CORPORATE INFORMATION AND KEY DATES

公司资料及重要日期

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员之履历

DIRECTORS’ REPORT

董事会报告

CORPORATE GOVERNANCE REPORT

企业管治报告

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER

COMPREHENSIVE INCOME

综合损益及其他全面收益表

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

CORPORATE INFORMATION AND KEY DATES

公司资料及重要日期

As of 1 April 2025 自2025年4月1日起

董事

杨政龙（主席）

陈传贤

范敏嫦

陈绮雯*

招健晖*

伍海于*

* 独立非执行董事

公司秘书

陈丽艳

执行委员会

杨政龙（主席）

陈传贤

范敏嫦

审核委员会

陈绮雯（主席）

招健晖

伍海于

薪酬委员会

伍海于（主席）

杨政龙

陈绮雯

提名委员会

招健晖（主席）

陈传贤

陈绮雯

企业管治委员会

范敏嫦（主席）

招健晖

伍海于

一名公司秘书职能代表

一名财务及会计职能代表

投资者关系查询

陆文静

电邮：ir1711@EmperorGroup.com

Directors

Yeung Ching Long, Alexander (Chairman)

Chan Chuen Yin

Fan Man Seung, Vanesa

Chan Ye Man*

Chiu Kin Fai*

Ng Hoi Yue*

* Independent Non-executive Directors

Company Secretary

Chan Lai Yim

Executive Comite

Yeung Ching Long, Alexander (Chairman)

Chan Chuen Yin

Fan Man Seung, Vanesa

Audit Comite

Chan Ye Man (Chairperson)

Chiu Kin Fai

Ng Hoi Yue

Remuneration Comite

Ng Hoi Yue (Chairman)

Yeung Ching Long, Alexander

Chan Ye Man

Nomination Comite

Chiu Kin Fai (Chairman)

Chan Chuen Yin

Chan Ye Man

Corporate Governance Comite

Fan Man Seung, Vanesa (Chairperson)

Chiu Kin Fai

Ng Hoi Yue

A representative from company secretarial function

A representative from finance and acounts function

Investor Relations Contact

Luk Man Ching, Ana

Email: ir1711@EmperorGroup.com

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE INFORMATION AND KEY DATES

公司资料及重要日期

As of 1 April 2025 自2025年4月1日起

网站

htps:/w.UlfertsIntl.com

股份代号

香港联合交易所：1711

注册办事处

香港

湾仔

轩尼诗道288号

英皇集团中心

19楼1905-07室

股份过户登记处

联合证券登记有限公司

香港

北角

英皇道338号

华懋交易广场2期

33楼3301-04室

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

香港鲗鱼涌

英皇道979号

太古坊一座27楼

主要往来银行

东亚银行有限公司

创兴银行有限公司

香港上海汇丰银行有限公司

重要日期

全年业绩公告2025年6月25日

股东周年大会2025年8月19日

上午10时30分

－递交过户文件之

最后限期

2025年8月13日

（下午4时30分前）

Website

htps:/w.UlfertsIntl.com

Stock Code

Hong Kong Stock Exchange: 1711

Registered Ofice

Units 1905-07, 19th Flor

Emperor Group Centre

288 Henesy Road

Wanchai

Hong Kong

Share Registrar

Union Registrars Limited

Suites 3301-04, 33/F

Two Chinachem Exchange Square

338 King’s Road

North Point

Hong Kong

Auditor

Ernst & Young

Certified Public Acountants

Registered Public Interest Entity Auditor

27th Flor, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

Principal Bankers

The Bank of East Asia, Limited

Chong Hing Bank Limited

The Hongkong and Shanghai Banking Corporation Limited

Key Dates

Anual Results Anouncement25 June 2025

Anual General Meting19 August 2025

10:30 a.m.

– Latest Time to Lodge Transfers13 August 2025

(before 4:30 p.m.)

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

欧化国际有限公司（「本公司」）之董事会（「董

事会」或「董事」）提呈本公司及其附属公司

（统称「本集团」）截至2025年3月31日止年度

（「本年度」）之综合业绩。

业绩

在市场环境充满挑战及消费气氛低迷的背景

下，于本年度本集团的总收入不可避免地减少

至153,000,000港元（2024年：171,600,000

港元）。毛利为88,300,000港元（2024年：

99,700,000港元）。

零售分部收入为145,100,000港元（2024年：

155,100,000港元），占本集团总收入94.8%

（2024年：90.4%）。「欧化家私」及「欧化

家私尊尚店」之零售收入合共为70,800,000

港元（2024年：78,000,000港元），仍为

主要收入来源，占总零售收入48.8%（2024

年：50.3%）。「at (cid:262) home」之零售收入为

37,600,000港元（2024年：35,200,000港元），

占总零售收入25.9%（2024年：22.7%）。

「斯林百兰」及「欧化宝」之零售收入合共

为36,700,000港元（2024年：41,900,000

港元），占总零售收入25.3%（2024年：

27.0%）。

由于总收入下降及物业、厂房及设备以及使

用权资产之减值亏损合共为16,100,000港元

（2024年：5,200,000港元），本集团于本

年度录得净亏损41,000,000港元（2024年：

25,000,000港元）。每股基本亏损为5.13港仙

（2024年：3.13港仙）。

市场回顾

地缘政治紧张以及通胀及失业率等多项经济不

确定性抑制了消费气氛。尽管本年度减息及取

消所有楼市降温措施，但本地住宅物业价格的

下跌趋势并无减弱迹象。产品种类及价格区间

的市场竞争日益加剧。面对市场挑战以及低迷

的物业市场，本年度家私市场的经营环境仍较

为复杂。

业务回顾

本集团乃一家主要由欧洲进口优质家私的领先

零售商。本公司自2018年1月起在香港联合交

易所有限公司（「联交所」）主板上市。

The board of directors (“Board” or “Director(s)”) of Ulferts

International Limited (“Company”) presents the consolidated results

of the Company and its subsidiaries (colectively refered to as

“Group”) for the year ended 31 March 2025 (“Year”).

RESULTS

Against the backdrop of a chalenging market environment and

weakening consumption sentiment, the Group’s total revenue

inevitably decreased to HK$153.0 milion (2024: HK$171.6 milion)

during the Year. Gros profit was HK$88.3 milion (2024: HK$99.7

milion).

Revenue from the retail segment amounted to HK$145.1 milion

(2024: HK$155.1 milion), acounting for 94.8% (2024: 90.4%) of the

Group’s total revenue. Agregate retail sales revenue of “Ulferts”

and “Ulferts Signature” amounted to HK$70.8 milion (2024:

HK$78.0 milion), and remained the key revenue contributor,

acounting for 48.8% (2024: 50.3%) of total retail revenue. The retail

sales revenue of “at (cid:262) home” was HK$37.6 milion (2024: HK$35.2

milion), acounting for 25.9% (2024: 22.7%) of total retail revenue.

Agregate retail sales revenue of “Slumberland” and “Ulfenbo”

was HK$36.7 milion (2024: HK$41.9 milion), acounting for 25.3%

(2024: 27.0%) of total retail revenue.

Due to the decrease in its total revenue and the agregate

impairment los of property, plant and equipment and right-of-use

asets of HK$16.1 milion (2024: HK$5.2 milion), the Group

recorded a net los of HK$41.0 milion (2024: HK$25.0 milion)

during the Year. Basic los per share was HK5.13 cents (2024:

HK3.13 cents).

MARKET REVIEW

Geopolitical tensions and various economic uncertainties such as

inflation and unemployment rates have dampened consumer

sentiment. Despite an interest rate cut and removal of al property

coling measures during the Year, the downward trend in prices of

local residential properties prices showed no sign of abating. There

has ben a depening market competition among the product

oferings and price ranges. In the face of the market chalenges

together with the glomy property market, the operating

environment for the furniture market remained relatively complex

during the Year.

BUSINES REVIEW

The Group is a leading retailer of high quality home furniture mainly

imported from Europe. The Company’s shares have ben listed on

the Main Board of The Stock Exchange of Hong Kong Limited

(“Stock Exchange”) since January 2018.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

本集团成立超过45年，一直以于香港提供上等

优质时尚的家私为荣。于2025年3月31日，

本集团以专注于家私产品的商标名称「欧化家

私尊尚店」、「欧化家私」及「at (cid:262) home」，以

及专注于床褥及床上用品的「欧化宝」及「斯林

百兰」于香港经营合共24个销售点。

「欧化家私」及「欧化家私尊尚店」致力以款式

及质量提升顾客的家居生活水平，并提供多款

具现代风格的家私产品，目标客户为中至高端

客户群。「at (cid:262) home」提供优质轻巧家私及家

品，以迎合现代家庭细小之居住空间。

「欧化宝」针对大众市场，提供床褥、枕头、梳

化床、梳化以及其他配套产品，其产品于「欧

化宝」专营店、百货公司专柜及批发渠道分销。

本集团为「斯林百兰」及「Vono富豪」的港澳独

家代理。「斯林百兰」为英国知名床褥品牌，为

家庭及酒店提供优质床褥，针对高端市场，而

另一英国床褥品牌「Vono富豪」则针对大众市

场。除床褥外，该两个品牌均亦提供枕头及床

上用品，并通过「斯林百兰」专营店、百货公司

专柜、本集团营运的其他销售点以及批发渠道

分销。

此外，本集团还为「欧化家私」、「at (cid:262) home」、

「欧化宝」及「斯林百兰」设有网上购物平台，

以扩大市场覆盖及收入。

零售业务

(cid:129) 高效的市场细化

本集团基于其对市场细分之深切了解，界

定及辨识目标顾客的特征，从而制定产品

及市场推广策略，以满足顾客的特定偏

好。

「欧化家私」是本集团的核心零售品牌，其

致力提供优质、时尚及名贵的家私。其提

供种类广泛、具现代风格的家私产品，为

顾客打造理想的家居。本集团之「欧化家

私」陈列室遍布香港，目标客户为中端至

中高端收入客户群。「欧化家私尊尚店」

提供高端品牌家私产品及颜色丰富且配置

齐全的欧洲名贵家具，其目标客户为追求

优越生活方式的高端客户。另一条零售线

「at (cid:262) home」专门提供优质、时尚及精巧设

计的家私。其以中端顾客为目标对象，特别

倾向迎合年轻夫妇及新组成家庭的需要。

The Group has ben established for over 45 years, and takes pride

in providing superior quality stylish furniture in Hong Kong. As at 31

March 2025, the Group operated a total of 24 points-of-sale (“POS”)

in Hong Kong under the trade names of “Ulferts Signature”,

“Ulferts” and “at (cid:262) home”, which specialise in furniture products, as

wel as “Ulfenbo” and “Slumberland”, which specialise in

matreses and beding products.

“Ulferts” and “Ulferts Signature” are dedicated to elevating

customers’ home living standard with style and quality, and ofer a

wide variety of contemporary style furniture products targeting

midle to high-end groups. “at (cid:262) home” ofers quality compact

furniture and home acesories to suit smal living spaces of

modern families.

Targeting the mas market, “Ulfenbo” ofers matreses, pilows,

sofabeds, sofas and other ancilary items, which are distributed

through “Ulfenbo” specialty stores, department store counter and

wholesale chanel.

The Group is the sole agent of “Slumberland” and “Vono” in Hong

Kong and Macau. “Slumberland” is a wel-known British matres

brand ofering premium matreses for households and hotels,

targeting high-end market while “Vono”, another British matres

brand, targets the mas market. In adition to matreses, both

brands also ofer pilows and beding products, and are distributed

through “Slumberland” specialty store, department store counters,

other POS operated by the Group as wel as wholesale chanel.

