Contents 目录

Some of Vitasoy’s Flagship Products 部分维他奶皇牌产品

Plant-based Milk Beverages

植物奶

Tea Beverages

茶

Tofu

豆腐

Directors and Corporate

Information

董事及集团资料

Financial Highlights

财务摘要

Chairman’s Statement

主席报告

Group Chief Executive

Oficer’s Report/

Busines Review

集团行政总裁报告╱业务回顾

Corporate Governance

Report

企业管治报告

Directors and Senior

Management

董事及高层管理人员

Report of the Directors

董事会报告

Independent Auditor’s Report

独立核数师报告

Consolidated Statement of

Profit or Los

综合损益表

Consolidated Statement

of Profit or Los and Other

Comprehensive Income

综合损益及其他全面收益表

Consolidated Statement

of Financial Position

综合财务状况表

Consolidated Statement

of Changes in Equity

综合权益变动表

Consolidated Cash Flow

Statement

综合现金流量表

Notes to the Financial

Statements

财务报表附注

Five Year Sumary

五年财务摘要

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司2

Table Head记得要转做表头列,

才会将文字转为齐底

Directors and Corporate Information

董事及集团资料

董事会

执行主席

罗友礼先生

独立非执行董事

李国宝爵士（于二零二四年八月十九日退任）

Jan P. S. ERLUND先生（于二零二四年八月十九日退任）

黎定基先生

Paul Jeremy BROUGH先生

钟志平博士

容韵仪女士（于二零二四年八月十九日获委任）

非执行董事

罗慕玲女士

罗德承先生

罗其美女士（副主席）

执行董事

陆博涛先生（集团行政总裁）

黎中山先生

集团首席财务总监

吴茵虹女士

公司秘书

苏漪筠女士

注册办事处

香港

新界

屯门

建旺街一号

核数师

毕马威会计师事务所

于《会计及财务汇报局条例》下的注册

公众利益实体核数师

BOARD OF DIRECTORS

Executive Chairman

Mr. Winston Yau-lai LO

Independent Non-executive Directors

Dr. the Hon. Sir David Kwok-po LI (retired on 19th August 2024)

Mr. Jan P. S. ERLUND (retired on 19th August 2024)

Mr. Anthony John Lidel NIGHTINGALE

Mr. Paul Jeremy BROUGH

Dr. Roy Chi-ping CHUNG

Ms. Wendy Wen-ye YUNG (apointed on 19th August 2024)

Non-executive Directors

Ms. Yvone Mo-ling LO

Mr. Peter Tak-shing LO

Ms. May LO (Deputy Chairman)

Executive Directors

Mr. Roberto GUIDETI (Group Chief Executive Oficer)

Mr. Eugene LYE

GROUP CHIEF FINANCIAL OFICER

Ms. Ian Hong NG

COMPANY SECRETARY

Ms. Carie Ye-kwan SO

REGISTERED OFICE

No. 1 Kin Wong Stret,

Tuen Mun,

New Teritories,

Hong Kong

AUDITORS

KPMG

Public Interest Entity Auditor registered in acordance with the

Acounting and Financial Reporting Council Ordinance

Anual Report 2024/2025 年度报告3

Directors and Corporate Information

董事及集团资料

Table Head记得要转做表头列,

才会将文字转为齐底

PRINCIPAL BANKERS

The Bank of East Asia, Limited

The Hongkong and Shanghai Banking Corporation Limited

China Merchants Bank Company, Ltd.

Bank of China Limited

BNP Paribas

China Construction Bank (Asia) Corporation Limited

SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited

46/F., Hopewel Centre, 183 Quen’s Road East,

Wanchai, Hong Kong

INVESTOR RELATIONS CONTACT

Tel: (852) 2468 9272

Fax: (852) 2465 1008

Email: ir@vitasoy.com

Key Dates

重要日期

Closure of Register of Members

暂停办理股份过户登记

– Anual General Meting 20th August 2025 (Wednesday) to 25th August 2025 (Monday)

股东周年大会二零二五年八月二十日（星期三）至二零二五年八月二十五日（星期一）

Record Date 25th August 2025 (Monday)

记录日期二零二五年八月二十五日（星期一）

– Proposed Final Dividend 2nd September 2025 (Tuesday) to 3rd September 2025 (Wednesday)

建议末期股息二零二五年九月二日（星期二）至二零二五年九月三日（星期三）

Record Date 3rd September 2025 (Wednesday)

记录日期二零二五年九月三日（星期三）

Anual General Meting 11:00 a.m., 25th August 2025 (Monday)

股东周年大会 Chatham Rom, Level 7, Conrad Hong Kong, Pacific Place, 88 Quensway, Hong Kong

二零二五年八月二十五日（星期一）上午十一时正

香港金钟道88号太古广场港丽酒店七楼漆咸厅

Final Dividend Payable 17th September 2025 (Wednesday)

派发末期股息二零二五年九月十七日（星期三）

主要来往银行

东亚银行有限公司

香港上海汇丰银行有限公司

招商银行股份有限公司

中国银行股份有限公司

法国巴黎银行

中国建设银行（亚洲）股份有限公司

股份过户登记处

香港中央证券登记有限公司

香港湾仔

皇后大道东183号合和中心46楼

投资者关系联络

电话: (852) 2468 9272

传真: (852) 2465 1008

电邮: ir@vitasoy.com

		2025 二零二五年 HK$ million 港币百万元	2024 二零二四年 HK$ million 港币百万元	% Change 百分比变动
Revenue	收入	6,274	6,217	+1%
Gross Profit	毛利	3,218	3,111	+3%
EBITDA (Earnings Before Interest Income, Finance Costs, Income Tax, Depreciation, Amortisation and Share of Losses of Joint Venture)	未计利息收入、融资成本、所得税、折旧、摊销费用及所占合营公司亏损前盈利（「EBITDA」）	836	685	+22%
Profit Attributable to Equity Shareholders of the Company	本公司股权持有人应占溢利	235	116	+102%
Basic Earnings per Share (HK cents)	每股基本盈利（港仙）	21.9	10.9	+102%
Total Dividends per Ordinary Share (HK cents)	每股普通股总股息（港仙）	14.2	7.7	+84%

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司4

Table Head记得要转做表头列,

才会将文字转为齐底

Year Ended 31st March 截至三月三十一日止年度

Financial Highlights

财务摘要

Results

业绩

Year Ended 31st March 截至三月三十一日止年度 HK$ milion 港币百万元

Revenue

收入

Gros Profit

毛利

6,2746,3416,217

7,520

6,501

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

3,218

3,012

3,111

3,954

3,071

5,000

4,000

3,000

2,000

1,000

EBITDA

未计利息收入、融资成本、所得税、折旧、

摊销费用及所占合营公司亏损前盈利

Profit/(Los) Atributable to Equity

Shareholders of the Company

本公司股权持有人应占溢利╱

（亏损）

1,281

1,500

1,200

(159)

-100

-200

		2025 二零二五年 HK$ million 港币百万元	2024 二零二四年 HK$ million 港币百万元	% Change 百分比变动
Total Assets	总资产	5,649	5,637	On par 持平
Net Cash Balance	现金净额	657	111	+492%
Total Equity Attributable to Equity Shareholders of the Company	本公司股权持有人应占权益总额	3,083	3,005	+3%

Anual Report 2024/2025 年度报告5

Financial Highlights

财务摘要

Table Head记得要转做表头列,

才会将文字转为齐底

As at 31st March 于三月三十一日

Financial Position

财务状况

Year Ended 31st March 2025 截至二零二五年三月三十一日止年度

Sales Analysis by Location

销售额分析（按地区）

Singapore

新加坡

Mainland China

中国内地

Hong Kong Opera(cid:13)on

(Hong Kong SAR

Macau SAR

and Exports)

香港业务

（香港特别行政区

、

澳门特别行政区

及出口）

Australia and NewZealand

澳洲及新西兰

1%

36%54%

9%

Notes: “Hong Kong SAR” represented the Hong Kong Special

Administrative Region of the People’s Republic of China.

“Macau SAR” represented the Macao Special Administrative

Region of the People’s Republic of China.

附注：「香港特别行政区」指中华人民共和国香港特别行

政区。

「澳门特别行政区」指中华人民共和国澳门特别行

政区。

CHAIRMAN’S STATEMENT 主席报告 In FY2024/2025, we observed a significant shift in consumer behaviour toward greater price sensitivity. In the coming year, the indirect impact caused by heightened geopolitical factors and the direct impact due to growth slowdown in the categories we compete are likely to create challenges for our business in the short term. For the longer term, however, we remain confident in our ability to drive gradual improvements in both revenue and profitability. 于二零二四╱二零二五财政年度，我们观察到大众的消费模式改变，明显地对价格日趋敏感。在未来一年，地缘政治局势加剧所造成的间接影响以及我们在各产品类别增长放缓所造成的直接影响，或为业务带来短期挑战。然而长远而言，我们坚信自身实力，致力逐步提升收入及盈利能力。 Mr. Winston Yau-lai LO (SBS, BSc, MSc) 罗友礼先生（SBS, BSc, MSc） Executive Chairman 执行主席
于二零二四╱二零二五财政年度，我们观察到大众的消费模式改变，明显地对价格日趋敏感。在未来一年，地缘政治局势加剧所造成的间接影响以及我们在各产品类别增长放缓所造成的直接影响，或为业务带来短期挑战。然而长远而言，我们坚信自身实力，致力逐步提升收入及盈利能力。 Mr. Winston Yau-lai LO (SBS, BSc, MSc) 罗友礼先生（SBS, BSc, MSc） Executive Chairman 执行主席	于二零二四╱二零二五财政年度，我们观察到大众的消费模式改变，明显地对价格日趋敏感。在未来一年，地缘政治局势加剧所造成的间接影响以及我们在各产品类别增长放缓所造成的直接影响，或为业务带来短期挑战。然而长远而言，我们坚信自身实力，致力逐步提升收入及盈利能力。 Mr. Winston Yau-lai LO (SBS, BSc, MSc) 罗友礼先生（SBS, BSc, MSc）
	Executive Chairman 执行主席

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司6

Table Head记得要转做表头列,

才会将文字转为齐底

Anual Report 2024/2025 年度报告7

Table Head记得要转做表头列,

才会将文字转为齐底

Chairman’s Statement

主席报告

In FY2024/2025, Vitasoy Group’s revenue increased by 1% over

the previous financial year, driven by growth of our core products in

Mainland China alongside the solid achievements of the Hong Kong

Operation.

The Group’s profit atributable to equity shareholders of the

Company grew substantialy by 102%, driven by enhanced sales

execution focus in Mainland China, strong performance in the

Hong Kong Operation, and our strategic emphasis on improving

procurement and operating eficiency at both the market and

corporate levels.

Based on the Group’s financial performance and cash position, the

Board of Directors recomends a final dividend of HK10.2 cents per

ordinary share for FY2024/2025, subject to shareholders’ aproval

at the Anual General Meting to be held on 25th August 2025.

Together with the interim dividend of HK4.0 cents per ordinary

share, this brings the total dividend for FY2024/2025 to HK14.2

cents per ordinary share.

Moderate sales growth and continued profitability

enhancement in Mainland China and the Hong

Kong Operation

Mainland China improved its topline sales performance in the

second half of the financial year, closing with moderate sales growth.

Substantial year-on-year profit growth was achieved, driven by

disciplined sales execution and improved operating eficiency in both

the manufacturing and comercial operations.

The Hong Kong Operation delivered revenue growth and acelerated

improvement in profit from operations during the year, despite a

chalenging retail landscape in the local market.

Australia and New Zealand grew sales and reduced los folowing

restored manufacturing stability in a very competitive sales

environment.

于二零二四╱二零二五财政年度，受惠于核心

产品在中国内地录得增长，和香港业务持续缔

造稳健佳绩，维他奶集团的收入较上一个财政

年度增加1%。

由于我们进一步有效提升中国内地业务销售端

的执行能力、加上香港业务表现强劲，以及于

市场及企业层面上实行提升采购及营运效率的

策略重点，本集团股权持有人应占溢利因而大

幅上升102%。

根据本集团的财务表现及现金状况，董事会建

议派发二零二四╱二零二五财政年度末期股息

每股普通股10.2港仙，惟须待股东于二零二五

年八月二十五日举行的股东周年大会上批准，

方可作实。连同中期股息每股普通股4.0港仙，

二零二四╱二零二五财政年度的股息总额达至

每股普通股14.2港仙。

中国内地及香港业务的销售额增长

温和，盈利能力持续提升

中国内地的销售表现于财政年度下半年有所改

善，最终全年销售额录得温和增长。我们严谨

地执行销售策略且生产及商业营运的经营效率

有所提升，业务实现大幅同比溢利增长。

尽管目前本地零售市场环境充满挑战，但年内

香港业务继续录得收入增长，经营溢利亦加快

改善。

随著生产恢复稳定，澳洲及新西兰业务于竞争

激烈的销售环境下实现销售增长并逐步减少经

营亏损。

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司8

Table Head记得要转做表头列,

才会将文字转为齐底

Chairman’s Statement

主席报告

In ASEAN markets, Singapore narowed its los from operations by

improving its export busines and gradualy recovering the domestic

busines in tofu segment, partly ofset by the transition to a new

distributor for imported beverages. Meanwhile, our joint venture

with Universal Robina Corporation in the Philipines achieved strong

revenue growth, primarily driven by the on-the-go platform.

Year ahead

In FY2024/2025, we observed a significant shift in consumer

behaviour toward greater price sensitivity. In the coming year, the

indirect impact caused by heightened geopolitical factors and the

direct impact due to growth slowdown in the categories we compete

are likely to create chalenges for our busines in the short term.

For the longer term, however, we remain confident in our ability to

drive gradual improvements in both revenue and profitability.

Our brands remain wel-positioned and highly relevant, suported

by a strong product portfolio acros both core oferings and by

inovation. We continue to enhance our organisational capabilities

and improve operational eficiency at both the market and corporate

levels.

Our Environmental, Social and Governance (ESG) performance

continues to maintain high standards as demonstrated by our high

external ESG ratings, both local and international.

在东南亚市场，新加坡在过渡至进口饮品的新

分销商有些微影响，然而豆腐的出口业务改善

及当地业务逐步回稳，使经营亏损进一步收窄。

同时，我们与Universal Robina Corporation成立

的菲律宾合营公司透过便利店平台带动收入强

劲增长。

来年展望

于二零二四╱二零二五财政年度，我们观察到

大众的消费模式改变，明显地对价格日趋敏感。

在未来一年，地缘政治局势加剧所造成的间接

影响以及我们在各产品类别增长放缓所造成的

直接影响，或为业务带来短期挑战。

然而长远而言，我们坚信自身实力，致力逐步

提升收入及盈利能力。

凭借我们在核心产品及创新方面的强大产品组

合，我们的品牌保持良好定位及紧贴市场趋势。

在市场及企业层面，我们会持续改善组织能力

及提升营运效率。

本地及国际评级机构均对我们的环境、社会及

管治表现授予高度评级，这证明及肯定我们在

环境、社会及管治表现依旧保持高水准。

Chairman’s Statement 主席报告 Note of appreciation 致谢 I would like to take this opportunity to express my sincere thanks to 本人谨借此机会，衷心感谢董事会成员、管理 my fellow Board members, the management team and all our staff 层团队及全体员工于过去一年的辛勤工作及贡 for their dedication and contributions throughout the year. I also 献。本人亦衷心感谢我们的股东、客户、供应 extend my appreciation to our shareholders, customers, suppliers 商及业务伙伴，彼等一直的支持和信任对我们 and business partners – their continued support and trust are vital to 的持续增长及进步至关重要。 our ongoing growth and progress. Winston Yau-lai LO 罗友礼 Executive Chairman 执行主席 24th June 2025 二零二五年六月二十四日

Anual Report 2024/2025 年度报告9

able Head记得要转做表头列,

才会将文字转为齐底

GROUP CHIEF EXECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集团行政总裁报告╱业务回顾 In the longer term, we are confident that our brands are well-positioned to gradually better capture growth opportunities thanks to our core portfolio and pipeline of healthy, innovative products. 长远而言，凭借我们的核心产品组合及健康创新产品系列，我们有信心旗下品牌能逐步把握增长机遇。
Mr. Roberto GUIDETTI 陆博涛先生 Executive Director and Group Chief Executive Officer 执行董事暨集团行政总裁

GROUP CHIEF EXECUTIVE OFFICER’S REPORT/BUSINESS REVIEW 集团行政总裁报告╱业务回顾 In the longer term, we are confident that our brands are well-positioned to gradually better capture growth opportunities thanks to our core portfolio and pipeline of healthy, innovative products. 长远而言，凭借我们的核心产品组合及健康创新产品系列，我们有信心旗下品牌能逐步把握增长机遇。

Mr. Roberto GUIDETTI 陆博涛先生 Executive Director and Group Chief Executive Officer 执行董事暨集团行政总裁

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司10

Table Head记得要转做表头列,

才会将文字转为齐底

GGrroouupp CChhiieeff EExxeeccuutitivvee OOffifficceerr’’ss RReeppoorrtt//BBuussiinneessss RReevviieeww 集集团团行行政政总总裁裁报报告告╱╱业业务务回回顾顾 Group revenue increased by 1% in FY2024/2025. Sales in our 本集团收入于二零二四╱二零二五财政年度增 biggest market, Mainland China, rose by 1% in local currency 加1%。我们占比最大的销售市场中国内地于该 compared with the previous year, thanks to an improvement in 财政年度下半年改善，其销售额以当地货币计 the second half of the fiscal year. Core products under both the 算较去年上升1%。尽管茶类饮品市场竞争日益 VITASOY and VITA brands achieved concurrent growth in volume 加剧，但维他奶及维他品牌旗下核心产品的销 and revenue during the year, despite intensified competition in the 量及收入均于年内同步上升。 tea market. The Hong Kong Operation delivered another year of revenue growth 香港业务继去年再实现收入增长，升幅达2%， of 2%, driven by strong brand equity, widespread availability and the 主要得益于强大品牌价值、庞大市场覆盖以及 success of our core products and innovation. 核心产品和创新成果。 Australia and New Zealand recorded revenue growth of 5% in local 澳洲及新西兰的收入以当地货币计算增长5%。 currency. This was made possible by the successful resolution of 此乃由于我们完满解决生产端带来的困难和挑 the manufacturing challenges, which led to improved operational 战，最终生产力回复市场需求水平而营运表现 performance and thus the ability to fully satisfy the high demand for 得已改善。 the products in our portfolio. Our ASEAN operations in Singapore and the Philippines remained 于本财政年度，我们继续专注推动在新加坡及 focused on driving sustainable growth and reducing losses during the 菲律宾的东南亚业务的持续增长及缩减其亏损。 financial year. Gross profit margin improved to 51.3%, mainly due to lower 毛利率改善并提升至51.3%，主要得益于原材 commodity costs and a more efficient manufacturing footprint. This 料成本下降及更高效的生产布局。然而，中国 was partially offset, however, by higher trade promotional expenses 内地的贸易推广开支增加以及不利汇率变动 in Mainland China and the impact of unfavourable foreign exchange 抵销部分上述毛利率升幅。经营溢利大幅上升 movements. Profit from operations grew substantially by 96%, 96%，此乃由于毛利上升和营运效率受惠于精 driven by improved gross profit and enhanced efficiency following 简各市场及集团开支规模而有所提高。 a disciplined rightsizing of investments and expenses at both the market and corporate level. Although our focus is on driving sales of our core products, we view 尽管我们专注于推动核心产品销售，但我们视 innovation as a critical building block for incremental growth. During 创新产品为企业增长的重要元素。于本财政年 the financial year, we continued to introduce new product variants 度，我们将继续在各个市场推出维他奶及维他 under both the VITASOY and VITA brands in all our markets. 品牌的新种类产品。 We remain confident in the long-term potential of the plant-based 我们对以植物为本的市场的长期潜力及把握增 market and our ability to capture growth opportunities. Looking 长机遇的能力充满信心。展望未来，我们将继 ahead, we will continue to focus on our core fundamentals, while 续专注于核心业务，同时扩大产品之销售渠道， expanding product availability to support sustainable revenue and 以支持收入及利润持续增长。 profit growth.

Anual Report 2024/2025 年度报告11

Table Head记得要转做表头列,

才会将文字转为齐底

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司12

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

Environmental, Social and Governance (ESG)

The Sustainability Report provides a detailed acount of our ESG

eforts and results in FY2024/2025 as wel as our plans for the

future. The board-level ESG Comite provides direction and

oversight for Vitasoy’s sustainability strategy, suported by the

executive-level Sustainability Stering Team.

Sustainability Framework

The Vitasoy Sustainability Framework provides a structure for

organising and evaluating ESG performance, in line with seven of

the United Nations Sustainable Development Goals (SDGs) demed

relevant to our busines. In the last fiscal year, the ESG Comite

endorsed Sustainability Framework goals for the next five-year

cycle to FY2030/2031, including targets for Portfolio, Packaging,

Manufacturing and Workplace.

Reporting What Maters

Vitasoy’s value chain incorporates inputs, proceses and outputs

when sourcing ingredients and manufacturing and distributing

products. The Company updates its “double materiality” asesment

every thre years by evaluating ESG impacts, risks and oportunities

from a financial and non-financial perspective to prioritise

sustainability topics. The most recent asesment is presented in the

materiality matrix in the Sustainability Report for FY2024/2025.

Vitasoy and Plant-Based Nutrition

Vitasoy ofers a wide range of afordable and healthy plant-based

products under the VITASOY and VITA brands. Compared with

alternative fod and beverage options, the Company’s plant-based

products are nutrient-dense, low in calories, saturated fat and

cholesterol, and have a lighter environmental fotprint.

Integrated Risk Management

The Company identifies and manages its ESG risks through the

Governance, Risk and Compliance System, and adheres to high

quality standards and health recomendations for its product

portfolio. The Company’s climate change disclosures and sustainable

farming practices align with the recomendations of the TCFD

(Task Force on Climate-Related Financial Disclosures) and TNFD

(Task Force on Nature-Related Financial Disclosures). Transforming

product packaging to become more sustainable is also integral to

managing environmental, sales and reputational risks.

环境、社会及管治

可持续发展报告详述我们于二零二四╱二零

二五财政年度在环境、社会及管治方面的工作

及成果，以及我们的未来计划。董事会层面的

环境、社会及管治委员会负责指导及监督维他

奶的可持续发展策略，并由行政层面的可持续

发展领导团队提供支援。

可持续发展框架

维他奶可持续发展框架为组织及评估环境、社

会及管治表现提供架构，符合七项被视为与我

们业务相关的联合国可持续发展目标。在上一

财政年度，环境、社会及管治委员会已批准至

二零三零╱二零三一财政年度的下一个五年周

期的可持续发展框架目标，包括产品组合、产

品包装、生产及工作环境方面的目标。

报告重要事项

维他奶的价值链包含采购原材料、生产及分销

产品时的投入、过程及产出。本公司每三年更

新一次「双重要性」评估，由财务至非财务角

度评估环境、社会及管治的影响、风险及机遇，

从而优先考虑可持续发展议题。最新评估于二

零二四╱二零二五财政年度之可持续发展报告

之重要性矩阵中呈列。

维他奶及以植物为本的营养

维他奶及维他品牌提供多种以植物为本且价格

相宜的健康产品。与其他食品及饮品选择相比，

本公司以植物为本的产品营养丰富、低热量、

低饱和脂肪及胆固醇，而且对环境的影响较小。

综合风险管理

本公司透过管治、风险及合规系统识别及管理

其环境、社会及管治风险，并为其产品组合遵

守高质量标准及健康建议。本公司之气候变化

披露及可持续农业实践符合TCFD（气候相关财

务披露工作小组）及TNFD（自然相关财务披露

工作小组）之建议。将产品包装转为更具可持续

性，亦是管理环境、销售及声誉风险不可或缺

的部分。

Anual Report 2024/2025 年度报告13

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

Climate Change and Carbon Reduction

The Company helps to combat climate change by ofering plant-

based fod and beverage options that are lower in carbon emision

compared with alternatives. Progres has ben made in both energy

eficiency and water intensity to reduce the Company’s direct

and indirect carbon emisions. The Scope 3 carbon inventory has

also ben updated to include Forest, Land and Agriculture (FLAG)

emisions from raw materials. During the financial year, initiatives

were underway to engage supliers on colecting acurate carbon

data and enhancing the ESG performance of our suply chain.

Making the Right Products – Portfolio

Vitasoy is optimising its plant-based portfolio by expanding

its product oferings, enhancing their nutritional benefits and

encouraging healthier choices. “Vitasoy Nutrition Criteria” are based

on dietary guidelines from health authorities such as the World

Health Organization.

In FY2024/2025, the Company made strong progres towards its

portfolio goals through continuous inovation. A more ambitious

target for FY2030/2031 was adopted to acelerate the growth of

low- and no-sugar products, reinforcing our comitment to reducing

sugar content in line with welnes guidelines, evolving regulations

and shifting consumer preferences.

Making the Right Products – Packaging

Vitasoy adreses oportunities and risks asociated with

sustainable packaging by monitoring new regulations, evaluating new

technologies and adopting more sustainable primary and secondary

packaging materials and designs. The Company has achieved strong

performance against targets for sustainable paper and glas botle

recycling. Pilot initiatives to eliminate single-use plastics and reduce

virgin plastic consumption are curently underway.

Making Products the Right Way – Manufacturing

Vitasoy focuses on mitigating its environmental impact from energy

use, water consumption and waste disposal in manufacturing

operations. Various projects are ongoing to achieve energy and

water savings, waste reduction, and enhanced waste segregation and

diversion from landfil.

气候变化及减碳

本公司提供以植物为本的食品及饮品选择，其

碳排放比替代品更低，有助应对气候变化。本

公司在能源效益及用水强度方面均取得进展，

减少本公司的直接及间接碳排放。范围3碳清

单亦已更新，以包括来自原材料的森林、土地

及农业(FLAG)排放。于本财政年度，我们已采

取措施从供应商中收集准确的碳数据，并提升

我们供应链的环境、社会及管治表现。

生产适当的产品－产品组合

维他奶透过扩大其产品系列、提升产品的营养

价值及鼓励作出更健康的选择，不断优化其以

植物为本的产品组合。「维他奶营养标准」乃根

据世界衞生组织等衞生机构的饮食指引而制定。

于二零二四╱二零二五财政年度，本公司透过

持续创新，在实现产品组合目标方面取得显著

进展。我们于二零三零╱二零三一财政年度采

纳了一项更进取的目标，以加速低糖及无糖产

品的增长，进一步彰显我们致力于根据健康指

引、不断演变的法规及消费者喜好转变减少糖

含量的承诺。

生产适当的产品－产品包装

维他奶透过监察新法规、评估新技术以及采用

更可持续的食品接触包装和运输包装材料和设

计，应对与可持续包装相关的机遇及风险。本

公司在可持续纸张及玻璃樽回收方面取得强劲

表现。本集团现正推行淘汰一次性塑胶制品及

减少原始塑胶消耗的措施。

采用适当的生产方法－生产

维他奶专注于减轻生产过程中能源使用、水消

耗及废物处理对环境造成的影响。目前正在进

行各种项目，以实现能源及用水节约、废物减量，

以及改善废物分类和避免堆填。

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司14

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

Making Products the Right Way – Suply Chain

Vitasoy manages suply chain risks and oportunities through ethical

sourcing policies and suplier engagement practices. Supliers in

Mainland China are screned for environmental violations by an

independent third party. A comprehensive asesment of nature-

related risks and oportunities was conducted on soybean farms

in Mainland China and Australia. Vitasoy’s Sustainable Farming

Guidelines stipulate proper management of resources and

biodiversity protection. The Company also works closely with

contract farmers to implement sustainable practices.

Making Products the Right Way – Workplace

Vitasoy’s workforce is recognised as its greatest strength. Ensuring

workers can enjoy a safe and healthy workplace is a top priority for

the management of Vitasoy, which focuses on the elimination of

lost-time injuries.

To create a safe, purpose-driven and inclusive working environment,

the Company has invested in a strong corporate culture, talent

development and performance management. In recognition of its

HR initiatives, Vitasoy has received awards for its global mobility

and leadership development, as wel as for programes such as the

Sustainability Forum and Leadership Lounge.

Making Products the Right Way – Comunity

Vitasoy seks to make long-term positive contributions by promoting

god nutrition and suporting rural revitalisation. The Vitasoy

Comunity Care Programe in Mainland China, for example,

provides VITASOY Low Sugar Soyabean Milk and health and physical

education oportunities for children in rural primary schols. To date,

this programe has provided almost two milion packs of VITASOY

Low Sugar Soyabean Milk to rural schols acros the country.

Through nutrition clases, sports activities and paper carton recycling

workshops, we raised awarenes of healthy diets and sustainable

lifestyles to around 7,000 rural children in 49 schols acros 11

counties in Guangdong, Hebei, Henan, Gansu, Shanxi, Hunan and

Guizhou.

The Homegrown Baristas initiative in Australia helps young people

gain valuable skils and work experience. What’s more, the Company

has ben promoting a circular economy in colaboration with local

stakeholders through initiatives such as Drink Without Waste.

In Mainland China, the Beverage Carton Clean Recycling Programe

engaged more than 1,800 schols and colected over 960 tones of

post-consumer paper cartons.

采用适当的生产方法－供应商

维他奶透过道德采购政策及供应商参与常规管

理供应链风险及机遇。中国内地的供应商需接

受独立第三方的环保违规筛查。本集团全面评

估中国内地及澳洲大豆农场与自然有关的风险

及机遇。维他奶的可持续农业指引订明保护资

源及生物多样性的妥善管理。本公司亦与合同

农场紧密合作，推行可持续实践。

采用适当的生产方法－工作环境

维他奶的员工团队被视为其最大优势。维他奶

管理层的首要任务是确保员工享有安全及健康

的工作环境，致力避免工伤事故。

为营造一个安全、目标明确且具包容性的工作

环境，本公司在培育强大企业文化、人才发展

及绩效管理方面投入大量资源。凭借其人力资

源举措，维他奶在全球流动性和领导力发展方

面获得奖项，并因其可持续发展论坛及维他茶

聚等计划而受到表彰。

采用适当的生产方法－社区

维他奶致力透过推广良好营养及支持乡村振兴

作出长远积极贡献。例如，维他奶于中国内地

维爱公益行动为农村小学的儿童提供维他奶低

糖豆奶以及推广健康及体育教育机会。在本报

告年度内，该行动已向全国各地的农村学校提

供接近200万包维他奶低糖豆奶。

我们向广东、河北、河南、甘肃、山西、湖南

和贵州11个区县内的49所学校约7,000名农村

儿童提供营养课堂、体育活动和纸包盒回收工

作坊，借以提升他们对健康饮食及可持续生活

方式的意识。

澳洲本土咖啡师(Homegrown Baristas)计划有助

年轻人获得宝贵的技能及工作经验。此外，本

公司与当地持份者合作，通过免「废」畅饮等措

施，推动循环经济。

在中国内地，超过1,800所学校参与干净纸包

回收计划，收集了超过960吨用后纸盒。

	Year ended 31st March 截至三月三十一日止年度		Change 变动	Change – Net of currency impact 变动－撇除汇率影响
	2025 二零二五年 (HK$ million) （港币百万元）	2024 二零二四年 (HK$ million) （港币百万元）
Revenue 收入	6,274	6,217	+1%	+1%
Gross Profit 毛利	3,218	3,111	+3%	+4%
EBITDA (Earnings before Interest Income, Finance Costs, Income Tax, Depreciation, Amortisation and Share of Losses of Joint Venture) EBITDA（未计利息收入、融资成本、所得税、折旧、摊销费用及所占合营公司亏损前盈利）	836	685	+22%	+23%
Profit Attributable to Equity Shareholders of the Company 本公司股权持有人应占溢利	235	116	+102%	+102%
Basic Earnings per Share (HK cents) 每股基本盈利（港仙）	21.9	10.9	+102%	+102%
Gearing ratio 借贷比率	20%	23%	-3ppt -3百分点	-3ppt -3百分点
Gearing ratio (excluding lease liabilities) 借贷比率（不包括租赁负债）	10%	13%	-3ppt -3百分点	-3ppt -3百分点
ROCE (Return on Capital Employed) 资本回报率	25%	21%	+4ppt +4百分点	+4ppt +4百分点

Anual Report 2024/2025 年度报告15

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

Financial Highlights

Highlights of the Group’s financial performance for the year ended

31st March 2025, with comparisons against the previous financial

year ended 31st March 2024, are presented in the folowing table:

财务摘要

下表呈列本集团截至二零二五年三月三十一日

止年度的财务业绩摘要，与截至二零二四年三

月三十一日止之上一个财政年度的对比：

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司16

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

收入

截至二零二五年三月三十一日止年度，本

集团的收入增加1%至港币6,274,000,000元

（二零二三╱二零二四财政年度：港币

6,217,000,000元）。

毛利及毛利率

本集团于年内的毛利为港币3,218,000,000元

（二零二三╱二零二四财政年度：港币3,111,000,000

元），上升3%，主要由于销量增加、原材料成

本下降及更有效率生产规模，惟部分升幅被中

国内地贸易推广费用增加及不利汇率变动所抵销。

毛利率上升至51.3%（二零二三╱二零二四财政

年度：50.0%）。

经营费用

总经营费用减少3%至港币2,930,000,000元

（二零二三╱二零二四财政年度：港币3,010,000,000

元）。

市场推广、销售及分销费用减少4%至港币

1,901,000,000元（二零二三╱二零二四财政年度：

港币1,976,000,000元），主要由于营运效率提升，

例如运输成本下降及员工相关开支节省。

行政费用减少1%至港币694,000,000元

（二零二三╱二零二四财政年度：港币701,000,000

元），主要由于营运效率有所改善，惟部分被维他

奶（上海）有限公司产生的遣散费所抵销。

其他经营费用为港币335,000,000元（二零二三╱

二零二四财政年度：港币333,000,000元），主

要包括支援职务的员工成本及中国内地的其他

税项费用。

Revenue

For the year ended 31st March 2025, Group revenue increased by

1% to HK$6,274 milion (FY2023/2024: HK$6,217 milion).

Gros Profit and Gros Profit Margin

The Group’s gros profit for the year was HK$3,218 milion

(FY2023/2024: HK$3,111 milion), representing an increase of 3%.

This was mainly due to higher sales volume, lower comodity costs

and a more eficient manufacturing fotprint, partialy ofset by

higher trade promotional expenses in Mainland China and the impact

of unfavourable foreign exchange movements.

Gros profit margin increased to 51.3% (FY2023/2024: 50.0%).

Operating Expenses

Total operating expenses decreased 3% to HK$2,930 milion

(FY2023/2024: HK$3,010 milion).

Marketing, seling and distribution expenses decreased 4% to

HK$1,901 milion (FY2023/2024: HK$1,976 milion), mainly due to

improved operational eficiencies, such as lower transportation costs

and savings in staf-related expenses.

Administrative expenses decreased 1% to HK$694 milion

(FY2023/2024: HK$701 milion), mainly due to improved operational

eficiencies but partly ofset by severance payments incured by

Vitasoy (Shanghai) Company Limited.

Other operating expenses were HK$335 milion (FY2023/2024:

HK$333 milion), which mainly included staf costs for employes in

suport functions and sundry tax charges in Mainland China.

Anual Report 2024/2025 年度报告17

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

未计利息收入、融资成本、所得税、折

旧、摊销费用及所占合营公司亏损前

盈利（「EBITDA」）

年内的EBITDA为港币836,000,000元，按年增

加22%，主要归因于我们业务的毛利贡献增加

以及营运过程中有效合理控制经营成本。

年内的EBITDA占销售的利润率由11%增加至

13%。

经营溢利

年内经营溢利为港币364,000,000元，较去年

溢利港币185,000,000元增加96%。

除税前溢利

于二零二四╱二零二五财政年度，除税前溢利

增加141%至港币317,000,000元（二零二三╱

二零二四财政年度：港币132,000,000元）。

税项

年内的所得税支出为港币76,000,000元

（二零二三╱二零二四财政年度：港币

14,000,000元），实际税率为24%，去年则为

11%，主要由于未确认之未动用税务亏损以及

撇销先前已确认税项亏损的税项影响。

本公司股权持有人应占溢利

本公司股权持有人应占溢利为港币235,000,000

元（二零二三╱二零二四财政年度：港币

116,000,000元），较去年增加102%。

EBITDA (Earnings before Interest Income, Finance

Costs, Income Tax, Depreciation and Amortisation and

Share of Loses of Joint Venture)

EBITDA for the year was HK$836 milion, an increase of 22%

year-on-year. This was mainly driven by the higher gros profit

contribution and efective operating cost rationalisation in our

operations.

The EBITDA to revenue margin for the year increased from 11% to

13%.

Profit from Operations

Profit from operations for the year was HK$364 milion, an increase

of 96% from a profit of HK$185 milion last year.

Profit before Taxation

For FY2024/2025, profit before taxation increased by 141% to

HK$317 milion (FY2023/2024: HK$132 milion).

Taxation

Income tax charged for the year was HK$76 milion (FY2023/2024:

HK$14 milion), with an efective tax rate of 24% versus 11% last

year, mainly due to the tax efect of unused tax loses not recognised

and writen-of of previously recognised tax loses.

Profit Atributable to Equity Shareholders of the

Company

Profit atributable to equity shareholders of the Company was

HK$235 milion (FY2023/2024: HK$116 milion), representing an

increase of 102% over the previous year.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司18

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

财务状况

本集团主要透过动用内部现金及主要来往银行

所提供的银行信贷额，为营运及资本支出提供

资金。

于二零二五年三月三十一日，现金及银行存

款为港币1,268,000,000元（二零二四年三月

三十一日：港币794,000,000元）。当中81%、

14%及3%的现金及银行存款分别以港币、

人民币及美元计值（二零二四年三月三十一

日：82%、12%及3%）。截至二零二五年三月

三十一日，本集团的现金净额（现金及银行存

款减银行借贷、应付票据及租赁负债）为港币

657,000,000元（二零二四年三月三十一日：港

币111,000,000元）。可供动用的银行信贷额为

港币971,000,000元（二零二四年三月三十一日：

港币1,193,000,000元），以满足未来的资金需要。

本集团的债务为港币610,000,000元（二零二四

年三月三十一日：港币684,000,000元），当中

银行借贷为港币265,000,000元（二零二四年三

月三十一日：港币256,000,000元）、应付票据

为港币47,000,000元（二零二四年三月三十一

日：港币125,000,000元）及租赁负债为港币

298,000,000元（二零二四年三月三十一日：

港币303,000,000元）。

借贷比率（按债务总额与本公司股权持有人应

占权益总额比率计算）下降至20%（二零二四年

三月三十一日：23%）。扣除债务总额中的租赁

负债，借贷比率为10%（二零二四年三月三十一

日：13%）。

年内本集团的资本回报率（按EBITDA╱平均非

流动债务及权益比率计算）为25%（二零二三╱

二零二四财政年度：21%）。

年内录得的资本性支出减少至港币124,000,000

元（二零二三╱二零二四财政年度：港币

133,000,000元），主要由于生产线及设备保养

升级所需的常态化投资所致。

于二零二五年三月三十一日，本集团已抵押银

行存款约港币1,000,000元作为租赁安排的银行

担保（二零二四年三月三十一日：无）。

Financial Position

The Group finances its operations and capital expenditure primarily

through internaly generated cash as wel as banking facilities

provided by our principal bankers.

As of 31st March 2025, cash and bank deposits amounted to

HK$1,268 milion (31st March 2024: HK$794 milion), with 81%,

14% and 3% of our cash and bank deposits denominated in Hong

Kong Dolars (HKD), Renminbi (RMB) and United States Dolars (USD),

respectively (31st March 2024: 82%, 12% and 3%). As of 31st March

2025, the Group had a net cash balance (cash and bank deposits les

bank borowings, bils payable and lease liabilities) of HK$657 milion

(31st March 2024: HK$111 milion). Available banking facilities

amounted to HK$971 milion (31st March 2024: HK$1,193 milion)

to facilitate future funding neds.

The Group’s debt amounted to HK$610 milion (31st March 2024:

HK$684 milion), of which bank borowings were HK$265 milion

(31st March 2024: HK$256 milion), bils payable were HK$47

milion (31st March 2024: HK$125 milion), and lease liabilities were

HK$298 milion (31st March 2024: HK$303 milion).

The gearing ratio (total debt/total equity atributable to equity

shareholders of the Company) decreased to 20% (31st March 2024:

23%). Excluding lease liabilities from total debt, the gearing ratio was

10% (31st March 2024: 13%)

The Group’s return on capital employed (ROCE, being EBITDA/

average non-curent debt and equity) for the year was 25%

(FY2023/2024: 21%).

Capital expenditure incured during the year decreased to HK$124

milion (FY2023/2024: HK$133 milion), mainly due to the

normalised investment required for maintaining and upgrading our

production lines and equipment.

As at 31st March 2025, the Group had pledged a bank deposit of

aproximately HK$1 milion as security for a bank guarante related

to a lease arangement (31st March 2024: nil).

Anual Report 2024/2025 年度报告19

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

非财务关键表现指标

本集团将于二零二五年七月连同本年报一并公

布的二零二四╱二零二五财政年度可持续发展

报告中刊载多个非财务关键表现指标。

税务策略

当考虑税务时，本集团会适当考虑其企业及社

会责任的重要性。更明确而言，本集团坚持于

其创造价值的国家中缴纳税项，并全面遵守所

有相关司法管辖区的税务法例。本集团同时坚

持遵循经济合作与发展组织转让定价指引，并

确保集团公司间的交易时常遵从公平原则。本

集团亦积极支持经合组织就支柱二有关税基侵

蚀和利润转移的国际税收改革工作。此外，本

集团就集团的税项事务对税务机关一直保持公

开透明，并且披露相关资料让税务机关能执行

其覆核工作。

财务风险管理

本集团的整体财务管理政策强调预测及管控风

险，涵盖与本集团的相关业务直接有关的交易。

为达致协同效益、效率及监控的目的，本集团

为其所有附属公司实行中央现金及财政管理系

统。各营运附属公司一般以当地货币进行借贷，

为当地投资项目提供资金及减低部份外汇风险。

潜在风险及不明朗因素

本公司在集团内实施全面的风险管理框架，采

用一致的流程以预测、评估及减轻关键业务风

险，以及采纳风险管治架构，确保风险责任管

理得到落实和适当监督。鉴于营商环境瞬息万

变，本集团内部审计及风险管理部因而加强提

升关键风险指标，识别外来新兴风险，促进关

键采购决策风险审核。该等风险管理流程的详

情刊载于本年报内企业管治报告的风险管理一节。

Non-financial Key Performance Indicators

The Group publishes various non-financial KPIs in its FY2024/2025

Sustainability Report, which wil be released in July 2025 together

with this Anual Report.

Tax Strategy

When considering tax, the Group gives due consideration to

the importance of its corporate and social responsibilities. More

specificaly, the Group comits to paying taxes in the countries

where it creates value and complying fuly with tax laws acros

al relevant jurisdictions. The Group also comits to folowing

the Organisation for Economic Co-operation and Development

(OECD) transfer pricing guidelines and to ensuring that the arm’s

length principle is always observed in transactions betwen Group

companies. The Group also actively suports the OECD international

tax reform work on Base Erosion and Profit Shifting (BEPS) on Pilar

Two. In adition, the Group comits to being open and transparent

with tax authorities about the Group’s tax afairs and to disclosing

relevant information to enable tax authorities to cary out their

reviews.

Financial Risk Management

The Group’s overal financial management policy focuses on

anticipating, controling and managing risks, and covering

transactions directly related to the underlying busineses of the

Group. For synergy, eficiency and control, the Group operates a

central cash and treasury management system for al subsidiaries.

Borowings are normaly taken out in local curencies by the

operating subsidiaries to fund their investments and partialy mitigate

foreign curency risks.

Potential Risk and Uncertainties

The Company has implemented a comprehensive risk management

framework acros the Group to consistently anticipate, ases and

mitigate key busines risks, as wel as a risk governance structure to

ensure risk ownership and proper oversight. In view of the rapidly

changing busines environment, the Group Internal Audit and Risk

Management Department has steped up its eforts to improve

key risk indicators, identify external emerging risks and facilitate

risk reviews for key purchasing decisions. Details of these risk

management proceses are covered in the Risk Management section

of the “Corporate Governance Report” in this Anual Report.

(Rounded to the nearest million) （四舍五入至最接近百万）	2025 二零二五年	2024 二零二四年	% Change 百分比变动
Revenue from external customers (RMB million) 来自外间顾客之收入（人民币百万元）	3,116	3,087	+1%
Profit from operations (RMB million) 经营溢利（人民币百万元）	289	203	+42%
Revenue from external customers (HK$ million) 来自外间顾客之收入（港币百万元）	3,363	3,359	On par 持平
Profit from operations (HK$ million) 经营溢利（港币百万元）	311	221	+41%

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司20

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

整体回顾

中国内地

下半年销售改善带动收入温和增长，而溢

利强劲增长乃受惠于生产及经营效率改善

由于二零二四╱二零二五财政年度下半年的收

入从上半年的持平增长至2%，全年收入（以当

地货币计算）较去年轻微增长1%。维他奶及维他

品牌旗下的核心产品销售额及销量均录得增长。

持续扩展核心业务的同时，维他奶（草莓味和香

蕉味豆奶）及维他茶（维他零糖柠檬茶）的创新

产品亦为现有产品组合带来额外收入增长。

我们继续透过提升营运效率、降低原材料成本

及实施严格成本控制从而改善盈利能力。经营

溢利上升41%，达致年内经营利润率9%。

Review of operations

Mainland China

Sales improvement in the second half enabled moderate

topline growth, with strong operating profit growth driven by

improved production and operational eficiency

Revenue grew slightly by 1% in local curency terms compared with

the previous year due to growth from flat in the first half to 2% in

the second half of FY2024/2025. Core products under the VITASOY

and VITA brands registered concurent sales and volume growth.

While continuing to expand our core busines, inovations in both

VITASOY (fruity variants of Strawbery and Banana) and VITA tea

(VLT Zero) provided incremental revenue for the existing product

portfolio.

We continued to improve profitability by increasing operating

eficiency, lowering comodity prices and exercising disciplined

cost control. Profit from operations rose by 41% to achieve a 9%

operating margin for the year.

(Rounded to the nearest million) （四舍五入至最接近百万）	2025 二零二五年 HK$ million 港币百万元	2024 二零二四年 HK$ million 港币百万元	% Change 百分比变动
Revenue from external customers 来自外间顾客之收入	2,261	2,224	+2%
Profit from operations 经营溢利	279	225	+24%

Anual Report 2024/2025 年度报告21

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

香港业务（香港特别行政区、澳门特别

行政区及出口）

在充满挑战的零售环境中，实现收入持续

增长及加快提升盈利能力

在加强核心业务及目标导向创新的支持下，香

港业务继去年再实现收入增长。尽管本地整体

零售环境面临不少挑战，但维他奶及维他品牌

继续引领香港市场，巩固我们强大的品牌价值。

经营溢利增长24%，主要受销量上升、间接成

本下降及原材料成本下降所推动，年内经营利

润率因所有前述因素而达至12%。

Hong Kong Operation (Hong Kong SAR, Macau SAR and

Exports)

Sustained revenue growth and acelerated profitability

improvement achieved amidst a chalenging retail environment

The Hong Kong Operation delivered another year of revenue

growth, underpined by a strengthened core busines and targeted

inovations. Despite some chalenges in the overal local retail

environment, both VITASOY and VITA brands continued to lead the

market in Hong Kong, reinforcing our strong brand equity.

Profit from operations grew by 24%, driven mainly by higher sales

volumes, lower overhead costs and lower comodity costs, al of

which contributed to the 12% operating profit margin for the year.

(Rounded to the nearest million) （四舍五入至最接近百万）	2025 二零二五年	2024 二零二四年	% Change 百分比变动
Revenue from external customers (AUD million) 来自外间顾客之收入（澳币百万元）	107	103	+5%
Loss from operations (AUD million) 经营亏损（澳币百万元）	(15)	(16)	+4%
Revenue from external customers (HK$ million) 来自外间顾客之收入（港币百万元）	544	527	+3%
Loss from operations (HK$ million) 经营亏损（港币百万元）	(77)	(81)	+5%

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司22

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

澳洲及新西兰

随著生产恢复稳定，澳洲业务于竞争激烈

的销售环境下实现持续的销售增长并逐步

减少经营亏损

解决早前生产线问题后，收入（以当地货币计算）

增长5%。

经过上半年的挑战，我们下半年经营亏损以当

地货币计算收窄31%。经营亏损因生产回复稳

定及物流优化而有所改善，促销活动于二零

二四╱二零二五财政年度最后一个季度持续恢复。

就全年而言，经营亏损减少4%至澳币

15,000,000元。

Australia and New Zealand

Continuous sales growth and los reduction folowing

restored manufacturing stability in a very competitive sales

environment

Revenue grew 5% in local curency terms, folowing the resolution of

earlier production line isues.

After a chalenging first half, we narowed the los from operations

in the second half by 31% in local curency terms. This improvement

was driven by the restoration of manufacturing stability and

optimisation of logistics, which together suported the sustained

resumption of promotional activities in the final quarter of

FY2024/2025.

For the ful year, the los from operations decreased by 4% to

AUD15 milion.

(Rounded to the nearest thousand) （四舍五入至最接近千元）	2025 二零二五年	2024 二零二四年	% Change 百分比变动
Revenue from external customers (SGD thousand) 来自外间顾客之收入（坡币千元）	18,223	18,396	-1%
Loss from operations (SGD thousand) 经营亏损（坡币千元）	(1,327)	(2,210)	+40%
Revenue from external customers (HK$ thousand) 来自外间顾客之收入（港币千元）	106,131	107,008	-1%
Loss from operations (HK$ thousand) 经营亏损（港币千元）	(7,729)	(12,855)	+40%

Anual Report 2024/2025 年度报告23

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

新加坡

豆腐业务（本地及出口）逐步复苏，及进口

饮品过渡至新分销商

收入较去年轻微减少。尽管国内及出口市场的

豆腐销量均有所增长，但进口饮品业务因完成

过渡至新分销商而暂时受到影响。

经营亏损有所收窄，主要由于原材料成本降低

及更好的销售组合所致。

展望

在本财政年度，面对外围环境挑战加剧以及各

产品类别增长放缓，我们的目标是透过扩大植

物奶及即饮茶等核心产品类型的市场份额，维

持所有营运单位的业务规模及盈利能力，而中

国内地业务为集团高度重视的市场。

与此同时，我们将致力维持销售增长，并缩减

澳洲业务的亏损。

长远而言，凭借我们的核心产品组合及健康创

新产品系列，我们有信心旗下品牌能逐步把握

增长机遇。

Singapore

Gradual recovery in the tofu segment, both local and export,

folowing the transition to a new distributor for imported

beverages

Revenue decreased slightly compared with the previous year.

While tofu sales volume grew in both domestic and export markets,

the imported beverage busines was temporarily afected by the

completion of the transition to a new distributor.

The los from operations narowed, mainly due to lower raw material

costs and an optimised sales mix.

Busines Outlok

In the curent financial year, in the context of a much more

chalenging external environment and categories’ growth slowdown,

our goal is to sustain scale and profitability acros al operating units

by expanding our market share in the core categories of plant milk

and ready-to-drink tea, with a particular focus and priority on the

Mainland China busines.

At the same time, we wil work to sustain sales growth and decrease

the los from operations in Australia.

In the longer term, we are confident that our brands are wel-

positioned to gradualy beter capture growth oportunities thanks

to our core portfolio and pipeline of healthy, inovative products.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司24

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

中国内地

饮品类别整体增长放缓，竞争环境更趋激烈，

消费者对价格亦趋敏感。短期内，我们的主要

目标乃维持业务规模及盈利能力。

于二零二五╱二零二六财政年度，我们将进一

步加强执行销售策略，增加每家店舖的销售额

及提升产品供应。我们将继续集中发展核心产

品业务和强化产品创新，以支持我们的核心品

牌维他奶及维他。

香港业务（香港特别行政区、澳门特别

行政区及出口）

香港将融合中国内地发展计划，并继续于现有

渠道实施其独特、深远的扩张策略，以维持高

利润的营收增长。向美国的出口销售（已综合入

账至香港业务）于二零二四╱二零二五财政年

度占维他奶总业务的比例低于2%，预计关税对

本集团的影响不大。然而，我们将继续评估全

球贸易战对我们业务造成的财务影响。

澳洲及新西兰

我们继续致力于利用现已稳定的生产力加快销

售。稳定生产规模可使我们能够全面满足未来

市场增长的需求，推动创新及提升经营效率，

使我们能够令经营亏损相对二零二四╱二零

二五财政年度进一步减少。虽然我们已解决生

产问题，惟改善成本结构与恢复市场地位的时

间较长，且由于销售环境竞争激烈，该挑战将

进一步加剧。

新加坡

我们将继续推动豆腐销售的增长及分散采购以

达至饮品成本优化，以扩大规模并大幅改善盈

利状况。

菲律宾

我们与Universal Robina Corporation成立的合

营公司将继续于充满前景的市场扩大规模并推

动植物奶市场的增长。由于杏仁奶及燕麦奶深

受不同消费者欢迎，我们将全面投资豆奶、杏

仁奶及燕麦奶的一次性及家庭装产品组合。

Mainland China

Overal beverage category growth has slowed down and the

competitive context has become more chalenging, while consumers

become more price sensitive. Our main goal in the short-term

horizon is to sustain scale and profitability.

In FY2025/2026, we wil further sharpen field sales execution

to increase sales per outlet and improve product availability. Our

core VITASOY and VITA brands wil continue to be suported by a

dedicated focus on our core products and strong inovation pipeline.

Hong Kong Operation (Hong Kong SAR, Macau SAR and

Exports)

Closely integrated with the Mainland China comercial programe,

Hong Kong wil continue to execute its distinctive, far-reaching

expansion strategy acros al chanels to sustain highly profitable

topline growth. Export sales to the United States (which has ben

consolidated under Hong Kong Operation) acounts for les than 2%

of total Vitasoy busines in FY2024/2025, and the estimated tarif

impact to the Group is not material. However, we wil continue to

ases the financial impact of global trade bariers on our busines.

Australia and New Zealand

We remain comited to acelerating sales by leveraging our now

stabilised manufacturing operation. Manufacturing stability alows

us to completely satisfy growing demand, while further inovations

and other operational eficiencies wil enable us to continue to

decrease the los from operations of FY2024/2025. While we have

resolved the manufacturing isues, it is taking longer to improve our

cost structure and recover our market position and this has ben

exacerbated by a very competitive sales environment.

Singapore

We wil continue to drive growth in tofu sales and diversify

sourcing for cost optimised beverage products to increase scale and

significantly improve the botom line.

The Philipines

Our joint venture with Universal Robina Corporation wil continue

to advance scale and grow the exciting plant milk category in this

promising market. As the market has shown responsivenes to

almond and oat milk acros diferent shoper ocasions, we wil

invest behind our comprehensive portfolio of soy, almond and oat

milk acros both single serve and multi serve.

Anual Report 2024/2025 年度报告25

Table Head记得要转做表头列,

才会将文字转为齐底

Group Chief Executive Oficer’s Report/Busines Review

集团行政总裁报告╱业务回顾

总结

本集团的销售额上升，原材料价格得到有效管

理，营运效率亦有所提升，最终令本集团于二

零二四╱二零二五财政年度录得可观溢利增长。

展望二零二五╱二零二六财政年度，我们会致

力维持业务规模与盈利能力，克服地缘政治局

势紧张、经济环境疲弱及植物奶和即饮茶市场

竞争激烈带来的挑战。

长远而言，凭借我们强大的品牌价值、稳健的

核心产品组合及持续创新，我们仍处于有利位

置，在各市场实现价值及增长。我们全面的组

织能力加上以植物为本的食品及饮品的国际认

知度不断增长，为我们的持续成功奠定了坚实

基础。

本人谨此衷心感谢我们的执行主席及董事会，

于过去一年，他们的睿智及指导为集团提供宝

贵的意见。本人亦谨此感谢我们全体员工及业

务伙伴于本年度所作的无私奉献并能充分灵活

应对工作。

陆博涛

执行董事暨

集团行政总裁

二零二五年六月二十四日

Conclusion

Increased sales and efective management of raw material prices

together with enhanced operating eficiency enabled the Group to

deliver significant profit growth for FY2024/2025. Loking ahead

to FY2025/2026, we wil prioritise sustaining busines scale and

profitability, navigating chalenges posed by geopolitical tensions,

weak economic conditions and competitive plant milk and ready-to-

drink tea markets.

For the longer term, we remain wel-positioned to deliver value and

growth acros our markets, bolstered by our strong brand equity,

robust core product portfolio and ongoing incremental inovations.

Our comprehensive organisational capabilities, combined with

our international presence in the growing plant-based fod and

beverages market, provide a solid foundation for our sustained

suces.

I would like to thank our Executive Chairman and Board of

Directors, whose wisdom and guidance have ben invaluable

during the past year. I would also like to acknowledge our staf and

busines partners, who performed with great dedication and agility

throughout the year.

Roberto GUIDETI

Executive Director and

Group Chief Executive Oficer

24th June 2025

Corporate Governance Report 企业管治报告 CORPORATE GOVERNANCE REPORT 企业管治报告 2266 VViittaassooyy IInntteerrnnaatitioonnaall HHoollddiinnggss LLttdd.. 维维他他奶奶国国际际集集团团有有限限公公司司

Anual Report 2024/2025 年度报告27

Corporate Governance Report

企业管治报告

Vitasoy International Holdings Limited (the “Company”) is firmly

comited to a high level of corporate governance and adherence to

the governance principles and practices emphasising transparency,

independence, acountability, responsibility and fairnes. These

principles and practices are regularly reviewed, enhanced and

updated by the Board of Directors (the “Board”) or its delegated Board

Comites to reflect the ever changing regulatory requirements

and corporate governance development. The Board would conduct

regular review on the implementation and efectivenes of those

policies embracing those principles and practices. The Board believes

that the high standards of corporate governance is the esential core

for sustaining Vitasoy Group’s long term performance and value

creation for our shareholders, the investing public and the other

stakeholders.

Board

Composi(cid:31)on

董事会组成

于二零二四╱二零二五财政年度举行了五次董事会议及八次董事会辖下

委员会议

会议平均出席率达95%

periodic review a Corporate Culture Statement to always align with busines

strategies and opera(cid:31)ng prac(cid:31)ces

定期检讨企业文化声明，与业务策略及营运常规保持一致

积极的可持续发展策略及有效实施

积极参与公司内部培训以及持续专业发展

clear roadmap for Board Sucesion Plan and Board Diversity

董事会继任计划及董事会成员多元化均有清晰的未来路向图

Board and

Governance

Highlights

董事会及管治摘要

ﬁve Board me(cid:30)ngs and eight Sub-board Comi(cid:29)e me(cid:30)ngs in FY2024/2025

average 95% a(cid:29)endance rate of me(cid:30)ngs

proac(cid:30)ve sustainability strategy and eﬀec(cid:30)ve implementa(cid:30)on

ac(cid:30)ve par(cid:30)cipa(cid:30)on of in-house training and con(cid:30)nuing profesional development

十名董事当中四人为独立非执行董事

four out of the ten directors are independent non-execu(cid:30)ve directors

thre out of the ten directors are female

十名董事当中三人为女性

the Board has diverse mix of knowledge, skils, experience and exper(cid:30)se

董事会拥有多元化的知识、技能、经验及专长

chairpersons of major board comi(cid:29)es are independent non-execu(cid:30)ve directors

主要董事委员会之主席均为独立非执行董事

roles of Execu(cid:30)ve Chairman and Group Chief Execu(cid:30)ve Oﬃcer are separate, and

Group Chief Execu(cid:30)ve Oﬃcer is a profesional management execu(cid:30)ve

执行主席及集团行政总裁之角色均已区分，且集团行政总裁为专业管理行政人员

维他奶国际集团有限公司（「本公司」）坚守高水

平的企业管治，并时刻遵守注重具透明度、独

立性、问责、负责任与公平之管治原则及常规。

本公司董事会（「董事会」）或其授权之董事会委

员会定期检讨、改进并更新该等原则及常规，

跟不断转变的监管规定及企业管治发展，一起

与时并进。董事会对包含该等原则及常规的政

策之实施及成效进行定期检讨。董事会相信，

高标准的企业管治对维他奶集团持续其长远表

现，并为各股东、公众投资者及其他持份者创

造价值，乃不可或缺的关键核心。

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司28

Corporate Governance Report

企业管治报告

企业管治常规

本公司于截至二零二五年三月三十一日止年度

一直遵守所有香港联合交易所有限公司证券上

市规则（「上市规则」）附录C1第二部分所载之企

业管治守则（「企业管治守则」）中之守则条文，

并采纳企业管治守则所载之若干适用的建议最

佳常规。

企业文化

八十多年以来，维他奶生产营养美味、以植物

为本的食品及饮品，是世界首屈一指的生产商

之一。于一九四零年，我们的创始人罗桂祥博

士深受启发，为大众提供丰富且价格相宜的营

养饮料，以改善大众生活。自此我们秉承罗博

士的初心，在业务经营中倡导可持续性。公司

创办的理念到今天仍然启发著我们，继续热衷

推动植物性饮食潮流。

维他奶文化声明：我们的使命、价值

及行为

我们的使命

凭借植物的神奇力量，推动世界迈向可持续发

展的未来。

我们的核心价值

我们拥有共同的三大核心价值：

－诚实、守信、忠诚，我们是值

得信赖和负责任的合作伙伴。

－专心致志，积极投入，拥有「敢

想敢做」的精神，我们始终全力以赴。

－努力、前进、不断改进。我们

矢志不渝，推动自身和公司持续进步。

维他奶成功动力(VSD)

我们为所有雇员制定了六项行为要求：

1. 客户焦点

2. 创新变革

3. 优质为本

4. 前瞻策略

5. 团队协作

6. 责无旁贷

透过实践我们共同的使命、价值及行为，我们

建立了高绩效文化，营造了更理想的职场环境，

让彼此互相产生正面积极影响。

Corporate Governance Practices

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

complied with al the code provisions and, where apropriate,

adopted certain recomended best practices set out in the

Corporate Governance Code (the “CG Code”) contained in Part 2 of

Apendix C1 of the Rules Governing the Listing of Securities on The

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

Corporate Culture

Vitasoy is one of the world’s leading producers of tasty nutritious

plant-based fods and beverages for over 80 years. In 1940, our

founder Dr. K.S. Lo was motivated to provide an abundant source of

afordable nutrition to help improve the lives of others. Since then,

we have built on his principles to champion sustainable practices

acros our busines. We are leading the transition towards more

sustainable plant-based nutrition. Our founding purpose continues

to inspire us today.

Vitasoy Culture Statement: Our Purpose, Values and

Behaviours

Our Purpose

To advance the world’s transformation towards a sustainable future,

through the amazing power of plants.

Our Core Values

We share the same thre core values:

1. Integrity – Honest, trusted, loyal. We are reliable and

responsible partners.

2. Dedication – Comited, enthusiastic, with a “can-do” spirit.

We always give our best eforts.

3. Advancement – Striving, moving forward, always improving.

We aspire to advance ourselves and the Company.

Our Vitasoy Suces Drivers (VSD)

We set six competency-based behaviour standards for al our

employes:

1. Customer Focus

2. Inovation

3. Quality Orientation

4. Strategic Agility

5. Colaboration

6. Acountability

By living our shared Purpose, Values and Behaviours, we create a

culture of high performance, build a beter environment in which to

work and make positive impacts on each other.

Anual Report 2024/2025 年度报告29

Corporate Governance Report

企业管治报告

文化与业务策略及营运常规保持一致

维他奶的行政人员及管理团队为我们的文化定

下基调及制定策略，并由董事会或其辖下之董

事委员会定期检讨、调整及确认。管理团队以

身作则，透过内部沟通平台及系统将本公司文

化传递到各个层面。

我们的核心价值体现于集团商业道德政策以及

员工与相关持份者的行为守则。行为守则清楚

载列于《员工手册》，并派发予所有新入职员工。

我们定期向所有雇员及相关持份者提供有关商

业道德及行为守则的进修培训，确保我们经营

业务时严格遵守所有规则及规例。

本公司的人才招聘、以及为雇员提供的入职活

动、绩效管理及人才发展进程均与我们的使命、

价值及行为保持一致。所有新入职雇员均须接

受使命、价值及VSD培训。雇员透过日常工作

巩固我们的价值及VSD准则，亦通过为我们的

使命、价值以身作则并展现正面VSD行为而获

得认可。

Alignment of Culture with Busines Strategies and

Operating Practices

Vitasoy’s Executive and Leadership team set the tone and develop

the strategies for our Culture which is reviewed, aligned and

endorsed by the Board or its Board Comite/s on a regular

basis. The leadership team acts as a role model and cascades the

Company’s culture to al levels via various internal comunication

platforms and systems.

Our core values are embeded in the Group Busines Ethics Policy

and the Code of Conduct for employes and relevant stakeholders.

The Code of Conduct is clearly laid out in our Staf Handbok and

comunicated to al new joiners. We provide refresher training to al

employes and relevant stakeholders on Busines Ethics and Code

of Conduct on a regular basis to ensure strict compliance of al rules

and regulations when we do our busines.

The Company’s talent acquisition, onboarding, performance

management and talent development proceses for our employes

are al aligned with our Purpose, Values and Behaviours. Purpose,

Values and VSD training has ben mandated to al new joiners during

their onboarding. Our Values and VSD standards are reinforced

during day-to-day work and employes are recognised by role

modeling our Purpose, Values and demonstrating positive VSD

behaviours.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司30

Corporate Governance Report

企业管治报告

董事会

董事会负责本公司业务之整体管理工作，并已

成立不同之委员会来履行董事会所委派且需具

备特定专业知识范畴之特定职能。董事会委任

本公司之执行董事及高层管理人员负责管理本

公司日常事务。然而，根据《公司条例》、上市

规则、企业管治守则或其他规管要求规定，部

分特定事项不允许全权委托他人负责，并须由

全体董事会成员共同作出最终决定。董事会已

采纳明确之事项表，列载须待董事会作出决定

之事项，包括但不限于：

Board of Directors

The general management of the Company’s busines is vested in the

Board. The Board has established various comites to cary out

specified functions asigned by the Board which require specialised

areas of expertise. The Board has delegated the day-to-day

management power of the Company to the Executive Directors and

Senior Management of the Company. However, ful delegation is not

alowed for some specific maters under the Companies Ordinance,

the Listing Rules, the CG Code or other regulatory requirements, and

the final decisions on those specific maters are required to be made

by the whole Board. A defined schedule of maters reserved for

Board decisions has ben adopted by the Board, including but not

limited to:

•

业务方向及策略规划

• ESG strategy

环境、社会及管治策略

• Corporate culture

Busines direc(cid:9)on and strategic plans

Major merger, acquisi(cid:9)on or disposal transac(cid:9)ons

企业文化

•

主要合并、收购或出售交易

• Ensure the Company strategy is in alignment with ESG isues by taking

acount of ESG oportuni(cid:9)es and risks

透过考虑环境、社会及管治之机遇及风险，确保本公司策略与环境、

社会及管治事宜一致

• Aproval and review of corporate culture statement

批准及检讨企业文化声明

• Aproval and review of ESG related policies

Reorganisa(cid:9)on of group and capital structure

Apointment or removal of Directors, Chief Execu(cid:9)ve and Company Secretary

批准及检讨环境、社会及管治相关政策

• Anual budget

年度预算

• Capital expenditure plans and management

Signiﬁcant guarante or indemnity

No(cid:9)ﬁable and conected transac(cid:9)ons

Financial repor(cid:9)ng

资本开支计划及管理

•

重大担保或弥偿保证

•

须予公布及关连交易

•

财务报告

• Dividend policy

股息政策

• Internal Control and Risk Management

内部监控及风险管理

•

重组集团及资本架构

• Share buy-back

股份购回

•

委任或罢免董事、行政总裁及公司秘书

• Apointment or removal of External Auditors

Set up and disolu(cid:9)on of Board comi…e

委任或罢免外聘核数师

•

设立及解散董事委员会

方向及策略

Oversight role of ESG

Direc(cid:13)on and Strategy

环境、社会及管治之

监督角色

Corporate Structure

企业架构

Apointments and

Delega(cid:13)on of Authori(cid:13)es

委任及委托权力

Financial Transac(cid:13)ons,

Internal Control and

Risk Management

财务交易、内部监控

及风险管理

Anual Report 2024/2025 年度报告31

Corporate Governance Report

企业管治报告

董事会致力达致高标准的企业管治常规及履行

本公司为股东创造价值之使命。董事会负责制

订策略性方向及监督本公司之环境、社会及管

治事宜，并确保本公司之环境、社会及管治策

略与本公司之使命、愿景以及长远业务策略融

为一体。董事会非常重视并致力制订及执行本

公司策略规划，亦将环境、社会及管治考虑因

素融入策略规划。

策略规划目前设定为五年。董事会已于二零

二四年十一月批准达致二零二九╱二零三零财

政年度之五年策略规划（包括环境、社会及管治

策略），并一直因应宏观经济、业务竞争环境、

环境、社会及管治相关风险及机遇以及监管规

条之变动，积极定期检讨及修订策略规划。董

事会亦积极制定本公司之可持续发展策略及常

规，并优先考虑及分配资源以达致业务之长远

成功及持续发展。

The Board strives to achieve high standards of corporate governance

practices as wel as the Company’s mision to creating value for our

shareholders. The Board is responsible for developing the strategic

directions and overseing the Company’s ESG maters and ensuring

the Company’s ESG strategy is aligned with and incorporated into

the Company’s mision, vision and long term busines strategy. A

lot of focus and atention have ben devoted to formulation and

execution of the Company’s strategic planing as wel as integration

of ESG considerations into the strategic plans.

Strategic planing horizons are curently set for five years. The

Board has aproved a Five Year Strategic Plan including the ESG

Strategy for the fiscal years up to FY2029/2030 in November 2024

and has always ben taking a proactive role in reviewing and revising

the Strategic Plan periodicaly in response to changes in the macro

economic, competitive busines environment, ESG related risks and

oportunities and regulatory requirements. The Board also actively

defines the Company’s sustainability strategies and practices, and

prioritizes and alocates resources to achieve the long-term suces

of the busines and its sustainability.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司32

Corporate Governance Report

企业管治报告

Board Composition

董事会组成

Mr. Roberto GUIDETI

陆博涛先生

Mr. Eugene LYE

黎中山先生

Mr. Anthony John Lidel

NIGHTINGALE

黎定基先生

Mr. Paul Jeremy BROUGH

先生

Dr. Roy Chi-ping CHUNG

钟志平博士

Ms. Yvone Mo-ling LO

罗慕玲女士

Execu(cid:26)ve Chairman

执行主席

(Length of service as director: 53 years)

(董事服务年期: 五十三年)

Mr. Peter Tak-shing LO

罗德承先生

Ms. May LO

罗其美女士

Mr. Winston Yau-lai LO

罗友礼先生

Group Chief Executive Oficer

集团行政总裁

(Length of service as director: 10 years)

(董事服务年期: 十年)

(Length of service as director: 10 months)

(董事服务年期: 十个月)

(Length of service as director: 8 years 9 months)

(董事服务年期: 八年九个月)

(Length of service as director: 7 years 9 months)

(董事服务年期: 七年九个月)

(Length of service as director: 8 years)

(董事服务年期: 八年)

(Length of service as director: 8 years)

(董事服务年期: 八年)

(Length of service as director: 8 years)

(董事服务年期: 八年)

(Length of service as director: 31 years 9 months)

(董事服务年期: 三十一年九个月)

(Length of service as director: 11 years 2 months)

(董事服务年期: 十一年两个月)

Ms. Wendy Wen-ye YUNG

容韵仪女士

Deputy Chairman

副主席

Execu(cid:31)ve Director

执行董事

Independent

Non-execu(cid:31)ve Director

独立非执行董事

Non-execu(cid:31)ve Director

非执行董事

Anual Report 2024/2025 年度报告33

Corporate Governance Report

企业管治报告

各董事之职衔、职位及简历以及彼此间或与高

层管理人员、主要股东或控股东之关系载列

于本年报「董事及高层管理人员」一节。此外，

载列董事姓名及彼等之角色及职能之最新列表

已刊登于香港联合交易所有限公司（「联交所」）

网站及本公司网站w.vitasoy.com。

The designation, position and brief biographical information of each

Director, together with the relationship amongst each other, Senior

Management or substantial or controling Shareholder are set out

in the section headed “Directors and Senior Management” in this

Anual Report. In adition, a latest list containing the names of the

Directors and their roles and functions is published on the websites

of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”)

and the Company at w.vitasoy.com.

