持续，我们将审慎规划生产与出货排程，同时为
采购策略的可能转变预作准备。
MACROECONOMIC DISCUSION
Steping into the financial year ending 31 March 2026
(“FY2026”), the global economic landscape presents even
greater uncertainty, transitioning from low visibility to virtualy
no visibility. The United States (the “US”) administration’s April
2025 anouncement on reciprocal tarifs has trigered complex
negotiations and abrupt policy shifts. These developments,
combined with intensified geopolitical uncertainties, have created
significant unpredictability for the retail and manufacturing
sectors. This lack of clear direction has disrupted retailers’
stocking strategies, as they graple with volatile demand
forecasts and hesitant consumer spending.
Escalating tensions in Iran and potential closure of critical
Midle Eastern shiping lanes would threaten to drive oil price
volatility and shiping cost surges, leaving manufacturers facing
unpredictable energy and logistics cost fluctuations.
Compounding these isues, generaly soft market sentiment is
expected to persist, driving increasingly cautious procurement
practices. Branded clients are likely to continue placing orders
with short turnaround times and smaler quantities, undermining
manufacturing eficiency and inflating input costs.
In the short term, the 90-day tarif pause for most countries has
spured a surge in manufacturing orders as retailers capitalize
on temporary relief to replenish inventories. This helped bost
orders for the Group in the first quarter of FY2026, but we wil
continue to exercise conservative management of our ongoing
manufacturing activities to adres potential volatility post-pause.
STRATEGIES AND OUTLOK
The first quarter of FY2026 saw an increase in the Group’s
orders as branded clients tok advantage of the 90-day window
to expedite shipments, with order growth primarily driven by
our Cambodia site, which comands a more competitive
cost structure. Although this momentum curently lacks clear
evidence of sustainability, we wil work closely with clients to plan
production and shipments with care while staying prepared for
procurement shifts.
Chairman’s Statement
主席报告
8Kingmaker Fotwear Holdings Limited Anual Report 2025
我们将保持生产设施与人力资源的灵活性，维
持营运备战状态，以应对需求波动，同时持续与
品牌客户进行研究与开发（「研发」）合作，开发
符合当前市场趋势的产品。为推进价值增长策
略，我们继续投资于劳工技能提升与设备升级，
以满足产品组合更趋复杂与多样化的需求。透
过强化成本竞争力与制造技术、促进研发创新，
以及深化客户协作，纵使需求环境不明朗，我们
仍有能力维持业务稳健发展。
我们将继续重点推进以下六大策略行动纲领，
为适应快速变化的营运环境作好准备：
增强业务动力并提升收入结构
尽管当前市场存在不确定性与挑战，我们仍积
极开发新业务及与客户合作研发，以巩固营业
额来源。我们并采取针对性措施精准开发新品
牌客户，进一步分散市场分布。通过不断努力，
我们在过去数年间逐步建立更均衡的地域组
合。在开拓具发展潜力新客户的同时，我们亦与
现有品牌客户进行研发合作，维持健康的产品
开发管道。
我们在高价值运动及时尚鞋履领域的专业优
势，始终是价值增长策略的核心所在，这项优势
推动我们在高端鞋类产品的开发方面取得卓越
表现。为落实此策略，我们持续投入劳工技能与
生产设备升级，以全面提升应对高端产品要求
的能力，符合其严格标准。
To navigate demand volatility, we wil maintain operational
readines by keping our facilities and workforce agile, while
continuing research and development (“R&D”) colaborations
with branded clients to develop products tailored to curent
market trends. To advance our value growth strategy, we wil also
continue investing in workforce upskiling and facility upgrades
to met the growing complexity and versatility of our enhanced
product portfolio. By strengthening our cost competitivenes and
manufacturing expertise, fostering R&D, and depening client
colaboration, we aim to secure busines stability even amid
uncertain demand conditions.
We are comited to prioritizing these six strategic action areas
to ensure our readines to adapt to the rapidly evolving busines
environment:
Strengthen busines momentum and the revenue profile
Despite ongoing market uncertainties and chalenges, we remain
focused on reinforcing our revenue streams through proactive
new busines development and colaborative R&D with clients.
We have made targeted eforts to solicit new branded clients
to further diversify our market distribution. Such eforts have
enabled us to progresively build a more balanced geographical
portfolio over the past few years. Alongside targeting new clients
with development potential, we continue our ongoing R&D eforts
with existing branded clients to maintain a healthy product
pipeline.
Our niche expertise in higher-value activewear and fashion
athleisure fotwear remains central to our value growth strategy,
enabling us to excel in developing premium fotwear products.
To suport this, we are comited to continuous workforce
upskiling and facility upgrades, enhancing our capacity to met
the exacting requirements of these specialized segments.
Chairman’s Statement
主席报告
信星鞋业集团有限公司 年报
2025
规划产能和能力
鉴于当前订单能见度偏低且需求预测不明，我
们短期内暂无扩建厂房的规划，现阶段将专注
于优化现有设施的使用率，以提升规模经济效
益。我们并将继续推进设备升级计划，逐步汰换
老旧设备，并在能明确提升营运效益的环节引
入自动化。
我们在越南与柬埔寨的跨地域生产平台，能灵
活因应客户对成本效益与产品精致度的不同需
求，透过两地产能调配来配合客户采购策略的
变动。双厂区策略预计能满足集团中期营运需
要。同时，考虑到关税问题，我们会持续评估拓
展其他生产据点的长期可能性，以争取更佳的
竞争条件。目前相关评估仍属初步阶段，尚无具
体实施方案。
追求卓越营运
为强化供应链管理，我们不断推行措施，提升原
材料与产出品质、成本效益，以及交货期准确
度。此外，我们透过精益生产系统有效减少浪费
并优化工作流程，及在关键环节（如皮革裁切）
导入针对性的自动化工序以提升效益。
为提高订单履行能力，我们采用数码智能制造
系统，强化即时生产可视性，实现从原料、在制
品到成品的全流程监控。此系统有助及早发现
瑕疵并快速修正，确保整个生产周期均落实严
格的品质管控。同时，我们不断进行劳工培训，
提升劳工的技术能力与品质管理意识，确保产
品质稳定达标，同时符合品牌要求与环保规
范。
Capacity and capability planing
Given the curent soft order pipeline and unpredictable demand
forecasts, we have no near-term plans for facility expansion.
Our imediate focus wil be on optimizing utilization of existing
facilities to improve economies of scale. We wil continue our
program of machinery upgrades, selectively replacing older
equipment and implementing automation where it delivers clear
operational benefits.
Our cros-location platform in Vietnam and Cambodia provides
the flexibility to met clients’ varying neds for cost eficiency
and product sophistication. We can shift manufacturing
activities betwen these sites to acomodate changes in client
procurement plans. This dual-site strategy is expected to met
our Group’s operational requirements through the mid-term. At
the same time, we continue to study the long-term posibilities
for expansion into other locations to secure tarif advantages.
These explorations remain preliminary with no definitive plans
established at this stage.
Pursue operational excelence
To strengthen suply chain management, we continue to
implement measures to enhance material and output quality, cost
eficiency, and lead time reliability. Our lean manufacturing system
efectively minimizes waste and streamlines workflows, suported
by targeted automation in high-impact areas such as leather
cuting.
To strengthen our fulfilment capabilities, we operate a digital
smart manufacturing system that enhances real-time visibility,
enabling continuous monitoring of materials, work-in-progres,
and output. This system facilitates early defect detection
and faster corective actions, enforcing rigorous quality
control throughout the production lifecycle. At the same time,
continuous training programs are in place to upskil workers
in technical competencies and quality asurance protocols,
ensuring consistent output that mets brand specifications and
sustainability standards.
Chairman’s Statement
主席报告
10Kingmaker Fotwear Holdings Limited Anual Report 2025
纾缓成本通胀压力
在当前市场环境下，我们实施一系列防御措施
以确保业务韧性，包括透过精益生产优化成本
结构、策略性部署自动化流程，以及落实严格的
成本管控。这些措施对于维持我们在市场逆境
中的竞争优势至关重要。
尽管这些举措有助控制工厂开支，但由于我们
需要维持快速交单的生产备战状态，短期内直
接劳工成本仍居高不下。小批量订单所需的频
繁换线作业亦带来额外成本压力。为巩固成本
纪律，我们正透过流程优化及与供应商洽商，进
一步对销售、市场推广及行政职能实施严格管
控。
人才发展
多元化的员工团队汇聚各项专业技能，在我们
与世界领先品牌客户共创双赢的过程中，扮演
关键角色。作为人才策略一部分，我们提供具竞
争力的薪酬方案，包括设购股权计划及股份奖
励计划，对达成企业目标有重要贡献的高绩效
人员予以表彰，并促进人才留任。
为各生产基地培育本土人才，是本集团实现可
持续增长的核心环节。除专业制造技能外，我们
更投入资源推进领导力发展，强化当地管理人
才储备，以确保卓越营运表现得以持续。
作为本集团领导核心，高管团队在应对复杂商
业环境时，展现出卓越的适应力与解难能力。其
果断决策与稳健领导，使本集团在维持营运稳
定的同时，成功克服重大市场挑战。
Mitigate cost inflation
Under curent market conditions, we are implementing a series of
defensive initiatives to ensure busines resilience. These include
optimizing cost structures through lean production, selectively
incorporating automated proceses, and enforcing disciplined
cost control measures. These are al crucial to maintaining our
competitive position during market adversities.
While these measures help contain overheads, direct labor
costs remain high in the short term due to the ned to maintain
production readines for fast-turnaround orders. The frequent
line changeovers required by smal-batch orders present
aditional cost chalenges. To strengthen cost discipline, we
are implementing strict controls in sales and marketing, and
administrative functions, through proces optimization and
strategic vendor negotiations.
Talent development
Our diverse staf team brings together specialized expertise that
plays a pivotal role in driving mutual suces with our world-
leading branded clients. As part of our talent strategy, we provide
competitive remuneration packages, including share option
and award schemes, designed to recognize and retain high-
performing individuals who contribute to organizational goals.
A key component of our sustainable growth strategy involves
developing indigenous talent acros our production facilities.
Beyond technical manufacturing competencies, we also
invest in leadership development initiatives to strengthen our
local management pipelines to ensure continued operational
excelence.
As the foundation of our leadership, the executive team has
demonstrated exceptional adaptability and problem-solving
capabilities when confronting complex busines environments.
Their decisive actions and steady guidance have enabled
our Group to overcome significant market dificulties while
maintaining operational stability.
Chairman’s Statement
主席报告
信星鞋业集团有限公司 年报
2025
韧力和可持续性
财务实力是我们业务韧性的根基，尤其在市场
环境严峻时期更显关键。本集团一贯秉持审慎
的财务管理方针，在应对经济周期波动与市场
冲击时成效卓著。展望未来，我们将一如既往，
严格管控现金流与资本开支，以巩固现有的财
务稳健优势。
尽管面对短期市场波动，可持续发展仍为本集
团营运的核心支柱。此举既能回应环保意识抬
头的消费需求，更能为所有持份者创造长远价
值，深植可持续经营的企业文化。
企业管治同样是本集团可持续经营的基石，我
们对此始终坚定不移。董事会（「董事会」）内的
独立非执行董事（「独董」）在本集团的重点纪律
执行上发挥关键监督作用，为业务及管治事宜
提供独立审视与外部观点。作为持续提升企业
管治标准的一部分，我们定期检讨董事会组成
并作出新任命，以确保董事独立性与多元性。
为确保环境、社会及管治（「
ESG
」）措施的有效
执行，我们采用双轨并行的策略：
•
由上而下：由可持续发展委员会主导政策
制定与监督，指导现有的可持续发展工作
小组，并确保各指标符合国际基准。
•
由下而上：赋权各生产基地根据国际基准
订立
ESG
目标，并每季度检视进度，确保
措施严格落实。
Resilience and sustainability
Financial strength forms the foundation of our busines resilience,
particularly during chalenging periods. Our prudent financial
management aproach has ben instrumental in helping the
Group navigate economic cycles and market disruptions. Moving
forward, we wil maintain strict controls over cash flow and capital
expenditure management to preserve this stability.
Sustainability also remains a core pilar of our operations,
transcending short-term market fluctuations. It adreses
growing demand from environmentaly conscious consumers
while embeding a culture of long-term value creation for al
stakeholders.
Equaly, we maintain our steadfast focus on corporate
governance as the bedrock of our sustainable operations. The
independent non-executive directors (“INEDs”) of our board (the
“Board”) of directors play a vital oversight role in the disciplined
execution of the Group’s strategic priorities as they provide
independent scrutiny and external perspective on both busines
and governance maters. As part of our ongoing eforts to
enhance corporate governance standards, we regularly review
our Board’s composition and make new apointments, to ensure
director independence and diversity.
To ensure efective execution of environmental, social and
governance (“ESG”) initiatives, we employ a dual aproach:
- : Policy formulation and oversight led by our
sustainability comite, which guides the existing
sustainability working group and ensures alignment with
global standards.
- : Empowerment of local manufacturing sites to
set ESG targets compliant with international benchmarks.
These sites conduct quarterly progres reviews to ensure
rigorous implementation.
Chairman’s Statement
主席报告
12Kingmaker Fotwear Holdings Limited Anual Report 2025
我们的可持续发展使命，围绕四个核心领域推
展：
–
地球：管理价值链上的碳足迹，尽力将足
迹减至最低
–
进步：与客户合作，透过创新、应用科技和
培育人才不断求进
–
团队：关顾员工福祉
–
盈利：为股东创造长远价值
相关联合国可持续发展目标下的细项目标：
目标
：性别平等
目标
：体面工作和经济增长
目标
：负责任消费和生产
结语
预计市场不确定性势将加剧，但本集团凭借稳
健的财务实力与制造专业技术，积极应对各项
挑战。在此坚实基础上，我们将继续聚焦较高价
值产品，不断拓阔及优化客户群组合。
我们对产品创新的承诺始终如一，并透过与客
户紧密的研发合作，建立能因应市场趋势变化
的强健产品管道。研发创新同时驱动价值增长
策略，我们透过精准改良材料特性，及建立客户
定制的设计流程，确保产品维持高端市场定位。
Our sustainability misions are centered around four core areas:
– Planet: Manage and minimize our carbon fotprint along the
value chain
– Progres: Colaborate with clients to pursue advancement
through inovation, aplication of technologies, and talent
empowerment
– People: Care about employe wel-being
– Profits: Create long-term shareholder value
Relevant targets under the United Nations (UN) Sustainability
Development Goals (SDGs):
Goal 5: Gender Equality
Goal 8: Decent Work and Economic Growth
Goal 12: Responsible Consumption and Production
CONCLUDING REMARKS
While market uncertainty is expected to intensify, the Group
remains wel-positioned to navigate these chalenges,
underpined by our financial resilience and manufacturing
expertise. Building on this solid foundation, we wil continue
to focus on higher-value products as we sek to diversify and
enhance our client portfolio.
Our comitment to product inovation continues unstinted.
Through close R&D colaboration with clients, we are building a
robust pipeline of products that met evolving market demands.
R&D also propels our value growth strategy through targeted
advancements in performance materials and client-customized
design proceses, enginered to ensure premium market
positioning acros our oferings.
Chairman’s Statement
主席报告
信星鞋业集团有限公司 年报
2025
作为国际品牌信赖的优质鞋履制造商，我们深
知即使面临短期成本压力，仍须捍卫制造业内
的领先地位。透过持续投入，我们努力建立经营
韧力与技术能力，在短期财务投入与长期发展
储备之间取得平衡，以维持为客户提供最佳解
决方案的实力。
前路或许充满变数，但我们已备妥完善策略、灵
活的营运弹性，以及严谨的执行力来克服困难。
我们对团队能力充满信心，将可凭借清晰的长
期愿景引领，准备好在挑战中发掘并把握当中
的可持续增长新机遇。
我们一直秉持长期发展理念，运用经实践验证
的专业能力，致力塑造鞋履制造业的未来。在卓
越实力、抗逆韧性与互信合作的根基上，我们坚
定前行，稳中求进。
致谢
本人谨对董事会同僚的悉心指导、高级管理层
及全体员工的尽忠职守与坚毅精神，以及业务
伙伴与客户的长期信任与合作，致以由衷谢忱。
最后，特别感谢各位股东对本集团愿景的持续
支持与信心，正是这份众志成城的信念，驱使我
们在逆境中砥砺前行。
承董事会命
主席
黄秀端
香港，二零二五年六月三十日
As a premier fotwear producer trusted by global brands, we
recognize the ned to safeguard our manufacturing position
despite short-term cost presures. Through ongoing investments
in operational resilience and capabilities, we balance short-term
financial demands with long-term readines to preserve our ability
to consistently deliver the best posible solutions for clients.
The road ahead may be unpredictable, but we are equiped with
the right strategies, flexible operational agility, and disciplined
execution to overcome these dificulties. Confident in our team’s
capabilities and guided by a clear long-term vision, we are
prepared to sek and capitalize on new oportunities that can
deliver sustainable growth.
We wil continue to uphold our long-term focus, leveraging our
proven expertise and comitment to shape the future of fotwear
manufacturing. With a foundation built on excelence, resilience,
and trusted partnerships, we advance with confidence.
APRECIATION
I would like to expres my sincere gratitude to my felow Board
members for their guidance, to our senior management and staf
for their dedication and resilience, and to our busines partners
and clients for their continued trust and colaboration. Finaly, to
our shareholders, we thank you for your enduring suport and
confidence in our Group’s vision. It is this colective comitment
that drives our ability to thrive even in chalenging times.
By order of the Board
Huang Hsiu Duan, Helen
Chairman
Hong Kong, 30 June 2025
Management Discusion and Analysis
管理层讨论及分析
14Kingmaker Fotwear Holdings Limited Anual Report 2025
FINANCIAL RESULTS
The Board is pleased to present the Company’s anual results for
the Year.
The Year presented significant chalenges for our Group as we
navigated a softening retail environment in key export markets in
tandem with rising production costs in Vietnam and Cambodia.
Increased labor wages and operational expenses further strained
margins, while maintaining manufacturing and quality reliability
remained critical to fulfiling orders with shorter lead times and
smaler batch sizes. This required retaining our skiled workforce
despite lower facility utilization, that diminished economies of
scale and aded presure to our cost structure.
As the Year progresed, growing macroeconomic uncertainty
led to heightened client caution, with procurement slowing
toward the Year’s end. Shipments declined notably in late
March, reflecting weaker retail confidence ahead of the
US administration’s anouncement on reciprocal tarifs, a
development that has since exacerbated global trade concerns.
While the Group remained comited to its value growth strategy,
these macroeconomic headwinds constrained its ability to fuly
acelerate product portfolio enhancements.
财务业绩
董事会欣然公布本公司之本年度全年业绩。
本集团于本年度内面对重大挑战，除主要出口市
场零售环境疲弱外，亦要应对越南及柬埔寨两地
生产成本上涨问题。劳工资与营运开支增加，
利润空间难免进一步受压，而同时我们必须维持
生产和品质稳定性，以满足周期短、批量小的订
单要求。故此，尽管厂房使用率下降，我们仍须
保留熟练劳工队伍，因而削弱规模经济效益，对
成本结构增添压力。
本年度内宏观经济不确定性日益加剧，导致客
户更趋谨慎，接近本年度末段，采购步伐明显放
缓。出货量自三月下旬起显著减少，反映美国政
府宣布对等关税前，零售信心已先行走弱，而政
策公布后全球贸易忧虑更进一步加剧。尽管本集
团继续秉持价值增长策略，然而宏观经济下行，
令产品组合升级未能全速推进。
Management Discusion and Analysis
管理层讨论及分析
信星鞋业集团有限公司 年报
2025
Against this backdrop of subdued busines conditions and
broader economic volatility, the Group experienced declines in
both busines volume and average seling price (“ASP”).
Revenue
During the Year, revenue decreased by 9.2% year on year to
aproximately HK$626 milion (2024: aproximately HK$689
milion), atributable to a 6.5% decline in fotwear busines
volume (pairs). As previously stated, despite eforts to develop
higher-value products, market price points trended downward
amid weak retail sentiment, resulting in a 5.9% decline in the ful-
year ASP.
Gros Los/Profit
This contraction in economies of scale adversely impacted
gros margins. For the Year, the Group reported a gros los of
aproximately HK$11 milion, as compared to a gros profit of
aproximately HK$29 milion the previous year. The reversal to
gros los was primarily atributable to:
(i) further deterioration in economies of scale caused by
revenue decline, resulting in higher cost-to-revenue ratios;
(i) a notable increase in labor costs during the Year compared
to the previous year, raising proportionate direct labor
wages to 27.1% (2024: 19.3%) of revenue; and
(i) lower ASP achieved under the weak retail conditions.
Despite the chalenging operating environment, the Group has
efectively managed its working capital cycle through tighter
inventory control while keping raw materials and related costs,
as wel as seling and administrative expenses, relatively stable.
Net Los/Profit
The Group incured a net los atributable to equity holders of
the Company of aproximately HK$34 milion, compared to a net
profit of aproximately HK$20 milion recorded in the prior year.
The net los position resulted from:
(i) the shift from gros profit to gros los; and
(i) an increase in fair value los on revaluation of the Group’s
investment properties in the Chinese Mainland and Hong
Kong, amounting to aproximately HK$16 milion (2024:
aproximately HK$2 milion).
Basic los per share atributable to equity holders of the
Company for the Year was HK5.05 cents (2024: earnings of
HK3.00 cents).
营商环境不振及整体经济波动下，本集团业务量
与平均售价均现降幅。
营业额
本年度内，营业额按年下降
9.2%
至约
626,000,000
港元（二零二四年：约
689,000,000
港
元），期间业务量（双数）下降
6.5%
。如前所述，尽
管本集团致力开发较高价值产品，惟在零售市场
情绪低迷下，市场价格普遍走低，导致全年平均
售价录得
5.9%
跌幅。
毛损╱毛利
规模经济效益收缩对毛利率造成负面冲击。本年
度录得毛损约
11,000,000
港元，对比上年度则录
得毛利
29,000,000
港元。由盈转亏主要归因于：
(i)
收入下降导致规模经济效益进一步减弱，
令成本占收入比率上升；
(i)
年内劳工资较上年度明显上涨，直接劳
工资占收入比例上升至
27.1%
（二零二四
年：
19.3%
）；以及
(i)
零售市况不景导致平均售价走低。
尽管经营环境充满挑战，本集团继续透过控制库
存水平，致力管理营运资金周期，同时维持原材
料及相关成本，以及销售及行政开支相对稳定。
净亏损╱纯利
本公司权益持有人应占净亏损约
34,000,000
港
元，对比上年度录得约
20,000,000
港元纯利。出
现净亏损主要归因于：
(i)
由毛利逆转为毛损；以及
(i)
本集团于中国内地和香港的投资物业
经重估所产生的公平值亏损扩大至约
16,000,000
港元（二零二四年：约
2,000,000
港元）。
本年度内本公司权益持有人应占每股亏损
5.05
港
仙（二零二四年：
3.00
港仙）。
Management Discusion and Analysis
管理层讨论及分析
16Kingmaker Fotwear Holdings Limited Anual Report 2025
Key Financial Ratios
The Group maintained healthy financial ratios during the Year:
- ’ turnover increased to 82 days (2024: 80 days);
- ’ turnover decreased to 100 days (2024: 123
days);
- : 109 days);
• A healthy liquidity position with net cash in hand of
aproximately HK$353 milion as at 31 March 2025 (2024:
aproximately HK$416 milion);
• Zero gearing ratio (total bank borowings to total equity)
(2024: 0%); and
• Curent and quick ratios were 2.7 and 2.3 respectively
(2024: 3.2 and 2.8 respectively).
Final Dividend and Special Final Dividend
The Group continued to manage its working capital prudently,
maintaining a stable financial position in suport of its busines
resilience. In view of this, the Board has resolved to declare a
special final dividend of HK2.0 cents (2024: HK6.8 cents) per
ordinary share, with no final dividend proposed for the Year
(2024: HK0.2 cent per ordinary share). Combined with the
special interim dividend of HK2.0 cents per ordinary share, total
dividends for the Year wil amount to HK4.0 cents (2024: HK9.0
cents) per ordinary share.
The Board periodicaly reviews its dividend policy, taking into
acount the Group’s capital expenditure plans, the operating
environment, order bok visibility, and overal busines prospects.
主要财务比率
本集团于本年度维持健康的财务比率：
•
应收账款周转天数增加至
天（二零二四
年：
天）；
•
应付账款周转天数减少至
天（二零二四
年：
天）；
•
存货周转天数为
天（二零二四年：
天）；
•
于二零二五年三月三十一日维持健康流动
资金水平，手头净现金为约
353,000,000
港
元（二零二四年：约
416,000,000
港元）；
•
零杠杆比率（银行借贷总额比权益总额）（二
零二四年：
0%
）；及
•
流动及速动比率分别为
2.7
及
2.3
（二零二四
年：分别为
3.2
及
2.8
）。
末期及特别末期股息
本集团持续审慎管理营运资金，以维持稳定的财
务状况，务求保持业务韧力。有鉴于此，董事会
已议决派发特别末期股息每股普通股
2.0
港仙（二
零二四年：
6.8
港仙），并不会就本年度派发末期
股息（二零二四年：
0.2
港仙）。连同特别中期股
息
2.0
港仙，本年度共派发股息每股普通股
4.0
港仙
（二零二四年：
9.0
港仙）。
董事会按本集团的资本性开支计划、经营环
境、订单可视度和整体业务前景，定期检视派息
政策。
Management Discusion and Analysis
管理层讨论及分析
信星鞋业集团有限公司 年报
2025
OPERATIONAL REVIEW
Coping with Macroeconomic Chalenges
The Year presented persistent chalenges for manufacturers as
demand in major export markets remained subdued amid weak
consumer sentiment. These demand-side constraints were
compounded by a dificult cost environment, notably rising labor
costs folowing Vietnam’s minimum wage increase since July
2024, while competitive labor market dynamics necesitated
aditional wage adjustments to retain skiled workers.
The soft retail landscape prompted branded clients to adopt
conservative procurement aproaches, creating multiple
operational chalenges including shorter production cycles,
smaler order quantities, and generaly lower price points. To
met these client demands while ensuring delivery reliability, the
Group prioritized skiled workforce stability despite the curent
order pipeline contraction, thus incuring labor cost presures.
The shift toward smaler and faster production mode made
it dificult to optimize fixed input costs, resulting in elevated
cost-to-revenue ratios during periods of reduced busines
volume. In light of these cost presures, the Group maintained
a robust financial position to suport busines resilience, while
implementing stringent cost controls and disciplined cash flow
management to safeguard operations.
Busines development eforts continued in order to explore
new revenue streams and to diversify the Group’s geographical
distribution of markets further. Thre European fashion and
activewear labels were aded to the portfolio during the Year to
this end. While initial orders from these labels were modest in
scale, they represent promising oportunities for diversification
and value growth potential.
营运回顾
应对宏观经济挑战
本年度内消费信心疲软，致使主要出口市场需求
景气持续收缩，为制造商带来重挑战。需求方
面的制约，加上成本环境严峻，尤其越南自二零
二四年七月起调升基本工资，劳工成本进一步上
涨，同时劳工市场竞争激烈，需额外调整薪资以
挽留熟练劳工。
零售市场疲软致使品牌客户采取保守的采购策
略，从而衍生多重营运挑战，包括生产周期缩
短、订单规模减小，以及整体价格水平下调。为
满足此等客户要求，同时确保交货稳定，即使面
对当前订单管道缩减，本集团仍致力维持稳定的
熟练劳工队伍，因而承受劳工成本压力。
随生产模式转向批量小、周期短，固定工厂成本
难以优化，在业务量缩减时期会推升成本占收入
比率。面对成本压力，本集团致力维持稳健财务
状况以支撑业务韧度，同时贯彻严谨成本管控，
落实现金流管理纪律，以保障企业营运。
本集团持续推进业务开发计划，以开拓收益来源
并进一步分散市场地域分布，包括于本年度为业
务组合增添三个欧洲时尚及运动品牌。新品牌初
期的订单规模较小，但相信能为我们带来多元化
发展与价值增长的新商机。
Management Discusion and Analysis
管理层讨论及分析
18Kingmaker Fotwear Holdings Limited Anual Report 2025
Manufacturing Busines
Vietnam and Cambodia remained critical hubs for global fotwear
manufacturing, benefiting from competitive costs and maturing
suply chains. To maintain geographic diversity, the Group
operates manufacturing sites in both these core locations. In
adition to its manufacturing and R&D facilities in southern
Vietnam and Cambodia, the Group holds a 40% interest in a
joint-venture factory in central Vietnam.
As at the Year-end date, the Group had a combined production
scale of 21 procesing lines in operation, mostly under the
concept-line setup. They contributed an anual capacity of
around 7 milion pairs of shoes, and were 55.7% utilized (2024:
57.5%).
In southern Vietnam, the Group had 10 concept lines and 3
traditional lines in operation as at the Year-end date. Combined
with the 8 concept lines in operation in Cambodia, this stable,
multi-location production platform enables the Group to provide
capacity with flexibility to met clients’ sourcing plans in terms of
product specifications and country of manufacture.
Capacity expansion is not curently on the agenda, but the Group
remains comited to long-term capacity upgrading, aiming
to strengthen its competitive position by improving product
sophistication and achieving cost eficiencies.
The geographical distribution of markets was demand-led, with
the Group’s continuous diversification eforts over recent years
resulting in a reduced proportionate sales contribution from the
US market. During the Year, sales to the US acounted for 24.4%
(2024: 26.5%) of the Group’s revenue. Europe’s proportionate
contribution was 35.2% (2024: 26.4%), and shipments to other
markets, including Asia and other areas, acounted for 40.4%
(2024: 47.1%).
制造业务
越南和柬埔寨凭借具竞争力的成本优势及日益
成熟的供应链，稳居全球鞋履制造的关键枢纽地
位。为保持地域多元化布局，本集团于这两大核
心地区均设有生产基地。除位于越南部及柬埔
寨的制造与研发设施外，本集团同时持有越南中
部一间合营工厂的
40%
权益。
于本年度年结日，本集团的合并生产规模共
条生产线，大部分为小流水概念生产线，合共年
产能约
百万双鞋履，使用率为
55.7%
（二零二四
年：
57.5%
）。
于本年度年结日，本集团于越南部营运
条小
流水生产线及
条传统生产线，并在柬埔寨营运
条小流水生产线。凭借坚实的多地域生产平台，
本集团能灵活地提供产能，以迎合客户采购计划
的产品规格及产地要求。
本集团目前并无即时的产能扩充计划，但会著眼
于长期产能升级，目标透过提升产品精致度及实
现成本效益，从而巩固市场竞争地位。
市场地区分布继续由需求主导，同时本集团持续
推动多元化布局，促使近年美国市场的销售占比
逐步降低。本年度美国市场对本集团的营业额贡
献占比为
24.4%
（二零二四年：
26.5%
）。而欧洲
市场的贡献占
35.2%
（二零二四年：
26.4%
），输
往其他市场（包括亚洲及其他地区）营业额则占
40.4%
（二零二四年：
47.1%
）。
Management Discusion and Analysis
管理层讨论及分析
信星鞋业集团有限公司 年报
2025
于本年度内，豪迈型鞋类仍为主要收入来源，贡
献总收入
75.9%
（二零二四年：
78.6%
）。优质便
服鞋的贡献占比则维持于
16.8%
（二零二四年：
15.2%
）的相对稳定水平。尽管婴幼儿鞋履贡献
占比微升至
7.3%
（二零二四年：
6.2%
），惟整体
发展策略维持不变，继续聚焦于较高价值产品。
本集团与客户维持策略合作关系，同时配合价
值增长策略，拓展特定客户群。本年度之主要
客户包括
Cat
、
Chaco
、
Dr. Martens
、
Merel
及
Wolverine
；彼等合共占总营业额的
74.5%
（二零
二四年：
95.0%
）。同时，本集团积极与其他具
有稳健财务和增长前景的品牌开发业务。本年
度内，本集团客户组合新增三个欧洲品牌
Jack
Wolfskin
、
Paladium
及
Revolution Race
。
本集团生产中心的主要发展概述如下：
越南部
本集团在越南部的生产中心包括主要的营运
工厂，以及毗邻主厂，供研发和其他制造支援工
序使用的厂房；并持有另一幅用地作长远规划之
用。
此产地对总产量贡献
51.1%
（二零二四年：
47.3%
），目前为生产较繁复时尚鞋履的主要基
地。为减低人力及材料消耗，本集团持续投资扩
充此中心的自动化皮革裁剪设备。裁剪工序自动
化，有助更有效运用资源，进一步节省成本并推
动可持续的生产模式。
The ruged-shoe category was the primary revenue contributor
during the Year, producing 75.9% (2024: 78.6%) of total revenue.
The proportionate contribution from premium casual fotwear
remained relatively stable at 16.8% (2024: 15.2%). Revenue
generated by babies’ and children’s fotwear increased slightly
to 7.3% (2024: 6.2%) of total, while the overal development
strategy remained aligned with the Group’s focus on higher-value
products.
Aligning with its strategy to prioritize value growth, the Group
focused on strategic client relationships and selective expansion
of its portfolio during the Year. Major customers for the Year,
including Cat, Chaco, Dr. Martens, Merel, and Wolverine,
colectively acounted for 74.5% (2024: 95.0%) of total revenue.
The Group also developed busines partnerships with brands
demonstrating financial strength and growth potential. Thre
European brands, Jack Wolfskin, Paladium, and Revolution
Race, were introduced to the Group’s portfolio during the Year.
Key developments in the Group’s production centers are
sumarized below:
Southern Vietnam
The southern Vietnam manufacturing center includes the main
operating facilities and adjacent premises that house R&D and
other manufacturing suport activities. An aditional site is held
for long-term development.
This location contributed 51.1% (2024: 47.3%) of total volume
output and was dedicated to producing more sophisticated
fashion fotwear. To reduce manpower and material wastage,
the Group has continued to invest in and expand computerized
leather cuting at this center. By introducing automation into
the cuting proces, resources can be utilized more eficiently,
yielding further cost savings and promoting sustainable
manufacturing practices.
Management Discusion and Analysis
管理层讨论及分析
20Kingmaker Fotwear Holdings Limited Anual Report 2025
柬埔寨
柬埔寨厂房在处理较繁复的生产工序上取得明
显进展。凭借较低的劳工成本，并在品牌客户支
持下，部分如缝纫等劳动力密集工序已移至柬埔
寨执行。
于本年度内以鞋履双数计，此中心贡献占比增至
48.9%
（二零二四年：
52.7%)
。本集团认为柬埔寨
生产中心具备长远发展潜力与策略价值。
对联营公司的投资
本集团与荣诚集团（「荣诚」）于越南中部合资拥有
一联营公司，持有其
40%
权益。荣诚为领先的国
际运动鞋履制造商。
经过去数年的资金投放，该工厂已具备稳固的
生产实力，可符合更繁复的产品要求。于本年度
年结日，联营公司共有
条生产线，指定为世界
领先鞋履品牌
Crocs
、
Columbia
及
Tracksmith
作生
产之用。
在本年度内，受益于强劲的订单管道，营业额
增加至约
1,339,000,000
港元（二零二四年：约
1,024,000,000
港元）。惟联营公司于期间受托生
产技术含量更高、更精密的新产品，故需投放资
源于研发及试产。复杂的生产工序亦增加了材料
及工时消耗，令本年度上半年盈利减少。
不过，随著生产流程逐步完善，联营公司效率及
利润率得以提升。联营公司向本集团贡献之全年
应占联营公司溢利仅轻微下降至约
23,000,000
港
元（二零二四年：约
24,000,000
港元）。
Cambodia
The Cambodia site has demonstrated advancements in its ability
to manage more complex production proceses. Leveraging
relatively lower labor costs, and with suport from branded
clients, some labor-intensive tasks, such as stitching, have ben
relocated to Cambodia.
The center’s contribution acounted for 48.9% (2024: 52.7%)
of total output in pairs during the Year. The Group views the
Cambodia center as having long-term potential and strategic
value.
Investments in Asociates
The Group holds a 40% interest in an asociated company
jointly owned with Evervan Group (“Evervan”) in central
Vietnam. Evervan is a leading athletic fotwear manufacturer for
international markets.
Investments made over the past few years have given this
asociated company a solid capacity to met more sophisticated
production requirements. As at the Year-end date, the asociated
company operated a total of 39 production lines, designated for
world-leading fotwear brands including Crocs, Columbia and
Tracksmith.
Revenue increased to aproximately HK$1,339 milion (2024:
aproximately HK$1,024 milion) on the back of a strong order
pipeline. The asociated company has ben entrusted with
the production of newer, more sophisticated products, which
necesitated investments in R&D and trial production and
incured increased consumption of materials and labor time,
leading to a decrease in earnings during the first half of the Year.
As such production proces progresed, the asociated
company was able to enhance its eficiency and profit margin.
The Group’s share of profit of asociates thus decreased only
slightly to aproximately HK$23 milion (2024: aproximately
HK$24 milion) for the ful year.
Management Discusion and Analysis
管理层讨论及分析
信星鞋业集团有限公司 年报
2025
联营公司预计潜在订单管道强健，故准备于未来
二至三年分阶段扩大产能。资本支出将主要由内
部资源支付。联营公司拥有独特的专业技术，面
对多重市场挑战时仍能展现韧力。董事会对其长
远前景充满信心。
投资物业
基于本集团业务需要和产能规划，若干全资拥有
的工厂和办公室物业不时或未被充分利用。董事
会定期评估物业的租售选项及潜力，务求善用
此等资产以创造回报。这有助本集团活用未使用
物业，产生额外的稳定收入，以巩固营运资金，
并在可行情况下，实现资产的投资价值。
随研发中心迁离中国内地珠海，所腾出的厂房已
悉数租出，部分租金收入已反映于本年度账项
内。
本集团的投资物业组合于本年度内继续提供稳
定的租金收入。然而，董事会留意到香港及中国
内地的营商环境不断变化，加上办公室物业租赁
市场竞争激烈，挑战重。为应对此等困难，本
集团致力与租户共同面对经济不确定性，包括在
市场波动期间提供更灵活的租赁条款以支持租
户。
于本年度内，此资产组合产生租金收入总额约
26,000,000
港元（二零二四年：约
28,000,000
港
元）。
Anticipating a robust line-up of potential orders, the asociated
company is gearing up for a phased expansion of its production
capacity over the coming two to thre years. The capital
expenditure wil primarily be financed by internal resources.
This joint-venture operation, equiped with niche expertise, has
demonstrated considerable resilience in the face of multiple
market chalenges. The Board maintains ful confidence in its
long-term prospects.
Investment Properties
Based on the Group’s ongoing busines requirements and
capacity planing, certain wholy owned factories and ofice
properties at times may not be fuly utilized. The Board regularly
considers the sale or leasing options and potential of these
properties to create returns on this portfolio. This wil help the
Group make god use of the unutilized properties to generate
aditional stable income to enhance working capital, and where
feasible, realize the investment value of its asets.
Folowing the relocation of the R&D center, the vacated factory
space in Zhuhai, the Chinese Mainland, has ben leased out, with
its rental income partialy reflected in the Year’s boks.
The Group’s investment portfolio continued to provide a stable
source of rental income during the Year. However, the Board
acknowledges the chalenges of an evolving busines landscape
and competitive ofice property leasing markets in Hong
Kong and the Chinese Mainland. To adres these dificulties,
the Group is comited to working with tenants to navigate
economic uncertainties, including ofering more flexible lease
terms to suport tenants amid volatile market conditions.
During the Year, this portfolio of asets yielded gros rental
income of aproximately HK$26 milion (2024: aproximately
HK$28 milion).
Management Discusion and Analysis
管理层讨论及分析
22Kingmaker Fotwear Holdings Limited Anual Report 2025
财务回顾
流动资金及财务资源
本集团一般以内部产生之现金流量及其往来银
行提供之银行信贷为其业务提供资金。
审慎的财务管理及选择性投资标准，令本集
团之财务状况维持稳健。于二零二五年三月
三十一日，本集团之现金及等同现金项目约为
353,000,000
港元（二零二四年：约
416,000,000
港元）。于二零二五年三月三十一日，本集团并无
任何计息银行借贷（二零二四年：零）。本集团的
杠杆比率（银行借贷总额比权益总额）为零（二零
二四年：零）。
于二零二五年三月三十一日，本集团获得银行
信贷总额约为
40,000,000
港元（二零二四年：约
40,000,000
港元），其中零（二零二四年：零）已动
用。
截至二零二五年三月三十一日止年度，流动比
率约为
2.7
（二零二四年：约
3.2
），此乃按流动资
产约
616,000,000
港元及流动负债约
226,000,000
港元之基准计算，而速动比率约为
2.3
（二零二四
年：约
2.8
）。
本集团将继续维持保守之现金流量管理，以巩固
稳健的现金状况。经考虑本集团于未来两至三年
包括在越南及柬埔寨进行之主要扩充计划，董事
认为本集团具备充足之流动资金以应付其目前
及日后营运及拓展之营运资金需求。
FINANCIAL REVIEW
Liquidity and Financial Resources
The Group generaly finances its operation by internaly generated
cashflow and banking facilities provided by its bankers.
Prudent financial management and selective investment criteria
have enabled the Group to maintain a strong financial position.
As at 31 March 2025, the Group’s cash and cash equivalents
were aproximately HK$353 milion (2024: aproximately
HK$416 milion). As at 31 March 2025, the Group did not have
any interest-bearing bank borowings (2024: Nil). The Group’s
gearing ratio (total bank borowings to total equity) was Nil (2024:
Nil).
As at 31 March 2025, the Group had available banking facilities
amounted to aproximately HK$40 milion (2024: aproximately
HK$40 milion), of which Nil (2024: Nil) was utilized.
For the year ended 31 March 2025, the curent ratio was
aproximately 2.7 (2024: aproximately 3.2) based on curent
asets of aproximately HK$616 milion and curent liabilities
of aproximately HK$226 milion and the quick ratio was
aproximately 2.3 (2024: aproximately 2.8).
The Group wil continue to maintain conservative cash flow
management to sustain a strong cash position. Having
considered the major expansion plans of the Group, including
Vietnam and Cambodia in the next two to thre years, the
Directors are of the opinion that the Group has adequate liquidity
to met its curent and future working capital requirements on its
operations and expansion.
Management Discusion and Analysis
管理层讨论及分析
信星鞋业集团有限公司 年报
2025
外汇风险管理
本集团大部分之资产与负债及收益与开支以港
元、人民币、越南盾及美元计值。采用保守方法
管理外汇风险乃本集团之政策。
然而，本集团将继续监控其外汇风险及市场状
况，以确定是否需要采取对冲措施。本集团一般
以内部资源及香港银行所提供之银行融资作为
营运所需资金。借贷利率按香港银行同业拆息率
或有担保隔夜融资利率厘定。
本集团之财务政策旨在减轻本集团环球业务所
带来之外币汇率波动之影响，以及将本集团之财
务风险降至最低。本集团采用一项更为审慎之措
施，审慎运用衍生金融工具（主要为远期货币合
约（如适用）仅作风险管理之用）以作对冲交易及
管理本集团应收账项及应付账项之用。
本集团面临之外汇风险主要来自其中国及越南
附属公司之现金流量净额及营运资金净额之换
算。本集团管理层将积极透过自然对冲、远期合
约及期权方式（倘必要）对冲外汇风险。货币风险
集中由本集团之香港总部管理。
股本架构
本集团基本上并无债项。股东权益下跌至二零
二五年三月三十一日约
1,061,000,000
港元（二零
二四年：约
1,173,000,000
港元）。
Foreign Exchange Risk Management
Most of the Group’s asets and liabilities, revenue and
expenditure are denominated in Hong Kong dolars, the
Renminbi, the Vietnamese Dong and the US dolars. It is the
Group’s policy to adopt a conservative aproach on foreign
exchange exposure management.
However, the Group wil continue to monitor its foreign exchange
exposure and market conditions to determine if any hedging is
required. The Group generaly finances its operation with internal
resources and bank facilities provided by banks in Hong Kong.
Interest rates of borowings are fixed by reference to the Hong
Kong Inter-Bank Ofered Rate or the Secured Overnight Financing
Rate.
The Group’s treasury policies are designed to mitigate the impact
of fluctuations in foreign curency exchange rates arising from the
Group’s global operations and to minimise the Group’s financial
risks. As a measure of aditional prudence, the Group cautiously
uses derivatives financial instruments, principaly forward
curency contracts as apropriate for risk management purposes
only, for hedging transactions and for managing the Group’s
receivables and payables.
The exposure to foreign curency of the Group mainly arose
from the net cash flows and the net working capital translation
of its PRC and Vietnam subsidiaries. The management of the
Group wil actively hedge the foreign curency exposures through
natural hedges, forward contracts and options, if consider
necesary. The management of curency risk is centralised in the
headquarter of the Group in Hong Kong.
Capital Structure
The Group is substantialy debt fre. Shareholders’ equity
decreased to aproximately HK$1,061 milion as at 31 March
2025 (2024: aproximately HK$1,173 milion).
Management Discusion and Analysis
管理层讨论及分析
24Kingmaker Fotwear Holdings Limited Anual Report 2025
购买、赎回或出售上市证券
于本年度内，本公司于联交所购回
8,924,000
股
每股面值
0.10
港元之普通股，总代价约
7,165,000
港元（不包括交易成本），并于年内注销所购回股
份。于本年度内，董事会根据股东授出之购回授
权购回本公司股份，旨在借此提高本公司每股资
产净值及每股盈利而使股东整体获益。
于本年度内，股份购回之详情如下：
购回股份时已付之溢价约
6,272,000
港元已自股
份溢价账扣除。本公司亦已将相等于已注销股份
面值之金额自本公司保留溢利转拨至股本赎回
储备。
除上文所披露者外，本公司或其任何附属公司本
年度内概无购买、赎回或出售本公司之任何上市
证券。
Purchase, Redemption or Sale of Listed Securities
During the Year, the Company repurchased 8,924,000 of its
ordinary shares of HK$0.10 each on the Stock Exchange at
an agregate consideration of aproximately HK$7,165,000
excluding transaction cost and canceled the repurchased shares
during the year. The repurchase of the Company’s shares during
the Year was efected by the Board, pursuant to the repurchase
mandate granted by the shareholders, with a view to benefit
shareholders as a whole by enhancing the net aset value per
share and earnings per share of the Company.
Details of the shares repurchase during the Year are as folows:
Month/Year
Number of
shares
repurchased
Highest price
per share
Lowest price
per share
Agregate
consideration
(excluding
transaction
cost)
年╱月
购回之
股份数目
每股
最高价
每股
最低价
总代价
（不包括
交易成本）
HK$HK$HK$’000
港元港元千港元
April 2024
二零二四年四月
3,222,0000.880.752,655
January 2025
二零二五年一月
204,0000.660.63129
February 2025
二零二五年二月
4,036,0000.830.683,173
March 2025
二零二五年三月
1,462,0000.850.801,208
Total
总计
8,924,0007,165
The premium paid on the repurchase of the shares of
aproximately HK$6,272,000 has ben debited to the share
premium acount. An amount equivalent to the par value of the
shares canceled has ben transfered from the retained profits of
the Company to the capital redemption reserve.
Except as disclosed above, neither the Company nor any of its
subsidiaries purchased, redemed or sold any of the Company’s
listed securities during the Year.
Management Discusion and Analysis
管理层讨论及分析
信星鞋业集团有限公司 年报
2025
雇员及薪酬政策
于二零二五年三月三十一日，本集团（包括其于
香港、台湾、中国、越南及柬埔寨之附属公司）聘
用约
6,400
名员工。本集团之薪酬政策主要根据
现时之市场薪酬水平以及各公司及员工个别之
表现厘定。本集团亦可根据本集团批准之购股权
计划及股份奖励计划之条款分别授出购股权及
奖励股份。
于本年度内，本公司于二零一九年六月二十六
日所采纳之股份奖励计划（「股份奖励计划」）的
受托人以约为
5,457,000
港元的总代价于市场上
购买总数为
8,884,000
股份。于本年度内，已有
3,744,000
股份根据股份奖励计划授出。
于本年度内，本公司根据本公司于二零二年八
月二十六日采纳之购股权计划（「购股权计划」）向
本集团若干董事及雇员授出
2,800,000
份购股权。
有关股份奖励计划及购股权计划之详情载于本
报告第
页至
页。
EMPLOYMENT AND REMUNERATION
POLICIES
The Group, including its subsidiaries in Hong Kong, Taiwan, the
PRC, Vietnam and Cambodia, employed aproximately 6,400
employes as at 31 March 2025. The Group’s remuneration
policies are primarily based on prevailing market salary levels and
the performance of the respective companies and individuals
concerned. Share options and awarded shares may also be
granted in acordance to the terms of the Group’s aproved
share option scheme and share award scheme, respectively.
During the Year, the truste of the Company’s share award
scheme adopted on 26 June 2019 (the “Share Award Scheme”)
purchased a total number of 8,884,000 shares on the market at
a total consideration of aproximately HK$5,457,000. 3,744,000
shares have ben awarded under the Share Award Scheme
during the Year.
During the Year, the Company granted 2,800,000 share options
to certain Directors and employes of the Group in acordance
with the Company’s share option scheme adopted on 26 August
2022 (the “Share Option Scheme”).
Details of the Share Award Scheme and the Share Option
Scheme are set out on pages 258 to 277 of this report.
Environmental, Social and Governance Report
环境、 社会及管治报告
26Kingmaker Fotwear Holdings Limited Anual Report 2025
ABOUT THE ESG REPORT
Kingmaker Fotwear Holdings Limited (the “Company”), together
with its subsidiaries (the “Group, we or us”), is delighted to
present its Environmental, Social and Governance (the “ESG”)
Report (the “Report or ESG Report”). This ESG Report herein
focuses on providing an overview of the environmental and
social aspects of the Group for the financial year from 1 April
2024 to 31 March 2025 (the “Reporting Period” or “2024/25”).
It outlines how we sek to continualy improve our operational
strategy regarding our environment and society to cope with the
global standards of sustainability.
While preparing the ESG Report, the Group thoroughly reviewed
and asesed its existing environmental and social policies. It
aims to achieve beter performance in ESG and operations in the
future and make more contributions to the comunities where it
operates.
ESG Report Scope and Boundary
The Group is a large-scale shoe-manufacturing company
designated as an original shoe manufacturer for internationaly
renowned brands as our core busines. The reporting scope is
determined based on the materiality and significance of ESG
impacts on the company under the Group’s direct operational
control and the reporting scope of this ESG Report covers the
environmental and social performance of manufacturing factories
located in Vietnam and Cambodia. There is no change in the
reporting scope or boundary covered in this ESG report from the
previous year.
The ESG Report is prepared in acordance with the
Environmental, Social and Governance Reporting Code (the
“Reporting Code”) as set out in Apendix C2 of the Rules
Governing the Listing of Securities (the “Listing Rules”) on
The Stock Exchange of Hong Kong Limited (the “HKEX”) and
complies with al provisions of comply or explain and mandatory
disclosure.
关于
ESG
报告
信星鞋业集团有限公司（「本公司」）连同其附属公
司（「本集团」或「我们」）欣然呈列其环境、社会及
管治（「
ESG
」）报告（「本报告」或「
ESG
报告」）。本
ESG
报告专注于提供本集团于二零二四年四月一
日至二零二五年三月三十一日止财政年度（「报
告期间」或「二零二四／二五年」）在环境及社会方
面的概览，以及概述我们如何寻求不断改善我们
在环境与社会方面的营运策略，以达到全球可持
续发展标准。
于编制
ESG
报告时，本集团对现有的环境及社会
政策进行了透彻的回顾与评估。本集团期望在未
来能就
ESG
及营运等各方面取得更好的表现，并
为营运所在社区作出更大贡献。
ESG
报告范围及界限
本集团乃一家大型制鞋公司，核心业务是为国际
知名品牌制造正品鞋。报告范围根据
ESG
对本集
团直接运营所控制公司的实际影响和重要性而
厘定，本
ESG
报告的范围涵盖位于越南及柬埔寨
的制造工厂的环境和社会表现。本
ESG
报告所涵
盖的报告范围或界限与去年相比并无变动。
ESG
报告乃根据香港联合交易所有限公司（「联交
所」）证券上市规则（「上市规则」）附录
C2
所载的环
境、社会及管治报告守则（「报告守则」）编制，且
遵守不遵守就解释及强制披露的所有规定。
| Materiality 重要性 | The Group identified the materiality of ESG topics by stakeholder engagement and materiality assessment. The details are explained in the section headed Materiality assessment. ESG 本集团已透过持份者参与及重要性评估识别 议题的重要性。有关详情在「重要性 |
|---|---|
| Quantitative 量化 | The standards, methodologies and applicable assumptions used in calculating key performance indicators (the “KPIs”) data were supplemented by explanatory notes. 在说明附注已补充计算关键绩效指标（「关键绩效指标」）时所用的标准、方法及适用假 |
| Consistency 一致性 | Unless otherwise stated, the preparation approach of this ESG Report is consistent with the previous report for comparison. If there are any changes in the scope of disclosure or calculation methodologies that may affect the comparison with the previous report, explanations will be provided to the corresponding data. ESG 除另有所述外， 报告的编制模式与上一份报告一致，以便对照。如披露范围或计 |
| Balance 平衡 | This ESG Report provides an unbiased picture of the Group’s ESG performance. It avoids selections, omissions, or presentation formats that may inappropriately influence a decision or judgment by the report reader. ESG ESG 本 报告公正反映了本集团的 表现，并将避免可能不恰当地影响报告阅读者作 |
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
During the preparation for this ESG Report, the Group has
aplied the folowing reporting principles in the Reporting Code:
出决策或判断的筛选、缺漏或呈报格式。
于编制
ESG
报告时，本集团已应用下列报告守
则：
Environmental, Social and Governance Report
环境、 社会及管治报告
28Kingmaker Fotwear Holdings Limited Anual Report 2025
Governance Structure
The Group recognizes that a robust ESG governance structure
is fundamental to fostering sustainable busines operations and
creating long-term value for al stakeholders. Our governance
framework ensures comprehensive oversight of ESG maters,
including climate-related risks and oportunities, through a multi-
tiered aproach.
Board Oversight
The Board of Directors (the “Board”) maintains ultimate
responsibility for ESG governance, including oversight of climate-
related risks and oportunities. The Board ensures that ESG
and climate considerations are integrated into the Group’s
strategic decision-making proceses, busines strategy, major
transactions and enterprise risk management framework. The
Board regularly reviews and aproves ESG-related policies,
climate strategies, objectives and targets to ensure alignment
with busines strategy and stakeholder expectations. The Board
receives anualy briefings on climate-related risks, oportunities
and regulatory developments, and considers climate-related risks
and oportunities in strategic decisions and capital alocation.
Board of Directors
董事会
Sustainability Comite
可持续发展委员会
Sustainability Working Group
可持续发展工作小组
Functional Departments
职能部门
Fedback and Authorization
反馈与授权
Supervision
监督
Fedback
反馈
Reporting
汇报
Reporting
汇报
Reporting
汇报
管治架构
本集团深知稳健的
ESG
管治架构乃促进可持续业
务运营及为全体持份者创造长期价值的基础。我
们的管治框架确保通过多层次方法对
ESG
事宜进
行全面监督，包括气候相关风险及机遇。
董事会监督
董事会（「董事会」）对
ESG
管治负有最终责任，包
括监督气候相关风险及机遇。董事会确保将
ESG
及气候因素整合至本集团的战略决策程序、业务
策略、重大交易及企业风险管理框架。董事会定
期审查及批准
ESG
相关政策、气候战略、目的及
目标，以确保与业务战略及持份者期望保持一
致。董事会每年收取气候相关风险、机遇及监管
发展简报，并于战略决策及资本配置中考虑气候
相关风险及机遇。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Sustainability Comite
Reporting directly to the Board, the Sustainability Comite serves
as the primary governance body responsible for overseing climate-
related risks and oportunities. The Comite comprises senior
management with relevant expertise in sustainability, risk management
and busines operations. The Comite determines apropriate
skils and competencies required to overse climate-related strategies,
ensures adequate expertise through regular training and external advisory
suport, reviews and recomends climate-related policies, targets and
strategies to the Board, monitors progres against climate-related goals
and performance metrics, and overses the seting of, and monitoring
progres towards, climate-related targets and goals.
Sustainability Working Group
The Sustainability Working Group (the “Working Group”),
comprising senior representatives from key busines functions, is
responsible for the detailed implementation of ESG and climate
strategies. This management-level comite develops and
implements controls and procedures to monitor, manage and
overse climate-related risks and oportunities. The Working
Group cordinates ESG initiatives acros suply chain, social and
environment pilars, integrates climate considerations with other
internal functions including risk management, busines planing and
operations, and reports anualy to the Sustainability Comite on
ESG performance and emerging isues.
Functional Departments
Our ESG governance extends acros functional departments,
with each department contributing to comprehensive ESG
data colection, implementation, and reporting. Al functional
departments are responsible for identifying, monitoring and
reporting ESG-related risks and oportunities within their
respective areas, colecting relevant ESG performance data
and metrics, implementing ESG policies and procedures in
daily operations, suporting ESG target seting and progres
monitoring, engaging with internal and external stakeholders on
ESG maters, and ensuring ESG considerations are integrated
into decision-making proceses. This decentralized aproach
ensures comprehensive ESG coverage acros al busines
functions while maintaining centralized oversight and cordination
through the Sustainability Working Group.
This governance framework ensures continuous oversight, acountability
and improvement in our ESG performance while building organizational
resilience and capitalizing on sustainable busines oportunities.
可持续发展委员会
可持续发展委员会担任负责监督气候相关风险
及机遇的主要管治机构，直接向董事会报告。该
委员会包括于可持续发展、风险管理及业务运营
方面具有专业知识的高级管理层。该委员会厘定
监督气候相关战略所需的适当技能及能力，通过
定期培训及外部咨询支持确保足够专业知识，审
查并向董事会推荐气候相关政策、目标及战略，
监测气候相关目标及表现指标的进展，监督气候
相关目标的设定并监测其进展。
可持续发展工作小组
可持续发展工作小组（「工作小组」）（包括主要业
务职能的高级代表）负责
ESG
及气候战略的具体
实施。该管理层委员会制定并实施控制措施及程
序，以监测、管理及监督气候相关风险及机遇。
该工作小组协调供应链、社会及环境支柱的
ESG
措施，将气候因素与其他内部职能（包括风险管
理、业务规划及运营）相结合，并每年向可持续发
展委员会报告
ESG
表现及新兴问题。
职能部门
我们的
ESG
管治延伸至职能部门，各部门均对全
面的
ESG
数据收集、实施及报告作出贡献。全体
职能部门负责识别、监测及报告其各自领域内的
ESG
相关风险及机遇，收集相关
ESG
表现数据及
指标，在日常运营中实施
ESG
政策及程序，支持
ESG
目标设定及进度监测，就
ESG
事宜与内部及
外部持份者互动，并确保将
ESG
因素整合至决策
程序。该分散方法确保全面的
ESG
涵盖所有业务
职能，同时通过可持续发展工作小组维持集中监
督及协调。
该管治框架确保持续监督、问责及改善我们的
ESG
表现，同时建立组织韧性及把握可持续业务
机会。
| Stakeholders 持份者 | Expectations and Concerns 期望与关注点 | Communication Channels 沟通渠道 |
|---|---|---|
| HKEX 联交所 | • Compliance with the Listing Rules 遵守上市规则 • Timely and accurate announcements 及时准确地刊发公告 | • Meetings 会议 • Training 培训 • Workshops 工作坊 • Programs 计划 • Website updates 网站更新 • Announcements 公告 |
| Governments 政府 | • Compliance with laws and regulations 遵守法律及规例 • Preventing tax evasion 防止逃税 • Social welfare 社会福利 | • Interaction and visits 互动及拜访 • Government inspections 政府视察 • Tax returns and other information 纳税申报及其他资料 |
| Investors 投资者 | • Corporate governance 企业管治 • Business strategies and performance 业务策略及表现 • Investment returns 投资回报 | • Briefing sessions and seminars 组织简报会及研讨会 • Interviews 访谈 • Shareholders meetings 股东大会 • Issue financial reports or operation reports for investors, media and analysts 向投资者、媒体及分析员提供财 务报告或营运报告 |
Environmental, Social and Governance Report
环境、 社会及管治报告
30Kingmaker Fotwear Holdings Limited Anual Report 2025
OUR STAKEHOLDERS
As stakeholders play crucial roles in sustaining the suces of
our busines, the Group fuly utilizes various comunication
chanels to understand and engage our stakeholders. The
probable points of concern of our stakeholders and our chanels
of comunication and responses are listed below.
务报告或营运报告
我们的持份者
由于持份者在我们持续业务成功方面扮演重要
角色，本集团全面运用各种沟通渠道与持份者增
进了解及交流。对我们的持份者可能的关注点，
我们的沟通及回应渠道列示如下。
| Stakeholders 持份者 | Expectations and Concerns 期望与关注点 | Communication Channels 沟通渠道 |
|---|---|---|
| Media & Public 媒体及公众 | • Corporate governance 企业管治 • Environmental protection 环保 • Human right 人权 | • Newsletters on the Company’s website, if appropriate 在适当时于本公司网站发布快讯 |
| Suppliers 供应商 | • Payment schedule 付款时间表 • Stable demand 稳定需求 | • Site visits 实地拜访 |
| Customers 客户 | • Service quality 服务质素 • Service delivery schedule 服务提供计划 • Reasonable prices 合理价格 • Service value 服务价值 • Personal data protection 个人数据保护 | • After-sales services 售后服务 |
| Employees 雇员 | • Rights and benefits of employees 雇员的权利及福利 • Compensation 补偿 • Training and development 培训与发展 • Work hours 工作时数 • Working environment 工作环境 | • Union activities 工会活动 • Training 培训 • Interviews with employees 雇员访谈 • Internal memos 内部备忘录 • Employee suggestion boxes 雇员意见箱 |
| Community 社区 | • Community environment 社区环境 • Employment opportunities 就业机会 • Community development 社区发展 • Social welfare 社会福利 | • Community activities 社区活动 • Employee voluntary activities 雇员义工活动 • Community welfare subsidies 社区福利补贴 • Donations 捐赠 |
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
社会福利捐赠
Environmental, Social and Governance Report
环境、 社会及管治报告
32Kingmaker Fotwear Holdings Limited Anual Report 2025
MATERIALITY ASESMENT
The Group has recognized ESG concerns that can influence its
sustainable development, drawing from diverse sources such
as previous ESG reports, internal policies, industry trends, and
the industry materiality map by the Sustainability Acounting
Standards Board (the “SASB”). These ESG topics have
undergone comprehensive analysis, considering factors such
as the Group’s overarching strategy, development plans, and
specific goals and targets.
There were no significant changes in our stakeholder groups
and operations during the Reporting Period. As such, the Group
confirmed that the materiality matrix results in the previous year’s
ESG report remain relevant to the curent financial years situation
and continue to respond to stakeholder expectations. The
Group’s material ESG topics are sumarized as folows:
Environmental TopicsSocial Topics
环境议题社会议题
1.Emisions
排放物
9.Employment
雇佣
2.Hazardous Waste
有害废弃物
10.Health and Safety
健康与安全
3.Non-hazardous Waste
无害废弃物
11.Development and Training
发展及培训
4.Energy Consumption
能源消耗
12.Labor Standards
劳工准则
5.Water Consumption
用水量
13.Suply Chain Management
供应链管理
6.Packaging Materials
包装材料
14.Product Responsibility
产品责任
7.Environment and Natural Resources
环境及自然资源
15.Anti-coruption
反贪污
8.Climate Change
气候变化
16.Comunity Investment
社区投资
L
E
V
E
L
O
F
IN
F
L
U
E
N
C
E
O
N
S
T
A
K
E
H
O
L
D
E
R
S
’
A
S
S
E
S
S
M
E
N
T
S
A
N
D
D
E
C
IS
IO
N
S
LEVEL OF SIGNIFICANCE OF ECONOMIC,
ENVIRONMENTAL AND SOCIAL IMPACTS
对
持
份
者
评
估
及
决
定
的
影
响
水
平
经济、环境及社会影响的重要性水平
High
高
High
高
Low
低
重要性评估
本集团已从多种来源识别会影响其可持续发展
的
ESG
话题，例如过往
ESG
报告、内部政策、行业
趋势及可持续发展会计准则委员会（「可持续发
展会计准则委员会」）的行业重大性地图索引。本
集团已对
ESG
议题作全面分析，考虑包括本集团
的重要策略、发展计划以及具体目的与目标。
于报告期间，我们的持份者群组及营运并无重大
变动。因此，本集团确认，上一年度的
ESG
报告中
重要性矩阵结果与本财政年度的情况仍然适用，
并能持续回应持份者的期望。本集团的重要
ESG
议题概列如下：
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
OVERVIEW
With over four decades of operations, the Group produces high-
end fotwear for famous brands, including Cat, Chaco, Dr.
Martens, Merel and Wolverine. Our manufacturing factories
are in Vietnam and Cambodia, while our ofices are in Chinese
Mainland, Taiwan, and Hong Kong. As one of Asia major
fotwear manufacturing groups, we recognize our corporate
duties and obligations to protect the environment. As such, we
have integrated sustainability into our day-to-day operations by
implementing various measures to reduce carbon fotprints and
mitigate undesirable impacts on our environment.
概览
本集团拥有逾四十年的营运历史，为
Cat
、
Chaco
、
Dr. Martens
、
Merel
及
Wolverine
等知名品
牌生产高端鞋类。我们的制造工厂位于越南及柬
埔寨，而我们的办事处位于中国内地、台湾及香
港。作为亚洲一家大型鞋类制造集团，我们认识
到保护环境的企业职责及义务。故此，我们将可
持续发展与我们的日常营运相结合，通过实施多
种措施减少碳足迹及减轻对环境造成的不良影
响。
Environmental, Social and Governance Report
环境、 社会及管治报告
34Kingmaker Fotwear Holdings Limited Anual Report 2025
PART A. SOCIAL
Key performance
No Child Labor
无童工
Diverse Ocupational
Training
多元化职业培训
Comunity Donation
社区捐赠
Strict compliance
with the law
严格遵守法律
Employment and Labor Practices
The management believes that the employes are one of
the most valuable asets of our group and considers human
resource management as an integral part of our overal busines
strategy. Therefore, geting the right person for the right job by
understanding employe’s personality traits and unique talents
is the cornerstone of the Group’s suces. As such, we ofer
atractive remuneration and provide many internal and external
training oportunities to atract, motivate and retain the right
people.
Compliance and Grievance
During the Reporting Period, the Group has complied with al
laws and regulations in relation to employment that have a
significant impact on us. No confirmed non-compliance incidents
or grievances were noted by the Group in relation to employment
aspects.
A
部分
.
社会
关键绩效
雇佣及劳工常规
管理层认为员工是本集团最宝贵的资产之一且
人力资源管理是我们整体业务策略不可或缺的
一部分。因此，借由了解员工的个性特质及独特
才能，为合适的工作寻找合适人选是本集团成功
的基石。因此，我们提供具吸引力的薪酬，并提
供多项内部及外部培训机会，以吸引、激励及挽
留合适的人才。
合规及投诉
于报告期间，本集团已遵守对我们有重大影响之
有关雇佣的所有法律及法规。本集团并无得悉有
关雇佣方面的经确认的不合规事件或投诉。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Employment
The Group strictly complies with the requirements of the Labor
Code in Vietnam and Labor Law in Cambodia, as wel as other
relevant laws and regulations related to employment protection
and benefits, including but not limited to the Law on Social
Insurance and the Law on Health Insurance in Vietnam, as wel
as the Law on Social Security Schemes, the Trade Union Law,
and the Law on the Protection and Promotion of the Rights of
Persons with Disabilities in Cambodia.
The Group has established personel policies and procedures
that set out its standard internal procedures relating to
recruitment and promotion, working hours, holidays, equal
oportunities, compensation and dismisal, employe diversity,
anti-discrimination and other human resources treatments and
benefits, etc., to provide standardized and comprehensive
guidelines on work practices for employes. For anti-
discrimination, the Group has established a procedural policy
prohibiting discrimination, harasment and retaliation, along
with a complaint and resolution proces. Moreover, the Group
has set specific policies and practices that protect female rights
and reinforce feminist social and political rights through training
courses.
In Vietnam and Cambodia factories, 6,050 (2023/24:
aproximately 6,100) employes were employed during the
Reporting Period. The Group welcomes industrial experts to
join our team, ad value to our pol of industry profesional
expertise, and bring inovative ideas. The Group highly
apreciates the women workforce to suport our daily operation
and strives to empower women in the local comunities in which
we operate.
雇佣
本集团严格遵守越南劳动法及柬埔寨劳动法的
规定，以及其他与就业保护及福利相关的法律及
法规，包括但不限于越南社会保险法与医疗保险
法，以及柬埔寨社会保障计划法、工会法、维护
及提高残障人士权利法。
本集团已制定人事政策及程序，当中载列其有关
招聘及晋升、工作时间、假期、平等机会、补偿及
解雇、雇员多元化、反歧视及其他人力资源待遇
及福利的标准内部程序等，为员工的工作实践提
供标准化及全面的指引。就反歧视而言，本集团
已制定禁止歧视、骚扰及报复的程序政策，并设
有投诉及解决程序。此外，本集团已设置专项政
策及惯例保护女性权利，并通过培训课程，加强
女性社会及政治权利。
于报告期间，在越南及柬埔寨的工厂，我们有
6,050
（二零二三／二四年：约
6,100
）名雇员。本
集团欢迎行业专才加入我们的团队，为我们行业
的专业知识库增值，激发创新理念。本集团十分
感谢女性员工对我们的日常营运的支持，并努力
在我们当地营运社区赋权女性。
Environmental, Social and Governance Report
环境、 社会及管治报告
36Kingmaker Fotwear Holdings Limited Anual Report 2025
于二零二五年三月三十一日，我们按性别、年龄
组别、雇佣类型及地区划分的劳动力统计数据如
下：
As at 31 March 2025, the statistics of our workforce by gender,
age group, employment type, and region are shown below:
2024/25
2023/24
二零二四╱二五年
二零二三╱二四年
Total Workforce
员工总数
6,0506,100
By Gender
按性别
Male
男性
1,3221,200
Female
女性
4,7284,900
By Age Group
按年龄组别
< 25< 251,0011,000
25-2925-298821,000
30-3930-392,1442,200
40-4940-491,6671,600
≥50 ≥50356300
By Employment Type
按雇佣类型
Ful-time
全职
6,0506,100
By Region
按地区
Vietnam
越南
3,1093,000
Cambodia
柬埔寨
2,9413,100
Workforce by genderWorkforce by age groupWorkforce by region
按性别划分的劳动力按年龄组别划分的劳动力按地区划分的劳动力
21.9%
35.4%
51.4%
14.6%
16.5%
48.6%
78.1%
27.6%
5.9%
Begining with this Reporting Period, the Group has updated its
presentation of workforce statistics. Figures wil now be reported as
exact numbers and wil no longer be rounded.
自本报告期间起，本集团已更新其劳动力统计
数据的呈列方式。数字现在将以确切数字呈报，
不再四舍五入。
Male
男性
Female
女性
<2525-2930-39
40-49≥50
Vietnam
越南
Cambodia
柬埔寨
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
During the Reporting Period, the statistics of our employe
turnover rate by gender, age group, employment type, and region
are shown below:
2024/252023/24
二零二四╱二五年二零二三╱二四年
Total Turnover Rate
总员工流失率
13%13%
By Gender
按性别
Male
男性
20%17%
Female
女性
11%12%
By Age Group
按年龄组别
< 25< 2521%23%
25-2925-2918%15%
30-3930-3913%13%
40-4940-498%7%
≥50≥504%6%
By Employment Type
按雇佣类型
Ful-time
全职
13%13%
By Region
按地区
Vietnam
越南
12%17%
Cambodia
柬埔寨
14%9%
Atract and retain talents
The remuneration policies of the Group are in line with
prevailing market practices and are determined based on the
competency, qualifications and experience of the individual
employes. Management of the Group constantly reviews its
employes remuneration packages and promotion oportunities.
Adjustments are made, usualy anualy, to conform to the market
standard to retain talents and ensure the ofer is competitive as
compared to the rivals in the industry. A standard remuneration
package includes basic salary and variable incentive-based
remunerations, which are distributed acording to individual
employe performance. Share options and awarded shares may
also be granted in acordance with the terms of the Group’s
aproved share option scheme and share award scheme.
于报告期间，我们按性别、年龄组别、雇佣类型
及地区划分的雇员流失率统计数据如下：
吸引及挽留人才
本集团薪酬政策与通行市场惯例一致，并根据个
别雇员的能力、资历及经验而厘定。本集团管理
层一直不断检讨其雇员的薪酬组合以及晋升机
会。通常每年进行一次调整以符合市场标准以留
住人才，并确保开出的条件与业内竞争对手相比
具有竞争力。标准薪酬组合包括基本薪资及根据
雇员个人表现分派的可变奖励薪酬。购股权及奖
励股份亦可根据本集团批准的购股权计划及股
份奖励计划的条款授出。
Environmental, Social and Governance Report
环境、 社会及管治报告
38Kingmaker Fotwear Holdings Limited Anual Report 2025
Moreover, a labor union has ben established to protect the
interests of our employes. To beter understand the concerns
of workers, metings betwen management and the labor union
are held quarterly. It acts as a chanel of regular and constructive
comunication betwen the Group and its employes to have
an open discusion about employe welfare and employment
conditions.
Anti-discrimination and equal oportunities
The Group is comited to building a diverse and inclusive
working environment. The Group ensures that no interviewe
or employe wil be discriminated against or deprived of
oportunities due to gender, ethnic background, religious belief,
color, sexual orientation, age, marital status or family status in
respect of recruitment and promotion. Any kind of discrimination
or harasment based on the employes’ gender, age, marital
status, race, sexual orientation and religion at our workplace is
strictly prohibited.
The Group always listens and responds to the requests from our
employes. It is the goal of the Group to create a friendly and
peaceful working environment. We encourage our employes to
provide fedback in relation to any employment-related maters,
especialy when they encounter any unpleasant or undesired
treatment from coleagues or senior management. Employes
may lodge their complaints in writing and place them in the
sugestion box at the ofice building. The Human Resources
Department is responsible for handling al cases and conducting
investigations. If any unfair treatment and harasment are found
and confirmed, the Group wil isue a warning in writing to the
employe who has done the wrongdoing and may dismis him or
her depending on the seriousnes of the incident.