In adition, the Group is also operating online shoping platforms

for “Ulferts”, “at (cid:262) home”, “Ulfenbo” and “Slumberland”, in order to

maximise market coverage and revenue.

Retail Busines

• Efective Market Segmentation

With a clear understanding of market segmentation, the Group

defines and identifies target consumer profiles in order to

develop product and marketing strategies to reach out to their

specific preferences.

“Ulferts”, the Group’s core retail label, is dedicated to

providing high quality, stylish and luxury furniture. It ofers a

wide variety of contemporary style furniture products, enabling

its customers to create their ideal homes. The Group operates

“Ulferts” showroms acros Hong Kong, targeting midle to

high-mid income groups. “Ulferts Signature” ofers high-end

branded furniture products and also luxury European furniture

with a large colection of colours and configurations. It targets

up-market customers seking a superior lifestyle. Another retail

line, “at (cid:262) home”, ofers quality, stylish and compact furniture. It

targets the mid-range segment and is geared towards the

neds of young couples and new families.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

英国品牌「斯林百兰」拥有超过100年历

史，以高端客户为目标，致力提供优质床

褥，让客户享受更佳、更健康的睡眠，而

由同一供应商拥有之另一英国床褥品牌

「Vono富豪」以大众市场为目标。「斯林

百兰」及「Vono富豪」产品通过「欧化家

私」、「at (cid:262) home」及「欧化宝」的店舖以

及「斯林百兰」的专营店及百货公司专柜

进行分销。

「欧化宝」为自家品牌，其自2014年起连

续11年获得由香港中华厂商联合会及香

港品牌发展局举办之香港名牌标识计划授

予「香港名牌标识」。「欧化宝」的产品主

打大众市场顾客，以合理价钱满足大众对

优质床褥、枕头及其他配套产品之需求，

提升顾客的睡眠体验。「欧化宝」产品透

过「欧化宝」店分销，该等店舖一般规模

较小，其设计以营造休闲和轻松的环境为

主，突显简约生活模式。「欧化宝」产品亦

于「at (cid:262) home」店及百货公司专柜分销，以

扩大市场覆盖。

(cid:129) 多元化的产品组合

本集团提供各种不同款式的家私产品，

从真皮及布艺梳化、储物柜、餐桌、餐

椅，以至衣柜、茶几、角几及睡床，均为

欧洲及亚洲国家之进口产品。本集团于

「欧化家私尊尚店」及「欧化家私」陈列

室以及「at (cid:262) home」店销售超过50个家

私品牌，包括himola、Gama、MIDJ、

egoitaliano及MALERBA等国际品牌，当

中大多数已与本集团建立了长远合作关

系。「at (cid:262) home」主打各类特色及具特别

功能之轻巧家私，以切合本地的细小居住

空间，另外亦有售卖别致家品。

本集团亦专注于床褥及床上用品，覆盖高

端及大众市场。「斯林百兰」主要提供床

褥，其独特的睡姿弹簧系统能够增强身体

的舒适度及承托。此外，本集团以自有品

牌「欧化宝」提供床褥、枕头、梳化、梳

化床、床，以及其他配套产品。透过提供

不同尺寸、承托度及特色之不同型号的床

褥及枕头，本集团致力满足不同顾客之需

要。

With over 100 years’ history, the British brand “Slumberland”

targets up-market customers and is comited to providing

premium matreses that enable customers to enjoy beter and

healthier slep, while “Vono”, another British matres brand

owned by the same suplier targets the mas market. The

products of “Slumberland” and “Vono” are distributed through

the stores of “Ulferts”, “at (cid:262) home” and “Ulfenbo” as wel as

the specialty store and department store counters of

“Slumberland”.

“Ulfenbo” is a self-owned label which has ben recognised by

the “Hong Kong Top Brand Mark” for 11 consecutive years

since 2014, under the Hong Kong Top Brand Scheme

organised by the Chinese Manufacturers Asociation of Hong

Kong and Hong Kong Brand Development Council. “Ulfenbo”

products focus on mas market consumers who demand

quality but afordable matreses, pilows and other ancilary

items to enhance their slep experience. “Ulfenbo” products

are distributed through “Ulfenbo” stores, which are typicaly

smal-scale, and are designed with a casual and relaxing

environment, to highlight smart living style. “Ulfenbo” products

are also distributed at “at (cid:262) home” stores and department store

counters for enhancing the market reach.

• Diverse Product Portfolio

The Group ofers a wide variety of furniture products – ranging

from leather and fabric sofas, cabinets, dining tables and chairs,

through wardrobes, cofe tables and sideboards, to beds,

which are imported from European and Asian countries. The

Group curently caries more than 50 furniture brands in “Ulferts

Signature” and “Ulferts” showroms, as wel as “at (cid:262) home”

stores, including international brands such as himola, Gama,

MIDJ, egoitaliano and MALERBA, most of which the Group has

built long-standing relationship. “at (cid:262) home” particularly ofers

various compact furniture products with special features and

functions to suit the local smal living spaces, as wel as chic

home acesories.

The Group also specialises in matres and beding products,

covering high-end and mas markets. “Slumberland” mainly

ofers matreses with its unique posture springing system

which enhances the comfort and suport of the body. Besides,

the Group ofers matreses, pilows, sofas, sofabeds, beds, as

wel as other ancilary items under its self-owned label

“Ulfenbo”. By providing diferent models of matreses and

pilows in various sizes with varying suports and features, the

Group endeavours to met diverse customer neds.

Number of POS 销售点数目

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

(cid:129) 全方位零售销售渠道

于2025年3月31日，本集团于香港设有

24个销售点，各零售线之商店数目如下：

「欧化家私」陈列室均策略性地设于高尚

住宅区或大型购物中心，以中端至中高

端收入客户群为目标。该等位置均配套

成熟，驻足其中使本集团能吸引大量人流

及享有高品牌知名度。本集团于红磡的旗

舰店「欧化家私尊尚店」楼高3层，总楼

面积约为21,700平方呎。其陈列更为

名贵以及富华丽设计、精工细作和工艺精

湛的家私产品。高端品牌包括Cornelio

Capelini、Malerba及Crystal Stone在

「欧化家私尊尚店」出售。「at (cid:262) home」

店一般设于带有家私主题的购物商场。同

时，「欧化宝」店及百货公司专柜均位于住

宅区，以把握市场潜力。于本年度，本集

团于沙田开设了一间「斯林百兰」店，以及

分别于荃湾、启德及鲗鱼涌开设了「斯林

百兰」百货公司专柜。

• Comprehensive Retail Sales Chanel

As at 31 March 2025, the Group had 24 POS in Hong Kong,

with the number of outlets in each retail line as folows:

Furniture Products

家私产品

“Ulferts Signature”

「欧化家私尊尚店」

“Ulferts”

「欧化家私」

“at (cid:262) home”

「at (cid:262) home」

Matreses and Beding Products

床褥及床上用品

“Slumberland” store and department store counters

「斯林百兰」店及百货公司专柜

“Ulfenbo” stores and department store counter

「欧化宝」店及百货公司专柜

Total 合计24

“Ulferts” showroms are strategicaly located in either upscale

residential areas or major shoping areas, targeting midle to

high-mid income groups. With its solid presence in these mature

locations, the Group enjoys substantial fot trafic and a high

brand reputation. The Group’s flagship store, “Ulferts

Signature”, is a 3-storey store with gros flor area of

aproximately 21,700 square fet, in Hung Hom. It features more

luxurious lines of furniture and masterpieces with opulent

designs and sophisticated finishing and excelent craftsmanship.

Premium brands including Cornelio Capelini, Malerba and

Crystal Stone are available at “Ulferts Signature”. “at (cid:262) home”

stores are generaly located in shoping mals which caries a

furniture theme. Meanwhile, “Ulfenbo” stores and department

store counters are situated in residential areas, to capitalise on

the market potential. During the Year, one “Slumberland” store

was opened in Shatin and “Slumberland” department store

counters were opened in Tsuen Wan, Kai Tak and Quary Bay

respectively.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

(cid:129) 优质顾客购物体验

「欧化家私尊尚店」及「欧化家私」陈列室

面积宽敞、环境时尚及优雅，能让本集团

陈列出其种类繁多之产品，并能让顾客触

摸及感受，以提升顾客购物体验。各特定

陈列区内之氛围、布置及家私的摆放，全

部均由专业的商品展示团队度身设计，以

营造和谐及有如置身家居般之舒适感觉。

销售人员训练有素，可因应顾客之个人需

要提供意见。作为对其优质服务的认可，

于香港零售管理协会举办的优质服务计划

中，「欧化家私」荣获2024年10月至12

月之「优质服务领袖季度奖（家具及居室

用品组别）」。

(cid:129) 多元化市场推广策略

本集团相信，品牌知名度对推动长远增长

及成功相当重要。为提高品牌知名度，本

集团定期进行一系列推广及宣传活动，包

括社交媒体互动、印刷广告、户外广告牌

及广告，以及在合适的场地安排限定展

览。其亦举行了各种宣传活动，如季节优

惠、周年优惠及清货减价活动，并与银行

及其他公司合作进行推广活动。

批发业务

本集团透过香港及澳门逾100家经销商经营其

自家品牌「欧化宝」以及英国品牌「斯林百兰」

及「Vono富豪」之床褥之批发业务。

工程项目

为配合零售及批发业务，本集团设有工程项目

分部，主要负责与戏院、酒店、示范单位及员

工宿舍相关的企业顾客之家私相关项目。该分

部为企业顾客提供之服务涵盖规划与设计、采

购订制家私至最终安装，并提供代为与家私制

造商协调之服务。

• Excelent Customers Shoping Experience

“Ulferts Signature” and “Ulferts” showroms are spacious,

with a stylish and elegant environment, enabling the Group to

display a wide spectrum of products for customers to touch

and fel and to maximise customers’ shoping experience. The

ambience, seting and placement of furniture within the

distinctive display zones have al ben tailor-designed by a

dedicated visual merchandising team to impart harmonious,

home-like comfort. The salespersons are wel-trained and ofer

customers advice catering for their personal neds. In

recognition of its service excelence, “Ulferts” received the

“Quality Service Leader Seasonal Award – Furniture & Home

Acesories Category” for October to December 2024, in the

Quality Service Programe organised by the Hong Kong Retail

Management Asociation.

• Diversified Marketing Strategies

The Group believes that brand recognition is crucial for driving

long-term growth and suces. To enhance brand awarenes,

the Group regularly conducted a range of marketing and

promotional campaigns spaning social media engagements,

print advertisements, outdor bilboards and advertising as wel

as pop-up exhibitions at suitable venues. It also launched

promotional campaigns such as seasonal sale, anual sale and

stock clearance sale, as wel as joint promotions with banks

and other companies.

Wholesale Busines

The Group operates a wholesale busines for matreses under its

self-owned label “Ulfenbo” as wel as the British brands

“Slumberland” and “Vono”, through over 100 dealers in Hong Kong

and Macau.

Special Projects

Complementing its retail and wholesale busines, the Group has a

special projects division, which undertakes furniture-related projects

primarily for corporate customers in relation to cinemas, hotels,

showflats, and staf quarters. The division provides services ranging

from planing and designing, through procuring custom-made

furniture to final instalation for corporate customers, as wel as

liaison services with furniture manufacturers.