Tenure of Oﬃce (Years) 任期(年）

1–9

Over 9

9以上

Age Group 年龄组别

41–50

51–60

61–70

Over 70

70以上

Gender 性别

Female

女

Male

男

Ethnicity 种族

Non-Chinese

非华裔

Chinese

华裔

Designation 职衔

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

Directors’ core skills, expertise and experience 董事之主要技能、专业知识及经验
Name	姓名	General Management 综合管理	Accounting, Audit, Finance, Risk Management 会计、审计、财务及风险管理	Legal 法律	Food Technology 食品科技	Marketing 市场推广	Manufacturing and Project Management 生产及项目管理
Executive Chairman	执行主席
Mr. Winston Yau-lai LO	罗友礼先生	*			*
Independent Non-executive Directors	独立非执行董事
Mr. Anthony John Liddell NIGHTINGALE	黎定基先生	*
Mr. Paul Jeremy BROUGH	Paul Jeremy BROUGH先生		*
Dr. Roy Chi-ping CHUNG	钟志平博士						*
Ms. Wendy Wen-yee YUNG	容韵仪女士	*		*
Non-executive Directors	非执行董事
Ms. Yvonne Mo-ling LO	罗慕玲女士	*
Mr. Peter Tak-shing LO	罗德承先生	*
Ms. May LO	罗其美女士	*
Executive Directors	执行董事
Mr. Roberto GUIDETTI	陆博涛先生	*				*
Mr. Eugene LYE	黎中山先生	*				*

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司34

Corporate Governance Report

企业管治报告

董事的主要技能、专业知识及经验与本公司业

务、策略及管治相关，使董事会能够有效履行

其职责及责任。

董事会具备多元化专业知识，确保我们的业务

方向与可持续增长及营运韧性一致。董事会汇

聚各种领域的专业人士，使其能在瞬息万变的

市场环境中应对复杂的行业挑战，并把握新机

遇。具体而言，财务、法律和风险管理的专业

人士能提高透明度和道德管治，确保符合法规

要求并达致持份者期望。此外，具备生产行业

及食品科技的专业知识推动创新，并有助持续

完善产品开发和营运效率。另外，董事会亦具

有营销及整体管理的领导经验，让本公司采取

以客户为本的方法，巩固我们对提供高质素及

可持续产品的承诺。

The Directors’ core skils, expertise and experience are relevant to

the Company’s busines, strategy and governance which enable the

Board discharges its duties and responsibilities efectively.

The diverse expertise of the Board ensures that our busines

direction aligns with sustainable growth and operational resilience.

By bringing together profesionals from a broad spectrum of

disciplines, the Board is wel-equiped to navigate complex

industry chalenges and capitalise on emerging oportunities in a

dynamic market environment. Specificaly, profesionals in finance,

legal, and risk management strengthen transparency and ethical

governance, ensuring compliance with regulatory requirements

and meting stakeholder expectations. Aditionaly, expertise in

the manufacturing industry and fod technology drives inovation

and suports continuous improvement in product development

and operational eficiency. Furthermore, leadership experience in

marketing and general management enables the Company to adopt

a customer-centric aproach and reinforces our comitment to

delivering high-quality and sustainable products.

Anual Report 2024/2025 年度报告35

Corporate Governance Report

企业管治报告

董事会成员组成及多元化

董事会于二零一三年六月采纳董事会成员多元

化政策，当中载列董事会成员多元化的目的以

及达致多元化的考虑因素。董事会成员多元化

透过一系列因素实现，包括但不限于经验、专

业资格、知识、性别、种族及年龄。董事会成

员多元化政策已于二零二年三月更新，以明

确纳入披露实现董事会成员性别多元化之目标

及时间表。董事会成员多元化政策已刊登于本

公司网站。薪酬及提名委员会每年检讨该政策

及监察其执行，确保其持续之成效以及符合监

管要求及良好企业管治常规。

年内，董事会透过薪酬及提名委员会检讨董事

会的架构、规模、组成及多元化以及董事会成

员多元化政策，以确保董事会的组成符合企业

管治守则，并具备与本公司策略、管治及业务

有关的适当技能、经验及多样性，提高董事会

的效能及效率。于二零二四╱二零二五财政年

度实施的董事会成员多元化政策被认为行之有效。

本公司认同董事会成员多元化之裨益，并认为

可增强董事会之表现质素。董事之委任及续聘

一直按候选人之长处以及能否补替及加强董

事会整体之技能、知识及经验为准则。薪酬及

提名委员会将会每年检讨达致性别及年龄多

元化的可计量目标之进度并适时地检讨该等

目标，以确保政策能利用多元性协助达致本公

司之策略目标。薪酬及提名委员会已制定截至

二零二九╱二零三零财政年度达致性别及年龄

多元化的可计量目标。于截至二零二五年三月

三十一日止年度内，达致该等目标之进度如下：

Board Composition and Diversity

The Board has adopted a Board Diversity Policy to set out the

objectives and the factors to be considered for achieving the

diversity of the Board in June 2013. The board diversity is achieved

through a number of factors, including but not limited to experience,

profesional qualification, knowledge, gender, ethnicity and age.

The Board Diversity Policy has ben updated in March 2022 to

expresly include the disclosure of targets and timelines for achieving

gender diversity at Board level. The Board Diversity Policy has

ben published on the Company’s website. The Remuneration and

Nomination Comite (the “R&N Comite”) reviews this policy

anualy and monitors the implementation to ensure continued

efectivenes and compliance with regulatory requirements and god

corporate governance practices.

During the year, the Board, through the R&N Comite, had

reviewed the structure, size, composition and diversity of the Board

and the Board Diversity Policy, to ensure the Board’s composition

complies with the CG Code with an apropriate mix of skils,

experience and diversity that are relevant to the Company’s strategy,

governance and busines and contribute to the Board’s efectivenes

and eficiency. The implementation of the Board Diversity Policy

during FY2024/2025 was considered efective.

The Company recognises and embraces the benefits of having a

diverse Board to enhance the quality of its performance. Board

apointment and renewal have ben made based on merit as wel as

complementing and expanding the skils, knowledge and experience

of the Board as a whole. The R&N Comite reviews the progres

on achieving measurable objectives for gender and age diversity

anualy and review such objectives, whenever aplicable to ensure

it leverages diversity to contribute to the achievement of the

Company’s strategic objectives. The R&N Comite has established

the measurable objectives for achieving gender and age diversity up

to FY2029/2030. As at the year ended 31st March 2025, progres in

achieving the objectives are:

Female representation during FY2024/2025 was 30.0% (FY2023/2024: 18.2%) which has achieved

the target of “not les than 18%” set up for the years up to FY2025/2026.

于二零二四╱二零二五财政年度，女性占比为30.0%（二零二三╱二零二四财政年度︰18.2%），已达到

至二零二五╱二零二六财政年度所厘订「不少于18%」之目标。

Average age of the board members during FY2024/2025 was 66 (FY2023/2024: 69) which has

achieved the target of “average 67” set up for the years up to FY2025/2026.

于二零二四╱二零二五财政年度，董事会成员的平均年龄为66岁（二零二三╱二零二四财政年度︰69

岁），已达到至二零二五╱二零二六财政年度所厘订「平均67岁」之目标。

Gender

性别

Age

年龄

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司36

Corporate Governance Report

企业管治报告

薪酬及提名委员会已检讨并致力维持目前董事

会女性比例「不少于18%」及董事会「平均年龄

67岁」之目标至二零二五╱二零二六财政年度。

然而，薪酬及提名委员会将（如适合）不时检讨

女性代表目标。

在考虑董事会之继任时，薪酬及提名委员会已

采纳继任计划之路向图，直至二零二九╱二零

三零财政年度，并会适当调整进度，以反映不

断转变的需求。薪酬及提名委员会将根据本公

司董事提名政策物色及拣选潜在董事人选，并

可能委聘独立专业猎头公司物色潜在董事之人选。

容韵仪女士于二零二四年八月十九日获委任为

本公司之独立非执行董事。根据本公司之章程

细则第110条，容韵仪女士将于应届股东周年

大会上退任，并符合资格膺选连任。

根据本公司之章程细则第104条，罗友礼先生、

Paul Jeremy BROUGH先生及钟志平博士将于

二零二五年股东周年大会上轮席退任，亦符合

资格并愿意膺选连任。

员工多元化

本公司认为，员工多元化可创造一个充满活力

的环境，提高个人表现及改善质素。我们致力

于在性别、背景、技能及经验方面维持员工多

元化。本公司于二零二四╱二零二五财政年度

的整体员工性别多元化（包括高级管理人员）属

均衡（即约49%女性：51%男性）。我们继续按

业务职能、地区及就业水平密切留意相关的性

别比例。我们定期审阅进展情况，以确保性别

平等的可视性，同时有关职能及业务营运部门

负责人亦须对推动行动负责。

有关本集团性别比例的进一步详情以及为改善

管理层及广泛员工性别多元化而采取的措施连

同相关数据，请参阅将连同本年报一并刊发的

二零二四╱二零二五财政年度可持续发展报告。

The R&N Comite has reviewed and targeted to maintain the

curent target for female representation of “not les than 18%”

on the Board, and to uphold the “average age of 67” of the Board

through FY2025/2026. However, the R&N Comite wil continue

reviewing the targets over time as and whenever is apropriate.

In considering the Board’s sucesion, the R&N Comite

has already adopted a roadmap for the sucesion plan up to

FY2029/2030 and would adjust the progres as apropriate to

reflect evolving neds. The R&N Comite would identify and

select the potential candidates for Directors in acordance with

the Company’s Directors Nomination Policy and may engage

independent profesional search firm to identify potential candidates

for Directors.

Ms. Wendy Wen-ye YUNG was apointed as an Independent Non-

executive Director of the Company on 19th August 2024. Pursuant

to Article 110 of the Company’s Articles of Asociation, Ms. Wendy

Wen-ye YUNG wil retire at the forthcoming Anual General

Meting and wil be eligible for re-election.

Pursuant to Article 104 of the Articles of Asociation of the

Company, Mr. Winston Yau-lai LO, Mr. Paul Jeremy BROUGH and

Dr. Roy Chi-ping CHUNG wil retire from ofice by rotation and,

being eligible, have ofered themselves for re-election at the 2025

Anual General Meting.

Workforce Diversity

The Company believes that workforce diversity creates a dynamic

environment which leads to higher performance and improved

wel-being. We are comited to upholding diversity of gender,

background, skils and experience acros our workforce. The overal

gender diversity of the Company’s workforce (including senior

management) for FY2024/2025 is balanced, being aproximately

49% female: 51% male. We continued to track the gender ratio by

busines functions, regions, and levels of employment. We reviewed

the progres regularly to ensure visibility on gender equity, and

heads from functions and busines operations were held acountable

for driving actions.

Further details on the gender ratio of the Group and initiatives

taken to improve gender diversity acros management and the

wider workforce, together with relevant data, can be found in the

FY2024/2025 Sustainability Report, which wil be published together

with this Anual Report.

Key Features or Mechanisms 主要特点或机制	Implementation and Review of Effectiveness 执行及检讨成效
Number of Independent Non-executive Directors (INEDs) 独立非执行董事人数	Four out of the ten directors are INEDs which represents 40% of the total Board members and also exceeds the Listing Rules requirement for INEDs to make up at least one third of the Board. 十名董事中有四名为独立非执行董事，占董事会成员总数的 40%，亦超过上市规则规定独立非执行董事占董事会人数最少三分之一的要求。 Nearly half of the Board members are INEDs which ensure that independent views could be heard and be thoroughly considered during the Board meetings and decision making by the Board. 近半数董事会成员为独立非执行董事，确保在董事会会议及董事会决策过程中能够听取及充分考虑独立意见。 Chairpersons of major Board Committees are INEDs. 主要董事委员会主席均为独立非执行董事。
The R&N Committee to assess and confirm independence of INEDs 薪酬及提名委员会评估及确认独立非执行董事的独立性	All INEDs are required to confirm in writing upon appointment and annually their compliance of independence requirements as set out under Rule 3.13 of the Listing Rules. 所有独立非执行董事须于获委任后每年书面确认其遵守上市规则第3.13条所载的独立性规定。 The R&N Committee received independence confirmation from Ms. Wendy Wen-yee YUNG in June 2024 upon her appointment to the Board. The R&N Committee also assesses the continued independence of existing INEDs on an annual basis. 薪酬及提名委员会于二零二四年六月接获容韵仪女士获委任为董事会成员时发出的独立性确认函。薪酬及提名委员会亦会每年评估现有独立非执行董事的持续独立性。 Through the review by the R&N Committee and the self- declaration of each INED, the Board could ensure the independence of each INED. 透过薪酬及提名委员会的审核及各独立非执行董事的自我声明，董事会可确保各独立非执行董事的独立性。

Key Features or Mechanisms 主要特点或机制

Implementation and Review of Effectiveness 执行及检讨成效

Number of Independent Non-executive Directors (INEDs) 独立非执行董事人数

Four out of the ten directors are INEDs which represents 40% of the total Board members and also exceeds the Listing Rules requirement for INEDs to make up at least one third of the Board. 十名董事中有四名为独立非执行董事，占董事会成员总数的 40%，亦超过上市规则规定独立非执行董事占董事会人数最少三分之一的要求。 Nearly half of the Board members are INEDs which ensure that independent views could be heard and be thoroughly considered during the Board meetings and decision making by the Board. 近半数董事会成员为独立非执行董事，确保在董事会会议及董事会决策过程中能够听取及充分考虑独立意见。 Chairpersons of major Board Committees are INEDs. 主要董事委员会主席均为独立非执行董事。

The R&N Committee to assess and confirm independence of INEDs 薪酬及提名委员会评估及确认独立非执行董事的独立性

All INEDs are required to confirm in writing upon appointment and annually their compliance of independence requirements as set out under Rule 3.13 of the Listing Rules. 所有独立非执行董事须于获委任后每年书面确认其遵守上市规则第3.13条所载的独立性规定。 The R&N Committee received independence confirmation from Ms. Wendy Wen-yee YUNG in June 2024 upon her appointment to the Board. The R&N Committee also assesses the continued independence of existing INEDs on an annual basis. 薪酬及提名委员会于二零二四年六月接获容韵仪女士获委任为董事会成员时发出的独立性确认函。薪酬及提名委员会亦会每年评估现有独立非执行董事的持续独立性。 Through the review by the R&N Committee and the self- declaration of each INED, the Board could ensure the independence of each INED. 透过薪酬及提名委员会的审核及各独立非执行董事的自我声明，董事会可确保各独立非执行董事的独立性。

Anual Report 2024/2025 年度报告37

Corporate Governance Report

企业管治报告

董事会独立性

本公司深知董事会独立性对良好企业管治及董

事会效能至关重要。董事会相信，本公司已设

立有效机制可确保本公司任何董事的独立观点

及意见能够传达予董事会，以增加决策的客观

性和成效性。董事会通过其薪酬及提名委员会

定期审查管治框架及机制，以确保其成效。薪

酬及提名委员会于二零二五年六月就该等机制

进行以下检讨：

Board Independence

The Company recognises that Board independence is pivotal in god

corporate governance and board efectivenes. The Board believes

that the Company has efective mechanisms in place to ensure

independent views and input from any director of the Company

are conveyed to the Board for enhancing an objective and efective

decision making. The governance framework and mechanisms are

under regular review by the Board, through its R&N Comite, to

ensure their efectivenes. The R&N Comite had performed the

review of such mechanisms in June 2025 as folows:

Key Features or Mechanisms 主要特点或机制	Implementation and Review of Effectiveness 执行及检讨成效
Time commitment of INEDs 独立非执行董事所投入的时间	The R&N Committee reviews annually the time commitment of each Directors, including INEDs. All Directors (including INEDs) would confirm in writing their time commitment to the Company annually. 薪酬及提名委员会每年审阅每位董事（包括独立非执行董事）所投入的时间。全体董事（包括独立非执行董事）每年均会以书面形式确认其在本公司须付出的时间。 The R&N Committee would review and confirm that INEDs allocate sufficient time to the Company to perform their duties and responsibilities effectively. Directors’ attendance records for meetings in FY2024/2025 are also disclosed in the Corporate Governance Report. 薪酬及提名委员会将审阅并确认独立非执行董事已分配足够时间予本公司以有效履行其职责及责任。董事于二零二四╱二零二五财政年度的会议出席记录亦于企业管治报告中披露。
Long Serving INEDs (with tenure for more than nine years) 连任多年的独立非执行董事（任期超过九年）	In respect of the re-election of an INED who has served on the Board for more than nine years, the Board and the R&N Committee would take account of additional factors and reasons to justify why they consider the long serving directors are still independent so as to ensure independent views and comments are sought from long serving INEDs. 就重选任职董事会逾九年的独立非执行董事而言，董事会与薪酬及提名委员会将考虑不同因素及理由确定任职多年的董事仍然独立，从而确保可连任多年的独立非执行董事的观点及意见均为独立。
Director Nomination Policy 董事提名政策	The Policy sets out the selection and nomination criteria and procedures for appointment/re-appointment of Directors. Independence is one of the factors to be considered for appointment/re-appointment of Directors, in particular for INED. 该政策载有委任╱重新委任董事的甄选及提名标准以及程序。独立性是考虑委任╱重新委任董事（尤其是独立非执行董事）的因素之一。 The R&N Committee would take account of the independence factor in accordance with the Policy before making recommendations to the Board for approval of the appointment/ re-appointment of INED. 薪酬及提名委员会向董事会提交批准委任╱重新委任独立非执行董事的建议前，根据该政策考虑独立性因素。

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司38

Corporate Governance Report

企业管治报告

Key Features or Mechanisms 主要特点或机制	Implementation and Review of Effectiveness 执行及检讨成效
Directors Conflict of Interest Policy 董事利益冲突政策	The Company has policy and procedures in place to avoid any potential conflict of interests and not to weaken the objectivity and integrity of the Board for decisions making. Under the Policy, any Director has to declare his/her directorships outside the Company, interests in controlling company, public office appointment and any other interests that might be considered prejudicial to his/her independence and has to declare his/her interests in any transaction in which he/she may have interest and abstain from voting on such transaction. 本公司已制定政策及程序以避免任何潜在利益冲突，且不会削弱董事会决策的客观性及诚信性。根据该政策，任何一位董事必须申报其于本公司以外的董事职务、于控股公司中的权益、公职任命及任何其他可能被认为有碍其独立性的利益，并须申报其于可能拥有利益的任何交易中的权益，并就该交易放弃投票。
Open Board Culture 开明的董事会文化	INEDs in family businesses will generally play a more active role in corporate governance area. Our Board culture under the leadership of Executive Chairman, encourages questions and challenges from directors in particular from INEDs who may hold different views from the Executive Directors and Senior Management and their comments and concerns will be closely followed up and addressed by the Executive Directors and Senior Management. 家族企业中的独立非执行董事一般会于企业管治方面发挥更为积极的作用。在执行主席领导下，我们的董事会文化鼓励董事（尤其是独立非执行董事）提出问题及质疑，彼等可能与执行董事及高层管理人员持有不同观点，而执行董事及高层管理人员将密切跟进及应对彼等的意见及关注。
No equity-based remuneration with performance- related elements to INEDs 独立非执行董事未曾授予与表现绩效相关的股本权益酬金	Director fees payable to Director, including INEDs, are fixed fees without any discretionary element nor they are remunerated with equity-based awards. Directors fees are also determined by the R&N Committee and the Board with reference to the roles and responsibilities taken up by the Director and benchmarking against peers. 应付董事（包括独立非执行董事）的董事袍金为固定数额，并无任何酌情因素，而酬金亦无包括以股权为基础的奖励。董事袍金亦由薪酬及提名委员会与董事会参照董事所承担的角色及职责以及行业标准而厘定。

Anual Report 2024/2025 年度报告39

Corporate Governance Report

企业管治报告

Key Features or Mechanisms 主要特点或机制	Implementation and Review of Effectiveness 执行及检讨成效
Access to independent professional advice 获得独立专业建议	External independent professional advice is available to all Directors, including INEDs, whenever deemed necessary. 如有需要，所有董事（包括独立非执行董事）均可获得外部独立专业意见。 With prior consultation with the Chairman of the Board, Directors would be reimbursed for any professional fees in relation to their fulfilment of the roles and responsibilities. 在事先与董事会主席咨询后，董事可报销与其履行职务及责任有关的任何专业费用。
Evaluation of Director’s independence mechanism 评审董事的独立性机制	All Directors are encouraged to express freely their views and constructive challenges during the Board/Board Committees meetings. 我们鼓励所有董事在董事会╱董事委员会会议上自由表达其意见及富建设性之质疑。 Regular board evaluation is conducted by external professional consultant or the Company Secretary alternatively on a confidential basis, which will help assess the effectiveness of the independence mechanism by identifying any potential vulnerable weaknesses for further improvement. 由外部专业顾问或公司秘书保密进行的定期董事会评审程序将有助评估独立机制的成效，识别任何潜在不足之处以便进一步改进。

Key Features or Mechanisms 主要特点或机制

Implementation and Review of Effectiveness 执行及检讨成效

Access to independent professional advice 获得独立专业建议

External independent professional advice is available to all Directors, including INEDs, whenever deemed necessary. 如有需要，所有董事（包括独立非执行董事）均可获得外部独立专业意见。 With prior consultation with the Chairman of the Board, Directors would be reimbursed for any professional fees in relation to their fulfilment of the roles and responsibilities. 在事先与董事会主席咨询后，董事可报销与其履行职务及责任有关的任何专业费用。

Evaluation of Director’s independence mechanism 评审董事的独立性机制

All Directors are encouraged to express freely their views and constructive challenges during the Board/Board Committees meetings. 我们鼓励所有董事在董事会╱董事委员会会议上自由表达其意见及富建设性之质疑。 Regular board evaluation is conducted by external professional consultant or the Company Secretary alternatively on a confidential basis, which will help assess the effectiveness of the independence mechanism by identifying any potential vulnerable weaknesses for further improvement. 由外部专业顾问或公司秘书保密进行的定期董事会评审程序将有助评估独立机制的成效，识别任何潜在不足之处以便进一步改进。

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司40

Corporate Governance Report

企业管治报告

The Board, through its R&N Comite, had reviewed and

considered that the abovesaid key features or mechanisms are

efective in ensuring that independent views are conveyed to

the Board. The Board also considered that al INEDs met the

independence guidelines set out in Rule 3.13 of the Listing Rules.

Directors’ and Oficers’ Liability Insurance

The Company has aranged Directors’ and Oficers’ Liability

Insurance for the Directors and Oficers of the Company for the

period from 1st October 2024 to 30th September 2025.

董事会已透过其薪酬及提名委员会检讨及认为，

上述主要特点或机制可有效确保董事会取得独

立意见。董事会亦认为全体独立非执行董事均

符合上市规则第3.13条所载的独立指引。

董事及行政人员责任保险

本公司已为本公司董事及行政人员投买二零

二四年十月一日至二零二五年九月三十日止期

间的董事及行政人员责任保险。

Changes in Major Appointments and Other Directorships 主要委任及其他董事职务之变动
Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH先生 – appointed as the chairman of the R&N Committee of the Company on 19th August 2024. 于二零二四年八月十九日获委任为本公司薪酬及提名委员会主席。 – appointed as a non-executive director of The Executive Centre India Private Limited on 22nd April 2025. 于二零二五年四月二十二日获委任为The Executive Centre India Private Limited之非执行董事。 Dr. Roy Chi-ping CHUNG 钟志平博士 – appointed as a member of the Audit Committee of the Company on 19th August 2024. 于二零二四年八月十九日获委任为本公司审核委员会成员。 Mr. Winston Yau-lai LO 罗友礼先生 – retired as a director of The Bank of East Asia, Limited on 9th May 2025. 于二零二五年五月九日退任东亚银行有限公司之董事。

Changes in Major Appointments and Other Directorships 主要委任及其他董事职务之变动

Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH先生 – appointed as the chairman of the R&N Committee of the Company on 19th August 2024. 于二零二四年八月十九日获委任为本公司薪酬及提名委员会主席。 – appointed as a non-executive director of The Executive Centre India Private Limited on 22nd April 2025. 于二零二五年四月二十二日获委任为The Executive Centre India Private Limited之非执行董事。 Dr. Roy Chi-ping CHUNG 钟志平博士 – appointed as a member of the Audit Committee of the Company on 19th August 2024. 于二零二四年八月十九日获委任为本公司审核委员会成员。 Mr. Winston Yau-lai LO 罗友礼先生 – retired as a director of The Bank of East Asia, Limited on 9th May 2025. 于二零二五年五月九日退任东亚银行有限公司之董事。

Anual Report 2024/2025 年度报告41

Corporate Governance Report

企业管治报告

主要委任及其他董事职务之变动

于截至二零二五年三月三十一日止年度及截至

本年报日期止之董事资料变动载列如下：

Changes in Major Apointments and Other

Directorships

Changes in Directors’ Information during the year ended 31st March

2025 and up to the date of this Anual Report are set out below:

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司42

Corporate Governance Report

企业管治报告

执行主席及集团行政总裁

执行主席及集团行政总裁之角色及职责已清楚

界定及区分，只有在促进可持续发展、确保与

持份者的有效沟通，以及促进企业文化及秉持

正直及诚实等方面之角色及职责上部份重叠。

执行主席负责领导董事会、监督其营运及确保

决策符合本集团最佳利益。集团行政总裁负责

管理本集团业务、监督本集团对策略、目标及

政策的制定及成功实施。

Executive Chairman and Group Chief Executive

Oficer

The roles and responsibilities of Executive Chairman and Group

Chief Executive Oficer are clearly defined and separate with a

very few overlaping of roles and responsibilities in the areas of

promoting sustainable development, ensuring efective stakeholder

comunication, and promoting corporate culture and uphold of

integrity and honesty. The Executive Chairman is responsible for

providing leadership to the Board, overseing its operations and

ensuring that decisions align with the best interests of the Group.

The Group Chief Executive Oficer is responsible for managing

the Group’s busineses, overseing the formulation and sucesful

implementation of the Group’s strategies, objectives, and policies.

•

provides leadership to the

Board

领导董事会

•

ensures compliance with god

corporate governance practices

and procedures

确保遵守良好企业管治常规及

程序

•

sets strategic directions for the

Group

为本集团制定策略性方向

•

monitors Board efectivenes

监察董事会成效

•

promotes a culture of openes

and active contribution

amongst directors

促进董事间之开放文化及积极

参与

•

provides continuous guidance

and mentoring to the Deputy

Chairman and Group CEO

持续指导并作为副主席及集团

行政总裁的指导师

•

promote social

responsibility goals and

long term sustainability

development

宣扬社会责任目标及长远可

持续的发展

•

ensure efective stakeholder

comunication

确保与持份者的有效沟通

•

promote corporate culture

of acountability, integrity

and honesty

促进具问责性、正直及诚实

之企业文化

•

formulates the Group’s strategic

plans under the strategic

directions of the Executive

Chairman

根据执行主席之策略性指导方向

制定本集团之策略计划

•

implements the strategies and

policies aproved by the Board

实施董事会批准之策略及政策

•

leads day to day management

of the Group

领导本集团日常管理

•

promotes and develops the

busines and interests of the

Group

促进及发展本集团业务及利益

•

provides monthly management

updates to the Board

每月向董事会提交最新之管理层

报告

Mr. Winston Yau-lai LO

罗友礼先生

Executive Chairman

执行主席

Mr. Roberto GUIDETI

陆博涛先生

Group Chief Executive Oﬃcer

集团行政总裁

Anual Report 2024/2025 年度报告43

Corporate Governance Report

企业管治报告

董事会程序

董事会于二零二四╱二零二五财政年度内召开

五次会议，包括讨论及批准本集团之长期策略

规划；审视及监察本集团及各营运单位之财务

及业务表现；考虑及审批年度预算及财务报告；

审阅及批准可持续发展报告及与企业管治及可

持续发展相关之各种政策及常规；并监察及审

视本集团风险管理表现之成效。

董事会及其委员会均适时获得本公司所有相关

资料，以履行职责。本公司已有既定程序致使

董事在适当的情况下，为履行其职责及责任而

咨询独立专业意见，费用由本公司支付。

年内，董事均积极参与董事会议、董事委员

会议及股东周年大会。以下为二零二四╱

二零二五财政年度举行的会议时间表：

Board Procedings

The Board met five times in FY2024/2025 to discus and aprove

the Group’s long term strategic plan; to review and monitor the

financial and busines performance of the Group and each of

its operating units; to consider and aprove anual budget, the

financial reports; to review and aprove sustainability report and

various corporate governance and sustainability related policies

and practices; and to monitor and review the efectivenes of the

Group’s risk management performance.

The Board and its Comites are suplied with ful and timely

information in relation to the Company, which enables them to

discharge their responsibilities. There are established procedures

for Directors to sek independent profesional advice for them to

discharge their duties and responsibilities, where apropriate, at the

Company’s expenses.

Directors have made active participation in the Board metings,

Board Comites metings and the Anual General Meting

during the year. Below is the schedule of metings held during

FY2024/2025:

AGM

ESGESGBM

Board Meting

董事会议

Remuneration and Nomination Comite Meting

薪酬及提名委员会议

Audit Comite Meting

审核委员会议

ESG Comite Meting

环境、社会及管治委员会议

Anual General Meting

股东周年大会

ESG

AGM

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

四月五月六月七月八月九月十月十一月十二月一月二月三月

Meetings Attended/Held 出席次数╱会议次数
Name	姓名	Board 董事会	Remuneration and Nomination Committee 薪酬及提名委员会	Audit Committee 审核委员会	ESG Committee 环境、社会及管治委员会	Annual General Meeting 股东周年大会	Overall Attendance Rate 整体出席率
Independent Non-executive Directors	独立非执行董事
Dr. the Hon. Sir David Kwok-po LI (retired on 19th August 2024)	李国宝爵士 (于二零二四年八月十九日退任)	1/2(i)	0/1(b)(i)	0/1(i)	N/A 不适用	1/1	40%
Mr. Jan P. S. ERLUND (retired on 19th August 2024)	Jan P. S. ERLUND 先生 (于二零二四年八月十九日退任)	2/2	1/1	1/1	N/A 不适用	1/1	100%
Mr. Anthony John Liddell NIGHTINGALE	黎定基先生	5/5	2/2	4/4	2/2(f)	1/1	100%
Mr. Paul Jeremy BROUGH	Paul Jeremy BROUGH 先生	5/5	2/2(c)	4/4(d)	N/A 不适用	1/1	100%
Dr. Roy Chi-ping CHUNG	钟志平博士	5/5	2/2	3/3(e)	N/A 不适用	1/1	100%
Ms. Wendy Wen-yee YUNG (appointed on 19th August 2024)	容韵仪女士 (于二零二四年八月十九日获委任)	4/4	1/1	1/1(h)	N/A 不适用	N/A 不适用	100%
Non-executive Directors	非执行董事
Ms. Yvonne Mo-ling LO	罗慕玲女士	5/5	2/2	1/1(h)	N/A 不适用	1/1	100%
Mr. Peter Tak-shing LO	罗德承先生	5/5	2/2	1/1(h)	N/A 不适用	1/1	100%
Ms. May LO (Deputy Chairman)	罗其美女士（副主席）	5/5	2/2	4/4(h)	2/2	1/1	100%
Executive Directors	执行董事
Mr. Winston Yau-lai LO (Executive Chairman)	罗友礼先生（执行主席）	5/5(a)	2/2(h)	4/4(h)	2/2	1/1(g)	100%
Mr. Roberto GUIDETTI	陆博涛先生	5/5	2/2(h)	4/4(h)	2/2	1/1	100%
Mr. Eugene LYE	黎中山先生	5/5	N/A 不适用	1/1(h)	2/2	1/1	100%
Average Attendance of the Board Members							95%
董事会成员平均出席率
Group Chief Financial Officer	集团首席财务总监
Ms. Ian-hong NG	吴茵虹女士	5/5(h)	1/1(h)	4/4(h)	N/A 不适用	1/1(h)	N/A 不适用
Group Chief Internal Audit and Risk Management Officer	集团内部审计及风险管理首席总监
Mr. Terence Chiu-kit CHOW	周昭杰先生	1/1(h)	N/A 不适用	4/4(h)	N/A 不适用	N/A 不适用	N/A 不适用
Group Director, Sustainability	集团可持续发展总监
Mr. Simeon Sing-hymn CHENG	郑声谦先生	1/1(h)	N/A 不适用	N/A 不适用	2/2(h)	N/A 不适用	N/A 不适用
External Auditors	外聘核数师
KPMG	毕马威会计师事务所	N/A 不适用	N/A 不适用	3/3(h)	N/A 不适用	1/1(h)	N/A 不适用

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司44

Corporate Governance Report

企业管治报告

于二零二四╱二零二五财政年度，各董事于董

事会议、薪酬及提名委员会议、审核委员

会议、环境、社会及管治委员会议及股东

周年大会之出席记录表列如下：

Atendance records of the Directors at the Board Metings,

Remuneration and Nomination Comite Metings, Audit

Comite Metings, ESG Comite Metings and Anual General

Meting during FY2024/2025 are as folows:

Anual Report 2024/2025 年度报告45

Corporate Governance Report

企业管治报告

附注：

(a) 董事会主席

(b) 于二零二四年八月十九日前担任薪酬及提名委

员会主席

会主席

(d) 审核委员会主席

(e) 自二零二四年八月十九日起成为审核委员会成

员

(f) 环境、社会及管治委员会主席

(g) 股东周年大会主席

(h) 应邀出席

(i) 因临时事务而未能出席会议

本公司深明股东大会是与股东沟通的重要渠道

之一。于二零二四年股东周年大会，全体董事

包括执行主席、各董事委员会主席及外聘核数

师均有亲身出席大会并回答股东提问。

于回顾年度，执行主席曾在其他董事及高层管

理人员不在场之情况下，于不同场合下与独立

非执行董事进行沟通。

董事委员会

董事会辖下已成立薪酬及提名委员会、审核委

员会、环境、社会及管治委员会及执行委员会，

各有特定之职权范围。

该等委员会之职权范围已发布于联交所及╱或

本公司网站。所有委员会均获提供充足资源，

包括独立专业公司的意见（如需要），以履行其

角色及职责。

Notes:

(a) Chairman of the Board

(b) Chairman of the Remuneration and Nomination Comite before

19th August 2024

August 2024

(d) Chairman of the Audit Comite

(e) Became a member of the Audit Comite since 19th August 2024

(f) Chairman of the ESG Comite

(g) Chairman of the Anual General Meting

(h) Atendance by invitation

(i) Was unable to atend metings due to ad hoc comitment

The Company acknowledges General Meting is one of the important

forums to engage our shareholders. In the 2024 Anual General

Meting, al Directors, including Executive Chairman, the Chairman

of the Board Comites and the External Auditors atended the

meting physicaly and answered shareholders’ questions.

During the year under review, the Executive Chairman comunicated

with the Independent Non-executive Directors on various ocasions

without the presence of other Directors and Senior Management.

Board Comites

The Board has established a Remuneration and Nomination

Comite (R&N Comite), an Audit Comite, an

Environmental, Social and Governance Comite (ESG Comite)

and an Executive Comite with specific terms of reference.

Terms of reference of these Comites have ben published on

the websites of the Stock Exchange and/or the Company. Al the

Comites are provided with suficient resources, including the

advice of independent profesional firms, if necesary, to fulfil their

roles and responsibilities.

Major responsibilities 主要职责	• to consider and approve the remuneration packages of Executive Directors and Senior Management of the Group, including salaries, benefits in kind and bonuses; bonus schemes and other long-term incentive schemes, including share option, share award and other benefit plans; 审批本集团执行董事及高层管理人员之薪酬福利条件，包括薪金、实物利益及花红；花红计划及其他长期激励计划，包括购股权、股份奖励及其他福利计划；
	• to recommend to the Board the remuneration of Non-executive Directors; 向董事会建议非执行董事之薪酬；
	• to review the design of all employee share schemes and to administer all aspects of the share schemes in accordance with the applicable rules and requirements; 检讨所有雇员股份计划的设计并根据适用规则及要求处理所有股份计划；
	• to review the structure, size, composition and diversity (including the skills, knowledge, experience, gender and age) of the Board; 检讨董事会之架构、规模、组成及成员多元化，当中包括技能、知识、经验、性别及年龄等方面的多元化；
	• to review the effectiveness of Board Diversity Policy and Director Nomination Policy; 检讨董事会成员多元化政策及董事提名政策之成效；

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司46

Corporate Governance Report

企业管治报告

薪酬及提名委员会

Remuneration and Nomination Comite

Mr. Paul Jeremy BROUGH

先生

Mr. Peter

Tak-shing LO

罗德承先生

(Non-execu(cid:22)ve

Director)

（非执行董事）

Mr. Anthony

John Lidel

NIGHTINGALE

黎定基先生

(Independent

Non-execu(cid:22)ve

Director)

（独立非执行董事）

(Independent

Non-execu(cid:22)ve

Director)

Ms. Wendy

Wen-ye YUNG

容韵仪女士

（独立非执行董事）

Dr. Roy Chi-ping

CHUNG

钟志平博士

（独立非执行董事）

(Independent

Non-execu(cid:22)ve

Director)

Ms. Yvone

Mo-ling LO

罗慕玲女士

（非执行董事）

(Non-execu(cid:22)ve

Director)

Ms. May LO

罗其美女士

（非执行董事）

(Non-execu(cid:22)ve

Director)

Chairman

主席

（独立非执行董事）

(Independent Non-execu(cid:22)ve Director)

Major responsibilities (continued) 主要职责（续）	• to assess the independence of independent non-executive directors and to review the annual confirmation on their independence; 审视独立非执行董事之独立性及审阅其独立性之年度确认；
	• to review Director’s time commitment; 审视董事所须付出的时间；
	• to identify and determine the measurable objectives for achieving board diversity and monitor any progress made in achieving such measurable objectives; 物色及厘定达致董事会成员多元化之可计量目标及监察达致该等可计量目标之进度；
	• to recommend to the Board on appointment or re-appointment of and succession planning for Directors and Group Chief Executive Officer; 就董事及集团行政总裁之委任或续聘及继任计划向董事会提出建议；
	• to review and assess the adequacy and appropriateness of corporate culture statement; and 检讨及评估企业文化声明是否足够恰当；及
	• to review the effectiveness and alignment of corporate culture with the corporate governance compliance functions. 检讨企业文化之成效及企业文化与企业管治合规职能是否一致。

Anual Report 2024/2025 年度报告47

Corporate Governance Report

企业管治报告

Work done during and for FY2024/2025 于年内及为二零二四╱二零二五财政年度所作之工作	• reviewed, discussed and approved the remuneration package of Senior Management including the Executive Directors and Senior Management of the Group by reference to the individuals’ job responsibilities and performances, industry benchmarks and prevailing market conditions; 检讨、讨论及批准高层管理人员（包括本集团执行董事及高层管理人员）之酬金福利条件，当中已参考个别人士之职责及表现、同业水平及现行市场环境；
	• reviewed and approved the discretionary bonuses and the grant of share options and share awards, having given due consideration to both the Group’s financial performance and the individuals’ performances during the year in accordance with the performance-based compensation policy recommended by an independent consultant; 根据独立顾问建议，以按表现厘定之薪酬政策，在充分考虑本集团之财务表现及有关人士年内之个人表现后，检讨及批准发放酌情花红以及授出购股权及股份奖励；
	• reviewed and approved the Group’s new global long-term incentive plan structure; 审阅及批准本集团全球长期激励计划之新架构；
	• reviewed and recommended to the Board for the appointment of an independent non-executive director; 审阅及建议董事会委任独立非执行董事；
	• reviewed and recommended to the Board for approval the re-appointment of Directors at the 2024 Annual General Meeting; 审阅及建议董事会于二零二四年股东周年大会上批准董事之续聘；
	• reviewed and recommended to the Board for approval the letter of appointment of Executive Directors; 审阅及建议董事会批准执行董事之委任函；

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司48

Corporate Governance Report

企业管治报告

Work done during and for FY2024/2025 (continued) 于年内及为二零二四╱二零二五财政年度所作之工作（续）	• reviewed the structure, size, composition and diversity, including the skills, knowledge, professional qualification, experience, gender and age of the Board; 审视董事会之架构、规模、组成及多元化，包括董事拥有之不同技能、知识、专业资格、经验、性别及年龄等；
	• reviewed the Board Succession Plan and its Road Map; 审阅董事会继任计划及其未来路向图；
	• reviewed the measurable objectives for achieving Board diversity; 审阅董事会达致成员多元化的可计量目标；
	• reviewed Director’s time commitment to perform his/her duties and ensured there was no over-boarding of Directors; 审阅董事履行其职责所付出的时间及确保董事并无过度兼任；
	• assessed and confirmed the independence of all independent non-executive directors; and 评估并确认全体独立非执行董事之独立性；及
	• made recommendation to the Board for Directors’ Fees for FY2024/2025. 向董事会建议二零二四╱二零二五财政年度之董事袍金。

Anual Report 2024/2025 年度报告49

Corporate Governance Report

企业管治报告

The R&N Comite held two metings during FY2024/2025. Each

member’s atendance record during the year is shown in the previous

section headed “Board Procedings”.

薪酬及提名委员会于二零二四╱二零二五财政

年度内举行两次会议。各成员于年内出席会议

之记录列载于前一节「董事会程序」。

Major responsibilities 主要职责	• to make recommendations to the Board on the appointment, re-appointment and removal of the External Auditors and their audit fees; 就外聘核数师之委任、重新委任及罢免、以及彼等之核数师酬金等事宜向董事会提供建议；
	• to meet with the External Auditors to discuss the nature and scope of the audit; 与外聘核数师开会讨论审核工作之性质及范围；
	• to review the interim financial report and annual financial statements before they are submitted to the Board; 在提交予董事会前，审阅中期财务报告及全年财务报表；
	• to discuss problems and reservations arising from the interim review and final audit, and any other matters the External Auditors may wish to discuss, and review the External Auditors’ management letter and management’s response; 讨论源于中期审阅及年结审核过程所发现之问题及得出之保留意见，及任何其他外聘核数师欲讨论之事宜，以及审阅外聘核数师之审核情况说明函件及管理层之回应；
	• to review the internal audit programs and to ensure co-ordination between the Internal and External Auditors, assess the effectiveness of the Company’s risk management and internal control systems which cover all material financial, operational and compliance controls, and ensure that the internal audit function is adequately resourced and has appropriate standing within the Group; 审阅内部审核计划并确保内部审计师及外聘核数师间之协调，评估本公司涵盖所有重大财务、营运及合规监控方面的风险管理及内部监控系统之成效，以及确保内部审计职能获足够资源之支援及在本集团内保持适当之地位；

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司50

Corporate Governance Report

企业管治报告

审核委员会

Audit Comite

Mr. Paul Jeremy BROUGH

先生

Chairman

主席

（独立非执行董事）

Mr. Anthony John Lidel

NIGHTINGALE

黎定基先生

（独立非执行董事）

(Independent

Non-execu(cid:31)ve

Director)

（独立非执行董事）

(Independent

Non-execu(cid:31)ve

Director)

Dr. Roy Chi-ping

CHUNG

钟志平博士

(Independent Non-execu(cid:31)ve Director)

Major responsibilities (continued) 主要职责（续）	• to conduct an annual review of the adequacy of staffing of the financial reporting functions; 对财务汇报职能方面之员工资历是否足够进行年度检讨；
	• to review the whistleblowing policy and system for employees and those who deal with the Company to raise concerns, in confidence about possible improprieties in financial reporting, internal control or other matters; and to ensure proper arrangements are in place for fair and independent investigation of those matters and for appropriate follow up action; 检讨有关本公司雇员可在保密情况下对财务报告、内部监控或其他事项之可能不正当行为提出关注所采取之举报政策及系统；以及确保有适当安排对该等事宜作出公平独立之调查及采取适当之跟进行动；
	• to review the effectiveness of the policy and system that promote and support anti-corruption laws and regulations; 检讨促进及维护反贪污之法律法规之政策及系统的成效；
	• to act as the key representative body for overseeing the Company’s relations with the External Auditors; 作为监察本公司与外聘核数师关系之主要代表；
	• to oversee and review the adequacy and effectiveness of relevant financial, operational and compliance controls and risk management procedures that have been in place; 监察及检讨现有的有关财务、营运及合规监控及风险管理程序是否足够有效；
	• to review and monitor the Company’s policies and practices on compliance with legal and regulatory requirements; 检讨及监察本公司在遵守法律及监管规定方面之政策及常规；
	• to develop, review and monitor the code of conduct and compliance manual applicable to Directors and employees; and 制定、检讨及监察适用于董事及雇员之行为守则及合规手册；及
	• to review the Company’s compliance with the CG Code and disclosure in the Corporate Governance Report. 检讨本公司对企业管治守则之合规情况并于企业管治报告内所作之披露。

Anual Report 2024/2025 年度报告51

Corporate Governance Report

企业管治报告

Work done during and for FY2024/2025 于年内及为二零二四╱二零二五财政年度所作之工作	• reviewed the FY2024/2025 preliminary interim results announcement; interim financial report; preliminary annual results announcement and annual financial statements with management and External Auditors, and recommended their adoption by the Board; 与管理层及外聘核数师审阅二零二四╱二零二五财政年度之初步中期业绩公告、中期财务报告、初步年度业绩公告以及全年财务报表，并建议董事会予以采纳；
	• reviewed with the Internal Auditor the Company’s internal control systems and the periodic audit reports prepared by the Internal Auditor and approved the FY2024/2025 and FY2025/2026 audit plans; 与内部审计师检讨本公司之内部监控系统及审阅内部审计师定期编制之审计报告，并批准二零二四╱二零二五财政年度及二零二五╱二零二六财政年度之审核方案；
	• reviewed the Group Risk Report prepared by the Internal Auditor; 审阅由内部审计师编制之集团风险报告；
	• met with the External Auditors to discuss the nature and scope of the audit and reporting obligations prior to the commencement of the audit work; 于审核工作开始前，与外聘核数师开会讨论审核工作之性质及范畴以及汇报责任；
	• reviewed and considered the terms of engagement of the External Auditors; 审阅及考虑外聘核数师之委聘条款；
	• reviewed and approved/pre-approved the audit and non-audit services provided by the External Auditors, together with their respective fees; 审阅并批准╱预先批准外聘核数师提供之审核及非审核服务及各有关收费；
	• reviewed the adequacy of resources, qualifications and experience of the staff of the Group’s accounting, financial reporting, risk management (including ESG risk) and internal audit functions, and their training programs and budget; effectiveness of the Group’s risk management and internal audit function and compliance with the Corporate Governance Code; 审阅本集团于会计、财务汇报、风险管理（包括环境、社会及管治风险）及内部审计功能部门方面之资源、员工资历及经验是否足够，以及培训课程及有关预算；本集团风险管理及内部审计职能之成效及企业管治守则合规之情况；
	• reviewed the training and continuous professional development of Directors and Senior Management; 审阅董事及高层管理人员之培训及持续专业发展；

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司52

Corporate Governance Report

企业管治报告

Work done during and for FY2024/2025 (continued) 于年内及为二零二四╱二零二五财政年度所作之工作（续）	• reviewed the Company’s policies and practices on compliance with legal and regulatory requirements; 审阅本公司在法律及监管规定合规之政策及常规；
	• reviewed the code of conduct and compliance manual applicable to Directors and employees; 审阅适用于董事及雇员之行为守则及合规手册；
	• reviewed the status of compliance with the Corporate Governance Code and disclosure in the Corporate Governance Report; 审阅企业管治守则之合规情况并于企业管治报告内所作之披露；
	• held private session with External Auditors in the absence of Executive Directors and Senior Management; and 在执行董事及高层管理人员不在场之情况下单独与外聘核数师会谈；及
	• reviewed various Corporate Governance related policies and systems in compliance with the Corporate Governance Code and Listing Rules requirements. 检视多项企业管治相关政策及系统是否符合企业管治守则及上市规则之规定。

Anual Report 2024/2025 年度报告53

Corporate Governance Report

企业管治报告

The Board has aproved a Whistleblowing Policy in March 2012

which has ben revised in March 2022. The main objective of the

Policy is to provide employes and external parties an open and

unified reporting chanel and procedures to report any serious

misconduct or malpractice involving the Company and its employes

even on an anonymous basis. The Audit Comite has ben

delegated with the overal responsibility for monitoring and reviewing

the implementation and efectivenes of the Whistleblowing Policy.

于二零一二年三月，董事会已批准采纳举报政

策，并于二零二年三月作出修订。政策之主

要目标是为雇员及外间人士提供一个公开及统

一之举报渠道及程序，甚至接纳匿名举报任何

涉及本公司及其雇员之严重失当或不良行为。

审核委员会获委派全权负责监察及检讨举报政

策之实施及成效。

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司54

Corporate Governance Report

企业管治报告

于二零二零年三月，本公司已采纳集团商业道

德政策，以制定本公司所有雇员于日常营运时

应遵守之商业道德标准的一般原则。每名雇员

必须承诺遵守该政策，包括处理利益冲突、保

护及适当使用公司财产、贿赂及贪污、不诚实

及欺诈行为等条文，以及举报潜在违法及不当

行为之程序。本公司对于违反该政策采取零容

忍态度，绝不容忍任何违法或不道德行为。审

核委员会全面负责检讨反贪污之内部监控系统。

年内，概无从雇员或外部人士接获涉及严重欺

诈或不当行为之事件而对或将对本公司之财务

状况及整体营运造成重大影响。于举报政策及

集团商业道德政策之实施及成效上并无发现重

大问题。

于二零一二年八月，董事会已采纳企业管治政

策，并于二零二四年三月更新。该政策的主要

目标乃为本公司在制定政策及常规方面建立基

本框架，确保能符合各股东、公众投资者及其

他持份者的利益与期望。企业管治政策已刊登

于本公司网站。

审核委员会定期检讨本公司之企业管治架构及

常规，并持续监察有关之合规情况。

审核委员会于二零二四╱二零二五财政年度内

召开四次会议。各成员于年内出席会议之记录

列载于前一节「董事会程序」。

The Company has adopted a Group Busines Ethics Policy in March

2020 to establish the general principles of busines ethical standards

that al employes of the Company are expected to folow in daily

operation. Every employe is required to undertake to adhere

to this policy which includes provisions dealing with conflict of

interests, protection and proper use of company asets, bribery

and coruption, dishonesty and fraudulent act as wel as reporting

procedures for potential ilegality and misconduct. The Company

aplies zero tolerance to any violation of this policy and shal not

tolerate any ilegal or unethical acts. The Audit Comite has the

overal responsibility for reviewing the internal control system of

anti-coruption.

During the year, no incident involving serious fraud or misconduct

have ben received from employes nor external parties which had

or would have a material impact on the Company’s financial position

and overal operations. No significant area of concern is noted on the

implementation and efectivenes of the Whistleblowing Policy and

Group Busines Ethics Policy.

The Board has adopted a Corporate Governance Policy in August

2012 which has ben updated in March 2024. The main objective

of the Policy is to provide a basic framework for developing the

Company’s policies and practices to ensure alignment of interests

and expectations from our shareholders, the investing public and

other stakeholders. The Corporate Governance Policy has ben

published on the Company’s website.

The Audit Comite reviews regularly the corporate governance

structure and practices within the Company and monitors compliance

fulfilment on an ongoing basis.

The Audit Comite met four times in FY2024/2025. Each

member’s atendance record during the year is shown in the previous

section headed “Board Procedings”.

Major responsibilities 主要职责	• to provide guidance and report to the Board on Group-level sustainability goals, strategies, priorities and progress; 就集团层面之可持续发展目标、策略、优先处理事项及进度为董事会提供指导及汇报；
	• to review international trends in ESG-related legislation and regulation developments, including public debates as regards social, environmental and ethical standards of corporate behaviour and recommend anticipatory measures and plans for the Company; 审阅环境、社会及管治相关立法及法规发展的国际趋势，包括具社会、环境及企业行为道德标准的公众争议，并向本公司建议预期措施及计划；
	• to advise the Board on environmental and social risks and opportunities of material significance and provide anticipatory and mitigation plans; 就具有重大意义之环境及社会风险和机遇向董事会作出建议并提供预防及缓解计划；
	• to review the Company’s sustainability performance against declared targets under the Company’s Sustainability Framework; 根据本公司已发布之可持续发展框架目标检讨本公司之可持续发展表现；
	• to review material interests of the Company’s key stakeholders and provide corresponding long-term strategic direction to the Company; 审阅本公司主要持份者的重大利益，并为本公司制定相应长远战略方向；

Anual Report 2024/2025 年度报告55

Corporate Governance Report

企业管治报告

环境、社会及管治委员会

Environmental, Social and Governance (ESG)

Comite

Mr. Anthony John Lidel NIGHTINGALE

黎定基先生

Chairman

主席

（独立非执行董事）

Mr. Winston

Yau-lai LO

罗友礼先生

（执行主席）

(Execu(cid:25)ve Chairman)

Ms. May LO

罗其美女士

Mr. Eugene LYE

黎中山先生

（执行董事）

(Execu(cid:25)ve Director)

（非执行董事）

(Non-execu(cid:25)ve Director)

Mr. Roberto

GUIDETI

陆博涛先生

(Execu(cid:25)ve Director and

Group Chief Execu(cid:25)ve Oﬃcer)

（执行董事暨集团

行政总裁）

(Independent Non-execu(cid:25)ve Director)

Major responsibilities (continued) 主要职责（续）	• to examine the relevance of sustainability indices and the desirability of inclusion; 检视可持续发展指数之相关性以及纳入该等指数之合适性；
	• to review and approve Group-level sustainability-related policies; and 审阅及批准集团层面的可持续发展相关政策；及
	• to review and approve the Company’s sustainability reports. 审阅及批准本公司可持续发展报告。
Work done during and for FY2024/2025 于年内及为二零二四╱二零二五财政年度所作之工作	• reviewed and approved the Group’s FY2024/2025 Sustainability Report; 检讨及批准本集团二零二四╱二零二五财政年度可持续发展报告；
	• provided strategic direction on climate change, identified the risks, opportunities, and impacts associated with it, and drove the development of the Company’s decarbonisation efforts; 就气候变化提供战略方向，识别相关风险、机遇及影响，并推动本公司减碳工作的发展；
	• reviewed key international landscape on sustainability frameworks and provided direction on their adoption by the Company, including the HKFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and HKFRS S2 Climate-related Disclosures (the HKFRS Sustainability Disclosure Standards) published in March 2024; 审阅可持续发展框架的主要国际格局及提供本公司采用的指引，当中包括于二零二四年三月刊发的《香港财务报告准则》第S1号可持续发展相关财务资料披露的一般要求及《香港财务报告准则》第S2号气候相关披露（《香港财务报告准则》可持续发展披露标准）；

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司56

Corporate Governance Report

企业管治报告

Work done during and for FY2024/2025 (continued) 于年内及为二零二四╱二零二五财政年度所作之工作（续）	• examined key local and international sustainability-related policies and regulations development, their implications to the Company, and provided directions on corresponding actions for the Company, including the EU Regulation on Deforestation-free Products and the Climate Reporting Bill in Australia; 审阅主要当地及国际可持续发展相关政策及法规发展以及其对本公司之影响，并就本公司须作出之相应行动提供方向，包括《欧盟零毁林法案》及《澳洲气候报告法案》；
	• provided strategic direction on focus areas on the Company’s progress and achievements in selected external ESG ratings; and 就本公司在特定外部环境、社会及管治评级方面之进展及成果等重点领域提供战略方向；及
	• reviewed and approved a set of external sustainability targets under the Company’s Sustainability Framework for the next 5-year period of FY2025/2026 to FY2030/2031 (details can be found in the Company’s FY2024/2025 Sustainability Report). 审阅及通过本公司可持续发展框架下二零二五╱二零二六财政年度至二零三零╱二零三一财政年度未来五年期间之一系列外部可持续发展目标（详情请参阅本公司二零二四╱二零二五财政年度可持续发展报告）。

Anual Report 2024/2025 年度报告57

Corporate Governance Report

企业管治报告

The Board-level ESG Comite continued to overse our

sustainability isues, and to advise the Board on a range of strategy

ESG topics which present risks and oportunities for the Company.

The ESG Comite also provided strategic long-term guidance on

sustainability performance, goals and priorities. Please refer to our

FY2024/2025 Sustainability Report for more details of our eforts

on material ESG topics.

The ESG Comite held two metings during FY2024/2025. Each

member’s atendance record during the year is shown in the previous

section headed “Board Procedings”.

董事会层面之环境、社会及管治委员会持续监

察我们的可持续发展议题，并就一系列对本公

司而言属有危有机之策略性环境、社会及管治

议题向董事会作出建议。环境、社会及管治委

员会亦为可持续发展表现、目标及优先处理事

项提供策略性长远指导。有关我们于重大环

境、社会及管治议题之工作详情，请参阅二零

二四╱二零二五财政年度可持续发展报告。

环境、社会及管治委员会于二零二四╱二零

二五财政年度内举行两次会议。各成员于年内

出席会议之记录列载于前一节「董事会程序」。

Major responsibilities 主要职责	• to operate as a general management committee under the direct authority of the Board; and 如同一般管理委员会运作，直接隶属董事会；及
Major responsibilities 主要职责	• to consider and approve any contract, transaction and arrangement and exercise of powers and functions as conferred by the Board in relation to day to day management of the Company. 考虑及批准任何合约、交易及安排以及行使由董事会就本公司日常管理所授予之权力及职能。

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司58

Corporate Governance Report

企业管治报告

执行委员会

Executive Comite

Mr. Winston Yau-lai LO

罗友礼先生

Chairman

主席

（执行主席）

(Executive Chairman)

Ms. Ian Hong NG

吴茵虹女士

（集团首席财务总监）

(Group Chief Financial Oﬃcer)

Mr. Roberto GUIDETI

陆博涛先生

(Execu(cid:9)ve Director and

Group Chief Execu(cid:9)ve Oﬃcer)

（执行董事暨集团行政总裁）

Anual Report 2024/2025 年度报告59

Corporate Governance Report

企业管治报告

董事之委任、重选及罢免

本公司乃根据本公司薪酬及提名委员会之建议

或通过股东大会由股东委任新董事。股东可根

据本公司章程细则及董事提名政策提名候选人

出任董事。股东之提名程序已在本公司之网站

上刊载。凡董事会委任之董事均须于下一届股

东大会上告退。

根据本公司章程细则及企业管治守则条文B.2.2

条，全体董事（包括非执行董事）均须最少每三

年轮席告退，而每年须有三分之一（或最接近但

不能少于三分之一）之董事于本公司股东周年

大会上告退。

董事提名政策

董事会已于二零一二年三月采纳董事提名政策，

当中载列物色及拣选准候选人担任新任董事以

及考虑续聘现任董事委任之程序及准则。本公

司之薪酬及提名委员会已获董事会授权以物色

具备合适资格成为董事会成员的人士，并拣选

或向董事会推荐有关被提名人士出任董事；审

视独立非执行董事的独立性；及就董事委任或

重新委任向董事会提出建议。

本公司之董事提名政策旨在就推荐新任董事及

决定是否推荐重选现任董事向薪酬及提名委员

会提供指引。本公司之薪酬及提名委员会在仔

细考虑各现任董事之资历、技能、经验、独立性、

性别及年齢多元化、其已付出的时间及贡献后，

向本公司股东作出重选建议。任何符合资格出

席股东大会并于会上投票之本公司股东，可在

遵照董事提名条文（包括但不限于本公司章程

细则或上市规则项下之通告、通知及许可条文）

之情况下于任何股东大会上提名一名或以上人

士竞任本公司董事。

Apointment, Re-Election and Removal of

Directors

The apointment of a new Director is made on the recomendation

by the R&N Comite of the Company or by shareholders in a

General Meting. Shareholders may propose a candidate for election

as Director in acordance with the Articles of Asociation of the

Company and the Director Nomination Policy. The nomination

procedures by shareholders have ben published on the website

of the Company. Any Director who is apointed by the Board shal

retire at the next General Meting.

Pursuant to the Company’s Articles of Asociation and Code

Provision B.2.2 of the CG Code, al Directors, including Non-

executive Directors are subject to retirement by rotation at least

every thre years and one-third (or the number nearest to but not

les than one-third) of Directors shal retire from ofice every year at

the Company’s Anual General Meting.

Director Nomination Policy

The Board has adopted a Director Nomination Policy in March 2012

to set out the procedures and criteria for identifying and selecting

potential candidates for the apointment of new Director as wel as

for considering the renewal of director apointment. The Board has

delegated to the R&N Comite of the Company the authority to

identify individuals suitably qualified to become board members and

select or make recomendations to the Board on the selection of,

individuals nominated for directorship; ases the independence of

independent non-executive directors; and make recomendations to

the Board to the apointment or re-apointment of directors.

The Director Nomination Policy is intended to guide the R&N

Comite of the Company when recomending new director(s) and

when deciding whether to recomend that curent Director(s) be re-

elected. The R&N Comite of the Company wil carefuly consider

the qualifications, skils, experience, independence, gender and age

diversity, time comitments and contributions of any curently

siting director before making a re-election recomendation to

the Company’s shareholders. Any shareholder of the Company

who is qualified to be present and vote at the general meting,

may nominate one or more persons for election as a director of the

Company at any general meting if the shareholder complies with

the director nomination provisions, including without limitation the

notice, information and consent provisions under the Company’s

Articles of Asociation or the Listing Rules.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司60

Corporate Governance Report

企业管治报告

本公司之薪酬及提名委员会在适当的时候检讨

董事提名政策，并不时向董事会建议批准任何

修订或更新该政策。

董事提名政策已刊登于本公司网站。

董事就任及持续专业发展

本公司会为所有新委任董事安排就任须知，以

协助其理解董事职务，以及建立对本公司价值、

其业务、产品及市场之认识。新任董事亦会获

发一份就任须知资料，向董事简介在不同规管

要求下之责任及职责。就任须知亦附有董事会

政策（包括各董事委员会之职权范围）。此外，

董事亦获提供公司注册处刊发之「董事责任指引」

及香港董事学会刊发之「董事指引」，作为董事

责任一般原则性之指引，以及「董事行为守则」

尽可能避免任何利益冲突。

外聘法律顾问已于二零二四年八月为新委任董

事容韵仪女士进行就职培训。该培训涵盖上市

规则、《公司条例》及其他适用法律责任之规定，

使其充分理解作为上市公司董事之法定职责。

容女士于二零二四年八月十四日根据上市规则

第3.09D条规定取得法律顾问之法律意见，并

已确认了解法律顾问所提供资料。此外，高级

管理层于二零二四年九月为容女士进行及讲解

多节就任培训，内容集中本公司之业务营运及

发展，以协助其熟悉本集团之营运及业务。当

中包括由本集团各主要行政人员进行之详细简

报，令彼对本公司之策略优先事项、营运架构、

可持续发展框架及目标以及管治常规有更深入

的认识。容女士亦参观本集团位于中国内地东

莞之生产厂房，并参与当地市场考察。该等活

动借此令彼加深了解本集团之业务营运及发展。

The R&N Comite of the Company reviews the Director

Nomination Policy, whenever apropriate, and recomend to the

Board for aproval any amendments or updates to the Policy from

time to time.

The Director Nomination Policy has ben published on the

Company’s website.

Induction and Continuous Profesional

Development

Induction programs are aranged for any newly apointed Directors

for provision of information which would asist him or her in

understanding his or her role as a Director as wel as building an

understanding of the value of the Company, its busines, products

and markets. On apointment, new Directors wil also be given an

induction program kit outlining the responsibilities and duties as

Directors under various regulatory requirements. The induction kit

also contains the Board policies, including the Terms of Reference

of the Board Comites. Directors are provided with “A Guide on

Directors’ Duties” isued by the Companies Registry and “Guidelines

for Directors” isued by The Hong Kong Institute of Directors as

guidelines on the general principles of duties of directors and a “Code

of Conduct for Directors” to avoid conflicts of interest as far as

posible.

An induction training sesion was conducted by an external legal

adviser for the newly apointed Director, Ms. Wendy Wen-ye

YUNG in August 2024. The sesion covered the requirements under

the Listing Rules, the Companies Ordinance and other aplicable legal

obligations that are aplicable to her for a thorough understanding

of the statutory duties as a director of a listed company. Ms. Yung

has obtained the legal advice from the legal adviser as required

under Rule 3.09D of the Listing Rules on 14th August 2024 and has

confirmed her understanding of the information provided by the

legal adviser. In adition, several induction training sesions were

conducted and presented by Senior Management to Ms. Yung in

September 2024. These included detailed briefing sesions delivered

by the Group’s chief oficers, providing insights into the Company’s

strategic priorities, operational structure, sustainability framework

and target as wel as governance practices. Ms. Yung also visited

the Group’s manufacturing plant in Donguan, Mainland China, and

participated in the local market visit. These activities were designed

to depen her understanding of the Group’s busines operations and

development.

Anual Report 2024/2025 年度报告61

Corporate Governance Report

企业管治报告

本公司亦为董事安排持续专业发展课程，有关

费用由本公司支付。公司已为董事培训预留特

定预算。公司秘书定期向董事提供外间培训课

程及研讨会之报名资料，同时亦提供最新法规

通讯以及文章，有助董事持续掌握最新法例、

监管及企业管治等规定以及不断变化之商业领

域内的专业实务。有关课程及资料有助董事就

其知识及技能温故知新，从而履行上市公司董

事所应担任之角色、职能及责任等。

年内，本公司为董事安排两次董事会考察，分

别于二零二四年八月前往中国内地，以及于二

零二五年三月前往澳洲。在该等董事会考察期

间，董事参观我们的海外办事处、生产设施及

当地市场以及出席沟通会。彼等亦与当地管理

团队会面，深入了解该等营运之当前业务表现、

营运挑战及增长机遇。该等考察及互动加深董

事对地区营运环境的了解，并促进董事会与当

地团队的沟通，借此有助进行知情、灵活及有

效的策略性决策。

The Company also aranges continuous profesional development

program to Directors at the expense of the Company. A designated

budget is alocated specificaly to Directors’ training. The Company

Secretary provides regularly to Directors information about the

enrolment of external training courses and seminars as wel as legal

alerts and articles which are relevant for Directors to kep them

up-to-date on any legislative, regulatory and corporate governance

requirements and also profesional practices in a dynamic busines

world. The program and information would help refresh Directors’

knowledge and skils in performing their roles, functions and duties

of directors of a listed company.

During the year, the Company organised two Board trips for our

Directors, one to Mainland China in August 2024 and another to

Australia in March 2025. During these Board trips, the Directors

visited our overseas ofices, production facilities and local markets

as wel as atended townhal metings. They also met with local

management teams to gain deper insights into the curent busines

performance, operational chalenges and growth oportunities

of these operations. These visits and interactions enhanced the

Directors’ understanding of the regional operating environments

and strengthened comunication betwen the Board and local

teams, thereby suporting more informed, responsive and efective

strategic decision-making.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司62

Corporate Governance Report

企业管治报告

全体董事均已向本公司秘书提供彼等于二零

二四╱二零二五财政年度之培训记录，该等记

录已经审核委员会审阅。年内董事平均受训时

数为159小时，透过阅读文章及法律╱市场最

新消息，出席或参与董事会考察、管理层简介会、

会议、研讨会及其他活动。该等活动注重加强

董事对其职责及其他与本集团策略、业务、管

治及可持续发展相关议题的了解。

Al Directors have provided to the Company Secretary their training

records for FY2024/2025 which have ben reviewed by the Audit

Comite. The average training hours of the Directors during the

year was 159 hours by reading the articles and legal/market updates,

by atending or participating in Board trips, management briefings,

conferences, seminars and other events. These activities focused

on enhancing Directors’ understanding of their duties and other

topics relevant to the Group’s strategy, busines, governance and

sustainability.

1. Townhal during the Mainland China Board trip

董事会中国内地考察期间之沟通会

2. Directors visited Mainland China ofice

董事们参观中国内地的办公室

3. Leadership Lounge during the Australia Board trip

董事会澳洲考察期间之领袖座谈会

Areas 范畴
Name	姓名	Global business 环球商务	Company business 本公司业务	Director duties and governance 董事职责及管治	Innovation and technology 创新科技	Legal, regulatory, governance 法例、法规、管治	Accounting, finance, tax 会计、财务、税务
Executive Chairman	执行主席
Mr. Winston Yau-lai LO	罗友礼先生	✓	✓	✓	✓	✓	✓
Independent Non-executive Directors	独立非执行董事
Mr. Anthony John Liddell NIGHTINGALE	黎定基先生	✓	✓	✓	✓	✓	✓
Mr. Paul Jeremy BROUGH	Paul Jeremy BROUGH先生	✓	✓	✓	✓	✓	✓
Dr. Roy Chi-ping CHUNG	钟志平博士	✓	✓	✓	✓	✓	✓
Ms. Wendy Wen-yee YUNG	容韵仪女士	✓	✓	✓	✓	✓	✓
Non-executive Directors	非执行董事
Ms. Yvonne Mo-ling LO	罗慕玲女士	✓	✓	✓	✓	✓	✓
Mr. Peter Tak-shing LO	罗德承先生	✓	✓	✓	✓	✓	✓
Ms. May LO	罗其美女士	✓	✓	✓	✓	✓	✓
Executive Directors	执行董事
Mr. Roberto GUIDETTI	陆博涛先生	✓	✓	✓	✓	✓	✓
Mr. Eugene LYE	黎中山先生	✓	✓	✓	✓	✓	✓

Anual Report 2024/2025 年度报告63

Corporate Governance Report

企业管治报告

下表概述全体董事于二零二四╱二零二五财政

年度出席培训计划之专题：

The folowing table sumarizes topics of training program atended

by al Directors during FY2024/2025:

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司64

Corporate Governance Report

企业管治报告

董事之培训记录

董事会亦明白在竞争激烈之消费产品市场上，

持续培训及发展对高层管理人员相当重要，使

彼等得以提升其技能及知识，并以全新知情角

度重新审视其董事之职能。本公司鼓励高层管

理人员参与各类型持续专业发展课程及其他培

训课程，费用由本公司支付。高层管理人员于

本年内平均培训时数为54小时。

Directors’ Training Records

Legal/Regulatory/Governance

法例╱法规╱管治

Inova(cid:14)on and Technology

创新科技

Director Du(cid:14)es and Governance

董事职责及管治

Company Busines

本公司业务

Analysis of training a(cid:18)ended by Directors in

FY2024/2025 by topic

董事于二零二四╱二零二五财政年度参加之

培训 — 按专题分析

Global Busines/Forum

环球商务╱论坛

Acoun(cid:14)ng/Finance/Tax

会计╱财务╱税务

69%

9%

7%

4%

5%

6%

External Courses/Seminars/

Workshops

外间课程╱研讨会╱工作坊

Readings

阅读

Analysis of training a(cid:18)ended by Directors in

FY2024/2025 by type

董事于二零二四╱二零二五财政年度参加之

培训 — 按类型分析

Plant/Market Visit

厂房╱市场参观

In-house Training

内部培训

44%

26%

25%

5%

The Board also acknowledges the importance of continuous training

and development to Senior Management, which enables them to

bost their skils and knowledge to re-evaluate their roles with a

newly informed perspective and in this highly competitive consumer

product market. Senior Management is encouraged to participate

in various continuous profesional development programs and

other training courses at the expense of the Company. The average

training hours of Senior Management during the year was 54 hours.

Anual Report 2024/2025 年度报告65

Corporate Governance Report

企业管治报告

高层管理人员之培训记录

Senior Management’s Training Records

Audit/Acoun(cid:22)ng/

Finance/Tax

审计╱会计╱财务╱税务

Cyber Technology

数码科技

Market/Busines/Product/

Development

市场╱业务╱产品╱发展

Analysis of training a(cid:18)ended by Senior Management in

FY2024/2025 by topic

高层管理人员于二零二四╱二零二五财政年度参加之

培训 — 按专题分析

Company Busines

本公司业务

Regulatory/Governance/

Sustainability

法规╱管治╱可持续发展

48%

25%

13%

6%

8%

External Courses/Seminars/

Workshops

外间课程╱研讨会╱工作坊

Analysis of training a(cid:18)ended by Senior Management in

FY2024/2025 by type

高层管理人员于二零二四╱二零二五财政年度参加之

培训 — 按类型分析

In-house Training

内部培训

Readings

阅读

47%

34%

19%

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司66

Corporate Governance Report

企业管治报告

董事责任

董事对编制本公司财务报表承担责任。董事并

不知悉有任何重大不明朗之事件或情况可能会

严重影响本公司持续经营之能力。二零二四╱

二零二五财政年度之全年财务报表乃按持续经

营基准编制。本公司采纳之所有新会计准则及

政策先经由审核委员会经周详讨论后批准，然

后再提交董事会采纳。

本集团已就董事之证券交易采纳一套行为守则

（「自有守则」），其条款不比上市规则附录C3所

载之上市发行人董事进行证券交易之标准守则

所载列之规定标准宽松。本公司已对全体董事

作出具体查询，而彼等均确认于截至二零二五

年三月三十一日止年度均已遵守自有守则载列

之规定标准。本集团亦就可能拥有或得悉有关

股价敏感或内幕消息之特定类别员工而采纳一

套类似守则。

本公司已接获全体董事确认书确认他们于二零

二四╱二零二五财政年度已付出足够时间及关

注，处理本公司事务。董事亦适时向本公司披

露彼等作为董事之利益申报及于其他公众公司

及组织之其他职务，并已就任何其后变动定期

向公司秘书汇报。

董事会及执行主席之评审

董事会相信，对董事会及执行主席之成效进行

评审，乃良好企业管治之重要求，并自二零

一╱二零一二财政年度采纳企业管治守则中

之建议最佳常规定期为董事会作出评审。

董事会评估旨在协助董事会识别及解决其优势

及弱点，并突出董事会对自身之期望及有待进

一步改善之范畴。作为此评估过程的一部分，

本公司亦就执行主席作为董事会主席是否充分

及有效地履行其角色及职责进行评估。董事会

致力定期检讨其表现及成效。

Responsibilities of Directors

Directors acknowledge their responsibilities for preparing the

financial statements of the Company. Directors are not aware of any

material uncertainties relating to events or conditions that may cast

significant doubt upon the Company’s ability to continue as a going

concern. The Anual Financial Statements for FY2024/2025 are

prepared on a going concern basis. Al the new acounting standards

and policies adopted by the Company have ben thoroughly

discused and aproved by the Audit Comite before adoption by

the Board.

The Group has adopted its own Code for Securities Transactions

by Directors (the “Own Code”) on terms no les exacting than

the required standards set out in the Model Code for Securities

Transactions by Directors of Listed Isuers contained in Apendix

C3 of the Listing Rules. Specific enquiries were made of al Directors

and they have confirmed compliance with the required standard set

out in the Own Code for the year ended 31st March, 2025. A similar

code has also ben adopted by the Group for the specified group of

employes who may poses or have aces to price sensitive/inside

information.

