00151 中国旺旺 财务报表/环境、社会及管治资料：2024/2025 年报
Corporate Information 2
公司资料
Corporate Profile 5
公司简介
Corporate Culture 7
企业文化
Spirit of Want Want 10
旺精神
Financial Highlights 12
财务摘要
Financial Sumary 13
财务概要
Major Awards and Recognition 14
主要奖项及荣誉
Chairman’s Statement 17
主席报告
Management Discusion and Analysis 19
管理层讨论及分析
Corporate Governance Report 38
企业管治报告
Directors and Senior Management 69
董事及高级管理人员
Report of the Directors 79
董事会报告
Independent Auditor’s Report 100
独立核数师报告
Consolidated Balance Shet 105
综合资产负债表
Consolidated Income Statement 107
综合收益表
Consolidated Statement of
Comprehensive Income 108
综合全面收益表
Consolidated Statement of
Changes in Equity 109
综合权益变动表
Consolidated Cash Flow Statement 111
综合现金流量表
Notes to the Consolidated Financial
Statements 113
综合财务报表附注
The English text of this anual report shal prevail over the
Chinese text in case of any inconsistency.
本年报中英文如有歧义，概以英文本为准。
2024/2025年报ANUAL REPORT2
公司资料
Corporate Information
LEGAL NAME OF THE COMPANY
Want Want China Holdings Limited
PLACE OF LISTING AND TRADING CODE
The Stock Exchange of Hong Kong Limited
Stock code: 0151
DIRECTORS
Executive Directors
Mr. Tsai Eng-Meng (Chairman and Chief Executive Oficer)
Mr. Tsai Shao-Chung
Mr. Tsai Wang-Chia (Chief Operating Oficer)
Mr. Huang Yung-Sung (Chief Marketing Oficer)
Mr. Chu Chi-Wen (Chief Financial Oficer)
Mr. Tsai Ming-Hui
Ms. Lai Hong Ye
Non-executive Directors
Mr. Maki Haruo
Mr. Cheng Wen-Hsien
Independent non-executive Directors
Dr. Pei Kerwei
Mr. Hsieh Tien-Jen
Mr. Le Kwok Ming
Mr. Pan Chih-Chiang
Mrs. Kong Ho Pui King, Stela
COMPANY SECRETARY
Ms. Lai Hong Ye
AUDIT AND RISK MANAGEMENT COMITE
Mr. Le Kwok Ming (Chairman)
Dr. Pei Kerwei
Mr. Hsieh Tien-Jen
Mr. Pan Chih-Chiang
Mrs. Kong Ho Pui King, Stela
REMUNERATION COMITE
Mr. Hsieh Tien-Jen (Chairman)
Dr. Pei Kerwei
Mr. Tsai Shao-Chung
Mr. Le Kwok Ming
Mr. Pan Chih-Chiang
Mrs. Kong Ho Pui King, Stela
公司法定名称
中国旺控股有限公司
上市地点及代号
香港联合交易所有限公司
股份代号：0151
董事
执行董事
蔡衍明先生（主席及行政总裁）
蔡绍中先生
蔡旺家先生（首席营运官）
黄永松先生（市场营销长）
朱纪文先生（财务总监）
蔡明辉先生
黎康仪女士
非执行董事
槇春夫先生
郑文宪先生
独立非执行董事
贝克伟博士
谢天仁先生
李国明先生
潘志强先生
江何佩琼女士
公司秘书
黎康仪女士
审核及风险管理委员会
李国明先生（主席）
贝克伟博士
谢天仁先生
潘志强先生
江何佩琼女士
薪酬委员会
谢天仁先生（主席）
贝克伟博士
蔡绍中先生
李国明先生
潘志强先生
江何佩琼女士
2024/2025
年报ANUAL REPORT3
公司资料
Corporate Information
NOMINATION COMITE
Dr. Pei Kerwei (Chairman)
Mr. Tsai Shao-Chung
Mr. Hsieh Tien-Jen
Mr. Le Kwok Ming
Mr. Pan Chih-Chiang
Mrs. Kong Ho Pui King, Stela
STRATEGY COMITE
Mr. Tsai Eng-Meng (Chairman)
Mr. Tsai Shao-Chung
Mr. Tsai Wang-Chia
Mr. Huang Yung-Sung
Mr. Chu Chi-Wen
Mr. Tsai Ming-Hui
Ms. Lai Hong Ye
Dr. Pei Kerwei
Mr. Hsieh Tien-Jen
Mr. Le Kwok Ming
Mr. Pan Chih-Chiang
Mrs. Kong Ho Pui King, Stela
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
COMITE (“ESG COMITE”)
Mr. Tsai Wang-Chia (Chairman)
Mr. Chu Chi-Wen
Dr. Pei Kerwei
Mr. Le Kwok Ming
Mrs. Kong Ho Pui King, Stela
Ms. Cao Yong-Mei
Mr. Chen Chien-Chen
Mr. Shih Yi-Chang
Mr. Le Ming-Chun
AUDITOR
Ernst & Young
Certified Public Acountants
Registered Public Interest Entity Auditor
LEGAL ADVISOR
Sulivan & Cromwel (Hong Kong) LP
PRINCIPAL BANKS
Bank of China (Hong Kong) Limited
China Merchants Bank Co., Limited
Citigroup Inc.
CTBC Bank Co., Ltd, Hong Kong Branch
提名委员会
贝克伟博士（主席）
蔡绍中先生
谢天仁先生
李国明先生
潘志强先生
江何佩琼女士
策略委员会
蔡衍明先生（主席）
蔡绍中先生
蔡旺家先生
黄永松先生
朱纪文先生
蔡明辉先生
黎康仪女士
贝克伟博士
谢天仁先生
李国明先生
潘志强先生
江何佩琼女士
环境、社会及治理委员会（「ESG委员会」）
蔡旺家先生（主席）
朱纪文先生
贝克伟博士
李国明先生
江何佩琼女士
曹永梅女士
陈建诚先生
施仪昶先生
李鸣春先生
核数师
安永会计师事务所
执业会计师
注册公众利益实体核数师
法律顾问
苏利文•克伦威尔律师事务所（香港）
有限法律责任合伙
主要往来银行
中国银行（香港）有限公司
招商银行股份有限公司
花旗集团
中国信托商业银行股份有限公司香港分行
2024/2025年报ANUAL REPORT4
公司资料
Corporate Information
AUTHORISED REPRESENTATIVES
Mr. Chu Chi-Wen
Ms. Lai Hong Ye
SHARE REGISTRAR AND TRANSFER OFICE
Principal
Suntera (Cayman) Limited
Suite 3204, Unit 2A
Block 3, Building D
P.O. Box 1586
Gardenia Court
Camana Bay
Grand Cayman, KY1-1100
Cayman Islands
Hong Kong Branch
Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Flor, Hopewel Centre
183 Quen’s Road East, Wanchai
Hong Kong
REGISTERED OFICE
Maples Corporate Services Limited
P.O. Box 309, Ugland House
Grand Cayman, KY1-1104
Cayman Islands
PRINCIPAL PLACE OF BUSINES AND
ADRES OF HEADQUARTERS
Units 07-08, 7th Flor, CTF Life Tower
No. 18 Sheung Yuet Road, Kowlon Bay
Kowlon, Hong Kong
400 Orchard Road
#17-05 Orchard Towers
Singapore 238875
WEBSITE
w.want-want.com
QUICK RESPONSE CODE
法定代表
朱纪文先生
黎康仪女士
股份过户登记处
总处
Suntera (Cayman) Limited
Suite 3204, Unit 2A
Block 3, Building D
P.O. Box 1586
Gardenia Court
Camana Bay
Grand Cayman, KY1-1100
Cayman Islands
香港分处
香港中央证券登记有限公司
香港
湾仔皇后大道东183号
合和中心17楼1712至1716号舖
注册办事处
Maples Corporate Services Limited
P.O. Box 309, Ugland House
Grand Cayman, KY1-1104
Cayman Islands
主要营业地点及总部地址
香港九龙
九龙湾常悦道18号
周大福保险中心7楼07-08室
400 Orchard Road
#17-05 Orchard Towers
Singapore 238875
网址
w.want-want.com
二维条码
2024/2025
年报ANUAL REPORT5
公司简介
Corporate Profile
HISTORY AND DEVELOPMENT历史沿革
1962I Lan Fods Industrial Co., Ltd. (“I Lan Fods”) was established in
May 1962, which manufactured caned agricultural products mainly
for export.
于1962年5月成立宜兰食品工业股份有限公
司（「宜兰食品」），该公司当时从事制造罐
头农产品并以出口外销业务为主。
1983 In 1983, we colaborated with Iwatsuka Confectionery Co., Ltd.
(“ICL”), one of the leading Japanese rice cracker producers, to
jointly develop the rice cracker market in Taiwan region. Since
1983, we have ben producing and marketing our products under
the “Want Want” brand.
于1983年，我们与日本领先的米果制造商
之一的岩冢制菓株式会社（「岩冢制菓」）合
作，携手开拓台湾地区米果市场。自1983
年起，我们开始生产及营销「旺」品牌的
产品。
1989 We introduced the “Want Want” brand in the Chinese Mainland in
1989.
1989年「旺」品牌进入中国境内市场。
1992We ventured into the Chinese Mainland and established our first
subsidiary in Hunan province in 1992. In the folowing years, we
grew from a pure rice cracker company to a diversified fod and
beverages company.
于1992年进军中国境内并在湖南省设立首
间位于中国境内的附属公司。此后数年，
我们成功从一家单一米果公司发展为多元
化的食品及饮料公司。
1996In May 1996, Want Want Holdings Ltd. (“WHL”), our subsidiary,
was listed on the Main Board of Singapore Exchange Securities
Trading Limited (“SGX-ST”) and subsequently diversified into the
hospital, hotel and property busineses and other investments.
我们的附属公司旺控股有限公司（「旺
控股」）于1996年5月在新加坡证券交易所有
限公司（「新交所」）主板上市。其后，更将
业务作多元化发展至医院、酒店及地产业
务以及其他投资项目。
2007WHL delisted from SGX-ST in September 2007 and conducted
a group restructuring which involved (i) the incorporation of Want
Want China Holdings Limited (the “Company”) as the new holding
company of our core operations related to the fod and beverages
busineses; (i) the divestment and transfer of the hospital, hotel
and property busineses and other investments to San Want
Holdings Limited (“San Want”) on 31 December 2007, and the
interests in San Want were distributed to the then shareholders of
WHL by way of dividend in specie.
旺控股于2007年9月在新交所除牌。随后
进行重组，包括(i)成立中国旺控股有限公
司（「本公司」）为其所有食品及饮料业务的
新投资控股公司；(i)把医院、酒店及地产
业务以及其他投资项目剥离并于2007年12
月31日转移至San Want Holdings Limited
（「神旺」），再透过向当时旺控股东派
发神旺权益的实物股息而剥离。
2008 Our Company was listed on The Stock Exchange of Hong Kong
Limited (the “HK Stock Exchange”) on 26 March 2008 (the “Listing”).
于2008年3月26日，本公司正式在香港联合
交易所有限公司（「香港联交所」）上市（「上
市」）。
2009-
Our Taiwan Depositary Receipts were listed on the Taiwan Stock
Exchange Corporation on 28 April 2009 and were voluntarily
withdrawn from listing on 15 October 2013.
于2009年4月28日，我们的台湾存托凭证
在台湾证券交易所股份有限公司上市并于
2013年10月15日自愿终止上市。
2020 In 2020, our Vietnam production base comenced construction
to strengthen our busines expansion and to cope with our future
development strategy in overseas markets.
于2020年，越南生产基地开始动工，以
强化集团在海外市场的业务拓展及未来布
局。
2022 In 2022, our new factory in Tiền Giang province, Vietnam
comenced production, representing the first step of Want Want
towards the “Dream of the World”.
于2022年，在越南前江省新设的工厂开始
投入生产，这是我们旺为「世界梦」跨出
的第一步。
2024/2025
年报ANUAL REPORT6
公司简介
Corporate Profile
主要业务
本公司及其附属公司（统称「旺」、「我们」
或「集团」）之主要业务为米果、乳品及饮
料、休闲食品及其他产品之制造、分销及
销售。
主要市场
我们的业务大部份位于中国境内（全球增长
速度最快经济体之一）。我们在中国境内的
全国性销售及分销网络庞大，我们也出口
产品至其他市场：例如北美、东亚、东南
亚及欧洲。
于2025年3月31日，集团在中国境内有419
间营业所，35个生产基地及89间工厂，合
作经销商超过1万名。
PRINCIPAL ACTIVITIES
The principal activities of the Company and its subsidiaries (colectively
refered to as “Want Want”, “We” or the “Group”) are the manufacturing,
distribution and sale of rice crackers, dairy products and beverages, snack
fods and other products.
KEY MARKETS
Most of our operations are located in the Chinese Mainland, which is one
of the fastest growing economies in the world. We have an extensive
nationwide sales and distribution network throughout the Chinese Mainland.
We also export our products to other markets, including North America, East
Asia, South East Asia and Europe.
As at 31 March 2025, we had 419 sales ofices, 35 production bases
and 89 factories in the Chinese Mainland and worked with over 10,000
distributors.
2024/2025
年报ANUAL REPORT7
企业文化
Corporate Culture
2024/2025
年报ANUAL REPORT8
企业文化
Corporate Culture
「披荆斩棘，一旺无前」讲演大赛
企业文化如同一颗承载著传承与创新的双
重使命的种子，旺人以心为耕，以行动
为养，将文化的根深扎入每一天的工作
与每一句口号中。传承，是旺人切身体
验的积累；创新，则是旺人敢于突破、
勇攀高峰的果实。每一次企业文化活动，
都是凝聚员工精气神、增强归属感的驱动
力，让每一位旺同仁都能感受到文化的
温度与力量。
旺集团2024年度最大型企业文化活
动—「披荆斩棘，一旺无前」讲演大赛
圆满举办。这场文化盛宴历时半年，吸
引了全集团近六百组选手踊跃参与。经
过海选赛、复活赛、区域赛的层选拔，
最终来自大陆和台湾地区的二十组选手脱
颖而出，站上了总决赛的舞台。在赛场
上，选手们以语言为笔，以激情为墨，描
绘出对未来的无限憧憬，共同畅谈同一个
旺梦。他们的演讲不仅展现了语言的艺
术，更传递了青春的活力与对梦想的执著
追求。来自世界各地的旺人通过现场直
播，共同见证了这场文化盛宴，感受著旺
旺企业文化的独特魅力，向全世界展示了
旺的风采与自信。
透过讲演大赛，将旺人的精神、潜力无
限展现，将集团人才多元发展的平台优势
展现，体现旺人确实认识自己、绝对发
挥自己。旺人勇敢造梦，坚定前行，用
实际行动诠释著集团企业的核心价值观，
推动旺集团迈向更加辉煌的未来。
Spech Competition on “Braving Chalenges, Unstopable
Forward”
Corporate culture is like a sed entrusted with the dual mision of
inheritance and inovation. Want Want employes cultivate it with their
hearts and nurture it with actions, deply embeding its rots in every
day’s work and every slogan. Inheritance is the acumulation of Want
Want employes’ personal experiences, while inovation is the fruit of their
courage to break through bariers and scale new heights. Every corporate
culture activity serves as a driving force to raly employes’ spirit and
strengthen their sense of belonging, alowing each Want Want coleague to
fel the warmth and power of the culture.
Want Want Group’s largest corporate culture event in 2024 – the
Spech Competition on “Braving Chalenges, Unstopable Forward”
– was sucesfuly held. This cultural gala lasted for half a year and
atracted nearly 600 teams of contestants from acros the Group to
actively participate. After a series of auditions, resurections and regional
competitions, twenty teams of contestants from the Chinese Mainland and
Taiwan region finaly stod out and steped onto the stage of the grand
final. On the competition stage, the contestants used language as their
brush and pasion as their ink to depict infinite longings for the future and
talk about the same Want Want dream together. Their speches not only
demonstrated the art of language but also conveyed the vitality of youth and
the persistent pursuit of dreams. Want Want people from al over the world
witnesed this cultural gala through live broadcasting, felt the unique charm
of Want Want’s corporate culture, and showed Want Want’s elegance and
confidence to the world.
Through the spech contest, the spirit of Want Want people and their
unlimited potential are fuly demonstrated, and the platform advantages
of the Group’s diversified talent development are showcased, reflecting
that Want Want people truly understand themselves and unleash their ful
potential. Want Want people bravely pursue their dreams, move forward
firmly, demonstrate the corporate core values of the Group through practical
actions, and push Want Want Group towards a more briliant future.
2024/2025
年报ANUAL REPORT9
企业文化
Corporate Culture
旺家庭日
「旺家庭日」是一个起于「缘」，归于「家」
的温情节日，每一次旺家庭日，都是旺
旺人相遇与相聚的美好时刻。无论春夏秋
冬，快乐在这里被定义：夏日里，大家吃
一口旺冰，撒欢玩水，打卡满场美食摊
位，动手制作创意手工；冬日里，捧一杯
旺饮，品尝旺创意美食，逛专属旺
人的「旺市集」，温暖而不腻，幸福又美
满。
活动不仅增进了员工的凝聚力与归属感，
更传递了旺人「有心、用心」做好每件事
的文化精神。通过家庭日，让更多人了解
旺、认识旺、爱上旺，也让旺成
为每一个幸福小家庭背后的坚强后盾。未
来让我们继续携手前行，让「旺一家人」
的愿景在每一个角落绽放光彩！
Want Want Family Day
“Want Want Family Day” is a warm-hearted festival that originates from
“fate” and returns to “home”. Every Want Want Family Day is a beautiful
moment for Want Want people to met and gather. Regardles of the
season, hapines is defined here: In sumer, everyone takes a bite of
Want Want popsicle, frolics in the water, checks out the fod stals al over
the venue, and makes creative handicrafts with their own hands; while in
winter, they hold a cup of Want Want beverage, taste Want Want’s creative
snacks, strol through the exclusive “Want Want Bazar” for Want Want
people, feling warm, hapy and content but not cloying.
The event not only enhances the cohesion and sense of belonging among
the employes but also conveys the cultural spirit of Want Want people to
“do everything with heart and dedication”. Through the Family Day, more
people get to know Want Want, recognize Want Want, and fal in love with
Want Want, while Want Want also becomes a strong backing for every
hapy smal family. In the future, let’s continue to move forward hand in
hand, so that the vision of “Want Want Family” can shine in every corner!
| 经营理念： 缘 头圆握发 | MANAGEMENT PHILOSOPHY: People Oriented |
|---|
| 旺仔的头形是圆，代表「投缘」。头部 好像刚洗完发，发未干，故有握发之 称。「握发」出自《周公诫子》中，「一沐 三握发，一饭三吐哺，犹恐失天下之 士」。所以握发也表示有延揽贤士的意 思。 董事长的话：公司非常惜缘惜才，公 司就像一个大家庭，大家有缘在一 起，应该尽我们的职责，珍惜这个家 庭，亦即你心中有我，我心中有你， 这才是真正惜缘。 | Hot-Kid’s round head shape signifies congeniality. The head
seems to have just been washed but the hair is not dry, so it is
known as “hair holding”. “Hair holding” originated from |
|---|
| 自信 笑口由己 诚心 | Self Confidence |
|---|
| 旺仔笑口常开代表充满自信。你的自 信来自你周全的准备，当你充满自信 时，一定可以充满笑容。自信是我们 做事的第一基础。笑口中舌如心形， 代表著我们赤诚的心：对待上级全心 服从爱戴，对待下属关心倍至，对待 客户诚心诚意，必能处处逢源、事半 功倍。 | Confidence comes with good preparation. Hot-Kid’s smiling countenance reflects our belief in preparedness and the confidence that glows with it. The heart-shaped tongue of Hot-Kid represents our sincere heart to the Group: Be faithful to the leaders, be kind to the subordinates, and be sincere to our customers. This effort would definitely enhance our performance. |
|---|
| 大团结 左手拥抱 | Unity |
|---|
| 旺仔的双手展开作拥抱状，左手表示 大团结。如果策略是对的，会因团结 而创造无限美好的前景，即使策略是 失败的，也会因团结而使损失降到最 低。在一个大家庭里，大家务必心连 心，手连手，团结在一起。 | Hot-Kid’s open arms reflect our team spirit. His welcoming left arm denotes our unity. We believe that with the right strategies and concerted effort, we will be able to create infinite victories. Even when our strategies do not lead us to success, unity will help us minimise losses. In a big family, everyone must be of one heart and one mind, work hand in hand, and unite together. |
|---|
| 经营指标： 世界聚龙 立志雄心 | MANAGEMENT GOALS: Elite Dragons of the World |
|---|
| 旺仔张开双臂有招拢聚集之意。大家 有缘相聚在一起，为共同的目标创造 更多腾飞的龙，随著事业的发展，一 条条腾飞的龙汇聚在这个大家庭中， 诞生为世界的「巨」龙！ | Hot-Kid’s open arms reflect that Want Want is a big united family which brings together outstanding talents from all over the world for common goals. With the development and expansion of our businesses worldwide, the Giant Dragon of the World is born. |
|---|
2024/2025
年报ANUAL REPORT10
旺精神
Spirit of Want Want
| 结合志同道 右手提挈 | United with People of Common Aspirations |
|---|
| 旺仔右手拥抱表示提挈，亦即相互帮 忙提挈之意。企业发展的动力，不外 乎是人才、技术、资金、市场，我们 以朝著世界聚龙的目标前进，尚有赖 更多理念一致，志同道合的贤士，不 论是技术的提供，亦或是共同经营， 都结合在一起。 | Hot-Kid’s right arm denotes a helping hand. Corporate advancement is the product of the intricate interplay among talent, skills, capital funds and markets. As we strive to achieve our corporate vision of becoming the “Elite Dragons of the World”, our doors are always open to people of common aspirations and those who share our ideals and we unite with them whether it is the provision of technologies or joint management. |
|---|
| 高利润 高成果 高瞻远瞩 | High Margins, Great Success |
|---|
| 旺仔的眼睛往上看表示企业经营要看 得远，经营得法。利润是企业延续的 生命。经营得法，掌握该有的利润在 手中，必须靠大家敏锐的眼光，能够 洞察先机，防范未然，避免事后的弥 补。公司一定可得到高的利润，员工 也定能分享其成果。 | Hot-Kid’s eyes looking upwards shows that Want Want emphasises a long-term, forward-looking vision and wise management. We aim high and achieve far. Only through prudent management and judicious foresight, will our enterprise progress with sustainable profits. Preparedness also prevents any unwanted events. With great profits, our employees will share the fruits of our success. |
|---|
| 开创空前新事业 奋袂而起 | Successful Business Ventures |
|---|
| 旺仔挽起的袖手及裤子，表示呼应空 前新事业，并勤奋努力。我们立志雄 心成为世界聚龙，年年都将会有新的 事业体，为了开创新事业，大家要在 自己的工作岗位上努力勤奋地完成公 司交付给大家的任务。 | Hot-Kid’s roll-up sleeves and pants imply embracing our future with hard work. To realize our goal of becoming the “Elite Dragons of the World”, we will undertake new business ventures periodically. To start new business ventures, every employee should go the extra mile and ensure all their tasks are successfully accomplished. |
|---|
| 公司旺旺大家旺旺 脚踏实地 | Prosperity for the Group, Prosperity for Everyone |
|---|
| 旺仔四平八稳没有穿鞋的大脚，表示 脚踏实地。企业要得到社会大众的支 持与肯定，只有脚踏实地，实实在在 做事。相同的道理，每一个人都能脚 踏实地做事、做人，也会受到大家的 尊重与支持。如此，公司必然旺旺， 大家也必然旺旺。 | Hot-Kid’s bare feet symbolise our unwavering pragmatism. To garner public support and recognition, a company needs to conduct its business honestly and earnestly. The same principle applies to individuals. Every employee should be conscientious to their work and behave down-to-earth, and they will receive respect and support of others. Consequently, a company will prosper and likewise its employees. |
|---|
2024/2025
年报ANUAL REPORT11
旺精神
Spirit of Want Want
| 22,928,219 23,586,327 23,510,737 |
|---|
| 25.7% 25.4% |
|---|
| 21.6% |
| 47.6% |
|---|
| 46.6% 43.9% |
| 28.7% |
|---|
| 27.9% 25.2% |
| 4,328,415 3,983,179 |
|---|
| 3,362,711 |
| 36.71 33.65 |
|---|
| 28.35 |
2024/2025
年报ANUAL REPORT12
财务摘要
Financial Highlights
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
RMB’000
人民币千元
RMB Cents
人民币分
RMB’000
人民币千元
收益
未计利息、所得税、
折旧及摊销前盈利率
EBITDA MarginGros Profit Margin
Revenue
年度利润
500,000
1,000,000
1,500,000
2,500,000
4,000,000
4,500,000
3,500,000
2,000,000
3,000,000
毛利率
每股盈利
Earnings Per Share
0%
5%
10%
15%
20%
25%
30%
0%
5%
10%
15%
20%
25%
30%
30%
33%
36%
39%
45%
48%
42%
Profit for the Year
权益回报率
Return on Equity
2022FY
2022财年
2023FY
2023财年
2024FY
2024财年
2023FY
2023财年
2022FY
2022财年
2024FY
2024财年
2023FY
2023财年
2024FY
2024财年
2022FY
2022财年
2023FY
2023财年
2024FY
2024财年
2022FY
2022财年
2023FY
2023财年
2024FY
2024财年
2022FY
2022财年
2023FY
2023财年
2024FY
2024财年
2022FY
2022财年
Notes:
- /2023FY/2022FY: Year ended 31 March 2025, 2024 and 2023
respectively
(2) Return on equity is based on profit atributable to equity holders of the
Company divided by the average of the opening and closing balances
of the equity(excluding non-controling interests).
- : Earnings before interests, income tax, depreciation and
amortisation which is calculated by ading back depreciation and
amortisation expenses to the operating profit for the year.
注：
- ╱2023财年╱2022财年：分别截至2025年、2024年及2023
年3月31日止年度。
- （不含非
控制性权益）的平均值计得。
- 、所得税、折旧及摊销前利润是按年内营运利润加回折旧及摊
销计算。
| 21,998,400 23,984,891 22,928,219 23,586,327 5,994,842 5,734,383 4,779,950 5,405,467 (1,847,161) (1,545,269) (1,417,239) (1,422,288) | |||
|---|---|---|---|
| Revenue | 收益 | 23,510,737 | |
| Profit before income tax | 除所得税前利润 | 5,739,662 | |
| Income tax expense | 所得税费用 | (1,411,247) | |
| 4,147,681 4,189,114 3,362,711 3,983,179 | |||
| Profit for the year | 年度利润 | 4,328,415 | |
| 4,157,809 4,202,655 3,371,584 3,990,474 (10,128) (13,541) (8,873) (7,295) | |||
| Profit attributable to: | 应占利润： | ||
| Equity holders of the Company | 本公司权益持有人 | 4,335,565 | |
| Non-controlling interests | 非控制性权益 | (7,150) | |
| 1,710,001 4,691,334 2,652,397 2,787,496 1,601,078 819,493 81,105 292,599 | |||
| Dividends | 股息 | 1,738,330 | |
| Shares repurchased and cancelled | 已购回及注销的股份 | 36,627 | |
| 33.83 35.16 28.35 33.65 33.83 35.16 28.35 33.65 | |||
|---|---|---|---|
| Earnings per share | 每股盈利 | ||
| Basic | 基本 | 36.71 | |
| Diluted | 摊薄 | 36.71 | |
| 10,811,484 13,269,649 13,168,233 14,571,187 20,431,534 16,588,332 12,805,844 12,885,881 | |||
|---|---|---|---|
| ASSETS | 资产 | ||
| Non-current assets | 非流动资产 | 14,139,965 | |
| Current assets | 流动资产 | 13,071,793 | |
| 31,243,018 29,857,981 25,974,077 27,457,068 | |||
| Total assets | 总资产 | 27,211,758 | |
| 14,971,640 16,708,778 14,704,070 16,405,738 | |||
| EQUITY | 权益 | ||
| Total equity | 总权益 | 17,751,141 | |
| 7,105,520 3,900,675 2,495,028 2,808,174 9,165,858 9,248,528 8,774,979 8,243,156 | |||
| LIABILITIES | 负债 | ||
| Non-current liabilities | 非流动负债 | 925,064 | |
| Current liabilities | 流动负债 | 8,535,553 | |
| 16,271,378 13,149,203 11,270,007 11,051,330 31,243,018 29,857,981 25,974,077 27,457,068 | |||
| Total liabilities | 总负债 | 9,460,617 | |
| Total equity and liabilities | 总权益及负债 | 27,211,758 | |
2024/2025
年报ANUAL REPORT13
财务概要
Financial Sumary
CONSOLIDATED INCOME STATEMENT
综合收益表
Year ended 31 March
截至3月31日止年度
RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元
R
P
P
D
S
RMB CentsRMB CentsRMB CentsRMB CentsRMB Cents
人民币分人民币分人民币分人民币分人民币分
E
CONSOLIDATED BALANCE SHET
综合资产负债表
As at 31 March
于3月31日
RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元
A
N
T
E
T
L
N
C
T
T
2024/2025
年报ANUAL REPORT14
主要奖项及荣誉
Major Awards and Recognition
旺集团荣获首家零碳工厂证书
旺集团旗下工厂嘉兴美旺机械制造有限公司获颁「零碳工厂评价证书」，成为旺集团旗下首家
获得零碳认证的工厂，助力实现「双碳」目标。其后，沈阳总厂荣获「零碳」工厂建设典型案例。
Want Want Group Awarded the First Zero-Carbon Factory Certificate
Jiaxing Mei-Want Machinery Ltd., a factory under the Want Want Group, has ben awarded the
“Zero-Carbon Factory Evaluation Certificate”, becoming the first factory under the Want Want
Group to obtain zero-carbon factory certification and helping achieve the “dual carbon” goals.
Subsequently, the Shenyang General Factory was honored as a model of the construction of a
“zero-carbon” factory.
旺集团绿色制造再添佳绩，新增三家工厂荣获国家级绿色工厂认证
2024年国家工业和信息化部公示了《2024年度绿色制造名单》，旺集团旗下湖南旺、广州永旺
及广西明旺三家工厂顺利通过国家级绿色工厂认证。至此，旺集团已拥有10家国家级绿色工厂。
Want Want Group Making Further Achievements in Gren Manufacturing, with an
adition of Thre Factories Awarded National Certification for Gren Factories
In 2024, the Ministry of Industry and Information Technology of China publicized the 2024 Gren
Manufacturing List. Thre factories of Want Want Group – Hunan Want Want, Guangzhou Yong-
Want, and Guangxi Ming-Want – sucesfuly pased the national certification for gren factories.
So far, Want Want Group has 10 national-level gren factories.
旺集团荣获优秀休闲食品创新制造企业荣誉称号
中国食品工业协会马铃薯食品专业委员会年会、第十八届全国休闲食品产业峰会暨庄浪
招商引资大会在庄浪县举行。旺荣获中国食品工业协会马铃薯食品专业委员会2023年
度优秀休闲食品创新制造企业荣誉称号。
Want Want Group Awarded the Honorary Title of Outstanding Inovative
Manufacturing Enterprise in Snack Fod Industry
The Anual Meting of the Potato Fod Profesional Comite of the China National Fod Industry Asociation, the 18th
National Snack Fod Industry Sumit and Zhuanglang Investment Promotion Conference were held in Zhuanglang County.
Want Want was awarded the honorary title of “2023 Outstanding Inovative Manufacturing Enterprise in Snack Fod
Industry” by the Potato Fod Profesional Comite of the China National Fod Industry Asociation.
旺集团荣获中国方便食品行业创新产品奖
由中国食品科学技术学会在北京举办的第二十四届中国方便食品大会上，旺Q米面（酸汤肥牛
味）和哎呦麻糬浓汤（蘑菇、玉米、罗宋）荣获2023-2024年度方便食品行业创新产品奖。
Want Want Group Wining Inovation Product Award in China’s Convenience
Fod Industry
At the 24th China Convenience Fod Conference hosted by the Chinese Institute of Fod
Science and Technology in Beijing, Want Want Q Rice Nodles (Sour and Spicy Bef Soup
Flavour) and Aiyou Mochi Soup (Mushrom, Corn, and Borscht Flavours) were awarded the
2023-2024 Inovation Product Award in the convenience fod industry.
2024/2025
年报ANUAL REPORT15
主要奖项及荣誉
Major Awards and Recognition
旺集团荣获Monde Selection国际食品质金奖
旺集团外销加拿大幼儿雪饼有机蓝莓味荣获2024年 Monde Selection国际食品质
金奖。
Want Want Group Wining the Gold Quality Award at the World
Selection of Fod Products of the Monde Selection
Todler Mum-Mum Organic Rice Biscuits Bluebery Flavour, exported to Canada by
the Want Want Group, won the Gold Quality Award at the World Selection of Fod
Products 2024 of the Monde Selection.
旺集团荣获中国乳制品工业协会两项殊荣
旺获选为2024年中国乳业科技创新企业、其「一种无菌后均质的实现方式及其应用」
荣获技术进步奖二等奖。
Want Want Group Wining Two Awards from China Dairy Industry
Asociation
Want Want was recognised as the “2024 China Dairy Industry Science and
Technology Inovation Enterprise”, and its “Method for Implementation and
Aplication of Post-aseptic Homogenisation Technology” won the Second Prize of
the Technology Advancement Award.
旺集团荣获iSE全球奖等多项殊荣
旺集团荣获iSE全球奖多项殊荣，集团旺仔儿童坚果牛奶荣登
「iSE创新品牌百强榜」， 每日喝牛奶荣登「iSE创新技术TOP榜」，
旺豌豆酥荣获「iSE全球美味奖」三星，旺仔牛奶糖冰淇淋系列、
旺小运动饮料荣获「iSE全球美味奖」二星，旺仙草冻、Fix
XBody燕麦奶荣获「iSE全球美味奖」一星殊荣，邦德薄荷咖啡荣获
「iSE创新品牌百强」，旺邦德超咖啡荣获「全球食品创新奖」银
奖，旺集团蔡旺庭总经理荣获「年度创新人物」。
Want Want Group Wining Multiple iSE Global Awards
Want Want Group has won multiple honours at the iSE Global
Awards. The Group’s “Hot-Kid Nut Milk for Kids” (旺仔儿童坚果牛奶)
was included in the “iSE Top 100 Inovative Brands List”, while its
“Daily Milk” (每日喝牛奶) was included in the “iSE Top Inovative Technologies List”. “Want Want Pea Crisps” (旺豌豆
酥) won thre stars in the “iSE Global Taste Award”, “Hot-Kid Milk Chewies Ice Cream Series” (旺仔牛奶糖冰淇淋系列) and
“Want Want Mini Sports Drink” (旺小运动饮料) received two stars in the “iSE Global Taste Award”, and “Want Want
Xiancao Jely” (旺仙草冻) and “Fix XBody Oat Milk” (Fix XBody燕麦奶) were awarded one star in the “iSE Global Taste
Award”. “Mr. Bond Mint Cofe” (邦德薄荷咖啡) was listed as one of the “iSE Top 100 Inovative Brands”, “Want Want Mr.
Bond Cofe Rush” (旺邦德超咖啡) won the Silver Award of the “Global Fod Inovation Award”, and Mr. Tsai Wang-Ting,
the General Manager of Want Want Group, was honoured as the “Inovator of the Year”.
旺集团获选为2024年台湾25大国际品牌
旺集团连年入榜「台湾25大国际品牌」，是对旺金字招牌和优质口碑的肯定。
Want Want Group was recognised as the Top 25 Best Taiwan Global Brands in 2024
Want Want Group has ben listed as one of the “Top 25 Best Taiwan Global Brands” for years,
which is a recognition of Want Want’s prestigious and high-quality brand reputation.
FOR THE PRODUCT
GRANTS THE COMPANY
A
PRESENTED AT THE
rd
WORLD SELECTION OF FOD PRODUCTS 2024
Managing DirectorDimitri DeloyeManaging DirectorLouis Pot Baudier
GuanGzhou BiG Want Fods Limited
Todler Mum-Mum Organic Rice Biscuits Bluebery Flavor
Gold Quality Award
2024/2025
年报ANUAL REPORT17
主席报告
Chairman’s Statement
Dear shareholders,
In the second half of 2024FY, the Group organised busines units by
product categories to cordinate the development of various chanels and
put forward the slogan of “Conquering Cities and Wining the World”. To
beter serve consumers, we strategicaly alocated resources to potential
products and new products, depened colaborations with snacks specialty
retail systems, and diversified the deployment of the busines units in the
e-comerce retail markets, meting the neds of diferent consumers.
With the joint eforts of al Want Want people, the Group’s factories have
ben constantly inovating. Ten of our factories have ben awarded
national certification for gren factories and the Group has ben recognised
as an outstanding inovative manufacturing enterprise in China’s snack
fod industry, reflecting the strength of the Want Want brand. In overseas
markets, after years of dedicated cultivation, Want Want products
have gained increasing popularity and recognition among international
consumers. Our Vietnam factory has already reached a considerable scale,
and we have also established overseas subsidiaries in Vietnam, Indonesia,
Australia, Germany, etc.
As part of Want Want, we must shoulder heavy responsibilities and
embark on a long journey. Hot-Kid’s eyes loking upwards shows that we
must always maintain aspirational goals and remain vigilant in pursuit of
our goals. Therefore, in 2025, I urge the management to “take a leading
role of undergoing hardship, overcoming dificulties and forging ahead.”
Al Want Want people of the sales and marketing department should
wholeheartedly apreciate the Company’s policies, respond promptly, take
proactive actions, and pres forward with al their might. The manufacturing
organisation must ensure product quality as quality is always the foundation
of Want Want’s operations. Back ofice operations should provide ful
suport, actively coperate and maintain close colaboration! The managers
of each of the departments must poses a sense of responsibility and the
courage to be held acountable.
I wish everyone god health and a blisful family life, and may every day be
filed with energy and prosperity!
Tsai Eng-Meng
Chairman of the Board and Chief Executive Oficer
24 June 2025
各位股东：
2024财年下半年集团按照产品类别分别
设立事业部，协同各渠道的发展，并提出
了「攻略城市，旺得天下」的口号。面对消
费者，我们对潜力产品和新产品进行了有
针对性的资源投放，并与各量贩零食系统
深度合作，多元布局各事业部电商零售市
场，满足不同消费者的需求。
在全体旺人的努力下，集团工厂不断创
新，有十家工厂荣获国家级绿色工厂称
号，并且被评为中国优秀休闲食品创新制
造企业。体现了旺品牌的实力。在海外
市场，经过这几年的精耕细作，旺产品
也受到了越来越多海外消费者的喜爱与认
可。越南工厂已经具有相当的规模，并且
在越南、印尼、澳大利亚、德国等地我们
都设立了海外附属公司。
我们旺人必须任重而道远。旺仔的眼睛
是向上看的，代表我们随时都要保持向上
的目标，随时战兢，挑战目标。所以
2025年，我要求管理层：「干字当头，砥砺
前行」。行销体系的各位旺人要从内心认
可公司的政策，迅速回应，积极作为，全
力向前冲。生产体系要确保产品的品质，
因为品质是旺永远经营的根本。内勤体
系要全力支持，主动配合，紧密协作！各
体系主管们要具备责任的认同和责任的担
当。
敬祝大家身体旺，阖家辛福，旺气充满
每一天！
蔡衍明
董事会主席及行政总裁
2025年6月24日
2024/2025
年报ANUAL REPORT19
管理层讨论及分析
Management Discusion and Analysis
SUMARY
In 2024FY, the Group’s total revenue was RMB23,510.7 milion, representing
a slight decline of 0.3% as compared with that of the same period in the
previous year. It was due mainly to the impact of extreme weather and
market conditions, which led to the year-on-year decline in the revenue of
popsicles sub-category under the snack fods segment and gift packs under
the rice crackers segment by a low-ten percentage and a high single-
digit percentage, respectively. However, the Group actively responded to
market changes and caried out internal organisational restructuring in the
second half of 2024FY by segmenting busines units acording to product
categories, strengthening colaboration among chanels and cordinating
the development of domestic and overseas operations. Thanks to these
initiatives, the Group’s revenue for the second half of 2024FY resumed low
single-digit growth compared to the same period in the previous year, and
in particular, the dairy products and beverages segment achieved a mid
single-digit growth rate and the popsicles sub-category performed strongly
with a recovery growth of over 20%. Moreover, emerging chanels, such as
OEM, and overseas markets continued to develop with double-digit year-
on-year growth in revenue for 2024FY, remaining the key growth drivers
of the Group. New products launched over the past five years continued to
perform wel and contributed a double-digit percentage of the Group’s total
revenue in 2024FY, demonstrating the Group’s continuous improvement in
inovation capabilities.
Gros profit margin for 2024FY increased by 1.0 percentage point year-
on-year to 47.6%. It was mainly atributable to the decrease in the unit
cost of certain key raw materials and packaging materials, which ofset
the impact of the decline in the average unit seling price of the Group
due to the product mix adjustments resulting from chanel diversification.
Benefiting from the improvement in gros profit margin and the proper
control of overal operating expenses (i.e. the agregate of distribution costs
and administrative expenses, same where refered to hereinafter), as wel
as the year-on-year decrease in finance costs and income tax expense
rate in 2024FY as compared to that of 2023FY, profit atributable to equity
holders of the Company grew by 8.6% year-on-year to RMB4,335.6 milion
in 2024FY, and the margin of profit atributable to equity holders increased
by 1.5 percentage points as compared with that of the same period in the
previous year to 18.4%.
The Group wil continue to depen and strengthen its organisational vitality
and initiative, in order to enhance its ability to respond quickly to market
changes and further expand its market share. Meanwhile, the Group wil
actively develop new products, expand the coverage of points of sale and
strengthen the sense of novelty and stickines of its consumers. Despite
the recent increase in the cost of certain key raw materials, the Group wil
strive to minimise the risk of cost fluctuation through its strategy of using
diversified raw materials.
概览
2024财年，集团总收益为235.107亿人民
币，较去年同期小幅衰退0.3%。主系休闲
食品类中的冰品小类和米果类中的礼包受
极端天气与市场环境影响，收益同比分别
衰退低双位数和高个位数。但集团积极应
对市场变化，并在2024财年下半年进行内
部组织改造；按产品分设事业部，强化各
渠道协同，统筹海内外运营发展。得益于
这些举措，集团2024财年下半年收益与去
年同期比恢复低个位数成长，其中乳品及
饮料类实现中个位数增长，冰品小类表现
亮眼实现超2成恢复性增长。此外，新兴渠
道如OEM及海外市场持续发力，2024财年
收益同比均增长双位数，仍是集团增长的
重要动力。过去5年内推出的新品持续发
力，占2024财年集团总收益比重双位数，
集团创新能力持续提升。
2024财年毛利率较去年同期上升1.0个百分
点达47.6%，主系部分大宗原材料及包装材
料单位耗用成本下降，抵消因渠道多元化
带来的产品结构变动使得集团平均单位售
价同比略有降低的影响。受益于毛利率提
升和整体营业费用（分销成本与行政费用合
计，后文同）控管得宜，同时因2024财年融
资成本的减少及所得税费用率较2023财年
同比降低，2024财年本公司权益持有人应
占利润额同比成长8.6%达到43.356亿人民
币，权益持有人应占利润率较去年同期上
升1.5个百分点达18.4%。
集团将持续深化、强化组织的活力和能动
性，以提升对市场变化的快速反应能力，
并进一步扩大市场份额。同时，积极开发
新产品，拓展终端覆盖范围，增强消费者
的新鲜感与粘性。尽管当前部分大宗原物
料成本有所上涨，但凭借多元化的原材料
使用策略，集团会尽力将成本波动的风险
降至最低。
2024/2025
年报ANUAL REPORT21
管理层讨论及分析
Management Discusion and Analysis
OPERATIONAL REVIEW
During 2024FY, the Group continued to implement its strategy of
diversification, with specific strategies as folows:
(I) Intensive development and diversification of chanels
1. Traditional wholesale chanels and modern chanels: distinctive
strategies to mitigate weak market conditions
In 2024FY, with its distinctive and diferentiated product strategy,
the Group partnered with major snack specialty retail systems
to precisely target and match the evolving shoping habits of
consumers, sucesfuly driving the growth of pufed fods and
other products under the snack fods segment amid the market
downturn.
During 2024FY, to promote a healthy development of the
overal chanels and customers, the Group depened its
partnership with the leading snack specialty retailers. The
traditional wholesale chanels and modern chanels acounted
for aproximately 80% of the revenue of the Group, among
which the revenue from snack specialty retailers acounted
for about 10%. The increase in chanel diversity has led to a
shift in consumer spending to other chanels, resulting in a
decline in the revenue from the traditional wholesale chanels
and modern chanels by a low single-digit percentage year-
on-year. The Group is closely combining its brand value with
consumption scenarios to conect its products with scenes
such as “wishing for blesings”, “prosperity (Want) together” and
“blisful moments”, etc. Meanwhile, the Group focused on the
in-depth development of markets where its presence was weak,
enhanced the precision of its resource alocation, increased the
coverage of points of sale and the number of on-shelf products.
Moreover, the Group’s extensive product portfolio alowed it to
precisely met the neds of diferent consumers.
经营综述
2024财年集团持续贯彻多元化发展战略，
具体策略如下：
（一） 渠道的精耕及多元化发展
- ：特
色策略对冲市场疲弱
2024财年集团凭借特色与差异
化的产品策略，携手主要零食
量贩系统，精准对接消费者不
断变化的购物习惯，成功推动
休闲食品中的膨化类等在市场
下行期间实现增长。
在2024财年期间，集团为促进
整体渠道与客户的稳健发展，
深化与头部零食量贩客户的合
作，传统批发和现代渠道收益
占集团比约八成，其中零食量
贩收益占比约一成。因渠道多
样性增加致消费购买力转移，
传统批发和现代渠道收益同比
下降低个位数。集团正通过将
品牌价值与消费场景紧密结
合，开展了「许旺运」、「旺相
伴」、「美满瞬间」等场景与产品
的联系。同时集团注重对薄弱
市场的深入开发，提升资源配
置的精准度，扩大终端网点的
覆盖范围，并增加产品上架数
量。此外，丰富的产品组合使
集团能够精准地满足不同消费
者的需求。
2024/2025
年报ANUAL REPORT23
管理层讨论及分析
Management Discusion and Analysis
OPERATIONAL REVIEW (continued)
(I) Intensive development and diversification of chanels
(continued)
2. Inovation and development of emerging chanels: promoting
growth by diversification and inovation
During 2024FY, revenue from the Group’s emerging chanels
achieved a double-digit year-on-year growth. Revenue from
the emerging chanels acounted for nearly a double-digit
percentage of the total revenue of the Group. Within the
e-comerce chanels, the content e-comerce chanel
strengthened the overal ability of the brand to reach out to
customers by continuously increasing the number of short videos
published for its products and seting up a multi-category matrix
of social media acounts. Meanwhile, leveraging its advantages
in the suply chain, the Group launched customised gift box
products, in conjunction with the new gift-giving features on
WeChat, alowing consumers to buy products as gifts for friends
and relatives and send delightful festive gretings through
the online gifting function, while enhancing brand and product
exposure. Moreover, the OEM chanel maintained rapid growth.
Leveraging the diversity of production lines and advantages
in production and R&D, there has ben a further expansion
in OEM product categories and areas of coperation. The
diversified development of emerging chanels has created new
oportunities of growth for the Group.
3. Rapid growth in overseas markets
For 2024FY, the Group’s overseas busines, which acounted
for a high single-digit percentage of the total revenue of the
Group, achieved double-digit revenue growth, of which the
Japanese markets, North American markets and certain
Southeast Asian markets maintained rapid growth. Thanks to
the Group’s diversified product oferings as wel as its mature
and stable production and R&D capabilities, sales of rice
crackers, candies and other snack fods have shown strong
growth. Leveraging the continued promotion of its strategy of
overseas deployment, in 2024FY, the Group launched diversified
marketing and brand promotion activities overseas acording to
local conditions, actively developed new chanels and product
categories in diferent economies, and explored ways to localise
the operation and management of its overseas subsidiaries. Its
layout for overseas suply chain also began to bear fruits, with
our factory in Vietnam gradualy taking on overseas demands,
especialy in the Southeast Asian market. With continuous
eforts on overseas production base deployment, expanding into
mainstream markets, developing OEM busines, and depening
of our operational localisation strategies, the Group’s overseas
suply chain resilience and its risk resistance capacity wil be
efectively enhanced.
经营综述（续）
（一） 渠道的精耕及多元化发展（续）
- ：多元
创新促增长
在2024财年，集团新兴渠道
的收益同比增长双位数，且新
兴渠道的收益占集团总收益亦
近双位数。电商渠道中，内容
电商通过持续增加产品短视频
的发布量以及设立多品类矩阵
账号，增强了品牌整体的客户
获取能力。同时，借助供应链
优势推出自主组合的礼盒类产
品，结合微信送礼新功能，让
消费者可以通过云送礼功能可
购买产品赠送给亲友，送上美
好的节日问候，同时提升了品
牌和产品的曝光度。此外，
OEM渠道保持了高速增长，依
靠生产线的多样性以及生产和
研发的优势，在代工品类和合
作区域上进一步拓展。新兴渠
道的多元化发展，为集团创造
了新的增长机会。
3. 高速增长的海外市场
2024财年海外收益实现双位
数成长，其收益占集团比已达
高个位数，其中日本市场、北
美市场以及部分东南亚市场保
持高速增长。得益于集团产品
品类多元化和成熟稳定的生产
研发能力，米果类、糖果类产
品和其他休闲零食均有显著增
速。依托集团出海战略的持续
推进，2024财年集团在海外因
地制宜开展多元行销活动和品
牌推广的同时，在不同经济体
积极开拓新渠道新品类，并著
力探索海外附属公司的本土化
经营管理路径。海外供应链布
局的效果亦初步呈现，越南工
厂已逐步承接海外尤其东南亚
市场的货需。通过持续布局海
外生产基地，开拓主流市场，
发展OEM代工，同时深化本土
运营策略，将有效提升海外供
应链的韧性和抗风险能力。
2024/2025
年报ANUAL REPORT25
管理层讨论及分析
Management Discusion and Analysis
OPERATIONAL REVIEW (continued)
(I) Diferentiated brand positioning and new product
The Group has implemented a diversified brand positioning strategy
and launched personalised brands to target consumers of diferent
age groups, creating brands such as “Baby Mum-Mum” for infants and
todlers; “Prime of Love” focusing on the development of the seniors
market with the philosophy of “Aging with Vitality by the Wise Intake of
Nutrients” (活力银龄，食之有道); “Want Power” focusing on ofering
snacks with health benefits for the young white-colar population, and
“Fix XBody” providing low GI fods for gym-goers, in order to satisfy
the diverse neds of consumers in various age groups.
The Group fuly utilised its unique and inovative R&D capabilities and
production capacities to develop personalised products, such as “Q
juicy gumy” (Q 果汁软糖) using new “black technology” for peling,
with 100% fruit juice for endles enjoyment of natural juicy flavour,
thereby bringing trendy, healthy and stres-relieving experiences to
consumers; and each box of “Want Power” “Bilion Probiotic Rol” (亿
菌卷) contains 2.1 bilion US-imported active probiotics BC30, which
remains viable at rom temperature and reaches the stomach and
intestines alive, thus empowering snacks to have the function of quick
restoration of the intestinal balance.
With rising health awarenes and changing lifestyles, more and more
people tend to embrace a low-sugar and high-fiber diet of fod with
health benefits. The Group wil develop more low-sugar and reduced-
sugar beverages, while developing fod toy products, enabling
consumers to enjoy eating and playing simultaneously, which wil met
more consumer habits.
REVENUE
For 2024FY, the total revenue of the Group was RMB23,510.7 milion,
representing a slight decline of 0.3% as compared with that of the same
period in the previous year. The thre major segments maintained a
balanced development trend, with the dairy products and beverages
segment acounting for aproximately 52% of the total revenue, and the rice
crackers and snack fods segments together acounting for aproximately
48%.
Rice crackers
For 2024FY, the revenue from the rice crackers segment declined by 1.2%
year-on-year to RMB5,903.8 milion, which was mainly atributable to the
decline in revenue of gift packs by a high-single digit as a result of the weak
consumption during the Chinese New Year period. Excluding the gift packs,
the revenue of rice crackers increased by a low single-digit percentage
year-on-year in value term and a mid single-digit percentage year-on-year in
volume term. Facing market changes, the Group actively promoted chanel
optimisation, launched gift packs of god value-for-money which are now
available throughout the year, and utilised scenario marketing to enhance
consumer stickines. Benefiting from the diversified development of product
specifications and chanels, both overseas markets and content e-comerce
chanel achieved double-digit growth in rice cracker revenue.
经营综述（续）
（二） 差异化的品牌定位及新品
集团采取多元化的品牌定位策略，
针对不同年龄层的消费者推出个性
化品牌：打造婴幼儿专属的「贝比玛
玛」；专注银龄开发，「活力银龄，
食之有道」的「爱至尊」；聚焦于为年
轻白领打造具有零食功效的「Want
Power」，以及为健身人群提供低GI
食品的「Fix XBody」，以此满足各年
龄段消费者多样化的消费需求。
充分利用独特创新研发能力及产能资
源开发个性化产品，例如全新的剥皮
黑科技，100%纯果汁，天然爆汁力
的「Q果汁软糖」提供消费者流行、
健康、解压体验；每盒足量添加21亿
美国进口常温可活著到达肠胃的活性
益生菌BC30「Want Power」「亿菌卷」
让零食也可以快速恢复肠道平衡。
随著健康意识的提高和生活方式的转
变，低糖、膳食纤维的药食同源成为
新趋势，集团将研发更多低糖、少糖
类饮品，同时开发食玩等产品，打造
类似产品让消费者边吃边玩，将满足
更多消费者习惯。
收益
2024财年，集团总收益为235.107亿人民
币，较去年同期略衰0.3%。三大品类保持
均衡发展：乳品及饮料类占总收益比约为
52%，米果及休闲食品类占比约为48%。
米果类
2024财年，米果大类收益同比衰退1.2%，
为59.038亿人民币，主系礼包因受春节
期间消费疲软影响收益衰退高个位数。但
米果类剔除礼包后的收益同比上升低个位
数，其销量同比上升中个位数。面对市场
变化，集团积极推进渠道布局优化，推出
高性价比、常态化的礼包，通过场景营销
增加消费者粘性。受益于规格及渠道的多
元化发展，米果在海外市场以及内容电商
渠道的收益均双位数成长。
2024/2025
年报ANUAL REPORT27
管理层讨论及分析
Management Discusion and Analysis
REVENUE (continued)
Rice crackers (continued)
The Group wil continue to depen the inovation and upgrade of products
in the rice crackers segment, develop the healthy grain series, create new
thin rice crackers, launch new products continualy featuring glutinous rice
and optimise the taste and form of our products to met the diverse neds
of consumers for healthy snacks.
Dairy products and beverages
In 2024FY, the revenue from the dairy products and beverages segment
grew by 1.3% year-on-year to RMB12,108.6 milion. Of which, revenue from
“Hot-Kid Milk” achieved low single-digit growth, and the revenue from the
beverages and others sub-category recorded a double-digit growth year-on-
year.
Benefiting from the diversified chanel development, the dairy products
sub-category achieved rapid growth in snack specialty retail operations,
content e-comerce and OEM chanels. Among them, “Want Want
Banana Milk” (旺香蕉牛奶) gained further popularity thanks to its funy
image with “Banana and Cow” and the seling points of being healthy
and nutritious. Major products such as high-calcium pure milk and yogurt
continued to make a god revenue contribution, while the newly launched
strawbery milk also won market recognition. The Group wil further expand
its product portfolio and plans to launch products that are healthy, youthful
and vibrant in the future to satisfy market neds and strengthen its brand
competitivenes.
Thanks to the intensive development of points of sale coupled with creative
themed marketing activities, the beverages sub-category achieved a rapid
growth in terms of its revenue in al chanels, of which, “O-buble Fruit Milk”
(O 泡果奶) maintained its double-digit growth in revenue. “Want Want Fruit
Forest” (旺有片果林) was wel received by consumers for its dynamic
and inovative design as wel as rich flavour, while the unswetened tea
products and the functional drinks such as “Jing Bao” (劲爆) and “Aloe
Action” (荟动) captured the trend of welnes consumption.
Snack fods
For 2024FY, the snack fods segment achieved a revenue of RMB5,359.1
milion, representing a decline of 2.6% as compared with that of the same
period in the previous year. The revenue of the popsicles sub-category
declined year-on-year in the first half of the financial year due to factors
such as weather and sales operational rhythm. However, the other snack
fods sub-categories grew steadily, with particular products such as Lonely
God (浪味仙), Crunchy Chocolate Wafer Rol (黑白配) and Lovely Puf (泡芙),
each contributing an anual revenue of RMB100 milion or above, achieving
record-high revenues in 2024FY.
收益（续）
米果类（续）
集团将持续深化米果大类产品创新升级，
开发健康谷物系列，打造薄片米果新品
类，持续推出糯米新品，不断优化产品口
感和形态，满足消费者对健康零食的多元
化需求。
乳品及饮料类
乳品及饮料类2024财年收益121.086亿人民
币，同比成长1.3%。其中，旺仔牛奶收益
成长低个位数，饮料及其他类收益同比上
升双位数。
乳品小类受益于多元化渠道布局，在零食
量贩、内容电商及OEM渠道实现高速增
长。其中，「旺香蕉牛奶」凭借「Banana
与Cow」的趣味形象和健康营养的卖点火热
出圈；高钙纯牛奶、优酪乳等重要产品持
续贡献良好收益，新品草莓牛奶也获得市
场青睐。集团还将进一步拓展产品矩阵，
未来计划推出兼具健康、年轻活力的产
品，以满足市场需求，增强品牌竞争力。
饮料小类受益于终端网点的精耕及创意主
题营销活动，实现全渠道增长。其中，「O
泡果奶」保持双位数收益成长。「旺有片
果林」以活力创新设计及丰富口感深受消费
者喜爱，无糖茶和功能饮料「劲爆」、「荟
动」把握健康消费趋势。
休闲食品类
2024财年休闲食品类实现收益53.591亿人
民币，较去年同期衰退2.6%，冰品小类上
半财年因天气及销售节奏等原因收益同比
衰退。但其他休闲小类稳健增长，亿级（年
度收益达1亿人民币或以上）单品浪味仙、
黑白配及泡芙收益创新高。
2024/2025
年报ANUAL REPORT29
管理层讨论及分析
Management Discusion and Analysis
REVENUE (continued)
Snack fods (continued)
Popsicles sub-category achieved rapid year-on-year revenue growth in the
second half of 2024FY through the adjustment of its busines organisation,
intensive chanel development and improvement of shelf placement rate
at points of sales. The Group launched the “Gifts for Popsicles” (冰有
礼) surprise-oriented QR code scaning campaign for the creation of thre
major new products, namely “Popsicle Burst” (冰爆力), “Cuo Cuo Popsicles”
(锉冰) and “Fruit Tea Popsicles” (果茶冰) under the “Pop Ice” (潮冰)
series, in preparation for the peak season of sales in the coming financial
year with an inovative product matrix.
COST OF SALES
The cost of sales of the Group for 2024FY amounted to RMB12,321.5
milion, representing a decrease of 2.2% as compared with that of the same
period in the previous year. This was mainly atributable to the year-on-
year decrease in the unit cost of certain key raw materials and packaging
materials. The unit cost of imported whole milk powder, raw paper and
tinplate decreased by a high-single digit each year-on-year, while the unit
cost of white sugar and gelatin decreased by a mid-single digit and double
digits year-on-year, respectively.
The Group wil continue to optimise the suply chain and production line
layout, improve the degre of equipment automation, and continue to
enhance its production management in order to quickly respond to the
increasingly diversified sales neds.
GROS PROFIT
The gros profit margin of the Group for 2024FY increased by 1.0
percentage point to 47.6% as compared with that of the same period in the
previous year. This was mainly atributable to the decline in the unit cost
of certain key raw materials and packaging materials, causing the gros
profit margin to increase by aproximately 1.4 percentage points, while the
adjustments to product mix due to chanel diversification led to a slight year-
on-year decrease in the unit seling price of the Group, causing the gros
profit margin to decrease by aproximately 0.4 percentage points year-on-
year. For the second half of 2024FY, although the milk powder cost for the
Group was under presure due to the rising international milk powder prices,
the gros profit margin stil increased by 0.6 percentage points to 47.9% as
compared to the first half of the financial year. The increase in gros profit
margin drove the gros profit to increase by 1.8% to RMB11,189.2 milion as
compared with that of the same period in the previous year.
收益（续）
休闲食品类（续）
冰品小类2024财年下半年通过业务组织
调整、渠道终端精耕、提升终端上架率，
实现收益同比高速增长。集团推出「冰
有礼」大惊喜100%扫码活动，全新打造冰
爆力、锉冰、果茶冰三大「潮冰」系列产
品，以创新产品矩阵，应对新财年销售旺
季。
销货成本
2024财年集团销货成本123.215亿人民币，
较去年同期下降2.2%。主系部分大宗原材
料及包装材料单位耗用成本同比下降，其
中：进口全脂奶粉、原纸、铁皮单位耗用
成本同比下降高个位数，白砂糖、明胶单
位耗用成本亦同比分别下降中个位数与双
位数。
集团将不断优化供应链及产线布局，提高
设备自动化程度，持续精益生产管理，以
快速响应日益多元化的销售需求。
毛利
2024财年集团毛利率较去年同期上升1.0
个百分点，为47.6%。主系部分大宗原材
料及包装材料单位耗用成本下降影响毛利
率上升约1.4个百分点，而渠道多元化带来
的产品结构变动使得集团平均单位售价同
比略有降低影响毛利率同比下降约0.4个百
分点。2024财年下半年，集团奶粉使用价
格因国际大宗奶粉价格上涨而承压，但毛
利率仍较上半财年上升0.6个百分点，达到
47.9%。毛利率的上升带动毛利额较去年同
期上升1.8%，至111.892亿人民币。
2024/2025
年报ANUAL REPORT31
管理层讨论及分析
Management Discusion and Analysis
GROS PROFIT (continued)
Rice crackers
The gros profit margin of the rice crackers segment for 2024FY was 44.1%,
representing a decrease of 1.9 percentage points as compared with that
of the same period in the previous year. This was mainly atributable to a
slight decrease in the average seling price as a result of the adjustments to
product mix. However, there was a low single-digit growth in terms of sales
volume driven by overseas markets and content e-comerce chanel. The
Group wil continue to introduce products with unique new flavours and
enrich product specifications to consolidate product profitability.
Dairy products and beverages
The gros profit margin of the dairy products and beverages segment was
49.7% for 2024FY, representing an increase of 1.2 percentage points over
the same period of the previous year. This was mainly due to the year-
on-year decrease in the unit cost of imported milk powder and packaging
materials (raw paper and tinplate) by a high single-digit percentage
each. In the second half of 2024FY, the milk powder cost of the Group
was under presure due to the increase in the international milk powder
prices, leading to a year-on-year decrease in the gros profit margin of
the dairy products and beverages segment in the second half of the year.
In 2025FY, it is expected that the global dairy market wil be afected by
international trading policies, exchange rate fluctuations and other factors,
which wil increase the uncertainties of the milk powder cost. The Group
wil also continuously improve its diversified procurement strategy, refine
its inventory management, incesantly depen its sales and distribution
network and promote product specification upgrade to maintain a god level
of profitability for this segment.
Snack fods
The gros profit margin of the snack fods segment was 44.5% for 2024FY,
representing an increase of 0.5 percentage points over the same period last
year. It was mainly atributable to the enhancement of the diversification
benefits brought about by the optimisation of product mix and the launch of
new products with high gros profit margin. In adition, the decrease in the
unit cost of sugar and gelatin as compared with that of the same period in
the previous year also contributed to the improvement in gros profit margin
for this segment.
The Group wil continue to pursue lean production, improve the automation
level, optimise production and the suply chain layout, launch new products
which are competitive and diferentiated and expand the product price range
to enhance the profitability of the segment.
毛利（续）
米果类
2024财年米果类毛利率44.1%，较去年
同期下降1.9个百分点。主系产品结构的
调整致平均销售价格略有下降，但是销量
因海外市场及内容电商渠道带动，有低个
位数的成长。集团将持续推出特色新口味
产品、丰富产品规格，以巩固产品获利能
力。
乳品及饮料类
2024财年乳品及饮料类毛利率49.7%，较
去年同期上升1.2个百分点。主系：进口奶
粉、原纸、铁皮包装材料单位耗用成本同
比下降高个位数影响。2024财年下半年，
集团奶粉使用价格因国际大宗奶粉价格上
涨而承压，影响下半年乳品及饮料类毛利
率同比下降。预计2025财年，全球乳制品
市场受国际贸易政策、汇率波动等因素影
响，奶粉使用价格不确定性增加，集团也
在不断完善多元化的采购策略，精细化库
存管理，不断深化销售渠道网路布局，推
动产品规格升级，保持该品类良好的获利
水准。
休闲食品类
2024财年休闲食品类毛利率44.5%，较去
年同期上升0.5个百分点。主系产品结构的
优化和高毛利新品的推出提升了该品类的
多元化效益，以及白糖、明胶等单位耗用
成本较去年同期下降，对该品类毛利率亦
有助益。
集团将不断追求精益生产、提高自动化水
平，优化生产和供应链布局，和推出具有
竞争力的差异化新品，完善产品价格带，
以提高该类产品获利能力。
2024/2025
年报ANUAL REPORT33
管理层讨论及分析
Management Discusion and Analysis
DISTRIBUTION COSTS
The distribution costs for 2024FY slightly increased by 0.2% or RMB5.63
milion as compared to that of 2023FY to RMB3,026.9 milion. Distribution
costs as a percentage of revenue increased by 0.1 percentage points to
12.9% as compared with that of 2023FY, which was mainly atributable to
the increase of 0.2 percentage points in each of advertising and promotion
expenses to revenue ratio and transportation expense to revenue ratio to
2.7% and 3.9%, respectively. Other expenses (including stafing expenses)
to revenue ratio was 6.3%, representing a decrease of 0.3 percentage
points as compared with that of 2023FY.
ADMINISTRATIVE EXPENSES
The administrative expenses for 2024FY decreased by 1.2% to RMB3,008.1
milion as compared to that of 2023FY. The administrative expenses to
revenue ratio was 12.8%, representing a decrease of 0.1 percentage points
as compared to that of 2023FY.
OPERATING PROFIT
Thanks to the improvement in gros profit margin, the Group’s operating
profit for 2024FY increased by RMB227.6 milion or 4.1% year-on-year to
RMB5,837.4 milion. The operating profit margin was 24.8%, representing
an increase of 1.0 percentage point as compared with that of 2023FY.
FINANCE COSTS
The finance costs of the Group for 2024FY amounted to RMB176.2 milion,
representing a decrease of RMB105.6 milion as compared with that of
2023FY. The decrease in finance costs was mainly atributable to the
replacement of the USD denominated borowings (with higher interest rates)
with RMB denominated borowings (with lower interest rates) and a slight
decrease in the average borowings balance.
INCOME TAX EXPENSE
The Group’s income tax expense for 2024FY amounted to RMB1,411.2
milion, and the income tax rate was 24.6%, representing a decrease of
1.7 percentage points as compared with that of 2023FY. The decrease in
income tax rate was mainly atributable to an improvement in the Group’s
profit before tax due to the RMB denominated borowings (in low interest
rates) of our overseas subsidiaries leading to a decrease in finance costs;
meanwhile, the improvement in the profit of overseas busineses also
positively contributed to the lowering in the Group’s income tax rate.
分销成本
2024财年分销成本较2023财年小幅上升
0.2%，增加563万人民币，达30.269亿人
民币；分销成本占收益比率较2023财年同
期上升0.1个百分点至12.9%，主系广促
费用和运费占收益比率较2023财年各上升
0.2个百分点，分别至2.7%和3.9%；而包
括用人费用在内的其他费用占收益比率为
6.3%，较2023财年下降0.3个百分点。
行政费用
2024财年行政费用较2023财年下降1.2%至
30.081亿人民币，行政费用占收益比率为
12.8%，较2023财年下降0.1个百分点。
营运利润
受益于毛利率提升，本集团2024财年的营
运利润较2023财年同比增加2.276亿人民
币，成长4.1%，达到58.374亿人民币。营
运利润率较2023财年上升1.0个百分点达到
24.8%。
融资成本
2024财年本集团融资成本1.762亿人民币，
较2023财年减少1.056亿人民币。融资成本
的减少主系高利率的美元借款置换为低利
率的人民币借款，同时平均借款余额亦有
小幅度减少。
所得税费用
本集团2024财年所得税费用14.112亿人
民币，所得税率24.6%，较2023财年下降
1.7个百分点，所得税率下降主系集团税前
利润因境外子公司低利率人民币借款致融
资成本减少而改善；同时境外业务利润改
善，亦对集团所得税率降低有积极贡献。
2024/2025
年报ANUAL REPORT34
管理层讨论及分析
Management Discusion and Analysis
PROFIT ATRIBUTABLE TO EQUITY HOLDERS
OF THE COMPANY
In sumary, profit atributable to equity holders of the Company for 2024FY
increased by 8.6% as compared to that of 2023FY to RMB4,335.6 milion,
and the margin of profit atributable to equity holders increased by 1.5
percentage points as compared with that of the same period in the previous
year to 18.4%.
LIQUIDITY AND CAPITAL RESOURCES
Cash and borowings
As at 31 March 2025, the net cash of the Group (cash and bank deposits
(including long-term bank deposits) net of borowings) amounted to
RMB11,282.8 milion, representing an increase of RMB627.6 milion as
compared with that as at 31 March 2024 (RMB10,655.2 milion).
The Group finances its operations and capital expenditure primarily by
cash flows generated from internal operations as wel as credit facilities
provided by its principal banks. As at 31 March 2025, the Group’s cash
and bank deposits (including long-term bank deposits of RMB7,091.0
milion) amounted to RMB15,437.5 milion (in which RMB acounted for
aproximately 96%, being aproximately RMB14,747.4 milion), representing
a decrease of RMB568.8 milion as compared with RMB16,006.3 milion as
at 31 March 2024.
As at 31 March 2025, the Group’s total borowings amounted to RMB4,154.7
milion, representing a decrease of RMB1,196.4 milion as compared with
the balance as at 31 March 2024 (RMB5,351.1 milion), mainly representing
RMB denominated borowings, which acounted for over 96% of total
borowings. Among which, short-term borowings amounted to RMB3,654.6
milion, representing an increase of RMB765.3 milion as compared with
those as at 31 March 2024 (RMB2,889.3 milion); and long-term borowings
amounted to RMB500.1 milion, representing a decrease of RMB1,961.7
milion as compared with those as at 31 March 2024 (RMB2,461.8 milion).
As at 31 March 2025, 100% of the Group’s borowings bore interest at fixed
interest rates.
The Group’s net gearing ratio (total borowings net of cash and bank
deposits (including long-term bank deposits) as a ratio of total equity
(excluding non-controling interests) at the end of the period) as at 31 March
2025 was -0.64 time (31 March 2024: -0.65 time). At present, the Group
maintains suficient cash and available banking credit facilities for its working
capital requirements and for capitalising on any investment oportunities in
the future. The management wil also make prudent financial arangements
and decisions to adres changes in the domestic and international financial
environments at any time.