此外，我们已建立工会保障雇员的利益。为更好
了解员工的担忧，管理层与工会将每个季度举行
会议。其作为本集团与其雇员之间定期及建设性
沟通的渠道，就雇员福利及雇佣条件进行公开讨
论。
反歧视及平等机会
本集团致力营造多元化及具包容性的工作环境。
本集团确保在招聘及晋升时不会有应聘者或雇
员因性别、种族背景、宗教信仰、肤色、性取向、
年龄、婚姻状况或家庭情况而受歧视或被剥夺机
会。工作场所严禁任何基于雇员性别、年龄、婚
姻状况、种族、性取向及宗教的歧视或骚扰。
本集团致力倾听并回应雇员的要求。本集团的目
标是营造友善和平的工作环境。我们鼓励雇员就
任何与雇佣相关的事宜提供反馈，特别是当他们
遇到来自同事或高级管理层的任何不愉快或非
期望的对待时。雇员可以书面形式提出投诉，并
将其投入办公楼的意见箱中。人力资源部负责处
理所有事件并进行调查。倘发现并确认任何不公
平的对待及骚扰，本集团将以书面形式向作出错
误行为的雇员发出警告，并可视事件的严重性而
将其解雇。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Welfare and benefits
To increase the employes’ sense of belonging, the Group ofers
various welfare and benefits to our employes. For instance,
employes are entitled to an extra number of days of paid leave
acording to their job level, in adition to al public holidays and
the minimum number of days of paid leave in acordance with
the Labor Laws in Vietnam and Cambodia.
The Group does its best to ensure its female staf fel
comfortable and hapy while working with us. The Group ofers a
wide range of activities, including training related to reproductive
health care, health care of women, health and welfare of pregnant
women, and many more health-related topics, to its employes.
In adition, 6 months of paid maternity leave are ofered to al
pregnant employes of our Vietnam factory to ensure that their
job positions are available when they return from their maternity
leave. As stipulated in our Staf Handbok, the Group ofers
ful suport and care to its pregnant staf. At the Vietnam ofice
and factory, labels are provided to pregnant workers to remind
other staf to provide special asistance when neded. Finaly,
employes with children betwen 1 and 6 years old are entitled
to subsidies if they live in Binh Duong Province in Vietnam.
福利及利益
为增加雇员的归属感，本集团为雇员提供各种福
利及利益。例如，除所有公众假期及根据越南及
柬埔寨劳动法规定的带薪假期的最少天数外，雇
员有权根据其工作水平获得额外的带薪假期天
数。
本集团尽最大努力确保女性员工在与我们共事
时感到舒适及快乐。本集团为其雇员提供广泛的
活动，包括有关生育保健、妇女保健、孕妇健康
及福利相关的培训以及更多与健康相关的课题。
此外，我们为在越南工厂的所有怀孕的雇员提供
个月的带薪产假，并确保彼等从产假回来时可
以回归工作岗位。正如我们的员工手册所规定，
本集团向其怀孕的雇员提供全力支持及关爱。
在越南办公室及工厂，我们会为怀孕工人提供
标签，以提醒其他员工在需要时提供特别帮助。
最后，育有
至
岁子女的雇员如在越南平阳省生
活，则有权获得补贴。
Environmental, Social and Governance Report
环境、 社会及管治报告
40Kingmaker Fotwear Holdings Limited Anual Report 2025
Health and Safety
Employes health and safety is of utmost importance to the
Group. During the Reporting Period, the Group has complied
with al relevant laws and regulations in relation to safety, as
wel as hygiene and health. The laws and regulations include
but are not limited to the Law on Ocupational Safety and
Health and the Law on Health Insurance in Vietnam. The Group
aims to provide a safe and healthy working environment to our
employes and encourage them to achieve a balance betwen
work and a healthy lifestyle. To protect our employes working
in manufacturing factories from ocupational hazards, the Group
has established the Ocupational Safety and Health Policy, the
Chemical Safety Policy, the Personal Protective Equipment Policy,
the Acident Investigation Procedure, the Emergency Response
Policy and Procedure, and the Risk Asesment Policy that cover
labor safety and health. The policies detail al the apropriate
practices and requirements related to employe health and safety
so that the safety of our employes is protected. For instance,
workers are required to wear earplugs during triming and wear
gloves during glueing. When using dusting machines, workers are
required to wear masks.
The Group has also established a Health and Safety Control
Procedure in line with ISO 14001 and OHSAS 18001
international standards, to provide a safe and hazard-fre
working environment and mitigate the safety risks exposure
of our employes. The procedure lists out the coresponding
responsibilities of environmental and safety management
representatives, department heads, management level etc., to
alocate the tasks of promoting, monitoring and implementing
relevant safety policy. In adition to establishing a robust
environmental management structure, the Group also conducts
a series of health and safety training for our employes in
orientation or regularly, so that it can be ensured al employes
are aware of potential ocupational acidents and risks in the
manufacturing factories. The training topics include hazardous
chemicals, first-aid and other ocupational safety and health-
related topics.
健康与安全
雇员健康与安全对本集团而言至关重要。于报告
期间，本集团已遵守有关安全、卫生及健康的所
有相关法律法规。该等法律法规包括但不限于越
南职业安全卫生法及健康保险法。本集团旨在为
雇员提供安全及健康的工作环境，并鼓励员工在
工作与健康生活方式之间取得平衡。为保护在制
造工厂工作的雇员免遭职业危害，本集团已设立
涵盖劳工安全及健康的「职业安全与健康政策」、
「化学品安全政策」、「个人防护装备政策」、「事
故调查程序」、「应急响应政策和程序」及「风险评
估政策」。该等政策详述与雇员健康及安全相关
的所有适当的惯例及要求，以保护雇员的安全。
例如，工人须在修剪时佩戴耳塞以及在黏合时戴
上手套。在使用除尘器时，工人需要佩戴口罩。
本集团亦已建立符合
ISO14001
及
OHSAS 18001
国际标准的「健康及安全控制程序」，以提供安全
无危害的工作环境，减轻雇员面临的安全风险。
程序列载环境安全管理代表、部门主管、管理层
等的相应职责，以分配相关安全政策的推广、监
督及实施工作。除建立健全的环境管理架构外，
本集团亦定向或定期对雇员进行一系列健康与
安全培训，以确保所有雇员了解于制造工厂的潜
在职业事故及风险。培训主题包括危险化学品、
急救及其他职业安全与健康相关主题。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Moreover, a safety audit is conducted for anual inspections to
make sure that al our machines and fire alarms are functioning
wel. Any machinery defects and malfunctions would be
imediately reported to the Maintenance Department for repair
and maintenance. The safety audit is folowed by working
environment monitoring and safety risk asesment, in which
existing dangerous sources of toxic gases, noise, high faling,
explosives, etc. are identified. The goal is to evaluate the risk
level of the working environment and implement apropriate
measures to eliminate the identified risks corespondingly.
The Group’s health and safety policies and procedures are
sumarized below:
Establish Environmental Management Structure
建立环境管理架构
Health and Safety Training
健康与安全培训
Environmental Monitoring
环境监测
Safe Factor Identification and Risk Asesment
安全因素识别及风险评估
Safety Audit
安全审核
此外，我们每年都会进行安全审核，以确保我们
的所有机器及火警钟均运行良好。任何机械缺陷
及故障均将立即报告给保养部门进行维修及保
养。安全审核之后乃工作环境监测及安全风险评
估，识别现有的有毒气体、噪音、高处坠落、爆炸
物等危险源。目标乃评估工作环境的风险水平，
并相应实施适当的措施消除已识别的风险。
本集团健康与安全政策及程序概述如下：
| 2024/25 | 2023/24 | ||
|---|---|---|---|
| Number of injuries | 工伤数目 | 二零二四／二五年 18 | 二零二三／二四年 19 |
| Lost days | 损失日数 | 163 | 54 |
Environmental, Social and Governance Report
环境、 社会及管治报告
42Kingmaker Fotwear Holdings Limited Anual Report 2025
The Group has caried out the folowing actions to create
and maintain a god, comfortable, safe and healthy working
environment for its employes:
- , Safety, Environment (“HSE”) team to
conduct random checks on workers to ensure that they are
wearing proper work gear;
- ;
- ;
- , machines and equipment are safe;
• Cary out regular repair and maintenance work on al
devices and machines used in the workplace;
- ;
- ; and
• Conduct regular safety inspections and fire drils.
In the past thre reporting periods including this Reporting
Period, the Group did not have any work-related fatalities. The
statistics of work-related injuries and lost days are shown below:
损失日数
The employes involved in work-related injuries during the
Reporting Period were compensated and covered by the Group’s
medical insurance. The Group wil continue to reflect on its
existing safety policies and is comited to continuously adapting
and improving its ocupational safety measures as necesary.
本集团已采取以下行动，为其雇员创造并维持良
好、舒适、安全及健康的工作环境：
•
建立健康、安全及环境（「
HSE
」）团队对工
人进行随机检查，确保彼等穿戴合适的工
作装备；
•
保持工作场所内所有紧急出口畅通无阻；
•
于工作场所提供充足照明；
•
确保所有设备、机器及装置安全；
•
对工作场地的所有设备及机器进行定期维
修及保养；
•
在工作场地维持高标准的卫生；
•
禁止于工作场所内吸烟；及
•
定期进行安全检查及火警演习。
于过去三个报告期间（包括本报告期间），本集团
并无发生因工死亡事故，工伤及损失天数统计结
果如下：
于报告期间，涉及工伤的雇员已获本集团医疗保
险的补偿及保障。本集团将继续反思其现有的安
全政策，并致力于在必要时不断调整及改进其职
业安全措施。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
The Group has implemented various measures to ensure
employes’ health and safety. For each work-related injury, an
incident investigation report was prepared and evaluated, a
corective action plan was also prepared with a target date to
complete the rectification at the first oportunity. In response
to the incidents, the Group held a special meting and training
workshop to enhance employe’s awarenes of personal
protection and work safety. Moreover, the HSE team would
undergo more frequent inspections on-site to alert the employes
of ocupational safety and underlying risks in the workplace.
Development and Training
The Group believes that the skils and experience of employes
are critical to the long-term development of the Group. The
Group ofers oportunities that foster our employe’s leadership
skils and profesional development, and in turn, promote
job satisfaction, work motivation and staf loyalty. An anual
training schedule is in place to ensure our employes are ofered
training during the Reporting Period to kep them updated
with information, knowledge and skils required at work. Al
new joiners received induction training on their first day of
employment.
The Group’s profesional training programs cover a wide range
of specialties. The training categories include human rights
safety and skils aplicable to work, etc. Employes are also
encouraged to atend external training courses and seminars
that can help them gain practical knowledge in the fast-changing
busines world. Any fes incured for the courses or seminars
are sponsored by the Group. During the Reporting Period,
the Group has conducted training for its employes in relation
to ocupational safety and health, disease prevention, legal
compliance and first-aid.
本集团已采取多项措施确保员工的健康及安全。
针对每件工伤事故，已编制并评估事故调查报
告，亦已编制纠正行动计划，其中规定了在第一
时间完成整改的目标日期。针对该等事件，本集
团已举办专题会议及培训班以提高雇员的个人
防护及工作安全意识。此外，
HSE
团队将更频繁
地进行现场检查，以提醒雇员职业安全及于工作
场所的潜在风险。
发展及培训
本集团认为雇员的技能及经验对本集团的长远
发展至关重要。本集团向雇员提供机遇，培养彼
等的领导技能及专业发展，从而提高工作满意
度、工作动力及员工的忠诚度。我们制定了年度
培训计划，以确保我们的雇员于报告期间获得培
训，以更新工作所需的信息、知识及技能。所有
新入职员工于受雇首日即接受入职培训。
本集团的专业培训计划涵盖多种专业。培训类别
包括人权安全和适用于工作的技能等。我们亦鼓
励雇员参加外部培训课程及研讨会，以帮助彼等
在急速转变的商业世界获得实践知识。课程或研
讨会所产生的任何费用均由本集团资助。于报告
期间，本集团已为其雇员开展有关职业安全与健
康、疾病预防、法律合规及急救的培训。
| 2024/25 | 2023/24 | ||||
|---|---|---|---|---|---|
| 二零二四 Percentages of employees trained2 | ╱二五年 Average training hours per employee3 | 二零二三 Percentages of employees trained | ╱二四年 Average training hours per employee | ||
| 受训雇员 2 | 每名雇员的 3 | 受训雇员 | 每名雇员的 | ||
| Total Number | 总数 | 百分比 53.6% | 平均受训时数 24.3 | 百分比 57.6% | 平均受训时数 4.6 |
| By Gender | 按性别 | ||||
| Male | 男性 | 24.5% | 13.4 | 27.6% | 6.5 |
| Female | 女性 | 75.5% | 12.9 | 72.4% | 4.2 |
| By Employee Category | 按雇员类别 | ||||
| Management Staff | 管理人员 | 1.5% | 3.0 | 1.2% | 3.7 |
| Senior Staff | 高层员工 | 4.4% | 56.3 | 8.9% | 3.5 |
| Junior Staff | 基层员工 | 94.1% | 12.6 | 89.9% | 4.8 |
Environmental, Social and Governance Report
环境、 社会及管治报告
44Kingmaker Fotwear Holdings Limited Anual Report 2025
于报告期间，按性别及雇员类别划分的受训雇员
百分比及每名雇员完成的平均培训时数如下：
The percentage of employes trained, and average training hours
completed per employe by gender and employe category
during the Reporting Period are shown below:
基层员工
Percentages of employes trained: Total number of trained
employes/Total number of employes as at 31 March of the
financial year x 100; Number of trained employes of each
category/Total trained employes x 100.
Average training hours per employe: Total training hours (of each
category)/Total number of employes (of each category) as at 31
March of the financial year.
受训雇员百分比：受训雇员总数╱于财政年度
三月三十一日的雇员总数
x 100
；各类别受训雇
员人数╱受训雇员总数
x 100
。
每名雇员的平均受训时数：（各类别）受训总时
数╱于财政年度三月三十一日的（各类别）雇员
总数。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Labor Standards
The Group is comited to complying with the Labor Laws
and regulations in Vietnam and Cambodia, as wel as the
relevant international human rights conventions relating to
employe’s protection and prevention of child or forced labor.
Every employe of the Group is subject to a stringent internal
review proces that involves a wel-established monitoring
procedure for verifying a candidate’s personal information, to
avoid misrepresentation and any form of child labor. For instance,
the staf member responsible for recruitment colects the
identity prof from the candidates to ensure that the age of the
candidates fulfils the requirements stipulated by the law.
The employment of forced and child labor is strictly prohibited.
In Cambodia and Vietnam, the Labor Law alows the younger
generation aged 15 or above to work. As such, the Group has
established a policy for young employes (15 to 18 years old) to
provide aditional guidance on the arangement of welfare and
work alocations. The Group strictly folows the relevant laws and
regulations and provides adequate protection for our employes.
The Group wel respects employes rest time, and any
arangement of overtime work must be agred by the employes
voluntarily in advance, in order to prevent forced overtime work.
If any employment of child or forced labor is discovered, the
Group wil imediately terminate the employment concerned.
During the Reporting Period, al employes were legaly and
properly employed in acordance with the requirements of al
aplicable laws and regulations. No incident of ilegal child labor
or forced labor was recorded.
劳工准则
本集团致力于遵守越南及柬埔寨的劳动法律法
规及有关雇员保护以及防止童工或强迫劳工的
国际人权公约。本集团每名雇员均须遵守严格的
内部覆核过程，当中涉及目的为核实有关应聘者
个人资料的明确监察程序，以避免失实陈述及任
何形式的童工。例如，负责招聘的工作人员负责
收集申请人身份证明以确保申请者年龄符合法
律规定。
严格禁止强迫劳工及童工行为。在柬埔寨及越
南，劳动法允许
岁或以上的更年轻一代参加工
作。因此，本集团已制定一项针对
至
岁的年
轻雇员的政策，以就福利及工作分派安排提供额
外指导。本集团严格遵循相关法律法规，并为我
们的雇员提供充分保障。本集团充分尊重雇员的
休息时间。为防止强制加班，任何加班安排须事
先经雇员自愿同意。
倘发现雇佣童工或强迫劳工，本集团将立刻终止
相关雇佣。于报告期间，所有雇员均合法及根据
所有适用法律及法规的规定妥为雇用。并无记录
非法童工或强迫劳工事件。
| 2024/25 | 2023/24 | ||
|---|---|---|---|
| Suppliers by Geographical Region | |||
| Total | 按地区划分的供应商 合计 | 二零二四╱二五年 304 | 二零二三╱二四年 376 |
| Chinese Mainland | 中国内地 | 117 | 175 |
| Vietnam | 越南 | 106 | 123 |
| Taiwan | 台湾 | 48 | 42 |
| Others | 其他 | 33 | 36 |
Environmental, Social and Governance Report
环境、 社会及管治报告
46Kingmaker Fotwear Holdings Limited Anual Report 2025
OPERATING PRACTICES
Suply Chain Management
The Group understands that suply chain management has
an inseparable relationship with its sustainable development
and is comited to establishing a long-term and harmonious
coperation relationship with its supliers. The Group expects
its supliers to uphold the principles of integrity and pragmatism
and provide products and services in strict compliance with the
requirements of aplicable laws and regulations concerning both
environmental and social aspects.
Although most of the supliers are designated by our customers,
the Group has an internal mechanism and policy in place to
ases and evaluate our supliers in order to control the quality
of our materials. The Group evaluates al potential suplier’s
backgrounds, qualifications, expertise, experience, financial
status, profesionalism, etc. Moreover, social and environmental
aspects are also important criteria for suplier selection. To
foster the adoption of environmentaly friendly products within
the industry, the Group wil refrain from chosing supliers that
demonstrate subpar environmental performance or poses a
negative reputation in this regard. Al aproved supliers are
reviewed regularly to ensure the quality of the services and
products purchased is up to standard.
During the Reporting Period, the Group had 304 (2023/24: 376)
major supliers. The number of supliers by geographical region
during the Reporting Period is shown below:
其他
营运惯例
供应链管理
本集团深知供应链管理与其可持续发展有著不
可分割的关系，且致力于与其供应商建立长期和
谐的合作关系。本集团预期供应商将坚守诚信和
务实的原则，并于提供产品及服务时严格遵守有
关环境及社会方面的适用法律及法规定。
尽管大部分供应商乃由我们客户指定，但为了控
制材料的质素，本集团设有内部机制及政策以评
价及评估我们的供应商。本集团会评估所有潜在
供应商的背景、资质、专业知识、经验、财务状
况、专业水准等。此外，社会及环境方面亦是甄
选供应商的重要标准。为在行业内采用环保产
品，本集团将避免选择环保表现不及预期或在此
方面声誉负面的供应商。本集团将定期审核所有
获认可的供应商，以确保所购服务及产品的质素
符合标准。
于报告期间，本集团拥有
（二零二三╱二四
年：
）间主要供应商。于报告期间，按地区划
分的供应商数目如下：
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Product Responsibility
Providing safe, quality and reliable products to our customers
is one of the core values of the Group, and it has a strong
comitment to atain high-quality standards in our manufacturing
proces. During the Reporting Period, the Group has strictly
complied with the laws and regulations in regard to product
responsibility, including but not limited to the Law on Protection
of Consumer Rights in Vietnam and the Law on Consumer
Protection in Cambodia. During the Reporting Period, the Group
did not recal any sold or delivered products for safety or health
reasons.
The Group’s primary focus is to provide high-quality services and
products to our customers. To build customer trust and loyalty,
the Group has established relevant policies which cover product
and service quality. The Group has a product quality inspection
team that monitors product quality. The Group’s production
proceses, including manufacturing, packaging, labeling, etc.,
are subject to the product quality inspection teams monitoring
and auditing. Products and materials must go through sampling
tests to ensure the quality of products mets our customers’
expectations. The Group also welcomes customer quality control
teams to visit our factories to conduct quality inspections.
During the Reporting Period, the Group did not make any
advertisements relating to products and services provided. In
the event that the Group does engage in advertising activities,
we wil diligently comply with al aplicable laws and regulations
to ensure that our mesages pertaining to our products are
acurate and devoid of any misleading or deceptive information.
产品责任
为我们的客户提供安全、优质、可靠产品是本集
团核心价值之一，本集团坚定承诺于生产过程中
达致高质量标准。于报告期间，本集团严格遵守
关于产品责任的法律及法规，包括但不限于越南
消费者权益保护法及柬埔寨消费者保护法。于报
告期间，本集团并未因安全或健康原因召回任何
已售或已交付的产品。
本集团主要注重向我们的客户提供高质素的服
务及产品。为建立客户信任及忠诚度，本集团已
制定涵盖产品及服务质素的相关政策。本集团设
立产品质检团队监控产品质量。本集团的生产过
程（包括制造、包装、贴标等）受产品质检团队的
监控及审核。产品及材料须经抽样检测以确保产
品质素符合我们客户的预期。本集团亦欢迎客户
的质检团队造访我们的工厂，以进行质检。
于报告期间，本集团并无刊登有关所提供产品及
服务的任何广告。倘本集团确实参与广告宣传活
动，我们将恪守所有适用的法律及法规，以确保
有关我们产品的信息均准确且并无任何误导或
欺诈成分。
Environmental, Social and Governance Report
环境、 社会及管治报告
48Kingmaker Fotwear Holdings Limited Anual Report 2025
投诉及反馈机制
本集团已制定客户反馈与投诉政策及程序以确
保高效处理客户反馈及投诉。客户可透过电邮、
电话或信件向本集团提出正式投诉。收到投诉
后，投诉所涉责任部门经理应开展内部调查，向
客户提出合适的解决方案，并最终启动内部整改
措施，且须在提出的时限内完成。所有客户投诉
必须在合理的时间内作出答复。对于所收到的每
项投诉，应在客户投诉表中填写客户投诉详情、
收到投诉的日期、解决方案及整改措施。本集团
管理层办公室会监控投诉处理过程的状态，以确
保所有投诉均在合理的时间内得到处理，且相关
责任部门在提出的时限内完成内部整改。只有在
厂长审阅过客户投诉表并确认所有整改措施均
妥为执行后，投诉案例才会被视为完结。于报告
期间，本集团并未收到任何产品或服务相关投
诉。
Complaints and Fedback Mechanism
The Group has established a Customer Fedback and Complaint
Policy and Procedure to ensure that customers fedback and
complaints are adresed eficiently. Customers may lodge a
formal complaint to the Group through email, phone cal or leter.
When a complaint is received, the manager from the responsible
department relevant to the complaint shal conduct an internal
investigation, propose suitable solutions to the customers and
finaly initiate internal corective actions that must be completed
within a proposed timeframe. Al customer complaints must
be responded to within a reasonable time. For each complaint
received, a Customer Complaint Form shal be filed in with the
customer complaint details, the date of receiving the complaint,
the solution and corective action. The Group’s management
ofice wil monitor the status of the complaint-handling proces
to ensure that al complaints are handled within a reasonable
time, and internal corective actions are caried out within the
timeframe proposed by the responsible department. The case
of the complaint wil be demed closed only after the Head of
the Factory reviews the Customer Complaint Form and confirms
that al corective actions are performed properly. During the
Reporting Period, the Group did not receive any product or
service-related complaint.
Receive Client
Complaints
收到客户投诉
Information
Identification
信息甄别
Responsibility
Identification
责任认定
Management
Strategy
管理策略
Implement
Measures for
Improvement
实施改进措施
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
知识产权及隐私保护
在隐私、数据及知识产权保护方面，本集团已遵
守所有相关法律法规，包括但不限于越南知识产
权法及网络安全法、柬埔寨商标法及版权与相关
权利法。本集团已制定涵盖知识产权及隐私保护
的内部政策。其雇员有义务保密供职期间获取之
一切资料，包括但不限于商业秘密、专有技术、
客户资料及个人数据、供应商资料以及其他机密
资料。该等资料于员工手册内有清楚订明。本集
团亦已建立一个较高安全级别的信息技术系统，
以防止未经授权获取机密资料。展厅内已安装指
纹识别设备，仅少数获授权雇员获准进入。
反贪污
本集团致力提倡在经营业务时秉持公正、公平、
诚实及公开的文化，对贿赂及贪污采取零容忍态
度。本集团严格遵守防止贪污的相关法律及法
规，包括但不限于越南及柬埔寨的防止贪污法。
本集团严格禁止雇员贪污及贿赂。一旦出现利益
冲突，雇员必须向管理层申报其冲突事宜。一旦
涉嫌贪污行为，雇员应向管理层举报。严禁雇员
使用商机、权力及╱或职位牟取私利。于报告期
间，本集团并无得悉有关贪污、贿赂、欺诈或勒
索的举报案件。
Intelectual Property Rights and Privacy Protection
In respect of privacy, data and intelectual property rights
protection, the Group has complied with al the relevant laws and
regulations, including but not limited to, the Law on Intelectual
Property and the Law on Cybersecurity in Vietnam, the
Trademark Law and the Law on Copyright and Related Rights in
Cambodia. The Group has established internal policies that cover
intelectual property and privacy protection. Its employes are
obligated to retain in confidence al information obtained during
their employment, including, but not limited to, trade secrets,
know-how, customer information and personal data, suplier
information and other confidential information. The information is
clearly stated in the Staf Handbok. The Group also maintains
information technology systems with a high level of security
to prevent unauthorized aces to confidential information.
Fingerprint identification facilities are instaled at the showrom to
alow only a few authorized employes to enter.
Anti-coruption
The Group is comited to promoting a culture of integrity,
fairnes, honesty and openes when doing busines and has
zero tolerance for bribery and coruption. The Group strictly
complies with laws and regulations regarding anti-coruption,
including but not limited to the Law on Anti-Coruption in Vietnam
and Cambodia.
The Group strictly prohibits coruption and bribery comited by
its employes. In the case of a conflict of interests, employes
must declare their concerns to management. In the case of
suspected corupt practices, employes should report to the
management. Employes are strictly prohibited from utilizing
busines oportunities, power and/or ocupational positions
to obtain personal interests or benefits. During the Reporting
Period, no reported case of coruption, bribery, fraud or extortion
was noted by the Group.
Environmental, Social and Governance Report
环境、 社会及管治报告
50Kingmaker Fotwear Holdings Limited Anual Report 2025
本集团重视并欢迎雇员向管理层匿名举报任何
涉嫌渎职行为。本集团将按照已建立的举报机制
审慎处理举报的渎职案件。本集团将秘密进行全
面调查，在确认渎职行为属实后，将对涉案雇员
进行纪律处分，并可能视乎各案件的性质及具体
情况采取进一步的法律行动。
于报告期间，本集团对工厂全体雇员进行反腐败
培训，以确保全面了解道德规范及合规标准。为
预防本集团内的任何贪污或贿赂行为，本集团会
在入职培训期间向新加入的雇员简要介绍我们
的反贪污惯例，并强调我们绝不容忍任何形式的
贪污。全体董事在本集团上市前或加入本集团时
均接受过企业管治培训，以确保彼等知悉其在诚
信方面的职能及责任。
社区投资
本集团致力履行社会责任，积极参与公益活动，
视为企业文化的一部分。为贯彻此承诺，本集团
将制定政策并实施社区投资指引。此外，本集团
鼓励雇员积极参与社区服务，为建立一个可持
续且更和谐的社会作出贡献。具体而言，本集
团致力于透过向慈善机构捐款、建立小学及参
与校访帮助孤儿。本集团一直秉承「取于社会，
用于社会」的精神并积极参与世界各地的慈善
活动，尤其是在
我们办公室及
工厂周围的社
区。本集团于报
告期间已捐款
162,000
港元，
我们将继续贡
献当地社区，为
社会和孩童创
造更好的环境。
The Group values and welcomes our employes to report any
suspected malpractices confidentialy to the management.
The Group handles reported cases of malpractice cautiously
in line with the whistle-blowing mechanism established. A ful
investigation wil be conducted confidentialy, disciplinary action
wil be imposed on the employe involved upon confirmation of
the ocurence, and further legal action may be taken depending
on the nature and particular circumstances of each case.
During the Reporting Period, the Group diligently administered
anti-coruption training to al members of the factory staf,
ensuring a comprehensive understanding of ethical practices
and compliance standards. To prevent any coruption or
bribery behavior within the Group, the Group wil brief newly
joined employes on our anti-coruption practices during their
orientation and emphasize that we do not tolerate any form
of coruption. Al directors received training on corporate
governance prior to the Group’s listing or at the time of joining
the Group, it is ensured that they are aware of their duties and
responsibilities in relation to integrity.
Comunity Investment
The Group is comited to fulfiling its social responsibilities and
actively engaging in public welfare activities, considering them
integral to its corporate culture. In line with this comitment,
the Group wil establish policies and implement guidelines for
comunity investment. Furthermore, the Group encourages its
employes to actively participate in comunity service, aiming
to contribute towards building a sustainable and harmonious
society. In particular, the Group is devoted to helping orphans by
making donations to charitable bodies, building
primary schols and participating in schol visits.
The Group has always upheld the spirit of “From
the Society, To the Society” and participated
philanthropic activities worldwide, especialy
in the neighborhods around our ofices and
factories. The Group has donated HKD162,000
during the Reporting Period, we wil continue to
contribute to the local comunity to develop a
beter environment for society and children.
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
B
部分
.
环境
本集团通过提高能源效率、解决废弃物管理、支
持环境教育以及推广回收及再利用的理念，朝著
绿色及可持续工作环境努力。本集团制定了一套
有关环境保护及自然资源保护的管理政策、机制
及措施，有助于确保本集团的业务营运符合世界
级的环保实践。此外，本集团已聘请第三方专业
人士进行能源审核测试，以评估及评价我们的现
有节能策略，并确定所采取的措施在节省成本及
能源以及提高生产力的同时，亦能满足持份者的
期望。
PART B. ENVIRONMENTAL
Reduce Grenhouse Gas
Emisions
Reduce Electricity
Usage
Optimize Resources
Management
Identify Climate Change
Related Risk
减少温室气体排放减少用电优化资源管理识别气候变化相关风险
The Group strives to work towards a gren and sustainable
working environment by improving energy eficiency, adresing
waste management, suporting environmental education and
promoting the idea of recycling and reusing. The Group has
established a set of management policies, mechanisms and
measures on environmental protection and natural resources
conservation to help ensure the operations of the Group are
in line with world-clas environmental protection practices. In
adition, the Group has recruited third-party profesionals to
conduct energy audit tests to ases and evaluate our existing
energy-saving policies and determine whether the adopted
measures are adequate in terms of saving cost and energy,
as wel as increasing productivity while meting stakeholder’s
expectations.
Environmental, Social and Governance Report
环境、 社会及管治报告
52Kingmaker Fotwear Holdings Limited Anual Report 2025
由于我们的制造工厂位于越南及柬埔寨，本
ESG
报告将著重关注适用于该两个营运单位的环境
问题及有关措施。为达致环境目标，本集团已实
施下列措施：
•
识别、评估及减轻与本集团活动有关之一
切潜在环境影响；
•
在全体员工中保持高度领导力并发展强大
的环境管理文化；及
•
开放资源及系统，以及提供必要的培训，以
便我们的员工能够履行我们的环境责任。
于报告期间，本集团遵守了相关环保法律法规，
包括但不限于越南环境保护法、越南水资源法以
及柬埔寨环境保护及自然资源管理法。
废气排放
本集团产生的大部分废气排放来自固定燃烧，如
用于发电机发电的柴油、用于烹饪的液化石油气
（「液化石油气」）以及用于移动机械（包括公司用
车、叉车及割草机）的柴油及汽油。
越南工厂于二零二三年八月完成所有员工食堂
设备的电气化，全面淘汰液化石油气驱动设备。
该电气化举措显著降低液化石油气消耗，通过大
幅减少烹饪操作产生的废气排放使本集团受益。
Since our manufacturing factories are in Vietnam and Cambodia,
this ESG Report wil mainly focus on the environmental isues
and relevant measures that aply to these two operating units. To
achieve the environmental goals, the Group has implemented the
folowing measures:
- , ases and mitigate al potential environmental
impacts asociated with the Group’s activities;
• Maintain high leadership comitment and develop a strong
culture of environmental stewardship within the entire
workforce; and
• Make resources and systems available and provide the
necesary training to empower our employes to fulfil our
environmental responsibilities.
During the Reporting Period, the Group has complied with
relevant environmental laws and regulations, including but not
limited to, the Law on Environmental Protection and Law on
Water Resources in Vietnam, and the Law on Environmental
Protection and Management of Natural Resources in Cambodia.
Air Emisions
A majority of the air emisions generated by the Group are
from stationary combustion, such as diesel used in generators
to generate electricity, liquefied petroleum gas (“LPG”) used
for coking, and diesel and petrol used for mobile machinery
including company vehicles, forklifts, and lawnmowers.
Vietnam’s factory completed the electrification of al staf canten
equipment in August 2023, phasing out LPG-powered equipment
entirely. This electrification initiative resulted in a significant drop
in LPG consumption, which benefited the Group by substantialy
reducing air emisions from coking operations.
| 2024/25 | 2023/24 | ||
|---|---|---|---|
| Air Emissions4 4 | Unit | ||
| 废气排放 Nitrogen Oxides (NOx) (NOx) 氮氧化物 | 单位 g 克 | 二零二四╱二五年 53,424.5 | 二零二三╱二四年 42,069.8 |
| Sulfur Oxides (SOx) (SOx) 硫氧化物 | g 克 | 989.5 | 853.2 |
| Particulate Matter (PM) (PM) 颗粒物 | g 克 | 2,977.1 | 2,372.1 |
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
关于移动机械，柴油及汽油用于公司用车、叉车
及割草机。自上一报告年度起，本集团委聘第三
方园艺承包商负责景观美化服务，其相对降低了
割草机的汽油消耗。然而，用于业务活动（例如接
待客户以及用于货物及产品运输与装载的叉车
操作）的公司用车使用增加，导致该等运营活动
的汽油及柴油消耗上升。
尽管本集团致力降低整体燃料消耗，我们未能实
现上一报告期间设定的目标，主要由于柬埔寨用
于发电的柴油消耗增加及业务运营中车辆使用
增加。为秉持可持续发展的原则，本集团致力于
下一个报告期间将各类废气排放保持在截至二
零二五年三月三十一日止基准年度水平的
90%
至
120%
之间。
司机每天会记录车辆的所有燃料使用及里程情
况，以监测车辆的使用情况。所有车辆均会进行
定期维护检查，以便提高燃料消耗的效率及确保
道路安全。该等监测及维护惯例帮助优化燃油效
率，并最大限度减少我们移动运营中不必要的排
放。
Regarding mobile machinery, diesel and petrol are used for
company vehicles, forklifts, and lawnmowers. Starting from the
last reporting year, the Group engaged third-party gardening
contractors to handle landscaping services, which relatively
reduced petrol consumption for lawnmowers. However, the
use of company vehicles for busines activities such as
client reception and forklift operations for gods and product
transportation and loading has increased, resulting in higher
consumption of petrol and diesel for these operational activities.
Despite the Group’s eforts to reduce overal fuel consumption,
we fel short of the target set for the prior reporting period,
primarily due to increased diesel consumption for electricity
generation in Cambodia and higher vehicle usage for busines
operations. To uphold the principles of sustainable development,
the Group is comited to maintain each type of air emisions
ranging betwen 90% to 120% for the next reporting period,
against the level of the baseline year ended 31 March 2025.
Drivers record fuel usage and mileage on a daily basis to monitor
vehicle usage. Al vehicles undergo regular maintenance checks
to facilitate fuel consumption eficiency and ensure road safety.
These monitoring and maintenance practices help optimize fuel
eficiency and minimize unecesary emisions from our mobile
operations.
颗粒物克
The air emisions for the Reporting Period are disclosed in
acordance with Apendix 2: Reporting guidance on Environmental
KPIs isued by the HKEX to provide a more comprehensive picture
of the Group’s performance.
报告期间的废弃排放根据联交所发布的附录
二：环境关键绩效指标汇报指引披露，以更全面
地体现本集团的业绩表现。
Environmental, Social and Governance Report
环境、 社会及管治报告
54Kingmaker Fotwear Holdings Limited Anual Report 2025
温室气体排放
人类活动产生的温室气体（「温室气体」）排放是
导致全球变暖的要因素之一，影响现代及后代生
活。因此，本集团高度关注运营中监测及减少温
室气体排放的重要性。
于报告期间，本集团的直接温室气体排放主要来
自固定燃烧，如用于发电机发电的柴油、用于烹
饪的液化石油气以及用于移动机械的柴油及汽
油。此外，本集团的能源间接温室气体排放主要
来自外购电力的使用，而其他间接温室气体排放
来自淡水（类别
：购买的产品或服务）及营运产
生的废弃物（类别
：营运产生的废弃物）的使用。
本集团已采取多项措施以确保排放保持在最低
水平，从而减少我们的业务活动对环境造成的影
响。
由于用于业务活动（例如用于货物装载的叉车操
作及接待客户）的用车使用增加，故该等运营活
动的汽油及柴油消耗上升，导致温室气体排放总
量增加。于报告期间，温室气体密度保持稳定，
本集团已达致上一报告期间所设定的目标。为降
低燃料的使用及温室气体的排放，所有不使用的
机器及设备会关闭。有关缓解外购电力及纸张的
使用的能源间接温室气体排放及其他间接温室
气体排放的措施，请参阅下文「电力及能源使用」
以及「产生废弃物」各节。为秉持可持续发展的原
则，本集团致力于下一个报告期间将温室气体总
排放密度保持在截至二零二五年三月三十一日
止基准年度水平的
90%
至
120%
之间。
Grenhouse Gas Emisions
Grenhouse gas (“GHG”) emisions generated from human
activities is one of the significant drivers of global warming, which
afects the lives of present and future generations. Therefore, the
Group is highly concerned about the importance of monitoring
and mitigating GHG emisions in our operations.
During the Reporting Period, the Group’s direct GHG emisions
mainly resulted from stationary combustion, such as diesel used
in generators to generate electricity, LPG used for coking and
diesel and petrol used for mobile machinery. In adition, the
Group’s energy indirect GHG emisions mainly arise from the use
of purchased electricity, while the other indirect GHG emisions
arise from the use of freshwater (category 1: purchased
gods and services) and the waste generated in the operation
(category 5: waste generated in the operations). The Group has
implemented various measures to ensure that the emisions are
kept at a minimum and to reduce the impact of our busines
activities caused to the environment.
Owing to the increase use of vehicles for busines activities, such
as forklift operations for gods loading and client reception, the
consumption of petrol and diesel for theses activities is higher,
leading to an increase in the total GHG emisions. During the
Reporting Period, the GHG intensity remained stable, the Group
has achieved the target set in the previous reporting period. In
order to reduce the use of fuel and the emisions of GHG, al
machines and equipment would be turned of when they are
not in use. To mitigate energy indirect GHG emisions and other
indirect GHG emisions from purchased electricity and paper,
respectively, please refer to the section below sub-headed
“Electricity and Energy Usage” and “Generation of Waste”. To
uphold the principles of sustainable development, the Group is
comited to maintain the total GHG emision intensity ranging
betwen 90% to 120% for the next reporting period, against the
level of the baseline year ended 31 March 2025.
| 2024/25 | 2023/24 | ||
|---|---|---|---|
| GHG Emissions5 5 | Unit | ||
| 温室气体排放 单位 二零二四╱二五年 二零二三╱二四年 Scope 1 Direct GHG Emissions 1 范围 －直接温室气体排放 | |||
| Diesel 柴油 | TCo2e 吨二氧化碳当量 | 143.4 | 121.2 |
| Petrol 汽油 | TCo2e 吨二氧化碳当量 | 21.4 | 19.9 |
| LPG 液化石油气 | TCo2e 吨二氧化碳当量 | 2.0 | 12.3 |
| Scope 2 Energy Indirect GHG Emissions 2 范围 －能源间接温室气体排放 | |||
| Purchased Electricity 外购电力 | TCo2e 吨二氧化碳当量 | 7,293.3 | 6,584.0 |
| Scope 3 Other Indirect GHG Emissions6 3 6 范围 －其他间接温室气体排放 | |||
| Category 1 (Purchased Goods and Services) 1 类别（购买的产品或服务） | TCo2e 吨二氧化碳当量 | 86.6 | N/A 不适用 |
| Category 5 (Waste Generated in Operations) 5 类别（营运产生的废弃物） | TCo2e 吨二氧化碳当量 | 352.9 | 24.5 |
| Total GHG Emissions 温室气体排放总量 | TCo2e 吨二氧化碳当量 | 7,899.6 | 6,761.9 |
| Total GHG Emissions Intensity 温室气体总排放密度 | TCo2e/pair of shoes 吨二氧化碳当量╱双鞋 | 0.002 | 0.002 |
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
下表载列于报告期间记录的温室气体排放统计
数据：
The folowing shows the statistics of GHG emisions recorded
during the Reporting Period:
温室气体总排放密度吨二氧化碳当量╱双鞋
GHG emision data are presented in terms of carbon dioxide
equivalent and are based on, including but not limited to, “The
Grenhouse Gas Protocol: A Corporate Acounting and Reporting
Standards” isued by the World Resources Institute and the World
Busines Council for Sustainable Development, the global warming
potential values from the “Sixth Asesment Report” isued by
Intergovernmental Panel on Climate Change, the “Research and
Develop the Emision Factor (EF) of Vietnam’s Power Grid in 2021”
isued by the Department of Climate Change of Vietnam, the “Grid
Emision Factors in Cambodia” isued by the Institute of Global
Environmental Strategies and the National Council for Sustainable
Development of Cambodia, and “How to prepare an ESG Report –
Apendix 2: Reporting Guidance on Environmental KPIs” isued by
the HKEX.
The Group has reorganized its disclosures, to beter comply with
HKEX reporting requirement.
温室气体排放数据以二氧化碳当量列示，并根
据（包括但不限于）世界资源研究所及世界可持
续发展工商理事会刊发的《温室气体核算体系：
企业核算与报告标准》、政府间气候变化专门委
员会发布的「第六次评估报告」的全球升温潜能
值、越南气候变化部发布的「二零二一年度越南
电网的排放因数的研发」、全球环境战略研究所
及柬埔寨国家可持续发展委员会发布的「柬埔
寨电网排放因数」及联交所发布的「如何编制环
境、社会及管治报告－附录二：环境关键绩效指
标汇报指引」。
本集团已重新组织其披露以更好地遵守联交所
的报告要求。
Environmental, Social and Governance Report
环境、 社会及管治报告
56Kingmaker Fotwear Holdings Limited Anual Report 2025
我们的方法
Our Aproaches
Principles of Aproaches
方法的原则
Standards
所使用的标准
- “GHG Protocol: A Corporate Acounting and Reporting Standard
(2004)” (
《温室气体核算体系
:
企业核算与报告标准
(2004
年）》
) isued by the
World Resources Institute and the World Busines Council for Sustainable
Development
世界资源研究所及世界可持续发展工商理事会刊发的《温室气体核算体系：
企业核算与报告标准（
年）》
- “Global Warming Potential Values” from the Sixth Asesment Report
isued by the Intergovernmental Panel on Climate Change (AR6)
政府间气候变化专门委员会刊发的《第六次评估报告》内的全球升温潜能值
（
AR6
）
- “How to prepare an ESG Report – Apendix 2: Reporting Guidance on
Environmental KPIs” published by the HKEX
联交所刊发的《如何编制环境、社会及管治报告－附录二：环境关键绩效指
标汇报指引》
Measurement Method
计量方法
Using operational control, as operational information is acesible
营运控制，因为可查阅营运资料
Operational Boundary
营运边界
Two manufacturing sites in Vietnam and Cambodia respectively
分别位于越南及柬埔寨的两个生产基地
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
范围
报告边界
Scope 3 Reporting Boundary
Scope 3 CategoryRelationships with the GroupCalculation and Emision Factors
范围
类别与本集团的关联计算及排放因数
Category 1: Purchased Gods and Services
类别
：购买的产品或服务
Upstream emisions from the
production of products purchased
or acquired by the Group
生产本集团购买或收购的产品所产
生的上游排放
Upstream emisions, including the
use of freshwater consumed by
the Group
上游排放，包括本集团消耗的淡水
使用
• Asesed using suplier-specific
method.
采用供应商特定方法评估。
• It is calculated by multiplying
the amount of freshwater
consumed by the Group and the
coresponding emision factor.
计算方法为将本集团消耗的淡水
量乘以相应排放因数。
- :
“How to prepare an ESG Report –
Apendix 2: Reporting Guidance
on Environmental KPIs” published
by the HKEX, the 2024 UK
Government GHG Conversion
Factors for Company, and the
Anual Report 2023/24 by the
Water Suplies Department.
排放因数来源：联交所刊发的《如
何编制环境、社会及管治报告－附
录二：环境关键绩效指标汇报指
引》、二零二四年英国政府供公司
使用的温室气体转换因数及水务
署刊发的二零二三／二四年报。
Environmental, Social and Governance Report
环境、 社会及管治报告
58Kingmaker Fotwear Holdings Limited Anual Report 2025
Scope 3 CategoryRelationships with the GroupCalculation and Emision Factors
范围
类别与本集团的关联计算及排放因数
Category 5: Waste Generated in Operations
类别
：营运产生的废弃物
Emisions from the disposal and
treatment of waste generated
处置及处理所产生废物的排放
Among the waste produced,
the most significant sources
of emisions are including but
not limited to ink cartridges,
bateries, plastics, paper sent to
landfils, open-lop recycling, and
wastewater treatment
在产生的废弃物中，最主要的排放
来源为（包括但不限于）墨盒、电池、
塑料、送入填埋区的纸张、开环回收
及废水处理
• Asesed using waste-type-
specific method.
采用废物类型方法评估。
• It is calculated by multiplying the
weight of non-hazardous and
hazardous waste produced by
the Group and the coresponding
emision factor, considering the
method of disposal.
计算方法为将本集团产生的无害
及有害废弃物重量乘以相应排放
因数并考虑处置方式。
- :
“How to prepare an ESG Report –
Apendix 2: Reporting Guidance
on Environmental KPIs” published
by the HKEX, the 2024 UK
Government GHG Conversion
Factors for Company Reporting,
and the Sustainability Report
2023/24 by the Drainage Services
Department.
排放因数来源：联交所刊发的《如
何编制环境、社会及管治报告－附
录二：环境关键绩效指标汇报指
引》、二零二四年英国政府供公司
申报使用的温室气体转换因数及
渠务署刊发的二零二三／二四年可
持续发展报告。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
空调
越南及柬埔寨工厂的室内温度维持在
摄氏度
或以上，以减少不必要的能源浪费。空调在不使
用时会关闭。本集团亦于显眼的位置张贴告示，
以提高雇员的节能意识。
资源使用
本集团一向致力于提升可持续发展能力以及旨
在杜绝资源浪费，以免对环境造成损害。为达致
高效使用资源的目标，我们实施了多项措施。该
等措施已有效传达至各级员工，确保全体雇员清
楚明白节约能源的重要性并在工作中充分使用
可用资源。
本集团已实施资源使用政策，并已为节能制定若
干资源效益目标及计划。本集团亦指派部门负责
能源管理，其职责包括开展定期检查及监测能源
的使用情况。本集团意识到节能对于企业及社会
的重要性，并已在节约能源及资源的使用方面
作出数项投资。所采取的措施详见下文「用水」及
「电力及能源使用」各节。
用水
用水需求来自鞋履的生产过程以及办公室雇员
于办公时间内的日常用水。每月的用水量很大程
度上取决于当月的产量，且全年只有小幅波动。
Air-conditioning
In Vietnam and Cambodia factories, the indor temperature
is maintained at 25 degres Celsius or above to reduce
unecesary energy wastage. Air conditioners are switched of
when they are not in use. The Group has also posted notices
at prominent locations to raise employes’ awarenes of energy
conservation.
Use of Resources
The Group always promotes sustainability and aims to cease
resource wastage that harms the environment. Various measures
have ben implemented to atain the goal of using resources
eficiently. These measures have ben efectively comunicated
to al levels of staf, ensuring that al employes understand
clearly the importance of conserving energy and making ful use
of available resources during work.
Use of Resources Policy has ben implemented by the Group,
and certain resource eficiency goals and plans have ben made
to save energy. The Group has also asigned a department
responsible for energy management, whose duty includes
carying out regular inspections and monitoring energy usage.
The Group is aware of the importance of energy saving for our
busines and society and has made several investments in
saving the use of energy and resources. The measures taken
are detailed in the below section headed “Water Usage” and
“Electricity and Energy Usage”.
Water Usage
Water usage arises from the fotwear production proces and
the daily use of water by ofice employes during working hours.
Monthly water consumption depends highly on the production
volume of the month and has a slight fluctuation throughout the
year.
| 2024/25 | 2023/24 | ||
|---|---|---|---|
| Water Usage | Unit | ||
| 用水 Water consumption 用水量 | 单位 m³ 立方米 | 二零二四╱二五年 338,166.0 | 二零二三╱二四年 301,431.0 |
| Sewage 污水量 | m³ 立方米 | 267,514.8 | 241,204.8 |
| Total water consumption intensity 总用水密度 | m³/pair of shoes 立方米╱双鞋 | 0.09 | 0.08 |
| Total sewage intensity 总污水密度 | m³/pair of shoes 立方米╱双鞋 | 0.07 | 0.06 |
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60Kingmaker Fotwear Holdings Limited Anual Report 2025
越南工厂已安装计量表以监测用水量，从而更易
于分析每个生产阶段的消耗指数。至于柬埔寨工
厂，从附近地区的井中获取天然水更加方便，且
于报告期间已安装计量表以监测用水量。
为提高用水效率，本集团在厕所安装了自动节水
水龙头，并在显眼的位置设置了书面告示，提醒
员工节约资源。此外，我们亦咨询第三方专业人
士对现有节能政策进行评估，并建议改进措施的
方法，且本集团于水源方面并无适用于该目的
任何问题。
于报告期间，我们已遵守越南及柬埔寨有关污水
排放的所有相关法律及法规，我们向位于越南的
越南新加坡工业园及柬埔寨曼哈顿经济特区支
付相关的排污费，以代表我们处理废水。本集团
并无得悉经确认的不合规事件或投诉。
下表载列于报告期间记录的用水量统计数据：
At the factory in Vietnam, meters are instaled to monitor water
consumption, which makes analyzing the consumption index
of each production stage easier. For the Cambodia factory, it
is convenient for the site to source natural water from wels in
the nearby area, and meters were instaled during the Reporting
Period to monitor water consumption.
To enhance water eficiency, the Group has instaled automatic
water-saving taps in toilets and placed writen notices in
conspicuous areas to remind staf to save resources. Moreover,
we have also consulted third-party profesionals to evaluate the
existing energy-saving policies and sugest ways to improve our
measures, and the Group does not have any isues in sourcing
water that is fit for purpose.
During the Reporting Period, we complied with al relevant laws
and regulations in relation to the discharge of sewage in Vietnam
and Cambodia. We paid sewage fes to Vietnam Singapore
Industrial Park in Vietnam and Manhatan Special Economic
Zone in Cambodia to handle the wastewater on our behalf. No
confirmed non-compliance incidents or grievances were noted by
the Group.
The folowing shows the statistics of water consumption recorded
during the Reporting Period:
总污水密度立方米╱双鞋
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
于报告期间，本集团用水量增加，主要因扩大研
发活动引起。于报告期间，用水量密度及污水量
密度分别增加
12.5%
及
16.7%
，已达致上一报告
期间所设定的目标。本集团将继续加大努力减少
不必要的用水。因此，本集团致力维持我们在可
持续发展方面的领先地位，并力求于下一个报
告期间将用水量密度及污水量密度维持在截至
二零二五年三月三十一日止的基准年度水平的
90%
至
120%
之间。
电力及能源使用
考虑到社区可能面临的环境威胁，本集团在减少
整个业务运营的碳足迹方面已取得稳步进展。本
集团耗电量主要产生自越南及柬埔寨的办公室
及工厂日常消耗。此外，本集团已聘请第三方咨
询公司在越南工厂进行能源审核测试，并就现有
电力及能源使用政策的改进提出建议及意见。
本集团的主要能源消耗主要包括柴油、汽油、液
化石油气及日常业务营运所需的外购电力。用于
业务活动（例如接待客户以及用于货物及产品运
输与装载的叉车操作）的用车使用增加，导致该
等运营活动的汽油及柴油消耗上升。此外，扩大
研发活动亦导致用电增加。因此，能源消耗密度
于报告期间增加
24.0%
，未达致上一报告期间所
设定的目标。此外，由于报告期间柬埔寨的制造
工厂电力中断，本集团不得不使用更多柴油通过
发电机发电，因此直接能耗有所增加。本集团承
诺于下一个报告期间将能源消耗密度维持在截
至二零二五年三月三十一日止基准年度水平的
90%
至
120%
之间。
During the Reporting Period, the Group’s water consumption
increased, primarily driven by expanded Research and
Development (R&D) activities During the Reporting Period, the
water consumption intensity and sewage intensity increased
12.5% and 16.7%, which achieved the target set in the previous
reporting period. The Group wil continue to put more efort into
reducing unecesary water consumption. Therefore, the Group
strives to uphold our leadership in sustainability and aims to
maintain the water consumption intensity and sewage intensity
ranging betwen 90% and 120% for the next reporting period,
against the level of the baseline year ended 31 March 2025.
Electricity and Energy Usage
In consideration of the potential environmental threats to the
comunities, the Group has made steady progres in reducing
its carbon fotprints acros its busines operations. The
electricity consumption of the Group has mainly arisen from
daily consumption at the ofices and factories in Vietnam and
Cambodia. Moreover, the Group has engaged a third-party
consulting company to perform energy audit tests at the Vietnam
factory and provide sugestions and coments on the existing
policies for electricity and energy usage improvements.
The Group’s main energy consumption is mainly composed of
diesel, petrol, LPG and purchased electricity for daily busines
operation. The use of vehicles for busines activities such as
client reception and forklift operations for gods and product
transportation and loading has increase resulted in higher
consumption of petrol and diesel for these operations activities.
In adition, the expanded R&D activities also led to an increase
in electricity usage. Thus, the energy consumption intensity
increased by 24.0% during the Reporting Period and fel short
of achieving the target set in the previous reporting period. In
adition, due to a power outage in Cambodia’s manufacturing
factories during the Reporting Period, the Group had to use more
diesel to produce electricity by generator, therefore increased the
direct energy consumption. The Group pledges to maintain the
energy consumption intensity ranging betwen 90% to 120% for
the next reporting period, against the level of the baseline year
ended 31 March 2025.
| 2024/25 | 2023/24 | ||
|---|---|---|---|
| Energy Consumption | Unit | ||
| 能耗 Direct energy consumption7 7 直接能耗 | 单位 | 二零二四╱二五年 | 二零二三╱二四年 |
| Diesel (stationary combustion) 柴油（固定燃烧） | kWh 千瓦时 | 186,450.4 | 91,833.8 |
| Diesel (mobile combustion) 柴油（移动燃烧） | kWh 千瓦时 | 392,689.1 | 399,171.1 |
| Petrol (mobile combustion) 汽油（移动燃烧） | kWh 千瓦时 | 77,603.6 | 72,864.5 |
| LPG (stationary combustion) 液化石油气（固定燃烧 | kWh ） 千瓦时 | 9,290.5 | 56,757.3 |
| Indirect energy consumption 间接能耗 | |||
| Purchased Electricity 外购电力 | kWh 千瓦时 | 14,115,077.1 | 11,344,397.0 |
| Total Energy Consumption 能耗总量 | kWh 千瓦时 | 14,781,110.6 | 11,965,023.7 |
| Total Energy Consumption Intensity 能耗总密度 | kWh/pair of shoes 千瓦时╱双鞋 | 4.0 | 3.2 |
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62Kingmaker Fotwear Holdings Limited Anual Report 2025
下表载列于报告期间记录的直接及间接能耗：
以下为本集团所实施保护能源及电力的措施：
•
关闭未使用的照明、电器、机器及设备，以
减少能耗；
•
关闭非办公时间（包括午餐时间）及闲置房
间的空调及照明；
•
雇员于营业时间须将电脑及其他设备在未
使用时（如客户造访及午餐时间）转入睡眠
模式或关闭；
•
定期维护空调、电脑、照明及冰箱等办公设
备以确保其有效率运作；
•
办公室的打印机默认设置为节能模式，及
倘于一段时间内不使用，睡眠模式会自动
开启，以减少不必要的能耗；
The folowing shows the statistics of direct and indirect energy
consumption recorded during the Reporting Period:
能耗总密度千瓦时╱双鞋
The folowing are the measures that the Group has implemented
to preserve energy and electricity:
- , apliances, machines and equipment are turned
of when they are not in use to reduce energy consumption;
• Air conditioners and lights are turned of during non-ofice
hours, including lunch hours, and in idle roms;
• Employes are required to put computers and other devices
into slep mode or turn them of when they are not in
use (such as during customer visits and lunchtime) during
busines hours;
• Regular maintenance of ofice equipment such as air
conditioners, computers, lights, refrigerators, etc. to ensure
they are operating eficiently;
• Printing machine in the ofice is set to energy-saving mode
by default, and the slep mode is automaticaly turned
on if not in use for a certain interval in time to reduce
unecesary energy consumption;
The unit conversion method of energy consumption data is
formulated acording to the “Energy Statistics Manual” released by
International Energy Agency.
能源消耗数据的单位换算方法乃根据国际能源
署发布的「能源统计手册」制定。
| 2024/25 | 2023/24 | ||
|---|---|---|---|
| Packaging Materials | Unit | ||
| 包装材料 Total packaging materials8 8 包装材料总量 | 单位 ton 吨 | 二零二四╱二五年 1,218.6 | 二零二三╱二四年 1,060.8 |
| Total packaging materials intensity 包装材料总密度 | ton/pair of shoes 吨╱双鞋 | 0.0003 | 0.0003 |
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
•
使用过的打印机墨盒将被送到印刷公司进
行回收；及
•
投资技术以改善能源的有效利用。
包装材料
本集团的产品主要使用纸张、纸箱及分隔纸板等
包装材料。为应对环境保护，本集团已尽量减少
包装材料的浪费，最大限度地通过重复使用及回
收旧纸盒减少新纸箱的使用。下表载列于报告期
间鞋盒及硬纸盒总使用量。
下表载列于报告期间采用包装材料的统计数据：
产生废弃物
本集团产生的固体废弃物主要由日常营运产生，
包括但不限于办公用纸、办公室废弃物及生产过
程中所产生的剩余材料。本集团竭力减少纸张浪
费，致使废纸总量下降。为减轻对堆填区的压力
及促进环保意识，我们已实行多项措施，鼓励回
收办公用品及其他物料，以杜绝过度消耗不必要
用品，就处理而言优先重复使用及回收。例如，
本集团推广使用双面印刷，并鼓励其雇员使用电
子行政平台及在线沟通渠道。
• Used printer cartridges are sent to the printing company for
recycling; and
• Investment in technology is made to improve the eficient
use of energy.
Packaging Materials
The Group’s products mainly use packaging materials such as
paper, paper boxes, and partition cardboard. In response to
environmental protection, the Group has strived to minimize
the wastage of packaging materials to the greatest extent by
reducing the use of new cartons by reusing and recycling old
carton boxes. The folowing table sets forth the total usage of
shoe boxes and carton boxes during the Reporting Period.
The folowing shows the statistics of used packaging materials
during the Reporting Period:
包装材料总密度吨╱双鞋
Generation of Waste
The solid waste generated by the Group mainly arises from
day-to-day operations, including, but not limited to, ofice-use
paper, ofice waste and excesive materials generated during
the production proces. The Group has made a great efort
in reducing paper waste, which leads to a drop in total paper
waste level. To aleviate the presure on landfils and promote
environmental friendlines, we have implemented various
measures to encourage recycling ofice suplies and other
materials and eliminate the over-consumption of unecesary
products, prioritizing reuse and recycling over disposal. For
example, the Group promotes the use of double-sided printing
and encourages its employes to use electronic administrative
platforms and online comunication chanels.
The Group has updated the disclosure of packaging materials
during the Reporting Period, to beter comply with the disclosure
requirement of the HKEX.
本集团已更新于报告期间的包装材料的披露资
料，以更好地遵守联交所的披露规定。
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64Kingmaker Fotwear Holdings Limited Anual Report 2025
制造过程中会产生有害及无害废弃物。为减少产
生固体废弃物，我们每月记录废弃物统计数据，
以便跟踪有害及无害废弃物的处置量。我们始终
提醒雇员小心使用资源，避免在制鞋过程中使用
过量的材料。厂长密切监控每月的废弃物处置记
录。倘月度废弃物处置量大幅增加，厂长会进行
彻底调查，并及时采取后续行动。例如，厂长会
在工厂张贴警醒告示或与工人召开简报会，重申
减废的重要性。
Both hazardous and non-hazardous wastes are generated during
the manufacturing proceses. To reduce the production of solid
waste, statistics of waste are recorded monthly to kep track
of the volume of disposal of hazardous and non-hazardous
wastes. Employes are always reminded to use resources
carefuly and avoid using excesive materials during the proces
of shoemaking. The head of the factory closely monitors the
monthly waste disposal record. If there is a large increase in the
amount of monthly waste disposal, the head of the factory wil
conduct a thorough investigation and perform folow-up action
promptly. For example, the head of the factory wil put reminder
labels in the factory or hold a briefing sesion with the factory
workers to re-emphasize the importance of waste reduction.
| 2024/25 | 2023/24 | ||
|---|---|---|---|
| Waste | Unit | ||
| 废弃物 Total Hazardous waste 有害废弃物总量 | 单位 kg 千克 | 二零二四╱二五年 57,683.5 | 二零二三╱二四年 95,536.5 |
| Total Non-hazardous waste 无害废弃物总量 | kg 千克 | 540,447.9 | 712,170.4 |
| Total hazardous waste intensity 有害废弃物总密度 | kg/pair of shoes 千克╱双鞋 | 0.02 | 0.03 |
| Total non-hazardous waste intensity 无害废弃物总密度 | kg/pair of shoes 千克╱双鞋 | 0.2 | 0.2 |
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
于整个报告期间，由于本集团整体业务表现下
滑，柬埔寨的劳动力小幅减少且鞋履的生产总量
减少。因此，有害废弃物产生总量及无害废弃物
产生总量较上一报告期间均显著下降。于报告期
间，有害废弃物及无害废弃物的密度均小幅下
降。这一变化乃由于实施已改善的数据收集方
法，提高了我们呈报数字的准确性。因此，本集
团已达致于上一报告期间所设定的有害废弃物
及无害废弃物密度目标。本集团将于下一个报告
期间尽力将有害废弃物及无害废弃物密度维持
在截至二零二五年三月三十一日止基准年度水
平的
90%
至
120%
之间。
本集团积极倡导绿色及可持续工作环境的理念，
并全面遵守越南环境保护法及柬埔寨环境保护
及自然资源管理法。我们已招募许可方处理制造
过程中产生的所有废弃物。于报告期间，本集团
并无得悉与废弃物处理有关的经确认不合规事
件或投诉。
合规及投诉
于报告期间，本集团遵守了对我们有重大影响的
所有相关环保法律法规，包括但不限于柬埔寨的
环境保护及自然资源管理法及越南的环境保护
法。本集团并无得悉与环保事项有关的经确认不
合规事件或投诉。
Owing to a decline in the Group’s overal busines performance
throughout the Reporting Period, there was a slight drop in
Cambodia’s workforce, and a decrease in the total volume of
fotwear production. Consequently, both total hazardous waste
generation and total non-hazardous waste generation have
noticed a notable drop compared to the previous reporting
period. During the Reporting Period, a slight decrease in both
hazardous and non-hazardous waste intensity was recorded. This
change is atributable to the implementation of enhanced data
colection methods, which have improved the acuracy of our
reported figures. Therefore the Group achieved the hazardous
waste and non-hazardous waste intensity target set in the
previous reporting period. The Group wil strive to maintain the
hazardous waste and non-hazardous waste intensity ranging
betwen 90% and 120% for the next reporting period, against
the level of the baseline year ended 31 March 2025.
无害废弃物总密度千克╱双鞋
The Group actively advocates the idea of a gren and sustainable
working environment and ful compliance with Law on Protection of
the Environment in Vietnam and Law on Environmental Protection
and Natural Resources Management in Cambodia. We have recruited
licensed parties to handle al wastes generated during manufacturing.
During the Reporting Period, no confirmed non-compliance incidents
or grievances were noted by the Group in relation to waste disposal.
Compliance and Grievance
During the Reporting Period, the Group complied with al relevant
environmental laws and regulations that have a significant impact on
us, including but not limited to, Law on Environmental Protection and
Natural Resources Management in Cambodia and Law on Environmental
Protection in Vietnam. No confirmed non-compliance incidents or
grievances were noted by the Group in relation to environmental isues.
Environmental, Social and Governance Report
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66Kingmaker Fotwear Holdings Limited Anual Report 2025
气候变化
本集团在进行风险评估的同时，每年检讨及识别
气候相关风险。我们已根据气候相关财务资讯披
露工作组（「气候相关财务资讯披露工作组」）的建
议考虑潜在的气候相关风险，包括极端天气状况
等实体风险及监管变动或新兴技术等过渡风险，
潜在气候相关风险概述如下：
Climate Change
The Group anualy reviews and identifies the climate-related risk
while conducting the risk asesment. We have considered the
potential climate-related risks in respect of the recomendations
of the Task Force on Climate-related Financial Disclosure
(“TCFD”), which are the physical risks, such as extreme weather
conditions and transition risks, such as regulatory change or
emerging technologies, and the potential climate-related risks are
sumarized as below:
Risks TypePotential Financial Impacts
Short
(Curent
Reporting
Period)
Medium
(One to
thre years)
Long
(Four to
ten years)Mitigating Strategy
风险类型潜在财务影响短期（本报告期间）中期（一至三年）长期（四至十年）应对策略
LowMediumHigh
低
中
高
Physical Risks
实体风险
Acute
Reduced revenue and increased costs from
busines and suply chain disruptions due
to extreme weather conditions
• Established a safety
management system,
including adverse
weather guidelines
•
设立安全管理系统，包
括恶劣天气指引
急性
因极端天气状况导致业务及供应链中断，导
致收入减少及成本增加
Chronic
Increased operating costs related to the
sustained elevated temperature
• Adopted energy
conservation measures
to reduce the impacts
of our work on the
environment
慢性
与持续高温有关的营运成本增加
•
采取节能措施减少工程
对环境的影响
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Risks TypePotential Financial Impacts
Short
(Curent
Reporting
Period)
Medium
(One to
thre years)
Long
(Four to
ten years)Mitigating Strategy
风险类型潜在财务影响短期（本报告期间）中期（一至三年）长期（四至十年）应对策略
LowMediumHigh
低
中
高
Transition Risks
过渡风险
Changes in climate-related
regulations
Higher compliance or operating costs due to
the adoption of more rigorous regulatory
standards
• Continuous monitoring
of the regulatory
environment
• Adopted mitigating
measures to reduce the
impacts of our work on
the environment
• Adopted measures in
coping with the power
restrictions imposed by
the local government
气候相关法规的变动
因采纳更严格的监管标准导致合规或营运成
本增加
•
持续监察监管环境
•
采取缓解措施以减少工
程对环境的影响
•
采取应对当地政府施加
的电力限制的措施
Emerging technology
Increased costs due to the adoption of
new practices or materials that are more
environmentaly friendly
Shift in customer preference
Reduced revenue due to reduced demand of
products and services
• Keping abreast of
the industry standards
and adopting gren
procurement
• Adopted a stringent
environmental
management system
to ensure the Group
mets the expectations
and requirements of the
customers
新兴技术
采纳更环保的新惯例或材料导致成本增加
客户喜好转变
产品及服务需求减少导致收入减少
•
紧贴行业标准，采用绿
色采购
•
采用严格的环境管理系
统，确保本集团符合客
户的期望及要求
Environmental, Social and Governance Report
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68Kingmaker Fotwear Holdings Limited Anual Report 2025
ESG indicatorDisclosure
Location in the
ESG Report
环境、社会及
管治指标披露
ESG
报告中位置
A1 General
disclosure
Information on the policies and compliance with relevant
laws and regulations that have a significant impact on the
isuer relating to air emisions, discharges into water and
land, and generation of hazardous and non-hazardous
waste.
Disclosed• Emisions
A1
一般披露有关废气排放、向水及土地的排污、有害及无害废弃物的
产生等的政策及遵守对发行人有重大影响的相关法律及
规例的资料。
已披露
•
排放
A1.1The types of emisions and respective emisions data.Disclosed• Air Emisions
• Grenhouse Gas
Emisions
排放物种类及相关排放数据。已披露
•
废气排放
•
温室气体排放
A1.3Total hazardous waste produced (in tones) and, where
apropriate, intensity (e.g. per unit of production volume,
per facility).
Disclosed• Waste Management
所产生有害废弃物总量（以吨计算）及（如适用）密度（如以
每产量单位、每项设施计算）。
已披露
•
废弃物管理
A1.4Total non-hazardous waste produced (in tones) and,
where apropriate, intensity (e.g. per unit of production
volume, per facility).
Disclosed• Waste Management
所产生无害废弃物总量（以吨计算）及（如适用）密度（如以
每产量单位、每项设施计算）。
已披露
•
废弃物管理
A1.5Description of emisions target(s) set and steps taken to
achieve them.
Disclosed• Emisions
• Waste Management
描述所订立的排放量目标及为达到这些目标所采取的步
骤。
已披露
•
排放
•
废弃物管理
A1.6Description of how hazardous and non-hazardous wastes
are handled, and a description of reduction target(s) set
and steps taken to achieve them.
Disclosed• Waste Management
描述处理有害及无害废弃物的方法，及描述所订立的减
废目标及为达到这些目标所采取的步骤。
已披露
•
废弃物管理
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
ESG indicatorDisclosure
Location in the
ESG Report
环境、社会及
管治指标披露
ESG
报告中位置
A2 General
disclosure
Policies on the eficient use of resources, including
energy, water and other raw materials.
Disclosed• Use of Resources
A2
一般披露有关有效使用资源（包括能源、水及其他原材料）的政策。已披露
•
资源使用
A2.1Direct and/or indirect energy consumption by type (e.g.
electricity, gas or oil) in total (kWh in’000s) and intensity
(e.g. per unit of production volume, per facility).
Disclosed• Energy Consumption
按类型（如电、气或油）划分的直接及╱或间接能源总耗量
（以千个千瓦时计算）及密度（如以每产量单位、每项设施
计算）。
已披露
•
能源消耗
A2.2Water consumption in total and intensity (e.g. per unit of
production volume, per facility).
Disclosed• Water Consumption
总用水量及密度（如以每产量单位、每项设施计算）。已披露
•
用水量
A2.3Description of energy use eficiency target(s) set and
steps taken to achieve them.
Disclosed• Energy Consumption
描述所订立的能源使用效益目标及为达到这些目标所采
取的步骤。
已披露
•
能源消耗
A2.4Description of whether there is any isue in sourcing
water that is fit for purpose, water eficiency target(s) set
and steps taken to achieve them.
Disclosed• Water Consumption
描述求取适用水源上是否存在任何问题，以及所订立的
用水效益目标及为达到这些目标所采取的步骤。
已披露
•
用水量
A2.5Total packaging material used for finished products (in
tones) and, if aplicable, with reference to per unit
produced.
Disclosed• Packaging Materials
制成品所用包装材料的总量（以吨计算）及（如适用）参考
每生产单位占量。
已披露
•
包装材料
Environmental, Social and Governance Report
环境、 社会及管治报告
70Kingmaker Fotwear Holdings Limited Anual Report 2025
ESG indicatorDisclosure
Location in the
ESG Report
环境、社会及
管治指标披露
ESG
报告中位置
A3 General
disclosure
Policies on minimising the isuer’s significant impacts on
the environment and natural resources.
Disclosed• The Environment and
Natural Resources
A3
一般披露有关减低发行人对环境及天然资源造成重大影响的政策。已披露
•
环境及天然资源
A3.1Description of the significant impacts of activities on the
environment and natural resources and the actions taken
to manage them.
Disclosed• Emisions, Waste,
Energy, Water and
Materials
• Indor Air Quality
• Noise Management
描述业务活动对环境及天然资源的重大影响及已采取管
理有关影响的行动。
已披露
•
排放物、废弃物、能
源、水及材料
•
室内空气质量
•
噪音管理
B1 General
disclosure
Policies on remuneration and dismisal, recruitment
and promotion, working hours, rest periods, equal
oportunity, diversity, anti-discrimination, and other
benefits and welfare and compliance with relevant laws
and regulations that have a significant impact on isuers.
Disclosed• Employment
B1
一般披露有关薪酬及解雇、招聘及晋升、工作时数、假期、平等机
会、多元化、反歧视、其他待遇及福利方面的政策及遵守
对发行人有重大影响的相关法律及规例的政策。
已披露
•
雇佣
B1.1Total workforce by gender, employment type (for example,
ful-or part-time), age group and geographical region.
Disclosed• Employment Practices
and Relations
按性别、雇佣类型（如全职或兼职）、年龄组别及地区划分
的雇员总数。
已披露
•
雇佣常规与关系
B1.2Employe turnover rate by gender, age group and
geographical region.
Disclosed• Employment Practices
and Relations
按性别、年龄组别及地区划分的雇员流失率。已披露
•
雇佣常规与关系
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
ESG indicatorDisclosure
Location in the
ESG Report
环境、社会及
管治指标披露
ESG
报告中位置
B2 General
disclosure
Policies on providing a safe working environment and
protecting employes from ocupational hazards and
compliance with relevant laws and regulations that have a
significant impact on isuers.
Disclosed• Health and Safety
B2
一般披露有关提供安全工作环境及保护雇员避免职业性危害的政
策及遵守对发行人有重大影响的相关法律及规例的政策。
已披露
•
健康与安全
B2.1Number and rate of work-related fatalities ocured in
each of the past thre years including the reporting year.
Disclosed• Workplace Health and
Safety
过去三年（包括报告年度）每年因工亡故的人数及比率。已披露
•
工作场所健康与安全
B2.2Lost days due to work injury.Disclosed• Workplace Health and
Safety
因工伤损失工作日数。已披露
•
工作场所健康与安全
B2.3Description of ocupational health and safety measures
adopted, and how they are implemented and monitored.
Disclosed• Workplace Health and
Safety
描述所采纳的职业健康与安全措施以及相关执行及监察
方法。
已披露
•
工作场所健康与安全
B3 General
disclosure
Policies on improving employes’ knowledge and skils
for discharging duties at work. Description of training
activities.
Disclosed• Development and
Training
B3
一般披露有关提升雇员履行工作职责的知识及技能的政策。描述
培训活动。
已披露
•
发展及培训
B3.1The percentage of employes trained by gender and
employe category (e.g. senior management, midle
management).