前景

展望未来，宏观经济形势仍充满不确定性，且

经营环境将继续充满挑战。预期短期内本地物

业市场及零售气氛将持续受压，故消费者对家

私产品的支出将持谨慎态度。凭借全面的产品

组合及明确的市场细化，本集团将致力优化产

品种类并加大推广力度。由于家私市场尚未全

面复苏，本集团将继续采取审慎的成本管理，

在多变的环境下保持营运灵活性。

PROSPECTS

Loking ahead, the macroeconomic landscape wil remain fraught

with uncertainties and the operating environment wil continue to be

chalenging. It is expected that the local property market and retail

sentiment wil remain under presure in the near term, hence

consumers wil be cautious regarding spending on furniture

products. Leveraging its comprehensive product portfolio with wel-

defined market segmentation, the Group wil strive to optimise

product oferings and strengthen promotional eforts. As a ful

recovery of the furniture market is yet to come, the Group wil

continue adopting prudent cost management and maintain

operational agility against the backdrop of this dynamic

environment.

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务资料

资本架构、流动资金及财务资源

资本架构于本年度并无重大变动。于2025

年3月31日，本集团之现金及现金等价物为

27,300,000港元（2024年：43,400,000港元），

主要以港元计值。于2025年3月31日，本集团

并无任何银行借款（2024年：无），因此其负债

比率为零（2024年：零）。本集团之现金状况促

使本集团能为未来发展及市场不确定性保持灵

活性和持久性。

于2025年3月31日，本集团之流动资产及流

动负债分别约为76,700,000港元（2024年：

105,700,000港元）及52,100,000港元（2024

年：65,000,000港元）。本集团流动比率及

速动比率分别为1.5（2024年：1.6）及0.9

（2024年：1.0）。

经考虑本集团于2025年3月31日之财务状

况，董事会认为本集团就营运及未来发展计划

拥有充足营运资金，以应对市场挑战。

雇员及薪酬政策

于2025年3月31日，本集团之雇员数目为113

（2024年：126）人。本年度之总员工成本（包

括董事酬金及其他员工成本）为41,500,000港

元（2024年：43,600,000港元）。各雇员之薪

酬乃根据个别人士之职责、能力及技能、经验

及表现以及市场薪酬水平厘定。员工福利包括

医疗及人寿保险、退休福利及其他具竞争力的

额外福利。

为鼓励或嘉奖员工，本公司已采纳一项购股权

计划，有关详情载列于本年报第121至第123

页之「购股权计划」一节内。

FINANCIAL INFORMATION

Capital Structure, Liquidity and Financial Resources

There was no material change in the capital structure during the

Year. Cash and cash equivalents of the Group was HK$27.3 milion

(2024: HK$43.4 milion) as at 31 March 2025, which were mainly

denominated in Hong Kong dolars. As at 31 March 2025, bank

borowings of the Group was nil (2024: nil), hence its gearing ratio

was zero (2024: zero). The cash position enables the Group to

retain flexibility and endurance to cater for future development and

market uncertainty.

As at 31 March 2025, the Group’s curent asets and curent

liabilities were aproximately HK$76.7 milion (2024: HK$105.7

milion) and HK$52.1 milion (2024: HK$65.0 milion), respectively.

Curent ratio and quick ratio of the Group were 1.5 (2024: 1.6) and

0.9 (2024: 1.0), respectively.

In view of the Group’s financial position as at 31 March 2025, the

Board considered that the Group had suficient working capital for

its operations and future development plans against market

chalenges.

EMPLOYES AND REMUNERATION POLICY

As at 31 March 2025, the Group’s number of employes was 113

(2024: 126). Total staf costs including Directors’ remuneration and

the other staf costs for the Year were HK$41.5 milion (2024:

HK$43.6 milion). Each employe’s remuneration was determined in

acordance with individual’s responsibility, competence and skils,

experience and performance as wel as market pay levels. Staf

benefits include medical and life insurance, retirement benefits and

other competitive fringe benefits.

To provide incentive or rewards to the staf, the Company has

adopted a share option scheme, particulars of which are set out in

the section headed “Share Options Scheme” from pages 121-123 of

this anual report.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员之履历

执行董事兼主席

杨政龙，太平绅士，39岁，于2024年4月获委

任为本公司执行董事及董事会主席。彼为本公

司执行委员会主席及薪酬委员会成员。杨先生

负责领导董事会及管理其工作以确保董事会有

效运作。彼在家私零售及批发拥有多年经验，

亦于多个业务拥有广泛管理经验，涵盖物业投

资及发展、酒店营运、娱乐制作及投资、艺人

管理、电影制作、投资及发行、戏院发展及营

运、金融证券服务、钟表珠宝零售以及传媒与

出版业等范畴。彼现时为中国人民政治协商会

议第十四届全国委员会委员及中国人民政治协

商会议第十四届北京市委员会委员。杨先生担

任多个义务公职，彼尤为关注青年事务发展。

彼为中华全国青年联合会委员、北京市青年联

合会副主席及香港青联交流基金主席。此外，

彼亦是文化委员会成员、香港艺术发展局成

员、香港海洋公园公司董事局成员、香港民众

安全服务队高级助理处长（少年事务）及入境

事务处使用服务人士委员会非官方成员。杨先

生为英皇慈善基金之董事会成员，带领英皇集

团上下推动公益事务。彼亦为英皇集团之上市

成员英皇国际集团有限公司（股份代号：163）

（「英皇国际」）及英皇娱乐酒店有限公司（股

份代号：296）（「英皇娱乐酒店」）之执行董事

及董事会副主席以及英皇文化产业集团有限公

司（股份代号：491）（「英皇文化产业」）及新

传企划有限公司（股份代号：1284）（「新传企

划」）之执行董事及董事会主席。

Executive Director and Chairman

YEUNG CHING LONG, ALEXANDER, JP, aged 39, was apointed

as Executive Director of the Company and Chairman of the Board in

April 2024. He is the Chairman of the Executive Comite and a

member of the Remuneration Comite of the Company. Mr. Yeung

is responsible for leading the Board and managing its work to ensure

that the Board efectively operates. He has years of experience in

retailing and wholesaling of furniture and a wide range of

management experience in various busineses covering property

investment and development, hotel operations, entertainment

production and investment, artiste management, film production,

investment and distribution, cinema development and operations,

financial and securities services, retailing of watch and jewelery as

wel as media and publication. He is curently a member of the 14th

National Comite of the Chinese People’s Political Consultative

Conference (“CPC”) and a member of the 14th Beijing Municipal

Comite of the CPC. Mr. Yeung holds numerous voluntary

public service positions, with a particular focus on youth

development. He serves as a comite member of Al-China Youth

Federation, vice chairman of Beijing Youth Federation and chairman

of Hong Kong United Youth Exchange Foundation. Aditionaly, he

is a member of Culture Comision, a member of Hong Kong Arts

Development Council, a board member of Hong Kong Ocean Park

Corporation, Senior Ast. Comisioner (Youth) of Civil Aid Service

of Hong Kong and non-oficial member of Imigration Department

User’s Comite. Mr. Yeung is a board member of Emperor

Foundation, where he leads Emperor Group in promoting charitable

activities. He is also an executive director and vice chairman of the

boards of Emperor International Holdings Limited (Stock Code: 163)

(“Emperor International”) and Emperor Entertainment Hotel Limited

(Stock Code: 296) (“Emperor E Hotel”) and an executive director

and the chairman of the boards of Emperor Culture Group Limited

(Stock Code: 491) (“Emperor Culture”) and New Media Lab Limited

(Stock Code: 1284) (“New Media Lab”), al being listed members of

Emperor Group.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员之履历

执行董事兼董事总经理

陈传贤，53岁，为本公司执行董事兼董事总经

理。彼于2021年8月加盟本集团为营运公司

董事总经理，并负责本集团之整体管理及业务

策略。彼为本公司执行委员会及提名委员会成

员以及本公司若干附属公司之董事。彼具有逾

30年的营运、销售及市场推广及业务发展之经

验。在加入本集团前，陈先生曾于香港多间知

名企业担任管理职位，涵盖消费品及电讯行业。

执行董事

范敏嫦，62岁，为本公司执行董事。彼自1992

年7月起参与管理本集团，目前负责监管本集

团整体企业管理及就业务策略提供意见。范女

士为本公司企业管治委员会主席、执行委员会

成员以及本公司一家附属公司之董事。彼拥有

逾35年之企业管理经验，涵盖多元化业务，包

括家私批发及零售、物业投资及发展、酒店营

运、钟表珠宝零售、金融证券服务、戏院发展

及营运以至娱乐制作及投资、艺人管理以及传

媒与出版业务。范女士现为英皇国际、英皇娱

乐酒店、英皇钟表珠宝有限公司（股份代号：

887）（「英皇钟表珠宝」）、英皇资本集团有限

公司（股份代号：717）、英皇文化产业及新

传企划之董事，该等公司为英皇集团之上市成

员。彼具备香港专业律师资格及为合资格会计

师，并持有工商管理硕士学位。

Executive Director and Managing Director

CHAN CHUEN YIN, aged 53, an Executive Director and Managing

Director of the Company. He joined the Group in August 2021 as

Managing Director of the operating company and is responsible for

the overal management and busines strategies of the Group. Mr.

Chan is a member of the Executive Comite and the Nomination

Comite of the Company as wel as a director of certain

subsidiaries of the Company. He has over 30 years of experience in

operations, sales and marketing and busines development. Prior to

joining the Group, Mr. Chan had held management positions in

various reputable corporations in Hong Kong covering consumer

and telecomunications industries.

Executive Director

FAN MAN SEUNG, VANESA, aged 62, an Executive Director of the

Company. She has ben involved in the management of the Group

since July 1992 and is responsible for overseing the overal

corporate management and advising on the busines strategy of the

Group. Ms. Fan is the Chairperson of the Corporate Governance

Comite, a member of the Executive Comite of the Company

as wel as a director of a subsidiary of the Company. She has over 35

years of corporate management experience in diversified busineses

ranging from wholesaling and retailing of furniture, property

investment and development, hotel and hospitality, retailing of watch

and jewelery, financial and securities services, cinema development

and operation to entertainment production and investment, artiste

management as wel as media and publication. Ms. Fan is curently a

director of Emperor International, Emperor E Hotel, Emperor Watch &

Jewelery Limited (Stock Code: 887) (“Emperor W&J”), Emperor

Capital Group Limited (Stock Code: 717), Emperor Culture and New

Media Lab, al being listed members of Emperor Group. She is a

lawyer by profesion in Hong Kong and a qualified acountant, and

holds a Master’s Degre in Busines Administration.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员之履历

独立非执行董事

陈绮雯，51岁，于2018年1月获委任为本公司

独立非执行董事。彼为本公司审核委员会主席

及薪酬委员会和提名委员会成员。陈女士在香

港从事执业会计师工作并拥有逾30年会计专业

经验。彼持有香港大学颁授的会计学士学位

及香港理工大学颁授的企业金融学硕士学位。

陈女士为香港会计师公会员、英国特许公认

会计师公会资深会员及香港税务学会员。

招健晖，51岁，于2018年1月获委任为本公司

独立非执行董事。彼为本公司提名委员会主席

及审核委员会和企业管治委员会成员。招先生

为顾增海律师行的合伙人。彼于1998年获得

香港律师资格，并持有香港大学颁授的法律学

士学位。

伍海于，61岁，于2018年1月获委任为本公司

独立非执行董事。彼为本公司薪酬委员会主席

及审核委员会和企业管治委员会成员。伍先生

曾为亚洲果业控股有限公司（股份代号：73）

之执行董事兼副行政总裁，直至2023年6月

30日。伍先生自1989年起在香港从事执业会

计师工作。彼为英格兰及威尔斯特许会计师公

会、香港会计师公会及英国特许公认会计师公

会资深会员。

Independent Non-executive Directors

CHAN YE MAN, aged 51, was apointed as Independent Non-

executive Director of the Company in January 2018. She is the

Chairperson of the Audit Comite as wel as a member of the

Remuneration Comite and Nomination Comite of the

Company. Ms. Chan has ben practising as a Certified Public

Acountant in Hong Kong and has over 30 years of experience in

the acounting profesion. She holds a Bachelor of Acounting

Degre awarded by The University of Hong Kong and a Master of

Corporate Finance Degre awarded by The Hong Kong Polytechnic

University. Ms. Chan is a member of the Hong Kong Institute of

Certified Public Acountants, a felow member of the Asociation of

Chartered Certified Acountants and an asociate member of The

Taxation Institute of Hong Kong.