本公司权益持有人应占利润
综上，2024财年本公司权益持有人应占利
润较2023财年上升8.6%达到43.356亿人民
币，权益持有人应占利润率较去年同期上
升1.5个百分点达到18.4%。
流动性与资本财力
现金与借款
本集团于2025年3月31日净现金（现金及
银行存款（含长期银行存款）减去借款）为
112.828亿人民币，较2024年3月31日
（106.552亿人民币）增加6.276亿人民币。
本集团营运所需资金及资本开支主要来源
于内部营运产生的现金流量及主要往来银
行提供的信贷额度。于2025年3月31日，本
集团银行存款（含长期银行存款70.910亿人
民币）余额为154.375亿人民币（其中人民币
约占96%，约为147.474亿），较2024年3月
31日160.063亿人民币减少了5.688亿人民
币。
本集团于2025年3月31日的总借款为
41.547亿人民币，较2024年3月31日
（53.511亿人民币）减少11.964亿人民币，
主要为人民币借款（占借款总额逾96%）。
其中短期借款为36.546亿人民币，较2024
年3月31日（28.893亿人民币）增加7.653亿
人民币；长期借款为5.001亿人民币，较
2024年3月31日（24.618亿人民币）减少了
19.617亿人民币。于2025年3月31日，以
固定利率计息的借款占借款总额的100%。
本集团于2025年3月31日的净权益负债率
（扣除现金及银行存款（含长期银行定期存
款）的总借款除以期末总权益（不含非控制
性权益）为-0.64倍（2024年3月31日：-0.65
倍）。本集团目前拥有充足的现金及银行
信贷额度，既能满足本集团营运资金的需
求，也能满足将来投资机会的资金需求。
管理层也会随时针对国内外金融环境变化
做出审慎财务安排及决定。
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2024/2025
年报ANUAL REPORT35
管理层讨论及分析
Management Discusion and Analysis
LIQUIDITY AND CAPITAL RESOURCES
(continued)
Cash flows
For 2024FY, a net cash inflow of RMB4,161.6 milion was generated from
the Group’s operating activities; the net cash outflow from financing activities
was RMB4,161.0 milion, mainly due to the cash outflow from dividend
payment of RMB2,766.9 milion and the net outflow from repayment of
borowings of RMB1,202.5 milion; the net cash outflow from investing
activities was RMB48.0 milion. Finaly, the cash and bank deposits as of
31 March 2025 were RMB8,346.5 milion, plus long-term bank deposits of
RMB7,091.0 milion, ading up to a total of RMB15,437.5 milion.
Capital expenditure
For 2024FY, the Group’s capital expenditure amounted to RMB634.6 milion,
representing an increase of 56.4% or RMB228.9 milion from RMB405.7
milion in 2023FY. The Group invested aproximately RMB111.3 milion,
RMB111.7 milion and RMB174.2 milion, respectively, on the expansion
of production plants and equipment for the thre key product segments
(rice crackers, dairy products and beverages, and snack fods segments),
which was mainly due to the upgrade of some of the domestic old plants
and production facilities to met the neds for the Group’s future growth. In
adition, the Group also made some investments in information facilities,
packaging facilities and other fixed asets.
The above capital expenditure was financed mainly by the internaly
generated cash flows of the Company and its banking credit facilities.
Inventory analysis
The inventory consists primarily of finished gods, gods in transit, and work
in progres for rice crackers, dairy products and beverages, snack fods,
and other products segments, as wel as raw materials and packaging
materials.
The folowing table sets forth the number of the Group’s inventory turnover
days for the year ended 31 March 2025 and for the year ended 31 March
2024:
For the year ended
31 March 2025
For the year ended
31 March 2024
截至2025年
3月31日止年度
截至2024年
3月31日止年度
Inventory turnover days存货周转天数7481
The inventory turnover days decreased by 7 days to 74 days as compared
with the begining of the period, benefiting from the improvement in suply
chain and working capital eficiency.
流动性与资本财力（续）
现金流量
2024财年，本集团营运活动产生的现金净
流入为41.616亿人民币；融资活动产生的
现金净流出为41.610亿人民币，主系支付
股息流出27.669亿人民币和偿还借款净流
出12.025亿人民币；投资活动产生的现金
净流出为0.480亿人民币。最后，截至2025
年3月31日的现金及银行存款为83.465亿人
民币，加上长期银行存款70.910亿人民币
后合计为154.375亿人民币。
资本开支
2024财年，本集团的资本开支为6.346亿
人民币，较2023财年的4.057亿人民币上
升56.4%，增加了2.289亿人民币。本集团
分别投入了大约1.113亿人民币、1.117亿
人民币和1.742亿人民币用于增加三大类产
品（米果类、乳品及饮料类及休闲食品类）
的生产厂房和设备，主系更新国内部分老
旧厂房与生产设施以应对未来集团成长所
需。此外，另有部分用于资讯设施、包装
设施及其他固定资产等的投入。
上述资本开支的筹措主要来源于公司的内
部现金流以及银行信贷额度。
存货分析
存货主要包括米果类、乳品及饮料类、休
闲食品类及其他类的制成品、运送中货物
和在制品，以及原材料和包装材料。
下表列示了本集团截至2025年3月31日止年
度与截至2024年3月31日止年度的存货周转
天数：
存货周转天期较期初减少7天达74天，得益
于供应链及营运资本效率的提升。
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2024/2025
年报ANUAL REPORT36
管理层讨论及分析
Management Discusion and Analysis
LIQUIDITY AND CAPITAL RESOURCES
(continued)
Inventory analysis (continued)
As at 31 March 2025, inventory amounted to RMB2,576.1 milion,
representing an increase of RMB161.0 milion as compared with
RMB2,415.1 milion as at 31 March 2024.
Trade receivables
The Group’s trade receivables represent the receivables from its credit sales
to customers. The terms of credit of the Group granted to our customers
usualy range from 60 to 90 days. The Group’s sales to most of the
customers in China are conducted on a cash-on-delivery basis. The Group
only grants credit sales to customers in modern distribution chanels and
certain emerging chanels, who then on-sel the products to end-consumers
of the Group.
The folowing table sets forth the number of the Group’s trade receivables
turnover days for the year ended 31 March 2025 and for the year ended 31
March 2024:
For the year ended
31 March 2025
For the year ended
31 March 2024
截至2025年
3月31日止年度
截至2024年
3月31日止年度
Trade receivables turnover days贸易应收款周转天数1313
Trade payables
The Group’s trade payables are mainly related to the purchase of raw
materials on credit from its supliers with credit terms generaly betwen 30
days and 60 days after the date of receipt of gods and invoices.
The folowing table sets forth the number of the Group’s trade payables
turnover days for the year ended 31 March 2025 and for the year ended 31
March 2024:
For the year ended
31 March 2025
For the year ended
31 March 2024
截至2025年
3月31日止年度
截至2024年
3月31日止年度
Trade payables turnover days贸易应付款周转天数2829
Pledge of asets
As at 31 March 2025, none of the asets of the Group was pledged.
流动性与资本财力（续）
存货分析（续）
于2025年3月31日存货金额为25.761亿人
民币，较2024年3月31日存货金额24.151
亿人民币增加1.610亿人民币。
贸易应收款
本集团的贸易应收款，指的是本集团对客
户赊销产生的应收款项。本集团的赊销期
限通常是60天至90天。本集团对中国的大
部份客户以款到发货的方式销售产品。本
集团只给予现代分销渠道及部分新兴渠道
的信贷客户提供赊销，由他们将产品销售
给本集团的最终消费者。
下表列示了截至2025年3月31日止年度与截
至2024年3月31日止年度本集团的贸易应收
款周转天数：
贸易应付款
本集团的贸易应付款主要由赊购原材料产
生。我们的供应商给予的信贷条件一般为
30天至60天（从收到货物及发票后的日期算
起）。
下表列示了截至2025年3月31日止年度与截
至2024年3月31日止年度本集团的贸易应付
款周转天数：
资产抵押
于2025年3月31日，本集团并无任何资产抵
押。
2024/2025
年报ANUAL REPORT37
管理层讨论及分析
Management Discusion and Analysis
HUMAN RESOURCES AND REMUNERATION
OF EMPLOYES
For 2024FY, the average number of employes of the Group was
aproximately 39,574, representing a decrease of 313 employes as
compared with the average number of employes for the year ended 31
March 2024. The total remuneration expenses for 2024FY amounted to
RMB4,557.9 milion, representing an increase of RMB35.54 milion or
0.8% as compared with the total remuneration expenses for 2023FY. The
remuneration package for the employes includes fixed salary, comisions
and alowances (where aplicable), and performance-based year-end
bonuses having regard to the performance of the Group and that of the
individual employe.
The Group always cares about and has invested a significant amount
of resources in continuing education and training programes for its
employes. Training courses, both external and internal, are also provided
by the Group to relevant staf as and when required to constantly improve
their profesional knowledge and skils.
FOREIGN EXCHANGE RISKS
The presentation curency of the Group is RMB, but the Company’s
functional curency is stil USD. More than 90% of the Group’s operating
activities are conducted in the Chinese Mainland and the Chinese Mainland
subsidiaries’ functional curency is RMB. The Group’s foreign exchange
risks arise mainly from the procurement of raw materials and equipment
from overseas, overseas dividend payments, certain recognised asets or
liabilities, and borowings denominated in RMB of the subsidiaries of which
functional curency is USD.
DIVIDEND
The Company has always ben implementing its policy of returning most
of its surplus capital to its shareholders by distributing cash dividends and
conducting share repurchases in a prudent maner.
The Board recomended the payment of a final dividend of US2.04 cents
per share for the 2024FY, amounting to aproximately US$241 milion
(equivalent to aproximately RMB1,740 milion) (2023FY: US3.30 cents
per share, amounting to aproximately US$390 milion (equivalent to
aproximately RMB2,790 milion). The decrease in dividends compared
to those of last year was mainly due to the fact that in response to the
uncertainties of the financial markets, it was proposed to further reduce
bank borowings using our own funds and to reserve funds for increasing
capital expenditures and seizing posible investment oportunities. In the
future, the Company wil dynamicaly adjust its capital alocation strategy
based on any changes in the operating environment to ensure the Group’s
competitivenes in the medium and long term.
人力资源和员工薪酬
2024财年本集团平均员工人数约为39,574
人，较截至2024年3月31日止年度平均人数
减少313人。2024财年总薪酬为45.579亿
人民币，较2023财年总薪酬增加3,554万人
民币，上升0.8%。员工的薪酬包括固定工
资、佣金及津贴（如适用），以及基于本集
团及个人表现的年终奖励。
本集团长期关注对员工的持续教育和培训
计划并有相当资源投入，本集团经常在必
要时给相关的工作人员提供外部及内部的
培训课程，以便不断提升员工的专业知识
与技能。
外汇风险
本集团呈列货币为人民币，但本公司的功
能货币仍为美元，而本集团90%以上经
营活动在中国大陆地区，中国大陆地区附
属公司的功能货币为人民币。本集团的外
汇风险主要源自境外的原物料采购、设备
采购和海外股利支付，及若干已确认资产
或负债；以及以人民币列值之附属公司借
贷，其功能货币为美元。
股息
本公司长期以来均以审慎的方式透过派发
现金股息和进行股份回购的政策，将多数
剩余资本归还于股东。
董事会建议派发2024财年末期股息每股
2.04美仙，合计约为2.41亿美元（折合约
17.40亿人民币）（2023财年每股3.30美仙，
合计约3.90亿美元，折合约27.90亿人民
币）。股息较去年减少的原因主系为应对
金融市场不确定性，拟定进一步利用自有
资金减低银行借款，同时储备资金增加资
本开支及把握可能的投资机会。公司未来
将根据经营环境变化动态调整资本分配策
略，确保集团中长期竞争力。
2024/2025
年报ANUAL REPORT38
企业管治报告
Corporate Governance Report
Our Company, together with its subsidiaries, are comited to maintaining
and upholding high standards of corporate governance practices and
procedures. We recognise the value and importance of achieving high
corporate governance standards to promote corporate transparency and
acountability, beter manage risks and protect stakeholders’ interests.
CORPORATE GOVERNANCE PRACTICES
We had, throughout the year ended 31 March 2025, based our corporate
governance practices on the principles of god corporate governance and
complied with the code provisions set out in Part 2 of Apendix C1, the
Corporate Governance Code (the “CG Code”) to the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited (the
“Listing Rules”), except for the deviation from the code provision C.2.1 for
the reasons explained in this Corporate Governance Report.
We wil periodicaly review and improve our corporate governance practices
with reference to the latest developments in corporate governance. The
key corporate governance principles and practices of our Company are
sumarised below.
DIRECTORS’ SECURITIES TRANSACTIONS
We have adopted the Model Code for Securities Transactions by Directors
of Listed Isuers (the “Model Code”) as set out in Apendix C3 to the Listing
Rules regarding directors’ securities transactions. Formal writen notices,
together with a copy of the Model Code, are sent to our directors (“Directors”)
prior to the comencement of the periods of 30 days imediately preceding
the publication date of our interim results and 60 days imediately
preceding the publication date of our anual results, as a reminder that
Directors must not deal in any securities of the Company during those
periods up to and including the date of publication of the results. Having
made specific enquiries with our Directors, al of them confirmed that they
have complied with the required standard as set out in the Model Code
regarding directors’ securities transactions throughout the year ended 31
March 2025.
本公司连同其附属公司致力实现及保持高
标准的企业管治常规及程序。我们认同实
现高水准企业管治之价值及重要性，可提
升企业透明度和问责性，有助管理风险及
保障利益相关方之利益。
企业管治常规
于截至2025年3月31日止年度，我们以香港
联合交易所有限公司证券上市规则（「上市
规则」）附录C1第二部分企业管治守则（「企
业管治守则」）所载的良好企业管治原则为
企业管治常规的依据及已遵守则条文规
定，惟关于守则条文第C.2.1条有所偏离除
外，而偏离之原因于此企业管治报告中进
一步说明。
我们将参考企业管治之最新发展，定期检
讨及提升企业管治常规。本公司采取的主
要企业管治原则及常规概述如下。
董事的证券交易
我们已采纳载于上市规则附录C3就董事
进行证券交易之上市发行人董事进行证券
交易的标准守则（「标准守则」）。董事分别
在中期业绩刊发日期30天前及年度业绩刊
发日期60天前获发书面通知连同标准守则
文本，以提醒董事在该等期间直至并包括
业绩刊发日当天不得买卖本公司的任何证
券。本公司已向每位董事查询，并获得全
体董事确认，彼等于截至2025年3月31日止
年度已遵守标准守则所规定有关董事进行
证券交易之标准。
2024/2025
年报ANUAL REPORT39
企业管治报告
Corporate Governance Report
董事会
董事会之角色
董事会负责领导及监控本集团，并集体负
责统管及监督本集团事务以使集团成功。
须由董事会审议及作出决定的主要事项包
括：
- 、价值观和策略方
向，并确保与本集团的文化一致，以
此设定其目标及计划；
• 监察及评估本集团之营运及财务表
现；
• 批准本集团之中期及全年业绩及其发
布、重大财务安排及投资项目、重大
合约及交易、须予公布交易、非豁免
关连交易╱持续性关连交易、宣派股
息、根据提名委员会之建议委任或重
选董事，以及其他须由董事会处理之
事项；
• 确保适当和有效的风险管理和内部监
控系统到位，并监督管理层对风险管
理和内部监控系统的设计、实施及监
察；
- 、社会及管治
(「ESG」)事宜，并对重大的ESG风险
作出评估和管理；及
• 确保本集团有合适的会计系统及确保
在会计、内部审核及财务汇报职能方
面，以及在ESG表现和汇报方面有合
适人员，以及足够的资源、培训及相
关预算。
我们的管理团队经验丰富，并具备广博的
行业知识，由执行董事领导，并获董事会
授权负责管理本集团之日常事务及实施经
董事会批准有关本集团业务及运作的策
略。此外，董事会亦分派若干责任予各董
事委员会，即审核及风险管理委员会、薪
酬委员会、提名委员会及策略委员会。每
个董事委员会都有其各自的职权范围书，
明确界定各自的职责及权限。该等委员会
之详情进一步载于本年报第50至61页。
THE BOARD OF DIRECTORS
Roles of the Board
The Board asumes responsibility for the leadership and control of our
Group and is also colectively responsible for promoting the suces of the
Group by directing and supervising its afairs. Key maters and decisions
which are reserved for the Board include those relating to:
- ’s purpose, values and strategic directions and
ascertaining that they are aligned with the Group’s culture, and seting
the objectives and plans in acordance therewith;
- ’s operating and financial
performance;
- ’s interim and anual financial results and
the publication thereof, major financial arangements and investment
projects, material contracts and transactions, notifiable transactions,
non-exempt conected transactions/continuing conected
transactions, declarations of dividend, Directors’ apointment or re-
election folowing the recomendations by the Nomination Comite
and other maters which ned to be dealt with by the Board;
• ensuring that apropriate and efective risk management and internal
control systems are in place and overseing management in the
design, implementation and monitoring of the risk management and
internal control systems;
- , social and governance
(“ESG”) maters, as wel as asesment and management of material
ESG risks; and
• ensuring our Group has in place adequate acounting systems and
ensuring apropriate human resources and adequate resources,
training programes and budget to fulfil the acounting, internal audit
and financial reporting functions as wel as those relating to the ESG
performance and reporting.
Our management team, which poseses extensive experience and industry
knowledge, is led by the executive Directors and has ben delegated by the
Board with the authority and responsibility for the day-to-day management
and implementation of strategies aproved by the Board in relation to the
busines and operations of our Group. In adition, the Board has also
delegated certain specific responsibilities to various Board comites,
namely, the audit and risk management comite (the “Audit and Risk
Management Comite”), the remuneration comite (the “Remuneration
Comite”), the nomination comite (the “Nomination Comite”)
and the strategy comite (the “Strategy Comite”). Each of the Board
comites operates in acordance with its respective terms of reference
which clearly defines its respective duties and authorities. Details of these
comites are set out further on pages 50 to 61 in this Anual Report.
2024/2025
年报ANUAL REPORT40
企业管治报告
Corporate Governance Report
董事会（续）
董事会之角色（续）
本公司亦于2020年8月成立ESG委员会协助
董事会促进和管理ESG相关的事项，例如
相关策略和政策、举措、绩效和报告等，
相关职权范围书亦明确界定其职责及权
限。
企业管治职能
董事会也负责落实企业管治守则之守则条
文第A.2.1条的企业管治职责，包括：
‧ 制定及检讨本公司的企业管治政策及
常规；
‧ 检讨及监察董事及高级管理人员的培
训及持续专业发展；
‧ 检讨及监察本公司在遵守法律及监管
规定方面的政策及常规；
‧ 制定、检讨及监察本公司员工及董事
的操守准则及合规手册（如有）；及
‧ 检讨本公司遵守企业管治守则所载的
守则条文的情况及在企业管治报告内
的披露。
董事会之组成
于2025年3月31日，董事会由14名董事组
成，包括7名执行董事、2名非执行董事及5
名独立非执行董事，如下：
执行董事
蔡衍明先生（主席及行政总裁）
蔡绍中先生
蔡旺家先生（首席营运官）
黄永松先生（市场营销长）
朱纪文先生（财务总监）
蔡明辉先生
黎康仪女士
非执行董事
槇春夫先生
郑文宪先生
独立非执行董事
贝克伟博士
谢天仁先生
李国明先生
潘志强先生
江何佩琼女士
THE BOARD OF DIRECTORS (continued)
Roles of the Board (continued)
In order to facilitate and asist the Board in promoting and managing ESG
maters of the Group, such as relevant strategies and policies, initiatives,
performance and reporting, the ESG Comite was established in August
2020 with the authorities and responsibilities as stated in its terms of
reference.
Corporate governance functions
The Board is also responsible for performing the corporate governance
duties as specified in the code provision A.2.1 of the CG Code, including:
‧ to develop and review the Company’s policies and practices on
corporate governance;
‧ to review and monitor the training and continuous profesional
development of the Directors and the senior management;
‧ to review and monitor the Company’s policies and practices on
compliance with legal and regulatory requirements;
‧ to develop, review and monitor the code of conduct and compliance
manual (if any) aplicable to the employes and the Directors of the
Company; and
‧ to review the Company’s compliance with the code provisions set out
in the CG Code and disclosure in the Corporate Governance Report.
Composition of the Board
As at 31 March 2025, the Board consisted of 14 Directors, comprising 7
executive Directors, 2 non-executive Directors and 5 independent non-
executive Directors, as below:
Executive Directors
Mr. Tsai Eng-Meng (Chairman and Chief Executive Oficer)
Mr. Tsai Shao-Chung
Mr. Tsai Wang-Chia (Chief Operating Oficer)
Mr. Huang Yung-Sung (Chief Marketing Oficer)
Mr. Chu Chi-Wen (Chief Financial Oficer)
Mr. Tsai Ming-Hui
Ms. Lai Hong Ye
Non-executive Directors
Mr. Maki Haruo
Mr. Cheng Wen-Hsien
Independent non-executive Directors
Dr. Pei Kerwei
Mr. Hsieh Tien-Jen
Mr. Le Kwok Ming
Mr. Pan Chih-Chiang
Mrs. Kong Ho Pui King, Stela
2024/2025
年报ANUAL REPORT41
企业管治报告
Corporate Governance Report
董事会（续）
董事履历及彼此间之关系（如有）已载于本
年报「董事及高级管理人员」一节。此外，
本公司最新的董事会成员名单，包括其角
色和职能，已载于本公司及香港联交所之
网站内。
本公司已为董事及行政人员安排投保适当
的董事及行政人员责任保险。
委任、重选及罢免董事
新任董事是由股东于股东大会或由董事会
经提名委员会推荐而获委任。本公司已制
定董事提名政策，载有评估、甄选及推荐
候选人予董事会提名及委任之流程及标
准。在物色及选择适当的董事人选时，提
名委员会在考虑人选的性格、操守、资
历、经验、独立性，以及配合公司策略所
必须的其他相关标准，并顾及董事会成员
多元化的裨益后向董事会就包括其角色和
职能、董事委员会成员身份提供建议，由
董事会考虑相关建议和决定委任。
本公司已与所有董事订立正式的委任书订
明董事的职责及有关委任的主要条款及条
件。
根据本公司组织章程细则（「公司章程细
则」），所有董事至少每3年须轮值退任一
次，及于每届股东周年大会上，当时三分
之一之在任董事（倘人数并非三之倍数，则
最接近但不少于三分之一之人数）须轮值退
任并符合资格膺选连任。本公司之非执行
董事及独立非执行董事并无指定任期。
THE BOARD OF DIRECTORS (continued)
Biographical details of the Directors and the relationship amongst them (if
any) are set out in the section headed “Directors and Senior Management”
in this Anual Report. In adition, the latest list of Directors of the Company
with their roles and functions is available on our website and that of the HK
Stock Exchange.
We have aranged apropriate directors’ and oficers’ liabilities insurance for
our Directors and oficers.
Apointment, re-election and removal of Directors
The apointment of a new Director is made by shareholders at a general
meting or by the Board upon recomendation by the Nomination
Comite. We have a Director Nomination Policy in place which sets
out the proces and criteria for evaluating, selecting and recomending
candidates to the Board for nomination and apointment. In identifying and
selecting suitable candidates for directorships, the Nomination Comite
would consider the candidate’s character, integrity, qualifications,
experience, independence and other relevant criteria necesary to
complement our corporate strategy with due regard to the benefits of
diversity of the Board before puting forward a recomendation to the Board,
including his/her role and function, and Board comite membership. The
Board would consider the recomendation and decide on the apointment.
The Company has entered into formal leters of apointment with al
Directors seting out their duties and major terms and conditions of their
apointments.
Pursuant to the articles of asociation of our Company (the “Articles of
Asociation”), al our Directors are subject to retirement by rotation at least
once every thre years and at each anual general meting, one-third of
our Directors for the time being or, if the number is not a multiple of thre,
then the number nearest to but not les than one-third, shal retire from
ofice by rotation and be eligible for re-election. Our non-executive Directors
and independent non-executive Directors do not have specific terms of
apointment.
2024/2025
年报ANUAL REPORT42
企业管治报告
Corporate Governance Report
董事会（续）
委任、重选及罢免董事（续）
公司章程细则亦规定任何获董事会委任以
填补临时空缺或以作董事会新增成员之董
事的任期将于其获委任后的本公司首届股
东周年大会举行时届满，届时可于该会上
膺选连任，但在确定将轮值退任的董事
时，不应将其考虑在内。
即将于2025年8月26日举行的本公司股东周
年大会（「2025年股东周年大会」）上轮值退
任董事职务、符合资格并愿意膺选连任之
董事载于本年报第87页。
独立非执行董事之独立性
本公司已遵守上市规则第3.10条及第3.10A
条有关委任足够数目之独立非执行董事及
委任至少一名具备适当的专业资格、或具
备适当的会计或相关的财务管理专长的独
立非执行董事。
各独立非执行董事亦已在任职期间表现出
有能力就本公司事宜提供独立意见并为本
公司作出宝贵贡献，彼等于本公司之证券
或业务中并无拥有权益或利益，亦与本公
司董事、高级管理人员或主要或控股东
并无任何关系。本公司亦已接获各独立非
执行董事就彼等根据上市规则第3.13条规
定之独立性作出之书面确认，并对在董事
会服务超过九年的独立非执行董事的独立
性作出考虑，故认为彼等各自均为独立人
士，并相信彼等各自将继续为本公司及其
所任职的董事委员会作出贡献，履行独立
非执行董事职务。
倘董事会拟于股东大会上提呈决议案选任
某人士为独立非执行董事，致本公司股东
的通函将包括有关物色该名人士的流程、
董事会认为应选任该名人士的理由以及其
认为该名人士属独立人士的原因的资料；
该名人士可为董事会带来的观点与角度、
技能和经验，以及该名人士如何促进董事
会成员多元化。
THE BOARD OF DIRECTORS (continued)
Apointment, re-election and removal of Directors (continued)
The Articles of Asociation also provide that any Director apointed by the
Board to fil a casual vacancy or as an adition to the Board shal hold ofice
only until the first anual general meting of the Company after his/her
apointment and shal then be eligible for re-election at that meting, but
shal not be taken into acount in determining the Directors who wil retire by
rotation.
The Directors who shal retire from ofice at the forthcoming anual general
meting of the Company to be held on 26 August 2025 (the “2025 AGM”)
and, being eligible, ofer themselves for re-election are set out on page 87 in
this Anual Report.
Independence of independent non-executive Directors
We have complied with Rules 3.10 and 3.10A of the Listing Rules in relation
to the apointment of a suficient number of independent non-executive
Directors and the apointment of at least one independent non-executive
Director with apropriate profesional qualifications or acounting or related
financial management expertise.
Each independent non-executive Director has also demonstrated his/
her ability to provide an independent view to the Company’s maters and
valuable contributions to the Company during his/her term of ofice and each
of them is neither interested in the securities or busines of the Company
nor conected with any Director, senior management or substantial or
controling shareholders of the Company. We have also received a writen
confirmation from each independent non-executive Director confirming his/
her independence in acordance with Rule 3.13 of the Listing Rules and
consideration was also given to al independent non-executive Directors who
have served on the Board for more than nine years. We therefore consider
each of them to be independent and believe that each of them wil continue
to contribute to the Company and the Board comites he/she serves and
fulfil the roles of independent non-executive Director.
Where the Board proposes a resolution to elect an individual as an
independent non-executive Director at the general meting, the circular to
shareholders of the Company would include information on the proces for
identifying the individual and why the Board believes the individual should
be elected and the reasons why it considers the individual is independent;
and perspectives, skils and experience that the individual can bring to the
Board and how the individual contributes to the diversity of the Board.
2024/2025
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Corporate Governance Report
董事会（续）
独立非执行董事之独立性（续）
若独立非执行董事任期超过九年，其进一
步委任须经提名委员会进行独立性评估，
以及评估其是否适合重选，然后由董事会
作出决定，并经本公司股东以独立决议案
另行批准。载有该决议案的致股东通函中
将列出董事会对该董事的持续独立性的确
定及该确定中考虑的因素，以及建议其获
重选的理由，包括其为董事会贡献的专业
知识、经验和多元性。
贝克伟博士，独立非执行董事，自2007
年11月以来于董事会任职逾9年。董事会
信纳贝博士具备可继续履行独立非执行董
事之职责所需之品格、特质、渊博知识和
经验，专业会计师资格以及专业精神，
并视贝博士为董事会高度评价及尊敬的成
员。贝博士任职期间表现出有能力就本公
司事宜提供独立意见并为本公司作出宝贵
贡献。此外，彼概无于本公司证券或业务
当中拥有权益或利益，亦与本公司任何董
事、高级管理人员或主要或控股东概无
关连。经考虑上述情况，董事会认为贝博
士尽管任职时间较长惟仍具独立性。董事
会认为贝博士可以继续将其个人的观点、
技能及经验，尤其是他于会计方面的丰富
经验及自其教授事业中，以及于不同上市
公司及跨国企业所任职位中获得的见解，
带入董事会及其所任职的董事委员会，并
为董事会的多元化作出贡献。
本公司所有载有董事姓名的通讯中，均明
确说明独立非执行董事的身份。
董事会获取独立观点和意见的机制
本公司认为，董事会独立性对良好的企业
管治及确保董事会有效运作非常重要。董
事会已建立机制以确保董事会可获取独立
的观点和意见。
本公司董事会共有5名独立非执行董事，均
为董事会带来多个领域的宝贵业务经验、
知识及专长，使董事会高效及有效地运
作，并向董事会提供独立、合适的意见，
使董事会在企业行动及运营方面能够作出
有效的独立判断。
提名委员会在新任独立非执行董事人选获
委任前评估其独立性、资格和时间投入，
并每年对现任独立非执行董事的持续独立
性进行评估。
董事会主席在没有其他董事在场的情况
下，至少每年与独立非执行董事举行会
议。
THE BOARD OF DIRECTORS (continued)
Independence of independent non-executive Directors (continued)
In cases where an independent non-executive Director has served more
than nine years, such Director’s further apointment would be subject
to asesment of independence and suitability for re-election by the
Nomination Comite folowed by the Board’s determination and separate
resolution to be aproved by the shareholders of the Company. The circular
to shareholders, acompanying that resolution, would set out the Board’s
determination of his/her continued independence and the factors considered
in such determination, and the reasons for recomending his/her re-
election, including the expertise, experience and diversity he/she contributes
to the Board.
Dr. Pei Kerwei, our independent non-executive Director, has served on the
Board for more than 9 years since November 2007. The Board is satisfied
that Dr. Pei has the required integrity, atributes, profound knowledge and
experience, profesional acounting qualification and profesionalism to
continue to fulfil the roles of an independent non-executive Director and
considers that Dr. Pei is a highly valued and respectable member of the
Board. Dr. Pei has demonstrated his ability to provide an independent
view to the Company’s maters and valuable contributions to the Company
during his term of ofice. In adition, he is neither interested in the securities
or busines of the Company nor conected with any Director, senior
management or substantial or controling shareholders of the Company.
Taking into consideration of the above, the Board is of the view that Dr. Pei
remains independent notwithstanding the length of period of his service.
The Board considers that Dr. Pei can continue to bring to the Board and the
Board comites he serves, and contribute to the diversity of the Board
with, his own perspective, skils and experience, in particular, his extensive
experience in acountancy and the insights gained from his profesor carer
as wel as the positions held with various listed companies and multinational
enterprises.
The independent non-executive Directors are expresly identified as such
in al corporate comunications of the Company that disclose the names of
the Directors.
Mechanism on obtaining independent views and advice to the Board
The Company recognises that Board independence is important in god
corporate governance and to ensure an efective operation of the Board.
The Board has established a mechanism to ensure independent views and
input are available to the Board.
There are five independent non-executive Directors on the Board of
Directors of the Company, who have brought a wide spectrum of valuable
busines experience, knowledge and expertise to the Board for its eficient
and efective functioning and have provided independent and apropriate
advice to the Board that enabled efective independent judgement on
corporate actions and operations.
The Nomination Comite aseses the independence, qualification
and time comitment of a candidate who is nominated to be a new
independent non-executive Director before apointment, and the continued
independence of independent non-executive Directors on an anual basis.
The Chairman of the Board holds meting with the independent non-
executive Directors without the presence of other Directors at least anualy.
2024/2025
年报ANUAL REPORT44
企业管治报告
Corporate Governance Report
THE BOARD OF DIRECTORS (continued)
Mechanism on obtaining independent views and advice to the
Board (continued)
For the year ended 31 March 2025, each independent non-executive
Director actively atended the Board metings and engaged in the
discusion and Board’s decision making proces. Each of them has
also demonstrated his/her ability to provide an independent view to the
Company’s maters and valuable contributions to the Company. In adition,
al Directors may, upon request, sek independent profesional advice in
apropriate circumstances, at our Company’s expense for discharging their
duties to the Company. Al Directors are also encouraged to speak frely
and expres their views without influence from other Directors during the
Board metings and/or Board comite metings.
In adition, there was a meting betwen Mr.Tsai Eng-Meng and al
the independent non-executive Directors, without the presence of other
Directors, held in March 2025.
The Board has reviewed and wil continue to review this mechanism of
obtaining independent views and advice on an anual basis to ensure the
implementation and efectivenes of this mechanism.
Board metings
The Board mets regularly on a quarterly basis with aditional metings
being aranged as and when necesary.
During the year ended 31 March 2025, other than writen resolutions pased
by al the Directors, seven Board metings were held mainly to:
于截至2025年3月31日止年度，除了由所有
董事通过的书面决议案外，董事会共举行7
次会议，主要：
- ’s strategies and busines development
plans to navigate the chalenges and oportunities presented by the
changing market and industry landscape;
• 检讨及讨论本集团策略及业务发展规
划以应对不断变化的市场和产业格局
所带来的挑战和机会；
- ’s operating and financial performance;• 检讨及监察本集团之营运及财务表现；
• consider and aprove various investment projects and regularly folow
up on the fund establishment and operation;
• 考虑及审批多个投资项目及定期跟进
基金设立及运作情况；
• receive the reports from the Board Comites and the ESG
Comite;
• 听取董事委员会及ESG委员会的报
告；
• overse the risk management and internal control systems and
ensuring their efectivenes;
• 监督风险管理及内部监控系统并确保
其有效性；
- , including core ESG strategies, related
ESG targets and their progres;
- ，包括核心ESG策
略、ESG目标及其达成进度情况；
• consider and aprove conected transactions and non-exempt
continuing conected transactions;
• 考虑及批准关连交易及不获额免持续
关连交易；
• review and aprove the financial results for the year ended 31 March
2024 and for the six months ended 30 September 2024 and the
publication thereof;
• 审阅及批准截至2024年3月31日止年
度及截至2024年9月30日止六个月之
财务业绩及其发布；
董事会（续）
董事会获取独立观点和意见的机制（续）
于截至2025年3月31日止年度，各独立非执
行董事积极出席董事会议及参与董事会
的讨论及决策过程，表现有能力就本公司
事宜提供独立意见，并为本公司作出宝贵
贡献。此外，所有董事可在适当的情况下
要求寻求独立专业意见，以向本公司履行
其职责，费用由本公司承担。本公司亦鼓
励所有董事在董事会议及╱或董事委员
会议期间自由发言并表达其观点，不受
其他董事的影响。
此外，蔡衍明先生与全体独立非执行董事
于2025年3月在没有其他董事出席的情况下
举行了一次会议。
董事会经检讨并将继续每年对获取独立观
点和意见的机制进行检讨，以确保该机制
的实施及有效性。
董事会议
董事会定期于每个季度举行会议，如有需
要时亦会另行安排额外会议。
2024/2025
年报ANUAL REPORT45
企业管治报告
Corporate Governance Report
董事会（续）
董事会议（续）
于截至2025年3月31日止年度，本公司召开
了一次股东周年大会。
董事╱委员会成员出席概况
于截至2025年3月31日止年度，各董事╱委
员会成员出席董事会、董事委员会议及
股东周年大会的出席概况载于下表。
- , re-election of Directors,
re-apointment of external auditor and amendments to the Company’s
memorandum and articles of asociation and adoption of the new
memorandum and articles of asociation for shareholders’ aproval at
the 2024 AGM;
- 、重选董事、续聘外部
核数师及修订本公司组织章程大纲及
细则与采纳新组织章程大纲及细则予
股东于2024年股东周年大会上批准；
- ,
corporate governance report and ESG report with regards to the
Company’s compliance with the Listing Rules, CG Code and ESG
Reporting Guide; and
- 、年报、企业管
治报告以及ESG报告内有关本公司遵
守上市规则、企业管治守则及ESG报
告指引之情况之披露；及
- ’s
securities and to apoint designated Directors for the specific purpose
of receiving the notifications and isuing the writen acknowledgements
to Mr. Tsai for dealing in the Company’s securities in acordance with
the requirement of the Model Code.
- ，并
为此委任指定董事以按标准守则的规
定接收蔡先生发出的通知及向蔡先生
发出买卖本公司证券的书面确认书。
During the year ended 31 March 2025, the Company convened an anual
general meting.
Directors’/Comite members’ atendance
Directors’/Comite members’ atendance at the Board metings, Board
comite metings and anual general meting during the year ended 31
March 2025 is set out in the folowing table.
Metings atended/held
(1)
出席会议次数╱会议举行次数
（1）
Board
Remuneration
Comite
Audit and Risk
Management
Comite
Nomination
Comite
Strategy
Comite
General
Meting
(2)
Name of Directors董事姓名董事会薪酬委员会
审核及风险
管理委员会提名委员会策略委员会股东大会
(2)
Executive Directors执行董事
Mr. Tsai Eng-Meng
(3)
蔡衍明先生
(3)
3/5
(7)
N/AN/AN/A1/11/1
Mr. Tsai Shao-Chung蔡绍中先生4/5
(7)
5/5N/A2/21/11/1
Mr. Tsai Wang-Chia蔡旺家先生5/5
(7)
N/AN/AN/A1/11/1
Mr. Huang Yung-Sung黄永松先生4/5
(7)
N/AN/AN/A1/11/1
Mr. Chu Chi-Wen朱纪文先生4/5
(7)
N/AN/AN/A1/11/1
Mr. Tsai Ming-Hui蔡明辉先生5/5
(7)
N/AN/AN/A1/11/1
Ms. Lai Hong Ye黎康仪女士7/7N/AN/AN/A1/11/1
Non-executive Directors非执行董事
Mr. Maki Haruo槇春夫先生4/5
(7)
N/AN/AN/AN/A1/1
Mr. Cheng Wen-Hsien郑文宪先生5/5
(7)
N/AN/AN/AN/A1/1
Independent non-executive Directors独立非执行董事
Dr. Pei Kerwei
(4)
贝克伟博士
(4)
7/75/55/52/21/11/1
Mr. Hsieh Tien-Jen
(5)
谢天仁先生
(5)
7/75/55/52/21/11/1
Mr. Le Kwok Ming
(6)
李国明先生
(6)
7/75/55/52/21/11/1
Mr. Pan Chih-Chiang潘志强先生7/75/55/52/21/11/1
Mrs. Kong Ho Pui King, Stela江何佩琼女士7/74/55/52/21/11/1
THE BOARD OF DIRECTORS (continued)
Board metings (continued)
2024/2025
年报ANUAL REPORT46
企业管治报告
Corporate Governance Report
董事会（续）
董事╱委员会成员出席概况（续）
附注：
(1) 分母的数字代表该人士为董事会成员或董
事委员会成员（视属何情况而定）期间曾举
行的最多会议次数。「N/A」表示不适用。
(2) 本公司于2024年8月27日举行之2024年股
东周年大会。
- 。
- 。
- 。
- 。
(7) 根据上市规则和本公司章程细则的相关要
求，以及本公司的企业管治常规，因为彼
等被视为在该等交易中拥有或可能拥有利
益，蔡衍明先生、蔡绍中先生、蔡旺家先
生、黄永松先生、朱纪文先生、蔡明辉先
生、槇春夫生及郑文宪先生无出席为审议
某些关连交易及持续关连交易而特别召开
的2次董事会。因此，彼等亦未就有关董
事会决议投票。
经考虑各董事所持之董事职务及主要任
命，以及各位董事参与董事会及适用的董
事委员会议的出席率，董事会对每位董
事于截至2025年3月31日止年度所付出的时
间履行其董事职责表示满意。
THE BOARD OF DIRECTORS (continued)
Directors’/Comite members’ atendance (continued)
Notes:
(1) The denominator number represents the maximum number of metings
held during the period in which the individual was a Board member or Board
comite member (as the case may be). “N/A” denotes not aplicable.
(2) The 2024 AGM held on 27 August 2024.
(3) Chairman of the Board and Strategy Comite.
(4) Chairman of the Nomination Comite.
(5) Chairman of the Remuneration Comite.
(6) Chairman of the Audit and Risk Management Comite.
- , Mr. Tsai Shao-Chung, Mr. Tsai Wang-Chia, Mr. Huang
Yung-Sung, Mr. Chu Chi-Wen, Mr. Tsai Ming-Hui, Mr. Maki Haruo and Mr.
Cheng Wen-Hsien did not atend the two Board metings that were specificaly
caled to consider certain conected and continuing conected transactions
as each of them was considered to have or may have an interest in the
transactions pursuant to the relevant requirements under the Listing Rules and
the Articles of Asociation as wel as the Company’s corporate governance
practices. Acordingly, they did not vote on the Board resolutions aproving the
transactions.
The Board, having considered the directorships and major comitments of
each Director and the atendance rate of each Director at Board metings
and aplicable Board comite metings, is satisfied with the level of time
comitment given by each Director in fulfiling his/her responsibilities as a
Director during the year ended 31 March 2025.
2024/2025
年报ANUAL REPORT47
企业管治报告
Corporate Governance Report
董事会（续）
董事会议事程序
每年董事会定期会议的举行日期一般都会
预先编定，使各董事有充裕时间安排出席
会议。董事会定期会议通告于会议至少14
天前送交全体董事。至于召开其他董事会
会议，将发出合理通知。
主席其中一项重要职责是领导董事会确保
董事会有效地运作及充分履行其应有职
责。主席鼓励所有董事积极参与讨论，并
给予充分时间讨论，以确保董事会的决定
能公正反映董事会的共识。
主席确保董事会及时就主要而合适的事项
进行讨论。主席把草拟董事会议的议程
责任转授公司秘书。议程及随附之会议文
件一般在董事会定期会议举行日期不少于
3天前（其他董事会议则在尽快切实时间
内）送呈全体董事。董事获邀将任何彼等
认为合适之事项列入董事会定期会议程
内。全体董事在必要时均可全面及直接获
取公司秘书之意见及服务。主席亦确保董
事会议上所有董事均适当知悉当前的事
项，及所有董事及时收到充分的资讯，而
有关资讯亦必须完备可靠。
主席须提倡公开、积极讨论的文化，促进
董事（特别是非执行董事）对董事会作出有
效贡献，并确保执行董事与非执行董事之
间维持建设性的关系。主席亦确保至少每
年与独立非执行董事举行一次没有其他董
事出席的会议。
董事会和董事委员会议记录详细记录了
董事会和董事委员会在会议上所考虑的事
项及达致之决定，其中包括董事提出之任
何疑虑或表达之反对意见（如有）。每份董
事会议及董事委员会议记录的初稿均
先发送至董事以供彼等提供意见方提交于
下次的董事会议或董事委员会议中审
批。公司秘书负责备存所有董事会及董事
委员会之会议记录。任何董事于合理时间
内发出合理通知后可查阅有关文件。
THE BOARD OF DIRECTORS (continued)
Board Procedings
Regular Board metings for each year are generaly scheduled in advance
to give Directors adequate time to plan their schedules to atend the
metings. Notices of regular Board metings are served to al Directors at
least 14 days before the metings. For other Board metings, reasonable
notice would be given.
One of the important roles of the Chairman is to lead the Board to ensure
that the Board operates efectively and fuly performs its responsibilities. Al
Directors are encouraged to actively participate in the discusion at Board
metings, and the Chairman has alowed suficient time for discusion of
isues to ensure that Board decisions fairly reflect the consensus of the
Board.
The Chairman has ensured that al key and apropriate isues are
discused by the Board in a timely maner. The Chairman has delegated
the responsibility for drawing up the agenda for each Board meting to the
company secretary. The agenda and the acompanying Board papers are
generaly circulated to al Directors at least thre days before the intended
date of a regular Board meting (and as son as practicable for ad hoc
Board metings). Directors are invited to include any maters which they
believe to be apropriate in the agenda of regular Board metings and
they have ful and direct aces to the advice and services of the company
secretary whenever necesary. The Chairman has also ensured that al the
Directors are properly briefed on isues to be discused at Board metings,
and that al the Directors would receive adequate information, which is
complete and reliable, in a timely maner.
The Chairman is also responsible for promoting a culture of openes
and debate, facilitating the efective contribution of the Directors (and the
non-executive Directors in particular) and ensuring constructive relations
betwen the executive and the non-executive Directors. The Chairman
also has to ensure at least one meting is held with the independent non-
executive Directors each year without the presence of other Directors.
Minutes of the Board and Board Comite metings are recorded in
suficient detail regarding maters considered by the Board and Board
Comites and decisions reached at the metings, including any concerns
raised by Directors or disenting views expresed at the metings (if any).
Draft minutes of each Board meting and Board comite metings are
sent to Directors for their coments before being tabled at the folowing
Board meting or Board comite metings for aproval. Minutes of
al Board metings and metings of Board comites are kept by the
company secretary and open for inspection at any reasonable time folowing
reasonable notice made by any Director.
2024/2025
年报ANUAL REPORT48
企业管治报告
Corporate Governance Report
董事会（续）
董事会议事程序（续）
倘主要股东（定义见上市规则）或董事在董
事会将予考虑之事项中存在董事会认为属
重大之利益冲突，则有关事项将不会以书
面决议案形式通过，而须召开董事会议
处理而该董事就彼或任何紧密联系人士具
有重大利益之相关董事会决议案放弃投
票，且不会计入出席该董事会议之法定
人数内。在交易中本身及其紧密联系人均
没有重大利益之独立非执行董事应该出席
该董事会议。
董事培训
新任董事在获委任时将获安排参加就任培
训及给予一套就任备忘录，当中载有根据
上市规则规定及其他法律和法定要求项下
公司及其董事应履行之主要持续责任和义
务。
我们为董事提供本集团之每月业务表现的
最新情况报告。我们亦不时就香港联交所
发布的《上市规则执行简报》及上市规则以
及其他相关法律及监管规定的最新发展及
变动向董事提供阅读材料，以便董事履行
其职责。董事于必要时可寻求独立专业建
议，费用均由本公司支付。
本公司亦鼓励董事参与持续专业发展并更
新其知识及技能，并邀请董事观看香港联
交所不时推出的网上培训并阅读相关指引
资料。
于截至2025年3月31日止年度期间，外部法
律顾问应邀在董事会上向董事讲解有关最
新上市规则修订、企业管治守则更新，以
及监管执行重点及案例分享。此外，我们
亦为董事们提供反贪及防贪相关资讯。
安永咨询团队亦获邀在审核及风险管理委
员会议上与董事们分享(a)人工智能应用
的发展历史，(b)人工智能使用和应用策略
的变革和演变，及关键成功因素，以及(c)
人工智能应用在零售业的一些成功案例和
每个案例获得的效益。
THE BOARD OF DIRECTORS (continued)
Board Procedings (continued)
If a substantial shareholder (as defined in the Listing Rules) or a Director
has a conflict of interest in a mater to be considered by the Board which
the Board has determined to be material, the mater wil be discused in a
Board meting instead of being dealt with by way of circulation of writen
resolution and the interested Director wil abstain from voting on the relevant
Board resolutions in which he/she or any of his/her close asociates have a
material interest and that he/she wil not be counted in the quorum present
at the Board meting. Independent non-executive Directors who, and whose
close asociates, have no material interests in the transaction should be
present at such Board meting.
Training for Directors
Every newly apointed Director, on apointment, wil atend an induction
training programe and receive a memorandum on the principal continuing
obligations and responsibilities to which the Company and its Directors are
subject under the Listing Rules and other laws and regulations.
Directors are provided with monthly updates on the Group’s performance,
reading materials on the updates on the latest developments and changes
in the Listing Rules and other relevant legal and regulatory requirements
and enforcement buletins published by the HK Stock Exchange from time to
time in order to enable the Directors to discharge their duties. Directors may,
where necesary, sek independent profesional advice at our Company’s
expense.
Directors are also encouraged to participate in continuous profesional
development to develop and refresh their knowledge and skils. Directors
are also invited to view the e-training and read related guidance materials
published by the HK Stock Exchange from time to time.
During the year ended 31 March 2025, external legal adviser was invited to
our Board metings to provide an update on the recent amendments to the
Listing Rules and CG Code, and regulatory enforcement focus and case
studies. Directors were also provided with materials on anti-coruption and
coruption prevention.
EY consulting team was also invited to share with Directors at an audit
and risk management comite meting (a) the development history of AI
aplication, (b) the transformation and evolution of AI usage and aplication
strategies and asociated key suces factors, and (c) certain suces
stories of AI aplications in retail industry, and the benefits achieved in each
case.
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THE BOARD OF DIRECTORS (continued)
Training for Directors (continued)
A sumary of the training received by our Directors during the year ended
31 March 2025 is as folows:
Types of training (Note)
Name of Directors董事姓名培训类别（附注）
Executive Directors执行董事
Mr. Tsai Eng-Meng蔡衍明先生A, B
Mr. Tsai Shao-Chung蔡绍中先生A, B
Mr. Tsai Wang-Chia蔡旺家先生A, B
Mr. Huang Yung-Sung黄永松先生A, B
Mr. Chu Chi-Wen朱纪文先生A, B
Mr. Tsai Ming-Hui蔡明辉先生A, B
Ms. Lai Hong Ye黎康仪女士A, B
Non-executive Directors非执行董事
Mr. Maki Haruo槇春夫先生A, B
Mr. Cheng Wen-Hsien郑文宪先生A, B
Independent non-executive Directors独立非执行董事
Dr. Pei Kerwei贝克伟博士A, B
Mr. Hsieh Tien-Jen谢天仁先生A, B
Mr. Le Kwok Ming李国明先生A, B
Mr. Pan Chih-Chiang潘志强先生A, B
Mrs. Kong Ho Pui King, Stela江何佩琼女士A, B
Notes:
- ’ duties and responsibilities and
regulatory updates.
- /in-house trainings/seminars/conferences/
forums or viewing e-training relevant to the busines, directors’ duties,
corporate governance, ESG, financial reporting and risk management maters.
董事会（续）
董事培训（续）
董事于截至2025年3月31日止年度所接受的
培训概要如下：
附注：
A. 阅读与董事职责及责任和最新规管资料有
关的材料。
- 、董事职责、企业管治、
ESG、财务汇报及风险管理有关的简报
会╱内部培训╱研讨会╱会议╱论坛或于该
等场合发表演说或观看有关网上培训。
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主席及行政总裁
根据守则条文第C.2.1条，主席与行政总裁
的角色应予区分，不应由一人同时兼任。
由于蔡衍明先生担任主席兼行政总裁两个
职务，故本公司偏离此条文。蔡先生为本
集团之创办人，于食品及饮料行业方面拥
有逾48年经验。考虑到本集团目前之发展
阶段，董事会认为，由一人同时兼任主席
与行政总裁，在实施并执行本集团的业务
策略时，可为本公司提供强大而贯彻之领
导。然而，本集团将根据届时情况不时检
讨现行架构。
董事委员会
董事会已成立4个委员会，即薪酬委员
会、审核及风险管理委员会（前称审核委员
会）、提名委员会及策略委员会，专门监管
本公司之特定事务。该等委员会均已制订
书面职权范围书。薪酬委员会、审核及风
险管理委员会及提名委员会之职权范围书
可于本公司及香港联交所的网站查阅。该
等委员会的组成载于本年报第2至3页。
薪酬委员会
本公司于2008年2月18日成立薪酬委员会。
薪酬委员会之职责详情载于其职权范围书
内。薪酬委员会成立之主要目的是确保本
公司能够招揽、挽留及激励高质素之雇
员，彼等乃本集团成功之根基，以及就各
执行董事及高级管理人员的薪酬待遇向董
事会提供推荐意见。
于2025年3月31日，薪酬委员会由5名独立
非执行董事及1名执行董事组成，而该委员
会主席由独立非执行董事担任。
根据薪酬委员会之职权范围书，薪酬委员
会须每年最少召开1次会议。于截至2025年
3月31日止年度，薪酬委员会共举行5次会
议。各成员于该期间出席薪酬委员会议
之出席记录载于本年报第45页。
CHAIRMAN AND CHIEF EXECUTIVE OFICER
Code provision C.2.1 provides that the roles of chairman and chief executive
should be separate and should not be performed by the same person.
Our Company deviates from this provision because Mr. Tsai Eng-Meng
performs both the roles of chairman and chief executive. Mr. Tsai is the
founder of our Group and has over 48 years of experience in the fod and
beverages industry. Given the curent stage of development of our Group,
the Board believes that vesting the two roles in the same person provides
our Company with strong and consistent leadership and facilitates the
implementation and execution of our Group’s busines strategies. We shal
nevertheles review the structure from time to time in light of the prevailing
circumstances.
BOARD COMITES
The Board has established four comites, namely the Remuneration
Comite, the Audit and Risk Management Comite (formerly known as
Audit Comite), the Nomination Comite and the Strategy Comite,
for overseing particular aspects of the afairs of our Company. These
comites are established with writen terms of reference. The terms of
reference of the Remuneration Comite, the Audit and Risk Management
Comite and the Nomination Comite are available on our website
and the website of the HK Stock Exchange. The composition of these
comites are set out on pages 2 to 3 of this Anual Report.
Remuneration Comite
The Remuneration Comite was established on 18 February 2008.
Details of the duties and responsibilities of the Remuneration Comite are
set out in its terms of reference. The Remuneration Comite is established
primarily for the purpose of ensuring that we can recruit, retain and motivate
high quality personel who are esential to the suces of our Group and
to make recomendations to the Board on the remuneration packages of
individual executive Director and senior management.
As at 31 March 2025, the Remuneration Comite comprised five
independent non-executive Directors and one executive Director and was
chaired by an independent non-executive Director.
Acording to its terms of reference, the Remuneration Comite shal met
at least once a year. The Remuneration Comite met five times during
the year ended 31 March 2025. The atendance record of the members at
the Remuneration Comite meting during such period is shown on page
45 of this Anual Report.
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董事委员会（续）
薪酬委员会（续）
薪酬委员会于截至2025年3月31日止年度所
进行之工作概述如下：
- ；
• 检讨董事及高层管理人员的薪酬待
遇，并向董事会提出建议；
• 考虑及建议董事及高层管理人员之酌
情绩效花红的发放；及
• 与集团人力资源中心主管检视e-HR系
统（人力资源管理平台）的功能、实施
进度和成效。
执行董事及高级管理人员之薪酬结构由两
部分组成，即固定薪酬及浮动奖金。
固定薪酬主要包括薪金、退休福利计划供
款及其他津贴；另外，出任董事会的执行
董事均可收取固定的董事袍金。以上均参
考个人经验及资历、职责、服务年资、同
业或具相若市值业界水平及当时市场环境
而厘定。
浮动奖金指酌情花红，金额由董事会根据
以下情况并视乎本集团及个人表现等因素
而定：
根据本集团主席兼行政总裁、执行董事及
策略委员会主席蔡衍明先生与本公司签订
的服务合约条款规定，发放酌情花红由董
事会视乎一系列因素而全权酌情决定，包
括但不限于本集团及其个人表现，以及董
事会不时建议的薪酬政策。倘本集团当年
税前利润扣除非控制性权益达某程度的水
平，且董事会行使其酌情权授予花红，则
董事会可酌情厘定不低于按照既定公式计
算所得的数目的花红金额或另行决定并经
蔡先生同意的金额，但该金额不得大于上
述公式计算得出的金额。
BOARD COMITES (continued)
Remuneration Comite (continued)
The folowing is a sumary of the work performed by the Remuneration
Comite during the year ended 31 March 2025:
- ;
• reviewed the remuneration packages of Directors and senior
management and proposed relevant recomendations to the Board;
• considered and provided recomendations on the payment
of discretionary performance bonus for Directors and senior
management; and
- ’s head of human resources centre the
functions of the e-HR system (a human resource management
platform), its implementation progres and results.
The remuneration package for the executive Directors and the senior
management consists of two parts, namely a fixed component and a
variable incentive.
The fixed component comprises mainly salary, retirement benefit scheme
contributions and other alowances. Besides, an individual who serves
on the Board as an executive Director is also entitled to receive a fixed
director fe. The fixed component is determined with reference to
individual’s experience and qualifications, responsibilities, service seniority,
remuneration benchmark in the same industry or industry with similar market
capitalisation and the prevailing market conditions.
The variable incentive comprises discretionary bonus, which amount
is determined by the Board based on the Group’s and individual work
performance in the folowing ways:
Acording to the terms of the service contract entered into betwen Mr. Tsai
Eng-Meng (our Chairman, Chief Executive Oficer, executive Director and
the chairman of our Strategy Comite) and the Company, the payment of
discretionary bonus is at the absolute discretion of the Board and depends
on a range of factors including but not limited to the performance of the
Group, individual’s performance, and the remuneration policy which may
be proposed by the Board from time to time. If the consolidated profit of the
Group before deductions for taxes but after deductions of the non-controling
interests achieves a certain minimum level and if the Board exercises its
discretion to award such bonus, the Board may determine, at its discretion,
an amount which is no les than the amount which is calculated having
regard to a predetermined formula or as may be determined otherwise by
the Board and agred by Mr. Tsai provided that the amount shal not be
greater than the amount calculated acording to the aforesaid formula.
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董事委员会（续）
薪酬委员会（续）
其他执行董事及高级管理人员之酌情花红
则依据本集团当年税后利润与上一年度比
的变动幅度，按递阶比例提列奖金池之多
寡。而奖金池的发放金额则视乎其所属部
门及个人表现而定。我们采取了360度绩效
考核，涵盖定性及定量的关键绩效指标，
主要包括财务、运营指标，以及日常协作
部门对其部门及个人评定的满意度指标
等，作为各部门及员工个人之发放依据。
根据企业管治守则条文第E.1.5条，于截至
2025年3月31日止年度按薪酬组别划分之高
级管理人员（名列「董事及高级管理人员」一
节）薪酬载列如下：
根据上市规则附录D2须予披露之董事及5名
最高薪人士的薪酬详情分别载于综合财务
报表附注35及附注26。
BOARD COMITES (continued)
Remuneration Comite (continued)
The discretionary bonus for other executive Directors and the senior
management depends upon the portion of the Group’s consolidated
profits after taxation for the year being alocated at a progresive rate to a
bonus pol acording to the level of changes in the Group’s consolidated
profits after taxation for the year over the previous year. The distribution
of the bonus pol for each department and individual depends upon the
performance of their respective department and the individual concerned.
We tok a 360-degre performance evaluation on both qualitative and
quantitative key performance indicators to determine the distribution to each
department and individual which mainly include financial and operational
indicators as wel as indicators which measure the satisfaction level of the
daily cordination departments on itself and the relevant individual.
Pursuant to the code provision E.1.5 of the CG Code, the remuneration
of the members of the senior management (whose names apear in the
“Director and Senior Management” section) by band for the year ended 31
March 2025 is set out below:
Number of
individuals
In the band of组别介乎人数
RMB0.9263 (HK$1)
to RMB926,300 (HK$1,000,000)
人民币0.9263元（1港元）
至人民币926,300元（1,000,000港元）5
RMB926,301 (HK$1,000,001)
to RMB1,852,600 (HK$2,000,000)
人民币926,301元（1,000,001港元）
至人民币1,852,600元（2,000,000港元）4
RMB1,852,601 (HK$2,000,001)
to RMB2,778,900 (HK$3,000,000)
人民币1,852,601元（2,000,001港元）
至人民币2,778,900元（3,000,000港元）1
RMB2,778,901 (HK$3,000,001)
to RMB3,705,200 (HK$4,000,000)
人民币2,778,901元（3,000,001港元）
至人民币3,705,200元（4,000,000港元）1
Further particulars regarding Directors’ emoluments and the five highest
paid individuals as required to be disclosed pursuant to Apendix D2 to the
Listing Rules are set out in note 35 and note 26 to the consolidated financial
statements, respectively.
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BOARD COMITES (continued)
Remuneration Comite (continued)
Audit and Risk Management Comite
The Audit Comite was established on 18 February 2008 and was
renamed Audit and Risk Management Comite on 1 December 2018.
Details of the duties and responsibilities of the Audit and Risk Management
Comite are set out in its terms of reference. The Audit and Risk
Management Comite is established primarily for the purposes of
overseing and reviewing the Group’s financial reporting, risk management
and internal control systems and evaluating internal controls and auditing
proceses.
As at 31 March 2025, the Audit and Risk Management Comite
comprised five independent non-executive Directors and was chaired by an
independent non-executive Director.
Acording to its terms of reference, the Audit and Risk Management
Comite shal met at least twice a year. The Audit and Risk Management
Comite held five metings during the year ended 31 March 2025 with
the external auditor present at two metings. The atendance record of the
members at the Audit and Risk Management Comite metings during
such period is shown on page 45 of this Anual Report.
The folowing is a sumary of the work performed by the Audit and Risk
Management Comite during the year ended 31 March 2025:
• reviewed and considered various risk management asesment
optimisation projects and internal controls optimisation projects;
• reviewed the recent updates and development of acounting and
financial reporting standards and asesed their impacts on our
Group;
• considered the major acounting and auditing maters raised by
external auditor and management’s responses;
• discused with the existing auditor on the nature and scope of the
audit prior to the comencement of the audit for the year ended 31
March 2025;
董事委员会（续）
薪酬委员会（续）
审核及风险管理委员会
审核委员会于2008年2月18日成立，并于
2018年12月1日更名为审核及风险管理委
员会。审核及风险管理委员会之职责详情
载于其职权范围书内。审核及风险管理委
员会成立之主要目的是监察及检讨本集团
之财务汇报系统、风险管理及内部监控系
统，以及评估内部监控及审核程序。
于2025年3月31日，审核及风险管理委员会
由5名独立非执行董事组成，而该委员会主
席由独立非执行董事担任。
根据审核及风险管理委员会之职权范围
书，审核及风险管理委员会须每年最少召
开2次会议。于截至2025年3月31日止年度
审核及风险管理委员会共举行5次会议，而
外聘核数师出席2次会议。各成员于该期间
出席审核及风险管理委员会议之出席记
录载于本年报第45页。
审核及风险管理委员会于截至2025年3月31
日止年度所进行之工作概述如下：
• 检讨并考虑各项风险管理评估优化专
案和内部控制优化专案；
• 审阅会计及财务报告准则的更新和变
动及评估其对本集团之影响；
• 考虑外聘核数师提出之重大会计及审
计事项以及管理层的回应；
• 截至2025年3月31日止年度审核工作
展开前，与现任核数师讨论审核工作
之性质及范围；
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董事委员会（续）
审核及风险管理委员会（续）
• 连同管理层及外聘核数师审阅截至
2024年3月31日止年度及截至2024年
9月30日止六个月之财务业绩、业绩
公告及财务报告，并建议董事会予以
批准；
- ；
• 检讨外聘核数师之独立性及批准相关
审计服务的范围及性质，以及审计费
用；
• 审阅外聘核数师提供或将提供的非审
计服务的性质，确保非审计服务不会
影响外聘核数师的独立性;
• 审阅由内部稽核总处就本集团内部监
控及风险管理系统及程序之成效编制
的季度内部审核报告、举报告以及
截至2025年3月31日止年度之内部审
核计划以及检讨内部审核功能的有效
性；
• 与内部稽核总处及各风险责任人检讨
及讨论风险登记册中已识别的主要风
险和相关风险因素、风险水平、关键
风险指标及预警机制、风险评估结果
和应对措施；
• 与外聘核数师商讨本集团财务汇报职
能方面，特别是在会计及财务汇报职
能方面的资源、员工资历及经验是否
足够，以及员工培训计划；
- 、反贪腐及防止
贿赂制度，以及在持续优化廉洁制
度、推广相关文化及提供相关培训以
提升员工廉洁自律意识方面所做的工
作；及
• 向董事会提出续聘安永会计师事务所
为本公司的外聘核数师之建议，惟须
获得股东于2024年股东周年大会批
准。
BOARD COMITES (continued)
Audit and Risk Management Comite (continued)
- , results anouncements and financial
reports for the year ended 31 March 2024 and for the six months
ended 30 September 2024 with the management and external auditor,
and recomended them to the Board for aproval;
• reviewed the conected transactions and continuing conected
transactions;
- ’s independence and aproved the scope
and nature of audit services and the audit fe;
• reviewed the nature of the non-audit services provided or to be
provided by external auditor and ensured the non-audit services wil
not impair the independence of external auditor;
• reviewed quarterly internal audit reports in respect of the efectivenes
of the internal control and risk management systems and procedures
of the Group, whistle-blowing reports and the internal audit plans
for the year ended 31 March 2025, prepared by our internal audit
department and reviewed the efectivenes of internal audit function;
• reviewed the risk register and discused with internal audit department
and respective risk owners the major identified risks, asociated
risk factors, risk levels, related key risk indicators and early warning
system, risk asesment results and coresponding corective
measures;
- ’s financial reporting
functions, in particular on the adequacy of resources of our Group’s
acounting and financial reporting function, qualifications and
experience of our staf and their training programes;
- ’s whistle-blowing policy, anti-coruption and
bribery prevention system and work done on continuous optimization
of the integrity system, promoting the culture and providing related
training to raise staf awarenes of integrity and self-discipline; and
- &
Young as the external auditor of the Company, which was subject to
the aproval by shareholders at the 2024 AGM.
2024/2025
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Corporate Governance Report
BOARD COMITES (continued)
Audit and Risk Management Comite (continued)
Auditor’s Remuneration
The fes charged by Ernst & Young, the external auditor of the Company, in
respect of the audit and non-audit services rendered to the Group during the
year ended 31 March 2025 amounted to RMB4,150,000 and RMB1,320,000,
respectively. Non-audit services include tax advisory service, financial
acounting advisory service, advisory service on risk management and
controls and other services.
The Audit and Risk Management Comite has ben notified the nature
and fes of the non-audit services performed by the external auditor and
considered that such services wil not afect the independence of the
external auditor.
Nomination Comite
The Nomination Comite was established on 18 February 2008. Details
of the duties and responsibilities of the Nomination Comite are set out in
its terms of reference. The Nomination Comite is established primarily
for the purpose of regularly reviewing the structure, size and composition of
the Board and making recomendations to the Board on nominations and
apointment of Directors and sucesion planing for Directors.
As at 31 March 2025, the Nomination Comite comprised five
independent non-executive Directors and one executive Director and was
chaired by an independent non-executive Director.
Board Diversity Policy
The Board has adopted a board diversity policy (the “Board Diversity
Policy”) with efect from August 2013.
The Board reviewed and adopted the revised Board Diversity Policy
efective from 1 December 2018 in order to align with the amendments to
the Listing Rules and CG Code which came into efect on 1 January 2019.
The Board Diversity Policy sets out the aproach towards achieving diversity
on the Board. In considering the composition of the Board, the Board is of
the view that diversity can be considered from a number of perspectives,
including but not limited to profesional qualifications, regional and industry
experience, educational and cultural background, skils, industry knowledge
and reputation, gender, ethnicity, language skils and length of service. The
above perspectives wil be taken into acount in determining the optimal
composition of the Board and where posible, should be balanced among
one another as apropriate. Apointments to the Board wil be made based
on merits and the contributions that the individual is expected to bring to
the Board, with due regard to the benefits of diversity in the Board. The
Nomination Comite monitors the implementation of the Board Diversity
Policy on an ongoing basis.
董事委员会（续）
审核及风险管理委员会（续）
核数师酬金
截至2025年3月31日止年度，本公司外聘
核数师安永会计师事务所向本集团提供
核数及非核数服务之费用分别为人民币
4,150,000元及人民币1,320,000元。非核
数服务包括税务咨询服务、财务会计咨询
服务、风险管理与控制咨询服务及其他服
务。
审核及风险管理委员会已获知会外聘核数
师所提供的非核数服务的性质及服务收
费，认为有关服务将不会影响外聘核数师
的独立性。
提名委员会
提名委员会于2008年2月18日成立。提名委
员会之职责详情载于其职权范围书内。提
名委员会成立之主要目的是定期检讨董事
会之架构、规模和组成，及就董事之提名
及委任和继任计划向董事会提出建议。
于2025年3月31日，提名委员会由5名独立
非执行董事及1名执行董事组成，而该委员
会主席由独立非执行董事担任。
董事会成员多元化政策
董事会已采纳董事会成员多元化政策（「董
事会成员多元化政策」），并于2013年8月起
生效。
为符合于2019年1月1日起生效的上市规则
修订及企业管治守则修订，董事会检讨并
采纳经修订的董事会成员多元化政策，自
2018年12月1日起生效。
董事会成员多元化政策旨在载述为达致董
事会成员多元化而采取的政策方针。在考
虑董事会的组成时，董事会认为可以考虑
不同的多元化因素，包括（但不限于）专业
资历、区域及行业经验、教育及文化背
景、技能、行业知识及声誉、性别、种
族、语言能力及服务任期。在决定董事会
的最佳组成时，董事会将考虑上述因素，
并于可行的情况下在该等因素之间取得适
当的平衡。在适当地考虑到董事会成员多
元化带来的益处下，董事会成员的委任基
于有关人选的优点长处及预计其将为董事
会带来的贡献而作出。提名委员会持续地
监督董事会成员多元化政策的执行情况。
2024/2025
年报ANUAL REPORT56
企业管治报告
Corporate Governance Report
董事委员会（续）
提名委员会（续）
董事会成员多元化政策（续）
在性别多元化方面，董事会目标维持至少
有一名不同性别的董事。目前董事会有两
名女性董事，执行董事及独立非执行董事
分别各一名。因此，董事会取得了女性董
事的观点和贡献，对目前董事会的性别组
合感到满意，并认为董事会层面的性别多
元化已经基本实现。尽管如此，我们将继
续努力实现及保持性别多元化的适当平
衡，透过参考本集团的业务模式及营运需
要以及董事会成员多元化政策所载不同多
元化范畴的整体平衡下作出定期检讨，确
保董事会的组成符合上市规则规定，并
拥有与我们的战略、治理和业务相关的技
能、经验和多元化的适当组合，以助提升
董事会的有效性和效率。在选择董事候选
人时，我们会将多元化的各个方面作为一
个整体来考虑。
我们对达成本集团员工队伍（包括其高级管
理层）的性别多元化采用相同的方法。于
2025年3月31日，本集团约54%的全职员工
为女性员工。本集团在招聘员工时会考虑
多项因素。有关本集团多元化的更多详情
载于ESG报告。
董事提名政策
董事会已采纳董事提名政策（「董事提名政
策」），并于2018年12月1日起生效。
董事提名政策旨在：
• 列明提名及委任本公司董事的条件及
过程；
• 确保本公司董事会成员具备适合本公
司的技巧、经验及多元观点；及
• 确保董事会的可持续性及董事会层面
的适当的领导作用。
BOARD COMITES (continued)
Nomination Comite (continued)
Board Diversity Policy (continued)
In terms of gender diversity, the Board aims to maintain at least one
Director of diferent gender at al times. The Board curently has two female
Directors, one as an executive Director and the other as an independent
non-executive Director. Therefore, the Board is provided with female director
perspectives and contributions and is satisfied with the curent gender mix
of the Board and that gender diversity has ben achieved at the Board level.