Disclosed• Talent Development
按性别及雇员类别（如高级管理层、中级管理层）划分的受
训雇员百分比。
已披露
•
人才发展
B3.2The average training hours completed per employe by
gender and employe category.
Disclosed• Talent Development
按性别及雇员类别划分，每名雇员完成受训的平均时数。已披露
•
人才发展
Environmental, Social and Governance Report
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72Kingmaker Fotwear Holdings Limited Anual Report 2025
ESG indicatorDisclosure
Location in the
ESG Report
环境、社会及
管治指标披露
ESG
报告中位置
B4 General
disclosure
Policies on preventing child and forced labour and
compliance with relevant laws and regulations that have a
significant impact on isuers.
Disclosed• Labour Standards
B4
一般披露有关防止童工及强迫劳工的政策及遵守对发行人有重大
影响的相关法律及规例。
已披露
•
劳工准则
B4.1Description of measures to review employment practices
to avoid child and forced labour.
Disclosed• No Child and Forced
Labour
描述检讨招聘惯例的措施以避免童工及强迫劳工。已披露
•
防止童工及强迫劳工
B4.2Description of steps taken to eliminate such practices
when discovered.
Disclosed• No Child and Forced
Labour
描述在发现违规情况时消除有关情况所采取的步骤。已披露
•
防止童工及强迫劳工
B5 General
disclosure
Policies on managing environmental and social risks of
the suply chain.
Disclosed• Suply Chain
Management
B5
一般披露有关管理供应链的环境及社会风险政策。已披露
•
供应链管理
B5.1Number of supliers by geographical regions.Disclosed• Fair and Gren
Procurement Practices
按地区划分的供应商数目。已披露
•
公平和绿色采购常规
B5.2Description of practices relating to engaging supliers,
number of supliers where the practices are being
implemented, and how they are implemented and
monitored.
Disclosed• Fair and Gren
Procurement Practices
描述有关聘用供应商的惯例，向其执行有关惯例的供应
商数目，以及相关执行及监察方法。
已披露
•
公平和绿色采购常规
B5.3Description of practices used to identify environmental
and social risks along the suply chain, and how they are
implemented and monitored.
Disclosed• Fair and Gren
Procurement Practices
描述有关识别供应链每个环节的环境及社会风险的惯
例，以及相关执行及监察方法。
已披露
•
公平和绿色采购常规
B5.4Description of practices used to promote environmentaly
preferable products and services when selecting
supliers, and how they are implemented and monitored.
Disclosed• Fair and Gren
Procurement Practices
描述在甄选供应商时促使多用环保产品及服务的惯例，
以及相关执行及监察方法。
已披露
•
公平和绿色采购常规
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
ESG indicatorDisclosure
Location in the
ESG Report
环境、社会及
管治指标披露
ESG
报告中位置
B6 General
disclosure
Policies on health and safety, advertising, labeling and
privacy maters relating to products and services provided
and methods of redres and compliance with relevant
laws and regulations that have a significant impact on
isuers.
Disclosed• Product Responsibility
B6
一般披露有关所提供产品及服务的健康与安全、广告、标签及私隐
事宜以及补救方法及遵守对发行人有重大影响的相关法
律及规例的政策。
已披露
•
产品责任
B6.1Percentage of total products sold or shiped subject to
recals for safety and health reasons.
Disclosed• Products and Services
Standards
已售或已运送产品总数中因安全与健康理由而须召回的
百分比。
已披露
•
产品及服务标准
B6.2Number of products and service related complaints
received and how they are dealt with.
Disclosed• Customer Services
收到关于产品及服务的投诉数目以及应对方法。已披露
•
客户服务
B6.3Description of practices relating to observing and
protecting intelectual property rights.
Disclosed• Protection of
Intelectual Property
Rights
描述与维护及保障知识产权有关的惯例。已披露
•
保护知识产权
B6.4Description of quality asurance proces and recal
procedures.
Disclosed• Products and Services
Standards
• Customer Services
• Fair Marketing
描述质量检定过程及产品召回程序。已披露
•
产品及服务标准
•
客户服务
•
公平营销
B6.5Description of consumer data protection and privacy
policies, and how they are implemented and monitored.
Disclosed• Data Privacy and
Information Security
描述消费者资料保障及私隐政策，以及相关执行及监察
方法。
已披露
•
资料隐私及信息安全
Environmental, Social and Governance Report
环境、 社会及管治报告
74Kingmaker Fotwear Holdings Limited Anual Report 2025
ESG indicatorDisclosure
Location in the
ESG Report
环境、社会及
管治指标披露
ESG
报告中位置
B7 General
disclosure
Policies on bribery, extortion, fraud and money laundering
and compliance with relevant laws and regulations that
have a significant impact on isuers.
Disclosed• Anti-coruption
B7
一般披露有关防止贿赂、勒索、欺诈及洗黑钱及遵守对发行人有重
大影响的相关法律及规例的政策。
已披露
•
反贪污
B7.1Number of concluded legal cases regarding corupt
practices brought against the isuer or its employes
during the reporting period and the outcomes of the
cases.
Disclosed• Anti-bribery and Anti-
coruption
于报告期间对发行人或其雇员提出并已审结的贪污诉讼
案件的数目及诉讼结果。
已披露
•
反贿赂及反贪污
B7.2Description of preventive measures and whistle-
blowing procedures, and how they are implemented and
monitored.
Disclosed• Anti-bribery and Anti-
coruption
描述防范措施及举报程序，以及相关执行及监察方法。已披露
•
反贿赂及反贪污
B7.3Description of anti-coruption training provided to
directors and staf.
Disclosed• Anti-bribery and Anti-
coruption
描述向董事及员工提供的反贪污培训。已披露
•
反贿赂及反贪污
B8 General
disclosure
Policies on comunity engagement to understand the
neds of the comunities where the isuer operates
and to ensure its activities take into consideration the
comunities’ interests.
Disclosed• Comunity
Investment
B8
一般披露有关以社区参与来了解发行人营运所在社区需要和确保
其业务活动会考虑社区利益的政策。
已披露
•
社区投资
B8.1Focus areas of contribution (e.g. education,
environmental concerns, labour neds, health, culture,
sport).
Disclosed• Corporate Citizenship
专注贡献范畴（如教育、环境事宜、劳工需求、健康、文
化、体育）。
已披露
•
企业公民
B8.2Resources contributed (e.g. money or time) to the focus
area.
Disclosed• Corporate Citizenship
在专注范畴所动用资源（如金钱或时间）。已披露
•
企业公民
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
I. Governance
I.
管治
19. An isuer shal disclose information about:
19.
发行人须披露以下资料：
(a)the governance body(s) (which can include a board,
comite or equivalent body charged with governance)
or individual(s) responsible for oversight of climate-
related risks and oportunities. Specificaly, the isuer
shal identify that body(s) or individual(s) and disclose
information about:
Disclosed• Governance
• ESG Governance
Structure
负责监督气候相关风险和机遇的治理机构（可包括董事
会、委员会或其他同等治理机构）或个人的资料。具体而
言，发行人须指出有关机构或个人及披露以下资料：
已披露
•
管治
•
环境、社会及管治的管治
架构
(i)how the body(s) or individual(s) determines whether
apropriate skils and competencies are available or wil
be developed to overse strategies designed to respond
to climate-related risks and oportunities;
Disclosed• Governance
• ESG Governance
Structure
该机构或个人如何确定是否具备或将发展适当的技能和
能力，以监督旨在应对气候相关风险和机遇的策略；
已披露
•
管治
•
环境、社会及管治的管治
架构
(i)how and how often the body(s) or individual(s) is informed
about climate-related risks and oportunities;
Disclosed• Governance
• ESG Governance
Structure
该机构或个人获悉气候相关风险和机遇的方式和频率；已披露
•
管治
•
环境、社会及管治的管治
架构
(i)how the body(s) or individual(s) takes into acount
climate-related risks and oportunities when overseing
the isuer’s strategy, its decisions on major transactions,
and its risk management proceses and related policies,
including whether the body(s) or individual(s) has
considered trade-ofs asociated with those risks and
oportunities;
Disclosed• Governance
• ESG Governance
Structure
该机构或个人在监督发行人的战略、重大交易决策及其
风险管理流程和相关政策时如何考虑与气候相关的风险
和机遇，包括机构或个人是否考虑与该等风险和机遇相
关的权衡；
已披露
•
管治
•
环境、社会及管治的管治
架构
Environmental, Social and Governance Report
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76Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(iv)how the body(s) or individual(s) overses the seting
of, and monitors progres towards, targets related to
climate-related risks and oportunities, including whether
and how related performance metrics are included in
remuneration policies; and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
该机构或个人如何监督与气候相关风险和机遇相关的目
标的设定，并监督目标的实现进度，包括是否以及如何将
相关绩效指标纳入薪酬政策；及
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(b)management’s role in the governance proceses,
controls and procedures used to monitor, manage and
overse climate-related risks and oportunities, including
information about:
Disclosed• Governance
• ESG Governance
Structure
管理层在用以监察、管理及监督气候相关风险和机遇的
管治流程、监控措施及程序中的角色，包括以下资料：
已披露
•
管治
•
环境、社会及管治的管治
架构
(i)whether the role is delegated to a specific management-
level position or management-level comite and how
oversight is exercised over that position or comite;
and
Disclosed• Governance
• ESG Governance
Structure
该角色是否被委托给特定的管理层人员或管理层委员会
以及如何对该人员或委员会进行监督；及
已披露
•
管治
•
环境、社会及管治的管治
架构
(i)whether management uses controls and procedures
to suport the oversight of climate-related risks and
oportunities and, if so, how these controls and
procedures are integrated with other internal functions.
Disclosed• Governance
• ESG Governance
Structure
管理层可有使用监控措施及程序协助监督气候相关风险
和机遇；如有，这些监控措施及程序如何与其他内部职能
部门进行整合。
已披露
•
管治
•
环境、社会及管治的管治
架构
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
I. Strategy
I.
策略
20. An isuer shal disclose information to enable an understanding of climate-related risks and oportunities that
could reasonably be expected to afect the isuer’s cash flows, its aces to finance or cost of capital over the
short, medium or long term. Specificaly, the isuer shal:
20.
发行人须披露其资讯，以让人理解其合理预期可能在短期、中期或长期影响其现金流量、融资渠道或资本成本的
气候相关风险和机遇。具体而言，发行人须：
(a)describe climate-related risks and oportunities that
could reasonably be expected to afect the isuer’s cash
flows, its aces to finance or cost of capital over the
short, medium or long term;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
描述合理预期可能在短期、中期或长期影响发行人的现
金流量、融资渠道或资本成本的气候相关风险和机遇；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(b)explain, for each climate-related risk the isuer has
identified, whether the isuer considers the risk to be a
climate-related physical risk or climate-related transition
risk;
Disclosed• Climate Change
就发行人已识别的每项气候相关风险，解释发行人是否
认为该风险是与气候相关物理风险或与气候相关转型风
险；
已披露
•
气候变化
(c)specify, for each climate-related risk and oportunity the
isuer has identified, over which time horizons – short,
medium or long term – the efects of each climate-related
risk and oportunity could reasonably be expected to
ocur; and
Disclosed• Climate Change
就发行人已识别的每项气候相关风险和机遇，具体说明
其合理预期可能影响发行人的时间范围（短期、中期或长
期）；及
已披露
•
气候变化
(d)explain how the isuer defines ‘short term’, ‘medium
term’ and ‘long term’ and how these definitions are linked
to the planing horizons used by the isuer for strategic
decision-making.
Disclosed• Climate Change
解释发行人如何定义短期、中期及长期，以及这些定义如
何与其策略决定规划范围挂钩。
已披露
•
气候变化
Environmental, Social and Governance Report
环境、 社会及管治报告
78Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
Busines model and value chain
业务模式和价值链
21. An isuer shal disclose information that enables an understanding of the curent and anticipated efects of
climate-related risks and oportunities on the isuer’s busines model and value chain. Specificaly, the isuer
shal disclose:
21.
发行人须披露让人了解气候相关风险和机遇对其业务模式和价值链的当前和预期影响的资讯。具体而言，发行
人须作如下披露：
(a)a description of the curent and anticipated efects of
climate-related risks and oportunities on the isuer’s
busines model and value chain; and
Disclosed• Climate Change
描述气候相关风险和机遇对发行人的业务模式和价值链
的当前和预期影响；及
已披露
•
气候变化
(b)a description of where in the isuer’s busines model and
value chain climate-related risks and oportunities are
concentrated (for example, geographical areas, facilities
and types of asets).
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
描述在发行人的业务模式和价值链中，气候相关风险和
机遇集中的地方（例如，地理区域、设施及资产类型）。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
Strategy and decision making
策略和决策
22. An isuer shal disclose information that enables an understanding of the efects of climate-related risks and
oportunities on its strategy and decision-making. Specificaly, the isuer shal disclose:
22.
有关发行人须披露让人了解气候相关风险和机遇对其策略和决策的影响的信息。具体而言，发行人须披露：
(a)information about how the isuer has responded to,
and plans to respond to, climate-related risks and
oportunities in its strategy and decision-making,
including how the isuer plans to achieve any climate-
related targets it has set and any targets it is required to
met by law or regulation. Specificaly, the isuer shal
disclose information about:
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
有关发行人已经及将来计划在其策略和决策中如何应对
气候相关风险和机遇的资讯，包括发行人计划如何实现
任何其所设定的气候相关目标，以及任何法律或法规要
求达到的目标。具体而言，发行人须披露以下资讯：
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)curent and anticipated changes to the isuer’s busines
model, including its resource alocation, to adres
climate-related risks and oportunities;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
因应气候相关风险和机遇而在当前及预期将来对发行人
业务模式（包括资源配置）作出的变动；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)curent and anticipated adaptation and mitigation eforts
(whether direct or indirect);
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
已经或预期将进行的任何适应或减缓工作（直接或间接）；尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
80Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(i)any climate-related transition plan the isuer has
(including information about key asumptions used in
developing its transition plan, and dependencies on
which the isuer’s transition plan relies), or an apropriate
negative statement where the isuer does not have a
climate-related transition plan; and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人任何与气候相关转型计划（包括制定转型计划时使
用的主要假设的资讯，以及该计划所依赖的因素），或若
发行人并未有这样的计划，则作适当的否定声明；及
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(iv)how the isuer plans to achieve any climate-related
targets (including any grenhouse gas emisions targets
(if any), described in acordance with paragraphs 37 to
40; and
Disclosed• Grenhouse Gas
Emision
发行人计划如何实现第
至
段所述的任何气候相关目
标（包括任何温室气体排放目标（如有）；及
已披露
•
温室气体排放
(b)information about how the isuer is resourcing, and plans
to resource, the activities disclosed in acordance with
paragraph 22(a).
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
有关发行人当前及将来计划如何为根据第
22(a)
段披露的
行动提供资源。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
23.An isuer shal disclose information about the progres
of plans disclosed in previous reporting periods in
acordance with paragraph 22(a).
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人须披露先前各汇报期内按照第
22(a)
段所披露计划
的进度。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
Financial position, financial performance and cash flows
财务状况、财务表现及现金流量
24. An isuer shal disclose qualitative and quantitative information about:
24.
发行人须披露以下定性和量化资料：
(a)how climate-related risks and oportunities have afected
its financial position, financial performance and cash flows
for the reporting period; and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
气候相关风险和机遇如何影响发行人在汇报期的财务状
况、财务表现及现金流量；及
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(b)the climate-related risks and oportunities identified in
paragraph 24(a) for which there is a significant risk of
a material adjustment within the next anual reporting
period to the carying amounts of asets and liabilities
reported in the related financial statements.
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
当存在将导致下一汇报年度相关财务报表中的资产和负
债账面价值发生重要调整的重大风险时，关于第
24(a)
段
中识别的气候相关风险和机遇的资讯。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
25. The isuer shal provide qualitative and quantitative disclosures about:
25.
发行人须披露以下定性和量化资料：
(a)how the isuer expects its financial position to change
over the short, medium and long term, given its strategy
to manage climate-related risks and oportunities, taking
into consideration:
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人经考虑其管理气候相关风险和机遇的策略后，并
考虑到以下各项，预期其财务表现在短期、中期及长期内
将如何变化：
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
82Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(i)its investment and disposal plans; andNot yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
其投资及处置计划；及尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)its planed sources of funding to implement its strategy;
and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
其为实施策略所需的资金的计划资金来源；及尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(b)how the isuer expects its financial performance and cash
flows to change over the short, medium and long term,
given its strategy to manage climate-related risks and
oportunities.
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
基于发行人管理气候相关风险和机遇的策略，其预计其
财务业绩及现金流量在短期、中期及长期的变化。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
Climate resilience
气候韧性
26. An isuer shal disclose information that enables an understanding of the resilience of the isuer’s strategy
and busines model to climate-related changes, developments and uncertainties, taking into consideration the
isuer’s identified climate-related risks and oportunities. An isuer shal use climate-related scenario analysis to
ases its climate resilience using an aproach that is comensurate with an isuer’s circumstances. In providing
quantitative information, the isuer may disclose a single amount or a range. Specificaly, the isuer shal disclose:
26.
在考虑发行人已识别的气候相关风险和机遇后，发行人须披露信息，使他人了解发行人的策略及业务模式对气
候相关变化、发展或不确定性的韧性。发行人须按与其情况相称的做法，使用与气候相关的情景分析来评估其气
候韧性。提供量化信息时，发行人可披露单一数额或区间范围。具体而言，发行人须披露：
(a)the isuer’s asesment of its climate resilience at the
reporting date, which shal enable an understanding of:
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人截至报告日对其气候韧性的评估，其有助于了解：尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)the implications, if any, of the isuer’s asesment for its
strategy and busines model, including how the isuer
would ned to respond to the efects identified in the
climate-related scenario analysis;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人的分析结果对其策略和业务模式的影响（如有），包
括发行人需要如何应对气候相关情景分析中确定的影响；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)the significant areas of uncertainty considered in the
isuer’s asesment of its climate resilience; and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人在气候韧性评估中考虑的重大不确定因素的范围；
及
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
84Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(i)the isuer’s capacity to adjust, or adapt its strategy and
busines model to climate change over the short, medium
or long term;
Disclosed• Climate Change
发行人根据气候发展调整其短期、中期和长期策略和业
务模式的能力；
已披露
•
气候变化
(b)how and when the climate-related scenario analysis was
caried out, including:
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
如何及何时进行气候相关情景分析，包括：尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)information about the inputs used, including:Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
使用的输入数据，包括：尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(1)which climate-related scenarios the isuer used for the
analysis and the sources of such scenarios;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人在分析中使用的气候相关情景及其来源；尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(2)whether the analysis included a diverse range of climate-
related scenarios;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
分析是否涵盖多种不同的气候相关情景；尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(3)whether the climate-related scenarios used for the
analysis are asociated with climate-related transition
risks or climate-related physical risks;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
分析所使用的气候相关情景是否与气候相关转型风险或
气候相关物理风险有关；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(4)whether the isuer used, among its scenarios, a climate-
related scenario aligned with the latest international
agrement on climate change;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人在其情景中是否使用了与最新气候变化国际协议
相一致的情景；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(5)why the isuer decided that its chosen climate-related
scenarios are relevant to asesing its resilience to
climate-related changes, developments or uncertainties;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人认为所选择的气候相关情景与评估其气候相关变
化、发展或不确定性的韧性相关的理由；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
86Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(6)time horizons the isuer used in the analysis; andNot yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人在分析中所使用的时间范围；及尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(7)what scope of operations the isuer used in the analysis
(for example, the operation, locations and busines units
used in the analysis);
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人的分析所涵盖的运营范围（例如分析所涵盖的运营
地点及业务单位）；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)the key asumptions the isuer made in the analysis; andNot yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人在分析中所作的关键假设；及尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(iv)the reporting period in which the climate-related scenario
analysis was caried out.
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
进行气候相关情景分析的报告期。尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
I. Risk Management
I.
风险管理
27. An isuer shal disclose information about:
27.
发行人应披露以下资讯：
(a)the proceses and related policies it uses to identify,
ases, prioritise and monitor climate-related risks,
including information about:
Disclosed• Governance
• ESG Governance
Structure
用于识别、评估气候相关风险、确定其优先顺序及加以管
理的流程及相关政策，包括以下信息：
已披露
•
管治
•
环境、社会及管治的管治
架构
(i)the inputs and parameters the isuer uses (for example,
information about data sources and the scope of
operations covered in the proceses);
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人使用的输入值及输入参数（例如：资料来源、所涵
盖的业务范围）；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)whether and how the isuer uses climate-related scenario
analysis to inform its identification of climate-related risks;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人是否以及如何使用气候相关情境分析，以识别气
候相关风险；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
88Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(i)how the isuer aseses the nature, likelihod and
magnitude of the efects of those risks (for example,
whether the isuer considers qualitative factors,
quantitative thresholds or other criteria);
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人如何评估此类风险的性质，发生的可能性及其造
成的影响（例如：定性因素、量化门槛或其他所用标准）；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(iv)whether and how the isuer prioritises climate-related
risks relative to other types of risks;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
相对于其他类型的风险，发行人会如何确定气候相关风
险的优先顺序；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(v)how the isuer monitors climate-related risks; andDisclosed• Governance
• ESG Governance
Structure
发行人如何监察气候相关风险；及已披露
•
管治
•
环境、社会及管治的管治
架构
(vi)whether and how the isuer has changed the proceses it
uses compared with the previous reporting period;
Disclosed• ESG Report Scope and
Boundary
与前一报告期间相比，发行人可有及如何改变其所使用
的流程；
已披露
• ESG
报告范围及界限
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(b)the proceses the isuer uses to identify, ases,
prioritise and monitor climate-related oportunities
(including information about whether and how the isuer
uses climate-related scenario analysis to inform its
identification of climate-related oportunities); and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人用于识别、评估气候相关风险和机遇，以及厘定当
中轻重缓急并保持监察的流程（包括发行人可有及如何使
用气候相关情景分析来确定气候相关机遇的资讯）；及
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(c)the extent to which, and how, the proceses for
identifying, asesing, prioritising and monitoring climate-
related risks and oportunities are integrated into and
inform the isuer’s overal risk management proces.
Disclosed• Governance
• ESG Governance
Structure
气候相关风险和机遇的识别、评估、优次排列和监察流
程，是如何融入发行人的整体风险管理流程中及其融入
的程度如何。
已披露
•
管治
•
环境、社会及管治的管治
架构
Environmental, Social and Governance Report
环境、 社会及管治报告
90Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
I. Metrics and Targets
I.
指标及目标
Grenhouse gas emisions
温室气体排放
28. An isuer shal disclose its absolute gros grenhouse gas emisions generated during the reporting period,
expresed as metric tons of CO2 equivalent, clasified as:
28.
发行人须披露报告期内的温室气体绝对总排放量（以公吨二氧化碳当量表示），并分为：
(a)Scope 1 grenhouse gas emisions;Disclosed• Grenhouse Gas
Emisions
范围
温室气体排放；已披露
•
温室气体排放
(b)Scope 2 grenhouse gas emisions; andDisclosed• Grenhouse Gas
Emisions
范围
温室气体排放；及已披露
•
温室气体排放
(c)Scope 3 grenhouse gas emisions.Disclosed• Grenhouse Gas
Emisions
范围
温室气体排放。已披露
•
温室气体排放
29. An isuer shal
29.
发行人须
(a)measure its grenhouse gas emisions in acordance
with the Grenhouse Gas Protocol: A Corporate
Acounting and Reporting Standard (2004) unles
required by a jurisdictional authority or another exchange
on which the isuer is listed to use a diferent method for
measuring grenhouse gas emisions;
Disclosed• Grenhouse Gas
Emisions
除非监管机构或发行人上市的其他交易所另有要求，否
则发行人须根据《温室气体核算体系：企业核算与报告标
准（
年）》计量其温室气体排放；
已披露
•
温室气体排放
(b)disclose the aproach it uses to measure its grenhouse
gas emisions including:
Disclosed• Grenhouse Gas
Emisions
披露其用于计量温室气体排放的方法，包括：已披露
•
温室气体排放
(i)the measurement aproach, inputs and asumptions the
isuer uses to measure its grenhouse gas emisions;
Disclosed• Grenhouse Gas
Emisions
发行人用于计量其温室气体排放的计量方法、输入数据
及假设；
已披露
•
温室气体排放
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(i)the reason why the isuer has chosen the measurement
aproach, inputs and asumptions it uses to measure its
grenhouse gas emisions; and
Disclosed• Grenhouse Gas
Emisions
发行人选择该计量方法、输入数据及假设计量温室气体
排放的原因；及
已披露
•
温室气体排放
(i)any changes the isuer made to the measurement
aproach, inputs and asumptions during the reporting
period and the reasons for those changes;
Disclosed• Grenhouse Gas
Emisions
发行人在报告期对计量方法、输入数据及假设进行的任
何变更以及变更原因；
已披露
•
温室气体排放
(c)for Scope 2 grenhouse gas emisions disclosed in
acordance with paragraph 28(b), disclose its location-
based Scope 2 grenhouse gas emisions, and provide
information about any contractual instruments that is
necesary to enable an understanding of the isuer’s
Scope 2 grenhouse gas emisions; and
Disclosed• Grenhouse Gas
Emisions
就根据第
28(b)
段披露的范围
温室气体排放，披露其以地
域为基础的范围
温室气体排放，并提供有助于了解该排
放的任何必要合同文件的信息；及
已披露
•
温室气体排放
(d)for Scope 3 grenhouse gas emisions disclosed
in acordance with paragraph 28(c), disclose the
categories included within the isuer’s measure of Scope
3 grenhouse gas emisions, in acordance with the
Scope 3 categories described in the Grenhouse Gas
Protocol Corporate Value Chain (Scope 3) Acounting
and Reporting Standard (2011).
Disclosed• Grenhouse Gas
Emisions
就根据第
28(c)
段披露的范围
温室气体排放，根据《温
室气体核算体系：企业价值链（范围
）核算与报告标准
（
年）》所述的范围
类别，披露发行人计量范围
温
室气体排放中包含的类别。
已披露
•
温室气体排放
Environmental, Social and Governance Report
环境、 社会及管治报告
92Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
Climate-related transition risks
气候相关转型风险
30.An isuer shal disclose the amount and percentage of
asets or busines activities vulnerable to climate-related
transition risks.
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人须披露容易受气候相关转型风险影响的资产或业
务活动的金额及百分比。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Climate-related physical risks
气候相关物理风险
31.An isuer shal disclose the amount and percentage of
asets or busines activities vulnerable to climate-related
physical risks.
Disclosed• Climate Change
发行人须披露容易受气候相关物理风险影响的资产或业
务活动的金额及百分比。
已披露
•
气候变化
Climate-related oportunities
气候相关机遇
32.An isuer shal disclose the amount and percentage of
asets or busines activities aligned with climate-related
oportunities.
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人须披露涉及气候相关机遇的资产或业务活动的金
额及百分比。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
Capital deployment
资本配置
33.An isuer shal disclose the amount of capital expenditure,
financing or investment deployed towards climate-related
risks and oportunities.
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人须披露用于气候相关风险和机遇的资本开支、融
资或投资的金额。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Internal Carbon prices
内部碳定价
34. An isuer shal disclose:
34.
发行人应披露：
(a)an explanation of whether and how the isuer is
aplying a carbon price in decision-making (for example,
investment decisions, transfer pricing, and scenario
analysis); and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
说明发行人在决策（例如：投资决策、交易价格以及情景
分析）中如何应用碳定价；及
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(b)the price of each metric tone of grenhouse gas
emisions the isuer uses to ases the costs of its
grenhouse gas emisions;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人用于评估排放成本的每公吨温室气体排放的价格；尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
94Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
Remuneration
薪酬
35.An isuer shal disclose whether and how climate-related
considerations are factored into remuneration policy, or
an apropriate negative statement. This may form part of
the disclosure under paragraph 19(a)(iv).
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人须披露气候相关考虑因素可有及如何纳入薪酬政
策，或提供适当的否定声明。这可能构成根据第
19(a)(iv)
段
作出的披露的一部分。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Industry-based metrics
行业指标
36.An isuer is encouraged to disclose industry-based
metrics that are asociated with one or more particular
busines models, activities or other comon features that
characterize participation in an industry. In determining
the industry-based metrics that the isuer discloses,
an isuer is encouraged to refer to and consider the
aplicability of the industry-based metrics asociated with
disclosure topics described in the IFRS S2 Industry-based
Guidance on implementing Climate-related Disclosures
and other industry-based disclosure requirements
prescribed under other international ESG reporting
frameworks.
Not yet
disclosed
• The Group wil review
and adopt industry-
based metrics when
aplicable.
本交易所鼓励发行人披露与一项或多项特定的业务模式
和活动有关的行业指标，或与参与有关行业常见特征有
关的行业指标。在决定披露哪些行业指标时，本交易所鼓
励发行人参考《（国际财务报告可持续披露准则
S2
号）行业
披露指南》和其他国际环境、社会及管治报告框架规定的
行业披露要求所述的与披露主题相关的行业指标，并考
虑其是否适用。
尚未披露
•
本集团将审阅及采用基
于行业的指标（倘适用）。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
Climate-related targets
气候相关目标
37.An isuer shal disclose (a) the qualitative and quantitative
climate-related targets the isuer has set to monitor
progres towards achieving its strategic goals; and (b)
any targets the isuer is required to met by law or
regulation, including any grenhouse gas emisions
targets. For each target, the isuer shal disclose:
Disclosed• Grenhouse Gas
Emisions
发行人须披露：
(a)
其为监督实现其策略目标的进展而设定
的与气候相关的定性及量化目标；及
(b)
法律或法规要求
发行人达到的任何目标，包括任何温室气体排放目标。发
行人须就每个目标逐一披露：
已披露
•
温室气体排放
(a)the metric used to set the target;Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
用以设定目标的指标；尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(b)the objective of the target (for example, mitigation,
adaptation or conformance with science-based
initiatives);
Disclosed• Grenhouse Gas
Emisions
目标的目的（例如减缓、适应或以科学为基础的举措）；已披露
•
温室气体排放
(c)the part of the isuer to which the target aplies (for
example, whether the target aplies to the isuer in its
entirety or only a part of the isuer, such as a specific
busines unit or geographic region);
Disclosed• Grenhouse Gas
Emisions
目标的适用范围（例如目标是适用于发行人整个集团还是
部分（如仅适用于某个业务单位或地理区域）；
已披露
•
温室气体排放
(d)the period over which the target aplies;Disclosed• Grenhouse Gas
Emisions
目标的适用期间；已披露
•
温室气体排放
(e)the base period from which progres is measured;Disclosed• Grenhouse Gas
Emisions
衡量进度的基准期间；已披露
•
温室气体排放
Environmental, Social and Governance Report
环境、 社会及管治报告
96Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(f)milestones or interim targets (if any);Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
阶段性目标或中期目标（如有）；尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(g)if the target is quantitative, whether the target is an
absolute target or an intensity target; and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
如属量化目标，其属绝对目标还是强度目标；及尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(h)how the latest international agrement on climate change,
including jurisdictional comitments that arise from that
agrement, has informed the target.
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
最新气候变化国际协议（包括该协议产生的司法承诺）如
何帮助发行人设定目标。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
38.An isuer shal disclose information about its aproach
to seting and reviewing each target, and how it monitors
progres against each target, including:
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人须披露其设定及审核每项目标的方法，以及其如
何监督达标进度，包括：
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(a)whether the target and the methodology for seting the
target has ben validated by a third party;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
目标本身及设定目标的方法是否经过第三方验证；尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(b)the isuer’s proceses for reviewing the target;Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人审核目标的程序；尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(c)the metrics used to monitor progres towards reaching
the target; and
用于监督达标进度的指标；及
(d)any revisions to the target and an explanation for those
revisions.
任何修订目标的内容及原因。
Environmental, Social and Governance Report
环境、 社会及管治报告
98Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
39.An isuer shal disclose information about its performance
against each climate-related target and an analysis of
trends or changes in the isuer’s performance.
Disclosed• Grenhouse Gas
Emisions
发行人须披露有关每项气候相关目标的绩效的信息，以
及对发行人绩效的趋势或变化分析。
已披露
•
温室气体排放
40.For each grenhouse gas emisions target disclosed in
acordance with paragraphs 37 to 39, an isuer shal
disclose:
就按第
至
段披露的每一项温室气体排放目标，发行
人须披露：
(a)which grenhouse gases are covered by the target;Disclosed• Grenhouse Gas
Emisions
目标涵盖哪些温室气体；已披露
•
温室气体排放
(b)whether Scope 1, Scope 2 or Scope 3 grenhouse gas
emisions are covered by the target;
Disclosed• Grenhouse Gas
Emisions
目标是否涵盖范围
、范围
或范围
温室气体排放；已披露
•
温室气体排放
(c)whether the target is a gros grenhouse gas emisions
target or a net grenhouse gas emisions target. If the
isuer discloses a net grenhouse gas emisions target,
the isuer is also required to separately disclose its
asociated gros grenhouse gas emisions target;
Disclosed• Grenhouse Gas
Emisions
此目标是温室气体排放总量目标还是温室气体排放净额
目标。如为温室气体排放净额目标，发行人须另外披露相
关的温室气体排放总量目标；
已披露
•
温室气体排放
Environmental, Social and Governance Report
环境、 社会及管治报告
信星鞋业集团有限公司 年报
2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(d)whether the target was derived using a sectoral
decarbonisation aproach; and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
目标是否是采用行业脱碳方法得出的；及尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(e)the isuer’s planed use of carbon credits to ofset
grenhouse gas emisions to achieve any net grenhouse
gas emisions target. In explaining its planed use of
carbon credits, the isuer shal disclose:
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
发行人计划使用碳信用抵销温室气体排放以实现任何温
室气体排放净额目标。关于使用碳信用的计划，发行人须
披露：
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)the extent to which, and how, achieving any net
grenhouse gas emisions target relies on the use of
carbon credits;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
依赖使用碳信用以实现任何温室气体排放净额目标的程
度及方式；
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(i)which third-party scheme(s) wil verify or certify the
carbon credits;
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
该碳信用将由哪些第三方计划验证或认证；尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Environmental, Social and Governance Report
环境、 社会及管治报告
100Kingmaker Fotwear Holdings Limited Anual Report 2025
Climate-related DisclosuresDisclosure
Location in the
ESG Report
气候相关披露披露
ESG
报告中位置
(i)the type of carbon credit, including whether the
underlying ofset wil be nature-based or based on
technological carbon removals, and whether the
underlying ofset is achieved through carbon reduction or
removal; and
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
碳信用的类型，包括相关抵销是否是基于自然还是基于
科技的碳消除，以及相关抵销是通过减碳还是碳消除实
现；及
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
(iv)any other factors necesary to enable an understanding
of the credibility and integrity of the carbon credits the
isuer plans to use (for example, asumptions regarding
the permanence of the carbon ofset).
Not yet
disclosed
• The Group remain
comited to
transparency and
wil disclose related
information once
apropriate.
为让人了解发行人计划使用的碳信用的可信度和完整性
所必需的任何其他重要因素（例如，对碳抵销效果的假
设）。
尚未披露
•
本集团将继续致力于提
高透明度，并将适时披露
相关信息。
Aplicability of cros-industry metrics and industry-based metrics
跨行业指标及基于行业的指标的适用性
41.In preparing disclosures to met the requirements in
paragraphs 21 to 26 and 37 to 38, an isuer shal refer
to and consider the aplicability of cros-industry metrics
(se paragraphs 28 to 35) and (i) industry-based metrics
(se paragraph 36).
Not yet
disclosed
• The Group wil adopt
cros-industry metrics
and industry-based
metrics when aplicable
based on the busines
nature.
在准备披露以满足第
至
段及
至
段的要求时，发
行人应参考并考虑跨行业指标（见
至
段）及
(i)
基于行
业的指标（见
段）的适用性。
尚未披露
•
本集团将根据业务性质
采用跨行业指标及基于
行业的指标（倘适用）。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
CORPORATE GOVERNANCE PRACTICES
The Company has established a formal and transparent
procedure to protect the interests of the shareholders of the
Company. The Board is comited to ensuring the self-regulatory
practices exist to protect the interests of the shareholders of the
Company. These include a Board with high caliber members,
Board Comites and efective internal audit and god systems
of internal controls. The Board and the management of the
Company are comited to the maintenance of god corporate
governance practices and procedures. The Company believes
that god corporate governance provides a framework that is
esential for efective management, a healthy corporate culture,
sustainable busines growth and enhancing shareholders’
value. The Company regularly reviews the corporate governance
procedures and developments of the Company. The corporate
governance duties have ben delegated by the Board to the
audit comite of the Company. The primary duties of the audit
comite in relation to corporate governance include developing
and reviewing the Company’s policies and practices on corporate
governance and making recomendations to the Board, so as
to enhance and to ensure the corporate governance practices
of the Company are in line with the relevant requirements. The
Company aplied the principles and complied with al the code
provisions as set out in the Corporate Governance Code (the
“CG Code”) contained in Apendix C1 to the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited (the “Listing Rules”) throughout the year under review.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted a code of conduct regarding
Directors’ securities transactions on terms without deviation from
the required standard of dealings as set out in the Model Code
for Securities Transactions by Directors of Listed Isuers (the
“Model Code”) contained in Apendix C3 to the Listing Rules.
Having made specific enquiry with al Directors, the Directors
have complied with such code of conduct and the required
standard of dealings in the Model Code and its code of conduct
regarding securities transactions by the Directors throughout the
year ended 31 March 2025.
企业管治常规
本公司已制订正式及透明之程序，以保障本公司
股东之利益。董事会致力确保具备自我规管常
规，以保障本公司股东利益。有关常规包括由资
深专业成员组成之董事会、董事委员会、有效内
部审核及优良内部监控制度。董事会及本公司管
理层致力于维持良好的企业管治常规及程序。本
公司深信良好的企业管治能为有效的管理、健全
的公司文化、可持续的业务发展及股东价值的提
升确立框架。本公司会定期检讨本公司之企业管
治程序及发展。董事会已委派本公司审核委员会
处理本公司之企业管治事项。审核委员会有关企
业管治之主要职责包括制订及检讨本公司之企
业管治政策及常规及向董事会作出建议，借此提
升本公司之企业管治常规及确保其符合相关规
定。本公司于整个回顾年内采用载于香港联合交
易所有限公司证券上市规则（「上市规则」）附录
C1
之企业管治守则（「企业管治守则」）所有守则
条文之原则，并遵守该等守则条文。
董事进行证券交易
本公司已采纳一套董事进行证券交易之行为守
则，其条款与上市规则附录
C3
所载之上市发行人
董事进行证券交易之标准守则（「标准守则」）所规
定之买卖标准一致。在向全体董事作出具体查询
后，董事于截至二零二五年三月三十一日止年度
内均已遵守该行为守则及标准守则所规定之买
卖标准以及其本身就董事进行证券交易之行为
守则。
Corporate Governance Report
企业管治报告
102Kingmaker Fotwear Holdings Limited Anual Report 2025
管治架构
GOVERNANCE STRUCTURE
Remuneration
Comite
薪酬委员会
(1 Executive Director
and 3 Independent
Non-executive
Directors)
（一名执行董事及
三名独立非执行董事）
Audit Comite
审核委员会
(1 Non-executive
Director
and 3 Independent
Non-executive
Directors)
（一名非执行董事及
三名独立非执行董事）
Internal Audit
内部审核
(by the external independent
profesionals)
（由外部独立专业机构进行）
Sustainability Working Group
可持续发展工作小组
(3 senior management members
and 7 management members)
（三名高级管理层成员及
七名管理层成员）
Nomination
Comite
提名委员会
(1 Executive Director,
1 Non-executive
Director
and 3 Independent
Non-executive
Directors)
（一名执行董事、
一名非执行董事及
三名独立非执行董事）
Board of Directors
董事会
(3 Executive Directors,
3 Non-executive Directors and
3 Independent
Non-executive Directors)
（三名执行董事、三名非执行
董事及三名独立非执行董事）
Sustainability
Comite
可持续发展委员会
(3 Executive
Directors and
2 senior
management
members)
（三名执行董事及
两名高级管理层
成员）
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
BOARD OF DIRECTORS
The duty of the Board is to manage the Group in a responsible and
efective maner and every Director has to cary out his/her duty
in god faith and achieve the standard of any prevailing aplicable
laws and regulations and act in the best interests of the Company
and its shareholders. During the year under review and up to the
date of this report, the members of the Board included:
Executive Directors:
Mdm. Huang Hsiu-duan, Helen (Chairman)
Mr. Wong Hei-chiu (Vice Chairman)
Mr. Chen Yi-wu, Ares (Chief Executive Oficer)
Non-executive Directors:
Mr. Chan Ho-man, Daniel
Mr. Kimel, Philip Brian
Dr. Chow Wing-kin, Anthony, SBS, J.P.
Independent non-executive Directors:
Ms. Chan Mei-bo, Mabel, J.P.
Mr. Wong Hin-wing, MH, J.P.
Mr. Law Ka-kin (apointed on 28 August 2024)
Mr. Tam King-ching, Keny
(retired by rotation on 28 August 2024)
The Directors’ biographies and the relationship among the
Board members, if any, are set out in “Directors and Senior
Management Profiles” of this anual report. In particular, Mdm.
Huang Hsiu-duan, Helen, the Chairman, is the mother of Mr.
Chen Yi-wu, Ares, the Chief Executive Oficer. Save as disclosed
above and in the “Directors and Senior Management Profiles”,
there is no financial, busines, family or other material/relevant
relationship(s) among the Directors. Code provision C.2.1 of the
CG Code stipulates that the roles of chairman and chief executive
should be separate and should not be performed by the same
individual. During the year, the Chairman and the Chief Executive
Oficer were two separate positions held by Mdm. Huang Hsiu-
duan, Helen and Mr. Chen Yi-wu, Ares respectively with clear
distinction in responsibilities.
董事会
董事会之职责乃以尽责之态度及有效之方式管
理本集团，而董事均须摰诚履行其职务，达致通
行适用法例及法规之标准，须以本公司及其股东
之最佳利益行事。于回顾年内及直至本报告日
期，董事会之成员包括：
执行董事：
黄秀端女士（主席）
黄禧超先生（副主席）
陈奕舞先生（执行长）
非执行董事：
陈浩文先生
柯民佑先生
周永健博士，
银紫荆星章，太平绅士
独立非执行董事：
陈美宝女士，
太平绅士
黄显荣先生，
荣誉勋章，太平绅士
罗家健先生（于二零二四年八月二十八日获委任）
谭竞正先生
（于二零二四年八月二十八日轮席退任）
董事履历及董事会成员间之关系（如有）载于本年
报「董事及高层管理人员履历」。具体而言，主席
黄秀端女士为行政总裁陈奕舞先生的母亲。除上
文所披露者及「董事及高层管理人员履历」所披露
者外，董事之间并无任何财务、业务、家族或其
他重大╱有关系。根据企业管治守则之守则条
文第
C.2.1
条，主席及执行长的角色应予以区分及
由不同人士担任。于年内，主席及执行长分别由
黄秀端女士及陈奕舞先生担任，其职责范围有明
确区分。
Corporate Governance Report
企业管治报告
104Kingmaker Fotwear Holdings Limited Anual Report 2025
Directors’ Atendance Records
The records of atendance of individual Directors at the Board
metings and anual general meting, and relevant comite
members at Board comite metings held during the year
under review are set out in the folowing table:
Number of Metings Atended/Held
出席╱举行会议次数
Name of DirectorsBoard
Audit
Comite
Nomination
Comite
Remuneration
Comite
Anual General
Meting
董事姓名董事会审核委员会提名委员会薪酬委员会股东周年大会
Executive Directors
执行董事
Mdm. Huang Hsiu-duan, Helen
黄秀端女士
4/4N/A
不适用
1/11/11/1
Mr. Wong Hei-chiu
黄禧超先生
4/4N/A
不适用
N/A
不适用
N/A
不适用
1/1
Mr. Chen Yi-wu, Ares
陈奕舞先生
4/4N/A
不适用
N/A
不适用
N/A
不适用
1/1
Non-executive Directors
非执行董事Mr. Chan Ho-man, Daniel
陈浩文先生
4/4N/A
不适用
N/A
不适用
N/A
不适用
1/1
Mr. Kimel, Philip Brian
柯民佑先生
4/4N/A
不适用
N/A
不适用
N/A
不适用
1/1
Dr. Chow Wing-kin, Anthony, SBS, J.P.
周永健博士，
银紫荆星章，太平绅士
4/42/21/1N/A
不适用
1/1
Independent non-executive Directors
独立非执行董事Ms. Chan Mei-bo, Mabel, J.P.
陈美宝女士，
太平绅士
4/42/21/11/11/1
Mr. Wong Hin-wing, MH, J.P.
黄显荣先生，
荣誉勋章，太平绅士
4/42/21/11/11/1
Mr. Law Ka-kin
罗家健先生
(apointed on 28 August 2024)
（于二零二四年八月二十八日获委任）
2/22/21/11/11/1
Mr. Tam King-ching, Keny
谭竞正先生
(retired by rotation on 28 August 2024)
（于二零二四年八月二十八日轮席退任）
1/1N/A
不适用
N/A
不适用
N/A
不适用
N/A
不适用
Apart from the above regular Board metings of the year, the
Board wil met on other ocasions when a Board level decision
on a particular mater is required. The Directors receive details of
agenda items for decision and minutes of comite metings in
advance of each Board meting. The Board has reserved for its
decision or consideration maters covering corporate strategy,
anual and interim results, Directors’ apointment, sucesion
planing, risk management, major acquisitions, disposals and
capital transactions, and other significant operational and
financial maters. Major corporate maters that are specificaly
delegated by the Board to the management include the
preparation of anual and interim financial statements for Board
aproval before public reporting, execution of busines strategies
and initiatives adopted by the Board, implementation of adequate
systems of internal controls and risk management procedures,
and compliance with relevant statutory requirements, rules and
regulations.
董事出席会议纪录
下表载列各董事于回顾年度内举行之董事会
议及股东周年大会，以及相关委员会成员于回顾
年度内举行之董事委员会议之出席纪录：
除上述年度定期董事会议外，董事会于有需
要就特定事项作出决策之其他情况下会晤。董事
于每次董事会议举行前均会接获有待决定之
详细议程项目及委员会议记录。董事会负责
决定或考虑公司策略、年度及中期业绩、董事委
任、继任计划、风险管理、主要收购、出售及资本
交易，以及其他重大营运及财务事宜。董事会特
别委派管理层处理之重大公司事项包括：编制年
度及中期财务报表，供董事会于公布前批准；执
行董事会采取之业务策略及措施；实行足够之内
部监控制度及风险管理程序；及遵守有关法定规
定、规则及法规。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
The Board is responsible for determining the corporate strategic
development and ensuring the busines operations are properly
monitored. The Board reserves the right to decide al policy
maters and material transactions of the Group.
The Board delegates the day-to-day operations to general
managers and department heads who are responsible for
diferent busines functional units of the operations of the Group.
Besides, to asist the Board in discharge of its duty, the Board
established the audit comite, remuneration comite and
nomination comite and their scope of duties and terms of
reference were discused and aproved in the Board metings.
Non-executive Directors
Al the non-executive Directors were apointed for a specific
term of thre years that are subject to retirement by rotation
and re-election at the Company’s anual general meting in
acordance with the bye-laws of the Company.
Independent non-executive Directors
The Board has received from each of the independent
non-executive Directors a writen anual confirmation of their
independence and satisfied that their independence up to the
date of this report is in acordance with the Listing Rules.
董事会负责决定公司策略发展，并确保妥善监察
业务运作。董事会保留本集团一切政策事宜及重
大交易之决定权。
董事会委派总经理及负责本集团不同业务营运
职能之部门主管处理日常运作。
此外，为协助董事会履行其职责，董事会成立审
核委员会、薪酬委员会及提名委员会，并于董事
会议上商讨及批准各委员会之职责范围及职
权范围。
非执行董事
全体非执行董事按特定任期三年获委任，须根据
本公司之公司细则于本公司股东周年大会上轮
值告退及重选。
独立非执行董事
董事会已接获各独立非执行董事有关其独立性
之年度书面确认，并信纳彼等于截至本报告日期
具有上市规则所规定之独立性。
Corporate Governance Report
企业管治报告
106Kingmaker Fotwear Holdings Limited Anual Report 2025
In order to ensure that independent views and input of the
independent non-executive Directors are made available to the
Board, the Nomination Comite and the Board are comited
to ases the Directors’ independence anualy with regards
to al relevant factors related to the independent non-executive
Directors including the folowing:
- , integrity, expertise, experience and
stability to fulfil their roles;
- ’s afairs;
• firm comitment to their independent roles and to the
Board;
• declaration of conflict of interest in their roles as
independent non-executive Directors;
• no involvement in the daily management of the Company
nor in any relationship or circumstances which would afect
the exercise of their independent judgement; and
• the Chairman mets with the independent non-executive
Directors regularly without the presence of the executive
Directors.
The above mechanism is reviewed anualy by the Board and the
Nomination Comite to ensure its efectivenes. The Board
and the Nomination Comite have reviewed its implementation
during the year and consider that it continues to be efective in
ensuring that independent views are provided to the Board.
为了确保独立非执行董事可向董事会提供独立
观点及建议，提名委员会与董事会每年基于与独
立非执行董事有关的所有相关因素评估其独立
性，其中包括：
•
履行其职责所必备的个性、正直品格、专业
知识、经验及稳定性；
•
对本公司事务投入的时间及精力；
•
坚决履行其身为独立董事的职责及投入董
事会工作；
•
申报就担任独立非执行董事导致的利益冲
突事项；
•
不参与本公司的日常管理，亦不牵涉影响
其作出独立判断的任何关系或情况；及
•
主席在没有执行董事出席的情况下定期与
独立非执行董事会面。
上述机制已由董事会及提名委员会每年审阅，已
确保其有效性。董事会及提名委员会已审阅机制
于年内的实施情况并认为该机制能持续有效，确
保向董事会提出独立观点。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
CONTINUOUS PROFESIONAL
DEVELOPMENT AND INDUCTION OF NEW
DIRECTORS
Pursuant to code provision C.1.4 of the CG Code, Directors
should participate in continuous profesional development to
develop and refresh their knowledge and skils. This is to ensure
that their contribution to the Board remains informed and relevant.
During the year under review, relevant materials on legislative and
regulatory updates were circulated to al Directors, namely Mdm.
Huang Hsiu-duan, Helen, Mr. Wong Hei-chiu, Mr. Chen Yi-wu,
Ares, Mr. Chan Ho-man, Daniel, Mr. Kimel, Philip Brian, Dr.
Chow Wing-kin, Anthony, Mr. Tam King-ching, Keny (prior to
his retirement by rotation on 28 August 2024), Ms. Chan Mei-
bo, Mabel and Mr. Wong Hin-wing and Mr. Law Ka-kin, as
to kep them abreast of any changes to the regulations and
disclosure obligations. Mdm. Huang Hsiu-duan, Helen, Mr. Wong
Hei-chiu, Mr. Chen Yi-wu, Ares, Mr. Chan Ho-man, Daniel, Mr.
Kimel, Philip Brian Dr. Chow Wing-kin, Anthony, Ms. Chan
Mei-bo, Mabel, Mr. Wong Hin-wing and Mr. Law Ka-kin, also
atended relevant training courses aranged by the Company, on
management, duties and responsibilities of a director and/or other
topics organized by external profesional bodies during the year
under review to develop and refresh their knowledge and skils.
Each newly apointed Director shal receive formal,
comprehensive and tailored induction on the first ocasion of
his/her apointment to ensure apropriate understanding of the
busines and operations of the Company and ful awarenes of
director’s responsibilities and obligations under the Listing Rules
and relevant statutory requirements.
Mr. Law Ka-kin, who was apointed as an independent non-
executive Director on 28 August 2024, atended a training sesion
on 15 August 2024, at which an external legal adviser provided
legal advice on Hong Kong law as regards the requirements under
the Listing Rules that are aplicable to him as a director of a
listed company and the posible consequences of making false
declarations or giving false information to The Stock Exchange
of Hong Kong Limited. Mr. Law Ka-kin has confirmed his
understanding of his obligations as a director of a listed company.
持续专业发展及新董事入职
根据企业管治守则之守则条文第
C.1.4
条，董事均
须参与持续专业发展以增长及更新其知识及技
能。此为确保彼等继续在知情及切合所需之情况
下向董事会作出贡献。于回顾年度内，法律及法
规更新的相关资料已发送给全体董事（即黄秀端
女士、黄禧超先生、陈奕舞先生、陈浩文先生、柯
民佑先生、周永健博士、谭竞正先生（于二零二四
年八月二十八日轮席退任前）、陈美宝女士、黄显
荣先生及罗家健先生，令彼等掌握关于法规及披
露责任之任何变更。黄秀端女士、黄禧超先生、
陈奕舞先生、陈浩文先生、柯民佑先生、周永健
博士、陈美宝女士、黄显荣先生及罗家健先生于
回顾年度内亦参加了由本公司安排之外部专业
机构主办与管理、董事的职能及责任相关及╱或
其他课题的培训课程，以发展并更新其知识及技
能。
各新任董事均于首次获委任时获提供正式、全面
及切合时宜的入职介绍，确保新任董事可适当掌
握本公司业务及营运，并完全了解于上市规则及
相关法规下之董事职责及责任。
罗家健先生于二零二四年八月二十八日获委任
为独立非执行董事，并于二零二四年八月十五日
出席培训课程，其间外聘法律顾问就其作为一家
上市公司董事所适用的上市规则项下之规定以
及向香港联合交易所有限公司作出虚假声明或
提供虚假资料的可能后果提供有关香港法律的
法律意见。罗家健先生已确认明白其作为上市公
司董事的责任。
Corporate Governance Report
企业管治报告
108Kingmaker Fotwear Holdings Limited Anual Report 2025
DIRECTORS’ AND OFICERS’ LIABILITY
INSURANCE
The Company has subscribed an insurance policy since 2000
with an aim to indemnify its Directors and senior executives from
any loses, claims, damages, liabilities and expenses arising
from, including but not limited to, any procedings brought
against them during the performance of their duties pursuant
to their respective service agrements entered into with the
Company.
PROCEDINGS OF BOARD METINGS AND
BOARD COMITE METINGS
The Board considers that al metings should be properly
convened. With the asistance of the Company Secretary, the
Chairman of the Board takes the lead to ensure that Board
metings and Board comite metings are convened in
acordance with the requirements set out in the bye-laws of
the Company, the terms of reference of the respective Board
comites and the Listing Rules.
In convening Board metings, the Chairman is responsible for
drawing up and aproving the agenda for each meting after
consultation with al the Directors and the Company Secretary.
Prior notice of each regular Board meting is given to al the
Directors at least 14 days in advance.
Board metings are held at least four times a year. In adition,
special Board metings are held when necesary. Such Board
metings involve the active participation, either in person or
through other electronic means of comunication, of al the
Directors.
Dates of regular Board metings are scheduled in advance to
provide suficient notice to give al the Directors an oportunity to
atend. For special Board metings, reasonable notice is given.
The Directors have aces to the advice and services of the
Company Secretary to ensure that Board procedures and al
aplicable rules and regulations are folowed.
The minutes of Board metings record in suficient detail the
maters considered by the Board, including al concerns raised
by the Directors and disenting views expresed. The minutes of
al Board metings and Board comite metings are kept by
the Company Secretary and are available for inspection by any
Director, auditors or any relevant eligible parties who can have
aces to such minutes.
董事及行政人员的责任保险
本公司自二零年起已投购保险，旨在弥偿其
董事及高级行政人员的任何损失、索偿、损害、
责任及开支，包括但不限于因董事及行政人员根
据各自与本公司订立的服务协议履行其职责时
而被提出的任何诉讼。
董事会议及董事委员会议程序
董事会认为所有会议均应按妥善的方式召开。在
公司秘书的协助下，董事会主席领导董事会以确
保董事会议及董事委员会议均按载于本公
司公司细则、各董事委员会的职权范围及上市规
则的要求召开。
于召开董事会议时，主席负责在向全体董事及
公司秘书作出咨询后，草拟及批准每次会议的议
程。每次召开定期董事会议时，全体董事获发
出最少
天的预先通知。
董事会议每年召开至少四次。此外，会在有需
要时召开董事会特别会议。此等董事会议均由
全体董事亲身出席，或透过其他电子通讯方法积
极参与。
董事会定期会议的日期均预先订定以发出充分
通知，让所有董事皆有机会腾空出席。至于董事
会特别会议，则发出合理通知召开。
董事们均可获得公司秘书的意见和服务，以确保
董事会程序及所有适用规则及规例均获得遵守。
董事会的会议记录已充分记录董事会所考虑事
宜的详情，其中包括由董事提出的所有关注事项
及发表的反对意见。所有董事会议及董事委员
会议记录均由公司秘书保存，任何董事、核数
师或任何合资格取得该等会议记录的有关人士
均可查阅。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
REMUNERATION OF DIRECTORS
Pursuant to Rules 3.25 and 3.26 of the Listing Rules, the
Company should establish a remuneration comite (the
“Remuneration Comite”) with specific writen terms of
reference which deal clearly with its authority and duties.
The principal role and function of the Remuneration Comite
include the determination of the specific remuneration
packages of al executive Directors and senior management
of the Company, including benefits in kind, pension rights
and compensation payments, such as any compensation
payable for los or termination of their ofice or apointment,
and make recomendations to the Board of the remuneration
of non-executive Directors and independent non-executive
Directors. The Remuneration Comite also review and/or
aprove maters relating to share scheme under chapter 17 of
the Listing Rules.
During the year, the Remuneration Comite consisted of an
executive Director and thre independent non-executive Directors
as set out below:
Mr. Wong Hin-wing, MH, J.P. (Chairman)
Mdm. Huang Hsiu-duan, Helen
Ms. Chan Mei-bo, Mabel, J.P.
Mr. Law Ka-kin (apointed on 28 August 2024)
Mr. Tam King-ching, Keny (retired by rotation on 28 August 2024)
董事薪酬
根据上市规则第
3.25
及
3.26
条，本公司应设立具
有明确书面职权范围之薪酬委员会（「薪酬委员
会」）；有关职权范围应清楚说明委员会之权限及
职责。
薪酬委员会之主要职责及职能包括厘定各执行
董事及本公司高级管理层之特定薪酬组合（包括
实物利益、退休金权利及补偿金，如因离职或终
止委任而招致损失之补偿），及就非执行董事及
独立非执行董事之薪酬向董事会作出建议。薪
酬委员会亦已审阅及／或批准有关上市规则第
十七章下购股权计划之事项。
于本年度，薪酬委员会由下列一名执行董事及三
名独立非执行董事组成：
黄显荣先生，
荣誉勋章，太平绅士
（主席）
黄秀端女士
陈美宝女士，
太平绅士
罗家健先生（于二零二四年八月二十八日获委任）
谭竞正先生（于二零二四年八月二十八日轮席退任）
Corporate Governance Report
企业管治报告
110Kingmaker Fotwear Holdings Limited Anual Report 2025
The Remuneration Comite has considered and reviewed the
remuneration packages of the Directors with reference to the
factors including salaries paid by comparable companies, time
comitment and responsibilities of the Directors and employment
conditions elsewhere in the Group. The Remuneration Comite
has adopted the operation model where it performs an advisory
role to the Board, with the Board retaining the final authority
to aprove the remuneration packages of individual executive
Directors and senior management. The Remuneration Comite
considers that the remuneration packages of the Directors are fair
and reasonable and has recomended the same for aproval by
the Board. Details of the emolument policy of the Directors are
set out on page 150 of this report.
The Remuneration Comite has reviewed and aproved the
grant of share options and share awards to Directors and other
employes of the Group for the year ended 31 March 2025.
The Remuneration Comite considers that the share options
and the share awards to the Directors and other employes of
the Group are at level which is comensurate with award levels
in the market and are fair and reasonable. Although there was
no specific performance target atached to the share options
or share awards, the number of share options or share awards
granted was determined on the basis of the individual’s position
in the Group, past performance and future long-term contribution
to the Group. The Remuneration Comite was of the view that
the grant of the share options and share awards to the Directors
and other employes of the Group during the financial year
aligned with the purpose of the share schemes.
Pursuant to code provision E.1.5 of the CG Code, the
remuneration of the members of the senior management
(excluding Directors) by band for the year ended 31 March 2025
is set out below:
Remuneration band Number of individuals
Below or equal to HK$500,000 –
HK$500,001 to HK$1,000,000 2
HK$1,000,001 to HK$1,500,000 1
HK$3,000,001 to HK$3,500,000 1
薪酬委员会参照可资比较公司提供之薪金、董事
投入之时间及其职责及本集团其他部门之雇佣
条件等多项因素，考虑及检讨董事之薪酬组合。
薪酬委员会在其采纳之运作模式中担任董事会
之顾问角色，董事会保留最终批准各执行董事及
高级管理层人士薪酬组合之权力。薪酬委员会认
为，董事之薪酬组合属公平合理，并已向董事会
建议批准。董事之酬金政策详情载于本报告第
页。
薪酬委员会已审阅及批准于截至二零二五年三
月三十一日止年度向董事及本集团其他雇员授
出购股权及股份奖励。薪酬委员会认为向董事及
本集团其他雇员授出购股权及股份奖励乃与市
场奖励水平相等之水平，且属公平合理。尽管购
股权或股份奖励概无特定业绩目标，购股权或股
份奖励数目乃根据个人于本集团担任的职位、过
往表现及未来对本集团作出的长期贡献而厘定。
薪酬委员会认为，于财政年度向董事及本集团其
他雇员授出购股权及股份奖励符合购股权计划
的目的。
根据企业管治守则之守则条文第
E.1.5
条，截至二
零二五年三月三十一日止年度，高级管理层成员
（不包括董事）酬金分级载列如下：
酬金分级
人数
低于或等于
500,000
港元
–
500,001
港元至
1,000,000
港元
2
1,000,001
港元至
1,500,000
港元
1
3,000,001
港元至
3,500,000
港元
1
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
NOMINATION COMITE
The principal role and function of the Nomination Comite
include to review the structure, size and composition of the
Board on a regular basis and to make recomendations to the
Board regarding any proposed changes. The Board considers
the past performance and qualification of the candidates
for Directors, general market conditions and the Company’s
bye-laws in selecting and recomending candidates for
directorship.
Board Diversity Policy
The Company has adopted a board diversity policy which
sets out the aproach to achieve diversity on the Board. The
Company recognizes and embraces the benefits of having a
diverse Board to enhance the quality of its performance. In
determining the Board’s composition, the Nomination Comite
wil consider board diversity in terms of, among other things,
gender, age, cultural and educational background, profesional
experience, skils, knowledge and length of service. Al Board
apointments wil be based on merit, and candidates wil be
considered against apropriate objective criteria, having due
regard for the benefits of diversity on the Board. The Nomination
Comite wil monitor the implementation of the diversity policy
and review the same as apropriate.
The Board recognises the importance and benefits of gender
diversity at the Board level and shal continue to take initiatives
to identify female candidate(s) to enhance the gender diversity
among the Board members. In acordance with the curent
gender diversity policy, there should be at least one female
Director on the Board. As at 31 March 2025, The Board curently
has two female Directors.
Our diversity philosophy including the gender diversity was
generaly folowed in the workforce level throughout the Group
for the 12 months ended 31 March 2025. As at 31 March
2025, aproximately 20.0% of our senior management and
aproximately 76.5% of our total workforce were female. We wil
continue with our endeavours to maintain female representation
in our workforce.
The board diversity policy is reviewed anualy by the Board and
the Nomination Comite to ensure its efectivenes. The Board
and the Nomination Comite have reviewed its implementation
during the year and considered that the board diversity policy
including the gender diversity objective has ben achieved.
提名委员会
提名委员会之主要职责及职能包括定期检讨董
事会之架构、规模及组成，并就任何建议变更向
董事会作出建议。董事会考虑候任董事人选之过
往表现及资格、整体市况以及本公司有关甄选及
推荐候任董事人选之公司细则。
董事会成员多元化政策
本公司已采纳董事会成员多元化政策，该政策载
列董事会为达致成员多元化而采取之方针。本公
司明白并深信董事会成员多元化对提升本公司
表现质素裨益良多。于厘定董事会组成时，提名
委员会将会从以下方面考虑董事会成员多元化，
其中包括性别、年龄、文化及教育背景、专业经
验、技能、知识及服务任期。董事会所有委任均
以用人唯才为原则，并于考虑人选时以客观条件
充分顾及董事会成员多元化之裨益。提名委员会
将监察多元化政策之实施并于适当时作出检讨。
董事会了解到董事会层面性别多元化的重要性
及益处，并将继续采取措施物色女性候选人，以
加强董事会成员之间的性别多元化。根据现行
性别多元化政策，董事会中应至少有一名女性
董事。于二零二五年三月三十一日，董事会目前
拥有两名女性董事。
截至二零二五年三月三十一日止十二个月，本
集团之劳动力层面普遍遵循包括性别多元化在
内之多元化理念。于二零二五年三月三十一日，
我们的高级管理层的约
20.0%
及我们所有劳动
力的约
76.5%
为女性。我们将继续致力于维持我
们的劳动力中的女性代表人数。
董事会及提名委员会每年审阅董事会成员多元
化政策，以确保其有效性。董事会及提名委员会
已审阅其于年内之实施，并认为包括性别多元
化目标在内的董事会成员多元化政策已达成。
Corporate Governance Report
企业管治报告
112Kingmaker Fotwear Holdings Limited Anual Report 2025
Nomination Policy
The Board has adopted a nomination policy, which sets out
the criteria and proces in the nomination and apointment of
Directors, with the objective to ensure the Board has a balance of
skils, experience and diversity of perspectives apropriate to the
requirements of the Company’s busines.
1. Selection Criteria
The factors listed below would be used as reference by
the Nomination Comite in asesing the suitability of a
proposed candidate:
• Reputation for integrity
• Acomplishment and experience
• Qualifications
• Compliance with legal and regulatory requirements
• Comitment in respect of available time and relevant
interest
- – in case of nomination or re-
apointment of independent non-executive Directors,
the requirements and guidelines on independence of a
candidate in acordance with Rule 3.13 of the Listing
Rules
- , including but not limited
to gender, age (18 years or above), cultural and
educational background, profesional experience,
skils, knowledge and length of service
These factors are for reference only, and not meant to be
exhaustive and decisive. The Nomination Comite has
the discretion to nominate any person, as it considers
apropriate.
提名政策
董事会已采纳一项提名政策，其载列提名及委任
董事的标准及流程，旨在确保董事会按本公司业
务需要在技能、经验和多元化观点等三方面都保
持平衡。
1.
拣选标准
提名委员会评估建议候选人是否合适时将
参考下列因素：
•
诚信声誉
•
成就及经验
•
资格
•
遵守法律及法规要求
•
对可投入时间及相关事务关注之承诺
•
独立性－倘为独立非执行董事之提名
或续任，则须遵守上市规则第
3.13
条
之候选人独立性规定及指引
•
董事会各方面之多元化，包括但不限
于性别、年龄（
岁或以上）、文化及教
育背景、专业经验、技能、知识及服务
任期
上述因素仅供参考，并非尽列所有因素，亦
不具决定性作用。提名委员会可酌情决定
提名其认为适当之任何人士。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
2. Nomination Procedures
The secretary of the Nomination Comite shal cal
a meting of the Nomination Comite, and invite
nominations of candidates from Board members if any, for
consideration by the Nomination Comite prior to its
meting. The Nomination Comite may also put forward
candidates who are not nominated by Board members.
The Nomination Comite should evaluate such
candidate based on the selection criteria mentioned
above to determine whether such candidate is qualified
for directorship. If he or she is considered apropriate, the
Nomination Comite shal make recomendations for
the Board’s consideration and aproval for filing a casual
vacancy. For proposing candidates to stand for election
at a general meting, the Nomination Comite shal
make nominations to the Board for its consideration and
recomendation. A candidate is alowed to withdraw his/
her candidature at any time before the general meting by
serving a notice in writing to the company secretary of the
Company. The Board shal have the final decision on al
maters relating to the recomendation of candidates to
stand for election at any general meting.
Retiring Directors are eligible for nomination by the Board to
stand for re-election at a general meting. The Nomination
Comite and/or the Board should review the overal
contribution and service to the Company of the retiring
Director and his/her level of participation and performance
on the Board.
If an independent non-executive Director is subject to
re-election, the Nomination Comite and/or the Board
wil also ases and consider whether the independent non-
executive Director wil continue to satisfy the independence
requirements as set out in the Listing Rules.
2.
提名流程
提名委员会之秘书须召开提名委员会
议，并于会议前邀请董事会成员提名候选
人（如有）以供提名委员会考虑。提名委员
会亦可提名并非由董事会成员提名之候选
人。
提名委员会应按上述拣选标准评核有关候
选人，以厘定有关候选人是否符合资格出
任董事职务。倘彼被认为合适，则提名委员
会须向董事会作出推荐建议以供其考虑及
批准填补临时空缺。就于股东大会上提名
候选人选举而言，提名委员会须向董事会
提名以供其考虑及提供推荐建议。董事候
选人可于股东大会举行前任何时候向本公
司公司秘书发出书面通知退选。对有关推
荐候选人于任何股东大会上参选之所有事
宜，董事会拥有最终决定权。
退任董事符合资格获董事会提名于股东大
会上膺选连任。提名委员会及╱或董事会
应检讨退任董事对本公司整体贡献及服
务，以及彼于董事会的参与程度及表现。
倘独立非执行董事须膺重选，提名委员会
及╱或董事会亦将评估及考虑独立非执行
董事是否将继续符合上市规则所载的独立
性规定。
Corporate Governance Report
企业管治报告
114Kingmaker Fotwear Holdings Limited Anual Report 2025
During the year, the Nomination Comite consisted of one
executive Director, one non-executive Director and thre
independent non-executive Directors as set out below:
Mdm. Huang Hsiu-duan, Helen (Chairman)
Dr. Chow Wing-kin, Anthony, SBS, J.P.
Ms. Chan Mei-bo, Mabel, J.P.
Mr. Wong Hin-wing, MH, J.P.
Mr. Law Ka-kin (apointed on 28 August 2024)
Mr. Tam King-ching, Keny (retired by rotation on 28 August 2024)
The Nomination Comite considered and resolved that al the
existing Directors shal be recomended to be retained by the
Company. Further, in acordance with the Company’s bye-laws
and as resolved by the Nomination Comite, Mdm. Huang
Hsiu-duan, Helen. Mr. Chan Ho-man, Daniel and Ms. Chan Mei-
bo, Mabel wil retire from ofice by rotation, and being eligible, wil
ofer themselves for re-election at the forthcoming anual general
meting.
AUDIT COMITE
As required by Rule 3.21 of the Listing Rules, the Company has
established an audit comite (the “Audit Comite”) with
writen terms of reference, which deals clearly with its authority
and duties. Its principal duties are to review and supervise the
Group’s financial reporting proces and internal control systems.
During the financial year ended 31 March 2025, the Audit
Comite consisted of one non-executive Director and thre
independent non-executive Directors as set out below:
Ms. Chan Mei-bo, Mabel, J.P.
(apointed as the Chairman with efect from 28 August 2024)
Dr. Chow Wing-kin, Anthony, SBS, J.P.
Mr. Wong Hin-wing, MH, J.P.
Mr. Law Ka-kin (apointed on 28 August 2024)
Mr. Tam King-ching, Keny (Chairman)
(retired by rotation on 28 August 2024)
于本年度，提名委员会成员由下列一名执行董
事、一名非执行董事及三名独立非执行董事
组成：
黄秀端女士（主席）
周永健博士，
银紫荆星章，太平绅士
陈美宝女士，
太平绅士
黄显荣先生，
荣誉勋章，太平绅士
罗家健先生（于二零二四年八月二十八日获委任）
谭竞正先生（于二零二四年八月二十八日轮席退任）
提名委员会考虑及议决建议本公司留任全体现
任董事。此外，根据本公司之公司细则，并如提
名委员会所议决，黄秀端女士、陈浩文先生及陈
美宝女士将轮席退任，符合资格及愿意于应届股
东周年大会上膺选连任。
审核委员会
如上市规则第
3.21
条所规定，本公司已成立审核
委员会（「审核委员会」），并以书面订明其职权范
围及委员会之权限及职责。其主要职责为审阅及
监督本集团之财务申报程序及内部监控制度。
截至二零二五年三月三十一日止财政年度，审核
委员会由下列一名非执行董事及三名独立非执
行董事组成：
陈美宝女士，
太平绅士
（于二零二四年八月二十八日获委任为主席）
周永健博士，
银紫荆星章，太平绅士
黄显荣先生，
荣誉勋章，太平绅士
罗家健先生（于二零二四年八月二十八日获委任）
谭竞正先生（主席）
（于二零二四年八月二十八日轮席退任）
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
During the year under review, the Audit Comite reviewed the
Group’s consolidated financial statements, interim and anual
reports, the acounting principles and practices adopted and
internal control systems. The Audit Comite also reviewed
and aproved the external auditor’s remuneration and terms of
engagement and recomended the Board for re-apointment of
the external auditor.
The Audit Comite is also responsible for performing the
corporate governance duties, including:
- ’s policies
and practices on corporate governance and make
recomendations to the Board;
• To review and monitor the training and continuous
profesional development of directors and senior
management;
- ’s policies and practices
on compliance with legal and regulatory requirements;
- , review and monitor the code of conduct and
compliance manual (if any) aplicable to employes and
Directors; and
- ’s compliance with the CG Code and
disclosure in this Corporate Governance Report.
The Group’s audited consolidated financial statements for the
year ended 31 March 2025 have ben reviewed by the Audit
Comite, which was of the opinion that the preparation of the
consolidated financial statements complied with the aplicable
acounting standards, the Listing Rules and legal requirements,
and that adequate disclosures have ben made.
The Audit Comite considered that the existing proposed
terms in relation to the apointment of the Group’s external
auditor are fair and reasonable.
于回顾年内，审核委员会已审阅本集团之综合财
务报表、中期及年度报告、采纳之会计原则及惯
例以及内部监控系统。审核委员会亦已检讨及批
准外聘核数师之薪酬及聘用条款，并已向董事会
建议续聘外聘核数师。
审核委员会亦负责履行企业管治职责，包括：
•
制订及检讨本公司之企业管治政策及常规
以及向董事会作出建议；
•
检讨及监察董事及高级管理层之培训及持
续专业发展；
•
检讨及监察本公司遵守法律及监管规定方
面之政策及常规；
•
制定、检讨及监察适用于雇员及董事之行
为守则及合规手册（如有）；及
•
检讨本公司遵守企业管治守则之情况以及
于本企业管治报告内之披露。
审核委员会已审阅本集团截至二零二五年三月
三十一日止年度之经审核综合财务报表，认为综
合财务报表之编制方式符合适用会计准则、上市
规则及法律规定，并已作出足够披露。
审核委员会认为，有关委聘本集团外聘核数师之
现有建议条款属公平合理。
Corporate Governance Report
企业管治报告
116Kingmaker Fotwear Holdings Limited Anual Report 2025
AUDITOR’S REMUNERATION
The Audit Comite is responsible for considering the
apointment of the external auditor and reviewing any non-audit
functions performed by the external auditor, including whether
such non-audit functions could lead to any potential material
adverse efect on the Group. During the year under review, the
fes payable to the Company’s external auditor, Ernst & Young
for audit services and non-audit services were HK$1,636,000
and HK$568,000 respectively. The non-audit services relate
primarily to tax compliance and consultancy services.