CHIU KIN FAI, aged 51, was apointed as Independent Non-

executive Director of the Company in January 2018. He is the

Chairman of the Nomination Comite as wel as a member of the

Audit Comite and Corporate Governance Comite of the

Company. Mr. Chiu is a partner of a solicitors firm, T.H. Ko &

Asociates. He was admited as a solicitor in Hong Kong in 1998

and holds a Bachelor of Laws Degre awarded by The University of

Hong Kong.

NG HOI YUE, aged 61, was apointed as Independent Non-

executive Director of the Company in January 2018. He is the

Chairman of the Remuneration Comite as wel as a member of

the Audit Comite and Corporate Governance Comite of the

Company. Mr. Ng was previously an executive director and deputy

chief executive oficer of Asian Citrus Holdings Limited (Stock

Code: 73) until 30 June 2023. Mr. Ng has ben practising as a

Certified Public Acountant in Hong Kong since 1989. He is a felow

member of The Institute of Chartered Acountants in England and

Wales, the Hong Kong Institute of Certified Public Acountants and

the Asociation of Chartered Certified Acountants in England.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

董事会提呈本集团于本年度之报告及经审核综

合财务报表。

主要业务

本公司为一间投资控股公司，其主要附属公司

之业务载于本年报综合财务报表附注1。

业绩及股息

本集团于本年度之业绩载于本年报第63页之综

合损益及其他全面收益表。

本年度并无向本公司股东（「股东」）支付中期股

息（2024年：无）。

董事会已决议不建议就本年度派付任何末期股

息（2024年：无）。

业务回顾及表现

于本年度内本集团业务之中肯回顾、本集团本

年度表现之讨论与分析及本集团业务之可能未

来发展分析乃载于本年报第4至12页之管理层

讨论及分析。本集团面临之主要风险及不明朗

因素详情乃分别列载于本年报第27至55页之

企业管治报告内及综合财务报表附注28。

除管理层讨论及分析内所披露者外，自本年度

末直至本年报日期，概无发生影响本集团之重

大事件。

此外，本集团于本年度以关键财务绩效指标进

行的分析载于第136页的「五年财务概要」。

有关本集团环保政策及表现、与本集团主要

持份者之重要关系，以及遵守对本公司有重

大影响的相关法律及法规之讨论载于本公司

2024/2025环境、社会及管治报告。

The Directors present their report and the audited consolidated

financial statements of the Group for the Year.

PRINCIPAL ACTIVITIES

The Company is an investment holding company. The activities of

its principal subsidiaries are set out in note 1 to the consolidated

financial statements of this anual report.

RESULTS AND DIVIDENDS

The results of the Group for the Year are set out in the consolidated

statement of profit or los and other comprehensive income on

page 63 of this anual report.

No interim dividend was paid to the shareholders of the Company

(“Shareholders”) during the Year (2024: Nil).

The Board has resolved not to recomend any final dividend for the

Year (2024: Nil).

BUSINES REVIEW AND PERFORMANCE

A fair review of the Group’s busines, a discusion and analysis of

the Group’s performance during the Year and an analysis of the

likely future development of the Group’s busines are set out in the

Management Discusion and Analysis on pages 4 to 12 of this

anual report. Description of the principal risks and uncertainties

facing the Group are set out in the Corporate Governance Report

on pages 27 to 55 and note 28 to the consolidated financial

statements of this anual report respectively.

Save as disclosed in the Management Discusion and Analysis,

there is no important event afecting the Group that had ocured

since the end of the Year up to the date of this anual report.

In adition, an analysis of the Group’s performance during the Year

using financial key performance indicators is provided in the Five-

year Financial Sumary on page 136. Discusion on the Group’s

environmental policies and performance, key relationships with the

Group’s key stakeholders as wel as compliance with relevant laws

and regulations which have a significant impact on the Company

are set out in the 2024/2025 Environmental, Social and Governance

Report of the Company.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

五年财务概要

本集团于过去五个财政年度之业绩以及资产及

负债概要载于本年报第136页。

股本

本公司于本年度内之股本变动详情载于本年报

综合财务报表附注21。

可供分派储备

本集团于2025年3月31日根据公司条例计算

并无可供分派予股东之储备（2024年：无）。

购买、出售或赎回本公司上市证券

于本年度内，本公司及其任何附属公司概无购

买、出售或赎回任何本公司上市证券。

累计亏损

本集团于本年度内之累计亏损变动详情载于本

年报第66页之综合权益变动表。

股票挂钩协议

除本年报综合财务报表附注22所披露本公司于

2018年1月8日采纳之购股权计划（「购股权计

划」）外，并无任何股票挂钩协议由本公司于本

年度订立或于本年度末存续。

物业、厂房及设备

本集团于本年度内之物业、厂房及设备变动详

情载于本年报综合财务报表附注12。

FIVE-YEAR FINANCIAL SUMARY

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

the last five financial years is set out on page 136 of this anual

report.

SHARE CAPITAL

Details of movements in the share capital of the Company during

the Year are set out in note 21 to the consolidated financial

statements of this anual report.

DISTRIBUTABLE RESERVES

No Group’s reserves are available for distribution to the

Shareholders as at 31 March 2025, calculated in acordance with

the Companies Ordinance (2024: Nil).

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S

LISTED SECURITIES

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

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

securities.

ACUMULATED LOSES

Details of movements in the acumulated loses of the Group

during the Year are set out in the consolidated statement of

changes in equity on page 66 of this anual report.

EQUITY-LINKED AGREMENTS

Other than the share option scheme of the Company adopted on 8

January 2018 (“Share Option Scheme”) as disclosed in note 22 to

the consolidated financial statements of this anual report, no

equity-linked agrement was entered into by the Company during

the Year or subsisted at the end of the Year.

PROPERTY, PLANT AND EQUIPMENT

Details of changes in the property, plant and equipment of the

Group during the Year are set out in note 12 to the consolidated

financial statements of this anual report.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

主要客户及供应商

于本年度，本集团五大客户所带来之销售商品

或提供服务总收入占本集团本年度之收入总额

少于30%（2024年：30%）。

于本年度，本集团五大供应商及本集团最大

供应商所带来之总采购额占本集团本年度之

采购总额分别约46.8%（2024年：43.0%）及

13.6%（2024年：16.8%）。

董事、彼等之紧密联系人士（定议见联交所证

券上市规则（「上市规则」）或据董事所知拥有

本公司已发行股份5%以上之任何股东，概无

于上述本集团主要客户或供应商拥有任何实益

权益。

董事

本年度内及直至本年报日期止之董事如下：

执行董事

杨政龙先生（主席）

陈传贤先生（董事总经理）

范敏嫦女士

莫凤莲女士（于2025年4月1日退任）

黄志辉先生（于2025年4月1日退任）

独立非执行董事

陈绮雯女士

招健晖先生

伍海于先生

于本年报日期，董事及高级管理人员之履历详

情乃载于本年报第13至15页。董事之酬金详

情乃载于本年报综合财务报表附注8。

根据本公司组织章程细则（「章程细则」）第

80(1)及80(3)条，陈绮雯女士及招健晖先生将

于2025年8月19日（星期二）举行之应届股东

周年大会（「2025年股东周年大会」）上轮值退

任，且彼等均符合资格并愿意于会上膺选连任。

概无在2025年股东周年大会上膺选连任之董

事与本集团订有可于一年内免付赔偿（法定赔

偿除外）之未届满服务合约。

于本年度及直至本年报日期止之期间内，出任

本公司附属公司董事会的董事姓名单已备存

于本公司之注册办事处，并于办公时间内供股

东查阅。

MAJOR CUSTOMERS AND SUPLIERS

During the Year, the agregate revenue from sales of gods or

rendering of services atributable to the Group’s five largest

customers acounted for les than 30% (2024:30%) of the Group’s

total revenue for the Year.

During the Year, the agregate purchase atributable to the Group’s

five largest supliers and the Group’s largest suplier acounted for

aproximately 46.8% (2024: 43.0%) and 13.6% (2024: 16.8%)

respectively of the Group’s total purchases for the Year.

None of the Directors, their close asociates (as defined under the

Rules Governing the Listing of Securities on the Stock Exchange

(“Listing Rules”) or the Shareholders (who to the knowledge of the

Directors own more than 5% of the Company’s isued shares) had a

beneficial interest in the share capital of any of the above major

customers or supliers of the Group.

DIRECTORS

The Directors during the Year and up to the date of this anual

report were:

Executive Directors

Mr. Yeung Ching Long, Alexander (Chairman)

Mr. Chan Chuen Yin (Managing Director)

Ms. Fan Man Seung, Vanesa

Ms. Mok Fung Lin, Ivy (retired on 1 April 2025)

Mr. Wong Chi Fai (retired on 1 April 2025)

Independent Non-executive Directors

Ms. Chan Ye Man

Mr. Chiu Kin Fai

Mr. Ng Hoi Yue

Biographical details of the Directors and senior management as at

the date of this anual report are set out from pages 13 to 15 of this

anual report. Details of Directors’ remuneration are set out in note

8 to the consolidated financial statements of this anual report.

In acordance with Articles 80(1) and 80(3) of the Articles of

Asociation of the Company (“Articles of Asociation”), Ms. Chan

Ye Man and Mr. Chiu Kin Fai shal retire by rotation at the

forthcoming anual general meting to be held on Tuesday, 19

August 2025 (“2025 AGM”) and, being eligible, have ofered

themselves for re-election thereat.

None of the Directors ofering themselves for re-election at the 2025

AGM has an unexpired service contract with the Group which is not

determinable by the Group within one year without payment of

compensation (other than statutory compensation).

The list of directors of the subsidiaries of the Company during the

Year and up to the date of this anual report is kept at the

registered ofice of the Company and available for inspection by the

Shareholders during ofice hours.