This said, we wil continue to strive to achieve and maintain an apropriate
balance of gender diversity by conducting regular review with reference
to the busines model and operational neds of the Group and the overal
balance of diferent diversity perspectives set out in the Board Diversity
Policy and wil ensure that the Board composition complies with the Listing
Rules and reflects an apropriate mix of skils, experience and diversity that
are relevant to our strategies, governance, and busines and contribute
to the Board’s efectivenes and eficiency. Al aspects of diversity wil be
considered as a whole in the selection of candidates for directorship.
We aply the same aproach in achieving gender diversity in the Group’s
workforce (including its senior management). As at 31 March 2025, about
54% of the ful-time employes of the Group were female employes. We
take into acount various factors in workforce hiring. More details on the
Group’s diversity are set out in the ESG Report.
Director Nomination Policy
The Board has adopted a director nomination policy (the “Director
Nomination Policy”) efective from 1 December 2018.
The Director Nomination Policy aims to:
• set out the criteria and proces in the nomination and apointment of
Directors of the Company;
- ,
experience and diversity of perspectives apropriate to the Company;
and
- ’s continuity and apropriate leadership at Board
level.
2024/2025
年报ANUAL REPORT57
企业管治报告
Corporate Governance Report
董事委员会（续）
提名委员会（续）
董事提名政策（续）
在评估及甄选董事职位人选时，提名委员
会或董事会应考虑以下标准：
- ；
- ，包括与本公司业务及企业战略
相关之专业资历、技能、知识及经
验，以及董事会成员多元化政策下的
多元化考虑；
• 为达致董事会多元化而采纳的可计量
目标；
• 上市规则规定的委任独立董事的要求
及根据上市规则列明之有关独立性之
指引评估人选是否具有独立性；
- 、技巧、经验、独立性及
性别多元化等方面可为董事会带来的
贡献；
- ╱或董事委员会
成员职责而投入足够时间的意愿及能
力；及
- ╱或提名委员会不时可就董
事提名及继任规划而采纳及╱或修订
的其他符合本公司业务及继任规划的
考虑因素。
BOARD COMITES (continued)
Nomination Comite (continued)
Director Nomination Policy (continued)
In evaluating and selecting any candidate for directorship, the folowing
criteria should be considered by the Nomination Comite or the Board;
- ;
- , skils, knowledge
and experience and diversity aspects under the Board Diversity Policy
that are relevant to the Company’s busines and corporate strategy;
• Any measurable objectives adopted for achieving diversity on the
Board;
• Requirement for the Board to have independent Directors in
acordance with the Listing Rules and whether the candidate would
be considered independent with reference to the independence
guidelines set out in the Listing Rules;
• Any potential contributions the candidate can bring to the Board in
terms of qualifications, skils, experience, independence and gender
diversity;
• Wilingnes and ability to devote adequate time to discharge duties as
a member of the Board and/or Board comite(s) of the Company;
and
- ’s
busines and sucesion plan and where aplicable, may be adopted
and/or amended by the Board and/or the Nomination Comite from
time to time for nomination of Directors and sucesion planing.
2024/2025
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Corporate Governance Report
董事委员会（续）
提名委员会（续）
董事提名政策（续）
提名及委任本公司董事的过程简述如下：
(a) 甄选及委任新董事
(i) 提名委员会应一经收到有关委
任新董事的建议及人选的履历
（或相关详情）后，根据上述标
准评估该人选以决定该人选是
否适合担任董事职位。
(i) 如果在过程中发现一位或以上
的合适的人选，提名委员会应
根据本公司的需要和各人选的
背景调查（如适用）将人选按优
先考虑次序而排序。
(i) 提名委员会应向董事会推荐委
任合适的人选担任董事职务（如
适用）。
(iv) 如有任何股东在本公司股东大
会上提名任何人士参选董事，
提名委员会及╱或董事会应根
据上述标准评估该人选以决定
该人选是否够资格担任董事职
位。
如适用，提名委员会及╱或董事会应在股
东大会上就拟议董事选举向股东提供建
议。
BOARD COMITES (continued)
Nomination Comite (continued)
Director Nomination Policy (continued)
The proces in the nomination and apointment of Directors of the Company
is briefly described as below;
(a) Selection and Apointment of New Director
(i) The Nomination Comite should, upon receipt of the proposal
on apointment of new Director and the biographical information
(or relevant details) of the candidate, evaluate such candidate
based on the criteria as set out above to determine whether such
candidate is qualified for directorship.
(i) If the proces yields one or more desirable candidates, the
Nomination Comite should rank them by order of preference
based on the neds of the Company and reference check of
each candidate (where aplicable).
(i) The Nomination Comite should then recomend to the
Board to apoint the apropriate candidate for directorship, as
aplicable.
(iv) For any person nominated by a shareholder for election as a
Director at the general meting of the Company, the Nomination
Comite and/or the Board should evaluate such candidate
based on the criteria as set out above to determine whether such
candidate is qualified for directorship.
Where apropriate, the Nomination Comite and/or the Board should
make recomendation to shareholders in respect of the proposed election
of Directors at the general meting.
2024/2025
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Corporate Governance Report
董事委员会（续）
提名委员会（续）
董事提名政策（续）
(b) 股东大会上重选董事
(i) 提名委员会及╱或董事会应检
视退任董事对本公司的整体贡
献和服务，及对董事会的参与
程度和表现；
(i) 提名委员会及╱或董事会亦应
检视及决定退任董事是否继续
符合上述标准；
(i) 提名委员会及╱或董事会继而
应在股东大会上就拟议董事重
选向股东提供建议。
当董事会提出在股东大会选举或重选董事
人选的决议案，有关人选的相关资料应披
露在根据上市规则及╱或相关法律法规要
求与有关股东大会通知一并寄发给股东的
通函及╱或解释说明中。
提名委员会监督董事提名政策的执行情
况，及于适当时候向董事会推荐任何有关
本政策的修订建议以供考虑及批准。
根据提名委员会之职权范围书，提名委员
会须每年最少召开2次会议。于截至2025年
3月31日止年度，提名委员会共举行2次会
议。各成员于该期间出席提名委员会议
之出席记录载于本年报第45页。
BOARD COMITES (continued)
Nomination Comite (continued)
Director Nomination Policy (continued)
(b) Re-election of Director at General Meting
(i) The Nomination Comite and/or the Board should review the
overal contribution and service to the Company of the retiring
Director and his/her level of participation and performance on
the Board;
(i) The Nomination Comite and/or the Board should also review
and determine whether the retiring Director continues to met
the criteria as set out above;
(i) The Nomination Comite and/or the Board should then make
recomendation to shareholders in respect of the proposed re-
election of Director at the general meting.
Where the Board proposes a resolution to elect or re-elect a candidate as a
Director at the general meting, the relevant information of the candidate wil
be disclosed in the circular to shareholders and/or explanatory statement
acompanying the notice of the relevant general meting in acordance with
the Listing Rules and/or aplicable laws and regulations.
The Nomination Comite monitors the implementation of the Director
Nomination Policy and where apropriate, makes recomendations on
changes to this Policy to the Board for consideration and aproval.
Acording to its terms of reference, the Nomination Comite shal met at
least twice a year. The Nomination Comite held two metings during the
year ended 31 March 2025. The atendance record of the members at the
Nomination Comite metings during such period is shown on page 45 of
this Anual Report.
2024/2025
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Corporate Governance Report
董事委员会（续）
提名委员会（续）
提名委员会于截至2025年3月31日止年度所
进行之工作概述如下：
- 、规模及组成及就
分别于2024年及2025年的股东周年
大会上重选董事宜，经考虑董事之
贡献及表现而向董事会提呈建议；
- ，并对
在董事会服务超过九年的董事的独立
性作出考虑；
• 审阅非执行董事履行其职责所付出之
时间；及
• 检讨本公司的董事会成员多元化政
策。
策略委员会
策略委员会于2010年6月30日成立。策略委
员会之职责详情载于其职权范围书内。
策略委员会成立之主要目的是与董事会密
切合作为本集团的持续发展和可持续竞争
优势制订中、长期策略计划，积极处理管
理层继任计划及整体人力资源规划的事
宜，并提供改善营运效率及提高竞争力的
建议，以便把握市场商机，应付将来的挑
战。策略委员会还将就重大投资及财务决
定，以及就本集团业务各方面的建设、发
展和扩展，向董事会提出建议。
于2025年3月31日，策略委员会由7名执行
董事及5名独立非执行董事组成，而该委员
会主席由本集团主席担任。
BOARD COMITES (continued)
Nomination Comite (continued)
The folowing is a sumary of the work performed by the Nomination
Comite during the year ended 31 March 2025:
- , size and composition of the Board and made
recomendation to the Board on the re-election of Directors at the
respective 2024 and 2025 AGM, having regard to the Directors’
contribution and performance;
• asesed the independence of al independent non-executive
Directors, consideration was given to Directors who have served on
the Board for more than nine years;
- ’ time comitment in performing their
duties; and
• reviewed the Board Diversity Policy of the Company.
Strategy Comite
The Strategy Comite was established on 30 June 2010. Details of the
duties and responsibilities of the Strategy Comite are set out in its terms
of reference.
The Strategy Comite is established primarily for the purpose of working
closely with the Board in formulating the medium and long-term strategic
plans of our Group for the continuous growth and sustainable competitive
advantages of our Group. It also proactively adreses isues relating to
management sucesion planing and overal human resources planing
and makes recomendations to improve operational eficiencies and
enhance competitivenes in order to capture market oportunities and
tackle future chalenges. It wil also make recomendations to the Board on
material investment and financial decisions as wel as the establishment,
development and expansion of the Group’s busines in al aspects.
As at 31 March 2025, the Strategy Comite comprised seven executive
Directors and five independent non-executive Directors and was chaired by
our Chairman.
2024/2025
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Corporate Governance Report
董事委员会（续）
策略委员会（续）
根据策略委员会之职权范围书，策略委员
会须每年最少召开1次会议。于截至2025年
3月31日止年度期间，策略委员会在2024年
11月召开了为期2天的会议，与各产品事业
部、渠道事业部、海外市场发展事业部美洲
及亚太中心等主管就产品开发、市场营销、
渠道管理、业务运营等方面的战略和措施进
行了全面深入的讨论，以应对不断变化的经
济和营销环境、消费者消费行为的变化和竞
争格局。各成员于年内出席策略委员会议
之出席记录载于本年报第45页。
风险管理及内部监控
集团风险管理及内部监控系统：
董事会承认其须对建立及维持风险管理及
内部监控系统负责，并有责任确保该等制
度的有效性。该等系统旨在管理而非消除
未能达成业务目标的风险，而且只能就不
会有重大的失实陈述或损失作出合理而非
绝对的保证。
本集团的风险管理及内部监控架构由董事
会、审核及风险管理委员会、内部审核团
队、以及管理层建立。为保证风险管理及
内部监控的完整性及持续有效性，该系
统与COSO框架保持一致，不断优化和完
善，而建立该体系的目标是：
i 合理保证业务运作符合相关规则及法
规、资产安全；
i 确保可能影响本集团业绩之关键风险
已被适当界定及管理；及
i 确保根据相关会计准则及监管申报规
定保存可靠的财务会计记录。
BOARD COMITES (continued)
Strategy Comite (continued)
Acording to its terms of reference, the Strategy Comite shal
met at least once a year. During the year ended 31 March 2025, the
Strategy Comite held a 2-day meting in November 2024 and had
a comprehensive and in-depth discusion with heads of product line
busines units, chanel busines units and overseas market development
units for the America and Asia Pacific centres on strategies in relation
to product development, marketing, chanel management and busines
operations, and measures to adres the changing economic and
busines environment, the evolving consumers’ consumption behavior
and competition landscape. The atendance record of the members at the
Strategy Comite metings during the year is shown on page 45 of this
Anual Report.
RISK MANAGEMENT AND INTERNAL CONTROL
Risk Management and Internal Control Systems of the Group:
The Board acknowledges that it is responsible for establishing and
maintaining the Group’s risk management and internal control systems and
ensuring their efectivenes. Such systems are designed to manage rather
than to eliminate the risk of failure to achieve busines objectives, and
can only provide reasonable but not absolute asurance against material
mistatement or los.
The Group’s risk management and internal control structure comprises the
Board, the Audit and Risk Management Comite, the internal audit team
and the management. To ensure the integrity and continuous efectivenes
of risk management and internal controls, such systems closely align with
the COSO framework with constant optimisation and enhancement. Such
systems are designed to achieve the folowing objectives:
i providing reasonable asurance of the compliance with relevant rules
and regulations of our busines operations, and safeguard of asets;
i ensuring key risks that may impact the Group’s performance are
apropriately defined and managed; and
i ensuring reliable financial acounting records are maintained in
acordance with the relevant acounting standards and regulatory
reporting requirements.
2024/2025
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Corporate Governance Report
风险管理及内部监控（续）
风险管理系统及主要特点：
本集团确认风险管理乃管理层的主要责
任，其须识别、评估及监控其运营风险并
采取措施降低日常营运风险。内部审核团
队审阅本集团风险管理及内部监控制度是
否足够及有效，并定期向管理层及审核及
风险管理委员会汇报重大风险点，风险点
分析及风险纾缓措施的实施进度。本公司
审核及风险管理委员会协助董事会监控风
险管理的有效性。
本集团管理层配备内控专长人员实行重大
主要风险自我评估及测试，以采取必要措
施应对存在风险的薄弱环节。
内部审核团队审阅集团风险管理框架，协
调风险识别及评估程序，加强与管理层有
关已识别风险及影响的沟通，便于风险改
进措施的实施，及跟踪相关措施的进度，
并在季度呈管理层及审核及风险管理委员
会的报告中提出的各项重大风险及其他风
险和关注问题。
审核及风险管理委员会与内部审核团队及
管理层讨论及检讨风险管理及内部监控系
统，并确保本集团设立有效的系统监控风
险管理的有效性。
内部监控系统及主要特点：
本集团内部监控活动分布于各营运过程。
本集团清晰订立各项书面政策和作业程
序，及内部控制度。本集团各类政策及
时向员工传达，有专门网路平台供员工参
阅，并有定期培训计划，以保证所有员工
均遵守行为准则。
RISK MANAGEMENT AND INTERNAL CONTROL (continued)
Risk Management System and its Main Features:
The Group recognises that risk management is the prime responsibility of the
management that it has to identify, ases and monitor the risks relevant to
their busines operations and take measures to mitigate risks in day-to-day
operations. Our internal audit team reviews the adequacy and efectivenes
of the Group’s risk management and internal control systems, and regularly
reports to the management and the Audit and Risk Management Comite
on significant risks, results of risk analysis and status of risk mitigation
measures. The Audit and Risk Management Comite of the Company
asists the Board in monitoring the efectivenes of risk management.
Our management team is equiped with internal control expertise to cary
out self-evaluation and asesment on the significant key risks so that
necesary measures would be taken to deal with the weak areas where
risks exist.
Our internal audit team reviews the Group’s risk management framework,
cordinates the risk identification and asesment procedures, strengthens
the comunication with the management on the identified risks and impacts
to facilitate the implementation of risk mitigation measures, folows up the
progres of such measures, as wel as sumarising significant risks, other
risks and concerns in its quarterly report to the management and the Audit
and Risk Management Comite.
The Audit and Risk Management Comite discuses and reviews the risk
management and internal control systems with the internal audit team and
the management, and ensures that the Group has an efective system in
place to monitor and control the efectivenes of risk management.
Internal Control System and its Main Features:
The Group’s internal control activities are embeded in the operational
proceses. The Group has clear writen policies and operational procedures,
as wel as the internal control system. Al policies of the Group are conveyed
to the staf in a timely maner. A dedicated network platform is established
for the staf to aces the Group’s policies. Regular training programes
are also provided to ensure compliance with the code of conduct by al our
staf.
2024/2025
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Corporate Governance Report
风险管理及内部监控（续）
内部监控系统及主要特点：（续）
本集团高度重视反腐倡廉体系建设，已制
定反贪腐的政策，并持续建设和倡导企业
廉洁文化。本集团亦已设置举报专线和邮
箱等举报机制，让员工及相关第三方能够
对涉及本集团的任何实际或疑似不当行为
作出举报，并接受匿名举报。内部审核团
队就举报讯息独立客观执行专项调查，制
定适当的保密机制以避免员工或相关第三
方因举报或配合调查行为而遭受任何形式
的骚扰，并依据调查结果设定分级奖励。
本集团内部审核团队参与管理层重大营运
政策和程序订定，审核政策执行情况，及
协助管理层制定应对措施。
本集团内部审核团队建立标准审核程序，
制定年度审核计划，该程序及计划提交审
核及风险管理委员会批准。批准后经由内
部审核团队执行。管理层依各作业循环的
业务流程执行内部监控的自我评估以合理
保证内部监控有效并采取应对措施纠正所
发现的内部控制薄弱环节。内部审核团队
亦会审核管理层自我评估的结果。
内部审核团队会与管理层沟通审核过程中
发现的风险点和控制缺陷及应对的改善建
议方案，管理层负责保证在合理期限内实
施改善措施，内部审核团队会进行后续审
核，确保改善措施及方案已有效实施。
审核及风险管理委员会每季收到内部审核
团队提交的报告，报告涵盖内部审核计
划、相关期间的重大发现和就审核发现管
理层执行改善措施的最新情况。季度报告
亦会提到审核及风险管理委员会成员及管
理层所关注的事项，或就特定关键风险区
域的特别审核发现及改善建议。
RISK MANAGEMENT AND INTERNAL CONTROL (continued)
Internal Control System and its Main Features: (continued)
The Group ataches great importance to the construction of an anti-
coruption system. It has formulated anti-coruption policies and
continuously built up and advocated a corporate culture of integrity. The
Group has also set up the whistle-blowing mechanism, such as the reporting
hotline, mailbox, and others for internal staf and interested third parties
to report any actual or suspected ocurence of improper conduct in the
Group and the report can be made on an anonymous basis. The internal
audit team independently and objectively performs specific investigation on
such reported maters, formulates an apropriate confidentiality system to
avoid any form of harasment sufered by staf or interested third parties
who reported or coperated with the investigation and sets graded rewards
based on the investigation results.
The Group’s internal audit team participates in the formulation of major
operational policies and procedures, performs audit on the implementation
of policies and asists the management in formulating countermeasures.
The Group’s internal audit team establishes standardised audit procedures
and develops the anual audit plan. Such procedures and plan are submited
to the Audit and Risk Management Comite for aproval. Internal audit
team puts the plan into execution as aproved. The management performs
the self-asesment of internal control on the proceses and procedures of
each operational cycle to obtain reasonable asurance that the internal control
is efective and to take measures to adres the internal control weakneses
identified. The internal audit team also audits the self-asesment results of the
management.
Our internal audit team comunicates with the management the risks and
control weakneses identified during the course of audit and recomends
for improvement measures. The management is responsible for ensuring
that the improvement measures are being implemented within a reasonable
timeframe whereas the internal audit team wil conduct a folow-up review
to ensure that the improvement measures and solutions are efectively
implemented.
The Audit and Risk Management Comite receives quarterly reports from
the internal audit department which covers the internal audit plan, material
findings during the relevant period and the progres of implementation
of improvement measures by the management in response to the audit
findings. The quarterly reports also adres maters concerned by the Audit
and Risk Management Comite members and the management, the
findings of special audit on specific key risk areas and recomendations for
improvement.
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Corporate Governance Report
风险管理及内部监控（续）
内部监控系统及主要特点：（续）
董事会对于整个财政年度内本集团的风险
管理及内部监控系统进行季度检讨。截至
2025年3月31日止年度，董事会透过审核及
风险管理委员会并且在管理层和内部审核团
队的协助下对本公司及其附属公司之风险管
理及内部监控系统之成效进行检讨。年度检
讨亦考虑到本集团在会计、内审及财务汇报
职能方面的资源、员工资历及经验是否足
够，以及员工所接受的培训课程及有关预算
是否充足。根据审核及风险管理委员会、管
理层及内部审核团队作出之评估，本集团已
备有持续进行程序以确认、评估及管理本集
团所面对之重大风险及重要的内部监控（包
括财务监控、运作监控及合规监控以及风险
管理功能），董事会对此感到满意，且董事
会认为本集团的风险管理及内部监控系统乃
有效及足够。
处理及发布内幕消息：
i 本公司知悉根据证券及期货条例、上
市规则，据其要求及时公布内幕消
息，严格按照香港现行适用法律及法
则规定，并参照证券及期货事务监察
委员会所颁布之「内幕消息披露指引」
执行，由指定人士作为发言人对外公
布；及
i 本公司已将严格禁止未经授权披露或
使用保密及内幕消息的规定纳入员工
行为守则。此外，某些职级及岗位的
员工亦需签订《道德规范、保密义务
和利益冲突排解协议》。
董事于综合财务报表之责任
董事确认彼等对编制综合财务报表之责
任，该等财务报表乃真实而公平地反映本
公司及其附属公司于2025年3月31日的财务
状况及截至2025年3月31日止年度的财务表
现及现金流量，并确保财务报表乃根据法
定规定及适用会计准则编制。
RISK MANAGEMENT AND INTERNAL CONTROL (continued)
Internal Control System and its Main Features: (continued)
The Board reviews the Group’s risk management and internal control
systems in place during that ful financial year on a quarterly basis. For
the year ended 31 March 2025, the Board asesed the efectivenes
of risk management and internal control systems of the Company and
its subsidiaries by considering reviews performed by the Audit and Risk
Management Comite with the asistance of the management team
and internal audit team. The anual review also considered the adequacy
of resources, staf qualifications and experience, training programes
and budget of the Group’s acounting, internal audit and financial
reporting functions. Based on the asesment made by the Audit and
Risk Management Comite, management team and the internal audit
team, the Board is satisfied that there is an ongoing proces in place for
identifying, asesing and managing the significant risks and material
internal controls (including financial, operational and compliance controls
and risk management functions) for our Group and the Board considers the
risk management and internal control systems of the Group as efective and
adequate.
Handling and Disemination of Inside Information:
i The Company is aware of the requirement of timely disclosure of
inside information under the Securities and Futures Ordinance and the
Listing Rules. Inside information shal be anounced by designated
persons authorised to act as spokespersons in strict acordance with
the aplicable laws and enactments prevailing in Hong Kong, and with
reference to the Guidelines on Disclosure of Inside Information isued
by the Securities and Futures Comision; and
i The Company has incorporated in its code of conduct for staf strict
prohibition on unauthorised disclosure or use of confidential and inside
information. Furthermore, employes at certain levels and posts are
also required to sign the Agrement on Code of Ethics, Confidentiality
Obligations and Resolving Conflict of Interests.
DIRECTORS’ RESPONSIBILITY ON THE CONSOLIDATED
FINANCIAL STATEMENTS
The Directors acknowledge their responsibility for preparing the consolidated
financial statements which give a true and fair view of the financial position
of the Company and its subsidiaries as at 31 March 2025 and of the
financial performance and cash flows for the year ended 31 March 2025,
and for ensuring that such statements are prepared in acordance with the
statutory requirements and the aplicable acounting standards.
2024/2025
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Corporate Governance Report
董事于综合财务报表之责任（续）
本公司外聘核数师于截至2025年3月31日止
年度之综合财务报表之报告责任详情载于
本年报第100至104页。
股东权利的详情
本公司仅有一种类别股份。所有股份拥有
相同之投票权及有权享有所宣派之股息。
召开股东特别大会的方法
根据公司章程细则列明之规定及程序，两
名或以上持有本公司不少于十分之一缴足
股本之股东或任何一名（为一间认可结算所
（或其代名人）持有本公司不少于十分之一
缴足股本之股东，可根据公司章程细则向
本公司董事会要求召开股东特别大会，并
于会上提呈议案。召开会议之目的必须列
明于有关书面要求内，并由提出该请求之
人士签署及送达本公司于香港的主要办事
处，地址为香港九龙九龙湾常悦道18号周
大福保险中心7楼07-08室。
开曼群岛公司法或公司章程细则并无列明
股东可在股东大会上提呈新决议案。有意
提呈决议案之股东可按上述程序要求本公
司召开股东特别大会。
提名候选董事的方法
倘股东拟推选个别人士（将于股东大会上膺
选连任董事除外）于股东大会（包括股东周
年大会）上选举为本公司董事，须于期限内
向本公司公司秘书递交书面通知（地址为香
港九龙九龙湾常悦道18号周大福保险中心
7楼07-08室），表示有意推选个别人士选
举为董事。递交该书面通知之期限最少为
七天，该期限须由不早于就委任董事进行
之选举而召开之大会之通告寄发日期翌日
起，直至不迟于该大会日期前七天为止。
该书面通知须附上一份由获提议推选之候
选人发出其愿意参选之经签署书面通知。
DIRECTORS’ RESPONSIBILITY ON THE CONSOLIDATED
FINANCIAL STATEMENTS (continued)
Details of the reporting responsibility of the external auditor of the Company
on the consolidated financial statements of our Group for the year ended 31
March 2025 are set out on pages 100 to 104 of this Anual Report.
PARTICULARS OF SHAREHOLDERS’ RIGHTS
The Company only has one clas of shares. Al shares are entitled to the
same voting rights and to dividends declared on a pari pasu basis.
Method for convening an extraordinary general meting
Any two or more shareholders, or any one shareholder which is a
recognised clearing house (or its nomine(s), holding not les than one-
tenth of the paid-up capital of the Company may, in acordance with the
requirements and procedures set out in the Articles of Asociation of the
Company, make a requisition to the Board to convene an extraordinary
general meting of the Company and put forward proposals at the meting.
The objects of the meting must be stated in the writen requisition which
must be signed by the requisitionist(s) and deposited at the principal ofice
of the Company in Hong Kong at Units 07-08, 7th Flor, CTF Life Tower,
No. 18 Sheung Yuet Road, Kowlon Bay, Kowlon, Hong Kong.
There are no provisions alowing shareholders to put forward new
resolutions at general metings under Cayman Islands company law or
the Articles of Asociation of the Company. Shareholders who wish to put
forward a resolution may request the Company to convene an extraordinary
general meting in acordance with the procedures set out above.
Method for nominating Directors
If a shareholder wishes to propose a person, other than Directors who ofer
themselves for re-election, for election as a Director of the Company at any
general meting (including an anual general meting), the shareholder
shal lodge a writen notice of his/her intention to propose such person for
election as a Director with the company secretary of the Company at Units
07-08, 7th Flor, CTF Life Tower, No. 18 Sheung Yuet Road, Kowlon Bay,
Kowlon, Hong Kong during a period of at least seven days comencing no
earlier than the day after the dispatch of the notice of the meting convened
for such election and ending no later than seven days prior to the date of
such meting. Such writen notice must be acompanied by a notice in
writing signed by the person to be proposed of his/her wilingnes to be
elected.
2024/2025
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股东权利的详情（续）
参与股东大会
每名股东均有权以书面或电子形式收取本
公司各股东大会的通知并出席有关大会。
于任何股东大会上以举手表决时，每名亲
自出席之股东（或如股东为公司，则指其正
式授权代表）可获一票投票权，而于投票表
决时，则每名亲自出席之股东（或如股东为
公司，则指其正式授权代表）或委任代表可
于以其名义于本公司股东名册登记的每股
股份获一票投票权。于投票表决时，投超
过一票之股东并无义务一律以同样方式作
出投票。
与股东及投资者的沟通
董事会制定了股东通讯政策，旨在合理切
实可行的情况下通知本公司股东及投资者
有关本集团的资料，让他们了解本公司的
发展。
董事会认同与本公司股东及投资者维持沟
通的重要性，包括提供合适的渠道供股东
及投资者就影响本公司的各种事项发表意
见、征求并理解股东和其他持份者的意
见，如透过本公司的股东周年大会（「股东
周年大会」），于发布中期及全年业绩公
布后举行之分析员会议及参加投资者会议
等。
PARTICULARS OF SHAREHOLDERS’ RIGHTS (continued)
Participation in general metings
Each shareholder is entitled to receive notice of (in writing or by electronic
means) and atend every general meting of the Company.
At any general meting on a show of hands, every shareholder who is
present in person (or, in the case of a shareholder being a corporation by
its duly authorised representative) shal have one vote, and on a pol every
shareholder who is present in person (or, in the case of a shareholder
being a corporation by its duly authorised representative) or by proxy shal
have one vote for each share registered in his/her name in the register of
members of the Company. On a pol a shareholder entitled to more than
one vote is under no obligation to cast al his/her votes in the same way.
COMUNICATION WITH SHAREHOLDERS AND INVESTORS
The Board has established a shareholders comunication policy with the
objectives of keping shareholders and the investor comunity informed as
son as reasonably practicable of the information on the Group and keping
them abreast of the Company’s developments.
The Board recognises the importance of continuing comunications
with our shareholders and investors, which include providing apropriate
chanels for shareholders and investors to comunicate their views on
various maters afecting the Company and for the Company soliciting and
understanding the views of shareholders and other stakeholders, such as
the Company’s anual general metings (“AGM”), analyst presentations
folowing the release of the interim and anual results as wel as
participation in investor conferences, etc.
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Corporate Governance Report
与股东及投资者的沟通（续）
本公司之股东周年大会为其董事会与股东
直接沟通的重要平台之一。董事会主席、
各董事委员会之主席及董事会其他成员尽
量出席本公司之股东周年大会，并解答股
东的提问。根据企业管治守则规定，独立
非执行董事及其他非执行董事应出席股东
大会，对股东的意见有持平的了解而董事
会主席应出席股东周年大会。本公司2024
年股东周年大会已于2024年8月27日在香港
举行。本公司全体董事会成员包括董事会
主席及各董事委员会之主席（或如彼等未可
出席，则各委员会之其他成员）及外聘核数
师均在2024年股东周年大会直接回答股东
提出之问题。2024年股东周年大会的通函
载列股东周年大会的通告及其他建议的决
议案的有关资料已于2024年股东周年大会
举行前最少20个营业日寄发予股东。
各董事出席2024年股东周年大会之出席记
录载于本年报第45页。
我们设有网站(w.want-want.com)向股
东及公众发布本集团的最新消息及发展，
并以印刷本及网上形式于香港联交所网站
w.hkexnews.hk及本公司网站发布本公
司年报、中期报告及通函等企业通讯。
我们欢迎股东及投资者的宝贵意见。股东
可透过公司秘书以书面方式向董事会提出
查询。公司秘书的联络详情如下：
地址： 公司秘书
中国旺控股有限公司
香港九龙九龙湾
常悦道18号
周大福保险中心7楼07-08室
电话： (852) 27307780
传真： (852) 27307781
COMUNICATION WITH SHAREHOLDERS AND
INVESTORS (continued)
The Company’s AGM is an important platform for direct comunication
betwen the Board and its shareholders. The Chairman of the Board,
chairmen of al the Board comites and other Board members endeavor
to atend the AGM of the Company and answer queries from shareholders.
Pursuant to the CG Code, independent non-executive directors and other
non-executive directors should atend general metings and develop a
balanced understanding of the views of shareholders and the chairman of
the board should atend the anual general meting. The 2024 AGM was
held in Hong Kong on 27 August 2024. Al Board members, including the
chairman of the Board and the chairmen of al the Board comites (or
in their absence, other members of the respective comites) and the
external auditor were available at the 2024 AGM to answer shareholders’
questions. The 2024 AGM circular containing the notice of the AGM
and other relevant information of the proposed resolutions were sent to
shareholders at least 20 busines days before the 2024 AGM.
Atendance record of each individual Director at the 2024 AGM is shown on
page 45 of this Anual Report.
We maintain a website (w.want-want.com) to kep our shareholders and
the general public informed of our latest corporate news and development
and publish the corporate comunications such as anual reports, interim
reports and circulars in printed form and on the website of the HK Stock
Exchange at w.hkexnews.hk and on the Company’s website.
We always welcome shareholders’ and investors’ views and input.
Shareholders may send their enquires in writing to the Board by adresing
them to our company secretary. The contact details of our company
secretary are as folows:
Adres: The Company Secretary
Want Want China Holdings Limited
Units 07-08, 7th Flor, CTF Life Tower
No. 18 Sheung Yuet Road
Kowlon Bay, Kowlon, Hong Kong
Telephone: (852) 27307780
Fax: (852) 27307781
2024/2025
年报ANUAL REPORT68
企业管治报告
Corporate Governance Report
与股东及投资者的沟通（续）
股东亦可于本公司的股东大会上向董事会
提出垂询。此外，股东可向本公司之香港
股份过户登记处香港中央证券登记有限公
司查询彼等之持股及派息情况。
至于机构投资者及证券分析员如有查询，
可联络我们的投资者关系室：
地址： 投资者关系室
中国旺控股有限公司
香港九龙九龙湾
常悦道18号
周大福保险中心7楼07-08室
电话： (852) 27307780
传真： (852) 27307781
电邮： investor@want-want.com
董事会于评估股东通讯政策项下的现有措
施后认为，股东通讯政策于本年度已成功
实施并一直有效。董事会将定期检讨股东
通讯政策。
公司秘书
公司秘书黎康仪女士为本公司全职员工。
于截至2025年3月31日止年度，黎女士确认
其已遵守上市规则第3.29条之有关专业培
训规定。
组织章程文件
于截至2025年3月31日止年度，本公司透过
股东于2024年8日27日举行的2024年股东
周年大会上通过的特别决议案修订其组织
章程大纲及细则，方式为采纳一套新的组
织章程大纲及细则(i)使现有组织章程大纲及
细则符合上市规则有关上市发行人以电子
方式发布公司通讯的相关修订；及(i)纳入
若干轻微修订。有关建议修订的详情，请
参阅本公司日期分别为2024年6月25日及
2024年7月19日的公告及通函。新的组织章
程大纲及细则可于本公司及香港联交所网
站查阅。
COMUNICATION WITH SHAREHOLDERS AND INVESTORS
(continued)
Shareholders may also make enquiries to the Board at the general metings
of the Company. In adition, shareholders may contact Computershare
Hong Kong Investor Services Limited, the Hong Kong share registrar of
the Company, if they have any enquiries about their shareholdings and
entitlements to dividend.
For enquiries from institutional investors and securities analysts, please
contact our investor relations ofice at:
Adres: The Investor Relations Ofice
Want Want China Holdings Limited
Units 07-08, 7th Flor, CTF Life Tower
No. 18 Sheung Yuet Road
Kowlon Bay, Kowlon, Hong Kong
Telephone: (852) 27307780
Fax: (852) 27307781
Email: investor@want-want.com
The Board, having reviewed the existing measures under the shareholders
comunication policy, is of the view that the shareholders comunication
policy has ben sucesfuly implemented and remained efective during
the year. The Board wil review the shareholders comunication policy on a
regular basis.
COMPANY SECRETARY
Our company secretary, Ms. Lai Hong Ye, is a ful-time employe of the
Company. For the year ended 31 March 2025, Ms. Lai confirmed that she
complied with the relevant profesional training requirements under Rule 3.29
of the Listing Rules.
CONSTITUTIONAL DOCUMENTS
During the year ended 31 March 2025, the Company made amendments
to its memorandum and articles of asociation to bring it in line with
amendments made to the Listing Rules in relation to electronic
disemination of corporate comunications by listed isuers, and
incorporate certain housekeping amendments by way of adoption of a
new set of memorandum and articles of asociation by a special resolution
pased by the shareholders at the 2024 AGM held on 27 August 2024. For
the details of the proposed amendments, please refer to the anouncement
and circular of the Company dated 25 June 2024 and 19 July 2024
respectively. The new set of memorandum and articles of asociation is
available on the websites of the Company and the HK Stock Exchange.
2024/2025
年报ANUAL REPORT69
董事及高级管理人员
Directors and Senior Management
DIRECTORS
Executive Directors
TSAI Eng-Meng, aged 68, is our Chairman, Chief Executive Oficer,
executive Director and also the chairman of our Strategy Comite. Mr. Tsai
is also a director of a number of the Group’s subsidiaries. He suceded his
father to become the Group’s Chairman in April 1987. Mr. Tsai joined our
Group and began his carer in the fod and beverages industry in 1976 and
has over 48 years of experience in the industry. He was a council member of
the Standing Comite of Taiwan Confectionery, Biscuit and Floury Fod
Industry Asociation, and the Fod Development Asociation of Taiwan. In
June 2013, Mr. Tsai was awarded an honorary doctorate degre in busines
studies from the Chinese Culture University in Taiwan in recognition of his
outstanding achievements in busines operations and active contributions to
social welfare. In 2014, Mr. Tsai was included in the 2014 list of “The Best-
Performing CEOs in the World” released by Harvard Busines Review. In
2018, Mr. Tsai won the honour of Meritorious Entrepreneur of the Chinese
Fod Industry on the 40th Aniversary of Reform and Opening Up. Mr. Tsai
is a director of Want Power Holdings Limited and Top Quality Group Limited
(领品集团有限公司) which have discloseable interests in shares of the
Company under Part XV of the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong). Mr. Tsai is the father of Mr. Tsai Shao-
Chung and Mr. Tsai Wang-Chia and the uncle of Mr. Cheng Wen-Hsien.
TSAI Shao-Chung, aged 44, is our executive Director and also a member
of our Remuneration Comite, Nomination Comite and Strategy
Comite. Mr. Tsai Shao-Chung was our non-executive Director from
July 2009 to June 2019 and was re-designated as our executive Director
with efect from 1 July 2019. Mr. Tsai Shao-Chung is also a director of a
number of the Group’s subsidiaries. Mr. Tsai Shao-Chung joined our Group
in March 2001, folowing his graduation from the Canadian International
Schol in Singapore. He held various management positions within our
Group in several areas such as logistics, human resources, information
technology, planing and operations. Mr. Tsai Shao-Chung was a director
of IBF Financial Holdings Co., Ltd. (a company listed on the Taiwan Stock
Exchange Corporation) from June 2020 to May 2023. He has ben a
director of the Straits Exchange Foundation since March 2009. Mr. Tsai
Shao-Chung is a director of Want Power Holdings Limited and Hot Kid Pte.
Ltd. which have discloseable interests in shares of the Company under Part
XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of
Hong Kong). Mr. Tsai Shao-Chung is the son of Mr. Tsai Eng-Meng, the
elder brother of Mr. Tsai Wang-Chia and a cousin of Mr. Cheng Wen-Hsien.
董事
执行董事
蔡衍明，68岁，本集团主席、行政总裁、
执行董事及策略委员会主席。蔡先生亦是
本集团多家附属公司的董事。他于1987年
4月继承父业而成为本集团主席。蔡先生
于1976年加入本集团及开始从事食品和饮
料行业的事业，于业界具有逾48年经验。
他曾担任台湾区糖果饼干面食工业同业工
会及食品发展协会的常务理监事。于2013
年6月，蔡先生获台湾中国文化大学颁发
荣誉商学博士学位，表扬其经营企业卓越
成就及积极投入社会公益的贡献。于2014
年，蔡先生入选《哈佛商业评论》「2014年
全球百佳CEO」排行。于2018年，蔡先生
荣获改革开放40周年中国食品工业功勋企
业家殊荣。根据证券及期货条例（香港法例
第571章）第XV部，Want Power Holdings
Limited及Top Quality Group Limited（领品
集团有限公司）持有本公司须予披露之股份
权益，而蔡先生是这两家公司之董事。蔡
先生为蔡绍中先生及蔡旺家先生的父亲及
郑文宪先生的舅父。
蔡绍中，44岁，本公司执行董事、薪酬委
员会、提名委员会及策略委员会成员。蔡
绍中先生曾于2009年7月至2019年6月期
间担任本公司非执行董事，并于2019年7
月1日起调任执行董事。蔡绍中先生亦是本
集团多家附属公司的董事。蔡绍中先生于
2001年3月在新加坡的加拿大国际学校毕业
后加入本集团。他曾于本集团的物流、人
力资源、资讯科技、策划及营运等岗位担
任管理职位。蔡绍中先生曾于2020年6月至
2023年5月期间担任国票金融控股份有限
公司（在台湾证券交易所上市的公司）的董
事。他自2009年3月起出任财团法人海峡交
流基金会董事至今。根据证券及期货条例
（香港法例第571章）第XV部，Want Power
Holdings Limited及Hot Kid Pte. Ltd.持有本
公司须予披露之股份权益，而蔡绍中先生
是这两家公司之董事。蔡绍中先生为蔡衍
明先生的儿子，蔡旺家先生的兄长及郑文
宪先生的表弟。
2024/2025
年报ANUAL REPORT70
董事及高级管理人员
Directors and Senior Management
DIRECTORS (continued)
Executive Directors (continued)
TSAI Wang-Chia, aged 40, is our Chief Operating Oficer, executive
Director and a member of our Strategy Comite. He is also the chairman
of our ESG Comite. Mr. Tsai Wang-Chia is also a director of a number of
subsidiaries of our Group. Mr. Tsai Wang-Chia graduated from the Canadian
International Schol in Singapore in July 2003. He joined the Group in
April 2004 and has over 21 years of experience in the fod and beverage
industry. He held various management positions within our Group such as
product marketing and planing in the snack fods busines unit and had
also acted as a manager in the Chairman’s ofice. He was apointed as
the deputy general manager of the dairy busines unit in May 2008 and
was promoted to vice president of the dairy and beverages busines group
in 2009. He was apointed as the Chief Operating Oficer of the Group in
December 2012. Mr. Tsai Wang-Chia was awarded the “Outstanding Youth
Award (Technology Inovation)” by the Chinese Institute of Fod Science
and Technology in 2015. He is a director of Want Power Holdings Limited
and Hot Kid Pte. Ltd. which have discloseable interests in shares of the
Company under Part XV of the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong). Mr. Tsai Wang-Chia is the son of Mr. Tsai
Eng-Meng, the younger brother of Mr. Tsai Shao-Chung and a cousin of Mr.
Cheng Wen-Hsien.
CHU Chi-Wen, aged 59, is our Chief Financial Oficer, executive Director
and a member of our Strategy Comite. He is also a member of our
ESG Comite. Mr. Chu graduated from Michigan State University with a
master’s degre in economics in 1992. He also graduated with a master’s
degre in profesional acountancy from the Chinese University of Hong
Kong and Shanghai National Acounting Institute. In adition, he is a
felow member of CPA Australia. Mr. Chu has over 32 years of experience
in financial management. Before joining our Group in April 1997, he had
worked in the finance sector for several companies in Taiwan region and
has acquired extensive experience in financial management.
HUANG Yung-Sung, aged 72, is our Chief Marketing Oficer, executive
Director and also a member of our Strategy Comite. Mr. Huang is also
a director of a number of subsidiaries of our Group. Mr. Huang graduated
from Taiwan Minghsin Junior Colege of Technology with a degre in
enginering. Mr. Huang has more than 40 years of experience in sales
and marketing. He joined our Group in January 1985 and was responsible
for planing and marketing afairs. Mr. Huang was the Group’s general
manager for the East China region from 1995 to 1998, being responsible
for the Group’s operations within the region. In 1999, Mr. Huang became a
director of the Group’s international sales division, being responsible for the
Group’s international sales operation. From 2002 until his apointment as
the Group’s Chief Marketing Oficer on 1 March 2015, Mr. Huang served as
the marketing director of the China region.
董事（续）
执行董事（续）
蔡旺家，40岁，本集团首席营运官、执行
董事及策略委员会成员。他亦是环境、社
会及治理委员会主席。蔡旺家先生亦是本
集团多家附属公司的董事。蔡旺家先生于
2003年7月毕业于新加坡的加拿大国际学
校。于2004年4月加入本集团，拥有逾21
年的食品及饮料行业经验。蔡旺家先生于
本集团内曾担任多个管理职务，如休闲食
品事业部的产品企划、幕僚处经理等。于
2008年5月调至乳品事业部任副总经理，
2009年升任乳饮事业群副总裁。蔡旺家先
生于2012年12月获委任为本集团的首席营
运官。于2015年，蔡旺家先生荣获「中国
食品科学技术学会科技创新奖：杰出青年
奖」。根据证券及期货条例（香港法例第571
章）第XV部，Want Power Holdings Limited
及Hot Kid Pte. Ltd.持有本公司须予披露之
股份权益，而蔡旺家先生是这两家公司之
董事。蔡旺家先生为蔡衍明先生的儿子，
并分别为蔡绍中先生及郑文宪先生的弟
和表弟。
朱纪文，59岁，本集团财务总监、执行董
事及策略委员会成员。他亦是环境、社会
及治理委员会成员。朱先生于1992年毕
业于密歇根州立大学，获得经济学硕士学
位。此外，朱先生还在香港中文大学及上
海国家会计学院合办的课程中取得了专业
会计学硕士学位，并且是澳洲会计师公会
资深会员。在财务管理领域，朱先生拥有
超过32年丰富经验。于1997年4月加入本集
团前，曾在台湾地区多家公司从事过财务
工作，拥有丰富的财务管理经验。
黄永松，72岁，本集团市场营销长、执行
董事及策略委员会成员。黄先生亦是本集
团多家附属公司的董事。黄先生毕业于台
湾明新工业专科学校，取得工程学位，
于销售及行销方面具有40多年经验。黄先
生于1985年1月加入本集团，负责企划及行
销相关事务。1995年至1998年间，他任职
本集团大陆华东区总经理，负责本集团于
该地区的营运管理。其后，黄先生于1999
年就任本集团国际事业处长，负责本集
团的国际事业营运。自2002年起至2015年
3月1日获委任为本集团市场营销长之前，
黄先生就任大陆营销体系营运总处总处
长。
2024/2025
年报ANUAL REPORT71
董事及高级管理人员
Directors and Senior Management
DIRECTORS (continued)
Executive Directors (continued)
TSAI Ming-Hui, aged 57, is the general manager of the Group’s Southeast
Asia Development Department, executive Director and also a member
of our Strategy Comite. Mr. Tsai joined the Group in March 1995 and
has over 27 years of fast-moving consumer gods (“FMCG”) marketing
experience in the fod and beverage industry. Mr. Tsai is mainly responsible
for the busines development and marketing of the Group’s brands in
Southeast Asia market. Meanwhile, he is also direct responsible for the
sales and marketing of our products in Hong Kong and Macau. He is a
director of a number of subsidiaries of the Group and poseses extensive
international marketing management experience. Mr. Tsai graduated
from the Department of Mechanical Enginering of Hsinpu Institute of
Technology. He was the department heads of the Group’s Taiwan region
sales department, Shanghai HQ sales management department and Central
China sales department. He was the general manager of Shanghai modern
chanel development busines unit and the general manager of Hong Kong
and Macau regions.
LAI Hong Ye, aged 57, is our company secretary, executive Director and
also a member of our Strategy Comite. Ms. Lai is a director of Leading
Guide Hongkong Limited and Want Want Indonesia Holdings Pte. Limited,
both of which are subsidiaries of the Company. Ms. Lai holds a Bachelor
Degre of Arts in acounting from the City University of Hong Kong. She
has over 33 years of experience in company secretarial, finance, acounting
and auditing fields. Ms. Lai joined the Group in February 2008. Prior to
joining our Group, Ms. Lai worked at Gemalto Technologies Asia Limited
as financial controler for over 8 years. She is a felow member of both The
Hong Kong Institute of Certified Public Acountants and The Institute of
Chartered Acountants in England and Wales. Ms. Lai is also a licensed
certified public acountant in Ilinois and Washington, USA.
Non-executive Directors
MAKI Haruo, aged 74, is our non-executive Director. Mr. Maki is the
chairman and chief executive oficer of ICL, a listed company in Japan and
one of the leading rice cracker producers in Japan as wel as our technical
coperation partner. Mr. Maki graduated from Toyama National University
with a bachelor’s degre. Mr. Maki joined ICL in 1976 and has served
ICL for over 48 years, and was promoted to become its president in 1998
til his apointment as the chairman and chief executive oficer of ICL in
June 2023. Mr. Maki joined our Group in May 2001. He is a director of Want
Want Japan Co., Ltd, a subsidiary of the Company.
CHENG Wen-Hsien, aged 62, is our non-executive Director. He graduated
from the Graduate Schol of Comerce of Waseda University with a
master’s degre in comerce. Mr. Cheng is the chairmen of Hunan Want
Want Hospital Investment Management Co., Ltd. and Hunan Want Want
Hospital. Mr. Cheng joined our Group in August 2004. Mr. Cheng is the
nephew of Mr. Tsai Eng-Meng and a cousin of Mr. Tsai Shao-Chung and
Mr. Tsai Wang-Chia.
董事（续）
执行董事（续）
蔡明辉，57岁，本集团东南亚发展事业部
总经理、执行董事及策略委员会成员。蔡
先生于1995年3月加入本集团，拥有27年
以上食品饮料行业快销品行销经验。蔡先
生主要负责本集团品牌在东南亚市场的业
务发展和行销版图扩张，并直接负责香港
及澳门地区旺产品的市场行销。蔡先生
是本集团多家附属公司的董事，有丰富的
国际市场行销管理经验。蔡先生毕业于新
埔技术学院机械科，在本集团曾历任台湾
地区营业处主管、上海总部销售管理处主
管、华中营业区主管、上海现代渠道发展
事业部总经理、香港及澳门地区总经理。
黎康仪，57岁，公司秘书、执行董事及策
略委员会成员。黎女士是本公司附属公司
Leading Guide Hongkong Limited及Want
Want Indonesia Holdings Pte. Limited的董
事。黎女士持有香港城市大学会计系文学
士学位。她于公司秘书、财务、会计及审
核方面具有33年以上经验。黎女士于2008
年2月加入本集团。于加入本集团前，黎女
士曾在Gemalto Technologies Asia Limited
任职财务总监逾8年。她是香港会计师公会
及英格兰及威尔斯特许会计师公会资深会
员。黎女士亦是美国伊利诺伊州和华盛顿
州的注册会计师。
非执行董事
槇春夫，74岁，非执行董事。槇先生为日
本一家上市公司、日本著名米果生产商兼
本公司技术合作伙伴岩冢制菓的会长及行
政总裁。槇先生毕业于国立富山大学，取
得学士学位。槇先生于1976年加入岩冢制
菓，于岩冢制菓任职逾48年，并于1998年
晋升为该公司社长，直到2023年6月获委
任为岩冢制菓会长及行政总裁。槇先生于
2001年5月加入本集团。槇先生是本公司的
附属公司旺日本株式会社的董事。
郑文宪，62岁，非执行董事。他毕业于
早稻田大学商业研究院，取得商业硕士学
位。郑先生目前担任湖南旺医院投资管
理有限公司董事长及湖南旺医院董事
长。郑先生于2004年8月加入本集团。郑先
生为蔡衍明先生的外甥及蔡绍中先生和蔡
旺家先生的表兄。
2024/2025
年报ANUAL REPORT72
董事及高级管理人员
Directors and Senior Management
DIRECTORS (continued)
Independent non-executive Directors
PEI Kerwei, aged 68, is our independent non-executive Director, the
chairman of our Nomination Comite and a member of our Audit and
Risk Management, Remuneration and Strategy Comites. He is also
a member of our ESG Comite. Dr. Pei joined our Group in November
2007.
Dr. Pei graduated from Southern Ilinois University with a master’s degre in
acountancy and holds a doctorate degre in acounting from the University
of North Texas. Dr. Pei is Profesor Emeritus of acountancy at the Schol
of Acountancy at the W.P. Carey Schol of Busines at Arizona State
University. He was the Executive Dean of China Programs at W.P. Carey
Schol of Busines at Arizona State University, director of the W.P. Carey
EMBA program in Shanghai, MiM Custom Corporate Program in China
and the co-director of W.P. Carey DBA in Global Financial Management.
Throughout his 36-year carer at Arizona State University, Dr. Pei has held
the positions of asistant profesor, asociate profesor and profesor.
Dr. Pei has acted as a consultant for a number of multi-national companies,
including Motorola Inc., Intel Corporation, Bank of America Corporation,
Dial Corporation, Raytheon Company, Cisco Systems Inc. and Honeywel
International Inc.
Dr. Pei is an independent non-executive director of Zhong An Group
Limited, Zhejiang Expresway Co., Ltd. and AIM Vacine Co., Ltd. and
served as an independent non-executive director of MG Limited from
2015 to 2019, al being companies listed on the main board of the HK Stock
Exchange. Dr. Pei was an external director of China Merchants Group from
2015 to June 2022 and served as an external director of China Baowu Stel
Group Corporation Limited, the holding company of Baoshan Iron & Stel
Co., Ltd. (a company listed on the Shanghai Stock Exchange), from 2011 to
2019. He also served as an independent director (from 2006 to 2012) and a
director (from 2012 to 2019) of Baoshan Iron & Stel Co., Ltd.
Dr. Pei is a member of American Acounting Asociation. He was the
chairman of the Stering Comite on Globalization of the American
Acounting Asociation and the chairman of the Chinese Acounting
Profesors’ Asociation of North America.
董事（续）
独立非执行董事
贝克伟，68岁，独立非执行董事、提名委
员会主席、审核及风险管理委员会、薪酬
委员会及策略委员会成员。他亦是环境、
社会及治理委员会成员。贝博士于2007年
11月加入本集团。
贝博士毕业于美国南伊利诺大学，取得会
计学硕士学位，并持有北德克萨斯州大学
会计博士学位。贝博士为美国阿利桑那州
立大学凯瑞商学院的会计学荣誉教授。贝
博士曾出任凯瑞商学院中国执行院长、上
海EMBA课程主任、中国MiM项目主任和全
球金融工商管理博士项目联席主任。于36
年间历任阿利桑那州立大学的助理教授、
副教授及教授。
贝博士曾担任摩托罗拉公司、英特尔公
司、美国银行、代尔企业、雷神公司、思
科系统公司及Honeywel International Inc.
等多间跨国公司的顾问。
贝博士为以下于香港联交所主板上市之公
司的独立非执行董事，包括众安集团有限
公司、浙江沪杭甬高速公路股份有限公司
及艾美疫苗股份有限公司，并曾于2015年
至2019年期间担任五矿资源有限公司的独
立非执行董事。贝博士于2015年至2022年
6月期间曾担任招商局集团的外部董事，以
及于2011年至2019年期间曾担任中国宝武
钢铁集团有限公司的外部董事，其为宝山
钢铁股份有限公司（一家在上海证券交易所
上市的公司）的控股公司。他亦曾于2006年
至2012年期间担任宝山钢铁股份有限公司
的独立董事，并于2012年至2019年期间担
任该公司董事。
贝博士现为美国会计学会员。他曾获委
任为美国会计学会全球委员会主席及北美
华人会计教授学会历届主席。
2024/2025
年报ANUAL REPORT73
董事及高级管理人员
Directors and Senior Management
DIRECTORS (continued)
Independent non-executive Directors (continued)
HSIEH Tien-Jen, aged 63, is our independent non-executive Director,
the chairman of our Remuneration Comite and a member of each of
the Audit and Risk Management Comite, Nomination Comite and
Strategy Comite. Mr. Hsieh graduated from National Taipei University
Department of Law with a Master’s Degre. He was a lawyer at Ding &
Ding Law Ofices since 1988, until he established Hsieh, Chi & Hsieh Law
Ofices in 1991. Mr. Hsieh has ben a partner of Hsieh, Chi & Hsieh Law
Ofices since its establishment. Mr. Hsieh has rich experience in comercial
law related areas, including general contract, merger and acquisition,
disolution, liquidation and bankruptcy. He was a Maritime Law lecturer at
Chung Yuan Christian University from 1993 to 2013. Mr. Hsieh joined the
Consumer Education Foundation of Taiwan as a volunter in 1995 and
was the foundation chairman during 2008 to 2010. Mr. Hsieh is curently
an independent director of China Television Company Limited which is
a company listed on the Taiwan Stock Exchange Corporation. Mr. Hsieh
joined our Group in June 2018.
LE Kwok Ming, aged 67, is our independent non-executive Director, the
chairman of our Audit and Risk Management Comite and also a member
of each of the Remuneration Comite, Nomination Comite and
Strategy Comite. He is also a member of the ESG Comite. Mr. Le
holds a Higher Diploma in Acountancy from the Hong Kong Polytechnic
and a Master of Science degre in Busines Administration from the
University of Bath, United Kingdom. Mr. Le is curently an independent
non-executive director of Lianhua Supermarket Holdings Co., Ltd. and Tam
Jai International Co. Limited, each of which is a company listed on the HK
Stock Exchange. Mr. Le served as an independent non-executive director
of Bosini International Holdings Limited from July 2020 to March 2025.
He was the chief financial oficer of Stela International Holdings Limited
(a company listed on the HK Stock Exchange). Mr. Le has more than
30 years of financial management experience and extensive experience
in corporate finance such as mergers and acquisitions. He asumed the
position of chief financial oficer in a number of listed companies in Hong
Kong. Mr. Le is a felow member of the Hong Kong Institute of Certified
Public Acountants and an asociate member of the Chartered Institute of
Management Acountants. Mr. Le joined our Group in June 2018.
董事（续）
独立非执行董事（续）
谢天仁，63岁，独立非执行董事、薪酬委
员会主席以及审核及风险管理委员会、提
名委员会及策略委员会之成员。谢先生毕
业于台北大学法律研究所硕士班。1988年
起受聘于联鼎法律事务所执行律师业务，
直至1991年设立论衡国际法律事务所并一
直担任合伙人。谢先生于商业法律相关领
域之法律服务，包括一般契约、购并、解
散、清算及破产等非讼及诉讼之处理，有
丰富经验。自1993年至2013年，谢先生于
中原大学兼任海商法讲师。谢先生于1995
年加入台湾消费者文教基金会作义工，并
于2008年至2010年担任该基金会董事长。
谢先生目前于台湾证券交易所挂牌上市
的中国电视事业股份有限公司担任独立董
事。谢先生于2018年6月加入本集团。
李国明，67岁，独立非执行董事、审核及
风险管理委员会主席，以及薪酬委员会、
提名委员会及策略委员会各自之成员。他
亦是环境、社会及治理委员会成员。李先
生持有香港理工学院颁授的高级会计学文
凭，以及英国University of Bath颁授的科学
硕士学位，主修工商管理。李先生现为香
港联交所上市公司联华超市股份有限公司
及谭仔国际有限公司的独立非执行董事。
李先生亦曾于2020年7月至2025年3月期间
担任堡狮龙国际集团有限公司的独立非执
行董事。他曾任九兴控股有限公司（在香港
联交所上市的公司）的财务长。李先生拥有
逾30年的财务管理经验，在企业融资如并
购方面亦具备广泛经验。他曾在多间香港
上市公司担任财务主管职位。李先生现为
香港会计师公会的资深会员及英国特许管
理会计师公会员。李先生于2018年6月加
入本集团。
2024/2025
年报ANUAL REPORT74
董事及高级管理人员
Directors and Senior Management
DIRECTORS (continued)
Independent non-executive Directors (continued)
PAN Chih-Chiang, aged 53, is our independent non-executive Director
and also a member of each of the Audit and Risk Management Comite,
Remuneration Comite, Nomination Comite and Strategy Comite.
Mr. Pan holds a Bachelor Degre in Finance from the National Taiwan
University and a Master degre in Busines Administration from the
University of Cambridge, United Kingdom. Mr. Pan is a founding member,
chief executive oficer, director and responsible oficer of Cypres Capital
Hong Kong Limited. He has extensive global capital market experience
in investment/wealth management industry, covering both institutional
clients including public pension funds, sovereign funds, venture capital
and private equity funds and insurance companies as wel as ultra wealthy
families. He started his financial market carer in 1997 as cash equity trader
at Jardine Fleming Securities (Taiwan), and later worked for JPMorgan
Aset Management Taiwan betwen 2003 and 2007 as the head of the
institutional busines division providing investment advisory service to public
pension funds and corporate clients. Mr. Pan worked for Goldman Sachs
(Hong Kong) betwen 2007 and 2013 as portfolio manager/advisor to ultra
wealthy families and corporates. He is licensed to conduct Type 4 (Advising
on Securities) and Type 9 (Aset Management) regulated activities under
the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong). Mr. Pan joined our Group in August 2019.
KONG HO Pui King, Stela, aged 72, is our independent non-executive
Director and also a member of each of the Audit and Risk Management
Comite, Remuneration Comite, Nomination Comite and
Strategy Comite. She is also a member of the ESG Comite. She
was the Managing Director, Greater China at Rafles Family Ofice and the
Managing Director, Market Group Head, China I at Credit Suise Private
Banking. In her prior role at Standard Chartered Bank, Hong Kong as
Deputy Regional Head of Private Banking for Greater China and North Asia,
she was instrumental in building the China ofshore team. Mrs. Kong has
over 30 years of experience in the banking industry spaning four countries
in the wealth management industry and has held both senior management
and client relationship positions at Credit Suise, Standard Chartered Bank,
ABN AMRO Bank, Sarasin Rabo Investment Management, UBS, Deutsche
Bank, Natwest and Citibank. She was licensed to conduct Type 4 (Advising
on Securities) and Type 9 (Aset Management) regulated activities under
the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong). Mrs. Kong joined our Group in July 2021.
董事（续）
独立非执行董事（续）
潘志强，53岁，独立非执行董事、以及
审核及风险管理委员会、薪酬委员会、提
名委员会及策略委员会各自之成员。潘先
生持有国立台湾大学颁授的财务金融学
士学位以及英国剑桥大学颁授的工商管理
硕士学位。潘先生是承誉资本香港有限公
司创办人、执行长、董事及持牌负责人。
潘先生在全球资本市场领域、投资和财富
管理行业具有丰富经验，曾为退休基金、
主权基金、私募创投基金及保险公司等企
业及高净值个人提供相关业务。潘先生于
1997年加入Jardine Fleming Securities
(Taiwan)，作为现金股票交易员开始其金
融市场生涯，其后于2003年至2007年间加
入摩根证券投资信托股份有限公司担任法
人业务部门主管，为退休基金和企业客户
等提供投资咨询服务。潘先生于2007年至
2013年间任职香港高盛，作为投资组合经
理和顾问为高净值客户及企业提供业务。
潘先生持有从事证券及期货条例（香港法例
第571章）项下第4类（就证券提供意见）及第
9类（提供资产管理）受规管活动的牌照。潘
先生于2019年8月加入本集团。
江何佩琼，72岁，独立非执行董事、以及
审核及风险管理委员会、薪酬委员会、提
名委员会及策略委员会各自之成员。她亦
是环境、社会及治理委员会成员。她曾担
任万方家族办公室大中华区董事总经理及
瑞士信贷私人银行中国I区董事总经理、市
场部主管。此前在香港渣打银行担任大中
华区及北亚私人银行区域副主管时她在建
立中国离岸团队方面发挥了关键作用。江
女士在横跨四个国家的财富管理行业拥有
超过30年的银行业经验，曾在瑞士信贷、
渣打银行、荷兰银行、瑞士嘉盛莱宝投资
管理、瑞士银行、德意志银行、国民西敏
寺银行和花旗银行担任高级管理和客户关
系职位。江女士曾经持有从事证券及期货
条例（香港法例第571章）项下第4类（就证券
提供意见）及第9类（提供资产管理）受规管
活动的牌照。江女士于2021年7月加入本集
团。
2024/2025
年报ANUAL REPORT75
董事及高级管理人员
Directors and Senior Management
高级管理人员
曹永梅，52岁，生产研发群总处长。曹女
士享有正高级工程师职称。曹女士毕业于
江南大学，取得食品科学博士学位，阿利
桑那州立大学凯瑞商学院工商管理硕士学
位。于2001年1月加入集团，历任研发处及
幕僚处经理、幕僚处长。2012年3月出任
生产总处总处长。2017年11月升任生产研
发群总处长，负责统筹集团生产、品质、
设备、研发团队的持续发展及人才的储备
工作。曹女士任集团技术中心主任，该中
心已被评为上海市级企业技术中心。曹
女士亦为中国食品科学技术学会常务理
事、中国食品科学技术学会休闲食品加工
技术分会副理事长、中国食品科学技术学
会益生菌分会常务理事、上海市食品学会
副理事长、上海市食品学会烘焙食品与糖
制品专业委员会主任委员、上海市食品协
会副会长、上海市轻工科技协会理事、中
国工程教育专业认证协会工程教育认证专
家、中国食品健康七星公约联盟轮值主席
以及GFSI (Global Fod Safety Initiative)中
国工作组指导委员会副主席、华东理工大
学博士研究生企业导师，上海交通大学硕
士研究生行业导师。
陈俊江，56岁，研发中心总处长。陈先生
毕业于台湾中兴大学食品科学系、大叶大
学食品工程研究所，分别于1992年和1994
年获得学士和硕士学位。1996年加入集团
研发，专注研发二十余年，组织开发百余
种新产品和申请多项发明专利。在陈先生
的带领下，旺的研发团队已具有一百多
位专业人才，涵盖食品技术研究、食品分
析与检则、消费者调查和市场研究。陈先
生任集团技术中心副主任，该中心已被评
为上海市级企业技术中心。陈先生亦为
中国食品工业协会马铃薯食品专业委员会
副会长、中国食品科学技术学会儿童食品
分会委员。
SENIOR MANAGEMENT
CAO Yong-Mei, aged 52, serves as the managing director of the
manufacturing and R&D group. Ms. Cao holds the title of profesorate senior
enginer. Ms. Cao graduated from Jiangnan University with a doctoral
degre in fod science. She also holds a master’s degre in busines
administration from the W.P. Carey Schol of Busines at Arizona State
University. Ms. Cao joined our Group in January 2001 and has held various
positions, such as manager of the research and development, manager of
the Chairman’s ofice and the managing director of the Chairman’s ofice.
In March 2012, Ms. Cao was promoted to the managing director of the
manufacturing department. In November 2017, Ms. Cao was promoted
to the managing director of the manufacturing and R&D group, being
responsible for cordinating sustainable development and talent pol of the
Group’s manufacturing, quality asurances, equipment and R&D teams. Ms.
Cao is the director of our technology centre, which is certified as Shanghai
Municipal Enterprise Technology Centre, executive director of the Chinese
Institute of Fod Science and Technology (“CIFST”) and vice president of
Snack Fods Procesing Technology Society of CIFST, executive director
of Probiotics Branch of CIFST, vice chairman of the Shanghai Society of
Fod Science, director of Baked Fod and Sugar Products Comite of
the Shanghai Society of Fod Science, vice president of Shanghai Fod
Asociation, director of Shanghai Light Industry Technology Asociation,
credentialing specialist of China Enginering Education Acreditation
Asociation, rotating presidency of executive board of the Seven-Star
Convention Aliance and vice-chair of the stering comite member of
Global Fod Safety Initiative China Local Group. Ms. Cao also serves as a
corporate mentor for doctoral students at East China University of Science
and Technology and an industry mentor for the master’s degre students at
Shanghai Jiao Tong University.
CHEN Chun-Chiang, aged 56, is the managing director of R&D centre.
Mr. Chen graduated with a bachelor’s degre from the Department of Fod
Science of National Chung Hsing University in Taiwan in 1992 and obtained
his master’s degre from Institute of Fod Enginering of Da-Yeh University
in 1994. In 1996, Mr. Chen joined the research & development team of our
Group and has ben comited to R&D for over twenty years. He has led
the developments of over a hundred kinds of new products and aplied for
multiple patents. Under his leadership, the Group’s R&D team now has over
one hundred talents specialised in fields such as fod technology research,
fod testing and analysis, consumer survey and market research. Mr. Chen
is the vice director of our technology centre, which is certified as Shanghai
Municipal Enterprise Technology Centre, the vice-president of Potato Fod
Profesional Comite of China Fod Industry Asociation, and a member
of Child Fod Society of the CIFST.
2024/2025
年报ANUAL REPORT76
董事及高级管理人员
Directors and Senior Management
SENIOR MANAGEMENT (continued)
CHEN Chien-Chen, aged 59, is our Chief Purchasing Oficer and the
managing director of the key raw material procurement centre. Mr. Chen
has close to 33 years of experience in trade, futures, logistics, procurement,
advertising and management fields. In 1988, Mr. Chen obtained a bachelor’s
degre from Taiwan National Chung Hsing University. In 1997, he graduated
from the department of busines administration of National Cheng Kung
University in Taiwan. In the same year, Mr. Chen joined our Group and has
held various positions over the past 28 years, including the vice head of the
procurement department, head of the procurement department, head of
advertising and publicity department, managing director of the procurement
division and the managing director of the media division. Before he joined
the Group, he worked at Taiwan Great Wal Enterprise Limited (a Taiwan
listed company) as an asistant manager of the purchasing department of
comodity from 1990 to 1997.
TAN Eng-Kheng, aged 52, the managing director of suply chain centre.
Mr Tan graduated from the Brest Busines Schol (ESC Bretagne Brest),
France with a master degre in busines administration. Mr. Tan has over
27 years of profesional experience in operation management and has held
his curent position as the managing director of suply chain centre since
June 2018, responsible for the overal suply chain strategic planing of the
Group. He joined our Group in March 2010 and has served as the head of
various departments, including managing director of human resource centre,
general manager of SEA busines division, general manager of investment
division and executive asistant of operations management department.
Before joining our Group, he worked at IP Softcom Company Limited as the
head of operations overseing the operations in China and SE Asia region,
including market development, suply chain management and production
management etc. He also worked as the production manager of Liteon
Electronic (Malaysia) Company Limited.
LIU Ping, aged 44, is the general manager of Hapy bulk sales busines
unit. Mr. Liu graduated from Lanzhou University of Finance and Economics
with a bachelor’s degre in management. Mr. Liu joined our Group in
September 2006 and has held various positions, such as head of gift pack
marketing and bulk sales centre, busines unit deputy general manager
and regional sales manager. He is curently acting as the general manager
of Hapy bulk sales busines unit, in charge of the sales and marketing
functions of the busines unit under his responsibility acros the nation. Mr.
Liu has about 23 years of managing experience in the FMCG industry.