DIRECTORS’ AND AUDITOR’S
RESPONSIBILITIES FOR FINANCIAL
STATEMENTS
The Directors acknowledge their responsibilities for the
preparation of the financial statements for each financial year,
which give a true and fair view of the financial position of the
Company and its subsidiaries as at the end of the reporting
period and of their financial performance and cash flows for
that year in acordance with Hong Kong Financial Reporting
Standards and in compliance with relevant law and disclosure
requirements of the Hong Kong Companies Ordinance and
the Listing Rules. The Directors have prepared the financial
statements for the year ended 31 March 2025 on a going
concern basis. The Directors are responsible for keping proper
acounting records which reflect the financial position of the
Group with reasonable acuracy at any time.
The Directors’ responsibilities and the responsibilities of the
independent auditor with respect to the consolidated financial
statements of the Company and its subsidiaries for the year
ended 31 March 2025 are set out on pages 157 to 165 of this
report.
核数师薪酬
审核委员会负责考虑委聘外聘核数师，及检讨其
履行之任何非审核职能，包括有关非审核职能会
否对本集团造成任何潜在重大不利影响。于回顾
年度内，就核数服务及非核数服务应付予本公司
之外聘核数师安永会计师事务所之费用分别为
1,636,000
港元及
568,000
港元。非核数服务主要
与税务合规及咨询服务有关。
董事及核数师于财务报表之责任
董事确认，彼等须根据香港财务报告准则就各个
财政年度编制财务报表，有关财务报表须真实及
公平地反映本公司及其附属公司于报告期末之
财务状况，以及其于有关年度之财务业绩及现金
流，并须符合香港公司条例及上市规则之相关法
例及披露规定。董事已按持续经营基准编制截至
二零二五年三月三十一日止年度之财务报表。董
事负责保存适当之会计记录，以反映本集团于任
何时间之合理而准确之财务状况。
董事及独立核数师就本公司及其附属公司截至
二零二五年三月三十一日止年度之综合财务报
表之责任载于本报告第
至
页。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
RISK MANAGEMENT AND INTERNAL CONTROLS
The Board recognizes its responsibility for maintaining an
adequate and sound enterprise risk management and internal
control system and through the Audit Comite and, if
necesary, an external independent profesionals to provide
internal control services, conducts reviews on the efectivenes
of these systems at least anualy, covering material controls,
including financial, operational, compliance and strategic risk
control functions. The Board understands that 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.
During the year under review, the Board, through the Audit
Comite, conducted an anual review of both design and
implementation efectivenes of the risk management and
internal control systems of the Group, covering al material
controls, including financial, operational and compliance controls,
with a view to ensuring that resources, staf qualifications and
experience, training programes and budget of the Group’s
acounting, internal audit and financial reporting functions as
wel as those relating to the Company’s ESG performance and
reporting are adequate. In this respect, the Audit Comite
comunicates any material isues identified to the Board.
During the year under review, the Company apointed an external
independent profesionals to:
• asist in identifying and asesing the risks of the Group
through a series of workshops and interviews; and
• independently perform internal control review and ases
efectivenes of the Group’s risk management and internal
control systems.
风险管理及内部监控
董事会知悉其维持充足及良好的企业风险管理
及内部监控系统的责任并透过审核委员会及（如
需要）外部独立专业机构提供内部监控服务，至
少每年检讨该等系统的有效性，内容涵盖重大监
控，包括财务、营运、合规及策略风险监控职能。
董事会明白有关系统旨在管理而非消除未能达
成业务目标的风险，仅提供合理的保证而并非绝
对保证能够避免出现重大错误陈述或损失。
于回顾年度内，董事会透过审核委员会，对本集
团风险管理及内部监控系统的设计及实施成效
进行年度检讨，内容涵盖所有重大监控，包括财
务、营运及合规监控，以确保本集团以及本公司
ESG
表现及报告相关的会计、内部审核及财务报
告职能均具备充足的资源、员工资历及经验、培
训方案及预算。就此而言，审核委员会向董事会
通报识别的任何重大事项。
于回顾年度内，本公司委任外部独立专业机构
以：
•
通过一系列研讨会及访谈，协助识别及评
估本集团的风险；及
•
独立进行内部监控审查及评估本集团的风
险管理及内部监控系统的有效性。
Corporate Governance Report
企业管治报告
118Kingmaker Fotwear Holdings Limited Anual Report 2025
The results of the independent review and asesment were
reported to the Audit Comite and the Board. Moreover,
improvements in internal control and risk management measures
as recomended by the external independent profesionals
to enhance the risk management and internal control systems
of the Group and mitigate risks of the Group were adopted by
the Board. Based on the findings and recomendations of the
external independent profesionals as wel as the coments of
the Audit Comite, the Board considered the internal control
and risk management systems efective and adequate.
The Board has established a whistleblowing policy and an anti-
coruption policy. Such policies are reviewed anualy by the
Audit Comite to ensure their efectivenes.
Our Enterprise Risk Management Framework
The Group established its enterprise risk management framework
during the year. While the Board has the overal responsibility to
ensure that sound and efective internal controls are maintained,
management is responsible for designing and implementing an
internal control system to manage al kinds of risks faced by the
Group.
Through the risk identification and asesment proceses, risks
are identified, asesed, prioritized and alocated treatments. Our
risk management framework folows the COSO Enterprise Risk
Management – Integrated Framework, which alows the Board
and management to manage the risks of the Group efectively.
The Board receives regular reports through the Audit Comite
that oversight risk management and internal audit functions.
独立审阅及评估的结果已向审核委员会及董事
会报告。此外，董事会采纳了外部独立专业机构
建议的内部监控及风险管理措施的改进，以加强
本集团的风险管理及内部监控系统以及减少本
集团的风险。根据外部独立专业机构的调查结果
及建议以及审核委员会的意见，董事会认为内部
监控及风险管理系统有效且充分。
董事会已建立举报政策及反贪污政策。审核委员
会每年审阅该等政策以确保其有效性。
我们的企业风险管理框架
本集团于年内建立了企业风险管理框架。虽然董
事会全面负责确保维持良好有效的内部监控，但
管理层负责设计及实施内部监控系统，以管理本
集团面临的各种风险。
通过风险识别及评估过程，风险被识别、评估、
确定优先次序并进行分配处理。我们的风险管理
框架遵循
COSO
企业风险管理－综合框架，允许
董事会及管理层有效地管理本集团的风险。董事
会透过审核委员会收取定期报告，监督风险管理
及内部审核职能。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
Principal Risks
During the year ended 31 March 2025, the folowing principal
risks of the Group were identified and clasified into strategic
risks, operational risks, financial risks and compliance risks.
Risk AreasPrincipal Risks
Strategic RisksGlobal economic uncertainly
Operational RisksPresure on rise in operating cost
Financial RisksNo significant risks identified
Compliance RisksNo significant risks identified
主要风险
截至二零二五年三月三十一日止年度，本集团识
别及将下列主要风险分类为战略风险、营运风
险、财务风险及合规风险。
风险领域主要风险
战略风险环球经济前景愈趋不明朗
营运风险营运成本压力增加
财务风险未识别出重大风险
合规风险未识别出重大风险
Corporate Governance Report
企业管治报告
120Kingmaker Fotwear Holdings Limited Anual Report 2025
Risk Control Mechanism
The Group adopts a “thre lines of defence” corporate
governance structure with operational management and
controls performed by operations management, coupled with
risk management monitoring caried out by the finance and
compliance team and independent internal audit outsourced to
and conducted by the external independent profesionals. The
Group adopts risk management policy and procedure (the “Risk
Management Policy”) and maintains a risk register to kep track
of al identified major risks of the Group. The risk register provides
the Board, the Audit Comite, and management with a profile
of its major risks and records management’s action taken to
mitigate the relevant risks. Each risk is evaluated at least anualy
based on its likelihod of ocurence and potential impact
upon the Group. The risk register is updated by management
as the risk owners with adition of new risks and/or removal of
existing risks, if aplicable, at least anualy, after the anual risk
evaluation has ben performed. This review proces can ensure
that the Group proactively manages the risks faced by it in the
sense that al risk owners have aces to the risk register and are
aware of and alert to those risks in their area of responsibility so
that they can take folow-up action in an eficient maner.
Our risk management activities are performed by management on
an ongoing proces. The efectivenes of our risk management
framework wil be evaluated at least anualy, and periodic
management meting is held to update the progres of risk
monitoring eforts. Management is comited to ensuring that
risk management forms part of the daily busines operation
proceses in order to align risk management with corporate goals
in an efective maner.
There is curently no internal audit function within the Group.
The directors have reviewed the ned for an internal audit
function and are of the view that in light of the size, nature
and complexity of the busines of the Group, it would be more
cost efective to apoint external independent profesionals to
perform internal audit function for the Group in order to met its
neds. Nevertheles, the directors wil continue to review at least
anualy the ned for an internal audit function.
风险监控机制
本集团采用「三线防守」企业管治结构，由营运管
理层执行经营管理及监控，加上财务及合规团队
开展的风险管理监督，以及外包予外部独立专业
机构执行的独立内部审核。本集团采纳风险管理
政策及程序（「风险管理政策」）并存置风险记录，
以追踪本集团所有已识别的主要风险。风险记录
为董事会、审核委员会及管理层提供其主要风险
的概要情况，并记录管理层为缓解相关风险所采
取的行动。本集团至少每年根据各风险发生的可
能性和对本集团的潜在影响进行评估。在执行年
度风险评估之后，管理层（作为风险承担者）将
至少每年更新风险记录，增加新风险及╱或删除
现有风险（如适用）。此审核流程可确保本集团主
动管理其面临的风险，即所有风险承担者都可以
取得风险记录，并且了解并警惕其责任领域的风
险，以便彼等有效率地采取后续行动。
我们的风险管理活动由管理层持续进行。我们的
风险管理框架的有效性将至少每年进行一次评
估，并定期举行管理层会议以更新风险监测工作
的进展。管理层致力于确保风险管理构成日常业
务运营流程的一部分，以便有效地使风险管理符
合公司目标。
本集团目前尚无内部审核职能。董事已检讨内部
审核职能的需要，并认为鉴于本集团业务的规
模、性质及复杂程度，任命外部独立专业机构执
行内部审核职能将更具成本效益以满足本集团
需求。然而，董事将继续每年至少检讨一次内部
审核职能的需要。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
The Company wil continue to engage external independent
profesionals to review the Group’s system of internal controls
and risk management anualy and further enhance the Group’s
internal control and risk management systems as apropriate.
Details of the ESG-related risks of the Group are set out in the
ESG Report contained in this anual report.
For the year ended 31 March 2025, both the Audit Comite
and the Board were not aware of any material internal control
defects and were satisfied that the risk management and Internal
control systems of the Group have ben efective and adequate.
Disclosure of Inside Information
The Group has established internal control procedures for the
handling and disemination of inside information in order to
comply with Chapter 13 of the Listing Rules as wel as Part XIVA
of the Securities and Futures Ordinance (“SFO”). The internal
control mechanism includes information flow and reporting
proceses, confidentiality arangements, disclosure procedures,
and staf training arangements, etc.
SUSTAINABILITY COMITE
The Sustainability Comite curently comprises thre executive
directors and two senior management of the Company.
For the year ended 31 March 2025, a newly established
Sustainability Comite wil primarily be responsible for
monitoring the implementation and efectivenes of the
environmental, social and governance management. For details
of the comite’s functions and responsibilities, please refer to
the Environmental, Social and Governance Report as set out in
pages 26-100 of this anual report.
本公司将继续聘请外部独立专业机构每年审阅
本集团的内部监控及风险管理系统，并于适当时
候进一步加强本集团的内部监控及风险管理系
统。
有关本集团
ESG
相关风险之详情载于本年报之
ESG
报告。
截至二零二五年三月三十一日止年度，审核委员
会及董事会并不知悉任何重大内部监控缺陷，并
信纳本集团之风险管理及内部监控系统有效且
足够。
内幕消息披露
本集团已就处理及发布内幕消息制订内部监控
程序，以遵守上市规则第
章以及证券及期货条
例（「证券及期货条例」）第
XIVA
部。内部监控机制
包括消息流向与申报流程、保密安排、披露程序
及员工培训安排等。
可持续发展委员会
可持续发展委员会现包括本公司三名执行董事
及两名高级管理层成员。
截至二零二五年三月三十一日止年度，新成立的
可持续发展委员会主要负责监督环境、社会及管
治管理的实施及有效性。有关委员会职能及责
任之详情，请参阅本年报第
至
页所载的环
境、社会及管治报告。
Corporate Governance Report
企业管治报告
122Kingmaker Fotwear Holdings Limited Anual Report 2025
DIVIDEND POLICY
It is the policy of the Board, in recomending dividends, to
alow shareholders to participate in the Company’s profits
and for the Company to retain adequate reserves for future
growth. The Company expects to maintain a general dividend
policy of declaring and paying aproximately 30% to 60%
of the Company’s consolidated net profit atributable to
shareholders of the Company in each financial year subject to
the financial performance, busines development, working capital
requirements and capital expenditure plan of the Group. The
Company may in adition from time to time consider to declare
special dividends subject to the macroeconomic environment,
funding neds on busines development, overal cash position
and any future capital comitments of the Group.
Declaration and payment of dividends shal remain to be
determined at the sole discretion of the Board, taking into
consideration of, among others, the folowing factors:
(i) operations and earnings;
(i) busines development;
(i) liquidity position;
(iv) capital requirements and surplus;
(v) general financial conditions;
(vi) contractual restrictions (if any); and
(vi) any other factors that the Board considers apropriate.
Subject to the Companies Act of Bermuda and the bye-laws of
the Company (the “Bye-laws”), the Company may from time to
time declare dividends in any curency to be paid to the members
of the Company but no dividend shal be declared in exces of
the amount recomended by the Board.
股息政策
董事会在建议派发股息方面的政策乃允许股东
分享本公司溢利，同时为本公司日后发展保留充
足储备。本公司预期维持一般股息政策，以宣派
及派付于各财政年度内本公司股东应占本公司
综合纯利约
％至
％，惟须视乎本集团的财务
表现、业务发展、营运资金需求及资本开支计划
而定。此外，本公司可不时考虑根据宏观经济环
境、业务发展的资金需求、本集团整体现金状况
及任何未来资本承担宣派特别股息。
宣派及派付股息须由董事会经计及（其中包括）下
列因素后全权酌情厘定：
(i)
营运及盈利；
(i)
业务发展；
(i)
流动资金状况；
(iv)
资金需求及盈余；
(v)
整体财务状况；
(vi)
合约限制（如有）；及
(vi)
董事会认为适宜的任何其他因素。
根据百慕达公司法及本公司之公司细则（「公司
细则」），本公司可不时宣布以任何货币向本公司
股东派付股息，惟所宣派的股息额不得超过董事
会建议宣派的数额。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
The Board may also from time to time pay to the members of
the Company such interim dividends as apear to the Board to
be justified by the profits of the Company. Any declaration and
payment as wel as the amount of the dividend wil be subject to
the Bye-laws and the Companies Act of Bermuda.
INVESTOR RELATIONS
The Company continues to promote and enhance investor
relations and comunications with its investors. An intensive
comunications chanel has ben maintained with the media,
analysts and fund managers through one-on-one meting,
road shows and conferences. Designated senior management
maintains regular dialogue with institutional investors and
analysts to kep them abreast of the Company’s development.
COMUNICATION WITH SHAREHOLDERS
The Company sets high priority in comunicating with
shareholders and investors and has adopted the Shareholders
Comunication Policy. Regular metings with institutional
shareholders and general presentation of financial results are
made when financial results are anounced. The Company also
provides extensive information in its anual report, interim report
and anouncements which are available on the Stock Exchange’s
website at w.hkexnews.hk and the Company’s website at
w.kingmaker-fotwear.com.
The Board endeavours to maintain an ongoing dialogue with
shareholders. Al directors are encouraged to atend the general
metings to have personal comunication with shareholders.
In anual general meting, the chairman of the Board and the
chairman of each comite are required to atend and answer
questions from shareholders in respect of the maters that they
are responsible and acountable for. In adition, a representative
of the Company’s external auditors is requested to atend the
anual general meting to answer questions about the conduct
of the audit, the preparation and content of the auditors’ report,
acounting policies and auditor independence.
倘董事会认为本公司溢利足以作出分派，董事会
亦可不时向本公司股东派付有关中期股息。任何
宣派及派付以及股息金额将须遵守公司细则及
百慕达公司法。
投资者关系
本公司继续提倡及提升投资者关系及与其投资
者之通讯。本公司通过与传媒、分析员及基金经
理举行个别会议、举办路演及研讨会，从而维持
广泛之通讯渠道，并委派高级管理层与机构投资
者及分析员维持定期会晤，从而向彼等提供有关
本公司发展之最新消息。
与股东之通讯
本公司特别重视与股东及投资者之通讯，并已采
纳股东通讯政策。公布财务业绩时，本公司会与
机构股东举行例会及总体财务业绩发布会。本公
司亦会于其刊登于联交所网站
(w.hkexnews.hk)
及本公司网站
(w.kingmaker-fotwear.com)
上的
年报、中期报告及公告中提供大量资料。
董事会致力与股东保持续对话。本集团鼓励全
体董事出席股东大会并与股东进行个人沟通。
董事会主席及各委员会主席均须出席股东周年
大会，并回应股东就彼等负责之事宜所作出之提
问。此外，本公司外聘核数师之代表须出席股东
周年大会，回答有关进行审计、核数师报告之编
制及内容、会计政策及核数师独立性之提问。
Corporate Governance Report
企业管治报告
124Kingmaker Fotwear Holdings Limited Anual Report 2025
The Company’s anual general meting (“AGM”) and special
general meting (“SGM”) provide god oportunities for
shareholders to expres their views and ask Directors and
management questions regarding the Company. Al shareholders
of the Company receive the anual report, circulars and notices
of AGM and SGM and other corporate comunications.
Separate resolutions are required at general metings on each
distinct isue. Each shareholder is permited to apoint a proxy
to atend and vote in his stead.
The Hong Kong branch share registrar of the Company serves
the shareholders in respect of share registration, dividend
payment and related maters.
The Company has reviewed the implementation and efectivenes
of the Shareholder Comunication Policy during the year and
concluded that it continues to be efective in engaging with the
Company’s shareholders.
PROCEDURES FOR SHAREHOLDERS TO
NOMINATE A DIRECTOR, MAKE PROPOSALS
AND CONVENE GENERAL METINGS
Pursuant to the Bye-laws of the Company, if a shareholder,
who is duly qualified to atend and vote at the general meting
convened to deal with apointment/election of director(s), wishes
to propose a person (other than the shareholder himself/herself)
for election as a director of the Company, the shareholder must
deposit a writen notice to the principal place of busines of
the Company in Hong Kong for the atention of the company
secretary of the Company. Details for nominating candidates
to stand for election as a director are set out in the Corporate
Governance section of the Company website.
藉本公司股东周年大会（「股东周年大会」）及股东
特别大会（「股东特别大会」），股东可表达彼等对
本公司之意见及向董事及管理层提问。本公司全
体股东均获寄发年报、通函、股东周年大会及股
东特别大会通告以及其他公司通讯。本公司须就
各项不同事项于股东大会上个别提呈决议案。每
名股东可委派一名代表出席大会及代其投票。
本公司之香港股份过户登记分处向股东提供股
份登记、股息付款及相关事项之服务。
本公司已审阅股东通讯政策于年内的实施及有
效性，并认为其就本公司股东之间的互动持续有
效。
股东提名董事、作出提议及召开股东
大会之程序
根据本公司之公司细则，倘正式合资格出席因处
理委任╱选举董事而召开之股东大会并于会上
投票之股东希望提名某一人士（股东本身除外）参
选本公司董事，其必须将书面通知呈递至本公司
位于香港之主要营业地点，收件人为本公司之公
司秘书。提名候选人参选董事之详情载于本公司
网站之企业管治部分。
Corporate Governance Report
企业管治报告
信星鞋业集团有限公司 年报
2025
(i)
持有权于股东大会上投票之全体股东之总投
票权不少于二十分之一之一名或多名股东；或
(i)
不少于
名股东，可于股东大会上递交书面要
求以提呈建议或动议决议案，或就于特定股东大
会上拟提出之决议案所述之事项或将处理之事
务作出不超过
1,000
字之陈述。有关要求必须不
迟于大会举行前六周（倘要求提供决议案通知）及
不迟于大会举行前一周（倘为任何其他要求）呈递
至本公司香港主要营业地点，收件人为本公司之
公司秘书。有关在股东大会上提呈建议或动议决
议案之规定及程序之详情载于本公司网站之企
业管治部分。
于递呈要求当日持有不少于附有本公司股东大
会投票权之本公司缴足股本十分之一之任何一
名或多名股东，可随时向本公司注册办事处及香
港主要营业地点发出书面要求，收件人为董事会
或本公司之公司秘书，要求董事会召开股东特别
大会，处理有关要求所指明的任何事项。有关召
开股东大会之规定及程序之详情载于本公司网
站之企业管治部分。
向董事会查询之程序
股东可向本公司董事会寄发查询及关注事宜，以
邮寄方式寄往本公司于香港之主要营业地点（地
址为香港九龙尖沙咀漆咸道南
17-19
号帝后广场
楼），或电邮至
kingmkra@netvigator.com
，收件
人为本公司之公司秘书。
(i) Any one or more shareholders holding not les than
one-twentieth of the total voting rights of al shareholders having
the right to vote at the general meting; or (i) not les than 100
shareholders may submit a writen request to make proposals
or move a resolution at a general meting; or a statement of not
more than 1,000 words with respect to the mater refered to
in any proposed resolution or the busines to be dealt with at a
particular general meting. Such request must be deposited at
the principal place of busines of the Company in Hong Kong,
for the atention of the company secretary of the Company, not
les than six weks before the meting in the case of a requisition
requiring notice of a resolution and not les than one wek before
the meting in the case of any other requisition. Details of the
requirements and procedures for making proposals or moving
a resolution at a general meting are set out in the Corporate
Governance section of the Company website.
Any one or more shareholders holding at the date of deposit of
the requisition not les than one-tenth of the paid up capital of
the Company carying the right of voting at general metings
of the Company shal at al times have the right, by writen
requisition sent to the Company’s registered ofice and at its
principal place of busines in Hong Kong, for the atention of
the Board or the company secretary of the Company, to require
a special general meting to be caled by the Board for the
transaction of any busines specified in such requisition. Details
of the requirements and procedures for convening general
metings are set out in the Corporate Governance section of the
Company website.
PROCEDURES FOR SENDING ENQUIRIES TO
THE BOARD
Shareholders may send their enquiries and concerns to
the Board of the Company by adresing them to the
principal place of busines of the Company in Hong Kong
at 17th Flor, Empres Plaza, 17-19 Chatham Road South,
Tsimshatsui, Kowlon, Hong Kong by post or by email to
kingmkra@netvigator.com for the atention of the company
secretary of the Company.
Corporate Governance Report
企业管治报告
126Kingmaker Fotwear Holdings Limited Anual Report 2025
收到查询后，公司秘书将转发：
1.
与董事会职权范围内有关事宜之通讯予本
公司执行董事；
2.
与董事委员会职权范围内有关事宜之通讯
予相关委员会主席；及
3.
与日常事务有关事宜（如建议、查询及投诉）
之通讯予本公司相关管理层。
以投票方式表决
根据上市规则，本公司股东大会上之所有表决须
以投票方式进行。本公司之公司细则已载列以投
票方式表决之程序及规定。于股东大会开始时，
主席会阐释该等表决程序。
行为守则
为提升雇员水准，本公司已为本集团所有雇员制
订专业及操守标准。各级雇员均须本著诚实、勤
奋及尽责之态度行事。
宪章文件
截至二零二五年三月三十一日止年度，本公司宪
章文件概无任何变动。
结论
本公司将继续致力不时检讨其企业管治常规，
尽力维持、巩固及改善本公司企业管治标准及质
素，以迎合不断变化之环境及照顾股东利益。
Upon receipt of the enquiries, the company secretary wil
forward:
- ’s
purview to the executive Directors of the Company;
2. comunications relating to maters within a Board
comite’s area of responsibility to the chairman of the
apropriate comite; and
- , such
as sugestions, inquiries and complaints, to the apropriate
management of the Company.
VOTING BY POL
Pursuant to the Listing Rules, al voting at the Company’s general
metings shal be conducted by pol. The Company’s bye-laws
have set out the procedures and requirements of voting by pol.
Such voting procedure would be explained by the Chairman at
the comencement of the general meting of shareholders.
CODE OF CONDUCT
To enhance the standards of employes, the Company has
set out standards of profesional and ethical conduct for
al employes of the Group. The employes at al levels are
expected to conduct themselves in an honest, diligent and
responsible maner.
CONSTITUTIONAL DOCUMENTS
During the year ended 31 March 2025, there were no change in
the Company’s constitutional documents.
CONCLUSION
The Company wil continue its enduring efort in reviewing the
corporate governance practices from time to time and wil try its
best in maintaining, strengthening and improving the standard
and quality of the Company’s corporate governance to met with
the continuous changing environment and for the benefit of the
shareholders.
Directors and Senior Management Profiles
董事及高层管理人员履历
信星鞋业集团有限公司 年报
2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Executive Directors
执行董事
Huang Hsiu-duan,
Helen
黄秀端
68Executive director and
Chairman
执行董事及主席
44Madam Huang is a co-founder of the Group, and served as the Chairman
and the Chairman of the nomination comite of the Company with
efect from 1 February 2020. She is also a member of the Remuneration
Comite, a member of the Sustainability Comite of the Company and
serves as a director for the subsidiaries of the Company. She is responsible
for formulating the overal busines strategies and policy development, and
future development plans for the Group. Madam Huang has more than 48
years’ experience in the fotwear industry. Madam Huang is the mother
of Ms. Chen Zi-yun, Fiona Aple and Mr. Chen Yi-wu, Ares, mother-in-law
of Mr. Su Yi-ren and elder sister of Mr. Huang Chun-hua, Charles. Madam
Huang is one of the directors of King Strike Limited, which is a substantial
shareholder of the Company within the meaning of Part XV of the Securities
and Futures Ordinance.
黄女士为本集团的一名共同创办人，自二零二零年二月一日起担任主席兼
本公司提名委员会主席。彼亦为本公司薪酬委员会、可持续发展委员会成
员并于本公司多家附属公司担任董事。彼负责制定本集团整体业务策略及
政策发展以及未来发展计划。黄女士具有逾
年制鞋业经验。黄女士为陈
子芸小姐及陈奕舞先生之母亲、苏义仁先生之岳母以及黄春华先生的姊
姊。黄女士为
King Strike Limited
（本公司于证券及期货条例第
XV
部项下界
定的主要股东）的其中一名董事。
Directors and Senior Management Profiles
董事及高层管理人员履历
128Kingmaker Fotwear Holdings Limited Anual Report 2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Chen Yi-wu,
Ares
陈奕舞
33Executive director
and Chief Executive Oficer
执行董事兼执行长
9Mr. Ares Chen joined the Group in 2016 and is also the vice president of
the Group. Mr. Chen was apointed as the Chief Operating Oficer of the
Group with efect from 1 May 2019. Mr. Chen was also apointed as the
Chief Executive Oficer with efect from 1 February 2020 and a member
of the Sustainability Comite of the Company. He is responsible for the
execution of the Group’s strategic plans and enterprise development, in
charge of the management and overseing the Group’s production and
customer relations. He holds a bachelor’s degre of Arts in Economics
from Tamkang University in 2014. Mr. Chen is the son of Madam Huang
Hsiu-duan, Helen and a brother of Ms. Chen Zi-yun, Fiona Aple. Mr. Ares
Chen is one of the directors of King Strike Limited, which is a substantial
shareholder of the Company within the meaning of Part XV of the Securities
and Futures Ordinance.
陈奕舞先生于二零一六年加入本集团，并为本集团的副总裁。陈先生自二
零一九年五月一日起获委任为本集团的首席营运官。陈先生亦获委任为执
行长以及本公司可持续发展委员会成员，自二零二零年二月一日起生效。
彼负责执行本集团策略规划及企业发展，负责管理并监督本集团的生产及
客户关系。彼于二零一四年取得淡江大学经济学士学位。陈先生为黄秀
端女士之子，并为陈子芸小姐的弟。陈奕舞先生为
King Strike Limited
（本
公司于证券及期货条例第
XV
部项下界定的主要股东）的其中一名董事。
Directors and Senior Management Profiles
董事及高层管理人员履历
信星鞋业集团有限公司 年报
2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Wong Hei-chiu
黄禧超
58Executive director
and Vice Chairman
执行董事兼副主席
17Mr. Wong is also the chief financial oficer of the Group, company secretary
and a member of the Sustainability Comite of the Company. Mr.
Wong is responsible for asisting the chairman to formulate the overal
corporate strategy and policy development, supervision and management
of the Group’s overal financial maters and investor relations. Mr. Wong
obtained an Executive Diploma in Corporate Governance and Sustainability
Directorship from The Hong Kong Institute of Directors and completed the
Prince of Wales’ Busines Sustainability Programe from the University
of Cambridge Institute for Sustainability Leadership in 2019. Mr. Wong
holds an Executive Master’s degre in busines administration from The
Chinese University of Hong Kong and a Bachelor’s degre in busines
administration from Lingnan University, Hong Kong. He is a Certified Public
Acountant (Practising), a felow member of The Asociation of Chartered
Certified Acountants in the United Kingdom, a felow member of The
Institute of Chartered Acountants in England and Wales and an asociate
member of Hong Kong Institute of Certified Public Acountants. Mr. Wong
is also a felow member of the Hong Kong Institute of Directors.
黄先生亦为本集团之首席财务官兼本公司之公司秘书及可持续发展委员
会成员。黄先生负责协助主席制定整体企业策略及政策发展，监督及管
理本集团之整体财务事宜及投资者关系。黄先生于二零一九年取得香港
董事学会的企业管治与可持续董事的行政人员文凭
(Executive Diploma
in Corporate Governance and Sustainability Directorship)
，并于剑桥大
学可持续领导力学院
(University of Cambridge Institute for Sustainability
Leadership)
完成威尔斯王子可持续业务课程
(Prince of Wales’ Busines
Sustainability Programe)
。黄先生持有香港中文大学
EMBA
硕士学位及香
港岭南大学商业管理学士学位。彼为执业会计师，乃英国特许公认会计师
公会资深会员、英格兰及威尔斯特许会计师公会资深会员及香港会计师公
会员。黄先生亦为香港董事学会资深会员。
Directors and Senior Management Profiles
董事及高层管理人员履历
130Kingmaker Fotwear Holdings Limited Anual Report 2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Mr. Wong has over 34 years of corporate finance and financial
management experience in Hong Kong and the PRC. Mr. Wong is an
independent non-executive director of Prosperous Printing Company
Limited, whose shares are listed on the GEM of the Stock Exchange.
He was an independent non-executive director of Vico International
Holdings Limited, whose shares are listed on the Main Board of the Stock
Exchange, from January 2018 to March 2019. Prior to joining the Group in
2008, Mr. Wong has worked as the group financial controler and company
secretary in a Hong Kong listed electronics manufacturing company for
over 8 years; and as the finance director and company secretary in another
Hong Kong listed wholesale and distribution company for over 4 years.
黄先生在香港及中国积累逾
年企业财务及财务管理方面之经验。黄先生
为股份于联交所
GEM
上市之万里印刷有限公司之独立非执行董事。自二
零一八年一月至二零一九年三月，彼为股份于联交所主板上市之域高国际
控股有限公司之独立非执行董事。黄先生于二零八年加入本集团前，曾
于一间在香港上市之电子制造公司担任集团财务总监及公司秘书逾
年；
并曾于另一间在香港上市之批发及分销公司担任财务董事及公司秘书逾
年。
Directors and Senior Management Profiles
董事及高层管理人员履历
信星鞋业集团有限公司 年报
2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Non-executive Directors
非执行董事
Chan Ho-man,
Daniel
陈浩文
70Non-executive director
非执行董事
29Mr. Chan has ben with the Group since 1996 and was the ex-chairman of
the Group from June 2016 to January 2020. He is responsible for advising
the management on the corporate strategy and policy development.
Mr. Chan is an asociate member of Hong Kong Institute of Certified Public
Acountants. Mr. Chan has more than 46 years’ acounting and corporate
finance experience in Hong Kong.
陈先生于一九六年加入本集团，并自二零一六年六月至二零二零年一月
为本集团的前主席。彼负责就企业策略及政策发展向管理层提供意见。
陈先生为香港会计师公会员。陈先生具有逾
年香港会计及公司财务经
验。
Kimel, Philip Brian
柯民佑
73Non-executive director
非执行董事
31Mr. Kimel has ben with the Group since 1994. He is responsible for the
Group’s investors and customer relations. Mr. Kimel has more than 49
years’ extensive experience in the fotwear industry. He holds a Bachelor’s
degre from the University of Southern California and a Master’s degre
from the University of Washington in China Regional Studies.
柯先生于一九四年加入本集团。彼主要负责本集团之投资者及客户关系
事宜。柯先生在制鞋业有超过
年之丰富经验。彼拥有美国南加州大学
士学位及华盛顿大学中国研究硕士学位。
Directors and Senior Management Profiles
董事及高层管理人员履历
132Kingmaker Fotwear Holdings Limited Anual Report 2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Dr. Chow Wing-kin,
Anthony, SBS, J.P.
周永健博士
银紫荆星章，太平绅士
75Non-executive director
非执行董事
31Dr. Chow serves as a member of the Nomination Comite and the Audit
Comite of the Company.
Dr. Chow is a solicitor admited to practise in Hong Kong, England and
Wales. He has ben a practising solicitor in Hong Kong for over 45 years
and is curently a senior consultant and global chairman of the law firm
Mesrs. Guantao & Chow Solicitors and Notaries. His principal areas of
practice include corporate and comercial, property law, probate and civil
litigation. Dr. Chow is a China-Apointed Atesting Oficer. Dr. Chow was
awarded the Honorary Felowship of the Hong Kong Institute of Education,
the Honorary Felowship of King’s Colege London, the Doctor of Social
Sciences, honoris causa, of Hong Kong Metropolitan University (formerly
known as The Open University of Hong Kong) in 2018 and the Doctor
of Laws, honoris causa, of The Hong Kong University of Science and
Technology in 2021.
He is also an independent non-executive director of Ping An Healthcare
and Technology Company Limited, China Resources Beverage (Holdings)
Company Limited and Beijing North Star Company Limited, al are listed
on the Main Board of the Hong Kong Stock Exchange. He is also an
independent non-executive director of OneConect Financial Technology
Co., Ltd., a company listed on the New York Stock Exchange.
Dr. Chow was previously a non-executive director of China City
Construction Group Holdings Limited, an independent non-executive
director of Fountain Set (Holdings) Limited, MTR Corporation Limited, S.F.
Holding Co., Ltd., a company listed on the Shenzhen Stock Exchange. He
is also the former chairman of the Proces Review Panel for the Securities
and Futures Comision of Hong Kong, the board of stewards of The
Hong Kong Jockcy Club, and the former deputy chairman of the council of
The Hong Kong Academy for performing Arts and the past president of The
Law Society of Hong Kong. He was apointed a Justice of the Peace in
1998 and awarded the Silver Bauhinia Star medal in 2003.
周博士为本公司提名委员会及审核委员会之成员。
周博士分别于香港、英格兰及威尔斯获认可为执业律师。彼于香港担任执
业律师逾
年，现为观韬律师事务所（香港）之高级顾问及全球主席。彼之
主要执业范围包括公司法及商业法、产权法、遗产事务及民事诉讼。周博士
为中国委托公证人。周博士于二零一八年获香港教育学院颁授荣誉院士，
获伦敦国王学院颁授荣誉资深会士，获香港都会大学（前称香港公开大学）
颁授荣誉社会科学博士及于二零二一年获香港科技大学颁授荣誉法学博
士。
彼亦为平安健康医疗科技有限公司、华润饮料（控股）有限公司及北京北辰
实业股份有限公司（皆为于香港联交所主板上市之公司）之独立非执行董
事。彼亦为深圳壹账通智能科技有限公司（于纽约证券交易所上市之公司）
之独立非执行董事。
周博士曾任中国城建集团股份有限公司的非执行董事、福田实业（集团）有
限公司、香港铁路有限公司、顺丰控股份有限公司（于深圳证券交易所上
市之公司）的独立非执行董事。彼亦为香港证监会程序覆检委员会前任主
席、香港赛马会董事局及香港演艺学院校董会前副主席及香港律师会前任
会长。于一九八年，彼获委任为太平绅士，并于二零三年获颁银紫荆星
章。
Directors and Senior Management Profiles
董事及高层管理人员履历
信星鞋业集团有限公司 年报
2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Chan Mei-bo,
Mabel, J.P.
陈美宝，太平绅士
53Independent
non-executive director
独立非执行董事
14Ms. Chan serves as the Chairman of the Audit Comite with efect from
28 August 2024, a member of each of the Nomination Comite and
Remuneration Comite of the Company. Ms. Chan is the founder of
Mabel Chan & Co, Certified Public Acountants (Practicing) and became
the deputy managing partner of Grant Thornton Hong Kong Limited in
2016. Ms. Chan has over 32 years’ experience in profesional acounting
field in Hong Kong. Ms. Chan serves as a member of the HKTDC Service
Promotion Programe Comite since October 2022, a member of Hong
Kong Busines Facilitation Advisory Comite since July 2020, a member
of Hong Kong Academy of Finance since December 2020, a member of
the Independent Police Complaints Council since January 2021, a member
of the Coruption Prevention Advisory Comites of the ICAC since
January 2021, a council member of Hong Kong Asociation of Registered
Public Interest Entity Auditors Limited since June 2021 and a member of
HKSAR Election Comite since August 2021. In adition, she served as
a member of the Air Transport Licensing Authority of HKSAR from August
2017 to August 2018, a member of the Trade and Industry Advisory Board
of HKSAR from September 2017 to January 2024, council member of
the Asociation of Women Acountants HK from January 2006 to March
2017 and the president of the aforesaid Institute in 2010, a member of
the Council of Hong Kong Institute of Certified Public Acountants from
December 2007 to December 2018 and the president of the aforesaid
Institute from December 2016 to December 2017. She served as the
president of the Society of Chinese Acountants and Auditors from
December 2009 to December 2010, a member of Baristers Disciplinary
Tribunal Panel of Hong Kong from May 2010 to May 2020, a schol board
member of Hong Kong Baptist University from January 2013 to December
2018, a member of the Apeal Panel (Housing) of Hong Kong from
April 2014 to March 2018, a member of Smal and Medium Enterprises
Comite of HKSAR from January 2015 to December 2020, a member
of the Securities and Futures Apeals Tribunal of HKSAR from April 2017
to March 2023, and a member of the Export Credit Insurance Corporation
Advisory Board of HKSAR from July 2017 to June 2023. Ms. Chan was
apointed a Justice of the Peace in 2023.
陈女士为本公司审核委员会主席（自二零二四年八月二十八日起生效）、提
名委员会及薪酬委员会之成员。陈女士为陈美宝会计师事务所的创办人，
并于二零一六年成为致同（香港）会计师事务所有限公司副管理合伙人。陈
女士于香港之专业会计方面拥有逾
年经验。陈女士于二零二年十月起
担任香港贸发局服务业拓展计划委员会委员，于二零二零年七月起担任香
港方便营商咨询委员会委员，于二零二零年十二月起担任香港金融学院会
员，于二零二一年一月起担任独立监察警方处理投诉委员会成员，于二零
二一年一月起担任廉政公署防止贪污咨询委员会成员，于二零二一年六月
起担任香港上市公司审核师协会理事会成员，并于二零二一年八月起担任
香港特别行政区选举委员会委员。此外，彼于二零一七年八月至二零一八
年八月担任香港空运牌照局成员，二零一七年九月至二零二四年一月担任
香港工业贸易咨询委员会委员，于二零六年一月至二零一七年三月担任
香港女会计师协会的理事并于二零一零年担任会长，于二零七年十二月
至二零一八年十二月担任香港会计师公会理事会理事并于二零一六年十二
月至二零一七年十二月担任会长，于二零九年十二月至二零一零年十二
月担任香港华人会计师公会长，于二零一零年五月至二零二零年五月担
任香港大律师纪律审裁团成员，于二零一三年一月至二零一八年十二月担
任香港浸会大学校董会成员，于二零一四年四月至二零一八年三月担任香
港上诉委员会（房屋）成员，于二零一五年一月至二零二零年十二月担任香
港中小型企业委员会委员，于二零一七年四月至二零二三年三月担任香港
证券及期货事务上诉审裁处成员，并于二零一七年七月至二零二三年六月
担任香港出口信用保险局咨询委员会委员。陈女士于二零二三年获委任为
太平绅士。
Directors and Senior Management Profiles
董事及高层管理人员履历
134Kingmaker Fotwear Holdings Limited Anual Report 2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Ms. Chan holds a master degre of busines administration from the
Hong Kong University of Science and Technology in 2000 and a degre
of Bachelor of Arts (Hons) in acountancy from City Polytechnic of Hong
Kong (now known as City University of Hong Kong) in 1993. Ms. Chan
is a Certified Public Acountant (Practicing) in Hong Kong, a felow
member of The Asociation of Chartered Certified Acountants, a council
member and an asociate member of The Hong Kong Institute of Certified
Public Acountants, an asociate member of The Institute of Chartered
Acountants in England and Wales and a member of CPA Australia.
Ms. Chan curently serves as an independent non-executive director of
another listed company on the Main Board of the Stock Exchange, namely,
Renrui Human Resources Technology Holdings Limited. Ms. Chan was an
independent non-executive director of a listed company on the Main Board
of the Stock Exchange, namely Bank of Zhengzhou Co., Ltd. during the
period from June 2015 to December 2021.
陈女士于二零年获得香港科技大学工商管理硕士学位，并于一九三
年获香港城市理工学院（现时称为香港城市大学）颁授文学士（荣誉）学
位，主修会计。陈女士为香港执业会计师、英国特许公认会计师公会之资深
会员、香港会计师公会员理事及会员、英格兰和威尔斯特许会计师公会
会员及澳洲会计师公会员。
陈女士现时担任另一家于联交所主板上市公司（即人瑞人才科技控股有限
公司）的独立非执行董事。陈女士曾于二零一五年六月至二零二一年十二
月期间担任一家于联交所主板上市公司（即郑州银行股份有限公司）的独立
非执行董事。
Directors and Senior Management Profiles
董事及高层管理人员履历
信星鞋业集团有限公司 年报
2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Wong Hin-wing, MH, J.P.
黄显荣，荣誉勋章，太平绅士
62Independent
non-executive director
独立非执行董事
2Mr. Wong serves as the Chairman of the Remuneration Comite, a
member of each of the Audit Comite and Nomination Comite of
the Company. Mr. Wong holds a master’s degre in executive busines
administration from The Chinese University of Hong Kong. He is a felow
member of the Hong Kong Institute of Certified Public Acountants, the
Institute of Chartered Acountants in England & Wales, the Asociation of
Chartered Certified Acountants, the Hong Kong Institute of Directors and
the Chartered Governance Institute. He is also a member of the American
Institute of Certified Public Acountants and a chartered member of the
Chartered Institute for Securities & Investment. Mr. Wong was awarded the
Medal of Honour in 2021 and apointed a Justice of the Peace in 2024 by
the Government of the Hong Kong Special Administrative Region.
黄先生为本公司薪酬委员会主席，审核委员会及提名委员会各自成员。黄
先生持有香港中文大学颁发之行政人员工商管理硕士学位。彼为香港会计
师公会、英格兰及威尔斯特许会计师公会、特许公认会计师公会、香港董事
学会及特许公司治理公会资深会员。彼亦为美国会计师公会员及英国特
许证券与投资协会特许会员。黄先生于二零二一年荣获香港特别行政区政
府颁授荣誉勋章及于二零二四年获委任为太平绅士。
Directors and Senior Management Profiles
董事及高层管理人员履历
136Kingmaker Fotwear Holdings Limited Anual Report 2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Mr. Wong is curently an independent non-executive director of Ino
Science (Suzhou) Technology Holding Company Limited (stock code:
2577), Zhaoke Ophthalmology Limited (stock code: 6622), C Cheng
Holdings Limited (stock code: 1486) and YNBY International Limited
(stock code: 30), al are public company listed on the Stock Exchange. Mr.
Wong served as an independent non-executive director of Jiangxi Bank
Co., Ltd. (a public company with H shares listed on the Stock Exchange
(stock code: 1916) from February 2018 to August 2024, CRC High-Tech
Equipment Corporation Limited (a public company with H shares listed on
the Stock Exchange (stock code: 1786) from November 2015 to October
2022, Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited
(a public company with A shares listed on the Shanghai Stock Exchange
(stock code: 600332), H shares listed on the Stock Exchange (stock code:
874) from June 2017 to May 2023, Iner Mongolia Yitai Coal Co., Ltd.
(a public company with B shares listed on the Shanghai Stock Exchange
(stock code: 900948), H shares listed on the Stock Exchange (stock code:
3948) from May 2017 to May 2023 and Wine’s Link International Holdings
Limited (a public company listed on the Stock Exchange (stock code:
8509) from December 2017 to March 2023. Save as disclosed herein, Mr.
Wong did not hold any directorship in other public companies the securities
of which are listed in Hong Kong or overseas in the last thre years.
黄先生现为英诺赛科（苏州）科技股份有限公司（股份代号：
）、兆科眼
科有限公司（股份代号：
）、思城控股有限公司（股份代号：
）及云
白国际有限公司（股份代号：
）（均为于联交所上市之公众公司）之独立非
执行董事。黄先生分别于二零一八年二月至二零二四年八月、二零一五年
十一月至二零二年十月、二零一七年六月至二零二三年五月、二零一七
年五月至二零二三年五月及二零一七年十二月至二零二三年三月担任江西
银行股份有限公司（于联交所上市
H
股（股份代号：
）之公众公司）、中
国铁建高新装备股份有限公司（于联交所上市
H
股（股份代号：
）之公众
公司）、广州白云山医药集团股份有限公司（于上海证券交易所上市
A
股（股
票代码：
）、联交所上市
H
股（股份代号：
）之公众公司）、内蒙古
伊泰煤炭股份有限公司（于上海证券交易所上市
B
股（股票代码：
）、
联交所上市
H
股（股份代号：
）之公众公司）及威扬酒业国际控股有限公
司（于联交所上市之（股份代号：
）公众公司）之独立非执行董事。除本
公告所披露者外，黄先生于过去三年并无于证券在香港或海外上市之其他
公众公司担任何董事职位。
Directors and Senior Management Profiles
董事及高层管理人员履历
信星鞋业集团有限公司 年报
2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Mr. Wong is a member of the Anhui Provincial Comite of the Chinese
People’s Political Consultative Conference, a panel member of Acounting
and Financial Reporting Review Tribunal, a member of Advisory comite
on Enhancing Self-Reliance Through District Partnership Programe, the
Beting and Loteries Comision and the Medical Council of Hong Kong,
as wel as a board member of Ocean Park Corporation.
Mr. Wong is the managing partner and responsible oficer of Hermitage
Capital HK Limited, a private equity firm licensed under the Securities
and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Prior
to this, he had worked with an international audit firm for four years and
then a listed company as chief financial oficer for seven years, after
which he co-founded Silk Road International Capital Limited (a licensed
corporation formerly known as Legend Capital Partners Inc.) and led the
company as the executive director and responsible oficer for twenty-thre
years. Overal, he has over thre decades of solid experience in corporate
management and governance, investment management and advisory,
acounting and finance.
黄先生为中国人民政治协商会议安徽省委员会委员、会计及财务汇报覆核
审裁处委员、「伙伴倡自强」社区协作计划咨询委员会委员、博彩及奖券事
务委员会、香港医务委员会之委员及海洋公园公司董事会成员。
黄先生为香港法例第
章证券及期货条例项下之持牌私募股权公司和暄
资本香港有限公司之管理合伙人及持牌负责人。担任此要职前，彼曾于一
家国际核数师行任职达四年，及后亦于一家上市公司出任首席财务官达七
年，之后与他人共同创立了丝路国际资本有限公司（一家持牌法团，前称安
里俊投资有限公司），并担任公司执行董事及持牌负责人达二十三年。总而
言之，彼在企业管理及管治、投资管理及顾问以及会计及财务方面拥有超
过三十年之丰富经验。
Directors and Senior Management Profiles
董事及高层管理人员履历
138Kingmaker Fotwear Holdings Limited Anual Report 2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Lau Ka-kin
罗家健
65Independent
non-executive director
独立非执行董事
(apointed on 28 August
2024)
（于二零二四年八月二十八
日获委任）
N/A
不适用
Mr. Law serves as a member of each of the Audit Comite, Nomination
Comite and Remuneration Comite of the Company. Mr. Law has
over 40 years of management experience in the financial services industry
covering both buy and sel sides. Mr. Law is an al-round management
profesional specialising in areas of investment advisory, strategic planing
and busines management.
Mr. Law is curently a senior executive of Sterling Private Management
Limited (“Sterling”), a Hong Kong-based family ofice that manages the
asets and private wealth of members of the Chen family, a prominent
Hong Kong family that co-founded Hang Lung Group. Mr. Law asists the
chief executive oficer of Sterling, particular in the areas of investment,
project management and philanthropy. Prior to working at Sterling, Mr. Law
served as a licensed responsible oficer under the Securities and Futures
Ordinance in various financial institutions in Hong Kong up to June 2018,
and previously during his carer served as an executive director for Cash
Financial Services Group Limited (Stock Code: 510) for over 3 years; as
an executive director for Value Partners Group Limited (Stock Code: 806)
for over 2 years; and as an executive director for Celestial Asia Securities
Holdings Limited (Stock Code: 1049) for over 7 years, al of which are
public companies listed on the Stock Exchange.
Mr. Law holds a Bachelor of Arts Degre in Economics from The City of
London Polytechnic, United Kingdom. Mr. Law is a felow member of the
Hong Kong Securities and Investment Institute, and curently serves as
a council member of Gratia Christian Colege, a private Christian higher
education institution in Hong Kong.
罗先生为本公司审核委员会、提名委员会及薪酬委员会之成员。罗先生于
金融服务业（涵盖买卖双方）积逾超过
年的管理经验。罗先生为全方位金
融服务业专才，擅长投资咨询，策略规划及业务管理。
罗先生现为常兴（合隆）管理有限公司（「常兴」）之高级行政人员。常兴为一
间总部位于香港的家族办公室，负责管理香港著名家族陈氏家族（为恒隆
集团的始创人之一）成员的资产及私人财富。罗先生尤其在投资、项目管理
及慈善方面协助常兴行政总裁工作。于罗先生加入常兴前，截至二零一八
年六月，彼曾于香港多间金融机构担任证券及期货条例下的持牌负责人
员，在其职业生涯中亦曾于时富金融服务集团有限公司（股份代号：
）担
任执行董事超过三年；于惠理集团有限公司（股份代号：
）担任执行董
事超过两年；以及于时富投资集团有限公司（股份代号：
）担任执行董
事超过七年，上述公司均为于联交所上市之公司。
罗先生毕业于英国伦敦市理工学院，持有经济学士学位。罗先生现为香
港证券及投资学会资深会员，及宏恩基督教学院（香港一所私立基督教高
等学院机构）校董。
Directors and Senior Management Profiles
董事及高层管理人员履历
信星鞋业集团有限公司 年报
2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Independent Non-executive Directors
独立非执行董事
Tam King-ching,
Keny
谭竞正
76Independent
non-executive director
独立非执行董事
(Retired by rotation on 28
August 2024)
（于二零二四年八月二十八
日轮席退任）
30Mr. Tam serves as the Chairman of the Audit Comite, and a member
of each of the Nomination Comite and Remuneration Comite of
the Company until 28 August 2024. He is a practising Certified Public
Acountant in Hong Kong. He is a felow member of the Hong Kong
Institute of Certified Public Acountants and a member of Chartered
Profesional Acountants of Ontario, Canada. He is a past president of
The Society of Chinese Acountants and Auditors. Mr. Tam also serves
as an independent non-executive director of thre other listed companies
on the Main Board of the Stock Exchange, namely, Capital Industrial
Financial Services Group Limited (formerly known as Shougang Concord
Grand (Group) Limited), Starlite Holdings Limited and West China Cement
Limited. Mr. Tam was previously an independent non-executive director of
five Hong Kong Listed companies, namely Hong Kong Shanghai Aliance
Holdings Limited, Wisdom Education International Holdings Company
Limited, BeijingWest Industries International Limited, CT Fortis Holdings
Limited and GBA Holdings Limited (formerly known as Greater Bay Area
Investments Group Holdings Limited) in the past thre years.
谭先生为本公司审核委员会之主席、提名委员会及薪酬委员会之成员，直
至二零二四年八月二十八日为止。彼为香港执业会计师。彼为香港会计师
公会之资深会员及加拿大安大略省特许专业会计师公会员。彼为香港华
人会计师公会前任会长。谭先生亦出任其他三间于联交所主板上市之公
司－首惠产业金融服务集团有限公司（前称首长四方（集团）有限公司）、星
光集团有限公司及中国西部水泥有限公司之独立非执行董事。谭先生于过
去三年曾任五间香港上市公司，即沪港联合控股有限公司、光正教育国际
控股有限公司、京西重工国际有限公司、中建富通集团有限公司及
GBA
集
团有限公司（前称大湾区投资控股集团有限公司）的独立非执行董事。
Directors and Senior Management Profiles
董事及高层管理人员履历
140Kingmaker Fotwear Holdings Limited Anual Report 2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Senior Management
高级管理层
Lai Chi-hang, David
黎志恒
58Group
financial controler
集团财务总监
32Mr. David Lai has ben with the Group since 1993 and is a member of
each of the Sustainability Comite and Sustainability working group of
the Company. He is responsible for the Group’s acounting and financial
management and serves as a director for the subsidiaries of the Company.
Mr. Lai holds a Master’s degre in busines administration from University
of Wales. He has more than 36 years’ experience in auditing, financial
acounting and financial management.
黎志恒先生于一九三年加入本集团并为本公司可持续发展委员会及可持
续发展工作小组成员。彼负责本集团之会计及财务管理并担任本公司附属
公司董事。黎先生持有威尔斯大学工商管理硕士学位。彼具有超过
年核
数、财务会计及财务管理经验。
Chen Zi-yun,
Fiona Aple
陈子芸
42Asistant to Chief Executive
Oficer
行政总裁助理
18Ms. Fiona Aple Chen has ben with the Group since 2007. She is a
member of each of the Sustainability Comite and Sustainability working
group of the Company and also serves as a director of the subsidiaries of
the Company. She was previously the Managing Director and was in charge
of the Group’s retailing busines. She asists the Chief Executive Oficer
for the implementation of corporate strategies and cordination among
diferent departments and busines units of the Group. She is responsible
for the overal administration and management information systems of the
Group and overses the Group’s busines operation in Taiwan. She holds a
Bachelor’s degre from National Taiwan University in International Busines.
After graduation, she studied fotwear design at De Montfort University,
the United Kingdom. Ms. Chen is a daughter of Madam Huang Hsiu-duan,
Helen and a sister of Mr. Chen Yi-wu, Ares.
陈子芸小姐自二零七年加入本集团。彼为本公司可持续发展委员会及可
持续发展工作小组成员，亦担任本公司附属公司董事。彼先前为董事总经
理，负责本集团的零售业务。彼现协助行政总裁落实企业战略及各部门与
本集团业务单位之间的协调。彼负责本集团的整体行政与管理资讯系统及
监管本集团台湾的业务营运。彼拥有国立台湾大学士学位，主修国际商
务。毕业后，彼在英国
De Montfort University
继续深造，主修鞋类设计。陈
小姐为黄秀端女士之女儿，并为陈奕舞先生的姐。
Directors and Senior Management Profiles
董事及高层管理人员履历
信星鞋业集团有限公司 年报
2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Wertz Tod Anthony
文德光
56Vice President, Marketing
and Busines development
市场推广及
业务发展副总裁
7Mr. Tod Wertz joined the Group in January 2018. He is responsible
for the Group’s sales and marketing, busines development and in
charge of the R&D center in Zhuhai factory. Mr. Wertz has over 31
years’ experience in the fotwear industry. Prior joining the Group, Mr.
Wertz served as a Regional President (Asia) in K-Swis International
Manufacturing Limited (“K-Swis”) from 1998 to 2017. He was mainly
responsible for the establishment of legal entities and standard operating
procedures for quality control, in charge of the manufacturing and suply
chain management within APAC, including Vietnam, Indonesia, Hong
Kong, Thailand, China and Taiwan; and the management of planing and
operations with OEM factories. Before joining K-Swis, Mr. Wertz served
as a sales manager in Trust Leather Company and as a SMU manager
in K-Swis International from 1992 to 1993 and from 1993 to 1994
respectively. From 1995 to 1998, he served as a Line Planer and Finished
Gods Buyer in Pearl Izumi. In 2017, Mr. Wertz also established Lysi
Solutions to act as OEM sourcing strategist and turnaround specialist on
helping companies to optimize their suply chains, quality enhancement,
software integration management, corporate trainings and providing
profitability solutions.
Mr. Wertz holds a bachelor degre of Arts in International Relations from
the University of Colorado in 1991. He also studied in Tunghai University for
several intensive Mandarin Chinese language study programs.
文德光先生于二零一八年一月加入本集团，主要负责本集团的销售、市场
推广及业务发展以及主要负责珠海厂的研发中心。文先生于鞋履行业拥有
逾
年经验。彼在加入本集团前，于一九八年至二零一七年担任
K-Swis
International Manufacturing Limited
（「
K-Swis
」）的区域总裁（亚洲）。文先
生主要负责成立法律实体及制订质量控制的标准操作程序，并负责亚太地
区的制造及供应链管理，包括越南、印尼、香港、泰国、中国及台湾；以及负
责管理
OEM
工厂的规划及营运。彼在加入
K-Swis
前，分别于一九二年至
一九三年及一九三年至一九四年担任
Trust Leather Company
的销售
经理及
K-Swis International
的
SMU
经理。彼曾于一九五年至一九八年
于
Pearl Izumi
担任生产线规划师及成品采购员。二零一七年，文先生还成立
了
Lysi Solutions
，并担任
OEM
采购策略师及企业再造专家，以协助企业优
化其供应链、提升质量、管理软件集成、企业培训及提供盈利解决方案。
文先生于一九一年获得科罗拉多大学国际关系文学士学位。彼亦曾于
东海大学修读多项普通话汉语学习精研课程。
Directors and Senior Management Profiles
董事及高层管理人员履历
142Kingmaker Fotwear Holdings Limited Anual Report 2025
NameAgePosition held
Number of
years of
serviceBusines experience
姓名年龄所担任职位任职年数商务经验
Huang Chun-hua, Charles
黄春华
65Vice General Manager
副总经理
42Mr. Charles Huang has ben with the Group since 1983. He is curently in
charge of the overal factory sourcing and operations of the Company. Mr.
Huang has more than 42 years’ experience in the fotwear industry. Mr.
Huang is the brother of Madam Huang Hsiu-duan, Helen.
黄春华先生于一九八三年加入本集团。现时主要负责本公司所有工厂之采
购及营运。黄先生在制鞋业有超过
年之经验。黄先生为黄秀端女士之胞
弟。
Yang Mu-lang
杨木龙
64Vice General Manager
副总经理
21Mr. Yang has ben with the Group since 2004. He was in charge of the
factory operation in Zhuhai. With efect from 1 January 2021, Mr. Yang has
promoted to Vice General Manager and in charge of the factory production
in Vietnam. Mr. Yang has more than 41 years’ experience in fotwear
factory.
杨先生于二零四年加入本集团，主要负责珠海厂之营运。自二零二一年
一月一日起，杨先生晋升为副总经理并主要负责越南厂之生产事宜。杨先
生在制鞋厂有超过
年之经验。
Su Yi-ren
苏义仁
39Asistant General Manager
协理
13Mr. Su has ben with the Group since 2012. He was in charge of the
quality control management of the Company and lead multiple functions in
Cambodia in 2015. He has promoted to Asistant General Manager of a
subsidiary of the Group and in charge of the factory operation in Cambodia
in 2021. Mr. Su has more than 13 years experience in the fotwear
industry. Mr. Su is the son-in-law of Madam Huang Hsiu-duan, Helen.
苏先生于二零一二年加入本集团。彼于二零一五年主要负责本公司质量控
制管理并于柬埔寨领导多个职能部门。彼于二零二一年晋升为本集团附属
公司之协理，主要负责柬埔寨厂之营运。苏先生在制鞋业有超过
年之经
验。苏先生为黄秀端女士之女婿。
Report of the Directors
董事会报告
信星鞋业集团有限公司 年报
2025
The directors (the “Directors”) of the Company present their
report and the audited financial statements of the Company and
its subsidiaries (the “Group”) for the year ended 31 March 2025.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. The
principal activities of the principal subsidiaries are set out in note
33 to the financial statements. There were no significant changes
in the nature of the principal activities of the Group during the
year.
BUSINES REVIEW
A discusion and analysis of the activities of the Group as
required by Schedule 5 to the Hong Kong Companies Ordinance,
including a fair review of the busines, a discusion of the
principal risks and uncertainties facing the Group, particulars
of important events afecting the Group that have ocured
since the end of the financial year 2025, and an indication of
likely future development in the Group’s busines, are provided
in the sections headed “Chairman’s Statement”, “Management
Discusion and Analysis”, and “Environmental, Social and
Governance Report” set out on pages 6 to 100 of this anual
report.
For the year ended 31 March 2025 and up to the date of this
report, to the best knowledge of the Directors, the Group
complied with aplicable laws, rules and regulations in al material
respects.
RESULTS AND DIVIDENDS
The Group’s los for the year ended 31 March 2025 and the
Group’s financial position at that date are set out in the financial
statements on pages 166 to 294.
本公司董事（「董事」）谨此提呈董事会报告及本公
司与其附属公司（「本集团」）截至二零二五年三月
三十一日止年度之经审核财务报表。
主要业务
本公司之主要业务为投资控股。主要附属公司之
主要业务载于财务报表附注
。本集团主要业务
之性质在本年度并无重大变动。
业务回顾
香港公司条例附表五所规定之本集团活动之讨
论与分析，包括对业务之中肯审阅、本集团面临
的主要风险和不明朗因素之讨论、在二零二五年
财政年度完结后发生并对本集团有影响的重大
事件的详情及本集团业务日后可能发展的指标，
载于本年报第
至
页的「主席报告」、「管理层
讨论及分析」和「环境、社会及管治报告」各节内。
于截至二零二五年三月三十一日止年度及直至
本报告日期，就董事所知，本集团于所有重大方
面遵守适用法律、规则及法规。
业绩及股息
本集团于截至二零二五年三月三十一日止年度
之亏损及本集团于该日之财务状况载于第
至
页的财务报表。
Report of the Directors
董事会报告
144Kingmaker Fotwear Holdings Limited Anual Report 2025
本集团已于二零二五年一月二十七日派付特别
中期股息每股普通股
2.0
港仙。董事建议派付本
年度特别末期股息每股普通股
2.0
港仙予于二零
二五年九月十二日（星期五）名列股东名册之股
东。董事并无建议就本年度派发末期股息。详情
载于财务报表附注
。待于本公司应届股东周年
大会上通过有关决议案后，有关特别末期股息将
于二零二五年九月二十九日（星期一）或前后以港
元现金派付。
暂停办理股份过户登记
出席股东周年大会并于会上投票的资格
本公司股东周年大会谨订于二零二五年八月
二十八日举行。为厘定出席股东周年大会并于
会上投票之资格，本公司将由二零二五年八月
二十五日（星期一）至二零二五年八月二十八日
（星期四）（包括首尾两日）暂停办理股份过户登
记手续，于此期间不会办理任何股份过户登记手
续。为符合资格出席股东周年大会并于会上投
票，所有已填妥之股份过户表格连同有关股票，
须不迟于二零二五年八月二十二日（星期五）下午
四时三十分，送达本公司之香港股份过户登记分
处卓佳证券登记有限公司，地址为香港夏悫道
号远东金融中心
楼，以办理登记手续。
获派拟派特别末期股息的资格
获派拟派特别末期股息的资格之记录日期为二
零二五年九月十二日（星期五）。为厘定获派拟
派特别末期股息的权利，本公司将由二零二五年
九月十日（星期三）至二零二五年九月十二日（星
期五）（包括首尾两日）暂停办理股份过户登记手
续，于此期间不会办理任何股份过户登记手续。
为符合资格获派拟派特别末期股息，所有已填妥
之股份过户表格连同有关股票，须不迟于二零
二五年九月九日（星期二）下午四时三十分，送达
本公司之香港股份过户登记分处卓佳证券登记
有限公司，以办理登记手续。
A special interim dividend of HK2.0 cents per ordinary share was
paid on 27 January 2025. The Directors recomend the payment
of a special final dividend of HK2.0 cents per ordinary share in
respect of the year to shareholders on the register of members
on Friday, 12 September 2025. No final dividend in respect of
the year was recomended by the Directors. Details are set out
in note 12 to the financial statements. Subject to the pasing of
the relevant resolution at the forthcoming anual general meting
of the Company, the special final dividend wil be payable on
or about Monday, 29 September 2025 in cash in Hong Kong
dolars.
CLOSURE OF REGISTER OF MEMBERS
Entitlement to atend and vote at the Anual General
Meting
The Anual General Meting of the Company is scheduled to
be held on 28 August 2025. For determining the entitlement to
atend and vote at the Anual General Meting, the register of
members of the Company wil be closed from Monday, 25 August
2025 to Thursday, 28 August 2025, both days inclusive, during
which period no transfer of shares wil be registered. In order to
be entitled to atend and vote at the Anual General Meting, al
duly completed transfer forms acompanied by the relevant share
certificates must be lodged with the Company’s branch share
registrar in Hong Kong, Tricor Investor Services Limited, at 17th
Flor, Far East Finance Centre, 16 Harcourt Road, Hong Kong,
for registration not later than 4:30 p.m. on Friday, 22 August
2025.
Entitlement to the proposed special final dividend
The record date for entitlement to the proposed special final
dividend is Friday, 12 September 2025. For determining the
entitlement to the proposed special final dividend, the register
of members of the Company wil be closed from Wednesday,
10 September 2025 to Friday, 12 September 2025, both days
inclusive, during which period no transfer of shares wil be
registered. In order to qualify for the proposed special final
dividend, al duly completed transfer forms acompanied by the
relevant share certificates must be lodged with the Company’s
branch share registrar and transfer ofice in Hong Kong, Tricor
Investor Services Limited, for registration not later than 4:30 p.m.
on Tuesday, 9 September 2025.
Report of the Directors
董事会报告
信星鞋业集团有限公司 年报
2025
财务资料概要
本集团于过往五个财政年度之业绩及资产与负
债之概要载列如下。本概要并非经审核财务报表
之一部分。
业绩
SUMARY OF FINANCIAL INFORMATION
A sumary of the results and of the asets and liabilities of
the Group for the last five financial years is set out below. This
sumary does not form part of the audited financial statements.
Results
Year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年二零二三年二零二年二零二一年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
RESULTS
业绩
REVENUE
收益
625,876689,2691,061,974842,687804,720
PROFIT/(LOS) BEFORE TAX
除税前溢利╱（亏损）
(44,424)12,62250,320(33,522)83,884
Income tax credit/(expenses)
所得税抵免╱（开支）
7,7587,4353,61613,703(4,100)
PROFIT/(LOS) FOR THE YEAR
年内溢利╱（亏损）
(36,666)20,05753,936(19,819)79,784
Atributable to:
下列各项应占：
Equity holders of the Company
本公司权益持有人
(33,890)20,22153,410(18,035)88,098
Non-controling interests
非控股权益
(2,776)(164)526(1,784)(8,314)
(36,666)20,05753,936(19,819)79,784
Report of the Directors
董事会报告
146Kingmaker Fotwear Holdings Limited Anual Report 2025
资产及负债
Asets and liabilities
As at 31 March
于三月三十一日
二零二五年二零二四年二零二三年二零二年二零二一年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
PROPERTY, PLANT AND EQUIPMENT
物业、厂房及设备
114,771135,190153,676172,992185,271
RIGHT-OF-USE ASETS
使用权资产
63,22363,85567,87071,35970,581
INVESTMENT PROPERTIES
投资物业
467,104473,347497,360546,724547,653
INVESTMENTS IN ASOCIATES
联营公司投资
131,405114,18096,52063,97331,457
INVESTMENTS IN CLUB MEMBERSHIPS
会所会籍投资
1,7101,7531,8001,8451,885
CURENT ASETS
流动资产
616,004721,120770,733800,439806,558
TOTAL ASETS
总资产
1,394,2171,509,4451,587,9591,657,3321,643,405
CURENT LIABILITIES
流动负债
(225,904)(226,197)(271,883)(324,743)(280,270)
NON-CURENT LIABILITIES
非流动负债
(96,728)(97,648)(101,420)(112,848)(107,883)
TOTAL LIABILITIES
总负债
(322,632)(323,845)(373,303)(437,591)(388,153)
NON-CONTROLING INTERESTS
非控股权益
(10,115)(12,891)(9,439)(8,913)(10,697)
1,061,4701,172,7091,205,2171,210,8281,244,555
Report of the Directors
董事会报告
信星鞋业集团有限公司 年报
2025
股本及购股权
年内，本公司股本及购股权变动之详情及理由分
别载于财务报表附注
及
。
优先购买权
本公司之公司细则或百慕达一九八一年公司法
概无有关优先购买权之规定，故本公司毋须按比
例向现有股东发行新股。
购买、赎回或出售本公司之上市证券
年内，本公司于香港联合交易所有限公司（「联交
所」）购回其
8,924,000
股份及本公司于年内注
销该等股份。董事认为，股份购回对保留了于本
公司之投资之本公司股东有利。购回股份详情载
列如下：
SHARE CAPITAL AND SHARE OPTIONS
Details of movements in the Company’s share capital and share
options during the year, together with the reasons therefor,
are set out in notes 24 and 25 to the financial statements,
respectively.
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the bye-laws
of the Company or the Companies Act 1981 of Bermuda which
would oblige the Company to ofer new shares on a pro rata
basis to existing shareholders.
PURCHASE, REDEMPTION OR SALE OF THE
COMPANY’S LISTED SECURITIES
During the year, the Company repurchased its 8,924,000 shares
on The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) and these shares were canceled by the Company
during the year. The Directors considered that the share
repurchases are beneficial to the shareholders of the Company
who retain their investments in the Company. Details of the share
repurchases are set out below:
Number of
shares
repurchased
Highest price
per share
Lowest price
per share
Agregate
consideration
(excluding
transaction cost)
购回之股份数目每股最高价每股最低价
总代价
（不包括交易成本）
Month/Year
年╱月
HK$
港元
HK$
港元
HK$’000
千港元
April 2024
二零二四年四月
3,222,0000.880.752,655
January 2025
二零二五年一月
204,0000.660.63129
February 2025
二零二五年二月
4,036,0000.830.683,173
March 2025
二零二五年三月
1,462,0000.850.801,208
Total
总计
8,924,0007,165
Report of the Directors
董事会报告
148Kingmaker Fotwear Holdings Limited Anual Report 2025
该等交易之进一步详情载于财务报表附注
。
除上文所披露者外，于截至二零二五年三月
三十一日止年度，本公司或其任何附属公司概无
购买、赎回或出售本公司之任何上市证券。
可供分派储备
根据百慕达一九八一年公司法计算，于二零二五
年三月三十一日，本公司可供分派之储备为
504,705,000
港元，其中报告期后拟派年度末期
股息为零及特别末期股息为
13,432,000
港元。此
外，本公司之股份溢价账为
83,357,000
港元，可
以缴足红股之方式分派。
税务减免
董事并不知悉股东因持有本公司的证券而获享
任何税务减免。
慈善捐款
年内，本集团作出慈善捐款合共
162,000
港元（二
零二四年：
162,000
港元）。
主要客户及供应商
于回顾年度内，本集团对五大客户之销售额占本
年度总销售额
91.8%
，而其中本集团对最大客户
之销售额则占
71.5%
。本集团向五大供应商之采
购额占本年度总采购额少于
25%
。
本公司董事或其任何紧密联系人或就董事所知
拥有本公司已发行股本
5%
以上之任何本公司股
东均无拥有本集团五大客户及供应商之任何实
益权益。
Further details of these transactions are set out in note 24 to the
financial statements.
Apart from the above, neither the Company, nor any of its
subsidiaries purchased, redemed or sold any of the Company’s
listed securities during the year ended 31 March 2025.
DISTRIBUTABLE RESERVES
As at 31 March 2025, the Company’s reserves available for
distribution, calculated in acordance with the Companies Act
1981 of Bermuda, amounted to HK$504,705,000, of which Nil
has ben proposed as a final dividend and HK$13,432,000 as
a special final dividend for the year after the reporting period. In
adition, the Company’s share premium acount, in the amount
of HK$83,357,000, may be distributed in the form of fuly paid
bonus shares.
TAX RELIEF AND EXEMPTION
The Directors are not aware of any tax relief and exemption
available to the Shareholders by reason of their holding of the
Company’s securities.
CHARITABLE CONTRIBUTIONS
During the year, the Group made charitable contributions totaling
HK$162,000 (2024: HK$162,000).
MAJOR CUSTOMERS AND SUPLIERS
In the year under review, the Group’s sales to the five largest
customers acounted for 91.8% of the total sales for the year
and sales to the largest customer included therein amounted
to 71.5%. Purchases from the Group’s five largest supliers
acounted for les than 25% of the total purchases for the year.
None of the directors of the Company or any of their close
asociates or any shareholders of the Company (which, to the
best knowledge of the directors, own more than 5% of the
Company’s isued share capital) had any beneficial interest in the
Group’s five largest customers and supliers.