Name of Director 董事姓名	Capacity/ Nature of interests 身份╱权益性质	Number of Shares interested 持有权益之股份数目	% of issued voting Shares 占已发行有投票权股份%

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

管理合约

于本年度内，除雇佣合约外，并无订立或存有

关于本集团整体或任何重大部分业务的管理及

行政事宜之合约。

获准许的弥偿条文

于本年度及直至本年报日期止，就董事及本集

团董事可能分别面临的法律诉讼而产生的潜在

责任及费用，本公司备有弥偿条文，该等条文

分别载于章程细则以及本集团投购之董事及高

级管理人员责任保险内。

董事及最高行政人员之证券权益

于2025年3月31日，董事及本公司之最高行

政人员（「最高行政人员」）于本公司及其相联

法团（定义见证券及期货条例（「证券及期货条

例」）第XV部）之股份、相关股份及债权证中拥

有本公司根据证券及期货条例第352条须予备

存之登记册所记录之权益及淡仓，或根据本公

司采纳之董事进行证券交易的标准守则（「欧化

证券守则」）须另行知会本公司及联交所之权益

及淡仓如下：

(A) 于本公司之好仓权益

本公司之普通股（「股份」）

附注：该等股份乃由杨受成投资控股有限公

司（「杨受成投资控股」）之全资附属

公司欧化国际集团控股有限公司（「欧

化控股」）持有。杨受成投资控股则

由First Trust Management AG（「First

Trust」）以私人酌情信托形式持有，而

杨先生为该信托合资格受益人之一。

MANAGEMENT CONTRACTS

No contracts, other than employment contracts, concerning the

management and administration of the whole or any substantial part

of the Group’s busines were entered into or existed during the

Year.

PERMITED INDEMNITY PROVISIONS

During the Year and up to the date of this anual report, the

Company has in force the permited indemnity provisions which are

provided for in the Articles of Asociation and in the directors and

oficers liability insurance maintained for the Group in respect of

potential liability and costs asociated with legal procedings that

may be brought against the Directors and the directors of the Group

respectively.

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN

SECURITIES

As at 31 March 2025, the interests and short positions of the

Directors and chief executives of the Company (“Chief Executives”)

in the shares, underlying shares and debentures of the Company

and its asociated corporations (within the meaning of Part XV of

the Securities and Futures Ordinance (“SFO”) as recorded in the

SFO, or as otherwise notified to the Company and the Stock

Exchange pursuant to the Model Code for Securities Transactions

by Directors adopted by the Company (“Ulferts Securities Code”)

were as folows:

(A) Long position interests in the Company

Ordinary shares of the Company (“Shares”)

Mr. Yeung Ching Long, Alexander

(“Mr. Alex Yeung”)

杨政龙先生（「杨先生」）

Eligible beneficiary of

a private discretionary trust

私人酌情信托之合资格受益人

600,000,00075.00

Note: These Shares were held by Ulferts International Group

Holdings Limited (“Ulferts Holdings”), a wholy-owned

subsidiary of Albert Yeung Investments Holdings Limited

(“AY Investments Holdings”). AY Investments Holdings was

in turn held by First Trust Management AG (“First Trust”) in

trust for a private discretionary trust of which Mr. Alex Yeung

is one of the eligible beneficiaries.

Name of Directors 董事姓名	Name of associated corporations 相联法团名称	Capacity/ Nature of interests 身份╱权益性质	Number of shares interested 持有权益之股份数目	Approximate % of issued voting Shares 占已发行有投票权股份概约%

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

(B) 于本公司相联法团之好仓权益

普通股

附注：英皇国际、英皇娱乐酒店、英皇钟表

珠宝、英皇文化产业及新传企划均为

其股份于联交所上市之公司。该等股

份由相关私人酌情信托最终拥有。杨

先生为该等信托之合资格受益人之

一，故被视为于相同股份中拥有权益。

除上文披露者外，于2025年3月31日，概无

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）之任何股

份、相关股份及债权证中拥有任何权益或淡仓。

购股权

购股权计划之详情载于本年报综合财务报表附

注22。自购股权计划采纳以后，并无购股权根

据购股权计划获授出、行使、注销或失效。

于本年度开始及结束时，根据购股权计划项下

之计划授权限额可供授出的购股权数目均为

80,000,000股。

(B) Long position interests in asociated corporations of the

Company

Ordinary shares

Mr. Alex Yeung

杨先生

Emperor International

英皇国际

Eligible beneficiary of

a private discretionary trust

私人酌情信托之合资格受益人

4,121,416,834

(Note) （附注）

74.71

Emperor E Hotel

英皇娱乐酒店

– Dito –

－同上－

636,075,041

(Note) （附注）

53.52

Emperor W&J

英皇钟表珠宝

– Dito –

－同上－

4,298,630,000

(Note) （附注）

59.24

Emperor Culture

英皇文化产业

– Dito –

－同上－

2,371,313,094

(Note) （附注）

73.80

New Media Lab

新传企划

– Dito –

－同上－

315,000,000

(Note) （附注）

52.50

Ms. Fan Man Seung,

Vanesa

范敏嫦女士

Emperor International

英皇国际

Beneficial Owner

实益拥有人

15,750,0000.29

Emperor E Hotel

英皇娱乐酒店

– Dito –

－同上－

2,430,7500.20

Note: Emperor International, Emperor E Hotel, Emperor W&J,

Emperor Culture and New Media Lab are companies with their

shares listed on the Stock Exchange. These shares were

ultimately owned by the respective private discretionary

trusts. Mr. Alex Yeung had demed interests in the same

shares by virtue of being one of the eligible beneficiaries of

such trusts.

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

Directors nor Chief Executives had any interests or short positions

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

any of its asociated corporations (within the meaning of Part XV of

the SFO).

SHARE OPTIONS

Details of the Share Option Scheme are set out in note 22 to the

consolidated financial statements of this anual report. No option

was granted, exercised, canceled or lapsed under the Share

Option Scheme since its adoption.

The number of options available for grant under the scheme

mandate limit of the Share Option Scheme was both 80,000,000

Shares as at the begining and the end of the Year.

Name of Shareholders 股东姓名╱名称	Capacity/ Nature of interests 身份╱权益性质	Number of Issued Shares interested 持有权益之已发行股份数目	% of issued voting Shares 占已发行有投票权股份%

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

购买股份或债权证之安排

除上文所述之购股权计划外，于本年度末及

于本年度内任何时间，本公司、其任何控股公

司、附属公司或同系附属公司概无订立任何安

排，致使董事或最高行政人员或彼等之配偶或

18岁以下子女可藉购入本公司或任何其他法人

团体之股份或债权证而获取利益。

其他人士于股份及相关股份之权益

就任何董事或最高行政人员所知，于2025年3

月31日，除董事或最高行政人员外，下列人士

或法团于股份或相关股份中拥有或被视为或当

作拥有须根据证券及期货条例第336条须予备

存于登记册（「权益登记册」）之权益及淡仓如

下：

于股份之好仓

附注：此等股份乃上文「董事及最高行政人员之证

券权益」第(A)节所载杨先生被视为拥有权

益之相同股份。

除上文披露者外，于2025年3月31日，董事

或最高行政人员并不知悉任何其他人士或法团

（董事及最高行政人员除外）于任何股份或相

关股份中拥有或被视为或当作拥有记入权益登

记册之任何权益或淡仓。

ARANGEMENTS TO PURCHASE SHARES OR

DEBENTURES

Other than the Share Option Scheme as stated above, at the end of

the Year and at no time during the Year was the Company, any of its

holding companies, subsidiaries or felow subsidiaries a party to

any arangements to enable the Directors or Chief Executives or

their spouses or children under 18 years of age to acquire benefits

by means of the acquisition of shares in, or debentures of, the

Company or any other body corporate.

OTHER PERSONS’ INTERESTS IN SHARES AND

UNDERLYING SHARES

So far as is known to any Directors or Chief Executives, as at 31

March 2025, the persons or corporations (other than the Directors

or Chief Executives) who had, or were demed or taken to have

interests or short positions in the Shares or underlying Shares as

recorded in the register required to be kept under Section 336 of

the SFO (“DI Register”) were as folows:

Long positions in the Shares

AY Investments Holdings

杨受成投资控股

Interest in a controled corporation

于受控制法团之权益

600,000,00075.00

First TrustTruste of a private discretionary trust

私人酌情信托之受托人

600,000,00075.00

Dr. Yeung Sau Shing, Albert

(“Dr. Yeung”)

杨受成博士（「杨博士」）

Founder of a private discretionary trust

私人酌情信托之创立人

600,000,00075.00

Ms. Luk Siu Man, Semon

陆小曼女士

Interest of spouse

配偶权益

600,000,00075.00

Note: These Shares were the same Shares of which Mr. Alex Yeung had

demed interests as set out under Section (A) of “Directors’ and

Chief Executives’ Interests in Securities” above.

Save as disclosed above, as at 31 March 2025, the Directors or

Chief Executives were not aware of any other person or corporation

(other than the Directors and Chief Executives) who had, or were

demed or taken to have, any interests or short positions in any

Shares or underlying Shares as recorded in the DI Register.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

董事于竞争业务之权益

于2025年3月31日，概无董事或彼等各自之

紧密联系人（定议见上市规则）于被视为与本集

团业务构成竞争或可能构成竞争（不论直接或

间接）之任何业务内拥有根据上市规则而须予

披露之权益。

董事于交易、安排或合约之重大权

益及关连交易

于本年度内，本集团曾与本公司关连人士（定

义见上市规则）进行下列持续关连交易，而若

干董事于有关交易中直接或间接拥有重大权

益：

A. 租赁协议

日期：2024年9月30日

订约方：(1) 鹏隆有限公司（「鹏

隆」），本公司之间接全

资附属公司

（「堡

通」），英皇国际之间接

全资附属公司

期限：2024年10月1日至2025年

9月30日

性质：鹏隆（作为租户）与堡通

（作为业主）订立租赁协

议，内容有关租赁香港九龙

红磡漆咸道北275号蔚景楼

地下7-11号舖、1楼及2楼

全层（包括1楼之入口处）

（零售部分）、3楼、4楼及

5楼全层（停车场），并设定

3,370,500港元为年度上限

（「租赁」）。

DIRECTORS’ INTERESTS IN COMPETING BUSINES

As at 31 March 2025, none of the Directors or their respective close

asociates (as defined in the Listing Rules) was interested in any

busines which was considered to compete or was likely to

compete, either directly or indirectly, with the busines of the Group

as required to be disclosed pursuant to the Listing Rules.

DIRECTORS’ MATERIAL INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS AND CONECTED

TRANSACTIONS

During the Year, the Group had the folowing continuing conected

transactions with conected persons (as defined in the Listing

Rules) of the Company and certain Director(s) had material

interests, directly or indirectly, in certain transactions:

A. Tenancy Agrement

Date:30 September 2024

Parties:(1) Great Blom Corporation Limited

(“Great Blom”), an indirect wholy-

owned subsidiary of the Company

“Palace

Expres”), an indirect wholy-owned

subsidiary of Emperor International

Term:From 1 October 2024 to 30 September

Nature:Great Blom as tenant entered into a

tenancy agrement with Palace Expres as

landlord in relation to the tenancy of Shop

Nos 7-11 on G/F, the whole of 1/F, 2/F

(including the entrance hal on 1/F) (Retail

Portion), the whole of 3/F, 4/F and 5/F

(Carparks), Wei King Building, 275

Chatham Road North, Hung Hom, Kowlon,

Hong Kong with an anual cap of

HK$3,370,500 being set (“Tenancy”).