高级管理人员（续）
陈建诚，59岁，集团采购长及集团大宗
原料采购中心总处长，在贸易、期货、物
流、采购、广告及管理等领域已积累近33
年之丰富经验。1988年取得台湾国立中兴
大学士学位，1997年于台湾国立成功大
学企业管理研究所学分班毕业。陈先生于
1997年加入本集团，服务至今已28年，先
后担任集团采购处副处长、采购处长、
广宣处长、采购总处总处长、媒体总处
总处长等职务。加入本集团前，陈先生于
1990至1997年入职台湾大成长城企业股份
有限公司（台湾上市公司）担任大宗物资部
采购襄理一职。
陈勇庆，52岁，供应链中心总处长。陈先
生毕业于法国布雷斯特商学院，取得工商
管理硕士学位，陈先生在运营管理有逾27
年专业经验，自2018年6月担任集团供应链
中心总处长，统筹集团供应链策略及体系
规划。陈先生于2010年3月加入本集团，曾
担任本集团多个部门主管，包括人力资源
中心总处长，东南亚区域总经理，转投资
事业执行总经理及经营管理处特别助理。
在加入本集团前，陈先生曾任职万印软件
有限公司负责中国区及东南亚地区运营主
管，负责市场开发、供应链管理及生产运
营管理等职务，及任职光宝电子（马来西
亚）有限公司为生产部主管。
刘萍，44岁，开心散装事业部总经理。刘
先生毕业于兰州财经大学，获得管理学
士学位，刘先生于2006年9月加入本集团。
历任礼品装行销、散装销售中心主管、事
业部副总，大区营业总经理。目前任开心
散装事业部总经理，负责全国市场的营销
统筹工作，至今在快消品行业已有约23年
经营管理经验。
2024/2025
年报ANUAL REPORT77
董事及高级管理人员
Directors and Senior Management
SENIOR MANAGEMENT (continued)
SHIH Yi-Chang, aged 60, is the deputy managing director of the human
resources centre and also the deputy managing director of factory
construction enginering and equipment procurement centre. Mr. Shih
graduated from the Law Schol of Sochow University in Taiwan with a
Bachelor of Laws degre in 1989. Mr. Shih joined our Group in September
2008 and has held various positions including director of human resources,
director of administration, deputy managing director of administration,
special asistant to the investment ofice chief investment oficer, deputy
managing director of the procurement planing centre, and deputy managing
director of the human resources centre and also the deputy managing
director of factory construction enginering and equipment procurement
centre. During his tenure, he sucesfuly completed the implementation of
the Group’s SAP HR system; planing and execution of enterprise resource-
related logistics management suport operations; served as the convener
of the Group’s investment negotiation team; implemented and launched the
Group’s SRM suplier management and procurement system, as wel as
procurement data dashboard; also planed, implemented, and launched
the Group’s eHR human resources system and HR data dashboard.
Before joining our Group, Mr. Shih had served in various roles such as
manager, asistant manager, and director of the management department,
responsible for managing human resources and legal afairs at eSkylink Inc.
(Electronic Data Interchange EDI), Tornado Technologies Co., Ltd. (Search
Engine), and Taiyi Technology (Thin Film Printing).
ZHAO Zhiqing, aged 50, is the general manager of the Want Gift busines
unit. He joined the Group in 1998 and has served various key positions
including director of operation department/organizational management
department, deputy general manager of the beverage busines unit,
and curently holds the position of the general manager of the Want Gift
busines unit, responsible for the nationwide chanel marketing and
management of the Group’s gift pack busines. With 27 years of in-depth
research and management experience in gift pack operations, he has built
the leading brand in leisure fod gifting.
MEI, Philip Hong Tao, aged 70, is the managing director of the Americas
centre under the overseas busines development department. He joined
our Group in November 2001 and held various positions including director
of advertising and comunications department, managing director of
international busines division. Mr. Mei graduated from Concordia University
in Canada with a bachelor of comerce degre. Mr. Mei has 38 years
of experience in the fod and beverages industry in Chinese Mainland
and Taiwan region and 44 years of experience in sales, marketing and
management. Prior to joining our Group, Mr. Mei worked at Unilever Taiwan
Ltd. and Unilever China Ltd. and held various senior positions including
general manager betwen 1987 and 2001. Mr. Mei was the marketing
manager of wines and spirits division at Jardine, Mathesons & Co. Taiwan
from 1983 to 1987. He had also previously served as executive director of
the Taiwan Soap & Detergents Asociation and a director of the Department
Stores Asociation of Taipei Chamber of Comerce.
高级管理人员（续）
施仪昶，60岁，人力资源中心副总处长及
厂建工程及设备采购中心副总处长。施先
生毕业于台湾东吴大学法学院法律系，于
1989年获得法学士学位。于2008年9月加
入集团，历任人力资源处长、管理处
长、管理总处副总处长、投资长办公室投
资长特别助理、采购规划中心副总处长、
人力资源中心副总处长、厂建工程及设备
采购中心副总处长。任职期间先后完成集
团SAP HR系统建置与上线；企业资源相关
后勤管理支持作业规划与执行；集团投资
谈判小组召集人；集团SRM供应商管理与
采购系统及采购数据看板建置与上线；集
团eHR人资系统及人资数据看板规划，建
置与上线。加入本集团前，施先生曾服务
于天河电讯（电子资料交换EDI）、龙卷风科
技（搜索引擎）、太乙科技（薄膜印刷）管理部
经理、协理、处长等职务负责管理人资法
务等相关工作。
赵志清，50岁，旺礼事业部总经理。于
1998年加入集团，历任营运总处╱组织
管理处长、饮营业部副总经理等主要岗
位、现任旺礼事业部总经理负责集团礼品
装全国渠道营销管理工作，27年深研礼包
经营管理，打造休闲食品第一礼。
梅鸿道，70岁，海外发展事业部美洲中心
总处长。他于2001年11月加入本集团，历
任广告宣传处长、国际事业总处总处长
等职务。梅先生毕业于加拿大Concordia
University，取得商科学士学位，于中国境
内与台湾地区的食品及饮料行业具有38年
经验，并于销售、营销及管理方面具有44
年经验。加入本集团前，梅先生于1987年
至2001年间任职联合利华股份有限公司及
联合利华（中国）有限公司，并担任总经理
等多个高管职务。1983年至1987年，他曾
担任台湾Jardine，Mathesons & Co.公司
洋酒部行销经理。他曾出任台湾区肥皂清
洁剂工业同业公会常务理事及台北市百货
商业同业公会理事。
2024/2025
年报ANUAL REPORT78
董事及高级管理人员
Directors and Senior Management
SENIOR MANAGEMENT (continued)
CHANG Yao-Dong, aged 58, is the deputy managing director of the Asia-
Pacific centre under the overseas busines development department
of the Group, responsible for sales in Asia-Pacific region. Mr. Chang
graduated from the University of British Columbia in Canada and joined
the Group in 1996. He has more than 20 years of experience in overseas
markets, specialised in market expansion, product inovation and chanel
penetration. During his tenure, he has set up various overseas ofices for
the Group (including Japan, Vietnam, Thailand, Indonesia ofices etc.),
developed several best-seling products in overseas markets, including
rice crackers, biscuits and confectionery products etc., and has extended
busines penetration into first-tier chanels in Japan and South Korea
e.g. 7-Eleven, Lawson, Family Mart, Emart etc. He has also contributed to
forming aliances by establishing joint-ventures with local giants to enhance
market coverage.
LE Ming-Chun, aged 58, is the deputy managing director of the audit and
internal control centre. Mr. Le graduated from Chinese Culture University
with a bachelor’s degre and he also holds a master degre in busines
administration from the W.P. Carey Schol of Busines of Arizona State
University. Mr. Le joined our Group in March 1994 and has held various
positions, including director of the finance department, director of the staf
ofice, head of administration ofice, head of the leisure fod busines unit,
and deputy head of the investment centre. He curently serves as special
asistant to Chief Executive Oficer, head of the audit and internal control
centre, and head of the procurement planing centre. Before joining the
Group, Mr. Le worked as an auditor at Ernst & Young in Taiwan.
LE Po-Tang, aged 62, deputy managing director of the raw material
procurement centre. Mr. Le graduated with a bachelor’s degre from
the Department of Fod Science of National Taiwan Ocean University.
He joined our Group in July 1993 and has served the Group for 32 years.
Prior to joining the Group, Mr. Le held a technical operations position
at Morinaga Group, a Japanese enterprise, for six years, acumulating
extensive experience and expertise in the fod production. After joining the
Group, he sucesively held the positions of general factory manager at
the Nanjing, Shenyang, Shandong, Beijing, and Hunan plants. In 2024, he
was transfered to his curent position, being responsible for overseing the
Group’s raw material procurement centre. With over 38 years of experience
in the fod manufacturing field, Mr. Le has posesed outstanding strategic
leadership and holistic decision-making abilities. During his tenure, he has
led the Group’s factories in advancing precision management, improving
quality, reducing costs, increasing eficiency, and has achieved numerous
outstanding results.
高级管理人员（续）
张曜东，58岁，集团海外发展事业部亚太
中心副总处长负责亚太区销售。张先生毕
业于加拿大哥伦比亚大学，1996年加入本
集团，深耕海外市场20余年，对于市场开
拓，产品创新及渠道整合有丰富的经验。
任职期间为集团建立多个海外分公司（包括
日本，越南，泰国，印尼等），在海外市场
打造多个畅销产品，包括米果，饼干及糖
果等产品，让业务渗透至日韩一线通路，
如7-11，Lawson，Family Mart，Emart
等，以及与区域龙头企业成立合资公司加
大市场覆盖。
李鸣春，58岁，稽核内控中心副总处长。
李先生毕业于中国文化大学，取得学士学
位，并持有阿利桑那州立大学凯瑞商学院
工商管理硕士学位。李先生于1994年3月加
入本集团，曾担任多个职务，包括财务处
处长、幕僚处长、管理总处主管、休闲
食品事业部主管、转投资中心副主管等职
务。目前任总裁特别助理、稽核内控中心
主管及采购规划中心主管。于加入本集团
前，李先生曾担任台湾安永会计师事务所
审核师一职。
李柏橖，62岁，原物料采购中心副总处
长。李先生毕业于台湾海洋大学食品科学
系，取得学士学位。他于1993年7月加入本
集团，服务至今已32年。加入本集团前，
李先生在日资企业森永集团担任运营技术
职务六年，累积食品生产领域专业经验。
加入本集团后，他先后就任南京、沈阳、
山东、北京、湖南总厂总厂长职务，2024
年调任现职，负责统筹集团原物料采购中
心。李先生深耕食品制造领域逾38年，具
备卓越的战略领导力和全局决策能力，任
职期间带领著集团辖下工厂推进精细化管
理，提升品质、降本增效，屡创佳绩。
2024/2025
年报ANUAL REPORT79
董事会报告
Report of the Directors
Our Directors are pleased to present their report together with the audited
financial statements for the year ended 31 March 2025.
PRINCIPAL ACTIVITIES AND BUSINES REVIEW
The Company is an investment holding company. The Group is principaly
engaged in the manufacturing, distribution and sales of fod and beverages.
The principal activities of the principal subsidiaries of the Company are set
out in note 36 to the consolidated financial statements.
An analysis of the performance of the Group for the year ended 31 March
2025 by busines segments is set out in Note 5 to the consolidated financial
statements.
A review of the busines and performance of the Group, including the
analysis and discusion using financial key performance indicators, during
the year ended 31 March 2025 and the outlok of the Group’s busines are
set out in the sections headed “Chairman’s Statement” and “Management
Discusion and Analysis” from page 17 and pages 19 to 37 of this Anual
Report respectively. Description of the principal risks and uncertainties facing
the Group can be found throughout the Anual Report including the financial
risks as set out in Note 3 to the consolidated financial statements.
ENVIRONMENTAL PROTECTION
The Group focuses not only on manufacturing but also on reciprocating the
comunities by making sustainable development and social responsibility
contributions as important parts of the Group’s development. The Group
endeavors to protect the environment in which it operates its busines, so as
to realise sustainable development and operation.
The Group encourages environmental protection, advocates energy
conservation and emision reduction within the Group, emphasises the
importance of protecting natural resources and environment and promotes
environmental awarenes among its employes, making the fulfilment of
environmental and social responsibilities the comon value pursuit as wel
as job responsibilities of every member of the management and every staf
member.
We are comited to promoting sustainable development, with gren factory
declaration, gren energy development, significant improvement in energy
eficiency, sustainable water management, 100% recyclable packaging
materials, zero waste to landfil, gren procurement and other aspects as
our environment sustainable development policy direction. In adition, we
continuously adres the consumers’ desire for a healthy and gren lifestyle
in our product research and development.
全体董事欣然提呈其报告，连同截至2025
年3月31日止年度之经审核财务报表。
主要业务及业务回顾
本公司之主要业务为投资控股。本集团主
要从事食品及饮料之制造、分销及销售。
本公司主要附属公司之主要业务载于综合
财务报表附注36。
截至2025年3月31日止年度本集团按业务分
部之业绩表现分析载于综合财务报表附注
5。
有关本集团截至2025年3月31日止年度的业
务回顾和表现及运用财务表现关键指标进
行的分析及讨论，以及本集团的业务展望
载列于本年报第17页之「主席报告」及第19
至37页之「管理层讨论及分析」中。有关本
集团面对之主要风险及不明朗因素之描述
已于本年报之不同部分（包括载于综合财务
报表附注3之财务风险）作出披露。
环境保护
本集团坚持把可持续发展和善尽社会责任
作为发展的重要工作。在关注生产的同
时，不忘回馈社会，亦致力保护其营运的
环境，有助实现可持续发展及经营。
本集团鼓励环保，并在本集团内部倡导节
能减排、保护资源与环境的重要性，以及
提升员工的环保意识，让履行环保与社会
责任成为集团每一位管理者和员工共同的
价值取向及工作职责的一部分。
我们致力推进可持续发展管理方针，以绿
色工厂申报、绿色能源发展、能源效率大
幅提升、可持续水管理、包材100%可回
收、废弃物零填埋、绿色采购等方面作为
我们的环境可持续发展方针。在产品研发
的过程中，我们不断迎合消费者对于更健
康、绿色生活方式的向往。
2024/2025
年报ANUAL REPORT80
董事会报告
Report of the Directors
ENVIRONMENTAL PROTECTION (continued)
The Board takes leadership and asumes the overal responsibility of ESG
strategies and ESG governance. The ESG Comite suports the Board
in examining the Group’s sustainability strategies, objectives and risks,
monitoring and managing ESG performance and material ESG-related
isues and risks, reviewing the progres of achievement of ESG targets,
and ensuring integration of ESG concepts with the Group’s policies. Regular
metings are held by the ESG Comite to provide regular updates to
the Board on the progres, chalenges and dificulties encountered. The
Group has formulated five core strategies and targets on environmental
sustainability, which are establishing sustainability goals, engaging
stakeholders, promoting investment in environmental protection, using
resources eficiently, and focusing on technological inovation.
Detailed discusion on the Company’s environmental policies and
performance is set out in the Environmental, Social and Governance Report
which wil be presented in a separate report and published on the websites
of the Company and that of the HK Stock Exchange on the same day as this
Anual Report.
COMPLIANCE WITH RELEVANT LAWS AND
REGULATIONS
The Group ensures compliance with the aplicable laws and regulations
of the places where the Group has busines operations that have material
impact on its operations, including the aplicable environmental laws and
regulations.
We wil closely monitor any changes in government policies, relevant laws
and regulations that may afect the operations of the Group and ases the
impact of such changes and sek external advice if considered necesary.
RELATIONSHIPS WITH STAKEHOLDERS
The Group believes that its suces depends on the suport from the
stakeholders, including but not limited to employes, customers (primarily
distributors, retailers and online and social media platform providers) and
end-consumers, supliers and shareholders and investors, which is also the
key to its sustainable development. Acording to the Group’s philosophy of
“People-Oriented, Self-Confidence and Unity”, the Group values highly its
relationships with key stakeholders, atach importance to the comunication
with them and pay close atention to their demands and expectations.
环境保护（续）
董事会发挥主导角色并承担ESG策略及
ESG治理的总体责任。环境、社会及治理
委员会协助董事会审议集团可持续发展战
略、目标及风险情况，监察及管理ESG表
现及重要的ESG相关事宜及风险，检讨
ESG目标达成进度，及确保ESG理念与集
团政策的深度融合，并定期举行会议向董
事会报告有关进度的最新情况及执行上的
困难及挑战。本集团制定了环境可持续发
展5项核心策略及目标：确立可持续发展
目标、引导利益相关方参与、重视环保投
入、高效使用资源及专注技术创新。
有关本公司环境政策及表现的详细讨论载
于环境、社会及管治报告，该报告将以单
独报告呈列，并将与本年报同日刊登本公
司及香港联交所网站。
遵守相关法律及法规
本集团确保遵守经营业务所在地适用的及
对本集团营运有重大影响的法律及法规，
包括适用的环境保护法律及法规。
本集团将密切关注可能影响本集团营运的
政府政策及相关法律及法规的变动，评估
该等变动的影响及于需要时寻求外部意
见。
与利益相关方的关系
本集团相信其成功有赖各利益相关方，包
括但不限于员工、客户（主要是经销商、零
售商，以及各线上及社交平台供应商）及消
费者、供应商及股东和投资者的支持，其
支持对可持续发展而言至关重要。根据本
集团的经营理念：「缘、自信、大团结」，
本集团对各主要利益相关方非常惜缘，重
视与他们的沟通，并密切关注他们的诉求
与期盼。
2024/2025
年报ANUAL REPORT81
董事会报告
Report of the Directors
RELATIONSHIPS WITH STAKEHOLDERS (continued)
Employes
The Group is comited to establishing a healthy, harmonious and caring
working relationship with employes which forms the bedrock of any
sucesful organisation. The Group regards employes’ life and safety as
its top priority. We provide a safe and hapy workplace as wel as a grand
stage where Want Want staf can unleash their ful potentials. We organise
staf activities and gatherings from time to time to promote team spirit,
strengthen their sense of belonging and enhance their recognition of the
Group’s corporate culture and values. We advocate continuing education
and life-long learning to help to enhance the competitivenes of our
employes and endeavor to provide learning and development platforms
with wel-designed year-round training programes for our employes so
as to achieve mutual growth and development of the Group and employes.
In adition, we develop competitive incentive plans and remuneration and
benefits programes to recognise, motivate and provide incentives to those
employes who make contribution to the Group.
Customers and consumers
The Group sels its products primarily to distributors who distribute the
products to end points of sales for consumers to chose. The Group also
sels its products directly to modern chanel retailers and snacks specialty
retailers who then on-sel the products to end-consumers, as wel as, sels
directly to end-consumers through emerging chanels and various online
and social media platforms.
The Group recognises the importance of maintaining god long-term
relationship with its customers (primarily distributors, retailers and online and
social media platform providers). The Group continues to lok for quality
distributor partners who are wiling to colaborate, to review the distributor
policy from time to time to ensure its competitivenes and atractivenes, to
guide distributors to experiment with digital transformation, such as holding
online live broadcast, which enables distributors to reach out to consumers
beyond physical geographical boundaries, expand point-of-sales coverage
and acelerate product flow, and to provide distributors and retailers with
marketing resources and suport so that Want Want products could be
delivered and displayed on the shelves at the points of sales in a timely
maner and in atractive, eye-catching ways. Meanwhile, the Group has
also paid great atention to the inventory management of its distributors to
ensure that the aging of their products would remain highly competitive in
the chanels and at the points of sales so that consumers could always
enjoy the fine taste of Want Want products.
与利益相关方的关系（续）
员工
本集团致力与员工建立健康、和谐及关爱
的关系，此为任何企业取得成功的基石。
本集团以员工生命安全为首位，并为员工
提供安全、愉快的工作环境及打造旺人
尽情发挥的大舞台。我们不时举办员工活
动及聚会以促进团队精神，提升归属感，
及加强员工对本集团文化与价值观的认
同。本集团提倡员工持续进修及终身学
习，从而提升竞争力，并致力提供学习与
发展平台，精心为员工设计全年度培训计
划，著力打造和培养员工成为与本集团
一起成长的人才。此外，本集团提供具竞
争性的奖励及薪酬福利计划，借以表彰、
激励及提供奖励予对本集团作出贡献之员
工。
客户及消费者
本集团主要透过经销商把产品分销到终端
网点供消费者选购。本集团亦会把产品直
接销售予现代渠道零售商及零食量贩系统
将产品售予消费者，以及透过新兴渠道和
各种线上及社交平台直接售予消费者。
本集团深信与客户（主要是经销商、零售
商，以及各线上及社交平台供应商）维持
长期良好合作关系的重要性。本集团也持
续寻找有意愿且资质良好的合作经销商伙
伴；不时检讨经销商政策力保具竞争力及
吸引力；引导经销商尝试数字化转型，如
线上直播等，打破物理的地域限制，扩充
网点覆盖并加快产品流转速度；以及给予
经销商及零售商一定的行销资源及支持，
以便将旺产品更快地、更吸引地展现在
终端货架上，吸引消费者眼球。同时本集
团亦高度关注经销商的库存管理，确保渠
道与终端的旺产品货龄都具有高度竞争
优势，让消费者时刻能享受旺产品的美
好滋味。
2024/2025
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董事会报告
Report of the Directors
RELATIONSHIPS WITH STAKEHOLDERS (continued)
Customers and consumers (continued)
The Group adheres to strict product quality control to safeguard product
quality and safety and has established a quality asurance system covering
the whole suply chain so as to make its products perfect in al aspects,
build great reputation of Want Want brand and let consumers eat with ease,
fel relieved and hapy.
The Group has made use of diferent social media platforms and direct-
to-consumers chanels, through dynamic and diversified digital marketing
activities and creating diversified consumption scenarios, to conect with
consumers and create dialogues to enhance comunication and interaction
with consumers and to gain consumer loyalty and insights on the changing
market demand so that the Group could respond proactively. The Group
also atempts to deliver more personalised content and advertisements
tailored to the interests and preferences of each targeted consumer group.
Based on the characteristics of diferent age groups and diferent demands
from consumers, the Group diferentiated and launched a range of brands to
serve consumers precisely and extensively. The Group has also constantly
roled out products with new flavours and packaging and developed new
products that met the demands for healthy and nutritious products, novel
packaging and unique flavours, satisfying the diverse neds of consumers.
Upholding the Group’s moto of “Be Caring, Be Atentive and Be
Considerate”, the Group strives to create a high quality and complete
consumption experience for our consumers and serve them with our
sincere and friendly services to earn the satisfaction of every customer and
consumer.
Supliers
The Group generaly centralises the procurement of a majority of its key raw
materials and packaging materials to take advantage of economies of scale
and maximise its bargaining power with supliers. This aproach enables it
to enjoy competitive prices.
The Group has established a stable long-term relationship with its major
supliers to ensure stable and sustainable suply, quality and timely delivery
of raw materials and packaging materials.
The Group emphasises the evaluation and selection of supliers and
persists in sustainable development.
与利益相关方的关系（续）
客户及消费者（续）
本集团坚持对产品安全和质量的严格质量
控制，并建立全供应链质量保证体系，以
期做到产品由内而外的完美，打造旺金
字招牌，真正让消费者吃得安心、放心、
吃得快乐。
本集团亦利用不同的社交媒体平台和直接
面向消费者的渠道，并透过活泼多元的数
字行销活动及营造多元的消费情景与消费
者建立联系，创造话题以加强与消费者的
互动和交流，赢取消费者忠诚度，洞悉市
场需求变化，让本集团可主动作出回应。
本集团亦尝试针对每个目标消费群的兴趣
和偏好提供更多个性化广告和内容。
本集团针对不同年龄、诉求消费者的特
点，差异化地推出了系列品牌，更精准、
广泛地服务消费者。本集团亦在产品口味
及包装上持续推陈出新，开发符合健康营
养诉求、包装新奇、口味独特的新品，满
足消费者多样化的需求。
秉承「有心、用心、道德心」的公司理念，
本集团力求为消费者创造优质且完整的消
费体验，用我们真诚的微笑服务，换取每
一位客户及消费者的满意。
供应商
本集团一般以中央管理方式采购大部分大
宗原材料和包装物料，以获得规模经济效
益及尽量提高与供应商议价能力，使其能
够获得更具竞争力的价格。
本集团与主要供应商建立长期稳定关系，
确保原材料及包装物料稳定及可持续的供
应、质量及准时交货。
本集团注重合作供应商的评估与选择，坚
持可持续发展。
2024/2025
年报ANUAL REPORT83
董事会报告
Report of the Directors
RELATIONSHIPS WITH STAKEHOLDERS (continued)
Supliers (continued)
The Group has established a comprehensive suplier management system
that encompases the entire proces, covering seven core aspects:
admision evaluation, qualification asesment, on-site inspection,
quality inspection, trial-run validation, performance evaluation, and tiered
management.
Adhering to the principles of fairnes, justice, openes and transparency,
we are comited to integrating the concept of sustainability into the
suplier management system, colaborating with upstream and downstream
supliers to jointly asume environmental responsibilities, and creating a
gren and healthy industrial ecosystem.
Shareholders and investors
The Group is comited to uphold high corporate governance standards
to promote corporate transparency and acountability and to enhance
shareholders’ value.
The Company recognises the importance of continuing comunications
with its shareholders and investors and maintains ongoing dialogues with
them through various chanels with the objectives of keping shareholders
and the investor comunity informed as son as reasonably practicable
of the information on the Group and keping them abreast of the Group’s
developments.
SUBSIDIARIES
Particulars of the Company’s principal subsidiaries as at 31 March 2025 are
set out in Note 36 to the consolidated financial statements.
RESULTS
The consolidated results of the Group for the year ended 31 March 2025 are
set out in the consolidated income statement and consolidated statement of
comprehensive income on pages 107 and 108 of this Anual Report.
与利益相关方的关系（续）
供应商（续）
本集团已经构建全流程的供应商管理体
系，涵盖准入评估、资质审核、现场核
查、质量检验、试车验证、绩效考核、分
级管控七大核心环节。
我们秉承公平、公正、公开、透明原则，
致力于将可持续理念融入供应商管理体系
中，协同上下游供应商共同承担环境责
任，打造绿色健康的产业生态。
股东和投资者
本集团致力实现高水准的企业管治标准，
以提升企业透明度和问责性及提升股东价
值。
本公司认同与其股东及投资者维持沟通的
重要性，并通过各种渠道与股东及投资者
保持续性对话，旨在于合理切实可行的
情况下让股东及投资者了解有关本集团的
讯息及发展。
附属公司
于2025年3月31日，本公司的主要附属公司
之详情载于综合财务报表附注36。
业绩
本集团截至2025年3月31日止年度之综合业
绩载于本年报第107页及第108页的综合收
益表及综合全面收益表。
2024/2025
年报ANUAL REPORT84
董事会报告
Report of the Directors
DIVIDEND POLICY
The Company has adopted a dividend policy (the “Dividend Policy”). It is the
policy of the Company that, in recomending or declaring dividends, the
Board shal make distributions to alow its shareholders to participate in the
Company’s profits whilst retaining adequate cash reserves for meting its
requirements for working capital and long-term sustainable development.
The Board has the discretion to propose, declare and distribute dividends
to the shareholders of the Company, subject to the Articles of Asociation
of the Company and al aplicable laws and regulations and taking into
acount the factors set out below.
The Board shal take into acount the folowing factors of the Group when
considering the declaration and payment of dividends:
(i) the financial performance and cash flow situation of the Group;
(i) the Group’s busines strategies and operations, including future
capital requirements and investment neds;
(i) economic conditions and other internal or external factors that may
have an impact on the busines or financial performance and position
of the Group;
(iv) amount of share repurchases made during the period; and
(v) any other factors that the Board may consider relevant.
The Company in general meting may from time to time declare dividends
to be paid to the members but no dividends shal be declared in exces of
the amount recomended by the Board.
In adition, the Directors may from time to time pay such interim dividends
or special dividends of such amounts and on such dates as they think fit.
The Company may declare and pay dividends by way of cash or warant or
by other means that the Board considers apropriate, subject to its Articles
of Asociation.
股息政策
本公司已采纳股息政策（「股息政策」）。作为
本公司一贯的政策，在建议或宣布股息时，
本公司董事会应进行派发以允许股东分享其
利润同时维持充足的现金储备以满足其日常
营运资金及长期可持续发展的要求。
在不违反公司章程细则及一切适用法律与
法规的前提下、并经考虑以下列明的因
素，董事会有酌情权向本公司股东提议、
宣布及派发股息。
董事会在考虑进行宣布及支付股息时应计
及集团的以下因素：
(i) 本集团之财务表现及现金流状况；
(i) 本集团之业务策略及营运，包括未来
对资金需求及投资需要；
(i) 可能对本集团业务或财务表现及状况
产生影响之经济状况及其他内部或外
部因素；
(iv) 期内进行的股份回购的金额；及
(v) 其他董事会认为相关的因素。
本公司股东大会可不时向其成员宣布股
息，惟其金额不可多于董事会建议的金
额。
除此之外，董事可不时以其认为适宜的金
额及日期支付中期股息，或特别股息。
在不违反公司章程细则的前提下，本公司
可宣布及支付现金或认股权证或董事会认
为适宜的其他形式的股息。
2024/2025
年报ANUAL REPORT85
董事会报告
Report of the Directors
DIVIDEND POLICY (continued)
No dividend shal be declared or payable except out of the Company’s
profits or reserves lawfuly available for such purposes.
Any dividend unclaimed may be forfeited and shal revert to the Company in
acordance with the Company’s Articles of Asociation.
The Board wil review the Dividend Policy as apropriate from time to time.
DIVIDEND AND CLOSURE OF REGISTER OF MEMBERS
The Board has recomended the payment of a final dividend of US2.04
cents (for the year ended 31 March 2024: a final dividend of US3.30
cents) per share in respect of the year ended 31 March 2025. Subject to
the aproval of shareholders at the forthcoming 2025 AGM to be held on
26 August 2025, the proposed final dividend wil be paid on or about 18
September 2025. Shareholders registered under the principal register of
members in the Cayman Islands wil automaticaly receive their dividends in
United States dolars while shareholders registered under the Hong Kong
branch register of members wil automaticaly receive their dividends in
Hong Kong dolars. The Hong Kong dolars final dividend wil be calculated
with reference to the exchange rate of United States dolars against Hong
Kong dolars on 26 August 2025, being the date of the 2025 AGM on which
such dividend wil be proposed to the shareholders of the Company for
aproval.
In order to qualify to atend and vote at the forthcoming 2025 AGM, al
transfers acompanied by the relevant share certificates must be lodged
with the Company’s Hong Kong branch share registrar and transfer ofice,
Computershare Hong Kong Investor Services Limited at Shops 1712-1716,
17th flor, Hopewel Centre, 183 Quen’s Road East, Wanchai, Hong Kong,
not later than 4:30 pm on 20 August 2025, for the purpose of efecting the
share transfers. The register of members of the Company wil be closed
from 21 August 2025 to 26 August 2025 (both dates inclusive).
股息政策（续）
除使用合法可用于该等目的本公司利润
或储备外，本公司不得宣布或支付股息。
任何无人认领之股息可根据公司章程细则
之规定被没收并拨归本公司所有。
董事会将不时对本股息政策作适当检讨。
股息及暂停办理股份过户登记手续
董事会建议就截至2025年3月31日止年度派
发末期股息每股2.04美仙（截至2024年3月
31日止年度：末期股息每股3.30美仙）。待
股东于2025年8月26日即将举行的2025年
股东周年大会上批准后，拟派末期股息将
于2025年9月18日或前后派付。于开曼群岛
主要股东名册登记之股东将会自动以美元
收取彼等之现金股息，而于香港股东名册
分册登记之股东将自动以港元收取彼等之
现金股息。以港元派付之末期股息将按于
2025年8月26日（即提呈该股息予本公司股
东于2025年股东周年大会上批准派发该股
息建议当日）之美元兑港元之汇率换算。
为确定有权出席应届2025年股东周年大会
并于会上投票，所有转让文件连同有关之
股票须于2025年8月20日下午4时30分前送
达本公司之香港股份过户登记分处香港中
央证券登记有限公司，地址为香港湾仔皇
后大道东183号合和中心17楼1712至1716
号舖办理股份过户登记手续。本公司将由
2025年8月21日至2025年8月26日（包括首
尾两天）暂停办理股份过户登记手续。
2024/2025
年报ANUAL REPORT86
董事会报告
Report of the Directors
股息及暂停办理股份过户登记手续（续）
为确定符合获派上述末期股息资格，所有
转让文件连同有关之股票须于2025年8月29
日下午4时30分前送达本公司之香港股份过
户登记分处香港中央证券登记有限公司，
地址为香港湾仔皇后大道东183号合和中心
17楼1712至1716号舖办理股份过户登记手
续。本公司将由2025年8月30日至2025年9
月3日（包括首尾两天）暂停办理股份过户登
记手续。
储备
于2025年3月31日，本公司可分派储备
为人民币13,763,836,000元（2024年3月31
日：人民币10,785,024,000元）。截至2025
年3月31日止年度，本公司之储备变动载于
综合财务报表附注34。
股本
本公司于截至2025年3月31日止年度之股本
变动详情载于综合财务报表附注18。
主要客户及供应商
五大客户合共占本集团截至2025年3月31日
止年度收益总额不足30%。
五大供应商合共占本集团截至2025年3月31
日止年度采购总额48%。最大供应商占本
集团采购总额23%。
各董事、任何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本5%以上的
股东于截至2025年3月31日止年度概无拥有
该等供应商之任何权益。
DIVIDEND AND CLOSURE OF REGISTER OF MEMBERS
(continued)
In order to qualify for the entitlement to the above mentioned final dividend,
al transfers acompanied by the relevant share certificates must be lodged
with the Company’s Hong Kong branch share registrar and transfer ofice,
Computershare Hong Kong Investor Services Limited, at Shops 1712-1716,
17th flor, Hopewel Centre, 183 Quen’s Road East, Wanchai, Hong Kong,
not later than 4:30 pm on 29 August 2025, for the purpose of efecting the
share transfers. The register of members of the Company wil be closed
from 30 August 2025 to 3 September 2025 (both dates inclusive).
RESERVES
As at 31 March 2025, the distributable reserves of the Company amounted
to RMB13,763,836,000 (31 March 2024: RMB10,785,024,000). Movements
in the reserves of the Company during the year ended 31 March 2025 are
set out in Note 34 to the consolidated financial statements.
SHARE CAPITAL
Details of the movements in the share capital of the Company during the
year ended 31 March 2025 are set out in Note 18 to the consolidated
financial statements.
MAJOR CUSTOMERS AND SUPLIERS
The five largest customers contributed in agregate les than 30% of the
Group’s total revenue for the year ended 31 March 2025.
The five largest supliers constituted in agregate 48% of the Group’s
total purchases for the year ended 31 March 2025. The largest suplier
acounted for 23% of the Group’s total purchases.
At no time during the year ended 31 March 2025 did the Directors or any
of 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
share capital) had any interests in these supliers.
2024/2025
年报ANUAL REPORT87
董事会报告
Report of the Directors
DIRECTORS
The Directors during the year ended 31 March 2025 and up to the
publication of this Anual Report are:
Executive Directors
Mr. Tsai Eng-Meng (Chairman and Chief Executive Oficer)
Mr. Tsai Shao-Chung
Mr. Tsai Wang-Chia (Chief Operating Oficer)
Mr. Huang Yung-Sung (Chief Marketing Oficer)
Mr. Chu Chi-Wen (Chief Financial Oficer)
Mr. Tsai Ming-Hui
Ms. Lai Hong Ye
Non-executive Directors
Mr. Maki Haruo
Mr. Cheng Wen-Hsien
Independent non-executive Directors
Dr. Pei Kerwei
Mr. Hsieh Tien-Jen
Mr. Le Kwok Ming
Mr. Pan Chih-Chiang
Mrs. Kong Ho Pui King, Stela
At the forthcoming 2025 AGM, the Directors retiring by rotation in
acordance with Article 130 of the Articles of Asociation are Mr. Tsai Eng-
Meng, Mr. Huang Yung-Sung, Ms. Lai Hong Ye, Mr. Cheng Wen-Hsien
and Dr. Pei Kerwei. Al the aforesaid retiring Directors, being eligible, wil
ofer themselves for re-election at the 2025 AGM.
BIOGRAPHIES OF DIRECTORS
The biographical details of the Directors are set out under the section
headed “Directors and Senior Management” of this Anual Report.
CHANGES OF DIRECTOR’S INFORMATION
The change of Director’s information as required to be disclosed pursuant to
Rule 13.51B of the Listing Rules is set out below.
Mr. Le Kwok Ming, an independent non-executive Director of the Company,
resigned as an independent non-executive director of Bosini International
Holdings Limited (a company listed on the HK Stock Exchange) in March
2025.
DIRECTORS’ SERVICE CONTRACTS
Directors being proposed for re-election at the forthcoming 2025 AGM do
not have any 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 statutory
compensation).
董事
截至2025年3月31日止年度及截至本年报发
布日之董事如下：
执行董事
蔡衍明先生（主席及行政总裁）
蔡绍中先生
蔡旺家先生（首席营运官）
黄永松先生（市场营销长）
朱纪文先生（财务总监）
蔡明辉先生
黎康仪女士
非执行董事
槇春夫先生
郑文宪先生
独立非执行董事
贝克伟博士
谢天仁先生
李国明先生
潘志强先生
江何佩琼女士
根据公司章程细则第130条，将于应届2025
年股东周年大会上轮值告退的董事有蔡衍
明先生、黄永松先生、黎康仪女士、郑文
宪先生及贝克伟博士。上述董事皆符合资
格，并愿意于应届2025年股东周年大会上
膺选连任。
董事履历
董事之履历详情载于本年报「董事及高级管
理人员」一节。
董事资料变更
以下是根据上市规则第13.51B条而披露之
董事资料变更。
本公司独立非执行董事李国明先生于2025
年3月辞任堡狮龙国际集团有限公司（在香
港联交所上市的公司）之独立非执行董事。
董事服务合约
拟于即将召开之应届2025年股东周年大会
上膺选连任之董事，概无与本公司或其任
何附属公司订立不可由本公司或其任何附
属公司于一年内毋须赔偿（法定赔偿除外）
而终止之服务合约。
2024/2025
年报ANUAL REPORT88
董事会报告
Report of the Directors
BOROWINGS
Details of the borowings of the Group are set out in Note 22 to the
consolidated financial statements.
DONATIONS
The charitable and other donations made by the Group during the year
ended 31 March 2025 amounted to aproximately RMB30,439,000 (for the
year ended 31 March 2024: RMB31,755,000).
FINANCIAL SUMARY
The sumary of the consolidated results of the Group for the five years
ended 31 March 2021, 2022, 2023, 2024 and 2025 and the asets and
liabilities of the Group as at 31 March 2021, 2022, 2023, 2024 and 2025 are
set out in the Financial Sumary on page 13 of this Anual Report.
CONFIRMATION OF INDEPENDENCE OF INDEPENDENT
NON-EXECUTIVE DIRECTORS
The Company has received a confirmation of independence pursuant to
Rule 3.13 of the Listing Rules from each of the independent non-executive
Directors.
In adition, each of them is neither interested in the securities or busines
of the Company or any of its subsidiaries nor conected with any Director,
senior management or substantial or controling shareholders of the
Company. Save as serving as an independent non-executive Director of the
Company, none of them has taken up any other positions in the Company
or any of its subsidiaries.
The Board reviewed the overal contribution and service to the Company of
each of the independent non-executive Directors as wel as their respective
level of participation and performance on the Board as an independent non-
executive Director. Each of them has demonstrated his/her ability to provide
an independent view to the Company’s maters and valuable contributions
to the Company during his/her term of ofice.
The Board is satisfied that each of the independent non-executive
Directors has the required integrity, atributes, profound knowledge and
experience, profesional qualification and profesionalism to fulfil the roles
of independent non-executive Director and considered Dr. Pei Kerwei, Mr.
Hsieh Tien-Jen, Mr. Le Kwok Ming, Mr. Pan Chih-Chiang and Mrs. Kong
Ho Pui King, Stela to be independent.
借款
本集团之借款详情载于综合财务报表
附注22。
捐赠
于截至2025年3月31日止年度，本集团
的慈善捐款及其他捐赠总额约为人民币
30,439,000元（截至2024年3月31日止年
度：人民币31,755,000元）。
财务概要
本集团于截至2021年、2022年、2023年、
2024年及2025年3月31日止5个年度的综
合业绩，以及本集团于2021年、2022年、
2023年、2024年及2025年3月31日之资产
负债概要载于本年报第13页的财务概要。
独立非执行董事之独立性确认
本公司根据香港联交所上市规则第3.13条
已取得各独立非执行董事就其独立性发出
之确认。
此外，彼等概无于本公司或其附属公司证
券或业务当中拥有权益，亦与本公司任何
董事、高级管理人员或主要或控股东概
无关连。除担任独立非执行董事外，彼等
并无于本公司或其任何附属公司担任何
其他职位。
董事会检视了每位独立非执行董事对本公
司的整体贡献和服务、以及作为独立非执
行董事对董事会的参与程度和表现。彼等
在任职期间均表现有能力就本公司事宜提
供独立意见并为本公司作出宝贵贡献。
董事会信纳各位独立非执行董事具备履行
独立非执行董事之职责所需之品格、特
质、渊博知识和经验，专业资格以及专业
精神，并认为贝克伟博士、谢天仁先生、
李国明先生、潘志强先生及江何佩琼女士
确属独立人士。
2024/2025
年报ANUAL REPORT89
董事会报告
Report of the Directors
DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS
AND SHORT POSITIONS IN SHARES, UNDERLYING
SHARES AND DEBENTURES OF THE COMPANY AND
ITS ASOCIATED CORPORATION
As at 31 March 2025, the interests and short positions of the Directors
and chief executive of the Company in the shares, underlying shares and
debentures of the Company or any asociated corporations (within the
meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of
the Laws of Hong Kong) (“SFO”) as recorded in the register required to be
kept under section 352 of the SFO or as otherwise notified to the Company
and the HK Stock Exchange pursuant to the Model Code are as folows:
(i) Interests in the Company (long position)
Number of ordinary shares held
持有普通股数目
Beneficial
interests
Family
interests
Interests in
controled
corporations
Interests of
founder or
beneficiary of
discretionary
trustsTotal
Aproximate %
of the isued
share capital of
the Company
(1)
Name of Directors 董事姓名实益权益家族权益受控制公司权益
酌情信托成立人
或受益人权益总数
占本公司已发行
股本的概约
百分比
(1)
Tsai Eng-Meng 蔡衍明100,000,000
(2)
3,177,619,700
(3)
3,095,794,400
(4)
6,373,414,10053.9979%
Tsai Shao-Chung 蔡绍中102,594,000
(5)
2,966,223,400
(6)
3,068,817,40026.0002%
Tsai Wang-Chia 蔡旺家42,000101,300,000
(7)
2,966,223,400
(6)
3,067,565,40025.9896%
Huang Yung-Sung 黄永松22,10022,1000.0002%
Chu Chi-Wen 朱纪文197,200197,2000.0017%
Maki Haruo 槇春夫1,100,000200,000
(8)
1,300,0000.0110%
Cheng Wen-Hsien 郑文宪76,600463,086,040
(9)
463,162,6403.9241%
Tsai Ming-Hui 蔡明辉57,20057,2000.0005%
Lai Hong Ye黎康仪8,0008,0000.0001%
(i) Interests in an asociated corporation of the Company (long
position)
Name of Director
Name of the
asociated corporationNature of interests
Number of ordinary
shares held
Aproximate
% of total isued
share capital of the
asociated corporation
董事姓名相联法团名称权益性质持有普通股数目
占有关相联法团已发行
股本总数概约百分比
Tsai Shao-ChungWant Want Holdings Ltd.Beneficial interests9,6650.0007%
蔡绍中旺控股有限公司实益权益
董事及最高行政人员于本公司及其相联
法团之股份、相关股份及债券之权益及
淡仓
于2025年3月31日，本公司董事及最高行政
人员于本公司或其任何相联法团（定义见证
券及期货条例（香港法例第571章）（「证券及
期货条例」）第XV部）之股份、相关股份及债
券根据证券及期货条例第352条须存置于登
记册内或根据标准守则须知会本公司及香
港联交所之权益及淡仓如下：
(i) 于本公司的权益（好仓）
(i) 于本公司相联法团的权益（好仓）
2024/2025
年报ANUAL REPORT90
董事会报告
Report of the Directors
DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS
AND SHORT POSITIONS IN SHARES, UNDERLYING
SHARES AND DEBENTURES OF THE COMPANY AND
ITS ASOCIATED CORPORATION (continued)
Notes:
- ’s isued share capital as at 31 March 2025, comprising
11,803,071,135 shares.
- ’s child under the
age of 18.
- “Top Quality”), a
company wholy-owned by Mr. Tsai Eng-Meng.
- , four discretionary family trusts were set
up by Mr. Tsai Eng-Meng (as setlor and founder) over a total of 3,095,794,400
shares, of which 2,966,223,400 shares were held by one discretionary family
trust through Want Power Holdings Limited (“Want Power”), and 26,286,000,
26,285,000 and 77,000,000 shares were held respectively by the other thre
discretionary family trusts through other companies.
- , a company wholy-owned
by Mr. Tsai Shao-Chung.
- , the entire share capital of
which is held by Hot Kid Pte. Ltd. which is the truste of a discretionary family
trust set up by Mr. Tsai Eng-Meng (as setlor and founder) for the benefit of
beneficiaries, including Mr. Tsai Shao-Chung and Mr. Tsai Wang-Chia.
- , a company
wholy-owned by Mr. Tsai Wang-Chia.
- ’s spouse.
(9) These shares are directly held by Mr Big Capital Limited and Mr Big Limited as
to 163,596,040 shares and 299,490,000 shares respectively. Mr Big Capital
Limited is wholy-owned by Mr. Cheng Wen-Hsien. Mr. Cheng is also the
controling shareholder of Mr Big Limited holding 60% of its shares.
董事及最高行政人员于本公司及其相联
法团之股份、相关股份及债券之权益及
淡仓（续）
附注：
(1) 根据本公司于2025年3月31日之已发行股
本，包括11,803,071,135股份。
(2) 该等股份由蔡衍明先生未满18岁的子女实
益拥有。
- （领
品集团有限公司）（「Top Quality」）直接持
有，而该公司由蔡衍明先生全资拥有。
- ，蔡衍明先生（作为委
托人及成立人）设立了四个酌情家族信
托，合共持有3,095,794,400股份，其
中一个酌情家族信托透过Want Power
Holdings Limited（「Want Power」）持有
2,966,223,400股，而另外三个酌情家族
信托则透过其他公司分别持有26,286,000
股、26,285,000股及77,000,000股份。
- ，而
该公司由蔡绍中先生全资拥有。
- ，而
Want Power由Hot Kid Pte. Ltd.全资持
有。Hot Kid Pte. Ltd.是蔡衍明先生(作为
委托人及成立人）为受益人的利益而设立
的酌情家族信托的受托人，蔡绍中先生和
蔡旺家先生均为该家族信托的受益人之
一。
(7) 该等股份由ThemePark Dome Limited直
接持有，而该公司由蔡旺家先生全资拥
有。
- 。
(9) 该等股份为分别由Mr Big Capital Limited
及Mr Big Limited直接持有的 163,596,040
股及299,490,000股份。Mr Big Capital
Limited由郑文宪先生全资拥有。郑先生是
Mr Big Limited的控股东并持有其60%股
份。
2024/2025
年报ANUAL REPORT91
董事会报告
Report of the Directors
DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS
AND SHORT POSITIONS IN SHARES, UNDERLYING
SHARES AND DEBENTURES OF THE COMPANY AND
ITS ASOCIATED CORPORATION (continued)
Save as disclosed above, as at 31 March 2025, none of the Directors, nor
the chief executive of the Company had any interests or short positions in
any of the shares, underlying shares or debentures of the Company or any
of its asociated corporations (within the meaning of Part XV of the SFO) as
recorded in the register required to be kept under section 352 of the SFO or
as otherwise notified to the Company and the HK Stock Exchange pursuant
to the Model Code.
Save as disclosed above, none of the Directors or the chief executive of
the Company, their spouses or children under the age of 18 had any right
to subscribe for the securities of the Company, or had exercised any such
right.
INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL
SHAREHOLDERS DISCLOSABLE UNDER THE SFO
As at 31 March 2025, insofar as the Directors are aware, the interests and
short positions of any person, other than any Directors or the chief executive
of the Company, in the shares and underlying shares of the Company as
recorded in the register required to be kept under section 336 of the SFO, or
as otherwise notified to the Company and the HK Stock Exchange, are as
folows:
Interest in the Company (long position)
Name of shareholdersNature of interests
Number
of shares held
Aproximate % of the
isued share capital
of the Company
(1)
股东姓名权益性质持有股份数目
占本公司已发行股本的
概约百分比
(1)
Want PowerBeneficial interests2,966,223,400
(2)
25.1309%
实益权益
Hot Kid Pte. Ltd.Truste interests2,966,223,400
(2)
25.1309%
信托受托人权益
DBS Truste LimitedTruste interests2,966,223,400
(3)
25.1309%
信托受托人权益
Top QualityBeneficial interests3,177,619,700
(4)
26.9220%
实益权益
ICLBeneficial interests608,434,4805.1549%
岩冢制菓实益权益
董事及最高行政人员于本公司及其相联
法团之股份、相关股份及债券之权益及
淡仓（续）
除上述所披露者外，于2025年3月31日，概
无任何本公司董事或最高行政人员于本公
司或其任何相联法团（定义见证券及期货条
例第XV部）之股份、相关股份或债券中拥有
任何载于根据证券及期货条例第352条规定
存置之登记册内，或根据标准守则另行知
会本公司及香港联交所之权益或淡仓。
除上述所披露者外，概无本公司董事或最
高行政人员或其配偶或未满18岁子女拥有
任何权利以认购本公司之证券或行使任何
此等权利。
根据证券及期货条例主要股东须予披露
之权益及淡仓
于2025年3月31日，就董事所悉，根据证
券及期货条例第336条规定须存置之登记册
内所载，或另行知会本公司及香港联交所
者，以下人士（本公司董事或最高行政人员
除外）持有本公司股份及相关股份之权益及
淡仓载列如下：
于本公司的权益（好仓）
2024/2025
年报ANUAL REPORT92
董事会报告
Report of the Directors
INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL
SHAREHOLDERS DISCLOSABLE UNDER THE SFO (continued)
Interest in the Company (long position) (continued)
Note:
- ’s isued share capital as at 31 March 2025, comprising
11,803,071,135 shares.
- , a discretionary family trust was set up by
Mr. Tsai Eng-Meng (as setlor and founder) over 2,966,223,400 shares held by
Want Power (“Trust”) for the benefit of beneficiaries, including Mr. Tsai Shao-
Chung and Mr. Tsai Wang-Chia. Hot Kid Pte. Ltd. is the truste of the Trust
and holds the entire share capital of Want Power. Each of Hot Kid Pte. Ltd (as
truste of the Trust), Mr. Tsai Eng-Meng (as the founder of the Trust) as wel as
Mr. Tsai Shao-Chung and Mr. Tsai Wang-Chia (being one of the beneficiaries
of the Trust), are demed to be interested in the 2,966,223,400 shares held
by Want Power. Se also Notes 4 and 6 under the heading “Directors’ and
chief executive’s interests and short positions in shares, underlying shares and
debentures of the Company and its asociated corporation” above.
(3) DBS Truste Limited acts as truste of a purpose trust which was set up by
Mr. Tsai Eng-Meng (as setlor and founder) and holds the entire isued share
capital of Hot Kid Pte. Ltd., which in turn acts as truste of the Trust and holds
the entire isued share capital of Want Power. DBS Truste Limited is demed
to be interested in the 2,966,223,400 shares held by Want Power.
(4) The shares held by Top Quality were beneficialy owned by Mr. Tsai Eng-Meng
and are the same shares disclosed as Mr. Tsai Eng-Meng’s interests in
controled corporations as set out under the heading “Directors’ and chief
executive’s interests and short positions in shares, underlying shares and
debentures of the Company and its asociated corporation” above.
Save as disclosed above, as at 31 March 2025, the Company has not ben
notified by any persons (other than Directors and the chief executive of the
Company) who had interests or short positions in the shares or underlying
shares of the Company which require disclosure to the Company under the
provisions of Part XV of the SFO, or which were recorded in the register
required to be kept under section 336 of the SFO.
根据证券及期货条例主要股东须予披露
之权益及淡仓（续）
于本公司的权益（好仓）（续）
附注：
(1) 根据本公司于2025年3月31日之已发行股
本，包括11,803,071,135股份。
- ，蔡衍明先生（作为委托
人及成立人）设立了一个为受益人（包括
蔡绍中先生和蔡旺家先生）的利益而设立
的酌情家族信托，并透过Want Power持
有2,966,223,400股份（「信托」）。Hot
Kid Pte. Ltd.为信托的受托人，持有Want
Power的全部股份。因此，Hot Kid Pte.
Ltd.为信托的受托人、蔡衍明先生为信托
的成立人，以及蔡绍中先生和蔡旺家先生
作为信托的受益人之一均被视为于Want
Power持有的2,966,223,400股份中拥有
权益。请亦见上文「董事及最高行政人员
于本公司及其相联法团之股份、相关股份
及债券之权益及淡仓」一段的附注4及6。
- （作
为委托人及成立人）所设立的目的信托的
受托人，持有Hot Kid Pte. Ltd.的全部股
份，而Hot Kid Pte. Ltd.为信托的受托人，
持有Want Power的全部股份。因此，DBS
Truste Limited被视为于Want Power持有
的2,966,223,400股份中拥有权益。
(4) 上述Top Quality所持有的股份均由蔡衍明
先生实益拥有，而该等股份为上文「董事
及最高行政人员于本公司及其相联法团之
股份、相关股份及债券之权益及淡仓」一
段蔡衍明先生所披露之受控制公司权益所
载之相同股份。
除上文所披露者外，于2025年3月31日，概
无任何人士（本公司董事或最高行政人员除
外）曾知会本公司拥有根据证券及期货条例
第XV部须向本公司披露或根据证券及期货
条例第336条须存置于本公司之登记册中的
本公司股份或相关股份之权益或淡仓。
2024/2025
年报ANUAL REPORT93
董事会报告
Report of the Directors
DIRECTORS’ MATERIAL INTERESTS IN TRANSACTIONS,
ARANGEMENTS AND CONTRACTS OF SIGNIFICANCE
IN RELATION TO THE GROUP’S BUSINES
No transactions, arangements and contracts of significance in relation to
the Group’s busines to which the Company or any of its subsidiaries was
a party or were parties and in which a Director or an entity conected with
a Director had a material interest, whether directly or indirectly, subsisted
at the end of the year ended 31 March 2025 or at any time during the year
ended 31 March 2025.
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of the whole
or any substantial part of the busines of the Company were entered into or
existed during the year ended 31 March 2025.
CONECTED TRANSACTIONS AND CONTINUING
CONECTED TRANSACTIONS
Continuing conected transactions
The Company had the folowing non-exempt continuing conected
transactions conducted in the financial year ended 31 March 2025.
Water God (水神) Framework Agrement
On 28 April 2023, the Company and San Want (together with its subsidiaries,
the “San Want Group”) entered into a renewed framework agrement
(“Water God Framework Agrement”), pursuant to which San Want Group
agred to sel, and the Group agred to purchase certain “Water God
(水神)” branded antiseptic and sanitising products (“Products”) from San
Want Group for onward sale and distribution for a term of two years from 1
April 2023 to 31 March 2025 (both dates inclusive).
The principal terms of the Water God Framework Agrement are set out
below:
Date of agrement
28 April 2023
Parties
(1) The Company
(2) San Want
Members of the Group and subsidiaries of San Want may enter into
separate agrement(s)/purchase orders which set out details of the Product,
price, the quantity, date and place of delivery and other terms pursuant to
the Water God Framework Agrement.
Term
1 April 2023 to 31 March 2025
董事于与本集团业务有关之重要交易、
安排或合约之重大利益
于截至2025年3月31日止年度终结日或截至
2025年3月31日止年度任何时间，概无由本
公司或其任何附属公司作为协议方、且本
公司董事或与该董事有关联的实体直接或
间接于其中拥有重大利益，而与本集团业
务有关之重要交易、安排或合约。
管理合约
于截至2025年3月31日止年度，概无订立或
存在有关本公司全部或任何重大部份业务
的管理及行政合约。
关连交易及持续关连交易
持续关连交易
本公司于截至2025年3月31日止财政年度进
行以下非豁免持续关连交易。
水神框架协议
本公司与神旺（连同其附属公司，统称「神
旺集团」）于2023年4月28日订立一份已更新
框架协议（「水神框架协议」）自2023年4月1
日起至2025年3月31日止（包括首尾两日），
为期两年。据此，神旺集团同意向本集团
出售及本集团同意向神旺集团购买若干「水
神」品牌除菌及消毒产品（「产品」），以供进
行销售和分销。
水神框架协议的主要条款载列如下：
协议日期
2023年4月28日
协议方
(1) 本公司
(2) 神旺
本集团的成员公司与神旺的附属公司可根
据水神框架协议另行订立列明产品的详
情、价格、数量、交付日期和地点及其他
条款的协议╱购买订单。
期限
2023年4月1日至2025年3月31日
2024/2025
年报ANUAL REPORT94
董事会报告
Report of the Directors
CONECTED TRANSACTIONS AND CONTINUING
CONECTED TRANSACTIONS (continued)
Continuing conected transactions (continued)
Water God (水神) Framework Agrement (continued)
The Products
“Water God (水神)” branded antiseptic and sanitising products, mainly
including antiseptic liquids, wipes, feminine hygiene wash, antiseptic sprays,
mouthwash and other consumables.
Pricing Terms
San Want Group shal ofer the most favourable seling price to the Group,
which shal represent a discount to San Want Group’s recomended
retail prices to end consumers for the Products in diferent packaging
specifications (inclusive of value-aded tax), and such discount shal not be
les than the discount ofered by San Want Group to its other customers.
There are more than a dozen of items included in the Products and the
discounts aplied vary materialy for diferent items of diferent specifications
and targeted distribution chanels. The Board takes the view that the
specific discounts ofered to the Group are comercialy sensitive, and
the disclosure of the same may not be meaningful to shareholders of the
Company either.
In asesing the discounts ofered by San Want Group to the Group, the
Directors (including the independent non-executive Directors) were provided
with a schedule seting out the discounts ofered by San Want Group to
the Group and its other customers for each item of the Products before
entering into the Water God Framework Agrement. As part of the internal
control procedures, the finance department of the Company wil perform
this procedure again every six months during the term of the Water God
Framework Agrement to ensure that the discounts ofered to the Group
are not les than the discounts ofered by San Want Group to its other
customers.
The pricing terms of the transactions contemplated under the Water God
Framework Agrement were negotiated on an arm’s length basis, and
determined in the ordinary course of busines on normal comercial terms
or beter, and are no les favourable to the Group than those available with
independent third parties.
Payment Terms
Members of the Group shal pay for the Products under the Water God
Framework Agrement after the completion of inspection for aceptance
and within 30 days after receipt of invoices for the relevant Products.
关连交易及持续关连交易（续）
持续关连交易（续）
水神框架协议（续）
产品
「水神」品牌除菌及消毒产品，主要包括除
菌液、衞生湿巾、护理液、除菌喷雾、漱
口水和其他消耗品。
定价条款
神旺集团应向本集团提供最优惠的销售价
格，该价格将代表神旺集团就不同包装规
格的产品以向最终客户建议零售价的折扣
价格（包含增值税），且该折扣不得少于神
旺集团向其他客户提供的折扣。
产品涉及逾十几个产品单件，而不同产品
单件、不同规格和在不同的目标分销渠道
销售的产品单件所适用的折扣也大不相
同。董事会认为向本集团提供的具体折扣
具商业敏感性，且披露这些资料对本公司
股东而言可能没有意义。
在评估神旺集团向本集团提供的折扣时，
董事（包括独立非执行董事）于签订水神框
架协议前获提供一份附表，当中列出了神
旺集团向本集团及其他客户提供的每项
产品的折扣。作为内部控制程序的一部
分，本公司的财务中心将在水神框架协议
期限内每六个月再次执行该程序，以确保
神旺集团向本集团提供的折扣不少于神旺
集团向其他客户提供的折扣。
水神框架协议项下拟议的交易之定价条款
是经公平磋商，并在本集团的日常及一般
业务过程中基于正常商务条款或更佳条款
所订立，且本集团所获得之条款不逊于独
立第三方可获得之条款。
付款条款
本公司的成员将根据水神框架协议在就有
关产品完成验收及收到发票后30天内支付
产品货款。
2024/2025
年报ANUAL REPORT95
董事会报告
Report of the Directors
CONECTED TRANSACTIONS AND CONTINUING
CONECTED TRANSACTIONS (continued)
Continuing conected transactions (continued)
Water God (水神) Framework Agrement (continued)
Proposed anual caps
The proposed anual caps for the transactions contemplated under the
Water God Framework Agrement for the years ending 31 March 2024 and
31 March 2025 are RMB50,000,000 and RMB60,000,000, respectively. The
anual caps were determined after taking into acount the purchase price
of the Products and the expected purchase quantities of the Products to be
onward sold and distributed through the Group’s distribution chanels during
the term of the Water God Framework Agrement.
In view of the increasing awarenes of personal hygiene, and as consumers’
demand for cleaning and sanitising products in the post-pandemic era was
expected to continue to grow, the Group intended to, by entering into the
Water God Framework Agrement, continue to leverage on its existing sales
and distribution capabilities, to serve such consumer neds for cleaning and
sanitising products while providing the Group with a source of revenue.
Further details are set out in the anouncement of the Company dated 28
April 2023.
The amount of Products purchased by the Group for the year ended 31
March 2025 was RMB28,514,000 which did not exced the proposed
anual cap.
Listing Rules Implications
Mr. Tsai Eng-Meng, the Chairman, Chief Executive Oficer, executive
Director and ultimate controling shareholder of the Company, is the ultimate
controling shareholder of San Want. As such, San Want is an asociate of
Mr. Tsai and hence a conected person of the Company within the meaning
of the Listing Rules and the transactions contemplated under Water God
Framework Agrement constitute continuing conected transactions of the
Company.
As the highest of the aplicable percentage ratios under the Listing Rules
in respect of the continuing conected transactions contemplated under
the Water God Framework Agrement is more than 0.1% but les than
5%, such transactions are subject to the reporting, anual review and
anouncement requirements but are exempted from the independent
shareholders’ aproval requirement under Chapter 14A of the Listing Rules.
关连交易及持续关连交易（续）
持续关连交易（续）
水神框架协议（续）
建议年度上限
截至2024年3月31日及截至2025年3月31日
止两个年度本集团就水神框架协议项下拟
进行的交易之建议年度上限分别为人民币
50,000,000元及人民币60,000,000元。年
度上限是在考虑到水神框架协议期限期间
的产品购买价格和预期将通过本集团分销
渠道销售和分销的产品数量所厘定。
鉴于个人衞生意识日益提高，以及预期后
疫情时代消费者对清洁和消毒产品的需求
将持续增加，本集团有意通过订立水神框
架协议，继续利用其现有的销售和分销能
力，服务对该等清洁和消毒产品有需求的
消费者，并为本集团提供收入来源。
有关进一步详情载于本公司日期为2023年4
月28日之公告。
本集团于截至2025年3月31止年度之产品采
购金额为人民币28,514,000元，并无超出
建议年度上限。
上市规则的影响
本公司主席、行政总裁、执行董事及最终
控股东蔡衍明先生是神旺的最终控股
东。因此，根据上市规则的定义，神旺是
蔡先生的联系人及本公司的关连人士，而
水神框架协议项下拟进行的交易构成本公
司的持续关连交易。
鉴于水神框架协议项下拟进行的持续关连
交易的最高适用百分比率高于0.1%但低于
5%，该等交易须遵守上市规则第14A章的
申报、年度审阅及公告规定，但获豁免遵
守独立股东批准规定。
2024/2025
年报ANUAL REPORT96
董事会报告
Report of the Directors
CONECTED TRANSACTIONS AND CONTINUING
CONECTED TRANSACTIONS (continued)
Continuing conected transactions (continued)
Water God (水神) Framework Agrement (continued)
Confirmation of independent non-executive Directors
Our independent non-executive Directors have reviewed the aforesaid
continuing conected transactions of the Group and confirmed that each of
the transactions has ben entered into:
- ;
(2) on normal comercial terms or on terms no les favourable to the
Group than terms available to or from (as apropriate) independent
third parties; and
(3) in acordance with the relevant agrement governing it on terms that
are fair and reasonable and in the interests of the shareholders of the
Company as a whole.
The Company’s auditor was engaged to report on the Group’s continuing
conected transactions in acordance with Hong Kong Standard on
Asurance Engagements 3000 “Asurance Engagements Other Than
Audits or Reviews of Historical Financial Information” and with reference to
Practice Note 740 “Auditor’s Leter on Continuing Conected Transactions
under the Hong Kong Listing Rules” isued by the Hong Kong Institute
of Certified Public Acountants. The auditor has isued an unqualified
leter containing its findings and conclusions in respect of the continuing
conected transactions disclosed above in acordance with Rule 14A.56 of
the Listing Rules.
Conected transactions
The Company also entered into the folowing non-exempt conected
transactions during the year ended 31 March 2025.
Acquisition of Aircraft
On 31 August 2024, Tianjin Xiang Want Consulting Services Co., Ltd.
(天津祥旺咨询服务有限公司), a subsidiary of the Company (the “Purchaser”)
and Planet Media Limited (the “Vendor”) entered into the aircraft acquisition
agrement (the “Aircraft Acquisition Agrement”), pursuant to which the
Purchaser agred to purchase and the Vendor agred to sel one (1) Airbus
model A318-112 busines aircraft (the “Aircraft”).
关连交易及持续关连交易（续）
持续关连交易（续）
水神框架协议（续）
独立非执行董事之确认
我们的独立非执行董事已审阅上述本集团
之持续关连交易，并确认有关交易均按下
列方式进行：
(1) 于本集团日常及一般业务过程中订
立；
- ，或按不逊于独
立第三方可获或开出之条款（视乎情
况而定）订立；及
(3) 根据有关协议按公平合理及符合本公
司股东整体利益之条款订立。
本公司已按照香港会计师公会颁布的香港
鉴证业务准则第3000号「历史财务资料审核
或审阅以外之鉴证工作」及参考实务说明第
740号「香港上市规则规定的持续关连交易
的核数师函件」，委任其核数师报告本集团
之持续关连交易。本公司之核数师已根据
上市规则第14A.56条发出载有其就有关上
述持续关连交易之审查结果及结论之无保
留意见函件。
关连交易
于截至2025年3月31止年度期间，本公司亦
订立了以下非豁免关连交易。
购买飞机
于2024年8月31日，天津祥旺咨询服务有
限公司（「买方」）（本公司的一家附属公司）
与Planet Media Limited （「卖方」）订立飞机
购买协议（「飞机购买协议」），据此买方同
意购买而卖方同意出售一架空中巴士A318-
112商务机（「飞机」）。
2024/2025
年报ANUAL REPORT97
董事会报告
Report of the Directors
CONECTED TRANSACTIONS AND CONTINUING
CONECTED TRANSACTIONS (continued)
Conected transactions (continued)
Acquisition of Aircraft (continued)
The Vendor is an asociate of Mr. Tsai Eng-Meng (the chairman, chief
executive oficer, an executive Director and the ultimate controling
shareholder of the Company) and hence a conected person of the
Company within the meaning of the Listing Rules, and the acquisition of
Aircraft contemplated under the Aircraft Acquisition Agrement constituted a
conected transaction of the Company.
The purchase price for the Aircraft is US$19.4 milion (the “Consideration”).
The Consideration was arived at after arm’s length negotiations betwen
the parties and on normal comercial terms. The Consideration was
determined by reference to, among other things, the remaining useful
life of the Aircraft and a valuation report prepared by King Ke Apraisal
and Advisory Limited (the “Valuer”), an independent profesional valuer,
acording to which the valuation of the Aircraft as at 31 July 2024 amounted
to US$19.4 milion to US$20.0 milion (the “Valuation”). The Consideration
was acounted for as capital expenditure in 2024FY.
The conected transaction is only subject to reporting and anouncement
requirements under Chapter 14A of the Listing Rules but is exempted from
independent shareholders’ aproval requirement. An anouncement was
made by the Company on 1 September 2024 in this respect. Further details
of the method of and key inputs and asumptions involved in the Valuation
have ben further suplemented in the anouncement of the Company
dated 25 November 2024.
Renewed Property Lease Agrements
On 31 March 2025, certain members of the Group, as tenants, entered
into renewed property lease agrements (the “Renewed Property Lease
Agrements”) with the relevant landlords, each of which is a conected
person of the Company within the meaning of the Listing Rules, in respect
of the renewal of the leases of certain properties located in Shanghai, each
for a term of two years from 1 April 2025 to 31 March 2027 (both dates
inclusive).
Acording to HKFRS 16 “Leases”, the Group, as the leses, is required
to recognise the leases as right-of-use asets and lease liabilities in
the consolidated balance shet of the Group. As such, entering into the
Renewed Property Lease Agrements and the transactions contemplated
thereunder would be regarded as acquisitions of asets by the Group under
the Listing Rules. The lease transactions contemplated under the Renewed
Property Lease Agrements constitute conected transactions of the
Company. Further details are set out in the anouncement of the Company
dated 31 March 2025.
关连交易及持续关连交易（续）
关连交易（续）
购买飞机（续）
卖方是蔡衍明先生（本公司主席兼行政总
裁、执行董事及最终控股东）的联系人，
因此，根据上市规则的定义，是本公司的
关连人士，而飞机购买协议项下拟进行的
购买飞机交易构成本公司之一项关连交
易。
飞机的价格为1,940万美元（「代价」）。代
价乃经双方公平磋商后按一般商业条款厘
定。代价乃参照（其中包括）飞机的剩余使
用寿命及由独立专业估值师今麒联行评估
咨询有限公司（「估值师」）编制的估值报告
而厘定，根据该估值报告，于2024年7月31
日，飞机的价值为1,940万美元至2,000万
美元（「估值」）。代价已于2024财年作为资
本开支入账。
该关连交易仅须遵守上市规则第14A章项
下的申报及公布规定，而豁免独立股东批
准的要求。本公司已在2024年9月1日就此
发布公告披露。有关估值的方法以及关键
输入参数及假设的资料已在本公司日期为
2024年11月25日的公告中进一步补充说
明。
已更新物业租赁协议
于2025年3月31日，本集团若干成员公司
（作为承租方）与相关出租方（各出租方根据
上市规则的定义均是本公司的关连人士）
就重续若干位于上海的物业的租赁订立已
更新物业租赁协议（「已更新物业租赁协
议」），每个租赁期限为期两年，自2025年
4月1日起至2027年3月31日止（包括首尾两
日）。
根据香港财务报告准则第16号「租赁」，
本集团（作为承租方）须将租赁于其综合资
产负债表内确认为使用权资产和租赁负
债。因此，在上市规则下，订立已更新物
业租赁协议及其项下拟进行之交易被视为
本集团收购资产，而已更新物业租赁协议
项下拟进行的租赁交易构成本公司之关连
交易。有关进一步详情载于本公司日期为
2025年3月31日之公告。
2024/2025
年报ANUAL REPORT98
董事会报告
Report of the Directors
CONECTED TRANSACTIONS AND CONTINUING
CONECTED TRANSACTIONS (continued)
Related Party Transactions
Details of the significant related party transactions entered into by the
Group during the year ended 31 March 2025 are set out in Note 33 to the
consolidated financial statements. None of these related party transactions
constitutes a non-exempt conected transaction as defined under the
Listing Rules, except for the transactions described in the paragraph headed
“Conected Transactions and Continuing Conected Transactions” in this
Anual Report, in respect of which the requirements in acordance with
Chapter 14A of the Listing Rules have ben complied with.
PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S
LISTED SECURITIES
During the year ended 31 March 2025, the Company repurchased a total
of 8,874,000 shares on The Stock Exchange of Hong Kong Limited (the
“HK Stock Exchange”) for an agregate amount (excluding expenses) of
HK$39,552,130 and such repurchased shares were subsequently canceled.