Report of the Directors
董事会报告
信星鞋业集团有限公司 年报
2025
董事
年内及截至本报告当日本公司之董事如下：
执行董事：
黄秀端女士
黄禧超先生
陈奕舞先生
非执行董事：
陈浩文先生
柯民佑先生
周永健博士，
银紫荆星章，太平绅士
独立非执行董事：
陈美宝女士，
太平绅士
黄显荣先生，
荣誉勋章，太平绅士
罗家健先生（于二零二四年八月二十八日获委任）
谭竞正先生
（于二零二四年八月二十八日轮席退任）
根据本公司之公司细则第
条规定，黄秀端女
士、陈浩文先生及陈美宝女士将根据公司细则退
任董事。黄秀端女士及陈浩文先生以及陈美宝女
士将符合资格及愿意于股东周年大会上膺选连
任。
DIRECTORS
The Directors of the Company during the year and up to the date
of this report were:
Executive Directors:
Mdm. Huang Hsiu-duan, Helen
Mr. Wong Hei-chiu
Mr. Chen Yi-wu, Ares
Non-executive Directors:
Mr. Chan Ho-man, Daniel
Mr. Kimel, Philip Brian
Dr. Chow Wing-kin, Anthony, SBS, J.P.
Independent Non-executive Directors:
Ms. Chan Mei-bo, Mabel, J.P
Mr. Wong Hin-wing, MH J.P
Mr. Law Ka-kin (apointed on 28 August 2024)
Mr. Tam King-ching, Keny
(retired by rotation on 28 August 2024)
Pursuant to bye-law 87 of the bye-laws of the Company, Mdm.
Huang Hsiu-duan, Helen, Mr. Chan Ho-man, Daniel and Ms.
Chan Mei-bo, Mabel wil retire as Directors in acordance with
the Bye-laws. Mdm. Huang Hsiu-duan, Helen and Mr. Chan Ho-
man, Daniel and Ms. Chan Mei-bo, Mable, being eligible, wil ofer
themselves for re-election at the Anual General Meting.
Report of the Directors
董事会报告
150Kingmaker Fotwear Holdings Limited Anual Report 2025
董事之服务合约
拟于应届股东周年大会上重选之董事概无与本
公司订立本公司一年内不作赔偿（法定赔偿除外）
则不得终止之服务合约。
董事酬金
董事酬金由薪酬委员会建议，并须待本公司董事
会参考董事职责、责任及表现，以及本集团业绩
而批准厘定。
获准许的弥偿保证条文
根据本公司之公司细则，本公司当时之董事可从
本公司的资产及利润获得弥偿，该等人士或任何
该等人士因执行各自的职务时因所作出、发生的
作为或不作为而招致或蒙受或可能招致或蒙受
的所有诉讼、费用、收费、损失、损害及开支，可
获确保免于就此受任何损害。于截至二零二五年
三月三十一日止年度，本公司已为针对董事的法
律诉讼投购适当的董事责任保险。
管理合约
年内概无订立或存有任何有关本公司整体或任
何重大业务部分之管理及行政合约。
DIRECTORS’ SERVICE CONTRACTS
None of the Directors proposed for re-election at the forthcoming
anual general meting has a service contract with the
Company which is not determinable by the Company within one
year without payment of compensation, other than statutory
compensation.
DIRECTORS’ REMUNERATION
The Directors’ remuneration is recomended by the
Remuneration Comite and subject to aproval by the
Company’s board of Directors with reference to Directors’ duties,
responsibilities and performance and the results of the Group.
PERMITED INDEMNITY PROVISION
Acording to the bye-laws of the Company, the Directors for the
time being of the Company 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, shal or may incur or
sustain by reason of any act done, concured in or omited in or
about, the execution of their duty in their respective ofices. The
Company has maintained apropriate directors liability insurance
in respect of legal action against the Directors during the year
ended 31 March 2025.
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of
the whole or any substantial part of the busines of the Company
were entered into or existed during the year.
Report of the Directors
董事会报告
信星鞋业集团有限公司 年报
2025
董事于交易、安排或合约之权益
财务报表附注
载列之关联方交易构成本公司
之关连交易，及获豁免遵守上市规则第
14A
章所
载有关申报、公告及独立股东批准之规定。本公
司确认已遵守上市规则第
14A
章之适用披露规
定。除财务报表附注
所披露交易外，年内，各
董事或董事之关连实体在本公司或其任何附属
公司所订立且与本集团业务有重大关系之交易、
安排或合约中，并无直接或间接拥有重大实益权
益。
董事于股份及相关股份所拥有之权益
及淡仓
于二零二五年三月三十一日，董事于本公司或其
相联法团（定义见证券及期货条例（「证券及期货
条例」）第
XV
部）之股本及相关股份中拥有按本公
司根据证券及期货条例第
条须存置之登记册
所示，或根据上市发行人董事进行证券交易之标
准守则（「标准守则」）须另行知会本公司及联交所
之权益及淡仓如下：
DIRECTORS’ INTERESTS IN TRANSACTIONS,
ARANGEMENTS OR CONTRACTS
The related party transactions as set out in note 28 to the
financial statements constitute conected transactions of the
Company and are exempted from the reporting, anouncement
and independent shareholders’ aproval requirements under
Chapter 14A of the Listing Rules. The Company confirmed that
it has complied with the aplicable disclosure requirements of
Chapter 14A of the Listing Rules. Apart from those transactions
disclosed in note 28 to the financial statements, no Director nor
a conected entity of a director had a material beneficial interest,
either directly or indirectly, in any transactions, arangements or
contracts of significance to the busines of the Group to which
the Company or any of its subsidiaries was a party during the
year.
DIRECTORS’ INTERESTS AND SHORT
POSITIONS IN SHARES AND UNDERLYING
SHARES
As at 31 March 2025, the interests and short positions of the
Directors in the share capital and underlying shares of the
Company or its asociated corporations (within the meaning of
Part XV of the Securities and Futures Ordinance (the “SFO”),
as recorded in the register required to be kept by the Company
pursuant to Section 352 of the SFO, or as otherwise notified to
the Company and the Stock Exchange pursuant to the Model
Code for Securities Transactions by Directors of Listed Isuers
(the “Model Code”), were as folows:
Report of the Directors
董事会报告
152Kingmaker Fotwear Holdings Limited Anual Report 2025
本公司普通股之好仓：
附注：
1.
此等股份包括由
King Strike Limited
持有的
263,960,041
股份。
King Strike Limited
的已发
行股本由黄秀端女士拥有约
38.04%
及其四名子
女（包括陈奕舞先生）合共拥有
61.96%
。
Long positions in ordinary shares of the Company:
Number of shares held, capacity and nature of interest
所持股份数目、身份及权益性质
Directly
beneficialy
owned
Through
controled
corporationTotal
Percentage
of the
Company’s
isued shares
Name of director
董事姓名直接实益拥有透过受控制法团总计
占本公司
已发行股份之
百分比
Mdm. Huang Hsiu-duan, Helen
黄秀端女士
500,000263,960,041
(Note 1)
（附注
）
264,460,04139.37%
Mr. Kimel, Philip Brian
柯民佑先生
2,000,000–2,000,0000.30%
Mr. Chan Ho-man, Daniel
陈浩文先生
6,780,000–6,780,0001.01%
Mr. Wong Hei-chiu
黄禧超先生
4,405,000–4,405,0000.66%
Mr. Chen Yi-wu, Ares
陈奕舞先生
12,607,000–12,607,0001.88%
Dr. Chow Wing-kin, Anthony, SBS, J.P.
周永健博士，
银紫荆星章、太平绅士
3,343,000–3,343,0000.50%
Note:
1. These shares comprised 263,960,041 shares held by King Strike
Limited. The isued share capital of King Strike Limited is owned
by Mdm. Huang Hsiu-duan, Helen as to aproximately 38.04% and
her four children (including Mr. Chen Yi-wu, Ares) in agregate as to
61.96%.
Report of the Directors
董事会报告
信星鞋业集团有限公司 年报
2025
本公司普通股之好仓：
除上述者外，若干董事纯粹为符合公司股东最低
数目规定而代本公司持有若干附属公司之非实
益个人股权。
除上文所披露者外，于二零二五年三月三十一
日，概无董事登记拥有根据证券及期货条例第
条须予登记，或根据标准守则须另行知会本
公司及联交所之于本公司或其任何相联法团股
份、相关股份或债券之权益或淡仓。
Long positions in share options of the Company:
Number of
options directly
beneficialy owned
Name of Director
董事姓名
直接实益拥有之
购股权数目
Executive Directors:
执行董事：
Mr. Chen Yi-wu, Ares
陈奕舞先生
850,000
Mr. Wong Hei-chiu
黄禧超先生
2,300,000
Non-executive Directors:
非执行董事：
Mr. Chan Ho-man, Daniel
陈浩文先生
1,500,000
Mr. Kimel, Philip Brian
柯民佑先生
900,000
Dr. Chow Wing-kin, Anthony, SBS, J.P.
周永健博士，
银紫荆星章，太平绅士
645,000
Independent Non-executive Directors:
独立非执行董事：
Ms. Chan Mei-bo, Mabel, J.P.
陈美宝女士，
太平绅士
700,000
Mr. Wong Hin-wing, MH, J.P.
黄显荣先生，
荣誉勋章，太平绅士
400,000
Mr. Law Ka-kin
罗家健先生
200,000
7,495,000
In adition to the above, certain Directors have non-beneficial
personal equity interests in certain subsidiaries held for the
benefit of the Company solely for the purpose of complying with
the minimum company membership requirements.
Save as disclosed above, as at 31 March 2025, none of the
Directors had registered an interest or short position in the
shares, underlying shares or debentures of the Company or any
of its asociated corporations that was required to be recorded
pursuant to Section 352 of the SFO, or as otherwise notified to
the Company and the Stock Exchange pursuant to the Model
Code.
Report of the Directors
董事会报告
154Kingmaker Fotwear Holdings Limited Anual Report 2025
董事购买股份或债券之权利
除财务报表附注
所披露有关购股权计划之资
料外，于年内任何时间，任何董事或彼等各自之
配偶或未成年子女并无获授或行使任何可藉购
入本公司股份或债券而获益之权利；或本公司或
其任何附属公司亦无参与任何安排，致使董事可
购买任何其他法团之该等权利。
购股权计划
本公司购股权计划之详情于财务报表附注
中
披露。
股份奖励计划
本公司股份奖励计划之详情于财务报表附注
中披露。
股票挂钩协议
除本公司的购股权计划及股份奖励计划外，于年
内或年度结束时，本公司概无订立或存在任何股
票挂钩协议将会或可导致本公司发行股份，或规
定本公司订立任何将会或可导致本公司发行股
份的协议。
DIRECTORS’ RIGHTS TO ACQUIRE SHARES
OR DEBENTURES
Save as disclosed in the share option scheme disclosures in note
25 to the financial statements, at no time during the year were
rights to acquire benefits by means of the acquisition of shares in
or debentures of the Company granted to any Directors or their
respective spouses or minor children, or were any such rights
exercised by them; or was the Company or any of its subsidiaries
a party to any arangement to enable the Directors to acquire
such rights in any other body corporate.
SHARE OPTION SCHEME
Details of the Company’s share option scheme are disclosed in
note 25 to the financial statements.
SHARE AWARD SCHEME
Details of the Company’s share award scheme are disclosed in
note 25 to the financial statements.
EQUITY-LINKED AGREMENTS
Other than the share option scheme and share award scheme of
the Company, no equity-linked agrements that wil or may result
in the Company isuing shares or that require the Company to
enter into any agrements that wil or may result in the Company
isuing shares were entered into by the Company during the year
or subsisted at the end of the year.
Report of the Directors
董事会报告
信星鞋业集团有限公司 年报
2025
主要股东及其他人士于股份及相关股
份所拥有之权益
于二零二五年三月三十一日，以下本公司已发行
股本及购股权
5%
或以上权益已记录于本公司根
据证券及期货条例第
条须存置之权益登记册
内：
好仓：
附注：
1. King Strike Limited
的已发行股本由黄秀端女士
拥有约
38.04%
及其四名子女（包括陈奕舞先生）
合共拥有
61.96%
。
2. Fat Tat Asets Limited
的已发行股本由黄秀端女
士拥有
6%
及其四名子女（包括陈奕舞先生）合共
拥有
94%
。
SUBSTANTIAL SHAREHOLDERS’ AND OTHER
PERSONS’ INTERESTS IN SHARES AND
UNDERLYING SHARES
As at 31 March 2025, the folowing interests of 5% or more of
the isued share capital and share options of the Company were
recorded in the register of interests required to be kept by the
Company pursuant to Section 336 of the SFO:
Long positions:
Number of
ordinary
shares held
Percentage of
the Company’s
isued share
capital
Capacity
and nature
of interest
Name
姓名╱名称身份及权益性质所持普通股数目
占本公司已发行股本
之百分比
King Strike Limited (Note 1)
（附注
）
Beneficialy owned
实益拥有
263,960,04139.29%
Fat Tat Asets Limited (Note 2)
（附注
）
Beneficialy owned
实益拥有
34,507,5005.14%
Mr. David Michael Web (Note 3)
（附注
）
Through control corporation
透过受控法团
52,690,0007.84%
Mr. Le Chi Keung
李志强先生
Beneficialy owned
实益拥有
35,198,0005.24%
Dr. Jens Alfred Karl Ehrhardt (Note 4)
（附注
）
Through control corporation
透过受控法团
44,907,0006.68%
DJE Investment S.A. (Note 4)
（附注
）
Beneficialy owned
实益拥有
44,907,0006.68%
DJE Kapital AG (Note 4)
（附注
）
Through control corporation
透过受控法团
44,907,0006.68%
Notes:
1. The isued share capital of King Strike Limited is owned by Mdm.
Huang Hsiu-duan, Helen as to aproximately as to 38.04% and her
four children (including Mr. Chen Yi-wu, Ares) in agregate as to
61.96%.
2. The isued share capital of Fat Tat Asets Limited is owned by
Mdm. Huang Hsiu-duan, Helen as to 6% and her four children
(including Mr. Chen Yi-wu, Ares) in agregate as to 94%.
Report of the Directors
董事会报告
156Kingmaker Fotwear Holdings Limited Anual Report 2025
3.
根据日期为二零二五年四月二日的披露表格，
David Michael Web
先生于合共
52,690,000
股
股份（包括
Preferable Situation Asets Limited
持
有的
31,256,400
股份及
Member One Limited
持有的
21,433,600
股份（两间公司的全部股本
均由
David Michael Web
先生拥有）中拥有权
益。
4.
根据
Dr. Jens Alfred Karl Ehrhardt
、
DJE
Investment S.A.
及
DJE Kapital AG
提交之相关
披露表格，
Dr. Jens Alfred Karl Ehrhardt
（为
DJE Kapital AG
主要股东）被视为透过
FM
Fonds (ISIN: DE0008478116)
于
DJE Investment
S.A.
（一间位于卢森堡的管理公司，为
DJE
Kapital AG
的
100%
权益附属公司）控制之本公司
44,907,000
股普通股中拥有权益。
除上文所披露者外，于二零二五年三月三十一
日，除本公司董事（其所持权益载于上文「董事于
股份及相关股份所拥有之权益及淡仓」一节）外，
概无人士登记拥有根据证券及期货条例第
条
须予登记之本公司股份或相关股份之权益或淡
仓。
足够之公众持股量
根据本公司可公开取得之资料，以及就董事所
知，于本报告日期，公众人士持有之本公司已发
行股份总数不少于
25%
。
核数师
安永会计师事务所任满退任，有关续聘安永会计
师事务所为本公司核数师之决议案将于应届股
东周年大会上提呈。
代表董事会
主席
黄秀端
香港
二零二五年六月三十日
3. Mr. David Michael Web was interested in a total of 52,690,000
shares, comprising 31,256,400 shares held by Preferable Situation
Asets Limited and 21,433,600 shares held by Member One
Limited, the entire share capital of both companies are owned
by Mr. David Michael Web based on his form of disclosure
notification dated 2 April 2025.
4. Acording to the relevant forms of disclosure notification filed by
Dr. Jens Alfred Karl Ehrhardt, DJE Investment S.A. and DJE Kapital
AG, Dr. Jens Alfred Karl Ehrhardt, being the main shareholder of
DJE Kapital AG, is demed to be interested in the 44,907,000
ordinary shares of the Company controled by DJE Investment S.A,
a Luxembourg-based management company and 100% subsidiary
of DJE Kapital AG, via FM Fonds (ISIN: DE0008478116).
Save as disclosed above, as at 31 March 2025, no person, other
than the directors of the Company, whose interests are set out
in the section “Directors’ interests and short positions in shares
and underlying shares” above, had registered an interest or short
position in the shares or underlying shares of the Company that
was required to be recorded pursuant to Section 336 of the SFO.
SUFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company
and within the knowledge of the Directors, at least 25% of the
Company’s total number of isued shares were held by the public
as at the date of this report.
AUDITORS
Ernst & Young retire and a resolution for the re-apointment as
auditors of the Company wil be proposed at the forthcoming
anual general meting.
ON BEHALF OF THE BOARD
Huang Hsiu-duan, Helen
Chairman
Hong Kong
30 June 2025
Independent Auditor’s Report
独立核数师报告
信星鞋业集团有限公司 年报
2025
To the shareholders of Kingmaker Fotwear Holdings Limited
(Incorporated in Bermuda with limited liability)
OPINION
We have audited the consolidated financial statements of
Kingmaker Fotwear Holdings Limited (the “Company”) and its
subsidiaries (the “Group”) set out on pages 166 to 294, which
comprise the consolidated statement of financial position as
at 31 March 2025, and the consolidated statement of profit or
los, the consolidated statement of comprehensive income,
the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended,
and notes to the consolidated financial statements, including
material 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 as
isued by the Hong Kong Institute of Certified Public Acountants
(“HKICPA”) and have ben properly prepared in compliance
with the disclosure requirements of the Hong Kong Companies
Ordinance.
致信星鞋业集团有限公司股东
（于百慕达注册成立之有限公司）
意见
本核数师（以下简称「我们」）已审计列载于第
至
页的信星鞋业集团有限公司（「贵公司」）及
其附属公司（以下统称「贵集团」）的综合财务报
表，该等财务报表包括于二零二五年三月三十一
日的综合财务状况表与截至该日止年度的综合
损益表、综合全面收益表、综合权益变动表及综
合现金流量表，以及综合财务报表附注，包括重
大会计政策资料。
我们认为，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》真实而中肯地反映了 贵集团于二零
二五年三月三十一日的综合财务状况及截至该
日止年度的综合财务表现及其综合现金流量，并
已根据香港《公司条例》的披露规定妥为编制。
Independent Auditor’s Report
独立核数师报告
158Kingmaker Fotwear Holdings Limited Anual Report 2025
意见的基础
我们已根据香港会计师公会颁布的《香港审计
准则》进行审计。我们在该等准则下承担的责任
已在本报告「核数师就审计综合财务报表承担的
责任」部分中作进一步阐述。根据香港会计师公
会颁布的《专业会计师道德守则》（以下简称「守
则」），我们独立于 贵集团，并已履行守则中的
其他道德责任。我们相信，我们所获得的审计凭
证能充足及适当地为我们的意见提供基础。
关键审计事项
关键审计事项是根据我们的专业判断，认为对本
期综合财务报表的审计最为重要的事项。该等事
项是在我们审计整体综合财务报表及出具意见
时进行处理的。我们不会对该等事项提供单独的
意见。就以下各事项而言，我们是在该背景下提
供我们在审计中处理该事项的方式。
我们已履行本报告「核数师就审计综合财务报表
承担的责任」一节所述的责任，包括与该等事项
相关之责任。据此，我们的审计包括执行程序，
以应对我们对综合财务报表重大错误陈述风险
的评估。我们审计程序（包括为处理下列事项而
采取的程序）的结果，为我们就随附的综合财务
报表发表的审计意见提供基础。
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. For each mater below, our description of how our
audit adresed the mater is provided in that context.
We have fulfiled the responsibilities described in the Auditor’s
responsibilities for the audit of the consolidated financial
statements section of our report, including in relation to these
maters. Acordingly, our audit included the performance of
procedures designed to respond to our asesment of the risks
of material mistatement of the consolidated financial statements.
The results of our audit procedures, including the procedures
performed to adres the maters below, provide the basis for
our audit opinion on the acompanying consolidated financial
statements.
Independent Auditor’s Report
独立核数师报告
信星鞋业集团有限公司 年报
2025
关键审计事项
（续）
关键审计事项
投资物业公平值的估计
于二零二五年三月三十一日， 贵集团的投资物
业为
467,100,000
港元，分别相当于 贵集团非
流动资产总额及资产总额的
60%
及
34%
。管理层
于年内已委任外部估值师厘定 贵集团投资物
业的公平值。投资物业的估值高度倚赖估计及假
设，例如与租金价值、租金增长率、市场收益率、
市场通识及历史交易有关之估计及假设。
相关披露载于财务报表附注
及
。
我们的审计如何处理关键审计事项
我们已考虑管理层委聘的外部估值师的资历、能
力及客观性。我们的内部估值专家参与协助评估
估值方法及假设以及我们的程序，包括将租金及
期限与现有租赁协议进行比较并对主要估值参
数进行市场调研，如类似物业的租金增长率、市
场收益率及市场租金。
KEY AUDIT MATERS (continued)
Key audit mater
Estimation of fair value of investment properties
As at 31 March 2025, the Group’s investment properties
amounted to HK$467.1 milion, representing 60% and 34% of the
Group’s total non-curent asets and total asets, respectively.
Management apointed an external valuer to determine the fair
value of the Group’s investment properties during the year. The
valuation of investment properties was highly dependent on
estimates and asumptions, such as those relating to the rental
value, rental growth rate, market yield, market knowledge and
historical transactions.
Related disclosures are included in notes 3 and 15 to the
financial statements.
How our audit adresed the key audit mater
We considered the competence, capabilities and objectivity
of the external valuer engaged by management. We involved
our internal valuation specialists to asist us in asesing the
valuation methodology and asumptions and our procedures
included comparing the rent and term periods against the
existing lease agrements and performing market research on
key valuation parameters such as the rental growth rate, market
yield and market rent of similar properties.
Independent Auditor’s Report
独立核数师报告
160Kingmaker Fotwear Holdings Limited Anual Report 2025
关键审计事项
（续）
关键审计事项
税项
于二零二五年三月三十一日， 贵集团拥有应付
税项
32,700,000
港元及递延税项负债
88,400,000
港元，合共相当于 贵集团负债总额之
38%
。截
至二零二五年三月三十一日止年度，所得税抵免
为
7,800,000
港元。厘定税项拨备时要求管理层
作出判断及估计乃因 贵集团于多个税务司法
权区经营业务。由于当地和国际税务立法的复杂
性，在最终税项确定前，管理层须就交易之税务
处理作出判断。倘应付税项或可收回税项金额不
确定， 贵集团会依据管理层对负债估计金额或
预计可收回金额的判断估计拨备。
相关披露载于财务报表附注
、
及
。
我们的审计如何处理关键审计事项
我们的税务专家参与审阅 贵集团之税务拨备。
我们已对管理层就估计税务风险作出的判断进
行评估，方法为考虑相关的事实模式、 贵集团
与有关税务机关的通讯及可能对现有税务风险
产生影响的税务司法权区的近期发展情况。
KEY AUDIT MATERS (continued)
Key audit mater
Tax
As at 31 March 2025, the Group had tax payable of HK$32.7
milion and defered tax liabilities of HK$88.4 milion, which
represented 38% of the Group’s total liabilities in agregate. The
income tax credit amounted to HK$7.8 milion for the year ended
31 March 2025. Management is required to make judgement
and estimates when determining the tax provision as the Group
operates in a number of tax jurisdictions. Due to the complexity
of local and international tax legislation, judgements have to be
made by management on the tax treatment on transactions in
advance of the ultimate tax determination being certain. Where
the amount of tax payable or recoverable is uncertain, the
Group estimates provision based on management’s judgement
of the probable amount of the liability, or expected amounts
recoverable.
Related disclosures are included in notes 3, 10 and 23 to the
financial statements.
How our audit adresed the key audit mater
We involved our tax specialists to review the tax provision of the
Group. We asesed management’s judgements in respect of
estimates of tax exposures by considering the asociated fact
patern and the Group’s corespondence with the relevant tax
authorities and recent developments in the tax jurisdictions which
may have an impact on existing tax exposures.
Independent Auditor’s Report
独立核数师报告
信星鞋业集团有限公司 年报
2025
关键审计事项
（续）
关键审计事项（续）
物业、厂房及设备以及使用权资产的减值评估
于二零二五年三月三十一日， 贵集团拥
有物业、厂房及设备（「物业、厂房及设备」）
114,800,000
港元及使用权（「使用权」）资产
63,200,000
港元。年内，概无就物业、厂房及设备
以及使用权资产计提减值拨备。管理层就有减值
迹象的 贵集团资产进行减值评估。任何减值亏
损金额为资产的账面值与其可收回金额之间的
差额。管理层根据公平值减出售成本（「公平值减
出售成本」）与采用贴现金流量法计算的使用
价值（「使用价值」）中的较高者厘定相关现金产生
单位（「现金产生单位」）的可收回金额。管理层已
委任独立外部估值师估计若干现金产生单位的
公平值减出售成本。就使用价值的计算而言，管
理层的评估过程涉及较容易受预期未来市况及
现金产生单位实际表现影响的重大判断及假设，
包括预期未来现金流量预测、相关增长率及所应
用的贴现率。
相关披露载于财务报表附注
、
、
及
。
我们的审计如何处理关键审计事项
我们已检讨管理层委任的外部估值师的资历、能
力及客观性。我们的内部估值专家通过参考市场
数据及行业内可资比较公司，参与协助我们评估
管理层于估算公平值减出售成本、编制贴现金
流量预测以计算使用价值及评估计算使用价值
所采用的贴现率时所采用的方法及关键假设。我
们进一步评估减值亏损的计算及与减值评估所
用假设有关的披露。
KEY AUDIT MATERS (continued)
Key audit mater (continued)
Impairment asesment of property, plant and equipment
and right-of-use asets
As at 31 March 2025, the Group had property, plant and
equipment (“PE”) of HK$114.8 milion and right-of-use (“ROU”)
asets of HK$63.2 milion. During the year, no impairment
provision for PE and ROU asets was made. Management
caried out an impairment asesment on the asets of the
Group which had an impairment indicator. The amount of any
impairment los was the diference betwen the aset’s carying
amount and its recoverable amount. Management determined
the recoverable amount of the relevant cash-generating units
(“CGUs”) based on the higher of fair value les costs of disposal
(“FVLCOD”) and value-in-use (“VIU”) calculation using the
discounted cash flow method. Management has apointed an
independent external valuer to estimate the FVLCOD of certain
CGUs. For the VIU calculation, management’s asesment
proces involves significant judgements and asumptions,
including the expected future cash flow forecasts, asociated
growth rates and the discount rate aplied, which were sensitive
for expected future market conditions and CGUs’ actual
performance.
Related disclosures are included in notes 3, 7, 13 and 14 to the
financial statements.
How our audit adresed the key audit mater
We reviewed the competency, capabilities and objectivity of
the external valuer apointed by management. We involved
our internal valuation specialists to asist us in evaluating the
methodologies and key asumptions used by management in
estimation of the FVLCOD, preparation of discounted cash flow
projection for VIU calculation and asesment of discount rate
used in VIU calculation by making reference to market data and
comparable companies in the industry. We further asesed the
calculation of the impairment los and the disclosures related to
the asumptions used in impairment asesment.
Independent Auditor’s Report
独立核数师报告
162Kingmaker Fotwear Holdings Limited Anual Report 2025
年报所载的其他信息
贵公司董事须对其他信息负责。其他信息包括刊
载于年报内的信息，但不包括综合财务报表及我
们的核数师报告。
我们对综合财务报表的意见并不涵盖其他信息，
我们亦不对该等其他信息发表任何形式的鉴证
结论。
结合我们对综合财务报表的审计，我们的责任是
阅读其他信息，在此过程中，考虑其他信息是否
与综合财务报表或我们在审计过程中所了解的
情况存在重大抵触或者似乎存在重大错误陈述
的情况。倘若我们基于已执行的工作，认为其他
信息存在重大错误陈述，我们须报告该事实。我
们就此并无任何报告。
董事对综合财务报表须承担的责任
贵公司董事须负责根据香港会计师公会颁布的
《香港财务报告准则会计准则》及香港《公司条
例》的披露规定编制真实而中肯的综合财务报
表，并对其认为使综合财务报表的编制不存在
由于欺诈或错误而导致的重大错误陈述所需的
内部监控负责。
在编制综合财务报表时， 贵公司董事负责评
估 贵集团持续经营的能力，并在适用情况下披
露与持续经营有关的事项，以及使用持续经营为
会计基础，除非 贵公司董事有意将 贵集团清
盘或停止经营，或别无其他实际的替代方案。
OTHER INFORMATION INCLUDED IN THE
ANUAL REPORT
The directors of the Company are responsible for the other
information. The other information comprises 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 THE DIRECTORS
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 as 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
of the Company 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 of the Company either
intend to liquidate the Group or to cease operations or have no
realistic alternative but to do so.
Independent Auditor’s Report
独立核数师报告
信星鞋业集团有限公司 年报
2025
董事对综合财务报表须承担的责任
（续）
贵公司董事在审核委员会协助下，须负责监
督 贵集团的财务报告过程。
核数师就审计综合财务报表承担的责
任
我们的目标，是对综合财务报表整体是否不存在
由于欺诈或错误而导致的重大错误陈述取得合
理保证，并出具包括我们意见的核数师报告。根
据百慕达公司法（一九八一年）第
条，我们的报
告仅向全体股东作出，除此之外，本报告不可作
其他用途。我们不会就本报告内容向任何其他人
士负责或承担任何责任。
合理保证是高水平的保证，但并不保证按照《香
港审计准则》进行的审计总能发现存在的重大错
误陈述。错误陈述可以由欺诈或错误引起，如果
合理预期彼等单独或汇总起来可能影响综合财
务报表使用者依赖该等综合财务报表所作出的
经济决定，则有关的错误陈述可被视作重大。
作为根据《香港审计准则》进行审计的一部分，我
们在整个审计中运用了专业判断并保持了专业
怀疑态度。我们亦：
•
识别和评估由于欺诈或错误而导致综合财
务报表存在重大错误陈述的风险，设计及
执行审计程序以应对这些风险，以及获取
充足和适当的审计凭证，作为我们意见的
基础。由于欺诈可能涉及串谋、伪造、蓄意
遗漏、虚假陈述，或凌驾于内部监控之上，
因此，未能发现因欺诈而导致的重大错误
陈述的风险高于未能发现因错误而导致的
重大错误陈述的风险。
RESPONSIBILITIES OF THE DIRECTORS
FOR THE CONSOLIDATED FINANCIAL
STATEMENTS (continued)
The directors of the Company are asisted by the Audit
Comite in discharging their responsibilities for overseing the
Group’s financial reporting proces.
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. Our report is made
solely to you, as a body, in acordance with section 90 of the
Bermuda Companies Act 1981, 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 scepticism
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.
Independent Auditor’s Report
独立核数师报告
164Kingmaker Fotwear Holdings Limited Anual Report 2025
核数师就审计综合财务报表承担的责
任
（续）
•
了解与审计相关的内部控制，以设计适当
的审计程序，但目的并非对 贵集团内部
控制的有效性发表意见。
•
评价董事所采用会计政策的恰当性及作出
会计估计和相关披露的合理性。
•
对董事采用持续经营会计基础的恰当性作
出结论，并根据所获取的审计凭证，确定
是否存在与事项或情况有关的重大不确定
性，从而可能导致对 贵集团的持续经营
能力产生重大疑虑。如果我们认为存在重
大不确定性，则有必要在核数师报告中提
请注意综合财务报表中的相关披露，或假
若有关的披露不足，则修改我们的意见。我
们的结论是基于截至核数师报告日止所取
得的审计凭证。然而，未来事项或情况可能
导致 贵集团停止持续经营。
•
评价综合财务报表的整体列报方式、结构
和内容，包括披露，以及综合财务报表是否
中肯反映相关交易和事项。
•
规划及执行集团审计以就 贵集团内实体
或业务单位的财务资料获取充足、适当的
审计凭证，作为对综合财务报表达致意见
之基准。我们负责 贵集团审计的方向、监
督及审查就集团审计所进行之审计工作。
我们为我们的审计意见承担全部责任。
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (continued)
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
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.
- ’ 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 consolidated
financial statements. We are responsible for the direction,
supervision and review of the audit work performed for
purposes of the group audit. We remain solely responsible
for our audit opinion.
Independent Auditor’s Report
独立核数师报告
信星鞋业集团有限公司 年报
2025
核数师就审计综合财务报表承担的责
任
（续）
除其他事项外，我们与审核委员会沟通了审计的
计划范围、时间安排及重大审计发现等，包括我
们在审计中识别出内部控制的任何重大缺陷。
我们还向审核委员会提交声明，说明我们已符合
有关独立性的相关道德要求，并与他们沟通有可
能合理地被认为会影响我们独立性的所有关系
和其他事项，以及在适用的情况下，为消除威胁
而采取的行动或采用的防范措施。
从与审核委员会沟通的事项中，我们确定哪些事
项对本期综合财务报表的审计最为重要，因而构
成关键审计事项。我们在核数师报告中描述该等
事项，除非法律或法规不允许公开披露该等事
项，或在极端罕见的情况下，如果合理预期在我
们报告中沟通某事项造成的负面后果超过产生
的公众利益，我们决定不应在报告中沟通该事
项。
出具本独立核数师报告的审计项目合伙人为赖
耘峰。（执业证书编号：
P05099
）
安永会计师事务所
执业会计师
香港
鲗鱼涌
英皇道
号
太古坊一座
楼
二零二五年六月三十日
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (continued)
We comunicate with the Audit Comite 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.
We also provide the Audit Comite 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 the Audit Comite, 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 partner on the audit resulting in this
independent auditor’s report is Lai Wan Fung, Jacky. (practicing
certificate number: P05099)
Ernst & Young
Certified Public Acountants
27/F, One Taiko Place,
979 King’s Road
Quary Bay
Hong Kong
30 June 2025
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 625,876 |
| (637,260) |
| (11,384) |
| 43,964 |
| (15,567) |
| (14,133) |
| (70,576) |
| (193) |
| 23,465 |
| (44,424) |
| 7,758 |
| (36,666) |
| (33,890) |
| (2,776) |
| (36,666) |
| HK(5.05) cents |
| 港仙 |
| HK(5.05) cents |
Consolidated Statement of Profit or Los
综合损益表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
166Kingmaker Fotwear Holdings Limited Anual Report 2025
二零二四年
Notes
附注
HK$’000
千港元
REVENUE
收益
5689,269
Cost of sales
销售成本
(660,163)
Gros profit/(los)
毛利／（毛损）
29,106
Other income and gains, net
其他收入及收益净额
549,313
Changes in fair value of investment properties
投资物业之公平值变动
15(2,173)
Distribution and seling expenses
分销及销售开支
(14,938)
Administrative expenses
行政开支
(72,491)
Finance costs
融资成本
6(95)
Share of profits of asociates
应占联营公司溢利
23,900
PROFIT/(LOS) BEFORE TAX
除税前溢利／（亏损）
712,622
Income tax credit
所得税抵免
107,435
PROFIT/(LOS) FOR THE YEAR
本年度溢利／（亏损）
20,057
Atributable to:
下列各项应占：
Equity holders of the Company
本公司权益持有人
20,221
Non-controling interests
非控股权益
(164)
20,057
EARNINGS/(LOS) PER SHARE ATRIBUTABLE TO
EQUITY HOLDERS OF THE COMPANY
本公司权益持有人应占每股盈利／（亏损）
Basic
基本
For profit/(los) for the year
一年内溢利╱（亏损）
HK3.00 cents
港仙
Diluted
摊薄
For profit/(los) for the year
一年内溢利╱（亏损）港仙
HK2.99 cents
港仙
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| (36,666) |
| (8,239) |
| 1,389 |
| (347) |
| 1,042 |
| (7,197) |
| (43,863) |
| (41,087) |
| (2,776) |
| (43,863) |
Consolidated Statement of Comprehensive Income
综合全面收益表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
信星鞋业集团有限公司 年报
2025
二零二四年
HK$’000
千港元
PROFIT/(LOS) FOR THE YEAR
本年度溢利／（亏损）
20,057
OTHER COMPREHENSIVE INCOME/(EXPENSE)
其他全面收益╱（开支）
Other comprehensive expense that may be
reclasified to profit or los in subsequent periods:
期后可能重新分类至损益之其他全面开支：
Exchange diferences:
汇兑差额：
Exchange diferences on translation of foreign operations
换算海外经营业务之汇兑差额
(24,259)
Other comprehensive income/(expense) that wil not be
reclasified to profit or los in subsequent periods:
期后将不重新分类至损益之其他全面收益╱（开支）：
Aset revaluation reserve:
资产重估储备：
Gain on revaluation of land and buildings
重估土地及楼宇之收益
Defered tax liabilities on gain on revaluation of land and buildings
重估土地及楼宇之收益之递延税项负债
(246)
OTHER COMPREHENSIVE EXPENSE FOR THE YEAR
本年度其他全面开支
(23,522)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
本年度全面开支总额
(3,465)
Atributable to:
下列各项应占：
Equity holders of the Company
本公司权益持有人
(3,301)
Non-controling interests
非控股权益
(164)
(3,465)
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 114,771 |
| 63,223 |
| 467,104 |
| 131,405 |
| 1,710 |
| 778,213 |
| 108,046 |
| 112,283 |
| 13,050 |
| 29,449 |
| 482 |
| 352,694 |
| 616,004 |
| 110,861 |
| 80,178 |
| 2,180 |
| 32,685 |
| 225,904 |
| 390,100 |
Consolidated Statement of Financial Position
综合财务状况表
31 March 2025
于二零二五年三月三十一日
168Kingmaker Fotwear Holdings Limited Anual Report 2025
二零二四年
Notes
附注
HK$’000
千港元
NON-CURENT ASETS
非流动资产
Property, plant and equipment
物业、厂房及设备
13135,190
Right-of-use asets
使用权资产
1463,855
Investment properties
投资物业
15473,347
Investments in asociates
联营公司投资
16114,180
Investments in club memberships
会所会籍投资
1,753
Total non-curent asets
非流动资产总额
788,325
CURENT ASETS
流动资产
Inventories
存货
1781,206
Acounts receivable
应收账项
18167,476
Prepayments, deposits and other receivables
预付款项、按金及其他应收账项
14,640
Due from an asociate
应收联营公司款项
1641,929
Tax recoverable
可收回税项
Cash and cash equivalents
现金及等同现金项目
19415,580
Total curent asets
流动资产总额
721,120
CURENT LIABILITIES
流动负债
Acounts payable
应付账项
20101,702
Acrued liabilities, other payables and contract liabilities
应计负债、其他应付账项及合约负债
2182,751
Lease liabilities
租赁负债
141,569
Tax payable
应付税项
40,175
Total curent liabilities
流动负债总额
226,197
NET CURENT ASETS
流动资产净值
494,923
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 1,168,313 |
| 2,198 |
| 6,107 |
| 88,423 |
| 96,728 |
| 1,071,585 |
| 67,181 |
| 994,289 |
| 1,061,470 |
| 10,115 |
| 1,071,585 |
Consolidated Statement of Financial Position
综合财务状况表
31 March 2025
于二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
二零二四年
Notes
附注
HK$’000
千港元
TOTAL ASETS LES CURENT LIABILITIES
资产总额减流动负债
1,283,248
NON-CURENT LIABILITIES
非流动负债
Lease liabilities
租赁负债
Deposits received
已收按金
6,161
Defered tax liabilities
递延税项负债
2390,957
Total non-curent liabilities
非流动负债总额
97,648
Net asets
资产净值
1,185,600
EQUITY
权益
Equity atributable to equity holders of the Company
本公司权益持有人应占权益
Isued share capital
已发行股本
2468,074
Reserves
储备
261,104,635
1,172,709
Non-controling interests
非控股权益
12,891
Total equity
权益总额
1,185,600
Huang Hsiu-duan, Helen
黄秀端
Wong Hei-chiu
黄禧超
Director
董事
Director
董事
Consolidated Statement of Changes in Equity
综合权益变动表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
170Kingmaker Fotwear Holdings Limited Anual Report 2025
Atributable to equity holders of the Company
本公司权益持有人应占
Shares
IsuedShareCapitalheld underShareExchangeAsetNon-
sharepremiumredemptionshare awardoptionfluctuationrevaluationRetainedcontrolingTotal
capitalacountreserveschemereservereservereserveprofitsTotalinterestsequity
已发行股本股份溢价账
股本赎回
储备
股份奖励
计划所持股份购股权储备
汇兑波动
储备资产重估储备保留溢利合计非控股权益权益总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
At 1 April 2023
于二零二三年四月一日
68,07889,6377,579(3,610)1,85512,875216,439812,3641,205,2179,4391,214,656
Profit for the year
本年度溢利
–20,22120,221(164)20,057
Exchange diferences related to foreign operations
与海外经营业务有关之汇兑差额
–(24,259)–(24,259)–(24,259)
Changes in fair value of land and buildings
recognised directly in equity
直接于权益确认之土地及楼宇之公平值变动
–983–983–983
Defered tax liabilities on gain on revaluation
of land and buildings
重估土地及楼宇之收益之递延税项负债
–(246)–(246)–(246)
Total comprehensive income/
(expense) for the year
本年度全面收益╱（开支）总额
–(24,259)73720,221(3,301)(164)(3,465)
Isue of shares from exercise of share
options (note 24)
行使购股权而发行股份（附注
）
15126–(25)–116–116
Loan from a non-controling shareholder
非控股东贷款
–3,6163,616
Shares purchased under the share award scheme
(note 25)
根据股份奖励计划购入股份（附注
）
–(3,583)–(3,583)–(3,583)
Shares granted under the share award
scheme (note 25)
根据股份奖励计划授出股份（附注
）
–2,598–2,598–2,598
Shares repurchased (note 24)
购回股份（附注
）
(19)(134)19–(19)(153)–(153)
Final 2023 dividend declared and paid (note 12)
已宣派及派付之二零二三年度末期股息
（附注
）
–(13,496)(13,496)–(13,496)
Special 2023 dividend declared and paid
(note 12)
已宣派及派付之二零二三年度特别股息
（附注
）
–(1,350)(1,350)–(1,350)
Interim 2024 dividend paid (note 12)
已派付之二零二四年度中期股息（附注
）
–(10,142)(10,142)–(10,142)
Special 2024 dividend paid (note 12)
已派付之二零二四年度特别股息（附注
）
–(3,380)(3,380)–(3,380)
Recognition of equity-setled share-based
payments (note 25)
确认以权益结算以股份支付之款项（附注
）
–183–183–183
Transfer of share option reserve upon the lapse of
share options
于购股权失效时转拨购股权储备
–(49)–49–
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
|---|---|---|---|---|---|---|---|---|---|---|
| 68,074 | 89,629* | 7,598* | (4,595)* | 1,964* | (11,384)* | 217,176* | 804,247* | 1,172,709 | 12,891 | 1,185,600 |
| – | – | – | – | – | – | – | (33,890) | (33,890) | (2,776) | (36,666) |
| – | – | – | – | – | (8,239) | – | – | (8,239) | – | (8,239) |
| – | – | – | – | – | – | 1,389 | – | 1,389 | – | 1,389 |
| – | – | – | – | – | – | (347) | – | (347) | – | (347) |
| – | – | – | – | – | (8,239) | 1,042 | (33,890) | (41,087) | (2,776) | (43,863) |
| – | – | – | (5,457) | – | – | – | – | (5,457) | – | (5,457) |
| – | – | – | 2,658 | – | – | – | – | 2,658 | – | 2,658 |
| (893) | (6,272) | 893 | – | – | – | – | (893) | (7,165) | – | (7,165) |
| – | – | – | – | – | – | – | (1,344) | (1,344) | – | (1,344) |
| – | – | – | – | – | – | – | (45,712) | (45,712) | – | (45,712) |
| – | – | – | – | – | – | – | (13,433) | (13,433) | – | (13,433) |
| – | – | – | – | 301 | – | – | – | 301 | – | 301 |
| – | – | – | – | (85) | – | – | 85 | – | – | – |
| 67,181 | 83,357* | 8,491* | (7,394)* | 2,180* | (19,623)* | 218,218* | 709,060* | 1,061,470 | 10,115 | 1,071,585 |
Consolidated Statement of Changes in Equity
综合权益变动表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
信星鞋业集团有限公司 年报
2025
*
该等储备账包括综合财务状况表之综合储备
994,289,000
港元（二零二四年：
1,104,635,000
港元）。
Atributable to equity holders of the Company
本公司权益持有人应占
Shares
IsuedShareCapitalheld underShareExchangeAsetNon-
sharepremiumredemptionshare awardoptionfluctuationrevaluationRetainedcontrolingTotal
capitalacountreserveschemereservereservereserveprofitsTotalinterestsequity
已发行股本股份溢价账
股本赎回
储备
股份奖励
计划所持股份购股权储备
汇兑波动
储备资产重估储备保留溢利合计非控股权益权益总额
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
At 31 March 2024 and 1 April 2024
于二零二四年三月三十一日及
二零二四年四月一日
Los for the year
本年度亏损
Exchange diferences related to foreign operations
与海外经营业务有关之汇兑差额
Changes in fair value of land and buildings
recognised directly in equity
直接于权益确认之土地及楼宇之公平值变动
Defered tax liabilities on gain on
revaluation of land and buildings
重估土地及楼宇之收益之递延税项负债
Total comprehensive income/
(expense) for the year
本年度全面收益╱（开支）总额
Shares purchased under the share award
scheme (note 25)
根据股份奖励计划购入股份（附注
）
Shares granted under the share award
scheme (note 25)
根据股份奖励计划授出股份（附注
）
Shares repurchased (note 24)
购回股份（附注
）
Final 2024 dividend declared and paid
(note 12)
已宣派及派付之二零二四年度末期股息
（附注
）
Special 2024 dividend declared and paid
(note 12)
已宣派及派付之二零二四年度特别股息
（附注
）
Special 2025 dividend paid (note 12)
已派付之二零二五年度特别股息（附注
）
Recognition of equity-setled share-based
payments (note 25)
确认以权益结算以股份支付之款项（附注
）
Transfer of share option reserve upon the
lapse of share options
于购股权失效时转拨购股权储备
At 31 March 2025
于二零二五年三月三十一日
* These reserve acounts comprise the consolidated reserves of
HK$994,289,000 (2024: HK$1,104,635,000) in the consolidated
statement of financial position.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| (44,424) |
| 193 |
| 19,193 |
| 3,900 |
| (2,512) |
| (154) |
| 43 |
| 15,567 |
| – |
| (1,794) |
| 404 |
| (16,553) |
| 301 |
| 2,658 |
| (23,465) |
| (2,448) |
| (49,091) |
| (24,328) |
| 54,789 |
| (2,837) |
| 9,159 |
| (2,573) |
| (54) |
Consolidated Statement of Cash Flows
综合现金流量表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
172Kingmaker Fotwear Holdings Limited Anual Report 2025
二零二四年
Notes
附注
HK$’000
千港元
CASH FLOWS FROM OPERATING ACTIVITIES
经营活动所得之现金流量
Profit/(los) before tax
除税前溢利／（亏损）
12,622
Adjustments for:
经调整：
Finance costs
融资成本
Depreciation of property, plant and equipment
物业、厂房及设备折旧
7, 1324,059
Depreciation of right-of-use asets
使用权资产折旧
7, 143,066
Provision/(write-back of provision) for inventories
存货拨备╱（拨备拨回）
71,230
Gain on disposal of items of property,
plant and equipment, net
出售物业、厂房及设备项目之收益净额
7(168)
Amortisation of club memberships
会所会籍摊销
Fair value los on revaluation of investment properties
重估投资物业之公平值亏损
7, 152,173
Write-of of items of property, plant and equipment
物业、厂房及设备项目撇销
Reversal of impairment loses on property,
plant and equipment
拨回物业、厂房及设备之减值亏损
7–
Impairment alowance for acounts receivable
应收账项减值拨备
Interest income
利息收入
7(20,485)
Equity-setled share option expense
以权益结算之购股权开支
Equity-setled share award expense
以权益结算之股份奖励开支
72,598
Share of profits of asociates
应占联营公司溢利
(23,900)
Efect of foreign exchange rate changes
汇率变动之影响
3,453
Decrease/(increase) in inventories
存货减少╱（增加）
89,136
Decrease/(increase) in acounts receivable
应收账项减少╱（增加）
(31,943)
Decrease/(increase) in prepayments, deposits and
other receivables
预付款项、按金及其他应收账项减少╱（增加）
3,839
Increase/(decrease) in acounts payable
应付账项增加╱（减少）
(21,527)
Decrease in acrued liabilities,
other payables and contract liabilities
应计负债、其他应付账项及合约负债减少
(7,282)
Decrease in deposits received
已收按金减少
(305)
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| (14,935) |
| 20,980 |
| (193) |
| (558) |
| (1,263) |
| 4,031 |
| 6,240 |
| (12,560) |
| 2,419 |
| 12,480 |
| 58,775 |
| 67,354 |
| (60,489) |
| – |
| (7,165) |
| (5,457) |
| – |
| (2,030) |
| (75,141) |
| (3,756) |
| 50,238 |
| (355) |
Consolidated Statement of Cash Flows
综合现金流量表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
信星鞋业集团有限公司 年报
2025
二零二四年
Notes
附注
HK$’000
千港元
Cash from/(used in) operations
经营所得╱（所用）现金
35,371
Interest received
已收利息
17,610
Interest paid
已付利息
(95)
Hong Kong profits tax paid
已付香港利得税
(1,850)
Overseas taxes paid
已付海外税项
(5,995)
Net cash flows from operating activities
经营活动所得之现金流量净额
45,041
CASH FLOWS FROM INVESTING ACTIVITIES
投资活动所得之现金流量
Dividend received from an asociate
已收联营公司股息
6,240
Purchases of items of property, plant and equipment
购置物业、厂房及设备项目
13(11,378)
Proceds from disposal of items of property,
plant and equipment
出售物业、厂房及设备项目所得款项
Decrease in an amount due from an asociate
应收一间联营公司款项减少
12,480
Decrease/(increase) in time deposits with original
maturity of over thre months when acquired
于收购时原定到期日多于三个月之定期存款减少╱（增加）
(4,771)
Net cash flows from investing activities
投资活动所得之现金流量净额
2,907
CASH FLOWS FROM FINANCING ACTIVITIES
融资活动所得之现金流量
Dividends paid
已付股息
12(28,368)
Isue of shares
发行股份
Repurchase of shares
购回股份
24(153)
Shares purchased under share award scheme
根据股份奖励计划购入股份
24(3,583)
Increase in a loan from a non-controling shareholder
非控股东贷款增加
30(b)3,616
Principal portion of lease payments
租赁付款之本金部分
30(b)(444)
Net cash flows used in financing activities
融资活动所用之现金流量净额
(28,816)
NET INCREASE/(DECREASE) IN CASH AND
CASH EQUIVALENTS
现金及等同现金项目增加╱（减少）净额
19,132
Cash and cash equivalents at begining of year
年初之现金及等同现金项目
32,077
Efect of foreign exchange rate changes, net
汇率变动之影响净额
(971)
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 46,127 |
| 44,440 |
| 1,687 |
| 46,127 |
Consolidated Statement of Cash Flows
综合现金流量表
Year ended 31 March 2025
截至二零二五年三月三十一日止年度
174Kingmaker Fotwear Holdings Limited Anual Report 2025
二零二四年
Notes
附注
HK$’000
千港元
CASH AND CASH EQUIVALENTS AT END OF YEAR
年终之现金及等同现金项目
50,238
ANALYSIS OF BALANCES OF CASH AND
CASH EQUIVALENTS
现金及等同现金项目结余之分析
Cash and bank balances
现金及银行结余
1931,140
Time deposits with original maturity of les than
thre months when acquired
于收购时原定到期日少于三个月之定期存款
1919,098
Cash and cash equivalents as stated in the
consolidated statement of cash flows
综合现金流量表列示之现金及等同现金项目
50,238
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
1.
公司及集团资料
信星鞋业集团有限公司为于百慕达注册
成立之有限公司。本公司之注册办事处
位于
Clarendon House, 2 Church Stret,
Hamilton HM11, Bermuda
。
年内，本集团从事制造及买卖鞋类以及物
业投资。本公司主要附属公司之详情载于
财务报表附注
。
2.
会计政策
2.1
编制基准
此等财务报表已根据香港会计师公会（「香
港会计师公会」）颁布之香港财务报告准则
会计准则，其包括所有香港财务报告准则、
香港会计准则（「香港会计准则」）及诠释以
及香港公司条例之披露规定编制。此等财
务报表乃根据历史成本法而编制，惟按公
平值计量之投资物业除外。此等财务报表
以港元（「港元」）呈列，除另有注明者外，所
有款项已舍入至最接近之千位数。
1. CORPORATE AND GROUP INFORMATION
Kingmaker Fotwear Holdings Limited is a limited liability
company incorporated in Bermuda. The registered ofice
of the Company is located at Clarendon House, 2 Church
Stret, Hamilton HM11, Bermuda.
During the year, the Group was involved in the manufacture
and trading of fotwear and property investment.
Particulars of the Company’s principal subsidiaries are
detailed in note 33 to the financial statements.
2. ACOUNTING POLICIES
2.1 BASIS OF PREPARATION
These financial statements have ben prepared in
acordance with HKFRS Acounting Standards (which
include al Hong Kong Financial Reporting Standards, Hong
Kong Acounting Standards (“HKASs”) and Interpretations)
as isued by the Hong Kong Institute of Certified Public
Acountants (“HKICPA”) and the disclosure requirements
of the Hong Kong Companies Ordinance. They have ben
prepared under the historical cost convention, except for
investment properties which have ben measured at fair
value. These financial statements are presented in Hong
Kong dolars (“HK$”) and al values are rounded to the
nearest thousand except when otherwise indicated.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
176Kingmaker Fotwear Holdings Limited Anual Report 2025
2.1
编制基准
（续）
综合入账基准
综合财务报表包括本公司及其附属公司（统
称「本集团」）截至二零二五年三月三十一日
止年度之财务报表。附属公司乃本公司直
接或间接控制之实体（包括结构性实体）。
当本集团对参与投资对象业务之浮动回报
承担风险或享有权利以及能透过对投资对
象之权力（即本集团获赋予现有能力以主导
投资对象相关活动之既存权利）影响该等回
报时，即取得控制权。
于一般情况下均存在多数投票权形成控制
权之推定。倘本公司对投资对象没有大多
数投票权或类似之权利，本集团于评估其
是否拥有对投资对象之权力时会考虑一切
相关事实及情况，包括：
(a)
与投资对象其他投票持有人之合约安
排；
(b)
其他合约安排所产生之权利；及
(c)
本集团之投票权及潜在投票权。
附属公司与本公司之财务报表之报告期间
相同，并采用一致之会计政策编制。附属公
司之业绩由本集团获得控制权当日起综合
入账，并继续入账直至有关控制权终止当
日为止。
2.1 BASIS OF PREPARATION (continued)
Basis of consolidation
The consolidated financial statements include the financial
statements of the Company and its subsidiaries (colectively
refered to as the “Group”) for the year ended 31 March
2025. A subsidiary is an entity (including a structured
entity), directly or indirectly, controled by the Company.
Control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the
investe and has the ability to afect those returns through
its power over the investe (i.e., existing rights that give the
Group the curent ability to direct the relevant activities of
the investe).
Generaly, there is a presumption that a majority of voting
rights results in control. When the Company has les than
a majority of the voting or similar rights of an investe, the
Group considers al relevant facts and circumstances in
asesing whether it has power over an investe, including:
(a) the contractual arangement with the other vote
holders of the investe;
(b) rights arising from other contractual arangements;
and
(c) the Group’s voting rights and potential voting rights.
The financial statements of the subsidiaries are prepared
for the same reporting period as the Company, using
consistent acounting policies. The results of subsidiaries
are consolidated from the date on which the Group obtains
control, and continue to be consolidated until the date that
such control ceases.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.1
编制基准
（续）
综合入账基准（续）
损益及其他全面收益之各组成部分归属
于本集团母公司持有人及非控股权益，即
使此举将导致非控股权益出现亏绌结余。
所有集团内公司间之资产及负债、权益、
收入、开支以及与本集团成员公司间之交
易有关之现金流量均于综合入账时悉数对
销。
倘事实及情况反映上文所述三项控制权因
素之其中一项或多项有变，则本集团会重
估是否仍然控制投资对象。附属公司拥有
权益之变动（并无失去控制权），于入账
时列作权益交易。
倘本集团失去对附属公司之控制权，则终
止确认相关资产（包括商誉）、负债、任何非
控股权益及汇兑波动储备；及确认所保留
任何投资之公平值及任何因此于损益内产
生之盈余或亏绌。先前于其他全面收益内
确认之本集团应占部分按犹如本集团已直
接出售相关资产或负债所规定之相同基准
重新分类至损益或保留溢利（如适当）。
2.1 BASIS OF PREPARATION (continued)
Basis of consolidation (continued)
Profit or los and each component of other comprehensive
income are atributed to the owners of the parent of the
Group and to the non-controling interests, even if this
results in the non-controling interests having a deficit
balance. Al intra-group asets and liabilities, equity,
income, expenses and cash flows relating to transactions
betwen members of the Group are eliminated in ful on
consolidation.
The Group reaseses whether or not it controls an investe
if facts and circumstances indicate that there are changes
to one or more of the thre elements of control described
above. A change in the ownership interest of a subsidiary,
without a los of control, is acounted for as an equity
transaction.
If the Group loses control over a subsidiary, it derecognises
the related asets (including godwil), liabilities, any non-
controling interest and the exchange fluctuation reserve;
and recognises the fair value of any investment retained
and any resulting surplus or deficit in profit or los. The
Group’s share of components previously recognised in other
comprehensive income is reclasified to profit or los or
retained profits, as apropriate, on the same basis as would
be required if the Group had directly disposed of the related
asets or liabilities.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
178Kingmaker Fotwear Holdings Limited Anual Report 2025
2.2
会计政策之变动及披露
本集团已就本年度财务报表首次采用下列
经修订香港财务报告准则会计准则。
香港财务报告准则
第
号之修订
售后租回中的租赁
负债
香港会计准则
第
号之修订
负债分类为流动或非
流动（「二零二零年
修订本」）
香港会计准则
第
号之修订
附带契诺的非流动
负债（「二零二年
修订本」）
香港会计准则
第
号及香港
财务报告准则
第
号之修订
供应商融资安排
2.2 CHANGES IN ACOUNTING POLICIES
AND DISCLOSURES
The Group has adopted the folowing revised HKFRS
Acounting Standards for the first time for the curent year’s
financial statements.
Amendments to HKFRS 16Lease Liability in a Sale and
Leaseback
Amendments to HKAS 1Clasification of Liabilities as
Curent or Non-curent (the “2020
Amendments”)
Amendments to HKAS 1Non-curent Liabilities with
Covenants (the “2022
Amendments”)
Amendments to HKAS 7
and HKFRS 7
Suplier Finance Arangements
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.2
会计政策之变动及披露
（续）
经修订香港财务报告准则会计准则的性质
及所造成的影响阐述如下：
(a)
香港财务报告准则第
号之修订明
卖方－承租人计量售后租回交易产生
之租赁负债时所须使用之规定，以确
保卖方－承租人不会确认与所保留使
用权有关之任何收益或亏损金额。由
于自首次应用香港财务报告准则第
号日期以来，本集团概无订立可变租
赁付款毋须取决于指数或利率的售后
租回交易，该等修订对本集团的财务
状况或表现并无任何影响。
(b)
二零二零年修订本澄清将负债分类为
流动或非流动的规定，包括对延迟偿
付的权利及延迟权利须于报告期末存
在。负债分类不受实体行使其延迟偿
付权利的可能性所影响。该等修订亦
澄清负债可以本身的股本工具偿还，
惟仅当可转换负债的转换权本身入账
列作股本工具时，负债分类方不会受
负债条款影响。二零二年修订本进
一步阐明，在该等由贷款安排产生之
负债契诺中，只有实体于报告日期或
之前须遵守之契诺方会影响相关负债
被分类为流动或非流动。使实体须于
报告期后
个月内遵守未来契诺的非
流动负债须作出额外披露。
2.2 CHANGES IN ACOUNTING POLICIES
AND DISCLOSURES (continued)
The nature and the impact of the revised HKFRS
Acounting Standards are described below:
(a) Amendments to HKFRS 16 specify the requirements
that a seler-lese uses in measuring the lease liability
arising in a sale and leaseback transaction to ensure
the seler-lese does not recognise any amount
of the gain or los that relates to the right of use it
retains. Since the Group has no sale and leaseback
transactions with variable lease payments that do not
depend on an index or a rate ocuring from the date
of initial aplication of HKFRS 16, the amendments
did not have any impact on the financial position or
performance of the Group.
(b) The 2020 Amendments clarify the requirements
for clasifying liabilities as curent or non-curent,
including what is meant by a right to defer setlement
and that a right to defer must exist at the end of
the reporting period. Clasification of a liability is
unafected by the likelihod that the entity wil exercise
its right to defer setlement. The amendments also
clarify that a liability can be setled in its own equity
instruments, and that only if a conversion option in a
convertible liability is itself acounted for as an equity
instrument would the terms of a liability not impact its
clasification. The 2022 Amendments further clarify
that, among covenants of a liability arising from a loan
arangement, only those with which an entity must
comply on or before the reporting date afect the
clasification of that liability as curent or non-curent.
Aditional disclosures are required for non-curent
liabilities that are subject to the entity complying with
future covenants within 12 months after the reporting
period.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
180Kingmaker Fotwear Holdings Limited Anual Report 2025
2.2
会计政策之变动及披露
（续）
(b)
（续）
本集团已重新评估于二零二三年及二
零二四年一月一日之负债的条款及条
件，认为负债之流动或非流动分类自
首次应用该等修订以来概无变动。因
此，该等修订对本集团的财务状况或
表现并无任何影响。
(c)
香港会计准则第
号及香港财务报告
准则第
号之修订阐明供应商融资安
排的特点并规定对该等安排作出额外
披露。该等修订的披露规定旨在协助
财务报表使用者理解供应商融资安排
对实体负债、现金流量及流动资金风
险的影响。由于本集团概无供应商融
资安排，该等修订对本集团的财务报
表并无任何影响。
2.2 CHANGES IN ACOUNTING POLICIES
AND DISCLOSURES (continued)
(b) (continued)
The Group has reasesed the terms and conditions
of its liabilities as at 1 January 2023 and 2024 and
concluded that the clasification of its liabilities as
curent or non-curent remained unchanged upon
initial aplication of the amendments. Acordingly, the
amendments did not have any impact on the financial
position or performance of the Group.
(c) Amendments to HKAS 7 and HKFRS 7 clarify the
characteristics of suplier finance arangements and
require aditional disclosure of such arangements.
The disclosure requirements in the amendments
are intended to asist users of financial statements
in understanding the efects of suplier finance
arangements on an entity’s liabilities, cash flows
and exposure to liquidity risk. As the Group does not
have suplier finance arangements, the amendments
did not have any impact on the Group’s financial
statements.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.3
已颁布但尚未生效之香港财务报
告准则会计准则
本集团并未于该等财务报表中应用以下已
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。本集团拟于该等新订
及经修订香港财务报告准则会计准则生效
时予以应用（如适用）。
香港财务报告
准则第
号
财务报表的呈列及披露
香港财务报告
准则第
号
无公众问责性的
附属公司：披露
香港财务报告
准则第
号及
香港财务报告
准则第
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
号及
香港财务报告
准则第
号
之修订
涉及依赖自然能源生产
电力的合约
香港财务报告
准则第
号及
香港会计准则
第
号之修订
投资者与其联营公司或
合营企业之间资产出
售或注资
香港会计准则
第
号之修订
缺乏可兑换性
香港财务报告
准则会计准则
的年度改进－
第
卷
香港财务报告准则
第
号、香港财务报告
准则第
号、香港财务
报告准则第
号、香港
财务报告准则第
号
及香港会计准则
第
号之修订
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS
The Group has not aplied the folowing new and revised
HKFRS Acounting Standards, that have ben isued but
are not yet efective, in these financial statements. The
Group intends to aply these new and revised HKFRS
Acounting Standards, if aplicable, when they become
efective.
HKFRS 18Presentation and Disclosure in
Financial Statements
HKFRS 19Subsidiaries without Public
Acountability: Disclosures
Amendments to HKFRS 9
and HKFRS 7
Amendments to the Clasification
and Measurement of Financial
Instruments
Amendments to HKFRS 9
and HKFRS 7
Contracts Referencing Nature-
dependent Electricity
Amendments to HKFRS 10
and HKAS 28
Sale or Contribution of Asets
betwen an Investor and its
Asociate or Joint Venture
Amendments to HKAS 21Lack of Exchangeability
Anual Improvements to
HKFRS Acounting
Standards – Volume 11
Amendments to HKFRS 1,
HKFRS 7, HKFRS 9, HKFRS 10
and HKAS 7
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
182Kingmaker Fotwear Holdings Limited Anual Report 2025
2.3
已颁布但尚未生效之香港财务报
告准则会计准则
（续）
于二零二五年一月一日或之后开始的年
度期间生效
于二零二六年一月一日或之后开始的年
度期间生效
于二零二七年一月一日或之后开始的年
度／报告期间生效
尚未厘定强制生效日期但可予以采纳
本集团正评估该等新订及经修订香港财务
报告准则会计准则于首次应用后所产生的
影响，惟尚未无法指明该等新订及经修订
香港财务报告准则会计准则是否将对本集
团的财务报表产生任何重大影响。
2.3 ISUED BUT NOT YET EFECTIVE HKFRS
ACOUNTING STANDARDS (continued)
Efective for anual periods begining on or after 1 January
Efective for anual periods begining on or after 1 January
Efective for anual/reporting periods begining on or after 1
January 2027
No mandatory efective date yet determined but available for
adoption
The Group is in proces of making an asesment of
the impact of these new and revised HKFRS Acounting
Standards upon initial aplication, but is not yet in a
position to state whether these new and revised HKFRS
Acounting Standards would have any significant impact on
the Group’s financial statements.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
联营公司投资
联营公司为本集团於其一般不少于
20%
股
本投票权中拥有长期权益的实体，且可对
其发挥重大影响力。重大影响力指的是参
与投资对象的财务和经营决策的权力，但
不是控制或共同控制这些决策的权力。
本集团于联营公司的投资乃按本集团根据
权益会计法应占资产净值减任何减值亏损
于综合财务状况表列账。倘出现任何不相
符的会计政策，即会作出调整加以修正。本
集团应占联营公司收购后业绩及其他全面
收益分别计入综合损益表及综合其他全面
收益表。此外，倘于联营公司的权益直接确
认变动，则本集团会于综合权益变动表确
认其应占任何变动（倘适用）。本集团与其
联营公司间交易产生的未变现收益及亏损
将以本集团于联营公司的投资为限对销，
惟倘未变现亏损证明所转让资产减值则除
外。收购联营公司所产生的商誉已计入作
本集团于联营公司投资的一部分。
倘于联营公司之投资变成于合营企业之投
资或出现相反情况，则不会重新计量保留
权益。反之，该投资继续根据权益法入账。
在所有其他情况下，失去对联营公司之重
大影响力后，本集团按其公平值计量及确
认任何保留投资。联营公司于失去重大影
响力时的账面值与保留投资及出售所得款
项的公平值之间的任何差额乃于损益内确
认。
2.4 MATERIAL ACOUNTING POLICIES
Investments in asociates
An asociate is an entity in which the Group has a long term
interest of generaly not les than 20% of the equity voting
rights and over which it has significant influence. Significant
influence is the power to participate in the financial and
operating policy decisions of the investe, but is not control
or joint control over those policies.
The Group’s investments in asociates are stated in the
consolidated statement of financial position at the Group’s
share of net asets under the equity method of acounting,
les any impairment loses. Adjustments are made to bring
into line any disimilar acounting policies that may exist.
The Group’s share of the post-acquisition results and other
comprehensive income of asociates is included in the
consolidated statement of profit or los and consolidated
other comprehensive income, respectively. In adition,
when there has ben a change recognised directly in the
equity of the asociate, the Group recognises its share
of any changes, when aplicable, in the consolidated
statement of changes in equity. Unrealised gains and
loses resulting from transactions betwen the Group and
its asociates are eliminated to the extent of the Group’s
investments in the asociates, except where unrealised
loses provide evidence of an impairment of the asets
transfered. Godwil arising from the acquisition of
asociates is included as part of the Group’s investments in
asociates.
If an investment in an asociate becomes an investment
in a joint venture or vice versa, the retained interest is
not remeasured. Instead, the investment continues to be
acounted for under the equity method. In al other cases,
upon los of significant influence over the asociate, the
Group measures and recognises any retained investment at
its fair value. Any diference betwen the carying amount
of the asociate upon los of significant influence and the
fair value of the retained investment and proceds from
disposal is recognised in profit or los.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
184Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
公平值计量
本集团于各报告期末按公平值计量其投资
物业。公平值乃市场参与者于计量日期在
有序交易中出售资产所收取之价格或转让
负债所支付之价格。公平值计量乃根据假
设出售资产或转让负债之交易于资产或负
债主要市场或（在无主要市场情况下）于
资产或负债最具优势市场进行而作出。主
要或最具优势市场须为本集团可进入之市
场。资产或负债之公平值乃按假设市场参
与者于资产或负债定价时会假设以彼等最
佳经济利益行事而计量。
非财务资产之公平值计量须计及市场参与
者能通过最大限度使用该资产达致最佳用
途，或将该资产出售予将最大限度使用该
资产达致最佳用途之其他市场参与者所产
生之经济效益。
本集团采纳适用于不同情况且具备充分数
据以供计量公平值之估值方法，尽量使用
相关可观察输入数据及尽量减少使用不可
观察输入数据。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Fair value measurement
The Group measures its investment properties at fair
value at the end of each reporting period. 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 fair
value measurement is based on the presumption that
the transaction to sel the aset or transfer the liability
takes place either in the principal market for the aset or
liability, or in the absence of a principal market, in the most
advantageous market for the aset or liability. The principal
or the most advantageous market must be acesible
by the Group. The fair value of an aset or a liability is
measured using the asumptions that market participants
would use when pricing the aset or liability, asuming that
market participants act in their economic best interest.
A fair value measurement of a non-financial aset takes into
acount a market participant’s ability to generate economic
benefits by using the aset in its highest and best use or by
seling it to another market participant that would use the
aset in its highest and best use.
The Group uses valuation techniques that are apropriate in
the circumstances and for which suficient data are available
to measure fair value, maximising the use of relevant
observable inputs and minimising the use of unobservable
inputs.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
公平值计量（续）
所有于财务报表计量或披露公平值之资产
及负债乃基于对公平值计量整体而言属重
大之最低层输入数据按以下所述之公平值
级别分类：
第一级－基于相同资产或负债于活
跃市场之报价（未经调整）
第二级－基于对公平值计量而言属
重大之可观察（直接或间接）
最低层输入数据之估值方
法
第三级－基于对公平值计量而言属
重大之不可观察最低层输
入数据之估值方法
就按经常性基准于财务报表确认之资产及
负债而言，本集团透过于各报告期末重新
评估分类（基于对公平值计量整体而言属重
大之最低层输入数据）确定是否发生不同级
别转移。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Fair value measurement (continued)
Al asets and liabilities for which fair value is measured
or disclosed in the financial statements are categorised
within the fair value hierarchy, described as folows, based
on the lowest level input that is significant to the fair value
measurement as a whole:
Level 1–based on quoted prices (unadjusted)
in active markets for identical
asets or liabilities
Level 2–based on valuation techniques for
which the lowest level input that
is significant to the fair value
measurement is observable, either
directly or indirectly
Level 3–based on valuation techniques for
which the lowest level input that
is significant to the fair value
measurement is unobservable
For asets and liabilities that are recognised in the financial
statements on a recuring basis, the Group determines
whether transfers have ocured betwen levels in the
hierarchy by reasesing categorisation (based on the
lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting
period.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
186Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
非财务资产减值
倘若出现减值迹象，或当有需要为资产（不
包括存货、财务资产及投资物业）进行每年
减值测试时，则会估计资产的可收回金额。
除非某类资产生之现金流入不能很大程
度上独立于其他资产或多项资产所产生之
现金流入（在此情况下，可收回金额按资产
所属之现金产生单位厘定），否则资产的可
收回金额按资产或现金产生单位的使用价
值与其公平值减出售成本两者中的较高者
计算，并按个别资产厘定。测试现金产生单
位的减值时，倘公司资产（如总部大楼）账
面值的一部分可按合理一致的基准进行分
配，则分配至个别现金产生单位，否则分配
至最小的现金产生单位组别。
仅于资产的账面值超过可收回金额时，减
值亏损方予确认。评估使用价值时，估计
未来现金流量是以除税前贴现率贴现至现
值，而该贴现率反映当时市场对货币之时
间价值之评估及该项资产的特有风险。减
值亏损在其于符合减值资产功能的开支类
别中所产生期间于损益表扣除。
于各报告期末，将评定是否有迹象显示先
前确认之减值亏损不再存在或减少。倘出
现该迹象，则会估计可收回金额。先前确认
之资产（商誉除外）减值亏损，只会在用以
厘定该项资产之可收回金额之估计有所改
变时拨回，惟拨回之金额不得超过该项资
产倘于过往年度未获确认减值亏损而厘定
的账面值（经扣除任何折旧）。所拨回之减
值亏损，乃于其发生期间计入损益表。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Impairment of non-financial asets
Where an indication of impairment exists, or when anual
impairment testing for an aset is required (other than
inventories, financial asets and investment properties),
the aset’s recoverable amount is estimated. An aset’s
recoverable amount is the higher of the aset’s or cash-
generating unit’s value in use and its fair value les costs of
disposal, and 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,
in which case the recoverable amount is determined for the
cash-generating unit to which the aset belongs. In testing
a cash-generating unit for impairment, a portion of the
carying amount of a corporate aset (e.g., a headquarters
building) is alocated to an individual cash-generating unit if
it can be alocated on a reasonable and consistent basis or,
otherwise, to the smalest group of cash-generating units.
An impairment los is recognised only if the carying
amount of an aset exceds its recoverable amount. In
asesing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount
rate that reflects curent market asesments of the time
value of money and the risks specific to the aset. An
impairment los is charged to the statement of profit or los
in the period in which it arises in those expense categories
consistent with the function of the impaired aset.