Name of counterparties 订约方名称	Scope of Products and Services provided 提供产品及服务的范畴	(D/M/Y) （日╱月╱年） (i) Date of agreement 协议日期 (ii) Term 协议年期 (iii) Date of Announcement 公告日期	Amount received for the Year 本年度已收之金额
Name of counterparties 订约方名称	Scope of Products and Services provided 提供产品及服务的范畴		HK$’000 千港元

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

关连关系及

董事权益：

由于本公司与英皇国际均由

杨博士创立之相关私人酌

情信托间接控制，因此，根

据上市规则第14A章，英皇

国际被视为本公司之关连人

士。鉴于杨先生为控制英皇

国际之有关信托合资格受益

人之一，因此彼被视作于该

等交易中拥有权益。

公告：2024年9月30日

租赁开支

金额：

于本年度内，就租赁已向堡

通支付之租赁开支金额为

1,685,000港元。

B. 提供产品及服务之总协议

（本集团、

英皇国际集团及英皇文化产业集团除

外）行事的代理

Conected

relationship

and Director’s

interests:

As the Company and Emperor International

were both indirectly controled by the

respective private discretionary trusts set

up by Dr. Yeung, Emperor International was

a demed conected person of the

Company under Chapter 14A of the Listing

Rules. Mr. Alex Yeung had demed interest

in the transactions by virtue of being one of

the eligible beneficiaries of the relevant

trust controling Emperor International.

Anouncement:30 September 2024

Rental expense

amount:

During the Year, the rental expense amount

paid in respect of the Tenancy with Palace

Expres was HK$1,685,000.

B. Master Agrements on Provision of Products and Services

(1) Albert Yeung

Holdings Limited*

杨受成产业控股

有限公司*

Sales/provision of products and services by

the Group to relevant members of Emperor

Group:

本集团向英皇集团相关成员销售╱提供产品及

服务：

(i) 03/03/2023

(i) 01/04/2023 –

31/03/2026

(i) 03/03/2023

(2) Emperor International

英皇国际

(i) seling products and providing furniture

procurement consultancy services in

relation to their projects or for their own

consumption

销售产品并就其项目提供家私采购咨询服务

或供彼等自用

(i) seling furniture coupons

销售家私礼券

(i) providing other types of ancilary

services and any transaction of revenue

nature

提供其他类别配套服务及进行属收入性质的

任何交易

(i) 03/03/2023

(i) 01/04/2023 –

31/03/2026

(i) 03/03/2023

(3) Emperor Culture

英皇文化产业

(i) 03/03/2023

(i) 01/07/2023 –

30/06/2026

(i) 03/03/2023

Total 合计: 522

* as agent acting on behalf of relevant members of Emperor

Group (other than the Group, Emperor International group and

Emperor Culture group)

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

关连关系及董事权益：

由于所述订约方均全部由杨博士创立之相关

私人酌情信托直接或间接控制，因此，根据上

市规则第14A章，彼等被视为本公司之关连人

士。鉴于杨先生为控制英皇集团相关成员之有

关信托合资格受益人之一，因此彼被视作于该

等交易中拥有权益。

年度上限

与英皇集团成员之交易于2024年、2025年及

2026年各财政年度之年度上限分别为9,800,000

港元。

遵守披露规定

除本年报综合财务报表附注24所载的「商品销

售」654,000港元中的522,000港元、租赁负

债之利息开支、租赁付款及租金开支，概无其

他载于附注24之关联方交易构成上市规则第

14A章项下须予披露之关连交易或非豁免持续

关连交易（「持续关连交易」）。本公司已遵守根

据上市规则第14A章有关非豁免持续关连交易

之披露规定。

有关非豁免持续关连交易之独立核数师函件

本公司独立核数师已获委聘按照香港会计师公

会颁布之《香港审验应聘服务准则3000（经修

订）》的「历史财务资料审计或审阅以外的审验

应聘」，并参照《实务说明》第740号（经修订）

「关于香港上市规则所述持续关连交易的核数

师函件」（「核数师函件」），汇报本集团之非豁

免持续关连交易。

独立核数师已按照上市规则第14A.56条就本

集团之非豁免持续关连交易发出无保留结论。

Conected Relationship and Director’s interests:

As the said counterparties were directly or indirectly controled by

the respective private discretionary trusts set up by Dr. Yeung, they

were demed conected persons of the Company under Chapter

14A of the Listing Rules. Mr. Alex Yeung had demed interest in the

transactions by virtue of being one of the eligible beneficiaries of

the relevant trusts controling relevant members of Emperor Group.

Anual caps

The anual caps for transactions betwen the members of Emperor

Group were HK$9,800,000 for each of financial years of 2024, 2025

and 2026 respectively.

Compliance with Disclosure Requirements

Save for the “sales of gods” in the amount of HK$522,000 out of

HK$654,000, interest expense on lease liabilities, lease payments

and rental expense as shown in note 24 to the consolidated

financial statements of this anual report, none of the other related

party transactions as set out in note 24 constituted conected

transactions or non-exempt continuing conected transactions

(“CTs”) that are required to be disclosed under Chapter 14A of the

Listing Rules. The Company has complied with the disclosure

requirements in acordance with Chapter 14A of the Listing Rules in

respect of the non-exempt CTs.

Independent Auditor’s Leter on Non-exempt CTs

The Company’s independent auditor was engaged to report on the

non-exempt CTs of the Group in acordance with Hong Kong

Standard on Asurance Engagements 3000 (Revised) “Asurance

Engagements Other Than Audits or Reviews of Historical Financial

Information” and with reference to Practice Note 740 (Revised)

“Auditor’s Leter on Continuing Conected Transactions under the

Hong Kong Listing Rules” (“Auditor’s Leter”) isued by the Hong

Kong Institute of Certified Public Acountants.

The independent auditor isued an unqualified conclusion in

respect of the non-exempt CTs of the Group in acordance with

Rule 14A.56 of the Listing Rules.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

独立非执行董事有关非豁免持续关连交易

之确认

根据上市规则第14A.55条，本公司之独立非执

行董事（「独立非执行董事」）已审阅非豁免持续

关连交易及核数师函件，并确认该等交易：

(i) 于本集团之日常及一般业务过程中订立；

(i) 按一般或更佳（视情况而定）商业条款进

行；及

(i) 根据规管该等交易之相关协议进行，其中

条款属公平合理，并符合股东整体利益。

除上文所披露者外，于本年度完结时或本年度

任何时间并无存在本公司或其任何控股公司、

附属公司或同系附属公司所订立而董事或其

关连实体于当中拥有重大权益（无论直接或间

接）且对本集团业务而言属重大之交易、安排

或合约。

薪酬政策

董事之酬金须由董事会根据薪酬委员会参照书

面薪酬政策（以确保与业务策略有清晰联系，

并密切符合股东之权益及现行市场最佳常规）

向其提供的推荐意见而厘定。薪酬乃参考董事

会企业目标及目的、可予以比较公司支付的薪

金、执行及非执行董事的时间投入及职责、本

集团内部一贯的雇佣条件及与表现挂钩的薪酬

之适用性而支付。董事袍金则以符合市场常规

而支付。概无个别人士可厘定其本身之薪酬。

雇员薪酬乃根据个人责任、能力及技术、经验

及表现以及市场薪酬水平厘定。薪酬待遇包括

（视情况而定）基本薪金、董事袍金、房屋津

贴、退休金计划供款、与本集团财务表现及个

人表现挂钩之酌情花红、特别奖励、购股权及

其他具有竞争力之额外福利（如医疗及人寿保

险）。董事及本集团五位最高薪人士之薪酬详

情分别载于本年报综合财务报表附注8及9。

Confirmation of Independent Non-executive Directors on Non-exempt

CTs

Pursuant to Rule 14A.55 of the Listing Rules, the independent non-

executive Directors of the Company (“INEDs”) reviewed the non-

exempt CTs and the Auditor’s Leter and confirmed that these

transactions had ben entered into by the Group:

(i) in the ordinary and usual course of busines of the Group;

(i) on normal or beter comercial terms (as the case may be);

and

(i) acording to the respective agrements governing them on

terms that are fair and reasonable and in the interests of the

Shareholders as a whole.

Save as disclosed above, there was no transaction, arangement or

contract which was significant in relation to the Group’s busines to

which the Company or any of its holding companies, subsidiaries or

felow subsidiaries was a party and in which a Director or his/her

conected entity had a material interest, whether directly or

indirectly, subsisted at the end of the Year or at any time during the

Year.

EMOLUMENT POLICY

The emoluments of the Directors shal be decided by the Board as

recomended by the Remuneration Comite having regard to a

writen remuneration policy (which ensures a clear link of busines

strategy and a close alignment with the Shareholders’ interest and

curent market best practice). Remuneration should be paid with

reference to the Board’s corporate goals and objectives, the

salaries paid by comparable companies, time comitment and

responsibilities of the executive and non-executive Directors,

internal equity of employment conditions acros the Group and

aplicability of performance-based remuneration. The Directors’

fes are paid in line with market practice. No individual should

determine his or her own remuneration.

Employes’ remuneration was determined in acordance with

individual’s responsibility, competence and skils, experience and

performance as wel as market pay level. Remuneration package

includes, as the case may be, basic salaries, Directors’ fes,

housing alowances, contribution to pension schemes, discretionary

bonus relating to financial performance of the Group and individual

performance, ad-hoc rewards, share options and other competitive

fringe benefits such as medical and life insurances. Details of the

emoluments of the Directors and the five highest paid individuals of

the Group are set out in notes 8 and 9 to the consolidated financial

statements of this anual report respectively.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

DIRECTORS’ REPORT

董事会报告

足够之公众持股量

根据本公司可得之公开资料及据董事所知，于

刊发本年报前之最后实际可行日期，本公司已

发行股份维持上市规则所规定至少25%之足够

公众持股量。

独立核数师

安永会计师事务所将退任，一项动议重新委聘

其为本公司独立核数师之决议案将于2025年

股东周年大会上提呈。

代表董事会

主席

杨政龙

香港

2025年6月25日

SUFICIENCY OF PUBLIC FLOAT

Based on the information publicly available to the Company and

within the knowledge of the Directors, as at the latest practicable

date prior to the isue of this anual report, there was suficient

public float of at least 25% of the isued Shares as required under

the Listing Rules.

INDEPENDENT AUDITOR

Mesrs. Ernst & Young wil retire and a resolution for its

re-apointment as independent auditor of the Company wil be

proposed at the 2025 AGM.

On behalf of the Board

Yeung Ching Long, Alexander

Chairman

Hong Kong

25 June 2025

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会致力为本公司维持高水平之企业管治，

以确保为本公司股东、投资者、雇员以及其他

持份者提供「问责、负责及具透明度」之制度。

董事已采纳多项政策，以确保遵守上市规则附

录C1所载之企业管治守则（「企业管治守则」）

的守则条文，从而有效应用良好的企业管治之

原则。于本年度内，本公司已全面遵守企业管

治守则之所有守则条文。

企业文化与策略

本公司以宗旨及价值观为基础培养企业文化，

专注以客至上、优质产品服务、以人为本、积

极向上四大重点，致力使本集团各级雇员得以

通过守法、合乎道德及负责任的行事方式充分

发挥潜能，从而使本公司实现长期可持续发

展，并以造福社会及环境的方式经营业务。

本公司的宗旨及价值观为雇员的行为操守提供

指引，确保彼等得以融入本公司的营运常规、

工作场所政策及常规以及持份者关系中：

The Board is comited to maintaining a high standard of corporate

governance for the Company so as to ensure “Acountability,

Responsibility and Transparency” towards Shareholders, investors,

employes as wel as other stakeholders of the Company.

The Directors have adopted various policies to ensure compliance

with the code provisions of Corporate Governance Code (“CG

Code”) as set out in Apendix C1 to the Listing Rules so as to

having efective aplication of the principles of god corporate

governance. During the Year, the Company fuly complied with al

code provisions of the CG Code.