Particulars of the shares repurchased on the HK Stock Exchange during the
period are as folows:
Month of
repurchases购回月份
Total number
of shares
repurchased
Highest
price paid
per share
Lowest
price paid
per share
Agregate
amount paid
(excluding
expenses)
购回股份总数
已付每股
最高价
已付每股
最低价
已付总额
（不包括费用）
HK$HK$HK$
港元港元港元
December 20242024年12月3,729,0004.504.3816,626,760
January 20252025年1月5,145,0004.504.3922,925,370
8,874,00039,552,130
The Directors of the Company believe that the above repurchases are
in the best interests of the Company and its shareholders and that such
repurchases would lead to an enhancement of the earnings per share of the
Company.
Save for the share repurchases as disclosed in this anual report, neither
the Company nor any of its subsidiaries had purchased, sold or redemed
any of the listed securities of the Company during the year ended 31 March
2025 and up to the date of this anual report.
MODEL CODE FOR DIRECTORS’ SECURITIES
TRANSACTIONS
Details of compliance by the Group with the Model Code are set out in the
Corporate Governance Report on pages 38 to 68 of this Anual Report.
关连交易及持续关连交易（续）
关联方交易
本集团于截至2025年3月31日止年度订立之
重大关联方交易详情载于综合财务报表附
注33。除于本年报「关连交易及持续关连交
易」一节所述的交易（而此等交易已遵守上
市规则第14A章的规定）外，该等关联方交
易概无构成非豁免的关连交易（定义见上市
规则）。
购买、出售或赎回本公司上市证券
于截至2025年3月31日止年度期间，本公
司在香港联合交易所有限公司（「香港联交
所」）以总额（不包括费用）39,552,130港元
购回合共8,874,000股份，该等已购回之
股份已随后注销。期间于香港联交所购回
股份之详情如下:
本公司董事相信上述回购乃符合本公司及
其股东之最佳利益，并可提高本公司之每
股盈利。
截至2025年3月31日止年度及直至本年报日
期，除本年报披露的股份购回外，本公司
或其任何附属公司概无购买、出售或赎回
任何本公司之上市证券。
董事进行证券交易之标准守则
本集团遵守标准守则之详情，载于本年报
第38至68页之「企业管治报告」中。
2024/2025
年报ANUAL REPORT99
董事会报告
Report of the Directors
PERMITED INDEMNITY AND DIRECTORS’ AND
OFICERS’ LIABILITY INSURANCE
Pursuant to the Company’s Articles of Asociation and subject to the
provisions of the Companies Law of the Cayman Islands (“Companies
Law”), every Director, auditor or other oficer of the Company shal be
entitled to be indemnified out of the asets of the Company against al
los or liabilities incured or sustained by him/her as a Director, auditor or
other oficer of the Company in defending any procedings, whether civil or
criminal, in which judgement is given in his/her favour, or in which he/she is
acquited. The Company has aranged apropriate Directors’ and oficers’
liability insurance coverage for the Directors and oficers of the Company
during the year ended 31 March 2025 and up to the date of this Anual
Report in respect of any legal actions which may be taken against the
Directors and oficers in the execution and discharge of their duties or in
relation thereto.
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the Articles of
Asociation or the laws of the Cayman Islands (where the Company is
incorporated) which would oblige the Company to ofer new shares on a
pro-rata basis to existing shareholders first.
SUFICIENCY OF PUBLIC FLOAT
Based on the information publicly available to the Company and to the
knowledge of the Directors, the Company has maintained the level of public
float as required under the Listing Rules during the year ended 31 March
2025 and has continued to maintain a public float as at 24 June 2025.
The consolidated financial statements for the year ended 31 March 2025
were audited by the auditor of the Company, Ernst & Young, who wil retire
and, being eligible, ofer themselves for re-apointment at the forthcoming
2025 AGM.
On behalf of the Board
Tsai Eng-Meng
Chairman and Chief Executive Oficer
Hong Kong, 24 June 2025
获准许之弥偿保证及董事与行政人员之
责任保险
根据公司章程细则及开曼群岛公司法（「公
司法」）之条文规限，各名董事、核数师或
本公司其他行政人员有权从本公司的资产
中获得弥偿，以弥偿其作为董事、核数师
或本公司其他行政人员在获判胜诉或获判
无罪的任何民事或刑事法律诉讼中进行抗
辩而招致或蒙受的一切损失或责任。于截
至2025年3月31日止年度期间及截至本年报
报告日，本公司已安排适当的董事及行政
人员责任保险，保障彼等因履行其职责或
相关事宜时可能要承担的法律责任。
优先购买权
公司章程细则或本公司注册成立地点开曼
群岛之法律并无致令本公司必须首先按比
例向现有股东发售新股份的优先购买权的
规定。
足够公众持股量
根据本公司所获取的公开资料以及就董事
所知，本公司于截至2025年3月31日止年度
一直维持上市规则所规定之公众持股量，
这情况至2025年6月24日维持不变。
截至2025年3月31日止年度之综合财务报表
已由本公司的核数师安永会计师事务所审
核，而该事务所将任满告退，其符合资格
且愿意于2025股东周年大会应聘连任。
承董事会命
蔡衍明
主席及行政总裁
香港，2025年6月24日
2024/2025
年报ANUAL REPORT100
独立核数师报告
Independent Auditor’s Report
(cid:11120)(cid:15391)(cid:14058)(cid:23023)(cid:11794)(cid:7794)(cid:8896)(cid:12839)
(cid:27008)(cid:15894)(cid:27625)(cid:27457)(cid:15731)(cid:21208)(cid:18030)(cid:24634)979(cid:22086)
(cid:10513)(cid:9163)(cid:10033)(cid:7655)(cid:11918)27(cid:14842)
Tel (cid:26338)(cid:23128): +852 2846 9888
Fax (cid:8346)(cid:18182): +852 2868 4432
ey.com
Ernst & Young
27/F, One Taiko Place
979 King’s Road
Quary Bay, Hong Kong
To the shareholders of Want Want China Holdings Limited
(Incorporated in the Cayman Islands with limited liability)
Opinion
We have audited the consolidated financial statements of Want Want China
Holdings Limited (the “Company”) and its subsidiaries (the “Group”) set out
on pages 105 to 220, which comprise the consolidated balance shet as at
31 March 2025, and the consolidated income statement, the consolidated
statement of comprehensive income, the consolidated statement of changes
in equity and the consolidated statement of cash flows for the year ended
31 March 2025, and the notes to the consolidated financial statements,
including material acounting policy information.
In our opinion, the consolidated financial statements give a true and fair view
of the consolidated financial position of the Group as at 31 March 2025, and
of its consolidated financial performance and its consolidated cash flows for
the year then ended in acordance with HKFRS Acounting Standards as
isued by the Hong Kong Institute of Certified Public Acountants (“HKICPA”)
and have ben properly prepared in compliance with the disclosure
requirements of the Hong Kong Companies Ordinance.
Basis for opinion
We conducted our audit in acordance with Hong Kong Standards on
Auditing (“HKSAs”) as isued by the HKICPA. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the
audit of the consolidated financial statements section of our report. We are
independent of the Group in acordance with the HKICPA’s Code of Ethics
for Profesional Acountants (the “Code”), and we have fulfiled our other
ethical responsibilities in acordance with the Code. We believe that the
audit evidence we have obtained is suficient and apropriate to provide a
basis for our opinion.
Key audit maters
Key audit maters are those maters that, in our profesional judgement,
were of most significance in our audit of the consolidated financial
statements of the curent period. These maters were adresed in the
context of our audit of the consolidated financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion
on these maters. For each mater below, our description of how our audit
adresed the mater is provided in that context.
致中国旺控股有限公司股东
（于开曼群岛注册成立的有限公司）
意见
我们已审计中国旺控股有限公司（以下简
称「贵公司」）及其附属公司（以下统称「贵
集团」）列载于第105至220页的综合财务报
表，包括于2025年3月31日的综合资产负债
表及截至2025年3月31日止年度的综合收益
表、综合全面收益表、综合权益变动表及
综合现金流量表及综合财务报表附注，包
括重大会计政策资料。
我们认为，该等综合财务报表已根据香港
会计师公会（「香港会计师公会」）颁布的《香
港财务报告准则会计准则》真实而中肯地反
映了贵集团于2025年3月31日的综合财务状
况及其截至该日止年度的综合财务表现及
综合现金流量，并已遵照香港《公司条例》
的披露规定妥为拟备。
意见的基础
我们已根据香港会计师公会颁布的《香港审
计准则》（「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一节中
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》（「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。
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。就下文各
事项而言，我们对在审计中如何应对事项
的描述按此情况提供。
2024/2025
年报ANUAL REPORT101
独立核数师报告
Independent Auditor’s Report
We have fulfiled the responsibilities described in the Auditor’s
responsibilities for the audit of the consolidated financial statements
section of our report, including in relation to these maters. Acordingly,
our audit included the performance of procedures designed to respond to
our asesment of the risks of material mistatement of the consolidated
financial statements. The results of our audit procedures, including the
procedures performed to adres the maters below, provide the basis for
our audit opinion on the acompanying consolidated financial statements.
Key audit materHow our audit adresed the key audit mater
Revenue recognition and volume rebates
During the year ended 31 March 2025,
the Group recognised revenue from the
sale of gods amounting to RMB23,511
milion.
Revenue is recognised when the control
of the underlying products has ben
transfered to the customers.
The Group also ofers volume rebates,
including discounts, rebates and
promotional incentives, to its customers.
These costs are acounted for as a
deduction from revenue.
A large proportion of the volume rebates
had not ben paid or utilised as at 31
March 2025 and the relevant refund
liabilities were included in acruals and
other payables.
We identified revenue recognition and
volume rebates as a key audit mater
because there were a huge volume of
revenue transactions generated in many
diferent locations and from various
customers and the amounts of volume
rebates were significant to the Group’s
gros profit and significant estimates were
involved in determining certain volume
rebates granted to the major customers.
The related disclosures are included in
notes 2.24, 4 and 5 to the consolidated
financial statements.
Our audit procedures to ases revenue recognition and
volume rebates included:
• Evaluating the design and implementation of internal
controls and testing their operating efectivenes over
revenue recognition and volume rebates;
- , on a sampling basis,
to identify terms and conditions relating to the transfer
of control over the products sold and asesing the
Group’s timing of revenue recognition with reference to
the requirements of prevailing acounting standards;
• Comparing revenue transactions recorded during
the curent year, on a sampling basis, with those in
invoices, sales contracts and gods delivery notes;
- , on a sampling basis, revenue transactions
recorded before and after the financial year end
date with gods delivery notes and other relevant
documentation;
- ’s asesment of expected
volume rebates, sales discount and rebate payables,
checking the Group’s historical data for volume rebates
and comparing the amounts of the actual volume
rebates recorded by the Group with the curent year’s
sales amounts;
• Selecting samples of volume rebates for the year and
comparing each selected item with the relevant sales
contract and customer agrement, and recalculating
the sales discount and rebate payable by the Group;
and
• Comparing the amounts of the subsequent actual
setlements of volume rebates with the coresponding
amounts acrued as at the year end.
我们已经履行了本报告核数师就审计综合
财务报表承担的责任一节中阐述的责任，
包括与这些关键审计事项相关的责任。相
应地，我们的审计工作包括执行旨在应对
评估综合财务报表重大错误陈述风险而设
计的程序。我们执行审计程序的结果，包
括应对下列事项所执行的程序，为随附综
合财务报表发表审计意见提供了基础。
关键审计事项审计用以处理关键审计事项的方法
收益确认及批量回扣
截至2025年3月
31日止年度，贵
集团已确认销售货
物的收益为人民币
23,511百万元。
该等收益乃于相关产
品之控制权转让至客
户时确认。
贵集团亦向其客户给
予批量回扣，包括折
扣、回扣及推广优
惠。该等成本作为收
益的减项入账。
大部分批量回扣于
2025年3月31日
尚未支付或使用及有
关退款负债计入应计
费用及其他应付款。
我们将收益确认及批
量回扣确认为关键审
计事项，此乃由于多
个不同地区及不同客
户产生大量收益交
易，且批量回扣金额
对贵集团毛利而言属
重大，且于厘定授予
主要客户若干批量回
扣时涉及大量评估。
有关披露载于综合财
务报表附注2.24、4
及5。
我们评估收益确认及批量回扣的
审核程序包括：
• 评估有关收益确认及批
量回扣的内部监控的设
计及执行及测试其运作
有效性；
- ，以
确认与转移已售产品的
控制权相关的条款及条
件，并参考现行会计准
则的规定评定贵集团确
认收益的时间；
• 将交易于本年度录得的
收益与发票、销售合约
及发货单进行抽样比较；
• 将交易于财政年结日前
后录得的收益与发货单
及其他相关文件进行抽
样比较；
• 审核贵集团对预期批量
回扣，销售折扣以及应
付回扣的评估、检查贵
集团的批量回扣历史数
据，并将贵集团记录的
实际批量回扣金额与本
年度的销售额进行比较；
- ，
将各选定项目与相关销
售合约及客户协议进行
比较，重新计算贵集团
的应付销售折扣及回扣；
及
• 将批量回扣的其后实际
金额结算与年末相应计
提金额进行比较。
2024/2025
年报ANUAL REPORT102
独立核数师报告
Independent Auditor’s Report
Other information included in the Anual Report
The directors of the Company are responsible for the other information. The
other information comprises the information included in the Anual Report,
other than the consolidated financial statements and our auditor’s report
thereon.
Our opinion on the consolidated financial statements does not cover the
other information and we do not expres any form of asurance conclusion
thereon.
In conection with our audit of the consolidated financial statements, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materialy inconsistent with the consolidated
financial statements or our knowledge obtained in the audit or otherwise
apears to be materialy mistated. If, based on the work we have
performed, we conclude that there is a material mistatement of this other
information, we are required to report that fact. We have nothing to report in
this regard.
Responsibilities of the directors for the consolidated financial statements
The directors of the Company are responsible for the preparation of
the consolidated financial statements that give a true and fair view in
acordance with HKFRS Acounting Standards as isued by the HKICPA
and the disclosure requirements of the Hong Kong Companies Ordinance,
and for such internal control as the directors determine is necesary to
enable the preparation of consolidated financial statements that are fre
from material mistatement, whether due to fraud or eror.
In preparing the consolidated financial statements, the directors of the
Company are responsible for asesing the Group’s ability to continue as a
going concern, disclosing, as aplicable, maters related to going concern
and using the going concern basis of acounting unles the directors of the
Company either intend to liquidate the Group or to cease operations or have
no realistic alternative but to do so.
The directors of the Company are asisted by the Audit Comite in
discharging their responsibilities for overseing the Group’s financial
reporting proces.
刊载于年报内的其他信息
贵公司董事须对其他信息负责。其他信息
包括本年报所载的信息，但不包括综合财
务报表及我们的核数师报告。
我们对综合财务报表的意见并不涵盖其他
信息，我们亦不对该等其他信息发表任何
形式的鉴证结论。
结合我们对综合财务报表的审计，我们的
责任是阅读其他信息，在此过程中，考虑
其他信息是否与综合财务报表或我们在审
计过程中所了解的情况存在重大抵触或者
似乎存在重大错误陈述的情况。基于我们
所执行的工作，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
贵公司董事须负责根据香港会计师公会颁
布的《香港财务报告准则会计准则》及香港
《公司条例》的披露规定拟备真实而中肯的
综合财务报表，并对其认为使综合财务
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，贵公司董事负责
评估贵集团持续经营的能力，并在适用情
况下披露与持续经营有关的事项，以及使
用持续经营为会计基础，除非贵公司董事
有意将贵集团清盘或停止经营，或别无其
他实际的替代方案。
审核委员会协助贵公司董事履行职责，监
督贵集团的财务报告过程。
2024/2025
年报ANUAL REPORT103
独立核数师报告
Independent Auditor’s Report
Auditor’s responsibilities for the audit of the consolidated financial
statements
Our objectives are to obtain reasonable asurance about whether the
consolidated financial statements as a whole are fre from material
mistatement, whether due to fraud or eror, and to isue an auditor’s report
that includes our opinion. Our report is made solely to you, as a body, 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.
- ’ 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.
核数师就审计综合财务报表承担的责任
我们的目标，是对综合财务报表整体是否
不存在由于欺诈或错误而导致的重大错误
陈述取得合理保证，并出具包括我们意见
的核数师报告。我们仅向阁下（作为整体）
报告，除此之外本报告别无其他目的。我
们不会就本报告的内容向任何其他人士负
上或承担任何责任。
合理保证是高水平的保证，但不能保证按
照香港审计准则进行的审计，在某一重大
错误陈述存在时总能发现。错误陈述可以
由欺诈或错误引起，如果合理预期它们单
独或汇总起来可能影响综合财务报表使用
者依赖综合财务报表所作出的经济决定，
则有关的错误陈述可被视作重大。
在根据香港审计准则进行审计的过程中，
我们运用了专业判断，保持了专业怀疑态
度。我们亦：
• 识别和评估由于欺诈或错误而导致综
合财务报表存在重大错误陈述的风
险，设计及执行审计程序以应对这些
风险，以及获取充足和适当的审计凭
证，作为我们意见的基础。由于欺诈
可能涉及串谋、伪造、蓄意遗漏、虚
假陈述，或凌驾于内部控制之上，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。
• 对董事采用持续经营会计基础的恰当
性作出结论。根据所获取的审计凭
证，确定是否存在与事项或情况有关
的重大不确定性，从而可能导致对贵
集团的持续经营能力产生重大疑虑。
如果我们认为存在重大不确定性，则
有必要在核数师报告中提请使用者注
意综合财务报表中的相关披露。假若
有关的披露不足，则我们应当发表非
无保留意见。我们的结论是基于核数
师报告日止所取得的审计凭证。然
而，未来事项或情况可能导致贵集团
不能持续经营。
2024/2025
年报ANUAL REPORT104
独立核数师报告
Independent Auditor’s Report
- , structure and content of the
consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the underlying
transactions and events in a maner that achieves fair presentation.
• Plan and perform the group audit to obtain suficient apropriate audit
evidence regarding the financial information of the entities or busines
units within the Group as a basis for forming an opinion on the
consolidated financial statements. We are responsible for the direction,
supervision and review of the audit work performed for purposes of the
group audit. We remain solely responsible for our audit opinion.
We comunicate with the Audit Comite regarding, among other maters,
the planed scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify
during our audit.
We also provide the Audit Comite with a statement that we have
complied with relevant ethical requirements regarding independence and
to comunicate with them al relationships and other maters that may
reasonably be thought to bear on our independence, and where aplicable,
actions taken to eliminate threats or safeguards aplied.
From the maters comunicated with the Audit Comite, we determine
those maters that were of most significance in the audit of the consolidated
financial statements of the curent period and are therefore the key audit
maters. We describe these maters in our auditor’s report unles law
or regulation precludes public disclosure about the mater or when, in
extremely rare circumstances, we determine that a mater should not be
comunicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of
such comunication.
The engagement partner on the audit resulting in this independent auditor’s
report is LAM Wai Ming, Ada (practising certificate number: P04699).
Ernst & Young
Certified Public Acountants
Hong Kong
24 June 2025
- 、
结构和内容，包括披露，以及综合财
务报表是否中肯反映相关交易和事
项。
• 计划及执行集团审计以就贵集团内实
体或业务活动的财务信息获取充足、
适当的审计凭证，以形成对综合财务
报表的意见基础。我们负责就集团审
计进行的审计工作的方向、监督和检
讨。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，为消除威胁而采取的行
动或所应用的防范措施。
从与审核委员会沟通的事项中，我们确定
哪些事项对本期综合财务报表的审计最为
重要，因而构成关键审计事项。我们在核
数师报告中描述这些事项，除非法律法规
不允许公开披露这些事项，或在极端罕见
的情况下，如果合理预期在我们报告中沟
通某事项造成的负面后果超过产生的公众
利益，我们决定不应在报告中沟通该事
项。
出具本独立核数师报告的审计项目合伙人
是林慧明（执业证书编号：P04699）。
安永会计师事务所
执业会计师
香港
2025年6月24日
| 5,129,625 |
|---|
| 27,064 |
| 11,550 |
| 147,254 |
| 511,111 |
| 220,408 |
| 1,001,953 |
| 7,091,000 |
| 14,139,965 |
| 2,576,129 |
| 792,994 |
| 1,356,164 |
| – |
| 8,346,506 |
| 13,071,793 |
| 27,211,758 |
| 1,784,464 |
| 15,962,790 |
| 17,747,254 |
| 3,887 |
| 17,751,141 |
2024/2025
年报ANUAL REPORT105
综合资产负债表
Consolidated Balance Shet
31 March
31 March
2025年
3月31日
2024年
3月31日
NotesRMB’000RMB’000
附注人民币千元人民币千元
ASETS资产
Non-curent asets非流动资产
Property, plant and equipment物业、厂房及设备65,294,370
Investment properties投资物业732,622
Intangible asets无形资产89,444
Investments in asociates联营公司投资10–
Defered income tax asets递延所得税资产23425,859
Financial asets at fair value through
other comprehensive income
按公平值透过其他全面
收益记账的金融资产12249,720
Right-of-use asets使用权资产9974,172
Long-term bank deposits长期银行存款177,585,000
Total non-curent asets总非流动资产14,571,187
Curent asets流动资产
Inventories存货142,415,050
Trade receivables贸易应收款15832,245
Prepayments, other receivables and
other asets
预付款项、其他应收款
及其他资产161,215,649
Financial asets at fair value through
profit or los
按公平值透过损益记账
的金融资产131,591
Cash and bank balances现金及银行存款178,421,346
Total curent asets总流动资产12,885,881
Total asets总资产27,457,068
EQUITY权益
Equity atributable to equity holders of
the Company
本公司权益持有人
应占权益
Share capital股本181,785,740
Reserves储备1914,579,687
Subtotal小计16,365,427
Non-controling interests非控制性权益40,311
Total equity总权益17,751,14116,405,738
| 500,155 |
|---|
| 119,314 |
| 195,691 |
| 109,904 |
| 925,064 |
| 920,152 |
| 2,438,025 |
| 1,117,121 |
| 289,262 |
| 3,654,594 |
| 116,399 |
| 8,535,553 |
| 9,460,617 |
| 27,211,758 |
2024/2025
年报ANUAL REPORT106
综合资产负债表
Consolidated Balance Shet
31 March
31 March
2025年
3月31日
2024年
3月31日
NotesRMB’000RMB’000
附注人民币千元人民币千元
LIABILITIES负债
Non-curent liabilities非流动负债
Borowings借款222,461,796
Lease liabilities租赁负债948,049
Defered income tax liabilities递延所得税负债23182,905
Other non-curent liabilities其他非流动负债115,424
Total non-curent liabilities总非流动负债2,808,174
Curent liabilities流动负债
Trade payables贸易应付款20997,945
Acruals and other payables应计费用及其他应付款212,520,909
Contract liabilities合约负债5(b)1,316,727
Curent income tax liabilities当期所得税负债380,729
Borowings借款222,889,328
Lease liabilities租赁负债9137,518
Total curent liabilities总流动负债8,243,156
Total liabilities总负债11,051,330
Total equity and liabilities总权益及负债27,211,75827,457,068
Tsai Wang-ChiaChu Chi-Wen
蔡旺家朱纪文
DirectorDirector
董事董事
| 23,510,737 |
|---|
| (12,321,539) |
| 11,189,198 |
| 406,632 |
| 276,582 |
| (3,026,852) |
| (3,008,125) |
| 5,837,435 |
| 78,393 |
| (176,233) |
| (97,840) |
| 67 |
| 5,739,662 |
| (1,411,247) |
| 4,328,415 |
| 4,335,565 |
| (7,150) |
| 4,328,415 |
| RMB Cents 人民币分 |
| 36.71 |
| 36.71 |
2024/2025
年报ANUAL REPORT107
综合收益表
Consolidated Income Statement
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
NotesRMB’000RMB’000
附注人民币千元人民币千元
Revenue收益523,586,327
Cost of sales销货成本25(12,595,406)
Gros profit毛利10,990,921
Other gains – net其他收益－净额24359,516
Other income其他收入323,748
Distribution costs分销成本25(3,021,220)
Administrative expenses行政费用25(3,043,140)
Operating profit营运利润5,609,825
Finance income融资收入2777,014
Finance costs融资成本27(281,794)
Finance costs – net融资成本－净额27(204,780)
Share of profits of asociates应占联营公司利润10422
Profit before income tax除所得税前利润5,405,467
Income tax expense所得税费用28(1,422,288)
Profit for the year年度利润3,983,179
Profit atributable to应占利润
Equity holders of the Company本公司权益持有人3,990,474
Non-controling interests非控制性权益(7,295)
Total总计3,983,179
Earnings per share for profit atributable
to equity holders of the Company
本公司权益持有人应占
利润的每股盈利
RMB Cents
人民币分
Basic earnings per share每股基本盈利2933.65
Diluted earnings per share每股摊薄盈利2936.7133.65
| 4,328,415 |
|---|
| (129,354) |
| 2,870 |
| (35,859) |
| (162,343) |
| 4,166,072 |
| 4,200,655 |
| (34,583) |
| 4,166,072 |
2024/2025
年报ANUAL REPORT108
综合全面收益表
Consolidated Statement of Comprehensive Income
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
NotesRMB’000RMB’000
附注人民币千元人民币千元
Profit for the year年度利润3,983,179
Other comprehensive los其他全面亏损
Items that may be reclasified subsequently
to profit or los
其后可能会重分类至
损益之项目
Curency translation diferences货币汇兑差额(218,233)
Items that wil not be reclasified subsequently
to profit or los
其后不会重分类至
损益之项目
Remeasurements of post-employment benefit
obligations
退休福利责任之
重新计量19(818)
Change in value of financial asets at fair value
through other comprehensive income
按公平值透过其他全面
收益记账的金融资产
之价值变动1918,974
Other comprehensive los for the year年度其他全面亏损(200,077)
Total comprehensive income for the year年度全面收益总额3,783,102
Total comprehensive income for the year
atributable to
应占年度全面收益总额
Equity holders of the Company本公司权益持有人3,797,380
Non-controling interests非控制性权益(14,278)
Total总计4,166,0723,783,102
2024/2025
年报ANUAL REPORT109
综合权益变动表
Consolidated Statement of Changes in Equity
Atributable to equity holders of the Company
本公司权益持有人应占
Share
capital
Share
premium
Other
reserves
Retained
earningsTotal
Non-
controling
interests
Total
equity
股本股份溢价其他储备保留盈利总计
非控制性
权益总权益
NotesRMB’000RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
附注人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
Balance at 1 April 20232023年4月1日结余1,795,722462,130(3,377,881)15,771,80214,651,77352,29714,704,070
Comprehensive income全面收益
Profit for the year年度利润–3,990,4743,990,474(7,295)3,983,179
Other comprehensive los其他全面亏损
Change in value of financial
asets at fair value through
other comprehensive income
按公平值透过其他全面
收益记账的金融资产
之价值变动12,19–18,974–18,974–18,974
Remeasurements of post-
employment benefit obligations
退休福利责任之
重新计量19–(818)–(818)–(818)
Curency translation diferences货币汇兑差额19–(211,250)–(211,250)(6,983)(218,233)
Total other comprehensive los其他全面亏损总额–(193,094)–(193,094)(6,983)(200,077)
Total comprehensive income全面收益总额–(193,094)3,990,4743,797,380(14,278)3,783,102
Transactions with owners与拥有人之交易
Dividends declared宣派股息19–(1,791,127)(1,791,127)–(1,791,127)
Dividends declared to non-
controling interest
向非控股权益宣派股息
–(976)(976)
Share buy-back股份购回18(9,982)–(282,617)(292,599)–(292,599)
Apropriation to statutory
reserves
划拨至法定储备
19–266,516(266,516)–
Capital contribution by non-
controling interests
非控制性权益注资
–3,2683,268
Total transactions with owners与拥有人之交易总额(9,982)–266,516(2,340,260)(2,083,726)2,292(2,081,434)
Balance at 31 March 20242024年3月31日结余1,785,740462,130(3,304,459)17,422,01616,365,42740,31116,405,738
| 1,785,740 | 462,130 | (3,304,459) | 17,422,016 | 16,365,427 | 40,311 | 16,405,738 |
|---|---|---|---|---|---|---|
| – | – | – | 4,335,565 | 4,335,565 | (7,150) | 4,328,415 |
| – | – | (35,859) | – | (35,859) | – | (35,859) |
| – | – | 2,870 | – | 2,870 | – | 2,870 |
| – | – | (101,921) | – | (101,921) | (27,433) | (129,354) |
| – | – | (134,910) | – | (134,910) | (27,433) | (162,343) |
| – | – | (134,910) | 4,335,565 | 4,200,655 | (34,583) | 4,166,072 |
| – | – | – | (2,766,876) | (2,766,876) | – | (2,766,876) |
| – | – | – | – | – | (793) | (793) |
| (1,276) | – | – | (35,351) | (36,627) | – | (36,627) |
| – | – | 949,452 | (949,452) | – | – | – |
| – | – | – | – | – | 9,807 | 9,807 |
| – | – | (15,325) | – | (15,325) | (10,855) | (26,180) |
| (1,276) | – | 934,127 | (3,751,679) | (2,818,828) | (1,841) | (2,820,669) |
| 1,784,464 | 462,130 | (2,505,242) | 18,005,902 | 17,747,254 | 3,887 | 17,751,141 |
2024/2025
年报ANUAL REPORT110
综合权益变动表
Consolidated Statement of Changes in Equity
Atributable to equity holders of the Company
本公司权益持有人应占
Share
capital
Share
premium
Other
reserves
Retained
earningsTotal
Non-
controling
interests
Total
equity
股本股份溢价其他储备保留盈利总计
非控制性
权益总权益
NotesRMB’000RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
附注人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
Balance at 1 April 20242024年4月1日结余
Comprehensive income全面收益
Profit for the year年度利润
Other comprehensive los其他全面亏损
Change in value of financial
asets at fair value through
other comprehensive income
按公平值透过其他全面
收益记账的金融资产
之价值变动12,19
Remeasurements of post-
employment benefit obligations
退休福利责任之
重新计量19
Curency translation diferences货币汇兑差额19
Total other comprehensive los其他全面亏损总额
Total comprehensive income全面收益总额
Transactions with owners与拥有人之交易
Dividends declared宣派股息19
Dividends declared to non-
controling interest
向非控股权益宣派股息
Share buy-back股份购回18
Apropriation to statutory
reserves
划拨至法定储备
Capital contribution by non-
controling interests
非控制性权益注资
Acquisition of non-controling
interests
收购非控制性权益
Total transactions with owners与拥有人之交易总额
Balance at 31 March 20252025年3月31日结余1,784,464462,130(2,505,242)18,005,90217,747,2543,88717,751,141
| 5,820,369 |
|---|
| (160,563) |
| 78,869 |
| (1,577,055) |
| 4,161,620 |
| (633,455) |
| (3,213) |
| (3,905) |
| (6,520) |
| – |
| 1,577 |
| (147,187) |
| – |
| 18,683 |
| 395,966 |
| 330,069 |
| (47,985) |
2024/2025
年报ANUAL REPORT111
综合现金流量表
Consolidated Statement of Cash Flows
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
NoteRMB’000RMB’000
附注人民币千元人民币千元
Cash flows from operating activities营运活动的现金流量
Cash generated from operations营运产生的现金316,752,899
Interest paid已付利息(267,109)
Interest received已收利息92,897
Income tax paid已付所得税(1,427,247)
Net cash flows generated from operating
activities
营运活动产生的净现金流量
5,151,440
Cash flows from investing activities投资活动的现金流量
Purchases of property, plant and equipment购入物业、厂房及设备(437,233)
Purchase of leasehold land and land use rights购入租赁土地及土地使用权–
Purchases of intangible asets购入无形资产(3,086)
Purchase of financial asets at fair value
through other comprehensive income
购买按公平值透过其他全面
收益记账的金融资产(74,856)
Purchase of financial asets at fair value
through profit or los
购买按公平值透过损益记账
的金融资产(2,275)
Disposal of financial asets at fair value
through profit or los
出售按公平值透过损益记账
的金融资产681
Capital injection in asociates向联营公司注资–
Disposal of asociates出售联营公司110,521
Proceds from disposals of property,
plant and equipment, leasehold land
and land use rights
出售物业、厂房及设备，
租赁土地及土地使用权
所得款项1,589
Decrease/(increase) in bank deposits with
original maturity of more than thre months
when acquired
于收购时原到期日超过
三个月的银行存款减少╱
（增加）(2,344,696)
Interest received from bank deposits with
original maturity of more than thre months
when acquired
已收于收购时原到期日超过
三个月的银行存款的利息
105,512
Net cash flows used in investing activities投资活动所用的净现金流量(47,985)(2,643,843)
| (36,627) |
|---|
| (2,766,876) |
| (138,625) |
| 4,511,719 |
| (5,714,192) |
| 9,807 |
| (26,180) |
| (4,160,974) |
| (47,339) |
| 5,050,000 |
| (125,535) |
| 4,877,126 |
| 8,346,506 |
| 7,091,000 |
| 15,437,506 |
| (10,560,380) |
| 4,877,126 |
2024/2025
年报ANUAL REPORT112
综合现金流量表
Consolidated Statement of Cash Flows
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
NotesRMB’000RMB’000
附注人民币千元人民币千元
Cash flows from financing activities融资活动的现金流量
Share buy-back股份购回18(292,599)
Dividends paid to equity holders向权益持有人支付股息30(1,791,127)
Lease payments租赁付款(170,248)
Proceds from borowings借款所得款项13,815,307
Repayments of borowings偿还借款(14,000,694)
Capital contribution by non-controling interests非控制性权益注资3,268
Acquisition of non-controling interests收购非控制性权益–
Net cash flows used in financing activities融资活动所用的净现金流量(2,436,093)
Net (decrease)/increase in cash and cash
equivalents
现金及现金等价物（减少）╱
增加净额71,504
Cash and cash equivalents at begining
of the year
年初的现金及现金等价物
5,047,949
Exchange loses汇兑亏损(69,453)
Cash and cash equivalents at end of
the year
年终的现金及现金等价物
5,050,000
ANALYSIS OF BALANCES OF CASH AND
CASH EQUIVALENTS
现金及现金等价物结余分析
Cash and bank balances现金及银行存款8,421,346
Long-term bank deposits长期银行存款7,585,000
Cash and cash equivalents as stated in
the consolidated balance shet
综合资产负债表所列现金及
现金等价物16,006,346
Les: B ank deposits with original maturity of
more than thre months when acquired
减：于收购时原到期日超过
三个月的银行存款(10,956,346)
Cash and cash equivalents as stated in
the statement of cash flows
现金流量表所列现金及现金
等价物4,877,1265,050,000
2024/2025
年报ANUAL REPORT113
综合财务报表附注
Notes to the Consolidated Financial Statements
1. GENERAL INFORMATION
Want Want China Holdings Limited (“the Company”) and its
subsidiaries (together “the Group”) are principaly engaged in the
manufacture and distribution of fod and beverages. The Group’s
activities are primarily conducted in the People’s Republic of China
(“the PRC”) and its products are also sold to North America, East Asia,
Southeast Asia and Europe.
The Company was incorporated in the Cayman Islands on 3 October
2007 as an exempted company with limited liability under the
Companies Law of the Cayman Islands. The adres of its registered
ofice is Maples Corporate Services Limited, P.O. Box 309, Ugland
House, Grand Cayman, KY1-1104, Cayman Islands.
The Company has had its primary listing on the Main Board of The
Stock Exchange of Hong Kong Limited since 26 March 2008.
These financial statements are presented in Renminbi (“RMB”), and al
values are rounded to the nearest thousand, unles otherwise stated.
2. MATERIAL ACOUNTING POLICIES
The material acounting policies aplied in the preparation of these
consolidated financial statements are set out below. These policies
have ben consistently aplied to al the years presented, unles
otherwise stated.
2.1 Basis of preparation
These financial statements have ben prepared in acordance with
HKFRS Acounting Standards (which include al Hong Kong Financial
Reporting Standards, Hong Kong Acounting Standards (“HKASs”)
and Interpretations) as isued by the Hong Kong Institute of Certified
Public Acountants (“HKICPA”) and the disclosure requirements of the
Hong Kong Companies Ordinance. They have ben prepared under
the historical cost convention, except for financial asets at fair value
through other comprehensive income (“FVOCI”) and financial asets
at fair value through profit or los (“FVPL”) which are caried at fair
value.
The preparation of financial statements in conformity with HKFRS
Acounting Standards requires the use of certain critical acounting
estimates. It also requires management to exercise its judgement in
the proces of aplying the Group’s acounting policies. The areas
involving a higher degre of judgement or complexity, or areas where
asumptions and estimates are significant to the consolidated financial
statements are disclosed in Note 4.
1. 一般资料
中国旺控股有限公司（「本公司」）及
其附属公司（统称「本集团」）主要从事
制造及分销食品和饮料。本集团的活
动主要在中华人民共和国（「中国」）进
行，其产品亦销往北美、东亚、东南
亚及欧洲。
本公司于2007年10月3日根据开曼群
岛公司法在开曼群岛注册成立为获豁
免有限公司。本公司的注册办事处
地址为Maples Corporate Services
Limited, P.O. Box 309, Ugland
House, Grand Cayman, KY1-1104,
Cayman Islands。
本公司股份自2008年3月26日起首次
在香港联合交易所有限公司主板上
市。
除有特别注明外，该等财务报表以人
民币（「人民币」）呈列，且所有数值均
调整至最近的千元单位。
2. 重大会计政策
编制本综合财务报表采用的主要会计
政策载于下文。除另有说明外，此等
政策在所列报的所有年度内贯彻应
用。
2.1 编制基准
本财务报表已根据香港会计师公会
（「香港会计师公会」）颁布的香港财
务报告准则会计准则（包括所有香港
财务报告准则、香港会计准则（「香港
会计准则」）及诠释）及香港公司条例
的披露规定编制。综合财务报表按照
历史成本法编制，惟按公平值透过其
他全面收益记账（「按公平值透过其他
全面收益记账」）的金融资产和按公平
值透过损益记账（「按公平值透过损益
记账」）的金融资产（按公平值列账）除
外。
编制符合香港财务报告准则会计准则
的财务报表需要使用若干关键会计估
计。这亦需要管理层在应用本集团的
会计政策过程中行使其判断。涉及高
度的判断或高度复杂性的范畴或涉及
对综合财务报表作出重大假设和估计
的范畴在附注4中披露。
2024/2025
年报ANUAL REPORT114
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.2 Changes in acounting policies and disclosures
The Group has adopted the folowing revised HKFRS Acounting
Standards for the first time for the curent year’s financial statements.
Amendments to HKFRS 16Lease Liability in a Sale and Leaseback
香港财务报告准则第16号之修订售后租回的租赁负债
Amendments to HKAS 1Clasification of Liabilities as Curent or Non-curent
(the “2020 Amendments”)
香港会计准则第1号之修订负债分类为流动或非流动（「2020年修订本」）
Amendments to HKAS 1Non-curent Liabilities with Covenants (the “2022 Amendments”)
香港会计准则第1号之修订附带契诺之非流动负债（「2022年修订本」）
Amendments to HKAS 7 and HKFRS 7Suplier Finance Arangements
香港会计准则第7号及香港财务报告准则第7号之
修订
供应商融资安排
The nature and the impact of the revised HKFRS Acounting
Standards are described below:
a) Amendments to HKFRS 16 specify the requirements that a
seler-lese uses in measuring the lease liability arising in a sale
and leaseback transaction to ensure the seler-lese does not
recognise any amount of the gain or los that relates to the right
of use it retains. Since the Group has no sale and leaseback
transactions with variable lease payments that do not depend
on an index or a rate ocuring from the date of initial aplication
of HKFRS 16, the amendments did not have any impact on the
financial position or performance of the Group.
b) The 2020 Amendments clarify the requirements for clasifying
liabilities as curent or non-curent, including what is meant by
a right to defer setlement and that a right to defer must exist
at the end of the reporting period. Clasification of a liability is
unafected by the likelihod that the entity wil exercise its right
to defer setlement. The amendments also clarify that a liability
can be setled in its own equity instruments, and that only if a
conversion option in a convertible liability is itself acounted for
as an equity instrument would the terms of a liability not impact
its clasification. The 2022 Amendments further clarify that,
among covenants of a liability arising from a loan arangement,
only those with which an entity must comply on or before the
reporting date afect the clasification of that liability as curent or
non-curent. Aditional disclosures are required for non-curent
liabilities that are subject to the entity complying with future
covenants within 12 months after the reporting period.
The Group has reasesed the terms and conditions of its
liabilities as at 1 April 2023 and 2024 and concluded that the
clasification of its liabilities as curent or non-curent remained
unchanged upon initial aplication of the amendments.
Acordingly, the amendments did not have any impact on the
financial position or performance of the Group.
- （续）
2.2 会计政策及披露之变动
本集团于本年度的财务报表首次采纳
以下经修订香港财务报告准则会计准
则。
适用于本集团的经修订香港财务报告
准则会计准则之性质及影响载列如
下：
a) 香港财务报告准则第16号之修
订指明卖方－承租人用于计量
售后租回交易产生的租赁负债
之规定，以确保卖方－承租人
不会确认与所保留使用权有关
的任何损益金额。由于本集团
自首次应用香港财务报告准则
第16号日期起并无涉及可变租
赁付款（并非视乎指数或比率而
定）的售后租回交易，故该等修
订不会对本集团的财务状况或
表现产生任何影响。
b) 2020年修订本澄清了将负债
分为流动或非流动的规定，包
括于报告期间结束时必须具有
递延清偿权利及递延权利的含
义。负债的分类不受实体会否
行使其递延清偿权利所影响。
该等修订亦澄清，负债可以其
本身的权益工具清偿，且仅当
可转换负债的转换权本身作为
权益工具入账时，负债的条款
才不会影响其分类。2022年修
订本进一步澄清，在贷款安排
所产生的债务契诺中，只有实
体必须于报告日期或之前遵守
的契诺会影响该负债分类为流
动或非流动。实体是否须就非
流动负债作出额外披露乃取决
于实体能否于报告期后12个月
内遵守未来契诺。
本集团已重新评估其于2023年
及2024年4月1日的负债条款
及条件，并总结认为，其负债
的该等流动或非流动分类于首
次应用该等修订后保持不变。
因此，该等修订并未对本集团
的财务状况或表现产生任何影
响。
2024/2025
年报ANUAL REPORT115
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.2 Changes in acounting policies and disclosures (continued)
c) Amendments to HKAS 7 and HKFRS 7 clarify the characteristics
of suplier finance arangements and require aditional
disclosure of such arangements. The disclosure requirements
in the amendments are intended to asist users of financial
statements in understanding the efects of suplier finance
arangements on an entity’s liabilities, cash flows and exposure
to liquidity risk. As the Group does not have suplier finance
arangements, the amendments did not have any impact on the
Group’s financial statements.
2.3 Isued but not yet efective HKFRS Acounting Standards
The Group has not aplied the folowing new and revised HKFRS
Acounting Standards, that have ben isued but are not yet efective,
in these financial statements. The Group intends to aply these new
and revised HKFRS Acounting Standards, if aplicable, when they
become efective.
HKFRS 18Presentation and Disclosure in Financial Statements
香港财务报告准则第18号财务报表之呈列及披露
HKFRS 19Subsidiaries without Public Acountability: Disclosures
香港财务报告准则第19号不具公众问责性之附属公司：披露
Amendments to HKFRS 9 and HKFRS 7Amendments to the Clasification and Measurement of Financial
Instruments
香港财务报告准则第9号及香港财务报告准则
第7号之修订
金融工具的分类及计量之修订
Amendments to HKFRS 9 and HKFRS 7Contracts Referencing Nature-dependent Electricity
香港财务报告准则第9号及香港财务报告准则
第7号之修订
涉及依赖天然资源生产电力的合约
Amendments to HKFRS 10 and HKAS 28Sale or Contribution of Asets betwen an Investor and its Asociate
or Joint Venture
香港财务报告准则第10号及香港会计准则
第28号之修订
投资者与其联营公司或合营企业之间的资产出售或注资
Amendments to HKAS 21Lack of Exchangeability
香港会计准则第21号之修订缺乏可兑换性
Anual Improvements to HKFRS
Acounting Standards – Volume 11
Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and
HKAS 7
香港财务报告准则会计准则的年度改进－
第11册
香港财务报告准则第1号、香港财务报告准则第7号、香港财务报告准
则第9号、香港财务报告准则第10号及香港会计准则第7号之修订
- （续）
2.2 会计政策及披露之变动
c) 香港会计准则第7号及香港财务
报告准则第7号之修订澄清了供
应商融资安排的特征，并要求
对该等安排作出额外披露。该
等修订本的披露规定旨在协助
财务报表使用者了解供应商融
资安排对实体负债、现金流量
及流动资金风险敞口的影响。
由于本集团并无供应商融资安
排，故修订本对本集团的财务
报表并无任何影响。
2.3 已颁布但尚未生效的香港财务
报告准则会计准则
本集团并无于该等财务报表应用以下
已颁布但尚未生效的新订及经修订香
港财务报告准则会计准则。本集团拟
于该等新订及经修订香港财务报告
准则会计准则生效时予以应用（如适
用）。
2024/2025
年报ANUAL REPORT116
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.3 Isued but not yet efective HKFRS Acounting Standards
(continued)
Efective for anual periods begining on or after 1 January 2025
Efective for anual periods begining on or after 1 January 2026
Efective for anual/reporting periods begining on or after 1 January
No mandatory efective date yet determined but available for adoption
Further information about those HKFRS Acounting Standards that
are expected to be aplicable to the Group is described below.
HKFRS 18 replaces HKAS 1 Presentation of Financial Statements.
While a number of sections have ben brought forward from HKAS
1 with limited changes, HKFRS 18 introduces new requirements
for presentation within the income statement, including specified
totals and subtotals. Entities are required to clasify al income and
expenses within the income statement into one of the five categories:
operating, investing, financing, income taxes and discontinued
operations and to present two new defined subtotals. It also requires
disclosures about management-defined performance measures in a
single note and introduces enhanced requirements on the grouping
(agregation and disagregation) and the location of information
in both the primary financial statements and the notes. Some
requirements previously included in HKAS 1 are moved to HKAS 8
Acounting Policies, Changes in Acounting Estimates and Erors,
which is renamed as HKAS 8 Basis of Preparation of Financial
Statements. As a consequence of the isuance of HKFRS 18, limited,
but widely aplicable, amendments are made to HKAS 7 Statement
of Cash Flows, HKAS 33 Earnings per Share and HKAS 34 Interim
Financial Reporting. In adition, there are minor consequential
amendments to other HKFRS Acounting Standards. HKFRS 18 and
the consequential amendments to other HKFRS Acounting Standards
are efective for anual periods begining on or after 1 January 2027
with earlier aplication permited. Retrospective aplication is required.
The Group is curently analysing the new requirements and asesing
the impact of HKFRS 18 on the presentation and disclosure of the
Group’s financial statements.
- （续）
2.3 已颁布但尚未生效的香港财务
报告准则会计准则（续）
于2025年1月1日或之后开始之年度
期间生效
于2026年1月1日或之后开始之年度
期间生效
于2027年1月1日或之后开始之年
度╱报告期间生效
未确定强制生效日期，惟可供采纳
预期将适用于本集团之该等香港财务
报告准则会计准则之进一步资料详述
如下。
香港财务报告准则第18号取代香港会
计准则第1号财务报表的呈列。尽管
香港会计准则第1号的多个部分已被
沿用并作出有限变动，但香港财务报
告准则第18号对收益表内的呈列方式
引入新规定，包括指定总计及小计。
实体须将收益表内的所有收入及开支
分类为五个类别之一：经营、投资、
融资、所得税及已终止经营业务，并
呈列两个新界定的小计。其亦规定在
单一附注中披露管理层界定的绩效指
标，并对主要财务报表及附注中的组
合（总计及分类）及资讯位置提出更高
的规定。先前获纳入香港会计准则第
1号的部分规定已移至香港会计准则
第8号会计政策、会计估计变动及失
误，并重新命名为香港会计准则第8
号财务报表的编制基准。由于香港财
务报告准则第18号已颁布，故香港
会计准则第7号现金流量表、香港会
计准则第33号每股盈利及香港会计准
则第34号中期财务报告已作出有限但
广泛适用的修订。此外，其他香港财
务报告准则会计准则亦有轻微相应修
订。香港财务报告准则第18号及其他
香港财务报告准则会计准则的相应修
订于2027年1月1日或之后开始的年度
期间生效，获准提早应用。该等修订
须追溯应用。本集团现正分析新规定
及评估香港财务报告准则第18号对本
集团财务报表的呈列及披露的影响。
2024/2025
年报ANUAL REPORT117
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.3 Isued but not yet efective HKFRS Acounting Standards
(continued)
HKFRS 19 alows eligible entities to elect to aply reduced disclosure
requirements while stil aplying the recognition, measurement and
presentation requirements in other HKFRS Acounting Standards.
To be eligible, at the end of the reporting period, an entity must be a
subsidiary as defined in HKFRS 10 Consolidated Financial Statements,
canot have public acountability and must have a parent (ultimate or
intermediate) that prepares consolidated financial statements available
for public use which comply with HKFRS Acounting Standards.
Earlier aplication is permited. As the Company is a listed company,
it is not eligible to elect to aply HKFRS 19. Some of the Company’s
subsidiaries are considering the aplication of HKFRS 19 in their
specified financial statements.
Amendments to HKFRS 9 and HKFRS 7 Amendments to the
Clasification and Measurement of Financial Instruments clarify the
date on which a financial aset or financial liability is derecognised
and introduce an acounting policy option to derecognise a financial
liability that is setled through an electronic payment system before
the setlement date if specified criteria are met. The amendments
clarify how to ases the contractual cash flow characteristics of
financial asets with environmental, social and governance and
other similar contingent features. Moreover, the amendments clarify
the requirements for clasifying financial asets with non-recourse
features and contractualy linked instruments. The amendments also
include aditional disclosures for investments in equity instruments
designated at fair value through other comprehensive income and
financial instruments with contingent features. The amendments shal
be aplied retrospectively with an adjustment to opening retained
earnings (or other component of equity) at the initial aplication
date. Prior periods are not required to be restated and can only be
restated without the use of hindsight. Earlier aplication of either al
the amendments at the same time or only the amendments related to
the clasification of financial asets is permited. The amendments are
not expected to have any significant impact on the Group’s financial
statements.
- （续）
2.3 已颁布但尚未生效的香港财务
报告准则会计准则（续）
香港财务报告准则第19号允许合资格
实体选择应用精简披露规定，同时仍
应用其他香港财务报告准则会计准则
中的确认、计量及呈列规定。为符合
资格，于报告期末，实体必须为香港
财务报告准则第10号综合财务报表所
界定的附属公司，不可具公众问责性
且须有一间编制符合香港财务报告准
则会计准则的综合财务报表供公众使
用的母公司（最终或中间公司）。该等
修订获准提早应用。由于本公司为上
市公司，故其不符合资格选择应用香
港财务报告准则第19号。本公司若干
附属公司正考虑于其特定财务报表内
应用香港财务报告准则第19号。
香港财务报告准则第9号及香港财务
报告准则第7号之修订金融工具的分
类及计量之修订澄清了终止确认金融
资产或金融负债之日期，并引入一项
会计政策选择以允许通过电子支付系
统结算的金融负债在满足特定条件的
情况下，于结算日之前终止确认。该
等修订澄清了如何评估具有环境、社
会及管治以及其他类似或然特征的金
融资产的合约现金流量特征。此外，
该等修订澄清了具有无追索权特征的
金融资产及合约挂钩工具的分类要
求。该等修订亦包括指定按公平价值
透过其他全面收益记账之股本工具投
资及具有或然特征之金融工具之额外
披露。该等修订应追溯应用，并于首
次应用日期对期初保留盈利（或权益
的其他组成部分）进行调整。过往期
间毋须重列，且不可使用事后知悉的
资料重列。允许同时提早应用所有修
订或仅提早应用与金融资产分类相关
的修订。预期该等修订不会对本集团
的财务报表造成任何重大影响。
2024/2025
年报ANUAL REPORT118
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.3 Isued but not yet efective HKFRS Acounting Standards
(continued)
Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing
Nature-dependent Electricity clarify the aplication of the “own-use”
requirements for in-scope contracts and amend the designation
requirements for a hedged item in a cash flow hedging relationship
for in-scope contracts. The amendments also include aditional
disclosures that enable users of financial statements to understand
the efects these contracts have on an entity’s financial performance
and future cash flows. The amendments relating to the own-use
exception shal be aplied retrospectively. Prior periods are not
required to be restated and can only be restated without the use of
hindsight. The amendments relating to the hedge acounting shal
be aplied prospectively to new hedging relationships designated on
or after the date of initial aplication. Earlier aplication is permited.
The amendments to HKFRS 9 and HKFRS 7 shal be aplied at the
same time. The amendments are not expected to have any significant
impact on the Group’s financial statements.
Amendments to HKFRS 10 and HKAS 28 adres an inconsistency
betwen the requirements in HKFRS 10 and in HKAS 28 in dealing
with the sale or contribution of asets betwen an investor and its
asociate or joint venture. The amendments require a ful recognition
of a gain or los resulting from a downstream transaction when
the sale or contribution of asets constitutes a busines. For a
transaction involving asets that do not constitute a busines, a gain
or los resulting from the transaction is recognised in the investor’s
profit or los only to the extent of the unrelated investor’s interest in
that asociate or joint venture. The amendments are to be aplied
prospectively. The previous mandatory efective date of amendments
to HKFRS 10 and HKAS 28 was removed by the HKICPA. However,
the amendments are available for adoption now.
Amendments to HKAS 21 specify how an entity shal ases
whether a curency is exchangeable into another curency and how
it shal estimate a spot exchange rate at a measurement date when
exchangeability is lacking. The amendments require disclosures of
information that enable users of financial statements to understand
the impact of a curency not being exchangeable. Earlier aplication
is permited. When aplying the amendments, an entity canot restate
comparative information. Any cumulative efect of initialy aplying the
amendments shal be recognised as an adjustment to the opening
balance of retained earnings or to the cumulative amount of translation
diferences acumulated in a separate component of equity, where
apropriate, at the date of initial aplication. The amendments are
not expected to have any significant impact on the Group’s financial
statements.
- （续）
2.3 已颁布但尚未生效的香港财务
报告准则会计准则（续）
香港财务报告准则第9号及香港财务
报告准则第7号之修订涉及依赖天然
资源生产电力的合约澄清范围内合约
「自用」规定的应用，并修订范围内
合约现金流量对冲关系中被对冲项目
的指定规定。该等修订亦包括额外披
露，使财务报表使用者能够了解该等
合约对实体财务表现及未来现金流量
的影响。与自用例外情况相关的该等
修订应追溯应用。过往期间毋须重
列，且不可使用事后知悉的资料重
列。与对冲会计相关的该等修订应追
溯应用于首次应用之日或之后指定的
新对冲关系。该等修订获准提早应
用。香港财务报告准则第9号及香港
财务报告准则第7号之修订应同时应
用。预期该等修订不会对本集团的财
务报表造成任何重大影响。
香港财务报告准则第10号及香港会计
准则第28号之修订解决香港财务报告
准则第10号与香港会计准则第28号之
间对于处理投资者与其联营公司或合
营企业之间的资产出售或出资的规定
的不一致情况。该等修订要求资产出
售或出资构成一项业务时，确认下游
交易产生的全部收益或亏损。对于不
构成业务的资产交易，交易所产生的
收益或亏损仅以无关连的投资者于该
联营公司或合营企业的权益为限，于
投资者的损益中确认。该等修订将于
未来期间应用。香港会计师公会已剔
除了香港财务报告准则第10号及香港
会计准则第28号之修订的以往强制生
效日期。然而，该等修订可于现时采
纳。
香港会计准则第21号之修订规定了当
缺乏可兑换性时，实体应如何评估一
种货币是否可兑换为另一种货币，以
及如何估计量日的即期汇率。该等
修订要求进行资料披露，以使财务报
表使用者了解不可兑换货币的影响。
该等修订获准提早应用。应用该等修
订时，实体不得重列比较资料。首次
应用该等修订的任何累计影响应于首
次应用日期确认为对保留盈利期初结
余的调整或对权益独立部分累计换算
差额的累计金额的调整（如适用）。该
等修订预期不会对本集团的财务报表
产生任何重大影响。
2024/2025
年报ANUAL REPORT119
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.3 Isued but not yet efective HKFRS Acounting Standards
(continued)
Anual Improvements to HKFRS Acounting Standards – Volume 11
set out amendments to HKFRS 1, HKFRS 7 (and the acompanying
Guidance on implementing HKFRS 7), HKFRS 9, HKFRS 10 and
HKAS 7. Details of the amendments that are expected to be aplicable
to the Group are as folows:
- : Disclosures: The amendments
have updated certain wording in paragraph B38 of HKFRS
7 and paragraphs IG1, IG14 and IG20B of the Guidance on
implementing HKFRS 7 for the purpose of simplification or
achieving consistency with other paragraphs in the standard
and/or with the concepts and terminology used in other
standards. In adition, the amendments clarify that the Guidance
on implementing HKFRS 7 does not necesarily ilustrate al the
requirements in the referenced paragraphs of HKFRS 7 nor does
it create aditional requirements. Earlier aplication is permited.
The amendments are not expected to have any significant
impact on the Group’s financial statements.
- : The amendments clarify
that when a lese has determined that a lease liability has
ben extinguished in acordance with HKFRS 9, the lese is
required to aply paragraph 3.3.3 of HKFRS 9 and recognise
any resulting gain or los in profit or los. In adition, the
amendments have updated certain wording in paragraph 5.1.3
of HKFRS 9 and Apendix A of HKFRS 9 to remove potential
confusion. Earlier aplication is permited. The amendments
are not expected to have any significant impact on the Group’s
financial statements.
- : The amendments
clarify that the relationship described in paragraph B74 of
HKFRS 10 is just one example of various relationships that might
exist betwen the investor and other parties acting as de facto
agents of the investor, which removes the inconsistency with the
requirement in paragraph B73 of HKFRS 10. Earlier aplication
is permited. The amendments are not expected to have any
significant impact on the Group’s financial statements.
- （续）
2.3 已颁布但尚未生效的香港财务
报告准则会计准则（续）
对香港财务报告准则会计准则的年度
改进－第11册载列对香港财务报告准
则第1号、香港财务报告准则第7号
（及随附的香港财务报告准则第7号实
施指引）、香港财务报告准则第9号、
香港财务报告准则第10号及香港会计
准则第7号的修订。预期适用于本集
团的修订详情如下：
• 香港财务报告准则第7号金融工
具：披露：该等修订更新了香
港财务报告准则第7号第B38段
及香港财务报告准则第7号实施
指引第IG1、IG14及IG20B段
的若干字眼，以简化表述或使
之与准则中其他段落及╱或与
其他准则所用概念及专有词汇
保持一致。此外，该等修订澄
清香港财务报告准则第7号实施
指引并无必要就香港财务报告
准则第7号各参考段落中的所有
规定加以说明，且并无增设其
他规定。该等修订获准提早采
用。预期该等修订不会对本集
团的财务报表产生任何重大影
响。
• 香港财务报告准则第9号金融工
具：该等修订澄清，当承租人
根据香港财务报告准则第9号确
定租赁负债已经消除时，承租
人需应用香港财务报告准则第9
号第3.3.3段，并于损益中确认
任何由此产生的收益或亏损。
此外，该等修订更新了香港财
务报告准则第9号第5.1.3段及
香港财务报告准则第9号附录A
的若干字眼，以免出现潜在混
淆情况。该等修订获准提早采
用。预期该等修订不会对本集
团的财务报表产生任何重大影
响。
• 香港财务报告准则第10号综合
财务报表：该等修订澄清香港
财务报告准则第10号第B74段
中描述的关系仅为投资者与担
当投资者实际代理人的其他人
士之间可能存在的多种关系当
中的一个例子，其免除与香港
财务报告准则第10号第B73段
所载规定不一致的情况。该等
修订获准提早采用。预期该等
修订不会对本集团的财务报表
产生任何重大影响。
2024/2025
年报ANUAL REPORT120
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.3 Isued but not yet efective HKFRS Acounting Standards
(continued)
- : The amendments replace
the term “cost method” with “at cost” in paragraph 37 of
HKAS 7 folowing the prior deletion of the definition of “cost
method”. Earlier aplication is permited. The amendments
are not expected to have any impact on the Group’s financial
statements.
2.4 Subsidiaries
2.4.1 Consolidation
A subsidiary is an entity (including a structured entity) over which the
Group has control. The Group controls an entity where the Group is
exposed to, or has rights, to variable returns from its involvement with
the entity and has the ability to afect those returns through its power
over the entity. Subsidiaries are consolidated from the date on which
control is transfered to the Group except for busines combination
under comon control as described below. They are deconsolidated
from the date that control ceases.
Inter-company transactions, balances, income and expenses on
transactions betwen group companies are eliminated. Profits and
loses resulting from inter-company transactions that are recognised
in asets are also eliminated unles the transaction provides evidence
of an impairment of the transfered aset. Acounting policies
of subsidiaries have ben changed where necesary to ensure
consistency with the policies adopted by the Group.
(a) Busines combinations
(i) Merger acounting for busines combination under comon
control
The consolidated financial statements incorporate the financial
statements of the combining entities or busineses in busines
combinations under comon control as if they had ben combined
from the date when the combining entities or busineses first came
under the control of the ultimate controling shareholder.
The net asets of the combining entities or busineses are
consolidated using the carying amount from the ultimate controling
shareholder’s perspective. No amount is recognised for godwil or the
exces of the Group’s interest in the bok value of the net asets over
cost at the time of the comon control combination, to the extent of
the continuation of the ultimate controling shareholder’s interest.
- （续）
2.3 已颁布但尚未生效的香港财务
报告准则会计准则（续）
• 香港会计准则第7号现金流量
表：继先前删除「成本法」的定
义后，该等修订以「按成本」取
代香港会计准则第7号第37段中
「成本法」一词。该等修订获准
提早采用。预期该等修订不会
对本集团的财务报表产生任何
重大影响。
2.4 附属公司
2.4.1 合并账目
附属公司指本集团拥有控制权的所有
主体（包括结构化主体）。当本集团因
参与该主体的营运而承担可变回报的
风险或享有可变回报的权益并有能力
透过其对该主体的权力影响此等回报
时，本集团即控制该主体。附属公司
在控制权转移至本集团之日起合并
入账（除下述同一控制下企业合并以
外）。附属公司在控制权终止之日起
停止合并入账。
集团内公司之间的交易、交易的结
余、收入及开支予以对销。来自集团
内公司间的利润和损失（确认于资产）
亦予以对销，除非交易提供转让资产
减值证据则另作别论。附属公司的会
计政策已按需要作出改变，以确保与
本集团采用的政策保持一致。
(a) 业务合并
(i) 同一控制下企业合并的合并法
综合财务报表中纳入同一控制下企业
合并中的合并实体或业务的财务报
表，视同该合并实体或业务自最终控
股东开始实施控制时一直是合并体
系。
合并实体或业务的资产净值从最终控
股东的角度以账面值合并。鉴于最
终控股东的利益的延续，在同一控
制下企业合并时，商誉或本集团对净
资产账面值超出成本部分的权益，不
予以确认。
2024/2025
年报ANUAL REPORT121
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.4 Subsidiaries (continued)
2.4.1 Consolidation (continued)
(a) Busines combinations (continued)
(i) Merger acounting for busines combination under comon
control (continued)
Transaction costs, including profesional fes, registration fes, costs
of furnishing information to shareholders, costs or loses incured
in combining operations of the previously separate busineses and
other costs incured in relation to the comon control combination
that is to be acounted for by using the merger acounting method are
recognised as expenses in the period in which they are incured.
(i) Acquisition method for other busines combinations
The Group aplies the acquisition method to acount for busines
combinations other than comon control combinations. The
consideration transfered for the acquisition of a subsidiary is the fair
values of the asets transfered, the liabilities incured to the former
owners of the acquire and the equity interests isued by the Group.
The consideration transfered includes the fair value of any aset
or liability resulting from a contingent consideration arangement.
Identifiable asets acquired and liabilities and contingent liabilities
asumed in a busines combination are measured initialy at their fair
values at the acquisition date.
Acquisition-related costs are expensed as incured.
Godwil is initialy measured as the exces of the agregate of the
consideration transfered and the fair value of non-controling interest
over the net identifiable asets acquired and liabilities asumed. If
this consideration is lower than the fair value of the net asets of the
subsidiary acquired, the diference is recognised in profit or los.
(b) Changes in ownership interests in subsidiaries without change of
control
Transactions with non-controling interests that do not result in
los of control are acounted for as equity transactions – that is,
as transactions with the owners in their capacity as owners. The
diference betwen the fair value of any consideration paid and the
relevant share acquired of the carying value of net asets of the
subsidiary is recorded in equity. Gains or loses on disposals to non-
controling interests are also recorded in equity.
- （续）
2.4 附属公司（续）
2.4.1 合并账目（续）
(a) 业务合并（续）
(i) 同一控制下企业合并的合并法
（续）
交易费用，包括专业费、注册费、向
股东提供信息的费用及结合以前独立
的业务引起的费用或损失等，这些与
同一控制下合并采用合并会计处理有
关的费用都要在发生当期作为费用确
认。
(i) 其他业务合并的收购法
本集团采用购买法将共同控制合并以
外的业务合并入账。购买附属公司的
转让对价为本集团所转让资产、对被
收购方前拥有人所产生负债及所发行
股权的公平值。转让对价包括或有对
价安排产生的任何资产或负债的公平
值。于业务合并时所购买的可辨认资
产及所承担的负债及或然负债，初步
按购买日的公平值计量。
购买相关成本于产生时列为开支。
商誉初步按所转拨总对价及所收购非
控制性权益之公平值超出所收购可辨
认资产净值及所承担负债之数额计
量。倘此对价低于所购买附属公司资
产净值之公平值，则差额于损益中确
认。
(b) 不导致失去控制权之附属公司
所有者权益变动
不导致失去控制权之非控制性权益交
易入账列作权益交易－即与所有者以
其作为所有者身份进行的交易。任何
已付对价公平值与所收购相关应占附
属公司净资产账面值之差额列作权
益。向非控制性权益出售之盈亏亦列
作权益。
2024/2025
年报ANUAL REPORT122
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.4 Subsidiaries (continued)
2.4.1 Consolidation (continued)
(c) Disposal of subsidiaries
When the Group ceases to have control, any retained interest in
the entity is re-measured to its fair value at the date when control
is lost, with the change in carying amount recognised in profit or
los. The fair value is the initial carying amount for the purposes of
subsequently acounting for the retained interest as an asociate,
joint venture or financial aset. In adition, any amounts previously
recognised in other comprehensive income in respect of that entity are
acounted for as if the Group had directly disposed of the related asets
or liabilities. This may mean that amounts previously recognised in
other comprehensive income are reclasified to profit or los.
2.4.2 Separate financial statements
Investments in subsidiaries are acounted for at cost les impairment.
Cost includes directly atributable costs of investment. The results
of subsidiaries are acounted for by the Company on the basis of
dividend received and receivable.
2.5 Asociates
An asociate is an entity over which the Group has significant
influence but not control, generaly acompanying a shareholding of
betwen 20% and 50% of the voting rights. Investments in asociates
are acounted for using the equity method of acounting. Under the
equity method, the investment is initialy recognised at cost, and the
carying amount is increased or decreased to recognise the investor’s
share of the profit or los of the investe after the date of acquisition.
Upon the acquisition of the ownership interest in an asociate, any
diference betwen the cost of the asociate and the Group’s share of
the net fair value of the asociate’s identifiable asets and liabilities is
acounted for as godwil.
If the ownership interest in an asociate is reduced but significant
influence is retained, only a proportionate share of the amounts
previously recognised in other comprehensive income is reclasified
to profit or los where apropriate.
- （续）
2.4 附属公司（续）
2.4.1 合并账目（续）
(c) 出售附属公司
本集团失去控制权时，于实体之任何
保留权益按失去控制权当日之公平值
重新计量，有关账面值变动在损益确
认。就后续入账为联营、合营企业或
金融资产的保留权益而言，其公平值
为初始账面值。此外，先前于其他全
面收益确认与该实体有关之任何金额
按犹如本集团已直接出售有关资产或
负债之方式入账。此可能意味先前在
其他全面收益确认之金额重新分类至
损益。
2.4.2 独立财务报表
附属公司投资按成本扣除减值列账。
成本包括投资的直接归属成本。附属
公司的业绩由本公司按已收及应收股
息入账。
2.5 联营公司
联营公司为本集团对其有重大影响力
而无控制权的实体，通常附带有20%
至50%投票权的股权。联营公司投
资以权益法入账。根据权益法，投资
初步以成本确认，账面值会增加或减
少，以确认投资者占被投资方收购日
期后损益之比例。于收购于联营公司
之拥有权益时，联营公司之成本与
本集团应占联营公司之可辨认资产及
负债之公平净值之任何差额入账列作
商誉。
如联营公司的权益持有被削减但仍保
留重大影响力，只有按比例将之前在
其他全面收益中确认的数额重新分类
至损益（如适用）。
2024/2025
年报ANUAL REPORT123
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.5 Asociates (continued)
The Group’s share of post-acquisition profit or los is recognised in
the consolidated income statement, and its share of post-acquisition
movements in other comprehensive income is recognised in other
comprehensive income with a coresponding adjustment to the
carying amount of the investment. When the Group’s share of
loses in an asociate equals or exceds its interest in the asociate,
including any other unsecured receivables, the Group does not
recognise further loses, unles it has incured legal or constructive
obligations or made payments on behalf of the asociate.
The Group determines at each reporting date whether there is any
objective evidence that the investment in the asociate is impaired. If
this is the case, the Group calculates the amount of impairment as the
diference betwen the recoverable amount of the asociate and its
carying value and recognises the amount within “share of profits of
asociates” in the consolidated income statement.
Profits and loses resulting from upstream and downstream
transactions betwen the Group and its asociates are recognised
in the Group’s financial statements only to the extent of unrelated
investor’s interests in the asociates. Unrealised loses are eliminated
unles the transaction provides evidence of an impairment of the aset
transfered. Acounting policies of asociates have ben changed
where necesary to ensure consistency with the policies adopted by
the Group.
Dilution gains and loses arising in investments in asociates are
recognised in the consolidated income statement.
2.6 Segment reporting
Operating segments are reported in a maner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for alocating
resources and asesing performance of the operating segments,
has ben identified as the executive directors that make strategic
decisions.
- （续）
2.5 联营公司（续）
本集团应占联营公司购买后利润或亏
损于综合收益表内确认，而应占其购
买后的其他全面收益变动则于其他全
面收益内确认，并相应调整投资账面
值。如本集团应占一家联营公司的亏
损等于或超过其在该联营公司的权
益，包括任何其他无抵押应收款，本
集团不会确认进一步亏损，除非本集
团对联营公司已产生法律或推定债务
或已代联营公司作出付款。
本集团于各报告日期厘定是否有任何
客观证据显示于联营公司的投资已经
减值。倘出现此情况，本集团会按联
营公司可收回金额与其账面值计算减
值金额，并于综合收益表「应占联营
公司利润」内确认有关金额。
本集团及其联营公司之间之上游及下
游交易所产生之利润及亏损于本集团
财务报表确认，但仅限于无关联投资
者在联营公司的权益的数额。除非有
关交易提供已转让资产减值证据，否
则未实现亏损予以对销。联营公司的
会计政策已按需要作出改变，以确保
与本集团所采纳的政策保持一致。
在联营公司的投资所产生的摊薄收益
和亏损于综合收益表确认。
2.6 分部报告
营运的分部按照向主要营运决策者提
供的内部报告贯彻一致的方式报告。
负责分配资源和评估经营分部表现的
主要经营决策者被认定为作出策略性
决定的执行董事。
2024/2025
年报ANUAL REPORT124
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Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.7 Foreign curency translation
(a) Functional and presentation curency
Items included in the financial statements of each of the Group’s
entities are measured using the curency of the primary economic
environment in which the entity operates (“the functional curency”).