Confirmations have ben received from al Directors that they have

provided suficient time and atention to the afairs of the Company

during FY2024/2025. Directors have also disclosed to the Company

their interests as director and other ofice in other public companies

and organisation in a timely maner, and have regularly reported to

the Company Secretary on any subsequent changes.

Evaluation of the Board and the Executive

Chairman

The Board believes that the evaluation of the efectivenes of the

Board and its Executive Chairman is an esential requirement of

god corporate governance and has since FY2011/2012 adopted

the Recomended Best Practice under the CG Code of conducting

regular Board evaluation exercises.

The objective of the Board evaluation is to asist the Board in

identifying and adresing its strengths and weakneses, and

highlighting the Board’s expectations for itself and areas for further

improvement. As part of this evaluation proces, the Executive

Chairman is also subject to evaluation on whether he has adequately

and efectively performed his roles and fulfiled his responsibilities as

the Chairman of the Board. The Board is comited to reviewing its

own performance and efectivenes at a regular interval.

Anual Report 2024/2025 年度报告67

Corporate Governance Report

企业管治报告

于二零二四╱二零二五财政年度，本公司已对

董事会及执行主席进行正式内部评估。于评估

过程中，本公司采用问卷调查方式向全体董事

收集评分及意见，当中包括28项评估董事会之

陈述及8项评估执行主席之陈述。填妥之评估

表格以保密形式递交予公司秘书。

全体董事均积极参与整个评估过程。董事会成

员对整体评价非常正面。董事亦就持续完善董

事会表现提出一些宝贵及具建设性建议，主要

有关董事会组成等范畴。

公司秘书提供董事会及执行主席之总体评核结

果概要，以及董事就各领域向董事会提供的宝

贵意见。执行主席作为评估过程之领导者审阅

结果及意见，并与高级管理层讨论由董事提出

之意见，并提供彼的回应及拟定行动计划以应

对评估结果中所识别的领域。董事之间亦已考

虑及讨论执行主席的回应及行动计划，并提出

意见作进一步商议，以协定方案提高董事会效

率及管治标准。

A formal internal evaluation of the Board and the Executive

Chairman was conducted in FY2024/2025. During the evaluation

proces, questionaire with scoring was used for colecting scores as

wel as opinions from al the Directors. The questionaire included

28 statements for Board evaluation and 8 statements for Executive

Chairman evaluation. Completed evaluation forms were sent to the

Company Secretary on a confidential basis.

, planing and oversight

策略方向、规划及监察

• Sustainability focus and drive

可持续发展重点及动力

• Board profile and composition

董事会概况及组成

• Board dynamics

董事会动态

• Relationship with the management

与管理层之关系

• Board view on comites

董事会对委员会的看法

Evaluation of the Board

董事会之评核

• Personal atributes

个人特质

• Leadership

领导才能

• Encouraging active participation

鼓励积极参与

• Relationship with Group CEO

与集团行政总裁的关系

• Relationship with stakeholders

与持份者的关系

• Adherence to god CG practices

遵守良好企业管治常规

• Promotion of ESG

促进环境、社会及管治

• Sucesion planing

继任计划

Evaluation of Executive Chairman

执行主席之评核

Al Directors actively participated in the whole evaluation

proces. Responses from the Board members were overal very

positive. Directors also proposed a few valuable and constructive

recomendations for continuous improvement of the Board’s

performance, mainly in the area of board composition.

The Company Secretary has provided sumaries of the agregate

evaluation results for the Board and Executive Chairman, along

with the valuable coments provided by Directors in each area to

the Board. The Executive Chairman as the leader of the evaluation

proces reviewed the results and coments, and discused the

Directors’ coments with Senior Management and provided his

responses and proposed action plans to adres the areas identified

in the evaluation results. The Executive Chairman’s responses and

action plans have also ben considered and discused amongst

the Directors, alowing for further deliberation and colective input

ensuring a colaborative aproach to enhancing Board efectivenes

and governance standards.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司68

Corporate Governance Report

企业管治报告

公司秘书

公司秘书为本公司之雇员，并由董事会委任。

公司秘书负责统筹董事会及董事委员会之议事

程序╱活动，以及维系董事会成员、股东及高

层管理人员间之良好沟通。

公司秘书之委任及罢免须经董事会批准。公司

秘书向执行主席及集团行政总裁汇报，并就有

关董事会管治及董事职责之事宜向董事会负责，

例如就企业管治发展及合规状况、相关法律及

法规要求给予意见，以及协助安排董事之专业

发展课程及就任须知。董事会全体成员均可获

公司秘书提供意见及服务。

年内，公司秘书接受超过15小时之外部持续专

业发展培训课程，以了解最新的监管法规以及

企业管治常规，从而对其技能及知识温故知新。

风险管理及内部监控

董事会明白其肩负风险管理及内部监控系统之

责任，并检讨其成效。该系统之设计旨在管理

而非消除无法达成业务目标之风险，并仅可为

避免发生重大错误陈述或损失提供合理而非绝

对之保证。为实现此目标，董事会确保已制定

有效之风险管治架构及持续风险管理程序，以

达致本公司业务之长久成功。

Company Secretary

The Company Secretary is an employe of the Company and has

ben apointed by the Board. The Company Secretary is responsible

for facilitating the procedures/activities of the Board and the Board

Comites as wel as god comunication flow amongst the Board

members, shareholders and Senior Management.

The apointment and removal of the Company Secretary is subject

to Board aproval. The Company Secretary reports to both the

Executive Chairman and the Group Chief Executive Oficer. The

Company Secretary is acountable to the Board for maters relating

to Board governance and Directors’ duties, such as giving advice

on corporate governance developments and compliance, related

laws and regulatory requirements and facilitating the profesional

development programe and induction programe of Directors. Al

members of the Board have aces to the advice and service of the

Company Secretary.

During the year, the Company Secretary undertok over 15 hours

of external CPD training courses to kep abreast of latest regulatory

changes and corporate governance practices and to refresh her skils

and knowledge.

Risk Management and Internal Control

The Board acknowledges its responsibility for the risk management

and internal control systems and reviewing their efectivenes.

The 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. To achieve this, the Board ensures that there is an efective

framework of risk governance and ongoing risk management proces

to promote the long-term suces of the Company.

Anual Report 2024/2025 年度报告69

Corporate Governance Report

企业管治报告

董事会一直获委以确保维持适当及有效之风险

管理及内部监控之整体职责，从而提供合理保

证，以避免发生资讯之重大错误陈述。风险管

理及内部监控系统之主要特点如下：

内部监控

本公司已根据Comite of Sponsoring

Organizations of the Treadway Comision

(COSO)之内部监控原则制定内部监控系统，以

管理及减低而非消除业务风险。有效之内部监

控系统之主要相关原则载列如下：

The Board is entrusted with the overal responsibility on an ongoing

basis for ensuring that apropriate and efective risk management

and internal controls are maintained to provide reasonable asurance

against material mistatement of information. Main features of the

risk management and internal control systems are described in the

sections below:

Internal Control

The Company has had in place an internal control system, which is

developed based on the Comite of Sponsoring Organizations of

the Treadway Comision (COSO) components for internal controls,

to manage and mitigate rather than to eliminate busines risks. The

key underlying components of efective internal control system are

ilustrated as below:

Cont

rol E

nviro

nme

监控

文化

Risk

Ase

sme

风险

评估

Mon

itorin

g Acti

vitie

监管

措施

Cont

rol A

ctivi

ties

监控

措施

Internal

Control System

内部监控制度

m

C

m

municat o

资

讯

及

沟

通

m

munica

资

讯

及

沟

通

Set th

e ton

e at t

he to

regar

ding t

he im

porta

nce

of int

ernal

cont

rol &

risk

mana

geme

设定与

风险管

理以及

内部监

控的基

调

Identi

fy, as

ses

and m

anage

of ris

识别、

评估和

管理风

险

Deve

lop co

ntrol

activi

ties

to mi

tigate

risks

to th

achie

veme

nt of

the

objec

tives

制订监

控措施

，将达

致

目标的

Layer 层面	Roles and Responsibilities 职务及职责
Oversight 监督	Audit Committee, acting on behalf of the Board • Oversees the Company’s risk management and internal control on an ongoing basis. • Oversees those risks that warrant the Committee’s attention and supervise risk management process as part of good corporate governance. 代表董事会之审核委员会 • 持续监督本公司之风险管理及内部监控。 • 监督委员会需要注意之该等风险并监督风险管理程序，以配合良好企业管治。
Group Internal Audit • Conducts independent review on the effectiveness of risk management and internal control system and provides reasonable assurance to Audit Committee. 集团内部审计 • 对风险管理及内部监控系统之成效进行独立审阅，并向审核委员会提供合理保证。
Risk Monitoring & Review 风险监察及审阅	Enterprise Risk Management Executive Committee & Entity CEOs • Design, implement and monitor the risk management and internal control system. • Provide assurance to the Audit Committee on the effectiveness of risk management and internal control system. 企业风险管理执行委员会及地方公司行政总裁 • 设计、实施及监察风险管理及内部监控系统。 • 向审核委员会提供有关风险管理及内部监控系统成效之保证。

Layer 层面	Roles and Responsibilities 职务及职责
Group Risk Management, an independent team under Group Internal Audit and Risk Management • Supports the Board of Directors, Audit Committee and Enterprise Risk Management Executive Committee. • Develops and implements risk management frameworks, policies, tools and methodologies with all subsidiaries. • Monitors status of risk and communicate with the Executive Committee and Audit Committee on an ongoing basis. 集团风险管理为集团内部审计及风险管理部门辖下之独立团队 • 支援董事会、审核委员会及企业风险管理执行委员会。 • 与所有附属公司建立及执行风险管理框架、政策、工具及方法。 • 持续监察风险状况，并与执行委员会及审核委员会持续沟通。
Risk & Control Ownership 风险及控制的责任	Department Heads & Individual Employee • Ownership of managing risks, executing control activities and identifying new risks in daily operation. 部门主管及个别员工 • 于日常营运中管理风险，执行监控活动及识别新风险。

DIRECTORS AND

SENIOR MANAGEMENT

董事及高层管理人员

Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged 84, is the 罗友礼先生(SBS, BSc, MSc)，八十四 Executive Chairman of the Group. Mr. Lo was appointed 岁，本集团执行主席，于一九七二年 a Director of the Company in 1972. Mr. Lo is a member 获委任为本公司董事。罗先生为本 of the Environmental, Social and Governance Committee 公司环境、社会及管治委员会之成
of the Company. Mr. Lo graduated from the University 员。罗先生毕业于伊利诺大学，获食 of Illinois with a Bachelor of Science degree in Food 物科学理学学士学位，并获康乃尔 Science and gained his Master of Science degree in Food 大学颁授食物科学理学硕士学位。 Science from Cornell University. Mr. Lo is an Honorary 罗先生为香港科技大学顾问委员会 Court Member of the Hong Kong University of Science 荣誉委员及康乃尔大学校董会终身 and Technology and life member of Cornell University 校董。罗先生为平平置业有限公司 Council. Mr. Lo is a director of Ping Ping Investment 董事。彼已退任香港联交所上市之 Company Limited. He retired as a director of The Bank 东亚银行有限公司之董事，自二零 of East Asia, Limited, a company listed on the Hong Kong 二五年五月九日起生效。彼曾任中 Stock Exchange with effect from 9th May 2025. He was 国人民政治协商会议全国委员会委 a member of The National Committee of the Chinese 员。除已披露者外，彼于过往三年 People’s Political Consultative Conference. Save as 并无于其他上市公众公司担任任何 disclosed, he has not held any directorship in other listed 董事职务。彼为本公司非执行董事 public companies in the last three years. He is the father 罗其美女士及本公司主要股东 of Ms. May Lo (a Non-executive Director of the Company) 张罗其乐女士之父亲、本公司非执 and Ms. Joy Lo Cheung (a substantial shareholder of 行董事罗慕玲女士及本公司主要股 the Company), the brother of Ms. Yvonne Mo-ling Lo (a 东陈罗慕连女士之胞兄弟，亦为本 Non-executive Director of the Company) and Ms. Irene 公司非执行董事罗德承先生、本公 Chan (the substantial shareholder of the Company) and 司执行董事黎中山先生以及本公司 the relative of Mr. Peter Tak-shing Lo (a Non-executive 主要股东黎东山先生、罗安女士及 Director of the Company), Mr. Eugene Lye (an Executive 陈凌珊女士之亲属。 Director of the Company), Mr. Christopher Lye, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). Annual Report 2024/2025 年度报告 83

Mr. Winston Yau-lai LO (SBS, BSc, MSc), aged 84, is the 罗友礼先生(SBS, BSc, MSc)，八十四 Executive Chairman of the Group. Mr. Lo was appointed 岁，本集团执行主席，于一九七二年 a Director of the Company in 1972. Mr. Lo is a member 获委任为本公司董事。罗先生为本 of the Environmental, Social and Governance Committee 公司环境、社会及管治委员会之成

of the Company. Mr. Lo graduated from the University 员。罗先生毕业于伊利诺大学，获食 of Illinois with a Bachelor of Science degree in Food 物科学理学学士学位，并获康乃尔 Science and gained his Master of Science degree in Food 大学颁授食物科学理学硕士学位。 Science from Cornell University. Mr. Lo is an Honorary 罗先生为香港科技大学顾问委员会 Court Member of the Hong Kong University of Science 荣誉委员及康乃尔大学校董会终身 and Technology and life member of Cornell University 校董。罗先生为平平置业有限公司 Council. Mr. Lo is a director of Ping Ping Investment 董事。彼已退任香港联交所上市之 Company Limited. He retired as a director of The Bank 东亚银行有限公司之董事，自二零 of East Asia, Limited, a company listed on the Hong Kong 二五年五月九日起生效。彼曾任中 Stock Exchange with effect from 9th May 2025. He was 国人民政治协商会议全国委员会委 a member of The National Committee of the Chinese 员。除已披露者外，彼于过往三年 People’s Political Consultative Conference. Save as 并无于其他上市公众公司担任任何 disclosed, he has not held any directorship in other listed 董事职务。彼为本公司非执行董事 public companies in the last three years. He is the father 罗其美女士及本公司主要股东 of Ms. May Lo (a Non-executive Director of the Company) 张罗其乐女士之父亲、本公司非执 and Ms. Joy Lo Cheung (a substantial shareholder of 行董事罗慕玲女士及本公司主要股 the Company), the brother of Ms. Yvonne Mo-ling Lo (a 东陈罗慕连女士之胞兄弟，亦为本 Non-executive Director of the Company) and Ms. Irene 公司非执行董事罗德承先生、本公 Chan (the substantial shareholder of the Company) and 司执行董事黎中山先生以及本公司 the relative of Mr. Peter Tak-shing Lo (a Non-executive 主要股东黎东山先生、罗安女士及 Director of the Company), Mr. Eugene Lye (an Executive 陈凌珊女士之亲属。 Director of the Company), Mr. Christopher Lye, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). Annual Report 2024/2025 年度报告 83

Directors and Senior Management

董事及高层管理人员

BOARD OF DIRECTORS

Executive Chairman

董事会

执行主席

Independent Non-executive Directors 独立非执行董事 Mr. Anthony John Liddell NIGHTINGALE (CMG, SBS, 黎定基先生(CMG, SBS, JP)，七十七 JP), aged 77, was appointed a Director of the Company 岁，于二零一五年六月获委任为本公 in June 2015. Mr. Nightingale is the chairman of the 司董事。黎先生为本公司环境、社会 Environmental, Social and Governance Committee, a 及管治委员会之主席、薪酬及提名委 member of the Remuneration and Nomination Committee 员会之成员以及审核委员会之成员。 and a member of the Audit Committee of the Company. 黎先生毕业于剑桥大学Peterhouse
Mr. Nightingale graduated from Peterhouse College, 书院，获颁古典文学学位。黎先生曾 University of Cambridge with a degree in Classics. 于二零零六年至二零一二年期间， Mr. Nightingale was Managing Director of the Jardine 担任怡和集团（「怡和集团」）董事总 Matheson Group (“Jardine Group”) from 2006 to 2012. 经理。彼于一九六九年加入怡和集 He joined Jardine Group in 1969 and was appointed a 团，并于一九九四年获委任为董事。 director in 1994. Mr. Nightingale has stepped down as 黎先生于二零二四年一月三十一日
a non-executive director of Jardine Matheson Holdings 起退任怡和控股有限公司及怡和集 Limited and of other Jardine Group companies since 团旗下多间公司的非执行董事，包 31st January 2024. These include Dairy Farm and 括牛奶国际控股有限公司及置地控 Hongkong Land. Jardine Matheson Holdings Limited has 股有限公司。怡和控股有限公司于 a standard listing on the London Stock Exchange as its 伦敦证券交易所作第一上市，并于 primary listing, with secondary listings in Bermuda and 百慕达和新加坡交易所作第二上市。 Singapore. Mr. Nightingale is a director of Matheson & Co. 黎先生为Matheson & Co. Limited Limited and also the independent non-executive director 之董事，同时亦为香港上市公司 of Shui On Land Limited, a company listed in Hong Kong. 瑞安房地产有限公司之独立非 Mr. Nightingale is a commissioner of PT Astra International 执行董事。黎先生为PT Astra Tbk. He is the chairperson of The Sailors Home and International Tbk的委员。彼为香港 Missions to Seafarers in Hong Kong. Mr. Nightingale is 海员俱乐部主席。黎先生曾为香港 the former chairman of the Hong Kong General Chamber 总商会主席，并于二零零五年至二 of Commerce and was appointed as a Hong Kong, China’s 零一七年获委任为亚太区经济合作 representative to the Asia Pacific Economic Cooperation 组织商贸咨询理事会之中国香港代 (“APEC”) Business Advisory Council from 2005 to 2017 表，以及于二零一八年至二零一九 and a Hong Kong representative to the APEC Vision 年为亚太经合组织愿景小组香港代 Group from 2018 to 2019. He was a member of The 表。彼曾为行政长官创新及策略发 Chief Executive’s Council of Advisors on Innovation and 展顾问团成员及香港科技大学商学 Strategic Development and was a member of the HKUST 院顾问委员会成员。彼曾为迅达控 Business School Advisory Council. He was a non-executive 股有限公司、怡和策略控股有限公司、 director of Schindler Holding Limited, Jardine Strategic 文华东方国际有限公司、保诚保险 Holdings Limited, Mandarin Oriental, Prudential plc and 有限公司以及怡和合发有限公司之 Jardine Cycle & Carriage Limited. Save as disclosed, he has 非执行董事。除已披露者外，彼于过 not held any directorship in other listed public companies 往三年并无于其他上巿公众公司担 in the last three years. 任任何董事职务。 84 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Independent Non-executive Directors 独立非执行董事 Mr. Anthony John Liddell NIGHTINGALE (CMG, SBS, 黎定基先生(CMG, SBS, JP)，七十七 JP), aged 77, was appointed a Director of the Company 岁，于二零一五年六月获委任为本公 in June 2015. Mr. Nightingale is the chairman of the 司董事。黎先生为本公司环境、社会 Environmental, Social and Governance Committee, a 及管治委员会之主席、薪酬及提名委 member of the Remuneration and Nomination Committee 员会之成员以及审核委员会之成员。 and a member of the Audit Committee of the Company. 黎先生毕业于剑桥大学Peterhouse

Mr. Nightingale graduated from Peterhouse College, 书院，获颁古典文学学位。黎先生曾 University of Cambridge with a degree in Classics. 于二零零六年至二零一二年期间， Mr. Nightingale was Managing Director of the Jardine 担任怡和集团（「怡和集团」）董事总 Matheson Group (“Jardine Group”) from 2006 to 2012. 经理。彼于一九六九年加入怡和集 He joined Jardine Group in 1969 and was appointed a 团，并于一九九四年获委任为董事。 director in 1994. Mr. Nightingale has stepped down as 黎先生于二零二四年一月三十一日

a non-executive director of Jardine Matheson Holdings 起退任怡和控股有限公司及怡和集 Limited and of other Jardine Group companies since 团旗下多间公司的非执行董事，包 31st January 2024. These include Dairy Farm and 括牛奶国际控股有限公司及置地控 Hongkong Land. Jardine Matheson Holdings Limited has 股有限公司。怡和控股有限公司于 a standard listing on the London Stock Exchange as its 伦敦证券交易所作第一上市，并于 primary listing, with secondary listings in Bermuda and 百慕达和新加坡交易所作第二上市。 Singapore. Mr. Nightingale is a director of Matheson & Co. 黎先生为Matheson & Co. Limited Limited and also the independent non-executive director 之董事，同时亦为香港上市公司 of Shui On Land Limited, a company listed in Hong Kong. 瑞安房地产有限公司之独立非 Mr. Nightingale is a commissioner of PT Astra International 执行董事。黎先生为PT Astra Tbk. He is the chairperson of The Sailors Home and International Tbk的委员。彼为香港 Missions to Seafarers in Hong Kong. Mr. Nightingale is 海员俱乐部主席。黎先生曾为香港 the former chairman of the Hong Kong General Chamber 总商会主席，并于二零零五年至二 of Commerce and was appointed as a Hong Kong, China’s 零一七年获委任为亚太区经济合作 representative to the Asia Pacific Economic Cooperation 组织商贸咨询理事会之中国香港代 (“APEC”) Business Advisory Council from 2005 to 2017 表，以及于二零一八年至二零一九 and a Hong Kong representative to the APEC Vision 年为亚太经合组织愿景小组香港代 Group from 2018 to 2019. He was a member of The 表。彼曾为行政长官创新及策略发 Chief Executive’s Council of Advisors on Innovation and 展顾问团成员及香港科技大学商学 Strategic Development and was a member of the HKUST 院顾问委员会成员。彼曾为迅达控 Business School Advisory Council. He was a non-executive 股有限公司、怡和策略控股有限公司、 director of Schindler Holding Limited, Jardine Strategic 文华东方国际有限公司、保诚保险 Holdings Limited, Mandarin Oriental, Prudential plc and 有限公司以及怡和合发有限公司之 Jardine Cycle & Carriage Limited. Save as disclosed, he has 非执行董事。除已披露者外，彼于过 not held any directorship in other listed public companies 往三年并无于其他上巿公众公司担 in the last three years. 任任何董事职务。 84 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Directors and Senior Management

董事及高层管理人员

Mr. Paul Jeremy BROUGH, aged 68, was appointed a Paul Jeremy BROUGH先生，六十八 Director of the Company in September 2016. Mr. Brough 岁，于二零一六年九月获委任为本公 is the chairman of the Audit Committee and the chairman 司董事。Brough先生为本公司审核 of the Remuneration and Nomination Committee of the 委员会之主席及薪酬及提名委员会
Company. Mr. Brough graduated from Nottingham Trent 之主席。Brough先生毕业于诺丁汉 Business School with a Bachelor’s degree (Honours) 特伦特大学商学院，获颁商业学荣誉 in Business Studies. Mr. Brough is an associate of the 学士学位。Brough先生现为英格兰 Institute of Chartered Accountants in England and Wales 及威尔斯特许会计师公会会员以及 and an associate of the Hong Kong Institute of Certified 香港会计师公会会员。Brough先生
Public Accountants. Mr. Brough is an independent non- 为于香港联交所上市之公司国浩集 executive director of Guoco Group Limited, a company 团有限公司之独立非执行董事、香港 listed on the Hong Kong Stock Exchange, an independent 上海汇丰银行有限公司之独立非执 non-executive director of The Hongkong and Shanghai 行董事、德事商务中心有限公司之 Banking Corporation Limited, an independent non- 独立非执行董事、Eagle Investments executive director of The Executive Centre Limited, an HoldCo之独立非执行董事、Pacific independent non-executive director of Eagle Investments Primary Health Care Holdings Limited HoldCo, an independent non-executive director of Pacific 之独立非执行董事及自二零二五年 Primary Health Care Holdings Limited and from 22nd April 四月二十二日起担任The Executive 2025, a non-executive director of The Executive Centre Centre India Private Limited之非执行 India Private Limited. Mr. Brough joined KPMG Hong Kong 董事。Brough先生于一九八三年加 in 1983 and held appointments as its Head of Consulting 入毕马威会计师事务所香港分部， in 1995 and as Head of Financial Advisory Services in 于一九九五年出任业务顾问主管， 1997. In 1999, he was appointed the Asia Pacific Head 并于一九九七年出任财务咨询服务 of KPMG’s Financial Advisory Services business and a 主管。彼于一九九九年出任毕马威 member of its global advisory steering group. He held 会计师事务所亚太区之财务咨询 the position of Regional Senior Partner of KPMG Hong 服务主管，以及毕马威会计师事务 Kong from April 2009 before retiring in March 2012. 所全球咨询督导委员会成员。彼自 Mr. Brough is a director of Run Hong Kong Limited, a 二零零九年四月起出任毕马威会 not-for-profit entity. Mr. Brough is also a director of Blue 计师事务所香港区高级合伙人，至 Willow Limited. Mr. Brough was the executive chairman of 二零一二年三月退休。Brough先 Noble Group Limited, a company listed on the Singapore 生为非牟利机构Run Hong Kong Stock Exchange, and its successor company, Noble Group Limited之董事。Brough先生亦为 Holdings Limited from 8th May 2017 to 1st October 2019. Blue Willow Limited之董事。Brough He was an independent non-executive director of Habib 先生于二零一七年五月八日至二零 Bank Zurich (Hong Kong) Limited, a Hong Kong restricted 一九年十月一日担任来宝集团有限 licence bank until 28th February 2023, the chairman of 公司（为于新加坡证券交易所上市及 the General Committee of The Hong Kong Club until 11th Noble Group Holdings Limited之继 May 2023 and the independent non-executive director of 任公司）之执行主席。彼于二零二三 Toshiba Corporation until 22nd December 2023. Save as 年二月二十八日前担任香港一家受 disclosed, he has not held any directorship in other listed 限制持牌银行恒比银行苏黎世（香港） public companies in the last three years. 有限公司之独立非执行董事、于二零二三年五月十一日前担任香港会理事会主席及于二零二三年十二月二十二日前担任株式会社东芝之独立非执行董事。除已披露者外，彼于过往三年并无于其他上巿公众公司担任任何董事职务。 Annual Report 2024/2025 年度报告 85

Mr. Paul Jeremy BROUGH, aged 68, was appointed a Paul Jeremy BROUGH先生，六十八 Director of the Company in September 2016. Mr. Brough 岁，于二零一六年九月获委任为本公 is the chairman of the Audit Committee and the chairman 司董事。Brough先生为本公司审核 of the Remuneration and Nomination Committee of the 委员会之主席及薪酬及提名委员会

Company. Mr. Brough graduated from Nottingham Trent 之主席。Brough先生毕业于诺丁汉 Business School with a Bachelor’s degree (Honours) 特伦特大学商学院，获颁商业学荣誉 in Business Studies. Mr. Brough is an associate of the 学士学位。Brough先生现为英格兰 Institute of Chartered Accountants in England and Wales 及威尔斯特许会计师公会会员以及 and an associate of the Hong Kong Institute of Certified 香港会计师公会会员。Brough先生

Public Accountants. Mr. Brough is an independent non- 为于香港联交所上市之公司国浩集 executive director of Guoco Group Limited, a company 团有限公司之独立非执行董事、香港 listed on the Hong Kong Stock Exchange, an independent 上海汇丰银行有限公司之独立非执 non-executive director of The Hongkong and Shanghai 行董事、德事商务中心有限公司之 Banking Corporation Limited, an independent non- 独立非执行董事、Eagle Investments executive director of The Executive Centre Limited, an HoldCo之独立非执行董事、Pacific independent non-executive director of Eagle Investments Primary Health Care Holdings Limited HoldCo, an independent non-executive director of Pacific 之独立非执行董事及自二零二五年 Primary Health Care Holdings Limited and from 22nd April 四月二十二日起担任The Executive 2025, a non-executive director of The Executive Centre Centre India Private Limited之非执行 India Private Limited. Mr. Brough joined KPMG Hong Kong 董事。Brough先生于一九八三年加 in 1983 and held appointments as its Head of Consulting 入毕马威会计师事务所香港分部， in 1995 and as Head of Financial Advisory Services in 于一九九五年出任业务顾问主管， 1997. In 1999, he was appointed the Asia Pacific Head 并于一九九七年出任财务咨询服务 of KPMG’s Financial Advisory Services business and a 主管。彼于一九九九年出任毕马威 member of its global advisory steering group. He held 会计师事务所亚太区之财务咨询 the position of Regional Senior Partner of KPMG Hong 服务主管，以及毕马威会计师事务 Kong from April 2009 before retiring in March 2012. 所全球咨询督导委员会成员。彼自 Mr. Brough is a director of Run Hong Kong Limited, a 二零零九年四月起出任毕马威会 not-for-profit entity. Mr. Brough is also a director of Blue 计师事务所香港区高级合伙人，至 Willow Limited. Mr. Brough was the executive chairman of 二零一二年三月退休。Brough先 Noble Group Limited, a company listed on the Singapore 生为非牟利机构Run Hong Kong Stock Exchange, and its successor company, Noble Group Limited之董事。Brough先生亦为 Holdings Limited from 8th May 2017 to 1st October 2019. Blue Willow Limited之董事。Brough He was an independent non-executive director of Habib 先生于二零一七年五月八日至二零 Bank Zurich (Hong Kong) Limited, a Hong Kong restricted 一九年十月一日担任来宝集团有限 licence bank until 28th February 2023, the chairman of 公司（为于新加坡证券交易所上市及 the General Committee of The Hong Kong Club until 11th Noble Group Holdings Limited之继 May 2023 and the independent non-executive director of 任公司）之执行主席。彼于二零二三 Toshiba Corporation until 22nd December 2023. Save as 年二月二十八日前担任香港一家受 disclosed, he has not held any directorship in other listed 限制持牌银行恒比银行苏黎世（香港） public companies in the last three years. 有限公司之独立非执行董事、于二零二三年五月十一日前担任香港会理事会主席及于二零二三年十二月二十二日前担任株式会社东芝之独立非执行董事。除已披露者外，彼于过往三年并无于其他上巿公众公司担任任何董事职务。 Annual Report 2024/2025 年度报告 85

Directors and Senior Management

董事及高层管理人员

Dr. Roy Chi-ping CHUNG (GBS, BBS, JP), aged 72, was 钟志平博士(GBS, BBS, JP)，七十二 appointed a Director of the Company in June 2017. 岁，于二零一七年六月获委任为本 Dr. Chung is a member of the Audit Committee and a 公司董事。钟博士为本公司审核委 member of the Remuneration and Nomination Committee 员会之成员以及薪酬及提名委员会 of the Company. Dr. Chung holds a Doctor of Engineering 之成员。钟博士分别持有英国华威 Degree from the University of Warwick, United Kingdom 大学颁授之工程学博士学位及澳门 and Doctor of Business Administration Degree from 城市大学颁授之工商管理博士学位。 City University of Macau. He has been appointed as 彼自二零一零年十二月起获英国华 an Industrial Professor by the University of Warwick, 威大学委任为工程教授。彼于二零
United Kingdom since December 2010. He was awarded 二三年获香港都会大学颁授荣誉工 a Doctor of Business Administration honoris causa by 商管理博士学位、于二零二三年获 the Hong Kong Metropolitan University in 2023, an 香港城市大学颁授荣誉工商管理 Honorary Doctor of Business Administration by the City 博士学位、于二零一九年获澳门大 University of Hong Kong in 2023, a Doctor of Business 学颁授荣誉工商管理博士学位、于
Administration honoris causa by The University of Macau 二零一九年获英国华威大学颁授荣 in 2019, an Honorary Doctor of Science by The University 誉科学博士学位︑于二零一五年获 of Warwick, United Kingdom in 2019, an Honorary Doctor 岭南大学颁授荣誉工商管理学博士、 of Business Administration by the Lingnan University in 于二零零七年获香港理工大学颁授 2015, an Honorary Doctor of Business Administration 荣誉工商管理博士及于二零零六年 by the Hong Kong Polytechnic University in 2007, and 获澳洲新南威尔斯州纽卡斯尔大 an Honorary Doctorate Degree by the University of 学颁发荣誉博士衔。钟博士分别于 Newcastle, New South Wales, Australia in 2006. He was 二零一一年七月一日及二零一七年 awarded the Bronze Bauhinia Star (BBS) and Gold Bauhinia 七月一日分别获得香港特别行政区 Star (GBS) by the Hong Kong Special Administrative 政府颁授铜紫荆星章及金紫荆星章， Region Government on 1st July 2011 and 1st July 2017 于二零零五年七月一日获香港特别 respectively. He was also appointed as Justice of Peace by 行政区政府委任为太平绅士，亦于 the Hong Kong Special Administrative Region Government 一九九七年荣获香港青年工业家奖。 on 1st July 2005 and won the Hong Kong Young 彼更于二零一四年十一月获颁杰出 Industrialists Award in 1997. In November 2014, he was 工业家奖。钟博士为西九文化区管 further awarded the Industrialist of the Year. Dr. Chung 理局之董事局成员以及青年技能比 is a Board Member of the West Kowloon Cultural District 赛常务委员会之主席。彼曾于二零 Authority and the Chairman of the Standing Committee 一一年七月至二零一三年七月委任 on Youth Skills Competition. He was appointed as the 为香港工业总会主席及现为名誉会 Chairman of the Federation of Hong Kong Industries from 长。彼于二零一八年一月至二零一九 July 2011 to July 2013 and now its Honorary President. 年十二月获委任为职业训练局主席。 He was appointed as the chairman of Vocational Training 彼亦为鹏程慈善基金创办人及主席。 Council from January 2018 to December 2019. He is also 钟博士为香港上市公司东江集团（控 the founder and chairman of Bright Future Charitable 股）有限公司之独立非执行董事。 Foundation. Dr. Chung is an independent non-executive 钟博士为创科实业有限公司创办 director of TK Group (Holdings) Limited, a company listed 人之一，及于二零二四年五月十日 in Hong Kong. Dr. Chung is a co-founder of Techtronic 起退任其非执行董事。彼亦于二零 Industries Company Limited, and retired as its non- 一四年八月二十五日、二零一五年 executive director effective from 10 May 2024. He also 八月二十七日及二零二一年六月 retired as independent non-executive director of Kin 二十三日起退任建溢集团有限公司、 Yat Holdings Limited, KFM Kingdom Holdings Limited KFM金德控股有限公司及富士高实 and Fujikon Industrial Holdings Limited effective from 业控股有限公司之独立非执行董事。 25th August 2014, 27th August 2015 and 23rd June 除已披露者外，彼于过往三年并无 2021 respectively. Save as disclosed, he has not held any 于其他上巿公众公司担任任何董事 directorship in other listed public companies in the last 职务。 three years. 86 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Dr. Roy Chi-ping CHUNG (GBS, BBS, JP), aged 72, was 钟志平博士(GBS, BBS, JP)，七十二 appointed a Director of the Company in June 2017. 岁，于二零一七年六月获委任为本 Dr. Chung is a member of the Audit Committee and a 公司董事。钟博士为本公司审核委 member of the Remuneration and Nomination Committee 员会之成员以及薪酬及提名委员会 of the Company. Dr. Chung holds a Doctor of Engineering 之成员。钟博士分别持有英国华威 Degree from the University of Warwick, United Kingdom 大学颁授之工程学博士学位及澳门 and Doctor of Business Administration Degree from 城市大学颁授之工商管理博士学位。 City University of Macau. He has been appointed as 彼自二零一零年十二月起获英国华 an Industrial Professor by the University of Warwick, 威大学委任为工程教授。彼于二零

United Kingdom since December 2010. He was awarded 二三年获香港都会大学颁授荣誉工 a Doctor of Business Administration honoris causa by 商管理博士学位、于二零二三年获 the Hong Kong Metropolitan University in 2023, an 香港城市大学颁授荣誉工商管理 Honorary Doctor of Business Administration by the City 博士学位、于二零一九年获澳门大 University of Hong Kong in 2023, a Doctor of Business 学颁授荣誉工商管理博士学位、于

Administration honoris causa by The University of Macau 二零一九年获英国华威大学颁授荣 in 2019, an Honorary Doctor of Science by The University 誉科学博士学位︑于二零一五年获 of Warwick, United Kingdom in 2019, an Honorary Doctor 岭南大学颁授荣誉工商管理学博士、 of Business Administration by the Lingnan University in 于二零零七年获香港理工大学颁授 2015, an Honorary Doctor of Business Administration 荣誉工商管理博士及于二零零六年 by the Hong Kong Polytechnic University in 2007, and 获澳洲新南威尔斯州纽卡斯尔大 an Honorary Doctorate Degree by the University of 学颁发荣誉博士衔。钟博士分别于 Newcastle, New South Wales, Australia in 2006. He was 二零一一年七月一日及二零一七年 awarded the Bronze Bauhinia Star (BBS) and Gold Bauhinia 七月一日分别获得香港特别行政区 Star (GBS) by the Hong Kong Special Administrative 政府颁授铜紫荆星章及金紫荆星章， Region Government on 1st July 2011 and 1st July 2017 于二零零五年七月一日获香港特别 respectively. He was also appointed as Justice of Peace by 行政区政府委任为太平绅士，亦于 the Hong Kong Special Administrative Region Government 一九九七年荣获香港青年工业家奖。 on 1st July 2005 and won the Hong Kong Young 彼更于二零一四年十一月获颁杰出 Industrialists Award in 1997. In November 2014, he was 工业家奖。钟博士为西九文化区管 further awarded the Industrialist of the Year. Dr. Chung 理局之董事局成员以及青年技能比 is a Board Member of the West Kowloon Cultural District 赛常务委员会之主席。彼曾于二零 Authority and the Chairman of the Standing Committee 一一年七月至二零一三年七月委任 on Youth Skills Competition. He was appointed as the 为香港工业总会主席及现为名誉会 Chairman of the Federation of Hong Kong Industries from 长。彼于二零一八年一月至二零一九 July 2011 to July 2013 and now its Honorary President. 年十二月获委任为职业训练局主席。 He was appointed as the chairman of Vocational Training 彼亦为鹏程慈善基金创办人及主席。 Council from January 2018 to December 2019. He is also 钟博士为香港上市公司东江集团（控 the founder and chairman of Bright Future Charitable 股）有限公司之独立非执行董事。 Foundation. Dr. Chung is an independent non-executive 钟博士为创科实业有限公司创办 director of TK Group (Holdings) Limited, a company listed 人之一，及于二零二四年五月十日 in Hong Kong. Dr. Chung is a co-founder of Techtronic 起退任其非执行董事。彼亦于二零 Industries Company Limited, and retired as its non- 一四年八月二十五日、二零一五年 executive director effective from 10 May 2024. He also 八月二十七日及二零二一年六月 retired as independent non-executive director of Kin 二十三日起退任建溢集团有限公司、 Yat Holdings Limited, KFM Kingdom Holdings Limited KFM金德控股有限公司及富士高实 and Fujikon Industrial Holdings Limited effective from 业控股有限公司之独立非执行董事。 25th August 2014, 27th August 2015 and 23rd June 除已披露者外，彼于过往三年并无 2021 respectively. Save as disclosed, he has not held any 于其他上巿公众公司担任任何董事 directorship in other listed public companies in the last 职务。 three years. 86 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Directors and Senior Management

董事及高层管理人员

Ms. Wendy Wen-yee YUNG, aged 63, was appointed a 容韵仪女士，六十三岁，于二零二四 Director of the Company in August 2024. Ms. Yung is a 年八月获委任为本公司董事。容女 member of the Remuneration and Nomination Committee 士为本公司薪酬及提名委员会之成 of the Company. Ms. Yung holds a Master of Arts degree 员。容女士持有英国牛津大学文学
from Oxford University, United Kingdom and is qualified 硕士学位，并具备香港高等法院的 as a solicitor of the High Court of Hong Kong. She was 律师资格。容女士在一九九九年加 a partner of an international law firm prior to joining 入希慎兴业有限公司前，为香港一 Hysan Development Company Limited in 1999. She 间国际律师行之合伙人。彼于二零 had been an executive director of Hysan Development 零八至二零一五年间为希慎兴业有
Company Limited from 2008 to 2015. At the end of 限公司之执行董事。在二零一五年 2015, Ms. Yung founded “Practising Governance” for the 底，容女士创办了「良治同行」，为 continuing education and capacity-building of directors 董事及高级行政人员就有关《香港联 and senior executives as regards compliance of the Rules 合交易所有限公司证券上市规则》的 Governing the Listing of Securities on The Stock Exchange 合规提供持续教育和能力建设，并 of Hong Kong Limited, with a special focus on corporate 特别关注企业管治及环境、社会及 governance and ESG. Ms. Yung is a member of the Hong 管治。容女士为香港会计师公会的 Kong Institute of Certified Public Accountants and a 注册会计师及香港公司治理公会资 Fellow of The Hong Kong Chartered Governance Institute. 深会士。除已披露者外，彼于过往三 Save as disclosed, she has not held any directorship in 年并无于其他上巿公众公司担任任 other listed public companies in the last three years. 何董事职务。 Annual Report 2024/2025 年度报告 87

Ms. Wendy Wen-yee YUNG, aged 63, was appointed a 容韵仪女士，六十三岁，于二零二四 Director of the Company in August 2024. Ms. Yung is a 年八月获委任为本公司董事。容女 member of the Remuneration and Nomination Committee 士为本公司薪酬及提名委员会之成 of the Company. Ms. Yung holds a Master of Arts degree 员。容女士持有英国牛津大学文学

from Oxford University, United Kingdom and is qualified 硕士学位，并具备香港高等法院的 as a solicitor of the High Court of Hong Kong. She was 律师资格。容女士在一九九九年加 a partner of an international law firm prior to joining 入希慎兴业有限公司前，为香港一 Hysan Development Company Limited in 1999. She 间国际律师行之合伙人。彼于二零 had been an executive director of Hysan Development 零八至二零一五年间为希慎兴业有

Company Limited from 2008 to 2015. At the end of 限公司之执行董事。在二零一五年 2015, Ms. Yung founded “Practising Governance” for the 底，容女士创办了「良治同行」，为 continuing education and capacity-building of directors 董事及高级行政人员就有关《香港联 and senior executives as regards compliance of the Rules 合交易所有限公司证券上市规则》的 Governing the Listing of Securities on The Stock Exchange 合规提供持续教育和能力建设，并 of Hong Kong Limited, with a special focus on corporate 特别关注企业管治及环境、社会及 governance and ESG. Ms. Yung is a member of the Hong 管治。容女士为香港会计师公会的 Kong Institute of Certified Public Accountants and a 注册会计师及香港公司治理公会资 Fellow of The Hong Kong Chartered Governance Institute. 深会士。除已披露者外，彼于过往三 Save as disclosed, she has not held any directorship in 年并无于其他上巿公众公司担任任 other listed public companies in the last three years. 何董事职务。 Annual Report 2024/2025 年度报告 87

Directors and Senior Management

董事及高层管理人员

Non-executive Directors 非执行董事 Ms. Yvonne Mo-ling LO, aged 77, was appointed a 罗慕玲女士，七十七岁，于一九九三 Director of the Company in 1993. Ms. Lo is a member 年获委任为本公司董事。罗女士为 of the Remuneration and Nomination Committee of the 本公司薪酬及提名委员会之成员。 Company. Ms. Lo received a Bachelor of Arts degree from 罗女士获美国俄亥俄州欧柏林大学 Oberlin College, Ohio in the United States and undertook 颁发文学学士学位，并曾在加拿大 graduate studies in Urban and Regional Planning at the 多伦多大学修读城市与区域规划大
University of Toronto in Canada. Ms. Lo joined the Group 学课程。罗女士于一九八零年加入 in 1980 and was the President of Vitasoy USA until 2001. 本集团，并曾为维他奶美国公司之 Ms. Lo was the president of the Soyfoods Association of 主席，直至二零零一年止。罗女士 North America which represents more than 30 soyfoods 亦曾为北美大豆食品协会之主席， companies covering the US and Canada. She does not 该会代表美国及加拿大三十多间大 hold/has not held any directorship in other listed public 豆食品公司。彼于现时或过往三年
companies currently and in the past three years. She is the 并无于其他上市公众公司担任任 mother of Dr. Keiko Aun Fukuda (a substantial shareholder 何董事职务。彼为本公司主要股东 of the Company), the sister of Mr. Winston Yau-lai Lo 罗安女士之母亲、本公司执行主席 (the Executive Chairman of the Company) and Ms. Irene 罗友礼先生及本公司主要股东 Chan (the substantial shareholder of the Company) 陈罗慕连女士之胞妹，亦为本公司 and the relative of Mr. Peter Tak-shing Lo (a Non- 非执行董事罗德承先生、本公司非 executive Director of the Company), Ms. May Lo (a Non- 执行董事罗其美女士、本公司执行 executive Director of the Company), Mr. Eugene Lye (an 董事黎中山先生以及本公司主要 Executive Director of the Company), Ms. Joy Lo Cheung, 股东张罗其乐女士、黎东山先生及 Mr. Christopher Lye and Ms. Alexandra Chan (the 陈凌珊女士之亲属。 substantial shareholders of the Company). Mr. Peter Tak-shing LO, aged 63, was appointed a 罗德承先生，六十三岁，于二零一七 Director of the Company in June 2017. Mr. Lo is a member 年六月获委任为本公司董事。罗先 of the Remuneration and Nomination Committee of the 生为本公司薪酬及提名委员会之成 Company. Mr. Lo holds a Bachelor’s Degree in Electronic 员。罗先生分别持有Loughborough Engineering & Physics from the Loughborough University University of Technology电子工程学 of Technology, a Master’s Degree in Medical Physics from 士学位、University of Surrey医学物 the University of Surrey, a Doctorate’s Degree in Medical 理硕士学位、英国伦敦大学医学物 Physics from the University of London and an Honorary 理博士学位及香港中文大学荣誉院 Fellow from The Chinese University of Hong Kong. 士衔。罗先生为于香港联交所上市 Mr. Lo is an executive director of Café de Coral Holdings 之大家乐集团有限公司之执行董事。 Limited, a company listed on the Hong Kong Stock 罗先生亦为罗桂祥基金（慈善基金） Exchange. Mr. Lo is the chairman and a trustee of Lo Kwee 之主席兼受托人，根据《证券及期货 Seong Foundation (a charitable trust) being a substantial 条例》第XV部之定义，该基金为本 shareholder of the Company within the meaning of Part 公司主要股东。除已披露者外，彼于 XV of the SFO. Save as disclosed, he has not held any 过往三年并无于其他上市公众公司 directorship in other listed public companies in the last 担任任何董事职务。罗先生乃本公 three years. Mr. Lo is the relative of Mr. Winston Yau-lai 司执行主席罗友礼先生、本公司非 Lo (the Executive Chairman of the Company), Ms. Yvonne 执行董事罗慕玲女士及罗其美女士、 Mo-ling Lo (a Non-executive Director of the Company), 本公司执行董事黎中山先生、本公 Ms. May Lo (a Non-executive Director of the Company), 司主要股东陈罗慕连女士、张罗其 Mr. Eugene Lye (an Executive Director of the Company), 乐女士、黎东山先生、罗安女士及陈 Ms. Irene Chan, Ms. Joy Lo Cheung, Mr. Christopher 凌珊女士之亲属。 Lye, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). 88 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Non-executive Directors 非执行董事 Ms. Yvonne Mo-ling LO, aged 77, was appointed a 罗慕玲女士，七十七岁，于一九九三 Director of the Company in 1993. Ms. Lo is a member 年获委任为本公司董事。罗女士为 of the Remuneration and Nomination Committee of the 本公司薪酬及提名委员会之成员。 Company. Ms. Lo received a Bachelor of Arts degree from 罗女士获美国俄亥俄州欧柏林大学 Oberlin College, Ohio in the United States and undertook 颁发文学学士学位，并曾在加拿大 graduate studies in Urban and Regional Planning at the 多伦多大学修读城市与区域规划大

University of Toronto in Canada. Ms. Lo joined the Group 学课程。罗女士于一九八零年加入 in 1980 and was the President of Vitasoy USA until 2001. 本集团，并曾为维他奶美国公司之 Ms. Lo was the president of the Soyfoods Association of 主席，直至二零零一年止。罗女士 North America which represents more than 30 soyfoods 亦曾为北美大豆食品协会之主席， companies covering the US and Canada. She does not 该会代表美国及加拿大三十多间大 hold/has not held any directorship in other listed public 豆食品公司。彼于现时或过往三年

companies currently and in the past three years. She is the 并无于其他上市公众公司担任任 mother of Dr. Keiko Aun Fukuda (a substantial shareholder 何董事职务。彼为本公司主要股东 of the Company), the sister of Mr. Winston Yau-lai Lo 罗安女士之母亲、本公司执行主席 (the Executive Chairman of the Company) and Ms. Irene 罗友礼先生及本公司主要股东 Chan (the substantial shareholder of the Company) 陈罗慕连女士之胞妹，亦为本公司 and the relative of Mr. Peter Tak-shing Lo (a Non- 非执行董事罗德承先生、本公司非 executive Director of the Company), Ms. May Lo (a Non- 执行董事罗其美女士、本公司执行 executive Director of the Company), Mr. Eugene Lye (an 董事黎中山先生以及本公司主要 Executive Director of the Company), Ms. Joy Lo Cheung, 股东张罗其乐女士、黎东山先生及 Mr. Christopher Lye and Ms. Alexandra Chan (the 陈凌珊女士之亲属。 substantial shareholders of the Company). Mr. Peter Tak-shing LO, aged 63, was appointed a 罗德承先生，六十三岁，于二零一七 Director of the Company in June 2017. Mr. Lo is a member 年六月获委任为本公司董事。罗先 of the Remuneration and Nomination Committee of the 生为本公司薪酬及提名委员会之成 Company. Mr. Lo holds a Bachelor’s Degree in Electronic 员。罗先生分别持有Loughborough Engineering & Physics from the Loughborough University University of Technology电子工程学 of Technology, a Master’s Degree in Medical Physics from 士学位、University of Surrey医学物 the University of Surrey, a Doctorate’s Degree in Medical 理硕士学位、英国伦敦大学医学物 Physics from the University of London and an Honorary 理博士学位及香港中文大学荣誉院 Fellow from The Chinese University of Hong Kong. 士衔。罗先生为于香港联交所上市 Mr. Lo is an executive director of Café de Coral Holdings 之大家乐集团有限公司之执行董事。 Limited, a company listed on the Hong Kong Stock 罗先生亦为罗桂祥基金（慈善基金） Exchange. Mr. Lo is the chairman and a trustee of Lo Kwee 之主席兼受托人，根据《证券及期货 Seong Foundation (a charitable trust) being a substantial 条例》第XV部之定义，该基金为本 shareholder of the Company within the meaning of Part 公司主要股东。除已披露者外，彼于 XV of the SFO. Save as disclosed, he has not held any 过往三年并无于其他上市公众公司 directorship in other listed public companies in the last 担任任何董事职务。罗先生乃本公 three years. Mr. Lo is the relative of Mr. Winston Yau-lai 司执行主席罗友礼先生、本公司非 Lo (the Executive Chairman of the Company), Ms. Yvonne 执行董事罗慕玲女士及罗其美女士、 Mo-ling Lo (a Non-executive Director of the Company), 本公司执行董事黎中山先生、本公 Ms. May Lo (a Non-executive Director of the Company), 司主要股东陈罗慕连女士、张罗其 Mr. Eugene Lye (an Executive Director of the Company), 乐女士、黎东山先生、罗安女士及陈 Ms. Irene Chan, Ms. Joy Lo Cheung, Mr. Christopher 凌珊女士之亲属。 Lye, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). 88 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Directors and Senior Management

董事及高层管理人员

Ms. May LO, aged 50, was appointed a Director of the 罗其美女士，五十岁，于二零一七年 Company in June 2017. Ms. Lo is currently the Deputy 六月获委任为本公司董事。罗女士 Chairman of the Board, a member of the Remuneration 现为董事会副主席︑本公司薪酬及 and Nomination Committee and a member of the 提名委员会之成员以及环境、社会
Environmental, Social and Governance Committee of the 及管治委员会之成员。罗女士持有 Company. Ms. Lo holds a Master’s degree in Business 麻省理工史隆管理学院之工商管理 Administration from MIT Sloan School of Management 硕士学位及康乃尔大学之理学士学 and a Bachelor of Science degree from Cornell University. 位。罗女士曾于金融界担任多个职位， She has worked in finance in various roles, including, as a 包括曾担任一间全球资产管理公司
fund manager for a global asset management company and 之基金经理，并具备投资于多间公 has had experience investing in publicly listed companies. 众上市公司之投资经验。彼于现时 She does not hold/has not held any directorship in other 或过往三年并无于其他上市公众公 listed public companies currently and in the past three 司担任任何董事职务。罗女士乃本 years. Ms. Lo is the daughter of Mr. Winston Yau-lai Lo (the 公司执行主席罗友礼先生之女儿、 Executive Chairman of the Company), the sister of Ms. Joy 本公司主要股东张罗其乐女士之 Lo Cheung (a substantial shareholder of the Company), 胞妹、本公司非执行董事罗慕玲女 the relative of Ms. Yvonne Mo-ling Lo (a Non-executive 士及罗德承先生、本公司执行董事 Director of the Company), Mr. Peter Tak-shing Lo (a Non- 黎中山先生、本公司主要股东 executive Director of the Company), Mr. Eugene Lye (an 陈罗慕连女士、黎东山先生、罗安女士 Executive Director of the Company), Ms. Irene Chan, 及陈凌珊女士之亲属。 Mr. Christopher Lye, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). Annual Report 2024/2025 年度报告 89

Ms. May LO, aged 50, was appointed a Director of the 罗其美女士，五十岁，于二零一七年 Company in June 2017. Ms. Lo is currently the Deputy 六月获委任为本公司董事。罗女士 Chairman of the Board, a member of the Remuneration 现为董事会副主席︑本公司薪酬及 and Nomination Committee and a member of the 提名委员会之成员以及环境、社会

Environmental, Social and Governance Committee of the 及管治委员会之成员。罗女士持有 Company. Ms. Lo holds a Master’s degree in Business 麻省理工史隆管理学院之工商管理 Administration from MIT Sloan School of Management 硕士学位及康乃尔大学之理学士学 and a Bachelor of Science degree from Cornell University. 位。罗女士曾于金融界担任多个职位， She has worked in finance in various roles, including, as a 包括曾担任一间全球资产管理公司

fund manager for a global asset management company and 之基金经理，并具备投资于多间公 has had experience investing in publicly listed companies. 众上市公司之投资经验。彼于现时 She does not hold/has not held any directorship in other 或过往三年并无于其他上市公众公 listed public companies currently and in the past three 司担任任何董事职务。罗女士乃本 years. Ms. Lo is the daughter of Mr. Winston Yau-lai Lo (the 公司执行主席罗友礼先生之女儿、 Executive Chairman of the Company), the sister of Ms. Joy 本公司主要股东张罗其乐女士之 Lo Cheung (a substantial shareholder of the Company), 胞妹、本公司非执行董事罗慕玲女 the relative of Ms. Yvonne Mo-ling Lo (a Non-executive 士及罗德承先生、本公司执行董事 Director of the Company), Mr. Peter Tak-shing Lo (a Non- 黎中山先生、本公司主要股东 executive Director of the Company), Mr. Eugene Lye (an 陈罗慕连女士、黎东山先生、罗安女士 Executive Director of the Company), Ms. Irene Chan, 及陈凌珊女士之亲属。 Mr. Christopher Lye, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). Annual Report 2024/2025 年度报告 89

Directors and Senior Management

董事及高层管理人员

Executive Directors 执行董事 Mr. Roberto GUIDETTI, aged 62, was appointed as the 陆博涛先生，六十二岁，于二零一四 Executive Director of the Company on 1st April 2014. 年四月一日获委任为本公司执行 Mr. Guidetti is a member of the Environmental, Social and 董事。陆博涛先生为本公司环境、 Governance Committee of the Company. Mr. Guidetti is 社会及管治委员会之成员。陆博涛 currently the Group Chief Executive Officer. Mr. Guidetti 先生现为本公司之集团行政总裁。 graduated with a Bachelor’s Degree in Economics at the 陆博涛先生于一九八七年毕业于
Bologna University in Bologna, Italy in 1987 and further 意大利博洛尼亚大学，取得经济学 obtained a Master’s Degree in Business Administration 学士学位，并于一九八八年在意大 at Centro Universitario di Organizzazione Aziendale in 利阿尔塔维拉比森蒂娜之Centro Altavilla Vicentina, Italy in 1988. Mr. Guidetti completed a Universitario di Organizzazione Harvard Business School Executive Education programme Aziendale荣获工商管理硕士学位。 in July 2017. Mr. Guidetti is responsible for the overall 陆博涛先生于二零一七年七月完成
strategic planning, business development and general 哈佛商学院之行政人员教育课程。 management of all the Group’s operations. Mr. Guidetti 陆博涛先生负责本集团所有业务之 joined the Group as the Group Chief Executive Officer 整体策略规划、业务发展及日常管理。 on 1st April 2013 and has fully assumed the roles and 陆博涛先生于二零一三年四月一日 responsibilities of the former Group Chief Executive 加入本集团为集团行政总裁，并于 Officer on 1st August 2013. He has 36 years of proven 二零一三年八月一日起全面替代负 track record in general management, strategic/business 责前任集团行政总裁之角色及职能。 planning, marketing/commercial leadership, product 彼于日常管理、策略性及业务规划、 innovation and new business development. He has 市场销售及商业领导、产品革新及 matured his professional expertise in two of the largest 新业务拓展方面拥有三十六年之丰 global fast moving consumer goods organisations and 富经验。彼曾于两间大型跨国高流 across local, regional and global roles in Europe and Asia. 转消费品企业负责欧亚市场之本地、 He has spent the last 25 years in this field in Mainland 区域及全球性业务，累积丰富专业 China, and regions including the Hong Kong SAR and 知识。彼曾于中国内地，以及地区包 Taiwan. Mr. Guidetti is a non-executive director of Ariston 括香港特别行政区及台湾内的有关 Group (listed company in Italy) and Givaudan (listed 行业任职二十五年。陆博涛先生为 company in Switzerland). Saved as disclosed, he has not 阿里斯顿集团（意大利上市公司）及 held any directorship in other listed public companies 奇华顿（瑞士上市公司）之非执行董 currently and in the last three years. 事。除已披露者外，彼于过往三年并无于其他上市公众公司担任任何董事职务。 90 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Executive Directors 执行董事 Mr. Roberto GUIDETTI, aged 62, was appointed as the 陆博涛先生，六十二岁，于二零一四 Executive Director of the Company on 1st April 2014. 年四月一日获委任为本公司执行 Mr. Guidetti is a member of the Environmental, Social and 董事。陆博涛先生为本公司环境、 Governance Committee of the Company. Mr. Guidetti is 社会及管治委员会之成员。陆博涛 currently the Group Chief Executive Officer. Mr. Guidetti 先生现为本公司之集团行政总裁。 graduated with a Bachelor’s Degree in Economics at the 陆博涛先生于一九八七年毕业于

Bologna University in Bologna, Italy in 1987 and further 意大利博洛尼亚大学，取得经济学 obtained a Master’s Degree in Business Administration 学士学位，并于一九八八年在意大 at Centro Universitario di Organizzazione Aziendale in 利阿尔塔维拉比森蒂娜之Centro Altavilla Vicentina, Italy in 1988. Mr. Guidetti completed a Universitario di Organizzazione Harvard Business School Executive Education programme Aziendale荣获工商管理硕士学位。 in July 2017. Mr. Guidetti is responsible for the overall 陆博涛先生于二零一七年七月完成

strategic planning, business development and general 哈佛商学院之行政人员教育课程。 management of all the Group’s operations. Mr. Guidetti 陆博涛先生负责本集团所有业务之 joined the Group as the Group Chief Executive Officer 整体策略规划、业务发展及日常管理。 on 1st April 2013 and has fully assumed the roles and 陆博涛先生于二零一三年四月一日 responsibilities of the former Group Chief Executive 加入本集团为集团行政总裁，并于 Officer on 1st August 2013. He has 36 years of proven 二零一三年八月一日起全面替代负 track record in general management, strategic/business 责前任集团行政总裁之角色及职能。 planning, marketing/commercial leadership, product 彼于日常管理、策略性及业务规划、 innovation and new business development. He has 市场销售及商业领导、产品革新及 matured his professional expertise in two of the largest 新业务拓展方面拥有三十六年之丰 global fast moving consumer goods organisations and 富经验。彼曾于两间大型跨国高流 across local, regional and global roles in Europe and Asia. 转消费品企业负责欧亚市场之本地、 He has spent the last 25 years in this field in Mainland 区域及全球性业务，累积丰富专业 China, and regions including the Hong Kong SAR and 知识。彼曾于中国内地，以及地区包 Taiwan. Mr. Guidetti is a non-executive director of Ariston 括香港特别行政区及台湾内的有关 Group (listed company in Italy) and Givaudan (listed 行业任职二十五年。陆博涛先生为 company in Switzerland). Saved as disclosed, he has not 阿里斯顿集团（意大利上市公司）及 held any directorship in other listed public companies 奇华顿（瑞士上市公司）之非执行董 currently and in the last three years. 事。除已披露者外，彼于过往三年并无于其他上市公众公司担任任何董事职务。 90 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Directors and Senior Management

董事及高层管理人员

Mr. Eugene LYE, aged 55, was appointed a Director of 黎中山先生，五十五岁，于二零一七 the Company in October 2017. Mr. Eugene is a member 年十月获委任为本公司董事。黎先生 of the Environmental, Social and Governance Committee 为本公司环境、社会及管治委员会 of the Company. Mr. Lye is currently the President and 之成员。黎先生现为本公司附属公
Chief Executive Officer of Vitasoy USA Inc. and Vitasoy 司Vitasoy USA Inc.及Vitasoy North North America Inc., the subsidiaries of the Company. America Inc.之总裁兼行政总裁。 Mr. Lye holds a Bachelor’s Degree in Economics from 黎先生拥有多伦多大学经济学学士 the University of Toronto and a MBA from the Chinese 学位及香港中文大学工商管理硕士 University of Hong Kong. Mr. Lye is responsible for the 学位。黎先生负责管理及发展本集
general management and development of the Group’s 团在北美洲销售由香港进口之产品 import business of the Group’s products for sales in 业务。彼于二零零二年加入本集团， North America. He joined the Group in 2002 and has 并曾紧密参与北美洲业务多方面范 been closely involved in all aspects of the North American 畴的工作逾二十年。任职Vitasoy business for over 20 years. During his time at Vitasoy USA Inc.期间，黎先生曾于主流销 USA Inc., Mr. Lye has held management positions in 售渠道担任多个销售及市场推广管 sales and marketing in the Mainstream Channel, and has 理职位，任职监督研发和品控等部 had oversight responsibilities for both the research & 门，以及担任亚裔市场之高级副总 development and quality control departments as well as 裁。彼于现时或过往三年并无于其 serving as the Senior Vice President of the Asian Channel. 他上市公众公司担任任何董事职务。 He does not hold/has not held any directorship in other 黎先生乃本公司主要股东黎东山先 listed public companies currently and in the past three 生之胞弟、本公司执行主席罗友礼 years. Mr. Lye is the brother of Mr. Christopher Lye (a 先生、本公司非执行董事罗慕玲女士、 substantial shareholder of the Company), the relative of 罗德承先生及罗其美女士、本公司 Mr. Winston Yau-lai Lo (the Executive Chairman of the 主要股东陈罗慕连女士、张罗其乐 Company), Ms. Yvonne Mo-ling Lo, Mr. Peter Tak-shing 女士、罗安女士及陈凌珊女士之亲属。 Lo and Ms. May Lo (the Non-executive Directors of the Company), Ms. Irene Chan, Ms. Joy Lo Cheung, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). Annual Report 2024/2025 年度报告 91

Mr. Eugene LYE, aged 55, was appointed a Director of 黎中山先生，五十五岁，于二零一七 the Company in October 2017. Mr. Eugene is a member 年十月获委任为本公司董事。黎先生 of the Environmental, Social and Governance Committee 为本公司环境、社会及管治委员会 of the Company. Mr. Lye is currently the President and 之成员。黎先生现为本公司附属公

Chief Executive Officer of Vitasoy USA Inc. and Vitasoy 司Vitasoy USA Inc.及Vitasoy North North America Inc., the subsidiaries of the Company. America Inc.之总裁兼行政总裁。 Mr. Lye holds a Bachelor’s Degree in Economics from 黎先生拥有多伦多大学经济学学士 the University of Toronto and a MBA from the Chinese 学位及香港中文大学工商管理硕士 University of Hong Kong. Mr. Lye is responsible for the 学位。黎先生负责管理及发展本集

general management and development of the Group’s 团在北美洲销售由香港进口之产品 import business of the Group’s products for sales in 业务。彼于二零零二年加入本集团， North America. He joined the Group in 2002 and has 并曾紧密参与北美洲业务多方面范 been closely involved in all aspects of the North American 畴的工作逾二十年。任职Vitasoy business for over 20 years. During his time at Vitasoy USA Inc.期间，黎先生曾于主流销 USA Inc., Mr. Lye has held management positions in 售渠道担任多个销售及市场推广管 sales and marketing in the Mainstream Channel, and has 理职位，任职监督研发和品控等部 had oversight responsibilities for both the research & 门，以及担任亚裔市场之高级副总 development and quality control departments as well as 裁。彼于现时或过往三年并无于其 serving as the Senior Vice President of the Asian Channel. 他上市公众公司担任任何董事职务。 He does not hold/has not held any directorship in other 黎先生乃本公司主要股东黎东山先 listed public companies currently and in the past three 生之胞弟、本公司执行主席罗友礼 years. Mr. Lye is the brother of Mr. Christopher Lye (a 先生、本公司非执行董事罗慕玲女士、 substantial shareholder of the Company), the relative of 罗德承先生及罗其美女士、本公司 Mr. Winston Yau-lai Lo (the Executive Chairman of the 主要股东陈罗慕连女士、张罗其乐 Company), Ms. Yvonne Mo-ling Lo, Mr. Peter Tak-shing 女士、罗安女士及陈凌珊女士之亲属。 Lo and Ms. May Lo (the Non-executive Directors of the Company), Ms. Irene Chan, Ms. Joy Lo Cheung, Dr. Keiko Aun Fukuda and Ms. Alexandra Chan (the substantial shareholders of the Company). Annual Report 2024/2025 年度报告 91

Directors and Senior Management

董事及高层管理人员

SENIOR MANAGEMENT 高层管理人员 GROUP CHIEF FINANCIAL OFFICER 集团首席财务总监 Ms. Ian Hong NG, aged 54, Group Chief Financial Officer. Ms. Ng 吴茵虹女士，五十四岁，集团首席财务总监。 is responsible for the strategic planning, financial management 吴女士负责本集团之策略规划、财务管理及监 and control, accounting, corporate finance, investor relations 控、会计、企业财务、投资者关系及企业事务 and corporate services of the Group. Ms. Ng joined the Group in 等职务。吴女士于二零二一年加入本集团，并 2021 and has solid finance management experience gained with 在多间跨国公司任职，累积丰富的财务管理经 multinational companies. She also brings a wealth of experience to 验。彼曾于快速消费品行业，对领导初创企业
this role with leading start-up commercial operation, acquisitions, 的商业营运、收购、合并后整合、融资及数码 post-merger integration, finance and digital transformation projects 化转型项目方面拥有丰富经验。吴女士为美国 in fast moving consumer goods (FMCG) industry. Ms. Ng is a US 执业注册会计师、香港会计师公会会员，并于 Certified Public Accountant, member of HKICPA, and holds a 美国南加州大学马歇尔商学院取得工商管理硕 Master’s Degree in Business Administration at the University of 士学位。 Southern California Marshall School of Business.
CHIEF EXECUTIVE OFFICER OF MAJOR SUBSIDIARIES 主要附属公司行政总裁 Mainland China 中国内地 Mr. David Dong WANG, aged 57, Chief Executive Officer, Mainland 王栋先生，五十七岁，中国内地业务行政总裁。 China Operation. Mr. Wang joined the Group in April 2024. Mr. 王先生于二零二四年四月加入本集团。王先生 Wang holds a Bachelor of Science from Sun Yat Sen University and 分别持有中山大学理学学士学位及明尼苏达大 an EMBA from University of Minnesota. Prior to his appointment at 学高级管理人员硕士学位。获本集团聘任前， the Group, he held the position of President at Tupperware China, 彼曾担任特百惠中国区总裁，并曾于宝洁及百 and has previously occupied a number of senior roles within P&G, 事公司食品及饮料部门担任多个高级职位。王 as well as PepsiCo’s Food and Beverage units. Mr. Wang has over 先生于快速消费品行业拥有超过三十年的高级 30 years’ experience in senior general management and commercial 综合管理及商务职位经验。 roles within the fast moving consumer goods (FMCG) sector. Hong Kong Operation (Hong Kong SAR, Macau SAR and 香港业务（香港特别行政区、 Exports) 澳门特别行政区及出口） Mr. Anthony Kai-yip CHAN, aged 56, Chief Executive Officer, 陈启业先生，五十六岁，香港业务行政总裁。 Hong Kong Operation. He joined the Group in 2007 and has been 彼于二零零七年加入本集团，于二零二三年四 promoted to the Chief Executive Officer of the Group’s Hong Kong 月获晋升为本集团香港业务之行政总裁。彼于 Operation in April 2023. He was appointed the Sales Director of 二零零九年获委任为香港业务之销售总监，拥 the Hong Kong Operation in 2009 with wealth of experience in 有丰富日常管理经验，尤其是在销售及营销领 general management particularly for the sales and marketing areas. 域方面。陈先生目前负责本集团香港特别行政 Mr. Chan is currently responsible for the general management and 区、澳门特别行政区及全球出口市场业务之日 development of the Group’s operations in the Hong Kong SAR, 常管理及发展。加入本公司之前，陈先生在快 the Macau SAR and global export markets. Mr. Chan has solid and 速消费品及保健消费产品等不同领先跨国公司 extensive working experience in different leading multinational 工作，拥有紥实丰富的工作经验。陈先生于香 companies including fast moving consumer goods (FMCG) and 港特别行政区接受教育，分别于一九九八年及 consumer healthcare categories prior to joining the Company. Mr. 二零零二年取得工商管理硕士学位及法学学士 Chan received his education in the Hong Kong SAR and earned his 学位。 Master degree in Business Administration and Bachelor of Laws (LLB) in 1998 and 2002 respectively. 92 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

SENIOR MANAGEMENT 高层管理人员 GROUP CHIEF FINANCIAL OFFICER 集团首席财务总监 Ms. Ian Hong NG, aged 54, Group Chief Financial Officer. Ms. Ng 吴茵虹女士，五十四岁，集团首席财务总监。 is responsible for the strategic planning, financial management 吴女士负责本集团之策略规划、财务管理及监 and control, accounting, corporate finance, investor relations 控、会计、企业财务、投资者关系及企业事务 and corporate services of the Group. Ms. Ng joined the Group in 等职务。吴女士于二零二一年加入本集团，并 2021 and has solid finance management experience gained with 在多间跨国公司任职，累积丰富的财务管理经 multinational companies. She also brings a wealth of experience to 验。彼曾于快速消费品行业，对领导初创企业

this role with leading start-up commercial operation, acquisitions, 的商业营运、收购、合并后整合、融资及数码 post-merger integration, finance and digital transformation projects 化转型项目方面拥有丰富经验。吴女士为美国 in fast moving consumer goods (FMCG) industry. Ms. Ng is a US 执业注册会计师、香港会计师公会会员，并于 Certified Public Accountant, member of HKICPA, and holds a 美国南加州大学马歇尔商学院取得工商管理硕 Master’s Degree in Business Administration at the University of 士学位。 Southern California Marshall School of Business.