CORPORATE CULTURE AND STRATEGY

The Company is comited to cultivating a corporate culture,

focusing on four pilars, namely customer centricity, excelence in

products and services, people first and positivity, which is

underpined by its purpose and values that enable employes at al

levels of the Group to thrive and met their ful potentials by acting

in a lawful, ethical and responsible maner that alows the Company

to deliver sustainable long-term performance and operate in a way

that benefits society and the environment.

The Company’s purpose and values serve as a guide for

employes’ conduct and behaviours, ensuring that they are

integrated throughout the Company’s operational practices,

workplace policies and practices and stakeholder relationships:

Purpose

宗旨

To engage and delight our

stakeholders for suces

关注及取悦持份者，筑就成功

Emperor’s Values

英皇价值观

E thical 合乎道德

M otivation 积极上进

P ursuit of Integrity 诚实守信

E xcelence 追求卓越

R esourceful 灵活应变

O penes 开诚布公

R esponsible 富有责任

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

管理层负责为本公司订立基调及创立企业文

化，界定本集团的宗旨、价值观及战略方向，

并由董事会进行审阅。考虑到企业文化在各种

情况下（如员工参与、雇员保留及培训、法律

及监管合规、员工安全、福祉及支援）均有所

体现，故本集团的文化、宗旨、价值观及策略

均保持一致。

董事会

本公司由董事会为首，董事会负责透过领导及

监督本集团事务，制定战略方针及监督其财务

及管理表现，致力促使本集团之成功，以符合

股东的利益。

董事会组成及多元化

随著两名执行董事于2025年4月1日退任，董

事会现由六名董事组成，包括三名执行董事及

三名独立非执行董事。董事会成员的姓名及履

历详情载于本年报第13至15页的「董事及高

级管理人员之履历」一节。彼等均拥有于相同

行业或与本集团业务管理相关之技能、经验及

专业知识。

于本年度，为确保董事会获得独立意见及建

议，本公司已设立以下机制：

，合共三

名，占董事会成员三分之一以上；

• 概无独立非执行董事于董事会任职超过9

年；

，以确保权力

及权限之平衡；及

• 主席与全体独立非执行董事在并无其他董

事出席的情况下举行年度会议，为主席提

供有效平台以听取有关本集团各种事务的

独立意见。

于本年度，董事会已检讨该等机制的执行情况

并确定其仍然有效。

The management is responsible for seting the tone and shaping the

corporate culture of the Company, as wel as defining the purpose,

values and strategic direction of the Group, which are under review

by the Board. Taking into acount the corporate culture is reflected

in various contexts, such as workforce engagement, employe

retention and training, legal and regulatory compliance, staf safety,

welbeing and suport, the culture, purpose, value and strategy of

the Group are aligned with one another.

THE BOARD

The Company is headed by the Board which is responsible for the

leadership, control and promotion of the suces of the Group in

the interests of the Shareholders by directing and supervising its

afairs and by formulating strategic directions and monitoring the

financial and management performance of the Group.

Board Composition and Diversity

After the retirement of two Executive Directors on 1 April 2025, the

Board curently comprises six Directors, with thre Executive

Directors and thre INEDs. Names and biographical details of the

members of the Board are set out on pages 13 to 15 of this anual

report under “Biographies of Directors and Senior Management”

section. Al of them poses the skils, experience and expertise

either in the same industry or relevant to the management of the

busines of the Group.

To ensure independent views and input are available to the Board,

the folowing mechanisms were established by the Company during

the Year:

, representing more

than one-third of the Board;

;

• separation of the role of the Chairman and the Managing

Director ensures that there is a balance of power and authority;

and

• anual meting betwen the Chairman and al INEDs without

presence of other Directors provides an efective platform for

the Chairman to listen to independent views on various isues

concerning the Group.

During the Year, the Board reviewed the implementation of these

mechanisms and determined that they remain efective.

INED
独立非执行		Over 60	Over 10
董事	Male	60以上	10以上
男性
6-10
ED 执行董事		41 -60
	Female 女性		0-5
21-40

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

本公司亦已采纳董事会多元化政策，当中载列

实现根据本公司业务性质而具备适当技能、经

验及多元观点达致多元化董事会的方法。于设

定董事会组成时，本公司已从多方面考虑董事

会多元化，包括但不限于性别、年龄、文化及

教育背景、种族、专业经验、技能、知识及服

务年期，以及董事会可能不时认为属相关及适

用的任何其他因素。本公司亦会考虑本公司的

企业策略以及日后所需的技能、知识、经验及

多元化组合，以评估任何建议重选董事或任何

获提名委任为董事的候选人将为董事会带来的

价值及贡献。

目前的董事会组成反映了教育背景、专业知

识、行业经验及服务年期的多元化组合。截至

2025年3月31日，董事会的多元化组合概述

如下：

(i) 董事会组成、性别分布、年龄分布及

服务年期

The Company also adopted the Board Diversity Policy seting out

the aproach to achieve a diverse Board with a balance of skils,

experience and diversity of perspectives to the busines nature of

the Company. In designing the Board’s composition, Board diversity

has ben considered from a wide range of aspects, including but

not limited to gender, age, cultural and educational background,

ethnicity, profesional experience, skils, knowledge and length of

service, and any other factors that the Board may consider relevant

and aplicable from time to time. The merits and contribution that

wil bring to the Board for any Director proposed for re-election or

any candidate nominated to be Director wil also be asesed,

taking into acount the Company’s corporate strategy and the mix

of skils, knowledge, experience and diversity neded in the future.

The curent Board composition reflects a diverse mix of educational

background, profesional knowledge, industry experience and

length of service. The diversity mix of the Board as at 31 March

2025 is sumarized as folows:

(i) Board Composition, Gender Distribution, Age Distribution and

Length of Service

DesignationGenderAge Group

Length of Services

(No. of years)

Number of Directors

董事人数

年龄组别

服务年期（年）

性别职衔

董

Areas of Experience 经验领域	Number of Directors 董事人数	Share of the Board 占董事会比例

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

(i) 董事技能及经验

相较联交所其他上市公司，董事会的性别

多元化水平相对较高，截至年底八名董事

中三名为女性(37.5%）。于本年度内，提

名委员会及董事会已审阅女性董事人数不

低于董事会人数25%之性别多元化目标，

并认为现时的董事会性别多元化属适当、

均衡，并超过所制定目标。因此，本公司

目前并未提议进一步提高董事会性别多元

化的时间表或计划。提名委员会将继续检

讨董事会的组成以维持多元化。

于2025年3月31日，我们的员工总数由

54%女性及46%男性组成，而高级管理人

员由37.5%女性及62.5%男性组成。考虑

到业务模式及营运需要，目前全体员工的

性别多元化属恰当。

独立非执行董事的任期受章程细则及上市

规则项下之轮值退任及重选条文所规限。

基于提名委员会进行之年度审核，董事会

认为在参照上市规则第3.13条所载之因素

后，各独立非执行董事属独立人士。

(i) Directors’ Skils and Experience

Related Industry Knowledge/Experience

No. of meetings attended/held 出席会议╱举行会议次数
Name of Directors 董事姓名	Board 董事会	Executive Committee 执行委员会	Audit Committee 审核委员会	Remuneration Committee 薪酬委员会	Nomination Committee 提名委员会	Corporate Governance Committee 企业管治委员会	General Meeting 股东大会

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会程序

除于本年度举行定期董事会议外，亦按需要

另行召开董事会议，或由董事会设立的董事

会委员会议，以审议特定事项。

董事于本年度出席会议之情况载列如下：

C：董事会╱委员会主席

附注：

1. 杨先生于2024年4月1日获委任为执行董

事。彼亦自2024年4月1日起获委任为本公

司董事会主席、执行委员会主席及薪酬委员

会成员，以接替黄志辉先生（「黄先生」）。

黄先生留任本公司执行委员会成员，直至于

2025年4月1日由执行董事之职务退休止。

Board Proces

Other than regular Board metings held during the Year, aditional

Board metings, or metings of Board comites established by

the Board to consider specific maters, were convened, when

necesary.

The atendance of the Directors at the metings during the Year is

set out below:

Executive Directors

执行董事

Mr. Alex Yeung (Note 1)

杨先生（附注1）

5/5 (C)4/4 (C)–1/1–1/1

Mr. Chan Chuen Yin

陈传贤先生

5/54/4–1/1–1/1

Ms. Mok Fung Lin, Ivy

莫凤莲女士

5/54/4–1/1

Ms. Fan Man Seung, Vanesa

范敏嫦女士

5/54/4–1/1 (C)1/1

Mr. Wong Chi Fai (Note 1)

黄志辉先生（附注1）

5/54/4–1/1

Independent Non-executive Directors

独立非执行董事

Ms. Chan Ye Man

陈绮雯女士

5/5–2/2 (C)1/11/1–1/1

Mr. Chiu Kin Fai

招健晖先生

5/5–2/2–1/1 (C)1/11/1

Mr. Ng Hoi Yue

伍海于先生

5/5–2/21/1 (C)–1/11/1

Total number of meting(s) held:

举行会议之总数：

C: Chairman/chairperson of the Board/comite

Note:

1. Mr. Alex Yeung was apointed as Executive Director on 1 April

2024. He was also apointed as the Chairman of the Board, the

Chairman of the Executive Comite and a member of the

Remuneration Comite of the Company in place of Mr. Wong Chi

Fai (“Mr. Bryan Wong”) with efect from 1 April 2024. Mr. Bryan

Wong remained as a member of the Executive Comite of the

Company until his retirement from position of Executive Director on

1 April 2025.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

于本年度，根据企业管治守则之守则条文第

C.2.7条，主席已与独立非执行董事在执行董

事未出席之情况下召开之会议。

本公司已于每半年接获各董事的确认书，确认

其已于本年度内已投入足够时间和充份关注本

公司事务。董事亦已向本公司披露彼等于公众

公司或组织中担任职务的数目及性质以及其他

重大承担的变更（如有），包括公众公司或组织

的名称以及所涉时间。

杨先生担任董事会主席，领导董事会。于本年

度，本集团的日常管理由董事会授权予董事总

经理陈传贤先生及本集团总经理莫凤莲女士，

彼等负责本集团的策略规划、业务增长及发

展。职务分工使董事会及本集团运营有效运作。

主席为董事会制定议程，并确保董事会成员获

取准确、及时及清晰之资讯，及充分重视将予

考虑事宜，从而作出明智决定。在公司秘书的

协助下，主席确保董事会按照所有规则及要求

正确行使权力、举行会议及执行程序，并保存

完整及适当纪录。

若董事在董事会将予考虑之事项中存有董事会

认为属重大之利益冲突，则该事项将以召开实

体董事会议而非以书面决议案方式处理，而

该董事将就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。

本公司亦制定程序，让每位董事均可获取每次

预定会议的说明文件及相关资料。全体董事亦

可获得公司秘书及其团队的服务，并可应要求

寻求独立专业意见，费用由本公司承担。

During the Year, the Chairman held a meting with INEDs without the

presence of Executive Directors in compliance with code provision

C.2.7 of the CG Code.

The Company received bianual confirmation from each Director

that he/she has given suficient time and atention to the afairs of

the Company during the Year. Directors also disclosed to the

Company the changes, if any, in the number and nature of ofices

they held in public companies or organisations and other significant

comitment, including the identity of the public companies or

organisations and an indication of the time involved.

Mr. Alex Yeung acts as the Chairman of the Board who provides

leadership to the Board. During the Year, the day-to-day

management of the Group was delegated by the Board to the

Managing Director, Mr. Chan Chuen Yin and the General Manager

of the Group, Ms. Mok Fung Lin, Ivy who were responsible for the

Group’s strategic planing, busines growth and development. The

segregation of duties made the Board and the operation of the

Group function efectively.