The Company’s functional curency is United States Dolar (“US$”).
The Group’s principal subsidiaries were incorporated in the PRC and
these subsidiaries considered RMB as their functional curency. Since
the majority of the asets and operations of the Group are located in
the PRC, the consolidated financial statements are presented in RMB
(unles otherwise stated) to reflect the primary economic environment
of the Group’s operations.
(b) Transactions and balances
Foreign curency transactions are translated into the functional
curency using the exchange rates prevailing at the dates of the
transactions or valuation where items are remeasured. Foreign
exchange gains and loses resulting from the setlement of such
transactions and from the translation at year-end exchange rates of
monetary asets and liabilities denominated in foreign curencies are
recognised in the consolidated income statement.
Al foreign exchange gains and loses are presented in the
consolidated income statement within “other gains – net”.
Translation diferences on non-monetary financial asets and liabilities
such as equities held at fair value through profit or los are recognised
in profit or los as part of the fair value gain or los. Translation
diferences on non-monetary financial asets such as equities
clasified as FVOCI are included in other comprehensive income.
(c) Group companies
The results and financial position of al the group entities (none of
which has the curency of a hyperinflationary economy) that have
a functional curency diferent from the presentation curency are
translated into the presentation curency as folows:
(i) asets and liabilities for each balance shet presented are
translated at the closing rate at the balance shet date;
- （续）
2.7 外币折算
(a) 功能和列报货币
本集团每个主体的财务报表所列项目
均以该主体经营所在的主要经济环境
的货币（「功能货币」）计量。本公司的
功能货币为美元（「美元」）。本集团
的主要附属公司于中国注册成立及该
等附属公司视人民币为其功能货币。
由于本集团大部分资产及业务位于中
国，故综合财务报表以人民币呈报
（除另有说明外）以反映本集团业务所在
主要经济环境。
(b) 交易及结余
外币交易采用交易或项目重新计量的
估值日期的汇率换算为功能货币。结
算此等交易产生的汇兑收益和亏损以
及将外币计值的货币资产和负债以年
终汇率折算产生的汇兑收益和亏损在
综合收益表确认。
所有汇兑收益和亏损在综合收益表内
的「其他收益－净额」中列报。
非货币性金融资产及负债（例如按公
平值透过损益持有的权益）的折算差
额在损益中确认为公平值收益和亏损
的一部份。非货币性金融资产（例如
分类为按公平值透过其他全面收益记
账的金融资产的权益）的折算差额包
括在其他全面收益内。
(c) 集团公司
其功能货币与本集团的列报货币不同
的所有集团内的主体（当中没有恶性
通货膨胀经济的货币）的业绩和财务
状况按如下方法换算为列报货币：
(i) 每份列报的资产负债表内的资
产和负债按该资产负债表日期
的期末汇率换算；
2024/2025
年报ANUAL REPORT125
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.7 Foreign curency translation (continued)
(c) Group companies (continued)
(i) income and expenses for each consolidated income statement
are translated at the average exchange rates (unles this
average is not a reasonable aproximation of the cumulative
efect of the rates prevailing on the transaction dates, in which
case income and expenses are translated at the rates on the
dates of the transactions); and
(i) al resulting curency translation diferences are recognised in
other comprehensive income.
On consolidation, exchange diferences arising from the translation
of any net investment in foreign entities, and of borowings and other
financial instruments designated as hedges of such investments, are
recognised in other comprehensive income. When a foreign operation is
sold or any borowings forming part of the net investment are repaid,
the asociated exchange diferences are reclasified to profit or los, as
part of the gain or los on sale.
Godwil and fair value adjustments arising on the acquisition of a
foreign entity are treated as asets and liabilities of the foreign entity
and translated at the closing rate. Curency translation diferences
arising are recognised in other comprehensive income.
(d) Disposal of a foreign operation and partial disposals
On the disposal of a foreign operation (that is, a disposal of the
Group’s entire interest in a foreign operation, or a disposal involving
los of control over a subsidiary that includes a foreign operation, or a
disposal involving los of significant influence over an asociate that
includes a foreign operation), al of the curency translation diferences
acumulated in equity in respect of that operation atributable to the
equity holders of the Company are reclasified to profit or los.
In the case of a partial disposal that does not result in the Group
losing control over a subsidiary that includes a foreign operation,
the proportionate share of acumulated exchange diferences is
reatributed to non-controling interests and is not recognised in profit
or los. For al other partial disposals (that is, reductions in the Group’s
ownership interests in asociates that do not result in the Group losing
significant influence), the proportionate share of the acumulated
exchange diference is reclasified to profit or los.
- （续）
2.7 外币折算（续）
(c) 集团公司（续）
(i) 每份综合收益表内的收益和费
用按平均汇率换算（除非此汇
率并不代表交易日期汇率的累
计影响的合理约数；在此情况
下，收支项目按交易日期的汇
率换算）；及
(i) 所有由此产生的汇兑差额于其
他全面收益确认。
于合并账目时，换算海外实体任何投
资净额以及指定为该等投资之对冲项
目的借款及其他金融工具产生之汇兑
差额于其他全面收益确认。于出售境
外业务或偿还投资净额的任何借款
时，相关汇兑差额重新分类至损益，
作为出售收益或亏损之一部份。
购买境外主体产生的商誉及公平值调
整视为该境外主体的资产和负债，并
按期末汇率换算。所引起之汇兑差额
于其他全面收益内确认。
(d) 境外经营的处置和部分处置
对于境外经营的处置（即处置集团在
境外经营中的全部权益，或者处置涉
及丧失对拥有境外经营的附属公司的
控制权，或处置涉及丧失对拥有境外
经营的联营公司的重大影响力），就
该项经营累计入权益的归属于本公
司权益持有人的所有汇兑差额均重新
分类至损益。
对于并不导致本集团丧失对拥有境外
经营的附属公司的控制权的部分处
置，本集团在累计汇兑差额中的比例
份额重新归属于非控制性权益并且不
在损益中确认。对于所有其他部分处
置（即本集团在联营公司中的所有权
权益的减少并不导致本集团丧失重大
影响），本集团在累计汇兑差额中的
比例份额重分类至损益。
2024/2025
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综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.8 Property, plant and equipment
Property, plant and equipment are stated at historical cost les
acumulated depreciation and acumulated impairment loses, if any.
Historical cost includes expenditure that is directly atributable to the
acquisition of the items.
Frehold land is stated at cost les acumulated impairment loses, if
any. Cost represents consideration paid for the purchase of the land.
Frehold land is not subject to depreciation.
Construction in progres (the “CIP”) represents buildings, plant and
machinery under construction or pending instalation and is stated
at cost les acumulated impairment loses, if any. Cost includes
the costs of construction and acquisition and capitalised borowing
costs. No depreciation is made on CIP until such time as the relevant
asets are completed and ready for intended use. When the asets
concerned are available for use, the costs are transfered to the
apropriate category of property, plant and equipment and depreciated
in acordance with the policy as stated below.
Subsequent costs are included in the aset’s carying amount or
recognised as a separate aset, as apropriate, only when it is
probable that future economic benefits asociated with the item wil
flow to the Group and the cost of the item can be measured reliably.
The carying amount of the replaced part is derecognised. Al other
repairs and maintenance are charged to the consolidated income
statement during the financial period in which they are incured.
Depreciation is calculated using the straight-line method to alocate
the cost les impairment los (if any), other than frehold land and
construction in progres, to their residual values over their estimated
useful lives, as folows:
Buildings20 – 60 years
Furniture, machinery and equipment2 – 15 years
Vehicles, aircraft and transportation facilities5 – 20 years
The asets’ residual values and useful lives are reviewed, and
adjusted if apropriate, at the end of each reporting period.
An aset’s carying amount is writen down imediately to its
recoverable amount if the aset’s carying amount is greater than its
estimated recoverable amount.
Gains and loses on disposals are determined by comparing the
proceds with carying amounts and are recognised within “other
gains – net” in the consolidated income statement.
- （续）
2.8 物业、厂房及设备
物业、厂房及设备乃按历史成本值减
累计折旧及累计减值亏损（如有）后列
账。历史成本包括收购该等项目直接
产生的开支。
永久业权土地按成本减累计减值亏损
（如有）后列账。成本指购买土地已付
对价。永久业权土地不计提折旧。
在建工程（「在建工程」）代表在建或有
待安装的楼宇、厂房及机器，以成本
减累计减值亏损（如有）列账。成本包
括建筑及收购成本以及已资本化的借
款成本。在建工程项目直至相关资产
落成并达到预定可使用状态前不作折
旧拨备。当有关资产可供使用，其成
本则转入适当类别的物业、厂房及设
备，并按以下所述有关的政策计提折
旧。
后续成本只有在很可能为本集团带来
与该项目有关的未来经济利益，而该
项目的成本能可靠计量时，才包括在
资产的账面值或确认为一项单独资产
（如适用）。已更换零件的账面值已被
终止确认。所有其他维修费用在产生
的财政期间内于综合收益表支销。
除永久业权土地及在建工程外，折旧
均以直线法计算，以于估计可使用年
期将成本减值亏损（如有）分配至其
余值，有关估计可使用年期如下：
楼宇20至60年
家私、机器及设备2至15年
车辆、飞机及运输工具5至20年
资产的剩余价值及可使用年期在每个
报告期末进行检讨，及在适当时调
整。
若资产的账面值高于其估计可收回金
额，其账面值即时撇减至可收回金
额。
出售的收益和亏损按所得款与账面值
的差额厘定，并在综合收益表内「其
他收益－净额」中确认。
2024/2025
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Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.9 Leasehold land and land use rights
Leasehold land and land use rights are stated at cost les
acumulated amortisation and acumulated impairment loses (if
any). Cost represents consideration paid for the rights to use the land
on which various plants and buildings are situated for periods from
20 to 70 years. Amortisation of leasehold land and land use rights is
calculated on a straight-line basis over the period of the leases.
2.10 Investment properties
Properties that are held for long-term rental yields or for capital
apreciation or both, and that are not ocupied by the Group, are
clasified as investment properties.
Properties and the building component of investment properties
are stated at cost les acumulated depreciation and acumulated
impairment los (if any). The land component of leasehold investment
properties is acounted for as leasehold land and clasified in
leasehold land and land use rights.
Depreciation of investment properties is calculated using the straight-
line method to alocate cost les impairment los (if any) to their
residual value over their estimated useful lives of 10 to 40 years.
2.11 Intangible asets
(a) Godwil
Godwil arising on the acquisition of subsidiaries represents the
exces of the consideration transfered over the Company’s interest
in net fair value of the net identifiable asets, liabilities and contingent
liabilities of the acquire and the fair value of the non-controling
interest in the acquire.
For the purpose of impairment testing, godwil acquired in a busines
combination is alocated to each of the cash-generating units (“CGUs”),
or groups of CGUs, that is expected to benefit from the synergies of
the combination. Each unit or group of units to which the godwil is
alocated represents the lowest level within the entity at which the
godwil is monitored for internal management purposes. Godwil is
monitored at the operating segment level.
Godwil impairment reviews are undertaken anualy or more
frequently if events or changes in circumstances indicate a potential
impairment. The carying value of the CGU containing the godwil is
compared to the recoverable amount, which is the higher of value in use
and the fair value les costs of disposal. Any impairment is recognised
imediately as an expense and is not subsequently reversed.
- （续）
2.9 租赁土地及土地使用权
租赁土地及土地使用权乃按成本值
减累计摊销及累计减值亏损（如有）列
账。成本值指就各厂房及楼宇所在年
限介乎20至70年不等土地使用权所支
付的对价。租赁土地及土地使用权的
摊销于租赁期内以直线法计算。
2.10 投资物业
持有作长期租金收益或资本增值或上
述两种目的及并非由本集团占用的物
业，乃列作投资物业。
物业与投资物业的楼宇部分以成本
减累计折旧及累计减值亏损（如有）列
账。租赁投资物业的土地部分作为租
赁土地入账及列为租赁土地及土地使
用权。
投资物业的折旧以直线法将成本减去
减值亏损（如有）至残值分摊至其估计
可使用年期10至40年计算。
2.11 无形资产
(a) 商誉
商誉于收购附属公司时产生，指已转
拨对价超出本公司于被收购方可辨认
资产净值、负债及或然负债公平值之
权益及被收购方非控制权益公平值之
数额。
为进行减值测试，于业务合并中收购
之商誉会分配至每个现金产出单元
（「现金产出单元」）或现金产出单元组
（预期可从合并中获取协同利益）。商
誉被分配的每个单元或单元组指在主
体内商誉被监控作内部管理用途的最
低层次。商誉在经营分部层次进行监
控。
商誉每年进行减值检讨，或当有事件
出现或情况改变显示可能出现减值
时，作出更频密检讨。商誉所载现金
产出单元之账面值与可收回金额作比
较，可收回金额为使用价值与公平值
减出售成本之较高者。任何减值即时
确认为开支，且其后不会拨回。
2024/2025
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Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.11 Intangible asets (continued)
(b) Trademarks
Separately acquired trademarks are shown at historical cost.
Trademarks acquired in a busines combination are recognised at
fair value at the acquisition date. Trademarks have finite useful lives
and are caried at cost les acumulated amortisation. Amortisation
is calculated using the straight-line method to alocate the cost of
trademarks over their estimated useful lives of 10 years.
(c) Software
Software represents purchased computer software and is amortised
over its estimated useful life of 5 years.
2.12 Impairment of investments in subsidiaries, asociates and non-
financial asets
Asets that have an indefinite useful life, for example godwil,
are not subject to amortisation and are tested at least anualy for
impairment. Other non-financial asets are reviewed for impairment
anualy or whenever events or changes in circumstances indicate
that the carying amount may not be recoverable. An impairment los
is recognised for the amount by which the aset’s carying amount
exceds its recoverable amount. The recoverable amount is the higher
of an aset’s fair value les costs of disposal and value in use. For
the purposes of asesing impairment, asets that do not generate
independent cash inflows are grouped at the lowest levels for which
there are separately identifiable cash flows (cash-generating units).
Non-financial asets other than godwil that sufered an impairment
are reviewed for posible reversal of the impairment at each reporting
date.
Impairment testing of the investments in subsidiaries is required upon
receiving dividends from these investments if the dividend exceds
the total comprehensive income of the subsidiary in the period the
dividend is declared or if the carying amount of the investment in the
separate financial statements exceds the carying amount of the
investe’s net asets, including godwil, in the consolidated financial
statements.
The Group determines at each reporting date whether there is any
objective evidence that the investment in an asociate is impaired.
If this is the case, the Group calculates the amount of impairment as
the diference betwen the recoverable amount and carying amount
of the asociate and recognises the amount within “share of profits of
asociates” in the consolidated income statement.
- （续）
2.11 无形资产（续）
(b) 商标
分开购入的商标按历史成本列账。在
业务合并中购入的商标按购买日的公
平值列账。商标均有限定的可使用年
期，并按成本减累计摊销列账。摊销
利用直线法将商标的成本分摊至其估
计可使用年期10年计算。
(c) 软件
软件指已购置的电脑软件及于5年估
计可使用年期摊销。
2.12 附属公司、联营公司及非金融
资产投资的减值
使用年期不确定的资产（例如商誉）毋
需摊销，但至少每年须就减值进行一
次测试。其他非金融资产，每年或当
有事件出现或情况改变显示账面值可
能无法收回时就进行减值检讨。减值
亏损按资产的账面值超出其可收回金
额的差额确认。可收回金额以资产的
公平值扣除销货成本及使用价值两者
之间较高者为准。于评估减值时，并
无产生独立现金流量的资产按可分开
辨认现金流量（现金产出单元）的最低
层次组合。除商誉外，已蒙受减值的
非金融资产在每个报告日期均就减值
是否可以转回进行检讨。
当收到附属公司投资的股息时，而股
息超过附属公司在股息宣布期间的全
面收益总额，或在独立财务报表的投
资账面值超过在综合财务报表的被投
资方净资产（包括商誉）账面值，则必
须对有关投资进行减值测试。
本集团于各报告日期厘定是否有任何
客观证据显示于联营公司之投资出现
减值。如有出现减值，本集团按联营
公司之可收回金额与其账面值之差额
计算减值金额，并于综合收益表内
「应占联营公司利润」内确认金额。
2024/2025
年报ANUAL REPORT129
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.13 Investments and other financial asets
2.13.1 Clasification
The Group clasifies its financial asets in the folowing measurement
categories:
• those to be measured subsequently at fair value (either through
other comprehensive income or through profit or los), and
• those to be measured at amortised cost.
The clasification depends on the entity’s busines model for
managing the financial asets and the contractual terms of the cash
flows.
For asets measured at fair value, gains and loses wil either
be recorded in the consolidated income statement or other
comprehensive income. For investments in equity instruments that are
not held for trading, this wil depend on whether the Group has made
an irevocable election at the time of initial recognition to acount for
the equity investment at FVOCI.
The Group reclasifies debt investments when and only when its
busines model for managing those asets changes.
2.13.2 Recognition and derecognition
Regular way purchases and sales of financial asets are recognised
on the trade-date, the date on which the Group comits to purchase
or sel the aset. Financial asets are derecognised when the rights
to receive cash flows from the financial asets have expired or have
ben transfered and the Group has transfered substantialy al the
risks and rewards of ownership.
2.13.3 Measurement
At initial recognition, the Group measures a financial aset at its fair
value plus, in the case of a financial aset not at FVPL, transaction
costs that are directly atributable to the acquisition of the financial
aset. Transaction costs of financial asets caried at FVPL are
expensed in the consolidated income statement.
Financial asets with embeded derivatives are considered in their
entirety when determining whether their cash flows are solely payment
of principal and interest.
- （续）
2.13 投资及其他金融资产
2.13.1 分类
本集团按以下计量类别分类其金融资
产：
• 其后将按公平值透过其他全面
收益或按公平值透过损益记账
的金融资产；及
• 将按摊销成本计量之金融资
产。
分类取决于本集团管理金融资产及现
金流量合约条款之业务模式。
就按公平值计量之资产而言，收益及
亏损将于综合收益表或其他全面收益
记账。就并非持作买卖的权益工具投
资而言，将取决于本集团是否于初始
确认时已不可撤回地选择按公平值计
入其他全面收益将股本投资列账。
本集团于及仅于管理该等资产之业务
模式改变时，方会重新分类债务投
资。
2.13.2 确认及终止确认
以常规方式购买及出售的金融资产于
交易日（即本集团承诺购买或出售资
产的日期）确认。当从金融资产收取
现金流量的权利已到期或已转让且本
集团已实质上转移了所有权的所有风
险和报酬时，金融资产终止确认。
2.13.3 计量
于初步确认时，本集团按公平值加收
购该金融资产直接应占之交易成本计
量金融资产（倘金融资产并非按公平
值透过损益记账）。按公平值透过损
益记账之金融资产之交易成本于综合
收益表中列作开支。
确定具有嵌入衍生工具之金融资产之
现金流量是否仅为支付本金及利息
时，需从金融资产之整体进行考虑。
2024/2025
年报ANUAL REPORT130
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.13 Investments and other financial asets (continued)
2.13.3 Measurement (continued)
Debt instruments
Subsequent measurement of debt instruments depends on the
Group’s busines model for managing the aset and the cash flow
characteristics of the aset. There are thre measurement categories
into which the Group clasifies its debt instruments:
- : Asets that are held for colection of contractual
cash flows where those cash flows represent solely payments of
principal and interest are measured at amortised cost. Interest
income from these financial asets is included in finance income
using the efective interest rate method. Any gain or los arising
on derecognition is recognised directly in the consolidated
income statement and presented in other gains/loses together
with foreign exchange gains and loses. Impairment loses are
presented in the consolidated income statement.
- : Asets that are held for colection of contractual cash
flows and for seling the financial asets, where the asets’ cash
flows represent solely payments of principal and interest, are
measured at FVOCI. Changes in fair value are taken through
other comprehensive income (“OCI”), except for the recognition
of impairment gains or loses, interest income and foreign
exchange gains and loses which are recognised in profit or
los. When the financial aset is derecognised, the cumulative
gain or los previously recognised in OCI is reclasified from
equity to profit or los and recognised in other gains/loses.
Interest income from these financial asets is included in
finance income using the efective interest rate method. Foreign
exchange gains and loses are presented in other gains/loses
and impairment expenses are presented as a separate line item
in the consolidated income statement.
- : Asets that do not met the criteria for amortised cost
or FVOCI are measured at FVPL. A gain or los on a debt
investment that is subsequently measured at FVPL is recognised
in the consolidated income statement and presented net within
other gains/loses in the period in which it arises.
- （续）
2.13 投资及其他金融资产（续）
2.13.3 计量（续）
债务工具
债务工具的后续计量取决于本集团管
理资产的业务模式及该项资产之现金
流量特点，本集团将其债务工具分类
为三种计量类别：
- ：为收取合约现金流
量而持有，且现金流量仅为支
付本金及利息之资产按摊销成
本计量。该等金融资产之利息
收入按实际利率法计入金融收
入。终止确认产生的任何收益
或亏损直接于综合收益表中确
认，并于其他收益╱亏损中与
外汇收益及亏损一并列示。减
值亏损于综合收益表中列示。
• 按公平值透过其他全面收益记
账：倘持有资产目的为收取合
约现金流量及销售金融资产，
且资产的现金流量纯粹为本金
及利息付款，则按公平值计入
其他全面收益计量。公平值变
动计入其他全面收益（「其他全
面收益」），惟减值损益、利
息收入及汇兑损益于损益中确
认。于终止确认金融资产时，
先前于其他全面收益确认的累
计收益或亏损由权益重新分类
至损益并于其他收益╱亏损确
认。该等金融资产所产生利息
收入乃使用实际利率法计入财
务收入。汇兑收益及亏损于其
他收益╱亏损呈列，而减值开
支在综合收益表中呈列为独立
项目。
- ：不符
合摊销成本标准或按公平值透
过其他全面收益记账之资产乃
按公平值透过损益记账。随后
按公平值透过损益记账之债务
投资之收益或亏损于综合收益
表中确认，并于产生期间按净
额呈列于其他收益╱亏损中。
2024/2025
年报ANUAL REPORT131
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.13 Investments and other financial asets (continued)
2.13.3 Measurement (continued)
Equity instruments
The Group subsequently measures al equity investments at fair value.
Where the Group’s management has elected to present fair value
gains and loses on equity investments in OCI, there is no subsequent
reclasification of fair value gains and loses to profit or los folowing
the derecognition of the investment. Dividends from such investments
continue to be recognised in the consolidated income statement
as other income when the Group’s right to receive payments is
established.
Changes in the fair value of financial asets at FVPL are recognised in
other gains/loses in the consolidated income statement as aplicable.
Impairment loses (and reversal of impairment loses) on equity
investments measured at FVOCI are not reported separately from
other changes in fair value.
2.13.4 Impairment
The Group aseses on a forward-loking basis the expected
credit loses (“ECLs”) asociated with its debt instruments caried
at amortised cost, FVPL and FVOCI. The Group measures a los
alowance for a financial aset at an amount equal to the lifetime ECL
if the credit risk on that financial aset has increased significantly
since initial recognition. If the credit risk on a financial aset has not
increased significantly since initial recognition, the Group measures
the los alowance for that financial aset at an amount equal to the
12-month ECL.
For trade receivables, the Group aplies the simplified aproach
permited by HKFRS 9, which requires expected lifetime loses to be
recognised from initial recognition of the receivables, se Note 3.1(b)
for further details.
2.14 Inventories
Inventories are stated at the lower of cost and net realisable value.
Cost is determined using the weighted average method. The cost of
finished gods and work in progres comprises raw materials, labour,
other direct costs and related production overheads (based on normal
operating capacity). It excludes borowing costs. Net realisable value
is the estimated seling price in the ordinary course of busines, les
aplicable variable seling costs.
- （续）
2.13 投资及其他金融资产（续）
2.13.3 计量（续）
权益工具
本集团所有股本投资随后按公平值计
量。倘本集团管理层已选择将股本投
资之公平值收益及亏损于其他全面收
益呈列，则终止确认投资后，概无后
续重新分类公平值收益及亏损至损
益。本集团收取付款之权利确立时，
有关投资之股息继续于综合收益表中
确认为其他收入。
按公平值计入损益之金融资产公平值
变动乃于综合收益表中其他收益╱亏
损中确认（如适用）。按公平值计入其
他全面收益计量之股本投资减值亏损
（及减值亏损之拨回）不会与其他公平
值变动分开呈报。
2.13.4 减值
本集团按前瞻性基准评估其按摊销成
本、按公平值透过损益记账及按公平
值透过其他全面收益记账的债务工具
的相关预期信用损失（「预期信用损
失」）。如果该金融资产的信用风险自
初始确认后大幅增加，则本集团计量
金融资产的亏损拨备，其金额等于整
个存续期的预期信用损失。如果金融
资产的信用风险自初始确认后未显著
增加，则本集团以等于12个月预期信
用损失的金额计量该金融资产的亏损
拨备。
就贸易应收款而言，本集团采用香港
财务报告准则第9号所准许的简化方
法，该方法规定于初步确认应收款时
须确认预期使用年期亏损。有关进一
步详情请参阅附注3.1(b)。
2.14 存货
存货按成本及可变现净值两者的较低
者列账。成本利用加权平均法厘定。
制成品及在制品的成本包括原材料、
劳工、其他直接费用和相关的间接生
产费用（依据正常经营能力）。这不包
括借款费用。可变现净值为在日常营
运活动中的估计销售价，减适用的变
动出售成本。
2024/2025
年报ANUAL REPORT132
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.15 Trade and other receivables
Trade receivables are amounts due from customers for merchandise
sold or services performed in the ordinary course of busines. If
colection of trade and other receivables is expected in one year or
les, they are clasified as curent asets. If not, they are presented as
non-curent asets.
Trade receivables are recognised initialy at the amount of
consideration that is unconditional unles they contain significant
financing components, when they are recognised at fair value. The
Group holds the trade receivables with the objective to colect the
contractual cash flows and therefore measures them subsequently at
amortised cost using the efective interest method. Se Note 2.13 for
further information about the Group’s acounting for trade receivables
and Notes 2.13.4 and Note 3.1(b) for a description of the Group’s
impairment policies.
2.16 Cash and cash equivalents
Cash and cash equivalents in the consolidated balance shet comprise
cash on hand and at banks, and short-term highly liquid deposits with
a maturity of generaly within thre months that are readily convertible
into known amounts of cash, subject to an insignificant risk of
changes in value and held for the purpose of meting short-term cash
comitments.
For the purpose of the consolidated statement of cash flows, cash
and cash equivalents comprise cash on hand and at banks, and
short-term deposits as defined above, les bank overdrafts which are
repayable on demand and form an integral part of the Group’s cash
management.
2.17 Share capital
Ordinary shares are clasified as equity.
Incremental costs directly atributable to the isue of new shares
or options are shown in equity as a deduction, net of tax, from the
proceds.
Where any group company purchases the Company’s equity share
capital (treasury shares), the consideration paid, including any directly
atributable incremental costs (net of income taxes), is deducted from
equity atributable to the Company’s equity holders until the shares are
canceled or reisued.
- （续）
2.15 贸易应收款及其他应收款
贸易应收款为在日常营运活动中就商
品销售或服务执行而应收客户的款
项。如贸易应收款及其他应收款的收
回预期在一年或以内，其被分类为流
动资产；否则分类为非流动资产。
除包含重大融资组成部份的贸易应收
款以公平值确认外，其余贸易应收款
初始按无附带条件的对价金额确认。
本集团所持有的贸易应收款主要目的
为获取合约现金流量，因此后续以实
际利率法按摊销成本计量。有关本集
团对贸易应收款的会计处理及本集团
减值政策的描述的进一步详情见附注
2.13以及附注2.13.4及附注3.1(b)。
2.16 现金及现金等价物
综合资产负债表中的现金及现金等价
物包括手头现金及银行现金，以及到
期日通常在三个月内的短期高流动性
存款，其可随时转换为已知金额的现
金，价值变动风险很小及为满足短期
现金承担而持有。
就综合现金流量表而言，现金及现金
等价物包括手头及银行现金以及上文
所界定的短期存款，减须按要求偿还
并构成本集团现金管理组成部分的银
行透支。
2.17 股本
普通股被分类为权益。
直接归属于发行新股或购股权的新增
成本在权益中列为所得款的减少（扣
除税项）。
如任何集团公司购入本公司的权益
股本（库存股），所支付的对价，包括
任何直接所占的新增成本（扣除所得
税），自归属于本公司权益持有人的
权益中扣除，直至股份被注销或重新
发行为止。
2024/2025
年报ANUAL REPORT133
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.18 Financial liabilities
2.18.1 Clasification
The Group’s financial liabilities include trade payables, acruals and
other payables, lease liabilities, borowings and other non-curent
liabilities.
2.18.2 Recognition and derecognition
Financial liabilities are recognised when and only when the Group
becomes a party to the contractual provisions of the instruments and
on a trade date basis. A financial liability is derecognised when and
only when the liability is extinguished, that is, when the obligation
specified in the relevant contract is discharged or canceled, or
expires.
2.18.3 Measurement
Al financial liabilities are recognised initialy at their fair value and
subsequently measured at amortised cost, using the efective interest
method, unles the efect of discounting would be insignificant, in
which case they are stated at cost.
Trade payables are recognised initialy at fair value and subsequently
measured at amortised cost using the efective interest method.
2.19 Borowings
Borowings are recognised initialy at fair value, net of transaction
costs incured. Borowings are subsequently stated at amortised cost;
any diference betwen the proceds (net of transaction costs) and the
redemption value is recognised in the consolidated income statement
over the period of the borowings using the efective interest method.
Fes paid on the establishment of loan facilities are recognised as
transaction costs of the loan to the extent that it is probable that some
or al of the facility wil be drawn down. In this case, the fe is defered
until the draw-down ocurs. To the extent there is no evidence that it
is probable that some or al of the facility wil be drawn down, the fe is
capitalised as a prepayment for liquidity services and amortised over
the period of the facility to which it relates.
Borowings are clasified as curent liabilities unles the Group has
an unconditional right to defer setlement of the liability for at least 12
months after the balance shet date.
- （续）
2.18 金融负债
2.18.1 分类
本集团的金融负债包括贸易应付款、
应计费用及其他应付款、租赁负债、
借款及其他非流动负债。
2.18.2 确认及终止确认
当且仅当本集团成为工具合约条款的
订约方及于交易日，金融负债予以确
认。当且仅当责任消除时，即相关合
同中规定的义务被解除或取消，或到
期时，金融负债才终止确认。
2.18.3 计量
所有金融负债首次按其公平值确认，
及其后以实际利率法按摊销成本计
量，惟倘折现之影响并不重大，则按
成本列账。
贸易应付款初始以公平值确认，其后
利用实际利率法按摊销成本计量。
2.19 借款
借款初始按公平值并扣除产生的交易
费用确认。借款其后按摊销成本列
账；所得款（扣除交易成本）与赎回价
值的任何差额利用实际利率法于借款
期间内在综合收益表确认。
设立贷款融资时支付的费用倘部分或
全部融资将会很可能提取，该费用确
认为贷款的交易费用。在此情况下，
费用递延至贷款提取为止。如没有证
据证明部分或全部融资将会很可能被
提取，则该费用资本化作为流动资金
服务的预付款，并按有关的融资期间
摊销。
除非本集团可无条件将负债的结算递
延至资产负债表日后最少12个月，否则
借款分类为流动负债。
2024/2025
年报ANUAL REPORT134
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.20 Borowing costs
General and specific borowing costs directly atributable to the
acquisition, construction or production of qualifying asets, which are
asets that necesarily take a substantial period of time to get ready
for their intended use or sale, are aded to the cost of those asets,
until such time as the asets are substantialy ready for their intended
use or sale.
Investment income earned on the temporary investment of specific
borowings pending their expenditure on qualifying asets is deducted
from the borowing costs eligible for capitalisation.
Al other borowing costs are recognised in profit or los in the period
in which they are incured.
2.21 Curent and defered income tax
The income tax expense for the year comprises curent and defered
income tax. Income tax is recognised in the consolidated income
statement, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this case the
income tax is also recognised in other comprehensive income or
directly in equity, respectively.
(a) Curent income tax
The curent income tax charge is calculated on the basis of the tax
laws enacted or substantively enacted at the balance shet date in the
countries where the Company’s subsidiaries and asociates operate
and generate taxable income. Management periodicaly evaluates
positions taken in tax returns with respect to situations in which
aplicable tax regulation is subject to interpretation and considers
whether it is probable that a taxation authority wil acept an uncertain
tax treatment. The Group measures its tax balances either based on
the most likely amount or the expected value, depending on which
method provides a beter prediction of the resolution of the uncertainty.
- （续）
2.20 借款成本
可直接归属且需经较长时间方能达至
预定可使用或出售状态之合资格资产
收购、建造或生产的一般及特定借款
成本，计入该等资产之成本，直至达
至其预定可使用或出售状态为止。
就特定借款，因有待合资格资产的支
出而临时投资赚取的投资收入，须自
合资格资本化之借款成本中扣除。
所有其他借款成本于其产生期间于损
益确认。
2.21 当期及递延所得税
本年度所得税费用包括当期及递延所
得税项。所得税在综合收益表中确
认，但与在其他全面收益中或直接在
权益中确认的项目有关者则除外。在
该情况下，所得税亦分别在其他全面
收益或直接在权益中确认。
(a) 当期所得税
当期所得税支出根据本公司的附属公
司及联营公司经营及产生应课税收入
的国家于资产负债表日已颁布或实质
上已颁布的税务法例计算。管理层就
适用税务法例解释所规限的情况定期
评估报税表的状况，并考量税务机关
是否很有可能接受不确定的税务处
理。本集团借由使用最可能金额或期
望值方法之一（取决于本集团预期何
种方法更能预测不确定性的结果），
计量其税项结余。
2024/2025
年报ANUAL REPORT135
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.21 Curent and defered income tax (continued)
(b) Defered income tax
Inside basis diferences
Defered income tax is recognised, using the liability method, on
temporary diferences arising betwen the tax bases of asets and
liabilities and their carying amounts in the consolidated financial
statements. However, the defered income tax is not acounted for if
it arises from initial recognition of an aset or liability in a transaction
other than a busines combination that at the time of the transaction
afects neither acounting nor taxable profit or los. Defered income
tax is determined using tax rates (and laws) that have ben enacted
or substantively enacted by the balance shet date and are expected
to aply when the related defered income tax aset is realised or the
defered income tax liability is setled.
Defered income tax asets are recognised only to the extent that it is
probable that future taxable profit wil be available against which the
temporary diferences can be utilised.
Outside basis diferences
Defered income tax liabilities are provided on taxable temporary
diferences arising from investments in subsidiaries and asociates,
except for defered income tax liability where the timing of the
reversal of the temporary diference is controled by the Group and
it is probable that the temporary diference wil not reverse in the
foreseable future. Generaly, the Group is unable to control the
reversal of the temporary diference for asociates. Only when there
is an agrement in place that gives the Group the ability to control the
reversal of the temporary diference in the foreseable future, defered
tax liability in relation to taxable temporary diferences arising from the
asociate’s undistributed profits is not recognised.
Defered income tax asets are recognised on deductible temporary
diferences arising from investments in subsidiaries and asociates
only to the extent that it is probable the temporary diference wil
reverse in the future and there is suficient taxable profit available
against which the temporary diference can be utilised.
- （续）
2.21 当期及递延所得税（续）
(b) 递延所得税
内在差异
递延所得税利用负债法确认资产及负
债的税基与资产及负债在综合财务报
表的账面值差额而产生的暂时性差
异。然而，若递延所得税来自在交易
（不包括业务合并）中对资产或负债的
初始确认，而在交易时不影响会计损
益或应课税利润或损失，则不作记
账。递延所得税采用在资产负债表日
前已颁布或实质上已颁布，并在有关
的递延所得税资产实现或递延所得税
负债结算时预期将会适用的税率（及
法例）而厘定。
递延所得税资产是就很可能有未来应
课税利润而就此可使用暂时性差异而
确认。
外在差异
递延所得税负债就附属公司及联营公
司投资产生的应课税暂时性差异而准
备，但假若本集团可以控制暂时性差
异的转回时间，而暂时性差异在可预
见将来很可能不会转回则除外。本集
团一般未能为联营公司控制暂时性差
异之转回。仅于订立协议授权本集团
有能力，于可见未来控制暂时性差异
之转回时，联营公司之未分配溢利产
生应课税暂时性差异有关之递延税项
负债不予确认。
递延所得税资产就于附属公司及联营
公司投资产生之可扣减暂时性差异予
以确认，惟暂时性差异可能将于日后
拨回，且有充足之应课税溢利而动用
暂时性差异。
2024/2025
年报ANUAL REPORT136
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.22 Employe benefits
(a) Pension obligations
The Group participates in various defined contribution plans
administered by the relevant authorities or third parties, where
apropriate, and defined benefit plans for its employes in places
where it conducts busines.
A defined contribution plan is a pension plan under which the Group
pays fixed contributions into a separate entity. The Group has no legal
or constructive obligations to pay further contributions if the fund does
not hold suficient asets to pay al employes the benefits relating to
employe service in the curent and prior periods. A defined benefit
plan is a pension plan that is not a defined contribution plan.
For defined contribution plans, the Group pays contributions to publicly
or privately administered pension insurance plans on a mandatory,
contractual or voluntary basis. The Group participated in defined
contribution plans for its employes in the Chinese Mainland, Hong
Kong and Singapore, as wel as certain employes in the Taiwan
region, pursuant to relevant labour laws and regulations, whereby the
Group is required to make contributions calculated based on a certain
percentage of the employes’ relevant wages or income. The Group
has no further payment obligations once the contributions have ben
made. The contributions are recognised as employe benefit expense
when they are due. Prepaid contributions are recognised as an aset
to the extent that a cash refund or a reduction in the future payments
is available. There were no forfeited contributions for the defined
contribution plans as the Group’s contributions were imediately
vested to the employes.
Typicaly, defined benefit plans define an amount of pension benefit
that an employe wil receive on retirement, usualy dependent on one
or more factors such as age, years of service and compensation.
- （续）
2.22 员工福利
(a) 退休金义务
本集团在其经营活动地区参与由有关
当局或第三方（如适用）管理的各项员
工界定供款计划及为其员工提供界定
受益计划。
界定供款计划乃本集团向一家独立机
构支付固定额退休金供款的退休金
计划。若该基金并无持有足够资产向
所有员工就其在当期及以往期间的服
务支付福利，本集团亦无法定或推定
责任支付进一步供款。界定受益计划
乃一项并非界定供款计划的退休计
划。
对于界定供款计划，本集团以强制
性、合同性或自愿性方式向公开或私
人管理的退休保险计划供款。根据相
关劳工法律法规，本集团为其中国境
内、香港及新加坡的员工以及在台湾
地区的部分员工参加了界定供款计
划，就此本集团须按员工相关薪资或
收入之若干百分比计算作出供款。本
集团作出供款后，即无进一步付款义
务。供款到期时，则会确认为员工福
利开支。预付供款按照现金退款或可
减少未来付款而确认为资产。本集团
就界定供款计划作出的供款即时归属
员工，因此概不存在被没收的界定供
款计划之供款。
界定受益计划一般会厘定员工在退休
时可收取的退休褔利金额，通常视乎
年龄、服务年资和薪酬补偿等一个或
多个因素而定。
2024/2025
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综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.22 Employe benefits (continued)
(a) Pension obligations (continued)
The liability recognised in the consolidated balance shet in respect
of defined benefit pension plans is the present value of the defined
benefit obligation at the end of the reporting period les the fair value
of plan asets. The defined benefit obligation is calculated anualy
by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates
of high-quality corporate bonds that are denominated in the curency
in which the benefits wil be paid, and that have terms to maturity
aproximating to the terms of the related pension obligation. In
countries where there is no dep market in such bonds, the market
rates on government bonds are used.
The curent service cost of the defined benefit plan, recognised in
the consolidated income statement in employe benefit expense,
except where included in the cost of an aset, reflects the increase
in the defined benefit obligation resulting from employe service in
the curent year. Changes in the present value of the defined benefit
obligation resulting from plan amendments or curtailments are
recognised imediately in profit or los as past service costs.
Past-service costs are recognised imediately in income.
The net interest cost is calculated by aplying the discount rate to
the net balance of the defined benefit obligation and the fair value of
plan asets. This cost is included in employe benefit expense in the
consolidated income statement.
Remeasurement and actuarial gains and loses arising from
experience adjustments and changes in actuarial asumptions
are recognised in the period in which they ocur, directly in other
comprehensive income. They are included in capital reserves in the
statement of changes in equity and in the consolidated balance shet.
(b) Bonus plan
The Group recognises provision for bonuses where contractualy
obliged or where there is a past practice that has created a
constructive obligation.
- （续）
2.22 员工福利（续）
(a) 退休金义务（续）
于综合资产负债表内就界定受益退休
计划确认的负债为界定受益退休责任
于报告期末的现值（扣除计划资产的
公平值）。界定受益责任每年均由独
立精算师以预测单位贷计法计算。界
定受益责任的现值乃以使用支付福利
的货币计值，且到期条款与相关退休
责任的条款相约的高质企业债券的利
率贴现预计未来现金流出额厘订。倘
于欠缺该等企业债券深广市场的国
家，则采用政府债券的市场率。
界定受益计划的当期服务成本于综合
收益表确认为员工福利开支（已包括
在资产成本内除外），反映在现年度
因为员工服务而产生的界定福利债务
增加。因计划修订或削减而导致的界
定受益义务的现值变动，会立即在损
益中确认为过往服务成本。
过往服务成本即时于收益内确认。
净利息成本采用界定受益责任的净结
余之贴现率及计划资产的公平值计
算。此项成本列入综合收益表的员工
福利开支内。
因按经验作出调整及精算假设改变而
产生的精算盈亏在其发生期间，直接
在其他全面收益中确认。它们包括在
权益变动表及综合资产负债表的资本
储备中。
(b) 花红计划
本集团于合约规定或因以往惯例产生
推定责任时就花红确认拨备。
2024/2025
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综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.22 Employe benefits (continued)
(c) Employe leave entitlements
A provision is made for the estimated liability for anual leave and
long-service leave as a result of services rendered by employes up
to the balance shet date. Employe entitlements to sick leave and
maternity leave are not recognised until the time of leave.
2.23 Provisions
Provisions are recognised when the Group has a present legal or
constructive obligation as a result of past events; it is probable that an
outflow of resources wil be required to setle the obligation; and the
amount has ben reliably estimated. Provisions are not recognised for
future operating loses.
Where there are a number of similar obligations, the likelihod that an
outflow wil be required in setlement is determined by considering the
clas of obligations as a whole. A provision is recognised even if the
likelihod of an outflow with respect to any one item included in the
same clas of obligations may be smal.
Provisions are measured at the present value of the expenditures
expected to be required to setle the obligation using a pre-tax rate
that reflects curent market asesments of the time value of money
and the risks specific to the obligation. The increase in the provision
due to pasage of time is recognised as interest expense.
2.24 Revenue recognition
Sale of gods
The Group manufactures and sels rice crackers, dairy products and
beverages, snack fods and other products. Sales are recognised
when control of the products has ben transfered, being when
the products are delivered to the customer, the customer has ful
discretion over the chanel and price to sel the products, and there is
no unfulfiled obligation that could afect the customer’s aceptance of
the products. Delivery ocurs when the products have ben shiped
to the specific location, the risks of obsolescence and los have ben
transfered to the customer, and either the customer has acepted
the products in acordance with the sales contract, the aceptance
provisions have lapsed, or the Group has objective evidence that al
criteria for aceptance have ben satisfied.
- （续）
2.22 员工福利（续）
(c) 员工享有假期权利
员工假期乃按截至资产负债表日止因
员工提供服务而产生之估计年假及长
期服务假计提拨备。员工应享病假及
产假之权利，仅于支取假期时方予确
认。
2.23 准备
当本集团因已发生的事件而产生现有
的法律或推定义务；很可能需要有资
源的流出以结算义务；及金额已被可
靠估计，则确认准备。但不会就未来
经营亏损确认准备。
如有多项类似义务，其需要在结算中
有资源流出的可能性，则可根据义务
的类别整体考虑。即使在同一义务类
别所包含的任何一个项目相关的资源
流出的可能性极低，仍须确认准备。
准备采用税前利率按照预期需结算有
关义务的支出现值计量，该利率反映
当时市场对金钱时间值和有关义务固
有风险的评估。随著时间过去而增加
的准备确认为利息费用。
2.24 收益确认
货品销售
本集团制造及销售米果、乳品及饮
料、休闲食品以及其他产品。销售于
产品的控制权已转移（即产品交付予
客户）、客户可全权决定产品的销售
渠道及售价及并无可能影响客户接纳
产品的未履行责任时确认。当产品运
送到指定地点时交付即告完成。当客
户按照销售合约接纳产品，或接纳条
款已失效，或本集团有客观证据证明
所有接纳标准均已达成时，产品毁损
及遗失之风险转由客户承担。
2024/2025
年报ANUAL REPORT139
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.24 Revenue recognition (continued)
Sale of gods (continued)
The products are often sold with retrospective volume discounts
based on agregate sales over a period of time. Revenue from these
sales is recognised based on the price specified in the contract, net of
the estimated volume discounts. Acumulated experience is used to
estimate and provide for the discounts, and revenue is only recognised
to the extent that it is highly probable that a significant reversal wil
not ocur. A refund liability (included in acruals and other payables)
is recognised for expected volume discounts payable to customers in
relation to sales. No element of financing is demed present as the
sales are made with a credit term of 60 to 90 days, which is consistent
with market practice.
A receivable is usualy recognised when revenue is recognised as this is
the point in time that the consideration is unconditional because only
the pasage of time is required before the payment is due.
The Group’s obligations to provide a refund for faulty products are
under the standard waranty terms. Acumulated experience is used
to estimate such returns at the time of sale. Because of the large size
and low value of each individual product, the amounts of products
returned were imaterial. It is highly probable that a significant
reversal in the cumulative revenue recognised wil not ocur.
Therefore, no refund liability for gods return was recognised. The
validity of this asumption and the estimated amount of returns are
reasesed at each reporting date.
For certain payments to customers for promotion activities, the
customers did not provide a distinct god or service to the Group and
therefore recorded as a deduction of revenue.
The Group does not expect to have any contracts where the period
betwen the transfer of the promised gods to the customer and
payment by the customer exceds one year. As a consequence, the
Group does not adjust any of the transaction prices for the time value
of money.
2.25 Government grants
Incentive grants from the government are recognised at their fair value
where there is a reasonable asurance that the grant wil be received
and the Group wil comply with al atached conditions. And the grants
were recognised in the consolidated income statement when there
are no unfulfiled conditions or other contingencies ataching to such
grants.
- （续）
2.24 收益确认（续）
货品销售（续）
产品通常以一段时期内的销售总量为
基准，进行追溯批量折扣销售。该等
销售的收益乃基于合约规定的价格，
经扣除估计批量折扣后确认。本公司
使用累积的经验估计及提供折扣，且
收益仅于重大拨回极大可能不会产生
时确认。当预期向客户应付有关销售
的批量折扣时确认退款责任（包括于
应计费用及其他应付款内）。由于销
售之信用期为60日至90日，符合市场
惯例，故并不存在融资因素。
应收款通常于收益确认时确认，因从
那一刻开始，付款之到期仅须时间的
流逝，故收取对价成为无条件。
本集团有责任向质保期内的瑕疵产品
提供退款。本集团于销售时使用累积
经验估计有关退款。因产品规模大及
单个产品价值低，故退货量并不重
大。已确认累积收益之重大拨回极大
可能不会产生。因此，概无就退货确
认退款负债。本集团于各报告日期重
新评估上述假设之有效性及对退款金
额的估计。
就推广活动向客户作出的若干付款而
言，客户并无向本集团提供特定的商
品或服务，故被列作收益扣减。
本集团并不预期出现任何将承诺的货
物转让给客户到客户付款之间的期限
超过一年的合同。因此，本集团并无
就货币时间价值调整任何交易价格。
2.25 政府补助金
当能够合理地保证政府补助金将可收
取，而本集团将会符合所有附带条件
时，将政府提供的补助按其公平值确
认入账。当有关补助并无附带未达成
的条件及其他或然事项时，于综合收
益表确认补助。
2024/2025
年报ANUAL REPORT140
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.25 Government grants (continued)
Government grants relating to costs are defered and recognised
in the consolidated income statement over the period necesary to
match them with the costs that they are intended to compensate.
Government grants relating to property, plant and equipment are
presented by deducting the grant in calculating the carying amount of
the aset, and recognised in profit or los over the life of a depreciable
aset as a reduced depreciation expense.
2.26 Interest income
Interest income on financial asets at amortised cost calculated using
the efective interest method is recognised in the consolidated income
statement.
Interest income is presented as finance income where it is earned
from financial asets that are held for cash management purposes,
se Note 27 below. Any other interest income is included in other
gains.
2.27 Leases
Leases are recognised as a right-of-use aset and a coresponding
liability at the date at which the leased aset is available for use by the
Group.
The Group leases various ofices and warehouses. Rental contracts
are typicaly made for fixed periods but may have extension options.
Lease terms are negotiated on an individual basis and contain a wide
range of diferent terms and conditions. The lease agrements do not
impose any covenants, and leased asets may not be used as security
for borowing purposes.
Each lease payment is alocated betwen the liability cost and finance
cost. The finance cost is charged to profit or los over the lease period
so as to produce a constant periodic rate of interest on the remaining
balance of the liability for each period. The right-of-use asets are
depreciated over the shorter of the aset’s useful life and the lease
term on a straight-line basis. If the Group is reasonably certain to
exercise a purchase option, the right-of-use aset is depreciated over
the underlying aset’s useful life.
- （续）
2.25 政府补助金（续）
与成本有关之政府补助金递延入账，
并配合按拟补偿之成本所需期间计入
综合收益表中。
与购买物业、厂房及设备有关的政府
补助金，在计算资产账面价值时将补
助金额扣除，并按有关资产的预计使
用寿命期间透过确认为折旧费用的减
少计入当期损益。
2.26 利息收入
按摊销成本计量的金融资产的利息收
入使用实际利率法计算，于综合收益
表确认为其他收入。
利息收入呈列为持作现金管理用途的
金融资产所赚取的财务收入，见下文
附注27。任何其他利息收入均被计入
其他收益。
2.27 租赁
租赁于租赁资产可供本集团使用之日
确认为使用权资产及相应负债。
本集团租赁各种办公室及仓库。租约
一般为固定期，惟可能涵盖延期选择
权。租赁条款按个别基准协商且包含
多种不同条款及条件。租赁协议并无
施加任何条款，而租赁资产不得用作
借款的担保品。
每笔租赁付款分配至负债成本及融资
成本。融资成本于租期内自损益扣
除，借此制定各期间负债结余的固定
周期利率。使用权资产按资产可使用
年期或租期（以较短者为准）以直线法
折旧。倘本集团合理确定行使购买选
择权，则使用权资产于相关资产的可
使用年期内予以折旧。
2024/2025
年报ANUAL REPORT141
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.27 Leases (continued)
Asets and liabilities arising from a lease are initialy measured on a
present value basis. Lease liabilities include the net present value of
fixed payments (including in-substance fixed payments).
Lease payments to be made under reasonably certain extension
options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in
the lease. If that rate canot be determined, the lese’s incremental
borowing rate is used, being the rate that the lese would have to
pay to borow the funds necesary to obtain an aset of similar value
in a similar economic environment with similar terms and conditions.
To determine the incremental borowing rate, the Group uses recent
third-party financing received by the individual lese as a starting
point, adjusted to reflect changes in financing condition since third
party financing was received.
Al land in the PRC is stated-owned and no individual land ownership
right exists. The Group acquired the right to use certain land.
The premiums paid for such right are treated as prepayments for
operating lease and recorded at cost as right-of-use asets, which are
depreciated over the lease periods using the straight-line method.
Right-of-use asets are measured at cost which comprises the
folowing:
- , and
• any lease payments made at or before the comencement date
les any lease incentives received.
The Group aplies the short-term lease recognition exemption
to its short-term leases of property and other equipment (that is
those leases that have a lease term of 12 months or les from the
comencement date and do not contain a purchase option). It also
aplies the recognition exemption for leases of low-value asets to
leases of ofice equipment and laptop computers that are considered
to be of low value. Payments asociated with short-term leases of
property, equipment, vehicles, and al leases of low-value asets are
recognised on a straight-line basis as an expense in profit or los.
- （续）
2.27 租赁（续）
租赁产生的资产及负债初步按现值计
量。租赁负债包括固定付款（包括实
质固定付款）的净现值。
根据合理确定扩大选择权作出的租赁
付款亦计入负债的计量。
租赁付款额按照租赁内含利率贴现。
如果无法确定该利率，则应采用承租
人的增量借款利率，即承租人为在类
似经济环境下获得价值相近的资产，
以类似条款及条件借入资金而必须支
付的利率。
为厘定增量借款利率，本集团以个别
承租人最近收取的第三方融资作为起
点，并调整以反映自收取第三方融资
以来的融资状况变动。
所有于中国的土地均属国家拥有，故
并无个人土地拥有权。本集团取得使
用若干土地的权利。就有关权利支付
的地价视为经营租赁的预付款项，并
按成本入账为使用权资产，于租赁期
内以直线法折旧。
使用权资产按成本计量，包括以下各
项：
- ；及
• 于开始日期或之前所作的任何
租赁付款减任何已收租赁优
惠。
本集团对其物业及其他设备的短期租
赁应用短期租赁确认豁免，有关租赁
即于开始日期起计的租期为十二个月
或以下及不包括购买选择权的该等租
赁。本集团亦对被视为低价值的办公
室设备及手提电脑的租赁应用低价值
租赁的确认豁免。与物业、设备及汽
车短期租赁及低价值资产所有租赁相
关的付款以直线法于损益确认为开
支。
2024/2025
年报ANUAL REPORT142
综合财务报表附注
Notes to the Consolidated Financial Statements
2. MATERIAL ACOUNTING POLICIES (continued)
2.27 Leases (continued)
Extension and termination options are included in a few property
and equipment leases acros the Group. These terms are used to
maximise the operational flexibility in terms of managing contracts.
The majority of extension and termination options held are exercisable
only by the Group and not by the respective lesor.
Lease income from operating leases where the Group is a lesor is
recognised in profit or los on a straight-line basis over the lease term.
Initial direct costs incured in obtaining an operating lease are aded
to the carying amount of the underlying aset and recognised as an
expense over the lease term on the same basis as lease income. The
respective leased asets are included in the consolidated balance
shet based on their nature.
2.28 Earnings per share
Basic earnings per share is calculated by dividing the profit atributable
to equity holders of the Company, excluding any costs of servicing
equity other than ordinary shares by the weighted average number
of ordinary shares outstanding during the financial year, adjusted
for bonus elements in ordinary shares isued during the year and
excluding treasury shares.
Diluted earnings per share is calculated by adjusting the figures used
in the determination of basic earnings per share to take into acount
the post-tax efect of interest and other financing costs asociated with
dilutive potential ordinary shares, and the weighted average number of
aditional ordinary shares that would have ben outstanding asuming
the conversion of al dilutive potential ordinary shares.
2.29 Dividend distribution
Dividend distribution to the Company’s shareholders is recognised
as a liability in the Group’s and Company’s financial statements
in the period in which the dividend is aproved by the Company’s
shareholders or directors, when apropriate.
- （续）
2.27 租赁（续）
本集团的若干物业及设备租赁包含延
期及终止选择权。该等条款乃用于就
管理合约令经营灵活性最大化。所持
有的大部分延期及终止选择权仅可由
本集团行使，唯不得由有关出租人行
使。
本集团作为出租人的经营租赁收入在
租赁期内按直线法于损益确认。为获
取经营租赁所发生的初始直接费用计
入基本资产的账面金额，并在租赁期
内按照与租赁收入相同的基础确认为
费用。个别租赁资产按其性质在综合
资产负债表中列示。
2.28 每股盈利
每股基本盈利乃按归属于本公司权益
持有人之溢利（不包括普通股以外之
任何支付权益成本）除以于财政年度
内已发行普通股之加权平均数（已就
年内已发行之普通股之红利元素作出
调整以及并不包括库存股份）计算。
每股摊薄盈利乃透过调整用于厘定每
股基本盈利之数字以计及与潜在摊薄
普通股有关之利息及其他融资成本之
除所得税后影响而计算，及假设所有
潜在摊薄普通股换股，则将为额外普
通股之加权平均数。
2.29 股息分派
分派予本公司股东的股息于股息获本
公司股东或董事（如适用）批准期间在
本集团及本公司的财务报表中确认为
负债。
2024/2025
年报ANUAL REPORT143
综合财务报表附注
Notes to the Consolidated Financial Statements
3. FINANCIAL RISK MANAGEMENT
3.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks: market
risk (including foreign exchange risk, price risk and cash flow and
fair value interest rate risk), credit risk and liquidity risk. The Group’s
overal risk management program focuses on the unpredictability of
financial markets and seks to minimise potential adverse efects on
the Group’s financial performance.
(a) Market risk
(i) Foreign exchange risk
The Company’s functional curency is US$ and the majority of its
subsidiaries’ functional curency is RMB. Foreign exchange risk arises
from future purchases from overseas, and certain recognised asets or
liabilities, such as the cash and bank balances which are denominated
in US$ and other curencies (Note 17), and borowings denominated
in RMB of the subsidiaries of which functional curency is US$. The
Group has not hedged its foreign exchange rate risk because the
exposure, after neting of the asets and liabilities subject to foreign
exchange risk, is not significant.
As at 31 March 2025, if US$ had weakened/strengthened by 10%
against RMB with al other variables held constant, the post-tax profit
for the year ended 31 March 2025 would have ben RMB227,696,000
lower/higher (for the year ended 31 March 2024: RMB334,166,000),
mainly as a result of foreign exchange loses/gains on translation of
RMB denominated borowings.
(i) Price risk
The Group is exposed to equity securities price risk because the
equity investments held by the Group which are clasified in the
consolidated balance shet as financial asets at fair value through
other comprehensive income. The Group has not hedged its price risk
arising from these investments and wil continue to monitor price risk
exposure.
For the Group’s equity investments that are publicly traded, the fair
value is determined with reference to quoted market prices. For the
Group’s equity investments that are not publicly traded, the Group uses
its judgement to select a variety of methods and make asumptions
that are mainly based on market conditions existing at each balance
shet date.
3. 财务风险管理
3.1 财务风险因素
本集团的活动承受著多种的财务风
险：市场风险（包括外汇风险、价
格风险及现金流量及公平值利率风
险）、信用风险及流动性风险。本集
团的整体风险管理计划专注于金融市
场的难预测性，并寻求尽量减低对本
集团财务表现的潜在不利影响。
(a) 市场风险
(i) 外汇风险
本公司的功能货币为美元，而其大多
数附属公司的功能货币为人民币。外
汇风险源自境外的未来购买，及若干
已确认资产或负债，例如以美元及其
他货币列值之现金及银行存款（附注
17）以及以人民币列值之附属公司借
贷，其功能货币为美元。由于涉及外
汇风险的资产与负债抵销后之风险承
担度并不重大，本集团并无对冲其外
币汇率风险。
于2025年3月31日，假若美元兑人民
币贬值╱升值10%，而所有其他变数
维持不变，截至2025年3月31日止年
度的除税后利润将会减少╱增加人民
币227,696,000元（截至2024年3月31
日止年度：人民币334,166,000元），
主要由于换算以人民币计值借款所引
致的汇兑亏损╱收益。
(i) 价格风险
由于本集团持有的股本投资在综合资
产负债表列为按公平值透过其他全面
收益记账的金融资产，本集团面临股
本证券价格风险。本集团并无对冲该
等投资的价格风险并会持续对价格风
险进行管理。
就本集团公开买卖的股本投资而言，
公平值参照市场报价而厘定。就本集
团并非公开买卖的股本投资而言，本
集团使用判断以选出多种方法和主要
依据每个资产负债表日的现行市场状
况作出假设。
2024/2025
年报ANUAL REPORT144
综合财务报表附注
Notes to the Consolidated Financial Statements
3. FINANCIAL RISK MANAGEMENT (continued)
3.1 Financial risk factors (continued)
(a) Market risk (continued)
(i) Cash flow and fair value interest rate risk
The Group’s main interest rate risk arises from bank borowings with
variable rates, which expose the Group to cash flow interest rate risk.
Other bank borowings bear interest at a fixed rate, which expose
the Group to fair value interest rate risk. Details of fixed and variable
interest rate borowings are disclosed in Note 31(b). The interest rates
and terms of repayments of bank borowings are disclosed in Note 22.
The Group curently does not use any financial instruments to hedge
against its interest rate risk exposure. Management wil continue to
monitor interest rate risk exposure and wil consider hedging significant
interest rate risk exposure should the ned arise.
For the year ended 31 March 2025, if interest rates on bank
borowings had ben 10% higher/lower with al other variables held
constant, the profit before tax would have no impact as the Group
has no variable interest rate borowings (for the year ended 31 March
2024: RMB1,385,000).
Except for short-term and long-term bank deposits, the Group has
no other significant interest-bearing asets. Management does not
anticipate any significant impact on interest-bearing asets resulted
from the changes in interest rates because the interest rates of bank
deposits are relatively low and not expected to change significantly.
(b) Credit risk
The Group has no significant concentrations of credit risk. The carying
amounts of short-term and long-term bank deposits, cash and bank
balances, trade and other receivables included in the consolidated
financial statements represent the Group’s maximum exposure to
credit risk in relation to its financial asets. The Group considers
that default has ocured when a financial aset is more than 120
days past due unles the Group has reasonable and suportable
information to demonstrate that a more laging default criterion is
more apropriate.
- （续）
3.1 财务风险因素（续）
(a) 市场风险（续）
(i) 现金流量及公平值利率风险
本集团的主要利率风险源自按浮动利
率计息的银行借款，其使本集团面临
现金流量利率风险。按定息计息的其
他银行借款则令本集团面对公平值利
率风险。固定利率及浮动利率借款的
详情在附注31(b)中披露。银行借款的
利率及还款期披露于附注22。
本集团尚未使用任何金融工具来对冲
利率风险。管理层将会持续监控利率
风险并将于有需要时考虑对冲重大利
率风险。
截至2025年3月31日止年度，倘银行
借款的利率上升╱下跌10%而所有其
他变数保持不变，除税前利润将会并
无影响，原因为本集团并无可变利率
借款（截至2024年3月31日止年度：人
民币1,385,000元）。
除短期及长期银行存款外，本集团并
无其他重大计息资产。管理层预期利
率变动不会对计息资产造成任何重大
影响，因为银行存款利率相对较低且
预计不会大幅变动。
(b) 信用风险
本集团并无高度集中的信用风险。包
括在综合财务报表内的短期及长期银
行存款、现金及银行存款、贸易及其
他应收款的账面值相当于本集团有关
其金融资产的信用风险最高承担额。
本集团认为金融资产逾期超过120日
时已发生违约，除非本集团有合理可
靠资料证明更宽松之违约标准更为合
适，则作别论。
2024/2025
年报ANUAL REPORT145
综合财务报表附注
Notes to the Consolidated Financial Statements
3. FINANCIAL RISK MANAGEMENT (continued)
3.1 Financial risk factors (continued)
(b) Credit risk (continued)
As at 31 March 2025 and 31 March 2024, al bank deposits and cash
and bank balances were deposited in high quality financial institutions
without significant credit risk. Therefore, the Group believes the related
credit risk is insignificant.
Most of the Group’s sales are setled in cash or by checks by its
customers on delivery of gods. Credit sales are made only to
selected customers with god credit history. The Group has policies
in place to ensure that trade receivables are folowed up on a timely
basis.
In relation to balances with subsidiaries, the Company asesed the
credibility of the subsidiaries by reviewing their operating results and
cash flow position periodicaly.
(i) Impairment of financial asets
The Group has trade receivables for sales of inventories that are
subject to the expected credit los model.
While bank deposits, cash and bank balances are also subject to the
impairment requirements of HKFRS 9, the identified impairment los
was imaterial.
Trade receivables
The Group aplies the HKFRS 9 simplified aproach to measuring
expected credit loses which uses a lifetime expected los alowance
for al trade receivables from initial recognition. To measure the
expected credit loses, trade receivables have ben grouped based
on shared credit risk characteristics and the days past due. The
expected los rates are based on the payment profiles of sales and the
coresponding historical credit loses experienced within this period.
The historical los rates are adjusted to reflect curent and forward-
loking information on macroeconomic factors afecting the ability of
the customers to setle the receivables. The Group has identified the
gros domestic product and the unemployment rate of the countries
in which it sels its gods and services to be the most relevant factors,
and acordingly adjusts the historical los rates based on expected
changes in these factors. Trade receivables are writen of where there
is no reasonable expectation of recovery.
- （续）
3.1 财务风险因素（续）
(b) 信用风险（续）
于2025年3月31日及2024年3月31
日，所有银行存款以及现金及银行存
款均存放在并无重大信用风险的高质
素金融机构。因此，本集团相信相关
信用风险不重大。
本集团大部分销售额于付运货品时由
客户以现金或支票结算。向具良好信
用纪录的选定客户作出赊销。本集团
设有政策以确保适时跟进该等贸易应
收款。
至于附属公司结余，本公司透过定期
审阅其经营业绩及现金流状况，评估
附属公司的信用度。
(i) 金融资产减值
本集团出售存货而产生的贸易应收款
须受预期信用损失模型所规限。
尽管银行存款、现金及银行存款亦须
遵守香港财务报告准则第9号的减值
规定，但已识别的减值亏损并不重
大。
贸易应收款
本集团采用香港财务报告准则第9号
的简化方法计量预期信用损失，即于
初步确认时，为所有贸易应收款确认
整个存续期的预期亏损拨备。为计量
预期信用损失，贸易应收款按照相同
的信用风险特征和逾期天数分组。预
期亏损率基于销售的支付情况以及期
间发生的相应历史信用亏损确定。调
整历史亏损率以反映影响客户结算应
收款能力的宏观经济因素的当前和前
瞻性信息。本集团已确定其销售商品
和服务的国家的国内生产总值和失业
率是最相关的因素，并根据这些因素
的预期变化相应调整历史亏损率。贸
易应收款于并无合理预期收回时撇
销。
| 501,828 | 145,270 | 61,013 | 80,833 | 79,331 | 868,275 |
|---|---|---|---|---|---|
| 0.50% | 2.00% | 10.00% | 20.00% | 60.00% | |
| 2,509 | 2,905 | 6,101 | 16,167 | 47,599 | 75,281 |
2024/2025
年报ANUAL REPORT146
综合财务报表附注
Notes to the Consolidated Financial Statements
3. FINANCIAL RISK MANAGEMENT (continued)
3.1 Financial risk factors (continued)
(b) Credit risk (continued)
(i) Impairment of financial asets (continued)
Trade receivables (continued)
On that basis, the los alowance as at 31 March 2025 and 31 March
2024 was determined as folows for trade receivables:
Curent
More than
1 day
past due
More than
60 days
past due
More than
90 days
past due
More than
120 days
past dueTotal
未到期
已逾期
1日以上
已逾期
60日以上
已逾期
90日以上
已逾期
120日以上总计
RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
As at 31 March 2025于2025年3月31日
Gros carying amount总账面值
Expected los rate预期亏损率
Los alowance亏损拨备2,5092,9056,10116,16747,59975,281
Curent
More than
1 day
past due
More than
60 days
past due
More than
90 days
past due
More than
120 days
past dueTotal
未到期
已逾期
1日以上
已逾期
60日以上
已逾期
90日以上
已逾期
120日以上总计
RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
As at 31 March 2024于2024年3月31日
Gros carying amount总账面值442,373265,40475,09846,57967,841897,295
Expected los rate预期亏损率0.50%2.00%10.00%20.00%60.00%
Los alowance亏损拨备2,2125,3087,5109,31640,70465,050
Provision for impairment of financial asets recognised in profit or los
Impairment loses on trade receivables are presented as
administrative expenses within operating profit. Subsequent recoveries
of amounts previously writen of are credited against the same line
item.
For the year ended 31 March 2025, provision for impairment of
RMB10,231,000 (for the year ended 31 March 2024: RMB18,591,000)
was recognised in the consolidated income statement.
- （续）
3.1 财务风险因素（续）
(b) 信用风险（续）
(i) 金融资产减值（续）
贸易应收款（续）
有鉴于此，于2025年3月31日及2024
年3月31日贸易应收款亏损拨备厘定
如下：
于损益确认的金融资产减值拨备
贸易应收款减值亏损于经营利润内呈
列为行政开支。其后收回的先前撇销
金额计入同一会计项目。
于截至2025年3月31日止年度，
减值拨备人民币10,231,000元（截
至2024年3月31日止年度：人民币
18,591,000元）于综合收益表确认。
2024/2025
年报ANUAL REPORT147
综合财务报表附注
Notes to the Consolidated Financial Statements
3. FINANCIAL RISK MANAGEMENT (continued)
3.1 Financial risk factors (continued)
(b) Credit risk (continued)
(i) Impairment of financial asets (continued)
Other financial asets at amortised cost
The credit quality of the financial asets included in bank deposits,
cash and bank balances, and other receivables and other asets
is considered to be “normal” as they are not past due and there is
no information indicating that the financial asets had a significant
increase in credit risk since initial recognition. The Group’s maximum
exposure to credit risk aproximates to these financial asets’
coresponding carying amount. The Group considers that the
expected credit los is minimal.
(c) Liquidity risk
Prudent liquidity risk management includes maintaining suficient
cash and the availability of funding through an adequate amount of
comited credit facilities. The Group aims to maintain flexibility in
funding by keping comited credit lines available. Details of the
undrawn borowing facilities available to the Group are disclosed in
Note 22 to the consolidated financial statements.
The table below analyses the Group’s financial liabilities that wil
be setled on a net basis into relevant maturity groupings based on
the remaining period at the balance shet dates to the contractual
maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows.