CHIEF EXECUTIVE OFFICER OF MAJOR SUBSIDIARIES 主要附属公司行政总裁 Mainland China 中国内地 Mr. David Dong WANG, aged 57, Chief Executive Officer, Mainland 王栋先生，五十七岁，中国内地业务行政总裁。 China Operation. Mr. Wang joined the Group in April 2024. Mr. 王先生于二零二四年四月加入本集团。王先生 Wang holds a Bachelor of Science from Sun Yat Sen University and 分别持有中山大学理学学士学位及明尼苏达大 an EMBA from University of Minnesota. Prior to his appointment at 学高级管理人员硕士学位。获本集团聘任前， the Group, he held the position of President at Tupperware China, 彼曾担任特百惠中国区总裁，并曾于宝洁及百 and has previously occupied a number of senior roles within P&G, 事公司食品及饮料部门担任多个高级职位。王 as well as PepsiCo’s Food and Beverage units. Mr. Wang has over 先生于快速消费品行业拥有超过三十年的高级 30 years’ experience in senior general management and commercial 综合管理及商务职位经验。 roles within the fast moving consumer goods (FMCG) sector. Hong Kong Operation (Hong Kong SAR, Macau SAR and 香港业务（香港特别行政区、 Exports) 澳门特别行政区及出口） Mr. Anthony Kai-yip CHAN, aged 56, Chief Executive Officer, 陈启业先生，五十六岁，香港业务行政总裁。 Hong Kong Operation. He joined the Group in 2007 and has been 彼于二零零七年加入本集团，于二零二三年四 promoted to the Chief Executive Officer of the Group’s Hong Kong 月获晋升为本集团香港业务之行政总裁。彼于 Operation in April 2023. He was appointed the Sales Director of 二零零九年获委任为香港业务之销售总监，拥 the Hong Kong Operation in 2009 with wealth of experience in 有丰富日常管理经验，尤其是在销售及营销领 general management particularly for the sales and marketing areas. 域方面。陈先生目前负责本集团香港特别行政 Mr. Chan is currently responsible for the general management and 区、澳门特别行政区及全球出口市场业务之日 development of the Group’s operations in the Hong Kong SAR, 常管理及发展。加入本公司之前，陈先生在快 the Macau SAR and global export markets. Mr. Chan has solid and 速消费品及保健消费产品等不同领先跨国公司 extensive working experience in different leading multinational 工作，拥有紥实丰富的工作经验。陈先生于香 companies including fast moving consumer goods (FMCG) and 港特别行政区接受教育，分别于一九九八年及 consumer healthcare categories prior to joining the Company. Mr. 二零零二年取得工商管理硕士学位及法学学士 Chan received his education in the Hong Kong SAR and earned his 学位。 Master degree in Business Administration and Bachelor of Laws (LLB) in 1998 and 2002 respectively. 92 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Directors and Senior Management

董事及高层管理人员

Australia and New Zealand 澳洲及新西兰 Ms. Sangeerni Mahalinga IYER, aged 39, Managing Director of Sangeerni Mahalinga IYER女士，三十九岁， Vitasoy Australia Products Pty. Ltd.. Ms. Iyer is responsible for Vitasoy Australia Products Pty. Ltd.之董事总经 general management and development of the Group’s operation 理。Iyer女士负责管理及发展本集团在澳洲及
in Australia and New Zealand. She joined the Group in June 2020 新西兰之业务。彼于二零二零年六月加入本集 as the Commercial Director of Vitasoy Australia and New Zealand 团，在获晋升为董事总经理前，担任维他奶澳 prior to being promoted to the Managing Director role. Ms. Iyer has 洲及新西兰商业总监。Iyer女士在亚太地区及 extensive experience across Asia Pacific and Europe in fast moving 欧洲的快速消费品、农业业务及投资银行领域 consumer goods (FMCG), Agribusiness and Investment banking 拥有丰富经验，并曾担任多个高级财务主管职
having held senior finance executive roles. She holds master’s 位。彼持有昆士兰大学工商管理硕士学位及伦 degree in business from University of Queensland and Master in 敦经济学院经济计量学硕士学位，同时为注册 Econometrics from London School of Economics in addition to being 执业会计师。 a Certified Practicing Accountant. Singapore 新加坡 Ms. Melanie Yam-hong PHUA, aged 53, Managing Director Melanie Yam-hong PHUA女士，五十三岁， of Vitasoy International Singapore Pte. Ltd., the Group’s tofu 为本集团于新加坡的豆腐生产公司Vitasoy manufacturing company in Singapore. Ms. Phua is responsible for International Singapore Pte. Ltd.的董事总经理。 the general management and development of the Group’s operation Phua女士负责本集团新加坡业务的整体管理及 in Singapore. She joined the Singapore operation in November 发展。彼于二零二四年十一月加入新加坡业务。 2024. Ms. Phua is a seasoned executive with over two decades of Phua女士为经验丰富的行政人员，于新加坡、 experience in general management, spanning Singapore, Malaysia 马来西亚及东南亚地区拥有超过二十年整体管 and Southeast Asia. She is a seasoned leader with a proven track 理经验。彼为资深领导者，在推动多个行业的 record of driving business growth, operational excellence, and market 业务增长、卓越营运及市场扩展拥有优良的往 expansion across diverse industries, including Food & Beverage 绩记录，涉及餐饮零售、快速消费品及制造业。 retail, fast moving consumer goods (FMCG), and manufacturing. Phua女士持有瑞士酒店管理文凭，为其职涯发 Ms. Phua holds a Diploma in Hotel Management from Switzerland, 展奠定基础，使其于累积深厚的营运专业知识 which laid the foundation for her career progression, allowing her 后晋升至高级领导职位。彼持续加强在沟通、 to build deep operational expertise before advancing into senior 管理及创新方面的专业能力，通过持续发展技 leadership roles. She continuously enhances her expertise in 能与实践经验，确保在瞬息万变的商业环境中 communication, management, and innovation, ensuring she remains 保持灵活应变。 agile in navigating evolving business landscapes through ongoing skill development and practical experience. Annual Report 2024/2025 年度报告 93

Australia and New Zealand 澳洲及新西兰 Ms. Sangeerni Mahalinga IYER, aged 39, Managing Director of Sangeerni Mahalinga IYER女士，三十九岁， Vitasoy Australia Products Pty. Ltd.. Ms. Iyer is responsible for Vitasoy Australia Products Pty. Ltd.之董事总经 general management and development of the Group’s operation 理。Iyer女士负责管理及发展本集团在澳洲及

in Australia and New Zealand. She joined the Group in June 2020 新西兰之业务。彼于二零二零年六月加入本集 as the Commercial Director of Vitasoy Australia and New Zealand 团，在获晋升为董事总经理前，担任维他奶澳 prior to being promoted to the Managing Director role. Ms. Iyer has 洲及新西兰商业总监。Iyer女士在亚太地区及 extensive experience across Asia Pacific and Europe in fast moving 欧洲的快速消费品、农业业务及投资银行领域 consumer goods (FMCG), Agribusiness and Investment banking 拥有丰富经验，并曾担任多个高级财务主管职

having held senior finance executive roles. She holds master’s 位。彼持有昆士兰大学工商管理硕士学位及伦 degree in business from University of Queensland and Master in 敦经济学院经济计量学硕士学位，同时为注册 Econometrics from London School of Economics in addition to being 执业会计师。 a Certified Practicing Accountant. Singapore 新加坡 Ms. Melanie Yam-hong PHUA, aged 53, Managing Director Melanie Yam-hong PHUA女士，五十三岁， of Vitasoy International Singapore Pte. Ltd., the Group’s tofu 为本集团于新加坡的豆腐生产公司Vitasoy manufacturing company in Singapore. Ms. Phua is responsible for International Singapore Pte. Ltd.的董事总经理。 the general management and development of the Group’s operation Phua女士负责本集团新加坡业务的整体管理及 in Singapore. She joined the Singapore operation in November 发展。彼于二零二四年十一月加入新加坡业务。 2024. Ms. Phua is a seasoned executive with over two decades of Phua女士为经验丰富的行政人员，于新加坡、 experience in general management, spanning Singapore, Malaysia 马来西亚及东南亚地区拥有超过二十年整体管 and Southeast Asia. She is a seasoned leader with a proven track 理经验。彼为资深领导者，在推动多个行业的 record of driving business growth, operational excellence, and market 业务增长、卓越营运及市场扩展拥有优良的往 expansion across diverse industries, including Food & Beverage 绩记录，涉及餐饮零售、快速消费品及制造业。 retail, fast moving consumer goods (FMCG), and manufacturing. Phua女士持有瑞士酒店管理文凭，为其职涯发 Ms. Phua holds a Diploma in Hotel Management from Switzerland, 展奠定基础，使其于累积深厚的营运专业知识 which laid the foundation for her career progression, allowing her 后晋升至高级领导职位。彼持续加强在沟通、 to build deep operational expertise before advancing into senior 管理及创新方面的专业能力，通过持续发展技 leadership roles. She continuously enhances her expertise in 能与实践经验，确保在瞬息万变的商业环境中 communication, management, and innovation, ensuring she remains 保持灵活应变。 agile in navigating evolving business landscapes through ongoing skill development and practical experience. Annual Report 2024/2025 年度报告 93

Directors and Senior Management

董事及高层管理人员

CHIEF EXECUTIVE OFFICER IN JOINT VENTURE 合营公司行政总裁 The Philippines 菲律宾 Ms. Lesley Joyce SYSON, aged 48, General Manager of Vitasoy-URC Lesley Joyce SYSON女士，四十八岁，为本集 Inc. (VURC), the Group’s joint venture company in the Philippines. 团菲律宾合营公司Vitasoy-URC Inc. (VURC)之 She is responsible for the general management and development of 总经理。彼负责本集团菲律宾业务之日常管 the Group’s business in the Philippines. Ms. Syson joined VURC in 理及发展。Syson女士于二零二四年八月加入 August 2024, bringing over 25 years of experience managing brands VURC，拥有逾二十五年管理快速消费品、零售 in the fast-moving consumer goods (FMCG), retail, and mobile 及移动科技等领域品牌的经验，涵盖亚太区、
technology sectors, spanning the emerging and developed markets 非洲及欧洲等新兴及发达市场。凭借在品牌转 in Asia Pacific, Africa and Europe. She has consistently delivered 型、创新及市场拓展方面的专业知识，尤其是 business results, with expertise in brand transformation, innovation, 在东南亚的即饮饮品方面，Syson女士一直交 and market expansion, particularly for ready-to-drink beverages in 付卓越的业务成果。Syson女士以优异成绩毕 Southeast Asia. Ms. Syson graduated Cum Laude from the Business 业于马尼拉雅典耀大学商业管理荣誉课程，完 Management Honors Program of the Ateneo de Manila University, 成了INSEAD的行政领导力课程，并持有新加
completed an executive leadership program from INSEAD, and holds 坡管理大学创新理学硕士学位。 a Master of Science in Innovation from Singapore Management University. 94 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

CHIEF EXECUTIVE OFFICER IN JOINT VENTURE 合营公司行政总裁 The Philippines 菲律宾 Ms. Lesley Joyce SYSON, aged 48, General Manager of Vitasoy-URC Lesley Joyce SYSON女士，四十八岁，为本集 Inc. (VURC), the Group’s joint venture company in the Philippines. 团菲律宾合营公司Vitasoy-URC Inc. (VURC)之 She is responsible for the general management and development of 总经理。彼负责本集团菲律宾业务之日常管 the Group’s business in the Philippines. Ms. Syson joined VURC in 理及发展。Syson女士于二零二四年八月加入 August 2024, bringing over 25 years of experience managing brands VURC，拥有逾二十五年管理快速消费品、零售 in the fast-moving consumer goods (FMCG), retail, and mobile 及移动科技等领域品牌的经验，涵盖亚太区、

technology sectors, spanning the emerging and developed markets 非洲及欧洲等新兴及发达市场。凭借在品牌转 in Asia Pacific, Africa and Europe. She has consistently delivered 型、创新及市场拓展方面的专业知识，尤其是 business results, with expertise in brand transformation, innovation, 在东南亚的即饮饮品方面，Syson女士一直交 and market expansion, particularly for ready-to-drink beverages in 付卓越的业务成果。Syson女士以优异成绩毕 Southeast Asia. Ms. Syson graduated Cum Laude from the Business 业于马尼拉雅典耀大学商业管理荣誉课程，完 Management Honors Program of the Ateneo de Manila University, 成了INSEAD的行政领导力课程，并持有新加

completed an executive leadership program from INSEAD, and holds 坡管理大学创新理学硕士学位。 a Master of Science in Innovation from Singapore Management University. 94 Vitasoy International Holdings Ltd. 维他奶国际集团有限公司

Directors and Senior Management

董事及高层管理人员

Anual Report 2024/2025 年度报告95

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

The Directors have pleasure in submiting their Anual Report

together with the audited financial statements for the year ended

31st March 2025.

Principal Place of Busines

Vitasoy International Holdings Limited (the “Company”) is a company

incorporated and domiciled in Hong Kong SAR and has its registered

ofice and principal place of busines at No. 1 Kin Wong Stret, Tuen

Mun, New Teritories, Hong Kong SAR.

Principal Activities

The principal activities of the Company are the manufacture and sale

of fod and beverages. The principal activities and other particulars

of the subsidiaries are set out in note 13 to the consolidated financial

statements.

The segment analysis of the operations of the Company and its

subsidiaries (the “Group”) during the financial year is set out in note

3 to the consolidated financial statements.

Further discusion and analysis of these activities as required by

Schedule 5 to the Hong Kong Companies Ordinance, including a

discusion of the principal risks and uncertainties facing the Group

and an indication of likely future developments in the Group’s

busines, can be found in the Group Chief Executive Oficer’s

Report/Busines Review set out on pages 10 to 25 of this Anual

Report. The environmental, employes, customers and supliers

maters that have a significant impact on the Group, are provided

in the FY2024/2025 Sustainability Report to be posted on the

Company’s corporate website at w.vitasoy.com together with

this Anual Report. These discusions form part of this Report of the

Directors.

We atached great importance to the Group’s compliance with

al aplicable laws, regulations and regulatory requirements, in

adhering us to the best industry practices. During the year, there

was no material breach of or non-compliance by the Group with the

aplicable laws and regulations that have significant impacts on the

Group’s operations.

董事会欣然提呈截至二零二五年三月三十一日

止年度之年报及经审核财务报表。

主要营业地点

维他奶国际集团有限公司（「本公司」）为成立并

居驻于香港特别行政区之公司，其注册办事处

及主要营业地点位于香港特别行政区新界屯门

建旺街一号。

主要业务

本公司之主要业务为制造及销售食品及饮品。

附属公司之主要业务及其他详情载于综合财务

报表附注13。

本公司及其附属公司（「本集团」）于本财政年度

内之业务分部分析载于综合财务报表附注3。

按香港《公司条例》附表5规定对该等业务作出

之进一步讨论及分析（包括有关本集团面对的

主要风险及不明朗因素之讨论以及本集团业务

日后可能发展之显示），载于本年报第10至25

页之集团行政总裁报告╱业务回顾。有关环境、

雇员、客户及供应商且对本集团有重大影响之

事宜载于二零二四╱二零二五财政年度可持续

发展报告，该报告将连同本年报于本公司之公

司网站(w.vitasoy.com)刊登。该等讨论会作

为本董事会报告之一部分。

我们非常重视本集团遵守所有适用的法律、法

规及监管规定，并坚持贯彻最佳行业常规。年内，

本集团并无重大违反或不遵守适用法律及法规

而对本集团营运产生重大影响的情况。

Percentage of the Group’s total purchases 占本集团采购总额百分比
The largest supplier	21%
最大供应商
Five largest suppliers in aggregate	32%
首五大供应商合计

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司96

Report of the Directors

董事会报告

主要客户及供应商

于截至二零二五年三月三十一日止年度，本集

团五大客户占本集团之营业额少于30%。

以下所载为本财政年度主要供应商占本集团采

购额之资料：

各董事、彼等之紧密联系人或任何据董事所知

拥有本公司已发行股份超过5%之本公司股东

于年内概无拥有该等主要供应商之任何权益。

建议股息

中期股息每股普通股4.0港仙（二零二四年：1.4

港仙）已于二零二四年十二月二十四日派付。

董事建议就截至二零二五年三月三十一日止

年度派发末期股息每股普通股10.2港仙（二零

二四年：6.3港仙）。

捐款

本集团于年内之慈善及其他捐款共达港币

3,027,000元（二零二四年：港币3,497,000元）。

银行贷款

本集团于二零二五年三月三十一日之银行贷款

详情载于综合财务报表附注20。

股本

本公司于年内之股本变动详情载于综合财务报

表附注25(c)。本公司因归属股份奖励而于年内

发行股份。

Major Customers and Supliers

For the year ended 31st March 2025, the percentage of sales

atributable to the Group’s five largest customers was les than 30%.

The information in respect of the Group’s purchases atributable to

major supliers during the financial year is as folows:

At no time during the year have the Directors, their close asociates

or any shareholder of the Company (which to the knowledge of the

Directors owns more than 5% of the Company’s isued shares) held

any interest in these major supliers.

Recomended Dividend

An interim dividend of HK4.0 cents per ordinary share (2024:

HK1.4 cents) was paid on 24th December 2024. The Directors

recomended the payment of a final dividend of HK10.2 cents per

ordinary share (2024: HK6.3 cents) in respect of the year ended 31st

March 2025.

Donations

Charitable and other donations made by the Group during the year

amounted to HK$3,027,000 (2024: HK$3,497,000).

Bank Loans

Particulars of bank loans of the Group, as at 31st March 2025 are set

out in note 20 to the consolidated financial statements.

Share Capital

Details of the movements in share capital of the Company during

the year are set out in note 25(c) to the consolidated financial

statements. Shares were isued during the year on the vesting of

share awards.

Anual Report 2024/2025 年度报告97

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

董事

于本财政年度内及截至本年报之日期各董事之

名单载于第2页。

容韵仪女士于二零二四年八月十九日获委任为

本公司独立非执行董事。根据本公司之章程细

则第110条，容韵仪女士将于应届股东周年大

会退任，并符合资格膺选连任。

根据本公司之章程细则第104条，罗友礼先生、

Paul Jeremy BROUGH先生及钟志平博士将于

应届股东周年大会上轮值退任董事会，且符合

资格并愿意膺选连任。

拟于应届股东周年大会上膺选连任之董事并无

与本公司或其任何附属公司签订本公司或其任

何附属公司不得于一年内终止而不作出赔偿（一

般法定赔偿除外）之服务合约。

附属公司之董事

于本财政年度内及截至本年报之日期本集

团附属公司之董事详细名单于本公司网站

(w.vitasoy.com)「投资者相关╱管治╱董事

会╱附属公司董事」项下可供查阅。

Directors

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

Anual Report are set out on page 2.

Ms. Wendy Wen-ye YUNG was apointed as an Independent Non-

executive Director of the Company on 19th August 2024. Pursuant

to Article 110 of the Company’s Articles of Asociation, Ms. Wendy

Wen-ye YUNG wil retire at the forthcoming Anual General

Meting and wil be eligible for re-election.

Pursuant to Article 104 of the Company’s Articles of Asociation,

Mr. Winston Yau-lai LO, Mr. Paul Jeremy BROUGH and

Dr. Roy Chi-ping CHUNG wil retire from the Board by rotation at

the forthcoming Anual General Meting and, being eligible, ofer

themselves for re-election.

None of the Directors proposed for re-election at the forthcoming

Anual General Meting has a service contract with the Company

or any of its subsidiaries which is not determinable by the Company

or any of its subsidiaries within one year without payment of

compensation, other than normal statutory obligations.

Directors of Subsidiaries

A ful list of the names of the Directors of the Group’s subsidiaries

during the financial year and up to the date of this Anual Report can

be found in the Company’s website at w.vitasoy.com under “For

Investors/Governance/Board of Directors/Directors of Subsidiaries”.

Number of ordinary shares 普通股数目
	Note	Personal interests	Family interests	Trusts and similar interests	Equity derivatives	Total number of shares held	* % of total issued shares
Name 姓名	附注	个人权益	家族权益	信托及同类权益	股本衍生工具	所持股份总数	* 占已发行股份总数之百分比
Mr. Winston Yau-lai LO 罗友礼先生	(i), (iv)	68,782,601	28,702,500	72,678,300	1,320,412	171,483,813	15.98
Mr. Anthony John Liddell NIGHTINGALE 黎定基先生		200,000	–	–	–	200,000	0.02
Ms. Yvonne Mo-ling LO 罗慕玲女士	(ii), (iv)	–	–	92,084,750	–	92,084,750	8.58
Mr. Peter Tak-shing LO 罗德承先生	(iii), (iv)	9,198,000	–	121,657,000	–	130,855,000	12.19
Ms. May LO 罗其美女士		2,100,000	–	–	–	2,100,000	0.20
Mr. Roberto GUIDETTI 陆博涛先生	(v)	5,864,623	100,000	–	1,226,899	7,191,522	0.67
Mr. Eugene LYE 黎中山先生		442,313	–	–	–	442,313	0.04

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司98

Report of the Directors

董事会报告

董事于股份、相关股份及债权证之

权益及淡仓

按《证券及期货条例》第352条规定备存之董事

权益及淡仓登记册（「登记册」）记录所载，于

二零二五年三月三十一日在职之本公司董事于

当日持有本公司及附属公司（定义见《证券及期

货条例》）之股份及相关股份权益如下：

(1) 于已发行股份之权益

* 此百分比乃根据本公司于二零二五年三月

三十一日已发行之股份总数（即1,073,093,978

股普通股）计算。

Directors’ Interests and Short Positions in Shares,

Underlying Shares and Debentures

The Directors of the Company who held ofice at 31st March 2025

had the folowing interests in the shares and underlying shares of the

Company and subsidiaries (within the meaning of the Securities and

Futures Ordinance (“SFO”) at that date as recorded in the Register

of Directors’ Interests and Short Positions (“Register”) required to be

kept under Section 352 of the SFO:

(1) Interests in isued shares

* The percentage has ben compiled based on the total number of shares of

the Company in isue (i.e. 1,073,093,978 ordinary shares) as at 31st March

2025.

Anual Report 2024/2025 年度报告99

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

董事于股份、相关股份及债权证之

权益及淡仓（续）

（续）

附注：

(i) 罗友礼先生由于其妻室拥有28,702,500股份，

故被视为拥有该等股份之权益。1,320,412份

股本衍生工具乃指根据本公司二零二一年股份

奖励计划所授出之未归属股份之权益。

(i) 罗慕玲女士拥有由Yvone Lo Charitable

Remainder Unitrust持有之2,078,300股份、

由Yvone Lo Separate Property Trust 持有之

2,560,150股份及由Lo/Higashida Joint Trust

持有之14,768,000股份之权益。罗慕玲女士

为该三个信托基金之受益人，故被视为拥有该

等股份之权益。

(i) 罗德承先生拥有由两个全权家族信托基金持有

之48,978,700股份之权益。罗德承先生为该

两个信托基金之受益人，故被视为拥有该等股

份之权益。

(iv) 罗友礼先生、罗慕玲女士及罗德承先生均拥有

由东亚银行受托代管有限公司以代理人名义代

罗桂祥基金（慈善基金）持有之72,678,300股

股份之权益。彼等均为罗桂祥基金之受托人，

故被视为拥有该等股份之权益。

(v) 陆博涛先生及其妻室共同持有100,000股份

之家族权益。而1,226,899份股本衍生工具指

根据本公司二零二一年股份奖励计划所授出之

未归属股份之权益。

(2) 于相关股份之权益

本公司若干董事根据本公司之购股权计划及股

份奖励计划获授购股权及奖励股份，详情分别

载于「购股权计划」及「股份奖励计划」一节。

于本公司股份及相关股份中之全部权益均为好仓。

除上文所披露者外，本公司各董事或彼等之任

何配偶或未满十八岁之子女概无在本公司、其

任何附属公司或其他相联法团之股份、相关股

份或债权证中拥有任何记录在登记册上或须根

据上市发行人董事进行证券交易之标准守则另

行知会本公司之权益或淡仓。

Directors’ Interests and Short Positions in Shares,

Underlying Shares and Debentures (continued)

(1) Interests in isued shares (continued)

Notes:

(i) Mr. Winston Yau-lai LO is demed to be interested in 28,702,500 shares

through interests of his wife. The 1,320,412 equity derivatives represented

interests in unvested shares granted under the Company’s 2021 Share

Award Scheme.

(i) Ms. Yvone Mo-ling LO is interested in 2,078,300 shares held by Yvone

Lo Charitable Remainder Unitrust, 2,560,150 shares held by Yvone Lo

Separate Property Trust and 14,768,000 shares held by Lo/Higashida Joint

Trust. Ms. Yvone Mo-ling LO is a beneficiary of such thre trusts and is

therefore demed to be interested in such shares.

(i) Mr. Peter Tak-shing LO is interested in 48,978,700 shares held by two

discretionary family trusts. Mr. Peter Tak-shing LO is a beneficiary of such

two trusts and is therefore demed to be interested in such shares.

(iv) Each of Mr. Winston Yau-lai LO, Ms. Yvone Mo-ling LO and

Mr. Peter Tak-shing LO is interested in 72,678,300 shares held by The

Bank of East Asia (Nomines) Limited which holds such shares as a

nomine for the Lo Kwe Seong Foundation, a charitable trust. Each

of them is a truste of the Lo Kwe Seong Foundation and is therefore

demed to be interested in such shares.

(v) Mr. Roberto GUIDETI and his wife jointly hold family interests of 100,000

shares. The 1,226,899 equity derivatives represented interests in unvested

shares granted under the Company’s 2021 Share Award Scheme.

(2) Interests in underlying shares

Certain Directors of the Company have ben granted options and

share awards under the Company’s share option scheme and share

award scheme, details of which are set out in the sections “Share

Option Scheme” and “Share Award Scheme” respectively.

Al interests in the shares and underlying shares of the Company are

long positions.

Apart from the foregoing, none of the Directors of the Company

or any of their spouses or children under eighten years of age

holds an interest or a short position in the shares, underlying shares

or debentures of the Company, any of its subsidiaries or other

asociated corporations, as recorded in the Register or as otherwise

notified to the Company pursuant to the Model Code for Securities

Transactions by Directors of Listed Isuers.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司100

Report of the Directors

董事会报告

股票挂钩协议

本公司现有两项股份计划，即二零二年购股

权计划及二零二一年股份奖励计划（「股份计

划」）。根据上市规则第17章，联交所已授出就

股份计划而将予发行之本公司新股份上市之批

准（「计划授权限额」）。因此，于二零二五年三

月三十一日，按计划授权限额，就股份计划及

本公司任何其他股份计划项下授出之购股权╱

奖励股份之数目不得超过98,923,698股（二零

二四年三月三十一日及二零二四年四月一日：

107,281,481股），其占本公司于二零二五年三

月三十一日及本年报日期已发行股份之9.22%。

二零一二年购股权计划已自其采纳日期起第10

个周年届满，根据二零一二年购股权计划授出

任何尚未行使之购股权根据计划条款仍具有效力。

本公司购股权计划及股份奖励计划的进一步详

情载列如下：

购股权计划

(1) 于二零一二年八月二十八日批准之购

股权计划

本公司于二零一二年八月二十八日采纳购股权

计划（「二零一二年购股权计划」）。二零一二年

购股权计划旨在肯定及表扬本公司或其任何附

属公司之董事、行政人员及雇员（「合资格参与

者」）对本集团已作出或将作出之贡献。该计划

让合资格参与者持有本公司股份，以激励合资

格参与者为本集团之利益提升其表现及效率；

以及吸引及挽留所作出之贡献对或将对本集团

长远增长有所裨益之合资格参与者，或与彼等

维持续之关系。董事会可酌情向本公司或其

附属公司之任何董事、行政人员或雇员授予购

股权。

Equity-linked Agrements

The Company has two existing share schemes, namely the 2022

Share Option Scheme and the 2021 Share Award Scheme (the “Share

Schemes”). The Stock Exchange has granted an aproval for the

listing of new shares of the Company to be isued under the Share

Schemes pursuant to Chapter 17 of the Listing Rules (the “Scheme

Mandate Limit”). Acordingly, as at 31st March 2025, the share

options/share awards available for grant under the Share Schemes

and any other share schemes of the Company shal not exced

98,923,698 (31st March 2024 and 1st April 2024: 107,281,481),

representing 9.22% of the shares in isue of the Company as at 31st

March 2025 and the date of this Anual Report pursuant to the

Scheme Mandate Limit.

The 2012 Share Option Scheme had expired on the tenth aniversary

of its adoption date, any share options that are outstanding under

the 2012 Share Option Scheme shal remain in force acording to the

terms of the scheme.

Further details of the Company’s share option schemes and share

award scheme are set out below.

Share option scheme

(1) Share option scheme aproved on 28th August 2012

On 28th August 2012, the Company adopted a share option scheme

(the “2012 Share Option Scheme”). The purpose of the 2012 Share

Option Scheme is to recognise and acknowledge the contributions

which the Directors, executives and employes of the Company or

any of its subsidiaries (“Eligible Participants”) have made or wil make

to the Group. It provides Eligible Participants with the oportunity to

own a personal stake in the Company with a view to motivating the

Eligible Participants to excel in their performance and eficiency for

the benefit of the Group; and atracting and retaining or otherwise

maintaining an ongoing relationship with the Eligible Participants

whose contributions are or wil be beneficial to the long term growth

of the Group. The Board may at its discretion grant options to any

Director, executive or employe of the Company or its subsidiaries.

Anual Report 2024/2025 年度报告101

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

股票挂钩协议（续）

购股权计划（续）

(1) 于二零一二年八月二十八日批准之购

股权计划（续）

二零一二年购股权计划之主要条款如下：

－购股权之行使价为以下之较高者：(a)股

份于授出日期（当日必须为营业日）在联

交所录得之收市价；及(b)股份于紧接授

出日期前五个营业日在联交所录得之平

均收市价。

－本公司将于授予购股权时指定购股权须

予行使之期限。此届满期限须不迟于有

关授予日期起计十年。

－在归属期内，并无购股权必须持有之最

短期限或购股权可行使前必须达到之表

现目标，惟董事会可就授予购股权自行

酌情厘定任何有关条款。

－合资格参与者于要约日期起计二十八日

或董事酌情决定之较长或较短期间内接

纳授出购股权之要约。合资格参与者须

于接纳购股权时支付港币10元作为代价。

－除获本公司股东于股东大会上批准外，

于截至授出日期止之任何十二个月期间

内，就任何一名合资格参与者行使获授

予之购股权（包括已行使、已注销及未行

使之购股权）而已发行及须予发行之股

份总数，不得超过于授出日期之已发行

股份1%。

Equity-linked Agrements (continued)

Share option scheme (continued)

(1) Share option scheme aproved on 28th August 2012

(continued)

The principal terms of the 2012 Share Option Scheme were as

folows:

– The exercise price of the options is the higher of (a) the

closing price of the shares on the Stock Exchange on the date

of grant, which must be a busines day; and (b) the average of

the closing prices of the shares on the Stock Exchange for the

five busines days imediately preceding the date of grant.

– The period within which the options must be exercised would

be specified by the Company at the time of grant. This period

must expire no later than 10 years from the relevant date of

grant.

– There was no minimum period for which an option must be

held nor a performance target which must be achieved before

it could be exercised during the vesting period, but the Board

may determine at its sole discretion any such terms on the

grant of an option.

– An ofer of the grant of an option remains open for aceptance

by an Eligible Participant for a period of 28 days from the

date of ofer or such longer or shorter period as the Directors

might in their discretion determine. An Eligible Participant had

to pay HK$10 on aceptance of the option as a consideration.

– Unles aproved by shareholders of the Company in a general

meting, the total number of shares isued and which may fal

to be isued upon exercise of the options granted (including

exercised, canceled and outstanding options) to any one

Eligible Participant in any 12-month period up to the date of

grant shal not exced 1% of the shares in isue as at the date

of grant.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司102

Report of the Directors

董事会报告

股票挂钩协议（续）

购股权计划（续）

(1) 于二零一二年八月二十八日批准之购

股权计划（续）

二零一二年购股权计划于二零二年八月

二十七日终止，其后概不会再根据二零一二年

购股权计划授出购股权。

于上述终止前根据二零一二年购股权计划已授

出但尚未行使之购股权仍将继续有效，且根据

归属安排可根据二零一二年购股权计划予以行

使。根据二零一二年购股权计划，12,503,500

份尚未行使之购股权可于行使其所附权利后予

以发行，占本公司于本年报日期已发行股本约

1.17%。

(2) 于二零二年八月三十日批准之购股

权计划

于二零二年八月三十日，本公司采纳一项新

购股权计划（「二零二年购股权计划」）。二零

二年购股权计划旨在吸引及挽留管理层和主

要雇员、使合资格参与者的利益与本公司的长

远成功保持一致、为管理层和主要雇员提供公

平和具有竞争力的薪酬，并推动实现本公司的

策略目标。该计划让合资格参与者持有本公司

股份，以激励合资格参与者为本集团之利益提

升其表现及效率；以及吸引及挽留所作出之贡

献对或将对本集团长远增长有所裨益之合资格

参与者，或与彼等维持续之关系。董事会可

酌情向本公司或其附属公司之任何董事、行政

人员或雇员授予购股权。

Equity-linked Agrements (continued)

Share option scheme (continued)

(1) Share option scheme aproved on 28th August 2012

(continued)

The 2012 Share Option Scheme was terminated on 27th August

2022 folowing which no further option was granted under the 2012

Share Option Scheme.

Outstanding share options granted under the 2012 Share Option

Scheme prior to such termination shal continue to be valid and,

subject to the vesting schedule, exercisable in acordance with the

2012 Share Option Scheme. There were 12,503,500 outstanding

options that may be isued upon exercise of the right ataching

thereto, representing aproximately 1.17% of the isued share

capital of the Company as at the date of this Anual Report, under

the 2012 Share Option Scheme.

(2) Share option scheme aproved on 30th August 2022

On 30th August 2022, the Company adopted a new share option

scheme (the “2022 Share Option Scheme”). The purpose of the

2022 Share Option Scheme is to atract and retain management

and key employes, to align Eligible Participants’ interests with the

long-term suces of the Company, to provide fair and competitive

compensation to management and key employes and to drive the

achievement of strategic objectives of the Company. It provides

Eligible Participants with an oportunity to own a personal stake in

the Company with a view to motivating the Eligible Participants to

utilise their performance and eficiency for the benefit of the Group;

and atracting and retaining or otherwise maintaining an ongoing

relationship with the Eligible Participants whose contributions are or

wil be beneficial to the long term growth of the Group. The Board

may at its discretion grant options to any Director, executive or

employe of the Company or its subsidiaries.

Anual Report 2024/2025 年度报告103

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

股票挂钩协议（续）

购股权计划（续）

(2) 于二零二年八月三十日批准之购股

权计划（续）

二零二年购股权计划之主要条款如下：

－购股权之行使价为以下之较高者：(a)股

份于授出日期（当日必须为营业日）在联

交所录得之收市价；及(b)股份于紧接授

出日期前五个营业日在联交所录得之平

均收市价。

－本公司将于授予购股权时指定购股权须

予行使之期限。此届满期限须不迟于有

关授予日期起计十年。

－购股权在其可获行使之前必须持有的期

限为不少于十二个月（或上市规则不时规

定的其他期限）。董事会及╱或本公司可

全权酌情决定采用较规定的最短期限更

短的归属期限。

－二零二年购股权计划并无指定行使购

股权前必须达到的表现指标。本公司可

订定表现目标及二零二年购股权计划

之条款，惟董事会可就授予购股权自行

酌情厘定有关条款。

－授出购股权之要约自要约日期起之28日

内或董事可能酌情厘定更长或更短之期

间开放予合资格参与者接纳。

Equity-linked Agrements (continued)

Share option scheme (continued)

(2) Share option scheme aproved on 30th August 2022

(continued)

The principal terms of the 2022 Share Option Scheme were as

folows:

– The exercise price of the options is the higher of (a) the

closing price of the shares on the Stock Exchange on the date

of grant, which must be a busines day; and (b) the average of

the closing prices of the shares on the Stock Exchange for the

five busines days imediately preceding the date of grant.

– The period within which the options must be exercised would

be specified by the Company at the time of grant. This period

must expire no later than 10 years from the relevant date of

grant.

– The minimum period for which an option must be held before

such an option can be exercised shal not be les than 12

months (or such other period as may be prescribed by the

Listing Rules). The Board and/or the Company may, at its

absolute discretion, determine that a shorter vesting period

shal aply than the prescribed minimum period.

– The 2022 Share Option Scheme does not specify a

performance metric which must be achieved before an option

can be exercised. The Company may specify such performance

target and the terms of the 2022 Share Option Scheme

provided that the Board may determine, at its sole discretion,

such term(s) on the grant of an option.

– An ofer of the grant of an option remains open for aceptance

by an Eligible Participant for a period of 28 days from the date

of ofer or such longer or shorter period as the Directors might

in their discretion determine.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司104

Report of the Directors

董事会报告

股票挂钩协议（续）

购股权计划（续）

(2) 于二零二年八月三十日批准之购股

权计划（续）

－除获本公司股东于股东大会上批准外，

于截至及包括授出日期止之任何十二个

月期间内，就任何一名合资格参与者根

据全部购股权计划行使购股权或根据已

获授予或将获授予之其他股份奖励计划

归属及将予归属（不包括根据二零二年

购股权计划或其他股份奖励计划已失效

之任何购股权及╱或奖励）而已发行及须

予发行之股份总数，不得超过于授出日

期之已发行股份1%。

于年内，根据二零二年购股权计划已授出

5,244,000份购股权。

于二零二五年三月三十一日，根据二零二年

购股权计划，6,907,500份尚未行使之购股权可

于行使其附带权利时发行，占本公司于本年报

日期之已发行股本约0.64%。

二零二年购股权计划将于二零三二年八月

二十九日终止。

于二零二五年三月三十一日，本公司董事及雇

员在根据本公司二零一二年购股权计划获授可

每次以代价港币10元及根据二零二年购股权

计划以零代价认购本公司普通股（于二零二五

年三月三十一日之每股市值为港币10.04元）

之购股权中拥有下列权益。于二零二五年三月

三十一日，根据综合财务报表附注1(q)(i)所载

之会计政策，未行使之已归属购股权及未归属

购股权以授出日期公允值计算，总值分别为港

币54,763,000元及港币24,732,000 元。该等

购股权均为非上市。一旦归属后，各份购股权

会赋予持有人认购本公司一股普通股之权利。

假设所有于二零二五年三月三十一日尚未行使

之购股权获行使，本公司将收取所得款项港币

317,658,000元。

Equity-linked Agrements (continued)

Share option scheme (continued)

(2) Share option scheme aproved on 30th August 2022

(continued)

– Unles aproved by shareholders of the Company in a general

meting, the total number of shares isued and which may

fal to be isued upon exercise of the options under al share

option schemes, or vested and to be vested under other share

award schemes already granted or to be granted (excluding

any options and/or awards lapsed in acordance with the

terms of the 2022 Share Option Scheme or other share award

schemes) to any one Eligible Participant in any 12-month

period up to and including the date of grant shal not in

agregate over 1% of the shares in isue as at the date of

grant.

During the year, 5,244,000 options were granted under the 2022

Share Option Scheme.

As at 31st March 2025, there were 6,907,500 outstanding options

that may be isued upon exercise of the right ataching thereto,

representing aproximately 0.64% of the isued share capital of the

Company as at the date of this Anual Report, under the 2022 Share

Option Scheme.

The 2022 Share Option Scheme wil end on 29th August 2032.

At 31st March 2025, the Directors and employes of the Company

had the folowing interests in options to subscribe for ordinary

shares of the Company (market value per ordinary share as at 31st

March 2025 was HK$10.04) in consideration of HK$10 for each

grant under the 2012 Share Option Scheme and nil consideration

under the 2022 Share Option Scheme of the Company. As at 31st

March 2025, the total grant date fair value of unexercised vested

options and unvested options, measured in acordance with the

acounting policy set out in note 1(q)(i) to the consolidated financial

statements, amounted to HK$54,763,000 and HK$24,732,000

respectively. The options are unlisted. Once vested, each option

gives the holder the right to subscribe for one ordinary share of

the Company. Asuming that al the options outstanding as at 31st

March 2025 were exercised, the Company would receive proceds

of HK$317,658,000.

	Date of grant (dd/mm/yyyy)	Period during which options are exercisable (dd/mm/yyyy – dd/mm/yyyy)	Price per share on exercise of options	Number of options outstanding at the beginning of the year	Number of options granted during the year	Number of options exercised during the year	Number of options forfeited during the year	Number of options outstanding at the end of the year	* Market value per share at date of grant of options	* Market value per share on exercise of options
Participants 参与者	授出日期（日╱月╱年）	购股权行使期（日╱月╱年－日╱月╱年）	行使购股权时须付之每股价格	年初时尚未行使之购股权数目	年内授出之购股权数目	年内行使之购股权数目	年内没收之购股权数目	年结时尚未行使之购股权数目	*授出购股权之日之每股市价	*行使购股权时之每股市价
Participants 参与者	授出日期（日╱月╱年）	购股权行使期（日╱月╱年－日╱月╱年）	HK$ 港币						HK$ 港币	HK$ 港币
Directors 董事
Mr. Winston Yau-lai LO (also a substantial shareholder) 罗友礼先生（亦为主要股东）	10/09/2014	10/09/2015 – 09/09/2024	10.080	1,792,000	–	–	(1,792,000)	–	9.890	–
	14/09/2015	14/09/2016 – 13/09/2025	13.600	1,588,000	–	–	–	1,588,000	11.520	–
	06/09/2016	06/09/2017 – 05/09/2026	14.792	1,420,000	–	–	–	1,420,000	15.280	–
Mr. Roberto GUIDETTI 陆博涛先生	26/06/2017	26/06/2018 – 25/06/2027	16.296	1,254,000	–	–	–	1,254,000	16.200	–
	19/06/2018	19/06/2019 – 18/06/2028	25.100	1,288,000	–	–	–	1,288,000	24.000	–
	21/06/2019	21/06/2020 – 20/06/2029	44.810	866,000	–	–	–	866,000	42.550	–
	22/06/2020	22/06/2021 – 21/06/2030	30.200	1,032,000	–	–	–	1,032,000	29.550	–
	# 24/08/2021	18/06/2022 – 23/08/2031	19.500	814,000	–	–	–	814,000	18.920	–
	04/07/2022	04/07/2023 – 03/07/2032	14.140	998,000	–	–	–	998,000	13.720	–
	26/06/2023	26/06/2024 – 25/06/2033	12.216	1,022,000	–	–	–	1,022,000	10.160	–
	26/06/2024	26/06/2025 – 25/06/2034	6.352	–	1,598,000	–	–	1,598,000	6.170	–
Five highest paid eligible employees ^ 五名最高薪合资格雇员^	# 24/08/2021	18/06/2022 – 23/08/2031	19.500	216,000	–	–	–	216,000	18.920	–
	04/07/2022	04/07/2023 – 03/07/2032	14.140	240,000	–	–	–	240,000	13.720	–
	26/06/2023	26/06/2024 – 25/06/2033	12.216	238,000	–	–	–	238,000	10.160	–
	26/06/2024	26/06/2025 – 25/06/2034	6.352	–	830,000	–	–	830,000	6.170	–

Anual Report 2024/2025 年度报告105

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

股票挂钩协议（续）

购股权计划（续）

年内及于年结时，尚未行使之购股权详情如下：

Equity-linked Agrements (continued)

Share option scheme (continued)

Particulars of share options outstanding during the year and at the

end of the year are as folows:

	Date of grant (dd/mm/yyyy)	Period during which options are exercisable (dd/mm/yyyy – dd/mm/yyyy)	Price per share on exercise of options	Number of options outstanding at the beginning of the year	Number of options granted during the year	Number of options exercised during the year	Number of options forfeited during the year	Number of options outstanding at the end of the year	* Market value per share at date of grant of options	* Market value per share on exercise of options
Participants 参与者	授出日期（日╱月╱年）	购股权行使期（日╱月╱年－日╱月╱年）	行使购股权时须付之每股价格	年初时尚未行使之购股权数目	年内授出之购股权数目	年内行使之购股权数目	年内没收之购股权数目	年结时尚未行使之购股权数目	*授出购股权之日之每股市价	*行使购股权时之每股市价
Participants 参与者	授出日期（日╱月╱年）	购股权行使期（日╱月╱年－日╱月╱年）	HK$ 港币						HK$ 港币	HK$ 港币
Other eligible employees working under employment contracts 根据雇佣合约工作之其他合资格雇员	26/06/2015	26/06/2016 – 25/06/2025	13.600	18,000	–	–	–	18,000	13.620	–
	24/06/2016	24/06/2017 – 23/06/2026	14.792	198,000	–	–	–	198,000	13.960	–
	26/06/2017	26/06/2018 – 25/06/2027	16.296	278,000	–	–	–	278,000	16.200	–
	19/06/2018	19/06/2019 – 18/06/2028	25.100	308,000	–	–	–	308,000	24.000	–
	@ 28/01/2019	28/01/2020 – 27/01/2029	30.350	320,000	–	–	(320,000)	–	30.000	–
	21/06/2019	21/06/2020 – 20/06/2029	44.810	260,000	–	–	(56,000)	204,000	42.550	–
	22/06/2020	22/06/2021 – 21/06/2030	30.200	471,500	–	–	(219,500)	252,000	29.550	–
	# 24/08/2021	18/06/2022 – 23/08/2031	19.500	982,000	–	–	(375,500)	606,500	18.920	–
	04/07/2022	04/07/2023 – 03/07/2032	14.140	1,467,000	–	–	(544,000)	923,000	13.720	–
	26/06/2023	26/06/2024 – 25/06/2033	12.216	1,780,000	–	–	(688,500)	1,091,500	10.160	–
	26/06/2024	26/06/2025 – 25/06/2034	6.352	–	2,816,000	–	(688,000)	2,128,000	6.170	–
	26/06/2024	26/06/2025 – 25/06/2034	6.352	18,850,500	5,244,000	–	(4,683,500)	19,411,000

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司106

Report of the Directors

董事会报告

授予各董事之购股权以同为实益拥有人之董事

之名义登记。

* 即本公司普通股于紧接购股权授出或获行使日

期前一日适用之收市价或加权平均收市价。

就二零一九年一月二十八日授出之购股权而

言，50%之购股权将自授出日期起计一周年后

获归属及50%之购股权将自授出日期起计两

周年后获归属。

就二零二一年八月二十四日授出之购股权而言，

自二零二年六月十八日起以每年25%之比

率分批归属，并于二零二五年六月十八日全部

归属。

在五名最高酬金人士中，两名为董事，其酬金

单独披露。

The options granted to each Director are registered under the names

of the Directors who are also the beneficial owners.

* being the closing price or the weighted average closing price of the

Company’s ordinary shares imediately before the dates on which the

options were granted or exercised, as aplicable.

for the options granted on 28th January 2019, 50% of options wil be

vested after the first aniversary from the date of grant and 50% of

options wil be vested after the second aniversary from the date of

grant.

for the options granted on 24th August 2021, options are subject to

a vesting scale in tranches of 25% each per anum starting from 18th

June 2022 and are fuly vested on 18th June 2025.

of the five individuals with the highest emoluments, two are Directors

whose emoluments are disclosed separately.

Equity-linked Agrements (continued)

Share option scheme (continued)

股票挂钩协议（续）

购股权计划（续）

Percentage of options granted
占获授购股权之百分比
On or after 1st year anniversary of the date of grant	25%
授出日期起计一周年或其后
On or after 2nd year anniversary of the date of grant	another 另25%
授出日期起计两周年或其后
On or after 3rd year anniversary of the date of grant	another 另25%
授出日期起计三周年或其后
On or after 4th year anniversary of the date of grant	another 另25%
授出日期起计四周年或其后

Anual Report 2024/2025 年度报告107

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

股票挂钩协议（续）

购股权计划（续）

可予行使之所有购股权数目（除于二零一九年

一月二十八日及二零二一年八月二十四日授出

之购股权外）乃逐步增加，而各阶段可行使购股

权之百分比上限如下：

有关授出购股权之会计政策及每份购股权价值

之资料分别载于综合财务报表附注1(q)(i)及附

注23(a)。

Equity-linked Agrements (continued)

Share option scheme (continued)

Al options, except for options granted on 28th January 2019 and

24th August 2021, are exercisable progresively and the maximum

percentage of the options which may be exercised is determined in

stages as folows:

Information on the acounting policy for share options granted and

the value per option is provided in note 1(q)(i) and note 23(a) to the

consolidated financial statements respectively.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司108

Report of the Directors

董事会报告

股票挂钩协议（续）

股份奖励计划

本公司已于二零二一年三月二十二日采纳一项

股份奖励计划（「二零二一年股份奖励计划」），

据此，董事可不时按其酌情权，选择任何合资

格参与者（为本公司或其附属公司之董事、行

政人员或雇员）以奖励持有人的身份参与二零

二一年股份奖励计划，而有关奖励持有人可获

授予受限制股份、表现股份、受限制股份单位

或表现股份单位之奖励。二零二一年股份奖励

计划旨在吸引及挽留管理层和主要雇员、务求

合资格参与者的利益能与本公司的长远成功保

持一致、为管理层和主要雇员提供公平和具有

竞争力的薪酬，并推动实现本公司的策略目标。

二零二一年股份奖励计划之主要条款如下：

－二零二一年股份奖励计划自二零二一年

七月一日起生效，有效期为十年（惟董事

会提前终止除外），并由董事会及二零

二一年股份奖励计划受托人管理。

－奖励在其可获行使之前必须持有的期限

为不少于十二个月（或上市规则不时规

定的其他期限）。董事会及╱或本公司

可全权酌情决定采用较规定的最短期限

更短的归属期限。

－除获本公司股东于股东大会上批准外，

于截至及包括授出日期止之任何十二个

月期间内，就任何一名合资格参与者根

据全部购股权计划行使购股权或根据已

获授予或将获授予之全部股份奖励计划

归属及将予归属（不包括根据二零二一

年股份奖励计划或其他股份奖励计划已

失效之任何购股权及╱或奖励）而已发

行及须予发行之股份总数，不得超过于

授出日期之已发行股份1%。

于年内，根据二零二一年股份奖励计划已授出

可向获授人归属之3,113,783份奖励，占本公司

于本年报日期已发行股本约0.29%。

Equity-linked Agrements (continued)

Share award scheme

The Company adopted a share award scheme on 22nd March 2021

(the “2021 Share Award Scheme”) under which the Directors may, at

their discretion, select any eligible participant (being either a Director,

executive or employe of the Company or any of its subsidiaries) to

participate in the 2021 Share Award Scheme as an award holder,

and such award holder may be granted an award of restricted shares,

performance shares, restricted share units or performance share

units. The purpose of the 2021 Share Award Scheme is to atract and

retain management and key employes, to align eligible participants’

interests with the long-term suces of the Company, to provide fair

and competitive compensation to management and key employes

and to drive the achievement of the Company’s strategic objectives.

The principal terms of the 2021 Share Award Scheme were as

folows:

– The 2021 Share Award Scheme is valid and efective for

a term of 10 years from 1st July 2021 unles terminated

earlier by the Board and is administered by the Board and the

truste of the 2021 Share Award Scheme.

– The minimum period for which an award must be held before

vesting shal not be les than 12 months (or such other

period as may be prescribed by the Listing Rules from time

to time). The Board and/or the Company may at its absolute

discretion, determine that a shorter vesting period shal aply

than the prescribed minimum period.

– Unles aproved by shareholders of the Company in a general

meting, the total number of shares isued and which may

fal to be isued upon exercise of al options under al share

option schemes, or vested and to be vested under al share

award schemes already granted or to be granted to such

eligible participant (excluding any options and/or awards

lapsed in acordance with the terms of the 2021 Share Award

Scheme or other share award schemes) in the 12-month

period up to and including the date of grant shal not in

agregate over 1% of the shares in isue as at the date of

grant.

During the year, 3,113,783 awards were granted under the 2021

Share Award Scheme which may be vested to the awardes,

representing aproximately 0.29% of the isued share capital of the

Company as at the date of this Anual Report.

	Date of grant (dd/mm/yyyy)	Vesting period (dd/mm/yyyy – dd/mm/yyyy)	Number of awards outstanding at the beginning of the year	Number of awards granted during the year	Number of awards vested during the year	Number of awards forfeited on termination of employment of eligible participants during the year	Number of awards outstanding at the end of the year	*Market value per share at date of grant of awards	Market value per share at date of vesting of awards
Participant 参与者	授出日期（日╱月╱年）	归属期（日╱月╱年－日╱月╱年）	年初时尚未归属之奖励数目	年内授出之奖励数目	年内归属之奖励数目	于年内因合资格参与者离职而没收之奖励数目	年终时尚未归属之奖励数目	*授出奖励之日之每股市价	归属奖励之日之每股市价
Participant 参与者	授出日期（日╱月╱年）	归属期（日╱月╱年－日╱月╱年）	年初时尚未归属之奖励数目	年内授出之奖励数目	年内归属之奖励数目	于年内因合资格参与者离职而没收之奖励数目	年终时尚未归属之奖励数目	HK$ 港币	HK$ 港币
Directors 董事
Mr. Winston Yau-lai LO (also a substantial shareholder) 罗友礼先生（亦为主要股东）	# 01/02/2022	01/02/2022 – 18/06/2025	112,584	–	(56,291)	–	56,293	15.200	6.520**
	04/07/2022	04/07/2022 – 04/07/2026	234,832	–	(78,277)	–	156,555	13.720	5.750##
	26/06/2023	26/06/2023 – 26/06/2027	429,498	–	(107,374)	–	322,124	10.160	6.170^^
	26/06/2024	26/06/2024 – 26/06/2028	–	785,440	–	–	785,440	6.170	–
Mr. Roberto GUIDETTI 陆博涛先生	# 24/08/2021	24/08/2021 – 18/06/2025	112,604	–	(56,301)	–	56,303	18.920	6.520**
	04/07/2022	04/07/2022 – 04/07/2026	251,899	–	(83,966)	–	167,933	13.720	5.750##
	26/06/2023	26/06/2023 – 26/06/2027	391,152	–	(97,788)	–	293,364	10.160	6.170^^
	26/06/2024	26/06/2024 – 26/06/2028	–	709,299	–	–	709,299	6.170	–
Five highest paid eligible employees ^ 五名最高薪合资格雇员^	# 24/08/2021	24/08/2021 – 18/06/2025	29,875	–	(14,937)	–	14,938	18.920	6.520**
	04/07/2022	04/07/2022 – 04/07/2026	60,547	–	(20,182)	–	40,365	13.720	5.750##
	26/06/2023	26/06/2023 – 26/06/2027	91,015	–	(22,753)	–	68,262	10.160	6.170^^
	26/06/2024	26/06/2024 – 26/06/2028	–	368,319	–	–	368,319	6.170	–
Other eligible employees working under employment contracts 根据雇佣合约工作之其他合资格雇员	# 24/08/2021	24/08/2021 – 18/06/2025	131,028	–	(65,507)	(26,982)	38,539	18.920	6.520**
	04/07/2022	04/07/2022 – 04/07/2026	365,443	–	(115,095)	(106,711)	143,637	13.720	5.750##
	26/06/2023	26/06/2023 – 26/06/2027	683,748	–	(153,729)	(226,379)	303,640	10.160	6.170^^
	26/06/2024	26/06/2024 – 26/06/2028	–	1,250,725	–	(305,262)	945,463	6.170	–
	26/06/2024	26/06/2024 – 26/06/2028	2,894,225	3,113,783	(872,200)	(665,334)	4,470,474

Anual Report 2024/2025 年度报告109

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

股票挂钩协议（续）

股份奖励计划（续）

年内及于年结时，尚未归属之奖励股份详情如下：

Equity-linked Agrements (continued)

Share award scheme (continued)

Particulars of share awards outstanding during the year and at the

end of the year are as folows:

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司110

Report of the Directors

董事会报告

股票挂钩协议（续）

股份奖励计划（续）

授予各董事之奖励乃以董事之姓名登记，而其

亦为实益拥有人。

* 即本公司普通股于紧接奖励授出日期前一日适

用之收市价或加权平均收市价。

就二零二一年八月二十四日及二零二年二月

一日之授出而言，奖励自二零二年六月十八

日起以每年25%之比率分批归属，并于二零

二五年六月十八日全部归属。

在五名最高酬金人士中，两名为董事，其酬金

单独披露。

即本公司普通股于紧接适用批次在二零二四年

六月十八日归属期结束前一日之收市价或加权

平均收市价。

即本公司普通股于紧接适用批次在二零二四年

六月二十六日归属期结束前一日之收市价或加

权平均收市价。

即本公司普通股于紧接适用批次在二零二四年

七月四日归属期结束前一日之收市价或加权平

均收市价。

除于二零二一年八月二十四日及二零二年二

月一日授出之奖励以外之所有奖励而言，自授

出日期起首个周年以每年25%之比率分批归属，

并将于授出日期起第四个周年全部归属。

有关授出股份奖励的会计政策及每份奖励的价

值的资料分别载于综合财务报表附注1(q)(i)及

附注23(b)中。

除上文所披露者外，本公司或其任何附属公司

概无于年内任何时间参与任何安排，以使本公

司董事或其任何配偶或十八岁以下的子女可藉

购入本公司或任何其他公司的股份或债权证而

获益。

除上文及综合财务报表附注23所披露的本公司

购股权计划及股份奖励计划外，本公司于年内

并无订立或于年末存续的股票挂钩协议。

Equity-linked Agrements (continued)

Share award scheme (continued)

The awards granted to each Director are registered under the names

of the Directors who are also the beneficial owners.

* being the closing price or the weighted average closing price of the

Company’s ordinary shares imediately before the dates on which the

awards were granted, as aplicable.

for the grant dated 24th August 2021 and 1st February 2022, awards

are subject to a vesting scale in tranches of 25% each per anum

starting from 18th June 2022 and are fuly vested on 18th June 2025.

of the five individuals with the highest emoluments, two are Directors

whose emoluments are disclosed separately.

being the closing price or the weighted average closing price of the

Company’s ordinary shares imediately before 18th June 2024 on

which the vesting period for aplicable tranche ended.

being the closing price or the weighted average closing price of the

Company’s ordinary shares imediately before 26th June 2024 on

which the vesting period for aplicable tranche ended.

being the closing price or the weighted average closing price of the

Company’s ordinary shares imediately before 4th July 2024 on

which the vesting period for aplicable tranche ended.

Al awards, except for awards granted on 24th August 2021 and

1st February 2022, are subject to a vesting scale in tranches of 25%

each per anum starting from the first aniversary from the date of

grant and wil be fuly vested on the fourth aniversary of the date of

grant.

Information on the acounting policy for share awards granted and

the value per award is provided in note 1(q)(i) and note 23(b) to the

consolidated financial statements respectively.

Apart from the foregoing, at no time during the year was the

Company or any of its subsidiaries a party to any arangement to

enable the Directors of the Company or any of their spouses or

children under eighten years of age to acquire benefits by means

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

other body corporate.

Other than the Company’s Share Option Schemes and Share Award

Schemes as disclosed above and in note 23 to the consolidated

financial statements, no equity-linked agrements were entered into

by the Company during the year or subsisted at the end of the year.

Number of ordinary shares 普通股数目
		Personal interests	Family interests	Corporate interests	Trusts and similar interests	Total number of shares held	* % of total issued shares
Substantial Shareholders 主要股东	Note 附注	个人权益	家族权益	公司权益	信托及同类权益	所持股份总数	* 占已发行股份总数之百分比
Mr. Philip Chee Tat NG 黄志达先生	(i)	–	–	83,164,000 (L)	56,896,000 (L)	140,060,000 (L)	13.05
Ms. Kim Choo TAN Kim Choo TAN女士	(ii)	–	–	140,060,000 (L)	–	140,060,000 (L)	13.05
Ms. Irene CHAN 陈罗慕连女士	(iii)	23,514,700 (L)	–	–	72,678,300 (L)	96,193,000 (L)	8.96
Kuang Ming Investments Pte. Limited	(iv)	86,104,000 (L)	–	–	–	86,104,000 (L)	8.02
Ms. Joy Lo CHEUNG 张罗其乐女士	(iii)	2,766,250 (L)	–	–	72,678,300 (L)	75,444,550 (L)	7.03
Dr. Keiko Aun FUKUDA 罗安女士	(iii)	2,400,000 (L)	–	–	72,678,300 (L)	75,078,300 (L)	7.00
Mr. Christopher LYE 黎东山先生	(iii)	750,000 (L)	–	–	72,678,300 (L)	73,428,300 (L)	6.84
Ms. Alexandra CHAN 陈凌珊女士	(iii)	610,000 (L)	–	–	72,678,300 (L)	73,288,300 (L)	6.83
Mitsubishi UFJ Financial Group, Inc. 三菱日联金融集团	(v)	–	–	64,313,539 (L) 20,000 (S)	–	64,313,539 (L) 20,000 (S)	5.99 0.001
Mr. Chee Siong NG 黄志祥先生	(vi)	–	–	–	54,678,000 (L)	54,678,000 (L)	5.10
Global Alpha Capital Management Ltd.	(vii)	–	–	54,140,985 (L)	–	54,140,985 (L)	5.05

Anual Report 2024/2025 年度报告111

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

主要股东于股份及相关股份之权益

及淡仓

于二零二五年三月三十一日，根据《证券及期货

条例》第336条由本公司存置之权益登记册纪录，

除本公司董事外之人士持有占本公司已发行股

本5%或以上之本公司股份及相关股份之权益

及淡仓载列如下：

(L) 代表好仓

(S) 代表淡仓

Substantial Shareholders’ Interests and Short

Positions in Shares and Underlying Shares

As at 31st March 2025, the interest and short position of the

folowing person, other than the Directors of the Company, in the

shares and underlying shares of the Company, being 5% or more of

the Company’s isued share capital, as recorded in the register of

interest required to be kept by the Company under Section 336 of

the SFO are as folows:

(L) denoted for long position

(S) denoted for short position

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司112

Report of the Directors

董事会报告

主要股东于股份及相关股份之权益

及淡仓（续）

* 此百分比乃根据本公司于二零二五年三月

三十一日已发行之股份总数（即1,073,093,978

股普通股）计算。

附注：

(i) 黄志达先生于其控制法团所持有的83,164,000

股份中拥有权益，并作为家族信托的共同执

行人之一拥有56,896,000股份的权益。

(i) Kim Cho TAN女士于其控制法团所持有的

140,060,000股份中拥有权益。

(i) 陈罗慕连女士、张罗其乐女士、罗安女士、黎

东山先生及陈凌珊女士均拥有由东亚银行受托

代管有限公司以代理人名义代罗桂祥基金（为

一慈善基金）持有之72,678,300股份之权益。

彼等均为罗桂祥基金之受托人，故被视为拥有

该等股份之权益。

(iv) Kuang Ming Investments Pte. Limited作为实益

拥有人持有86,104,000股份。

(v) 该等权益及淡仓乃由三菱日联金融集团透过其

全资附属公司持有。

(vi) 黄志祥先生作为家族信托的共同执行人之一拥

有54,678,000股份的权益。

(vi) 该等权益乃由Global Alpha Capital

Management Ltd.以投资经理人的身份持有。

除上文所披露者外，除其权益载于上文「董事于

股份、相关股份及债权证之权益及淡仓」一节之

董事外，概无人士于本公司之股份或相关股份

中拥有须纪录在根据《证券及期货条例》第336

条而备存之权益登记册内之权益或淡仓。

Substantial Shareholders’ Interests and Short

Positions in Shares and Underlying Shares (continued)

* This percentage has ben compiled based on the total number of

shares of the Company in isue (i.e. 1,073,093,978 ordinary shares) as

at 31st March 2025.

Notes:

(i) Mr. Philip Che Tat NG is interested in 83,164,000 shares held by

corporations controled by him and 56,896,000 shares as one of the

co-executors of the family trust.

(i) Ms. Kim Cho TAN is interested in 140,060,000 shares held by

corporations controled by her.

(i) Each of Ms. Irene CHAN, Ms. Joy Lo CHEUNG, Dr. Keiko Aun

FUKUDA, Mr. Christopher LYE and Ms. Alexandra CHAN is interested

in 72,678,300 shares held by The Bank of East Asia (Nomines)

Limited which holds such shares as a nomine for the Lo Kwe Seong

Foundation, a charitable trust. Each of them is a truste of the Lo

Kwe Seong Foundation and is therefore demed to be interested in

such shares.

(iv) Kuang Ming Investments Pte. Limited holds 86,104,000 shares as the

beneficial owner.

(v) These interests and short position are held by Mitsubishi UFJ Financial

Group, Inc. through its wholy-owned subsidiaries.

(vi) Mr. Che Siong NG is interested in 54,678,000 shares as one of the

co-executors of the family trust.

(vi) These interests are held by Global Alpha Capital Management Ltd. in

the capacity of investment manager.

Apart from the foregoing, no person, other than the Directors whose

interests are set out in the section headed “Directors’ Interests

and Short Positions in Shares, Underlying Shares and Debentures”

above, has registered an interest or short position in the shares or

underlying shares of the Company as recorded in the register of

interests kept under Section 336 of the SFO.

Number of individuals
人数
Below HK$2,000,000 港币2,000,000元以下		1
HK$2,000,001 to HK$4,000,000 港币2,000,001元至港币4,000,000元		2
HK$4,000,001 to HK$6,000,000 港币4,000,001元至港币6,000,000元		1
HK$6,000,001 to HK$8,000,000 港币6,000,001元至港币8,000,000元		2

Anual Report 2024/2025 年度报告113

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

重大合约

截至二零二五年三月三十一日止年度，本公司

或其任何附属公司与控股东或其任何附属公

司之间并无订立重大合约。

董事于重大交易、安排或合约之权益

本公司或其任何附属公司概无于年结时或年内

任何时间，与本公司董事或其联系实体（不论直

接或间接）订立拥有重大权益之交易、安排或重

要合约。

管理合约

截至二零二五年三月三十一日止年度，概无订

立或订有任何涉及本集团全部或任何重大部分

业务的管理及行政合约。

高层管理人员之酬金

按组别划分之高层管理人员（不包括董事）之酬

金如下：

Contract of Significance

No contract of significance has ben entered into betwen the

Company, or any of its subsidiaries and the controling shareholder

or any of its subsidiaries during the year ended 31st March 2025.

Directors’ Interests in Transactions, Arangements

or Contracts of Significance

No transaction, arangement or contract of significance to which

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

Director of the Company or his/her conected entity had a material

interest, whether directly or indirectly, subsisted at the end of the

year or at any time during the year.

Management Contracts

During the year ended 31st March 2025, no contracts concerning

the management and administration of the whole or any substantial

part of the busines of the Group were entered into or existed.

Remuneration for Senior Management

The emoluments of the Senior Management, excluding Directors, by

bands are as folows:

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司114

Report of the Directors

董事会报告

雇员及人力资源政策

本集团之雇员数目及薪酬、人力资源政策以及

雇员发展及培训之详情载于二零二四╱二零

二五财政年度可持续发展报告，该报告将连同

本年报于本公司之公司网站(w.vitasoy.com)

发布。

董事之弥偿保证

惠及本公司董事的获准许弥偿条文（定义见香

港《公司条例》第469条）于现时生效及于本年度

一直有效。

董事及行政人员之责任保险

本年度内，本公司已投买董事及行政人员责任

保险。

关连人士交易

本公司于截至二零二五年三月三十一日止年度

透过一般业务过程订立之重大关连人士交易详

情载于综合财务报表附注28。就综合财务报表

附注28所披露之各项关连人士交易而言，本公

司确认概无交易符合上市规则第14A章项下有

关连交易或持续关连交易之定义，并已审阅

交易，而交易已遵守上市规则项下之相关规定（如

适用）。

充足公众持股量

根据本公司所掌握之公开资料以及就本公司董

事所知，于本年报日期，本公司一直保持上市

规则规定之公众持股量。

Employes and Human Resources Policy

Details of the number and remuneration of employes, human

resources policy, development and learning of the Group’s

employes are set out in the FY2024/2025 Sustainability Report to

be posted on the Company’s corporate website at w.vitasoy.com

together with this Anual Report.

Indemnity of Directors

A permited indemnity provision (as defined in Section 469 of the

Hong Kong Companies Ordinance) for the benefit of the Directors

of the Company is curently in force and was in force throughout the

year.

Directors’ and Oficers’ Liability Insurance

Directors’ and oficers’ liability insurance was maintained during the

year.

Related Party Transactions

Details of material related party transactions entered into by the

Company in the normal course of busines during the year ended

31st March 2025 are set out in note 28 to the consolidated financial

statements. In respect of each related party transaction disclosed

in note 28 to the consolidated financial statements, the Company

confirms that none of the transactions fals under the definition

of conected transaction or continuing conected transaction as

defined in Chapter 14A of the Listing Rules and it has reviewed the

transactions which are in compliance with the relevant requirements

under the Listing Rules (if aplicable).

Suficiency of Public Float

Based on the information that is publicly available to the Company

and within the knowledge of the Directors of the Company as at

the date of this Anual Report, the Company has maintained the

prescribed public float under the Listing Rules.

Month/Year	Number of shares bought back	Purchase price per share 每股购买价		Aggregate consideration (excluding expenses)
Month/Year	Number of shares bought back	Highest	Lowest
月╱年	购回股份数目	最高	最低	总代价（不包括开支）
	’000	HK$	HK$	HK$’000
	千股	港币	港币	港币千元
March 2025 二零二五年三月	4,232	10.00	9.08	40,449

Anual Report 2024/2025 年度报告115

Table Head记得要转做表头列,

才会将文字转为齐底

Report of the Directors

董事会报告

Employe Retirement Benefits

Particulars of employe retirement benefits of the Group are set out

in note 22 to the consolidated financial statements.

Five Year Sumary

A sumary of the results and of the asets and liabilities of the

Group for the last five financial years is set out on pages 259 and

260 of this Anual Report.

Purchase, Sales or Redemption of the Company’s

Listed Securities

During the year ended 31st March 2025, the Company, through

its subsidiary, bought back a total of 4,232,000 isued shares of

the Company on the Stock Exchange at an agregate consideration

(excluding expenses) of aproximately HK$40,449,000. Details of

the shares bought back are set out below:

No shares bought back were canceled prior to the financial year.

As at 31st March 2025, the total number of shares in isue was

1,073,093,978 shares and the Company did not hold any treasury

shares.

The Board was of the view that the on-market share buy-backs were

conducted in the interest of the Company and its shareholders as a

whole. The share buy-backs represent the Company’s confidence in

its busines outlok and prospects, and may lead to an enhancement

of the earnings per share thereby creating value for shareholders of

the Company.

雇员退休福利

有关本集团雇员退休福利之详情载于综合财务

报表附注22。

五年财务摘要

本集团于过去五个财政年度之业绩、资产及负

债摘要载于本年报第259及260页。

购回、出售或赎回本公司之上市证券

于截至二零二五年三月三十一日止年度，本公

司透过其附属公司于联交所购回合共4,232,000

股本公司已发行股份，总代价（不包括开支）约

为港币40,449,000元。购回股份详情载列如下：

概无购回股份于财政年度前注销。截至二零

二五年三月三十一日，已发行股份总数为

1,073,093,978股，而本公司并无持有任何库存

股份。

董事会认为，市场上购回股份乃为本公司及其

股东之整体利益而进行。购回股份显示本公司

对其业务前景及展望之信心，并可提高每股盈

利，从而为本公司股东创造价值。

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司116

Report of the Directors

董事会报告

购回、出售或赎回本公司之上市证券

（续）

年内，本公司二零二一年股份奖励计划受托人

根据二零二一年股份奖励计划规则及信托契据

之条款以总代价约港币7,600,000元于联交所购

买合共1,300,000股本公司股份以奖励股份予经

甄选参与者。

除上文所披露者外，本公司或其附属公司于年

内概无购回、出售或赎回本公司之上市证券。

核数师

毕马威会计师事务所任满告退，且合资格并愿

意受聘连任。有关续聘毕马威会计师事务所担

任本公司核数师之决议案将于应届股东周年大

会上提呈。

承董事会命

罗友礼

执行主席

香港，二零二五年六月二十四日

Purchase, Sales or Redemption of the Company’s

Listed Securities (continued)

During the year, the truste of the Company’s 2021 Share Award

Scheme purchased on the Stock Exchange a total of 1,300,000

shares of the Company at a total consideration of aproximately

HK$7.6 milion to satisfy the award of shares to selected participants

pursuant to the terms of the rules and trust ded of the 2021 Share

Award Scheme.

Save as disclosed above, neither the Company nor its subsidiaries

purchased, sold or redemed any of the Company’s listed securities

during the year.

Auditors

KPMG retire and, being eligible, ofer themselves for re-apointment.

A resolution for the re-apointment of KPMG as auditors of the

Company is to be proposed at the forthcoming Anual General

Meting.

By Order of the Board

Winston Yau-lai LO

Executive Chairman

Hong Kong, 24th June 2025

Anual Report 2024/2025 年度报告117

Table Head记得要转做表头列,

才会将文字转为齐底

Independent Auditor’s Report

独立核数师报告

致维他奶国际集团有限公司成员

（于香港注册成立的有限公司）

意见

本核数师（以下简称「我们」）已审计列载于第

124至258页的维他奶国际集团有限公司（以下

简称「贵公司」）及其附属公司（以下统称「贵集

团」）的综合财务报表，此财务报表包括于二零

二五年三月三十一日的综合财务状况表与截至

该日止年度的综合损益表、综合损益及其他全

面收益表、综合权益变动表和综合现金流量表，

以及附注，包括重大会计政策资料及其他解释

资料。

我们认为，该等综合财务报表已根据香港会计

师公会颁布的《香港财务报告准则会计准则》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贵集团截至该日

止年度的综合财务表现及综合现金流量，并已

遵照香港《公司条例》妥为拟备。

意见的基础

我们已根据香港会计师公会颁布的《香港审计

准则》进行审计。我们在该等准则下承担的责任

已在本报告「核数师就审计综合财务报表承担

的责任」部分中作进一步阐述。根据香港会计师

公会颁布的《专业会计师道德守则》（以下简称「守

则」），我们独立于贵集团，并已履行守则中

的其他专业道德责任。我们相信，我们所获得

的审计凭证能充足及适当地为我们的审计意见

提供基础。

Independent auditor’s report to the members of

Vitasoy International Holdings Limited

(Incorporated in Hong Kong with limited liability)

Opinion

We have audited the consolidated financial statements of Vitasoy

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

(“the Group”) set out on pages 124 to 258, which comprise the

consolidated statement of financial position as at 31st March

2025, the consolidated statement of profit or los, the consolidated

statement of profit or los and other comprehensive income, the

consolidated statement of changes in equity and the consolidated

cash flow statement for the year then ended and notes, comprising

material acounting policy information and other explanatory

information.

In our opinion, the consolidated financial statements give a true and

fair view of the consolidated financial position of the Group as at

31st March 2025 and of its consolidated financial performance and

its consolidated cash flows for the year then ended in acordance

with HKFRS Acounting Standards isued by the Hong Kong Institute

of Certified Public Acountants (“HKICPA”) and have ben properly

prepared in compliance with the Hong Kong Companies Ordinance.

Basis for opinion

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) 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.