An asesment is made at the end of each reporting
period as to whether there is an indication that previously
recognised impairment loses may no longer exist or
may have decreased. If such an indication exists, the
recoverable amount is estimated. A previously recognised
impairment los of an aset other than godwil is reversed
only if there has ben a change in the estimates used to
determine the recoverable amount of that aset, but not
to an amount higher than the carying amount that would
have ben determined (net of any depreciation) had no
impairment los ben recognised for the aset in prior
years. A reversal of such an impairment los is credited
to the statement of profit or los in the period in which it
arises.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
物业、厂房及设备以及折旧
物业、厂房及设备（在建工程除外）乃按成
本减累计折旧及任何减值亏损列账。物业、
厂房及设备项目之成本，包括其购买价及
使该项资产达至其营运状态及地点以用于
其拟定用途之任何直接应占成本。物业、厂
房及设备项目于运作后所产生之支出，例
如维修及保养费乃通常于产生时于该期间
之损益表内扣除。如符合确认条件，则有关
主要查验之支出乃于资产之账面值中资本
化为重置。倘物业、厂房及设备之重要部分
须定期重置，则本集团将确认该等部分为
拥有特定可使用年期之独立资产，并将该
等资产进行相应折旧。
折旧乃采用直线法于每项物业、厂房及设
备项目估计可使用年期内将其成本撇销至
其剩余价值予以计算。为此目的所使用的
主要年率如下：
永久业权土地不计算折旧
楼宇
5%
租赁物业装修按租期及
10%
至
25%
（以较短者为准）
机器、家具、
设备及汽车
10%
至
25%
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Property, plant and equipment and depreciation
Property, plant and equipment, other than construction in
progres, are stated at cost les acumulated depreciation
and any impairment loses. The cost of an item of property,
plant and equipment comprises its purchase price and
any directly atributable costs of bringing the aset to
its working condition and location for its intended use.
Expenditure incured after items of property, plant and
equipment have ben put into operation, such as repairs
and maintenance, is normaly charged to the statement
of profit or los in the period in which it is incured. In
situations where the recognition criteria are satisfied, the
expenditure for a major inspection is capitalised in the
carying amount of the aset as a replacement. Where
significant parts of property, plant and equipment are
required to be replaced at intervals, the Group recognises
such parts as individual asets with specific useful lives and
depreciates them acordingly.
Depreciation is calculated on the straight-line basis to write
of the cost of each item of property, plant and equipment
to its residual value over its estimated useful life. The
principal anual rates used for this purpose are as folows:
Frehold landNot depreciated
Buildings5%
Leasehold improvementsOver the shorter of the
lease terms and 10%
to 25%
Machinery, furniture, equipment
and motor vehicles
10% to 25%
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
188Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
物业、厂房及设备以及折旧（续）
当一项物业、厂房及设备项目的各部分有
不同的可使用年期，该项目的成本按合理
基础在各部分配，而每部分将作个别折
旧。剩余价值、可使用年期和折旧方法至少
于各财政年度末进行检讨和调整（如适合）。
一项物业、厂房及设备项目（包括初步获确
认的任何重要部分）于出售时或预计经其使
用或出售而不再产生日后经济效益时将终
止确认。于年内终止确认的资产因其出售
或报废并在损益表被确认的任何收益或亏
损乃有关资产的出售所得款项净额与账面
值的差额。
在建工程乃按成本减任何减值亏损列账，
且不会予以折旧，其于完工并可供投入使
用时重新列入物业、厂房及设备之适当类
别。
会所会籍投资
会所会籍之可使用年期评估为有限或无
限。年期有限之会所会籍其后于可使用经
济年期内摊销，并评估是否有迹象显示会
所会籍可能出现减值。可使用年期有限之
会所会籍之摊销年期及摊销方法至少于各
财政年度末检讨一次。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Property, plant and equipment and depreciation
(continued)
Where parts of an item of property, plant and equipment
have diferent useful lives, the cost of that item is alocated
on a reasonable basis among the parts and each part is
depreciated separately. Residual values, useful lives and
the depreciation method are reviewed, and adjusted if
apropriate, at least at each financial year end.
An item of property, plant and equipment including any
significant part initialy recognised is derecognised upon
disposal or when no future economic benefits are expected
from its use or disposal. Any gain or los on disposal or
retirement recognised in the statement of profit or los in
the year the aset is derecognised is the diference betwen
the net sales proceds and the carying amount of the
relevant aset.
Construction in progres is stated at cost les any
impairment loses, and is not depreciated. It is reclasified
to the apropriate category of property, plant and
equipment when completed and ready for use.
Investments in club memberships
The useful lives of club memberships are asesed to be
either finite or indefinite. Club memberships with finite
lives are subsequently amortised over the useful economic
life and asesed for impairment whenever there is an
indication that the club memberships may be impaired. The
amortisation period and the amortisation method for club
memberships with a finite useful life are reviewed at least at
each financial year end.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
会所会籍投资（续）
无限可使用年期之会所会籍于每年按个别
或现金产生单位等级作减值测试。该等会
所会籍不予摊销。具无限年期之会所会籍
之可使用年期于每年作评估，以厘定无限
可使用年期之评估是否持续可靠。如不可
靠，则可使用年期之评估由按无限年期更
改为有限年期按前瞻基准列账。
投资物业
投资物业是指在持有以赚取租金收入及╱
或资本增值之土地和楼宇（包括使用权资
产）之权益。该等物业初始时按成本（包括
交易成本）计量。于初步确认后，该等投资
物业于报告期末以反映市况之公平值列
账。
投资物业公平值的变动产生之收益或亏损
于其产生当年之损益表中列账。
投资物业因报废或出售而产生之任何收益
或亏损于报废或出售当年之损益表中确
认。
就投资物业转拨至业主占用物业而言，其
后入账方法是以物业于更改用途之日之公
平值作为其成本。如本集团拥有之物业由
业主占用物业转变为投资物业，本集团则
就业主占用物业根据于「物业、厂房及设备
以及折旧」所述之政策将该物业入账，及╱
或就持有作使用权资产之物业根据于「使用
权资产」所述之政策将该物业入账，直至更
改用途之日为止，而于当日有关该物业之
账面值及公平值之任何差额作为重估，根
据香港会计准则第
号物业、厂房及设备
入账。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Investments in club memberships (continued)
Club memberships with indefinite useful lives are tested
for impairment anualy either individualy or at the cash-
generating unit level. Such club memberships are not
amortised. The useful life of a club membership with an
indefinite life is reviewed anualy to determine whether the
indefinite life asesment continues to be suportable. If
not, the change in the useful life asesment from indefinite
to finite is acounted for on a prospective basis.
Investment properties
Investment properties are interests in land and buildings
(including right-of-use asets) held to earn rental income
and/or for capital apreciation. Such properties are
measured initialy at cost, including transaction costs.
Subsequent to initial recognition, investment properties are
stated at fair value, which reflects market conditions at the
end of the reporting period.
Gains or loses arising from changes in the fair values of
investment properties are included in the statement of profit
or los in the year in which they arise.
Any gains or loses on the retirement or disposal of an
investment property are recognised in the statement of
profit or los in the year of the retirement or disposal.
For a transfer from investment properties to owner-
ocupied properties, the demed cost of a property for
subsequent acounting is its fair value at the date of
change in use. If a property ocupied by the Group as an
owner-ocupied property becomes an investment property,
the Group acounts for such property in acordance with
the policy stated under “Property, plant and equipment and
depreciation” for owned property and/or acounts for such
property in acordance with the policy stated under “Right-
of-use asets” for property held as a right-of-use aset up
to the date of change in use, and any diference at that
date betwen the carying amount and the fair value of the
property is acounted for as a revaluation in acordance
with HKAS 16 Property, Plant and Equipment.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
190Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
租赁
本集团于合约开始时评估合约是否为租赁
或包含租赁。倘合约转让于一段时间内控
制已确认资产使用的权利以换取代价，则
该合约为租赁或包含租赁。
本集团作为承租人
本集团对所有租赁采用单一确认及计量方
法，惟短期租赁及低价值资产租赁除外。本
集团确认作出租赁款项的租赁负债及代表
相关资产使用权的使用权资产。
(a)
使用权资产
使用权资产于租赁开始日期（即相关
资产可供使用的日期）确认。使用权资
产按成本减累计折旧及任何减值亏损
计量，并就租赁负债之任何重新计量
作出调整。使用权资产之成本包括已
确认租赁负债金额、已产生初始直接
成本及于开始日期或之前作出之租赁
款项减已收取之任何租赁优惠。使用
权资产于资产的租期及估计可使用年
期（以较短者为准）内以直线法折旧如
下：
租赁土地
19
至
年
楼宇
3
至
年
倘租赁资产所有权于租期结束时转移
至本集团或成本反映了购买选择权的
行使，则使用该资产的估计可使用年
期计算折旧。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Leases
The Group aseses at contract inception whether a
contract is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use
of an identified aset for a period of time in exchange for
consideration.
Group as a lese
The Group aplies a single recognition and measurement
aproach for al leases, except for short-term leases and
leases of low-value asets. The Group recognises lease
liabilities to make lease payments and right-of-use asets
representing the right to use the underlying asets.
(a) Right-of-use asets
Right-of-use asets are recognised at the
comencement date of the lease (that is the date
the underlying aset is available for use). Right-of-
use asets are measured at cost, les acumulated
depreciation and any impairment loses, and
adjusted for any remeasurement of lease liabilities.
The cost of right-of-use asets includes the amount
of lease liabilities recognised, initial direct costs
incured, and lease payments made at or before
the comencement date les any lease incentives
received. Right-of-use asets are depreciated on a
straight-line basis over the shorter of the lease terms
and the estimated useful lives of the asets as folows:
Leasehold land 19 to 38 years
Buildings 3 to 4 years
If ownership of the leased aset transfers to the Group
by the end of the lease term or the cost reflects
the exercise of a purchase option, depreciation is
calculated using the estimated useful life of the aset.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
租赁（续）
(b)
租赁负债
租赁负债于租赁开始日期按于租期内
作出之租赁款项现值确认。租赁款项
包括固定付款（包括实质固定付款）减
任何应收租赁优惠、取决于某一指数
或比率之可变租赁款项及预期根据剩
余价值担保将支付之金额。租赁款项
亦包括本集团合理确定行使购买选择
权之行使价，且倘租期反映了本集团
行使选择权终止租赁，则须就终止租
赁支付罚款。并非取决于某一指数或
比率之可变租赁款项于触发付款之事
件或状况出现期间确认为开支。
于计算租赁款项现值时，由于租赁中
所隐含之利率不易厘定，本集团于租
赁开始日期使用其增量借贷利率。于
开始日期后，租赁负债金额会增加，
以反映利息增加并因作出的租赁款项
而减少。此外，倘出现修订、租期变
动、租赁款项变动（如因指数或比率变
动导致未来租赁款项变动）或购买相
关资产的选择权评估变动，租赁负债
的账面值将重新计量。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Leases (continued)
(b) Lease liabilities
Lease liabilities are recognised at the comencement
date of the lease at the present value of lease
payments to be made over the lease term. The
lease payments include fixed payments (including in-
substance fixed payments) les any lease incentives
receivable, variable lease payments that depend on
an index or a rate, and amounts expected to be paid
under residual value guarantes. The lease payments
also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and
payments of penalties for termination of a lease, if the
lease term reflects the Group exercising the option to
terminate the lease. The variable lease payments that
do not depend on an index or a rate are recognised
as an expense in the period in which the event or
condition that trigers the payment ocurs.
In calculating the present value of lease payments, the
Group uses its incremental borowing rate at the lease
comencement date because the interest rate implicit
in the lease is not readily determinable. After the
comencement date, the amount of lease liabilities
is increased to reflect the acretion of interest and
reduced for the lease payments made. In adition,
the carying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term,
a change in lease payments (e.g., a change to future
lease payments resulting from a change in an index
or rate) or a change in asesment of an option to
purchase the underlying aset.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
192Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
租赁（续）
(c)
短期租赁及低价值资产的租赁
本集团对其楼宇的短期租赁（即自开
始日期起该等租赁租期为
个月或以
内且并无包含购买选择权）应用短期
租赁确认豁免。其亦对被视作低价值
的设备之租赁应用低价值资产租赁的
确认豁免。短期租赁的租赁款项及低
价值资产租赁在租期内按直线法确认
为开支。
本集团作为出租人
倘本集团作为出租人，其于租赁开始时（或
于租赁修订时）将每一项租赁分类为经营租
赁或融资租赁。
倘本集团于租赁中并无转移一项资产所有
权附带的绝大部分风险及回报，则租赁分
类为经营租赁。倘合约包含租赁及非租赁
部分，本集团根据相对独立的售价基准将
合约代价分配至各部分。租金收入于租期
内按直线法入账并因其属经营性质而计入
损益表内之收益。协商及安排经营租赁时
产生的初始直接成本加至租赁资产的账面
值，并按与租金收入相同的基准在租期内
确认。或然租金于其赚取之期间确认为收
益。
将一项相关资产所有权附带的绝大部分风
险及回报转移予承租人的租赁入账为融资
租赁。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Leases (continued)
(c) Short-term leases and leases of low-value asets
The Group aplies the short-term lease recognition
exemption to its short-term leases of buildings (that is
those leases that have a lease term of 12 months or
les from the comencement date and do not contain
a purchase option). It also aplies the recognition
exemption for leases of low-value asets to leases
of equipment that is considered to be of low value.
Lease payments on short-term leases and leases of
low-value asets are recognised as an expense on a
straight-line basis over the lease term.
Group as a lesor
When the Group acts as a lesor, it clasifies at lease
inception (or when there is a lease modification) each of its
leases as either an operating lease or a finance lease.
Leases in which the Group does not transfer substantialy
al the risks and rewards incidental to ownership of an aset
are clasified as operating leases. When a contract contains
lease and non-lease components, the Group alocates
the consideration in the contract to each component on
a relative stand-alone seling price basis. Rental income is
acounted for on a straight-line basis over the lease terms
and is included in revenue in the statement of profit or los
due to its operating nature. Initial direct costs incured in
negotiating and aranging an operating lease are aded to
the carying amount of the leased aset and recognised
over the lease term on the same basis as rental income.
Contingent rents are recognised as revenue in the period in
which they are earned.
Leases that transfer substantialy al the risks and rewards
incidental to ownership of an underlying aset to the lese
are acounted for as finance leases.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
投资及其他财务资产
初步确认及计量
财务资产于初步确认时分类为其后按摊销
成本、按公平值计入其他全面收益及按公
平值计入损益计量。
于初步确认时，财务资产分类取决于财务
资产的合约现金流量特点及本集团管理该
等财务资产的业务模式。除并无重大融资
成分或本集团已应用不调整重大融资成分
影响的可行权宜方法的应收账项外，本集
团初步按其公平值加（倘并非按公平值计入
损益的财务资产）交易成本计量财务资产。
根据下文「收益确认」所载政策，并无重大
融资成分或本集团已应用可行权宜方法的
应收账项按香港财务报告准则第
号厘定
的交易价格计量。
为使财务资产按摊销成本或按公平值计入
其他全面收益进行分类及计量，需产生纯
粹为支付未偿还本金及本金利息（「纯粹为
支付本金及利息」）的现金流量。现金流量
并非为纯粹为支付本金及利息的财务资产
按公平值计入损益分类及计量，而不论业
务模式。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Investments and other financial asets
Initial recognition and measurement
Financial asets are clasified, at initial recognition, as
subsequently measured at amortised cost, fair value
through other comprehensive income, and fair value
through profit or los.
The clasification of financial asets at initial recognition
depends on the financial aset’s contractual cash flow
characteristics and the Group’s busines model for
managing them. With the exception of acounts receivable
that do not contain a significant financing component or for
which the Group has aplied the practical expedient of not
adjusting the efect of a significant financing component,
the Group initialy measures a financial aset at its fair value,
plus in the case of a financial aset not at fair value through
profit or los, transaction costs. Acounts receivable that
do not contain a significant financing component or for
which the Group has aplied the practical expedient are
measured at the transaction price determined under HKFRS
15 in acordance with the policies set out for “Revenue
recognition” below.
In order for a financial aset to be clasified and measured
at amortised cost or fair value through other comprehensive
income, it neds to give rise to cash flows that are solely
payments of principal and interest (“SPI”) on the principal
amount outstanding. Financial asets with cash flows that
are not SPI are clasified and measured at fair value
through profit or los, irespective of the busines model.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
194Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
投资及其他财务资产（续）
初步确认及计量（续）
本集团管理财务资产的业务模式指其如何
管理其财务资产以产生现金流量。业务模
式确定现金流量是否来自收取合约现金流
量、出售财务资产，或两者兼有。按摊销成
本分类及计量之财务资产为以收取合约现
金流量为目的而持有财务资产的业务模式
内持有的财务资产，而按公平值计入其他
全面收益分类及计量的财务资产为持有以
收取合约现金流量及销售为目的在业务模
式内持有的财务资产。未于上述业务模式
内持有之财务资产按公平值计入损益分类
及计量。
按照市场一般规定或惯例在期间内交付资
产之财务资产买卖于交易日（即本集团承诺
购买或出售该资产之日期）予以确认。
其后计量
财务资产之其后计量取决于其以下分类：
按摊销成本计量的财务资产（债务工具）
按摊销成本计量的财务资产其后使用实际
利率法计量，并可能受减值影响。当资产终
止确认、修订或减值时，收益及亏损于损益
表确认。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Investments and other financial asets (continued)
Initial recognition and measurement (continued)
The Group’s busines model for managing financial asets
refers to how it manages its financial asets in order to
generate cash flows. The busines model determines
whether cash flows wil result from colecting contractual
cash flows, seling the financial asets, or both. Financial
asets clasified and measured at amortised cost are
held within a busines model with the objective to hold
financial asets in order to colect contractual cash flows,
while financial asets clasified and measured at fair value
through other comprehensive income are held within a
busines model with the objective of both holding to colect
contractual cash flows and seling. Financial asets which
are not held within the aforementioned busines models are
clasified and measured at fair value through profit or los.
Purchases or sales of financial asets that require delivery
of asets within the period generaly established by
regulation or convention in the marketplace are recognised
on the trade date, that is, the date that the Group comits
to purchase or sel the aset.
Subsequent measurement
The subsequent measurement of financial asets depends
on their clasification as folows:
Financial asets at amortised cost (debt instruments)
Financial asets at amortised cost are subsequently
measured using the efective interest method and are
subject to impairment. Gains and loses are recognised
in the statement of profit or los when the aset is
derecognised, modified or impaired.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
终止确认财务资产
财务资产（或倘适用，一项财务资产之一部
分或一组同类财务资产之一部分）主要在下
列情况将终止确认（即自本集团之综合财务
状况表内移除）：
•
收取该项资产所得现金流量之权利已
经届满；或
•
本集团已转让收取该项资产所得现金
流量之权利，或已根据一项「转付」安
排，在未有对第三方造成严重延缓之
情况下，已承担全数支付所收取现金
流量之责任；及不论
(a)
本集团已转让
该项资产之绝大部分风险及回报，或
(b)
本集团并无转让或保留该项资产绝
大部分风险及回报，但已转让该项资
产之控制权。
本集团凡转让其收取一项资产所得现金流
量之权利或订立转付安排，本集团将评估
有否保留拥有该资产所有权之风险及回报
以及其程度。当无转让或保留该项资产之
绝大部分风险及回报，且并无转让该项资
产之控制权，本集团继续以其持续参与程
度为限确认所转让之资产。在该情况下，本
集团亦确认相关负债。已转让资产及相关
负债按反映本集团已保留权利及责任之基
准计量。
倘为就所转让资产提供担保之形式持续参
与有关资产，则该已转让资产乃以该项资
产之原账面值及本集团或须偿还之代价数
额上限（以较低者为准）计量。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Derecognition of financial asets
A financial aset (or, where aplicable, a part of a financial
aset or part of a group of similar financial asets) is
primarily derecognised (i.e., removed from the Group’s
consolidated statement of financial position) when:
• the rights to receive cash flows from the aset have
expired; or
• the Group has transfered its rights to receive cash
flows from the aset or has asumed an obligation
to pay the received cash flows in ful without material
delay to a third party under a “pas-through”
arangement; and either (a) the Group has transfered
substantialy al the risks and rewards of the aset,
or (b) the Group has neither transfered nor retained
substantialy al the risks and rewards of the aset, but
has transfered control of the aset.
When the Group has transfered its rights to receive cash
flows from an aset or has entered into a pas-through
arangement, it evaluates if, and to what extent, it has
retained the risk and rewards of ownership of the aset.
When it has neither transfered nor retained substantialy al
the risks and rewards of the aset nor transfered control of
the aset, the Group continues to recognise the transfered
aset to the extent of the Group’s continuing involvement.
In that case, the Group also recognises an asociated
liability. The transfered aset and the asociated liability are
measured on a basis that reflects the rights and obligations
that the Group has retained.
Continuing involvement that takes the form of a guarante
over the transfered aset is measured at the lower of the
original carying amount of the aset and the maximum
amount of consideration that the Group could be required
to repay.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
196Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
财务资产减值
本集团就并非按公平值计入损益持有的所
有债务工具确认预期信贷亏损（「预期信贷
亏损」）拨备。预期信贷亏损乃基于根据合
约到期的合约现金流量与本集团预期收取
并按原始实际利率的相若利率贴现的所有
现金流量之间的差额厘定。预期现金流量
将包括出售所持抵押品或合约条款所包含
的其他信贷升级措施所得的现金流量。
一般方法
预期信贷亏损分两个阶段确认。就初步确
认以来信贷风险并无大幅增加的信贷敞口
而言，会为于未来
个月内可能发生的违
约事件所产生的信贷亏损（
个月预期信
贷亏损）计提预期信贷亏损。就初步确认以
来信贷风险大幅增加的信贷敞口而言，须
就预期于敞口的余下年期产生的信贷亏损
计提亏损拨备，不论违约的时间（全期预期
信贷亏损）。
于各报告日期，本集团评估金融工具的信
贷风险是否自初步确认以来大幅提高。于
作出该评估时，本集团比较报告日期金融
工具产生的违约风险及于初步确认日期金
融工具产生的违约风险，并考虑在毋须付
出繁重成本或努力而可获得合理及支持资
料，包括过往及前瞻性资料。倘合约款项逾
期超过
日，则本集团认为信贷风险大幅
上升。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Impairment of financial asets
The Group recognises an alowance for expected credit
loses (“ECLs”) for al debt instruments not held at fair value
through profit or los. ECLs are based on the diference
betwen the contractual cash flows due in acordance with
the contract and al the cash flows that the Group expects
to receive, discounted at an aproximation of the original
efective interest rate. The expected cash flows wil include
cash flows from the sale of colateral held or other credit
enhancements that are integral to the contractual terms.
General aproach
ECLs are recognised in two stages. For credit exposures for
which there has not ben a significant increase in credit risk
since initial recognition, ECLs are provided for credit loses
that result from default events that are posible within
the next 12 months (a 12-month ECL). For those credit
exposures for which there has ben a significant increase
in credit risk since initial recognition, a los alowance is
required for credit loses expected over the remaining life
of the exposure, irespective of the timing of the default (a
lifetime ECL).
At each reporting date, the Group aseses whether
the credit risk on a financial instrument has increased
significantly since initial recognition. When making the
asesment, the Group compares the risk of a default
ocuring on the financial instrument as at the reporting
date with the risk of a default ocuring on the financial
instrument as at the date of initial recognition and considers
reasonable and suportable information that is available
without undue cost or efort, including historical and
forward-loking information. The Group considers that
there has ben a significant increase in credit risk when
contractual payments are more than 30 days past due.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
财务资产减值（续）
一般方法（续）
本集团认为，财务资产于合约付款逾期
日时视作违约。然而，于若干情况下，在计
及本集团持有的任何信贷升级措施前，本
集团亦可于内部或外部资料显示本集团不
大可能悉数收取尚未偿还合约金额时将财
务资产视作违约。于无法合理预期收回合
约现金流量时，则撇销财务资产。
按摊销成本计量的财务资产须根据一般方
法进行减值，以及分类在计量预期信贷亏
损的以下阶段内，惟应收账项应用以下详
述的简化法除外。
第
阶段－自初步确认以来信贷风险
未显著增加的金融工具，
其亏损拨备按等于
个
月预期信贷亏损的金额
计量
第
阶段－自初步确认以来信贷风险
显著增加但并非信贷减
值财务资产的金融工具，
其亏损拨备按等于全期
预期信贷亏损的金额计
量
第
阶段－于报告日期信贷减值的财
务资产（但并非购买或原
始信贷减值），其亏损拨
备按等于全期预期信贷
亏损的金额计量
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Impairment of financial asets (continued)
General aproach (continued)
The Group considers a financial aset in default when
contractual payments are 90 days past due. However, in
certain cases, the Group may also consider a financial
aset to be in default when internal or external information
indicates that the Group is unlikely to receive the
outstanding contractual amounts in ful before taking into
acount any credit enhancements held by the Group. A
financial aset is writen of when there is no reasonable
expectation of recovering the contractual cash flows.
Financial asets at amortised cost are subject to impairment
under the general aproach and they are clasified within
the folowing stages for measurement of ECLs except for
acounts receivable which aply the simplified aproach as
detailed below.
Stage 1–Financial instruments for which credit
risk has not increased significantly
since initial recognition and for
which the los alowance is
measured at an amount equal to
12-month ECLs
Stage 2–Financial instruments for which credit
risk has increased significantly
since initial recognition but that are
not credit-impaired financial asets
and for which the los alowance
is measured at an amount equal to
lifetime ECLs
Stage 3–Financial asets that are credit-
impaired at the reporting date
(but that are not purchased or
originated credit-impaired) and
for which the los alowance is
measured at an amount equal to
lifetime ECLs
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
198Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
财务资产减值（续）
简化方法
就不包含重大融资组成部分的应收账项或
当本集团使用不调整重大融资组成部分影
响的可行权宜方法时，本集团计算预期信
贷亏损时应用简化法。根据简化法，本集团
并无追踪信贷风险的变化，但于各报告日
期根据全期预期信贷亏损确认亏损拨备。
本集团已根据过往信贷亏损经验，建立拨
备矩阵，并就债务人及经济环境的特定前
瞻性因素作出调整。
对于包含重大融资组成部分的应收账项，
本集团选择上文所述政策作为其会计政
策，于计算预期信贷亏损时采纳简化方法。
财务负债
初步确认及计量
财务负债于初步确认时可分类为贷款及借
贷以及其他应付账项（倘适用）。
所有财务负债初步按公平值确认及倘为贷
款及借贷以及其他应付账项，则扣除直接
应占交易成本。
本集团之财务负债包括应付账项、应计负
债、其他应付账项及合约负债以及租赁负
债。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Impairment of financial asets (continued)
Simplified aproach
For acounts receivable that do not contain a significant
financing component or when the Group aplies the
practical expedient of not adjusting the efect of a
significant financing component, the Group aplies
the simplified aproach in calculating ECLs. Under the
simplified aproach, the Group does not track changes in
credit risk, but instead recognises a los alowance based
on lifetime ECLs at each reporting date. The Group has
established a provision matrix that is based on its historical
credit los experience, adjusted for forward-loking factors
specific to the debtors and the economic environment.
For acounts receivable that contain a significant financing
component, the Group choses as its acounting policy
to adopt the simplified aproach in calculating ECLs with
policies as described above.
Financial liabilities
Initial recognition and measurement
Financial liabilities are clasified, at initial recognition, as
loans and borowings and other payables as apropriate.
Al financial liabilities are recognised initialy at fair value and,
in the case of loans and borowings and other payables, net
of directly atributable transaction costs.
The Group’s financial liabilities include acounts payable,
acrued liabilities, other payables and contract liabilities and
lease liabilities.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
财务负债（续）
其后计量
财务负债之其后计量取决于其以下分类：
按摊销成本计量之财务负债（贸易及其他应
付账项以及借贷）
于初步确认后，贸易及其他应付账项以及
计息借贷随后以实际利率法按摊销成本计
量，倘贴现之影响并不重大，于该情况下则
按成本列账。当终止确认负债时，收益及
亏损以实际利率按摊销过程于损益表内确
认。
计算摊销成本时会计及收购所产生之任何
贴现或溢价，以及作为实际利率一部分之
费用或成本。实际利率摊销已计入损益表。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Financial liabilities (continued)
Subsequent measurement
The subsequent measurement of financial liabilities depends
on their clasification as folows:
Financial liabilities at amortised cost (trade and other
payables, and borowings)
After initial recognition, trade and other payables, and
interest-bearing borowings are subsequently measured
at amortised cost, using the efective interest rate method
unles the efect of discounting would be imaterial, in
which case they are stated at cost. Gains and loses are
recognised in the statement of profit or los when the
liabilities are derecognised as wel as through the efective
interest rate amortisation proces.
Amortised cost is calculated by taking into acount any
discount or premium on acquisition and fes or costs
that are an integral part of the efective interest rate.
The efective interest rate amortisation is included in the
statement of profit or los.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
200Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
终止确认财务负债
当负债责任获解除或注销或届满时，终止
确认财务负债。
倘现有财务负债被来自同一借方但不同条
款之另一笔财务负债替代，或现有负债之
条款被大幅修订，此变动或修订被视作终
止确认原负债并确认新负债，而各账面值
之间之差额则于损益表中确认。
抵销金融工具
当具现时可强制执行之法定权利抵销已确
认金额及计划以净额结算，或同时变卖资
产及清偿负债，财务资产与财务负债可互
相抵销，并在财务状况表内以净额列示。
存货
存货按成本与可变现净值两者中之较低者
列账。成本乃根据先入先出法计算，就在制
品及制成品而言，成本包括直接材料、直接
人工及适当比例之经常性费用。可变现净
值以估计售价扣除完成及出售时将产生之
任何估计成本计算。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Derecognition of financial liabilities
A financial liability is derecognised when the obligation
under the liability is discharged or canceled, or expires.
When an existing financial liability is replaced by another
from the same lender on substantialy diferent terms, or the
terms of an existing liability are substantialy modified, such
an exchange or modification is treated as a derecognition of
the original liability and a recognition of a new liability, and
the diference betwen the respective carying amounts is
recognised in the statement of profit or los.
Ofseting of financial instruments
Financial asets and financial liabilities are ofset and the
net amount is reported in the statement of financial position
if there is a curently enforceable legal right to ofset the
recognised amounts and there is an intention to setle on
a net basis, or to realise the asets and setle the liabilities
simultaneously.
Inventories
Inventories are stated at the lower of cost and net realisable
value. Cost is determined on the first-in, first-out basis
and, in the case of work in progres and finished gods,
comprises direct materials, direct labour and an apropriate
proportion of overheads. Net realisable value is based on
estimated seling prices les any estimated costs to be
incured to completion and disposal.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
拨备
倘因过往事件而产生之现时责任（法律或推
定），且将来可能需有资源流出以履行有关
责任时，则确认拨备，惟责任所涉及之数额
能可靠地估计。
倘贴现之影响属重大时，所确认拨备之数
额乃为预期须履行有关责任之未来开支于
报告期末之现值。因时间流逝而导致所贴
现之现值增加之数额，乃计入损益表中。
所得税
所得税包括即期及递延税项。有关损益外
确认项目的所得税于损益外确认，即于其
他全面收益或直接于权益内确认。
即期税项资产及负债乃根据于报告期末已
颁布或实际上已颁布的税率（及税法），并
考虑本集团经营所在国家的现有诠释及惯
例，按预期可获税务当局退回或支付予税
务当局之金额计量。
递延税项为就财务申报而言，于报告期末
就资产与负债之税基与彼等账面值之所有
暂时差额，利用负债法作出拨备。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Provisions
A provision is recognised when a present obligation (legal or
constructive) has arisen as a result of a past event and it is
probable that a future outflow of resources wil be required
to setle the obligation, provided that a reliable estimate can
be made of the amount of the obligation.
When the efect of discounting is material, the amount
recognised for a provision is the present value at the end
of the reporting period of the future expenditures expected
to be required to setle the obligation. The increase in the
discounted present value amount arising from the pasage
of time is included in the statement of profit or los.
Income tax
Income tax comprises curent and defered tax. Income
tax relating to items recognised outside profit or los
is recognised outside profit or los, either in other
comprehensive income or directly in equity.
Curent tax asets and liabilities are measured at the
amount expected to be recovered from or paid to the
taxation authorities, based on tax rates (and tax laws)
that have ben enacted or substantively enacted by the
end of the reporting period, taking into consideration
interpretations and practices prevailing in the countries in
which the Group operates.
Defered tax is provided, using the liability method, on al
temporary diferences at the end of the reporting period
betwen the tax bases of asets and liabilities and their
carying amounts for financial reporting purposes.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
202Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
所得税（续）
递延税项负债就所有应课税暂时差额予以
确认，惟以下情况除外：
•
倘递延税项负债是由于并非业务合并
之交易中首次确认之资产或负债而产
生，且于交易时并不影响会计溢利或
应课税溢利或亏损以及不会引致等额
应课税及可扣税暂时差额；及
•
就与于附属公司及联营公司之投资有
关之应课税暂时差额而言，可以控制
拨回暂时差额之时间及可能不会在可
见将来拨回暂时差额。
递延税项资产乃就所有可扣减暂时差额以
及未动用税项抵免结转及任何未动用税项
亏损而确认。倘有应课税溢利将可能用于
抵销可动用之可扣减暂时差额以及未动用
税项抵免结转及未动用税项亏损之情况
下，则确认递延税项资产，惟以下情况除
外：
•
倘与可扣减暂时差额有关之递延税项
资产是由于并非业务合并之交易中首
次确认之资产或负债而产生，且于交
易时并不影响会计溢利或应课税溢利
或亏损以及不会引致等额应课税及可
扣税暂时差额；及
•
就与于附属公司及联营公司之投资有
关之可扣减暂时差额而言，仅于暂时
差额可能会在可见将来拨回及将有应
课税溢利可用于抵销可动用暂时差额
时，方确认递延税项资产。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Income tax (continued)
Defered tax liabilities are recognised for al taxable
temporary diferences, except:
• when the defered tax liability arises from the initial
recognition of an aset or liability in a transaction that
is not a busines combination and, at the time of the
transaction, afects neither the acounting profit nor
taxable profit or los and does not give rise to equal
taxable and deductible temporary diferences; and
• in respect of taxable temporary diferences asociated
with investments in subsidiaries and asociates, when
the timing of the reversal of the temporary diferences
can be controled and it is probable that the temporary
diferences wil not reverse in the foreseable future.
Defered tax asets are recognised for al deductible
temporary diferences, and the caryforward of unused
tax credits and any unused tax loses. Defered tax
asets are recognised to the extent that it is probable that
taxable profit wil be available against which the deductible
temporary diferences, and the caryforward of unused tax
credits and unused tax loses can be utilised, except:
• when the defered tax aset relating to the deductible
temporary diferences arises from the initial recognition
of an aset or liability in a transaction that is not
a busines combination and, at the time of the
transaction, afects neither the acounting profit nor
taxable profit or los and does not give rise to equal
taxable and deductible temporary diferences; and
• in respect of deductible temporary diferences
asociated with investments in subsidiaries and
asociates, defered tax asets are only recognised
to the extent that it is probable that the temporary
diferences wil reverse in the foreseable future and
taxable profit wil be available against which the
temporary diferences can be utilised.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
所得税（续）
递延税项资产之账面值乃于各报告期末进
行审阅，并予以相应扣减，直至不再可能
有足够应课税溢利以动用全部或部分递延
税项资产为止。未确认之递延税项资产乃
于各报告期末重新评估，并于应课税溢利
足以可收回全部或部分递延税项资产时确
认。
递延税项资产及负债乃根据于报告期末已
颁布或实际上已颁布的税率（及税法），按
变现资产或清偿负债之期间预期适用之税
率予以计量。
当及仅当本集团有可合法执行权利可将即
期税项资产与即期税项负债抵销，且递延
税项资产与递延税项负债与同一税务机关
对同一应税实体或于各未来期间预期有大
额递延税项负债或资产需要结算或收回
时，拟按净额基准结算即期税项负债及资
产或同时变现资产及结算负债之不同税务
实体征收之所得税相关，则递延税项资产
与递延税项负债可予抵销。
股份奖励计划所持股份
购回及持有本公司或本集团本身股本工具
（库存股份）乃按成本直接于权益中确认。
概无于损益表中确认因购买、出售、发行或
注销本集团本身股本工具之收益或亏损。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Income tax (continued)
The carying amount of defered tax asets is reviewed
at the end of each reporting period and reduced to the
extent that it is no longer probable that suficient taxable
profit wil be available to alow al or part of the defered
tax aset to be utilised. Unrecognised defered tax asets
are reasesed at the end of each reporting period and are
recognised to the extent that it has become probable that
suficient taxable profit wil be available to alow al or part of
the defered tax aset to be recovered.
Defered tax asets and liabilities are measured at the tax
rates that are expected to aply to the period when the
aset is realised or the liability is setled, based on tax rates
(and tax laws) that have ben enacted or substantively
enacted by the end of the reporting period.
Defered tax asets and defered tax liabilities are ofset
if and only if the Group has a legaly enforceable right to
set of curent tax asets and curent tax liabilities and the
defered tax asets and defered tax liabilities relate to
income taxes levied by the same taxation authority on either
the same taxable entity or diferent taxable entities which
intend either to setle curent tax liabilities and asets on a
net basis, or to realise the asets and setle the liabilities
simultaneously, in each future period in which significant
amounts of defered tax liabilities or asets are expected to
be setled or recovered.
Shares held under the share award scheme
Own equity instruments which are reacquired and held by
the Company or the Group (treasury shares) are recognised
directly in equity at cost. No gain or los is recognised in
the statement of profit or los on the purchase, sale, isue
or cancelation of the Group’s own equity instruments.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
204Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
股息
末期股息于股东大会上获股东批准时确认
为负债。建议末期股息披露于财务报表附
注。
因本公司组织章程大纲及章程细则授权董
事宣派中期股息，故同时建议并宣派中期
股息。因此，中期股息在建议并宣派时即时
确认为负债。
外币
该等财务报表以港元呈列，该货币为本公
司之功能货币。本集团内各实体厘定本身
之功能货币，各实体列入财务报表之项目
均以有关实体之功能货币计量。本集团之
实体录得之外币交易初步按其各自的交易
日期现行的功能货币汇率列账。以外币计
值的货币资产与负债按于报告期末适用的
功能货币汇率换算。结算或换算货币项目
产生的差额均于损益表确认。
按外币历史成本计量的非货币项目按首次
交易日期的汇率换算。按外币公平值计量
的非货币项目采用厘定公平值当日的汇率
换算。换算按公平值计量的非货币项目所
产生之损益根据确认该项目公平值变动所
产生之损益而衡量（即该项目公平值损益于
其他全面收益或损益确认之换算差额，亦
各自于其他全面收益或损益确认）。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Dividends
Final dividends are recognised as a liability when they
are aproved by the shareholders in a general meting.
Proposed final dividends are disclosed in the notes to the
financial statements.
Interim dividends are simultaneously proposed and
declared, because the Company’s memorandum and
articles of asociation grant the directors the authority to
declare interim dividends. Consequently, interim dividends
are recognised imediately as a liability when they are
proposed and declared.
Foreign curencies
These financial statements are presented in Hong Kong
dolars, which is the Company’s functional curency. Each
entity in the Group determines its own functional curency
and items included in the financial statements of each
entity are measured using that functional curency. Foreign
curency transactions recorded by the entities in the Group
are initialy recorded using their respective functional
curency rates prevailing at the dates of the transactions.
Monetary asets and liabilities denominated in foreign
curencies are translated at the functional curency rates
of exchange ruling at the end of the reporting period.
Diferences arising on setlement or translation of monetary
items are recognised in the statement of profit or los.
Non-monetary items that are measured in terms of historical
cost in a foreign curency are translated using the exchange
rates at the dates of the initial transactions. Non-monetary
items measured at fair value in a foreign curency are
translated using the exchange rates at the date when
the fair value was measured. The gain or los arising on
translation of a non-monetary item measured at fair value
is treated in line with the recognition of the gain or los on
change in fair value of the item (i.e., translation diference
on the item whose fair value gain or los is recognised
in other comprehensive income or profit or los is also
recognised in other comprehensive income or profit or los,
respectively).
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
外币（续）
就终止确认非货币资产或预付代价有关的
非货币负债的相关资产、开支或收入而言，
于厘定初步确认的汇率时，初次交易的日
期为本集团初步确认预付代价所产生的非
货币资产或非货币负债的日期。倘有多笔
预付款或收款，本集团就每笔预付代价
的付款或收款分别厘定交易日期。
若干海外附属公司及联营公司的功能货币
并非港元。于报告期末，该等实体的资产与
负债按报告期末的现行汇率换算为港元，
其损益表则按与该等交易日期现行汇率相
若的汇率换算为港元。因此而产生的汇兑
差额于其他全面收益确认及于汇兑波动储
备累计，惟非控股权益应占差额除外。出售
海外经营业务时，有关该项海外经营业务
之储备累计金额于损益表中确认。
就综合现金流量表而言，海外附属公司之
现金流量乃以现金流量日期之适用汇率换
算为港元。海外附属公司于整个年度内产
生之经常性现金流量乃以年内之加权平均
汇率换算为港元。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Foreign curencies (continued)
In determining the exchange rate on initial recognition of the
related asets, expenses or income on the derecognition
of a non-monetary aset or non-monetary liability relating
to an advance consideration, the date of initial transaction
is the date on which the Group initialy recognises the non-
monetary aset or non-monetary liability arising from the
advance consideration. If there are multiple payments or
receipt in advance, the Group determines the transaction
date for each payment or receipt of the advance
consideration.
The functional curencies of certain overseas subsidiaries
and asociates are curencies other than the Hong Kong
dolar. As at the end of the reporting period, the asets
and liabilities of these entities are translated into Hong
Kong dolars at the exchange rates prevailing at the end
of the reporting period and their statements of profit or
los are translated into Hong Kong dolars at the exchange
rates that aproximate to those prevailing at the dates
of the transactions. The resulting exchange diferences
are recognised in other comprehensive income and
acumulated in the exchange fluctuation reserve, except
to the extent that the diferences are atributable to non-
controling interests. On disposal of a foreign operation, the
cumulative amount in the reserve relating to that particular
foreign operation is recognised in the statement of profit or
los.
For the purpose of the consolidated statement of cash
flows, the cash flows of overseas subsidiaries are translated
into Hong Kong dolars at the exchange rates ruling at the
dates of the cash flows. Frequently recuring cash flows of
overseas subsidiaries which arise throughout the year are
translated into Hong Kong dolars at the weighted average
exchange rates for the year.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
206Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
收益确认
来自客户合约之收益
来自客户合约之收益在货品或服务控制权
转移至客户时按反映本集团就交换该等货
品或服务而预期有权收取之代价金额确
认。
当合约中的代价包含可变金额时，代价金
额于本集团向客户转让货品或服务而有权
获得交换时估计。可变代价于合约开始时
估计并受到约束，直至与可变代价相关的
不确定因素其后得到解决时，确认的累计
收益金额极有可能不会发生重大收益拨
回。
当合约包含融资成分，该融资成分为客户
提供超过一年的商品或服务转让予客户融
资的重大利益时，收益按应收账项的现值
计量，使用贴现率折现，该贴现率将反映在
本集团与客户在合约开始时的单独融资交
易中。当合约包含融资成分，该融资成分为
本集团提供超过一年的重大融资利益时，
合约项下确认的收益包括按实际利率法在
合约负债上加算的利息开支。就客户付款
与转移已承诺货品或服务之间的期限一年
或以下的合约，交易价格并不会就重大融
资成分的影响并以香港财务报告准则第
号可行权宜方法作出调整。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Revenue recognition
Revenue from contracts with customers
Revenue from contracts with customers is recognised when
control of gods or services is transfered to the customers
at an amount that reflects the consideration to which the
Group expects to be entitled in exchange for those gods
or services.
When the consideration in a contract includes a variable
amount, the amount of consideration is estimated to which
the Group wil be entitled in exchange for transfering
the gods or services to the customer. The variable
consideration is estimated at contract inception and
constrained until it is highly probable that a significant
revenue reversal in the amount of cumulative revenue
recognised wil not ocur when the asociated uncertainty
with the variable consideration is subsequently resolved.
When the contract contains a financing component which
provides the customer with a significant benefit of financing
the transfer of gods or services to the customer for more
than one year, revenue is measured at the present value of
the amount receivable, discounted using the discount rate
that would be reflected in a separate financing transaction
betwen the Group and the customer at contract inception.
When the contract contains a financing component which
provides the Group with a significant financial benefit for
more than one year, revenue recognised under the contract
includes the interest expense acreted on the contract
liability under the efective interest method. For a contract
where the period betwen the payment by the customer
and the transfer of the promised gods or services is one
year or les, the transaction price is not adjusted for the
efects of a significant financing component, using the
practical expedient in HKFRS 15.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
收益确认（续）
销售鞋类产品
销售鞋类产品之收益会于资产之控制权转
移予客户之时间点确认，通常为交付鞋类
产品时。
其他收入
租金收入按时间比例基准在租期内确认。
利用实际利率法计算按累计基准确认的利
息收入，实际利率即将于金融工具预期可
用年期或较短期内（如适用）的估计日后现
金收入确切贴现至该财务资产账面净值的
利率。
股息收入于股东收取款项的权利获确立时
确认，股息相关经济利益很可能流向本集
团，且股息金额能可靠计量。
合约负债
合约负债于本集团转移相关货品或服务前
向客户收款或付款到期时（以较早者为准）
确认。合约负债于本集团根据合约履行时
（即向客户转移相关货品或服务的控制权）
确认为收益。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Revenue recognition (continued)
Sale of fotwear products
Revenue from the sale of fotwear products is recognised
at the point in time when control of the asets is transfered
to the customer, generaly on delivery of the fotwear
products.
Other income
Rental income is recognised on a time proportion basis over
the lease terms.
Interest income is recognised on an acrual basis using
the efective interest method by aplying the rate that
exactly discounts the estimated future cash receipts over
the expected life of the financial instrument or a shorter
period, when apropriate, to the net carying amount of the
financial aset.
Dividend income is recognised when the shareholders’ right
to receive payment has ben established, it is probable
that the economic benefits asociated with the dividend wil
flow to the Group and the amount of the dividend can be
measured reliably.
Contract liabilities
A contract liability is recognised when a payment is received
or a payment is due (whichever is earlier) from a customer
before the Group transfers the related gods or services.
Contract liabilities are recognised as revenue when the
Group performs under the contract (i.e., transfers control of
the related gods or services to the customer).
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
208Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
关连人士
在下列情况下，一方将被视为与本集团有
关：
(a)
一方为一名人士或该人士的家族近
亲，而该人士
(i)
控制或共同控制本集团；
(i)
对本集团有重大影响；或
(i)
为本集团或本集团母公司的主
要管理层人员的其中一名成员；
或
(b)
一方为实体，且符合下列任何条件：
(i)
该实体与本集团属同一集团的
成员公司；
(i)
一间实体为另一实体的联营公
司或合营企业（或另一实体的母
公司、附属公司或同系附属公
司）；
(i)
该实体与本集团为同一第三方
的合营企业；
(iv)
一间实体为第三方实体的合营
企业，而另一实体为该第三方实
体的联营公司；
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Related parties
A party is considered to be related to the Group if:
(a) the party is a person or a close member of that
person’s family and that person
(i) has control or joint control over the Group;
(i) has significant influence over the Group; or
(i) is a member of the key management personel
of the Group or of a parent of the Group;
or
(b) the party is an entity where any of the folowing
conditions aplies:
(i) the entity and the Group are members of the
same group;
(i) one entity is an asociate or joint venture of the
other entity (or of a parent, subsidiary or felow
subsidiary of the other entity);
(i) the entity and the Group are joint ventures of the
same third party;
(iv) one entity is a joint venture of a third entity and
the other entity is an asociate of the third entity;
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
关连人士（续）
(b)
（续）
(v)
该实体为本集团或与本集团有
关连之实体就雇员利益设立之
离职福利计划；
(vi)
该实体受
(a)
项定义的人士控制
或共同控制；
(vi)
于
(a)(i)
项定义的人士对该实体有
重大影响或属该实体（或该实体
的母公司）主要管理层人员；及
(vi)
该实体或该实体所属集团之任
何成员公司为本集团或本集团
母公司提供主要管理层人员服
务。
以股份支付之款项
本公司设有购股权计划及股份奖励计划。
本集团的雇员（包括董事）会收取以股份支
付之款项形式的酬金，而雇员会提供服务
以交换权益工具（「以权益结算之交易」）。
与雇员进行之以权益结算之交易的成本，
乃参照授出日期的公平值而计量。公平值
乃由外聘估值师以适合之定价模式厘定。
进一步详情载于财务报表附注
。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Related parties (continued)
(b) (continued)
(v) the entity is a post-employment benefit plan for
the benefit of employes of either the Group or
an entity related to the Group;
(vi) the entity is controled or jointly controled by a
person identified in (a);
(vi) a person identified in (a)(i) has significant
influence over the entity or is a member of the
key management personel of the entity (or of a
parent of the entity); and
(vi) the entity, or any member of a group of which it
is a part, provides key management personel
services to the Group or to the parent of the
Group.
Share-based payments
The Company operates a share option scheme and a
share award scheme. Employes (including directors) of
the Group receive remuneration in the form of share-based
payments, whereby employes render services in exchange
for equity instruments (“equity-setled transactions”).
The cost of equity-setled transactions with employes is
measured by reference to the fair value at the date at which
they are granted. The fair value is determined by an external
valuer using an apropriate pricing model, further details of
which are given in note 25 to the financial statements.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
210Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
以股份支付之款项（续）
以权益结算之交易的成本，连同在绩效及
╱或服务条件获达成之期间内权益相应增
加部分于雇员福利开支内确认。在归属日
期前，各报告期末确认的以权益结算之交
易的累计开支，反映归属期已到期部分及
本集团对最终将会归属的权益工具数目的
最佳估计。在某一期间内在损益表内之扣
除或进账，乃反映累计开支于期初与期末
确认时的变动。
厘定奖励之授出日公平值并不考虑服务及
非市场表现条件，惟能达成条件之可能性
则被评定为本集团对最终将会归属的权益
工具数目之最佳估计之一部分。市场表现
条件将反映在授出日之公平值。附带于奖
励中但并无相关联服务要求之任何其他条
件皆视为非归属条件。非归属条件反映在
奖励之公平值并导致即时支销该奖励，除
非当中亦包含服务及╱或表现条件。
因未能达致非市场表现及╱或服务条件而
导致最终并无归属之奖励并不会确认开
支。倘奖励包括一项市场或非归属条件，无
论市场或非归属条件是否达成，该等交易
均会被视为已归属，前提是所有其他表现
及╱或服务条件须已达成。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Share-based payments (continued)
The cost of equity-setled transactions is recognised in
employe benefit expense, together with a coresponding
increase in equity, over the period in which the performance
and/or service conditions are fulfiled. The cumulative
expense recognised for equity-setled transactions at
the end of each reporting period until the vesting date
reflects the extent to which the vesting period has expired
and the Group’s best estimate of the number of equity
instruments that wil ultimately vest. The charge or credit to
the statement of profit or los for a period represents the
movement in the cumulative expense recognised as at the
begining and end of that period.
Service and non-market performance conditions are not
taken into acount when determining the grant date fair
value of awards, but the likelihod of the conditions being
met is asesed as part of the Group’s best estimate of
the number of equity instruments that wil ultimately vest.
Market performance conditions are reflected within the
grant date fair value. Any other conditions atached to an
award, but without an asociated service requirement,
are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an award and
lead to an imediate expensing of an award unles there
are also service and/or performance conditions.
For awards that do not ultimately vest because non-market
performance and/or service conditions have not ben met,
no expense is recognised. Where awards include a market
or non-vesting condition, the transactions are treated as
vesting irespective of whether the market or non-vesting
condition is satisfied, provided that al other performance
and/or service conditions are satisfied.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
以股份支付之款项（续）
倘若以权益结算之奖励的条款有所变更（倘
奖励的原有条款获达成），所确认的开支最
少须达到犹如条款并无任何变更的水准。
此外，倘若按变更日期计量，任何变更导致
以股份支付之款项的总公平值有所增加，
或对雇员带来其他利益，则应就该等变更
确认开支。
倘若以权益结算之奖励被注销，应被视为
已于注销日期归属，任何尚未确认的奖励
的开支均应立刻确认。此包括非归属条件
于本集团或雇员控制范围内未能达成的任
何奖励。然而，若授予新奖励代替已注销的
奖励，并于授出日期指定为替代奖励，则一
如前段所述，已注销的奖励及新奖励均应
被视为原奖励的变更。
计算每股盈利时，未行使购股权的摊薄效
应反映为额外股份摊薄。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Share-based payments (continued)
Where the terms of an equity-setled award are modified,
as a minimum an expense is recognised as if the terms
had not ben modified, if the original terms of the award
are met. In adition, an expense is recognised for any
modification that increases the total fair value of the share-
based payments, or is otherwise beneficial to the employe
as measured at the date of modification.
Where an equity-setled award is canceled, it is treated as if
it had vested on the date of cancelation, and any expense
not yet recognised for the award is recognised imediately.
This includes any award where non-vesting conditions
within the control of either the Group or the employe are
not met. However, if a new award is substituted for the
canceled award, and is designated as a replacement award
on the date that it is granted, the canceled and new awards
are treated as if they were a modification of the original
award, as described in the previous paragraph.
The dilutive efect of outstanding options is reflected as
aditional share dilution in the computation of earnings per
share.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
212Kingmaker Fotwear Holdings Limited Anual Report 2025
2.4
重大会计政策
（续）
其他雇员福利
退休福利计划
本集团已遵照强制性公积金计划条例为合
资格参与定额供款强制性公积金退休福利
计划（「强积金计划」）之雇员执行强积金计
划。供款乃按雇员基本薪金某个百分比作
出，并于根据强积金计划之规则应付时自
损益表扣除。强积金计划之资产与本集团
之资产分开，由独立管理之基金持有。本集
团之雇主一旦就强积金计划作出供款，有
关供款将悉数归予该雇员所有，因此并无
被没收的供款可为本集团所动用，以降低
现有的供款水平。
本集团于越南、柬埔寨及中国内地经营的
附属公司之雇员需要参加地方市政府运作
之中央退休金计划。该等附属公司须按工
资成本若干百分比向中央退休金计划作出
供款。供款于根据中央退休金计划规则应
付时自损益表扣除。
终止福利
终止福利于本集团不再可撤回该等福利要
约时及本集团确认涉及支付终止福利之重
组成本时（以较早者为准）确认。
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Other employe benefits
Retirement benefit schemes
The Group operates a defined contribution Mandatory
Provident Fund retirement benefit scheme (the “MPF
Scheme”) under the 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 the statement of 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 and therefore there are no forfeited contributions
which may be used by the Group to reduce its existing level
of contributions.
The employes of the Group’s subsidiaries which operate
in Vietnam, Cambodia and Chinese Mainland are required
to participate in a central pension scheme operated by the
local municipal government. These subsidiaries are required
to contribute a certain percentage of their payrol costs to
the central pension scheme. The contributions are charged
to the statement of profit or los as they become payable in
acordance with the rules of the central pension scheme.
Termination benefits
Termination benefits are recognised at the earlier of when
the Group can no longer withdraw the ofer of those
benefits and when the Group recognises restructuring costs
involving the payment of termination benefits.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
2.4
重大会计政策
（续）
现金及等同现金项目
财务状况表中的现金及等同现金项目包括
手头及银行现金，以及到期日通常在三个
月内的短期高流动性存款，其可随时转换
为已知金额的现金，价值变动风险很小及
为满足短期现金承担而持有。
就综合现金流量表而言，现金及等同现金
项目包括手头及银行现金以及上文所界定
的短期存款，减须按要求偿还并构成本集
团现金管理组成部分的银行透支。
3.
重大会计判断及估计
编制本集团财务报表需要管理层作出会影
响所呈报收益、费用、资产及负债之金额及
其随附之披露以及或然负债披露之判断、
估计及假设。有关该等假设及估计之不确
定因素可能导致须就日后受影响之资产或
负债之账面值作出重大调整。
判断
于应用本集团会计政策之过程中，除有关
估计者外，管理层曾作出以下对财务报表
之确认数额有最重大影响之判断：
2.4 MATERIAL ACOUNTING POLICIES
(continued)
Cash and cash equivalents
Cash and cash equivalents in the statement of financial
position comprise cash on hand and at banks, and short
term highly liquid deposits with a maturity of generaly
within thre months that are readily convertible into known
amounts of cash, subject to an insignificant risk of changes
in value and held for the purpose of meting short-term
cash comitments.
For the purpose of the consolidated statement of cash
flows, cash and cash equivalents comprise cash on hand
and at banks, and short-term deposits as defined above,
les bank overdrafts which are repayable on demand and
form an integral part of the Group’s cash management.
3. SIGNIFICANT ACOUNTING
JUDGEMENTS AND ESTIMATES
The preparation of the Group’s financial statements
requires management to make judgements, estimates and
asumptions that afect the reported amounts of revenues,
expenses, asets and liabilities, and their acompanying
disclosures, and the disclosure of contingent liabilities.
Uncertainty about these asumptions and estimates could
result in outcomes that could require a material adjustment
to the carying amounts of the asets or liabilities afected in
the future.
Judgements
In the proces of aplying the Group’s acounting policies,
management has made the folowing judgements, apart
from those involving estimations, which have the most
significant efect on the amounts recognised in the financial
statements:
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
214Kingmaker Fotwear Holdings Limited Anual Report 2025
3.
重大会计判断及估计
（续）
判断（续）
物业租赁分类－本集团作为出租人
本集团已就其投资物业组合订立商业物业
租赁。根据对有关安排条款及条件之评估，
如租赁期不构成商业物业之经济寿命的主
要部分且最低租赁付款现值不等于商业物
业之绝大部分公平值，本集团已厘定其保
留已出租并作为经营租赁入账为合约的该
等物业所有权附带的绝大部分重大风险及
回报。
投资物业及自置物业两者间之分类
本集团决定其物业是否属投资物业，并制
定有关判断标准。投资物业为持作赚取租
金收入或资本增值（或上述两者）之物业。
因此，本集团会考虑物业产生的现金流量
是否大致上独立于本集团持有之其他资
产。若干物业包含部分持作赚取租金收入
或资本升值及部分持作生产，或提供商品
或服务，或作行政用途。如该等部分可独立
出售（或独立以融资租赁形式出租），本集
团会将该等部分单独入账。倘该等部分不
可独立出售，该物业（仅在物业之极少部分
持作生产，或提供商品或服务，或作行政用
途之情况下）则列作投资物业。辅助服务是
否因重要而使物业不被列为投资物业乃按
个别物业基准作出判断。
3. SIGNIFICANT ACOUNTING
JUDGEMENTS AND ESTIMATES (continued)
Judgements (continued)
Property lease clasification – Group as lesor
The Group has entered into comercial property leases
on its investment property portfolio. The Group has
determined, based on an evaluation of the terms and
conditions of the arangements, such as the lease terms
not constituting a major part of the economic life of the
comercial property and the present value of the minimum
lease payments not amounting to substantialy al the fair
value of the comercial property, that it retains substantialy
al the significant risks and rewards incidental to ownership
of these properties which are leased out and acounts for
the contracts as operating leases.
Clasification betwen investment properties and
owner-ocupied properties
The Group determines whether a property qualifies as an
investment property, and has developed criteria in making
that judgement. Investment property is a property held to
earn rentals or for capital apreciation or both. Therefore,
the Group considers whether a property generates cash
flows largely independently of the other asets held by
the Group. Some properties comprise a portion that is
held to earn rentals or for capital apreciation and another
portion that is held for use in the production or suply of
gods or services or for administrative purposes. If these
portions could be sold separately or leased out separately
under a finance lease, the Group acounts for the portions
separately. If the portions could not be sold separately, the
property is an investment property only if an insignificant
portion is held for use in the production or suply of gods
or services or for administrative purposes. Judgement is
made on an individual property basis to determine whether
ancilary services are so significant that a property does not
qualify as an investment property.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
3.
重大会计判断及估计
（续）
不确定因素之估计
于报告期末有关未来之主要假设及其他不
确定因素估计之主要来源，具有导致下个
财政年度之资产及负债账面值出现重大调
整之重大风险，详情载于下文。
存货拨备
存货拨备的估计需要管理层作出重大判
断，包括对存货成本的可收回性、存货的性
质和状况、制成品的市场流通性和原材料
的未来使用情况的判断。
应收账项预期信贷亏损拨备
本集团使用拨备矩阵计算应收账项的预期
信贷亏损。拨备率乃基于具有类似亏损模式
（即按客户类型划分）的不同客户分部组合
逾期日数厘定。拨备矩阵初步基于本集团
过往观察所得违约率而厘定。本集团将调
整矩阵，借以按前瞻性资料调整过往信贷
亏损经验。于各报告日期，过往观察所得违
约率已予更新，并分析前瞻性估计变动。
对过往观察所得违约率、预测经济状况及
预期信贷亏损之间的关连性进行的评估属
重大估计。预期信贷亏损金额对环境及预
测经济状况的变化相当敏感。本集团过往
信贷亏损经验及预测经济状况亦未必能代
表客户日后的实际违约情况。有关本集团
应收账项预期信贷亏损的资料已于财务报
表附注
披露。
3. SIGNIFICANT ACOUNTING
JUDGEMENTS AND ESTIMATES (continued)
Estimation uncertainty
The key asumptions concerning the future and other key
sources of estimation uncertainty at the end of the reporting
period, that have a significant risk of causing a material
adjustment to the carying amounts of asets and liabilities
within the next financial year, are described below.
Provision for inventories
The estimation of the inventory provision requires significant
management judgement, which includes judgement about
the recoverability of the cost of inventories, the nature and
condition of inventories, the marketability of finished gods
and the future usage of raw materials.
Provision for expected credit loses on acounts
receivable
The Group uses a provision matrix to calculate ECLs for
acounts receivable. The provision rates are based on
days past due for groupings of various customer segments
that have similar los paterns (i.e., by customer type). The
provision matrix is initialy based on the Group’s historical
observed default rates. The Group wil calibrate the matrix
to adjust the historical credit los experience with forward-
loking information. At each reporting date, the historical
observed default rates are updated and changes in the
forward-loking estimates are analysed.
The asesment of the corelation among historical
observed default rates, forecast economic conditions
and ECLs is a significant estimate. The amount of ECLs
is sensitive to changes in circumstances and forecast
economic conditions. The Group’s historical credit los
experience and forecast of economic conditions may also
not be representative of a customer’s actual default in the
future. The information about the ECLs on the Group’s
acounts receivable is disclosed in note 18 to the financial
statements.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
216Kingmaker Fotwear Holdings Limited Anual Report 2025
3.
重大会计判断及估计
（续）
不确定因素之估计（续）
投资物业公平值的估计
公平值的最佳证据是在相同地点及状况
下，拥有相似租赁及其他合约的物业在活
跃市场的现时价格。在没有该等资料的情
况下，本集团考虑不同来源的资料，投资物
业的公平值估值高度倚赖估计和假设，例
如与租金价值、租金增长率、市场收益率、
市场通识及历史交易有关的估计及假设。
进一步详情（包括公平值计量所用之主要假
设、敏感度分析及投资物业之账面值）载于
财务报表附注
。
非财务资产减值
本集团于各报告期末评估所有非财务资产
（包括使用权资产）是否出现任何减值迹
象。具无限可使用年期的无形资产每年及
于出现减值迹象的其他时间测试减值。其
他非财务资产于有迹象显示账面值可能无
法收回时测试减值。资产或现金产生单位
账面值超逾其可收回金额（即公平值减出售
成本与使用价值两者间的较高者）时，则存
在减值。计量公平值减出售成本时，按以公
平基准就类似资产进行具有约束力的销售
交易可得数据，或可观察所得市价减资产
处置的增量成本得出。当计算使用价值时，
管理层必须估计来自资产或现金产生单位
的预期未来现金流量，并选择合适的贴现
率，以计算该等现金流量的现值。
3. SIGNIFICANT ACOUNTING
JUDGEMENTS AND ESTIMATES (continued)
Estimation uncertainty (continued)
Estimation of fair value of investment properties
The best evidence of fair value is curent prices in an
active market for properties in the same location and
condition and subject to similar lease and other contracts.
In the absence of such information, the Group considers
information from a variety of sources. The valuation of the
investment properties at fair value was highly dependent
on estimates and asumptions, such as those relating to
the rental value, rental growth rate, market yield, market
knowledge and historical transactions.
Further details, including the key asumptions used for fair
value measurement, a sensitivity analysis and the carying
amount of investment properties, are given in note 15 to the
financial statements.
Impairment of non-financial asets
The Group aseses whether there are any indicators
of impairment for al non-financial asets (including the
right-of-use asets) at the end of each reporting period.
Indefinite life intangible asets are tested for impairment
anualy and at other times when such an indicator exists.
Other non-financial asets are tested for impairment when
there are indicators that the carying amounts may not
be recoverable. An impairment exists when the carying
value of an aset or a cash-generating unit exceds its
recoverable amount, which is the higher of its fair value les
costs of disposal and its value in use. The calculation of
the fair value les costs of disposal is based on available
data from binding sales transactions in an arm’s length
transaction of similar asets or observable market prices
les incremental costs for disposing of the aset. When
value in use calculations are undertaken, management must
estimate the expected future cash flows from the aset or
cash-generating unit and chose a suitable discount rate in
order to calculate the present value of those cash flows.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
3.
重大会计判断及估计
（续）
不确定因素之估计（续）
税项
本集团于若干税务司法权区内缴纳所得
税。由于当地和国际税务立法的复杂性，在
最终税务确定前，管理层须就交易之税务
处理作出判断。当应付税项或可收回税项
金额不确定时，本集团根据管理层对可能
的负债金额或预计可收回金额的判断估计
拨备，其可能与估计拨备有重大不同。进一
步详情载于财务报表附注
。
4.
营运分部资料
由于管理需要，本集团根据业务活动划分
业务单位及拥有下列两个可报告营运分部：
(a)
制造及销售鞋类产品；及
(b)
物业投资。
管理层个别监控本集团营运分部之业绩，
以便作出有关资源分配及表现评估之决
定。评估分部表现乃根据可报告分部之溢
利╱（亏损）（为经调整除税前溢利╱（亏损）
之计量）。经调整除税前溢利╱（亏损）的计
量方式与本集团除税前溢利╱（亏损）的计
量方式一致，惟利息收入、非租赁相关融资
成本及其他未分配收入及收益╱（亏损）净
额及未分配开支除外。
3. SIGNIFICANT ACOUNTING
JUDGEMENTS AND ESTIMATES (continued)
Estimation uncertainty (continued)
Tax
The Group is subject to income taxes in several
tax jurisdictions. Due to the complexity of local and
international tax legislation, judgements have to be made
by management on the tax treatment on transactions
in advance of the ultimate tax determination being
certain. Where the amount of tax payable or recoverable
is uncertain, the Group estimates provision based on
management’s judgement of the probable amount of the
liability, or expected amounts recoverable, which may be
materialy diferent from the estimated provision. Further
details are included in note 10 to the financial statements.
4. OPERATING SEGMENT INFORMATION
For management purposes, the Group is organised into
busines units based on their busines activities and has
two reportable operating segments as folows:
(a) manufacture and sale of fotwear products; and
(b) property investment.
Management monitors the results of the Group’s operating
segments separately for the purpose of making decisions
about resource alocation and performance asesment.
Segment performance is evaluated based on reportable
segment profit/(los), which is a measure of adjusted profit/
(los) before tax. The adjusted profit/(los) before tax is
measured consistently with the Group’s profit/(los) before
tax except that interest income, non-lease-related finance
costs and other unalocated income and gains/(loses),
net and unalocated expenses are excluded from the
measurement.
| 制造及销 2025 | 物业 2025 | 综 2025 | ||
|---|---|---|---|---|
| 二零二五年 HK$’000 | 二零二五年 HK$’000 | 二零二五年 HK$’000 | ||
| 千港元 | 千港元 689,269 | 千港元 | 千港元 – | 千港元 |
| 625,876 | – | 625,876 | ||
| – | 27,761 | |||
| – | 25,599 | 25,599 | ||
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
218Kingmaker Fotwear Holdings Limited Anual Report 2025
4. OPERATING SEGMENT INFORMATION
(continued)
Segment asets exclude cash and cash equivalents and
other unalocated asets as these asets are managed on a
group basis.
Segment liabilities exclude unalocated liabilities as these
liabilities are managed on a group basis.
The segment information for the year ended 31 March 2025
is disclosed as folows:
Manufacture and sale
of fotwear productsProperty investmentConsolidated
制造及销售鞋类产品物业投资综合
二零二四年
HK$’000
千港元
Segment revenue
分部收益
Sales to external customers
销售予外界客户
689,269
Rental income
租金收入
27,761
4.
营运分部资料
（续）
分部资产不包括现金及等同现金项目及其
他未分配资产，因该等资产乃以集团基准
管理。
分部负债不包括未分配负债，因该等负债
乃以集团基准管理。
截至二零二五年三月三十一日止年度的分
部资料披露如下：
| 制造及销 2025 | 物业 2025 | 综 2025 | ||
|---|---|---|---|---|
| 二零二五年 HK$’000 | 二零二五年 HK$’000 | 二零二五年 HK$’000 | ||
| 千港元 | 千港元 (19,346) | 千港元 | 千港元 21,655 | 千港元 |
| (55,425) | 5,912 | (49,513) | ||
| (171) | ||||
| 16,553 | ||||
| (11,293) | ||||
| (44,424) | ||||
| 7,758 | ||||
| (36,666) | ||||
| 566,413 | 470,051 | 1,036,464 | ||
| 357,753 | ||||
| 1,394,217 | ||||
| 167,897 | 94,409 | 262,306 | ||
| 60,326 | ||||
| 322,632 | ||||
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
4.
营运分部资料
（续）
Manufacture and sale
of fotwear productsProperty investmentConsolidated
制造及销售鞋类产品物业投资综合
二零二四年
HK$’000
千港元
Segment results
分部业绩
2,309
Unalocated income and
gains/(los), net
未分配收入及收益／（亏损）净额
Interest income
利息收入
20,485
Unalocated expenses
未分配开支
(10,810)
Profit/(los) before tax
除税前溢利／（亏损）
12,622
Income tax credit
所得税抵免
7,435
Profit/(los) for the year
本年度溢利／（亏损）
20,057
Asets and liabilities
资产及负债
Segment asets
分部资产
1,086,465
Unalocated asets
未分配资产
422,980
Total asets
资产总值
1,509,445
Segment liabilities
分部负债
255,929
Unalocated liabilities
未分配负债
67,916
Total liabilities
负债总额
323,845
4. OPERATING SEGMENT INFORMATION
(continued)
| 制造及销 2025 | 物业 2025 | 综 2025 | ||
|---|---|---|---|---|
| 二零HK二$五’00年0 | 二零HK二$五’00年0 | 二零HK二$五’00年0 | ||
| 千港元 | 千港元 24,059 | 千港元 | 千港元 – | 千港元 |
| 19,193 | – | 19,193 | ||
| 3,066 | – | |||
| 3,900 | – | 3,900 | ||
| 11,378 | – | |||
| 12,560 | – | 12,560 | ||
| (23,900) | – | |||
| (23,465) | – | (23,465) | ||
| 728 | – | |||
| 404 | – | 404 | ||
| – | – | |||
| (1,794) | – | (1,794) | ||
| – | 2,173 | |||
| – | 15,567 | 15,567 | ||
| 1,230 | – | |||
| (2,512) | – | (2,512) | ||
| (168) | – | |||
| (154) | – | (154) | ||
| 473 | – | |||
| – | – | – | ||
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
220Kingmaker Fotwear Holdings Limited Anual Report 2025
4.
营运分部资料
（续）
*
资本开支由添置物业、厂房及设备组成。
4. OPERATING SEGMENT INFORMATION
(continued)
Manufacture and sale
of fotwear productsProperty investmentConsolidated
制造及销售鞋类产品物业投资综合
二零二四年
HK$’000
千港元
Other segment information
其他分部资料
Depreciation of property,
plant and equipment
物业、厂房及设备折旧
24,059
Depreciation of right-of-use asets
使用权资产折旧
3,066
Capital expenditure*
资本开支
*11,378
Share of profits of asociates
应占联营公司溢利
(23,900)
Impairment alowance for acounts
receivable
应收账项减值拨备
Reversal of impairment loses on
property, plant and equipment
拨回物业、厂房及设备之减值亏损
–
Fair value los on revaluation of
investment properties
重估投资物业之公平值亏损
2,173
Provision/(write-back of provision)
for inventories
存货拨备／（拨备拨回）
1,230
Gain on disposal of items of property,
plant and equipment, net
出售物业、厂房及
设备项目之收益净额
(168)
Write-of of items of property,
plant and equipment
物业、厂房及设备项目撇销
- , plant
and equipment.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 152,412 |
| 220,527 |
| 124,975 |
| 127,962 |
| 625,876 |
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 38,659 |
| 430,440 |
| 59,501 |
| 116,312 |
| 186 |
| 645,098 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
4.
营运分部资料
（续）
地区资料
(a)
来自外界客户的收益
上述收益资料以客户所在地为依据。
(b)
非流动资产
上述非流动资产资料以资产所在地为
依据，且未计及于联营公司及会所会
籍的投资。
4. OPERATING SEGMENT INFORMATION
(continued)
Geographical information
(a) Revenue from external customers
二零二四年
HK$’000
千港元
The United States of America
美利坚合众国
182,333
Europe
欧洲
182,133
Asia
亚洲
133,634
Others
其他
191,169
Total revenue
总收益
689,269
The revenue information above is based on the
locations of the customers.
(b) Non-curent asets
二零二四年
HK$’000
千港元
Hong Kong
香港
45,381
Chinese Mainland
中国内地
439,865
Cambodia
柬埔寨
61,386
Vietnam
越南
125,551
Others
其他
Total non-curent asets
非流动资产总额
672,392
The non-curent asets information above is based on
the locations of the asets and excludes investments
in asociates and club memberships.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 447,746 |
| N/A* * |
| 不适用 |
| 447,746 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
222Kingmaker Fotwear Holdings Limited Anual Report 2025
4.
营运分部资料
（续）
主要客户资料
截至二零二五年及二零二四年三月三十一
日止年度内，占本集团总收益超过
10%
之
制造及销售鞋类产品业务所产生的收益如
下：
*
少于本集团相应年度总收益的
10%
。
上述金额包括向一组实体（该等实体受上述
客户共同控制）的销售额。
4. OPERATING SEGMENT INFORMATION
(continued)
Information about major customers
Revenue derived from the manufacture and sale of fotwear
products busines which acounted for over 10% of the
total revenue of the Group during the years ended 31 March
2025 and 2024 is as folows:
二零二四年
HK$’000
千港元
Customer A
客户
A534,250
Customer B
客户
B120,488
654,738
- % of the total revenue of the Group for the
coresponding year.