- （续）
3.1 财务风险因素（续）
(b) 信用风险（续）
(i) 金融资产减值（续）
按摊销成本列账的其他金融资产
当列入银行存款、现金及银行存款以
及其他应收款及其他资产为未逾期，
且没有资料表明该等金融资产自初始
确认以来信用风险有显著增加，则其
信贷质素视为「正常」。本集团信用风
险的最大风险敞口与该等金融资产的
相应账面值相若。本集团认为预期信
用损失微乎其微。
(c) 流动性风险
审慎的流动资金风险管理包括维持充
裕的现金，透过足够金额的承诺信贷
额提供融资。本集团旨在维持可用承
诺信用额度，以保持资金的灵活性。
有关本集团可用的未提取借贷融资详
情披露于综合财务报表附注22。
下表根据资产负债表日至合约到期日
的余下期间本集团将按净额基准结算
的金融负债按相关到期组别进行分
析。于表中披露的金额为合约性未折
现金流量。
| 2,466,502 | 1,188,443 | 500,155 | – | – | 4,155,100 |
|---|---|---|---|---|---|
| 29,434 | 17,768 | 12,403 | – | – | 59,605 |
| 920,152 | – | – | – | – | 920,152 |
| 30,851 | 94,598 | 100,188 | 13,344 | 7,717 | 246,698 |
| 1,766,724 | 4,423 | 5,897 | 18,165 | 6,180 | 1,801,389 |
| 5,213,663 | 1,305,232 | 618,643 | 31,509 | 13,897 | 7,182,944 |
2024/2025
年报ANUAL REPORT148
综合财务报表附注
Notes to the Consolidated Financial Statements
3. FINANCIAL RISK MANAGEMENT (continued)
3.1 Financial risk factors (continued)
(c) Liquidity risk (continued)
Les than
3 months
Betwen
3 months
and 1 year
Betwen
1 and 2
years
Betwen
2 and 5
years
Over
5 yearsTotal
3个月以下
3个月至
1年内1至2年内2至5年内5年以上总计
RMB’000RMB’000RMB’000RMB’000RMB’0000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
As at 31 March 2025于2025年3月31日
Borowings (Note 22)借款（附注22）
Interest payables应付利息
Trade payables (Note 20)贸易应付款（附注20）
Lease liabilities (Note 9)租赁负债（附注9）
Acruals and other payables
and other non-curent
liabilities
应计费用及其他应付款
及其他非流动负债
As at 31 March 2024于2024年3月31日
Borowings (Note 22)借款（附注22）130,0462,763,9562,463,456–5,357,458
Interest payables应付利息51,85991,13531,208–174,202
Trade payables (Note 20)贸易应付款（附注20）997,945–997,945
Lease liabilities (Note 9)租赁负债（附注9）29,901120,81028,75116,3509,774205,586
Acruals and other payables
and other non-curent
liabilities
应计费用及其他应付款
及其他非流动负债
1,721,3924,4235,89718,03612,2071,761,955
2,931,1432,980,3242,529,31234,38621,9818,497,146
- （续）
3.1 财务风险因素（续）
(c) 流动性风险（续）
| 4,154,749 |
|---|
| (15,437,506) |
| (11,282,757) |
| 17,747,254 |
| (63.57%) |
2024/2025
年报ANUAL REPORT149
综合财务报表附注
Notes to the Consolidated Financial Statements
3. FINANCIAL RISK MANAGEMENT (continued)
3.2 Capital risk management
The Group’s objectives for managing capital are to safeguard the
Group’s ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders and to
maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may
adjust the amount of dividends paid to shareholders, return capital to
shareholders, isue new shares or sel asets to reduce debts.
Consistent with others in the industry, the Group monitors capital,
which comprises al equity components, on the basis of the net
gearing ratio. This ratio is calculated as total borowings net of cash
and bank balances and long-term bank deposits divided by total equity
excluding non-controling interests.
The net gearing ratios at 31 March 2025 and 31 March 2024 were as
folows:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Total borowings (Note 22)总借款（附注22）5,351,124
Les: Cash and bank balances and
long-term bank deposits
(Note 17)
减：现金及银行存款及长期银行
存款（附注17）
(16,006,346)
Net cash现金净额(10,655,222)
Total equity excluding non-controling
interests
总权益，不含非控制性权益
16,365,427
Net gearing ratio净权益负债比率(63.57%)(65.11%)
- （续）
3.2 资本风险管理
本集团的资本管理目标是保障本集团
能继续经营，以为股东提供回报和为
其他利益关系者提供利益，同时维持
最佳的资本结构以减低资本成本。
为了维持或调整资本结构，本集团可
能会调整支付予股东的股息数额、向
股东退还资本、发行新股或出售资产
以减低债务。
与业内其他公司一样，本集团利用净
权益负债比率监察其资本（包括所有
权益部分）。此比率按已扣除现金及
银行存款及长期银行存款的总借款除
以总权益（不含非控制性权益）计算。
于2025年3月31日及2024年3月31
日，净权益负债率如下：
| 207,834 | – | 12,574 | 220,408 |
|---|
2024/2025
年报ANUAL REPORT150
综合财务报表附注
Notes to the Consolidated Financial Statements
3. FINANCIAL RISK MANAGEMENT (continued)
3.3 Fair value estimation
The tables below analyse the Group’s financial instruments caried
at fair value as at 31 March 2025 and 31 March 2024 by level of
the inputs to valuation techniques used to measure fair value. Such
inputs are categorised into thre levels within a fair value hierarchy as
folows:
• Quoted prices (unadjusted) in active markets for identical asets
or liabilities (Level 1).
• Inputs other than quoted prices included within Level 1 that are
observable for the aset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices) (Level 2).
• Inputs for the aset or liability that are not based on observable
market data (that is, unobservable inputs) (Level 3).
The folowing tables present the Group’s asets that are measured at
fair value as at 31 March 2025 and 31 March 2024:
Level 1Level 2Level 3Total
第1层第2层第3层总计
RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元
As at 31 March 2025于2025年3月31日
Financial asets
at FVOCI
按公平值透过其他全面
收益记账的金融资产
As at 31 March 2024于2024年3月31日
Financial asets
at FVOCI
按公平值透过其他全面
收益记账的金融资产243,692–6,028249,720
Financial asets
at FVPL
按公平值透过损益记账
的金融资产1,591–1,591
- （续）
3.3 公平值估计
下表根据在评估公平值的估值技术中
所运用到的输入的层级，分析本集团
于2025年3月31日及2024年3月31日
按公平值入账的金融工具。这些输入
按照公平值层级归类为如下三层：
• 相同资产或负债在活跃市场的
报价（未经调整）（第1层）。
- ，该
资产或负债的可观察的其他输
入可为直接（即例如价格）或间
接（即源自价格）（第2层）。
• 资产或负债并非依据可观察市
场数据的输入（即非可观察输
入）（第3层）。
下表显示本集团于2025年3月31日及
2024年3月31日按公平值计量的资
产：
2024/2025
年报ANUAL REPORT151
综合财务报表附注
Notes to the Consolidated Financial Statements
3. FINANCIAL RISK MANAGEMENT (continued)
3.3 Fair value estimation (continued)
Financial instruments in Level 1
The fair value of financial instruments traded in active markets is
based on quoted market prices at the balance shet dates. A market is
regarded as active if quoted prices are readily and regularly available
from an exchange, and the price represents actual and regularly
ocuring market transactions on an arm’s length basis. The quoted
market price used for financial asets held by the Group is the curent
bid price. These instruments are included in Level 1.
Financial instruments in Level 3
If one or more of the significant inputs are not based on observable
market data, the instrument is included in Level 3.
The fair value of the unlisted unit in an investment fund is estimated by
referencing the net aset value of the underlying investment.
4. CRITICAL ACOUNTING ESTIMATES AND
JUDGEMENTS
Estimates and judgements are continualy evaluated and are based on
historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances.
Judgement
In the proces of aplying the Group’s acounting policies,
management has made the folowing judgement, apart from those
involving estimations, which has the most significant efect on the
amounts recognised in the financial statements:
- （续）
3.3 公平值估计（续）
第1层金融工具
在活跃市场买卖的金融工具的公平值
根据资产负债表日的市场报价列账。
当报价可即时和定期从证券交易所获
得，而该报价代表按公平交易基准进
行的实际和常规市场交易时，该市场
被视为活跃。本集团持有的金融资产
的市场报价为当时买方报价。此等工
具包括在第1层。
第3层金融工具
倘一个或多个重大输入数据并非基于
可观察的市场数据，则该工具被纳入
第3层。
投资基金中的非上市单位的公平值乃
经参考相关投资的公平值而厘定。
4. 重大会计估计及判断
估计及判断会持续评估，并按过往
经验及其他因素（包括于有关情况下
相信为合理之未来事件之预测）而作
出。
判断
在应用本集团的会计政策过程中，管
理层做了以下对综合财务报表中确认
的金额具有重大影响的判断（涉及估
计者除外）：
2024/2025
年报ANUAL REPORT152
综合财务报表附注
Notes to the Consolidated Financial Statements
4. CRITICAL ACOUNTING ESTIMATES AND
JUDGEMENTS (continued)
Judgement (continued)
Defered tax asets
Defered tax asets are recognised for unused tax loses and
deductible temporary diferences to the extent that it is probable that
taxable profit wil be available against which the loses and deductible
temporary diferences can be utilised. Significant management
judgement is required to determine the amount of defered tax asets
that can be recognised, based upon the likely timing and level of future
taxable profits together with future tax planing strategies. Further
details are contained in Note 23 to the financial statements.
Estimation uncertainty
The Group makes estimates and asumptions concerning the future.
The resulting acounting estimates wil, by definition, seldom equal
the related actual results. The estimates and asumptions that have
a significant risk of causing a material adjustment to the carying
amounts of asets and liabilities within the next financial year are
adresed below.
Variable consideration for volume rebates
The Group estimates the variable consideration to be included in the
transaction price for the sales of products with volume rebates.
The Group’s volume rebates are analysed on a per customer basis for
contracts that are subject to a single volume threshold. Determining
whether a customer wil likely be entitled to a rebate depends on the
customer’s historical rebate entitlement and acumulated purchases
to date.
- （续）
判断（续）
递延税项资产
递延税项资产乃就未动用税项亏损及
可抵扣的暂时性差异确认入账，惟以
应课税溢利可予抵销该等亏损及可抵
扣的暂时性差异的金额为限。厘定可
予确认的递延税项资产的金额时，管
理层须根据可能的时间安排、未来应
课税溢利连同未来税项计划战略作出
重大判断。进一步详情载于财务报表
附注23。
估计不确定性
本集团对未来作出估计及假设。所得
的会计估计如其定义，很少会与其实
际结果相同。很大机会导致下个财政
年度的资产及负债的账面值作出重大
调整的估计及假设讨论如下。
批量回扣的可变对价
本集团估计可变对价将计入附有批量
回扣的产品销售交易价格中。
就设有单一数量限额的合约，本集团
按每名客户基准对批量回扣进行分
析。厘定客户是否可能有权获得回扣
取决于客户过往享有的回扣及迄今的
累计采购量。
2024/2025
年报ANUAL REPORT153
综合财务报表附注
Notes to the Consolidated Financial Statements
4. CRITICAL ACOUNTING ESTIMATES AND
JUDGEMENTS (continued)
Estimation uncertainty (continued)
Variable consideration for volume rebates (continued)
The Group updates its asesment of expected volume rebates yearly,
and the sales discount and rebate payables are adjusted acordingly.
Estimates of expected volume rebates are sensitive to changes in
circumstances and the Group’s past experience regarding rebate
entitlements may not be representative of a customer’s actual rebate
entitlements in the future.
As at 31 March 2025, the carying amount of rebate payables
included in refund liabilities was RMB309,555,000 (31 March 2024:
RMB350,068,000).
5. REVENUE AND SEGMENT INFORMATION
The chief operating decision maker has ben identified as the
executive directors. The executive directors review the Group’s
internal reports in order to ases performance and alocate resources.
Management has determined the operating segments based on their
reports.
The executive directors consider the busines from a product
perspective and ases the performance of the operating segments
based on a measure of segment profit or los, which is based on profit
before income tax without alocation of unalocated costs, finance
costs – net and share of profits of asociates. Management aseses
the performance of rice crackers, dairy products and beverages, snack
fods and other products.
- （续）
估计不确定性（续）
批量回扣的可变对价（续）
本集团每年更新其对预期批量回扣的
评估，并相应调整应付销售折扣及回
扣。预期批量回扣的估计容易受情况
变动影响，而本集团有关回扣配额的
过往经验未必足以代表客户日后的实
际回扣配额。
于2025年3月31日，计入退款负
债的应付回扣之账面值为人民币
309,555,000元（2024年3月31日：人
民币350,068,000元）。
5. 收益及分部资料
执行董事为主要营运决策者。执行董
事负责审阅本集团之内部报告，以评
估表现及分配资源。管理层乃根据该
等报告厘定营运分部。
执行董事从产品的角度考虑业务及根
据除所得税前利润（不计对未分配成
本、融资成本净额及应占联营公司利
润的分配）为基准计量的分部损益评
估营运分部之表现。管理层评估米
果、乳品及饮料、休闲食品和其他产
品之表现。
| 5,903,849 |
|---|
| 12,108,564 |
| 5,359,073 |
| 139,251 |
| 23,510,737 |
2024/2025
年报ANUAL REPORT154
综合财务报表附注
Notes to the Consolidated Financial Statements
5. REVENUE AND SEGMENT INFORMATION (continued)
The Group’s operations are mainly organised under four busines
segments, including the manufacture and sale of:
– Rice crackers, including sugar coated crackers, savoury crackers
and fried crackers, and gift packs;
– Dairy products and beverages, including flavoured milk, rom-
temperature yogurt, yogurt drinks, ready-to-drink cofe, juice
drinks, sports drinks, herbal tea and milk powder;
– Snack fods, including candies, popsicles, biscuits and jelies,
beans, nuts and others; and
– Other products, including mainly wine and other fod products.
Over 90% of the Group’s revenue and busines activities are
conducted in the PRC and over 90% of the Group’s non-curent asets
are located in the PRC.
No revenue from the Group’s sales to a single customer amounted to
10% or more of the Group’s total revenue for each of the years ended
31 March 2025 and 2024.
(a) Segment information
The revenue of the Group for the years ended 31 March 2025 and
2024 is set out as folows:
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Rice crackers米果5,976,867
Dairy products and beverages乳品及饮料11,955,633
Snack fods休闲食品5,501,808
Other products其他产品152,019
Total revenue总收益23,510,73723,586,327
- （续）
本集团的营运主要以下列四个业务分
部统筹，包括生产及销售：
－ 米果产品，包括糖衣烧米饼、
咸酥米饼及油炸小食、及大礼
包；
－ 乳品及饮料，包括风味牛奶、
常温酸奶、乳酸饮料、即饮咖
啡、果汁饮料、运动饮料、凉
茶及奶粉；
－ 休闲食品，包括糖果、冰品、
零食糕饼和果冻、豆类、果仁
和其他；及
－ 其他产品，主要为酒类及其他
食品。
本集团超过90%的收益及业务都是在
中国进行及本集团超过90%的非流动
资产均位于中国。
截至2025年及2024年3月31日止年度
各年，概无来自本集团单一客户的销
售的收益占本集团总收益的10%或以
上。
(a) 分部资料
本集团截至2025年及2024年3月31日
止年度的收益载列如下：
| 5,903,849 | 12,108,564 | 5,359,073 | 139,251 | 23,510,737 |
|---|---|---|---|---|
| 5,903,849 | 12,108,564 | 5,359,073 | 139,251 | 23,510,737 |
| 1,258,763 | 4,103,164 | 1,147,800 | 72,953 | 6,582,680 |
| (745,245) | ||||
| (97,840) | ||||
| 67 | ||||
| 5,739,662 | ||||
| (1,411,247) | ||||
| 4,328,415 | ||||
| 212,425 | 307,231 | 209,636 | 380 | 729,672 |
| 36,189 | 81,350 | 37,894 | 8,515 | 163,948 |
| – | – | – | 4,880 | 4,880 |
| 23,101 | ||||
| 111,251 | 111,709 | 174,243 | 40,992 | 438,195 |
| 196,437 | ||||
| 634,632 | ||||
2024/2025
年报ANUAL REPORT155
综合财务报表附注
Notes to the Consolidated Financial Statements
5. REVENUE AND SEGMENT INFORMATION (continued)
(a) Segment information (continued)
The segment information for the year ended 31 March 2025 is as
folows:
Year ended 31 March 2025
截至2025年3月31日止年度
Rice crackers
Dairy products
and beveragesSnack fods
Other
productsGroup
米果乳品及饮料休闲食品其他产品集团
RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元
Segment results分部业绩
Revenue收益
Timing of revenue recognition收益确认时间
At a point in time于某一时间点
Segment profit分部利润
Unalocated costs未分配成本
Finance costs – net融资成本－净额
Share of profits of asociates应占联营公司利润
Profit before income tax除所得税前利润
Income tax expense所得税费用
Profit for the year年度利润
Other segment items included in
the income statement
计入收益表之其他分部项目
Depreciation of property, plant and
equipment
物业、厂房及设备折旧
Depreciation of right-of-use asets使用权资产折旧
Depreciation of investment properties投资物业折旧
Unalocated depreciation and
amortisation of property, plant and
equipment, right-of-use asets and
intangible asets
物业、厂房及设备、使用权资产
及无形资产未分配折旧及摊销
Capital expenditure资本开支
Capital expenditure by segment按分部划分之资本开支
Unalocated capital expenditure未分配资本开支
Total capital expenditure资本总开支634,632
- （续）
(a) 分部资料（续）
截至2025年3月31日止年度分部资料
如下：
| 2,311,488 | 6,130,845 | 2,797,226 | 110,809 | 11,350,368 |
|---|---|---|---|---|
| 276,630 | ||||
| 8,346,506 | ||||
| 7,091,000 | ||||
| 147,254 | ||||
| 27,211,758 | ||||
| 1,288,352 | 2,690,210 | 1,197,292 | 32,629 | 5,208,483 |
| 97,385 | ||||
| 4,154,749 | ||||
| 9,460,617 | ||||
2024/2025
年报ANUAL REPORT156
综合财务报表附注
Notes to the Consolidated Financial Statements
5. REVENUE AND SEGMENT INFORMATION (continued)
(a) Segment information (continued)
Segment asets exclude cash and bank balances, long-term bank
deposits, investments in asociates and other unalocated head ofice
and corporate asets as these asets are managed on a group basis.
Segment liabilities exclude borowings and other unalocated head
ofice and corporate liabilities, as these liabilities are managed on a
group basis.
The segment asets and liabilities as at 31 March 2025 are as folows:
31 March 2025
2025年3月31日
Rice crackers
Dairy products
and beveragesSnack fods
Other
productsGroup
米果乳品及饮料休闲食品其他产品集团
RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元
Segment asets and liabilities分部资产及负债
Segment asets分部资产
Unalocated asets未分配资产
Cash and bank balances现金及银行存款
Long-term bank deposits长期银行存款
Investments in asociates联营公司投资
Total asets总资产
Segment liabilities分部负债
Unalocated liabilities未分配负债
Borowings借款
Total liabilities总负债9,460,617
- （续）
(a) 分部资料（续）
分部资产不包括现金及银行存款、长
期银行存款、联营公司投资，以及其
他未分配的总部及公司资产，因该等
资产按集团层面管理。分部负债不包
括借款及其他未分配的总部及公司负
债，因该等负债按集团层面管理。
于2025年3月31日的分部资产及负债
如下：
2024/2025
年报ANUAL REPORT157
综合财务报表附注
Notes to the Consolidated Financial Statements
5. REVENUE AND SEGMENT INFORMATION (continued)
(a) Segment information (continued)
The segment information for the year ended 31 March 2024 is as
folows:
Year ended 31 March 2024
截至2024年3月31日止年度
Rice crackers
Dairy products
and beveragesSnack fods
Other
productsGroup
米果乳品及饮料休闲食品其他产品集团
RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元
Segment results分部业绩
Revenue收益5,976,86711,955,6335,501,808152,01923,586,327
Timing of revenue recognition收益确认时间
At a point in time于某一时间点5,976,86711,955,6335,501,808152,01923,586,327
Segment profit/(los)分部利润╱（亏损）1,528,2403,878,8371,104,997(51,825)6,460,249
Unalocated costs未分配成本(850,424)
Finance costs – net融资成本－净额(204,780)
Share of profits of asociates应占联营公司利润422
Profit before income tax除所得税前利润5,405,467
Income tax expense所得税费用(1,422,288)
Profit for the year年度利润3,983,179
Other segment items included in
the income statement
计入收益表之其他分部项目
Depreciation of property, plant and
equipment
物业、厂房及设备折旧
220,235321,999217,407639760,280
Depreciation of right-of-use asets使用权资产折旧41,74194,07843,4459,946189,210
Depreciation of investment properties投资物业折旧–1,1811,181
Unalocated depreciation and
amortisation of property, plant and
equipment, right-of-use asets and
intangible asets
物业、厂房及设备、使用权资产
及无形资产未分配折旧及摊销
22,833
Capital expenditure资本开支
Capital expenditure by segment按分部划分之资本开支139,16493,29386,79426,753346,004
Unalocated capital expenditure未分配资本开支59,693
Total capital expenditure资本总开支405,697
- （续）
(a) 分部资料（续）
截至2024年3月31日止年度分部资料
如下：
2024/2025
年报ANUAL REPORT158
综合财务报表附注
Notes to the Consolidated Financial Statements
5. REVENUE AND SEGMENT INFORMATION (continued)
(a) Segment information (continued)
The segment asets and liabilities as at 31 March 2024 are as folows:
31 March 2024
2024年3月31日
Rice crackers
Dairy products
and beveragesSnack fods
Other
productsGroup
米果乳品及饮料休闲食品其他产品集团
RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元
Segment asets and liabilities分部资产及负债
Segment asets分部资产2,299,4296,119,4492,813,621115,53811,348,037
Unalocated asets未分配资产102,685
Cash and bank balances现金及银行存款8,421,346
Long-term bank deposits长期银行存款7,585,000
Total asets总资产27,457,068
Segment liabilities分部负债1,381,9832,803,6741,293,11836,8565,515,631
Unalocated liabilities未分配负债184,575
Borowings借款5,351,124
Total liabilities总负债11,051,330
- （续）
(a) 分部资料（续）
于2024年3月31日的分部资产及负债
如下：
| 278,428 |
|---|
| 576,170 |
| 255,716 |
| 6,807 |
| 1,117,121 |
| 333,750 |
|---|
| 672,218 |
| 309,687 |
| 1,072 |
| 1,316,727 |
2024/2025
年报ANUAL REPORT159
综合财务报表附注
Notes to the Consolidated Financial Statements
5. REVENUE AND SEGMENT INFORMATION (continued)
(b) Liabilities related to contracts with customers
The Group has recognised the folowing liabilities related to contracts
with customers:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Contract liabilities – rice crackers合约负债－米果333,750
Contract liabilities – dairy products
and beverages
合约负债－乳品及饮料
672,218
Contract liabilities – snack fods合约负债－休闲食品309,687
Contract liabilities – others合约负债－其他1,072
1,117,1211,316,727
The folowing table shows the amounts of the revenue recognised
in the curent reporting period related to caried-forward contract
liabilities.
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Revenue recognised that was included
in the contract liability balance at the
begining of the year:
年初计入合约负债结余的
已确认收益：
Rice crackers米果402,635
Dairy products and beverages乳品及饮料775,203
Snack fods休闲食品404,499
Others其他9,589
1,316,7271,591,926
The Group selected to aply the practical expedient and not to
disclose the remaining performance obligations as al related contracts
have a duration of one year or les.
- （续）
(b) 有关客户合约的负债
本集团已确认以下有关客户合约的负
债：
下表列示当前报告期内所确认收益与
结转合约负债相关的金额。
本集团选择权宜务实行事，并无披露
余下的履约责任，因所有相关合约的
年期为一年或以下。
| 50,145 | 2,620,701 | 2,450,184 | 60,912 | 112,428 | 5,294,370 |
|---|---|---|---|---|---|
| – | 7,226 | 132,411 | 143,025 | 348,065 | 630,727 |
| – | 55,512 | 203,815 | 980 | (260,307) | – |
| – | (857) | (23,661) | (933) | (7,465) | (32,916) |
| – | (218,322) | (515,146) | (16,134) | – | (749,602) |
| (1,823) | (4,258) | (5,099) | (698) | (1,076) | (12,954) |
| 48,322 | 2,460,002 | 2,242,504 | 187,152 | 191,645 | 5,129,625 |
| 48,322 | 5,509,273 | 10,846,848 | 343,114 | 191,645 | 16,939,202 |
| – | (3,049,271) | (8,604,344) | (155,962) | – | (11,809,577) |
| 48,322 | 2,460,002 | 2,242,504 | 187,152 | 191,645 | 5,129,625 |
2024/2025
年报ANUAL REPORT160
综合财务报表附注
Notes to the Consolidated Financial Statements
- 、厂房及设备6. PROPERTY, PLANT AND EQUIPMENT
Frehold
landBuildings
Furniture,
machinery
and
equipment
Vehicles,
aircraft and
transportation
facilities
Construction
in progresTotal
永久
业权土地楼宇
家私、机器
及设备
汽车、飞机
及运输工具在建工程总计
RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
As at 1 April 2023于2023年4月1日
Cost成本49,9195,329,57510,404,091243,839276,73316,304,157
Acumulated depreciation累计折旧–(2,623,179)(7,823,927)(192,534)–(10,639,640)
Net bok amount账面净值49,9192,706,3962,580,16451,305276,7335,664,517
Year ended 31 March 2024截至2024年3月31日止年度
Opening net bok amount年初账面净值49,9192,706,3962,580,16451,305276,7335,664,517
Aditions增添–17,977134,9866,192243,456402,611
Transfer upon completion完成时转拨–106,011295,7689,772(411,551)–
Disposals (Note 31)处置（附注31）–(40)(7,883)(1,880)–(9,803)
Depreciation (Note 25)折旧（附注25）–(213,880)(556,926)(9,362)–(780,168)
Exchange diferences汇兑差额2264,2374,0754,8853,79017,213
Closing net bok amount年终账面净值50,1452,620,7012,450,18460,912112,4285,294,370
As at 1 April 2024于2024年4月1日
Cost成本50,1455,457,67610,715,385257,338112,42816,592,972
Acumulated depreciation累计折旧–(2,836,975)(8,265,201)(196,426)–(11,298,602)
Net bok amount账面净值50,1452,620,7012,450,18460,912112,4285,294,370
Year ended 31 March 2025截至2025年3月31日止年度
Opening net bok amount年初账面净值
Aditions增添
Transfer upon completion完成时转拨
Disposals (Note 31)处置（附注31）
Depreciation (Note 25)折旧（附注25）
Exchange diferences汇兑差额
Closing net bok amount年终账面净值
As at 31 March 2025于2025年3月31日
Cost成本
Acumulated depreciation累计折旧
Net bok amount账面净值48,3222,460,0022,242,504187,152191,6455,129,625
2024/2025
年报ANUAL REPORT161
综合财务报表附注
Notes to the Consolidated Financial Statements
- 、厂房及设备（续）
本集团大部分楼宇建于租赁土地及土
地使用权之上（附注9）。该等楼宇包
括厂房、办公室、销售办事处及货
仓。
截至2025年3月31日止年度，折旧开
支人民币464,756,000元（截至2024年
3月31日止年度：人民币469,364,000
元）、人民币30,944,000元（截至
2024年3月31日止年度：人民币
29,369,000元）及人民币253,902,000
元（截至2024年3月31日止年度：人民
币281,435,000元）分别于综合收益表
内「销货成本」、「分销成本」及「行政
费用」内支销。
于2025年3月31日及2024年3月31
日，本集团概无抵押任何物业、厂房
及设备。
6. PROPERTY, PLANT AND EQUIPMENT (continued)
The majority of the buildings of the Group are erected on leasehold
land and land use rights (Note 9). The buildings comprise factories,
ofices, sales ofices and warehouses.
For the year ended 31 March 2025, depreciation expenses
of RMB464,756,000 (for the year ended 31 March 2024:
RMB469,364,000), RMB30,944,000 (for the year ended 31 March
2024: RMB29,369,000) and RMB253,902,000 (for the year ended
31 March 2024: RMB281,435,000) were charged to “cost of sales”,
“distribution costs” and “administrative expenses”, respectively, in the
consolidated income statement.
There were no pledges on property, plant and equipment of the Group
as at 31 March 2025 and 31 March 2024.
| 32,622 |
|---|
| (4,880) |
| (678) |
| 27,064 |
| 52,024 |
| (24,960) |
| 27,064 |
2024/2025
年报ANUAL REPORT162
综合财务报表附注
Notes to the Consolidated Financial Statements
7. 投资物业
投资物业指本集团在台湾地区所持有
在永久业权土地上兴建的办公室、销
售商店及货仓，并包括土地及楼宇的
成本，以及在中国境内所持有租赁期
为50年的租赁土地上兴建的楼宇，包
括楼宇成本。
截至2025年3月31日止年度的租赁租
金收入净额约人民币2,934,000元（截
至2024年3月31日止年度：人民币
2,679,000元），乃有关投资物业的租
赁净额。
于2025年3月31日，投资物业的公平
值为人民币80,381,000元（2024年3月
31日：人民币90,702,000元）。该等
估值乃采用销售比较法厘定及为公平
值层级第2层内。附近可比较物业售
价经就主要属性（如物业面积）差异予
以调整。此估值法最重要输入为每平
方呎价格。
7. INVESTMENT PROPERTIES
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Investment properties投资物业
Opening balance年初结余33,718
Depreciation (Note 25)折旧（附注25）(1,181)
Exchange diferences汇兑差额85
Closing balance年末结余32,622
Cost成本52,835
Acumulated depreciation累计折旧(20,213)
Net bok amount账面净值27,06432,622
Investment properties represent ofices, sales outlets and warehouses
held by the Group in the Taiwan region erected on frehold land
including the cost of land and buildings, and in the Chinese Mainland
erected on leasehold land with lease periods of 50 years including the
cost of buildings.
Net lease rental income amounting to aproximately RMB2,934,000
(for the year ended 31 March 2024: RMB2,679,000) for the year ended
31 March 2025 was related to the lease of investment properties.
The fair value of the investment properties as at 31 March 2025 was
RMB80,381,000 (31 March 2024: RMB90,702,000). The valuation was
determined using the sale comparison aproach and was within Level
2 of the fair value hierarchy. Sales prices of comparable properties in
close proximity are adjusted for diferences in key atributes such as
property size. The most significant input to this valuation aproach is
price per square fot.
| 2,561 | 5,680 | 1,203 | 9,444 |
|---|---|---|---|
| – | 476 | 3,429 | 3,905 |
| – | (1,079) | (521) | (1,600) |
| – | (197) | (2) | (199) |
| 2,561 | 4,880 | 4,109 | 11,550 |
| 2,561 | 22,929 | 5,297 | 30,787 |
| – | (18,049) | (1,188) | (19,237) |
| 2,561 | 4,880 | 4,109 | 11,550 |
2024/2025
年报ANUAL REPORT163
综合财务报表附注
Notes to the Consolidated Financial Statements
8. 无形资产
截至2025年3月31日止年度，摊销人
民币1,600,000元（截至2024年3月31日
止年度：人民币1,127,000元）已在综
合收益表「行政费用」内支销。
8. INTANGIBLE ASETS
GodwilTrademarksSoftwareTotal
商誉商标软件总计
RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元
As at 31 March 2023于2023年3月31日
Cost成本2,56132,7699,73645,066
Acumulated amortisation累计摊销–(27,858)(9,302)(37,160)
Net bok amount账面净值2,5614,9114347,906
Year ended 31 March 2024截至2024年3月31日止年度
Opening net bok amount年初账面净值2,5614,9114347,906
Aditions增添–2,1369503,086
Disposals处置–(350)(89)(439)
Amortisation charge (Note 25)摊销费用（附注25）–(1,035)(92)(1,127)
Exchange diferences汇兑差额–18–18
Closing net bok amount年终账面净值2,5615,6801,2039,444
As at 31 March 2024于2024年3月31日
Cost成本2,56123,3041,87727,742
Acumulated amortisation累计摊销–(17,624)(674)(18,298)
Net bok amount账面净值2,5615,6801,2039,444
Year ended 31 March 2025截至2025年3月31日止年度
Opening net bok amount年初账面净值
Aditions增添
Amortisation charge (Note 25)摊销费用（附注25）
Exchange diferences汇兑差额
Closing net bok amount年终账面净值
As at 31 March 2025于2025年3月31日
Cost成本
Acumulated amortisation累计摊销
Net bok amount账面净值2,5614,8804,10911,550
For the year ended 31 March 2025, amortisation of RMB1,600,000
(for the year ended 31 March 2024: RMB1,127,000) was charged to
“administrative expenses” in the consolidated income statement.
| 772,030 |
|---|
| 228,866 |
| 1,057 |
| 1,001,953 |
| 119,314 |
| 116,399 |
| 235,713 |
2024/2025
年报ANUAL REPORT164
综合财务报表附注
Notes to the Consolidated Financial Statements
9. 租赁
(a) 于综合资产负债表确认的金额
综合资产负债表列示下列与租赁有关
的金额：
于截至2025年3月31日止财政年度使
用权资产添置为人民币194,022,000
元（截至2024年3月31日止年度：人民
币87,345,000元）。
租赁负债的到期分析披露于附注
3.1(c)。
9. LEASES
(a) Amounts recognised in the consolidated balance shet
The consolidated balance shet shows the folowing amounts relating
to leases:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Right-of-use asets使用权资产
Leasehold land and land use rights租赁土地及土地使用权792,838
Buildings and warehouses楼宇及仓库180,205
Equipment and others设备及其他1,129
Total总计974,172
Lease liabilities租赁负债
Non-curent lease liabilities非流动租赁负债48,049
Curent lease liabilities流动租赁负债137,518
Total总额235,713185,567
Aditions to the right-of-use asets during the financial year ended
31 March 2025 were RMB194,022,000 (for the year ended 31 March
2024: RMB87,345,000).
The maturity analysis of lease liabilities is disclosed in Note 3.1(c).
| 23,299 |
|---|
| 141,321 |
| 899 |
| 165,519 |
| 7,159 |
| 86,597 |
2024/2025
年报ANUAL REPORT165
综合财务报表附注
Notes to the Consolidated Financial Statements
- （续）
(b) 于综合收益表确认的金额
综合收益表列示下列与租赁有关的金
额：
截至2025年3月31日止年度，租赁现
金流出总额为人民币234,419,000元
（截至2024年3月31日止年度：人民
币267,424,000元）。租赁现金流出
中，与租赁负债相关的付款为人民币
147,822,000元（截至2024年3月31日
止年度：人民币177,501,000元），与
短期及低价值租赁相关的付款为人民
币86,597,000元（截至2024年3月31日
止年度：人民币89,923,000元）。
9. LEASES (continued)
(b) Amounts recognised in the consolidated income statement
The consolidated income statement shows the folowing amounts
relating to leases:
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
RMB’000RMB’000
人民币千元人民币千元
Depreciation of right-of-use asets使用权资产折旧
Leasehold land and land use rights租赁土地及土地使用权23,019
Buildings and warehouses楼宇及仓库166,586
Equipment and others设备及其他1,423
Total总计191,028
Interest expense利息开支9,885
Expense relating to short-term and
low-value leases (included in cost
of sales, distribution costs and
administrative expenses)
与短期及低价值租赁有关的开支
（计入销售成本、分销成本及
行政开支）
86,59789,923
The total cash outflow for leases for the year ended 31 March
2025 was RMB234,419,000 (for the year ended 31 March 2024:
RMB267,424,000). Among the cash outflow for leases, the payment
for lease liabilities was RMB147,822,000 (for the year ended 31 March
2024: RMB177,501,000), and the payment for short-term and low-
value leases was RMB86,597,000 (for the year ended 31 March 2024:
RMB89,923,000).
| – |
|---|
| 147,187 |
| – |
| 67 |
| 147,254 |
2024/2025
年报ANUAL REPORT166
综合财务报表附注
Notes to the Consolidated Financial Statements
10. 联营公司投资
本集团的联营公司均未上市。本集团
分占该等联营公司业绩总额如下：
于2024年12月，本集团注资成立一
间联营公司中金旺聚共赢（厦门）消费
产业股权投资基金合伙企业（有限合
伙），该企业采用权益法入账。
于2025年3月31日，中金旺聚共赢（厦
门）消费产业股权投资基金合伙企业
（有限合伙）的详情如下：
- （厦门）消费产业
股权投资基金合伙企业（有限合
伙）的董事会由七名董事组成，
其中本集团占有三个席位。
10. INVESTMENTS IN ASOCIATES
The Group’s asociates are al unlisted. The agregate amounts of the
Group’s share of these asociates’ results are as folows:
Year ended
31 March
Yead ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
RMB’000RMB’000
人民币千元人民币千元
Opening balance年初结余107,766
Adition增添–
Disposal出售(108,188)
Share of profits应占利润422
Total总计147,254–
In December 2024, the Group injected capital for the formation of an
asociate, CIC Wangju Consumption Industry Equity Investment
Fund (Xiamen) Partnership (Limited Partnership), which is acounted
for using the equity method.
Details of CIC Wangju Consumption Industry Equity Investment
Fund (Xiamen) Partnership (Limited Partnership) as at 31 March 2025
are as folows:
Place of
incorporation
Proportion of
voting power
held by
the Group
Principal
activity
Name名称
注册
成立地点
本集团持有的
投票权比例主要活动
CIC Wangju Consumption Industry
Equity Investment Fund (Xiamen)
Partnership (Limited Partnership)
中金旺聚共赢（厦门）消费产
业股权投资基金合伙企业
（有限合伙）
Chinese
Mainland
中国境内
43%*Investment
投资
* The Board of CIC Wangju Consumption Industry Equity Investment
Fund (Xiamen) Partnership (Limited Partnership) consists of seven
directors, in which the Group has thre seats.
| 67 |
|---|
| 67 |
| 147,254 |
| 220,408 | – | 220,408 |
|---|---|---|
| – | 792,994 | 792,994 |
| – | 583,773 | 583,773 |
| – | 7,091,000 | 7,091,000 |
| – | 8,346,506 | 8,346,506 |
| 220,408 | 16,814,273 | 17,034,681 |
2024/2025
年报ANUAL REPORT167
综合财务报表附注
Notes to the Consolidated Financial Statements
10. INVESTMENTS IN ASOCIATES (continued)
The folowing table ilustrates the agregate financial information of the
Group’s asociates:
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
RMB’000RMB’000
人民币千元人民币千元
Share of the asociates’ profit for
the year
应占联营公司
年内利润422
Share of the asociates’ total
comprehensive income
应占联营公司
全面收益总额422
Agregate carying amount of the
Group’s investments in the asociates
本集团于联营公司
投资的账面总值147,254–
11. FINANCIAL INSTRUMENTS BY CATEGORY
Financial
asets at
FVOCI
Financial
asets at
amortised
costTotal
按公平值
透过其他
全面收益记账
的金融资产
按摊销成本记
账的金融资产总计
RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元
As at 31 March 2025于2025年3月31日
Asets as per balance shet资产负债表的资产
Financial asets at FVOCI
(Note 12)
按公平值透过其他全面
收益记账的金融资产
（附注12）
Trade receivables (Note 15)贸易应收款（附注15）
Other receivables and other
asets
其他应收款及其他资产
Long-term bank deposits
(Note 17)
长期银行存款
（附注17）
Cash and bank balances
(Note 17)
现金及银行存款
（附注17）
Total总计220,40816,814,27317,034,681
- （续）
下表说明本集团联营公司的合并财务
资料：
11. 金融工具类别
| 920,152 |
|---|
| 1,755,155 |
| 4,154,749 |
| 235,713 |
| 17,635 |
| 7,083,404 |
2024/2025
年报ANUAL REPORT168
综合财务报表附注
Notes to the Consolidated Financial Statements
- （续）11. FINANCIAL INSTRUMENTS BY CATEGORY (continued)
Financial
liabilities at
amortised
cost
按摊销成本
记账的
金融负债
RMB’000
人民币千元
As at 31 March 2025于2025年3月31日
Liabilities as per balance shet资产负债表的负债
Trade payables (Note 20)贸易应付款（附注20）
Acruals and other payables应计费用及其他应付款
Borowings (Note 22)借款（附注22）
Lease liabilities (Note 9)租赁负债（附注9）
Other non-curent liabilities其他非流动负债
Total总计7,083,404
Financial
asets at
FVOCI
Financial
asets at FVPL
Financial
asets at
amortised costTotal
按公平值
透过其他
全面收益记账
的金融资产
按公平值
透过损益记账
的金融资产
按摊销成本记
账的金融资产总计
RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元
As at 31 March 2024于2024年3月31日
Asets as per balance shet资产负债表的资产
Financial asets at FVOCI
(Note 12)
按公平值透过其他全面收
益记账的金融资产
（附注12）249,720–249,720
Financial asets at FVPL
(Note 13)
按公平值透过损益记账
的金融资产（附注13） –1,591–1,591
Trade receivables (Note 15)贸易应收款（附注15）–832,245832,245
Other receivables and other asets其他应收款及其他资产–546,166546,166
Long-term bank deposits
(Note 17)
长期银行存款
（附注17）–7,585,0007,585,000
Cash and bank balances
(Note 17)
现金及银行存款
（附注17）–8,421,3468,421,346
Total总计249,7201,59117,384,75717,636,068
| 249,720 |
|---|
| 6,520 |
| (35,859) |
| 27 |
| 220,408 |
2024/2025
年报ANUAL REPORT169
综合财务报表附注
Notes to the Consolidated Financial Statements
- （续）
12. 按公平值透过其他全面收益记账的
金融资产
上述权益投资不可撤销地指定为按公
平值透过其他全面收益记账，乃由于
本集团认为该等投资属策略性质。
11. FINANCIAL INSTRUMENTS BY CATEGORY (continued)
Financial
liabilities at
amortised cost
按摊销成本
记账的
金融负债
RMB’000
人民币千元
As at 31 March 2024于2024年3月31日
Liabilities as per balance shet资产负债表的负债
Trade payables (Note 20)贸易应付款（附注20）997,945
Acruals and other payables应计费用及其他应付款1,721,077
Borowings (Note 22)借款（附注22）5,351,124
Lease liabilities (Note 9)租赁负债（附注9）185,567
Other non-curent liabilities其他非流动负债15,541
Total总计8,271,254
12. FINANCIAL ASETS AT FVOCI
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Opening balance年初结余146,133
Aditions添置74,856
(Loses)/gains recognised in other
comprehensive income (Note 19)
于其他全面收益内确认的
（亏损）╱收益（附注19）18,974
Exchange diferences汇兑差额9,757
Closing balance年末结余220,408249,720
The above equity investments were irevocably designated at fair
value through other comprehensive income as the Group considers
these investments to be strategic in nature.
| 207,834 |
|---|
| 12,569 |
| 5 |
| 220,408 |
| 204,589 |
|---|
| 12,569 |
| 3,245 |
| 5 |
| 220,408 |
| – |
|---|
2024/2025
年报ANUAL REPORT170
综合财务报表附注
Notes to the Consolidated Financial Statements
12. 按公平值透过其他全面收益记账的
金融资产（续）
按公平值透过其他全面收益记账的金
融资产包括以下各项：
按公平值透过其他全面收益记账的金
融资产以下列货币列值：
13. 按公平值透过损益记账的金融资产
上述非上市投资为台湾投资机构发行
的货币基金产品。
由于其合约现金流量不仅为支付本
金及利息，因此该等投资被强制归类
为按公平值透过损益记账的金融资
产。
12. FINANCIAL ASETS AT FVOCI (continued)
The financial asets at FVOCI include the folowing:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Listed equity securities上巿权益证券243,687
Unlisted unit in an investment fund投资基金中的非上市单位6,028
Unlisted equity securities非上巿权益证券5
Total总计220,408249,720
The financial asets at FVOCI are denominated in the folowing
curencies:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Japanese Yen日元240,846
United States Dolar美元6,028
Hong Kong Dolar港元2,841
New Taiwan Dolar新台币5
Total总计220,408249,720
13. FINANCIAL ASETS AT FVPL
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Other unlisted investments, at fair value其他非上市投资（按公平值列账）–1,591
The above unlisted investments were monetary fund products isued
by an investment institution in the Taiwan region.
They were mandatorily clasified as financial asets at fair value
through profit or los as their contractual cash flows are not solely
payments of principal and interest.
| 1,524,501 |
|---|
| 197,114 |
| 632,052 |
| 222,462 |
| 2,576,129 |
| 851,820 |
|---|
| 16,455 |
| 868,275 |
| (75,281) |
| 792,994 |
2024/2025
年报ANUAL REPORT171
综合财务报表附注
Notes to the Consolidated Financial Statements
14. 存货
截至2025年3月31日止年度，确认并
计入「销货成本」的存货成本约为人民
币9,051,463,000元（截至2024年3月
31日止年度：人民币9,374,838,000
元）。
截至2025年3月31日止年度，本集团
就陈旧存货及撇减存货而确认亏损约
人民币20,278,000元（截至2024年3月
31日止年度：人民币35,410,000元）
（附注25）。
15. 贸易应收款
本集团大部份的销售以款到发货的方
式进行，透过现代分销渠道的信贷客
户一般获授予60至90日的信贷期（截
至2024年3月31日止年度：60至90
日）。
14. INVENTORIES
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Raw materials and packaging materials原材料及包装物料1,309,328
Work in progres在制品193,977
Finished gods制成品677,075
Gods in transit运送中货物234,670
Total总计2,576,1292,415,050
The cost of inventories recognised and included in “cost of sales”
amounted to aproximately RMB9,051,463,000 for the year ended 31
March 2025 (for the year ended 31 March 2024: RMB9,374,838,000).
The Group recognised loses of aproximately RMB20,278,000 (for
the year ended 31 March 2024: RMB35,410,000) in respect of the
loses on obsolete inventories and write-down of inventories for the
year ended 31 March 2025 (Note 25).
15. TRADE RECEIVABLES
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Trade receivables贸易应收款
from third parties应收第三方880,911
from related parties (Note 33 (b)应收关联方（附注33 (b)）16,384
Subtotal小计897,295
Les: provision for impairment减：减值拨备(65,050)
Trade receivables, net贸易应收款－净额792,994832,245
Most of the Group’s sales are on a cash-on-delivery basis whereas
those made through modern distribution chanels are normaly on
credit terms ranging from 60 to 90 days (for the year ended 31 March
2024: 60 to 90 days).
| 490,631 |
|---|
| 149,295 |
| 146,781 |
| 70,558 |
| 11,010 |
| 868,275 |
| 669,896 |
|---|
| 57,090 |
| 107,402 |
| 33,887 |
| 868,275 |
2024/2025
年报ANUAL REPORT172
综合财务报表附注
Notes to the Consolidated Financial Statements
- （续）
于2025年3月31日及2024年3月31
日，贸易应收款基于发票日期的账龄
分析如下：
于2025年3月31日及2024年3月31
日，未扣除减值拨备前之贸易应收款
以下列货币计值：
于资产负债表日，本集团贸易应收款
的账面值与其公平值相若。
本集团于报告日期的信用风险最高承
担额为上述的贸易应收款的账面值。
本集团并无持有任何抵押品作为抵
押。
15. TRADE RECEIVABLES (continued)
As at 31 March 2025 and 31 March 2024, the ageing analysis of trade
receivables based on the invoice date is as folows:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Within 60 days60日内422,880
61 to 90 days61至90日155,801
91 to 180 days91至180日243,655
181 to 365 days181至365日49,813
Over 365 days365日以上25,146
Total总计868,275897,295
As at 31 March 2025 and 31 March 2024, the Group’s trade
receivables, before provision for impairment, were denominated in the
folowing curencies:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
RMB人民币721,245
US$美元45,134
New Taiwan Dolar新台币106,301
Other curencies其他货币24,615
Total总计868,275897,295
The carying amounts of the Group’s trade receivables aproximated
to their fair values as at the balance shet dates.
The maximum exposure of the Group to credit risk at the reporting
date is the carying value of trade receivables as mentioned above.
The Group does not hold any colateral as security.
| 627,214 |
|---|
| 1,624 |
| 66,589 |
| 9,432 |
| 28,681 |
| 622,624 |
| 1,356,164 |
2024/2025
年报ANUAL REPORT173
综合财务报表附注
Notes to the Consolidated Financial Statements
- （续）
本集团应用香港财务报告准则第9号
的简化方法计量预期信用损失，该方
法就所有贸易应收款使用存续期预期
亏损拨备。有关拨备计算的详情载于
附注3.1(b)。
有关贸易应收款减值及本集团面临信
用风险、外汇风险及利率风险的资料
载于附注3.1。
- 、其他应收款及其他资产
于资产负债表日，按金及其他应收款
的账面值与其公平值相若。
15. TRADE RECEIVABLES (continued)
The Group aplies the HKFRS 9 simplified aproach to measure
expected credit loses which uses a lifetime expected los alowance
for al trade receivables. Details about the calculation of the alowance
are included in Note 3.1(b).
Information about the impairment of trade receivables and the Group’s
exposure to credit risk, foreign curency risk and interest rate risk can
be found in Note 3.1.
16. PREPAYMENTS, OTHER RECEIVABLES AND OTHER
ASETS
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Prepayments – advance payments
to supliers
预付款项－向供应商预付款项
536,766
Amounts due from related parties
(Note 33 (b)
应收关联方款项
（附注33 (b)）1,875
Recoverable value aded tax可抵扣增值税48,175
Prepayment for income tax预付所得税款项8,448
Deposits按金26,139
Others其他594,246
Total总计1,356,1641,215,649
The carying amounts of deposits and other receivables aproximated
to their fair values as at the balance shet dates.
| 7,091,000 |
|---|
| 4,877,126 |
| 3,469,380 |
| 8,346,506 |
| 15,437,506 |
| 7,091,000 |
|---|
| 7,656,415 |
| 428,415 |
| 261,676 |
| 8,346,506 |
| 15,437,506 |
2024/2025
年报ANUAL REPORT174
综合财务报表附注
Notes to the Consolidated Financial Statements
17. 长期银行存款及现金及银行存款
长期银行存款及现金及银行存款以下
列货币计值：
人民币在国际市场并非可自由兑换货
币。将人民币兑换为外汇及将人民币
汇出中国，须受中国机关颁布之外汇
管制规则及规例所限。
于报告日期的信用风险最高承担额为
上述的长期银行存款以及现金及银行
存款的账面值。
本集团长期银行存款的账面值于资产
负债表日与其公平值相若。
17. LONG-TERM BANK DEPOSITS AND CASH AND BANK
BALANCES
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Long-term bank deposits长期银行存款7,585,000
Cash at banks and on hand银行及手头现金5,050,000
Short-term bank deposits短期银行存款3,371,346
Cash and bank balances现金及银行存款8,421,346
Total总计15,437,50616,006,346
The long-term bank deposits and cash and bank balances are
denominated in the folowing curencies:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Long-term bank deposits长期银行存款
RMB人民币7,585,000
Cash and bank balances现金及银行存款
RMB人民币6,776,442
US$美元1,407,397
Other curencies其他货币237,507
8,421,346
Total总计15,437,50616,006,346
The RMB is not a frely convertible curency in the international
market. The conversion of RMB into foreign curency and remitance
of RMB out of the PRC are subject to the rules and regulations of
exchange controls promulgated by the PRC authorities.
The maximum exposure to credit risk at the reporting date was the
carying values of the long-term bank deposits and cash and bank
balances as mentioned above.
The carying amounts of long-term bank deposits aproximated to
their fair values as at the balance shet dates.
| 11,811,945,135 | 1,785,740 |
|---|---|
| (8,874,000) | (1,276) |
| 11,803,071,135 | 1,784,464 |
2024/2025
年报ANUAL REPORT175
综合财务报表附注
Notes to the Consolidated Financial Statements
18. 股本
本公司于截至2025年3月31日止年度
已发行股本变动载列如下：
截至2025年3月31日止年度，本公司
透过在香港联合交易所有限公司购买
其本身8,874,000股份（截至2024年
3月31日止年度：其本身70,138,000
股份），而有关股份已于之后注
销。
收购上述8,874,000股份所支付之
总成本为人民币36,627,000元，并
分别于股本及保留盈利扣除人民币
1,276,000元及人民币35,351,000元
（截至2024年3月31日止年度：收购
上述70,138,000股份所支付之总
成本为人民币292,599,000元，并
分别于股本及保留盈利扣除人民币
9,982,000元及人民币282,617,000
元）。
18. SHARE CAPITAL
Number of
ordinary shares,
isued and
fuly paid
Share
capital
已发行及
缴足普通股数股本
RMB’000
人民币千元
Shares of US$0.02 each每股面值0.02美元之股份
As at 31 March 2023于2023年3月31日11,882,083,1351,795,722
Share buy-back股份购回(70,138,000)(9,982)
As at 31 March 2024于2024年3月31日
Share buy-back股份购回
As at 31 March 2025于 2025年3月31日11,803,071,1351,784,464
The movements in the isued share capital of the Company during the
year ended 31 March 2025 were set out below:
The Company acquired 8,874,000 of its own shares for the year
ended 31 March 2025 (for the year ended 31 March 2024: 70,138,000
of its own shares) through purchases on The Stock Exchange of Hong
Kong Limited, and these shares were canceled thereafter.
The total cost to acquire the above 8,874,000 shares was
RMB36,627,000, and RMB1,276,000 and RMB35,351,000 have ben
deducted from share capital and retained earnings, respectively (for
the year ended 31 March 2024: The total cost to acquire the above
70,138,000 shares was RMB292,599,000, and RMB9,982,000 and
RMB282,617,000 have ben deducted from share capital and retained
earnings, respectively).
2024/2025
年报ANUAL REPORT176
综合财务报表附注
Notes to the Consolidated Financial Statements
19. RESERVES
Share
premium
Capital
reserves
FVOCI
reserves
Curency
realignment
reserves
Statutory
reservesSubtotal
Retained
earningsTotal
股份溢价资本储备
按公平值
透过其他
全面收益
记账的储备
货币重新
调整储备法定储备小计保留盈利总计
NotesRMB’000RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
附注人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
As at 31 March 2023于2023年3月31日462,130(7,305,747)3,923(139,180)4,063,123(2,915,751)15,771,80212,856,051
As at 1 April 2023于2023年4月1日462,130(7,305,747)3,923(139,180)4,063,123(2,915,751)15,771,80212,856,051
Profit for the year年度利润–3,990,4743,990,474
Share buy-back股份购回18–(282,617)(282,617)
Change in value of financial
asets at FVOCI
按公平值透过其他全面收益
记账的金融资产价值变动12–18,974–18,974–18,974
Apropriation to statutory
reserves
划拨至法定储备
–266,516266,516(266,516)–
Remeasurements of post-
employment benefit obligations
退休福利责任之
重新计量–(818)–(818)–(818)
Dividends paid支付股息–(1,791,127)(1,791,127)
Curency translation diferences货币汇兑差额–(211,250)–(211,250)–(211,250)
As at 31 March 2024于2024年3月31日462,130(7,306,565)22,897(350,430)4,329,639(2,842,329)17,422,01614,579,687
19. 储备
| 462,130 | (7,306,565) | 22,897 | (350,430) | 4,329,639 | (2,842,329) | 17,422,016 | 14,579,687 |
|---|---|---|---|---|---|---|---|
| 462,130 | (7,306,565) | 22,897 | (350,430) | 4,329,639 | (2,842,329) | 17,422,016 | 14,579,687 |
| – | – | – | – | – | – | 4,335,565 | 4,335,565 |
| – | – | – | – | – | – | (35,351) | (35,351) |
| – | – | (35,859) | – | – | (35,859) | – | (35,859) |
| – | – | – | – | 949,452 | 949,452 | (949,452) | – |
| – | 2,870 | – | – | – | 2,870 | – | 2,870 |
| – | – | – | – | – | – | (2,766,876) | (2,766,876) |
| – | – | – | (101,921) | – | (101,921) | – | (101,921) |
| – | (15,325) | – | – | – | (15,325) | – | (15,325) |
| 462,130 | (7,319,020) | (12,962) | (452,351) | 5,279,091 | (2,043,112) | 18,005,902 | 15,962,790 |
2024/2025
年报ANUAL REPORT177
综合财务报表附注
Notes to the Consolidated Financial Statements
19. RESERVES (continued)
Share
premium
Capital
reserves
FVOCI
reserves
Curency
realignment
reserves
Statutory
reservesSubtotal
Retained
earningsTotal
股份溢价资本储备
按公平值
透过其他
全面收益
记账的储备
货币重新
调整储备法定储备小计保留盈利总计
NotesRMB’000RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
附注人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
As at 31 March 2024于2024年3月31日
As at 1 April 2024于2024年4月1日
Profit for the year年度利润
Share buy-back股份购回18
Change in value of financial
asets at FVOCI
按公平值透过其他全面收益
记账的金融资产价值变动12
Apropriation to statutory
reserves
划拨至法定储备
Remeasurements of post-
employment benefit obligations
退休福利责任之
重新计量
Dividends paid支付股息
Curency translation diferences货币汇兑差额
Acquisition of non-controling
interests
收购非控制性权益
As at 31 March 2025于2025年3月31日462,130(7,319,020)(12,962)(452,351)5,279,091(2,043,112)18,005,90215,962,790
- （续）
2024/2025
年报ANUAL REPORT178
综合财务报表附注
Notes to the Consolidated Financial Statements
19. RESERVES (continued)
(a) Share premium
Pursuant to the Cayman Companies Law and the Articles of Asociation
of the Company, share premium of the Company is available for
distribution to shareholders subject to a solvency test on the Company
and the provision of the Articles of Asociation of the Company.
(b) Capital reserves
This represents capital reserves arising from the share swap
transactions during the Group reorganisation in 2007 and the
remeasurements of post-employment benefit obligations. For further
details on the post-employment benefits, se (d) below.
(c) Statutory reserves
The PRC laws and regulations require companies registered in
the PRC to provide for certain statutory reserves, which are to be
apropriated from the net profit (after ofseting acumulated loses
from prior years) as reported in their respective statutory financial
statements, before profit distributions to equity holders. Al statutory
reserves are created for specific purposes. PRC companies are
required to apropriate 10% of the statutory net profits to statutory
surplus reserves, before distribution of their post-tax profits of the
curent year. A company may discontinue the contribution when the
agregate sum of the statutory surplus reserves is more than 50%
of its registered capital. The statutory surplus reserves shal only be
used to make up loses of the companies, to expand the companies’
production operations, or to increase the capital of the companies. In
adition, a company may make further contribution to the discretionary
surplus reserve using its post-tax profits in acordance with resolutions
of the Board of Directors.
- （续）
(a) 股份溢价
根据开曼群岛公司法及公司章程细
则，本公司的股份溢价可供分派予股
东，惟须受本公司的偿债能力测试及
本公司的公司章程细则条文所限。
(b) 资本储备
此为于2007年本集团重组时进行股份
互换交易及重新计量离职后福利责任
产生的资本储备。有关离职后福利的
进一步详情，请参阅下文（d）。
(c) 法定储备
中国法律法规要求在中国注册的公司
从各自法定财务报表所呈报的净利润
（抵销以往年度的累计亏损后）中，于
分派利润予权益持有人前，划拨款项
以提拨若干法定储备金。所有法定储
备金均为特别用途而设立。中国公司
于分派当年度的除税后利润前，须向
法定盈余储备划拨净利润的10%。当
公司法定盈余储备的总和超过其注册
资本的50%时，公司可停止划拨。
法定盈余储备只可用作弥补公司的亏
损、扩大公司的生产营运或增加公司
的资本。此外，按照董事会的决议
案，公司可使用其除税后利润酌情向
盈余储备作出进一步供款。
| (39,895) |
|---|
| 34,233 |
| (5,662) |
2024/2025
年报ANUAL REPORT179
综合财务报表附注
Notes to the Consolidated Financial Statements
19. RESERVES (continued)
(d) Post-employment benefits – defined benefit plans
The Group operates defined benefit pension plans in the Taiwan
region. The Group engaged an independent valuer to cary out a
valuation on post-employment benefits. The present value of the
obligations and costs of the defined benefit plans were calculated using
the projected unit credit method.
The income statement charge included within operating profit includes
curent service cost, interest cost, past service costs and gains and
loses on setlement and curtailment.
Remeasurements arising from defined benefit pension plans,
comprising actuarial gains and loses, the efect of the aset ceiling
(excluding amounts included in net interest on the net defined benefit
liability) and the return on plan asets (excluding amounts included
in net interest on the net defined benefit liability), are recognised
imediately in the consolidated balance shet with a coresponding
debit or credit to capital reserves through other comprehensive
income in the period in which they ocur. Remeasurements are not
reclasified to profit or los in subsequent periods.
Obligation of RMB5,662,000 for defined pension benefits for the
year ended 31 March 2025 (31 March 2024: RMB5,743,000) was
recognised in other non-curent liabilities.
The fair value of the pension fund asets and net defined benefit
liabilities were as folows:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Present value of defined benefit
obligations
界定受益义务现值
(38,953)
Fair value of pension fund asets退休基金资产公平值33,210
Net defined benefit liabilities界定受益净负债(5,662)(5,743)
The level of funding was 85.807% as at 31 March 2025 (31 March
2024: 85.255%). The directors do not consider the net defined benefit
liabilities as set out above to be material.
The most recent actuarial valuation of the defined benefit plans was
caried out by Profesional Actuary Management Consulting Co.,
Ltd., an independent qualified actuary in the Taiwan region, with
31 December 2024 as the valuation reference date. The principal
asumptions of the actuarial valuation were:
- （续）
(d) 退休福利 –界定受益计划
本集团于台湾地区实行一项界定受益
退休计划。本集团委聘独立估值师对
雇员退休福利进行估值。界定受益计
划的义务与成本现值以预测单位贷计
法计算。
计入经营利润内的收益表支出包括当
期服务成本、利息成本、过往服务成
本以及结算及缩减的盈亏。
因界定受益退休计划而产生的重新计
量，包括精算盈亏、资产上限的影响
（不包括计入界定受益净负债的净利
息的金额）以及计划资产的回报（不包
括计入界定受益净负债的净利息的金
额），于综合资产负债表中即时确认，
并于其产生期间透过其他全面收益于
资本储备内相应扣除或计入。重新计
量于其后期间不会重新分类至损益。
截至2025年3月31日止年度，界定
退休计划的责任人民币5,662,000元
（2024年3月31日：人民币5,743,000
元）于其他非流动负债中确认。
退休基金资产的公平值及界定受益净
负债如下：
于2025年3月31日，供款水平为
85.807%（2024年3月31日：85.255%）。
董事并不认为上述界定受益净负债属
重大。
对界定受益计划最近期的精算估值乃
由台湾地区的独立合资格精算师专精
企业管理顾问股份有限公司作出，估
值参考日期为2024年12月31日。在
精算估值中所用的主要假设如下：
2024/2025
年报ANUAL REPORT180
综合财务报表附注
Notes to the Consolidated Financial Statements
19. RESERVES (continued)
(d) Post-employment benefits – defined benefit plans (continued)
(1) Discount rate and rate of increase of long-term salary
The present value of the obligations and costs of the defined benefit
plans were calculated using the projected unit credit method.
For the purpose of the actuarial valuation, the discount rate of 1.500%
for the year ended 31 March 2025 (for the year ended 31 March
2024: 1.250%) was adopted. It was asumed that the expected rate
of increase of long-term salary for the year ended 31 March 2025 was
2.500% to 2.750% (for the year ended 31 March 2024: 2.500%).
(2) Withdrawal rates
(a) Mortality rate
The 6
th
life table as adopted by the insurance industry in the Taiwan
region was used in the actuarial valuation.
(b) Disability rate
The disability rate used in the actuarial valuation was 10% of the
mortality rate.
(c) Turnover rates
The turnover rates used in the actuarial valuation were determined
based on the historical turnover rates from the relevant subsidiaries’
records and taking into acount the expected future trends:
Turnover rates
Age年龄离职率
20 or les20岁或以下8.0% – 10.0%
2525岁6.0% – 7.0%
3030岁4.0% – 7.0%
3535岁3.0% – 5.0%
4040岁0.0% – 3.0%
4545岁0.0%
5050岁0.0%
5555岁0.0%
6060岁0.0%
Turnover rates not shown above were determined by interpolation.
- （续）
(d) 退休福利 – 界定受益计划（续）
(1) 折现率及长期平均调薪率
界定受益计划的义务与成本现值以预
测单位贷计法计算。
精算估值采用截至2025年3月31日止
年度的折现率为1.500%（截至2024年
3月31日止年度：1.250%）。同时，
精算估值假设截至2025年3月31日
止年度的长期平均调薪率为2.500%
至2.750%（截至2024年3月31日止年
度：2.500%）。
(2) 脱退率
(a) 死亡率
精算估值使用了台湾地区保险业界所
采用的第六回经验生命表。
(b) 残废率
精算估值所采纳的残废率为死亡率的
10%。
(c) 离职率
精算估值所使用的离职率乃参照相关
子公司过去的离职率并考虑未来趋势
而得出：
未列出之离职率以内差方式计算。
2024/2025
年报ANUAL REPORT181
综合财务报表附注
Notes to the Consolidated Financial Statements
19. RESERVES (continued)
(d) Post-employment benefits – defined benefit plans (continued)
(2) Withdrawal rates (continued)
(d) Early retirement rates
The early retirement rates used in the actuarial valuation were the
higher of (1) 1.5 times of the turnover rates and (2) the folowing:
Early
retirement rates
Age
*
年龄
*
自请退休率
Z15.0%
Z+1 to 64Z+1至64岁3.0%
6565岁100.0%
Note:
* Z was the earliest retirement age of the relevant employes.
It was also asumed that employes who did not retire upon reaching
65 years old would retire when they reach 68 years old.
- （续）
(d) 退休福利 – 界定受益计划（续）
- （续）
(d) 自请退休率
精算估值所使用的自请退休率为(1)
离职率之1.5倍及(2)下列之较高者：
注：
- 。
同时假设在65岁时未退休的员工将在
68岁时退休。
| 920,152 |
|---|
| 857,443 |
|---|
| 37,958 |
| 17,731 |
| 7,020 |
| 920,152 |
| 1,276,365 |
|---|
| 365,691 |
| 312,017 |
| 265,850 |
| 218,102 |
| 2,438,025 |
2024/2025
年报ANUAL REPORT182
综合财务报表附注
Notes to the Consolidated Financial Statements
20. TRADE PAYABLES
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Trade payables to third parties应付第三方之贸易应付款920,152997,945
As at 31 March 2025 and 31 March 2024, the ageing analysis of the
trade payables, based on the invoice date, is as folows:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Within 60 days60日内870,087
61 to 180 days61至180日100,130
181 to 365 days181至365日8,968
Over 365 days365日以上18,760
920,152997,945
The carying amounts of trade payables aproximated to their fair
values as at the balance shet dates.
21. ACRUALS AND OTHER PAYABLES
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Acruals应计费用1,210,372
Salary and welfare payables应付薪金及福利款项434,070
Other taxes and levies payables其他应付税项及征费361,211
Deposits按金289,981
Others其他225,275
Total总计2,438,0252,520,909
The carying amounts of acruals and other payables aproximated to
their fair values as at the balance shet dates.
20. 贸易应付款
于2025年3月31日及2024年3月31
日，贸易应付款（基于发票日期）的账
龄分析如下：
于资产负债表日，贸易应付款的账面
值与其公平值相若。
21. 应计费用及其他应付款
于资产负债表日，应计费用及其他应
付款的账面值与其公平值相若。
| 500,155 |
|---|
| 3,654,594 |
| 4,154,749 |
| 2.67% |
|---|
| N/A不适用 |
| 1.26% |
| 3,654,594 |
|---|
| 500,155 |
| 4,154,749 |
2024/2025
年报ANUAL REPORT183
综合财务报表附注
Notes to the Consolidated Financial Statements
22. BOROWINGS
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Non-curent非流动
Long-term borowing
– unsecured
长期借款－无抵押
2,461,796
Curent流动
Short-term borowings
– unsecured
短期借款－无抵押
2,889,328
Total borowings总借款4,154,7495,351,124
The efective weighted average interest rates per anum of the
borowings at the balance shet dates are as folows:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB人民币3.16%
US$美元5.77%
Other curencies其他货币1.26%0.66%
As at 31 March 2025 and 31 March 2024, the Group’s borowings
were repayable as folows:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Within 1 year1年以内2,889,328
Betwen 1 and 2 years1至2年2,461,796
4,154,7495,351,124
The carying amounts of the borowings are not materialy diferent to
their fair values, as the market interest rates are relatively stable. The
fair values are based on discounted cash flows using a rate based on
the borowings of similar terms and conditions and are within Level 2
of the fair value hierarchy.
22. 借款
于资产负债表日的借款实际加权平均
年利率如下：
于2025年3月31日及2024年3月31
日，本集团的借款应偿还款项如下：
由于市场利率相对稳定，借款的账面
值与其公平值没有重大差异。公平值
乃采用基于类似条款及条件的借款的
利率根据已贴现金流量计算及属于
公平值层级第2层。
| 3,996,294 |
|---|
| – |
| 158,455 |
| 4,154,749 |
| 7,638,107 |
|---|
| 12,239,262 |
| 24,903 |
| 19,902,272 |
2024/2025
年报ANUAL REPORT184
综合财务报表附注
Notes to the Consolidated Financial Statements
22. BOROWINGS (continued)
The carying amounts of the Group’s borowings were denominated in
the folowing curencies:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
RMB人民币5,091,869
US$美元123,456
Other curencies其他货币135,799
4,154,7495,351,124
The Group had the folowing undrawn bank borowing facilities as at
the balance shet dates:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
US$ facilities美元融通8,795,320
RMB facilities人民币融通6,655,628
Facilities in other curencies其他货币融通22,697
19,902,27215,473,645
- （续）
本集团借款的账面值以下列货币为单
位：
于资产负债表日，本集团有下列未提
取的银行借款融通：
| 121,592 | 304,267 | 425,859 |
|---|---|---|
| 90,301 | (5,048) | 85,253 |
| – | (1) | (1) |
| 211,893 | 299,218 | 511,111 |
| 182,973 | (68) | 182,905 |
|---|---|---|
| 215,709 | – | 215,709 |
| – | 890 | 890 |
| (203,813) | – | (203,813) |
| 194,869 | 822 | 195,691 |
2024/2025
年报ANUAL REPORT185
综合财务报表附注
Notes to the Consolidated Financial Statements
23. DEFERED INCOME TAX
The movements in defered income tax asets and liabilities during the
year, without taking into consideration the ofseting of balances within
the same tax jurisdiction, are as folows:
Defered income tax asets:
Tax loses
Other
temporary
diferences*Total
税项亏损
其他
暂时性差异*总计
RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元
As at 1 April 2023于2023年4月1日97,855282,029379,884
Credit to the consolidated
income statement
在综合收益表
贷记23,73722,21745,954
Exchange diferences汇兑差额–2121
As at 31 March 2024于2024年3月31日
Credit/(charge) to the consolidated
income statement
在综合收益表
贷记╱（支销）
Exchange diferences汇兑差额
As at 31 March 2025于2025年3月31日211,893299,218511,111
Defered income tax liabilities:
Witholding
taxOthersTotal
预扣税其他总计
RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元
As at 1 April 2023于2023年4月1日195,685350196,035
Charge to the consolidated
income statement
在综合收益表支销
208,061–208,061
Credit to other
comprehensive income
在其他全面收益贷记
–(418)(418)
Transfer to tax payable转拨至应付税项(220,773)–(220,773)
As at 31 March 2024于2024年3月31日
Charge to the consolidated
income statement
在综合收益表支销
Charge to other
comprehensive income
在其他全面收益支销
Transfer to tax payable转拨至应付税项
As at 31 March 2025于2025年3月31日194,869822195,691
- ,
acrued expenses and provisions.