Revenue recognition from sales to distributors and retailers 确认来自分销商和零售商销售的收入
Refer to note 3 and the accounting policies in note 1(u) to the consolidated financial statements. 请参阅综合财务报表附注3及附注1(u)的会计政策。
The Key Audit Matter How the matter was addressed in our audit 关键审计事项我们的审计如何处理该事项
The Group’s revenue is principally generated from sales Our audit procedures to assess the recognition of revenue of food and beverages to a large number of distributors from sales to distributors and retailers included the and retailers. following: 贵集团的收入主要源于向众多分销商和零售商销售食我们就评估有关确认来自分销商和零售商销售的收入的品及饮品。审计程序包括以下各项： Revenue from sales to distributors and retailers is • assessing the design, implementation and operating recognised when the customer takes possession of and effectiveness of management’s key internal controls accepts the Group’s food and beverage products, which over revenue recognition; generally occurs when the products are delivered to the 评估管理层有关收入确认的关键内部控制的设计、 location designated by the customers. 实施及运行有效性；来自分销商和零售商销售的收入在客户拥有及接受贵集团的食品及饮品产品时确认，这一般在产品 • inspecting sales contracts with distributors and 送达至客户指定地点时发生。 retailers, on a sample basis, to understand the trade terms agreed with individual customers and There are a large number of individual sales transactions assessing the Group’s revenue recognition policies each year which increase the risk of errors arising in the with reference to the requirements of the prevailing recognition of revenue. accounting standards; 贵集团每年发生大量的个别销售交易，这增加了收入按样本基准检查与分销商和零售商签订的销售合同，确认出现错误的风险。以此了解与个别客户约定的交易条款，并参考现行会计准则的规定评估贵集团的收入确认政策； • comparing, on a sample basis, sales transactions recorded during the financial reporting period with the corresponding goods delivery notes, which contained evidence of acknowledgement of the customers’ receipt of the goods, and assessing if the related revenue was properly recognised in accordance with the trade terms set out in the respective sales contracts; 按样本基准比较财务报告期间内记录的销售交易与相应的发货单，后者包含有关客户确认收到货物的证明，评估相关收入是否已根据相应的销售合同中所载的交易条款确认；

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司118

Independent Auditor’s Report

独立核数师报告

Table Head记得要转做表头列,

才会将文字转为齐底

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.

关键审计事项

关键审计事项是根据我们的专业判断，认为对

本期综合财务报表的审计最为重要的事项。这

些事项是在我们审计整体综合财务报表及出具

意见时进行处理的。我们不会对这些事项提供

单独的意见。

Revenue recognition from sales to distributors and retailers 确认来自分销商和零售商销售的收入
Refer to note 3 and the accounting policies in note 1(u) to the consolidated financial statements. 请参阅综合财务报表附注3及附注1(u)的会计政策。
The Key Audit Matter How the matter was addressed in our audit 关键审计事项我们的审计如何处理该事项
We identified the recognition of revenue from sales • assessing, on a sample basis, whether specific to distributors and retailers as a key audit matter revenue transactions recorded around the end of the because the revenue generated therefrom accounts financial reporting period had been recognised in the for the majority of the Group’s revenue and involves appropriate financial period by inspecting the trade large number of individual sales contracts and because terms agreed with the individual customers and the revenue is one of the key performance indicators of delivery status of the relevant products; the Group which increases the risk of misstatement 按样本基准透过检查与个别客户所协定之交易条款 of the timing and amount of revenue recognised by 以及相关产品的交付状态，评估在财务报告期结束 management to achieve specific performance targets or 前后记录的特定收入交易是否已在适当的财务期间 expectations 内确认；我们把确认来自分销商和零售商销售的收入列为关键审计事项，因为其产生的收入占贵集团收入的绝大部 • identifying credit notes issued and sales returns from 分且涉及大量个别销售合同，同时也因为收入是贵集 the sales ledger subsequent to the financial reporting 团的其中一项关键绩效指标，这增加了管理层为实现 period which met specific risk-based criteria and 特定业绩目标或预期而错误确认收入时点和金额的风险。 by making enquiries of management and inspecting relevant underlying documentation to assess if the related revenue had been accounted for in the appropriate financial period in accordance with the requirements of the prevailing accounting standards; and 自财务报告期后符合特定风险标准的销售账识别已出具之贷记单和销售退回，并透过询问管理层及检查相关支持文件以评估相关收入是否已按照现行会计准则的规定于适当的财务期间确认；及 • inspecting manual adjustments to revenue during the reporting period which met specific risk-based criteria, enquiring of management about the reasons for such adjustments and comparing details of the adjustments with relevant underlying documentation. 检查财务报告期内符合特定风险标准对收入所作的手动调整，向管理层查询有关调整的理由及调整相关支持文件的比较详情。

Anual Report 2024/2025 年度报告119

Independent Auditor’s Report

独立核数师报告

Table Head记得要转做表头列,

才会将文字转为齐底

Key audit maters (continued)

关键审计事项（续）

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司120

Independent Auditor’s Report

独立核数师报告

Table Head记得要转做表头列,

才会将文字转为齐底

Information other than the consolidated financial

statements and auditor’s report thereon

The Directors are responsible for the other information. The other

information comprises al 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 are responsible for the preparation of the consolidated

financial statements that give a true and fair view in acordance

with HKFRS Acounting Standards isued by the HKICPA and the

Hong Kong Companies Ordinance and for such internal control

as the Directors determine is necesary to enable the preparation

of consolidated financial statements that are fre from material

mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the Directors are

responsible for asesing the Group’s ability to continue as a going

concern, disclosing, as aplicable, maters related to going concern

and using the going concern basis of acounting unles the Directors

either intend to liquidate the Group or to cease operations, or have

no realistic alternative but to do so.

The Directors are asisted by the Audit Comite in discharging

their responsibilities for overseing the Group’s financial reporting

proces.

综合财务报表及其核数师报告以外

的信息

董事需对其他信息负责。其他信息包括刊载于

年报内的全部信息，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。

基于我们已执行的工作，如果我们认为其他信

息存在重大错误陈述，我们需要报告该事实。

在这方面，我们没有任何报告。

董事就综合财务报表须承担的责任

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》拟

备真实而中肯的综合财务报表，并对其认为

使综合财务报表的拟备不存在由于欺诈或错误

而导致的重大错误陈述所需的内部控制负责。

在拟备综合财务报表时，董事负责评估贵集

团持续经营的能力，并在适用情况下披露与持

续经营有关的事项，以及使用持续经营为会计

基础，除非董事有意将贵集团清盘或停止经

营，或别无其他实际的替代方案。

审核委员会协助董事履行监督贵集团的财务

报告过程的责任。

Anual Report 2024/2025 年度报告121

Independent Auditor’s Report

独立核数师报告

Table Head记得要转做表头列,

才会将文字转为齐底

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. This report is made solely

to you, as a body, in acordance with section 405 of the Hong Kong

Companies Ordinance, 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.

• 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.

核数师就审计综合财务报表承担的

责任

我们的目标，是对综合财务报表整体是否不存

在由于欺诈或错误而导致的重大错误陈述取得

合理保证，并出具包括我们意见的核数师报告。

我们是按照香港《公司条例》第405条的规定，

仅向整体成员报告。除此以外，我们的报告不

可用作其他用途。我们概不就本报告的内容，

对任何其他人士负责或承担法律责任。

合理保证是高水平的保证，但不能保证按照《香

港审计准则》进行的审计，在某一重大错误陈述

存在时总能发现。错误陈述可以由欺诈或错误

引起，如果合理预期它们单独或汇总起来可能

影响综合财务报表使用者依赖财务报表所作出

的经济决定，则有关的错误陈述可被视作重大。

在根据《香港审计准则》进行审计的过程中，我

们运用了专业判断，保持了专业怀疑态度。我

们亦：

• 识别和评估由于欺诈或错误而导致综合

财务报表存在重大错误陈述的风险，设

计及执行审计程序以应对这些风险，以

及获取充足和适当的审计凭证，作为我

们意见的基础。由于欺诈可能涉及串谋、

伪造、蓄意遗漏、虚假陈述，或凌驾于内

部控制之上，因此未能发现因欺诈而导

致的重大错误陈述的风险高于未能发现

因错误而导致的重大错误陈述的风险。

，以设计适

当的审计程序，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。

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司122

Independent Auditor’s Report

独立核数师报告

Table Head记得要转做表头列,

才会将文字转为齐底

Auditor’s responsibilities for the audit of the

consolidated financial statements (continued)

’ use of the

going concern basis of acounting and, based on the audit

evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt

on the Group’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required to

draw atention in our auditor’s report to the related disclosures

in the consolidated financial statements or, if such disclosures

are inadequate, to modify our opinion. Our conclusions are

based on the audit evidence obtained up to the date of our

auditor’s report. However, future events or conditions may

cause the Group to cease to continue as a going concern.

, structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent

the underlying transactions and events in a maner that

achieves fair presentation.

• Plan and perform the group audit to obtain suficient

apropriate audit evidence regarding the financial information

of the entities or busines units within the Group as a basis

for forming an opinion on the group financial statements. We

are responsible for the direction, supervision and review of

the audit work performed for purposes of the group audit. We

remain solely responsible for our audit opinion.

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 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.

核数师就审计综合财务报表承担的

责任（续）

• 对董事采用持续经营会计基础的恰当性

作出结论。根据所获取的审计凭证，确定

是否存在与事项或情况有关的重大不确

定性，从而可能导致对贵集团的持续

经营能力产生重大疑虑。如果我们认为

存在重大不确定性，则有必要在核数师

报告中提请使用者注意综合财务报中的

相关披露。假若有关的披露不足，则我

们应当发表非无保留意见。我们的结论

是基于核数师报告日止所取得的审计凭

证。然而，未来事项或情况可能导致贵

集团不能持续经营。

、结

构和内容，包括披露，以及综合财务报

表是否中肯反映交易和事项。

，以就贵集团内

实体或业务单位的财务信息获取充足、

适当的审计凭证，作为对集团财务报表

发表意见之基础。我们负责指导、监督

和审阅就贵集团审计而进行之审计工作。

我们为审计意见承担全部责任。

除其他事项外，我们与审核委员会沟通了计划

的审计范围、时间安排、重大审计发现等，包

括我们在审计中识别出内部控制的任何重大缺陷。

我们还向审核委员会提交声明，说明我们已符

合有关独立性的相关专业道德要求，并与他们

沟通有可能合理地被认为会影响我们独立性的

所有关系和其他事项，以及在适用的情况下，

采取行动解除威胁或作出防范。

Anual Report 2024/2025 年度报告123

Independent Auditor’s Report

独立核数师报告

Table Head记得要转做表头列,

才会将文字转为齐底

Auditor’s responsibilities for the audit of the

consolidated financial statements (continued)

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 Yip Ka Ming, Alice (practising certificate number:

P05015).

KPMG

Certified Public Acountants

8th Flor, Prince’s Building

10 Chater Road

Central, Hong Kong

24th June 2025

核数师就审计综合财务报表承担的

责任（续）

从与审核委员会沟通的事项中，我们确定哪些

事项对本期综合财务报表的审计最为重要，因

而构成关键审计事项。我们在核数师报告中描

述这些事项，除非法律法规不允许公开披露这

些事项，或在极端罕见的情况下，如果合理预

期在我们报告中沟通某事项造成的负面后果超

过其产生的公众利益，我们决定不应在报告中

沟通该事项。

出具本独立核数师报告的审计项目合伙人是叶

嘉明（执业证书编号：P05015）。

毕马威会计师事务所

执业会计师

香港中环

遮打道十号

太子大厦八楼

二零二五年六月二十四日

	Note 附注	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Revenue 收入	3	6,273,585	6,217,123
Cost of sales 销售成本		(3,056,039)	(3,105,686)
Gross profit 毛利		3,217,546	3,111,437
Other income 其他收入	4	76,034	84,243
Marketing, selling and distribution expenses 推广、销售及分销费用		(1,900,716)	(1,976,349)
Administrative expenses 行政费用		(694,418)	(700,989)
Other operating expenses 其他经营费用	5(c)	(334,871)	(332,910)
Profit from operations 经营溢利		363,575	185,432
Finance costs 融资成本	5(a)	(33,116)	(30,028)
Share of losses of joint venture 所占合营公司亏损		(13,469)	(23,736)
Profit before taxation 除税前溢利	5	316,990	131,668
Income tax 所得税	6(a)	(76,422)	(13,880)
Profit for the year 本年度溢利		240,568	117,788

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司124

Table Head记得要转做表头列,

才会将文字转为齐底

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

(Expresed in Hong Kong dolars) (以港币计算)

Consolidated Statement of Profit or Los

综合损益表

	Note 附注	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Attributable to: 下列人士应占：
Equity shareholders of the Company 本公司股权持有人		234,674	116,367
Non-controlling interests 非控股权益		5,894	1,421
Profit for the year 本年度溢利		240,568	117,788
Earnings per share 每股盈利	10
Basic 基本		21.9 Cents仙	10.9 Cents仙
Diluted 摊薄		21.9 Cents仙	10.8 Cents仙

Anual Report 2024/2025 年度报告125

Consolidated Statement of Profit or Los

综合损益表

Table Head记得要转做表头列,

才会将文字转为齐底

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

(Expresed in Hong Kong dolars) (以港币计算)

The notes on pages 133 to 258 form part of these financial

statements.

Details of dividends payable to equity shareholders of the Company

atributable to the profit for the year are set out in note 25(b).

第133至258页之附注乃本财务报表之一部份。

有关本年度溢利中应付予本公司股权持有人之

股息详情载于附注25(b)。

	Note 附注	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Profit for the year 本年度溢利		240,568	117,788
Other comprehensive income for the year (after tax) 本年度其他全面收益（除税后）	9
Item that will not be reclassified to profit or loss: 其后不会被重新分类至损益之项目：
Remeasurement of employee retirement benefit liabilities 雇员退休福利负债之重新计量		(2,376)	5,086
Items that may be reclassified subsequently to profit or loss: 其后可能被重新分类至损益之项目：
Exchange differences on translation of financial statements of subsidiaries and joint venture outside Hong Kong 因换算香港以外地区附属公司及合营公司之财务报表而产生之汇兑差额		(15,953)	(107,884)
Cash flow hedge: net movement in the hedging reserve 现金流量对冲：对冲储备净变动		–	(1,748)
Total comprehensive income for the year 本年度全面收益总额		222,239	13,242
Attributable to: 下列人士应占：
Equity shareholders of the Company 本公司股权持有人		214,603	18,205
Non-controlling interests 非控股权益		7,636	(4,963)
Total comprehensive income for the year 本年度全面收益总额		222,239	13,242

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司126

Table Head记得要转做表头列,

才会将文字转为齐底

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

(Expresed in Hong Kong dolars) (以港币计算)

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

第133至258页之附注乃本财务报表之一部份。The notes on pages 133 to 258 form part of these financial

statements.

	Note 附注	2025 二零二五年		2024 二零二四年
	Note 附注	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Non-current assets 非流动资产
Property, plant and equipment 物业、厂房及设备	11(a)
– Investment properties –投资物业			2,872		2,998
– Right-of-use assets –使用权资产			420,266		432,285
– Other property, plant and equipment –其他物业、厂房及设备			2,354,881		2,668,137
			2,778,019		3,103,420
Deposits for the acquisition of property, plant and equipment 购买物业、厂房及设备之订金	11(f)		63		1,112
Intangible assets 无形资产	12		9		119
Interest in joint venture 合营公司之权益	14		–		–
Deferred tax assets 递延税项资产	24(b)		226,078		269,555
Other receivables 其他应收款	16		18,178		15,419
Pledged deposit 保证金存款	17(a)		819		–
Pledged deposit 保证金存款			3,023,166		3,389,625
Current assets 流动资产
Inventories 存货	15	533,268		554,546
Trade and other receivables 应收账款及其他应收款	16	823,619		873,312
Current tax recoverable 应收现期税项	24(a)	172		18,136
Cash and bank deposits 现金及银行存款	17(a)	1,268,475		794,452
Assets held for sale 持作出售之资产	18	–		6,624
Assets held for sale 持作出售之资产	18	2,625,534		2,247,070
Current liabilities 流动负债
Trade and other payables 应付账款及其他应付款	19	1,771,019		1,824,727
Bank loans 银行贷款	20	228,916		255,987
Lease liabilities 租赁负债	21	109,921		104,865
Current tax payable 应付现期税项	24(a)	32,129		39,797
Current tax payable 应付现期税项	24(a)	2,141,985		2,225,376
Net current assets 净流动资产			483,549		21,694
Total assets less current liabilities 总资产减流动负债			3,506,715		3,411,319

Anual Report 2024/2025 年度报告127

Table Head记得要转做表头列,

才会将文字转为齐底

At 31st March 2025 于二零二五年三月三十一日

(Expresed in Hong Kong dolars) (以港币计算)

Consolidated Statement of Financial Position

综合财务状况表

	Note 附注	2025 二零二五年		2024 二零二四年
	Note 附注	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Non-current liabilities 非流动负债
Bank loans 银行贷款	20	36,482		–
Lease liabilities 租赁负债	21	188,239		198,000
Employee retirement benefit liabilities 雇员退休福利负债	22(b)	24,216		19,164
Deferred tax liabilities 递延税项负债	24(b)	66,414		72,563
Other payables 其他应付款	19	9,182		8,955
Other payables 其他应付款	19		324,533		298,682
NET ASSETS 净资产			3,182,182		3,112,637
CAPITAL AND RESERVES 资本及储备
Share capital 股本	25		1,047,526		1,044,398
Reserves 储备			2,035,632		1,960,162
Total equity attributable to equity shareholders of the Company 本公司股权持有人应占权益总额			3,083,158		3,004,560
Non-controlling interests 非控股权益			99,024		108,077
TOTAL EQUITY 权益总额			3,182,182		3,112,637

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司128

Consolidated Statement of Financial Position

综合财务状况表

Table Head记得要转做表头列,

才会将文字转为齐底

At 31st March 2025 于二零二五年三月三十一日

(Expresed in Hong Kong dolars) (以港币计算)

Aproved and authorised for isue by the Board of Directors on 24th

June 2025.

Winston Yau-lai LORoberto GUIDETI

罗友礼陆博涛

DirectorDirector

董事董事

The notes on pages 133 to 258 form part of these financial

statements.

于二零二五年六月二十四日获董事会批准并授

权发布。

第133至258页之附注乃本财务报表之一部份。

Attributable to equity shareholders of the Company 本公司股权持有人应占
	Note 附注	Share capital 股本 (note 25(c)(i)) (附注25(c)(i))	Shares held for share award scheme 股份奖励计划持有之股份 (note 25(d)) （附注25(d))	Capital reserve 资本储备 (note 25(e)(i)) （附注25(e)(i))	Surplus reserve 盈余储备 (note 25(e)(ii)) （附注25(e)(ii))	Other reserve 其他储备 (note 25(e)(iii)) （附注25(e)(iii))	General reserve 一般储备	Hedging reserve 对冲储备 (note 25(e)(iv)) （附注25(e)(iv))	Exchange reserve 汇兑储备 (note 25(e)(v)) （附注25(e)(v))	Share-based compensation reserve 股份基础补偿储备 (note 25(e)(vi)) （附注25(e)(vi))	Retained Profits 保留溢利	Total 合计	Non- controlling interests 非控股权益	Total equity 权益总额
	Note 附注	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Balance at 1st April 2023 于二零二三年四月一日结余		1,021,453	(7,226)	30,304	126,602	(200,555)	2,261	1,748	(113,544)	77,121	2,046,551	2,984,715	115,875	3,100,590
Changes in equity for the year: 本年度之权益变动：
Profit for the year 本年度溢利		–	–	–	–	–	–	–	–	–	116,367	116,367	1,421	117,788
Other comprehensive income 其他全面收益	9	–	–	–	–	–	–	(1,748)	(101,500)	–	5,086	(98,162)	(6,384)	(104,546)
Total comprehensive income 全面收益总额		–	–	–	–	–	–	(1,748)	(101,500)	–	121,453	18,205	(4,963)	13,242
Transfer from surplus reserve to retained profits 自盈余储备转拨至保留溢利		–	–	–	(6,576)	–	–	–	–	–	6,576	–	–	–
Transfer from capital reserve to retained profits 自资本储备转拨至保留溢利	25(e)(i)	–	–	(1,218)	–	–	–	–	–	–	1,218	–	–	–
Shares issued on exercise of share options 就行使购股权而发行股份	25(c)(ii)	19,791	–	–	–	–	–	–	–	(3,824)	–	15,967	–	15,967
Shares issued on vesting of share awards 就归属股份奖励而发行股份	25(c)(i)	3,154	–	–	–	–	–	–	–	(3,154)	–	–	–	–
Vesting shares pursuant to the share award scheme 根据股份奖励计划归属股份	25(d)	–	4,516	–	–	–	–	–	–	(4,773)	257	–	–	–
Share purchased for share award scheme 就股份奖励计划购买股份	25(d)	–	(6,171)	–	–	–	–	–	–	–	–	(6,171)	–	(6,171)
Transfer from share-based compensation reserve to retained profits 自股份基础补偿储备转拨至保留溢利		–	–	–	–	–	–	–	–	(1,315)	1,315	–	–	–
Equity settled share-based transactions 以股份为付款基础之交易		–	–	–	–	–	–	–	–	21,865	–	21,865	–	21,865
Final dividend approved in respect of the previous year 批准属于上一年度之末期股息	25(b)(ii)	–	–	–	–	–	–	–	–	–	(15,017)	(15,017)	–	(15,017)
Interim dividend declared in respect of the current year 宣派本年度之中期股息	25(b)(i)	–	–	–	–	–	–	–	–	–	(15,004)	(15,004)	–	(15,004)
Dividends paid to non-controlling interests 向非控股权益派发股息		–	–	–	–	–	–	–	–	–	–	–	(2,835)	(2,835)
Balance at 31st March 2024 于二零二四年三月三十一日结余		1,044,398	(8,881)	29,086	120,026	(200,555)	2,261	–	(215,044)	85,920	2,147,349	3,004,560	108,077	3,112,637

Anual Report 2024/2025 年度报告129

Table Head记得要转做表头列,

才会将文字转为齐底

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

(Expresed in Hong Kong dolars) (以港币计算)

Consolidated Statement of Changes in Equity

综合权益变动表

The notes on pages 133 to 258 form part of these financial

statements.

第133至258页之附注乃本财务报表之一部份。

Attributable to equity shareholders of the Company 本公司股权持有人应占
	Note 附注	Share capital 股本 (note 25(c)(i)) (附注25(c)(i))	Shares held for share award scheme 股份奖励计划持有之股份 (note 25(d)) （附注25(d))	Capital reserve 资本储备 (note 25(e)(i)) （附注25(e)(i))	Surplus reserve 盈余储备 (note 25(e)(ii)) （附注25(e)(ii))	Other reserve 其他储备 (note 25(e)(iii)) （附注25(e)(iii))	General reserve 一般储备	Hedging reserve 对冲储备 (note 25(e)(iv)) （附注25(e)(iv))	Exchange reserve 汇兑储备 (note 25(e)(v)) （附注25(e)(v))	Share-based compensation reserve 股份基础补偿储备 (note 25(e)(vi)) （附注25(e)(vi))	Retained Profits 保留溢利	Total 合计	Non- controlling interests 非控股权益	Total equity 权益总额
	Note 附注	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Balance at 31st March 2024 and 1st April 2024 于二零二四年三月三十一日及二零二四年四月一日结余		1,044,398	(8,881)	29,086	120,026	(200,555)	2,261	–	(215,044)	85,920	2,147,349	3,004,560	108,077	3,112,637
Changes in equity for the year: 本年度之权益变动：
Profit for the year 本年度溢利		–	–	–	–	–	–	–	–	–	234,674	234,674	5,894	240,568
Other comprehensive income 其他全面收益	9	–	–	–	–	–	–	–	(17,695)	–	(2,376)	(20,071)	1,742	(18,329)
Total comprehensive income 全面收益总额		–	–	–	–	–	–	–	(17,695)	–	232,298	214,603	7,636	222,239
Transfer from surplus reserve to retained profits 自盈余储备转拨至保留溢利		–	–	–	(26,814)	–	–	–	–	–	26,814	–	–	–
Transfer from capital reserve to retained profits 自资本储备转拨至保留溢利	25(e)(i)	–	–	(1,218)	–	–	–	–	–	–	1,218	–	–	–
Shares issued on vesting of share awards 就归属股份奖励而发行股份	25(c)(i)	3,128	–	–	–	–	–	–	–	(3,128)	–	–	–	–
Vesting shares pursuant to the share award scheme 根据股份奖励计划归属股份	25(d)	–	5,337	–	–	–	–	–	–	(8,073)	2,736	–	–	–
Share purchased for share award scheme 就股份奖励计划购买股份	25(d)	–	(7,553)	–	–	–	–	–	–	–	–	(7,553)	–	(7,553)
Transfer from share-based compensation reserve to retained profits 自股份基础补偿储备转拨至保留溢利		–	–	–	–	–	–	–	–	(10,862)	10,862	–	–	–
Equity settled share-based transactions 以股份为付款基础之交易		–	–	–	–	–	–	–	–	21,781	–	21,781	–	21,781
Share buy-back1 朌份购回1	25(c)(iii)	–	–	–	–	–	–	–	–	–	(40,595)	(40,595)	–	(40,595)
Final dividend approved in respect of the previous year 批准属于上一年度之末期股息	25(b)(ii)	–	–	–	–	–	–	–	–	–	(67,520)	(67,520)	–	(67,520)
Interim dividend declared in respect of the current year 宣派本年度之中期股息	25(b)(i)	–	–	–	–	–	–	–	–	–	(42,870)	(42,870)	–	(42,870)
Dividends paid to non-controlling interests 向非控股权益派发股息		–	–	–	–	–	–	–	–	–	–	–	(1,710)	(1,710)
Unclaimed dividend write back 未领取股息之拨回		–	–	–	–	–	–	–	–	–	752	752	–	752
Return of capital to a non-controlling shareholder of a subsidiary 向一间附属公司之非控股股东退还资本		–	–	–	–	–	–	–	–	–	–	–	(14,979)	(14,979)
Balance at 31st March 2025 于二零二五年三月三十一日结余		1,047,526	(11,097)	27,868	93,212	(200,555)	2,261	–	(232,739)	85,638	2,271,044	3,083,158	99,024	3,182,182

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司130

Consolidated Statement of Changes in Equity

综合权益变动表

Table Head记得要转做表头列,

才会将文字转为齐底

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

(Expresed in Hong Kong dolars) (以港币计算)

During the year, the Company, through its subsidiary, bought

back 4,232,000 isued shares on The Stock Exchange of Hong

Kong Limited (the “Stock Exchange”) at a total consideration of

aproximately $40,449,000. Together with the direct transaction

cost of aproximately $146,000, a total amount of $40,595,000 was

acounted for as a deduction from retained profits. For details of the

share buy-back, please refer to note 25(c)(i).

The notes on pages 133 to 258 form part of these financial

statements.

年内，本公司透过其附属公司以总代价约

40,449,000元于香港联合交易所有限公司（「联

交所」）购回4,232,000股已发行股份。连同直

接交易成本约146,000元，合共40,595,000元

已入账为保留溢利之扣减项目。有关股份购回

之详情，请参阅附注25(c)(i)。

第133至258页之附注乃本财务报表之一部份。

	Note 附注	2025 二零二五年		2024 二零二四年
	Note 附注	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Operating activities 经营活动
Cash generated from operations 经营业务所得现金	17(b)	889,929		801,070
Tax paid: 已缴税项：
– Hong Kong Profits Tax paid –已缴香港利得税		(24,735)		(1,168)
– Tax paid outside Hong Kong –已缴香港以外地区税项		(6,177)		(9,359)
Net cash generated from operating activities 经营活动所得现金净额			859,017		790,543
Investing activities 投资活动
Payment for the purchase of property, plant and equipment 购买物业、厂房及设备之款项		(124,685)		(146,298)
Proceeds from sale of property, plant and equipment 出售物业、厂房及设备所得款项		10,251		3,515
Proceeds from disposal of assets held for sale 出售持作待售之资产所得款项		6,632		–
Placement of time deposit maturing after three months 存置存款期超过三个月之定期存款		–		(151,000)
Withdrawal of time deposit maturing after three months 提取存款期超过三个月之定期存款		151,486		–
Placement of pledged deposits 存置保证金存款		(853)		–
Investment in joint venture 于合营公司之投资		(13,469)		(23,736)
Interest received 已收利息		36,531		23,225
Net cash generated from/(used in) investing activities 投资活动所得╱（所用）现金净额			65,893		(294,294)

Anual Report 2024/2025 年度报告131

Table Head记得要转做表头列,

才会将文字转为齐底

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

(Expresed in Hong Kong dolars) (以港币计算)

Consolidated Cash Flow Statement

综合现金流量表

	Note 附注	2025 二零二五年		2024 二零二四年
	Note 附注	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Financing activities 融资活动
Proceeds from new bank loans 新增银行贷款所得款项	17(c)	309,665		61,334
Repayment of bank loans 偿还银行贷款	17(c)	(298,197)		(310,365)
Capital element of lease rentals paid 已付租赁租金之资本部份	17(c)	(101,553)		(101,412)
Interest element of lease rentals paid 已付租赁租金之利息部份	17(c)	(19,424)		(10,550)
Interest on bank loans paid 已付银行贷款之利息	17(c)	(13,692)		(19,478)
Payment for repurchase of shares 购回股份之款项	25(c)(iii)	(40,595)		–
Proceeds from shares issued on exercise of share options 就行使购股权发行股份所得款项	25(c)(ii)	–		15,967
Purchase of shares held for share award scheme 就股份奖励计划购买股份	25(d)	(7,553)		(6,171)
Dividends paid to equity shareholders of the Company 向本公司股权持有人派发股息		(110,198)		(29,983)
Dividends paid to non-controlling interests 向非控股权益派发股息		(1,710)		(2,835)
Return of capital to a non-controlling shareholder of a subsidiary 向一间附属公司之非控股股东退还资本		(14,979)		–
Net cash used in financing activities 融资活动所用现金净额			(298,236)		(403,493)
Net increase in cash and cash equivalents 现金及现金等值项目增加净额			626,674		92,756
Cash and cash equivalents at 1st April 于四月一日之现金及现金等值项目			642,954		554,785
Effect of foreign exchange rate changes 汇率变动之影响			(1,153)		(4,587)
Cash and cash equivalents at 31st March 于三月三十一日之现金及现金等值项目	17(a)		1,268,475		642,954

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司132

Consolidated Cash Flow Statement

综合现金流量表

Table Head记得要转做表头列,

才会将文字转为齐底

For the year ended 31st March 2025 截至二零二五年三月三十一日止年度

(Expresed in Hong Kong dolars) (以港币计算)

The notes on pages 133 to 258 form part of these financial

statements.

第133至258页之附注乃本财务报表之一部份。

Anual Report 2024/2025 年度报告133

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

Notes to the Financial Statements

财务报表附注

重大会计政策

(a) 遵例声明

本财务报表是按照《香港财务报告准则会计准则》

及香港《公司条例》之规定而编制。《香港财务报

告准则会计准则》一词包括香港会计师公会颁

布之所有适用之个别《香港财务报告准则》、《香

港会计准则》及诠释。本财务报表亦符合联交所

证券上市规则（「上市规则」）之适用披露规定。

本集团采纳之重大会计政策于下文披露。

香港会计师公会已颁布若干《香港财务报告准

则会计准则》之修订，并于本集团之当前会计期

间首次生效或可供提早采纳。首次应用此等适

用于本集团之新订准则所引致于当前及过往会

计期间之任何会计政策变动已于本财务报表内

反映，有关资料载于附注1(c)。

(b) 财务报表之编制基准

截至二零二五年三月三十一日止年度之综合财

务报表包括本公司及其附属公司（统称「本集团」）

以及本集团于一间合营公司之权益。

除附注1(t)所载会计政策阐释之衍生金融工具

按公允值计算外，编制财务报表是以历史成本

作为计量基准。

持作出售非流动资产按账面值与公平值减出售

成本两者中之较低者列账（见附注1(y)）。

管理层须在编制符合《香港财务报告准则会计

准则》之财务报表时作出会影响会计政策应用，

以及资产、负债、收入及支出之报告金额之判断、

估计及假设。此等估计及相关假设是根据以往

经验和管理层因应当时情况认为合理之多项其

他因素作出，其结果构成当管理层在无法依循

其他途径即时得知资产与负债之账面值时所作

出判断之基础。实际结果可能有别于估计数额。

管理层会不断审阅各项估计和相关假设。倘若

会计估计之修订只影响某一期间，则该修订便

会在估计修订期间内确认，或如果修订对当期

和未来期间均有影响，则在作出修订之期间和

未来期间确认。

1 Material acounting policies

(a) Statement of compliance

These financial statements have ben prepared in acordance with

HKFRS Acounting Standards, which colective term includes al

aplicable individual Hong Kong Financial Reporting Standards

(“HKFRS”), Hong Kong Acounting Standards (“HKASs”) and

Interpretations isued by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) and the requirements of the Hong Kong

Companies Ordinance. These financial statements also comply with

the aplicable disclosure provisions of the Rules Governing the

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

Material acounting policies adopted by the Group are disclosed

below.

The HKICPA has isued certain amendments to HKFRS Acounting

Standards that are first efective or available for early adoption for

the curent acounting period of the Group. Note 1(c) provides

information on any changes in acounting policies resulting from

initial aplication of these developments to the extent that they are

relevant to the Group for the curent and prior acounting periods

reflected in these financial statements.

(b) Basis of preparation of the financial statements

The consolidated financial statements for the year ended 31st March

2025 comprise the Company and its subsidiaries (together refered

to as the “Group”) and the Group’s interest in a joint venture.

The measurement basis used in the preparation of the financial

statements is the historical cost basis except that derivative financial

instruments are stated at fair value as explained in the acounting

policies set out in note 1(t).

Non-curent asets held for sale are stated at the lower of carying

amount and fair value les costs to sel (se note 1(y).

The preparation of financial statements in conformity with HKFRS

Acounting Standards requires management to make judgements,

estimates and asumptions that afect the aplication of policies

and reported amounts of asets, liabilities, income and expenses.

The estimates and asociated asumptions are based on historical

experience and various other factors that are believed to be

reasonable under the circumstances, the results of which form the

basis of making the judgements about carying values of asets and

liabilities that are not readily aparent from other sources. Actual

results may difer from these estimates.

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised in

the period in which the estimate is revised if the revision afects only

that period, or in the period of the revision and future periods if the

revision afects both curent and future periods.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司134

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(b) 财务报表之编制基准（续）

有关管理层在应用《香港财务报告准则会计准则》

时所作出对财务报表有重大影响之判断，以及

估计不确定因素之主要来源之讨论内容，载于

附注2。

本集团已就本会计期间之本财务报表应用以下

由香港会计师公会颁布之《香港财务报告准则

会计准则》之修订：

－《香港会计准则》第1号「财务报表呈列：

将负债分类为流动或非流动」之修订

－《香港会计准则》第1号「财务报表呈列：

附带契诺之非流动负债」之修订

－《香港财务报告准则》第16号「租赁：售后

租回之租赁负债」之修订

－《香港会计准则》第7号「现金流量表」及

《香港财务报告准则》第7号「金融工具：

披露：供应商融资安排」之修订

概无任何发展对本集团于本财务报表所编制或

呈列本集团于本期间或过往期间之业绩及财务

状况之方式造成重大影响。本集团并无应用尚

未于本会计期间生效之任何新订准则或诠释。

(d) 附属公司及非控股权益

附属公司（包括结构性实体）为本集团所控制之

实体。当本集团从参与某实体之业务获得或有

权获得可变回报，及有能力藉对实体行使其权

力而影响该等回报，则本集团控制该实体。当

评估本集团是否有权力时，只考虑具体权利（由

本集团及其他人士持有）。

结构性实体则指那些在厘定谁是其控制人时、

投票权或类似权利并非重要考量的实体，例如

当任何投票权仅与行政工作有关，而且相关的

业务活动是透过合约安排方式指导。

1 Material acounting policies (continued)

(b) Basis of preparation of the financial statements

(continued)

Judgements made by management in the aplication of HKFRS

Acounting Standards that have significant efect on the financial

statements and major sources of estimation uncertainty are

discused in note 2.

The Group has aplied the folowing amendments to HKFRS

Acounting Standards isued by the HKICPA to these financial

statements for the curent acounting period:

– Amendments to HKAS 1, Presentation of financial statements:

Clasification of liabilities as curent or non-curent

– Amendments to HKAS 1, Presentation of financial statements:

Non-curent liabilities with covenants

– Amendments to HKFRS 16, Leases: Lease liability in a sale and

leaseback

– Amendments to HKAS 7, Statement of cash flows and

HKFRS 7, Financial instruments Disclosure: Suplier finance

arangements

None of these developments have had a material efect on how the

Group’s results and financial position for the curent or prior periods

have ben prepared or presented in these financial statements. The

Group has not aplied any new standard or interpretation that is not

yet efective for the curent acounting period.

(d) Subsidiaries and non-controling interests

Subsidiaries (including structured entities) are entities controled

by the Group. The Group controls an entity when it is exposed,

or has rights, to variable returns from its involvement with the

entity and has the ability to afect those returns through its power

over the entity. When asesing whether the Group has power,

only substantive rights (held by the Group and other parties) are

considered.

A structured entity is an entity that has ben designed so that voting

or similar rights are not the dominant factor in deciding who controls

the entity, such as when any voting rights relate to administrative

tasks only and the relevant activities are directed by means of

contractual arangements.

Anual Report 2024/2025 年度报告135

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(d) 附属公司及非控股权益（续）

于附属公司之投资由该控制权生效日期起至结

束日期止期间于综合财务报表综合入账。集团

内公司之间之结余、交易及现金流量，以及集

团内公司之间之交易所产生之任何未变现溢利，

均于编制综合财务报表时全数撇销。如无减值

证据，集团内公司之间之交易产生之未变现亏

损按未变现收益相同之方式撇销。

非控股权益指非本公司直接或间接应占之附属

公司股权，而本集团并未与有关权益持有人协

定任何附加条款，令本集团整体对该等权益产

生符合金融负债定义之合约义务。就各企业合

并而言，本集团可选择按公允值或非控股权益

所占附属公司之可识别资产净值之比例计量任

何非控股权益。

非控股权益在综合财务状况表之权益部份内，

与本公司股权持有人应占权益分开呈列。非控

股权益所占本集团业绩之权益在综合损益表及

综合损益及其他全面收益表呈列，以显示本年

度之总溢利或亏损及全面收益总额于非控股权

益与本公司股权持有人之间之分配。非控股权

益持有人之贷款及该等持有人之其他合约责任

乃按该笔负债之性质根据附注1(n)或1(o)在综

合财务状况表呈列为金融负债。

本集团不导致丧失控制权之附属公司权益变动

乃以权益交易入账，即只调整在综合权益内之

控股及非控股权益金额以反映相关权益变动，

但不调整商誉及确认盈亏。

1 Material acounting policies (continued)

(d) Subsidiaries and non-controling interests (continued)

An investment in a subsidiary is consolidated into the consolidated

financial statements from the date that control comences until the

date that control ceases. Intra-group balances, transactions and cash

flows and any unrealised profits arising from intra-group transactions

are eliminated in ful in preparing the consolidated financial

statements. Unrealised loses resulting from intra-group transactions

are eliminated in the same way as unrealised gains but only to the

extent that there is no evidence of impairment.

Non-controling interests represent the equity in a subsidiary not

atributable directly or indirectly to the Company, and in respect

of which the Group has not agred any aditional terms with the

holders of those interests which would result in the Group as a

whole having a contractual obligation in respect of those interests

that mets the definition of a financial liability. For each busines

combination, the Group can elect to measure any non-controling

interests either at fair value or at the non-controling interests’

proportionate share of the subsidiary’s net identifiable asets.

Non-controling interests are presented in the consolidated

statement of financial position within equity, separately from equity

atributable to the equity shareholders of the Company. Non-

controling interests in the results of the Group are presented on

the face of the consolidated statement of profit or los and the

consolidated statement of profit or los and other comprehensive

income as an alocation of the total profit or los and total

comprehensive income for the year betwen non-controling

interests and the equity shareholders of the Company. Loans from

holders of non-controling interests and other contractual obligations

towards these holders are presented as financial liabilities in the

consolidated statement of financial position in acordance with notes

1(n) or 1(o) depending on the nature of the liability.

Changes in the Group’s interests in a subsidiary that do not result in

a los of control are acounted for as equity transactions, whereby

adjustments are made to the amounts of controling and non-

controling interests within consolidated equity to reflect the change

in relative interests, but no adjustments are made to godwil and no

gain or los is recognised.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司136

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(d) 附属公司及非控股权益（续）

当本集团丧失对附属公司之控制权，将按出售

该附属公司之所有权益入账，而所产生之盈亏

于损益确认。任何于丧失控制权当日仍保留之

该前附属公司之权益乃按公允值确认，而此金

额被视为初始确认金融资产之公允值，或（如适

用）初始确认于联营公司或合营公司之投资之

成本（见附注1(e)）。

本公司之财务状况表所示于附属公司之投资乃

按成本值减去减值亏损后入账（见附注1(j)(i)），

除非其分类为持作出售（见附注1(y)）。

(e) 合营公司

合营公司为本集团或本公司及其他人士按合约

同意下分配控制权及净资产拥有权之安排。

除合营公司的投资被分类为持作出售或纳入被

分类为持作出售的出售组别（见附注1(y)）外，

于合营公司的投资是按权益法记入综合财务报

表，并且先以成本入账，另调整本集团于收购

日应占该投资的可辨别净资产之公允值所超出

成本之任何金额（如有）。投资成本包括购买价

格、直接归属于收购投资之其他成本及对构成

本集团股权投资一部分之合营公司之任何直接

投资。往后，需调整在收购后本集团应占该投

资净资产之变动及在附注1(j)(i)所载有关该投资

的减值损失。任何超出收购日之成本、本集团

应占该投资收购后和已除税的业绩及年度内的

任何减值损失均在综合损益表内确认，而本集

团应占该投资收购后和已除税之其他全面收益

项目则在综合损益及其他全面收益表内确认。

1 Material acounting policies (continued)

(d) Subsidiaries and non-controling interests (continued)

When the Group loses control of a subsidiary, it is acounted for as a

disposal of the entire interest in that subsidiary, with a resulting gain

or los being recognised in profit or los. Any interest retained in

that former subsidiary at the date when control is lost is recognised

at fair value and this amount is regarded as the fair value on initial

recognition of a financial aset or, when apropriate, the cost on

initial recognition of an investment in an asociate or joint venture

(se note 1(e).

In the Company’s statement of financial position, an investment in

a subsidiary is stated at cost les impairment loses (se note 1(j)(i)

unles it is clasified as held for sale (se note 1(y).

(e) Joint venture

A joint venture is an arangement whereby the Group or Company

and other parties contractualy agre to share control of the

arangement, and have rights to the net asets of the arangement.

An investment in a joint venture is acounted for in the consolidated

financial statements under the equity method, unles it is clasified

as held for sale (or included in a disposal group that is clasified

as held for sale (se note 1(y). Under the equity method, the

investment is initialy recorded at cost, adjusted for any exces of

the Group’s share of the acquisition-date fair values of the investe’s

identifiable net asets over the cost of the investment (if any). The

cost of the investment includes purchase price, other costs directly

atributable to the acquisition of the investment, and any direct

investment into the joint venture that forms part of the Group’s

equity investment. Thereafter, the investment is adjusted for the

post acquisition change in the Group’s share of the investe’s net

asets and any impairment los relating to the investment (se note

1(j)(i). Any acquisition-date exces over cost, the Group’s share

of the post-acquisition, post-tax results of the investes and any

impairment loses for the year are recognised in the consolidated

statement of profit or los, whereas the Group’s share of the post-

acquisition post-tax items of the investes’ other comprehensive

income is recognised in the consolidated statement of profit or los

and other comprehensive income.

Anual Report 2024/2025 年度报告137

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(e) 合营公司（续）

当本集团对合营公司承担的亏损额超过其所占

权益时，本集团所占权益便会减少至零，并且

不再确认额外亏损；但如本集团须履行法定或

推定义务，或代该投资作出付款则除外。就此

而言，本集团所占权益是以按照权益法计算投

资的账面值，以及实质上构成本集团在合营公

司投资净额一部分的长期权益。

本集团及其合营公司之间交易所产生的未变现

损益，均按本集团于该投资所占的权益比率抵

销；但如有未变现亏损证明已转让资产出现减

值，则会即时在损益中确认。

如于一间合营公司之投资转变为于一间联营公

司之投资或反之亦然，其保留的权益不用重新

计量，而该投资将继续采用权益法入账。

在其他情况，当本集团丧失对合营公司之共同

控制权，将按出售该投资之所有权益入账，而

所产生的盈亏确认于损益内。在丧失共同控制

权时，保留于前度投资的任何权益按公允值确

认，而此金额被视为首次确认为金融资产的公

允值。

(f) 投资物业

投资物业是指为赚取租金收入及╱或为资本增

值而拥有或以租赁权益持有之土地及╱或楼宇

（见附注1(i)）。该等物业包括目前持有但未确定

未来用途之土地及兴建中或已发展作未来投资

物业用途之物业。

投资物业按成本值减去累计折旧及减值亏损（见

附注1(j)(i)）后于财务状况表列账。

1 Material acounting policies (continued)

(e) Joint venture (continued)

When the Group’s share of loses exceds its interest in the joint

venture, the Group’s interest is reduced to nil and recognition of

further loses is discontinued except to the extent that the Group

has incured legal or constructive obligations or made payments

on behalf of the investe. For this purpose, the Group’s interest is

the carying amount of the investment under the equity method

together with the Group’s long-term interests that in substance form

part of the Group’s net investment in the joint venture.

Unrealised profits and loses resulting from transactions betwen

the Group and its joint venture are eliminated to the extent of the

Group’s interest in the investe, except where unrealised loses

provide evidence of an impairment of the aset transfered, in which

case they are recognised imediately in profit or los.

If an investment in a joint venture becomes an investment in an

asociate or vice versa, retained interest is not remeasured. Instead,

the investment continues to be acounted for under the equity

method.

In al other cases, when the Group ceases to have joint control over a

joint venture, it is acounted for as a disposal of the entire interest in

that investe, with a resulting gain or los being recognised in profit

or los. Any interest retained in that former investe at the date

when joint control is lost is recognised at fair value and this amount

is regarded as the fair value on initial recognition of a financial aset.

(f) Investment properties

Investment properties are land and/or buildings which are owned

or held under a leasehold interest (se note 1(i) to earn rental

income and/or for capital apreciation. These include land held

for a curently undetermined future use and property that is being

constructed or developed for future use as investment property.

Investment properties are stated in the statement of financial

position at cost les acumulated depreciation and impairment loses

(se note 1(j)(i).

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司138

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(f) 投资物业（续）

折旧乃将投资物业成本在未届满租赁期及其估

计可使用年期（不超过50年）两者中较短期间以

直线法计算而撇销。

本公司会每年检讨投资物业之可使用年期。

投资物业之租金收入乃按附注1(u)(i)所述方式

入账。

(g) 其他物业、厂房及设备

下列物业、厂房及设备项目按成本值减去累计

折旧及减值亏损（见附注1(j)(i)）后于财务状况表

列账：

－永久业权之土地及楼宇；

－当本集团为物业权益之注册拥有人时，

租赁土地及楼宇之权益（见附注1(i)）；

－当本集团并非物业权益之注册拥有人时，

永久业权物业或租赁物业之租赁所产生

之使用权资产；及

－厂房及设备之其他项目，包括租赁相关

厂房及设备所产生之使用权资产（见附注

1(i)）。

物业、厂房及设备等自建项目之成本包括材料、

直接劳工、初始估计之成本、（如相关）拆除及

移除建筑物及重置建筑物所在土地之成本，

以及生产成本及借贷成本之适当部份（见附注

1(w)）。

在物业、厂房及设备项目带到管理层拟定之营

运方式所需的地点及状况时，即可生产物品。

出售任何该等项目之所得款项及相关成本于损

益确认。

1 Material acounting policies (continued)

(f) Investment properties (continued)

Depreciation is calculated to write of the cost of investment

properties using the straight-line method over the shorter of the

unexpired term of lease and their estimated useful lives, being no

more than 50 years.

The useful life of investment properties is reviewed anualy.

Rental income from investment properties is acounted for as

described in note 1(u)(i).

(g) Other property, plant and equipment

The folowing items of property, plant and equipment are stated

in the statement of financial position at cost les acumulated

depreciation and impairment loses (se note 1(j)(i):

– Frehold land and buildings;

– Interests in leasehold land and building where the Group is the

registered owner of the property interest (se note 1(i);

– Right-of use asets arising from leases over frehold or

leasehold properties where the Group is not the registered

owner of the property interest; and

– Other items of plant and equipment including right-of-use

asets arising from leases of underlying plant and equipment

(se note 1(i).

The cost of self-constructed items of property, plant and equipment

includes the cost of materials, direct labour, the initial estimate,

where relevant, of the costs of dismantling and removing the items

and restoring the site on which they are located, and an apropriate

proportion of production overheads and borowing costs (se note

1(w).

Items may be produced while bringing an item of property, plant

and equipment to the location and condition necesary for it to

be capable of operating in the maner intended by management.

The proceds from seling any such items and the related costs are

recognised in profit or los.

Anual Report 2024/2025 年度报告139

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(g) 其他物业、厂房及设备（续）

报废或出售物业、厂房及设备项目所产生之盈

亏为出售该项目所得款项净额与该项目账面值

之差额，并于报废或出售当日在损益内确认。

折旧乃按物业、厂房及设备项目之成本减去其

估计剩余价值（如有），在其估计可使用年期采

用直线法以下列方式撇销计算：

－永久业权之土地并无折旧。

－于永久业权之土地上之楼宇以不超过25

年之估计可使用年期折旧。

－租赁土地及楼宇按未届满租赁期及估计

可使用年期（不超过50年）两者中之较短

者折旧。

－其他厂房及设备：

工厂机器及设备3 – 25年

装置、家私及办公室设备3 – 12年

汽车4 – 10年

直至有关资产已大致完成及可供使用前，并无

就在建工程作出折旧拨备。

倘一项物业、厂房及设备中之各部份有不同之

可使用年期，该项目之成本将合理地分配至各

部份，而各部份则独立计提折旧。

资产之可使用年期及其剩余价值（如有）将于每

年检讨。

1 Material acounting policies (continued)

(g) Other property, plant and equipment (continued)

Gains or loses arising from the retirement or disposal of an item

of property, plant and equipment are determined as the diference

betwen the net disposal proceds and the carying amount of the

item and are recognised in profit or los on the date of retirement or

disposal.

Depreciation is calculated to write of the cost of items of property,

plant and equipment, les their estimated residual value, if any, using

the straight line method over their estimated useful lives as folows:

– Frehold land is not depreciated.

– Buildings situated on frehold land are depreciated over their

estimated useful lives, being no more than 25 years.

– Leasehold land and buildings are depreciated over the shorter

of the unexpired term of lease and their estimated useful lives,

being no more than 50 years.

– Other plant and equipment:

Factory machinery and equipment3 – 25 years

Fixtures, furniture and ofice equipment3 – 12 years

Motor vehicles4 – 10 years

No provision for depreciation is made for construction in progres

until such time when the asets are substantialy completed and

ready for use.

Where parts of an item of property, plant and equipment have

diferent useful lives, the cost of the item is alocated on a reasonable

basis betwen the parts and each part is depreciated separately.

Both the useful life of an aset and its residual value, if any, are

reviewed anualy.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司140

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(h) 无形资产

本集团收购之无形资产按成本值减去累计摊销

（倘估计可使用年期有限）及减值亏损后列账（见

附注1(j)(i)）。

具有限可使用年期之无形资产摊销于资产估

计可使用年期内以直线法于损益内扣除。下列

具有限可使用年期之无形资产自其可供使用

当日起摊销，其估计可使用年期如下：

－品牌名称20年

－客户名单7年

－排污权5年

摊销之期间及方法均于每年检讨。

倘无形资产被评估为具有无限可使用年期，则

不会作摊销。无形资产之可使用年期属无限之

任何结论经每年检讨，以厘定是否存在有关事

件及情况继续支持有关资产具有无限可使用年

期之评估。如情况有变，则会自变更日期起就

可使用年期从无限转为有限之评估按未来适用

基准并根据上文所载就具有限可使用年期之

无形资产作出摊销之政策会计入账。

(i) 租赁资产

于合约开始时，本集团会评估合约是否属租赁

或包含租赁。倘合约为换取代价而给予在一段

时间内控制已识别资产使用之权利，则该合约

属租赁或包含租赁。倘客户既有权指示已识别

资产之使用，亦有权自该使用中获得绝大部分

经济利益，则控制权已转移。

1 Material acounting policies (continued)

(h) Intangible asets

Intangible asets that are acquired by the Group are stated at cost

les acumulated amortisation (where the estimated useful life is

finite) and impairment loses (se note 1(j)(i).

Amortisation of intangible asets with finite useful lives is charged

to profit or los on a straight-line basis over the asets’ estimated

useful lives. The folowing intangible asets with finite useful lives

are amortised from the date they are available for use and their

estimated useful lives are as folows:

– Brand name20 years

– Customer list7 years

– Polution discharge right5 years

Both the period and method of amortisation are reviewed anualy.

Intangible asets are not amortised while their useful lives are

asesed to be indefinite. Any conclusion that the useful life of

an intangible aset is indefinite is reviewed anualy to determine

whether events and circumstances continue to suport the indefinite

useful life asesment for that aset. If they do not, the change in

the useful life asesment from indefinite to finite is acounted for

prospectively from the date of change and in acordance with the

policy for amortisation of intangible asets with finite lives as set out

above.

(i) Leased asets

At inception of a contract, the Group aseses whether the

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

if the contract conveys the right to control the use of an identified

aset for a period of time in exchange for consideration. Control is

conveyed where the customer has both the right to direct the use

of the identified aset and to obtain substantialy al of the economic

benefits from that use.

Anual Report 2024/2025 年度报告141

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(i) 租赁资产（续）

(i) 作为承租人

于租赁开始日期，除租期为十二个月或以下之

短期租赁及低价值资产租赁外，本集团确认使

用权资产及租赁负债。倘本集团就低价值资产

订立租赁，则本集团决定是否按个别租赁基准

将租赁资本化。与该等未资本化租赁相关之租

赁付款在租期内有系统地确认为开支。

倘租赁已资本化，租赁负债初步按租期内应付

租赁付款现值确认，并按租赁中所隐含之利率

折现，或倘该利率不能轻易厘定，则以相关递

增贷款利率折现。于初步确认后，租赁负债按

摊销成本计量，而利息开支则采用实际利率法

计算。租赁负债之计量不包括并非依据某一指

数或利率之可变租赁付款，因此于其产生之会

计期间于损益中扣除。

于资本化租赁时确认之使用权资产初步时按成

本计量，当中包括租赁负债之初始金额加上于

开始日期或之前已支付之任何租赁付款，以及

所产生之任何初始直接成本。于适用情况下，

使用权资产之成本亦包括拆卸及移除相关资产

或还原相关资产或该资产所在场所而产生之估

计成本，按其现值折现并扣除任何已收之租赁

优惠。使用权资产其后列入成本减累计折旧及

减值亏损（见附注1(g)及1(j)(i)）。

1 Material acounting policies (continued)

(i) Leased asets (continued)

(i) As a lese

At the lease comencement date, the Group recognises a right-of-

use aset and a lease liability, except for short-term leases that have

a lease term of 12 months or les and leases of low-value asets.

When the Group enters into a lease in respect of a low-value aset,

the Group decides whether to capitalise the lease on a lease-by-lease

basis. The lease payments asociated with those leases which are not

capitalised are recognised as an expense on a systematic basis over

the lease term.

Where the lease is capitalised, the lease liability is initialy recognised

at the present value of the lease payments payable over the lease

term, discounted using the interest rate implicit in the lease or, if

that rate canot be readily determined, using a relevant incremental

borowing rate. After initial recognition, the lease liability is

measured at amortised cost and interest expense is calculated using

the efective interest method. Variable lease payments that do not

depend on an index or rate are not included in the measurement

of the lease liability and hence are charged to profit or los in the

acounting period in which they are incured.

The right-of-use aset recognised when a lease is capitalised is

initialy measured at cost, which comprises the initial amount

of the lease liability plus any lease payments made at or before

the comencement date, and any initial direct costs incured.

Where aplicable, the cost of the right-of-use asets also includes

an estimate of costs to dismantle and remove the underlying

aset or to restore the underlying aset or the site on which it is

located, discounted to their present value, les any lease incentives

received. The right-of-use aset is subsequently stated at cost les

acumulated depreciation and impairment loses (se notes 1(g) and

1(j)(i).

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司142

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(i) 租赁资产（续）

(i) 作为承租人（续）

当未来租赁付款因某一指数或利率变化而出现

变动，或本集团预期根据余值担保估计应付之

金额有变，或因重新评估本集团是否合理确定

将行使购买、续租或终止选择权而产生变化，

则会重新计量租赁负债。按此方式重新计量租

赁负债时，使用权资产之账面值将作相应调整，

或倘使用权资产之账面值已调减至零，则于损

益内列账。

当租赁范围或代价出现未曾在原租赁合约中订

明之变动（「租赁修订」）且不作为单独的租赁合

约入账，亦须重新计量租赁负债。在此情况下，

根据经修订租赁付款额及租赁期限，于修订生

效日期使用经修订折现率对租赁负债进行重新

计量。

于报告期后十二个月内到期待结算之合约付款

之现值于综合财务状况表内确定为长期租赁负

债之流动部份。

本集团于综合财务状况表独立呈列使用权资产

及租赁负债。

1 Material acounting policies (continued)

(i) Leased asets (continued)

(i) As a lese (continued)

The lease liability is remeasured when there is a change in future

lease payments arising from a change in an index or rate, or there

is a change in the Group’s estimate of the amount expected to be

payable under a residual value guarante, or there is a change arising

from the reasesment of whether the Group wil be reasonably

certain to exercise a purchase, extension or termination option.

When the lease liability is remeasured in this way, a coresponding

adjustment is made to the carying amount of the right-of-use aset,

or is recorded in profit or los if the carying amount of the right-of-

use aset has ben reduced to zero.

The lease liability is also remeasured when there is a change in

the scope of a lease or the consideration for a lease that is not

originaly provided for in the lease contract (“lease modification”)

that is not acounted for as a separate lease. In this case the lease

liability is remeasured based on the revised lease payments and

lease term using a revised discount rate at the efective date of the

modification.

In the consolidated statement of financial position, the curent

portion of long-term lease liabilities is determined as the present

value of contractual payments that are due to be setled within

twelve months after the reporting period.

The Group presents right-of-use asets and lease liabilities separately

in the consolidated statement of financial position.

Anual Report 2024/2025 年度报告143

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(i) 租赁资产（续）

(i) 作为出租人

倘本集团作为出租人，其将于租赁开始时厘定

各租赁是否属融资租赁或经营租赁。倘租赁向

承租人转移相关资产拥有权附带之绝大部分风

险及回报，该租赁应分类为融资租赁。否则，

该租赁则分类为经营租赁。

倘合约包含租赁及非租赁部分，本集团会按照

相对独立售价基准将合约代价分配至各部分。

来自经营租赁之租金收入根据附注1(u)(i)确认。

(j) 信贷亏损及资产减值

(i) 金融工具之信贷亏损

本集团为按摊销成本计量之金融资产（包括现

金及现金等值项目以及应收账款及其他应收款）

确认预期信贷亏损之亏损拨备。

预期信贷亏损之计量

预期信贷亏损乃信贷亏损之概率加权估计。信

贷亏损以所有预期现金差额（即根据合约应付

予本集团之现金流量与本集团预期收取之现金

流量之间的差额）的现值计量。

倘折现之影响属重大，则预期现金差额将采用

应收账款及其他应收款初始确认时厘定之实际

利率或其近似值折现。

估计预期信贷亏损时所考虑之最长期间为本集

团面临信贷风险之最长合约期间。

1 Material acounting policies (continued)

(i) Leased asets (continued)

(i) As a lesor

When the Group acts as a lesor, it determines at lease inception

whether each lease is a finance lease or an operating lease. A lease

is clasified as a finance lease if it transfers substantialy al the risks

and rewards incidental to the ownership of an underlying asets

to the lese. If this is not the case, the lease is clasified as an

operating lease.

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.

The rental income from operating leases is recognised in acordance

with note 1(u)(i).

(j) Credit los and impairment of asets

(i) Credit los from financial instruments

The Group recognises a los alowance for expected credit loses

(“ECLs”) on financial asets measured at amortised cost (including

cash and cash equivalents, and trade and other receivables).

Measurement of ECLs

ECLs are a probability-weighted estimate of credit loses. Credit

loses are measured as the present value of al expected cash

shortfals (i.e. the diference betwen the cash flows due to the

Group in acordance with the contract and the cash flows that the

Group expects to receive).

Where the efect of discounting is material, the expected cash

shortfals are discounted using the efective interest rate determined

at initial recognition or an aproximation thereof for trade and other

receivables.

The maximum period considered when estimating ECLs is the

maximum contractual period over which the Group is exposed to

credit risk.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司144

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(j) 信贷亏损及资产减值（续）

(i) 金融工具之信贷亏损（续）

预期信贷亏损之计量（续）

在计量预期信贷亏损时，本集团考虑合理及有

理据而无需付出过多的成本或努力获得之资料。

这包括有关过往事件、当前状况及未来经济状

况预测的资料。

预期信贷亏损基于下列其中一个基准计量：

－十二个月之预期信贷亏损：预期于报告

日期后十二个月内可能发生之违约事件

而导致之亏损；及

－可使用年期内之预期信贷亏损：预期于

采用预期信贷亏损模式之项目在预期可

使用年期内所有可能发生之违约事件而

导致之亏损。

应收账款及其他应收款之亏损拨备一般按相等

于可使用年期内之预期信贷亏损之金额计量。

预期信贷亏损乃使用基于本集团过往信贷亏损

经验之拨备矩阵进行估算，并就于报告日期债

务人之特定因素以及对当前及预测整体经济状

况之评估予以调整。

撇销政策

倘金融资产并无实际收回前景，则其账面总值

（部分或全部）将会被撇销。该情况通常出现在

本集团认为债务人并无资产或收入来源可产生

足够现金流量以偿还将予撇销之金额。

1 Material acounting policies (continued)

(j) Credit los and impairment of asets (continued)

(i) Credit los from financial instruments (continued)

Measurement of ECLs (continued)

In measuring ECLs, the Group takes into acount reasonable and

suportable information that is available without undue cost

or efort. This includes information about past events, curent

conditions and forecasts of future economic conditions.

ECLs are measured on either of the folowing bases:

– 12-month ECLs: these are loses that are expected to result

from posible default events within the 12 months after the

reporting date; and

– lifetime ECLs: these are loses that are expected to result from

al posible default events over the expected lives of the items

to which the ECL model aplies.

Los alowance for trade and other receivables is always measured

at an amount equal to lifetime ECL. ECLs are estimated using

a provision matrix based on the Group’s historical credit los

experience, adjusted for factors that are specific to the debtors and

an asesment of both the curent and forecast general economic

conditions at the reporting date.

Write-of policy

The gros carying amount of a financial aset is writen of (either

partialy or in ful) to the extent that there is no realistic prospect of

recovery. This is generaly the case when the Group determines that

the debtor does not have asets or sources of income that could

generate suficient cash flows to repay the amounts subject to the

write-of.

Anual Report 2024/2025 年度报告145

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(j) 信贷亏损及资产减值（续）

(i) 其他资产之减值

本集团于每个报告期末检讨内部及外间资料来

源，以确定下列资产有否出现减值迹象，或过

往已确认之减值亏损不再存在或已减少：

－物业、厂房及设备，包括使用权资产及

投资物业；

－无形资产；

－合营公司之权益；及

－于本公司财务状况表的附属公司之投资。

倘有任何减值迹象，则会估计该项资产之可收

回金额。

－计算可收回金额

资产之可收回金额为其公允值减去出售

成本及使用价值两者中之较高者。于评

估使用价值时，会使用除税前折现率将

估计未来现金流量折现至其现值。该折

现率反映市场当时所评估之货币时间价

值和该资产之独有风险。倘个别资产所

产生之现金流入基本上不能独立于其他

资产所产生之现金流入，则就独立产生

现金流入之最小资产组合（即现金产生单

位）厘定可收回金额。

－确认减值亏损

资产或其所属之现金产生单位之账面值

高于其可收回金额时，则会于损益确认

减值亏损。就现金产生单位确认之减值

亏损会首先分配予削减已分配至该现金

产生单位（或一组单位）之任何商誉之账

面值，然后按比例削减该单位（或一组单

位）内其他资产之账面值，惟资产账面值

不可下调至低于其个别公允值减去出售

成本（如能计量）或使用价值（如能厘定）。

1 Material acounting policies (continued)

(j) Credit los and impairment of asets (continued)

(i) Impairment of other asets

Internal and external sources of information are reviewed at the end

of each reporting period to identify indications that the folowing

asets may be impaired or an impairment los previously recognised

no longer exists or may have decreased:

– property, plant and equipment, including right-of-use asets

and investment properties;

– intangible asets;

– interest in joint venture; and

– investment in subsidiaries in the Company’s statement of

financial position.

If any such indication exists, the aset’s recoverable amount is

estimated.

– Calculation of recoverable amount

The recoverable amount of an aset is the greater of its fair

value les costs of disposal and value in use. 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 time value of money and the

risks specific to the aset. Where an aset does not generate

cash inflows largely independent of those from other asets,

the recoverable amount is determined for the smalest group

of asets that generates cash inflows independently (i.e. a

cash-generating unit).

– Recognition of impairment loses

An impairment los is recognised in profit or los if the carying

amount of an aset, or the cash-generating unit to which it

belongs, exceds its recoverable amount. Impairment loses

recognised in respect of cash-generating units are alocated

first to reduce the carying amount of any godwil alocated

to the cash-generating unit (or group of units) and then, to

reduce the carying amount of the other asets in the unit (or

group of units) on a pro rata basis, except that the carying

value of an aset wil not be reduced below its individual fair

value les costs of disposal (if measurable), or value in use (if

determinable).

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司146

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(j) 信贷亏损及资产减值（续）

(i) 其他资产之减值（续）

－拨回减值亏损

倘用以厘定可收回金额之估计发生有利

变动，则会将减值亏损拨回。

所拨回之减值亏损仅限于倘若并无于过

往年度确认减值亏损而可厘定之资产账

面值。所拨回之减值亏损在确认拨回之

年度内计入损益。

(i) 中期财务报告及减值

根据上市规则，本集团须按《香港会计准则》第

34号「中期财务报告」就财政年度首六个月编制

中期财务报告。本集团于中期末应用之减值

测试、确认及拨回之准则与于财政年度末所应

用之准则相同（见附注1(j)(i)及(i)）。

(k) 存货

存货按成本值及可变现净值两者中之较低者入账。

成本值乃以加权平均方法计算，并包括所有购

货成本、加工成本及将存货运往其现时地点及

达至现有状态之其他成本。

可变现净值指正常业务过程中之估计售价减去

完成交易之估计成本及进行销售所需之估计成本。

出售存货时，其账面值于有关收入确认期内确

认为开支。任何存货金额撇减至可变现净值及

存货之所有亏损均于撇减或亏损之发生期内确

认为开支。倘存货之撇减出现任何拨回，则于

拨回出现期内将费用作减额确认。

1 Material acounting policies (continued)

(j) Credit los and impairment of asets (continued)

(i) Impairment of other asets (continued)

– Reversals of impairment loses

An impairment los is reversed if there has ben a favourable

change in the estimates used to determine the recoverable

amount.

A reversal of an impairment los is limited to the aset’s

carying amount that would have ben determined had no

impairment los ben recognised in prior years. Reversals of

impairment loses are credited to profit or los in the year in

which the reversals are recognised.

(i) Interim financial reporting and impairment

Under the Listing Rules, the Group is required to prepare an interim

financial report in compliance with HKAS 34, Interim financial

reporting, in respect of the first six months of the financial year. At

the end of the interim period, the Group aplies the same impairment

testing, recognition, and reversal criteria as it would at the end of the

financial year (se notes 1(j)(i) and (i).

(k) Inventories

Inventories are caried at the lower of cost and net realisable value.

Cost is calculated using the weighted average method and comprises

al costs of purchase, costs of conversion and other costs incured in

bringing the inventories to their present location and condition.

Net realisable value is the estimated seling price in the ordinary

course of busines les the estimated costs of completion and the

estimated costs necesary to make the sale.

When inventories are sold, the carying amount of those inventories

is recognised as an expense in the period in which the related

revenue is recognised. The amount of any write-down of inventories

to net realisable value and al loses of inventories are recognised as

an expense in the period the write-down or los ocurs. The amount

of any reversal of any write-down of inventories is recognised as a

reduction in the amount of inventories recognised as an expense in

the period in which the reversal ocurs.

Anual Report 2024/2025 年度报告147

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(l) 应收款

本集团于具有无条件权利收取代价时确认应收

款。倘代价到期付款前仅需待时间推移，则收

取代价之权利为无条件。

应收款以实际利率法按摊销成本减去信贷亏损

拨备后入账（见附注1(j)(i)）。

(m) 软件即服务安排成本

软件即服务安排指本集团有权于安排期限内使

用供应商云端基础架构上运行的供应商应用软

件，惟对相关软件资产并无控制权。

就实行软件即服务安排之成本（包括配置或定

制使用供应商应用软件所产生之成本）进行评估，

借以确定其是否会产生本集团控制之独立资产。

据此产生之任何资产均根据附注1(h)所载之无

形资产政策进行确认及入账。不会产生资产之

实行成本于发生时计入损益，即可能于收到配

置或定制服务期间（如有关服务与软件即服务

不同）或于软件即服务安排期限内（如在配置或

定制服务方面与软件即服务并无差异）。

在接受相关服务之前支付的款项确认为预付款项。

(n) 附息借贷

附息借贷之初值按公允值扣除应占交易成本后

确认。首次确认后，附息借贷将按摊销成本入账，

而最初确认金额与赎回值之间之任何差额则以

实际利率法于借贷期内连同任何应付利息及费

用于损益内确认。

1 Material acounting policies (continued)

(l) Receivables

A receivable is recognised when the Group has an unconditional

right to receive consideration. A right to receive consideration is

unconditional if only the pasage of time is required before payment

of that consideration is due.

Receivables are stated at amortised cost using the efective interest

method les alowance for credit loses (se note 1(j)(i).

(m) Software-as-a-service (SaS) arangement costs

A SaS arangement is a service arangement where the Group has a

right to aces to the suplier’s aplication software runing on the

suplier’s cloud infrastructure during the term of the arangement,

but not control over the underlying software aset.

Costs to implement a SaS arangement, including those incured in

configuring or customising the aces to the suplier’s aplication

software, are evaluated to determine if they give rise to a separate

aset that the Group controls. Any resulting aset is recognised and

acounted for in acordance with the policy for intangible asets as

set out in note 1(h). Implementation costs that do not give rise to an

aset are recognised in profit or los as incured, which may be over

the period the configuration or customisation services are received

to the extent that such services are distinct from the SaS, or over

the term of the SaS arangement to the extent the configuration or

customisation services are not distinct from the SaS.

Payment made in advance of receiving the related services is

recognised as prepayment.

(n) Interest-bearing borowings

Interest-bearing borowings are recognised initialy at fair value les

atributable transaction costs. Subsequent to initial recognition,

interest-bearing borowings are stated at amortised cost with any

diference betwen the amount initialy recognised and redemption

value being recognised in profit or los over the period of the

borowings, together with any interest and fes payable, using the

efective interest method.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司148

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(o) 应付款及合约负债

(i) 应付款

应付款之初值按公允值确认，且其后按摊销成

本入账，但如折现影响轻微，则按发票金额入账。

(i) 合约负债

倘客户于本集团确认相关收入之前支付代价，

则确认合约负债（见附注1(u)）。倘本集团拥有

无条件权利可于本集团确认相关收入前收取代

价，亦将确认合约负债。在此情况下，亦将确

认相应之应收款（见附注1(l)）。

(p) 现金及现金等值项目

现金及现金等值项目包括银行结存及库存现金、

存于银行及其他财务机构之活期存款及短期而

高流动性之投资，此等投资可随时兑换为已知

金额之现金，且所须承受之价值波动风险不大，

而兑换期乃购入日起计三个月内。现金及现金

等值项目按附注1(j)(i)所载政策评估预期信贷亏

损。

(q) 雇员福利

(i) 短期雇员福利及向界定供款退休计划

之供款

薪酬、年终花红、有薪年假、向界定供款退休

计划之供款及非金钱福利之成本均于雇员提供

有关服务时计入该年费用。倘延迟付款或结算

并构成重大影响，则有关金额按其现值入账。

1 Material acounting policies (continued)

(o) Payables and contract liabilities

(i) Payables

Payables are initialy recognised at fair value and subsequently

stated at amortised cost unles the efect of discounting would be

imaterial, in which case they are stated at invoice amounts.

(i) Contract liabilities

A contract liability is recognised when the customer pays

consideration before the Group recognises the related revenue (se

note 1(u). A contract liability would also be recognised if the Group

has an unconditional right to receive consideration before the Group

recognises the related revenue. In such cases, a coresponding

receivable would also be recognised (se note 1(l).

(p) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand,

demand deposits with banks and other financial institutions, and

short-term, highly liquid investments that are readily convertible into

known amounts of cash and which are subject to an insignificant risk

of changes in value, having ben within thre months of maturity

at acquisition. Cash and cash equivalents are asesed for ECL in

acordance with the policy set out in note 1(j)(i).

(q) Employe benefits

(i) Short term employe benefits and contributions to

defined contribution retirement plans

Salaries, anual bonuses, paid anual leave, contributions to defined

contribution retirement plans and the cost of non-monetary benefits

are charged as expense in the year as the related service are

provided by employes. Where payment or setlement is defered

and the efect would be material, these amounts are stated at their

present values.