The above amounts include sales to a group of entities
which are known to be under comon control with these
customers.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 625,876 |
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 482 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
5.
收益以及其他收入及收益净额
(a)
收益
(i)
分拆收益资料
与客户合约的所有收益均于某个时间
点确认。按地域市场分拆的收益资料
于财务报表附注
4(a)
披露。
本报告期间确认的收益于报告期初计
入合约负债：
(i)
履约责任
履约责任于货品发出时完成，客户付
款时间通常为发货后的
至
天内。
5. REVENUE AND OTHER INCOME AND
GAINS, NET
(a) Revenue
二零二四年
HK$’000
千港元
Revenue from contracts with customers
来自客户合约之收益
Sale of gods
销售货品
689,269
(i) Disagregated revenue information
Al the revenue from contracts with customers
is recognised at a point in time. The revenue
information disagregated by geographical
market is disclosed in note 4(a) to the financial
statements.
Revenue recognised in the curent reporting
period that was included in contract liabilities at
the begining of the reporting period:
二零二四年
HK$’000
千港元
Sale of gods
销售货品
(i) Performance obligation
The performance obligation is satisfied upon
delivery of gods and payment is generaly due
within 30 to 90 days from delivery.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 16,068 |
| 485 |
| 154 |
| 25,599 |
| 78 |
| 1,580 |
| 43,964 |
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 193 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
224Kingmaker Fotwear Holdings Limited Anual Report 2025
5.
收益以及其他收入及收益净额
（续）
(b)
其他收入及收益净额
6.
融资成本
融资成本的分析如下：
5. REVENUE AND OTHER INCOME AND
GAINS, NET (continued)
(b) Other income and gains, net
二零二四年
HK$’000
千港元
Bank interest income
银行利息收入
20,321
Interest income from acounts receivable
应收账项之利息收入
Gain on disposal of items of property,
plant and equipment, net
出售物业、厂房及设备项目之收益净额
Gros rental income
租金收入总额
27,761
Foreign exchange diferences, net
汇兑差额净值
(816)
Others
其他
1,715
Total other income and gains, net
其他收入及收益净额总额
49,313
6. FINANCE COSTS
An analysis of finance costs is as folows:
二零二四年
HK$’000
千港元
Interest on lease liabilities
租赁负债之利息
| 2025 |
|---|
| HK$’二 零 二五年 00 0 |
| 千港元 |
| 362,692 |
| 19,193 |
| 3,900 |
| (2,512) |
| 641 |
| 404 |
| (154) |
| – |
| (1,794) |
| 1,636 |
| 243,840 |
| 301 |
| 2,658 |
| 17,756 |
| 264,555 |
| 43 |
| 15,567 |
| (16,068) |
| (485) |
| (78) |
| 4,119 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
7.
除税前溢利／（亏损）
本集团的除税前溢利／（亏损）乃经扣除╱
（计入）以下项目：
销售成本包括关于直接员工成本及制造设
施折旧共
219,479,000
港元（二零二四年：
186,159,000
港元），其亦已包含于以上披露
相关总额之各类开支内。
*
存货拨备已计入综合损益表之「销售成本」
内。
会所会籍摊销已计入综合损益表之「行政
开支」内。
7. PROFIT/(LOS) BEFORE TAX
The Group’s profit/(los) before tax is arived at after
charging/(crediting):
二零二四年
HK$’000
千港元
Cost of inventories sold
销售存货成本
423,414
Depreciation of property, plant and equipment
物业、厂房及设备折旧
24,059
Depreciation of right-of-use asets
使用权资产折旧
3,066
Provision/(write-back of provision) for inventories*
存货拨备╱（拨备拨回）
*1,230
Lease payment not included in the measurement of lease liabilities
不计入租赁负债计量的租赁付款
Impairment alowance for acounts receivable
应收账项减值拨备
Gain on disposal of items of property, plant and equipment, net
出售物业、厂房及设备项目之收益净额
(168)
Write-of of items of property, plant and equipment
物业、厂房及设备项目撇销
Reversal of impairment loses on property, plant and equipment
拨回物业、厂房及设备之减值亏损
–
Auditor’s remuneration
核数师酬金
1,673
Employe benefit expense (including directors’ remuneration (note 8):
雇员福利开支（包括董事酬金（附注
）：
Wages and salaries
工资及薪金
206,544
Equity-setled share option expense
以权益结算之购股权开支
Equity-setled share award expense
以权益结算之股份奖励开支
2,598
Pension scheme contributions
退休金计划供款
17,091
Total
合计
226,416
Amortisation of club memberships
会所会籍摊销
47
Fair value los on revaluation of investment properties
重估投资物业之公平值亏损
2,173
Bank interest income
银行利息收入
(20,321)
Interest income from acounts receivable
应收账项之利息收入
(164)
Foreign exchange diferences, net
汇兑差额净值
Direct operating expenses (including repairs and maintenance) arising
from rental-earning investment properties
赚取租金之投资物业所产生之直接经营开支（包括维修及保养）
3,933
Cost of sales includes HK$219,479,000 (2024:
HK$186,159,000) relating to direct staf costs and
depreciation of manufacturing facilities, which are also
included in the respective total amounts disclosed above for
each of these types of expenses.
- “Cost of sales” in the
consolidated statement of profit or los.
Amortisation of club memberships is included in
“Administrative expenses” in the consolidated statement of
profit or los.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 576 |
| 912 |
| 552 |
| 2,040 |
| 2,901 |
| 274 |
| 36 |
| 189 |
| 3,400 |
| 5,440 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
226Kingmaker Fotwear Holdings Limited Anual Report 2025
8.
董事酬金
年内，董事酬金按照香港联合交易所有限
公司（「联交所」）证券上市规则（「上市规
则」）、香港公司条例第
383(1)(a)
、
(b)
、
(c)
及
(f)
条及《公司（披露董事利益资料）规例》第
部
披露如下：
于年内及过往年度，若干董事在本公司购
股权计划之下，根据其对本集团之服务获
授予购股权，进一步详情载于财务报表附
注
。在归属期内已于损益表确认之该等
购股权之公平值于授出日期厘定，而包含
于本年度财务报表之数额则载于以上董事
酬金披露部分内。
8. DIRECTORS’ REMUNERATION
Directors’ remuneration for the year, disclosed pursuant to
the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”, the
“Listing Rules”), section 383(1)(a), (b), (c) and (f) of the Hong
Kong Companies Ordinance and Part 2 of the Companies
(Disclosure of Information about Benefits of Directors)
Regulation, is as folows:
二零二四年
HK$’000
千港元
Fes
袍金
– Independent non-executive directors
－独立非执行董事
– Non-executive directors
－非执行董事
– Executive directors
－执行董事
Subtotal
小计
2,089
Other emoluments:
其他酬金：
Salaries, alowances and benefits in kind
薪金、津贴及实物利益
2,927
Discretionary bonuses
酌定奖金
Pension scheme contributions
退休金计划供款
Equity-setled share option expense
以权益结算之购股权开支
Subtotal
小计
3,361
Total
合计
5,450
During the year and in prior years, certain directors were
granted share options, in respect of their services to the
Group, under the share option scheme of the Company,
further details of which are set out in note 25 to the financial
statements. The fair value of such options, which has
ben recognised in the statement of profit or los over the
vesting period, was determined as at the date of grant
and the amount included in the financial statements for the
curent year is included in the above directors’ remuneration
disclosures.
| Allowances | Equity-settled | ||
|---|---|---|---|
| and benefits | share option | Total | |
| Fees | in kind | expense | remuneration |
| 津贴� | 以权益结算 | ||
| 袍金 HK$’000 | �物利� HK$’000 | 之购股权开支 HK$’000 | 酬金总额 HK$’000 |
| 千港元 | 千港元 | 千港元 | 千港元 |
| 192 | – | 17 | 209 |
| 192 | – | 22 | 214 |
| 112 | – | 4 | 116 |
| 80 | – | – | 80 |
| 576 | – | 43 | 619 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
8.
董事酬金
（续）
(a)
独立非执行董事
年内支付予独立非执行董事之袍金如
下：
年内并无其他应付独立非执行董事之酬金
（二零二四年：无）。
*
罗家健先生于二零二四年八月二十八日
获委任为独立非执行董事。
谭竞正先生于二零二四年八月二十八日
轮席退任。
*
戎子江先生于二零二三年八月二十八日
轮席退任。
8. DIRECTORS’ REMUNERATION (continued)
(a) Independent non-executive directors
The fes paid to independent non-executive directors
during the year were as folows:
二零二五年
Ms. Chan Mei-bo, Mabel
陈美宝女士
Mr. Wong Hin-wing
黄显荣先生
Mr. Law Ka-kin*
罗家健先生
*
Mr. Tam King-ching, Keny
谭竞正先生
Total
合计
AlowancesEquity-setled
and benefitshare optionTotal
Fesin kindexpenseremuneration
袍金
津贴�
�物利�
以权益结算
之购股权开支酬金总额
二零二四年
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
Mr. Tam King-ching, Keny
谭竞正先生
192–8200
Ms. Chan Mei-bo, Mabel
陈美宝女士
192–13205
Mr. Wong Hin-wing
黄显荣先生
192–5197
Mr. Yung Tse-kwong, Steven*
戎子江先生
*80–888
Total
合计
656–34690
There were no other emoluments payable to the
independent non-executive directors during the year
(2024: Nil).
* Mr. Law Ka-kin was apointed as an independent non-
executive director on 28 August 2024.
Mr. Tam King-ching, Keny retired by rotation on 28
August 2024.
* Mr. Yung Tse-Kwong, Steven retired by rotation on 28
August 2023.
| Salaries, | |||||
|---|---|---|---|---|---|
| allowances | Pension | Equity-settled | |||
| and benefits | Discretionary | scheme | share option | Total | |
| Fees | in kind | bonuses | contributions | expense | remuneration |
| 薪金、津贴及 | 退休金 | 以权益结算 | |||
| 袍金 HK$’000 | 实物利益 HK$’000 | 酌定奖金 HK$’000 | 计划供款 HK$’000 | 之购股权开支 HK$’000 | 酬金总额 HK$’000 |
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
| – | – | – | – | – | – |
| 372 | 946 | 101 | 18 | – | 1,437 |
| 180 | 1,813 | 143 | 18 | 59 | 2,213 |
| 552 | 2,759 | 244 | 36 | 59 | 3,650 |
| 360 | 142 | 30 | – | 43 | 575 |
| 192 | – | – | – | 22 | 214 |
| 360 | – | – | – | 22 | 382 |
| 912 | 142 | 30 | – | 87 | 1,171 |
| 1,464 | 2,901 | 274 | 36 | 146 | 4,821 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
228Kingmaker Fotwear Holdings Limited Anual Report 2025
8.
董事酬金
（续）
(b)
执行董事及非执行董事
8. DIRECTORS’ REMUNERATION (continued)
(b) Executive directors and non-executive directors
二零二五年
Executive directors:
执行董事：
Mdm. Huang Hsiu-duan, Helen
黄秀端女士
Mr. Chen Yi-wu, Ares*
陈奕舞先生
*
Mr. Wong Hei-chiu
黄禧超先生
Subtotal
小计
Non-executive directors:
非执行董事：
Mr. Chan Ho-man, Daniel
陈浩文先生
Dr. Chow Wing-kin, Anthony
周永健博士
Mr. Kimel, Philip Brian
柯民佑先生
Subtotal
小计
Total
合计
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
8.
董事酬金
（续）
(b)
执行董事及非执行董事（续）
*
陈奕舞先生为本集团行政总裁。
董事概无于年内订立任何安排放弃或同意
放弃任何酬金（二零二四年：无）。
8. DIRECTORS’ REMUNERATION (continued)
(b) Executive directors and non-executive directors
(continued)
Salaries,
alowancesPensionEquity-setled
and benefitsDiscretionaryschemeshare optionTotal
Fesin kindbonusescontributionsexpenseremuneration
袍金
薪金、津贴及
实物利益酌定奖金
退休金
计划供款
以权益结算
之购股权开支酬金总额
二零二四年
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
Executive directors:
执行董事：
Mdm. Huang Hsiu-duan, Helen
黄秀端女士
–
Mr. Chen Yi-wu, Ares*
陈奕舞先生
*37295310118–1,444
Mr. Wong Hei-chiu
黄禧超先生
1801,82814318372,206
Subtotal
小计
5522,78124436373,650
Non-executive directors:
非执行董事：
Mr. Chan Ho-man, Daniel
陈浩文先生
36014630–27563
Dr. Chow Wing-kin, Anthony
周永健博士
192–13205
Mr. Kimel, Philip Brian
柯民佑先生
329–13342
Subtotal
小计
88114630–531,110
Total
合计
1,4332,92727436904,760
- , Ares is the chief executive of the
Group.
There was no arangement under which a director
waived or agred to waive any remuneration during
the year (2024: Nil).
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 4,368 |
| 740 |
| 43 |
| 5,151 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
230Kingmaker Fotwear Holdings Limited Anual Report 2025
9.
五名最高薪雇员
年内五名最高薪雇员包括本公司两名（二零
二四年：两名）董事，其酬金详情载于上文
附注
。本年度其余三名（二零二四年：三
名）非董事之最高薪雇员之酬金详情如下：
其余三名（二零二四年：三名）非董事之
最高薪雇员薪酬组别介乎
500,001
港元至
1,000,000
港元、
1,000,001
港元至
1,500,000
港元及
3,000,001
港元至
3,500,000
港元
（二零二四年：
500,001
港元至
1,000,000
港元、
1,000,001
港元至
1,500,000
港元及
3,000,001
港元至
3,500,000
港元）。
于年内及过往年度，非董事之最高薪雇员
就彼等向本集团提供之服务获授购股权，
进一步详情于财务报表附注
中披露。该
等购股权之公平值于归属期间在损益表确
认，并于授出日期厘定，而包含于本年度财
务报表之数额则载于以上非董事之最高薪
雇员之酬金披露部分内。
9. FIVE HIGHEST PAID EMPLOYES
The five highest paid employes during the year included
two (2024: two) directors of the Company, details of whose
remuneration are set out in note 8 above. Details of the
remuneration for the year of the remaining thre (2024:
thre) highest paid employes who are not directors are as
folows:
二零二四年
HK$’000
千港元
Salaries, alowances and benefits in kind
薪金、津贴及实物利益
4,452
Discretionary bonuses
酌定奖金
Equity-setled share option expense
以权益结算之购股权开支
Total
合计
5,135
The remuneration of the remaining thre (2024: thre)
non-director highest paid employes fel within the bands
of HK$500,001 to HK$1,000,000, HK$1,000,001 to
HK$1,500,000 and HK$3,000,001 to HK$3,500,000
(2024: HK$500,001 to HK$1,000,000, HK$1,000,001 to
HK$1,500,000 and HK$3,000,001 to HK$3,500,000).
During the year and in prior years, share options were
granted to non-director highest paid employes in respect
of their services to the Group, further details of which
are included in the disclosures in note 25 to the financial
statements. The fair value of such options, which has ben
recognised in the statement of profit or los over the vesting
period, was determined as at the date of grant and the
amount included in the financial statements for the curent
year is included in the above non-director highest paid
employes’ remuneration disclosures.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 190 |
| (25) |
| 3,674 |
| (9,700) |
| (1,897) |
| (7,758) |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
10.
所得税
香港利得税乃根据年内于香港赚取之估计
应课税溢利按
16.5%
（二零二四年：
16.5%
）
之税率拨备。其他地区有关应课税溢利之
税项乃按本集团经营业务所在司法权区当
时之税率计算。
10. INCOME TAX
Hong Kong profits tax has ben provided at the rate of
16.5% (2024: 16.5%) on the estimated asesable profits
arising in Hong Kong during the year. Taxes on profits
asesable elsewhere have ben calculated at the rates
of tax prevailing in the jurisdictions in which the Group
operates.
二零二四年
HK$’000
千港元
Curent – Hong Kong
即期税项－香港
Charge for the year
本年度税项支出
Overprovision in prior years
过往年度超额拨备
(58)
Curent – Elsewhere
即期税项－其他地区
Charge for the year
本年度税项支出
4,859
Overprovision in prior years
过往年度超额拨备
(14,700)
Defered (note 23)
递延（附注
）
2,206
Total tax credit for the year
本年度税项抵免总额
(7,435)
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| (44,424) |
| (6,911) |
| (9,725) |
| (4,693) |
| (5,413) |
| 16,309 |
| (3,659) |
| 6,334 |
| (7,758) |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
232Kingmaker Fotwear Holdings Limited Anual Report 2025
10.
所得税
（续）
按本公司及其大部分附属公司所在及／或
经营所在司法权区之法定税率计算适用于
除税前溢利／（亏损）之税项支出／（抵免）
与按实际税率计算之税项抵免之对账如下：
联营公司应占税项为
3,912,000
港元（二零
二四年：
2,950,000
港元）载于综合损益表
「应占联营公司溢利」。
适用税率根据香港利得税率
16.5%
（二零
二四年：
16.5%
）、越南企业税率
15%
至
20%
（二零二四年：
15%
至
20%
）、柬埔寨企
业税率
20%
（二零二四年：
20%
）、台湾
企业税率
20%
（二零二四年：
20%
）、中
国内地企业所得税率
25%
（二零二四年：
25%
）计算。
10. INCOME TAX (continued)
A reconciliation of the tax charge/(credit) aplicable
to profit/(los) before tax at the statutory rates for the
jurisdictions in which the Company and the majority of its
subsidiaries are domiciled and/or operate to the tax credit
at the efective tax rate is as folows:
二零二四年
HK$’000
千港元
Profit/(los) before tax
除税前溢利／（亏损）
12,622
Tax at the aplicable tax rates
按适用税率计算之税项
3,934
Adjustments to tax charge in respect of prior years
过往年度税项支出之调整
(14,758)
Profit atributable to asociates
联营公司应占溢利
(4,780)
Income not subject to tax
毋须课税收入
(4,976)
Expenses not deductible for tax
不可扣税之开支
12,663
Tax loses utilised from previous years
过往年度所动用的税项亏损
(3,923)
Tax loses not recognised
未确认税项亏损
4,405
Tax credit at the Group’s efective rate
按本集团实际税率计算之税项抵免
(7,435)
The share of tax atributable to asociates amounting to
HK$3,912,000 (2024: HK$2,950,000) is included in “Share
of profits of asociates” in the consolidated statement of
profit or los.
The aplicable tax rate is calculated based on the Hong
Kong profits tax rate of 16.5% (2024: 16.5%), the Vietnam
Corporate Tax rates of 15% to 20% (2024: 15% to 20%),
the Cambodia Corporate Tax rate of 20% (2024: 20%),
the Taiwan Corporate Tax rate of 20% (2024: 20%), the
Corporate Income Tax rate in Chinese Mainland of 25%
(2024: 25%).
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
10.
所得税
（续）
根据中华人民共和国（「中国」）企业所得税
法，于中国内地成立之外资企业向外国投
资者宣派之股息将被征收
10%
预扣税。该
规定于二零八年一月一日起生效，并适
用于二零七年十二月三十一日后产生之
盈利。倘中国内地与外国投资者所属司法
权区之间订立税务条约，则可应用较低之
预扣税率。就本集团而言，适用税率为
5%
及
10%
。本集团因而须就于中国内地成立
之附属公司就产生之盈利所派发之股息缴
纳预扣税。
此外，根据柬埔寨预扣税条例，向非居民股
东宣派之股息将被征收
14%
预扣税。因此，
本集团须就于柬埔寨成立之附属公司产生
之盈利所派发之股息缴纳预扣税。
于二零二五年三月三十一日，并无就本集
团于中国内地及柬埔寨成立之附属公司应
缴纳预扣税之未汇出盈利之应付预扣税确
认递延税项。董事认为，该等附属公司于
可见将来不大可能分派有关盈利。于二零
二五年三月三十一日，与中国内地及柬埔
寨之附属公司之未确认递延税项负债之未
分派溢利相关之暂时性差额总额合共约
88,205,000
港元（二零二四年：
75,356,000
港元）。
10. INCOME TAX (continued)
Pursuant to the Corporate Income Tax Law of the People’s
Republic of China (“PRC”), a 10% witholding tax is levied
on dividends declared to foreign investors from the foreign
investment enterprises established in Chinese Mainland.
The requirement is efective from 1 January 2008 and
aplies to earnings after 31 December 2007. A lower
witholding tax rate may be aplied if there is a tax treaty
betwen Chinese Mainland and the jurisdiction of the
foreign investors. For the Group, the aplicable rates are
5% and 10%. The Group is therefore liable for witholding
taxes on dividends distributed by those subsidiaries
established in Chinese Mainland in respect of earnings
generated.
In adition, pursuant to Cambodian witholding tax
regulations, a 14% witholding tax is levied on dividends
declared to non-resident shareholders. Therefore, the Group
is liable for witholding taxes on dividends distributed by
those subsidiaries established in Cambodia in respect of
earnings generated.
At 31 March 2025, no defered tax has ben recognised for
witholding taxes that would be payable on the unremited
earnings that are subject to witholding taxes of the
Group’s subsidiaries established in Chinese Mainland and
Cambodia. In the opinion of the directors, it is not probable
that these subsidiaries wil distribute such earnings in the
foreseable future. The agregate amount of temporary
diferences asociated with undistributed profit of Chinese
Mainland and Cambodia subsidiaries for which defered tax
liabilities have not ben recognised totaled aproximately
HK$88,205,000 (2024: HK$75,356,000) at 31 March 2025.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
234Kingmaker Fotwear Holdings Limited Anual Report 2025
10.
所得税
（续）
本集团估计于香港产生之税项亏损约为
119,751,000
港元（二零二四年：
95,531,000
港元），该等亏损可无限期用作抵销录得亏
损之公司日后应课税溢利。由于该等附属
公司一直录得亏损，且本集团在可见将来
使用该等亏损之可能性不大，故并无就有
关亏损确认递延税项资产。
经济合作与发展组织
(OECD)
已建议第二
支柱规则于二零二四年生效，建议于二零
二五年生效的低税利润规则
(UTPR)
除外。
跨国企业
(MNE)
集团将需评估于哪些司法权
区可能需要第二支柱规则，以及该等规则
的适用日期。于香港，《
年税务（修订）
（跨国企业集团的最低税）条例》（修订条
例）于二零二五年六月六日颁布。该条例使
得香港自二零二五年一月一日起实施全球
最低税
(GMT)
及香港最低附加税
(HKMT)
。
由于本集团于过去四年中每年的综合收益
低于
百万欧元，因此本集团不在第二支
柱的适用范围内。
11.
本公司权益持有人应占每股盈利
／（亏损）
每股基本亏损（二零二四年：每股基本盈
利）金额乃根据本公司权益持有人应占年
内亏损
33,890,000
港元（二零二四年：溢
利
20,221,000
港元）及年内已发行普通股
加权平均数
671,415,879
股（二零二四年：
675,144,718
股）计算，并经调整以反映根据
本公司的股份奖励计划所持有的股份数目
10,416,000
股（二零二四年：
5,276,000
股）
以及于年内购回及注销的
8,924,000
股（二
零二四年：
194,000
股）股份。
10. INCOME TAX (continued)
The Group has estimated tax loses of aproximately
HK$119,751,000 (2024: HK$95,531,000) arising in Hong
Kong that are available indefinitely for ofseting against
future taxable profits of the companies in which the loses
arose. Defered tax asets have not ben recognised in
respect of these loses as they have arisen in subsidiaries
that have ben los-making for some time and it is
considered not probable that the Group can utilise these
loses in the foreseable future.
The Organization for Economic Co-operation and
Development’s (OECD) has recomended that the Pilar
Two rules become efective in 2024, with the exception of
the Undertaxed Profits Rule (UTPR), which is recomended
to become efective in 2025. Multinational enterprise (MNE)
groups wil ned to ases in what jurisdictions they may
be subject to Pilar Two rules, and the aplicable dates
that those rules aply. In Hong Kong, The Inland Revenue
(Amendment) (Minimum Tax for Multinational Enterprise
Groups) Ordinance 2025 (the Amendment Ordinance) was
enacted on 6 June 2025. It enables the implementation
of the global minimum tax (GMT) and the Hong Kong
minimum top-up tax (HKMT) in Hong Kong from 1 January
2025. The Group is out of scope under Pilar Two, as its
consolidated revenue was les than Euro 750 milion in
each of the past four years.
11. EARNINGS/(LOS) PER SHARE
ATRIBUTABLE TO EQUITY HOLDERS OF
THE COMPANY
The calculation of the basic los per share (2024: the
basic earnings per share) amount is based on the los
for the year atributable to equity holders of the Company
of HK$33,890,000 (2024: profit of HK$20,221,000),
and the weighted average number of ordinary shares of
671,415,879 (2024: 675,144,718) in isue during the year,
as adjusted to reflect the number of shares of 10,416,000
(2024: 5,276,000) held under the share award scheme
of the Company, shares of 8,924,000 (2024: 194,000)
repurchased and canceled during the year.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| (33,890) |
| 股份 2025 |
|---|
| 二零二五年 |
| 671,415,879 |
| N/A |
| 不适用 |
| 671,415,879 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
11.
本公司权益持有人应占每股盈利
／（亏损）
（续）
截至二零二五年三月三十一日止年度，并
无对就年内已发行具潜在摊薄效应之普通
股所呈列之每股基本亏损金额作出调整，
乃由于此举之影响对所呈列每股基本亏损
金额具有反摊薄效应。
截至二零二四年三月三十一日止年度，每
股摊薄盈利金额乃根据本公司权益持有人
应占年度溢利
20,221,000
港元及经年内发
行在外潜在摊薄普通股之影响作出调整后
之已发行普通股加权平均数
675,144,718
股
普通股计算。
每股基本及摊薄盈利／（亏损）乃按以下数
据计算：
11. EARNINGS/(LOS) PER SHARE
ATRIBUTABLE TO EQUITY HOLDERS OF
THE COMPANY (continued)
For the year ended 31 March 2025, no adjustment has
ben made to the basic los per share amount presented
in respect of the potential dilutive ordinary shares in isue
during the year as the impact had an anti-dilutive efect on
the basic los per share amount presented.
For the year ended 31 March 2024, the calculation of
diluted earnings per share amount was based on the profit
for the year atributable to equity holders of the Company
of HK$20,221,000 and 675,144,718 ordinary shares, being
the weighted average number of ordinary shares in isue,
adjusted for the efects of the potentialy dilutive ordinary
shares outstanding during the year.
The calculation of the basic and diluted earnings/(los) per
share is based on the folowing data:
二零二四年
HK$’000
千港元
Earnings/(los)
盈利／（亏损）
Profit/(los) atributable to equity holders of the Company
本公司权益持有人应占溢利／（亏损）
20,221
Number of shares
股份数目
二零二四年
Shares
股份
Weighted average number of ordinary shares used in calculating
the basic earnings/(los) per share
计算每股基本盈利／（亏损）所用之普通股加权平均数
675,144,718
Efect of dilution – weighted average number of ordinary shares:
摊薄影响－普通股加权平均数：
Share options
购股权
229,061
Weighted average number of ordinary shares used in calculating
the diluted earnings/(los) per share
计算每股摊薄盈利／（亏损）所用之普通股加权平均数
675,373,779
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 1,344 |
| 45,712 |
| – |
| 13,433 |
| 60,489 |
| – |
| 13,432 |
| 13,432 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
236Kingmaker Fotwear Holdings Limited Anual Report 2025
12.
股息
本年度拟派特别末期股息须经本公司股东
于即将举行之股东周年大会上批准后，方
可作实。该等财务报表并无反映应付股息。
12. DIVIDENDS
二零二四年
HK$’000
千港元
Dividends paid during the year
本年度已派付股息
Final in respect of the financial year ended 31 March 2024 –
HK0.2 cent (2023: HK2.0 cents) per ordinary share
就截至二零二四年三月三十一日止财政年度的末期股息－
每股普通股
0.2
港仙（二零二三年：
2.0
港仙）
13,496
Special final in respect of the financial year ended 31 March
2024 – HK6.8 cents (2023: HK0.2 cent) per ordinary share
就截至二零二四年三月三十一日止财政年度的特别末期股息－
每股普通股
6.8
港仙（二零二三年：
0.2
港仙）
1,350
Interim – Nil (2024: HK1.5 cents) per ordinary share
中期股息－每股普通股零（二零二四年：
1.5
港仙）
10,142
Special interim – HK2.0 cents (2024: HK0.5 cent) per ordinary share
特别中期股息－每股普通股
2.0
港仙（二零二四年：
0.5
港仙）
3,380
28,368
Proposed final and special final dividends
拟派末期及特别末期股息
Final – Nil (2024: HK0.2 cent) per ordinary share
末期股息－每股普通股零（二零二四年：
0.2
港仙）
1,355
Special final – HK2.0 cents (2024: HK6.8 cents) per ordinary share
特别末期股息－每股普通股
2.0
港仙（二零二四年：
6.8
港仙）
46,071
47,426
The proposed special final dividend for the year is subject
to the aproval of the Company’s shareholders at the
forthcoming anual general meting. These financial
statements do not reflect the dividends payable.
| Machinery, | |||
|---|---|---|---|
| furniture, | |||
| equipment, | |||
| leasehold | |||
| improvements | |||
| Land and | and motor | Construction | |
| buildings | vehicles | in progress | Total |
| 机器、家具、 设备、租赁物业 | |||
| 土地及楼宇 HK$’000 | 装修及汽车 HK$’000 | 在建工程 HK$’000 | 合计 HK$’000 |
| 千港元 | 千港元 | 千港元 | 千港元 |
| 247,445 | 341,257 | – | 588,702 |
| – | 12,560 | – | 12,560 |
| (1,517) | (5,165) | – | (6,682) |
| – | (4,761) | – | (4,761) |
| (14,813) | – | – | (14,813) |
| (5,650) | (2,957) | – | (8,607) |
| 225,465 | 340,934 | – | 566,399 |
| 144,587 | 308,925 | – | 453,512 |
| 8,262 | 10,931 | – | 19,193 |
| (1,176) | (3,241) | – | (4,417) |
| – | (4,761) | – | (4,761) |
| (1,794) | – | – | (1,794) |
| (2,666) | – | – | (2,666) |
| (2,687) | (4,752) | – | (7,439) |
| 144,526 | 307,102 | – | 451,628 |
| 80,939 | 33,832 | – | 114,771 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
13.
物业、厂房及设备
13. PROPERTY, PLANT AND EQUIPMENT
31 March 2025
二零二五年三月三十一日
Cost:
成本：
At 1 April 2024
于二零二四年四月一日
Aditions
添置
Disposals
出售
Write-of
撇销
Transfer to investment properties (note 15)
转让至投资物业（附注
）
Exchange realignment
外汇调整
At 31 March 2025
于二零二五年三月三十一日
Acumulated depreciation and impairment:
累计折旧及减值：
At 1 April 2024
于二零二四年四月一日
Depreciation provided during the year
年内计提折旧
Disposals
出售
Write-of
撇销
Reversal of impairment loses
减值亏损拨回
Transfer to investment properties (note 15)
转让至投资物业（附注
）
Exchange realignment
外汇调整
At 31 March 2025
于二零二五年三月三十一日
Net bok value:
账面净值：
At 31 March 2025
于二零二五年三月三十一日
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
238Kingmaker Fotwear Holdings Limited Anual Report 2025
13.
物业、厂房及设备
（续）
截至二零二五年三月三十一日止年度，由
于该物业的用途由自用转为出租，本集团
将一项账面值为
12,147,000
港元（二零二四
年：无）的物业从物业、厂房及设备以及
460,000
港元（二零二四年：无）的物业从使
用权资产（附注
）转拨至投资物业。拨回
先前录得的减损亏损
1,794,000
港元（二零
二四年：无）主要由于该物业的公平值增加
所致，该增加已于综合损益表确认。
13. PROPERTY, PLANT AND EQUIPMENT
(continued)
Machinery,
furniture,
equipment,
leasehold
improvements
Land andand motorConstruction
buildingsvehiclesin progresTotal
土地及楼宇
机器、家具、
设备、租赁物业
装修及汽车在建工程合计
31 March 2024HK$’000HK$’000HK$’000HK$’000
二零二四年三月三十一日千港元千港元千港元千港元
Cost:
成本：
At 1 April 2023
于二零二三年四月一日
255,314350,0311,193606,538
Aditions
添置
–10,68269611,378
Disposals
出售
–(5,717)–(5,717)
Write-of
撇销
–(5,292)–(5,292)
Transfer
转让
–1,890(1,890)–
Exchange realignment
外汇调整
(7,869)(10,337)1(18,205)
At 31 March 2024
于二零二四年三月三十一日
247,445341,257–588,702
Acumulated depreciation and impairment:
累计折旧及减值：
At 1 April 2023
于二零二三年四月一日
139,265313,597–452,862
Depreciation provided during the year
年内计提折旧
9,89114,168–24,059
Disposals
出售
–(5,549)–(5,549)
Write-of
撇销
–(4,819)–(4,819)
Exchange realignment
外汇调整
(4,569)(8,472)–(13,041)
At 31 March 2024
于二零二四年三月三十一日
144,587308,925–453,512
Net bok value:
账面净值：
At 31 March 2024
于二零二四年三月三十一日
102,85832,332–135,190
During the year ended 31 March 2025, the Group
transfered a property with carying amount of
HK$12,147,000 (2024: Nil) from property, plant and
equipment and HK$460,000 (2024: Nil) from right-of-use
asets (note 14) to investment properties due to the usage
of the property changed from self-use to rental. A reversal
of previously recorded impairment loses of HK$1,794,000
(2024: Nil) was mainly due to an increase in fair value of
the property, which was recognised in the consolidated
statement of profit or los.
| Leasehold land | Buildings | Total |
|---|---|---|
| 租赁土地 HK$’000 | 楼宇 HK$’000 | 合计 HK$’000 |
| 千港元 | 千港元 | 千港元 |
| 64,890 | 2,980 | 67,870 |
| (2,053) | (1,013) | (3,066) |
| (864) | (85) | (949) |
| 61,973 | 1,882 | 63,855 |
| (2,001) | (1,899) | (3,900) |
| – | 4,273 | 4,273 |
| (460) | – | (460) |
| (464) | (81) | (545) |
| 59,048 | 4,175 | 63,223 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
14.
租赁
本集团作为承租人
本集团就多项租赁土地及楼宇订有租赁合
约。已提前作出一次性付款以向拥有者收
购租赁期为
至
年的租赁土地，并且根
据该等土地租赁的条款不会有后续付款。
楼宇租赁的租期为
至
年。若干租赁合约
中包括续期选择权，其进一步讨论如下。
(a)
使用权资产
年内本集团之使用权资产账面值及变
动如下：
14. LEASES
The Group as a lese
The Group has lease contracts for various leasehold land
and buildings. Lump sum payments were made upfront to
acquire the leased land from the owners with lease periods
of 19 to 38 years, and no ongoing payments wil be made
under the terms of these land leases. Leases of buildings
have lease terms of 3 to 4 years. There are several lease
contracts that include extension options, which is further
discused below.
(a) Right-of-use asets
The carying amounts of the Group’s right-of-use
asets and the movements during the year are as
folows:
As at 1 April 2023
于二零二三年四月一日
Depreciation charged during the year
年内折旧支出
Exchange realignment
外汇调整
As at 31 March 2024 and 1 April 2024
于二零二四年三月三十一日及
二零二四年四月一日
Depreciation charged during the year
年内折旧支出
Aditions
添置
Transfer to investment properties (note 15)
转让至投资物业（附注
）
Exchange realignment
外汇调整
As at 31 March 2025
于二零二五年三月三十一日
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 2,099 |
| 4,273 |
| 193 |
| (2,223) |
| 36 |
| 4,378 |
| 2,180 |
| 2,198 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
240Kingmaker Fotwear Holdings Limited Anual Report 2025
14.
租赁
（续）
本集团作为承租人（续）
(b)
租赁负债
年内租赁负债账面值及变动如下：
租赁负债的到期日分析于财务报表附
注
披露。
14. LEASES (continued)
The Group as a lese (continued)
(b) Lease liabilities
The carying amount of lease liabilities and the
movements during the year are as folows:
二零二四年
HK$’000
千港元
Carying amount at 1 April
于四月一日之账面值
2,604
New leases
新租赁
–
Acretion of interest recognised during the year
年内已确认利息增幅
Payments
付款
(539)
Exchange realignment
外汇调整
(61)
Carying amount at 31 March
于三月三十一日之账面值
2,099
Analysed into:
分析为：
Curent portion
即期部分
1,569
Non-curent portion
非即期部分
The maturity analysis of lease liabilities is disclosed in
note 31 to the financial statements.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 193 |
| 3,900 |
| 641 |
| 4,734 |
| Payable | Payable | |
|---|---|---|
| within | after | |
| five years | five years | Total |
| 于五年内应付 HK$’000 | 于五年后应付 HK$’000 | 总计 HK$’000 |
| 千港元 | 千港元 | 千港元 |
| 6,230 | 26,981 | 33,211 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
14.
租赁
（续）
本集团作为承租人（续）
(b)
租赁负债
年内租赁负债账面值及变动如下：
租赁负债的到期日分析于财务报表附
注
披露。
14.
租赁
（续）
本集团作为承租人（续）
(c)
有关租赁于损益中确认的金额如下：
(d)
续期选择权：
本集团订有包括续期选择权的若干租
赁合约。该等选择权乃由管理层磋商
以于管理租赁资产组合时提供灵活性
且其符合本集团的业务需求。与未包
含于租赁条款中的续期选择权的行使
日期以后期间有关的未贴现潜在未来
租赁付款载列如下：
二零二五年
14. LEASES (continued)
The Group as a lese (continued)
(c) The amounts recognised in profit or los in relation
to leases are as folows:
二零二四年
HK$’000
千港元
Interest on lease liabilities
租赁负债之利息
Depreciation charge of right-of-use asets
使用权资产折旧开支
3,066
Expense relating to short-term leases
(included in administrative expenses)
与短期租赁有关之开支（计入行政开支）
Total amount recognised in profit or los
于损益中确认的总额
3,827
(d) Extension options:
The Group has several lease contracts that include
extension options. These options are negotiated
by management to provide flexibility in managing
the leased-aset portfolio and it is aligned with the
Group’s busines neds. Set out below are the
undiscounted potential future rental payments relating
to periods folowing the exercise date of the extension
options that is not included in the lease term:
Extension options expected not to be exercised
预计将不获行使的续期选择权
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 12,762 |
| 666 |
| 13,428 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
242Kingmaker Fotwear Holdings Limited Anual Report 2025
14.
租赁
（续）
本集团作为承租人（续）
(d)
续期选择权：（续）
二零二四年
本集团作为出租人
本集团根据经营租赁安排出租其投资物业
（附注
），包括位于香港及中国内地的
三项（二零二四年：三项）商业物业及四项
（二零二四年：四项）工业物业。租赁条
款一般要求租户支付保证金并根据当时的
现行市况定期调租。本集团于年内确认的
租金收入为
25,599,000
港元（二零二四年：
27,761,000
港元），其详情载于财务报表附
注
。
于二零二五年三月三十一日，本集团于未
来期间根据与其租户订立的不可撤销经营
租赁的未贴现应收租赁款项如下：
14. LEASES (continued)
The Group as a lese (continued)
(d) Extension options: (continued)
PayablePayable
withinafter
five yearsfive yearsTotal
于五年内应付
于五年后应付总计
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
Extension options expected not to be exercised
预计将不获行使的续期选择权
2,2413,9076,148
The Group as a lesor
The Group leases its investment properties (note 15)
consisting of thre (2024: thre) comercial properties and
four (2024: four) industrial properties in Hong Kong and
Chinese Mainland under operating lease arangements.
The terms of the leases generaly require the tenants to pay
security deposits and provide for periodic rent adjustments
acording to the then prevailing market conditions. Rental
income recognised by the Group during the year was
HK$25,599,000 (2024: HK$27,761,000), details of which
are included in note 5 to the financial statements.
At 31 March 2025, the undiscounted lease payments
receivable by the Group in future periods under non-
cancelable operating leases with its tenants are as folows:
二零二四年
HK$’000
千港元
Within one year
一年内
14,527
After one year but within two years
一年后但于两年内
Total
合计
15,200
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 473,347 |
| (15,567) |
| 13,996 |
| (4,672) |
| 467,104 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
15.
投资物业
本集团已决定根据各物业之性质、特点及
风险将该等投资物业分类为两类资产（即商
业物业及工业物业）。
于二零二五年三月三十一日，本集团之
投资物业根据由独立专业合资格估值
师嘉漫（香港）有限公司所进行之估值
重估为
467,104,000
港元（二零二四年：
473,347,000
港元）。估值方法自过往年度获
使用以来并无任何变动。
每年，本集团委聘外聘估值师负责对本集
团之物业进行外部估值。外聘估值师之甄
选准则包括市场知识、声誉、独立性及是否
可保持专业标准。本集团每年两次于就中
期及年度财务申报进行估值时与估值师对
估值假设及估值结果进行讨论。
该等投资物业乃根据经营租赁租予第三
方，进一步概要详情载于财务报表附注
。
15. INVESTMENT PROPERTIES
二零二四年
HK$’000
千港元
Fair value at begining of year
于年初之公平值
497,360
Fair value los on revaluation
重估公平值亏损
(2,173)
Transfer from owner-ocupied property
从业主占用物业转让
Exchange realignment
外汇调整
(22,823)
Fair value at 31 March
于三月三十一日之公平值
473,347
The Group has determined that the investment properties
consist of two clases of asets, i.e., comercial and
industrial, based on the nature, characteristics and risks of
each property.
The Group’s investment properties were revalued on
31 March 2025 based on valuations performed by
Castores Magi (Hong Kong) Limited, independent
profesionaly qualified valuers, at HK$467,104,000 (2024:
HK$473,347,000). There has ben no change from the
valuation technique used in prior years.
Each year, the Group apoints an external valuer to be
responsible for the external valuations of the Group’s
properties. Selection criteria of an external valuer include
market knowledge, reputation, independence and whether
profesional standards are maintained. The Group
discuses with the valuer on the valuation asumptions
and valuation results twice a year when the valuation is
performed for interim and anual financial reporting.
The investment properties are leased to third parties under
operating leases, further sumary details of which are
included in note 14 to the financial statements.
| 40,465 | 432,882 | 473,347 |
|---|---|---|
| (2,871) | (12,696) | (15,567) |
| – | 13,996 | 13,996 |
| (174) | (4,498) | (4,672) |
| 37,420 | 429,684 | 467,104 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
244Kingmaker Fotwear Holdings Limited Anual Report 2025
15.
投资物业
（续）
公平值级别
于二零二五年三月三十一日及二零二四年
三月三十一日，本集团之投资物业之公平
值乃使用重大不可观察输入数据估计及公
平值计量分类为第三级。
年内，第一级与第二级之间概无转换公平
值计量，亦无转入第三级或自第三级转出
（二零二四年：无）。
于公平值级别第三级内分类之公平值计量
对账：
15. INVESTMENT PROPERTIES (continued)
Fair value hierarchy
The fair values of the Group’s investment properties as
at 31 March 2025 and 31 March 2024 are estimated by
using significant unobservable inputs and the fair value
measurements are categorised within Level 3.
During the year, there were no transfers of fair value
measurements betwen Level 1 and Level 2 and no
transfers into or out of Level 3 (2024: Nil).
Reconciliation of fair value measurements categorised
within Level 3 of the fair value hierarchy:
ComercialIndustrial
propertiespropertiesTotal
商业物业工业物业合计
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
Carying amount at 31 March 2023
于二零二三年三月三十一日之账面值
50,940446,420497,360
Fair value gain/(los) on revaluation recognised in
profit or los
于损益中确认之重估公平值收益／（亏损）
(9,231)7,058(2,173)
Transfer from an owner-ocupied property
从业主占用物业转让
–983983
Exchange realignment
外汇调整
(1,244)(21,579)(22,823)
Carying amount at 31 March 2024 and 1 April 2024
于二零二四年三月三十一日及二零二四年四月一日之
账面值
Fair value los on revaluation recognised in
profit or los
于损益中确认之重估公平值亏损
Transfer from an owner-ocupied property
从业主占用物业转让
Exchange realignment
外汇调整
Carying amount at 31 March 2025
于二零二五年三月三十一日之账面值
| 范 2025 |
|---|
| 二零二五年 |
| HK$84 to HK$205 84 港元至 205 港元 |
| 1.0% |
| 3.9% – 5.5% |
| HK$19 to HK$100 19 港元至 100 港元 |
| 1.0% |
| 3.8% – 7.0% |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
15.
投资物业
（续）
公平值级别（续）
以下为投资物业估值所使用之估值方法及
主要输入数据之概要：
估计租金价值（每平方米及每月）及租金增
长率大幅单独上升╱（下跌）将导致投资物
业之公平值大幅上升╱（下跌）。市场收益
率大幅单独上升╱（下跌）将导致投资物业
之公平值大幅下跌╱（上升）。
15. INVESTMENT PROPERTIES (continued)
Fair value hierarchy (continued)
Set out below is a sumary of the valuation techniques
used and the key inputs to the valuation of investment
properties:
Clas of propertyValuation techniques
Significant
unobservable inputsRange
物业类别估值方法重大不可观察输入数据
范围
二零二四年
Comercial properties
商业物业
Income capitalisation
aproach
收入资本化法
Estimated rental value
(per square metre and
per month)
估计租金价值
（每平方米及每月）
HK$91 to
HK$205
港元至
港元
Rental growth rate
租金增长率
1.0%
Market yield
市场收益率
3.2% – 4.8%
Industrial properties
工业物业
Income capitalisation
aproach
收入资本化法
Estimated rental value
(per square metre and
per month)
估计租金价值
（每平方米及每月）
HK$19 to
HK$98
港元至
港元
Rental growth rate
租金增长率
1.0%
Market yield
市场收益率
3.5% – 8.0%
A significant increase/(decrease) in the estimated rental
value (per square metre and per month) and rental growth
rate in isolation would result in a significant increase/
(decrease) in the fair value of the investment properties.
A significant increase/(decrease) in the market yield in
isolation would result in a significant decrease/(increase) in
the fair value of the investment properties.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 131,405 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
246Kingmaker Fotwear Holdings Limited Anual Report 2025
16.
联营公司投资
应收一间联营公司款项为无抵押、免息及
须按要求偿还。
本集团所有联营公司之详情如下：
16. INVESTMENTS IN ASOCIATES
二零二四年
HK$’000
千港元
Share of net asets
应占资产净值
114,180
The amount due from an asociate is unsecured, interest-
fre and repayable on demand.
Particulars of al the Group’s asociates are as folows:
Percentage of
ownership
Particulars ofPlace ofinterest
isuedincorporationatributablePrincipal
Nameshares heldand businesto the Groupactivities
名称所持已发行股份详情注册成立及营业地点
本集团应占
拥有权益
百分比主要业务
Aliance Investment
Development Limited
Ordinary shares
普通股
British Virgin Islands
英属维尔京群岛
40Investment holding
投资控股
Star Praised LimitedOrdinary shares
普通股
British Virgin Islands
英属维尔京群岛
40Investment holding
投资控股
Kingmaker I (Vietnam)
Fotwear Co., Ltd.
Registered capital of
US$23,000,000
注册资本
23,000,000
美元
Vietnam
越南
40Fotwear
manufacturing
制造鞋类产品
Empres Choice LimitedOrdinary shares
普通股
British Virgin Islands
英属维尔京群岛
40Investment holding
投资控股
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
16.
联营公司投资
（续）
Percentage of
ownership
Particulars ofPlace ofinterest
isuedincorporationatributablePrincipal
Nameshares heldand businesto the Groupactivities
名称所持已发行股份详情注册成立及营业地点
本集团应占
拥有权益
百分比主要业务
Maystar (Vietnam)
Fotwear Co., Ltd.
Registered capital of
US$16,328,652
注册资本
16,328,652
美元
Vietnam
越南
40Subcontracting of
fotwear products
鞋类产品转包
Aly Power Developments Ltd.
联威发展有限公司
Ordinary shares
普通股
British Virgin Islands
英属维尔京群岛
40Inactive
暂无营业
Able Team (China) Ltd.
威联（中国）有限公司
Ordinary shares
普通股
Hong Kong
香港
40Inactive
暂无营业
Cher Benefit Trading Ltd.
展益贸易有限公司
Ordinary shares
普通股
Hong Kong
香港
40Trading of fotwear
products
鞋类产品贸易
Aly Power Developments
Limited
Ordinary shares
普通股
Hong Kong
香港
40Trading of fotwear
products
鞋类产品贸易
16. INVESTMENTS IN ASOCIATES (continued)
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 648,358 |
| 486,196 |
| (481,540) |
| (324,501) |
| 328,513 |
| 40% |
| 131,405 |
| 1,338,546 |
| 58,664 |
| 6,240 |
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 55,942 |
| 8,167 |
| 43,937 |
| 108,046 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
248Kingmaker Fotwear Holdings Limited Anual Report 2025
16.
联营公司投资
（续）
下表列示就任何会计政策差异作出调整的
本集团联营公司的财务资料概要以及综合
财务报表中账面值的调节：
17.
存货
16. INVESTMENTS IN ASOCIATES (continued)
The folowing table ilustrates the sumarised financial
information in respect of the Group’s asociates adjusted
for any diferences in acounting policies and reconciled
to the carying amount in the consolidated financial
statements:
二零二四年
HK$’000
千港元
Curent asets
流动资产
544,750
Non-curent asets
非流动资产
453,600
Curent liabilities
流动负债
(320,450)
Non-curent liabilities
非流动负债
(392,450)
Net asets
资产净值
285,450
Reconciliation to the Group’s interest in the asociate:
本集团于联营公司的权益调整：
Proportion of the Group’s ownership
本集团拥有权比例
40%
Group’s share of net asets of the asociate
本集团应占联营公司资产净值
114,180
Revenue
收益
1,023,900
Profit for the year
年内溢利
59,750
Dividend received
已收股息
6,240
17. INVENTORIES
二零二四年
HK$’000
千港元
Raw materials
原材料
44,772
Work in progres
在制品
6,633
Finished gods
制成品
29,801
Total
合计
81,206
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 117,614 |
| (5,331) |
| 112,283 |
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 109,257 |
| 2,424 |
| 602 |
| 112,283 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
16.
联营公司投资
（续）
下表列示就任何会计政策差异作出调整的
本集团联营公司的财务资料概要以及综合
财务报表中账面值的调节：
17.
存货
18.
应收账项
本集团之应收账项主要跟少数知名及有信
誉之客户有关。给予客户之付款条款主要
为信贷方式。通常而言，发票于开具后
至
日内偿付。本集团厉行严格控制未收回
之应收账项，以减低信贷风险。逾期未付款
项由本集团高级管理层定期审核。
以货物交付日期为基准并扣除减值，应收
账项于报告期末之账龄分析如下：
18. ACOUNTS RECEIVABLE
二零二四年
HK$’000
千港元
Acounts receivable
应收账项
172,403
Impairment
减值
(4,927)
Net carying amount
账面净值
167,476
The Group’s acounts receivable mainly relate to a few
recognised and creditworthy customers. Payment terms
with customers are largely on credit. Invoices are normaly
payable within 30 to 90 days of isuance. The Group seks
to maintain strict control over its outstanding receivables
to minimise credit risk. Overdue balances are regularly
reviewed by the Group’s senior management.
An ageing analysis of the acounts receivable as at the
end of the reporting period, based on the date of gods
delivered and net of impairment, is as folows:
二零二四年
HK$’000
千港元
Within 90 days 90
日内
121,214
Betwen 91 and 180 days 91
日至
日
45,960
Betwen 181 and 365 days 181
日至
日
Total
合计
167,476
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 4,927 |
| 404 |
| – |
| 5,331 |
| Gross | Expected |
|---|---|
| carrying amount | credit losses |
| 账面总值 HK$’000 | 预期信贷亏损 HK$’000 |
| 千港元 | 千港元 |
| 117,614 | 5,331 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
250Kingmaker Fotwear Holdings Limited Anual Report 2025
18.
应收账项
（续）
应收账项减值亏损拨备之变动如下：
于各报告日期均采用拨备矩阵进行减值分
析，以计量预期信贷亏损。拨备率乃基于因
就拥有类似亏损模式的多个客户分部进行
分组（即按客户类型）而逾期的日数计算。
该计算反映或然率加权结果、货币之时间
价值及于报告日期可得的有关过往事项、
当前状况及未来经济状况预测的合理及可
靠资料。一般而言，倘逾期超过一年及并无
可强制执行活动，将撇销应收账项。
下表载列本集团使用拨备矩阵计算的应收
账项的信贷风险资料：
于二零二五年三月三十一日
18. ACOUNTS RECEIVABLE (continued)
The movements in the los alowance for impairment of
acounts receivable are as folows:
二零二四年
HK$’000
千港元
At the begining of the year
于年初
4,955
Impairment loses charged during the year (note 7)
年内计提的减值亏损（附注
）
Amount writen of as uncolectible
因无法收回而撇销的款项
(756)
At the end of the year
于年终
4,927
An impairment analysis is performed at each reporting
date using a provision matrix to measure ECLs. The
provision rates are based on days past due for groupings
of various customer segments with similar los paterns
(i.e., by customer type). The calculation reflects the
probability-weighted outcome, the time value of money and
reasonable and suportable information that is available at
the reporting date about past events, curent conditions
and forecasts of future economic conditions. Generaly,
acounts receivable are writen of if past due for more than
one year and are not subject to enforcement activity.
Set out below is the information about the credit risk
exposure on the Group’s acounts receivable using a
provision matrix:
As at 31 March 2025
Asesment of expected credit loses by credit risk portfolio
通过信贷风险组合评估预期信贷亏损
| Past due | |||
|---|---|---|---|
| 逾 Less than | 期 Over | ||
| Current | 3 months | 3 months | Total |
| 3 | 3 | ||
| 即期 | 少于 个月 | 超过 个月 | 合计 |
| 3.80% | 27.07% | 45.02% | 4.53% |
| 114,757 | 1,762 | 1,095 | 117,614 |
| 4,361 | 477 | 493 | 5,331 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
18.
应收账项
（续）
于二零二四年三月三十一日
于二零二五年三月三十一日
于二零二四年三月三十一日
18. ACOUNTS RECEIVABLE (continued)
As at 31 March 2024
GrosExpected
carying amountcredit loses
账面总值预期信贷亏损
HK$’000
千港元
HK$’000
千港元
Asesment of expected credit loses by credit risk portfolio
通过信贷风险组合评估预期信贷亏损
172,4034,927
As at 31 March 2025
Expected credit los rate
预期信贷亏损率
Gros carying amount (HK$’000)
账面总值（千港元）
Expected credit loses (HK$’000)
预期信贷亏损（千港元）
As at 31 March 2024
Past due
逾期
Les thanOver
Curent3 months3 monthsTotal
即期少于
个月超过
个月合计
Expected credit los rate
预期信贷亏损率
0.41%5.63%65.56%2.86%
Gros carying amount (HK$’000)
账面总值（千港元）
95,09277,009302172,403
Expected credit loses (HK$’000)
预期信贷亏损（千港元）
3904,3391984,927
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 44,440 |
| 1,687 |
| 306,567 |
| 352,694 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
252Kingmaker Fotwear Holdings Limited Anual Report 2025
19.
现金及等同现金项目
于报告期末，本集团以人民币（「人民币」）计
值之现金及银行结余为
44,334,000
港元（二
零二四年：
30,385,000
港元）。人民币不得
自由兑换为其他货币。然而，根据中国内地
外汇管制条例及结汇以及售汇及付汇管理
规定，本集团可在获准进行外汇业务之银
行将人民币兑换为其他货币。
银行现金按每日银行存款利率之浮动利率
计息。定期存款之期限由一周至一年不等，
视乎本集团之即时现金需求而定，按有关
定期存款利率计息。
银行结余及定期存款存置在信誉良好且近
期并无拖欠记录之银行。
19. CASH AND CASH EQUIVALENTS
二零二四年
HK$’000
千港元
Cash and bank balances
现金及银行结余
31,140
Time deposits with original maturity of les than thre months
原定到期日少于三个月之定期存款
19,098
Time deposits with original maturity of over thre months
when acquired
于收购时原定到期日超过三个月之定期存款
365,342
Cash and cash equivalents
现金及等同现金项目
415,580
At the end of the reporting period, the cash and bank
balances of the Group denominated in Renminbi (“RMB”)
amounted to HK$44,334,000 (2024: HK$30,385,000). The
RMB is not frely convertible into other curencies, however,
under Chinese Mainland’s Foreign Exchange Control
Regulations and Administration of Setlement, and Sale and
Payment of Foreign Exchange Regulations, the Group is
permited to exchange RMB for other curencies through
banks authorised to conduct foreign exchange busines.
Cash at banks earns interest at floating rates based on daily
bank deposit rates. Time deposits are made for varying
periods of betwen one wek and one year depending on
the imediate cash requirements of the Group, and earn
interest at the respective time deposit rates.
The bank balances and time deposits are deposited with
creditworthy banks with no recent history of default.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 92,227 |
| 17,065 |
| 46 |
| 1,523 |
| 110,861 |
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 79,612 |
| 566 |
| 80,178 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
20.
应付账项
以收讫货物日期为基准，应付账项于报告
期末之账龄分析如下：
应付账项不计息，且一般须于
日期限内
清付。
21.
应计负债、其他应付账项及合约
负债
20. ACOUNTS PAYABLE
An ageing analysis of the acounts payable as at the end of
the reporting period, based on the date of gods received,
is as folows:
二零二四年
HK$’000
千港元
Within 90 days 90
日内
66,030
Betwen 91 and 180 days 91
日至
日
33,985
Betwen 181 and 365 days 181
日至
日
Over 365 days 365
日以上
1,639
Total
合计
101,702
The acounts payable are non-interest-bearing and are
normaly setled on 90-day terms.
21. ACRUED LIABILITIES, OTHER
PAYABLES AND CONTRACT LIABILITIES
二零二四年
Notes
附注
HK$’000
千港元
Acrued liabilities and other payables
应计负债及其他应付账项
(a)82,269
Contract liabilities
合约负债
(b)482
Total
合计
82,751
| 31 March |
|---|
| 2025 |
| 二零二五年 |
| 三月三十一日 HK$’000 |
| 千港元 |
| 566 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
254Kingmaker Fotwear Holdings Limited Anual Report 2025
21.
应计负债、其他应付账项及合约
负债
（续）
附注：
(a)
其他应付账项为不计息。
(b)
有关合约负债之详情如下：
合约负债包括为交付货物而收取之短期
垫款。于二零二五年，合约负债增加主要
由于年末就鞋类销售而自客户收取之短
期垫款增加。
22.
银行融资
于二零二五年三月三十一日，本集团有可
动用银行融资约为
40,000,000
港元（二零
二四年：约
40,000,000
港元），其中已动用
零（二零二四年：零）。未动用银行融资约
40,000,000
港元由本公司签立的公司担保
作抵押。
21. ACRUED LIABILITIES, OTHER
PAYABLES AND CONTRACT LIABILITIES
(continued)
Notes:
(a) Other payables are non-interest-bearing.
(b) Details of contract liabilities are as folows:
31 March1 April
二零二四年
三月三十一日
二零二三年
四月一日
HK$’000
千港元
HK$’000
千港元
Short-term advances received from customers
自客户收取之短期垫款
Contract liabilities include short-term advances received to
deliver gods. The increase in contract liabilities in 2025 was
mainly due to the increase in short-term advances received
from customers in relation to the sale of shoes at the end of
the year.
22. BANKING FACILITIES
As at 31 March 2025, the Group had available banking
facilities amounted to aproximately HK$40,000,000 (2024:
aproximately HK$40,000,000), of which nil (2024: nil) was
utilised. The unutilised banking facilities of aproximately
HK$40,000,000 were secured by corporate guarantes
executed by the Company.
| 90,957 |
|---|
| (1,897) |
| 347 |
| (984) |
| 88,423 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
21.
应计负债、其他应付账项及合约
负债
（续）
附注：
(a)
其他应付账项为不计息。
(b)
有关合约负债之详情如下：
合约负债包括为交付货物而收取之短期
垫款。于二零二五年，合约负债增加主要
由于年末就鞋类销售而自客户收取之短
期垫款增加。
22.
银行融资
于二零二五年三月三十一日，本集团有可
动用银行融资约为
40,000,000
港元（二零
二四年：约
40,000,000
港元），其中已动用
零（二零二四年：零）。未动用银行融资约
40,000,000
港元由本公司签立的公司担保
作抵押。
23.
递延税项负债
23. DEFERED TAX LIABILITIES
Revaluation of
buildings and
investment
properties
楼宇及投资
物业重估值
HK$’000
千港元
At 1 April 2023
于二零二三年四月一日
93,361
Defered tax charged to the consolidated statement of profit or los
during the year (note 10)
年内于综合损益表中扣除的递延税项（附注
）
2,206
Defered tax charged to the aset revaluation reserve during the year
年内于资产重估储备中扣除的递延税项
Exchange realignment
外汇调整
(4,856)
At 31 March 2024 and 1 April 2024
于二零二四年三月三十一日及二零二四年四月一日
Defered tax credited to the consolidated statement of profit or los
during the year (note 10)
年内计入综合损益表中的递延税项（附注
）
Defered tax charged to the aset revaluation reserve during the year
年内于资产重估储备中扣除的递延税项
Exchange realignment
外汇调整
At 31 March 2025
于二零二五年三月三十一日
| 每股面值 港 2025 | 千 2025 | |
|---|---|---|
| 二零二五年 | 二零二四年 1,000,000,000 | 二零二五年 |
| 1,000,000,000 | 100,000 | |
| 680,779,445 (194,000) 150,000 | ||
| 680,735,445 | 68,074 | |
| (8,924,000) | (893) | |
| – | – | |
| 680,735,445 | ||
| 671,811,445 | 67,181 | |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
256Kingmaker Fotwear Holdings Limited Anual Report 2025
24.
股本
股份
年内，股本之变动如下：
(a)
年内，本公司以介乎每股
0.63
港元至
0.88
港元（二零二四年：
0.78
港元至
0.80
港元）之价格购回其
8,924,000
股（二零二四年：
194,000
股）普通
股，总代价约为
7,165,000
港元（二零
二四年：
153,000
港元）。所购回之
8,924,000
股（二零二四年：
194,000
股）普通股已于年内注销。购回之详情
于董事会报告内「购买、赎回或出售本
公司之上市证券」一节披露。就购回该
等股份所支付之溢价约
6,272,000
港元
（二零二四年：
134,000
港元）已自股
份溢价账中扣除，并已从本公司保留
溢利转拨
893,000
港元（二零二四年：
19,000
港元）至股本赎回储备。
24. SHARE CAPITAL
Shares
Number of ordinary shares of
HK$0.10 eachHK$’000
每股面值
0.10
港元之普通股数目千港元
二零二四年
Authorised:
法定：
Balance at begining and end of year
年初及年终结余
100,000
Isued and fuly paid:
已发行及缴足：
Balance at begining of year
年初结余
68,078
Repurchased (note (a)
购回（附注
(a)
）
(19)
Share options exercised (note (b)
已行使购股权（附注
(b)
）
Balance at end of year
年终结余
68,074
During the year, the movements in share capital were as
folows:
(a) During the year, the Company repurchased its
8,924,000 (2024: 194,000) ordinary shares at prices
ranging from HK$0.63 to HK$0.88 (2024: HK$0.78
to HK$0.80) per share at a total consideration of
aproximately HK$7,165,000 (2024: HK$153,000).
8,924,000 (2024: 194,000) repurchased ordinary
shares were canceled during the year. Details of the
repurchases are disclosed under the section heading
of “Purchase, redemption or sale of the Company’s
listed securities” in the Report of the Directors. The
premium of aproximately HK$6,272,000 (2024:
HK$134,000) paid on the repurchase of these shares
was debited to the share premium acount and an
amount of HK$893,000 (2024: HK$19,000) was
transfered from retained profits of the Company to
the capital redemption reserve.
| 所持有普 2025 |
|---|
| 二零二五年 |
| 5,276,000 |
| 8,884,000 |
| (3,744,000) |
| 10,416,000 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
24.
股本
（续）
股份（续）
(b)
截至二零二四年三月三十一日止年
度，附于
150,000
份购股权上之认购权
按每股
0.772
港元之认购价获行使。因
此发行
150,000
股每股面值
0.1
港元之
股份，未扣除费用之总现金代价约为
116,000
港元。购股权获行使后，购股
权储备中
25,000
港元转拨至股份溢价
账。
股份奖励计划所持股份
(a)
年内，受托人（定义见附注
）以介乎
每股
0.58
港元至
0.73
港元（二零二四
年：
0.66
港元至
0.92
港元）之价格购入
8,884,000
股（二零二四年：
4,066,000
股）普通股，总代价约为
5,457,000
港元
（二零二四年：
3,583,000
港元）。股份
已分类为库存股份。
24. SHARE CAPITAL (continued)
Shares (continued)
(b) During the year ended 31 March 2024, the
subscription rights ataching to 150,000 share options
were exercised at the subscription price of HK$0.772
per share. These resulted in the isue of 150,000
shares of HK$0.1 each and a total cash consideration,
before expenses, of aproximately HK$116,000. An
amount of HK$25,000 was transfered from the share
option reserve to the share premium acount upon the
exercise of the share options.
Shares held under the share award scheme
Number of
ordinary shares held
所持有普通股之数目
二零二四年
Balance at begining of year
年初结余
4,808,000
Shares purchased under the share award scheme (note (a)
根据股份奖励计划购入股份（附注
(a)
）
4,066,000
Shares vested under the share award scheme (note (b)
根据股份奖励计划所归属的股份（附注
(b)
）
(3,598,000)
Balance at end of year
年终结余
5,276,000
(a) During the year, 8,884,000 (2024: 4,066,000) ordinary
shares were purchased by the Truste (as defined in
note 25) at prices ranging from HK$0.58 to HK$0.73
(2024: HK$0.66 to HK$0.92) per share at a total
consideration of aproximately HK$5,457,000 (2024:
HK$3,583,000). The shares have ben clasified as
treasury shares.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
258Kingmaker Fotwear Holdings Limited Anual Report 2025
24.
股本
（续）
股份奖励计划所持股份（续）
(b)
年内，根据本公司的股份奖励计划，
本公司向
名（二零二四年：
名）股
份奖励承授人奖励
3,744,000
股（二零
二四年：
698,000
股）普通股。年内，
股份奖励计划开支
2,658,000
港元（二
零二四年：
2,598,000
港元）已就股份
奖励计划项下归属
3,744,000
股（二零
二四年：
3,598,000
股）股份自综合损
益表扣除。
购股权及股份奖励
有关本公司购股权计划及股份奖励计划，
以及该等计划项下之购股权及股份奖励变
动之详情载于财务报表附注
。
25.
购股权计划及股份奖励计划
购股权计划
本公司实行一项由本公司股东于二零二
年八月二十六日采纳的购股权计划（「购股
权计划」），旨在鼓励及嘉奖为本集团业务
成功作出贡献之合资格参与者。本公司先
前采纳的购股权计划（「二零一年购股权
计划」）已于二零二一年八月二十八日到
期。购股权计划的主要条款概述如下：
(1)
购股权计划之目的
购股权计划旨在令本集团可向为本集
团作出贡献之经甄选参与者授出购股
权作为鼓励及嘉许，以继续及╱或向
本集团提供更好的服务，及╱或令本
集团与该等参与者之间建立更为牢固
的业务关系。
24. SHARE CAPITAL (continued)
Shares held under the share award scheme (continued)
(b) During the year, pursuant to the share award scheme
of the Company, the Company awarded 3,744,000
(2024: 698,000) ordinary shares to 37 (2024:
16) share award grantes. During the year, share
award scheme expenses of HK$2,658,000 (2024:
HK$2,598,000) were charged to the consolidated
statement of profit or los in respect of the vesting of
3,744,000 (2024: 3,598,000) shares under the share
award scheme.
Share options and share awards
Details of the Company’s share option scheme and the
share award scheme and the movements of the share
options and share awards under the schemes are included
in note 25 to the financial statements.
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME
Share option scheme
The Company operated a share option scheme (the
“Share Option Scheme”) adopted by the shareholders
of the Company on 26 August 2022 for the purpose of
providing incentives and rewards to eligible participants who
contributed to the suces of the Group’s operations. The
Company previously adopted a share option scheme (the
“2011 Share Option Scheme”) which had expired on 28
August 2021. Principal terms of the Share Option Scheme
are sumarised below:
(1) The purpose of the Share Option Scheme
The purpose of the Share Option Scheme is to enable
the Group to grant options to selected participants
as incentives or rewards for their contributions to the
Group, to continue and/or render improved services
with the Group, and/or to establish a stronger
busines relationship betwen the Group and such
participants.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
(2)
购股权计划之参与者
董事可自行决定邀请属于以下任何参
与者界别之任何人士接受购股权以认
购股份：
(a)
本公司、其任何附属公司
或任何本集团于当中持有
30%
或以上
股本权益之实体（「投资实体」）之任
何员工（无论全职或兼职），包括本公
司、其任何附属公司或任何投资实体
之任何执行董事；
(b)
本公司、任何附
属公司或任何投资实体之任何非执行
董事（包括独立非执行董事）；
(c)
本集
团任何成员公司或任何投资实体之任
何货品或服务供应商；
(d)
本集团或任
何投资实体之任何客户；
(e)
向本集团
或任何投资实体提供研究、发展或其
他技术支援之任何人士或实体；及
(f)
本集团任何成员公司或任何投资实体
之任何股东，或本集团任何成员公司
或任何投资实体所发行任何证券之任
何持有人。
董事应不时根据以上任何参与者界别
之人士对本集团发展及成长所作出之
贡献，厘定彼等获授任何购股权资格
之基准。
(3)
可供发行之股份总数
于行使根据购股权计划授出及将予授
出的全部购股权时，可发行之股份数
目最高为
68,070,944
，占于本年报日
期本公司已发行股份
10.14%
。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
(2) The participants of the Share Option Scheme
The Directors may, at their discretion, invite any
person belonging to any of the folowing clases
of participants, to take up options to subscribe for
Shares: (a) any employe (whether ful time or part
time) of the Company, any of its subsidiaries or any
entity (“Invested Entity”) in which the Group holds
30% or more equity interests, including any executive
director of the Company, any of such subsidiaries or
any Invested Entity; (b) any non-executive directors
(including independent non-executive directors) of the
Company, any subsidiary or any Invested Entity; (c)
any suplier of gods or services to any member of
the Group or any Invested Entity; (d) any customer of
the Group or any Invested Entity; (e) any person or
entity that provides research, development or other
technological suport to the Group or any Invested
Entity; and (f) any shareholder of any member of the
Group or any Invested Entity or any holder of any
securities isued by any member of the Group or any
Invested Entity.
The basis of eligibility of any of the above clases
of participants to the grant of any options shal be
determined by the Directors from time to time on the
basis of their contributions to the development and
growth of the Group.
(3) The total number of shares available for isue
The maximum number of shares which may be isued
upon exercise of al options granted and to be granted
under the Share Option Scheme is 68,070,944
shares, representing 10.14% of the shares of the
Company in isue as at the date of this anual report.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
260Kingmaker Fotwear Holdings Limited Anual Report 2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
(4)
各参与者之购股权上限
因行使根据购股权计划及本集团采纳
的任何其他购股权计划授出之所有尚
未行使之购股权而发行之股份数目最
高不得超过本公司任何时间已发行股
份之
30%
。除非经本公司股东于股东
大会上批准，否则于截至授出日期止
任何十二个月期间因行使根据购股权
计划及本公司任何其他购股权计划授
出之购股权（包括已行使、注销及尚未
行使之购股权）而向每名合资格参与
者发行及可发行之股份数目最高不得
超过本公司于授出日期已发行股份之
1%
。
向本公司之董事、主要行政人员或主
要股东或彼等任何联系人授出购股权
必须经本公司独立非执行董事批准。
此外，于任何十二个月期间，倘向本
公司主要股东或任何独立非执行董事
或彼等任何联系人授出涉及超过本公
司于该日已发行股份
0.1%
而总值（根
据本公司于授出日期之股份价格计
算）超过
百万港元之任何购股权，则
本公司须于股东大会获得股东批准。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
(4) The maximum entitlement of each participant
The maximum number of shares which were isued
upon exercise of al outstanding options granted under
the Share Option Scheme and any other share option
schemes adopted by the Group may not exced
30% of the shares of the Company in isue at any
time. Unles aproved by the shareholders of the
Company in a general meting, the maximum number
of shares isued and which may fal to be isued
upon exercise of the options granted under the Share
Option Scheme and any other share option schemes
of the Company (including exercised, canceled and
outstanding options) to each eligible participant in
any 12-month period up to the date of grant shal not
exced 1% of the shares of the Company in isue as
at the date of grant.
Share options granted to a director, chief executive
or substantial shareholder of the Company, or to any
of their asociates, were subject to aproval by the
independent non-executive directors of the Company.
In adition, any share options granted to a substantial
shareholder or any independent non-executive
director of the Company, or to any of their asociates
in exces of 0.1% of the shares of the Company in
isue on that date and with an agregate value (based
on the price of the Company’s shares at the date of
grant) in exces of HK$5 milion, within any 12-month
period, were subject to shareholders’ aproval in a
general meting.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
(5)
可行使购股权之期限
购股权须予行使之期间由本公司董事
会全权酌情决定。该期间将不迟于授
出购股权当日起计十年后届满。于授
出购股权时，本公司可指定购股权获
行使前须持有之最短期限。
(6)
购股权之归属期
购股权计划并无规定购股权可予行使
前须予持有之最短期限。本公司于厘
定将予授出的购股权的归属期时应遵
守适用上市规则。
(7)
接纳购股权时之应付金额
建议授出之购股权要约可于建议授出
日期起计
天内接纳，且接纳要约时
须缴付
港元之代价。
(8)
厘定已授出购股权之行权价之基准
认购价应根据新购股权计划内所述
者予以调整，并由董事会厘定，但价
格不得低于
(i)
股份面值；
(i)
于授出日期
（该日须为营业日）联交所发布每日
报价表内所报一股份之收市价；及
(i)
紧接授出日期前五个营业日联交所
发布每日报价表所报之股份平均收市
价三者中之最高者。
(9)
计划之余下年期
购股权计划将于其获采纳日期（即二
零二年八月二十六日）起计十年内
维持有效。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
(5) The period within which the options may be
exercised
The period within which the options must be exercised
was determined by the board of directors of the
Company at its absolute discretion. This period wil
expire no later than 10 years from the date of grant
of the options. At the time of grant of the options, the
Company may specify a minimum period for which an
option must be held before it can be exercised.