23. 递延所得税
年内递延所得税资产及负债（没有考
虑结余可在同一征税区内抵销）的变
动如下：
递延所得税资产：
递延所得税负债：
* 其他暂时性差异主要指未实现利
润、预提费用及准备。
2024/2025
年报ANUAL REPORT186
综合财务报表附注
Notes to the Consolidated Financial Statements
23. DEFERED INCOME TAX (continued)
Defered income tax asets are recognised for tax loses caried
forward to the extent that the realisation of the related tax benefit
through the future taxable profits is probable. As at 31 March 2025,
the Group did not recognise defered income tax asets of RMB115.9
milion (31 March 2024: RMB127.0 milion) in respect of loses
amounting to aproximately RMB463.7 milion (31 March 2024:
RMB508.0 milion) that can be caried forward against future taxable
profits. These tax loses as at 31 March 2025 amounting to RMB178.4
milion, RMB92.8 milion, RMB69.8 milion, RMB53.1 milion and
RMB69.6 milion wil expire in year 2025, year 2026, year 2027, year
2028 and year 2029, respectively.
Defered income tax liabilities have ben recognised for the
witholding tax that would be payable on the earnings of certain
subsidiaries incorporated in the PRC for the year ended 31 March
2025 that are expected to be distributed in the foreseable future.
As to the other subsidiaries incorporated in the PRC, the Group has
no plan to distribute the respective retained earnings as at 31 March
2025. Defered income tax liabilities of RMB80,104,000 (31 March
2024: RMB85,809,000) have not ben recognised for the witholding
tax and the related unremited earnings of subsidiaries amounting to
RMB1,602,073,000 (31 March 2024: RMB1,716,171,000) as at 31
March 2025.
There are no income tax consequences ataching to the payments of
dividends of the Company to its shareholders.
- （续）
很有可能透过未来应缴税利润而实现
相关税务利益，则会就结转的税项亏
损而确认递延所得税资产。于2025年
3月31日，本集团就可结转以抵销未
来应缴税利润的亏损约人民币4.637
亿元（2024年3月31日：人民币5.080
亿元）并未确认递延所得税资产人民币
1.159亿元（2024年3月31日：人民币
1.270亿元）。于2025年3月31日之税
项亏损为人民币1.784亿元、人民币
9,280万元、人民币6,980万元、人民
币5,310万元及人民币6,960万元，将
分别于2025年、2026年、2027年、
2028年及2029年届满。
截至2025年3月31日止年度就中国注
册成立的若干附属公司将于可见未
来分派之盈利而应支付之预扣税已
确认递延所得税负债。就中国注册
成立的其他附属公司而言，本集团
并无计划分派于2025年3月31日的
各相关保留盈利。于2025年3月31
日，并未就预扣税确认递延所得税负
债人民币80,104,000元（2024年3月
31日：人民币85,809,000元），而相
关附属公司的未分派盈利为人民币
1,602,073,000元（2024年3月31日：
人民币1,716,171,000元）。
向其股东派付本公司股息并无所得税
后果。
| 54,834 |
|---|
| (30,439) |
| (14,233) |
| 352,464 |
| 10,064 |
| 33,942 |
| 406,632 |
2024/2025
年报ANUAL REPORT187
综合财务报表附注
Notes to the Consolidated Financial Statements
24. OTHER GAINS – NET
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Net foreign exchange gains汇兑净收益30,531
Donation expenses捐赠开支(31,755)
Loses on disposal of property, plant
and equipment and land use rights
出售物业、厂房及设备
及土地使用权的亏损(8,214)
Income from long-term bank deposits长期银行存款所得收入338,040
Income from compensations赔偿收入16,620
Others其他14,294
Total总计406,632359,516
- －净额
| 9,163,227 |
|---|
| 653,853 |
| 4,557,897 |
| 909,374 |
| 694,445 |
| 749,602 |
| 165,519 |
| 1,600 |
| 4,880 |
| 86,597 |
| 20,278 |
| 10,231 |
| 4,150 |
| 1,320 |
| 352,685 |
| 980,858 |
| 18,356,516 |
2024/2025
年报ANUAL REPORT188
综合财务报表附注
Notes to the Consolidated Financial Statements
25. EXPENSES BY NATURE
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Raw materials used and changes
in inventories
已用原材料
及存货变动9,482,870
Promotion and advertising expenses宣传及广告开支593,710
Employe benefit expenses including
directors’ emoluments (Note 26)
员工福利开支（包括董事酬金）
（附注26）4,522,363
Transportation expenses运输开支884,175
Water, electricity and energy expenses水电及能源开支718,465
Depreciation of property, plant and
equipment (Note 6)
物业、厂房及设备折旧
（附注6）780,168
Depreciation of right-of-use asets
(Note 9)
使用权资产折旧
（附注9）191,028
Amortisation of intangible asets
(Note 8)
无形资产摊销
（附注8）1,127
Depreciation of investment properties
(Note 7)
投资物业折旧
（附注7）1,181
Rental expenses for low-value and
short-term leases (Note 9)
低价值及短期租赁租金开支
（附注9）89,923
Loses on obsolete inventories and
write-down of inventories (Note 14)
陈旧存货及存货撇减亏损
（附注14）35,410
Provision for impairment of trade
receivables (Note 3.1(b)
贸易应收款减值拨备
（附注3.1(b)）18,591
Auditor’s remuneration核数师酬金
Audit fe审计费4,150
Non-audit fe非审计费465
Machinery parts and maintenance
expenses
机器零件及
保养开支334,194
Others其他1,001,946
Total of cost of sales, distribution costs
and administrative expenses
销货成本、分销成本及
行政费用总计18,356,51618,659,766
25. 按性质划分的开支
| 3,519,644 |
|---|
| 808,409 |
| 229,844 |
| 4,557,897 |
| 861 |
|---|
| 1,920 |
| – |
| 145 |
| 2,926 |
| Number of employees |
| 雇员人数 |
| – |
| 1 |
2024/2025
年报ANUAL REPORT189
综合财务报表附注
Notes to the Consolidated Financial Statements
26. EMPLOYE BENEFIT EXPENSES
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Wages and salaries工资及薪金3,508,066
Pension and other social welfare退休金及其他社会福利769,719
Other benefits其他福利244,578
Total including directors’ emoluments总计包括董事薪酬4,557,8974,522,363
(a) Five highest paid individuals
The five individuals whose emoluments are the highest in the Group
included four directors (for the year ended 31 March 2024: thre)
whose emoluments are reflected in the analysis shown in Note 35.
The emoluments payable to the remaining one (for the year ended
31 March 2024: two) highest paid individual during the year are as
folows:
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Salaries薪金2,324
Discretionary bonuses酌情花红2,170
Other benefits其他福利532
Employer’s contributions to pension
schemes
雇主对退休金计划的供款
5,197
Number of
employes
雇员人数
In the bands of:幅度介乎：
HK$2,500,001 to HK$3,000,0002,500,001港元至3,000,000港元1
HK$3,000,001 to HK$3,500,0003,000,001港元至3,500,000港元11
* Other benefits include housing and car alowances.
26. 员工福利开支
(a) 五名最高薪人士
本集团具最高薪酬的五名人士包括四
名董事（截至2024年3月31日止年度：
三名），其薪酬在附注35呈报的分析
中反映。于相关年度应付其余一名
（截至2024年3月31日止年度：两名）
最高薪人士的酬金如下：
- 。
| (169,074) |
|---|
| (7,159) |
| (176,233) |
| 78,393 |
| (97,840) |
| 1,280,791 |
|---|
| 215,709 |
| (85,253) |
| 1,411,247 |
2024/2025
年报ANUAL REPORT190
综合财务报表附注
Notes to the Consolidated Financial Statements
27. FINANCE COSTS – NET
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Finance costs融资成本
– Interest expenses on borowings－借款利息开支(271,909)
– Interest expenses on lease liabilities－租赁负债利息开支(9,885)
(281,794)
Finance income融资收入
– Interest income on cash and bank
balances
－现 金及银行存款利息
收入77,014
Finance costs – net融资成本－净额(97,840)(204,780)
28. INCOME TAX EXPENSE
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Curent income tax当期所得税
Curent income tax on profit for the year年度利润的当期所得税1,260,181
Defered income tax递延所得税
Witholding tax on dividends from
Chinese Mainland subsidiaries
中国境内附属公司股息
之预扣税208,061
Origination and reversal of tax loses
and temporary diferences
税项亏损及暂时性差异的
产生及拨回(45,954)
Total总计1,411,2471,422,288
- －净额
28. 所得税费用
| 5,739,662 |
|---|
| 1,434,916 |
| (176,168) |
| 42,194 |
| (122,806) |
| 17,402 |
| 215,70 9 |
| 1,411,247 |
2024/2025
年报ANUAL REPORT191
综合财务报表附注
Notes to the Consolidated Financial Statements
28. INCOME TAX EXPENSE (continued)
The tax on the Group’s profit before income tax difers from the
theoretical amount that would arise using the statutory tax rate in the
Chinese Mainland of 25% (for the year ended 31 March 2024: 25%) as
folows:
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Profit before income tax除所得税前利润5,405,467
Income tax calculated at the statutory tax
rate in the Chinese Mainland
按中国境内法定税率计算
的所得税1,351,367
Efect of diferent tax rates and
preferential tax rates of subsidiaries
附属公司不同税率及优惠
税率的影响(101,334)
Expenses not deductible for tax purposes不可扣税开支46,820
Aditional deduction of research and
development expenses
额外扣减的研发开支
(95,895)
Tax los for which the defered income
tax asets were not recognised
并无确认递延所得税资产的
税项亏损13,269
Witholding tax on dividends from
Chinese Mainland subsidiaries
中国境内附属公司股息
之预扣税208,061
Income tax charge所得税支出1,411,2471,422,288
The Company is incorporated in the Cayman Islands as an exempted
company with limited liability under the Companies Law of the Cayman
Islands and, acordingly, is exempted from the payment of Cayman
Islands income tax.
Enterprises incorporated in the Chinese Mainland were subject to
Corporate Income Tax (“CIT”) mainly at a rate of 25% during the year
ended 31 March 2025 (during the year ended 31 March 2024: 25%).
Enterprises incorporated in other places were subject to income tax
at the prevailing rates of 0% to 30% during the year ended 31 March
2025 (during the year ended 31 March 2024: 0% to 30%).
- （续）
本集团除所得税前利润所缴纳的税
项与按中国境内法定税率25%（截至
2024年3月31日止年度：25%）计算的
理论税额的差额如下：
本公司根据开曼群岛公司法在开曼群
岛注册成立为获豁免有限公司，因
此，本公司获豁免缴纳开曼群岛所得
税。
截至2025年3月31日止年度，于中国
境内注册成立的企业须按25%（截至
2024年3月31日止年度：25%）税率缴
纳企业所得税（「企业所得税」）。
于截至2025年3月31日止年度，其他
地方注册成立的企业须按当地现行的
所得税率0%至30%（截至2024年3月
31日止年度：0％至30％）缴纳税项。
| 4,335,565 |
|---|
| 11,809,766 |
| RMB36.71 Cents 人民币36.71分 |
2024/2025
年报ANUAL REPORT192
综合财务报表附注
Notes to the Consolidated Financial Statements
28. INCOME TAX EXPENSE (continued)
Acording to the new Corporate Income Tax Law of the PRC, starting
from 1 January 2008, a reduced witholding tax rate of 10% wil
generaly be levied on the imediate holding companies outside the
Chinese Mainland when their Chinese Mainland subsidiaries declare
dividends out of the profits earned after 1 January 2008. A lower 5%
witholding tax rate may be aplied when the imediate holding
companies of the Chinese Mainland subsidiaries are established in
Singapore or Hong Kong, holding at least 25% interests in the Chinese
Mainland subsidiaries and recognised as the beneficial owners of
the Chinese Mainland subsidiaries acording to aplicable tax treaty
arangements and the PRC tax laws.
Pilar Two income taxes
The Group is within the scope of the Pilar Two model rules. The
Group has aplied the mandatory exception to recognising and
disclosing information about defered tax asets and liabilities arising
from Pilar Two income taxes, and wil acount for the Pilar Two
income taxes as curent tax when incured. Pilar Two legislation has
ben enacted or substantively enacted in certain jurisdictions in which
the Group operates.
The Group is stil in the proces of asesing the potential exposure
arising from Pilar Two legislation based on the information available
for the financial year ended 31 March 2025. Based on the asesment
caried out so far, the Group does not expect material exposure
to Pilar Two “top-up” taxes. The Group continues to monitor local
legislation and other developments in the relevant jurisdictions and to
evaluate the potential future impact on the financial statements.
29. EARNINGS PER SHARE
(a) Basic
Basic earnings per share is calculated by dividing the profit atributable
to equity holders of the Company by the weighted average number of
ordinary shares outstanding during the year.
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
Profit atributable to equity holders
of the Company (RMB’000)
本公司权益持有人应占利润
（人民币千元）3,990,474
Weighted average number of ordinary
shares outstanding (thousands)
已发行普通股加权平均数
（千股）11,859,671
Basic earnings per share每股基本盈利
36.71
RMB33.65 Cents
人民币33.65分
- （续）
根据中国境内新企业所得税法，由
2008年1月1日起，倘中国境外直属控
股公司的中国境内附属公司宣派2008
年1月1日后所赚取利润的股息，直
属控股公司通常减按10%税率缴付预
扣税。根据适用的税收协定安排及中
国境内税法规定，倘中国境内附属公
司的直属控股公司在新加坡或香港成
立，并持有中国境内附属公司不少于
25%权益，以及符合中国附属公司受
益所有人身份，则较低的5%预扣税
税率可能适用。
支柱二所得税
本集团属于支柱二模板规则的范围
内。本集团已采用强制性豁免确认及
披露支柱二所得税产生的递延税项资
产及负债的资料，并将支柱二所得税
在发生时作为当期税项进行会计处
理。支柱二立法已在本集团运营所在
若干司法管辖区颁布或实质颁布。
本集团仍在根据截至2025年3月31日
止财政年度的可用资料评估支柱二立
法产生的潜在风险。根据迄今为止进
行的评估，本集团预期不会面临重大
支柱二「补足」税项风险。本集团继续
监察相关司法管辖区的当地法例及其
他事态发展，并评估对财务报表的潜
在未来影响。
29. 每股盈利
(a) 基本
每股基本盈利按本公司权益持有人应
占利润除以本年度已发行普通股之加
权平均数计算。
| 1,738,330 |
|---|
2024/2025
年报ANUAL REPORT193
综合财务报表附注
Notes to the Consolidated Financial Statements
29. EARNINGS PER SHARE (continued)
(b) Diluted
Diluted earnings per share is the same as the basic earnings per
share since the Company does not have dilutive shares.
30. DIVIDENDS
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Proposed final dividend of US2.04 cents
per ordinary share (for the year ended
31 March 2024: US3.30 cents) (Note (a)
拟派末期股息每股普通股
2.04美仙（截至2024年
3月31日止年度：3.30美仙）
（附注(a)）1,738,3302,787,496
Note:
(a) On 24 June 2025, the Board recomended the payment of a final
dividend of US2.04 cents (for the year ended 31 March 2024: US3.30
cents) per ordinary share, totaling RMB1,738,330,000 for the year ended
31 March 2025 (for the year ended 31 March 2024: RMB2,787,496,000).
The proposed final dividend in respect of the year ended 31 March
2025 is calculated based on the total number of shares outstanding as
at the date of this report. The payment of the proposed final dividend is
to be aproved by the shareholders at the Company’s Anual General
Meting. The financial statements do not reflect this dividend payable.
The dividend paid during the year ended 31 March 2025 was the final
dividend of RMB2,766,876,000 for the year ended 31 March 2024,
which was paid in September 2024.
- （续）
(b) 摊薄
由于本公司并无摊薄股份，故每股摊
薄盈利与每股基本盈利相等。
30. 股息
附注：
(a) 于2025年6月24日，董事会建议派
付截至2025年3月31日止年度的
末期股息每股普通股2.04美仙（截
至2024年3月31日止年度：3.30美
仙），共计人民币1,738,330,000元
（截至2024年3月31日止年度：人
民币2,787,496,000元）。截至2025
年3月31日止年度的拟派末期股息
乃按照于本报告日期已发行股份总
数计算。派付该末期股息之建议将
于本公司股东周年大会上经股东批
准。财务报表并无反映该应付股
息。
于截至2025年3月31日止年度派付的
股息为截至2024年3月31日止年度的
末期股息人民币2,766,876,000元，
且已于2024年9月派付。
| 5,739,662 |
|---|
| 749,602 |
| 165,519 |
| 4,880 |
| 1,600 |
| 14,233 |
| – |
| – |
| 20,278 |
| 10,231 |
| (78,393) |
| (352,464) |
| 176,233 |
| (67) |
| 6,451,314 |
| (181,357) |
| 29,020 |
| (114,728) |
| (77,793) |
| (199,606) |
| (86,481) |
| 5,820,369 |
2024/2025
年报ANUAL REPORT194
综合财务报表附注
Notes to the Consolidated Financial Statements
31. NOTES TO THE CONSOLIDATED STATEMENT OF
CASH FLOWS
(a) Cash generated from operations
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Profit before income tax除所得税前利润5,405,467
Adjustments for:就以下各项作出调整：
– Depreciation of property, plant and
equipment (Note 6)
－物业、厂房及设备折旧（附注6）
780,168
– Depreciation of right-of-use asets
(Note 9)
－使用权资产折旧（附注9）
191,028
– Depreciation of investment properties
(Note 7)
－投资物业折旧（附注7）
1,181
– Amortisation of intangible asets (Note 8)－无形资产摊销（附注8）1,127
– Loses on disposal of property, plant and
equipment, land use rights and right-of-
use asets (Note 24)
－处置物业、厂房及设备及土地
使用权以及使用权资产之亏损
（附注24）8,214
– Loses on disposal of intangible asets
(Note 8)
－处置无形资产之亏损（附注8）
– Gains on disposal of asociates－出售联营公司之收益(2,333)
– Loses on obsolete inventories and
write-down of inventories (Note 25)
－陈旧存货及存货撇减亏损（附注25）
35,410
– Provision for impairment of trade
receivables (Note 25)
－贸易应收款减值拨备（附注25）
18,591
– Interest income on cash and bank
balances (Note 27)
－现金及银行存款利息收入
（附注27）(77,014)
– Interest income from long-term bank
deposits (Note 24)
－长期银行存款利息收入
（附注24）(338,040)
– Interest expenses (Note 27)－利息开支（附注27）281,794
– Share of profits of asociates (Note 10)－应占联营公司利润（附注10）(422)
6,305,610
Changes in working capital:营运资金变动：
– (Increase)/decrease in inventories－存货（增加）╱减少691,643
– Decrease in trade receivables－贸易应收款减少3,100
– Increase in prepayments, other
receivables and other asets
－预付款项、其他应收款及
其他资产增加(89,146)
– (Decrease)/increase in trade payables－贸易应付款（减少）╱增加27,550
– Decrease in contract liabilities－合约负债减少(275,199)
– (Decrease)/increase in acruals and
other payables and other non-curent
liabilities
－应计费用及其他应付款及其他非流动
负债（减少）╱增加
89,341
Cash generated from operations营运产生的现金5,820,3696,752,899
31. 综合现金流量表附注
(a) 营运产生的现金
| 32,916 |
|---|
| (14,233) |
| 18,683 |
2024/2025
年报ANUAL REPORT195
综合财务报表附注
Notes to the Consolidated Financial Statements
31. NOTES TO THE CONSOLIDATED STATEMENT OF
CASH FLOWS (continued)
(a) Cash generated from operations (continued)
In the consolidated statement of cash flows, proceds from sale of
leasehold land and land use rights and property, plant and equipment
comprise:
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Net bok amount of property, plant and
equipment (Note 6)
物业、厂房及设备
账面净值（附注6）9,803
Loses on disposals of land use rights
and property, plant and equipment
处置土地使用权以及物业、
厂房及设备产生之亏损(8,214)
Proceds from disposal of property, plant
and equipment and land use rights
处置物业、厂房及设备以及
土地使用权所得款项18,6831,589
- （续）
(a) 营运产生的现金（续）
于综合现金流量表中，处置租赁土地
及土地使用权以及物业、厂房及设备
的所得款项包括：
| 8,346,506 |
|---|
| 7,091,000 |
| (3,654,594) |
| (500,155) |
| (235,713) |
| 11,047,044 |
| 8,346,506 |
| 7,091,000 |
| (4,390,462) |
| – |
| 11,047,044 |
2024/2025
年报ANUAL REPORT196
综合财务报表附注
Notes to the Consolidated Financial Statements
31. NOTES TO THE CONSOLIDATED STATEMENT OF
CASH FLOWS (continued)
(b) Net cash reconciliation
This section sets out an analysis of net cash and the movements in
net cash for each of the periods presented.
Net cash现金净额
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Cash and bank balances现金及银行存款8,421,346
Long-term bank deposits长期银行存款7,585,000
Borowings – repayable within one year借款－须于一年内偿还(2,889,328)
Borowings – repayable after one year借款－须于一年后偿还(2,461,796)
Lease liabilities租赁负债(185,567)
Net cash现金净额10,469,655
Cash and bank balances现金及银行存款8,421,346
Long-term bank deposits长期银行存款7,585,000
Gros debt – fixed interest rates债务总额－固定利率(4,823,235)
Gros debt – variable interest rates债务总额－浮动利率(713,456)
Net cash现金净额11,047,04410,469,655
- （续）
(b) 现金净额对账
本节载列所呈列各期间的现金净额及
现金净额变动分析。
| 8,421,346 | 7,585,000 | (2,889,328) | (2,461,796) | (185,567) | 10,469,655 |
|---|---|---|---|---|---|
| 50,695 | (494,000) | 989,742 | 212,731 | 147,822 | 906,990 |
| – | – | – | – | (190,809) | (190,809) |
| (125,535) | – | 12,700 | (1,090) | – | (113,925) |
| – | – | (1,767,708) | 1,750,000 | (7,159) | (24,867) |
| 8,346,506 | 7,091,000 | (3,654,594) | (500,155) | (235,713) | 11,047,044 |
2024/2025
年报ANUAL REPORT197
综合财务报表附注
Notes to the Consolidated Financial Statements
31. NOTES TO THE CONSOLIDATED STATEMENT OF
CASH FLOWS (continued)
(b) Net cash reconciliation (continued)
Other asetsLiabilities from financing activities
其他资产融资活动产生的负债
Cash and
bank
balances
Long-term
bank
deposits
Borowings
due within
1 year
Borowings
due after
1 year
Lease
liabilitiesTotal
现金及
银行存款
长期银行
存款
于一年内到期
的借款
于一年后到期
的借款租赁负债总计
RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
Net cash as at 31 March 2023于2023年3月31日的
现金净额7,907,5995,752,000(3,282,014)(2,060,307)(265,838)8,051,440
Cash flows现金流量583,2001,833,000501,609(316,222)177,5012,779,088
Recognition of right-of-use asets确认使用权资产–(87,345)(87,345)
Exchange diferences汇兑差额(69,453)–(96,870)(85,267)–(251,590)
Other non-cash movements其他非现金变动–(12,053)–(9,885)(21,938)
Net cash as at 31 March 2024于2024年3月31日的
现金净额
Cash flows现金流量
Recognition of right-of-use asets确认使用权资产
Exchange diferences汇兑差额
Other non-cash movements其他非现金变动
Net cash as at 31 March 2025于2025年3月31日的
现金净额8,346,5067,091,000(3,654,594)(500,155)(235,713)11,047,044
- （续）
(b) 现金净额对账（续）
| 48,800 |
|---|
| 2,603 |
|---|
| 2,420 |
| 2,454 |
| 722 |
| 693 |
| 920 |
| 9,812 |
2024/2025
年报ANUAL REPORT198
综合财务报表附注
Notes to the Consolidated Financial Statements
32. COMITMENTS
(a) Capital comitments
Capital expenditure contracted for as at 31 March 2025 and 31 March
2024 but not yet incured is as folows:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Contracted but not acounted for:已签约但未入账：
– Property, plant and equipment－物业、厂房及设备48,8005,372
(b) Operating lease comitments
Operating lease comitments – as lesor
The Group leases out certain ofice premises, plant and equipment
under operating lease agrements. The leases have various terms
and renewal rights. The agregate future minimum rental receivables
under these operating leases are as folows:
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
No later than 1 year1年以内6,509
Later than 1 year and no later
than 2 years
1至2年
4,317
Later than 2 years and no later
than 3 years
2至3年
2,420
Later than 3 years and no later
than 4 years
3至4年
2,454
Later than 4 years and no later
than 5 years
4至5年
Later than 5 years5年以上1,613
9,81218,035
32. 承担
(a) 资本承担
于2025年3月31日及2024年3月31
日，已签约但未发生的资本承担如
下：
(b) 经营租赁承担
经营租赁承担－为出租人
本集团根据经营租赁协议出租若干办
公室物业、厂房及设备。该等租赁具
有不同年期及续约权利。根据该等经
营租赁，未来最低应收租金总额如
下：
| 30,880 |
|---|
| 3,644 |
| 153 |
| 1,310 |
| 28,514 |
| 33,621 |
| 3,740 |
| 135,439 |
| 77,483 |
| 3,983 |
2024/2025
年报ANUAL REPORT199
综合财务报表附注
Notes to the Consolidated Financial Statements
33. RELATED PARTY TRANSACTIONS
The ultimate controling parties of the Group are Mr. Tsai Eng-Meng,
the Chairman and Chief Executive Oficer of the Group, and his family.
(a) Transactions with related parties
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
RMB’000RMB’000
人民币千元人民币千元
Sale of gods销售货物
– a minority shareholder of
a subsidiary of the Group
－本集团一间附属公司
之一名少数股东32,310
Purchases of gods and services购买商品及服务
– a company in which a director of the
Group has beneficial interest
－本集团一名董事拥有实益
权益之一间公司3,498
– a minority shareholder of a subsidiary
of the Group
－本集团一间附属公司
之一名少数股东596
– a subsidiary of a company which
is beneficialy owned by the
Chairman of the Group
－一间由本集团主席实益拥有
之公司之一间附属公司
1,310
– companies controled by the
Chairman of the Group
－本集团主席拥有控制权
之公司30,311
Total purchases of gods and services购买商品及服务总计35,715
Advertising expense广告开支
– a company controled by the
Chairman of the Group
－本集团主席拥有控制权
之一间公司3,612
Acquisition of property, plant and
equipment
收购物业、厂房及设备
– a company controled by the
Chairman of the Group
－本集团主席拥有控制权
之一间公司–
Rental expenses of buildings楼宇租金开支
– companies controled by the
Chairman of the Group
－本集团主席拥有控制权
之公司76,785
Rental income of buildings楼宇租金收入
– companies jointly controled by the
Chairman of the Group
－本集团主席拥有共同
控制权之公司3,9833,935
In the opinion of the directors of the Company, the above transactions
are caried out in the ordinary course of busines and in acordance
with the terms of the underlying agrements.
33. 关联方交易
本集团之最终控股方为蔡衍明先生
（本集团之主席及行政总裁）及其家
族。
(a) 与关联方的交易
本公司董事认为，上述交易于日常业
务过程中并根据相关协议之条款进
行。
| 16,455 |
|---|
| 1,624 |
| 5,287 |
| 919 |
| 143,736 |
2024/2025
年报ANUAL REPORT200
综合财务报表附注
Notes to the Consolidated Financial Statements
33. RELATED PARTY TRANSACTIONS (continued)
(b) Balances with related parties
31 March
31 March
2025年
3月31日
2024年
3月31日
RMB’000RMB’000
人民币千元人民币千元
Trade receivables (Note 15)贸易应收款（附注15）
– a minority shareholder of
a subsidiary of the Group
－本集团一间附属公司
之一名少数股东16,384
Other receivables (Note 16)其他应收款（附注16）
– subsidiaries of a company which
is beneficialy owned by the
Chairman of the Group
－本集团主席实益拥有之
公司的附属公司
1,875
Other non-curent liabilities其他非流动负债
– a company jointly controled by the
Chairman of the Group
－本集团主席拥有共同
控制权之一间公司6,206
Other payables其他应付款
– a company jointly controled by the
Chairman of the Group
－本集团主席拥有共同
控制权之一间公司919
Lease liabilities租赁负债
– subsidiaries of a company which
is beneficialy owned by the
Chairman of the Group
－本集团主席实益拥有之
公司的附属公司
143,73674,089
Except for lease liabilities, the receivables and other payables are
unsecured, bear no interest and are repayable on demand. There is
no provision held against receivables from related parties (31 March
2024: nil).
- （续）
(b) 与关联方的结余
除租赁负债外，应收款及应付款为无
抵押、免息及需按要求偿还。并无就
关联方应收款作出拨备（2024年3月31
日：无）。
| 5,530 |
|---|
| 9,142 |
| 11,888 |
| 3,383 |
| 695 |
| 30,638 |
2024/2025
年报ANUAL REPORT201
综合财务报表附注
Notes to the Consolidated Financial Statements
33. RELATED PARTY TRANSACTIONS (continued)
(c) Key management compensation
Key management includes directors (executive and non-executive)
and senior management. The compensation paid or payable to key
management for their services is shown below:
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
RMB’000RMB’000
人民币千元人民币千元
Fes袍金5,798
Salaries薪金10,523
Discretionary bonuses酌情花红11,833
Other benefits其他福利5,449
Employer’s contributions to
pension schemes
雇主对退休金计划
的供款850
Total总计30,63834,453
- （续）
(c) 主要管理人员酬金
主要管理人员包括董事（执行董事与
非执行董事）及高级管理人员。就主
要管理人员的服务已付或应付彼等的
酬金如下：
| 751 |
|---|
| 6,460,500 |
| 6,461,251 |
| 10,074,710 |
| 1,262 |
| 5,129 |
| 10,081,101 |
| 16,542,352 |
| 1,784,464 |
| 14,040,772 |
| 15,825,236 |
| 340,228 |
| 6,881 |
| 370,007 |
| 717,116 |
| 717,116 |
| 16,542,352 |
2024/2025
年报ANUAL REPORT202
综合财务报表附注
Notes to the Consolidated Financial Statements
34. BALANCE SHET, INCOME STATEMENT, STATEMENT
OF CASH FLOWS AND RESERVE MOVEMENTS OF THE
COMPANY
Balance shet of the Company
31 March
31 March
2025年
3月31日
2024年
3月31日
NoteRMB’000RMB’000
附注人民币千元人民币千元
ASETS资产
Non-curent asets非流动资产
Property, plant and equipment物业、厂房及设备284
Investments in subsidiaries于附属公司的投资6,453,745
6,454,029
Curent asets流动资产
Due from subsidiaries应收附属公司的款项7,475,851
Prepayments, other receivables
and other asets
预付款项、其他应收款及
其他资产1,031
Cash and bank balances现金及银行存款106,972
7,583,854
Total asets总资产14,037,883
EQUITY权益
Equity atributable to equity
holders of the Company
本公司权益持有人
应占权益
Share capital股本1,785,740
Reserves储备a11,075,613
Total equity总权益12,861,353
LIABILITIES负债
Curent liabilities流动负债
Due to subsidiaries应付附属公司的款项405,045
Acruals and other payables应计费用及其他应付款101,491
Borowings借款669,994
1,176,530
Total liabilities总负债1,176,530
Total equity and liabilities总权益及负债16,542,35214,037,883
The balance shet of the Company was aproved by the Board of
Directors on 24 June 2025 and was signed on its behalf by:
Tsai Wang-ChiaChu Chi-Wen
蔡旺家朱纪文
DirectorDirector
董事董事
- 、收益表、现金
流量表及储备变动
本公司资产负债表
本公司资产负债表已由董事会于2025
年6月24日批准，并由以下人士代表
董事会签署：
| 5,797,394 |
|---|
| 12,107 |
| 6,844 |
| (34,706) |
| 5,781,639 |
| 24,084 |
| (24,684) |
| (600) |
| 5,781,039 |
| – |
| 5,781,039 |
| 5,781,039 |
2024/2025
年报ANUAL REPORT203
综合财务报表附注
Notes to the Consolidated Financial Statements
34. BALANCE SHET, INCOME STATEMENT, STATEMENT
OF CASH FLOWS AND RESERVE MOVEMENTS OF THE
COMPANY (continued)
Income statement of the Company
Year ended
31 March
Year ended
31 March
截至2025年
3月31日
止年度
截至2024年
3月31日
止年度
RMB’000RMB’000
人民币千元人民币千元
Dividend income股息收入7,100,039
Other income其他收入11,275
Other gains/(loses), net其他收益╱（亏损）－净额(17,921)
Administrative expenses行政费用(168,422)
Operating profit营运利润6,924,971
Finance income融资收入1,376
Finance costs融资成本(28,589)
Finance costs – net融资成本－净额(27,213)
Profit before income tax除所得税前利润6,897,758
Income tax expense所得税费用–
Profit for the year年度利润6,897,758
Profit atributable to:应占利润：
– Equity holders of the Company－本公司权益持有人5,781,0396,897,758
- 、收益表、现金
流量表及储备变动（续）
本公司收益表
| (110,336) |
|---|
| (24,684) |
| 24,084 |
| (110,936) |
| – |
| (496,155) |
| 3,694,690 |
| 3,198,535 |
| (36,627) |
| (2,766,876) |
| (1,148,000) |
| 848,000 |
| (64,817) |
| (3,168,320) |
| (80,721) |
| 106,972 |
| (21,122) |
| 5,129 |
2024/2025
年报ANUAL REPORT204
综合财务报表附注
Notes to the Consolidated Financial Statements
34. BALANCE SHET, INCOME STATEMENT, STATEMENT
OF CASH FLOWS AND RESERVE MOVEMENTS OF THE
COMPANY (continued)
Statement of cash flows of the Company
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
NoteRMB’000RMB’000
附注人民币千元人民币千元
Cash flows from operating activities营运活动的现金流量
Cash used in operations营运使用的现金b(77,823)
Interest paid已付利息(28,589)
Interest received已收利息1,376
Net cash used in operating activities营运活动所用的净现金(105,036)
Cash flows from investing activities投资活动的现金流量
Purchases of property, plant and
equipment
购买物业、厂房及设备
(32)
Payments for loans to subsidiaries支付附属公司贷款(148,554)
Dividends received from subsidiaries向附属公司收取的股息2,917,390
Net cash generated from investing
activities
投资活动产生的净现金
2,768,804
Cash flows from financing activities融资活动的现金流量
Share buy-back股份购回(292,599)
Dividends paid to equity holders of the
Company
向本公司权益持有人
支付股息(1,791,127)
Repayment of borowings偿还借款(1,685,316)
Proceds from borowings借款所得款项2,355,316
Payments for borowings from
subsidiaries
向附属公司还款项
(1,372,046)
Net cash used in financing activities融资活动所用的净现金(2,785,772)
Net decrease in cash and cash
equivalents
现金及现金等价物减少净额
(122,004)
Cash and cash equivalents at
begining of year
年初的现金及现金等价物
67,103
Exchange (loses)/gains汇兑（亏损）╱收益161,873
Cash and cash equivalents at end
of the year
年末的现金及
现金等价物5,129106,972
- 、收益表、现金
流量表及储备变动（续）
本公司现金流量表
| 462,130 | 290,589 | 10,322,894 | 11,075,613 |
|---|---|---|---|
| – | – | 5,781,039 | 5,781,039 |
| – | – | (35,351) | (35,351) |
| – | (13,653) | – | (13,653) |
| – | – | (2,766,876) | (2,766,876) |
| 462,130 | 276,936 | 13,301,706 | 14,040,772 |
2024/2025
年报ANUAL REPORT205
综合财务报表附注
Notes to the Consolidated Financial Statements
34. BALANCE SHET, INCOME STATEMENT, STATEMENT
OF CASH FLOWS AND RESERVE MOVEMENTS OF THE
COMPANY (continued)
Note (a) Reserve movements of the Company
Share
premium
Curency
realignment
reserves
Retained
earningsTotal
股份溢价
货币重新
调整储备保留盈利总计
RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元
As at 1 April 2023于2023年4月1日462,130(217,919)5,498,8805,743,091
Profit for the year年度利润–6,897,7586,897,758
Share buy-back股份购回–(282,617)(282,617)
Curency translation diferences货币汇兑差额–508,508–508,508
Dividends paid支付股息–(1,791,127)(1,791,127)
As at 31 March 2024于2024年3月31日462,130290,58910,322,89411,075,613
As at 1 April 2024于2024年4月1日
Profit for the year年度利润
Share buy-back股份购回
Curency translation diferences货币汇兑差额
Dividends paid支付股息
As at 31 March 2025于2025年3月31日462,130276,93613,301,70614,040,772
- 、收益表、现金
流量表及储备变动（续）
附注(a) 本公司储备变动
| 5,781,039 |
|---|
| 260 |
| (24,084) |
| 24,684 |
| (5,797,394) |
| (15,495) |
| (231) |
| (94,610) |
| (110,336) |
2024/2025
年报ANUAL REPORT206
综合财务报表附注
Notes to the Consolidated Financial Statements
34. BALANCE SHET, INCOME STATEMENT, STATEMENT
OF CASH FLOWS AND RESERVE MOVEMENTS OF THE
COMPANY (continued)
Note (b) Cash used in operations
Year ended
31 March
Year ended
31 March
截至2025年
3月31日止年度
截至2024年
3月31日止年度
RMB’000RMB’000
人民币千元人民币千元
Profit before income tax除所得税前利润6,897,758
Adjustments for:就以下各项作出调整：
– Depreciation of property, plant and
equipment
－物业、厂房及设备折旧
– Interest income－利息收入(1,376)
– Interest costs－利息支出28,589
– Dividend income－股息收入(7,100,039)
(174,672)
Changes in working capital:营运资金变动：
– Increase in prepayments, other
receivables and other asets
－预付款项、其他应收款及
其他资产增加(178)
– (Decrease)/increase in acruals and
other payables
－应计费用及其他应付款
（减少）╱增加97,027
Cash used in operations营运使用的现金(110,336)(77,823)
- 、收益表、现金
流量表及储备变动（续）
附注(b) 营运所用现金
| 761 | 1,507 | – | 240 | 25 | 2,533 |
|---|---|---|---|---|---|
| 580 | 584 | 846 | 120 | 89 | 2,219 |
| 256 | 986 | 1,224 | 420 | 12 | 2,898 |
| 251 | 449 | 450 | 276 | 17 | 1,443 |
| 433 | 572 | 1,769 | 660 | 34 | 3,468 |
| 217 | 394 | 165 | 203 | 23 | 1,002 |
| 217 | 306 | 208 | 378 | 17 | 1,126 |
| 217 | – | – | – | – | 217 |
| 217 | – | – | – | – | 217 |
| 433 | – | – | – | – | 433 |
| 433 | – | – | – | – | 433 |
| 433 | – | – | – | – | 433 |
| 217 | – | – | – | – | 217 |
| 217 | – | – | – | – | 217 |
| 4,882 | 4,798 | 4,662 | 2,297 | 217 | 16,856 |
2024/2025
年报ANUAL REPORT207
综合财务报表附注
Notes to the Consolidated Financial Statements
35. BENEFITS AND INTERESTS OF DIRECTORS
(a) Directors’ and chief executives’ emoluments
The remuneration of each director and the chief executive is set out
below.
For the year ended 31 March 2025, emoluments paid or payable in
respect of a person’s services as a director, whether of the Company
or its subsidiary undertaking:
Name of DirectorsFesSalaries
Discretionary
bonuses
Estimated
alowances
and benefits
in kind
Employer’s
contributions
to pension
schemesTotal
董事姓名袍金薪金酌情花红
估计津贴及
实物福利
雇主对退休金
计划的供款总计
RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
Executive Directors:执行董事：
Mr. Tsai Eng-Meng蔡衍明先生
Mr. Tsai Shao-Chung蔡绍中先生
Mr. Tsai Wang-Chia蔡旺家先生
Mr. Huang Yung-Sung黄永松先生
Mr. Chu Chi-Wen朱纪文先生
Mr. Tsai Ming-Hui蔡明辉先生
Ms. Lai Hong Ye黎康仪女士
Non-executive Directors:非执行董事：
Mr. Maki Haruo槇春夫先生
Mr. Cheng Wen-Hsien郑文宪先生
Independent non-executive
Directors:
独立非执行董事：
Dr. Pei Kerwei贝克伟博士
Mr. Hsieh Tien-Jen谢天仁先生
Mr. Le Kwok Ming李国明先生
Mr. Pan Chih-Chiang潘志强先生
Mrs. Kong Ho Pui King江何佩琼女士
4,8824,7984,6622,29721716,856
35. 董事福利及权益
(a) 董事及最高行政人员酬金
本公司各董事及最高行政人员酬金载
列如下。
截至2025年3月31日止年度，就为董
事之人士之已付或应付酬金（不论为
本公司或其附属公司承诺）如下：
2024/2025
年报ANUAL REPORT208
综合财务报表附注
Notes to the Consolidated Financial Statements
35. BENEFITS AND INTERESTS OF DIRECTORS (continued)
(a) Directors’ and chief executives’ emoluments (continued)
For the year ended 31 March 2024, emoluments paid or payable in
respect of a person’s services as a director, whether of the Company
or its subsidiary undertaking:
Name of DirectorsFesSalaries
Discretionary
bonuses
Estimated
alowances
and benefits
in kind
Employer’s
contributions
to pension
schemesTotal
董事姓名袍金薪金酌情花红
估计津贴及
实物福利
雇主对退休金
计划的供款总计
RMB’000RMB’000RMB’000RMB’000RMB’000RMB’000
人民币千元人民币千元人民币千元人民币千元人民币千元人民币千元
Executive Directors:执行董事：
Mr. Tsai Eng-Meng蔡衍明先生7511,498–240262,515
Mr. Tsai Shao-Chung蔡绍中先生570703840120872,320
Mr. Tsai Wang-Chia蔡旺家先生2609111,22442082,823
Mr. Huang Yung-Sung黄永松先生398297789276171,777
Mr. Chu Chi-Wen朱纪文先生4295721,824406343,265
Mr. Tsai Ming-Hui蔡明辉先生21539116619922993
Ms. Lai Hong Ye黎康仪女士215285197373161,086
Non-executive Directors:非执行董事：
Mr. Liao Ching-Tsun廖清圳先生169–1,000–1,169
Mr. Maki Haruo槇春夫先生215–215
Mr. Cheng Wen-Hsien郑文宪先生215–215
Independent non-executive
Directors:
独立非执行董事：
Dr. Pei Kerwei贝克伟博士429–429
Mr. Hsieh Tien-Jen谢天仁先生429–429
Mr. Le Kwok Ming李国明先生429–429
Mr. Pan Chih-Chiang潘志强先生215–215
Mrs. Kong Ho Pui King江何佩琼女士215–215
5,1544,6575,0403,03421018,095
* The other benefit for Mr. Liao Ching-Tsun is the consultancy fe.
- （续）
(a) 董事及最高行政人员酬金（续）
截至2024年3月31日止年度，就为董
事之人士之已付或应付酬金（不论为
本公司或其附属公司承诺）如下：
* 支付廖清圳先生的其他福利为咨询
费。
2024/2025
年报ANUAL REPORT209
综合财务报表附注
Notes to the Consolidated Financial Statements
35. BENEFITS AND INTERESTS OF DIRECTORS (continued)
(b) Directors’ retirement and termination benefits
None of the directors received or wil receive any retirement benefits
or termination benefits during the year ended 31 March 2025.
(c) Consideration provided to or receivable by third parties for
making available directors’ services
The Group did not pay consideration, and no consideration was
payable by the Group, to any third parties for making available
directors’ services during the year ended 31 March 2025.
(d) Information about loans, quasi-loans and other dealings in favour
of directors, bodies corporate controled by or entities conected
with such directors
No loans, quasi-loans and other dealings in favour of directors, bodies
corporate controled by or entities conected with directors subsisted
at the end of the year or at any time during the year ended 31 March
2025.
(e) Directors’ material interests in transactions, arangements or
contracts of significance in relation to the Group’s busines
No significant transactions, arangements and contracts in relation to
the Group’s busines to which the Company was a party and in which
a director of the Company had a material interest, whether directly or
indirectly, subsisted at the end of 31 March 2025 or at any time during
the year ended 31 March 2025.
- （续）
(b) 董事退休及终止福利
董事于截至2025年3月31日止年度并
无收取或将会收取任何退休福利或终
止福利。
(c) 就提供董事服务而向第三方提
供或第三者可就提供董事服务
而收取的对价
本集团于截至2025年3月31日止年度
并无就或应就提供董事服务向任何第
三方支付对价。
(d) 向董事、受该等董事控制的法
人团体及该董事的关联主体提
供的贷款、准贷款及其他交易
的资料
于截至2025年3月31日止年度年末或
年内之任何时间，并无向董事、受该
等董事控制的法人团体及该董事的关
联主体提供的贷款、准贷款及其他交
易。
(e) 董事在与本集团业务有关之重
要交易、安排或合同的重大权
益
于2025年3月31日底或截至2025年3
月31日止年度任何时间，本公司并无
签订任何涉及本集团之业务而本公司
之董事直接或间接在其中拥有重大权
益之重要交易、安排或合同。
2024/2025
年报ANUAL REPORT210
综合财务报表附注
Notes to the Consolidated Financial Statements
36. PRINCIPAL SUBSIDIARIES
The folowing sets out the details of the principal subsidiaries of the
Group as at 31 March 2025.
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Directly owned
直接拥有
Want Want Holdings Ltd.
旺控股有限公司
Singapore
新加坡
US$212,331,000
212,331,000美元
99.99Investment holding
投资控股
Long Wave Fods Limited
浪味食品有限公司
HKSAR
香港特区
HK$100
100港元
100Trading of fod and beverages
食品及饮料贸易
Want-Want Fods Limited
旺食品有限公司
HKSAR
香港特区
HK$2
2港元
100Trading of fod and beverages
食品及饮料贸易
Leisure Fods Limited
休悦食品有限公司
HKSAR
香港特区
HK$1
1港元
100Trading of fod and beverages
食品及饮料贸易
Like Snacks Trading Limited
礼勤食品贸易有限公司
HKSAR
香港特区
HK$1
1港元
100Trading of fod and beverages
食品及饮料贸易
Want Want (HK) Holdings Limited
香港旺控股有限公司
HKSAR
香港特区
US$10,000,000
10,000,000美元
100Investment holding
投资控股
Big Want (HK) Holdings Limited
香港大旺控股有限公司
HKSAR
香港特区
US$1
1美元
100Investment holding
投资控股
Want Want Indonesia Holdings Pte LimitedHKSAR
香港特区
US$1,500,000
1,500,000美元
100Investment holding
投资控股
Indirectly owned
间接拥有
Anhui Kuang-Want Fod Trading Co., Ltd. *
安徽匡旺食品商贸有限公司*
Chinese Mainland
中国境内
RMB22,000,000
人民币22,000,000元
100Trading of fod and beverages and related
activities
食品及饮料贸易以及相关业务活动
Anji Rimalt Fods Ltd.
安吉瑞麦食品有限公司
Chinese Mainland
中国境内
US$1,400,000
1,400,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Anqing Big-Want Fods Ltd.
安庆大旺食品有限公司
Chinese Mainland
中国境内
US$7,000,000
7,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Anqing Want Want Fods Ltd.
安庆旺食品有限公司
Chinese Mainland
中国境内
US$100,000,000
100,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Anyang Le-Want Fods Ltd.
安阳立旺食品有限公司
Chinese Mainland
中国境内
US$8,930,000
8,930,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
36. 主要附属公司
于2025年3月31日，本集团的主要附
属公司详情载列如下。
2024/2025
年报ANUAL REPORT211
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Beijing Be-Want Fods Ltd.
#
北京必旺食品有限公司
#
Chinese Mainland
中国境内
US$9,350,000
9,350,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Beijing Big-Want Fods Ltd.
#
北京大旺食品有限公司
#
Chinese Mainland
中国境内
US$13,000,000
13,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Beijing Dairy-Want Fods Ltd.
北京乳旺食品有限公司
Chinese Mainland
中国境内
US$25,100,000
25,100,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Beijing Le-Want Fods Ltd.
北京立旺食品有限公司
Chinese Mainland
中国境内
US$1,400,000
1,400,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Beijing Lion-Want Packing Ltd.
#
北京来旺包装有限公司
#
Chinese Mainland
中国境内
US$2,100,000
2,100,000美元
100Manufacture of packing materials
制造包装物料
Beijing Want Want Fods Ltd.
北京旺食品有限公司
Chinese Mainland
中国境内
US$6,000,000
6,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Changchun Want Want Fods Ltd.*
长春旺食品有限公司*
Chinese Mainland
中国境内
RMB150,000,000
人民币150,000,000元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Changsha Want Want Fods Ltd.
长沙旺食品有限公司
Chinese Mainland
中国境内
US$19,320,000
19,320,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Chengdu Ming-Want Dairy Ltd.
#
成都明旺乳业有限公司
#
Chinese Mainland
中国境内
US$35,700,000
35,700,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Chengdu Want Want Fods Ltd.
成都旺食品有限公司
Chinese Mainland
中国境内
US$9,800,000
9,800,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Chongqing Xi-Want Trading Co., Ltd.*
重庆喜旺商贸有限公司*
Chinese Mainland
中国境内
RMB1,000,000
人民币1,000,000元
100Trading of fod and beverages and related
activities
食品及饮料贸易以及相关业务活动
First Family Enterprise Co., Ltd.
旺家贸易股份有限公司
Taiwan region
台湾地区
NTD66,500,000
66,500,000新台币
100Trading of snack fod
休闲食品贸易
Guangdong Si-Want Trading Co., Ltd.*
广东思旺商贸有限公司*
Chinese Mainland
中国境内
RMB10,000,000
人民币10,000,000元
100Trading of fod and beverages and related
activities
食品及饮料贸易以及相关业务活动
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
2024/2025
年报ANUAL REPORT212
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Guangxi Ling-Want Trading Co., Ltd.*
广西灵旺商贸有限公司*
Chinese Mainland
中国境内
RMB3,500,000
人民币3,500,000元
100Trading of fod and beverages and related
activities
食品及饮料贸易以及相关业务活动
Guangxi Ming-Want Fods Ltd.
#
广西明旺食品有限公司
#
Chinese Mainland
中国境内
US$25,000,000
25,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Guangxi Want Want Fods Ltd.
广西旺食品有限公司
Chinese Mainland
中国境内
US$11,000,000
11,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Guangzhou Be-Want Fods Ltd.
广州必旺食品有限公司
Chinese Mainland
中国境内
US$4,850,000
4,850,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Guangzhou Big-Want Fods Ltd.
广州大旺食品有限公司
Chinese Mainland
中国境内
US$10,000,000
10,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Guangzhou Le-Want Fods Ltd.
广州立旺食品有限公司
Chinese Mainland
中国境内
US$6,000,000
6,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Guangzhou Ming-Want Dairy Ltd.
广州明旺乳业有限公司
Chinese Mainland
中国境内
US$15,000,000
15,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Guangzhou Want Want Fods Ltd.
广州旺食品有限公司
Chinese Mainland
中国境内
US$9,000,000
9,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Guangzhou Xiang-Want Fods Ltd.
广州祥旺食品有限公司
Chinese Mainland
中国境内
US$14,000,000
14,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Guangzhou Yong-Want Fods Ltd.
广州永旺食品有限公司
Chinese Mainland
中国境内
US$7,000,000
7,000,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Hangzhou Big-Want Fods Ltd.
杭州大旺食品有限公司
Chinese Mainland
中国境内
US$11,250,000
11,250,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Hangzhou Le-Want Fods Ltd.
杭州立旺食品有限公司
Chinese Mainland
中国境内
US$4,500,000
4,500,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
Hangzhou Sun-Want Fods Ltd.
杭州神旺食品有限公司
Chinese Mainland
中国境内
US$12,000,000
12,000,000美元
100Manufacture and distribution of fod, wine
and beverages
制造及分销食品、酒类和饮料
Hangzhou Tiane Chemical Co., Ltd.
杭州台年化工有限公司
Chinese Mainland
中国境内
US$1,050,000
1,050,000美元
100Manufacture of dehydrating, deoxidating,
preservative and related products
制造干燥性、除氧性、防腐性及相关产品
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
2024/2025
年报ANUAL REPORT213
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Hangzhou Want Want Fods Ltd.
杭州旺食品有限公司
Chinese Mainland
中国境内
US$9,800,000
9,800,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Harbin Shuangcheng Rimalt Fods Ltd.
哈尔滨双城瑞麦食品有限公司
Chinese Mainland
中国境内
US$3,620,000
3,620,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Harbin Want Want Fods Ltd.
哈尔滨旺食品有限公司
Chinese Mainland
中国境内
US$5,000,000
5,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Hefei Want Want Fods Ltd.
合肥旺食品有限公司
Chinese Mainland
中国境内
US$6,000,000
6,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Heilongjiang Yuan-Want Trading Co., Ltd.*
黑龙江缘旺商贸有限公司*
Chinese Mainland
中国境内
RMB3,000,000
人民币3,000,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Henan Ping-Want Trading Co., Ltd.*
河南平旺商贸有限公司*
Chinese Mainland
中国境内
RMB3,000,000
人民币3,000,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Henan Rimalt Fods Ltd.
河南瑞麦食品有限公司
Chinese Mainland
中国境内
US$1,750,000
1,750,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Houma Want Want Fods Ltd.
侯马旺食品有限公司
Chinese Mainland
中国境内
US$5,700,000
5,700,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Huai’an Want Want Fods Ltd.
淮安旺食品有限公司
Chinese Mainland
中国境内
US$135,100,000
135,100,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Hubei Le-Want Fods Ltd.
湖北立旺食品有限公司
Chinese Mainland
中国境内
US$4,500,000
4,500,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Hubei Ming-Want Fods Ltd.
#
湖北明旺食品有限公司
#
Chinese Mainland
中国境内
US$10,000,000
10,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Hubei Yuan-Want Trading Co., Ltd.*
湖北缘旺商贸有限公司*
Chinese Mainland
中国境内
RMB4,500,000
人民币4,500,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Hunan Big-Want Fods Ltd.
湖南大旺食品有限公司
Chinese Mainland
中国境内
US$84,400,000
84,400,000美元
100Manufacture and distribution of fod and
beverages
制造及分销食品和饮料
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
2024/2025
年报ANUAL REPORT214
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Hunan Jet-Want Packaging Ltd.
湖南真旺塑料包材包装有限公司
Chinese Mainland
中国境内
US$5,500,000
5,500,000美元
100Manufacture of packing bags
and carton boxes
制造包装袋及纸盒
Hunan Tai-Want Trading Co., Ltd.*
湖南泰旺商贸有限公司*
Chinese Mainland
中国境内
RMB2,000,000
人民币2,000,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Hunan Want Want Fods Ltd.
湖南旺食品有限公司
Chinese Mainland
中国境内
US$15,000,000
15,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
I Lan Fods Industrial Co., Ltd.
宜兰食品工业股份有限公司
Taiwan region
台湾地区
NTD10,000,000
10,000,000新台币
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Jiangsu Rongwang Trading Co., Ltd.*
江苏荣旺商贸有限公司*
Chinese Mainland
中国境内
RMB10,000,000
人民币10,000,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Jiangxi Be-Want Fods Ltd.
江西必旺食品有限公司
Chinese Mainland
中国境内
US$12,600,000
12,600,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Jiangxi Want Want Fods Ltd.
#
江西旺食品有限公司
#
Chinese Mainland
中国境内
US$18,000,000
18,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Jiangxi Wen-Want Trading Co., Ltd.*
江西文旺商贸有限公司*
Chinese Mainland
中国境内
RMB2,000,000
人民币2,000,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Jiaxing Feng Want Precision Equipment
Manufacturing Co., Ltd.*
嘉兴锋旺精密设备制造有限公司*
Chinese Mainland
中国境内
RMB5,600,000
人民币5,600,000元
100Manufacture and sale of
machineries and related services
制造及销售机械及相关服务
Jiaxing Mei-Want Machinery Ltd.
嘉兴美旺机械制造有限公司
Chinese Mainland
中国境内
US$12,500,000
12,500,000美元
100Manufacture and sale of
machineries and related services
制造及销售机械及相关服务
Leading Guide Hongkong LimitedHKSAR
香港特区
US$50,000
50,000美元
100Trading company
贸易公司
Lianyungang Want Want Fods Ltd.
连云港旺食品有限公司
Chinese Mainland
中国境内
US$8,000,000
8,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Liaoning Tai-Want Trading Co., Ltd.*
辽宁省泰旺商贸有限公司*
Chinese Mainland
中国境内
RMB5,000,000
人民币5,000,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
2024/2025
年报ANUAL REPORT215
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Longchang Le-Want Fods Ltd.
隆昌立旺食品有限公司
Chinese Mainland
中国境内
US$20,000,000
20,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Longchang Ming-Want Dairy Ltd.*
隆昌明旺乳业有限公司*
Chinese Mainland
中国境内
RMB50,000,000
人民币50,000,000元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Longchang Rimalt Fods Ltd.
隆昌瑞麦食品有限公司
Chinese Mainland
中国境内
US$1,750,000
1,750,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Longchang Want Want Fods Ltd.
隆昌旺食品有限公司
Chinese Mainland
中国境内
US$700,000
700,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Longchang Xiang Want Fods Ltd.
隆昌祥旺食品有限公司
Chinese Mainland
中国境内
US$4,100,000
4,100,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Luohe Big-Want Fods Ltd.*
漯河大旺食品有限公司*
Chinese Mainland
中国境内
RMB100,000,000
人民币100,000,000元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Luohe Ru-Want Fods Ltd.*
漯河乳旺食品有限公司*
Chinese Mainland
中国境内
RMB50,000,000
人民币50,000,000元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Luohe Want-Want Fods Ltd.
漯河旺食品有限公司
Chinese Mainland
中国境内
US$7,000,000
7,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Nanjing Be-Want Fods Co.,Ltd.
南京必旺食品有限公司
Chinese Mainland
中国境内
US$3,500,000
3,500,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Nanjing Big-Want Fods Ltd.
南京大旺食品有限公司
Chinese Mainland
中国境内
US$97,050,000
97,050,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Nanjing Cubic-Want Plastic Ltd.
南京品旺包装材料有限公司
Chinese Mainland
中国境内
US$2,500,000
2,500,000美元
100Production of packaging materials
and cans
生产包装物料及罐
Nanjing Fore-Want Fods Ltd.
南京福旺食品有限公司
Chinese Mainland
中国境内
US$6,300,000
6,300,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
2024/2025
年报ANUAL REPORT216
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Nanjing Jet-Want Packaging Ltd.
南京真旺塑料有限公司
Chinese Mainland
中国境内
US$17,000,000
17,000,000美元
100Manufacture of packing bags
and carton boxes
制造包装袋及纸盒
Nanjing Lion-Want Packaging Ltd.
南京来旺包装有限公司
Chinese Mainland
中国境内
US$3,700,000
3,700,000美元
100Manufacture of packing materials
制造包装物料
Nanjing Minghong Want Fods Ltd.
南京名红旺食品有限公司
Chinese Mainland
中国境内
US$15,000,000
15,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Nanjing Rimalt Fods Ltd.
南京瑞麦食品有限公司
Chinese Mainland
中国境内
US$2,500,000
2,500,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Nanjing Sen-Want Dairy Co.,Ltd.
#
南京森旺乳业有限公司
#
Chinese Mainland
中国境内
RMB500,000,000
人民币500,000,000元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Nanjing Want Want Fods Ltd.
南京旺食品有限公司
Chinese Mainland
中国境内
US$5,820,000
5,820,000美元
84Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Nanjing Yuan-Want Investments Ltd.
南京缘旺投资有限公司
Chinese Mainland
中国境内
RMB1,500,000,000
人民币1,500,000,000元
100Investment management
投资管理
Ningxia Ming-Want Dairy Ltd.
宁夏明旺乳业有限公司
Chinese Mainland
中国境内
US$12,000,000
12,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Nuowant Biomedical Technology Co., Ltd.
诺旺生医科技股份有限公司
Taiwan region
台湾地区
NTD75,000,000
75,000,000新台币
100Development and manufacture of
cosmetics and health fod
开发及制造化妆品和保健食品
Poyang County Linwang Forestry
Development Co., Ltd.
鄱阳县林旺林业开发有限公司
Chinese Mainland
中国境内
US$18,350,000
18,350,000美元
100Agricultural planting and management
and livestock and poultry breding
农业种植及管理以及畜禽养殖
PT Iwant Fod InternationalIndonesia
印尼
IDR10,010,000,000
10,010,000,000印尼盾
100Trading company
贸易公司
PT WANT WANT INDONESIAIndonesia
印尼
IDR10,010,000,000
10,010,000,000印尼盾
60Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Qihe Want Want Fods Ltd.
齐河旺食品有限公司
Chinese Mainland
中国境内
US$45,130,000
45,130,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Quanzhou Le-Want Fods Ltd.
泉州立旺食品有限公司
Chinese Mainland
中国境内
US$15,000,000
15,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Quanzhou Rimalt Fods Ltd.
泉州瑞麦食品有限公司
Chinese Mainland
中国境内
US$10,000,000
10,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
2024/2025
年报ANUAL REPORT217
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Shanxi Want Want Trading Ltd.
陕西旺商贸有限公司
Chinese Mainland
中国境内
US$350,000
350,000美元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Shandong Big-Want Fods Ltd.
山东大旺食品有限公司
Chinese Mainland
中国境内
US$4,500,000
4,500,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Shandong Jet-Want Packaging Ltd.
山东真旺包装材料有限公司
Chinese Mainland
中国境内
US$5,000,000
5,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Shandong Want Want Fods Ltd.
山东旺食品有限公司
Chinese Mainland
中国境内
US$92,350,000
92,350,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Shandong Yuan-Want Trading Co., Ltd.*
山东缘旺商贸有限公司*
Chinese Mainland
中国境内
RMB3,000,000
人民币3,000,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Shangao Rimalt Fods Ltd.
上高瑞麦食品有限公司
Chinese Mainland
中国境内
US$1,800,000
1,800,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Shangao Want Want Fods Ltd.
上高旺食品有限公司
Chinese Mainland
中国境内
US$5,000,000
5,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Shanghai Chao Want Technology Co., Ltd
上海潮旺科技有限公司
Chinese Mainland
中国境内
US$16,000,000
16,000,000美元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Shanghai Fuwang Culture
Comunication Co., Ltd.
上海孵旺文化传播有限公司
Chinese Mainland
中国境内
RMB5,000,000
人民币5,000,000元
100Provision of consultancy services
and information
提供咨询服务及资讯
Shanghai Hao-Want Network
Technology Co., Ltd.*
上海皓旺网络科技有限公司*
Chinese Mainland
中国境内
RMB10,000,000
人民币10,000,000元
100Engaged in network technology services,
consulting, etc.
从事网络技术服务、咨询等
Shanghai Le-Want Fods Ltd.
上海立旺食品有限公司
Chinese Mainland
中国境内
US$15,000,000
15,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Shanghai Ruwang Electronic
Comerce Co., Ltd.
上海如旺电子商务有限公司
Chinese Mainland
中国境内
RMB140,000,000
人民币140,000,000元
100Provision of consultancy services
and information
提供咨询服务及资讯
Shanghai Wangdao Trading Co., Ltd.*
上海旺到商贸有限公司*
Chinese Mainland
中国境内
RMB71,000,000
人民币71,000,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
2024/2025
年报ANUAL REPORT218
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Shanghai Want Want Fods Group Co., Ltd.
上海旺食品集团有限公司
Chinese Mainland
中国境内
US$30,350,000
30,350,000美元
100Provision of consultancy services
and information
提供咨询服务及资讯
Shanghai Want Want Trading Ltd.
上海旺商贸有限公司
Chinese Mainland
中国境内
US$13,500,000
13,500,000美元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Shanghai Want-Want Network Technology
Co., Ltd.*
上海旺网络科技有限公司*
Chinese Mainland
中国境内
RMB100,800,000
人民币100,800,000元
100Trading of fod and beverages
and related activities online
食品及饮料线上以及相关业务活动
Shanghai Yuanwang Enterprise
Management Co., Ltd.*
上海沅旺企业管理有限公司*
Chinese Mainland
中国境内
RMB11,000,000
人民币11,000,000元
100Busines service
商业服务
Shenyang Big-Want Fods Ltd.
沈阳大旺食品有限公司
Chinese Mainland
中国境内
US$9,950,000
9,950,000美元
100Manufacture and distribution
of fod, wine and beverages
制造及分销食品、酒类及饮料
Shenyang Rice-Want Cereals & Oils Ltd.
沈阳粮旺粮油制品有限公司
Chinese Mainland
中国境内
US$9,600,000
9,600,000美元
100Procesing and sales of rice and
oil products
米及油产品加工及销售
Shenyang Want Want Fods Ltd.
沈阳旺食品有限公司
Chinese Mainland
中国境内
US$10,000,000
10,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Shenyang Yan-Want Rice Flour
Manufacturing Co., Ltd.*
沈阳岩旺米粉制造有限公司*
Chinese Mainland
中国境内
RMB27,310,000
人民币27,310,000元
100Rice flour manufacturing
制造米粉
Shijiazhuang Ming-Want Dairy Ltd.
石家庄明旺乳业有限公司
Chinese Mainland
中国境内
US$28,750,000
28,750,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Tongchuan Rimalt Fods Ltd.
铜川瑞麦食品有限公司
Chinese Mainland
中国境内
US$6,750,000
6,750,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Tongchuan Want Want Fods Ltd.
铜川旺食品有限公司
Chinese Mainland
中国境内
US$15,600,000
15,600,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Want Want Corporation (Thailand) Ltd.Thailand
泰国
THP65,000,000
65,000,000泰铢
100Trading company
贸易公司
Want Want Europe GmbHGermany
德国
EUR700,000
700,000欧元
100Import and distribution of fod and
beverages
食品和饮料进口及分销
Want Want Fod Pte Ltd.
旺食品私人有限公司
Singapore
新加坡
SGD100,000
100,000新加坡元
100Trading of fod and beverages
食品和饮料贸易
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
2024/2025
年报ANUAL REPORT219
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Want Want Four Seas Company Limited
旺四洲有限公司
HKSAR
香港特区
HK$2,000,000
2,000,000港元
70Distribution of fod and beverages and
related activities
分销食品及饮料以及相关业务活动
Want Want Japan Co., Ltd.
旺日本株式会社
Japan
日本
JPY100,000,000
100,000,000日元
60Import, export and distribution of fod and
beverages and related services
食品及饮料进出口及分销以及相关服务
Want Want North America LCNorth America
北美
US$1,000,000
1,000,000美元
100Fod export, distribution and
related services
食品出口、分销及相关业务活动
Want Want Philipines Holdings Pte LimitedSingapore
新加坡
US$250,000
250,000美元
100Investment company
投资公司
Want Want Thailand Holdings Pte Limited
旺泰国私人控股有限公司
Singapore
新加坡
US$2,180,000
2,180,000美元
100Investment holding
投资控股
Want Want Vietnam Company Limited
旺越南有限公司
Vietnam
越南
US$59,000,000
59,000,000美元
95Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Want Want Vietnam Holdings Pte Limited
旺越南私人控股有限公司
Singapore
新加坡
US$71,030,000
71,030,000美元
95Investment holding
投资控股
Want Want Vietnam Trading Co., Ltd.Vietnam
越南
US$12,000,000
12,000,000美元
95Trading company
贸易公司
Weifang Rimalt Fods Ltd.
潍坊瑞麦食品有限公司
Chinese Mainland
中国境内
US$3,000,000
3,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Welstand Singapore Pte LimitedSingapore
新加坡
US$1,050,000
1,050,000美元
100Investment holding
投资控股
Wingate Overseas Holdings Ltd.BVI
英属处女群岛
US$50,000
50,000美元
100Investment holding
投资控股
Xiamen Yi-Want Fods Ltd.
厦门祎旺食品有限公司
Chinese Mainland
中国境内
RMB100,000,000
人民币100,000,000元
100Investment management
投资管理
Xiamen Yuanwang Fods Ltd.*
厦门沅旺食品有限公司*
Chinese Mainland
中国境内
RMB100,000,000
人民币100,000,000元
100Investment management
投资管理
Xiantao Want Want Fods Ltd.
仙桃旺食品有限公司
Chinese Mainland
中国境内
US$5,100,000
5,100,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Xining Want Want Fods Ltd.
西宁旺食品有限公司
Chinese Mainland
中国境内
US$6,000,000
6,000,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Xinjiang Ru-Want Dairy Ltd.
新疆乳旺食品有限公司
Chinese Mainland
中国境内
US$6,100,000
6,100,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
2024/2025
年报ANUAL REPORT220
综合财务报表附注
Notes to the Consolidated Financial Statements
Company name
Country/place
of operations/
incorporation
Isued and paid-up
capital/registered
capital
Efective interests
held by the Group
%Principal activities
公司名称
营运╱注册
成立国家╱地区
已发行及缴足
股本╱注册资本
本集团持有
的实际权益%主要活动
Indirectly owned (continued)
间接拥有（续）
Xinjiang Want Want Fods Ltd.
新疆旺食品有限公司
Chinese Mainland
中国境内
US$7,500,000
7,500,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Xuzhou Big-Want Fods Ltd.
徐州大旺食品有限公司
Chinese Mainland
中国境内
US$11,500,000
11,500,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Zhejiang Ming-Want Dairy Ltd.
#
浙江明旺乳业有限公司
#
Chinese Mainland
中国境内
US$79,100,000
79,100,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Zhejiang Ru-Want Fods Ltd.
浙江乳旺食品有限公司
Chinese Mainland
中国境内
US$54,500,000
54,500,000美元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Zhejiang Want-Want Fods Ltd.*
浙江旺食品有限公司*
Chinese Mainland
中国境内
RMB100,000,000
人民币100,000,000元
100Manufacture and distribution
of fod and beverages
制造及分销食品和饮料
Zhejiang Yuan-Want Trading Co., Ltd.*
浙江缘旺商贸有限公司*
Chinese Mainland
中国境内
RMB10,000,000
人民币10,000,000元
100Trading of fod and beverages
and related activities
食品及饮料贸易以及相关业务活动
Zhong Want Holdings Limited
众旺控股有限公司
HKSAR
香港特区
HK$1,000
1,000港元
100Investment holding
投资控股
Notes:
#
represents Sino-foreign equity/coperative joint venture.
* represents enterprise wholy owned by a Chinese Mainland legal entity.
The remaining enterprises incorporated in Chinese Mainland are al
foreign-invested enterprises.
Al the enterprises incorporated in Chinese Mainland are limited
liability companies.
HKSAR denotes the Hong Kong Special Administrative Region.
37. APROVAL OF THE FINANCIAL STATEMENTS
The financial statements were aproved and authorised for isue by
the Board of Directors on 24 June 2025.
36. PRINCIPAL SUBSIDIARIES (continued)36. 主要附属公司（续）
附注：
#
代表中外合资╱合作企业。
- 。
其余在中国境内注册成立的企业均为
外商投资企业。
所有于中国境内注册成立的企业均为
有限责任公司。
香港特区指香港特别行政区。
37. 批准财务报表
财务报表由董事会于2025年6月24日
批准及授权刊发。