Anual Report 2024/2025 年度报告149

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(q) 雇员福利

(i) 界定福利退休计划承担

本集团拥有以下两个类别之界定福利计划：

－根据香港《职业退休计划条例》注册之界

定福利退休计划，维他奶国际集团有限

公司界定福利计划（「界定福利计划」）；

及

－根据香港《雇佣条例》之长期服务金（「长

期服务金」）。

本集团就界定福利退休计划所承担之责任净额，

乃各计划透过估计雇员于当前及过往期间所赚

取之未来利益金额而计算，并折现该款项。就

界定福利计划而言，责任净额于扣除计划资产

公允值后得出。就长期服务金责任而言，未来

福利的估计金额乃经扣除本集团已归属于雇员

的强制性公积金（「强积金」）供款所产生的应计

福利的负服务成本后厘定，有关供款被视为来

自有关雇员的供款。

界定福利责任之计算工作由合资格精算师采用

预计单位信贷法进行。就界定福利计划而言，

倘计算结果对本集团有利，则所确认的资产限

于所得经济效益之现值，包括此计划未来任何

退款或此计划未来减少的供款。

界定福利计划产生之重新计量即时于其他全面

收益确认，其包括精算收益及亏损、界定福利

计划之计划资产回报（不包括利息）以及任何资

产上限的影响（不包括利息）。期内利息费用净

额乃透过将计量报告期初界定福利责任所采用

之折现率应用于当时界定福利负债净额而厘定，

并计及期内界定福利负债净额之任何变动。界

定福利计划之利息费用净额及其他费用于损益

确认，并按功能划拨为「销售成本」、「推广、销

售及分销费用」、「行政费用」或「其他经营费用」

之一部份。

1 Material acounting policies (continued)

(q) Employe benefits (continued)

(i) Defined benefit retirement plan obligations

The Group has the folowing two categories of defined benefit plans:

– defined benefit retirement plan registered under the Hong

Kong Ocupational Retirement Scheme Ordinance, Vitasoy

International Holdings Limited Defined Benefit Scheme (the

“DB Plan”); and

– long service payments (“LSP”) under the Hong Kong

Employment Ordinance.

The Group’s net obligation in respect of defined benefit plans is

calculated separately for each plan by estimating the amount of

future benefit that employes have earned in the curent and prior

periods and discounting that amount. For the DB Plan, the net

obligation is after deducting the fair value of plan asets. For LSP

obligations, the estimated amount of future benefit is determined

after deducting the negative service cost arising from the acrued

benefits derived from the Group’s Mandatory Provident Fund (“MPF”)

contributions that have ben vested with employes, which are

demed to be contributions from the relevant employes.

The calculation of defined benefit obligation is performed by a

qualified actuary using the projected unit credit method. For the

DB Plan, when the calculation results in a benefit to the Group,

the recognised aset is limited to the present value of economic

benefits available in the form of any future refunds from the plan or

reductions in future contributions to the plan.

Remeasurements arising from defined benefit plans, which comprise

actuarial gains and loses, the return on plan asets in the DB Plan

(excluding interest) and the efect of any aset ceiling (excluding

interest), are recognised imediately in other comprehensive income.

Net interest expense for the period is determined by aplying the

discount rate used to measure the defined benefit obligation at the

begining of the reporting period to the then net defined benefit

liability, taking into acount any changes in the net defined benefit

liability during the period. Net interest expense and other expenses

related to defined benefit plans are recognised in profit or los and

alocated by function as part of “cost of sales”, “marketing, seling and

distribution expenses”, “administrative expenses” or “other operating

expenses”.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司150

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(q) 雇员福利（续）

(i) 以股份为付款基础之交易

本集团设有多项以股权结算，以股份为基础支

付之薪酬计划，而雇员则向本集团提供服务作

为本公司股权工具之代价。该等计划包括购股

权计划及股份奖励计划。

授予雇员之购股权或股份奖励之公允值乃确认

为雇员成本，并相应增加权益项下之股份基础

补偿储备。公允值乃于授出日期计量，并计及

授出购股权或奖励股份之条款及条件。若雇员

须符合归属条件后方可无条件享有购股权或奖

励股份，则购股权或奖励股份之估计公允值总

额会在归属期间摊分，并计及购股权或奖励股

份将会归属之可能性。

于归属期间，本公司会检讨预期将归属之购股

权或奖励股份数目。于过往年度确认之任何累

计公允值调整会在检讨年度从损益扣除╱计入

损益（除非原有雇员开支合资格确认为资产），

并相应调整以股份为基础之补偿储备。于归属

日期，确认为开支之金额会作出调整，以反映

所归属之购股权或奖励股份之实际数目（而以

股份为基础之补偿储备亦会作出相应调整），

惟只因未能达到与本公司股份市价有关之归属

条件而导致被没收则除外。

就购股权计划而言，权益金额乃于以股份为基

础之补偿储备确认，直至购股权获行使（此时有

关金额计入于已发行股份之股本中确认之金额）

或购股权届满（此时有关金额直接拨至保留溢利）

为止。

1 Material acounting policies (continued)

(q) Employe benefits (continued)

(i) Equity-setled share-based payment transactions

The Group operates a number of equity-setled, share-based

compensation plans under which the Group receives services from

employes as consideration for equity instruments of the Company.

These plans comprise share option schemes and a share award

scheme.

The fair value of share options or share awards granted to employes

is recognised as an employe cost with a coresponding increase in

the share-based compensation reserve within equity. The fair value is

measured at grant date taking into acount the terms and conditions

upon which the options or the awarded shares were granted. Where

the employes have to met vesting conditions before becoming

unconditionaly entitled to the options or the awarded shares, the

total estimated fair value of the options or the awarded shares is

spread over the vesting period, taking into acount the probability

that the options or the awarded shares wil vest.

During the vesting period, the number of share options or the

awarded shares that are expected to vest is reviewed. Any resulting

adjustment to the cumulative fair value recognised in prior years

is charged/credited to the profit or los for the year of the review,

unles the original employe expenses qualify for recognition as

an aset, with a coresponding adjustment to the share-based

compensation reserve. On vesting date, the amount recognised as

an expense is adjusted to reflect the actual number of options or

awarded shares that vest (with a coresponding adjustment to the

share-based compensation reserve) except where forfeiture is only

due to not achieving vesting conditions that relate to the market

price of the Company’s shares.

For the share option schemes, the equity amount is recognised in the

share-based compensation reserve until either the option is exercised

(when it is included in the amount recognised in share capital for the

shares isued) or the option expires (when it is released directly to

retained profits).

Anual Report 2024/2025 年度报告151

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(q) 雇员福利（续）

(i) 以股份为付款基础之交易（续）

就股份奖励计划而言，本集团可能会透过股份

奖励计划受托人于联交所购入其自有股份作为

根据股份奖励计划将予归属之股份。本集团就

本股份奖励计划购入但尚未归属之股份入账为

库存股份，且作为「股份奖励计划持有之股份」

入账为权益之扣减项目。待奖励股份归属后，

购买股份之相关成本于「股份奖励计划持有之

股份」内扣减，以及于股份基础补偿储备内扣除

奖励股份之相关公允值，差额于权益内扣除╱

计入。

本集团亦可能就已归属奖励股份发行新股份。

先前已于股份基础补偿储备确认之金额于发行

新股份后将转拨至股本。

(iv) 离职福利

离职福利于本集团不再能够撤回提供该等福利

及于本集团确认包含支付离职福利的重组成本

之较早期间予以确认。

(r) 所得税

所得税开支包括现期税项及递延税项。其在损

益确认，惟倘该等项目与业务合并或已直接于

权益或其他全面收益确认的项目有关则除外。

现期税项包括年内应课税收入或亏损的预期应

付税项或应收款项，以及对过往年度应付税项

或应收款项之任何调整。当期应付税项或应收

款项金额乃预期缴纳或收取税款之最佳估计，

其反映与所得税相关之任何不确定性。其乃使

用汇报日已生效或实际上已生效之税率计算。

当前税项亦包括因股息产生之任何税项。

1 Material acounting policies (continued)

(q) Employe benefits (continued)

(i) Equity-setled share-based payment transactions

(continued)

For the share award scheme, the Group may acquire its own shares

through the truste of the share award scheme on the Stock

Exchange for the shares to be vested under the share award scheme.

The shares acquired by the Group that are not yet vested for this

share award scheme were recorded as treasury shares and recorded

as “Shares held for share award scheme” as a deduction under

equity. Upon vesting of the awarded shares, the related costs of the

acquired shares are reduced from the “Shares held for share award

scheme”, and the related fair value of the awarded shares are debited

to share-based compensation reserve with the diference charged/

credited to equity.

The Group may also isue new shares for the vested share awards.

The amount previously recognised in share-based compensation

reserve wil be transfered to share capital upon the isuance of new

shares.

(iv) Termination benefits

Termination benefits are recognised at the earlier of when the Group

can no longer withdraw the ofer of those benefits and when it

recognises restructuring costs involving the payment of termination

benefits.

(r) Income tax

Income tax expense comprises curent tax and defered tax. It is

recognised in profit or los except to the extent that it relates to a

busines combination, or items recognised directly in equity or in

other comprehensive income.

Curent tax comprises the estimated tax payable or receivable on

the taxable income or los for the year and any adjustments to the

tax payable or receivable in respect of previous years. The amount

of curent tax payable or receivable is the best estimate of the tax

amount expected to be paid or received that reflects any uncertainty

related to income taxes. It is measured using tax rates enacted or

substantively enacted at the reporting date. Curent tax also includes

any tax arising from dividends.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司152

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(r) 所得税（续）

现期税项资产及负债仅于达成若干条件后方可

抵销。

递延税项乃根据用于财务报告目的之资产及负

债之账面值与用于税务目的之金额之间之暂时

差异确认。递延税项不会就下列各项予以确认：

－因在业务合并以外的交易中初步确认资

产或负债而产生，而于交易时不影响会

计及应课税损益并不会产生相等应课税

的暂时差异；

－与附属公司投资有关的暂时差异，而本

集团能控制拨回暂时差异的时间且其很

可能将不会于可见将来予以拨回；及

－为实施经济合作暨发展组织公布之支柱

二规则范本而生效或实际上已生效之税

法所产生之所得税有关。

本集团就其租赁负债及使用权资产分别确认递

延税项资产及递延税项负债。

递延税项资产就未使用税项亏损、未使用税项

抵免及可抵扣暂时差异被确认，惟可能有未来

应课税溢利可用以抵销该等应课税溢利。未来

应课税溢利乃根据相关应课税暂时差异拨回厘

定。倘应课税暂时差异的金额不足以全额确认

递延税项资产，则根据本集团独立附属公司的

业务计划，考虑对现有暂时差异拨回进行调整

的未来应课税溢利。递延税项资产于各报告日

期进行检讨，并于不再可能实现相关税项利益

时减少；当未来应课税溢利的可能性提高时，

该等减少则会拨回。

递延税项资产及负债仅可于达成若干条件后予

以抵销。

1 Material acounting policies (continued)

(r) Income tax (continued)

Curent tax asets and liabilities are ofset only if certain criteria are

met.

Defered tax is recognised in respect of temporary diferences

betwen the carying amounts of asets and liabilities for financial

reporting purposes and the amounts used for taxation purposes.

Defered tax is not recognised for:

– temporary diferences on the initial recognition of asets or

liabilities in a transaction that is not a busines combination

and that afects neither acounting nor taxable profit or

los and does not give rise to equal taxable and deductible

temporary diferences;

– temporary diferences related to investment in subsidiaries,

asociates and joint venture to the extent that the Group is

able to control the timing of the reversal of the temporary

diferences and it is probable that they wil not reverse in the

foreseable future; and

– those related to the income taxes arising from tax laws

enacted or substantively enacted to implement the Pilar Two

model rules published by the Organisation for Economic Co-

operation and Development.

The Group recognised defered tax asets and defered tax liabilities

separately in relation to its lease liabilities and right-of-use asets.

Defered tax asets are recognised for unused tax loses, unused tax

credits and deductible temporary diferences to the extent that it is

probable that future taxable profits wil be available against which

they can be used. Future taxable profits are determined based on the

reversal of relevant taxable temporary diferences. If the amount of

taxable temporary diferences is insuficient to recognise a defered

tax aset in ful, then future taxable profits, adjusted for reversals

of existing temporary diferences, are considered, based on the

busines plans for individual subsidiaries in the Group. Defered tax

asets are reviewed at each reporting date and are reduced to the

extent that it is no longer probable that the related tax benefit wil be

realised; such reductions are reversed when the probability of future

taxable profits improves.

Defered tax asets and liabilities are ofset only if certain criteria are

met.

Anual Report 2024/2025 年度报告153

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(s) 拨备及或然负债

倘若本集团须就已发生之事件承担法律或推定

责任，履行该责任而预期会导致经济利益流出，

并可作出可靠之估计，便会确认拨备。如果货

币时间价值重大，则按预计履行责任所需开支

之现值计提拨备。

倘若经济利益外流之可能性较低，或是无法对

有关金额作出可靠之估计，便会将该责任披露

为或然负债，但假如经济利益流出之可能性渺

茫则除外。须视乎一宗或多宗未来事件是否发

生才能确定存在与否之潜在责任，亦会披露为

或然负债，但假如这类经济利益之流出之可能

性渺茫则除外。

(t) 现金流量对冲

金融衍生工具被指定用作对冲因已确认之资产

或负债或极有可能发生之预期交易而产生之现

金流量变动或因已订约之未来交易而承担之外

汇风险，重计该等金融衍生工具之公允值而产

生之任何收益或亏损，其有效部份会于其他全

面收益确认，并于对冲储备之权益中独立累计。

任何收益或亏损之非有效部份即时于损益内确认。

倘若对冲工具为仅可用作对冲外汇风险之非衍

生货币项目，则该对冲工具之外汇收益或亏损

之有效部份亦于其他全面收益确认，并于对冲

储备之权益中独立累计。任何外汇收益或亏损

之非有效部份即时于损益内确认。

若被对冲之预期交易其后导致确认非金融资产

或非金融负债，由权益重新分类之相关盈亏会

计入该非金融资产或负债之最初成本或其他账

面值内。

1 Material acounting policies (continued)

(s) Provisions and contingent liabilities

Provisions are recognised when the Group has a legal or constructive

obligation arising as a result of a past event, it is probable that an

outflow of economic benefits wil be required to setle the obligation

and a reliable estimate can be made. Where the time value of

money is material, provisions are stated at the present value of the

expenditure expected to setle the obligation.

Where it is not probable that an outflow of economic benefits wil be

required, or the amount canot be estimated reliably, the obligation

is disclosed as a contingent liability, unles the probability of outflow

of economic benefits is remote. Posible obligations, whose existence

wil only be confirmed by the ocurence or non-ocurence of one

or more future events are also disclosed as contingent liabilities

unles the probability of outflow of economic benefits is remote.

(t) Cash flow hedges

Where a derivative financial instrument is designated as a hedge

of the variability in cash flows of a recognised aset or liability or a

highly probable forecast transaction or the foreign curency risk of

a comited future transaction, the efective portion of any gains

or loses on re-measurement of the derivative financial instrument

to fair value is recognised in other comprehensive income and

acumulated separately in equity in the hedging reserve. The

inefective portion of any gain or los is recognised imediately in

profit or los.

If the hedging instrument is a non-derivative monetary item, which

is permited only for foreign curency risk, then the efective portion

of the foreign curency gains or loses on the hedging instrument

also are recognised in other comprehensive income and acumulated

separately in equity in the hedging reserve. The inefective portion

of any foreign curency gains or loses are recognised imediately in

profit or los.

If a hedge of a forecast transaction subsequently results in the

recognition of a non-financial aset or non-financial liability, the

asociated gain or los reclasified from equity is to be included in

the initial cost or other carying amount of the non-financial aset or

liability.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司154

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(t) 现金流量对冲（续）

若被对冲之预期交易其后导致确认金融资产或

金融负债，相关盈亏会在该购入之资产或承担

之负债影响损益之同一个或多个期间内（例如

当确认利息收入或支出时）由权益重新分类至

损益。

有别于上述两个政策所涵盖之现金流量对冲，

相关盈亏会在被对冲之预期交易影响损益之同

一个或多个期间内由权益重新分类至损益。

当对冲工具到期或被出售、终止或行使或该实

体取消该指定对冲关系，而被对冲之预期交易

预期仍会发生时，其累计盈亏会保留在权益内，

直至该交易发生为止，并按上述政策确认。若

被对冲之交易预期不会发生，其累计未变现盈

亏会即时由权益重新分类至损益。

(u) 收入确认

本集团于一般业务过程中自销售货物、提供服

务或其他人士使用本集团租赁资产生收入时

分类收入。

收入于产品或服务之控制权转移至客户或承租

人有权使用资产时确认，金额为本集团预期将

有权收取之承诺代价，且不包括代表第三方收

取之有关金额。收入不含增值税或其他销售税

并扣除一切贸易折扣。

本集团利用《香港财务报告准则》第15号第63

段之可行权宜方法，倘融资期间为12个月或以

下，则不会就重大融资部份的任何影响调整代价。

1 Material acounting policies (continued)

(t) Cash flow hedges (continued)

If a hedge of a forecast transaction subsequently results in the

recognition of a financial aset or a financial liability, the asociated

gain or los is reclasified from equity to profit or los in the same

period or periods during which the aset acquired or liability asumed

afects profit or los (such as when interest income or expense is

recognised).

For cash flow hedges, other than those covered by the preceding

two policy statements, the asociated gain or los is reclasified from

equity to profit or los in the same period or periods during which

the hedged forecast transaction afects profit or los.

When a hedging instrument expires or is sold, terminated or

exercised, or the entity revokes designation of the hedge relationship

but the hedged forecast transaction is stil expected to ocur, the

cumulative gain or los at that point remains in equity until the

transaction ocurs and it is recognised in acordance with the above

policy. If the hedged transaction is no longer expected to take place,

the cumulative unrealised gain or los is reclasified from equity to

profit or los imediately.

(u) Revenue recognition

Income is clasified by the Group as revenue when it arises from the

sale of gods, the provision of services or the use by others of the

Group’s asets under leases in the ordinary course of the Group’s

busines.

Revenue is recognised when control over a product or service is

transfered to the customer, or the lese has the right to use the

aset, at the amount of promised consideration to which the Group

is expected to be entitled, excluding those amounts colected on

behalf of third parties. Revenue excludes value aded tax or other

sales taxes and is after deduction of any trade discounts.

The Group takes advantage of the practical expedient in paragraph

63 of HKFRS 15 and does not adjust the consideration for any

efects of a significant financing component if the period of financing

is 12 months or les.

Anual Report 2024/2025 年度报告155

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(u) 收入确认（续）

下列为本集团确认收入及其他收入之政策之进

一步详情：

(i) 货物之销售

倘客户管有并接纳产品则确认收入。倘该等产

品为履行涵盖其他货物及╱或服务之合约一部

分，则收入之金额按合约项下交易价格总额之

合适比例予以确认，并按照相对独立售价基准

在合约项下之所有承诺货物及服务之间进行分配。

(i) 服务费

服务费于提供有关服务时确认。服务费不含增

值税或其他销售税。

(i) 经营租赁之租金收入

根据经营租赁应收之租金收入会于租赁期所涵

盖之期间内，以等额在损益内确认。所获授之

租赁奖励乃于损益中确认为应收净租赁付款总

额之必要部分。并非取决于某一项指数或比率

之可变租赁付款将于其赚取时之会计期间确认

为收入。

(iv) 利息收入

利息收入按实际利率法累计确认。就按摊销成

本计量且并无出现信贷减值之金融资产而言，

实际利率乃应用于资产之账面总值。就已出现

信贷减值之金融资产而言，实际利率乃应用于

资产之摊销成本（即经扣除亏损拨备之账面总值）

（见附注1(j)(i)）。

1 Material acounting policies (continued)

(u) Revenue recognition (continued)

Further details of the Group’s revenue and other income recognition

policies are as folows:

(i) Sale of gods

Revenue is recognised when the customer takes posesion of and

acepts the products. If the products are a partial fulfilment of a

contract covering other gods and/or services, then the amount

of revenue recognised is an apropriate proportion of the total

transaction price under the contract, alocated betwen al the gods

and services promised under the contract on a relative stand-alone

seling price basis.

(i) Service fes

Service fes are recognised when the related services are provided.

Service fes exclude value aded tax or other sales taxes.

(i) Rental income from operating leases

Rental income receivable under operating leases is recognised in

profit or los in equal instalments over the periods covered by the

lease term. Lease incentives granted are recognised in profit or los

as an integral part of the agregate net lease payments receivable.

Variable lease payments that do not depend on an index or a rate

are recognised as income in the acounting period in which they are

earned.

(iv) Interest income

Interest income is recognised as it acrues using the efective

interest method. For financial asets measured at amortised cost

that are not credit-impaired, the efective interest rate is aplied to

the gros carying amount of the aset. For credit-impaired financial

asets, the efective interest rate is aplied to the amortised cost (i.e.

gros carying amount net of los alowance) of the aset (se note

1(j)(i).

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司156

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(u) 收入确认（续）

(v) 股息收入

来自非上市投资之股息收入乃于股东收取款项

之权利确立时确认。

(vi) 政府补助

政府补助于可合理确保本集团将收取政府补助

且将遵守其所附带之条件时于财务状况表初步

确认。用于补偿本集团已产生开支之补助于开

支产生之同一期间有系统地于损益中确认为收

入。补偿本集团资产成本之补助乃于资产之账

面值中扣除，其后于该项资产之可使用期间以

减少折旧开支之方式于损益中实际确认。

(v) 外币换算

年内之外币交易按交易当日之汇率换算。以外

币计值之货币资产及负债按汇报日之汇率换算。

汇兑盈亏于损益内确认，惟该等于其他全面收

益确认并用于对冲外汇风险之非衍生货币项目

除外（见附注1(t)）。

按历史成本法以外币计值之非货币资产及负债，

则按交易当日之汇率换算。交易日期为本集团

初始确认有关非货币资产及负债之日。以外币

计值并以公允值列账之非货币资产及负债按计

量其公允值当日之汇率换算。

1 Material acounting policies (continued)

(u) Revenue recognition (continued)

(v) Dividend income

Dividend income from unlisted investments is recognised when the

shareholder’s right to receive payment is established.

(vi) Government grants

Government grants are recognised in the statement of financial

position initialy when there is reasonable asurance that they wil

be received and that the Group wil comply with the conditions

ataching to them. Grants that compensate the Group for expenses

incured are recognised as income in profit or los on a systematic

basis in the same periods in which the expenses are incured.

Grants that compensate the Group for the cost of an aset are

deducted from the carying amount of the aset and consequently

are efectively recognised in profit or los over the useful life of the

aset by way of reduced depreciation expense.

(v) Translation of foreign curencies

Foreign curency transactions during the year are translated at the

foreign exchange rates ruling at the transaction dates. Monetary

asets and liabilities denominated in foreign curencies are translated

at the foreign exchange rates ruling at the end of the reporting

period. Exchange gains and loses are recognised in profit or los,

except those non-derivative monetary items used to hedge foreign

curency risk which are recognised in other comprehensive income

(se note 1(t).

Non-monetary asets and liabilities that are measured in terms of

historical cost in a foreign curency are translated using the foreign

exchange rates ruling at the transaction dates. The transaction date is

the date on which the Group initialy recognises such non-monetary

asets or liabilities. Non-monetary asets and liabilities denominated

in foreign curencies that are stated at fair value are translated using

the foreign exchange rates ruling at the dates the fair value was

measured.

Anual Report 2024/2025 年度报告157

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(v) 外币换算（续）

香港以外地区之附属公司之业绩以接近交易当

日之汇率换算为港币，而财务状况表项目（包括

香港以外地区之附属公司综合入账时所产生之

商誉）则于汇报日按收市汇率换算为港币，由此

而产生之汇兑差额于其他全面收益中确认，并

于汇兑储备之权益中独立累计。

就出售香港以外地区之一间附属公司而言，确

认出售产生之损益时，与该香港以外地区之附

属公司有关之汇兑差额之累计金额会从权益重

新分类至损益。

货币项目产生之外汇收益及亏损（实质属于香

港以外地区业务净投资之一部份）与任何相关

税项乃于综合入账时重新分类至权益。

(w) 借贷成本

倘一项资产需较长时间才可准备就绪用作预定

用途或出售状态，则直接归属于收购、兴建或

生产该项资产之借贷成本将被资本化为该项资

产之成本之一部份。其他借贷成本在产生当期

列作支出。

当资产开支及借贷成本已经产生，且为使资产

可用作拟定用途或可出售状态所必要之活动已

经开始，借贷成本即资本化为该合资格资产之

成本之一部份。倘为使合资格资产可用作拟定

用途或可出售状态所必需之大部份活动中止或

完成，借贷成本之资本化则随之中止或停止。

1 Material acounting policies (continued)

(v) Translation of foreign curencies (continued)

The results of subsidiaries outside Hong Kong are translated into

Hong Kong dolars at the exchange rates aproximating the foreign

exchange rates ruling at the dates of the transactions. Statement of

financial position items, including godwil arising on consolidation

of subsidiaries outside Hong Kong, are translated into Hong Kong

dolars at the closing foreign exchange rates at the end of the

reporting period. The resulting exchange diferences are recognised

in other comprehensive income and acumulated separately in equity

in the exchange reserve.

On disposal of a subsidiary outside Hong Kong, the cumulative

amount of the exchange diferences relating to that subsidiary

outside Hong Kong is reclasified from equity to profit or los when

the profit or los on disposal is recognised.

Foreign exchange gains and loses arising from monetary items that

in substance form part of the net investment in an operation outside

Hong Kong, together with any related tax, are reclasified to equity

on consolidation.

(w) Borowing costs

Borowing costs that are directly atributable to the acquisition,

construction or production of an aset which necesarily takes a

substantial period of time to get ready for its intended use or sale are

capitalised as part of the cost of that aset. Other borowing costs

are expensed in the period in which they are incured.

The capitalisation of borowing costs as part of the cost of a

qualifying aset comences when expenditure for the aset is

being incured, borowing costs are being incured and activities

that are necesary to prepare the aset for its intended use or sale

are in progres. Capitalisation of borowing costs is suspended or

ceases when substantialy al the activities necesary to prepare

the qualifying aset for its intended use or sale are interupted or

complete.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司158

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(x) 维修及保养支出

维修及保养支出（包括检修成本）于产生时支销。

(y) 持作出售之非流动资产

倘非流动资产很大可能会主要透过出售而非持

续使用方式收回，则其分类为持作出售。

有关资产一般以账面值与公允值减销售成本两

者间的较低者计量。初步分类持作出售之减值

亏损以及其后重新计量之收益及亏损于损益确认。

一经分类为持作出售，物业、厂房及设备不再

予以摊销，而任何以权益法入账之投资对象亦

不再以权益法入账。

(z) 关连人士

(a) 倘有关人士出现下列情况，则该人士或

该人士之近亲家庭成员与本集团有关连：

(i) 控制或共同控制本集团；

(i) 对本集团有重大影响；或

(i) 为本集团之主要管理人员之一。

(b) 倘符合下列任何条件，则一间实体与本

集团有关连：

(i) 该实体与本集团属同一集团之成员

公司（即各母公司、附属公司及同

系附属公司彼此间有关连）。

(i) 一间实体为另一实体之联营公司或

合营公司（或另一实体为成员公司

之集团旗下成员公司之联营公司或

合营公司）。

(i) 两间实体均为同一第三方之合营公

司。

1 Material acounting policies (continued)

(x) Repair and maintenance expenditure

Repair and maintenance expenditure, including cost of overhaul, is

expensed as incured.

(y) Non-curent asets held for sale

Non-curent asets are clasified as held for sale if it is highly

probable that they wil be recovered primarily through sale rather

than through continuing use.

Such asets are generaly measured at the lower of their carying

amount and fair value les costs to sel. Impairment loses on initial

clasification as held for sale and subsequent gains and loses on

remeasurement are recognised in profit or los.

Once clasified as held for sale, property, plant and equipment are no

longer depreciated, and any equity-acounted investe is no longer

equity acounted.

(z) Related parties

(a) A person, or a close member of that person’s family, is related

to the Group if 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.

(b) An entity is related to the Group if any of the folowing

conditions aplies:

(i) The entity and the Group are members of the same

group (which means that each parent, subsidiary and

felow subsidiary is related to the others).

(i) One entity is an asociate or joint venture of the other

entity (or an asociate or joint venture of a member of a

group of which the other entity is a member).

(i) Both entities are joint ventures of the same third party.

Anual Report 2024/2025 年度报告159

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大会计政策（续）

(z) 关连人士（续）

(b) （续）

(iv) 一间实体为第三方实体之合营公司，

而另一实体为该第三方实体之联营

公司。

(v) 该实体乃为本集团或与本集团有关

连之实体就雇员福利而设立之离职

后福利计划。

(vi) 该实体受(a)所识别人士控制或共

同控制。

(vi) 于(a)(i)所识别人士对该实体有重大

影响力或属该实体（或该实体之母

公司）主要管理人员之一。

(vi) 该实体或其所属集团之任何成员公

司向本集团提供主要管理人员服务。

个别人士之近亲家庭成员乃指在处理与实体交

易时可能对该人士施予影响或被该人士影响之

亲属成员。

(a) 分部报告

营运分部及本财务报表所呈报之各分部项目金

额，乃根据定期向本集团高层管理人员提供之

财务报告中识别。高层管理人员依据该等报告

分配资源予本集团不同业务及地域以及评估该

等业务及地域之表现。

就财务报告而言，个别重大营运分部不会综合

呈报，除非该等分部具有类似经济特点及在产

品及服务性质、生产程序性质、客户类型或类别、

分销产品或提供服务所采用之方式及监管环境

性质方面类似。倘个别而言并非属重要之营运

分部符合上述大部份特点，则可能综合呈报。

1 Material acounting policies (continued)

(z) Related parties (continued)

(b) (continued)

(iv) One entity is a joint venture of a third entity and the

other entity is an asociate of the third entity.

(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 a parent of the entity).

(vi) The entity, or any member of a group of which it is a

part, provides key management personel services to

the Group.

Close members of the family of a person are those family members

who may be expected to influence, or be influenced by, that person

in their dealings with the entity.

(a) Segment reporting

Operating segments, and the amounts of each segment item

reported in the financial statements, are identified from the financial

information provided regularly to the Group’s most senior executive

management for the purposes of alocating resources to, and

asesing the performance of, the Group’s various lines of busines

and geographical locations.

Individualy material operating segments are not agregated for

financial reporting purposes unles the segments have similar

economic characteristics and are similar in respect of the nature of

products and services, the nature of production proceses, the type

or clas of customers, the methods used to distribute the products or

provide the services, and the nature of the regulatory environment.

Operating segments which are not individualy material may be

agregated if they share a majority of these criteria.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司160

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

会计判断及估计

附注14、22及23分别载有关于合营公司权益

之减值评估、界定福利退休负债及已授出购股

权及股份奖励之公允值之假设及其风险因素之

资料。估计不确定因素之其他主要来源如下：

(a) 物业、厂房及设备减值

倘有情况显示物业、厂房及设备之账面值可能

无法收回，则该等资产可能被视为「已减值」，

而减值亏损可能会根据《香港会计准则》第36号

「资产减值」予以确认。根据《香港会计准则》第

36号，凡有事件或情况变动显示该等资产所录

得之账面值可能无法收回，该等资产将进行减

值测试。如减值已出现，账面值将减至可收回

金额。可收回金额为其公允值减去出售成本与

使用价值两者中之较高者。厘定使用价值时，

将根据销量、售价及营运成本金额之水平作出

重大判断，将该资产生之预期现金流量折现

至其现值。本集团运用所有可用之资料以厘定

可收回金额之合理概约金额。然而，实际销量、

售价及营运成本金额可能有别于假设，并可能

须对受影响资产之账面值作出重大调整。物业、

厂房及设备之性质及账面值详情于附注11披露。

(b) 递延税项资产

递延税项资产乃就未动用税务亏损及可抵扣暂

时差额而确认。由于该等递延税项资产只限于

有可能使用未动用税收抵免来抵销日后应课税

溢利时才会确认，因此需要管理层判断日后获

得应课税溢利之可能性。本集团不断审阅管理

层之评估，倘未来应课税溢利能使递延税项资

产被收回，便会确认额外之递延税项资产。递

延税项资产之性质及账面值详情于附注24(b)披

露。

2 Acounting judgements and estimates

Notes 14, 22 and 23 contain information about the asumptions

and their risk factors relating to interest in joint venture impairment

asesment, defined benefit retirement liabilities and the fair value

of share options and share awards granted. Other key sources of

estimation uncertainty are as folows:

(a) Impairment of property, plant and equipment

If circumstances indicate that the carying values of property,

plant and equipment may not be recoverable, the asets may be

considered “impaired”, and an impairment los may be recognised in

acordance with HKAS 36, Impairment of asets. Under HKAS 36,

these asets are tested for impairment whenever events or changes

in circumstances indicate that their recorded carying amounts may

not be recoverable. When such a decline has ocured, the carying

amount is reduced to recoverable amount. The recoverable amount

is the greater of its fair value les costs of disposal and the value in

use. In determining the value in use, expected cash flows generated

by the aset are discounted to their present value, which requires

significant judgement relating to level of sales volume, seling

prices and amount of operating costs. The Group uses al readily

available information in determining an amount that is a reasonable

aproximation of recoverable amount. However, actual sales

volumes, seling prices and operating costs may be diferent from

asumptions which may require a material adjustment to the carying

amount of the asets afected. Details of the nature and carying

amounts of property, plant and equipment are disclosed in note 11.

(b) Defered tax asets

Defered tax asets are recognised for unused tax loses and

temporary deductible diferences. As those defered tax asets

can only be recognised to the extent that it is probable that future

taxable profit wil be available against which the unused tax benefits

can be utilised, management judgement is required to ases the

probability of future taxable profits. Management’s asesment

is constantly reviewed and aditional defered tax asets are

recognised if it becomes probable that future taxable profits wil

alow the defered tax asets to be recovered. Details of the nature

and carying amounts of defered tax asets are disclosed in note

24(b).

Anual Report 2024/2025 年度报告161

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

收入及分部报告

(a) 收入

本集团之主要业务为制造及销售食品及饮品。

收入指已售产品之发票价值减退货、回扣及折扣。

由于本集团全部收入均来自制造及销售食品及

饮品，并于某一时间点确认，故并无呈列客户

合约收入细分。

(b) 分部报告

本集团透过按地区成立之实体管理其业务。本

集团按照与向本集团最高层行政管理人员就资

源配置及表现评估之内部汇报资料一致的方式，

呈报下列四个须报告分部。本集团并无合并营

运分部，以组成以下之须报告分部。

－中国内地业务主要指在中国内地生产及

销售豆奶、茶及果汁等产品；

－香港业务（香港特别行政区、澳门特别行

政区及出口）主要指在香港特别行政区生

产及销售豆奶、茶、水、果汁及豆腐等产

品、在澳门特别行政区销售饮料、从香

港特别行政区出口饮料，以及在香港特

别行政区经营学校小食部及餐饮业务；

－澳洲及新西兰业务主要指在澳洲生产及

销售豆奶及其他植物奶产品，以及在新

西兰销售饮料；及

－新加坡业务主要指在新加坡生产及销售

大豆相关产品、在新加坡销售饮品以及

出口大豆相关产品。

本集团之收入全部来自生产及销售食品及饮品。

3 Revenue and segment reporting

(a) Revenue

The principal activities of the Group are the manufacture and sale of

fod and beverages.

Revenue represents the invoiced value of products sold, net of

returns, rebates and discounts.

No disagregation of revenue from contracts with customers is

presented as the entire revenue of the Group is derived from the

manufacture and sale of fod and beverages, and is recognised at

point in time.

(b) Segment reporting

The Group manages its busineses by entities, which are organised

geographicaly. In a maner consistent with the way in which

information is reported internaly to the Group’s most senior

executive management for the purposes of resource alocation and

performance asesment, the Group has presented the folowing four

reportable segments. No operating segments have ben agregated

to form the folowing reportable segments.

– The Mainland China busines mainly represents the

manufacture and sale of soya milk, tea, juice, etc. in Mainland

China;

– The Hong Kong Operation (Hong Kong SAR, Macau SAR

and Exports) mainly represents the manufacture and sale

of soya milk, tea, water, juice, tofu, etc. in Hong Kong SAR,

sale of beverages in Macau SAR, export of beverages from

Hong Kong SAR and the operating of tuck shops and catering

busineses in Hong Kong SAR;

– The Australia and New Zealand busines mainly represents

the manufacture and sale of soya milk and other plant milk

products in Australia and sale of beverages in New Zealand;

and

– The Singapore busines mainly represents the manufacture

and sale of soya related products in Singapore, sale of

beverages in Singapore and the export of soya related

products.

Al of the Group’s revenue is generated from the manufacture and

sale of fod and beverages.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司162

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

收入及分部报告（续）

(b) 分部报告（续）

(i) 分部业绩、资产及负债

就评估分部表现及各分部间之资源配置而言，

本集团最高层行政管理人员根据下列基准监控

各须报告分部之业绩、资产及负债：

分部资产包括全部有形资产、无形资产及流动

资产，惟于合营公司之权益、递延税项资产、

应收现期税项及未分配之总公司及企业资产除

外。分部负债包括个别分部之生产及销售活动

之应付账款及应付票据、银行贷款及由分部直

接管理之租赁负债及其他负债，惟雇员退休福

利负债、递延税项负债、应付现期税项及未分

配之总公司及企业负债除外。

用于报告分部溢利之表示方法为「经营溢利」。

为了得出「经营溢利」，本集团之溢利就并无明

确归于个别分部之项目（如融资成本、所占合

营公司亏损、与承担Vitasoy Australia Products

Pty. Ltd.（「VAP」）全部拥有权相关的整合开支以

及未分配之总公司及企业费用）作出进一步调整。

所得税并无列入报告分部。分部间销售乃按成

本加边际利润定价。

3 Revenue and segment reporting (continued)

(b) Segment reporting (continued)

(i) Segment results, asets and liabilities

For the purposes of asesing segment performance and alocating

resources betwen segments, the Group’s most senior executive

management monitors the results, asets and liabilities atributable

to each reportable segment on the folowing bases:

Segment asets include al tangible asets, intangible asets and

curent asets with the exception of interest in joint venture,

defered tax asets, curent tax recoverable and unalocated head

ofice and corporate asets. Segment liabilities include trade creditors

and bils payable atributable to the manufacture and sales activities

of the individual segments, bank loans, lease liabilities and other

liabilities managed directly by the segments with the exception of

employe retirement benefit liabilities, defered tax liabilities, curent

tax payable and unalocated head ofice and corporate liabilities.

The measure used for reporting segment profit is “profit from

operations”. To arive at “profit from operations”, the Group’s profit

is further adjusted for items not specificaly atributed to individual

segments, such as finance costs, share of loses of joint venture,

integration expenses in relation to the asumption of ful ownership

of Vitasoy Australia Products Pty. Ltd (“VAP”) and unalocated

head ofice and corporate expenses. Income tax is not alocated to

reporting segments. Inter-segment sales are priced at cost plus a

profit margin.

	Mainland China 中国内地		Hong Kong Operation 香港业务		Australia and New Zealand 澳洲及新西兰		Singapore 新加坡		Total 总计
	2025 二零二五年	2024 二零二四年	2025 二零二五年	2024 二零二四年	2025 二零二五年	2024 二零二四年	2025 二零二五年	2024 二零二四年	2025 二零二五年	2024 二零二四年
	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Revenue from external customers 来自外间顾客之收入	3,363,197	3,359,080	2,260,649	2,224,359	543,608	526,676	106,131	107,008	6,273,585	6,217,123
Inter-segment revenue 分部间收入	173,179	148,870	100,203	34,232	2,826	3,253	3,282	3,650	279,490	190,005
Reportable segment revenue 须报告分部之收入	3,536,376	3,507,950	2,360,852	2,258,591	546,434	529,929	109,413	110,658	6,553,075	6,407,128
Reportable segment profit/(loss) from operations 须报告分部之经营溢利╱（亏损）	311,359	220,535	278,969	224,746	(77,013)	(80,890)	(7,729)	(12,855)	505,586	351,536
Interest income 利息收入	2,270	1,756	34,928	20,835	1,000	634	8	–	38,206	23,225
Finance costs 融资成本	(12,339)	(13,181)	(16,561)	(10,434)	(3,736)	(5,969)	(480)	(444)	(33,116)	(30,028)
Depreciation and amortisation for the year 本年度之折旧及摊销	(292,028)	(306,955)	(190,306)	(190,244)	(22,281)	(20,080)	(5,578)	(5,695)	(510,193)	(522,974)
(Recognition)/reversal of impairment losses on property, plant and equipment （确认）╱拨回物业、厂房及设备之减值亏损	(14,513)	(14,009)	33	1,843	–	–	–	–	(14,480)	(12,166)
Impairment losses on assets held for sale 持作出售之资产之减值亏损	–	(3,593)	–	–	–	–	–	–	–	(3,593)
Reportable segment assets 须报告分部之资产	2,372,148	2,641,289	4,374,207	4,164,017	444,929	431,439	89,068	117,809	7,280,352	7,354,554
Reportable segment liabilities 须报告分部之负债	1,617,612	1,922,598	1,191,251	1,148,531	261,893	338,454	31,883	32,812	3,102,639	3,442,395
Additions to non-current segment assets during the year 本年度新增之非流动分部资产	50,583	50,678	137,836	312,256	34,259	43,165	5,011	879	227,689	406,978

Anual Report 2024/2025 年度报告163

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

收入及分部报告（续）

(b) 分部报告（续）

(i) 分部业绩、资产及负债（续）

截至二零二五年及二零二四年三月三十一日止

年度，有关向本集团最高层行政管理人员提供

之资源配置及分部表现评估之须报告分部资料

载列如下：

3 Revenue and segment reporting (continued)

(b) Segment reporting (continued)

(i) Segment results, asets and liabilities (continued)

Information regarding the Group’s reportable segments as provided

to the Group’s most senior executive management for the purposes

of resource alocation and asesment of segment performance for

the years ended 31st March 2025 and 2024 is set out below:

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Revenue 收入
Reportable segment revenue 须报告分部之收入	6,553,075	6,407,128
Elimination of inter-segment revenue 分部间收入之撇销	(279,490)	(190,005)
Consolidated revenue 综合收入	6,273,585	6,217,123

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Profit or loss 损益
Reportable segment profit from operations 须报告分部之经营溢利	505,586	351,536
Finance costs (note 5(a)) 融资成本（附注5(a)）	(33,116)	(30,028)
Share of losses of joint venture 所占合营公司亏损	(13,469)	(23,736)
Integration expenses in relation to assumption of full ownership of VAP 与承担VAP全部拥有权相关的整合开支	–	(9,704)
Unallocated head office and corporate expenses 未分配之总公司及企业费用	(142,011)	(156,400)
Consolidated profit before taxation 综合除税前溢利	316,990	131,668

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司164

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

收入及分部报告（续）

(b) 分部报告（续）

(i) 须报告分部收入、损益、资产及负债

之对账

3 Revenue and segment reporting (continued)

(b) Segment reporting (continued)

(i) Reconciliations of reportable segment revenue, profit or

los, asets and liabilities

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Assets 资产
Reportable segment assets 须报告分部之资产	7,280,352	7,354,554
Elimination of inter-segment receivables 分部间应收款之撇销	(1,898,057)	(2,006,347)
Elimination of inter-segment receivables 分部间应收款之撇销	5,382,295	5,348,207
Deferred tax assets 递延税项资产	226,078	269,555
Current tax recoverable 应收现期税项	172	18,136
Unallocated head office and corporate assets 未分配之总公司及企业资产	40,155	797
Consolidated total assets 综合总资产	5,648,700	5,636,695

Anual Report 2024/2025 年度报告165

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

收入及分部报告（续）

(b) 分部报告（续）

(i) 须报告分部收入、损益、资产及负债

之对账（续）

3 Revenue and segment reporting (continued)

(b) Segment reporting (continued)

(i) Reconciliations of reportable segment revenue, profit or

los, asets and liabilities (continued)

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Liabilities 负债
Reportable segment liabilities 须报告分部之负债	3,102,639	3,442,395
Elimination of inter-segment payables 分部间应付款之撇销	(759,267)	(1,050,176)
Elimination of inter-segment payables 分部间应付款之撇销	2,343,372	2,392,219
Employee retirement benefit liabilities 雇员退休福利负债	24,216	19,164
Deferred tax liabilities 递延税项负债	66,414	72,563
Current tax payable 应付现期税项	32,129	39,797
Unallocated head office and corporate liabilities 未分配之总公司及企业负债	387	315
Consolidated total liabilities 综合总负债	2,466,518	2,524,058

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司166

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

收入及分部报告（续）

(b) 分部报告（续）

(i) 须报告分部收入、损益、资产及负债

之对账（续）

3 Revenue and segment reporting (continued)

(b) Segment reporting (continued)

(i) Reconciliations of reportable segment revenue, profit or

los, asets and liabilities (continued)

Specified non-current assets 特定非流动资产
	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Mainland China 中国内地	1,752,631	2,024,787
Hong Kong Operation 香港业务	730,304	784,991
Australia and New Zealand 澳洲及新西兰	251,944	251,062
Singapore 新加坡	43,212	43,811
Singapore 新加坡	2,778,091	3,104,651

Anual Report 2024/2025 年度报告167

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

收入及分部报告（续）

(b) 分部报告（续）

(i) 地区资料

下表载列有关本集团物业、厂房及设备之地理

位置、购置物业、厂房及设备之订金、无形资

产及于合营公司之权益（「特定非流动资产」）之

资料。就物业、厂房及设备及购置物业、厂房

及设备之订金而言，特定非流动资产之地理位

置乃根据该资产之实际地点确定；就无形资产

而言则指其获配置之业务所在地；就于合营公

司之权益而言则指业务所在地。

香港（本集团所在地）占本集团来自外间顾

客之收入及本集团特定非流动资产分别为

2,025,316,000元（二零二四年：1,962,229,000元）

及722,235,000元（二零二四年：775,554,000元）。

3 Revenue and segment reporting (continued)

(b) Segment reporting (continued)

(i) Geographic information

The folowing table sets out information about the geographic

location of the Group’s property, plant and equipment, deposits for

the acquisition of property, plant and equipment, intangible asets

and interest in joint venture (“specified non-curent asets”). The

geographic location of the specified non-curent asets is based

on the physical location of the aset, in the case of property, plant

and equipment and deposits for the acquisition of property, plant

and equipment, and the location of the operation to which they

are alocated, in the case of intangible asets and the location of

operations, in the case of interest in joint venture.

The revenue from external customers and specified non-curent

asets of the Group atributed to Hong Kong, the Group’s place of

domicile, amounted to $2,025,316,000 (2024: $1,962,229,000) and

$722,235,000 (2024: $775,554,000) respectively.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Government grants (Note) 政府补助（附注）	5,298	30,818
COVID-19-related rent concessions (note 17(c)) 2019冠状病毒病相关租金寛减（附注17(c)）	–	787
Interest income 利息收入	38,206	23,225
Rental income 租金收入	4,349	4,278
Scrap sales 废料销售	8,923	5,287
Rebate from a vendor on acquisition of property, plant and equipment 就购置物业、厂房及设备从卖方所获得之回扣	–	3,675
Maintenance recharge income 收回维修费收入	11,007	8,058
Sundry income 杂项收入	8,251	8,115
Sundry income 杂项收入	76,034	84,243

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司168

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

其他收入

附注：

于上个年度，一项有关二零二零年于中国内地的投

资而获得中华人民共和国（「中国」）政府一笔补助共

24,137,000元。概无于本年内获得该补助。

4 Other income

Note:

During the previous year, government grants of $24,137,000 were received

from the government of the People’s Republic of China (“PRC”) in relation to

an investment in Mainland China in 2020. No such grant was received in the

curent year.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
(a) Finance costs: 融资成本：
Interest on bank loans (note 17(c)) 银行贷款之利息（附注17(c)）	13,692	19,478
Interest on lease liabilities (note 17(c)) 租赁负债之利息（附注17(c)）	19,424	10,550
Interest on lease liabilities (note 17(c)) 租赁负债之利息（附注17(c)）	33,116	30,028

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
(b) Staff costs: 员工成本：
Contributions to defined contribution retirement plans 界定供款退休计划之供款	102,924	106,547
Net expenses recognised in respect of: 以下项目之已确认费用净额：
– Retirement gratuities (note 22(c)(v)) –退休金（附注22(c)(v)）	1,770	2,049
– Long service payments (note 22(d)(i)) –长期服务金（附注22(d)(i)）	3,201	1,075
Total retirement costs 总退休成本	107,895	109,671
Equity settled share-based payment expenses (note 23) 以股份为付款基础之费用（附注23）	21,781	21,865
Severance payments 遣散费用	46,401	14,657
Salaries, wages and other benefits 薪金、工资及其他福利	1,486,717	1,524,766
Salaries, wages and other benefits 薪金、工资及其他福利	1,662,794	1,670,959

Anual Report 2024/2025 年度报告169

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

除税前溢利

除税前溢利已扣除╱（计入）：

5 Profit before taxation

Profit before taxation is arived at after charging/(crediting):

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
(c) Other operating expenses: 其他经营费用：
Staff costs 员工成本	174,029	173,981
Sundry tax in Mainland China 中国内地的其他税项	41,063	37,910
Withholding tax on royalty and interest income 特许权使用费及利息收入预扣税	16,694	17,810
Quality assurance and sampling expenses 质量保证及样本费用	13,950	16,665
Depreciation and amortisation 折旧及摊销	14,460	14,081
Professional fees 专业费	13,656	12,852
Repair and maintenance expenses 维修及保养费用	6,599	6,264
Exchange loss 汇兑亏损	11,115	4,458
Donations 捐款	3,027	3,497
Net (gain)/loss on disposal of property, plant and equipment (note 17(b)) 出售物业、厂房及设备之（收益）╱亏损净额（附注17(b)）	(588)	2,126
Recognition of write down of inventories 确认撇减存货	1,936	2,889
Recognition/(reversal) of impairment losses on trade and other receivables (note 17(b)) 确认╱（拨回）应收账款及其他应收款之减值亏损（附注17(b)）	575	(4,706)
Impairment losses on property, plant and equipment (note 17(b)) 物业、厂房及设备之减值亏损（附注17(b)）	14,480	12,166
Impairment losses on assets held for sale (note 17(b)) 持作出售之资产之减值亏损（附注17(b)）	–	3,593
Others 其他	23,875	29,324
Others 其他	334,871	332,910

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司170

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

除税前溢利（续）

除税前溢利已扣除╱（计入）：（续）

5 Profit before taxation (continued)

Profit before taxation is arived at after charging/(crediting):

(continued)

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
(d) Other items: 其他项目：
COVID-19-related rent concessions (note 11(b)) 2019冠状病毒病相关租金寛减（附注11(b)）	–	(828)
Amortisation of intangible assets 无形资产之摊销	110	279
Depreciation 折旧
– Investment properties –投资物业	126	126
– Right-of-use assets –使用权资产	113,525	105,509
– Other assets –其他资产	396,432	417,060
Auditors’ remuneration 核数师酬金
– Audit services –审核服务	6,139	6,838
– Other audit-related services –其他审核相关服务	334	318
– Tax services –税务服务	251	343
Variable lease payments not included in the measurement of lease liabilities (note 11(b)) 不计入租赁负债计量之可变租赁付款（附注11(b)）	16,659	17,609
Exchange loss 外汇亏损	11,115	4,458
Cost of inventories (note 15(b)) 存货成本（附注15(b)）	3,069,101	3,124,175

Anual Report 2024/2025 年度报告171

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

除税前溢利（续）

除税前溢利已扣除╱（计入）：（续）

5 Profit before taxation (continued)

Profit before taxation is arived at after charging/(crediting):

(continued)

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Current tax – Hong Kong Profits Tax 现期税项－香港利得税
Provision for the year 年内拨备	27,984	22,144
Under/(over)-provision in respect of prior years 以往年度之拨备不足╱（高估拨备）	18	(6,905)
	28,002	15,239
Current tax – Outside Hong Kong 现期税项－香港以外地区
Provision for the year 年内拨备	30,799	24,150
Over-provision in respect of prior years 以往年度之高估拨备	(17,549)	(2,341)
Over-provision in respect of prior years 以往年度之高估拨备	13,250	21,809
Deferred tax 递延税项	35,170	(23,168)
Deferred tax 递延税项	76,422	13,880

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司172

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

综合损益表之所得税

(a) 综合损益表之税项如下：

附注：

(i) 二零二五年之香港利得税拨备是按年内之估计

应课税溢利以16.5%（二零二四年：16.5%）之

税率计算。

(i) 根据相关中国企业所得税法律、法规及实施指

引注释，适用于本公司之深圳、佛山、上海、

武汉、东莞及南沙附属公司之法定所得税率为

25%。

此外，本集团须就本集团中国内地外资企业以

于二零七年十二月三十一日后产生之溢利作

出之分派按5%适用税率缴纳预扣税。本集团

已就此根据中国内地外资企业于可预见未来预

计以于二零七年十二月三十一日后产生之溢

利分派之股息计提递延税项负债。

(i) 香港特别行政区及中国内地以外地区之附属公

司之税项则按有关税项司法管辖区之现行适用

税率计算。

6 Income tax in the consolidated statement of

profit or los

(a) Taxation in the consolidated statement of profit or

los represents:

Notes:

(i) The provision for Hong Kong Profits Tax for 2025 is calculated at

16.5% (2024: 16.5%) of the estimated asesable profits for the year.

(i) In acordance with the relevant PRC corporate income tax laws,

regulations and implementation guidance notes, the statutory income

tax rate aplicable to the Company’s subsidiaries in Shenzhen, Foshan,

Shanghai, Wuhan, Donguan and Nansha is 25%.

In adition, the Group is subject to witholding tax at the aplicable

rate of 5% on distribution of profits generated after 31st December

2007 from the Group’s foreign-invested enterprises in Mainland

China. Defered tax liabilities have ben provided for in this regard

based on the expected dividends to be distributed from the foreign-

invested enterprises in Mainland China in the foreseable future in

respect of the profits generated after 31st December 2007.

(i) Taxation for subsidiaries outside Hong Kong SAR and Mainland China

is charged at the apropriate curent rates of taxation ruling in the

relevant tax jurisdictions.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Profit before taxation 除税前溢利	316,990	131,668
Notional tax on profit before taxation, calculated at the rates applicable to profit in the tax jurisdictions concerned 按有关税项司法管辖区适用于溢利之税率计算除税前溢利之名义税项	47,677	(2,312)
Tax effect of non-deductible expenses 不可扣减支出之税项影响	9,274	17,870
Tax effect of non-taxable revenue 非课税收入之税项影响	(9,988)	(9,360)
Withholding tax of Mainland China subsidiaries 中国内地附属公司之预提税项	2,962	1,543
Tax effect of unused tax losses and deductible temporary differences not recognised 未确认之未动用税务亏损及可抵扣暂时差异之税务影响	39,947	10,338
Tax effect of recognition of tax loss and deductible temporary differences not previously recognised 确认先前未确认之税务亏损及可抵扣暂时差异之税务影响	(21,509)	(8,372)
Net over-provision in respect of prior years 以往年度之高估拨备净额	(17,531)	(9,246)
Tax credit on PRC Corporate Income Tax paid 已缴中国企业所得税之税项抵免	(9,136)	(9,405)
Tax effect of written-off and reversal of previously recognised tax losses 撇销及拨回先前已确认税项亏损之税务影响	35,691	23,285
Others 其他	(965)	(461)
Actual tax expense 实际税项支出	76,422	13,880

Anual Report 2024/2025 年度报告173

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

综合损益表之所得税（续）

(b) 税项支出与会计溢利以适用税率

计算之对账：

本集团已应用香港会计师公会于二零二三年七

月颁布之《香港会计准则》第12号递延税项会计

要求的临时例外情况。因此，本集团不会确认

或披露与支柱二所得税相关的递延税项资产及

负债的资料。

6 Income tax in the consolidated statement of

profit or los (continued)

(b) Reconciliation betwen tax expense and

acounting profit at aplicable tax rates:

The Group has aplied the temporary exception isued by the

HKICPA in July 2023 from the acounting requirements for defered

taxes in HKAS 12. Acordingly, the Group neither recognises nor

discloses information about defered tax asets and liabilities related

to Pilar Two income taxes.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司174

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

综合损益表之所得税（续）

本集团预期将纳入经济合作与发展组织（「经合

组织」）支柱二规则范本的范围内。在本集团营

运所在的司法管辖区中，澳洲及加拿大已颁布

支柱二法例，其于二零二四年一月一日起的财

政年度生效并对本集团适用。香港特别行政区

及新加坡之政府预计将自二零二五年一月一日

起实施支柱二法例。根据有关法例，于截至二

零二五年三月三十一日止年度，倘加拿大（及

美国）与澳洲的全球反侵蚀税基实际税率低于

15%，则本集团需就其于各个司法管辖区的全

球反侵蚀税基实际税率与15%最低税率之差额

缴纳补足税。鉴于计算全球反侵蚀税基实际税

率所涉及的复杂性，本集团已就本集团经营所

在且已颁布支柱二法例的司法管辖区初步评估

支柱二法例对税项的影响。基于初步评估，本

集团预计已颁布支柱二法例的加拿大（连同其

于美国的附属公司）及澳洲将可能符合过渡性

国别报告安全港标准，因此于截至二零二五年

三月三十一日止年度可能不会产生补足税影响。

本集团将继续监察支柱二法例发展，并重新评

估潜在税项影响。

6 Income tax in the consolidated statement of

profit or los (continued)

The Group is expected to be within the scope of the Organisation for

Economic Co-operation and Development (“OECD”) Pilar Two model

rules. Of the jurisdictions in which the Group operates, Australia

and Canada enacted Pilar Two legislation which is efective and is

aplicable to the Group for the fiscal year starting on 1st January

2024. The governments of the Hong Kong SAR and Singapore

anticipate implementation of Pilar Two legislation starting from 1st

January 2025. Under such legislation, the Group is liable to pay a

top-up tax for the diference betwen its Global AntiBase Erosion

(“GloBE”) efective tax rate (“ETR”) per jurisdiction and the 15%

minimum rate if the GloBE ETR of Canada (and the United States)

and Australia are les than 15% for the year ended 31st March

2025. Given the complexities involved in calculating GloBE ETR, the

Group has undertaken a preliminary asesment of the Pilar Two

tax implications for the jurisdictions in which the Group operates

and have enacted Pilar Two legislation. Based on the preliminary

asesment, the Group expects that Canada (with its subsidiary in

United States) and Australia, where Pilar Two legislation has ben

enacted wil likely satisfy the Transitional Country-by-Country

Reporting (“CbCR”) Safe Harbour criteria and at this time it is unlikely

there wil be any top-up tax impact for the year ended 31st March

2025. The Group wil continue to monitor Pilar Two developments

and reases the potential impact on its tax position.

2025 二零二五年
	Directors’ fees 董事袍金	Salaries, allowances and other benefits in kind 薪金、津贴及其他实物福利	Discretionary bonuses 酌情发放之花红	Retirement scheme contributions 退休计划供款	Sub-total 小计	Share-based payments 以股份为基础之付款	Total 总计
(Note) （附注）
	Directors’ fees 董事袍金		Discretionary bonuses 酌情发放之花红	Retirement scheme contributions 退休计划供款	Sub-total 小计	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Executive Directors 执行董事
Mr. Winston Yau-lai LO 罗友礼先生	426	6,596	4,775	423	12,220	4,359	16,579
Mr. Roberto GUIDETTI 陆博涛先生	256	8,280	5,274	557	14,367	7,863	22,230
Mr. Eugene LYE 黎中山先生	256	2,382	799	67	3,504	–	3,504
Non-executive Directors 非执行董事
Ms. Yvonne Mo-ling LO 罗慕玲女士	306	–	–	–	306	–	306
Mr. Peter Tak-shing LO 罗德承先生	306	–	–	–	306	–	306
Ms. May LO 罗其美女士	422	–	–	–	422	–	422
Independent Non-executive Directors 独立非执行董事
Dr. The Hon. Sir David Kwok-po LI (retired on 19th August 2024) 李国宝爵士（于二零二四年八月十九日退任）	234	–	–	–	234	–	234
Mr. Jan P.S. ERLUND (retired on 19th August 2024) Jan P.S. ERLUND先生 (于二零二四年八月十九日退任)	222	–	–	–	222	–	222
Mr. Anthony John Liddell NIGHTINGALE 黎定基先生	672	–	–	–	672	–	672
Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH先生	957	–	–	–	957	–	957
Dr. Roy Chi-ping CHUNG 钟志平博士	525	–	–	–	525	–	525
Ms. Wendy Wen-yee YUNG (appointed on 19th August 2024) 容韵仪女士（于二零二四年八月十九日获委任）	274	–	–	–	274	–	274
	4,856	17,258	10,848	1,047	34,009	12,222	46,231

Anual Report 2024/2025 年度报告175

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

董事之酬金

根据香港《公司条例》第383(1)条及《公司（披露

董事利益资料）规例》第2部披露之董事酬金如

下：

7 Emoluments of Directors

Directors’ emoluments disclosed pursuant to section 383(1) of the

Hong Kong Companies Ordinance and Part 2 of the Companies

(Disclosure of Information about Benefits of Directors) Regulation

are as folows:

2024 二零二四年
	Directors’ fees 董事袍金	Salaries, allowances and other benefits in kind 薪金、津贴及其他实物福利	Discretionary bonuses 酌情发放之花红	Retirement scheme contributions 退休计划供款	Sub-total 小计	Share-based payments 以股份为基础之付款	Total 总计
(Note) （附注）
	Directors’ fees 董事袍金		Discretionary bonuses 酌情发放之花红	Retirement scheme contributions 退休计划供款	Sub-total 小计	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Executive Directors 执行董事
Mr. Winston Yau-lai LO 罗友礼先生	414	6,309	4,635	408	11,766	3,814	15,580
Mr. Roberto GUIDETTI 陆博涛先生	248	7,688	5,073	538	13,547	8,201	21,748
Mr. Eugene LYE 黎中山先生	248	2,374	403	69	3,094	–	3,094
Non-executive Directors 非执行董事
Ms. Yvonne Mo-ling LO 罗慕玲女士	299	–	–	–	299	–	299
Mr. Peter Tak-shing LO 罗德承先生	299	–	–	–	299	–	299
Ms. May LO 罗其美女士	367	–	–	–	367	–	367
Independent Non-executive Directors 独立非执行董事
Dr. The Hon. Sir David Kwok-po LI 李国宝爵士	593	–	–	–	593	–	593
Mr. Jan P.S. ERLUND Jan P.S. ERLUND先生	563	–	–	–	563	–	563
Mr. Anthony John Liddell NIGHTINGALE 黎定基先生	643	–	–	–	643	–	643
Mr. Paul Jeremy BROUGH Paul Jeremy BROUGH先生	902	–	–	–	902	–	902
Dr. Roy Chi-ping CHUNG 钟志平博士	434	–	–	–	434	–	434
Dr. Roy Chi-ping CHUNG 钟志平博士	5,010	16,371	10,111	1,015	32,507	12,015	44,522

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司176

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

董事之酬金（续）

根据香港《公司条例》第383(1)条及《公司（披露

董事利益资料）规例》第2部披露之董事酬金如

下：（续）

7 Emoluments of Directors (continued)

Directors’ emoluments disclosed pursuant to section 383(1) of the

Hong Kong Companies Ordinance and Part 2 of the Companies

(Disclosure of Information about Benefits of Directors) Regulation

are as folows: (continued)

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Salaries and other emoluments 薪金及其他酬金	11,146	11,174
Retirement scheme contributions 退休计划供款	401	419
Discretionary bonuses 酌情发放之花红	4,094	4,407
Share-based payments 以股份为基础之付款	2,823	3,167
Share-based payments 以股份为基础之付款	18,464	19,167

Anual Report 2024/2025 年度报告177

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

董事之酬金（续）

附注：以股份为基础之付款指根据本公司之购股权计

划及股份奖励计划授予董事之购股权及股份奖

励之估计价值。此等购股权及股份奖励之价值

乃根据附注1(q)(i)所载本集团就以股份为付款

基础之交易采用之会计政策而计量，而按照该

政策，包括对过往年度累计而所授出的股本工

具在归属前已被没收之拨回金额所作之调整。

此等实物福利之详情（包括已授出之购股权及

股份奖励之主要条款及数目）于董事会报告「购

股权计划」及「股份奖励计划」一段及附注23中

披露。

最高酬金人士

在五名最高酬金人士中，两名（二零二四年：两

名）为董事，彼等之酬金于附注7中披露。其余

三名（二零二四年：三名）人士之酬金总额如下：

7 Emoluments of Directors (continued)

Note: These represent the estimated value of share options and share

awards granted to the Directors under the Company’s share option

scheme and share award scheme. The value of these share options

and share awards is measured acording to the Group’s acounting

policies for share-based payment transactions as set out in note 1(q)(i)

and, in acordance with that policy, includes adjustments to reverse

amounts acrued in previous years where grants of equity instruments

are forfeited prior to vesting.

The details of these benefits in kind, including the principal terms

and number of options and awards granted, are disclosed under the

paragraph “Share option scheme” and “Share award scheme” in the

directors’ report and note 23.

8 Individuals with highest emoluments

Of the five individuals with the highest emoluments, two (2024:

two) are Directors whose emoluments are disclosed in note 7. The

agregate of the emoluments in respect of the other thre (2024:

thre) individuals are as folows:

	2025 二零二五年 Number of individuals 人数	2024 二零二四年 Number of individuals 人数
$5,500,001 to $6,000,000 5,500,001元至6,000,000元	1	1
$6,000,001 to $6,500,000 6,000,001元至6,500,000元	1	1
$6,500,001 to $7,000,000 6,500,001元至7,000,000元	1	–
$7,000,001 to $7,500,000 7,000,001元至7,500,000元	–	1

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司178

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

最高酬金人士（续）

三名（二零二四年：三名）最高酬金人士之酬金

介乎以下组别：

8 Individuals with highest emoluments (continued)

The emoluments of the thre (2024: thre) individuals with the

highest emoluments are within the folowing bands:

	2025 二零二五年			2024 二零二四年
	Before-tax amount 除税前金额	Tax credit 税项抵免	Net-of-tax amount 扣除税项金额	Before-tax amount 除税前金额	Tax credit/ (expenses) 税项抵免╱ （费用）	Net-of-tax amount 扣除税项金额
	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Exchange differences on translation of financial statements of subsidiaries and joint venture outside Hong Kong 因换算香港以外地区附属公司及合营公司之财务报表而产生之汇兑差额	(15,953)	–	(15,953)	(107,884)	–	(107,884)
Cash flow hedge: net movement in the hedging reserve 现金流量对冲：对冲储备净变动	–	–	–	(2,092)	344	(1,748)
Remeasurement of employee retirement benefit liabilities 雇员退休福利负债之重新计量	(2,620)	244	(2,376)	6,089	(1,003)	5,086
	(18,573)	244	(18,329)	(103,887)	(659)	(104,546)

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Cash flow hedges: 现金流量对冲：
Effective portion of changes in fair value of hedging instruments recognised during the year 年内确认之对冲工具公允值变动之有效部份	–	(2,919)
Amounts transferred to initial carrying amount of hedged items 转拨至对冲项目最初账面值之金额	–	827
Net deferred tax credited to other comprehensive income 于其他全面收益计入之递延税项净额	–	344
Net movement in the hedging reserve during the year recognised in other comprehensive income 年内于其他全面收益确认之对冲储备净变动	–	(1,748)

Anual Report 2024/2025 年度报告179

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

其他全面收益

(a) 有关其他全面收益各部份之税务

影响：

(b) 其他全面收益之部份：

9 Other comprehensive income

(a) Tax efects relating to each component of other

comprehensive income:

(b) Components of other comprehensive income:

	2025 二零二五年 Number of shares 股份数目 ’000 千股	2024 二零二四年 Number of shares 股份数目 ’000 千股
Issued ordinary shares at 1st April 于四月一日之已发行普通股	1,072,815	1,070,899
Effect of share options exercised 已行使购股权之影响	–	1,487
Effect of share awards vested 已归属奖励股份之影响	185	155
Effect of shares purchased under share award scheme 根据股份奖励计划购买股份之影响	(1,383)	(572)
Effect of share buy-back programme 股份购回计划之影响	(140)	–
Weighted average number of ordinary shares at 31st March (note 10(b)) 于三月三十一日之普通股之加权平均数（附注10(b)）	1,071,477	1,071,969

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司180

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

每股盈利

(a) 每股基本盈利

每股基本盈利乃根据本公司股权持有人

应占溢利234,674,000元（二零二四年：

116,367,000元）及年内已发行普通股之加权

平均数1,071,477,000股普通股（二零二四年：

1,071,969,000股普通股）计算，其计算如下：

普通股之加权平均数

10 Earnings per share

(a) Basic earnings per share

The calculation of basic earnings per share is based on the profit

atributable to equity shareholders of the Company of $234,674,000

(2024: $116,367,000) and the weighted average number of

1,071,477,000 ordinary shares (2024: 1,071,969,000 ordinary

shares) in isue during the year, calculated as folows:

Weighted average number of ordinary shares

	2025 二零二五年 Number of shares 股份数目 ’000 千股	2024 二零二四年 Number of shares 股份数目 ’000 千股
Weighted average number of ordinary shares at 31st March (note 10(a)) 于三月三十一日之普通股之加权平均数（附注10(a)）	1,071,477	1,071,969
Effect of deemed issue of ordinary shares under the Company’s share option scheme for nil consideration 假设因根据本公司之购股权计划以无偿方式发行普通股之影响	–	7
Effect of shares awarded under share award scheme 根据股份奖励计划奖授股份之影响	859	919
Weighted average number of ordinary shares (diluted) at 31st March 于三月三十一日之普通股之加权平均数（摊薄）	1,072,336	1,072,895

Anual Report 2024/2025 年度报告181

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

每股盈利（续）

(b) 每股摊薄盈利

每股摊薄盈利乃根据本公司股权持有人应占溢

利234,674,000 元（二零二四年：116,367,000

元）及就所有具潜在摊薄盈利之普通股之影响而

作出调整后之普通股加权平均数1,072,336,000

股普通股（二零二四年：1,072,895,000股普通

股）计算，其计算如下：

普通股之加权平均数（摊薄）

于二零二五年三月三十一日，本集团持有与其

购股权计划及股份奖励计划相关之潜在摊薄股

份。若干购股权未来可摊薄每股基本盈利，惟

不计入每股摊薄盈利之计算中，因其于期内为

反摊薄。

10 Earnings per share (continued)

(b) Diluted earnings per share

The calculation of diluted earnings per share is based on the profit

atributable to equity shareholders of the Company of $234,674,000

(2024: $116,367,000) and the weighted average number of

1,072,336,000 ordinary shares (2024: 1,072,895,000 ordinary

shares) after adjusting for the efects of al dilutive potential ordinary

shares, calculated as folows:

Weighted average number of ordinary shares (diluted)

As at 31st March 2025, the Group had potential dilutive shares in

conection with its share option scheme and share award scheme.

Certain share options could potentialy dilute basic earnings per

share in the future, but were not included in the calculation of diluted

earnings per shares because they are antidilutive for the period.