(6) The vesting period of options
No minimum period for which an option must be held
before it can be exercised is specified in the Share
Option Scheme. The Company shal comply with the
aplicable Listing Rules in determining the vesting
period of the options to be granted.
(7) The amount payable on aceptance of the options
The ofer of a grant of share options may be acepted
within 28 days from the date of ofer, and the amount
payable on aceptance of an ofer is HK$1.
(8) The basis of determining the exercise price of
options granted
The subscription price shal, subject to the adjustment
as stated in the New Share Option Scheme, be a
price determined by the Board and shal not be les
than the highest of (i) the nominal value of a Share; (i)
the closing price of one Share as stated in the daily
quotation shets isued by the Stock Exchange on
the date of ofer, which shal be a busines day; and
(i) the average closing price of the Shares as stated
in the daily quotation shets isued by the Stock
Exchange for the five busines days imediately
preceding the date of ofer.
(9) The remaining life of the scheme
The Share Option Scheme wil remain in force for a
period of 10 years from the date of its adoption (i.e.
26 August 2022).
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
262Kingmaker Fotwear Holdings Limited Anual Report 2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
下列购股权为年内购股权计划项下尚未行
使之购股权：
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
The folowing share options were outstanding under the
Share Option Scheme during the year:
Number of share options
购股权数目
Name or
category
of participants
At
1 April
Granted
during
the year
Exercised
during
the year
Canceled
during
the year
Lapsed
during
the year
At
31 March
Date of grant
of share options*Exercise period of share options
Exercise
price of
share
options
Price of the
Company’s
shares at
grant date
of options*
参与者姓名
或类别
于二零二四年
四月一日年内授出年内行使年内取消年内失效
于二零二五年
三月三十一日购股权之授出日期
*
购股权之行使期间
购股权之
行使价
于购股权
授出日期之
本公司股价
*
HK$
港元
HK$
港元
per share
每股
per share
每股
Directors
董事
Mr. Wong Hei-chiu
黄禧超先生
200,000–200,00020 January 2020
二零二零年一月二十日
20 January 2020 to 19 January 2030
二零二零年一月二十日至二零三零年一月十九日
0.9580.95
150,000–150,00020 January 2020
二零二零年一月二十日
1 January 2021 to 19 January 2030
二零二一年一月一日至二零三零年一月十九日
0.9580.95
150,000–150,00020 January 2020
二零二零年一月二十日
1 January 2022 to 19 January 2030
二零二年一月一日至二零三零年一月十九日
0.9580.95
150,000–150,00022 December 2020
二零二零年十二月二十二日
1 January 2023 to 21 December 2030
二零二三年一月一日至二零三零年十二月二十一日
0.7720.80
220,000–220,00012 December 2022
二零二年十二月十二日
12 December 2022 to 11 December 2032
二零二年十二月十二日至二零三二年十二月十一日
0.9420.97
165,000–165,00012 December 2022
二零二年十二月十二日
1 January 2023 to 11 December 2032
二零二三年一月一日至二零三二年十二月十一日
0.9420.97
165,000–165,00012 December 2022
二零二年十二月十二日
1 January 2024 to 11 December 2032
二零二四年一月一日至二零三二年十二月十一日
0.9420.97
275,000–275,00018 December 2023
二零二三年十二月十八日
18 December 2024 to 17 December 2033
二零二四年十二月十八日至二零三年十二月十七日
0.8000.80
275,000–275,00018 December 2023
二零二三年十二月十八日
18 December 2025 to 17 December 2033
二零二五年十二月十八日至二零三年十二月十七日
0.8000.80
–275,000–275,00017 December 2024
二零二四年十二月十七日
17 December 2025 to 16 December 2034
二零二五年十二月十七日至二零三四年十二月十六日
0.6000.60
–275,000–275,00017 December 2024
二零二四年十二月十七日
17 December 2026 to 16 December 2034
二零二六年十二月十七日至二零三四年十二月十六日
0.6000.60
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
Number of share options
购股权数目
Name or
category
of participants
At
1 April
Granted
during
the year
Exercised
during
the year
Canceled
during
the year
Lapsed
during
the year
At
31 March
Date of grant
of share options*Exercise period of share options
Exercise
price of
share
options
Price of the
Company’s
shares at
grant date
of options*
参与者姓名
或类别
于二零二四年
四月一日年内授出年内行使年内取消年内失效
于二零二五年
三月三十一日购股权之授出日期
*
购股权之行使期间
购股权之
行使价
于购股权
授出日期之
本公司股价
*
HK$
港元
HK$
港元
per share
每股
per share
每股
Directors
(continued)
董事（续）
Mr. Chen Yi-wu,
Ares
陈奕舞先生
160,000–160,00020 January 2020
二零二零年一月二十日
20 January 2020 to 19 January 2030
二零二零年一月二十日至二零三零年一月十九日
0.9580.95
120,000–120,00020 January 2020
二零二零年一月二十日
1 January 2021 to 19 January 2030
二零二一年一月一日至二零三零年一月十九日
0.9580.95
120,000–120,00020 January 2020
二零二零年一月二十日
1 January 2022 to 19 January 2030
二零二年一月一日至二零三零年一月十九日
0.9580.95
180,000–180,00022 December 2020
二零二零年十二月二十二日
22 December 2020 to 21 December 2030
二零二零年十二月二十二日至二零三零年
十二月二十一日
0.7720.80
135,000–135,00022 December 2020
二零二零年十二月二十二日
1 January 2022 to 21 December 2030
二零二年一月一日至二零三零年十二月二十一日
0.7720.80
135,000–135,00022 December 2020
二零二零年十二月二十二日
1 January 2023 to 21 December 2030
二零二三年一月一日至二零三零年十二月二十一日
0.7720.80
Mr. Chan Ho-man,
Daniel
陈浩文先生
120,000–120,00020 January 2020
二零二零年一月二十日
20 January 2020 to 19 January 2030
二零二零年一月二十日至二零三零年一月十九日
0.9580.95
90,000–90,00020 January 2020
二零二零年一月二十日
1 January 2021 to 19 January 2030
二零二一年一月一日至二零三零年一月十九日
0.9580.95
90,000–90,00020 January 2020
二零二零年一月二十日
1 January 2022 to 19 January 2030
二零二年一月一日至二零三零年一月十九日
0.9580.95
160,000–160,00012 December 2022
二零二年十二月十二日
12 December 2022 to 11 December 2032
二零二年十二月十二日至二零三二年十二月十一日
0.9420.97
120,000–120,00012 December 2022
二零二年十二月十二日
1 January 2023 to 11 December 2032
二零二三年一月一日至二零三二年十二月十一日
0.9420.97
120,000–120,00012 December 2022
二零二年十二月十二日
1 January 2024 to 11 December 2032
二零二四年一月一日至二零三二年十二月十一日
0.9420.97
200,000–200,00018 December 2023
二零二三年十二月十八日
18 December 2024 to 17 December 2033
二零二四年十二月十八日至二零三年十二月十七日
0.8000.80
200,000–200,00018 December 2023
二零二三年十二月十八日
18 December 2025 to 17 December 2033
二零二五年十二月十八日至二零三年十二月十七日
0.8000.80
–200,000–200,00017 December 2024
二零二四年十二月十七日
17 December 2025 to 16 December 2034
二零二五年十二月十七日至二零三四年十二月十六日
0.6000.60
–200,000–200,00017 December 2024
二零二四年十二月十七日
17 December 2026 to 16 December 2034
二零二六年十二月十七日至二零三四年十二月十六日
0.6000.60
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
264Kingmaker Fotwear Holdings Limited Anual Report 2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
Number of share options
购股权数目
Name or
category
of participants
At
1 April
Granted
during
the year
Exercised
during
the year
Canceled
during
the year
Lapsed
during
the year
At
31 March
Date of grant
of share options*Exercise period of share options
Exercise
price of
share
options
Price of the
Company’s
shares at
grant date
of options*
参与者姓名
或类别
于二零二四年
四月一日年内授出年内行使年内取消年内失效
于二零二五年
三月三十一日购股权之授出日期
*
购股权之行使期间
购股权之
行使价
于购股权
授出日期之
本公司股价
*
HK$
港元
HK$
港元
per share
每股
per share
每股
Directors
(continued)
董事（续）
Mr. Kimel, Philip
Brian
柯民佑先生
60,000–60,00020 January 2020
二零二零年一月二十日
20 January 2020 to 19 January 2030
二零二零年一月二十日至二零三零年一月十九日
0.9580.95
45,000–45,00020 January 2020
二零二零年一月二十日
1 January 2021 to 19 January 2030
二零二一年一月一日至二零三零年一月十九日
0.9580.95
45,000–45,00020 January 2020
二零二零年一月二十日
1 January 2022 to 19 January 2030
二零二年一月一日至二零三零年一月十九日
0.9580.95
60,000–60,00022 December 2020
二零二零年十二月二十二日
22 December 2020 to 21 December 2030
二零二零年十二月二十二日至二零三零年十二月
二十一日
0.7720.80
45,000–45,00022 December 2020
二零二零年十二月二十二日
1 January 2022 to 21 December 2030
二零二年一月一日至二零三零年十二月二十一日
0.7720.80
45,000–45,00022 December 2020
二零二零年十二月二十二日
1 January 2023 to 21 December 2030
二零二三年一月一日至二零三零年十二月二十一日
0.7720.80
80,000–80,00012 December 2022
二零二年十二月十二日
12 December 2022 to 11 December 2032
二零二年十二月十二日至二零三二年十二月十一日
0.9420.97
60,000–60,00012 December 2022
二零二年十二月十二日
1 January 2023 to 11 December 2032
二零二三年一月一日至二零三二年十二月十一日
0.9420.97
60,000–60,00012 December 2022
二零二年十二月十二日
1 January 2024 to 11 December 2032
二零二四年一月一日至二零三二年十二月十一日
0.9420.97
100,000–100,00018 December 2023
二零二三年十二月十八日
18 December 2024 to 17 December 2033
二零二四年十二月十八日至二零三年十二月十七日
0.8000.80
100,000–100,00018 December 2023
二零二三年十二月十八日
18 December 2025 to 17 December 2033
二零二五年十二月十八日至二零三年十二月十七日
0.8000.80
–100,000–100,00017 December 2024
二零二四年十二月十七日
17 December 2025 to 16 December 2034
二零二五年十二月十七日至二零三四年十二月十六日
0.6000.60
–100,000–100,00017 December 2024
二零二四年十二月十七日
17 December 2026 to 16 December 2034
二零二六年十二月十七日至二零三四年十二月十六日
0.6000.60
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
Number of share options
购股权数目
Name or
category
of participants
At
1 April
Granted
during
the year
Exercised
during
the year
Canceled
during
the year
Lapsed
during
the year
At
31 March
Date of grant
of share options*Exercise period of share options
Exercise
price of
share
options
Price of the
Company’s
shares at
grant date
of options*
参与者姓名
或类别
于二零二四年
四月一日年内授出年内行使年内取消年内失效
于二零二五年
三月三十一日购股权之授出日期
*
购股权之行使期间
购股权之
行使价
于购股权
授出日期之
本公司股价
*
HK$
港元
HK$
港元
per share
每股
per share
每股
Directors
(continued)
董事（续）
Dr. Chow Wing-kin
Anthony, SBS, J.P.
周永健博士，
银紫荆星章，太平绅士
45,000–45,00022 December 2020
二零二零年十二月二十二日
1 January 2023 to 21 December 2030
二零二三年一月一日至二零三零年十二月二十一日
0.7720.80
80,000–80,00012 December 2022
二零二年十二月十二日
12 December 2022 to 11 December 2032
二零二年十二月十二日至二零三二年十二月十一日
0.9420.97
60,000–60,00012 December 2022
二零二年十二月十二日
1 January 2023 to 11 December 2032
二零二三年一月一日至二零三二年十二月十一日
0.9420.97
60,000–60,00012 December 2022
二零二年十二月十二日
1 January 2024 to 11 December 2032
二零二四年一月一日至二零三二年十二月十一日
0.9420.97
100,000–100,00018 December 2023
二零二三年十二月十八日
18 December 2024 to 17 December 2033
二零二四年十二月十八日至二零三年十二月十七日
0.8000.80
100,000–100,00018 December 2023
二零二三年十二月十八日
18 December 2025 to 17 December 2033
二零二五年十二月十八日至二零三年十二月十七日
0.8000.80
–100,000–100,00017 December 2024
二零二四年十二月十七日
17 December 2025 to 16 December 2034
二零二五年十二月十七日至二零三四年十二月十六日
0.6000.60
–100,000–100,00017 December 2024
二零二四年十二月十七日
17 December 2026 to 16 December 2034
二零二六年十二月十七日至二零三四年十二月十六日
0.6000.60
Mr. Tam King-
ching, Keny
(note)
谭竞正先生
（附注）
60,000–(60,000)–20 January 2020
二零二零年一月二十日
20 January 2020 to 19 January 2030
二零二零年一月二十日至二零三零年一月十九日
0.9580.95
45,000–(45,000)–20 January 2020
二零二零年一月二十日
1 January 2021 to 19 January 2030
二零二一年一月一日至二零三零年一月十九日
0.9580.95
45,000–(45,000)–20 January 2020
二零二零年一月二十日
1 January 2022 to 19 January 2030
二零二年一月一日至二零三零年一月十九日
0.9580.95
60,000–(60,000)–22 December 2020
二零二零年十二月二十二日
22 December 2020 to 21 December 2030
二零二零年十二月二十二日至二零三零年十二月
二十一日
0.7720.80
45,000–(45,000)–22 December 2020
二零二零年十二月二十二日
1 January 2022 to 21 December 2030
二零二年一月一日至二零三零年十二月二十一日
0.7720.80
45,000–(45,000)–22 December 2020
二零二零年十二月二十二日
1 January 2023 to 21 December 2030
二零二三年一月一日至二零三零年十二月二十一日
0.7720.80
80,000–(80,000)–12 December 2022
二零二年十二月十二日
12 December 2022 to 11 December 2032
二零二年十二月十二日至二零三二年十二月十一日
0.9420.97
60,000–(60,000)–12 December 2022
二零二年十二月十二日
1 January 2023 to 11 December 2032
二零二三年一月一日至二零三二年十二月十一日
0.9420.97
60,000–(60,000)–12 December 2022
二零二年十二月十二日
1 January 2024 to 11 December 2032
二零二四年一月一日至二零三二年十二月十一日
0.9420.97
Note: Mr. Tam King-ching, Keny retired by rotation on 28 August
2024.
附注：
谭竞正先生于二零二四年八月二十八
日轮席退任。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
266Kingmaker Fotwear Holdings Limited Anual Report 2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
Number of share options
购股权数目
Name or
category
of participants
At
1 April
Granted
during
the year
Exercised
during
the year
Canceled
during
the year
Lapsed
during
the year
At
31 March
Date of grant
of share options*Exercise period of share options
Exercise
price of
share
options
Price of the
Company’s
shares at
grant date
of options*
参与者姓名
或类别
于二零二四年
四月一日年内授出年内行使年内取消年内失效
于二零二五年
三月三十一日购股权之授出日期
*
购股权之行使期间
购股权之
行使价
于购股权
授出日期之
本公司股价
*
HK$
港元
HK$
港元
per share
每股
per share
每股
Directors
(continued)
董事（续）
Ms. Chan Mei-bo,
Mabel, J.P.
陈美宝女士，
太平绅士
60,000–60,00020 January 2020
二零二零年一月二十日
20 January 2020 to 19 January 2030
二零二零年一月二十日至二零三零年一月十九日
0.9580.95
45,000–45,00020 January 2020
二零二零年一月二十日
1 January 2021 to 19 January 2030
二零二一年一月一日至二零三零年一月十九日
0.9580.95
45,000–45,00020 January 2020
二零二零年一月二十日
1 January 2022 to 19 January 2030
二零二年一月一日至二零三零年一月十九日
0.9580.95
60,000–60,00022 December 2020
二零二零年十二月二十二日
22 December 2020 to 21 December 2030
二零二零年十二月二十二日至二零三零年
十二月二十一日
0.7720.80
45,000–45,00022 December 2020
二零二零年十二月二十二日
1 January 2022 to 21 December 2030
二零二年一月一日至二零三零年十二月二十一日
0.7720.80
45,000–45,00022 December 2020
二零二零年十二月二十二日
1 January 2023 to 21 December 2030
二零二三年一月一日至二零三零年十二月二十一日
0.7720.80
80,000–80,00012 December 2022
二零二年十二月十二日
12 December 2022 to 11 December 2032
二零二年十二月十二日至二零三二年十二月十一日
0.9420.97
60,000–60,00012 December 2022
二零二年十二月十二日
1 January 2023 to 11 December 2032
二零二三年一月一日至二零三二年十二月十一日
0.9420.97
60,000–60,00012 December 2022
二零二年十二月十二日
1 January 2024 to 11 December 2032
二零二四年一月一日至二零三二年十二月十一日
0.9420.97
100,000–100,00018 December 2023
二零二三年十二月十八日
18 December 2024 to 17 December 2033
二零二四年十二月十八日至二零三年十二月十七日
0.8000.80
100,000–100,00018 December 2023
二零二三年十二月十八日
18 December 2025 to 17 December 2033
二零二五年十二月十八日至二零三年十二月十七日
0.8000.80
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
Number of share options
购股权数目
Name or
category
of participants
At
1 April
Granted
during
the year
Exercised
during
the year
Canceled
during
the year
Lapsed
during
the year
At
31 March
Date of grant
of share options*Exercise period of share options
Exercise
price of
share
options
Price of the
Company’s
shares at
grant date
of options*
参与者姓名
或类别
于二零二四年
四月一日年内授出年内行使年内取消年内失效
于二零二五年
三月三十一日购股权之授出日期
*
购股权之行使期间
购股权之
行使价
于购股权
授出日期之
本公司股价
*
HK$
港元
HK$
港元
per share
每股
per share
每股
Directors
(continued)
董事（续）
Mr. Wong Hin-
wing, MH, J.P
黄显荣先生，
荣誉勋章，太平绅士
100,000–100,00018 December 2023
二零二三年十二月十八日
18 December 2024 to 17 December 2033
二零二四年十二月十八日至二零三年十二月十七日
0.8000.80
100,000–100,00018 December 2023
二零二三年十二月十八日
18 December 2025 to 17 December 2033
二零二五年十二月十八日至二零三年十二月十七日
0.8000.80
–100,000–100,00017 December 2024
二零二四年十二月十七日
17 December 2025 to 16 December 2034
二零二五年十二月十七日至二零三四年十二月十六日
0.6000.60
–100,000–100,00017 December 2024
二零二四年十二月十七日
17 December 2026 to 16 December 2034
二零二六年十二月十七日至二零三四年十二月十六日
0.6000.60
–
Mr. Law Ka-kin
罗家健先生
–100,000–100,00017 December 2024
二零二四年十二月十七日
17 December 2025 to 16 December 2034
二零二五年十二月十七日至二零三四年十二月十六日
0.6000.60
–100,000–100,00017 December 2024
二零二四年十二月十七日
17 December 2026 to 16 December 2034
二零二六年十二月十七日至二零三四年十二月十六日
0.6000.60
6,245,0001,750,000–(500,000)7,495,000
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
268Kingmaker Fotwear Holdings Limited Anual Report 2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
Number of share options
购股权数目
Name or
category
of participants
At
1 April
Granted
during
the year
Exercised
during
the year
Canceled
during
the year
Lapsed
during
the year
At
31 March
Date of grant
of share options*Exercise period of share options
Exercise
price of
share
options
Price of the
Company’s
shares at
grant date
of options*
参与者姓名
或类别
于二零二四年
四月一日年内授出年内行使年内取消年内失效
于二零二五年
三月三十一日购股权之授出日期
*
购股权之行使期间
购股权之
行使价
于购股权
授出日期之
本公司股价
*
HK$
港元
HK$
港元
per share
每股
per share
每股
Other employes
其他雇员
In agregate
合共
1,100,000–1,100,00020 January 2020
二零二零年一月二十日
20 January 2020 to 19 January 2030
二零二零年一月二十日至二零三零年一月十九日
0.9580.95
825,000–825,00020 January 2020
二零二零年一月二十日
1 January 2021 to 19 January 2030
二零二一年一月一日至二零三零年一月十九日
0.9580.95
825,000–825,00020 January 2020
二零二零年一月二十日
1 January 2022 to 19 January 2030
二零二年一月一日至二零三零年一月十九日
0.9580.95
820,000–820,00022 December 2020
二零二零年十二月二十二日
22 December 2020 to 21 December 2030
二零二零年十二月二十二日至二零三零年
十二月二十一日
0.7720.80
615,000–615,00022 December 2020
二零二零年十二月二十二日
1 January 2022 to 21 December 2030
二零二年一月一日至二零三零年十二月二十一日
0.7720.80
840,000–840,00022 December 2020
二零二零年十二月二十二日
1 January 2023 to 21 December 2030
二零二三年一月一日至二零三零年十二月二十一日
0.7720.80
420,000–420,00012 December 2022
二零二年十二月十二日
12 December 2022 to 11 December 2032
二零二年十二月十二日至二零三二年十二月十一日
0.9420.97
315,000–315,00012 December 2022
二零二年十二月十二日
1 January 2023 to 11 December 2032
二零二三年一月一日至二零三二年十二月十一日
0.9420.97
315,000–315,00012 December 2022
二零二年十二月十二日
1 January 2024 to 11 December 2032
二零二四年一月一日至二零三二年十二月十一日
0.9420.97
525,000–525,00018 December 2023
二零二三年十二月十八日
18 December 2024 to 17 December 2033
二零二四年十二月十八日至二零三年十二月十七日
0.8000.80
525,000–525,00018 December 2023
二零二三年十二月十八日
18 December 2025 to 17 December 2033
二零二五年十二月十八日至二零三年十二月十七日
0.8000.80
–525,000–525,00017 December 2024
二零二四年十二月十七日
17 December 2025 to 16 December 2034
二零二五年十二月十七日至二零三四年十二月十六日
0.6000.60
–525,000–525,00017 December 2024
二零二四年十二月十七日
17 December 2026 to 16 December 2034
二零二六年十二月十七日至二零三四年十二月十六日
0.6000.60
7,125,0001,050,000–8,175,000
13,370,0002,800,000–(500,000)15,670,000
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
年内尚未行使购股权对账表附注：
*
购股权之归属期自授出日期起至开始
行使日期止。
购股权之行使价或因供股或红股发行
或本公司股本之其他类似变动而调
整。
*
于购股权授出日期披露之本公司股价
乃紧接购股权授出日期前一个交易日
之联交所收市价。
截至二零二五年三月三十一日止年度，概
无购股权获行使。
截至二零二四年三月三十一日止年度，获
行使之
150,000
份购股权导致发行
150,000
股本公司普通股以及新股本约
15,000
港元
及股份溢价约
101,000
港元，进一步详情载
于财务报表附注
。购股权获行使后，购股
权储备中
25,000
港元转拨至股份溢价账。
获行使购股权于行使日期之加权平均股价
为每股
0.89
港元。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
Notes to the reconciliation of share options outstanding
during the year:
* The vesting period of the share options is from the
date of grant until the comencement of the exercise
period.
The exercise price of the share options is subject to
adjustment in the case of rights or bonus isues, or
other similar changes in the Company’s share capital.
* The price of the Company’s shares disclosed as at
the date of grant of the share options is the Stock
Exchange closing price on the trading day imediately
prior to the date of grant of the options.
During the year ended 31 March 2025, no share options
were exercised.
During the year ended 31 March 2024, the 150,000
share options exercised resulted in the isue of 150,000
ordinary shares of the Company and new share capital
of aproximately HK$15,000 and share premium of
aproximately HK$101,000, as further detailed in note
24 to the financial statements. An amount of HK$25,000
was transfered from the share option reserve to the share
premium acount upon the exercise of the share options.
The weighted average share price at the date of exercise for
share options exercised was HK$0.89 per share.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
270Kingmaker Fotwear Holdings Limited Anual Report 2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
截至二零二五年三月三十一日止年度，
2,800,000
份购股权已获授出，其于授出日
期采用二项式模式计算的公平值估计约为
283,000
港元。年内，本集团于年内已确认
购股权开支为
301,000
港元（二零二四年：
183,000
港元）。概无承授人获授超过
1%
个人限额的购股权。截至二零二五年三月
三十一日止年度授出的所有购股权均不涉
及任何表现目标。
此外，
500,000
份（二零二四年：
200,000
份）
购股权已失效及本集团购股权储备
85,000
港元（二零二四年：
49,000
港元）已于年内
转拨至保留溢利。于年内，概无购股权被注
销。
于报告期末，本公司拥有尚未行使之购股
权
4,250,000
份、
3,220,000
份、
2,600,000
份、
2,800,000
份及
2,800,000
份（二零二四
年：
4,400,000
份、
3,370,000
份、
2,800,000
份及
2,800,000
份），而行使价分别为每股
0.958
港元、
0.772
港元、
0.942
港元、
0.800
港元及
0.600
港元（二零二四年：
0.958
港
元、
0.772
港元、
0.942
港元及
0.800
港元）。
根据本公司现时股本架构，全面行使尚未
行使购股权将导致额外发行
15,670,000
股
（二零二四年：
13,370,000
股）本公司普
通股，及额外已发行股本及股份溢价分别
约
1,567,000
港元（二零二四年：
1,337,000
港元）及约
11,360,000
港元（二零二四年：
10,357,000
港元）（未扣除发行费用）。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
During the year ended 31 March 2025, 2,800,000 share
options were granted and their fair value was estimated
as of the grant date to be aproximately HK$283,000,
calculated using the binomial model. The Group
recognised a share option expense of HK$301,000 (2024:
HK$183,000) during the year. None of the grantes has
ben granted with share options in exces of the 1%
individual limit. Al of the grants made during the year
ended 31 March 2025 were made without any performance
targets.
In adition, 500,000 (2024: 200,000) share options were
lapsed and the Group’s share option reserve of HK$85,000
(2024: HK$49,000) was transfered to the retained profits
during the year. No share options were canceled during the
year.
As at the end of the reporting period, the Company
had 4,250,000, 3,220,000, 2,600,000, 2,800,000 and
2,800,000 (2024: 4,400,000, 3,370,000, 2,800,000 and
2,800,000) share options outstanding with exercise prices
of HK$0.958, HK$0.772, HK$0.942, HK$0.800 and
HK$0.600 (2024: HK$0.958, HK$0.772, HK$0.942 and
HK$0.800) per share, respectively. The exercise in ful of
the outstanding share options would, under the present
capital structure of the Company, result in the isue of
15,670,000 (2024: 13,370,000) aditional ordinary shares
of the Company and aditional isued share capital of
aproximately HK$1,567,000 (2024: HK$1,337,000) and
share premium of aproximately HK$11,360,000 (2024:
HK$10,357,000) (before isue expenses).
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
25.
购股权计划及股份奖励计划
（续）
购股权计划（续）
截至二零二五年三月三十一日止财政年
度，根据购股权计划授出之购股权可能发
行之股份数目除以该年度本公司已发行普
通股加权平均数目约为
0.42%
。
于二零二五年三月三十一日，购股权计划
项下可供授出的购股权为
59,470,944
份。于
二零二四年四月一日，购股权计划项下可
供授出的购股权为
62,270,944
份。
截至二零二五年三月三十一日止年度授
出的购股权公平值乃于授出日期使用二
项式模式估计，已考虑授出购股权之条款
及条件。下表列出就截至二零二五年三月
三十一日止年度于计算购股权价值时各自
所使用之模式之输入数据：
授出购股权日期：
二零二四年
十二月十七日
波幅
(%)
：
33.83
无风险利率
(%)
：
3.47
购股权之预期年期（年）：
10.00
股息率（
%
）：
3.06
购股权之预期年期乃按照历史数据计算，
但未必能显示可能出现之行使模式。预期
波幅反映有关历史波幅显示未来趋势之假
设，但未来趋势未必与实际结果相同。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share option scheme (continued)
The number of shares that may be isued in respect of
the options granted under the Share Option Scheme
during the financial year ended 31 March 2025 divided by
the weighted average number of ordinary shares of the
Company in isue for the year was aproximately 0.42%.
As at 31 March 2025, there were 59,470,944 options
available for grant under the Share Option Scheme. As at
1 April 2024, there were 62,270,944 options available for
grant under the Share Option Scheme.
The fair value of share options granted during the year
ended 31 March 2025 was estimated as at the date of
grant using a binomial model, taking into acount the terms
and conditions upon which the options were granted. The
folowing table lists the inputs to the respective model used
in the calculation of the values of the options for the year
ended 31 March 2025:
Date of share options granted: 17 December 2024
Volatility (%): 33.83
Risk-fre interest rate (%): 3.47
Expected life of options (year): 10.00
Dividend yield (%): 3.06
The expected life of the options is based on the historical
data and is not necesarily indicative of the exercise
paterns that may ocur. The expected volatility reflects
the asumption that the historical volatility is indicative of
future trends, which may also not necesarily be the actual
outcome.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
272Kingmaker Fotwear Holdings Limited Anual Report 2025
25.
购股权计划及股份奖励计划
（续）
股份奖励计划
本公司董事会（「董事会」）于二零一九年六
月二十六日（「采纳日期」）采纳一项股份奖
励计划（「股份奖励计划」）。股份奖励计划
的主要条款概述如下：
(1)
股份奖励计划之目的
股份奖励计划之特定目标为表扬若干
合资格参与者所作之贡献并给予激
励，务求挽留该等人士为本集团之持
续营运及发展效力，吸引合适人员推
动本集团之进一步发展，并在本集团
与若干合资格参与者之间建立长期关
系中向若干合资格参与者提供直接经
济利益。
(2)
股份奖励计划之合资格参与者
董事会可不时全权酌情选定任何合资
格参与者作为选定参与者参与股份奖
励计划，并厘定将授予各选定参与者
之奖励股份数目、奖励股份可能归属
前之条款及条件以及股份奖励计划项
下明确规定之其他相关事宜。然而，
直至获选前，概无合资格参与者可参
与股份奖励计划。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share award scheme
A share award scheme (the “Share Award Scheme”) was
adopted by the board of directors (the “Board”) of the
Company on 26 June 2019 (the “Adoption Date”). The
principal terms of the Share Award Scheme are sumarised
below:
(1) The purpose of the Share Award Scheme
The specific objectives of the Share Award Scheme
are to recognise the contributions by certain eligible
participants and to give incentives thereto in order to
motivate and retain them for the continual operation
and development of the Group and to atract suitable
personel for further development of the Group and
to provide certain eligible participants with a direct
economic interest in ataining a long-term relationship
betwen the Group and certain eligible participants.
(2) The participants of the Share Award Scheme
The Board may, from time to time, at its absolute
discretion select any eligible participant for
participation in the Share Award Scheme as a
selected participant and determine the number of
awarded shares to be awarded to the respective
selected participants, the terms and conditions before
the awarded shares may be vested and other related
maters as expresly provided under the Share Award
Scheme. However, until so selected, no eligible
participant shal be entitled to participate in the Share
Award Scheme.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
25.
购股权计划及股份奖励计划
（续）
股份奖励计划（续）
(3)
股份奖励计划项下可供发行之股份总
数
股份奖励计划涉及本公司现有股份。
董事会将厘定从本公司资源中划拨资
金，以在董事会认为合适之情况下根
据计划规则购买奖励股份之最高金
额。
倘若根据股份奖励计划授出任何奖励
股份将使根据股份奖励计划授出的股
份总数超过采纳日期当日已发行股份
总数的
10%
（即
68,875,544
股份），
则董事会不得进一步授出。倘相关认
购或购买将导致受托人合共持有超过
于采纳日期本公司已发行股份总数的
10%
，则股份奖励计划之受托人（「受
托人」）不得进一步购买任何股份。
(4)
股份奖励计划项下各参与者之奖励上
限
根据股份奖励计划，授予单一合资格
参与者的股份数目上限并无特定限
额。本公司于向各合资格参与者授出
奖励股份时应遵守适用上市规则。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share award scheme (continued)
(3) Total number of shares available for isue under
the Share Award Scheme
The Share Award Scheme involves existing shares
of the Company. The Board shal determine the
maximum amount of funds to be alocated out of the
Company’s resources for the purchase of the awarded
shares as the Board dems apropriate pursuant to
the scheme rules.
The Board shal not make any further grant of award
of shares under the Share Award Scheme such
that the total number of shares granted under the
Share Award Scheme wil exced 10% of the total
number of isued shares as of the Adoption Date
(i.e. 68,875,544 shares). If the relevant subscription
or purchase would result in the truste holding in
agregate, more than 10% of the total number of
isued shares of the Company as of the Adoption
Date, the truste of the Share Award Scheme (the
“Truste”) shal not purchase any further shares.
(4) Maximum entitlement of each participant under
the Share Award Scheme
Under the Share Award Scheme, there is no specific
limit on the maximum number of shares which
may be granted to a single eligible participant. The
Company shal comply with the aplicable Listing
Rules in granting the awarded shares to each eligible
participant.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
274Kingmaker Fotwear Holdings Limited Anual Report 2025
25.
购股权计划及股份奖励计划
（续）
股份奖励计划（续）
(5)
股份奖励计划项下已授出奖励的归属
期
选定参与者达成董事会于作出奖励之
时订明的所有归属条件，即有权根据
归属时间表领取由受托人持有的奖励
股份。奖励股份归属以选定参与者直
至各相关归属日期及于该日仍为本集
团非执行董事或雇员并签署相关文件
令受托人转让生效为条件。
(6)
接纳奖励股份时之应付金额
授予任何选定雇员的奖励股份无需代
价，且董事会可全权酌情决定有关数
量、条款及条件。
(7)
厘定计划项下将予奖励之股份之购买
价之基准
在董事会指示受托人于公开市场直接
或间接购买股份的各种情况下，须订
明可动用资金的最高数额及购买有关
股份的价格区间。受托人不得动用超
出董事会所订明资金的最高数额。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share award scheme (continued)
(5) Vesting period of the awards granted under the
Share Award Scheme
A selected participant shal be entitled to receive the
awarded shares held by the Truste in acordance
with the vesting schedule upon when the selected
participant has satisfied al vesting conditions
specified by the Board at the time of making the
award. Vesting of the awarded shares wil be
conditional on the selected participant remaining as a
non-executive director or employe of the Group until
and on each of the relevant vesting dates and his/
her execution of the relevant documents to efect the
transfer from the Truste.
(6) Amount payable on aceptance of the awarded
shares
The awarded shares are granted to any selected
employe at no consideration and in such number and
on and subject to such terms and conditions as the
Board may in its absolute discretion determine.
(7) Basis of determining the purchase price of the
shares to be awarded under the scheme
On each ocasion when the Board instructs the
Truste to directly or indirectly purchase Shares in the
open market, it shal specify the maximum amount
of funds to be used and the range of prices at which
such Shares are to be purchased. The Truste may
not incur more than the maximum amount of funds
specified by the Board.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
25.
购股权计划及股份奖励计划
（续）
股份奖励计划（续）
(8)
计划之余下年期
股份奖励计划将自采纳日期起计为期
十年有效及生效（即将于二零二九年
六月二十五日到期），惟董事会可根
据计划规则决定任何终止。
于二零二四年六月二十八日，董事会
批准一项决议案修订股份奖励计划条
款，使受托人仅可于公开市场购买现
有股份，以履行根据股份奖励计划将
予授出之奖励，从而使股份奖励计划
成为根据上市规则第
章仅由本公司
现有股份提供资金的股份计划。董事
会认为修订将更精准地反映股份奖励
计划之运作，并为受托人管理股份奖
励计划提供更多灵活性。
截至二零二五年三月三十一日止年
度，受托人于市场上以当时市价购入
8,884,000
股份。于本年报日期，受
托人持有合共
10,416,000
股本公司
股份。股份奖励计划项下仍可供授出
的奖励股份数目为
55,663,544
股，占
本年报日期本公司已发行股份总数
8.29%
。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share award scheme (continued)
(8) Remaining life of the scheme
Subject to any termination as may be determined by
the Board pursuant to the scheme rules, the Share
Award Scheme shal be valid and efective for a term
of 10 years comencing on the Adoption Date (i.e. to
expire on 25 June 2029).
On 28 June 2024, the Board pased a resolution to
amend the terms of the Share Award Scheme to the
efect that the Truste is alowed only to purchase
the existing Shares from the open market to satisfy
the awards to be granted under the Share Award
Scheme, such that the Share Award Scheme would
become a share scheme that is funded only by the
existing shares of the Company under Chapter 17
of the Listing Rules. The Board considered that
the amendment would more acurately reflect the
operation of the Share Award Scheme and provide
more flexibility to the Truste in administering the
Share Award Scheme.
During the year ended 31 March 2025, 8,884,000
shares were purchased by the Truste on the market
at prevailing market price. As at the date of the anual
report, the Truste held a total of 10,416,000 shares
of the Company. The number of awarded shares
remain available for grant under the Share Award
Scheme is 55,663,544 shares, representing 8.29% of
the total isued shares of the Company as at the date
of this anual report.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
276Kingmaker Fotwear Holdings Limited Anual Report 2025
25.
购股权计划及股份奖励计划
（续）
股份奖励计划（续）
截至二零二五年三月三十一日止年度根据
股份奖励计划授出之股份奖励详情如下：
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share award scheme (continued)
Details of share awards granted under the Share Award
Scheme during the year ended 31 March 2025 are as
folows:
Price of the
Company’s
shares at
Award shares Unvestedgrant date of
Name orUnvestedAward sharesAward sharescanceledAward sharesaward sharesDate ofthe award
categoryaward sharesgranted duringvested duringduringlapsed duringas at grant ofVestingshares HK$
of grantesat 1 April 2024the yearthe yearthe yearthe year31 March 2025award sharesperiod/datesper share
(1)
承授人
姓名或类别
于二零二四年
四月一日
未归属奖励股份
年内
授出奖励股份
年内
归属奖励股份
年内取消
奖励股份
年内失效
奖励股份
于二零二五年
三月三十一日
未归属奖励股份
奖励股份之
授出日期归属期间╱日期
于奖励股份
授出日期之
本公司股价
每股港元
(1)
Directors
董事
Mr. Wong Hei-chiu
黄禧超先生
–390,000390,000–22 October 2024
二零二四年
十月二十二日
22 October 2024
二零二四年
十月二十二日
0.71
Mr. Chen Yi-wu, Ares
陈奕舞先生
–150,000150,000–22 October 2024
二零二四年
十月二十二日
22 October 2024
二零二四年
十月二十二日
0.71
Mr. Chan Ho-man, Daniel
陈浩文先生
–200,000200,000–22 October 2024
二零二四年
十月二十二日
22 October 2024
二零二四年
十月二十二日
0.71
Other employe grantes
in agregate
其他雇员承授人合计
–3,004,0003,004,000–22 October 2024
二零二四年
十月二十二日
22 October 2024
二零二四年
十月二十二日
0.71
Grand Total
总合计
–3,744,0003,744,000–
Five highest paid
individuals in
agregate
(2)
五名最高薪人士合计
(2)
–1,168,0001,168,000–22 October 2024
二零二四年
十月二十二日
22 October 2024
二零二四年
十月二十二日
0.71
Total
合计
–1,168,0001,168,000–
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
25.
购股权计划及股份奖励计划
（续）
股份奖励计划（续）
附注：
(1)
即紧接股份奖励授出日期前本公司股份
的收市价。
(2)
根据规则第
17.12(1)(a)
条，截至二零二五
年三月三十一日止年度，股份奖励授予五
名最高薪人士（包括董事、高级管理人员
及雇员）之合计。
(3)
截至二零二五年三月三十一日止年度，概
无已授出的股份奖励根据股份奖励计划
的条款注销、失效或没收。
(4)
行使价／购买价及行使期间不适用于股
份奖励计划。
(5)
本公司股份于紧接股份奖励于二零二四
年十月二十二日归属日期前的加权平均
收市价为
0.71
港元。
(6)
于二零二四年十月二十二日授出的
3,744,000
股奖励股份的公平值约为
2,658,000
港元，已考虑授出当日联交所
发布的每日报价表所列收市价每股
0.71
港元。
(7)
概无承授人获授超过
1%
个人限额的股份
奖励。
(8)
截至二零二五年三月三十一日止年度授
出的所有股份奖励均不涉及任何表现目
标。授出的奖励股份数目乃根据承授人的
职位、服务年期、表现及未来对本集团的
长期贡献而厘定。
25. SHARE OPTION SCHEME AND SHARE
AWARD SCHEME (continued)
Share award scheme (continued)
Notes:
- ’s shares imediately
before the dates on which the share awards were granted.
- , during the year ended 31
March 2025, the share awards were granted to five highest
paid individuals (including directors, senior management and
employes) in agregate.
- , lapsed or forfeited
in acordance with the terms of the Share Award Scheme
during the year ended 31 March 2025.
- /purchase price and exercise period are not
aplicable to the Share Award Scheme.
- ’s shares
imediately before the date on which the share awards were
vested on 22 October 2024 was HK$0.71.
- ,744,000 awarded shares granted on 22 October 2024
had a fair value of aproximately HK$2,658,000, taking into
acount the closing price of HK$0.71 per share as stated in
the daily quotation shet isued by the Stock Exchange on
the date of grant.
(7) None of the grantes has ben granted with share awards in
exces of the 1% individual limit.
(8) Al of the grants made during the year ended 31 March 2025
were made without any performance targets. The number
of awarded shares granted is determined based on the
grantes’ position, years of service, performance and future
long-term contribution to the Group.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 1,322 |
| 5,286 |
| 28,952 |
| 35,560 |
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 78 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
278Kingmaker Fotwear Holdings Limited Anual Report 2025
26.
储备
本集团于本年度及过往年度之储备数额及
其变动呈列于财务报表之综合权益变动
表。
27.
承担
本集团就下列资本承担订立合约：
(i)
于报告期末，本集团于下列期限到期
之有关若干越南土地之应付管理费之
承担如下：
(i)
于报告期末，本公司就物业、厂房及
设备之资本承担如下：
26. RESERVES
The amounts of the Group’s reserves and the movements
therein for the curent and prior years are presented in the
consolidated statement of changes in equity of the financial
statements.
27. COMITMENTS
The Group had contracted for the folowing capital
comitments:
(i) As at the end of the reporting period, the Group had
comitments in respect of management fes payable
in relation to certain land in Vietnam faling due as
folows:
二零二四年
HK$’000
千港元
Within one year
一年内
1,322
In the second to fifth years, inclusive
第二至第五年（包括首尾两年）
5,286
After five years
五年后
30,273
36,881
(i) As at the end of the reporting period, the Company
had capital comitments in respect of property, plant
and equipment as folows:
二零二四年
HK$’000
千港元
Contracted but not provided for
construction of factory buildings
已签约但未拨备－厂房大厦工程
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 11,282 |
| 72 |
| 189 |
| 11,543 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
28.
关联方交易
(a)
除该等财务报表其他部分所详述之交
易外，本集团于年内曾向关联公司信
星制鞋股份有限公司支付租金费用
634,000
港元（二零二四年：
647,000
港
元），而本公司董事兼股东黄秀端女
士亦为该公司董事兼股东。
该等租金费用乃参考订立有关租赁协
议当时之市况而厘定。
上述关联方交易亦构成上市规则第
14A
章所定义之关连交易。
(b)
本集团关键管理人员的报酬：
有关董事酬金之其他详情载于财务报
表附注
。
28. RELATED PARTY TRANSACTIONS
(a) In adition to the transactions detailed elsewhere
in these financial statements, during the year, the
Group paid rental expenses of HK$634,000 (2024:
HK$647,000) to Kingmaker Fotwear Company
Limited, a related company of which Mdm. Huang
Hsiu-duan, Helen, a director and shareholder of the
Company, is also a director and shareholder.
The rental expenses were determined with reference
to the market conditions existing at the time when the
respective rental agrements were entered into.
The related party transactions above also constitute
conected transactions as defined in Chapter 14A of
the Listing Rules.
(b) Compensation of key management personel of the
Group:
二零二四年
HK$’000
千港元
Short-term employe benefits
短期雇员福利
11,263
Post-employment benefits
雇用后福利
Equity-setled share option expense
以权益结算之购股权开支
Total compensation paid to key management personel
支付给关键管理人员的报酬合计
11,452
Further details of directors’ emoluments are included
in note 8 to the financial statements.
26.
储备
本集团于本年度及过往年度之储备数额及
其变动呈列于财务报表之综合权益变动
表。
27.
承担
本集团就下列资本承担订立合约：
(i)
于报告期末，本集团于下列期限到期
之有关若干越南土地之应付管理费之
承担如下：
(i)
于报告期末，本公司就物业、厂房及
设备之资本承担如下：
| 按摊销成本计 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 112,283 |
| 10,742 |
| 29,449 |
| 352,694 |
| 505,168 |
| 按摊销成本计 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 110,861 |
| 60,881 |
| 4,378 |
| 176,120 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
280Kingmaker Fotwear Holdings Limited Anual Report 2025
29.
按类别划分之金融工具
各类别金融工具于报告期末之账面值如下：
财务资产
财务负债
29. FINANCIAL INSTRUMENTS BY
CATEGORY
The carying amounts of each of the categories of financial
instruments as at the end of the reporting period are as
folows:
Financial asets
Financial asets
at amortised cost
按摊销成本计量的财务资产
二零二四年
HK$’000
千港元
Acounts receivable
应收账项
167,476
Financial asets included in prepayments,
deposits and other receivables
计入预付款项、按金及其他应收账项之财务资产
11,860
Due from an asociate
应收联营公司款项
41,929
Cash and cash equivalents
现金及等同现金项目
415,580
Total
合计
636,845
Financial liabilities
Financial liabilities
at amortised cost
按摊销成本计量的财务负债
二零二四年
HK$’000
千港元
Acounts payable
应付账项
101,702
Financial liabilities included in acrued liabilities,
other payables and contract liabilities
计入应计负债、其他应付账项及合约负债之财务负债
64,876
Lease liabilities
租赁负债
2,099
Total
合计
168,677
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
30.
综合现金流量表附注
(a)
主要非现金交易
(i)
于二零二五年三月三十一日，
添置物业、厂房及设备项目应付
账项
11,322,000
港元（二零二四
年：
9,312,000
港元）仍未清付。
(i)
年内，本公司就楼宇租赁安排之
使用权资产及租赁负债之非现
金增加分别为
4,273,000
港元（二
零二四年：无）及
4,273,000
港元
（二零二四年：无）。
(b)
融资活动所产生负债之变动
*
结余指非控股东贷款，计入综合
财务状况表「非控股权益」内。该等
贷款为无抵押、免息及毋须于一年
内偿还。
30. NOTES TO THE CONSOLIDATED
STATEMENT OF CASH FLOWS
(a) Major non-cash transactions
(i) As at 31 March 2025, payables for aditions
of items of property, plant and equipment of
HK$11,322,000 (2024: HK$9,312,000) have not
ben setled yet.
(i) During the year, the Company had non-cash
aditions to right-of-use asets and lease
liabilities of HK$4,273,000 (2024: Nil) and
HK$4,273,000 (2024: Nil), respectively, in
respect of lease arangements for buildings.
(b) Changes in liabilities arising from financing
activities
Lease
liabilities
Loan from
non-controling
shareholder
租赁负债
非控股
股东贷款
HK$’000
千港元
HK$’000
千港元
At 1 April 2023
于二零二三年四月一日
2,60432,046*
Changes from financing cash flows
融资现金流量之变动
(444)3,616
Demed acquisition of non-controling interests
视作收购非控股权益
–(24,637)
Interest expense
利息开支
95–
Interest paid clasified as operating cash flows
分类为经营现金流量之已付利息
(95)–
Exchange realignment
外汇调整
(61)–
At 31 March 2024 and 1 April 2024
于二零二四年三月三十一日及二零二四年四月一日
2,09911,025*
Changes from financing cash flows
融资现金流量之变动
(2,030)–
New leases
新租赁
4,273–
Interest expense
利息开支
193–
Interest paid clasified as operating cash flows
分类为经营现金流量之已付利息
(193)–
Exchange realignment
外汇调整
36–
At 31 March 2025
于二零二五年三月三十一日
4,37811,025*
* The balance represented the loan from non-controling
shareholder which are included in “non-controling
interests” in the consolidated statement of financial
position. The loans are unsecured, interest-fre and
not repayable within one year.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 834 |
| 2,030 |
| 2,864 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
282Kingmaker Fotwear Holdings Limited Anual Report 2025
30.
综合现金流量表附注
（续）
(c)
计入现金流量表内的租赁的现金流出
总额如下：
31.
财务风险管理目标及政策
本集团之主要金融工具包括现金及定期存
款。该等金融工具之主要用途在于为本集
团业务集资。本集团有多项由业务直接产
生之其他财务资产及负债，如应收账项、其
他应收账项、应付账项及其他应付账项等。
本集团之金融工具所产生的主要风险为外
币风险、信贷风险及流动资金风险。董事会
已审阅并同意管理各项风险之政策，政策
之概要如下。
30. NOTES TO THE CONSOLIDATED
STATEMENT OF CASH FLOWS (continued)
(c) The total cash outflow for leases included in the
statement of cash flows is as folows:
二零二四年
HK$’000
千港元
Within operating activities
计入经营活动
Within financing activities
计入融资活动
1,205
31. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES
The Group’s principal financial instruments comprise cash
and time deposits. The main purpose of these financial
instruments is to raise finance for the Group’s operations.
The Group has various other financial asets and liabilities
such as acounts receivable, other receivables, acounts
payable and other payables, which arise directly from its
operations.
The main risks arising from the Group’s financial instruments
are foreign curency risk, credit risk and liquidity risk. The
board of directors reviews and agres policies for managing
each of these risks and they are sumarised below.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
31.
财务风险管理目标及政策
（续）
外币风险
本集团之货币资产、负债及交易主要以港
元、人民币或美元计值。鉴于港元与美元挂
钩，本集团并无就管理外币风险采用外币
对冲政策。此外，本集团大部分业务资产均
位于中国内地，并以人民币计值。由于本集
团之财务报表以港元呈报，故人民币升值╱
（贬值）将对汇兑波动储备产生换算收益╱
（开支）。
下表列示在所有其他变数维持不变之情况
下，本集团之除税前溢利╱（亏损）（因货币
资产及负债以及远期货币合约之公平值变
动而产生）对报告期末人民币及越南盾（「越
南盾」）汇率可能合理出现之变动之敏感度。
31. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Foreign curency risk
The Group’s monetary asets, liabilities and transactions
are principaly denominated in Hong Kong dolars, Renminbi
or United States dolars. Given that the Hong Kong dolar
is peged to the United States dolar, the Group does
not have a foreign curency hedging policy on managing
foreign curency exposures. Moreover, the majority of the
Group’s operating asets are located in Mainland China and
denominated in RMB. As the Group’s financial statements
are reported in Hong Kong dolars, there wil be a translation
credit/(charge) to the exchange fluctuation reserve as a
result of the RMB apreciation/(depreciation).
The folowing table demonstrates the sensitivity as at the
end of the reporting period to a reasonably posible change
in the RMB and Vietnamese Dong (“VND”) exchange
rates, with al other variables held constant, of the Group’s
profit/(los) before tax (due to changes in the fair values
of monetary asets and liabilities and forward curency
contracts).
| 千港元 | |
|---|---|
| (5) | (3,899) |
| 5 | 3,899 |
| 5 | 1,208 |
| (5) | (1,208) |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
284Kingmaker Fotwear Holdings Limited Anual Report 2025
31.
财务风险管理目标及政策
（续）
外币风险（续）
31. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Foreign curency risk (continued)
Increase/
(decrease) in
exchange rate
Increase/
(decrease)
in los
before tax
汇率
上升╱（下降）
除税前亏损
增加╱（减少）
%HK$’000
千港元
二零二五年
If Hong Kong dolar weakens against RMB
倘港元兑人民币贬值
If Hong Kong dolar strengthens against RMB
倘港元兑人民币升值
If Hong Kong dolar weakens against VND
倘港元兑越南盾贬值
If Hong Kong dolar strengthens against VND
倘港元兑越南盾升值
Increase/
(decrease) in
exchange rate
Increase/
(decrease)
in profit
before tax
汇率
上升╱（下降）
除税前溢利
增加╱（减少）
%HK$’000
千港元
二零二四年
If Hong Kong dolar weakens against RMB
倘港元兑人民币贬值
52,909
If Hong Kong dolar strengthens against RMB
倘港元兑人民币升值
(5)(2,909)
If Hong Kong dolar weakens against VND
倘港元兑越南盾贬值
5(1,001)
If Hong Kong dolar strengthens against VND
倘港元兑越南盾升值
(5)1,001
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
31.
财务风险管理目标及政策
（续）
信贷风险
本集团仅与具知名度及信誉良好之客户进
行交易。本集团之政策为所有欲以信贷条
款进行贸易之客户均须经信贷核实过程。
此外，应收账项结余会以持续基准及独立
基准监察。各客户均有买卖限额，而任何超
逾限额之买卖必须经由营运单位总经理批
准。由于实施严格之信贷条款限制及对每
名客户进行详细之信誉评审，本集团所承
受之坏账风险甚微。
本集团其他财务资产（包括现金及等同现金
项目、按金、其他应收账项及应收联营公司
款项）之信贷风险乃来自对方违约，而所承
受之最大风险相当于该等工具之账面值。
于报告期末，本集团应收其最大客户及五
大客户之应收账项有一定的信贷集中风
险，分别为
35%
（二零二四年：
35%
）及
93%
（二零二四年：
93%
）。
31. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Credit risk
The Group trades only with recognised and creditworthy
customers. It is the Group’s policy that al customers
who wish to trade on credit terms are subject to credit
verification procedures. In adition, receivable balances
are monitored on an ongoing basis and on an individual
basis. Each of the customers has ben atached with a
trading limit and any exces to the limit must be aproved
by the general manager of the operation unit. Under the
tight control of the credit term and detailed asesment of
the creditworthines of individual customers, the Group’s
exposure to bad debts is maintained as minimal.
The credit risk of the Group’s other financial asets, which
comprise cash and cash equivalents, deposits, other
receivables and an amount due from an asociate, arises
from default of the counterparty, with a maximum exposure
equal to the carying amounts of these instruments.
At the end of the reporting period, the Group had certain
concentrations of credit risk as 35% (2024: 35%) and
93% (2024: 93%) of the Group’s acounts receivable were
due from the Group’s largest customer and five largest
customers, respectively.
| 12-month ECLs | Lifetime ECLs | |||
|---|---|---|---|---|
| 十二个月预期 | ||||
| 信贷亏损 | 全期预期信贷亏损 | Simplified | ||
| Stage 1 | Stage 2 | Stage 3 | approach | Total |
| 第一阶段 HK$’000 | 第二阶段 HK$’000 | 第三阶段 HK$’000 | 简化方法 HK$’000 | 合计 HK$’000 |
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
| – | – | – | 117,614 | 117,614 |
| 10,742 | – | – | – | 10,742 |
| 29,449 | – | – | – | 29,449 |
| 352,694 | – | – | – | 352,694 |
| 392,885 | – | – | 117,614 | 510,499 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
286Kingmaker Fotwear Holdings Limited Anual Report 2025
31.
财务风险管理目标及政策
（续）
信贷风险（续）
最高风险及年终阶段
下表载列于三月三十一日按照本集团的信
贷政策划分的信贷质素及最高信贷风险，
乃主要基于逾期资料（除非取得其他资料无
须不必要的成本或努力）及年终阶段分类。
所呈列金额为财务资产之账面总值。
于二零二五年三月三十一日
31. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Credit risk (continued)
Maximum exposure and year-end staging
The table below shows the credit quality and the maximum
exposure to credit risk based on the Group’s credit policy,
which is mainly based on past due information unles
other information is available without undue cost or efort,
and year-end staging clasification as at 31 March. The
amounts presented are gros carying amounts for financial
asets.
As at 31 March 2025
Acounts receivable*
应收账项
*
Financial asets included in prepayments,
deposits and other receivables
计入预付款项、按金及其他应收账项之
财务资产
– Normal
#
－正常
#
Due from an asociate
应收联营公司款项
– Normal
#
－正常
#
Cash and cash equivalents
现金及等同现金项目
– Not yet past due
－尚未逾期
Total
合计
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
31.
财务风险管理目标及政策
（续）
信贷风险（续）
最高风险及年终阶段（续）
于二零二四年三月三十一日
*
就本集团采用简化方法厘定减值的应收
账项而言，基于拨备矩阵得出的资料于财
务报表附注
披露。
#
财务资产之信贷质素计入预付款项、按金
及其他应收账项及于应收联营公司款项
未逾期以及并无资料显示财务资产之信
贷风险已自初始确认起发生显著增加时
则被视为「正常」。否则，财务资产之信贷
质素被视为「呆账」。
31. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Credit risk (continued)
Maximum exposure and year-end staging (continued)
As at 31 March 2024
12-month
ECLsLifetime ECLs
十二个月预期
信贷亏损全期预期信贷亏损
Simplified
Stage 1Stage 2Stage 3aproachTotal
第一阶段第二阶段第三阶段简化方法合计
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
HK$’000
千港元
Acounts receivable*
应收账项
*–172,403172,403
Financial asets included in prepayments,
deposits and other receivables
计入预付款项、按金及其他应收账项之
财务资产
– Normal
#
－正常
#
11,860–11,860
Due from an asociate
应收联营公司款项
– Normal
#
－正常
#
41,929–41,929
Cash and cash equivalents
现金及等同现金项目
– Not yet past due
－尚未逾期
415,580–415,580
Total
合计
469,369–172,403641,772
* For acounts receivable to which the Group aplies the
simplified aproach for impairment, information based on
the provision matrix is disclosed in note 18 to the financial
statements.
#
The credit quality of the financial asets included in
prepayments, deposits and other receivables and an amount
due from an asociate is considered to be “normal” when
they are not past due and there is no information indicating
that the financial asets had a significant increase in credit
risk since initial recognition. Otherwise, the credit quality of
the financial asets is considered to be “doubtful”.
| On demand | Within 1 year | 2 to 5 years | Total |
|---|---|---|---|
| 第二年至 | |||
| 按要求 HK$’000 | 一年内 HK$’000 | 第五年 HK$’000 | 合计 HK$’000 |
| 千港元 | 千港元 | 千港元 | 千港元 |
| – | 110,861 | – | 110,861 |
| 60,881 | – | – | 60,881 |
| – | 2,296 | 2,279 | 4,575 |
| 60,881 | 113,157 | 2,279 | 176,317 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
288Kingmaker Fotwear Holdings Limited Anual Report 2025
31.
财务风险管理目标及政策
（续）
流动资金风险
本集团采用经常性流动资金规划工具监察
资金短缺之风险。该工具会考虑其金融工
具及财务资产（如应收账项）之到期情况，
以及来自经营业务之预期现金流量。
本集团透过维持充足现金及备用银行信
贷，保持资金持续性及灵活性之间的平衡。
董事已审阅本集团之营运资金及资本开支
需求，并厘定本集团并无重大流动资金风
险。
本集团之财务负债于报告期末根据未贴现
合约付款作出之到期日详情如下：
于二零二五年三月三十一日
31. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Liquidity risk
The Group monitors its risk to a shortage of funds using
a recuring liquidity planing tol. This tol considers the
maturity of both its financial instruments and financial
asets (e.g., acounts receivable) and the projected cash
flows from operations.
The Group maintains a balance betwen continuity of
funding and flexibility through maintaining suficient cash
and available banking facilities. The directors have reviewed
the Group’s working capital and capital expenditure
requirements and determined that the Group has no
significant liquidity risk.
The maturity profile of the Group’s financial liabilities as at
the end of the reporting period, based on the contractual
undiscounted payments, is as folows:
As at 31 March 2025
Acounts payable
应付账项
Financial liabilities included in acrual liabilities,
other payables and contract liabilities
计入应计负债、其他应付账项及
合约负债之财务负债
Lease liabilities
租赁负债
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
31.
财务风险管理目标及政策
（续）
流动资金风险（续）
于二零二四年三月三十一日
资本管理
本集团资本管理之主要目标为保障本集团
持续经营之能力，以及维持稳健的资本比
率，为业务提供支持。
本集团因应经济状况变动管理其资本架
构及对其作出调整。为维持或调整资本架
构，本集团可能需调整支付予股东之股息、
向股东退还资本或发行新股。于截至二零
二五年及二零二四年三月三十一日止年
度，有关管理资本之目的、政策或程序并无
变动。
31. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (continued)
Liquidity risk (continued)
As at 31 March 2024
On demand
Within
1 year
2 to 5
yearsTotal
按要求一年内
第二年至
第五年合计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
Acounts payable
应付账项
–101,702–101,702
Financial liabilities included in acrual liabilities,
other payables and contract liabilities
计入应计负债、其他应付账项及
合约负债之财务负债
58,715–6,16164,876
Lease liabilities
租赁负债
–1,6235412,164
Total
合计
58,715103,3256,702168,742
Capital management
The primary objectives of the Group’s capital management
are to safeguard the Group’s ability to continue as a going
concern and to maintain healthy capital ratios in order to
suport its busines.
The Group manages its capital structure and makes
adjustments to it in light of changes in economic conditions.
To maintain or adjust the capital structure, the Group may
adjust the dividend payment to shareholders, return capital
to shareholders or isue new shares. No changes were
made in the objectives, policies or proceses for managing
capital during the years ended 31 March 2025 and 2024.
| 2025 |
|---|
| 二零二五年 HK$’000 |
| 千港元 |
| 53,912 |
| 442,972 |
| 1,374 |
| 161,740 |
| 606,086 |
| 1,478 |
| 604,608 |
| 658,520 |
| 67,181 |
| 591,339 |
| 658,520 |
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
290Kingmaker Fotwear Holdings Limited Anual Report 2025
32.
本公司财务状况表
本公司于报告期末之财务状况表资料如下：
32. STATEMENT OF FINANCIAL POSITION OF
THE COMPANY
Information about the statement of financial position of the
Company at the end of the reporting period is as folows:
二零二四年
HK$’000
千港元
NON-CURENT ASETS
非流动资产
Investments in subsidiaries
于附属公司之投资
53,912
CURENT ASETS
流动资产
Due from subsidiaries
应收附属公司款项
406,323
Prepayments, deposits and other receivables
预付款项、按金及其他应收账项
4,947
Cash and cash equivalents
现金及等同现金项目
198,403
Total curent asets
流动资产总额
609,673
CURENT LIABILITIES
流动负债
Acrued liabilities and other payables
应计负债及其他应付账项
1,751
NET CURENT ASETS
流动资产净值
607,922
Net asets
资产净值
661,834
EQUITY
权益
Isued share capital
已发行股本
68,074
Reserves (note)
储备（附注）
593,760
Total equity
权益总额
661,834
| 于购股权失效后转拨购股权储备 | |||||||
|---|---|---|---|---|---|---|---|
| At 31 March 2024 and 1 April 2024 | 89,629 | 7,598 | 66,982 | (4,595) | 1,964 | 432,182 | 593,760 |
| 于二零二四年三月三十一日及二零二四年四月一日 | |||||||
| Profit for the year and total comprehensive income for the year | – | – | – | – | – | 66,838 | 66,838 |
| Sh年ar内e 溢pu利rc及ha年se内d全 un面d收er益 th总e 额share award scheme | – | – | – | (5,457) | – | – | (5,457) |
| Sh根ar据es股 g份ra奖nt励ed计 u划nd购er买 th股e份 share award scheme | – | – | – | 2,658 | – | – | 2,658 |
| Sh根ar据es股 r份ep奖ur励ch计as划ed授 出股份 | (6,272) | 893 | – | – | – | (893) | (6,272) |
| Fin购a回l 2股02份4 dividend declared and paid | – | – | – | – | – | (1,344) | (1,344) |
| Sp已ec宣ia派l 2及02派4付 di之vid二e零nd二 d四ec年la度re末d a期n股d p息aid | – | – | – | – | – | (45,712) | (45,712) |
| Sp已ec宣ia派l 2及02派5付 di之vid二e零nd二 p四ai年d 度特别股息 | – | – | – | – | – | (13,433) | (13,433) |
| Re已co派g付nit之io二n 零of 二eq五u年ity度-s特ett别le股d 息share-based payments | – | – | – | – | 301 | – | 301 |
| Tr确an认sf以er 权of益 s结ha算re以 op股ti份on支 r付es之er款ve项 upon the lapse of share options | – | – | – | – | (85) | 85 | – |
| 于购股权失效后转拨购股权储备 | |||||||
| At 31 March 2025 | 83,357 | 8,491 | 66,982 | (7,394) | 2,180 | 437,723 | 591,339 |
| 于二零二五年三月三十一日 | |||||||
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
32.
本公司财务状况表
（续）
附注：
本公司储备概述如下：
本公司之缴入盈余乃指根据一九四年九月本
集团重组时所收购附属公司股份之公平值超逾
本公司为交换该等资产而发行股份之面值之差
额。
32. STATEMENT OF FINANCIAL POSITION OF
THE COMPANY (continued)
Note:
A sumary of the Company’s reserves is as folows:
Shares
ShareCapitalheld underShare
premiumredemptionContributedshare awardoptionRetained
acountreservesurpluschemereserveprofitsTotal
股份溢价账股本赎回储备缴入盈余
股份奖励
计划所持股份购股权储备保留溢利合计HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元千港元
At 1 April 2023
于二零二三年四月一日
89,6377,57966,982(3,610)1,855425,556587,999
Profit for the year and total comprehensive
income for the year
年内溢利及年内全面收益总额
–34,96434,964
Isue of shares from exercise of share options
行使购股权而发行股份
126– (25)–101
Share purchased under the share award scheme
根据股份奖励计划购买股份
–(3,583)–(3,583)
Shares granted under the share award scheme
根据股份奖励计划授出股份
–2,598–2,598
Shares repurchased
购回股份
(134)19–(19)(134)
Final 2023 dividend declared and paid
已宣派及派付之二零二三年度末期股息
–(13,496)(13,496)
Special 2023 dividend declared and paid
已宣派及派付之二零二三年度特别股息
–(1,350)(1,350)
Interim 2024 dividend paid
已派付之二零二四年中期股息
–(10,142)(10,142)
Special 2024 dividend paid
已派付之二零二四年度特别股息
–(3,380)(3,380)
Recognition of equity-setled share-based payments
确认以权益结算以股份支付之款项
–183–183
Transfer of share option reserve upon the
lapse of share options
于购股权失效后转拨购股权储备
–(49)49–
于二零二五年三月三十一日
The contributed surplus of the Company represents the exces of
the fair value of the shares of the subsidiaries acquired pursuant
to the Group reorganisation in September 1994, over the nominal
value of the Company’s shares isued in exchange therefor.
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
292Kingmaker Fotwear Holdings Limited Anual Report 2025
33.
主要附属公司详情
于二零二五年三月三十一日，本公司主要
附属公司之详情如下：
33. PARTICULARS OF PRINCIPAL
SUBSIDIARIES
Particulars of the Company’s principal subsidiaries as at 31
March 2025 are as folows:
Name
Place of
incorporation/
registration
and operations
Isued share/
registered capital
Percentage
of equity
atributable to
the Company
Principal
activities
名称
注册成立╱注册及
经营地点
已发行股份╱
注册资本
本公司持股
百分比主要业务
Directly held
直接持有
Ready Luck LimitedBritish Virgin Islands
英属维尔京群岛
Ordinary
US$5,000
普通股
5,000
美元
100Investment holding
投资控股
Indirectly held
间接持有
Discovery Star Development
Limited
愉星发展有限公司
Hong Kong
香港
Ordinary
HK$2
普通股
港元
100Property holding
持有物业
Kingmaker (Vietnam)
Fotwear Co., Ltd.
顺星制鞋（越南）有限公司
Vietnam
越南
US$15,000,000
15,000,000
美元
100Fotwear
manufacturing
制造鞋类产品
Maystar Fotwear Company
Limited
美星制鞋有限公司
PRC/Chinese
Mainland
中国╱中国内地
US$43,000,000
(Note (a)
43,000,000
美元
（附注
(a)
）
100Fotwear
manufacturing and
property holding
制造鞋类产品及
持有物业
Miri International Limited
盛星国际贸易股份有限公司
Hong Kong
香港
Ordinary
HK$2
普通股
港元
100Investment holding
投资控股
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
信星鞋业集团有限公司 年报
2025
Name
Place of
incorporation/
registration
and operations
Isued share/
registered capital
Percentage
of equity
atributable to
the Company
Principal
activities
名称
注册成立╱注册及
经营地点
已发行股份╱
注册资本
本公司持股
百分比主要业务
Indirectly held (continued)
间接持有（续）
Regal Gainer Development Ltd.
迅盛发展有限公司
Hong Kong
香港
Ordinary
HK$10,000
普通股
10,000
港元
100Property holding
持有物业
Kingmaker (Cambodia)
Fotwear Co., Ltd.
Kingdom of Cambodia
柬埔寨王国
Ordinary
US$10,000,000
普通股
10,000,000
美元
100Fotwear
manufacturing
制造鞋类产品
Opal Star International
Holdings Limited
宝星国际控股有限公司
British Virgin Islands
英属维尔京群岛
Ordinary
US$1
普通股
美元
100Investment holding
投资控股
上海信星商贸有限公司
PRC/Chinese Mainland
中国╱中国内地
US$9,000,000
(Note (a)
9,000,000
美元
（附注
(a)
）
100Property holding
持有物业
Star (1) Limited
宝星
(1)
有限公司
Hong Kong
香港
Ordinary
HK$300,000
普通股
300,000
港元
100Trading of fotwear
products
买卖鞋类产品
Star (3) Limited
宝星
(3)
有限公司
Hong Kong
香港
Ordinary
HK$1
普通股
港元
100Trading of fotwear
products
买卖鞋类产品
33. PARTICULARS OF PRINCIPAL
SUBSIDIARIES (continued)
33.
主要附属公司详情
（续）
Notes to Financial Statements
财务报表附注
31 March 2025
二零二五年三月三十一日
294Kingmaker Fotwear Holdings Limited Anual Report 2025
附注：
(a)
该等附属公司乃根据中国法律注册为外
商独资企业。
董事认为，上表所列公司为主要影响本年
度业绩或组成本集团资产净值重大部分之
本公司附属公司。董事认为载列其他附属
公司详情将使资料过于冗长。
34.
财务报表之批准
财务报表已于二零二五年六月三十日获董
事会批准及授权发布。
Name
Place of
incorporation/
registration
and operations
Isued share/
registered capital
Percentage
of equity
atributable to
the Company
Principal
activities
名称
注册成立╱注册及
经营地点
已发行股份╱
注册资本
本公司持股
百分比主要业务
Indirectly held (continued)
间接持有（续）
Yingfeng Industrial (Hongkong)
Co., Limited
迎丰实业（香港）有限公司
Hong Kong
香港
Ordinary
US$20,409
普通股
20,409
美元
51Investment holding
投资控股
Note:
(a) These subsidiaries are registered as wholy-foreign-owned
enterprises under the law of the PRC.
The above table lists the subsidiaries of the Company
which, in the opinion of the directors, principaly afected
the results for the year or formed a substantial portion
of the net asets of the Group. To give details of other
subsidiaries would, in the opinion of the directors, result in
particulars of excesive length.
34. APROVAL OF THE FINANCIAL
STATEMENTS
The financial statements were aproved and authorised for
isue by the board of directors on 30 June 2025.
33. PARTICULARS OF PRINCIPAL
SUBSIDIARIES (continued)
33.
主要附属公司详情
（续）
Particulars of Investment Properties Held by the Group
本集团持有之投资物业详情
信星鞋业集团有限公司 年报
2025
Group’s
interest
Aproximate
gros flor
area (sq. m)Existing useTerm of lease
Location
地点本集团之权益
概约
总建筑面积
（平方米）现时用途租期
Whole of Blocks A, B and C
situated at
No.1 Cuizhu Stret,
Cui Zhu Industrial Zone,
Qianshan District,
Zhuhai City,
Guangdong Province,
The PRC
中国
广东省
珠海市
前山区
翠珠工业区
翠珠路
号
甲栋、乙栋及丙栋全栋
100%41,520Industrial
工业
Short
短期
Whole of composite building,
Levels 1-7 situated at
No. 1 Cuizhu Stret,
Cui Zhu Industrial Zone,
Qianshan District,
Zhuhai City,
Guangdong Province,
The PRC
中国
广东省
珠海市
前山区
翠珠工业区
翠珠路
号
综合楼全栋
1-7
楼
100%9,225.72Industrial
工业
Short
短期
Unit Nos. 1401, 1414, 1415
and 1416 on Level 14,
Metro Plaza,
Nos. 183-187
Tianhe North Road,
Tianhe District,
Guangzhou,
Guangdong Province,
The PRC
中国
广东省
广州
天河区
天河北路
183-187
号
大都会广场
楼
、
、
及
室
100%330.18Comercial
商业
Short
短期
Whole of Level 20,
Asia Mansion,
Nos. 663-669 Jiu Jiang Road,
Huangpu District,
Shanghai,
The PRC
中国
上海市
黄浦区
九江路
663-669
号
亚洲大厦
楼全层
100%851.16Comercial
商业
Short
短期
Particulars of Investment Properties Held by the Group
本集团持有之投资物业详情
296Kingmaker Fotwear Holdings Limited Anual Report 2025
*
于二零二五年三月三十一日，所授予租期之尚
未届满部分少于五十年但不少于十年。
Group’s
interest
Aproximate
gros flor
area (sq. m)Existing useTerm of lease
Location
地点本集团之权益
概约
总建筑面积
（平方米）现时用途租期
Factory Unit 13
on 16th Flor,
Vanta Industrial Centre,
Nos. 21-33
Tai Lin Pai Road,
Kwai Chung,
New Teritories,
Hong Kong
香港
新界
葵涌
大连排道
21-33
号
宏达工业中心
楼
号工厂单位
100%726.12Industrial
工业
Short
短期
Whole of Level 21,
Empres Plaza,
Nos. 17-19 Chatharm Road South,
Tsimshatsui,
Kowlon,
Hong Kong
香港
九龙
尖沙咀
漆咸道南
17-19
号
帝后广场
楼全层
100%409.79Comercial
商业
Short
短期
A parcel of land and the buildings
erected thereon,
No. 3047 Ming Zhu South Road,
Qianshan District,
Zhuhai City,
Guangdong Province,
The PRC
中国
广东省
珠海市
前山区
明珠南路
号
一块土地及在其上矗立
之建筑物
100%59,383Industrial
工业
Medium*
中期
*
* The term for which the lease was granted remaining unexpired as
at 31 March 2025 is les than 50 years but not les than 10 years.