Other property, plant and equipment 其他物业、厂房及设备
	Land and buildings held for own use 持有作自用之土地及楼宇	Factory machinery and equipment 工厂机器及设备	Fixtures, furniture and office equipment 装置、家私及办公室设备	Motor vehicles 汽车	Construction in progress 在建工程	Sub-total 小计	Right-of-use assets 使用权资产	Investment properties 投资物业	Total 总计
	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Cost: 成本：
At 1st April 2023 于二零二三年四月一日	1,617,058	4,136,152	666,878	156,478	61,259	6,637,825	526,819	22,698	7,187,342
Exchange adjustments 汇兑调整	(69,602)	(149,876)	(12,742)	(2,295)	(4,994)	(239,509)	(13,583)	–	(253,092)
Additions 添置	–	26,275	12,539	19,031	75,530	133,375	272,491	–	405,866
Transfer 转拨	4,231	91,088	11,130	824	(107,273)	–	–	–	–
Disposals 出售	(335)	(48,121)	(8,349)	(13,764)	–	(70,569)	(38,071)	–	(108,640)
Classified as assets held for sale (note 18) 分类为持作出售之资产（附注18）	–	(29,118)	–	–	–	(29,118)	–	–	(29,118)
At 31st March 2024 于二零二四年三月三十一日	1,551,352	4,026,400	669,456	160,274	24,522	6,432,004	747,656	22,698	7,202,358
Accumulated depreciation and impairment losses: 累计折旧及减值亏损：
At 1st April 2023 于二零二三年四月一日	638,970	2,410,142	375,472	101,967	–	3,526,551	249,095	19,574	3,795,220
Exchange adjustments 汇兑调整	(22,524)	(77,544)	(6,420)	(1,660)	–	(108,148)	(3,267)	–	(111,415)
Charge for the year 本年度折旧	57,008	280,179	67,127	12,746	–	417,060	105,509	126	522,695
Impairment losses/(reversal of impairment losses) 减值亏损╱（拨回减值亏损）	–	12,529	(363)	–	–	12,166	–	–	12,166
Written back on disposals 出售时拨回	(302)	(43,255)	(7,858)	(13,511)	–	(64,926)	(35,966)	–	(100,892)
Classified as assets held for sale (note 18) 分类为持作出售之资产（附注18）	–	(18,836)	–	–	–	(18,836)	–	–	(18,836)
At 31st March 2024 于二零二四年三月三十一日	673,152	2,563,215	427,958	99,542	–	3,763,867	315,371	19,700	4,098,938
Net book value: 账面净值：
At 31st March 2024 于二零二四年三月三十一日	878,200	1,463,185	241,498	60,732	24,522	2,668,137	432,285	2,998	3,103,420

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司182

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

物业、厂房及设备

(a)

11 Property, plant and equipment

(a)

Other property, plant and equipment 其他物业、厂房及设备
	Land and buildings held for own use 持有作自用之土地及楼宇	Factory machinery and equipment 工厂机器及设备	Fixtures, furniture and office equipment 装置、家私及办公室设备	Motor vehicles 汽车	Construction in progress 在建工程	Sub-total 小计	Right-of-use assets 使用权资产	Investment properties 投资物业	Total 总计
	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Cost: 成本：
At 1st April 2024 于二零二四年四月一日	1,551,352	4,026,400	669,456	160,274	24,522	6,432,004	747,656	22,698	7,202,358
Exchange adjustments 汇兑调整	(11,281)	(28,278)	(1,977)	(261)	(2,206)	(44,003)	(2,227)	–	(46,230)
Additions 添置	464	28,039	25,221	9,334	61,316	124,374	104,364	–	228,738
Transfer 转拨	2,409	45,523	14,963	–	(62,895)	–	–	–	–
Disposals 出售	–	(108,793)	(8,488)	(11,766)	–	(129,047)	(79,977)	–	(209,024)
At 31st March 2025 于二零二五年三月三十一日	1,542,944	3,962,891	699,175	157,581	20,737	6,383,328	769,816	22,698	7,175,842
Accumulated depreciation and impairment losses: 累计折旧及减值亏损：
At 1st April 2024 于二零二四年四月一日	673,152	2,563,215	427,958	99,542	–	3,763,867	315,371	19,700	4,098,938
Exchange adjustments 汇兑调整	(4,525)	(20,699)	(1,617)	(217)	–	(27,058)	(560)	–	(27,618)
Charge for the year 本年度折旧	56,286	262,353	64,530	13,263	–	396,432	113,525	126	510,083
Impairment losses 减值亏损	–	14,325	146	9	–	14,480	–	–	14,480
Written back on disposals 出售时拨回	–	(100,002)	(7,926)	(11,346)	–	(119,274)	(78,786)	–	(198,060)
At 31st March 2025 于二零二五年三月三十一日	724,913	2,719,192	483,091	101,251	–	4,028,447	349,550	19,826	4,397,823
Net book value: 账面净值：
At 31st March 2025 于二零二五年三月三十一日	818,031	1,243,699	216,084	56,330	20,737	2,354,881	420,266	2,872	2,778,019

Anual Report 2024/2025 年度报告183

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

物业、厂房及设备（续）

(a) （续）

11 Property, plant and equipment (continued)

(a) (continued)

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司184

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

物业、厂房及设备（续）

(a) （续）

于年内，若干物业、厂房及设备项目之账面值

撇减14,480,000元（二零二四年：12,166,000

元）至下列之彼等可收回金额（可收回金额按公

允值减去出售成本及使用价值两者中之较高者

所估算）：

(i) 中国内地及香港特别行政区业务使用的

多项物业、厂房及设备项目因停止使用

而确认减值亏损14,636,000 元（二零二四

年：13,827,000元），该等项目的可收回

金额乃微不足道。

(i) 在香港特区政府于二零二三年二月宣布

解除防疫措施后，本集团就复苏预期而

对本集团维他天地小食店业务的未来

表现进行评估。就此，于上个年度对其

他物业、厂房及设备确认拨回减值亏损

1,661,000元。

11 Property, plant and equipment (continued)

(a) (continued)

During the year, the carying amounts of certain items of property,

plant and equipment were writen down by $14,480,000 (2024:

$12,166,000) to their recoverable amounts as folows (the

recoverable amounts were estimated using the higher of fair value

les costs of disposal and value in use):

(i) An impairment los of $14,636,000 (2024: $13,827,000) was

recognised on various items of property, plant and equipment

utilised in the Mainland China and Hong Kong SAR operations

reflecting the cesation of usage, where the recoverable

amounts of these items were minimal.

(i) Folowing the relaxation of pandemic prevention measures

anounced by the Hong Kong SAR Government in February

2023, in anticipation of a recovery, management performed an

asesment of the future performance of the Group’s Vitaland

tuckshop busines. Consequently, a reversal of impairment

los was recognised in respect of other property, plant and

equipment of $1,661,000 during the previous year.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Interests in leasehold land held for own use, carried at depreciated cost, with remaining lease term of: 持作自用之租赁土地权益（按折旧成本列账）之余下租期︰
– 50 years or more – 50 年或以上	7,229	6,471
– between 10 and 50 years – 10 至50年之间	140,556	144,996
	147,785	151,467
Other properties leased for own use, carried at depreciated cost 租赁作自用之其他物业（按折旧成本列账）	270,385	279,970
Factory machinery and equipment, carried at depreciated cost 工厂机器及设备（按折旧成本列账）	2,069	783
Fixtures, furniture and office equipment, carried at depreciated cost 装置、家私及办公室设备（按折旧成本列账）	27	65
	420,266	432,285

Anual Report 2024/2025 年度报告185

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

物业、厂房及设备（续）

(b) 使用权资产

按相关资产分类之使用权资产之账面净值分析

如下：

11 Property, plant and equipment (continued)

(b) Right-of-use asets

The analysis of the net bok value of right-of-use asets by clas of

underlying aset is as folows:

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Depreciation charge of right-of-use assets by class of underlying asset: 按相关资产分类之使用权资产之折旧费用：
– Ownership interests in leasehold land held for own use – 持有作自用之租赁土地拥有权权益	3,770	3,780
– Other properties leased for own use – 租赁作自用之其他物业	107,070	101,056
– Factory machinery and equipment – 工厂机器及设备	2,645	580
– Fixtures, furniture and office equipment – 装置、家私及办公室设备	40	93
– Fixtures, furniture and office equipment – 装置、家私及办公室设备	113,525	105,509
Interest on lease liabilities (note 5(a)) 租赁负债之利息（附注5(a)）	19,424	10,550
Expense relating to short-term leases 有关短期租赁之开支	20,670	21,538
Expense relating to leases of low-value assets, excluding short-term leases of low-value assets 有关低价值资产租赁之开支（低价值资产之短期租赁除外）	941	2,488
Variable lease payments not included in the measurement of lease liabilities (note 5(d)) 不计入租赁负债计量之可变租赁付款（附注5(d)）	16,659	17,609
COVID-19-related rent concessions (note 5(d)) 2019冠状病毒病相关租金寛减（附注5(d)）	–	(828)

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司186

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

物业、厂房及设备（续）

(b) 使用权资产（续）

与于损益确认之租赁相关之开支项目分析如下：

11 Property, plant and equipment (continued)

(b) Right-of-use asets (continued)

The analysis of expense items in relation to leases recognised in

profit or los is as folows:

Anual Report 2024/2025 年度报告187

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

物业、厂房及设备（续）

(b) 使用权资产（续）

本集团租用多个仓库、办公室、工厂及办公室

设备供其营运使用。计入使用权资产之租赁一

般初步为期一年至五年。就可于合约年期完结

时选择重续额外租期的租赁，在切实可行之情

况下，本集团力求包括本集团可行使之有关延

期选项，以提供运营灵活性。本集团于租赁开

始日期评估是否合理肯定行使延期选项。倘本

集团未能合理肯定将行使延期选项，于延期

间之未来租赁付款不会计入租赁负债之计量。

该等未来租赁付款于二零二五年及二零二四年

三月三十一日概无潜在风险。

此外，本集团为数块租赁土地之注册持有人，

已就此提前作出一次性付款收购该等土地。

年内，添置至使用权资产为104,364,000元（二

零二四年：272,491,000元）。该款项主要与新

租赁协议项下资本化租赁付款有关。

有关租赁之现金流出总额及租赁负债之到期分

析分别载列于附注17(d)及21。

11 Property, plant and equipment (continued)

(b) Right-of-use asets (continued)

The Group leases various warehouses, ofices and factory and ofice

equipment for use in its operations. The leases included in right-

of-use asets typicaly run for an initial period of betwen one year

and five years. For leases which include an option to renew the

lease for an aditional period after the end of the contract term,

where practicable, the Group seks to include such extension

option exercisable by the Group to provide operational flexibility.

The Group aseses at lease comencement date whether it is

reasonably certain to exercise the extension options. If the Group is

not reasonably certain that it wil exercise the extension option, the

future lease payments during the extension periods are not included

in the measurement of lease liabilities. There is no potential exposure

to these future lease payments as at 31st March 2025 and 2024.

In adition, the Group is the registered owner of several plots of

leasehold land, in respect of which upfront lump sum payments were

made to acquire them.

During the year, aditions to right-of-use asets were $104,364,000

(2024: $272,491,000). This amount primarily related to the

capitalised lease payments payable under new tenancy agrements.

Details of total cash outflow for leases and the maturity analysis of

lease liabilities are set out in notes 17(d) and 21, respectively.

		2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Within one year 一年内		1,812	3,262

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司188

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

物业、厂房及设备（续）

及设备

本集团以经营租赁租出投资物业。该等租赁初

步为期两年，任何参与方有权提早终止。该等

租赁并无包括或然租金。

本集团根据不可解除之经营租赁应收之未折现

租赁付款如下：

(d) 投资物业之公允值

投资物业于二零二五年三月三十一日之公允值

为48,700,000元（二零二四年：59,700,000元），

此乃经参考可比较物业之近期市场交易后按公

开市场价值进行估计（二零二四年：采取同一估

值基准）。估值乃由独立测量师行罗马国际评

估有限公司进行，其部份职员为香港测量师学

会之会员，在所估值物业之地区及类别具有相

关近期经验。

11 Property, plant and equipment (continued)

operating leases

The Group leases out investment properties under an operating

lease. The lease runs for an initial period of two years, with an option

to be early terminated by either participating party. None of the

leases includes contingent rentals.

The Group’s undiscounted lease payments under non-cancelable

operating lease are receivable as folows:

(d) The fair value of investment properties

The fair value of investment properties at 31st March 2025 is

$48,700,000 (2024: $59,700,000) which has ben estimated at

their open market value by reference to recent market transactions

in comparable properties (2024: same basis of valuation adopted).

The valuation was caried out by an independent firm of surveyors,

Roma Apraisals Limited, who have among their staf members of

the Hong Kong Institute of Surveyors with recent experience in the

location and category of the properties being valued.

Anual Report 2024/2025 年度报告189

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

物业、厂房及设备（续）

(d) 投资物业之公允值（续）

公允值计量根据《香港财务报告准则》第13号「公

允值计量」所界定之三级公允值架构分类为第

三级估值。将某公允值计量分类之等级乃经参

考如下估值方法所用数据之可观察性及重要性

后厘定：

－第一级估值：仅使用第一级输入数据（即

于计量日同类资产或负债于活跃市场之

未经调整报价）计量之公允值；

－第二级估值：使用第二级输入数据（即未

能达到第一级之可观察输入数据）且并未

使用重大不可观察输入数据计量之公允

值。不可观察输入数据为无市场数据之

输入数据；及

－第三级估值：使用重大不可观察输入数

据计量之公允值。

投资物业之公允值乃参考可比较物业之市价使

用直接比较法厘定，并就参考交易之楼宇质素

及时间作出调整。公允值计量之重大不可观察

输入数据乃个别物业调整率，介乎0.95至1.05

（二零二四年：0.94至1.05）。公允值计量与个

别物业调整率之间成正向关系。

(e) 就银行贷款抵押之物业、厂房及

设备

于汇报日，本集团概无抵押任何物业、厂房及

设备项目，以担保本集团获授之银行贷款或银

行信贷。

(f) 购置物业、厂房及设备之订金

于二零二五年三月三十一日，就购置物业、厂

房及设备已支付订金63,000元（二零二四年：

1,112,000元）。购置代价之余下金额计入资本

承担（附注27(a)）。

11 Property, plant and equipment (continued)

(d) The fair value of investment properties (continued)

The fair value measurement is categorised as a Level 3 valuation

under the thre-level fair value hierarchy as defined in HKFRS

13, Fair value measurement. The level into which a fair value

measurement is clasified is determined with reference to

observability and significance of the inputs used in the valuation

technique as folows:

– Level 1 valuations: Fair value measured using only Level 1

inputs i.e. unadjusted quoted prices in active markets for

identical asets or liabilities at the measurement date;

– Level 2 valuations: Fair value measured using Level 2 inputs

i.e. observable inputs which fail to met Level 1, and not using

significant unobservable inputs. Unobservable inputs are

inputs for which market data are not available; and

– Level 3 valuations: Fair value measured using significant

unobservable inputs.

The fair value of investment properties is determined by using the

direct comparison aproach with reference to the market price of

comparable properties and adjusted for building quality and timing

of the reference transaction. The significant unobservable input

in the fair value measurement is the property-specific adjusting

rate, which ranged from 0.95 to 1.05 (2024: 0.94 to 1.05). The fair

value measurement is positively corelated to the property-specific

adjusting rate.

(e) Property, plant and equipment pledged against

bank loans

At the end of the reporting period, no items of property, plant and

equipment of the Group are pledged to secure bank loans or bank

facilities granted to the Group.

(f) Deposits for the acquisition of property, plant and

equipment

As at 31st March 2025, a deposit of $63,000 (2024: $1,112,000)

was paid to acquire property, plant and equipment. The remaining

amount of the consideration for the acquisition is included in capital

comitments (note 27(a).

	Brand name 品牌名称	Customer list 客户名单	Pollution discharge right 排污权	Total 总计
	$’000 千元	$’000千元	$’000千元	$’000千元
Cost: 成本：
At 1st April 2023 于二零二三年四月一日	7,737	10,958	1,465	20,160
Exchange adjustments 汇兑调整	(138)	–	(82)	(220)
At 31st March 2024 于二零二四年三月三十一日	7,599	10,958	1,383	19,940
Accumulated amortisation and impairment losses: 累计摊销及减值亏损：
At 1st April 2023 于二零二三年四月一日	7,737	10,958	1,046	19,741
Exchange adjustments 汇兑调整	(138)	–	(61)	(199)
Charge for the year 本年度摊销	–	–	279	279
At 31st March 2024 于二零二四年三月三十一日	7,599	10,958	1,264	19,821
Net book value: 账面净值：
At 31st March 2024 于二零二四年三月三十一日	–	–	119	119

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司190

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

无形资产

12 Intangible asets

	Brand name 品牌名称	Customer list 客户名单	Pollution discharge right 排污权	Total 总计
	$’000 千元	$’000千元	$’000千元	$’000千元
Cost: 成本：
At 1st April 2024 于二零二四年四月一日	7,599	10,958	1,383	19,940
Exchange adjustments 汇兑调整	1	–	(8)	(7)
At 31st March 2025 于二零二五年三月三十一日	7,600	10,958	1,375	19,933
Accumulated amortisation and impairment losses: 累计摊销及减值亏损：
At 1st April 2024 于二零二四年四月一日	7,599	10,958	1,264	19,821
Exchange adjustments 汇兑调整	1	–	(8)	(7)
Charge for the year 本年度摊销	–	–	110	110
At 31st March 2025 于二零二五年三月三十一日	7,600	10,958	1,366	19,924
Net book value: 账面净值：
At 31st March 2025 于二零二五年三月三十一日	–	–	9	9

Anual Report 2024/2025 年度报告191

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

无形资产（续）

排污权之摊销费用已计入综合损益表之「行政

费用」内。

12 Intangible asets (continued)

The amortisation charges of polution discharge right are included in

“administrative expenses” in the consolidated statement of profit or

los.

Name of company 公司名称	Place of incorporation/ establishment and operation 注册成立╱ 成立及营业地点	Particulars of issued capital 已发行股本详情	Proportion of ownership interest 拥有权权益比率
			held by the Company 本公司持有	held by a subsidiary 附属公司持有	Principal activities 主要业务
			%	%
Vitasoy USA Inc.	United States of America 美利坚合众国	100 shares 100股股份	–	100	Sale of beverages 销售饮品
Vitasoy North America Inc.	Canada 加拿大	1,000 shares 1,000股股份	100	–	Sale of beverages 销售饮品
Shenzhen Vitasoy (Guang Ming) Foods and Beverage Company Limited (note (i)) 深圳维他（光明）食品饮料有限公司（附注(i)）	The PRC 中国	RMB1,000,000 人民币 1,000,000元	85	–	Manufacture and sale of beverages (ceased operation since 15th December 2021) 生产及销售饮品（自二零二一年十二月十五日起终止经营）
Vitasoy (Dongguan) Company Limited (note (ii)) 维他奶（东莞）有限公司（附注(ii)）	The PRC 中国	RMB335,000,000 人民币 335,000,000元	–	85	Manufacture and sale of beverages 生产及销售饮品
Vitasoy (Foshan) Company Limited (note (iii)) 维他奶（佛山）有限公司（附注(iii)）	The PRC 中国	RMB200,000,000 人民币 200,000,000元	–	85	Manufacture and sale of beverages 生产及销售饮品
Vitasoy (Shanghai) Company Limited (note (iv)) 维他奶（上海）有限公司（附注(iv)）	The PRC 中国	HK$219,461,176 港币 219,461,176元	–	100	Manufacture and sale of beverages 生产及销售饮品
Vitasoy (Wuhan) Company Limited (note (v)) 维他奶（武汉）有限公司（附注(v)）	The PRC 中国	RMB170,000,000 人民币 170,000,000元	–	100	Manufacture and sale of beverages 生产及销售饮品

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司192

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

附属公司

下表载有本集团主要附属公司之详情。除另有

注明外，持有之股份类别均为普通股。此等附

属公司均为附注1(d)所界定之受控制附属公司，

并在本集团之财务报表内综合计算。

13 Subsidiaries

The folowing list contains the particulars of the principal subsidiaries

of the Group. The clas of shares held is ordinary unles otherwise

stated. Al of these are controled subsidiaries as defined under

note 1(d) and have ben consolidated into the Group’s financial

statements.

Name of company 公司名称	Place of incorporation/ establishment and operation 注册成立╱ 成立及营业地点	Particulars of issued capital 已发行股本详情	Proportion of ownership interest 拥有权权益比率
			held by the Company 本公司持有	held by a subsidiary 附属公司持有	Principal activities 主要业务
			%	%
Vitasoy Company Limited (note (vi)) 维他奶有限公司（附注(vi)）	The PRC 中国	RMB100,000,000 人民币 100,000,000元	–	100	Sales/distribution of beverages/food and headquarter management service (Mainland China) 销售╱分销饮品╱ 食品及总部管理服务（中国内地）
Vitasoy Australia Products Pty. Ltd.	Australia 澳洲	V class shares: A$46,925,000 N class shares: A$8,575,000 V类股： 46,925,000澳币 N类股： 8,575,000澳币	–	100	Manufacture and sale of food and beverages 生产及销售食品及饮品
Vitasoja (Macau) Limitada 维他奶（澳门）有限公司	Macau SAR 澳门特别行政区	MOP100,000 澳门币100,000元	100	–	Distribution of beverages 分销饮品
Produtos De Soja Hong Kong (Macau) Limitada 香港荳品（澳门）有限公司	Macau SAR 澳门特别行政区	MOP10,000 澳门币10,000元	–	100	Dormant 暂无营业
Vitaland Services Limited 维他天地服务有限公司	Hong Kong SAR 香港特别行政区	300,000 shares 300,000股股份	100	–	Operation of tuck shops and concessions 经营学校小食部及小食摊位
Hong Kong Gourmet Limited 香港美食有限公司	Hong Kong SAR 香港特别行政区	2 shares 2 股股份	–	100	Provision of catering services 提供餐饮服务
The Hong Kong Soya Bean Products Company, Limited 香港荳品有限公司	Hong Kong SAR 香港特别行政区	2 shares 2 股股份	100	–	Property investment 物业投资
Vitasoy (China) Holdings Limited 维他奶（中国）控股有限公司	Hong Kong SAR 香港特别行政区	1 share 1 股股份	100	–	Investment holding 投资控股

Anual Report 2024/2025 年度报告193

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

附属公司（续）

13 Subsidiaries (continued)

Name of company 公司名称	Place of incorporation/ establishment and operation 注册成立╱ 成立及营业地点	Particulars of issued capital 已发行股本详情	Proportion of ownership interest 拥有权权益比率
			held by the Company 本公司持有	held by a subsidiary 附属公司持有	Principal activities 主要业务
			%	%
Vitasoy Investment Holdings Limited 维他奶投资控股有限公司	Hong Kong SAR 香港特别行政区	1 share 1 股股份	100	–	Investment holding 投资控股
Vita International Holdings Limited 维他国际集团有限公司	Hong Kong SAR 香港特别行政区	2 shares 2 股股份	100	–	Investment holding 投资控股
Vitasoy International Investment Limited 维他奶国际投资有限公司	Hong Kong SAR 香港特别行政区	1 share 1 股股份	100	–	Investment holding 投资控股
Vitasoy (China) Investments Company Limited 维他奶（中国）投资有限公司	Hong Kong SAR 香港特别行政区	2 shares 2 股股份	100	–	Investment holding 投资控股
Vitasoy Holdings (Malta) Limited	Malta 马尔他	Ordinary shares: HK$20,257 Deferred share: HK$7 普通股：港币 20,257元递延股份：港币7 元	–	100	Sales of beverages (ceased operation since 31st January 2024 and is currently under liquidation) 销售饮品（自二零二四年一月三十一日起终止营运并现正清盘）
Vitasoy Investment (Singapore) Pte. Limited	Singapore 新加坡	S$10,000 10,000坡币	–	100	Investment holding 投资控股
Vitasoy International Singapore Pte. Ltd.	Singapore 新加坡	S$79,800,000 79,800,000坡币	–	100	Manufacture and sale of soya related and beverage products 生产及销售豆制产品及饮品
Vitasoy Distributors (Singapore) Pte. Ltd.	Singapore 新加坡	S$2,500,000 2,500,000坡币	100	–	Dormant 暂无营业

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司194

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

附属公司（续）

13 Subsidiaries (continued)

Anual Report 2024/2025 年度报告195

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

附属公司（续）

附注：

(i) 深圳维他（光明）食品饮料有限公司（「深圳维

他奶」）为于中国内地成立之中外合资合营公司，

经营期至二零四九年止。

(i) 维他奶（东莞）有限公司（「东莞维他奶」）为于

中国内地成立之中外合资合营公司，经营期至

二零六七年止。

(i) 维他奶（佛山）有限公司（「佛山维他奶」）为于

中国内地成立之中外合资合营公司，经营期至

二零四九年止。

(iv) 维他奶（上海）有限公司（「上海维他奶」）为于

中国内地成立之全外资附属公司，经营期至二

零四五年止。

(v) 维他奶（武汉）有限公司（「武汉维他奶」）为于

中国内地成立之全外资附属公司，经营期至二

零六四年止。

(vi) 维他奶有限公司为于中国内地成立之全外资附

属公司，经营期至二零七零年止。

13 Subsidiaries (continued)

Notes:

(i) Shenzhen Vitasoy (Guang Ming) Fods and Beverage Company Limited

(“Shenzhen Vitasoy”) is a sino-foreign equity joint venture established in

Mainland China and is to be operated up to 2049.

(i) Vitasoy (Donguan) Company Limited (“Vitasoy Donguan”) is a sino-

foreign equity joint venture established in Mainland China and is to be

operated up to 2067.

(i) Vitasoy (Foshan) Company Limited (“Vitasoy Foshan”) is a sino-foreign

equity joint venture established in Mainland China and is to be operated up

to 2049.

(iv) Vitasoy (Shanghai) Company Limited (“Vitasoy Shanghai”) is a wholy

foreign owned subsidiary established in Mainland China and is to be

operated up to 2045.

(v) Vitasoy (Wuhan) Company Limited (“Vitasoy Wuhan”) is a wholy foreign

owned subsidiary established in Mainland China and is to be operated up

to 2064.

(vi) Vitasoy Company Limited is a wholy foreign owned subsidiary established

in Mainland China and is to be operated up to 2070.

	Shenzhen Vitasoy 深圳维他奶		Vitasoy Dongguan 东莞维他奶		Vitasoy Foshan 佛山维他奶
	2025 二零二五年	2024 二零二四年	2025 二零二五年	2024 二零二四年	2025 二零二五年	2024 二零二四年
	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元
NCI percentage 非控股权益百分比	15%	15%	15%	15%	15%	15%
Current assets 流动资产	6,115	93,583	96,897	99,511	230,430	161,008
Non-current assets 非流动资产	11,802	26,314	888,345	984,806	255,848	288,872
Current liabilities 流动负债	(1,759)	(3,302)	(661,635)	(439,225)	(107,604)	(95,522)
Non-current liabilities 非流动负债	–	–	(45,663)	(391,398)	(23,974)	(16,297)
Net assets 净资产	16,158	116,595	277,944	253,694	354,700	338,061
Carrying amount of NCI 非控股权益之账面值	3,225	18,291	40,944	37,546	54,855	52,240
Revenue 收入	–	–	594,450	554,164	744,882	706,373
(Loss)/profit for the year 本年度（亏损）╱溢利	(15,847)	(3,768)	25,969	(25,360)	29,983	34,554
Total comprehensive income 全面收益总额	(15,847)	(3,768)	25,969	(25,360)	29,983	34,554
(Loss)/profit allocated to NCI 分配至非控股权益之（亏损）╱溢利	(2,377)	(565)	3,655	(3,288)	4,616	5,274
Dividend paid to NCI 向非控股权益派发股息	–	–	–	–	1,710	2,835
Cash flows generated from/(used in) operating activities 经营活动所得╱（所用）现金流量	84,381	(6,114)	182,237	113,692	27,440	40,315
Cash flows generated from/(used in) investing activities 投资活动所得╱（所用）现金流量	1,886	2,944	(7,949)	(17,029)	(12,338)	(13,499)
Cash flows used in financing activities 融资活动所用现金流量	(84,641)	–	(170,019)	(94,640)	(15,468)	(23,065)

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司196

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

附属公司（续）

下表载列有关拥有重大非控股权益之本集团附

属公司深圳维他奶、东莞维他奶及佛山维他奶

之资料。下文呈列之财务资料概要指作出任何

公司间撇销前之金额。

13 Subsidiaries (continued)

The folowing table lists out the information relating to Shenzhen

Vitasoy, Vitasoy Donguan and Vitasoy Foshan, the subsidiaries of

the Group which have material non-controling interests (“NCI”). The

sumarised financial information presented below represents the

amounts before any inter-company elimination.

Proportion of ownership interest 拥有权权益比率
Name of joint venture 合营公司名称	Form of business structure 业务架构形式	Place of incorporation and business 注册成立及营业地点	Particular of issued capital 已发行股本详情	Group’s effective interest 本集团之实际权益	Held by the Company 本公司持有	Held by a subsidiary 附属公司持有	Principal activity 主要业务
Name of joint venture 合营公司名称	Form of business structure 业务架构形式	Place of incorporation and business 注册成立及营业地点	Particular of issued capital 已发行股本详情	%	%	%
Vitasoy – URC, Inc.	Incorporated 注册成立	The Republic of the Philippines (“Philippines”) 菲律宾共和国（「菲律宾」）	Registered capital of PHP 2,454,000,000 注册股本 2,454,000,000比索	50	–	50	Sale of beverages (note) 销售饮品（附注）

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Gross amounts of VUR’s VUR之总额
Loss from continuing operations 持续经营亏损	(34,422)	(35,975)
Total comprehensive income 全面收益总额	(34,238)	(36,018)

Anual Report 2024/2025 年度报告197

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

合营公司之权益

本集团于合营公司之权益（其采用权益法于综

合财务报表内入账）详情如下：

附注： Vitasoy－URC, Inc.（「VUR」）由本公司与一家

菲律宾主要品牌消费饮品食品公司（为该合营

公司之另一名投资者）合伙成立，以于菲律宾

生产及销售本集团以植物成分为主之饮品。

VUR主要从事饮品销售。

VUR（本集团唯一参与之合营公司）为一间非上

市企业实体，且并无市场报价。

VUR之财务资料概要披露如下：

14 Interest in joint venture

Details of the Group’s interest in the joint venture, which is

acounted for using the equity method in the consolidated financial

statements, are as folows:

Note: Vitasoy-URC, Inc. (“VUR”) was established by the Company in

partnership with a major branded consumer fod and beverage

company in the Philipines, the other investor to this joint venture, for

the manufacture and sale of the Group’s plant-based beverages in the

Philipines. VUR is mainly engaged in the sale of beverages.

VUR, the only joint venture in which the Group participates, is an

unlisted corporate entity whose quoted market price is not available.

Sumarised financial information of VUR is disclosed below:

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司198

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

合营公司之权益（续）

(a) 减值

截至二零二一年三月三十一日止年度，于计及

2019冠状病毒病对未来销售预测之不利影响后，

通过确认减值费用42,800,000元，合营公司之

权益之账面值已全数减值。

考虑到当前累计亏损以及计算可收回金额时评

估市场因素的不确定性，管理层认为毋须于截

至二零二五年三月三十一日止年度内作出减值

拨回。

(b) 未确认所占亏损

于本年度，本集团向合营公司进一步注资

13,469,000元（二零二四年：23,736,000元）。

由于以往年度结转未确认亏损17,715,000元（二

零二四年：24,296,000元），故本集团于注资后

已确认所占亏损13,469,000元（二零二四年：

23,736,000元）。

于二零二五年三月三十一日，本集团已终止确

认其所占合营公司亏损，因为其累计所占合营

公司亏损已超过投资成本扣除其后累计减值亏

损的总额。在本集团所占合营公司任何未来溢

利等于过往年度未确认之累计所占亏损前，本

集团将不会恢复确认该等溢利。

年内及累计之未确认所占合营公司亏损金额为

20,943,000 元（二零二四年：17,715,000元）。

14 Interest in joint venture (continued)

(a) Impairment

The carying amount of interest in joint venture was fuly impaired by

recognising an impairment charge of $42,800,000 after considering

the adverse impact of COVID-19 on future sales projections in the

year ended 31st March 2021.

Considering the curent acumulated loses and uncertainty in

evaluating market factors in the calculation of the recoverable

amount, management concluded that no reversal of impairment was

to be made during the year ended 31st March 2025.

(b) Unrecognised share of loses

During the year, the Group injected further capital of $13,469,000

(2024: $23,736,000) into the joint venture. With an unrecognised

los of $17,715,000 (2024: $24,296,000) brought forward from prior

years, the Group has recognised a share of los of $13,469,000 (2024:

$23,736,000) after the capital injection.

As at 31st March 2025, the Group has discontinued recognising its

share of loses of joint venture because its cumulative share of loses

in the joint venture has exceded the agregate of the investment

cost les subsequent acumulated impairment loses. The Group wil

not resume recognition of its share of any future profits in the joint

venture until its share of such profits equals the cumulative share of

loses not recognised in past years.

The amounts of unrecognised share of loses of joint venture for the

year and cumulatively are $20,943,000 (2024: $17,715,000).

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Raw materials 原材料	287,053	323,998
Finished goods 制成品	246,215	230,548
Finished goods 制成品	533,268	554,546

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Carrying amounts of inventories sold 已售存货之账面值	3,040,675	3,099,752
Write down of inventories 撇减存货	28,426	24,423
Write down of inventories 撇减存货	3,069,101	3,124,175

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Current assets: 流动资产：
Trade debtors and bills receivable, net of loss allowance 应收账款及应收票据，扣除亏损拨备	709,847	715,301
Other debtors, deposits and prepayments 其他应收款、按金及预付款项	113,772	158,011
Other debtors, deposits and prepayments 其他应收款、按金及预付款项	823,619	873,312
Non-current assets: 非流动资产：
Rental deposits 租赁按金	18,178	15,419

Anual Report 2024/2025 年度报告199

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

存货

(a) 综合财务状况表中之存货包括：

(b) 已于损益内确认为开支之存货金

额分析如下：

应收账款及其他应收款

15 Inventories

(a) Inventories in the consolidated statement of

financial position comprise:

(b) The analysis of the amount of inventories

recognised as an expense and included in profit or

los is as folows:

16 Trade and other receivables

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Within three months 三个月内	699,253	703,131
Three to six months 三至六个月	10,542	10,289
Over six months 六个月以上	52	1,881
Over six months 六个月以上	709,847	715,301

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司200

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

应收账款及其他应收款（续）

除非流动资产项下之租赁按金外，本集团预期

于超过一年后收回或扣除为开支之其他应收款、

按金及预付款项为15,440,000元（二零二四年：

21,820,000元）。所有其他应收账款及其他应收

款预期于一年内收回或确认为一项开支。

(a) 账龄分析

于汇报日，应收账款及应收票据（已包括于应收

账款及其他应收款内）按发票日期及已扣除亏

损拨备之账龄分析如下：

应收账款及应收票据一般于发票日期起计一至

三个月内到期。本集团并无就此等结余持有任

何抵押品。有关本集团信贷政策及自应收账款

及应收票据而产生之信贷风险之进一步详情载

于附注26(a)。

16 Trade and other receivables (continued)

Apart from the rental deposits under non-curent asets, the Group’s

other debtors, deposits and prepayments amounting to $15,440,000

(2024: $21,820,000) are expected to be recovered or charged as

expense after more than one year. Al of the other trade and other

receivables are expected to be recovered or recognised as an

expense within one year.

(a) Ageing analysis

As of the end of the reporting period, the ageing analysis of trade

debtors and bils receivable (which are included in trade and other

receivables), based on the invoice date and net of los alowance, is

as folows:

Trade debtors and bils receivable are generaly due within one to

thre months from the date of biling. The Group does not hold any

colateral over these balances. Further details on the Group’s credit

policy and credit risk arising from trade debtors and bils receivable

are set out in note 26(a).

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Current assets: 流动资产：
Cash at bank and in hand 银行结存及库存现金	396,372	156,948
Bank deposits maturing within three months when placed 存款期于三个月内之银行存款	872,103	486,006
Cash and cash equivalents in the consolidated cash flow statement 综合现金流量表内之现金及现金等值项目	1,268,475	642,954
Bank deposits maturing after three months 存款期超过三个月之银行存款	–	151,498
Bank deposits maturing after three months 存款期超过三个月之银行存款	1,268,475	794,452
Non-current assets: 非流动资产：
Pledged deposit 保证金存款	819	–

Anual Report 2024/2025 年度报告201

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

现金及银行存款

(a) 现金及银行存款包括：

于二零二五年三月三十一日，本集团已抵押银

行存款819,000元（二零二四年：无）作为租赁

安排之银行担保。

于二零二五年三月三十一日，位于中国内地之

现金及现金等值项目为124,711,000元（二零

二四年：81,348,000元）。资金汇出中国内地须

遵守相关外汇管制之规则及规例。

17 Cash and bank deposits

(a) Cash and bank deposits comprise:

At 31st March 2025, the Group has pledged a bank deposit of

$819,000 (2024: nil) as security for bank guarante for a lease

arangement.

At 31st March 2025, cash and cash equivalents situated in Mainland

China amounted to $124,711,000 (2024: $81,348,000). Remitance

of funds out of Mainland China is subject to relevant rules and

regulations of foreign exchange control.

	Notes 附注	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Profit before taxation 除税前溢利		316,990	131,668
Adjustments for: 调整：
– Share of losses of joint venture –所占合营公司亏损		13,469	23,736
– Depreciation of right-of-use assets –使用权资产之折旧	5(d)	113,525	105,509
– Depreciation of investment properties –投资物业之折旧	5(d)	126	126
– Depreciation of other property, plant and equipment –其他物业、厂房及设备之折旧	5(d)	396,432	417,060
– Amortisation of intangible assets –无形资产之摊销	5(d)	110	279
– Recognition/(reversal) of impairment losses on trade and other receivables –确认╱（拨回）应收账款及其他应收款之减值亏损	5(c)	575	(4,706)
– Impairment losses on property, plant and equipment –物业、厂房及设备之减值亏损	5(c)	14,480	12,166
– Impairment losses on assets held for sale –持作出售之资产之减值亏损	5(c)	–	3,593
– Write down of inventories –撇减存货	15(b)	28,426	24,423
– Interest on bank loans –银行贷款之利息	5(a)	13,692	19,478

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司202

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

现金及银行存款（续）

(b) 除税前溢利与经营业务所得现金

之对账：

17 Cash and bank deposits (continued)

(b) Reconciliation of profit before taxation to cash

generated from operations:

	Notes 附注	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
– Interest on lease liabilities –租赁负债之利息	5(a)	19,424	10,550
– Interest income – 利息收入	4	(38,206)	(23,225)
– Net (gain)/loss on disposal of property, plant and equipment –出售物业、厂房及设备之（收益）╱亏损净额	5(c)	(588)	2,126
– Equity settled share-based payment expenses –以股份为付款基础之费用	5(b)	21,781	21,865
– COVID-19-related rent concessions – 2019 冠状病毒病相关租金宽减	4	–	(787)
– Foreign exchange loss – 汇兑亏损		6,223	7,290
Changes in working capital: 营运资金变动：
– (Increase)/decrease in inventories – 存货（增加）╱减少		(12,828)	35,491
– Decrease in trade and other receivables –应收账款及其他应收款减少		36,626	79,625
– Decrease in trade and other payables –应付账款及其他应付款减少		(42,760)	(65,615)
– Increase in employee retirement benefit liabilities –雇员退休福利负债增加		2,432	418
Cash generated from operations 经营业务所得现金		889,929	801,070

Anual Report 2024/2025 年度报告203

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

17 Cash and bank deposits (continued)

(b) Reconciliation of profit before taxation to cash

generated from operations: (continued)

现金及银行存款（续）

(b) 除税前溢利与经营业务所得现金

之对账：（续）

	Bank loans 银行贷款	Lease liabilities 租赁负债	Total 总计
	(Note 20) （附注20）	(Note 21) （附注21）
	$’000 千元	$’000 千元	$’000 千元
At 1st April 2024 于二零二四年四月一日	255,987	302,865	558,852
Changes from financing cash flows: 融资现金流量变动：
Proceeds from new bank loans 新增银行贷款所得款项	309,665	–	309,665
Repayment of bank loans 偿还银行贷款	(298,197)	–	(298,197)
Capital element of lease rentals paid 已付租赁租金之资本部份	–	(101,553)	(101,553)
Interest element of lease rentals paid 已付租赁租金之利息部份	–	(19,424)	(19,424)
Interest paid 已付利息	(13,692)	–	(13,692)
Total changes from financing cash flows 融资现金流量变动总额	(2,224)	(120,977)	(123,201)
Exchange adjustments 汇兑调整	(2,057)	(227)	(2,284)
Other changes: 其他变动：
Increase in lease liabilities from entering into new leases during the period 期内来自订立新租赁之租赁负债增加	–	98,376	98,376
Decrease in lease liabilities from lease modification 来自租赁修订之租赁负债减少	–	(1,301)	(1,301)
Finance costs (note 5(a)) 融资成本（附注5(a)）	13,692	19,424	33,116
At 31st March 2025 于二零二五年三月三十一日	265,398	298,160	563,558

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司204

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

现金及银行存款（续）

下表详列本集团融资活动产生之负债变动，当

中包括现金及非现金变动。融资活动所产生之

负债指其现金流量曾于或未来现金流量将于本

集团之综合现金流量表内分类为融资活动之现

金流量。

17 Cash and bank deposits (continued)

activities

The table below details changes in the Group’s liabilities from

financing activities, including both cash and non-cash changes.

Liabilities arising from financing activities are liabilities for which cash

flows were, or future cash flows wil be, clasified in the Group’s

consolidated cash flow statement as cash flows from financing

activities.

	Bank loans 银行贷款	Lease liabilities 租赁负债	Total 总计
	(Note 20) （附注20）	(Note 21) （附注21）
	$’000 千元	$’000 千元	$’000 千元
At 1st April 2023 于二零二三年四月一日	524,686	136,186	660,872
Changes from financing cash flows: 融资现金流量变动：
Proceeds from new bank loans 新增银行贷款所得款项	61,334	–	61,334
Repayment of bank loans 偿还银行贷款	(310,365)	–	(310,365)
Capital element of lease rentals paid 已付租赁租金之资本部份	–	(101,412)	(101,412)
Interest element of lease rentals paid 已付租赁租金之利息部份	–	(10,550)	(10,550)
Interest paid 已付利息	(19,478)	–	(19,478)
Total changes from financing cash flows 融资现金流量变动总额	(268,509)	(111,962)	(380,471)
Exchange adjustments 汇兑调整	(19,668)	(1,506)	(21,174)
Other changes: 其他变动：
Increase in lease liabilities from entering into new leases during the period 期内来自订立新租赁之租赁负债增加	–	272,491	272,491
COVID-19-related rent concessions (note 4) 2019冠状病毒病相关租金寛减（附注4）	–	(787)	(787)
Decrease in lease liabilities from lease modification 来自租赁修订之租赁负债减少	–	(2,107)	(2,107)
Finance costs (note 5(a)) 融资成本（附注5(a)）	19,478	10,550	30,028
At 31st March 2024 于二零二四年三月三十一日	255,987	302,865	558,852

Anual Report 2024/2025 年度报告205

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

现金及银行存款（续）

17 Cash and bank deposits (continued)

activities (continued)

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Within operating cash flows 经营现金流量内	38,270	41,635
Within financing cash flows 融资现金流量内	120,977	111,962
Within financing cash flows 融资现金流量内	159,247	153,597

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Lease rentals paid 已付租赁租金	159,247	153,597

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司206

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

现金及银行存款（续）

(d) 租赁现金流出总额

就租赁计入综合现金流量表之款项包括以下项

目：

该等款项与以下项目相关：

持作出售之资产

于截至二零二四年三月三十一日止年度，本集

团开展与第三方之协商，从而出售本集团若干

物业、厂房及设备（「出售资产」）。协商于年终

前开展，而管理层认为交易极有可能即将完成。

出售资产已于二零二四年三月三十一日之综合

财务状况表分类为持作出售之资产。出售资产

于上一年度初步分类为持作出售而确认减值亏

损3,593,000元。

于二零二四年四月三日，本集团就销售出售资

产与第三方订立协议，总代价为6,624,000元。

出售事项已于本年度内完成。

17 Cash and bank deposits (continued)

(d) Total cash outflow for leases

Amounts included in the consolidated cash flow statement for leases

comprise the folowing:

These amounts relate to the folowing:

18 Asets held for sale

During the year ended 31st March 2024, the Group comenced

negotiations with a third party to dispose of certain property, plant

and equipment of the Group (“Disposal Asets”). The negotiation

proces began before the year end and management considered

the transaction is highly probable to be completed. The Disposal

Asets have ben clasified as asets held for sale in the consolidated

statement of financial position as at 31st March 2024. An impairment

los of $3,593,000 was recognised for the Disposal Asets on initial

clasification as held for sale during the previous year.

On 3rd April 2024, the Group has entered into an agrement

with the third party for the sales of Disposal Asets at a total

consideration of $6,624,000. The disposal was completed during the

curent year.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Current liabilities: 流动负债︰
Trade creditors and bills payable 应付账款及应付票据	837,077	881,697
Accrued expenses and other payables 应计费用及其他应付款	895,682	895,111
Receipts in advance from customers 预收客户款项	38,260	47,919
Receipts in advance from customers 预收客户款项	1,771,019	1,824,727
Non-current liabilities: 非流动负债︰
Other payables 其他应付款	9,182	8,955

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Within three months 三个月内	836,098	875,120
Three to six months 三至六个月	757	3,152
Over six months 六个月以上	222	3,425
Over six months 六个月以上	837,077	881,697

Anual Report 2024/2025 年度报告207

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

应付账款及其他应付款

本集团预期计入流动负债之所有应付账款及其

他应付款将于一年内偿还，惟23,039,000元（二

零二四年：23,341,000元）之客户按金则预期于

超过一年后偿还。

于汇报日，应付账款及应付票据按发票日期之

账龄分析如下：

本集团之一般付款期限为自发票日期起计一至

两个月。

19 Trade and other payables

Al of the trade and other payables included in curent liabilities are

expected to be setled within one year, except for customer deposits

amounting to $23,039,000 (2024: $23,341,000) which are expected

to be setled after more than one year.

As of the end of the reporting period, the ageing analysis of trade

creditors and bils payable, based on the invoice date, is as folows:

The Group’s general payment terms are one to two months from the

invoice date.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Balance at 1st April 于四月一日之结余	47,919	63,830
Exchange adjustments 汇兑调整	(162)	(2,832)
Decrease in receipts in advance from customers as a result of recognising revenue during the year that was included in the receipts in advance from customers at the beginning of the period 因年内确认收入（已计入期初之预收客户款项内）导致预收客户款项减少	(47,644)	(60,692)
Increase in receipts in advance from customers as a result of receiving forward sales deposits during the year 因年内收取远期销售按金导致预收客户款项增加	3,169,803	3,114,787
Decrease in receipts in advance from customers as a result of recognising revenue during the year that was included in the forward sales deposits received during the year 因年内确认收入（已计入年内收取之远期销售按金内）导致预收客户款项减少	(3,131,656)	(3,067,174)
Balance at 31st March 于三月三十一日之结余	38,260	47,919

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司208

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

应付账款及其他应付款（续）

预收客户款项之变动

19 Trade and other payables (continued)

Movements in receipts in advance from customers

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Within one year or on demand 一年内或按要求	228,916	255,987
After one year but within two years 一年后但两年内	36,482	–
After one year but within two years 一年后但两年内	265,398	255,987

Anual Report 2024/2025 年度报告209

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

银行贷款

于二零二五年三月三十一日，银行贷款须于下

列期限偿还：

于汇报日，概无银行贷款以物业、厂房及设备

作为抵押担保（附注11(e)）。

于二零二四年三月三十一日，本集团若干银行

信贷须遵守若干财务契诺，此乃与财务机构订

立借贷安排时之常见规定。本集团并无遵守与

一间银行订立的银行信贷协议所规定的若干财

务契诺，未偿还贷款金额约100,661,000元，

其于本集团二零二四年三月三十一日之综合财

务状况表中列为流动负债。于二零二三年九月

二十一日，本集团获得该银行豁免有关未偿还

银行贷款约100,661,000元的契诺要求，此银

行贷款其后于本年度内偿还。

有关本集团管理流动资金风险之进一步详情载

于附注26(b)。

20 Bank loans

At 31st March 2025, the bank loans were repayable as folows:

As of the end of the reporting period, no bank loans were secured by

charges over property, plant and equipment (note 11(e).

As at 31st March 2024, certain of the Group’s banking facilities

were subject to compliance with certain financial covenants, as

were comonly found in borowing arangements with financial

institutions. The Group did not comply with certain financial

covenants as required in the banking facilities agrement with a

bank for outstanding loan amounts of aproximately $100,661,000,

which are presented as curent liabilities in the Group’s consolidated

statement of financial position as at 31st March 2024. On 21st

September 2023, the Group obtained waiver from the bank in

relation to its covenant requirements for the outstanding bank loan

of aproximately $100,661,000, which was subsequently repaid

during the curent year.

Further details of the Group’s management of liquidity risk are set

out in note 26(b).

	2025 二零二五年		2024 二零二四年
	Present value of the minimum lease payments 最低租赁付款之现值	Total lease payments 租赁付款总额	Present value of the minimum lease payments 最低租赁付款之现值	Total lease payments 租赁付款总额
	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Within one year 一年内	109,921	112,865	104,865	107,749
After one year but within two years 一年后但两年内	83,388	91,445	70,226	77,140
After two years but within five years 两年后但五年内	96,853	116,693	120,400	151,689
After five years 五年后	7,998	20,060	7,374	18,813
	188,239	228,198	198,000	247,642
	298,160	341,063	302,865	355,391
Less: Total future interest expenses 减：未来利息费用总额		(42,903)		(52,526)
Present value of lease liabilities 租赁负债之现值		298,160		302,865

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司210

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

租赁负债

下表呈列本集团之租赁负债之余下合约期限：

21 Lease liabilities

The folowing table shows the remaining contractual maturities of

the Group’s lease liabilities:

Anual Report 2024/2025 年度报告211

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利

本集团在香港及香港以外地区设立及参加多项

界定供款及界定福利退休计划。

(a) 界定供款退休计划

(i) 本集团为所有于二零年八月一日之

前在香港特别行政区及澳门特别行政区

受聘之本集团合资格员工设立一项界定

供款退休计划（「界定供款计划」）（维他奶

国际集团有限公司职员强积金）。界定供

款计划之资金来自雇员及本集团之供款。

双方供款金额为底薪之5.0%至7.5%。没

收供款均根据界定供款计划之规则拨入

计划成员之账户。界定供款计划交由信

托人管理，所持资产亦与本集团之资产

分开处理。在参与计划满十年后，雇员可

享有全部雇主供款，而参与计划达五至

九年可享有之雇主供款百分比则由50%

逐步增至90%。

受雇于本集团而并无参加界定供款退休

计划之香港特别行政区员工，必须根据

香港《强制性公积金计划条例》参加本集

团之强制性公积金计划（「强制性公积金

计划」）。强制性公积金计划为一项界定

供款退休计划，由独立法团信托人管理。

根据强制性公积金计划，本集团及雇员

各自须按雇员有关收入（有关收入之每月

上限为30,000元）之5%向计划供款。向

强制性公积金计划支付之供款即时归属。

(i) 中国内地附属公司之雇员均为中国政府

设立之中央退休金计划之成员。本集团

须按雇员酬金之若干百分比向中央退休

金计划供款，为福利提供资金。本集团

就中央退休金计划所须履行之唯一责任

为向中央退休金计划作出所需之相关供

款。向计划支付之供款即时归属。

22 Employe retirement benefits

The Group operates and participates in a number of defined

contribution and defined benefit retirement plans in and outside

Hong Kong.

(a) Defined contribution retirement plans

(i) The Group operates a defined contribution retirement plan,

Vitasoy International Holdings Limited Staf Provident Fund

(the “DC Plan”), which is available for al eligible staf employed

by the Group in Hong Kong SAR and Macau SAR before 1st

August 2000. The DC Plan is funded by contributions from

employes and the Group, both of which contribute sums

representing 5.0% – 7.5% of their basic salaries. Forfeited

contributions are credited to members’ acounts in acordance

with the rules of the DC Plan. The DC Plan is administered

by trustes with the asets held separately from those of the

Group. The employes are entitled to 100% of the employer’s

contributions after ten completed membership years, or at an

increasing scale of betwen 50% to 90% after completion of

five to nine membership years.

Staf employed by the Group in Hong Kong SAR not joining

the defined contribution retirement plan are required to

join the Group’s Mandatory Provident Fund scheme (“the

MPF scheme”) under the Hong Kong Mandatory Provident

Fund Schemes Ordinance. The MPF scheme is a defined

contribution retirement plan administered by an independent

corporate truste. Under the MPF scheme, the Group and the

employes are each required to make contributions to the

plan at 5% of the employe’s relevant income, subject to a cap

of monthly relevant income of $30,000. Contributions to the

MPF scheme vest imediately.

(i) Employes of the subsidiaries in Mainland China are members

of the central pension scheme operated by the government

of the PRC. The Group is required to contribute a certain

percentage of employes’ remuneration to the central pension

scheme to fund the benefits. The only obligation for the Group

with respect to the central pension scheme is the asociated

required contribution under the central pension scheme.

Contributions to the plan vest imediately.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Employee retirement benefit liabilities 雇员退休福利负债
– retirement gratuities (note 22(c)(i)) –退休金（附注22(c)(i)）	3,245	3,000
– long service payments (note 22(d)) –长期服务金（附注22(d)）	20,971	16,164
– long service payments (note 22(d)) –长期服务金（附注22(d)）	24,216	19,164

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司212

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(a) 界定供款退休计划（续）

(i) 澳洲雇员方面，本集团向一项为其雇

员而设之注册退休基金之供款自二零

二四年七月一日起按雇员薪金之11.0%

增至11.5%（二零二四年：自二零二三

年七月一日起按雇员薪金之10.5%增至

11.0%）。计划资产由独立管理之基金分

开持有。向计划支付之供款即时归属。

(b) 界定福利退休计划

于二零二五年三月三十一日，本集团就下列雇

员退休福利确认雇员退休福利负债：

本集团在香港特别行政区及澳门特别行政区之

雇员在服务年资达到一段指定之最短期限及于

指定日期之前加入本集团，均有权在届退休年

龄时领取退休金。金额视乎雇员最后所领月薪

及服务年资而定。

本集团为退休金成立一项资助界定福利退休计

划－维他奶国际集团有限公司界定福利计划（「界

定福利计划」）。界定福利计划由独立法团信托

人管理，其资产与本集团之资产分开持有。界

定福利计划由本集团按照独立精算师之建议作

出供款。

22 Employe retirement benefits (continued)

(a) Defined contribution retirement plans (continued)

(i) For employes in Australia, contributions made by the

Group to a registered superanuation fund for its employes

increased from 11.0% to 11.5% of the employes’ salaries

from 1st July 2024 (2024: from 10.5% to 11.0% of the

employes’ salaries from 1st July 2023). The asets of the

scheme are held separately by an independently administered

fund. Contributions to the plan vest imediately.

(b) Defined benefit retirement plans

At 31st March 2025, the Group recognised employe retirement

benefit liabilities in respect of the folowing employe retirement

benefits:

Employes of the Group in Hong Kong SAR and Macau SAR, who

have completed a prescribed minimum period of service and joined

the Group before a specific date, are entitled to retirement gratuities

upon retirement age. The gratuity is based on the employe’s last

month’s salary and the number of years of service.

A funded defined benefit retirement plan, Vitasoy International

Holdings Limited Defined Benefit Scheme (the “DB Plan”), was

established for the retirement gratuities. The DB Plan is administered

by an independent corporate truste, with asets held separately

from those of the Group. The DB Plan is funded by contributions

from the Group in acordance with an independent actuary’s

recomendation.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Present value of wholly funded obligations 全面资助责任之现值	45,871	46,017
Fair value of plan assets 计划资产之公允值	(42,626)	(43,017)
Employee retirement benefit liabilities 雇员退休福利负债	3,245	3,000

Anual Report 2024/2025 年度报告213

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

界定福利计划之最新精算估值乃于二零二五年

三月三十一日由韦莱韬悦之独立专业合资格精

算师采用预计单位信贷法进行。有关估值显示

本集团根据该界定福利退休计划所须履行之责

任其中超过93%（二零二四年：93%）受信托人

持有之计划资产保障。

(i) 于综合财务状况表确认之金额如下：

预期上述负债部份将于超过一年后清偿。然而，

由于计划成员有权享有之退休福利及日后之计

划供款亦将视乎员工流动率及精算假设日后之

变动而定，故将此款额自未来十二个月内所应

支付之金额中抽离并不可行。本集团预期于截

至二零二六年三月三十一日止年度向界定福利

退休计划支付供款606,000元。

22 Employe retirement benefits (continued)

The latest actuarial valuation of the DB Plan was at 31st March 2025

and was prepared by independent profesionaly qualified actuaries

at Wilis Towers Watson, using the projected unit credit method.

The valuation indicates that over 93% (2024: 93%) of the Group’s

obligation under this defined benefit retirement plan is covered by

the plan asets held by the truste.

(i) The amounts recognised in the consolidated statement of

financial position are as folows:

A portion of the above liabilities is expected to be setled after

more than one year. However, it is not practicable to segregate

this amount from the amounts payable in the next twelve months,

as the retirement benefit entitled by scheme members and future

contributions to the plan wil also depend on staf turnover and

future changes in actuarial asumptions. The Group expects to pay

$606,000 in contributions to defined benefit retirement plan during

the year ending 31st March 2026.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Plan assets with quoted price in active market 于活跃市场报价之计划资产
Equities 股票
– Financial –财务	7,827	7,414
– Consumer discretionary –非必需消费品	5,271	5,082
– Industrials –工业	2,695	3,495
– Consumer staples –必需消费品	1,475	1,460
– Other –其他	12,777	13,020
– Other –其他	30,045	30,471
Bonds 债券
– Corporate bonds –公司债券	3,319	3,505
– Government-related bonds –政府相关债券	8,468	8,742
– Government-related bonds –政府相关债券	11,787	12,247
Cash, current assets and current liabilities 现金、流动资产及流动负债	794	299
Total quoted plan assets 已报价计划资产总值	42,626	43,017

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司214

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(i) 计划资产包括下列各项：

22 Employe retirement benefits (continued)

(i) Plan asets consist of the folowing:

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
At 1st April 于四月一日	46,017	57,508
Remeasurement: 重新计量：
– Actuarial losses/(gains) arising from changes in demographic assumptions –由人口统计假设改变所致之精算亏损╱（收益）	74	(1,265)
– Actuarial losses/(gains) arising from changes in financial and experience assumptions –由财务及经验假设改变所致之精算亏损╱（收益）	1,191	(1,256)
Benefits paid by the DB Plan 界定福利计划已付福利	(4,513)	(12,453)
Current service cost 现有服务成本	1,580	1,861
Interest cost 利息成本	1,522	1,622
At 31st March 于三月三十一日	45,871	46,017

Anual Report 2024/2025 年度报告215

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(i) 界定福利责任之现值变动如下：

界定福利责任之加权平均期限为4年（二零二四

年：5年）。

22 Employe retirement benefits (continued)

(i) Movements in the present value of the defined benefit

obligations are as folows:

The weighted average duration of the defined benefit obligation is 4

years (2024: 5 years).

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
At 1st April 于四月一日	43,017	53,725
Contributions paid to the DB Plan 向界定福利计划作出之供款	960	1,313
Benefits paid by the DB Plan 界定福利计划已付福利	(4,513)	(12,453)
Administrative expenses paid from plan assets 由计划资产支付之行政费用	(96)	(99)
Return on plan assets, excluding interest income 计划资产回报，不包括利息收入	1,830	(1,002)
Interest income 利息收入	1,428	1,533
At 31st March 于三月三十一日	42,626	43,017

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司216

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(iv) 计划资产之公允值变动如下：

22 Employe retirement benefits (continued)

(iv) Movements in fair value of plan asets are as folows:

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Current service cost 现有服务成本	1,580	1,861
Administrative expenses paid from plan assets 由计划资产支付之行政费用	96	99
Net interest on net defined benefit liability 界定福利负债净额之净利息	94	89
Total amounts recognised in profit or loss 于损益确认之总额	1,770	2,049
Actuarial losses/(gains) 精算亏损╱（收益）	1,265	(2,521)
Return on plan assets, excluding interest income 计划资产回报，不包括利息收入	(1,830)	1,002
Total amounts recognised in other comprehensive income 于其他全面收益确认之总额	(565)	(1,519)
Total defined benefit expense 界定福利总开支	1,205	530

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Marketing, selling and distribution expenses 推广、销售及分销费用	763	882
Administrative expenses 行政费用	716	833
Other operating expenses 其他经营费用	291	334
Other operating expenses 其他经营费用	1,770	2,049

Anual Report 2024/2025 年度报告217

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(v) 于综合损益及其他全面收益表确认之开

支净额如下：

界定福利负债净额之现有服务成本及净利息已

于综合损益表中按下列各项确认：

22 Employe retirement benefits (continued)

(v) Net expense recognised in the consolidated statement of

profit or los and other comprehensive income are as folows:

The curent service cost and the net interest on net defined benefit

liability are recognised in the folowing line items in the consolidated

statement of profit or los:

	2025 二零二五年	2024 二零二四年
Discount rate 折现率	3.0%	3.4%
Future salary increases 未来薪金增幅	3.5% per annum 每年3.5%	4.0% per annum 每年4.0%

	2025 二零二五年		2024 二零二四年
	Increase in 上升	Decrease in 下跌	Increase in 上升	Decrease in 下跌
	0.5%	0.5%	0.5%	0.5%
	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Discount rate 折现率	(936)	972	(1,045)	1,087
Future salary increases 未来薪金增幅	1,048	(1,018)	1,156	(1,120)

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司218

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(vi) 重大精算假设及敏感性分析如下：

以下分析显示界定福利责任因重大精算假设0.5%

变动而上升╱（下跌）：

上述敏感性分析乃以假设精算假设之间之变动

并无直接关系为基准，因此并无考虑精算假设

之间之直接关系。

22 Employe retirement benefits (continued)

(vi) Significant actuarial asumptions and sensitivity analysis are

as folows:

The below analysis shows how the defined benefit obligations

would have increased/(decreased) as a result of 0.5% change in the

significant actuarial asumptions:

The above sensitivity analysis is based on the asumption that

changes in actuarial asumptions are not corelated and therefore

it does not take into acount the corelations betwen the actuarial

asumptions.

Anual Report 2024/2025 年度报告219

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(d) 长期服务金

根据香港《雇佣条例》，在若干情况下，香港雇

员持续服务至少五年可享有长期服务金（「长期

服务金」）。该等情况包括雇员因严重不当行为

或裁员以外之原因遭到解雇、雇员于65岁或

以上退休或雇佣合约为固定期限且届满后不予

续约。厘定长期服务金应付款项乃参考雇员最

后薪金（上限为22,500元）及服务年期，并扣减

本集团强积金计划（见附注22(a)(i)）或界定供款

计划（见附注22(a)(i)）或界定福利计划（见附注

22(c)）归属于本集团所作供款之任何应计权益，

每名雇员之总上限为390,000元。本集团现时

并无任何独立资金安排以履行其长期服务金义务。

于二零二年六月，香港特别行政区政府（「政

府」）刊宪《2022年雇佣及退休计划法例（抵销

安排）（修订）条例》（「该修订条例」），其自二零

二五年五月一日起生效（「过渡日期」）。该修订

条例废除雇主可利用其向强积金计划作出之强

制性供款减少其应付雇员之长期服务金之法定

权利。另一方面，政府于废除后推出补贴计划

以协助雇主。

其中，一旦取消对冲机制生效，雇主自过渡日

期起概不得使用其强制性强积金供款（无论于

过渡日期之前、当日或之后作出之供款）所产生

之任何累计权益减少有关雇员服务年期之长期

服务金。然而，倘雇员于过渡日期前已开始受雇，

则雇主可继续使用上述累计权益减少截至该日

期前就雇员服务年期之长期服务金；另外，就

过渡日期前服务年期之长期服务金将按雇员紧

接过渡日期前之月薪及截至过渡日期之服务年

期计算。诚如附注1(q)(i)所披露，本集团已对

抵销机制及其取消安排进行会计处理。

本集团已确定，该修订条例主要影响本集团对

并无参与界定福利计划之香港雇员之长期服务

金责任。该修订条例就本集团对已参与界定福

利计划之雇员之长期服务金责任概无重大影响。

22 Employe retirement benefits (continued)

(d) Long service payments

Hong Kong employes that have ben employed continuously for

at least five years are entitled to long service payments (“LSP”) in

acordance with the Hong Kong Employment Ordinance under

certain circumstances. These circumstances include where an

employe is dismised for reasons other than serious misconduct or

redundancy, that employe resigns at the age of 65 or above, or the

employment contract is of fixed term and expires without renewal.

The amount of LSP payable is determined with reference to the

employe’s final salary (caped at $22,500) and the years of service,

reduced by the amount of any acrued benefits derived from the

Group’s contribution to the MPF scheme (se note 22(a)(i), or the

DC Plan (se note 22(a)(i) or the DB Plan (se note 22(c), with an

overal cap of $390,000 per employe. Curently, the Group does

not have any separate funding arangement in place to met its LSP

obligation.

In June 2022, the Hong Kong SAR Government (the “Government”)

gazeted the Hong Kong Employment and Retirement Scheme

Legislation (Ofseting Arangement) (Amendment) Ordinance 2022

(the “Amendment Ordinance”), which come into efect from 1st May

2025 (the “Transition Date”). The Amendment Ordinance abolish

the statutory right of an employer to reduce its LSP payable to a

Hong Kong employe by drawing on its mandatory contributions to

the MPF scheme. Separately, the Government introduced a subsidy

scheme to asist employers after the abolition.

Among other things, once the abolition of the ofseting mechanism

takes efect, an employer can no longer use any of the acrued

benefits derived from its mandatory MPF contributions (irespective

of the contributions made before, on or after the Transition Date)

to reduce the LSP in respect of an employe’s service from the

Transition Date. However, where an employe’s employment

comenced before the Transition Date, the employer can continue

to use the above acrued benefits to reduce the LSP in respect of

the employe’s service up to that date; in adition, the LSP in respect

of the service before the Transition Date wil be calculated based

on the employe’s monthly salary imediately before the Transition

Date and the years of the service up to that date. The Group has

acounted for the ofseting mechanism and its abolition as disclosed

in note 1(q)(i).

The Group has determined that the Amendment Ordinance primarily

impacts the Group’s LSP liability with respect to Hong Kong

employes that do not participate in the DB Plan. The Amendment

Ordinance has no material impact on the Group’s LSP liability with

respect to employes that participate in the DB Plan.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
At 1st April 于四月一日	16,164	21,052
Remeasurement: 重新计量：
– Actuarial losses arising from changes in demographic assumptions –由人口统计假设改变所致之精算亏损	3,872	5,238
– Actuarial gains arising from changes in financial and experience assumptions –由财务及经验假设改变所致之精算收益	(687)	(9,808)
Benefits paid by the Group 本集团已付福利	(1,579)	(1,393)
Expenses recognised in profit or loss: 损益确认开支：
Current service cost 现有服务成本	2,560	3,111
Past service cost – scheme amendments 过往服务成本 – 计划修订	22	(2,609)
Interest cost 利息成本	619	573
Interest cost 利息成本	3,201	1,075
At 31st March 于三月三十一日	20,971	16,164

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司220

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(d) 长期服务金（续）

长期服务金亦于二零二五年三月三十一日由韦

莱韬悦之独立专业合资格精算师采用预计单位

信贷法进行精算估值。

(i) 于综合财务状况表确认之金额为无资助

责任之现值，其变动如下：

22 Employe retirement benefits (continued)

(d) Long service payments (continued)

An actuarial valuation of LSP was also caried out at 31st March

2025, by independent profesionaly qualified actuaries at Wilis

Towers Watson, using the projected unit credit method.

(i) The amounts recognised in the consolidated statement of

financial position is the present value of unfunded obligations

and its movement are as folows:

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Cost of sales 销售成本	91	26
Marketing, selling and distribution expenses 推广、销售及分销费用	1,867	(8)
Administrative expenses 行政费用	920	740
Other operating expenses 其他经营费用	323	317
Other operating expenses 其他经营费用	3,201	1,075

	2025 二零二五年	2024 二零二四年
Discount rate 折现率	3.6%	3.9%
Future salary increases 未来薪金增幅	3.5% per annum 每年3.5%	4.0% per annum 每年4.0%

Anual Report 2024/2025 年度报告221

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(d) 长期服务金（续）

(i) （续）

预期上述负债部份将于超过一年后清偿。然而，

由于应付退休福利亦将视乎员工流动率及精算

假设日后之变动而定，故将此款额自未来十二

个月内所应支付之金额中抽离并不可行。

长期服务金责任之加权平均期限为11年（二零

二四年：10年）。

(i) 上述费用已于综合损益表中按下列各项

确认：

(i) 重大精算假设及敏感性分析如下：

22 Employe retirement benefits (continued)

(d) Long service payments (continued)

(i) (continued)

A portion of the above liabilities is expected to be setled after

more than one year. However, it is not practical to segregate this

amount from the amounts payable in the next twelve months, as the

retirement benefit payable wil also depend on staf turnover and

future changes in actuarial asumptions.

The weighted average duration of the LSP obligation is 11 years

(2024: 10 years).

(i) The above expenses are recognised in the folowing line items

in the consolidated statement of profit or los:

(i) Significant actuarial asumptions and sensitivity analysis are

as folows:

	2025 二零二五年		2024 二零二四年
	Increase in 上升	Decrease in 下跌	Increase in 上升	Decrease in 下跌
	0.5%	0.5%	0.5%	0.5%
	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Discount rate 折现率	(1,109)	1,202	(779)	842
Future salary increases 未来薪金增幅	195	(195)	183	(183)

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司222

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

雇员退休福利（续）

(d) 长期服务金（续）

(i) （续）

以下分析显示长期服务金责任因重大精算假设

0.5%变动而上升╱（下跌）：

上述敏感性分析乃以假设精算假设之间之变动

并无直接关系为基准，因此并无考虑精算假设

之间之直接关系。

22 Employe retirement benefits (continued)

(d) Long service payments (continued)

(i) (continued)

The below analysis shows how the long service payment obligations

would have increased/(decreased) as a result of 0.5% change in the

significant actuarial asumptions:

The above sensitivity analysis is based on the asumption that

changes in actuarial asumptions are not corelated and therefore

it does not take into acount the corelations betwen the actuarial

asumptions.

Anual Report 2024/2025 年度报告223

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

以股份为付款基础之交易

(a) 购股权计划

本公司于二零一二年八月二十八日采纳购股权

计划（「二零一二年购股权计划」）及于二零二

年八月三十日采纳购股权计划（「二零二年购

股权计划」），据此，本公司之董事获授权酌情

邀请本集团之雇员（包括本集团旗下任何公司

之董事）接纳购股权以认购本公司普通股。二零

一二年购股权计划已于二零二年八月二十七

日终止。根据其各自行使期限，所有根据二零

一二年购股权计划授出之未行使购股权于二零

一二年购股权计划期限届满后将仍然有效及可

予行使。

购股权之行使价由本公司董事厘定，为以下之

较高者：(i)股份于授出日期（当日必须为营业日）

在联交所录得之收市价；及(i)股份于紧接授出

日期前五个营业日在联交所录得之平均收市价。

购股权之行使期不得超过授出日期起计之十年。

每项购股权之持有人均有权认购一股本公司股份。

23 Equity setled share-based transactions

(a) Share option scheme

The Company adopted share option schemes on 28th August 2012

(the “2012 Share Option Scheme”) and 30th August 2022 (the “2022

Share Option Scheme”) whereby the Directors of the Company are

authorised, at their discretion, to invite employes of the Group,

including Directors of any company in the Group, to take up options

to subscribe for ordinary shares in the Company. The 2012 Share

Option Scheme were terminated on 27th August 2022. Subject

to their respective exercisable periods, al outstanding options

granted under the 2012 Share Option Scheme wil stil be valid and

exercisable after the expiration of the 2012 Share Option Scheme.

The exercise price of the options is determined by the Directors of

the Company and is the higher of (i) the closing price of the shares on

the Stock Exchange on the date of grant, which must be a busines

day; and (i) the average of the closing prices of the shares on the

Stock Exchange for the five busines days imediately preceding the

date of grant.

The options are exercisable for a period not to exced 10 years from

the date of grant. Each option gives the holder the right to subscribe

for one share in the Company.

				2025 二零二五年		2024 二零二四年
Date of grant (dd/mm/yyyy) 授出日期（日╱月╱年）	Exercise period (dd/mm/yyyy) 行使期（日╱月╱年）	Contractual life of options 购股权之合约年期	Exercise price 行使价	Remaining contractual life 尚余合约年期	Number of options 购股权之数目	Remaining contractual life 尚余合约年期	Number of options 购股权之数目
Date of grant (dd/mm/yyyy) 授出日期（日╱月╱年）	Exercise period (dd/mm/yyyy) 行使期（日╱月╱年）	Contractual life of options 购股权之合约年期	$ 元		’000 千股		’000 千股
10/09/2014	10/09/2015 to至 09/09/2024	10 years年	10.080	–	–	5 months月	1,792
26/06/2015	26/06/2016 to至 25/06/2025	10 years年	13.600	3 months月	18	1 year年	18
14/09/2015	14/09/2016 to至 13/09/2025	10 years年	13.600	5 months月	1,588	1 year年	1,588
24/06/2016	24/06/2017 to至 23/06/2026	10 years年	14.792	1 year年	198	2 years年	198
06/09/2016	06/09/2017 to至 05/09/2026	10 years年	14.792	1 year年	1,420	2 years年	1,420
26/06/2017	26/06/2018 to至 25/06/2027	10 years年	16.296	2 years年	1,532	3 years年	1,532
19/06/2018	19/06/2019 to至 18/06/2028	10 years年	25.100	3 years年	1,596	4 years年	1,596
28/01/2019	28/01/2020 to至 27/01/2029	10 years年	30.350	–	–	5 years年	320
21/06/2019	21/06/2020 to至 20/06/2029	10 years年	44.810	4 years年	1,070	5 years年	1,126
22/06/2020	22/06/2021 to至 21/06/2030	10 years年	30.200	5 years年	1,284	6 years年	1,504
24/08/2021	18/06/2022 to至 23/08/2031	10 years年	19.500	6 years年	1,636	7 years年	2,012
04/07/2022	04/07/2023 to至 03/07/2032	10 years年	14.140	7 years年	2,161	8 years年	2,705
26/06/2023	26/06/2024 to至 25/06/2033	10 years年	12.216	8 years年	2,352	9 years年	3,040
26/06/2024	26/06/2025 to至 25/06/2034	10 years年	6.352	9 years年	4,556	–	–
26/06/2024	26/06/2025 to至 25/06/2034	10 years年	6.352	9 years年	19,411		18,851

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司224

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

以股份为付款基础之交易（续）

(a) 购股权计划（续）

(i) 于汇报日之未届满及未行使购股权之条

款及条件如下，所有购股权均以股份之

实物交收结算：

23 Equity setled share-based transactions

(continued)

(a) Share option scheme (continued)

(i) The terms and conditions of the unexpired and unexercised

share options at the end of the reporting period are as folows,

whereby al options are setled by physical delivery of shares:

Percentage of options granted 占获授购股权之百分比
On or after 1st year anniversary of the date of grant 授出日期起计一周年或其后	25%
On or after 2nd year anniversary of the date of grant 授出日期起计两周年或其后	another另 25%
On or after 3rd year anniversary of the date of grant 授出日期起计三周年或其后	another另 25%
On or after 4th year anniversary of the date of grant 授出日期起计四周年或其后	another另 25%

Anual Report 2024/2025 年度报告225

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

以股份为付款基础之交易（续）

(a) 购股权计划（续）

(i) （续）

除于二零一九年一月二十八日授出之购股权将

自授出日期起计首个周年后获50%归属及自授

出日期起计第二周年后获50%归属以及由二

零二一年八月二十四日授出之购股权须由二零

二年六月十八日起计以每年25%之比率分批

归属，并于二零二五年六月十八日全部归属外，

所有可予行使之购股权数目乃逐步增加，而各

阶段可行使购股权之百分比上限如下：

年内，概无购股权（二零二四年：1,704,000份

购股权）根据二零一二年购股权计划已获行使

以及概无购股权（二零二四年：无）根据二零

二年购股权计划已获发行。

23 Equity setled share-based transactions

(continued)

(a) Share option scheme (continued)

(i) (continued)

Except for the options granted on 28th January 2019 which wil be

50% vested after the first aniversary from the date of grant and

50% vested after the second aniversary from the date of grant and

the options granted on 24th August 2021 which are subject to a

vesting scale in tranches of 25% each per anum starting from 18th

June 2022 and are fuly vested on 18th June 2025, al the options

are exercisable progresively and the maximum percentage of the

options which may be exercised is determined in stages as folows:

During the year, no options (2024: 1,704,000 options) were

exercised under the 2012 Share Option Scheme, and no options

(2024: nil) were exercised under the 2022 Share Option Scheme.

	2025 二零二五年		2024 二零二四年
	Weighted average exercise price 加权平均行使价	Number of options 购股权之数目	Weighted average exercise price 加权平均行使价	Number of options 购股权之数目
	$ 元	’000千股	$ 元	’000千股
Outstanding at 1st April 于四月一日尚未行使	18.517	18,851	18.711	18,502
Exercised during the year 于年内行使	–	–	9.370	(1,704)
Granted during the year 于年内授出	6.352	5,244	12.216	3,164
Forfeited on termination of employment of eligible participants or lapsed during the year 因合资格参与者离职而于年内没收或失效	13.816	(4,684)	17.825	(1,111)
Outstanding at 31st March 于三月三十一日尚未行使	16.365	19,411	18.517	18,851
Exercisable at 31st March 于三月三十一日可行使		11,673		12,438

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司226

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

以股份为付款基础之交易（续）

(a) 购股权计划（续）

(i) 购股权之数目及加权平均行使价如下：

年内概无行使购股权。已行使之购股权于上个

年度之行使日期之加权平均股价为13.433元。

年内授出之购股权数目除以年内已发行股份之

加权平均数为0.49%（二零二四年：0.30%）。

23 Equity setled share-based transactions

(continued)

(a) Share option scheme (continued)

(i) The number and weighted average exercise prices of share

options are as folows:

No share options were exercised during the year. The weighted

average share price at the date of exercise for share options

exercised during the previous year was $13.433.

The number of options granted during the year divided by the

weighted average number of isued shares for the year was 0.49%

(2024: 0.30%).

Date of grant (dd/mm/yyyy) 授出日期（日╱月╱年）
	26/06/2015	14/09/2015	24/06/2016	06/09/2016	26/06/2017	19/06/2018	28/01/2019	21/06/2019	22/06/2020	24/08/2021	04/07/2022	26/06/2023	26/06/2024
Fair value at measurement date 于计量日期之公允值	$3.038元	$2.248元	$2.795元	$3.639元	$3.323元	$5.914元	$7.339元	$7.607元	$7.651元	$5.083元	$4.190元	$3.703元	$2.544元
Share price 股价	$13.600元	$11.840元	$13.700元	$15.220元	$16.080元	$25.100元	$30.350元	$38.750元	$30.200元	$19.160元	$13.500元	$10.680元	$6.040元
Exercise price 行使价	$13.600元	$13.600元	$14.792元	$14.792元	$16.296元	$25.100元	$30.350元	$44.810元	$30.200元	$19.500元	$14.140元	$12.216元	$6.352元
Expected volatility 预期波幅	26%	26%	26%	26%	24%	23%	25%	25%	28%	29%	30%	34%	39%
Expected option life 预期购股权之有效期	10 years年	10 years年	10 years年	10 years年	10 years年	10 years年	10 years年	10 years年	10 years年	10 years年	10 years年	10 years年	10 years年
Expected dividends 预期股息	3.0%	3.0%	2.5%	2.5%	2.5%	2.0%	2.0%	2.0%	2.0%	2.0%	1.5%	1.0%	0.7%
Risk-free interest rate 无风险利率	1.750%	1.730%	1.050%	0.950%	1.240%	2.230%	1.850%	1.490%	0.570%	1.030%	2.770%	3.420%	3.400%

Anual Report 2024/2025 年度报告227

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

以股份为付款基础之交易（续）

(a) 购股权计划（续）

(i) 购股权之公允值及假设

本集团以授出购股权来获得之服务之公允值，

乃参考已授出购股权之公允值计量。已授出购

股权之估计公允值以二项式点阵模式计量。购

股权之合约年期用作该模式之一项输入参数。

有关提早行使之预期已计入二项式点阵模式之内。

购股权之公允值及假设：

预期波幅按历史波幅厘定，并根据公开可得资

料就未来波幅之任何预期变化予以调整。预期

股息按历史股息厘定。主观输入假设之变动可

对公允值之估计产生重大影响。

购股权是根据服务条件而授出。此项条件在计

量所得服务之公允值（于授出日期）时不在考虑

之列。授出购股权并无附有市场条件。

23 Equity setled share-based transactions

(continued)

(a) Share option scheme (continued)

(i) Fair value of share options and asumptions

The fair value of services received in return for share options

granted is measured by reference to the fair value of share options

granted. The estimate of the fair value of the share options granted

is measured based on a binomial latice model. The contractual life of

the share option is used as an input into this model. Expectations of

early exercise are incorporated into the binomial latice model.

Fair values of share options and asumptions:

The expected volatility is based on the historic volatility, adjusted for

any expected changes to future volatility based on publicly available

information. Expected dividends are based on historical dividends.

Changes in the subjective input asumptions could materialy afect

the fair value estimate.

Share options were granted under a service condition. This

condition has not ben taken into acount in the grant date fair

value measurement of the services received. There was no market

conditions asociated with the share option grants.

Number of shares awarded 奖励股份之数目
Date of grant (dd/mm/yyyy) 授出日期（日╱月╱年）	Vesting period (dd/mm/yyyy) 归属期（日╱月╱年）	Note 附注	Fair value per award 每份奖励之公允值	As at 1st April 2023 于二零二三年四月一日	Granted during the year 于年内授出	Vested during the year 于年内归属	Lapsed during the year 于年内失效	As at 31st March 2024 于二零二四年三月三十一日
Date of grant (dd/mm/yyyy) 授出日期（日╱月╱年）	Vesting period (dd/mm/yyyy) 归属期（日╱月╱年）	Note 附注	$元	’000千股	’000千股	’000千股	’000千股	’000千股
24/08/2021	24/08/2021 to至 18/06/2025	(i)	18.220	468	–	(143)	(51)	274
20/12/2021	20/12/2021 to至 20/12/2023	(ii)	16.010	94	–	–	(94)	–
01/02/2022	01/02/2022 to至 18/06/2025	(i)	14.460	169	–	(56)	–	113
04/07/2022	04/07/2022 to至 04/07/2026	(iii)	13.003	1,420	–	(337)	(170)	913
26/06/2023	26/06/2023 to至 26/06/2027	(iii)	10.415	–	1,643	–	(48)	1,595
26/06/2023	26/06/2023 to至 26/06/2027	(iii)	10.415	2,151	1,643	(536)	(363)	2,895

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司228

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

以股份为付款基础之交易（续）

(b) 股份奖励计划

于二零二一年三月二十二日，本公司已采纳一

项股份奖励计划（「二零二一年股份奖励计划」），

据此，本公司可按其酌情权，选择任何合资格

参与者以奖励持有人的身份参与二零二一年股

份奖励计划，而有关奖励持有人可获授予受限

制股份、表现股份、受限制股份单位或表现股

份单位之奖励。二零二一年股份奖励计划由二

零二一年七月一日起生效，有效期为十年（惟被

董事会提前终止除外）。

于本期内授出之奖励股份之条款及条件如下，

所有奖励均以股份之实物交收结算：

23 Equity setled share-based transactions

(continued)

(b) Share award scheme

On 22nd March 2021, the Company adopted a share award scheme

(the “2021 Share Award Scheme”) under which the Company may,

at its discretion, select any eligible participant to participate in the

2021 Share Award Scheme as an award holder, and such award

holder may be granted an award of restricted shares, performance

shares, restricted share units or performance share units. The 2021

Share Award Scheme shal be valid and efective for a term of 10

years from 1st July 2021 unles terminated earlier by the Board of

Directors.

The terms and conditions of the share awards granted during the

period are as folows, whereby al awards are setled by physical

delivery of shares:

Number of shares awarded 奖励股份之数目
Date of grant (dd/mm/yyyy) 授出日期（日╱月╱年）	Vesting period (dd/mm/yyyy) 归属期（日╱月╱年）	Note 附注	Fair value per award 每份奖励之公允值	As at 1st April 2024 于二零二四年四月一日	Granted during the year 于年内授出	Vested during the year 于年内归属	Lapsed during the year 于年内失效	As at 31st March 2025 于二零二五年三月三十一日
Date of grant (dd/mm/yyyy) 授出日期（日╱月╱年）	Vesting period (dd/mm/yyyy) 归属期（日╱月╱年）	Note 附注	$元	’000千股	’000千股	’000千股	’000千股	’000千股
24/08/2021	24/08/2021 to至 18/06/2025	(i)	18.220	274	–	(137)	(27)	110
01/02/2022	01/02/2022 to至 18/06/2025	(i)	14.460	113	–	(57)	–	56
04/07/2022	04/07/2022 to至 04/07/2026	(iii)	13.003	913	–	(298)	(107)	508
26/06/2023	26/06/2023 to至 26/06/2027	(iii)	10.415	1,595	–	(382)	(226)	987
26/06/2024	26/06/2024 to至 26/06/2028	(iii)	5.935	–	3,114	–	(305)	2,809
26/06/2024	26/06/2024 to至 26/06/2028	(iii)	5.935	2,895	3,114	(874)	(665)	4,470

Anual Report 2024/2025 年度报告229

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

以股份为付款基础之交易（续）

(b) 股份奖励计划（续）

奖励股份之公允值乃基于授出日期之每股收市

价及按归属期内之股息公允值作调整，因承授

人在归属期内无权享有股息。

年内授出之奖励数目除以年内已发行股份之加

权平均数为0.29%（二零二四年：0.15%）。

附注：

(i) 奖励股份由二零二年六月十八日起按每年

25%之比率分批归属，并于二零二五年六月

十八日全部归属。

(i) 奖励股份由二零二年十二月二十日起按每年

50%之比率分批归属，并于二零二三年十二月

二十日全部归属。

(i) 奖励股份由授出日期一周年起按每年25%之

比率分批归属，并将于授出日期四周年全部归

属。

The fair value of the awarded shares was based on the closing price

per share at the date of grant and adjusted by the fair value of the

dividends during the vesting periods as the grantes are not entitled

to dividends during the vesting period.

The number of awards granted during the year divided by the

weighted average number of isued shares for the year was 0.29%

(2024: 0.15%).

Notes:

(i) The share awards are subject to a vesting scale in tranches of 25%

each per anum starting from 18th June 2022 and are fuly vested on

18th June 2025.

(i) The share awards are subject to a vesting scale in tranches of 50%

each per anum starting from 20th December 2022 and are fuly

vested on 20th December 2023.

(i) The share awards are subject to a vesting scale in tranches of 25%

each per anum starting from the first aniversary of the date of grant

and wil be fuly vested on the fourth aniversary of the date of grant.

23 Equity setled share-based transactions

(continued)

(b) Share award scheme (continued)

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Provision for Hong Kong Profits Tax for the year 本年度香港利得税拨备	(27,984)	(22,144)
Provisional Profits Tax paid 已缴付之预缴利得税	16,638	14,076
Provisional Profits Tax paid 已缴付之预缴利得税	(11,346)	(8,068)
Balance of Profits Tax relating to prior years 与过往年度相关之利得税款项	–	(11)
Taxation outside Hong Kong 香港以外地区税项	(20,611)	(13,582)
Taxation outside Hong Kong 香港以外地区税项	(31,957)	(21,661)

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Current tax recoverable 应收现期税项	172	18,136
Current tax payable 应付现期税项	(32,129)	(39,797)
	(31,957)	(21,661)

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司230

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

综合财务状况表之所得税

(a) 综合财务状况表之应收╱（应付）

现期税项如下：

概要

24 Income tax in the consolidated statement of

financial position

(a) Curent tax recoverable/(payable) in the

consolidated statement of financial position

represents:

Sumary

	Depreciation allowances in excess of the related depreciation 超出有关折旧之折旧免税额	Right-of-use assets 使用权资产	Lease liabilities 租赁负债	Future benefit of tax losses 税务亏损之未来利益	Employee retirement benefits 雇员退休福利	Provisions 拨备	Withholding tax on dividends 股息预扣税	Cash flow hedges 现金流量对冲	Total 总计
	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Deferred tax arising from: 来自以下各项之递延税项：
At 1st April 2023 于二零二三年四月一日	(86,292)	(8,127)	8,337	164,663	3,903	106,482	(4,044)	(344)	184,578
Exchange adjustments 汇兑调整	2,329	402	(413)	(6,785)	–	(5,628)	–	–	(10,095)
Credited/(charged) to profit or loss 于损益计入╱（扣除）	11,752	(588)	547	7,228	12	4,957	(740)	–	23,168
Credited/(charged) to reserves 于储备计入╱（扣除）	–	–	–	–	(1,003)	–	–	344	(659)
At 31st March 2024 于二零二四年三月三十一日	(72,211)	(8,313)	8,471	165,106	2,912	105,811	(4,784)	–	196,992
Deferred tax arising from: 来自以下各项之递延税项：
At 1st April 2024 于二零二四年四月一日	(72,211)	(8,313)	8,471	165,106	2,912	105,811	(4,784)	–	196,992
Exchange adjustments 汇兑调整	489	201	(220)	(1,792)	–	(1,080)	–	–	(2,402)
Credited/(charged) to profit or loss 于损益计入╱（扣除）	18,944	(2,698)	3,561	(61,206)	475	8,232	(2,478)	–	(35,170)
Credited to reserves 于储备计入	–	–	–	–	244	–	–	–	244
At 31st March 2025 于二零二五年三月三十一日	(52,778)	(10,810)	11,812	102,108	3,631	112,963	(7,262)	–	159,664

Anual Report 2024/2025 年度报告231

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

综合财务状况表之所得税（续）

(b) 已确认递延税项资产╱（负债）：

于综合财务状况表确认之递延税项资产╱（负债）

之组成部份及年内之变动如下：

24 Income tax in the consolidated statement of

financial position (continued)

(b) Defered tax asets/(liabilities) recognised:

The components of defered tax asets/(liabilities) recognised in the

consolidated statement of financial position and the movements

during the year are as folows:

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Net deferred tax assets recognised in the consolidated statement of financial position 于综合财务状况表确认之递延税项资产净额	226,078	269,555
Net deferred tax liabilities recognised in the consolidated statement of financial position 于综合财务状况表确认之递延税项负债净额	(66,414)	(72,563)
	159,664	196,992

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司232

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

综合财务状况表之所得税（续）

(b) 已确认递延税项资产╱（负债）：

（续）

综合财务状况表对账

根据附注1(r)所载之会计政策，本集团并无确

认有关税务亏损及其他暂时差异706,410,000

元（二零二四年：524,036,000元）之递延税项

资产，原因在于有关税项司法管辖区及实体不

大可能产生未来应课税溢利以抵销可动用之有

关亏损及其他暂时差异。

未确认税务亏损中有106,619,000元（二零二四

年：46,078,000元）将可自亏损产生之年度起结

转最多二十年，及285,213,000元（二零二四年：

259,086,000元）将可自亏损产生之年度起结转

最多五年。其余314,578,000元（二零二四年：

218,872,000元）结余不会根据现行税法届满。

24 Income tax in the consolidated statement of

financial position (continued)

(b) Defered tax asets/(liabilities) recognised:

(continued)

Reconciliation to the consolidated statement of financial

position

In acordance with the acounting policy set out in note 1(r), the

Group has not recognised defered tax asets in respect of tax

loses and other temporary diferences of $706,410,000 (2024:

$524,036,000) as it is not probable that future taxable profits against

which the loses and other temporary diferences can be utilised wil

be available in the relevant tax jurisdictions and entities.

Included in unrecognised tax loses is an amount of $106,619,000

(2024: $46,078,000) which can be caried forward up to twenty

years from the year in which the los originated, and an amount of

$285,213,000 (2024: $259,086,000) which can be caried forward

up to five years from the year in which the los originated. The

remaining balance of $314,578,000 (2024: $218,872,000) does not

expire under curent tax legislation.

	Note 附注	Share capital 股本	Shares held for share award scheme 股份奖励计划持有之股份	Capital reserve 资本储备	General reserve 一般储备	Share-based compensation reserve 股份基础补偿储备	Hedging reserve 对冲储备	Retained profits 保留溢利	Total equity 权益总额
	Note 附注	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Balance at 1st April 2023 于二零二三年四月一日结余		1,021,453	(7,226)	30,304	2,261	77,121	1,748	1,713,647	2,839,308
Changes in equity for the year: 本年度之权益变动：
Transfer from capital reserve to retained profits 自资本储备转拨至保留溢利	25(e)(i)	–	–	(1,218)	–	–	–	1,218	–
Shares issued on exercise of share options 就行使购股权而发行股份	25(c)(ii)	19,791	–	–	–	(3,824)	–	–	15,967
Shares issued on vesting of share awards 就归属股份奖励而发行股份	25(c)(i)	3,154	–	–	–	(3,154)	–	–	–
Vesting shares pursuant to the share award scheme 根据股份奖励计划归属股份	25(d)	–	4,516	–	–	(4,773)	–	257	–
Shares purchased for share award scheme 就股份奖励计划购买之股份	25(d)	–	(6,171)	–	–	–	–	–	(6,171)
Equity settled share-based transactions 以股份为付款基础之交易		–	–	–	–	21,865	–	–	21,865
Transfer from share-based compensation reserve to retained profits 自股份基础补偿储备转拨至保留溢利		–	–	–	–	(1,315)	–	1,315	–
Final dividend approved in respect of the previous year 批准属于上一年度之末期股息	25(b)(ii)	–	–	–	–	–	–	(15,017)	(15,017)
Interim dividend declared in respect of the current year 宣派本年度之中期股息	25(b)(i)	–	–	–	–	–	–	(15,004)	(15,004)
Total comprehensive income for the year 本年度全面收益总额		–	–	–	–	–	(1,748)	150,334	148,586
Balance at 31st March 2024 于二零二四年三月三十一日结余		1,044,398	(8,881)	29,086	2,261	85,920	–	1,836,750	2,989,534

Anual Report 2024/2025 年度报告233

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

资本、储备及股息

(a) 权益组成部份之变动

本集团综合权益各组成部份之年初与年末结余

之对账载于综合权益变动表。本公司权益个别

组成部份于年初及年末之变动详情载列如下：

本公司

25 Capital, reserves and dividends

(a) Movements in components of equity

The reconciliation betwen the opening and closing balances of

each component of the Group’s consolidated equity is set out in the

consolidated statement of changes in equity. Details of the changes

in the Company’s individual components of equity betwen the

begining and the end of the year are set out below:

The Company

	Note 附注	Share capital 股本	Shares held for share award scheme 股份奖励计划持有之股份	Capital reserve 资本储备	General reserve 一般储备	Share-based compensation reserve 股份基础补偿储备	Hedging reserve 对冲储备	Retained profits 保留溢利	Total equity 权益总额
	Note 附注	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Balance at 1st April 2024 于二零二四年四月一日结余		1,044,398	(8,881)	29,086	2,261	85,920	–	1,836,750	2,989,534
Changes in equity for the year: 本年度之权益变动：
Transfer from capital reserve to retained profits 自资本储备转拨至保留溢利	25(e)(i)	–	–	(1,218)	–	–	–	1,218	–
Shares issued on vesting of share awards 就归属股份奖励而发行股份	25(c)(i)	3,128	–	–	–	(3,128)	–	–	–
Vesting shares pursuant to the share award scheme 根据股份奖励计划归属股份	25(d)	–	5,337	–	–	(8,073)	–	2,736	–
Shares purchased for share award scheme 就股份奖励计划购买之股份	25(d)	–	(7,553)	–	–	–	–	–	(7,553)
Equity settled share-based transactions 以股份为付款基础之交易		–	–	–	–	21,781	–	–	21,781
Transfer from share-based compensation reserve to retained profits 自股份基础补偿储备转拨至保留溢利		–	–	–	–	(10,862)	–	10,862	–
Share buy-back 股份购回	25(c)(iii)	–	–	–	–	–	–	(40,595)	(40,595)
Final dividend approved in respect of the previous year 批准属于上一年度之末期股息	25(b)(ii)	–	–	–	–	–	–	(67,520)	(67,520)
Interim dividend declared in respect of the current year 宣派本年度之中期股息	25(b)(i)	–	–	–	–	–	–	(42,870)	(42,870)
Unclaimed dividend write back 未领取股息之回拨		–	–	–	–	–	–	752	752
Total comprehensive income for the year 本年度全面收益总额		–	–	–	–	–	–	270,271	270,271
Balance at 31st March 2025 于二零二五年三月三十一日结余		1,047,526	(11,097)	27,868	2,261	85,638	–	1,971,604	3,123,800

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司234

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

资本、储备及股息（续）

(a) 权益组成部份之变动（续）

本公司（续）

25 Capital, reserves and dividends (continued)

(a) Movements in components of equity (continued)

The Company (continued)

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Interim dividend declared and paid of 4.0 cents per ordinary share (2024: 1.4 cents per ordinary share) 已宣派及已支付之中期股息－每股普通股4.0仙（二零二四年：每股普通股1.4仙）	42,870	15,004
Final dividend proposed after the end of the reporting period of 10.2 cents per ordinary share (2024: 6.3 cents per ordinary share) (note 25(f)) 于汇报日后拟派之末期股息－每股普通股10.2仙（二零二四年：每股普通股6.3仙）（附注25(f)）	109,456	67,520
	152,326	82,524

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Final dividend in respect of the previous financial year, approved and paid during the year of 6.3 cents per ordinary share (2024: 1.4 cents per ordinary share) 属于上一财政年度并于年内批准及支付之末期股息为每股普通股6.3仙（二零二四年：每股普通股1.4仙）	67,520	15,017

Anual Report 2024/2025 年度报告235

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

资本、储备及股息（续）

(b) 股息

(i) 应付予本公司股权持有人之本年度

股息

于汇报日后拟派之末期股息乃按批准财务报

表当日已发行股份总数1,073,093,978股（二零

二四年：1,072,814,812股）普通股计算。

于汇报日后拟派之末期股息于汇报日并未确认

为负债。

(i) 属于上一财政年度，并于年内批准及

支付予本公司股权持有人之应付股息

25 Capital, reserves and dividends (continued)

(b) Dividends

(i) Dividends payable to equity shareholders of the

Company atributable to the year

The final dividend proposed after the end of the reporting period

is based on 1,073,093,978 (2024: 1,072,814,812) ordinary shares,

being the total number of isued shares at the date of aproval of

the financial statements.

The final dividend proposed after the end of the reporting period

was not recognised as a liability at the end of the reporting period.

(i) Dividends payable to equity shareholders of the

Company atributable to the previous financial year,

aproved and paid during the year

	2025 二零二五年		2024 二零二四年
	Number of shares 股份数目	Amount 金额	Number of shares 股份数目	Amount 金额
	’000千股	$’000千元	’000千股	$’000千元
Ordinary shares, issued and fully paid: 已发行及已缴足普通股：
At 1st April 于四月一日	1,072,815	1,044,398	1,070,899	1,021,453
Shares issued on exercise of share options 就行使购股权而发行股份	–	–	1,704	19,791
Shares issued on vesting of share awards 就归属股份奖励而发行股份	243	3,128	212	3,154
Shares issued and held as treasury shares 发行及持有作为库存股份	36	–	–	–
At 31st March 于三月三十一日	1,073,094	1,047,526	1,072,815	1,044,398

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司236

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

资本、储备及股息（续）

(i) 已发行股本

普通股之持有人可收取不时宣派之股息，并可

于本公司之大会上就每股份享有一票投票权。

就本公司之剩余资产而言，所有普通股享有同

等权利。

(i) 根据购股权计划发行之股份

本年度概无本公司普通股之购股权获行使。

上个年度，1,704,000股本公司普通股之购股权

获行使。代价净额为15,967,000元并已拨入股

本。3,824,000元已根据附注1(q)(i)所载之政策

自股份基础补偿储备拨入股本账。

25 Capital, reserves and dividends (continued)

(i) Isued share capital

The holders of ordinary shares are entitled to receive dividends as

declared from time to time and are entitled to one vote per share

at metings of the Company. Al ordinary shares rank equaly with

regard to the Company’s residual asets.

(i) Shares isued under share option schemes

During the curent year, no options were exercised to subscribe for

ordinary shares in the Company.

During the previous year, options were exercised to subscribe

1,704,000 ordinary shares in the Company. The net consideration

of $15,967,000 was credited to share capital. $3,824,000 was

transfered from the share-based compensation reserve to the share

capital acount in acordance with the policy set out in note 1(q)(i).

	Number of shares 股份数目	Highest price per share 每股最高价	Lowest price per share 每股最低价	Average price per share 每股平均价	Aggregate consideration (excluding expenses) 总代价（不包括开支）
	’000千股	$元	$元	$元	$’000千元
Share repurchased: 已购回股份：
On-market share buy-back 市场上购回股份
– March 2025 – 二零二五年三月
– Settled – 已结算	4,226				40,389
– Not yet settled at year end – 于年末尚未结算	6				60
– Not yet settled at year end – 于年末尚未结算	4,232	10.00	9.08	9.56	40,449
Share cancelled 已注销股份	–

Anual Report 2024/2025 年度报告237

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

资本、储备及股息（续）

(i) 股份购回

本年度于联交所购回4,232,000股份，总代价

（不包括开支）约为40,449,000元且并无注销股

份，占年初已发行普通股之0.39%。连同直接

交易成本约146,000元，总额40,595,000元已

从保留溢利中扣除。

下表显示年内购回股份的详细资料︰

25 Capital, reserves and dividends (continued)

(i) Share buy-back

During the curent year, 4,232,000 shares were repurchased on the

Stock Exchange at an agregate consideration (excluding expenses)

of aproximately $40,449,000 and no shares were canceled,

representing 0.39% of the ordinary shares in isue at the begining of

the year. Together with the direct transaction cost of aproximately

$146,000, a total amount of $40,595,000 was acounted for as a

deduction from retained profits.

Below table shows the details of the share repurchased during the

year:

	2025 二零二五年		2024 二零二四年
	Number of shares 股份数目	Amount 金额	Number of shares 股份数目	Amount 金额
	’000千股	$’000千元	’000千股	$’000千元
At 1st April 于四月一日	637	8,881	361	7,226
Shares purchased for share award scheme 就股份奖励计划购买之股份	1,300	7,553	600	6,171
Vesting shares pursuant to the share award scheme 根据股份奖励计划归属股份	(629)	(5,337)	(324)	(4,516)
Share issued and held as treasury shares 发行及持有作为库存股份	36	–	–	–
At 31st March 于三月三十一日	1,344	11,097	637	8,881

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司238

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

资本、储备及股息（续）

(d) 股份奖励计划持有之股份

本公司就股份奖励计划持有之股份之变动载列

如下：

股份奖励计划持有之股份包括本公司发行之股

份及本公司透过股份奖励计划受托人于公开市

场购入之本公司股份。年内购入股份所支付总

额为约7,553,000 元（二零二四年：6,171,000

元），其已于二零二五年三月三十一日自股东

权益中扣除。本公司就本股份奖励计划购买但

尚未归属之股份作为本公司库存股份入账。

于二零二五年三月三十一日，股份奖励计划之

受托人持有1,344,000股（二零二四年：637,000

股）库存股份。

(e) 储备之性质及用途

(i) 资本储备

作为本集团于一九四年二月进行之重组之一

部份，本公司向一间前附属公司出售一项物业，

代价以现金及另一项物业收取，故自该交易产

生总收益，即所出售物业之历史账面值与已收

代价公允值之差额。

25 Capital, reserves and dividends (continued)

(d) Shares held for share award scheme

Movement of the Company’s shares held for share award scheme is

set out as below:

Shares held for share award scheme includes shares isued by the

Company and the Company’s shares purchased through the truste

of the share award scheme from the open market. The total amount

paid to acquire the shares during the curent year was aproximately

$7,553,000 (2024: $6,171,000), which has ben deducted from

shareholders’ equity as at 31st March 2025. The shares purchased

by the Company that are not yet vested for this share award scheme

were recorded as treasury shares of the Company.

As at 31st March 2025, there were 1,344,000 (2024: 637,000)

treasury shares held through the truste of the share award scheme.

(e) Nature and purpose of reserves

(i) Capital reserve

As part of the restructuring of the Group in February 1994, the

Company disposed of a property to a former subsidiary and

consideration was received in the form of cash and another property.

A total gain, representing the diference betwen the historical

carying value of the property disposed of and the fair value of the

consideration received, resulted from such transaction.

Anual Report 2024/2025 年度报告239

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

资本、储备及股息（续）

(e) 储备之性质及用途（续）

(i) 资本储备（续）

该项交易之收益按已收现金及物业（「物业」）

公允值之比例分为已变现及未变现部份。未变

现收益已计入资本储备，并于计算物业折旧

时变现。于年内，1,218,000元（二零二四年：

1,218,000元）自资本储备转拨至保留溢利。

(i) 盈余储备

盈余储备由深圳维他奶、佛山维他奶、武汉维

他奶、上海维他奶及维他奶（澳门）有限公司分

别根据中国内地及澳门特别行政区之法规设立。

(i) 其他储备

其他储备产生于二零一年在深圳维他奶及佛

山维他奶、于二零一九年在东莞维他奶以及于

二零二三年在VAP与非控股权益之权益交易。

(iv) 对冲储备

对冲储备包括用作有待其后根据附注1(t)所载

就现金流量对冲采纳之会计政策确认对冲现金

流量之现金流量对冲之对冲工具的公允值累计

净变动之有效部份。

(v) 汇兑储备

汇兑储备包含换算香港以外地区成立之附属公

司及合营公司之财务报表产生之所有外汇兑

差额及换算香港以外地区成立之附属公司及合

营公司实质构成投资净额一部份之货币项目产

生之外汇兑差额。该储备将根据附注1(v)所

载之会计政策处理。

(vi) 股份基础补偿储备

股份基础补偿储备包含授予合资格参与者之实

际或估计数目之尚未行使购股权及股份奖励之

公允值，乃根据附注1(q)(i)所载就以股份为基

础之付款采纳之会计政策而确认。

25 Capital, reserves and dividends (continued)

(e) Nature and purpose of reserves (continued)

(i) Capital reserve (continued)

The gain arising from this transaction was divided into realised and

unrealised portions in the ratio of the amount of cash and the fair

value of the property received (“the property”). The unrealised gain

was taken to capital reserve and is realised on depreciation of the

property. During the year, $1,218,000 (2024: $1,218,000) was

transfered from capital reserve to retained profits.

(i) Surplus reserve

The surplus reserve has ben set up by Shenzhen Vitasoy, Vitasoy

Foshan, Vitasoy Wuhan, Vitasoy Shanghai and Vitasoja (Macau)

Limitada, in acordance with regulations in Mainland China and

Macau SAR respectively.

(i) Other reserve

The other reserve arose from the equity transactions with the non-

controling interests of Shenzhen Vitasoy and Vitasoy Foshan in

2011, Vitasoy Donguan in 2019 and VAP in 2023.

(iv) Hedging reserve

The hedging reserve comprises the efective portion of the

cumulative net change in the fair value of hedging instruments used

in cash flow hedges pending subsequent recognition of the hedged

cash flow in acordance with the acounting policy adopted for cash

flow hedges in note 1(t).

(v) Exchange reserve

The exchange reserve comprises al foreign exchange diferences

arising from the translation of the financial statements of subsidiaries

and the joint venture established outside Hong Kong and the foreign

exchange diferences arising from translation of monetary items that

in substance form part of the net investment in subsidiaries and the

joint venture established outside Hong Kong. The reserve is dealt

with in acordance with the acounting policy set out in note 1(v).

(vi) Share-based compensation reserve

Share-based compensation reserve comprises the fair value of the

actual or estimated number of unexercised share options and share

awards granted to eligible participants recognised in acordance with

the acounting policy adopted for share-based payments in note

1(q)(i).

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司240

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

资本、储备及股息（续）

(f) 可供分派储备

于二零二五年三月三十一日，根据香港《公司

条例》第6部之条文计算之可供分派予本公司股

权持有人之储备总额为1,973,865,000元（二零

二四年：1,839,011,000元）。

于汇报日后，董事会建议派发末期股息每股普

通股10.2仙（二零二四年：每股普通股6.3仙），

为109,456,000元（二零二四年：67,520,000元）

（附注25(b)(i)）。于二零二五年三月三十一日汇

报日后拟派之股息于二零二五年三月三十一日

并未确认为负债。

(g) 资本管理

本集团在管理资本时之首要目标为保障本集团

能持续经营的能力，透过将产品及服务的价格

订于与风险相称的水平及按合理成本筹措融资，

使其能继续为股东提供回报及为其他利益相关

人士提供利益。

本集团积极及定期对资本架构进行检讨及管理，

以在较高股东回报可能附带较高借贷水平与雄

厚资本状况带来之优势及保障间取得平衡，并

因应经济环境之变化对资本架构作出调整。

本著业内惯例，本集团以负债对经调整资本比

率作为监控其资本架构之基准。就此目的，本

集团将负债界定为应付票据、银行贷款及租赁

负债之总额，经调整资本为权益之所有组成部

份减非累计拟派股息。

本集团之策略与截至二零二四年三月三十一日

止年度保持不变，将负债对经调整资本比率维

持于30%以下。为保持或调整有关比率，本集

团或会调整向股东派付之股息金额、发行新股

份、向股东退回资本、筹集新债项融资或出售

资产以减低负债。

25 Capital, reserves and dividends (continued)

(f) Distributability of reserves

At 31st March 2025, the agregate amounts of reserves available

for distribution to equity shareholders of the Company, as calculated

under the provisions of Part 6 of the Hong Kong Companies

Ordinance, was $1,973,865,000 (2024: $1,839,011,000).

After the end of the reporting period, the Board of Directors

proposed a final dividend of 10.2 cents per ordinary share (2024:

6.3 cents per ordinary share), amounting to $109,456,000 (2024:

$67,520,000) (note 25(b)(i). The dividend proposed after the end of

31st March 2025 reporting period was not recognised as liabilities at

31st March 2025.

(g) Capital management

The Group’s primary objectives when managing capital are to

safeguard the Group’s ability to continue as a going concern, so that

it can continue to provide returns for shareholders and benefits for

other stakeholders, by pricing products and services comensurately

with the level of risk and by securing aces to finance at a

reasonable cost.

The Group actively and regularly reviews and manages its capital

structure to maintain a balance betwen the higher shareholder

returns that might be posible with higher levels of borowings and

the advantages and security aforded by a sound capital position,

and makes adjustments to the capital structure in light of changes in

economic conditions.

Consistent with industry practices, the Group monitors its capital

structure on the basis of a debt-to-adjusted capital ratio. For this

purpose, the Group defines debt as the total of bils payable, bank

loans and lease liabilities, and adjusted capital as al components of

equity les unacrued proposed dividends.

The Group’s strategy, which was unchanged from the year ended

31st March 2024, was to maintain the debt-to-adjusted capital ratio

below 30%. In order to maintain or adjust the ratio, the Group may

adjust the amount of dividends paid to shareholders, isue new

shares, return capital to shareholders, raise new debt financing or sel

asets to reduce debt.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Current liabilities: 流动负债：
Bills payable 应付票据	47,469	124,552
Bank loans (note 20) 银行贷款（附注20）	228,916	255,987
Lease liabilities (note 21) 租赁负债（附注21）	109,921	104,865
Lease liabilities (note 21) 租赁负债（附注21）	386,306	485,404
Non-current liabilities: 非流动负债：
Bank loans (note 20) 银行贷款（附注20）	36,482	–
Lease liabilities (note 21) 租赁负债（附注21）	188,239	198,000
Total debt 负债总额	611,027	683,404
Total equity 权益总额	3,182,182	3,112,637
Less: Proposed dividends (note 25(b)(i)) 减：拟派股息（附注25(b)(i)）	(109,456)	(67,520)
Adjusted capital 经调整资本	3,072,726	3,045,117
Debt-to-adjusted capital ratio 负债对经调整资本比率	20%	22%

Anual Report 2024/2025 年度报告241

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

资本、储备及股息（续）

(g) 资本管理（续）

本集团于二零二五年及二零二四年三月三十一

日之负债对经调整资本比率如下：

于二零二五年三月三十一日，概无本集团之银

行信贷（二零二四年：本集团若干银行信贷）须

符合契诺，包括将本集团之负债对经调整资本

比率维持于若干数值以下及将本集团之净值比

率维持于若干数值以上。除以上所述外，本公

司及其任何附属公司概毋须遵守外部施加之资

本规定。

25 Capital, reserves and dividends (continued)

(g) Capital management (continued)

The Group’s debt-to-adjusted capital ratio at 31st March 2025 and

2024 was as folows:

As at 31st March 2025, none of the Group’s banking facilities (2024:

certain of the Group’s banking facilities) were subject to fulfilment of

covenants which include maintaining the Group’s debt-to-adjusted

capital ratio below a certain amount and maintaining the Group’s net

worth ratio above a certain amount. Except for the above, neither

the Company nor any of its subsidiaries are subject to externaly

imposed capital requirements.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司242

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值

本集团在一般业务过程中存在信贷、流动资金、

利率及货币风险。本集团面临之有关风险及本

集团就管理该等风险所采用之财务风险管理政

策与惯例载述如下。

(a) 信贷风险

信贷风险指交易方违反其合约责任而导致本集

团财务亏损之风险。

本集团之信贷风险主要来自应收账款及其他应

收款。管理层备有信贷政策，而所面临之有关

信贷风险持续受到监控。

本集团之现金及银行存款乃存放于有良好信贷

评级之金融机构，管理层认为本集团面临之信

贷风险为低。

本集团并无提供任何将令本集团面临信贷风险

之担保。

应收账款及应收票据（已包括于应收账款

及其他应收款内）

所有要求超过特定信贷金额之客户均须进行个

别信贷评估。该等评估集中于客户过往之到期

还款记录及现时还款能力，并会考虑客户之特

定资料以及有关客户营运所在之经济环境。应

收账款及应收票据一般于发单日起计一至三个

月内到期。一般而言，本集团不会从客户取得

抵押品。

本集团于客户经营业务所在之行业或国家并

无重大集中信贷风险。重大集中信贷风险主要

于本集团面临个别客户之重大风险时出现。

于汇报日，本集团最大客户及五大客户之欠

款分别占应收账款及其他应收款总额之21.2%

（二零二四年：18.0%）及49.5%（二零二四年：

44.6%）。

26 Financial risk management and fair values of

financial instruments

Exposure to credit, liquidity, interest rate and curency risks arises in

the normal course of the Group’s busines. The Group’s exposures to

these risks and the financial risk management policies and practices

used by the Group to manage these risks are described below.

(a) Credit risk

Credit risk refers to the risk that a counterparty wil default on its

contractual obligations resulting in a financial los to the Group.

The Group’s credit risk is primarily atributable to trade and other

receivables. Management has a credit policy in place and exposure to

credit risk is monitored on an ongoing basis.

The Group’s cash and bank deposits are placed with financial

institutions with sound credit ratings, and the management consider

the Group’s exposure to credit risk is low.

The Group does not provide any guarantes which would expose the

Group to credit risk.

Trade debtors and bils receivable (which are included in trade

and other receivables)

Individual credit evaluations are performed on al customers

requiring credit over a certain amount. These evaluations focus on

the customer’s past history of making payments, when due, and

curent ability to pay, and take into acount information specific to

the customer as wel as pertaining to the economic environment in

which the customer operates. Trade debtors and bils receivables are

generaly due within one to thre months from the date of biling.

Normaly, the Group does not obtain colateral from customers.

The Group has no significant concentration of credit risk in

industries or countries in which the customers operate. Significant

concentrations of credit risk primarily arise when the Group has

significant exposure to individual customers. At the end of the

reporting period, 21.2% (2024: 18.0%) and 49.5% (2024: 44.6%)

of the total trade and other receivables was due from the Group’s

largest customer and the five largest customers respectively.

	2025 二零二五年		2024 二零二四年
	Gross carrying amount 账面总值	Loss allowance 亏损拨备	Gross carrying amount 账面总值	Loss allowance 亏损拨备
	$’000千元	$’000千元	$’000千元	$’000千元
Current (not past due) 即期（未逾期）	636,114	–	642,298	–
Less than one month past due 逾期少于一个月	67,707	(412)	62,465	(592)
One to three months past due 逾期一至三个月	6,149	(37)	9,655	(803)
More than three months but less than twelve months past due 逾期超过三个月但少于十二个月	1,565	(1,260)	2,663	(403)
More than twelve months past due 逾期超过十二个月	2,477	(2,456)	2,099	(2,081)
More than twelve months past due 逾期超过十二个月	714,012	(4,165)	719,180	(3,879)

Anual Report 2024/2025 年度报告243

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(a) 信贷风险（续）

应收账款及应收票据（已包括于应收账款

及其他应收款内）（续）

本集团应收账款及应收票据之亏损拨备一般按

相等于可使用年期内之预期信贷亏损（采用拨

备矩阵计算）之金额计量。由于本集团过往信贷

亏损经验并无显示不同客户分部之亏损模式存

在巨大差异，故根据逾期状况计算亏损拨备时

并无对本集团不同客户群体作进一步区分。

下表提供有关本集团就应收账款及应收票据所

面临之信贷风险及预期信贷亏损之资料：

26 Financial risk management and fair values of

financial instruments (continued)

(a) Credit risk (continued)

Trade debtors and bils receivable (which are included in trade

and other receivables) (continued)

The Group measures los alowances for trade debtors and bils

receivable at an amount equal to lifetime ECLs, which is calculated

using a provision matrix. As the Group’s historical credit los

experience does not indicate significantly diferent los paterns for

diferent customer segments, the los alowance based on past due

status is not further distinguished betwen the Group’s diferent

customer bases.

The folowing table provides information about the Group’s exposure

to credit risk and ECLs for trade debtors and bils receivable:

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Balance at 1st April 于四月一日结余	3,879	4,505
Exchange adjustments 汇兑调整	(8)	(150)
Impairment losses recognised 确认减值亏损	499	80
Uncollectible amounts written off 不可收回金额之撇销	(205)	(556)
Balance at 31st March 于三月三十一日结余	4,165	3,879

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司244

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(a) 信贷风险（续）

应收账款及应收票据（已包括于应收账款

及其他应收款内）（续）

应收账款及应收票据之亏损拨备账于年内之变

动如下：

(b) 流动资金风险

本集团个别经营实体负责其日常运作之现金管

理，包括存放短期现金存款及借入贷款以满足

预期现金需求，惟倘借贷超过若干预先厘定之

授权水平，则须获母公司董事会批准。超过营

运所需之现金盈余由本集团中央现金及财政管

理制度密切监控及管理。本集团之政策乃定期

监控其流动资金需要及其遵守贷款契诺之情况，

以确保本集团维持充足现金储备及获主要金

融机构承诺提供足够之资金，以应付其短期及

长期之流动资金需要。自截至二零二四年三月

三十一日止年度起，本集团面临之流动资金风

险及其管理有关风险之政策概无变动。

26 Financial risk management and fair values of

financial instruments (continued)

(a) Credit risk (continued)

Trade debtors and bils receivable (which are included in trade

and other receivables) (continued)

Movement in the los alowance acount in respect of trade debtors

and bils receivable during the year is as folows:

(b) Liquidity risk

Individual operating entities within the Group are responsible for

their own cash management for daily operation, including placing

short term cash deposits and raising of loans to cover expected

cash demands, subject to aproval by the parent company’s board

of directors when the borowings exced certain predetermined

levels of authority. Cash surplus over operating neds are closely

monitored and managed by the Group’s central cash and treasury

management system. The Group’s policy is to regularly monitor its

liquidity requirements and its compliance with lending covenants,

to ensure that it maintains suficient reserves of cash and adequate

comited lines of funding from major financial institutions to met

its liquidity requirements in the short and long term. The Group’s

exposures to the liquidity risk and its policies for managing such risk

were unchanged from the year ended 31st March 2024.

2025 二零二五年
Contractual undiscounted cash outflow 合约未折现现金流出
	Within one year or on demand 一年内或按要求	More than one year but less than two years 多于一年但少于两年	More than two years but less than five years 多于两年但少于五年	After five years 五年后	Total 总计	Carrying Amount 账面值
	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Trade and other payables (excluding receipts in advance and customer deposits) 应付账款及其他应付款（不包括预收款项及客户按金）	1,560,843	–	9,182	–	1,570,025	1,570,025
Bank loans 银行贷款	231,943	37,406	–	–	269,349	265,398
Lease liabilities 租赁负债	112,865	91,445	116,693	20,060	341,063	298,160
Lease liabilities 租赁负债	1,905,651	128,851	125,875	20,060	2,180,437	2,133,583

Anual Report 2024/2025 年度报告245

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(b) 流动资金风险（续）

下表呈列本集团之金融负债于汇报日之余下合

约期限，此乃根据合约未折现金流量（包括按

合约利率，或如属浮息按汇报日通行之利率计

算之利息付款）以及本集团须偿还有关款项之

最早日期作分析：

26 Financial risk management and fair values of

financial instruments (continued)

(b) Liquidity risk (continued)

The folowing table shows the remaining contractual maturities at

the end of the reporting period of the Group’s financial liabilities,

which are based on contractual undiscounted cash flows (including

interest payments computed using contractual rates or, if floating,

based on rates curent at the end of the reporting period) and the

earliest date the Group can be required to pay:

2024 二零二四年
Contractual undiscounted cash outflow 合约未折现现金流出
	Within one year or on demand 一年内或按要求	More than one year but less than two years 多于一年但少于两年	More than two years but less than five years 多于两年但少于五年	After five years 五年后	Total 总计	Carrying Amount 账面值
	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元	$’000千元
Trade and other payables (excluding receipts in advance and customer deposits) 应付账款及其他应付款（不包括预收款项及客户按金）	1,591,749	–	–	8,955	1,600,704	1,600,704
Bank loans 银行贷款	258,877	–	–	–	258,877	255,987
Lease liabilities 租赁负债	107,749	77,140	151,689	18,813	355,391	302,865
Lease liabilities 租赁负债	1,958,375	77,140	151,689	27,768	2,214,972	2,159,556

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司246

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(b) 流动资金风险（续）

利率风险指金融工具之公允值或未来现金流量

因应市场利率变动而波动之风险。

本集团之利率风险主要来自附息借贷、银行存

款及银行结存。本集团监察其定息及浮息工具

水平。本集团由管理层监控之利率资料载于下

文第(i)项。

26 Financial risk management and fair values of

financial instruments (continued)

(b) Liquidity risk (continued)

Interest rate risk is the risk that the fair value or future cash flows

of a financial instrument wil fluctuate because of changes in market

interest rates.

The Group’s interest rate risk arises primarily from interest-bearing

borowings, bank deposits and cash at bank. The Group monitors

the level of its fixed rate and variable rate instruments. The Group’s

interest rate profile as monitored by management is set out in (i)

below.

	2025 二零二五年		2024 二零二四年
	Interest rate range 利率范围	Amount 金额	Interest rate range 利率范围	Amount 金额
	%	$’000千元	%	$’000千元
Fixed rate instruments: 定息工具：
Bank deposits maturing after three months 存款期超过三个月之银行存款	–	–	0.10 – 4.85	151,498
Bank deposits maturing within three months 存款期于三个月内之银行存款	0.50 – 3.90	872,103	0.10 – 5.08	486,006
Pledged deposit 保证金存款	4.25	819	–	–
Lease liabilities 租赁负债	1.70 – 7.23	(298,160)	1.70 – 7.08	(302,865)
Lease liabilities 租赁负债	1.70 – 7.23	574,762		334,639
Variable rate instruments: 浮息工具：
Cash at bank 银行结存	0.00 – 4.13	391,465	0.00 – 4.20	152,815
Bank loans 银行贷款	2.60 – 3.00	(265,398)	3.20 – 5.95	(255,987)
Bank loans 银行贷款	2.60 – 3.00	126,067		(103,172)
Total net instruments 工具净总额		700,829		231,467

Anual Report 2024/2025 年度报告247

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(i) 利率风险资料

下表详列本集团的附息工具于汇报日之利率风

险资料：

(i) 敏感性分析

于二零二五年三月三十一日，估计利率普遍上

升╱下跌一百个基点，在所有其他可变动因素

保持不变之情况下，本集团除税后溢利及保留

溢利将因此增加╱减少约1,184,000元（二零

二四年：减少╱增加约645,000元）。

26 Financial risk management and fair values of

financial instruments (continued)

(i) Interest rate risk profile

The folowing table details the interest rate risk profile of the Group’s

interest-bearing instruments at the end of the reporting period:

(i) Sensitivity analysis

At 31st March 2025, it is estimated that a general increase/decrease

of 100 basis points in interest rates, with al other variables held

constant, would have increased/decreased the Group’s profit after

taxation and retained profits by aproximately $1,184,000 (2024:

decreased/increased by aproximately $645,000).

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司248

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(i) 敏感性分析（续）

上述敏感性分析显示本集团于汇报日持有之浮

动利率工具引致本集团面临现金流量利率风险

之除税后溢利及保留溢利之即时变动。本集团

除税后溢利及保留溢利所受影响，乃按利率变

动对利息支出之年度化影响估计。管理层假设

于下一个报告期间到期之若干附息借贷于到期

后将续借以作日常营运之用。

本集团并无将任何定息借款按公允值计算并计

入损益，且本集团亦无使用衍生金融工具对冲

其债务责任。本集团之定息工具对任何市场利

率变动并不敏感。汇报日之利率变动并不影响

损益。

截至二零二四年三月三十一日止年度之分析乃

按照相同基准进行。

(d) 货币风险

本集团面临之货币风险主要来自因买卖及借贷

而产生之应收款、应付款及现金结余，该等项

目乃按外币（即交易所涉业务之功能货币以外

之货币）计值。产生有关风险之货币主要为美元

（「美元」）、澳币（「澳币」）、坡币（「坡币」）、人

民币（「人民币」）及欧元（「欧元」）。

就功能货币为港币（「港币」）之集团实体而言，

除若干与集团实体进行之交易及采购以澳币、

坡币、人民币及欧元计值外，所有买卖均按港

币或美元计值。由于港币与美元挂钩，管理层

预期有关该等以美元计值之交易并无任何重大

货币风险。

26 Financial risk management and fair values of

financial instruments (continued)

(i) Sensitivity analysis (continued)

The sensitivity analysis above indicates the instantaneous change in

the Group’s profit after taxation and retained profits in respect of

the exposure to cash flow interest rate risk arising from floating rate

instruments held by the Group at the end of the reporting period.

The impact on the Group’s profit after taxation and retained profits

is estimated as an anualised impact on interest expense of such a

change in interest rates. Management asumed that certain interest-

bearing borowings maturing during the next reporting period wil be

roled over upon the maturing for daily operation purposes.

The Group does not acount for any fixed rate borowings at fair

value through profit or los, and the Group does not use derivative

financial instruments to hedge its debt obligation. The fixed rate

instruments of the Group are insensitive to any change in market

interest rate. A change in interest rate at the end of the reporting

period would not afect profit or los.

The analysis has ben performed on the same basis for the year

ended 31st March 2024.

(d) Curency risk

The Group is exposed to curency risk primarily through sales,

purchases and borowings which give rise to receivables, payables

and cash balances that are denominated in a foreign curency, i.e.

a curency other than the functional curency of the operations to

which the transactions relate. The curencies giving rise to this risk

are primarily United States dolars (“USD”), Australian dolars (“AUD”),

Singapore dolars (“SGD”), Renminbi (“RMB”) and Euros (“EUR”).

For group entities whose functional curency is Hong Kong dolars

(“HKD”), al sales and purchases are denominated in either HKD

or USD, except for certain transactions with group entities and

purchases that are denominated in AUD, SGD, RMB and EUR. Given

the HKD is peged to the USD, management does not expect that

there wil be any significant curency risk asociated with such USD

denominated transactions.

Anual Report 2024/2025 年度报告249

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(d) 货币风险（续）

就功能货币为港币以外之货币之集团实体而言，

除若干出售及与集团实体进行之交易以及与集

团实体之若干借贷按港币计值外，其他大部份

交易均按其功能货币计值。

自截至二零二四年三月三十一日止年度起，本

集团管理有关风险之政策并无变动。于上一年

度，本集团利用银行结存对冲其购置以外币计

值之原材料时所产生之货币风险。

就以外币计值之其他应收账款及应付账款而言，

本集团在有需要时按即期汇率买卖外币，以处

理短期失衡情况，确保净风险乃维持于可接纳

水平。

(i) 承受之货币风险

下表详列本集团于汇报日以有关实体之功能货

币以外之货币计值之已确认资产或负债所产生

之重大货币风险。有关风险承担之金额乃按年

结之即期汇率换算为港币作呈列之用。换算香

港以外地区附属公司及合营公司之财务报表为

本集团之呈列货币而产生之差额及来自集团实

体之借贷（实质构成于附属公司之投资净额之

一部份）之风险。

26 Financial risk management and fair values of

financial instruments (continued)

(d) Curency risk (continued)

For group entities whose functional curency is a curency other than

HKD, except for certain sales and transactions with group entities

and certain borowings from group entities that are denominated

in HKD, most of the other transactions are denominated in their

functional curencies.

The Group’s policies for managing such risk were unchanged from

the year ended 31st March 2024. During the previous year, the

Group used bank balances to hedge its curency risk arising from the

purchase of raw materials that are denominated in foreign curency.

In respect of other trade receivables and payables denominated in

foreign curencies, the Group ensures that the net exposure is kept

to an aceptable level, by buying or seling foreign curencies at spot

rates where necesary to adres short-term imbalances.

(i) Exposure to curency risk

The folowing table details the Group’s significant exposure at

the end of the reporting period to curency risk arising from

recognised asets or liabilities denominated in a curency other

than the functional curency of the entity to which they relate. For

presentation purposes, the amounts of the exposure are shown in

HKD, translated using the spot rates at the year end. Diferences

resulting from the translation of the financial statements of

subsidiaries and joint venture outside Hong Kong into the Group’s

presentation curency and the exposure arising from the borowings

from group entities that in substance form part of the net investment

in subsidiaries.

Exposure to foreign currencies (expressed in HKD) 外汇风险承担（以港币计算）
	2025 二零二五年						2024 二零二四年
	USD 美元	EUR 欧元	SGD 坡币	HKD 港币	RMB 人民币	AUD 澳币	USD 美元	EUR 欧元	SGD 坡币	HKD 港币	RMB 人民币	AUD 澳币
	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Cash and bank deposits 现金及银行存款	17,427	16	24	158	50,435	1,256	11,508	11	115	64	14,230	136
Amount due from/(to) group companies 应收╱（应付）集团成员公司款项	8,803	–	3,662	(166,963)	377,422	19,582	9,627	(2,037)	3,308	(433,746)	439,620	23,480
Trade and other receivables 应收账款及其他应收款	4	–	136	113	–	–	–	–	–	–	–	–
Trade and other payables 应付账款及其他应付款	(21,739)	(747)	(29)	(44)	(3,630)	(7)	(27,882)	(722)	(41)	–	(1,350)	(22)
Net exposure arising from recognised assets and liabilities 已确认资产及负债产生之风险承担净额	4,495	(731)	3,793	(166,736)	424,227	20,831	(6,747)	(2,748)	3,382	(433,682)	452,500	23,594

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司250

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(d) 货币风险（续）

(i) 承受之货币风险（续）

26 Financial risk management and fair values of

financial instruments (continued)

(d) Curency risk (continued)

(i) Exposure to curency risk (continued)

	2025 二零二五年		2024 二零二四年
	Increase/ (decrease) in foreign exchange rates 汇率上升╱ （下跌）	Increase/ (decrease) in profit after taxation and retained profits 除税后溢利及保留溢利上升╱（下跌）	Increase/ (decrease) in foreign exchange rates 汇率上升╱ （下跌）	Increase/ (decrease) in profit after taxation and retained profits 除税后溢利及保留溢利上升╱（下跌）
	Increase/ (decrease) in foreign exchange rates 汇率上升╱ （下跌）	$’000千元		$’000千元
USD	5%	193	5%	(275)
美元	(5)%	(193)	(5)%	275
EUR	5%	(30)	5%	(115)
欧元	(5)%	30	(5)%	115
SGD	5%	168	5%	150
坡币	(5)%	(168)	(5)%	(150)
HKD	5%	(7,015)	5%	(20,646)
港币	(5)%	7,015	(5)%	20,646
RMB	5%	21,040	5%	22,371
人民币	(5)%	(21,040)	(5)%	(22,371)
AUD	5%	1,035	5%	1,115
澳币	(5)%	(1,035)	(5)%	(1,115)

Anual Report 2024/2025 年度报告251

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(d) 货币风险（续）

(i) 敏感性分析

下表列示于汇报日本集团各实体面对重大风险

之汇率于该日出现变动可能导致本集团除税后

溢利及保留溢利之即时变动（假设所有其他风

险可变动因素维持不变）。就此而言，乃假设港

币与美元之联系汇率不会因美元兑其他货币之

任何汇价走势变动而受到重大影响。

26 Financial risk management and fair values of

financial instruments (continued)

(d) Curency risk (continued)

(i) Sensitivity analysis

The folowing table indicates the instantaneous change in the

Group’s profit after taxation and retained profits that would arise if

foreign exchange rates to which the Group entities have significant

exposure at the end of the reporting period had changed at that date,

asuming al other risk variables remained constant. In this respect,

it is asumed that the peged rate betwen the HKD and the USD

would be materialy unafected by any changes in movement in value

of the USD against other curencies.

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司252

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

财务风险管理及金融工具之公

允值（续）

(d) 货币风险（续）

(i) 敏感性分析（续）

上表呈述之分析结果显示本集团各实体以各自

功能货币计算之除税后溢利，按汇报日通行之

汇率换算为港币以作呈报之总体即时影响。

敏感性分析乃假设汇率变动应用于重新计量本

集团于汇报日持有令本集团面对外汇风险之该

等金融工具，包括本集团公司间以贷款人或借

款人之功能货币以外之货币计值之应付款及应

收款。分析不包括因换算香港以外地区附属公

司及合营公司之财务报表为本集团之呈列货币

而产生之差额及来自集团实体之借贷（实质构

成于附属公司之投资净额之一部份）而产生之

风险。截至二零二四年三月三十一日止年度之

分析乃按照相同基准进行。

26 Financial risk management and fair values of

financial instruments (continued)

(d) Curency risk (continued)

(i) Sensitivity analysis (continued)

Results of the analysis as presented in the above table represent

an agregation of the instantaneous efects on each of the Group

entities’ profit after taxation measured in the respective functional

curencies, translated into HKD at the exchange rate ruling at the

end of the reporting period for presentation purposes.

The sensitivity analysis asumes that the change in foreign exchange

rates had ben aplied to re-measure those financial instruments

held by the Group which expose the Group to foreign curency

risk at the end of the reporting period, including inter-company

payables and receivables within the Group which are denominated in

a curency other than the functional curencies of the lender or the

borower. The analysis excludes diferences that would result from

the translation of the financial statements of subsidiaries and joint

venture outside Hong Kong into the Group’s presentation curency

and the exposure arising from the borowings from group entities

that in substance form part of the net investment in subsidiaries. The

analysis has ben performed on the same basis for the year ended

31st March 2024.

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Contracted for 已订约	47,685	23,306
Authorised but not contracted for 已授权但未订约	240,363	254,505
Authorised but not contracted for 已授权但未订约	288,048	277,811

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Contracted for 已订约	711	–
Authorised but not contracted for 已授权但未订约	17	5,763
Authorised but not contracted for 已授权但未订约	728	5,763

Anual Report 2024/2025 年度报告253

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

承担

(a) 于二零二五年三月三十一日，未在财务

报表中拨备之未付资本承担如下：

于二零二五年三月三十一日，本集团承诺履行

若干购买工厂机器及设备之合约。

(b) 未有计入上文本集团应占合营公司之资

本承担如下：

27 Comitments

(a) Capital comitments outstanding at 31st March 2025 not

provided for in the financial statements were as folows:

As at 31st March 2025, the Group is comited to certain contracts

for the purchase of factory machinery and equipment.

(b) The Group’s share of capital comitments of the joint venture

not included above are as folows:

	2025 二零二五年 $’000 千元	2024 二零二四年 $’000 千元
Short-term employee benefits 短期雇员福利	48,722	41,321
Post-employment benefits 离职后福利	1,833	1,694
Equity compensation benefits 股本补偿福利	14,959	13,828
Equity compensation benefits 股本补偿福利	65,514	56,843

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司254

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

重大关连人士交易

除该等财务报表另有披露之交易及结余外，本

集团已订立以下重大关连人士交易。

(a) 与关连人士之交易

本集团已与一间菲律宾合营公司订立一项分销

协议，据此，本集团同意向该合营公司供应大

豆相关饮品及原材料。年内，向该合营公司作

出之销售总额为$17,757,000元（二零二四年：

19,843,000元）。于二零二五年三月三十一日应

收该合营公司之款项为3,734,000元（二零二四

年：4,840,000元）。

(b) 关键管理人员之酬金

本集团关键管理人员之酬金（包括附注7所披露

向本公司董事支付之款项以及附注8所披露向

若干最高薪人士支付之款项）如下：

总酬金已计入「员工成本」（见附注5(b)）。

28 Material related party transactions

In adition to the transactions and balances disclosed elsewhere

in these financial statements, the Group entered into the folowing

material related party transactions.

(a) Transactions with related parties

The Group has entered into a distribution agrement with a joint

venture in the Philipines pursuant to which the Group agred to

suply soya related beverages and raw materials to the joint venture.

Total sales to the joint venture for the year amounted to $17,757,000

(2024: $19,843,000). The amount due from the joint venture as at

31st March 2025 amounted to $3,734,000 (2024: $4,840,000).

(b) Key management personel remuneration

Remuneration for key management personel of the Group,

including amounts paid to the Company’s Directors as disclosed in

note 7 and certain of the highest paid individuals as disclosed in note

8, is as folows:

Total remuneration is included in “staf costs” (se note 5(b).

		2025 二零二五年		2024 二零二四年
	Note 附注	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Non-current assets 非流动资产
Property, plant and equipment 物业、厂房及设备
– Investment properties –投资物业			2,872		2,998
– Right-of-use assets –使用权资产			200,465		213,171
– Other property, plant and equipment –其他物业、厂房及设备			409,980		440,751
			613,317		656,920
Interest in subsidiaries 于附属公司之权益			1,545,324		1,707,204
Deposits for the acquisition of property, plant and equipment 购买物业、厂房及设备之订金			–		1,055
Other receivables 其他应收款			14,059		15,419
			2,172,700		2,380,598
Current assets 流动资产
Inventories 存货		140,680		166,367
Trade and other receivables 应收账款及其他应收款		490,093		472,022
Amounts due from subsidiaries 应收附属公司款项		543,731		570,292
Cash and bank deposits 现金及银行存款		1,046,006		670,375
		2,220,510		1,879,056
Current liabilities 流动负债
Trade and other payables 应付账款及其他应付款		716,207		688,181
Amounts due to subsidiaries 应付附属公司款项		270,057		290,326
Current tax payable 应付现期税项		10,976		7,770
Lease liabilities 租赁负债		71,495		67,126
		1,068,735		1,053,403
Net current assets 净流动资产			1,151,775		825,653
Total assets less current liabilities 总资产减流动负债			3,324,475		3,206,251

Anual Report 2024/2025 年度报告255

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

公司层面之财务状况表

29 Company-level statement of financial position

		2025 二零二五年		2024 二零二四年
	Note 附注	$’000 千元	$’000 千元	$’000 千元	$’000 千元
Non-current liabilities 非流动负债
Lease liabilities 租赁负债		143,260		157,057
Employee retirement benefit liabilities 雇员退休福利负债		17,947		12,847
Deferred tax liabilities 递延税项负债		39,468		46,813
			200,675		216,717
NET ASSETS 净资产			3,123,800		2,989,534
CAPITAL AND RESERVES 资本及储备
Share capital 股本	25(a)		1,047,526		1,044,398
Reserves 储备			2,076,274		1,945,136
TOTAL EQUITY 权益总额			3,123,800		2,989,534

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司256

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

于二零二五年六月二十四日获董事会批准并授

权发布。

29 Company-level statement of financial position

(continued)

公司层面之财务状况表（续）

Aproved and authorised for isue by the Board of Directors on 24th

June 2025.

Winston Yau-lai LORoberto GUIDETI

罗友礼陆博涛

DirectorDirector

董事董事

Anual Report 2024/2025 年度报告257

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

毋须作出调整之汇报日后事项

董事会于汇报日后建议派发末期股息。进一步

详情于附注25(b)(i)中披露。

比较数字

如附注15(b)所披露，就已售存货之账面值及

撇销存货已作出若干重新分类，使其符合本年

度之呈列，以便更好反映潜在费用的本质。因

此，已售存货之账面值减少1,280,000,元，撇

销存货增加12,607,000元以及存货总成本增加

11,327,000元。

30 Non-adjusting events after the reporting

period

Subsequent to the end of the reporting period, the Board of

Directors proposed a final dividend. Further details are disclosed in

note 25(b)(i).

31 Comparative figures

Certain reclasifications were made to the carying amounts of

inventories sold and write down of inventories as disclosed in note

15(b) to conform with the curent year’s presentation in order to

beter reflect the nature of underlying expenses. As a result, the

carying amounts of inventories sold decreased by $1,280,000, write

down of inventories increased by $12,607,000 and total costs of

inventories increased by $11,327,000 respectively.

Effective for accounting periods beginning on or after 于下列日期或之后开始之会计期间生效
Amendments to HKAS 21, The effects of changes in foreign exchange rate: Lack of exchangeability 《香港会计准则》第21号「汇率变动之影响：缺乏可交换性」之修订	1st January 2025 二零二五年一月一日
Amendments to HKFRS 9, Financial instruments and HKFRS 7, Financial instruments: disclosures – Amendments to the classification and measurement of financial instruments 《香港财务报告准则》第9号「金融工具」及《香港财务报告准则》第7号「金融工具：披露－金融工具分类及计量之修订」之修订	1st January 2026 二零二六年一月一日
Annual improvements to HKFRS Accounting Standards – Volume 11 《香港财务报告准则会计准则》之年度改进－第11卷	1st January 2026 二零二六年一月一日
HKFRS 18, Presentation and disclosure in financial statements 《香港财务报告准则》第18号「财务报表呈列及披露」	1st January 2027 二零二七年一月一日
HKFRS 19, Subsidiaries without public accountability disclosures 《香港财务报告准则》第19号「无公众问责性附属公司披露」	1st January 2027 二零二七年一月一日

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司258

Notes to the Financial Statements

财务报表附注

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars unles otherwise indicated)

(除另有说明外，以港币计算）

已颁布但尚未于截至二零二五

年三月三十一日止年度生效之

修订、新订准则及诠释可能构

成之影响

截至该等财务报表刊发之日，香港会计师公会

已颁布截至二零二五年三月三十一日止年度尚

未生效，亦无在该等财务报表采用之数项新订

或经修订准则，当中包括下列可能与本集团相

关之修订。

本集团正评估该等修订于首次应用期间之预期

影响。直到目前为止，采纳上述任何准则预期

不会对本集团综合财务报表产生重大影响，惟

《香港财务报告准则》第18号除外，当中预期本

集团综合收益表结构将有所变动。

32 Posible impact of amendments, new

standards and interpretations isued but not

yet efective for the year ended 31st March

Up to the date of isue of these financial statements, the HKICPA

has isued a number of new or amended standards, which are not

yet efective for the year ended 31st March 2025 and which have

not ben adopted in these financial statements. These developments

include the folowing which may be relevant to the Group.

The Group is in the proces of making an asesment of what the

impact of these developments is expected to be in the period of

initial aplication. So far the Group concluded that the adoption

of any of them is unlikely to have a significant impact on the

consolidated financial statements, except for HKFRS 18, where the

structure of the Group’s consolidated income statement is expected

to change.

	Note 附注	2025 二零二五年 $’000千元	2024 二零二四年 $’000千元	2023 二零二三年 $’000千元	2022 二零二二年 $’000千元	2021 二零二一年 $’000千元
Results 业绩
Revenue 收入		6,273,585	6,217,123	6,340,559	6,501,215	7,519,817
Profit/(loss) from operations 经营溢利╱（亏损）	1	363,575	185,432	103,593	(212,851)	843,471
Finance costs 融资成本		(33,116)	(30,028)	(32,547)	(23,071)	(11,770)
Share of losses of joint venture 所占合营公司亏损		(13,469)	(23,736)	(22,253)	–	(22,242)
Impairment loss on interest in joint venture 合营公司权益之减值亏损		–	–	–	–	(42,800)
Profit/(loss) before taxation 除税前溢利╱（亏损）		316,990	131,668	48,793	(235,922)	766,659
Income tax 所得税	1	(76,422)	(13,880)	(27,736)	74,541	(177,151)
Profit/(loss) for the year 本年度溢利╱（亏损）		240,568	117,788	21,057	(161,381)	589,508
Attributable to: 下列人士应占：
– Equity shareholders of the Company –本公司股权持有人		234,674	116,367	45,721	(158,750)	548,346
– Non-controlling interests –非控股权益		5,894	1,421	(24,664)	(2,631)	41,162
Profit/(loss) for the year 本年度溢利╱（亏损）		240,568	117,788	21,057	(161,381)	589,508
Assets and liabilities 资产及负债
Property, plant and equipment 物业、厂房及设备		2,778,019	3,103,420	3,392,122	3,968,218	4,142,718
Other non-current assets 其他非流动资产	1	245,147	286,205	261,112	282,739	163,942
Net current assets/(liabilities) 净流动资产╱（负债）		483,549	21,694	(275,637)	(475,424)	(114,224)
Total assets less current liabilities 总资产减流动负债		3,506,715	3,411,319	3,377,597	3,775,533	4,192,436
Non-current liabilities 非流动负债	1	(324,533)	(298,682)	(277,007)	(206,434)	(235,562)
NET ASSETS 净资产		3,182,182	3,112,637	3,100,590	3,569,099	3,956,874

Anual Report 2024/2025 年度报告259

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars)

（以港币计算）

Five Year Sumary

五年财务摘要

	Note 附注	2025 二零二五年 $’000千元	2024 二零二四年 $’000千元	2023 二零二三年 $’000千元	2022 二零二二年 $’000千元	2021 二零二一年 $’000千元
Capital and reserves 资本及储备
Share capital 股本		1,047,526	1,044,398	1,021,453	1,013,028	984,030
Reserves 储备	1	2,035,632	1,960,162	1,963,262	2,244,885	2,632,023
Total equity attributable to equity shareholders of the Company 本公司股权持有人应占权益总额		3,083,158	3,004,560	2,984,715	3,257,913	3,616,053
Non-controlling interests 非控股权益		99,024	108,077	115,875	311,186	340,821
TOTAL EQUITY 权益总额		3,182,182	3,112,637	3,100,590	3,569,099	3,956,874
Earnings/(loss) per share 每股盈利╱（亏损）
– Basic –基本		21.9 cents仙	10.9 cents仙	4.3 cents仙	(14.9 cents仙)	51.5 cents仙
– Diluted –摊薄		21.9 cents仙	10.8 cents仙	4.3 cents仙	(14.9 cents仙)	51.0 cents仙

Vitasoy International Holdings Ltd. 维他奶国际集团有限公司260

Five Year Sumary

五年财务摘要

Table Head记得要转做表头列,

才会将文字转为齐底

(Expresed in Hong Kong dolars)

（以港币计算）

Note to the five year sumary

1 In 2023, the Group changed its acounting policy in relation to its long

service payment (“LSP”) liability folowing the HKICPA guidance on the

acounting implications of the abolition of the mandatory provident

fund (“MPF”) – LSP ofseting mechanism isued in February 2023.

The policy was aplied from June 2022 by recognising a catch-up

adjustment on the Group’s LSP liability. That was the time when the

Hong Kong SAR Government gazeted the Hong Kong Employment

and Retirement Schemes Legislation (Ofseting Arangement)

(Amendment) Ordinance 2022, which wil eventualy abolish the

statutory right of an employer to reduce its LSP and severance

payment payable to a Hong Kong employe by drawing on its

mandatory contributions to the MPF scheme. The policy change does

not have any efect on earlier periods before the legislative changes.

五年财务摘要附注

1 于二零二三年，根据香港会计师公会于二零

二三年二月颁布有关废除强制性公积金（「强

积金」）－长期服务金抵销机制之会计影响指引，

本集团已更改关于其长期服务金（「长期服务

金」）义务之会计政策。该政策自二零二年六

月起应用，确认对本集团长期服务金责任之追

补调整。当时香港特别行政区政府刊宪《2022

年雇佣及退休计划法例（抵销安排）（修订）条

例》，其将最终废除雇主可利用其向强积金计

划作出之强制性供款减少其应付雇员之长期服

务金及遣散费之法定权利。该政策变动对法例

变动前之较早期间概无任何影响。