The Chairman sets the agenda for the Board and ensures that

members of the Board receive acurate, timely and clear

information, and that maters to be taken into consideration are

given their due weight, so that sound decisions can be made. With

the asistance of the Company Secretary, the Chairman ensures

that the Board properly exercises its powers, holds its metings and

implements procedures in compliance with al rules and

requirements, and ful and proper records are maintained.

If a Director has conflict of interest in a mater to be considered by

the Board which the Board has determined to be material, the

mater wil be dealt with by a physical Board meting rather than a

writen resolution. That Director wil abstain from voting on the

relevant Board resolution and he/she shal not be counted in the

quorum present at such Board meting.

Procedures are also put in place for each Director to have aces

to suporting papers and relevant information for each scheduled

meting. Al Directors also have aces to the services of the

Company Secretary and her team, and may take independent

profesional advice upon request, at the Company’s expense.

Name of Directors	董事姓名	Topics of training covered 培训所涵盖课题

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事就任须知及培训

新任董事获委任时，将获全面、正式兼特为其

而设的就任须知。此外，本公司定期向董事提

供本集团业务变动及发展的最新资讯，以及与

董事职务及职责有关的法律、规则及条例的最

新发展，以协助彼等作出知情决定及履行彼等

作为董事的职务及职责。

于本年度，各董事均已参与持续专业发展，透

过出席有关以下主题之研讨会╱工作坊╱阅读

材料，以发展及更新其知识及技能，并已向本

公司提供培训记录：

董事委员会

为协助董事会履行其职责及促进有效管理，董

事会若干职能已由董事会委派予执行委员会、

审核委员会、薪酬委员会、提名委员会及企业

管治委员会。

Induction and Training for Directors

Newly apointed Directors wil receive a comprehensive, formal and

tailored induction on apointment. Besides, the Company provides

Directors with regular updates on changes to and developments of

the Group’s busines, and on the latest developments in the laws,

rules and regulations relating to Directors’ duties and

responsibilities to help them make informed decisions and

discharge their duties and responsibilities as Directors.

During the Year, each Director participated in continuous

profesional development by atending seminars/workshops/reading

materials on the folowing topics to develop and refresh his/her

knowledge and skils and provided a record of training to the

Company:

Mr. Alex Yeung杨先生(1) corporate governance

企业管治

(2) regulatory 监管

(3) finance 财务

(4) industry specific 行业相关

Mr. Chan Chuen Yin陈传贤先生

Ms. Mok Fung Lin, Ivy莫凤莲女士

Ms. Fan Man Seung, Vanesa范敏嫦女士

Mr. Bryan Wong黄先生

Ms. Chan Ye Man陈绮雯女士

Mr. Chiu Kin Fai招健晖先生

Mr. Ng Hoi Yue伍海于先生

Board Comites

To asist the Board in execution of its duties and facilitate efective

management, certain functions of the Board have ben delegated

by the Board to the Executive Comite, Audit Comite,

Remuneration Comite, Nomination Comite and Corporate

Governance Comite.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

1. 执行委员会

于本年度，执行委员会由全体执行董事

组成，即杨先生（委员会主席）、陈传贤

先生、莫凤莲女士（于2025年4月1日退

任）、范敏嫦女士及黄先生（于2025年4

月1日退任）。其拥有董事会之所有权力

及授权，惟以下「需要董事会决定及由董

事会授权之事项之正式预定计划表」所载

之重大事项除外：

i. 批准年度及中期业绩以及财务汇报；

i. 宣派或建议派付股息或其他分派；

iv. 批准根据上市规则须以公告形式作出

通知之重大变动；

v. 批准根据上市规则刊发有关须予公布

交易之公告（根据香港财务报告准则

第16号租赁就确认使用权资产之租

赁交易相关须予披露交易除外）；

vi. 批准根据上市规则之非豁免关连交

易╱非豁免持续关连交易（已由董事

会╱股东（视情况而定）先前已批准

之总协议项下不时进行之该等交易除

外）；及

vi. 批准本公司之重大资本重组及发行新

证券。

为就制定及实施本集团的环境、社会及管

治（「环境、社会及管治」）措施向执行委

员会提供建议及协助，已设立执行委员会

下属委员会，称为环境、社会及管治委员

会。环境、社会及管治委员会由营运及支

援部门及执行委员会的代表组成。其拥有

执行委员会授予的权力及权限，以制定及

执行相关的环境、社会及管治行动计划，

并就有关本集团可持续发展及环境、社会

及管治风险和机遇的事宜进行评估及提出

建议。

1. Executive Comite

The Executive Comite consisted of al Executive Directors

during the Year, namely Mr. Alex Yeung (Chairman of the

Comite), Mr. Chan Chuen Yin, Ms. Mok Fung Lin, Ivy

(retired on 1 April 2025), Ms. Fan Man Seung, Vanesa and

Mr. Bryan Wong (retired on 1 April 2025). It has al powers and

authorities of the Board except the folowing major maters as

set out in a “Formal Schedule on maters reserved for and

delegated by the Board”:

’s objectives and strategies;

i. aproving anual and interim results and financial

reporting;

i. declaring or recomending payment of dividends or other

distributions;

iv. aproving major changes that require notification by

anouncement under the Listing Rules;

v. aproving publication of anouncements for notifiable

transactions (except for discloseable transactions in

relation to lease transactions recognizing the right-of-use

aset acording to HKFRS 16 Leases) under the Listing

Rules;

vi. aproving non-exempt conected transactions/non-exempt

CTs (other than those transactions tok place from time

to time under the master agrement(s) previously

aproved by the Board/Shareholders (as the case may

be) under the Listing Rules; and

vi. aproving major capital restructuring and isue of new

securities of the Company.

To advise and asist the Executive Comite on the

formulation and implementation of the environment, social and

governance (“ESG”) initiatives of the Group, a sub-comite

under the Executive Comite known as the ESG Comite

was set up. The ESG Comite consists of representatives

from operation and suporting departments and the Executive

Comite. It has the powers and authorities as delegated by

the Executive Comite to formulate and execute relevant

ESG action plan, and ases and make recomendations on

maters concerning the Group’s sustainability development and

ESG risks and oportunities.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

2. 审核委员会

审核委员会由三名独立非执行董事组成，

即陈绮雯女士（委员会主席）、招健晖先生

及伍海于先生。

审核委员会的主要角色及职能载于其职权

范围，其中包括企业管治守则所订明的职

责，并已登载于联交所及本公司网站。

于本年度内，审核委员会所履行之工作概

要载列如下：

╱财务人员及╱或独立核数

师检讨审核程序之成效及本集团所采

纳之会计原则及常规之成效，以及截

至2024年3月31日止财政年度（「上

年度」）之年度综合财务报表及截至

2024年9月30日止六个月之简明综

合中期综合财务报表之准确性及公平

性；

i. 与高级管理层及财务人员检讨上年度

本集团风险管理及内部监控系统之成

效；

i. 对本集团于上年度之非豁免持续关连

交易进行年度审阅；

iv. 建议董事会于2024股东周年大会

（「2024股东周年大会」）上重新委任

独立核数师；

v. 审阅应付予独立核数师的核数费用及

非核数服务费用；

vi. 检讨独立核数师之独立性及批准其委

聘；

vi. 批准本年度之审核计划；及

vi. 检讨本集团会计、内部审核及财务申

报职能之资源、员工资历及经验、培

训计划及预算之充足性。

2. Audit Comite

The Audit Comite consists of thre INEDs, namely Ms. Chan

Ye Man (Chairperson of the Comite), Mr. Chiu Kin Fai and

Mr. Ng Hoi Yue.

The major roles and functions of the Audit Comite are set

out in its terms of reference which include duties specified in

the CG Code and are posted on the websites of the Stock

Exchange and the Company.

A sumary of work performed by the Audit Comite during

the Year is set out as folows:

/finance personel and/or

the independent auditor the efectivenes of audit proces

and the acounting principles and practices adopted by

the Group, and the acuracy and fairnes of the anual

consolidated financial statements for the financial year

ended 31 March 2024 (“Previous Year”) and the condensed

consolidated interim financial statements for the six months

ended 30 September 2024;

i. reviewed with the senior management and finance

personel the efectivenes of the risk management and

internal control systems of the Group for the Previous Year;

i. performed anual review of the non-exempt CTs of the

Group for the Previous Year;

iv. recomended to the Board on the re-apointment of

independent auditor at the 2024 anual general meting

(“2024 AGM”);

v. reviewed the audit fes and the fes for non-audit services

payable to the independent auditor;

vi. reviewed the independence of the independent auditor

and aproved its engagement;

vi. aproved the audit plan for the Year; and

vi. reviewed the adequacy of resources, staf qualifications

and experience, training programes and budget of the

Group’s acounting, internal audit and financial reporting

function.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

3. 薪酬委员会

薪酬委员会由三名成员组成，即独立非执

行董事伍海于先生（委员会主席）及陈绮

雯女士以及执行董事杨先生。

薪酬委员会的主要角色及职能载于其职权

范围，其中包括企业管治守则所订明的职

责，并已登载于联交所及本公司网站。

于本年度内，薪酬委员会所履行之工作概

要载列如下：

及

i. 检讨执行董事及高级管理人员之薪酬

架构╱待遇，并就批准彼等之具体薪

酬待遇向董事会提出建议。

向董事会作出建议前，薪酬委员会已参照

本集团的经营业绩、董事的职责及责任水

平以及现行市况，检讨及评估董事的薪酬

待遇。本年度各董事的薪酬详情载于本年

报综合财务报表附注8。

4. 提名委员会

提名委员会由三名成员组成，即独立非执

行董事招健晖先生（委员会主席）及陈绮

雯女士，以及执行董事陈传贤先生。

提名委员会的主要角色及职能载于其职权

范围，其中包括企业管治守则所订明的职

责，并已登载于联交所及本公司网站。

提名委员会负责制定政策并根据本公司采

纳的提名政策就董事的提名、委任及重新

委任以及董事会继任向董事会提出建议。

3. Remuneration Comite

The Remuneration Comite consists of thre members,

namely Mr. Ng Hoi Yue (Chairman of the Comite) and Ms.

Chan Ye Man, both being INEDs, and Mr. Alex Yeung, being

an Executive Director.

The major roles and functions of the Remuneration Comite

are set out in its terms of reference which include duties

specified in the CG Code and are posted on the websites of

the Stock Exchange and the Company.

A sumary of the work performed by the Remuneration

Comite during the Year is set out as folows:

’ fes and made recomendation to

the Board; and

i. reviewed the curent remuneration structure/package of

the Executive Directors and senior management and

recomended the Board to aprove their specific

packages.

Before making recomendation to the Board, the Remuneration

Comite has reviewed and asesed the remuneration

package of the Directors with reference to the Group’s operating

results, duties and level of responsibility of the Directors and the

prevailing market conditions. Details of the remuneration of each

of the Directors for the Year are set out in note 8 to the

consolidated financial statements of this anual report.

4. Nomination Comite

The Nomination Comite consists of thre members, namely

Mr. Chiu Kin Fai (Chairman of the Comite) and Ms. Chan Ye

Man, both being INEDs, and Mr. Chan Chuen Yin, being an

Executive Director.

The major roles and functions of the Nomination Comite are

set out in its terms of reference which include duties specified in

the CG Code and are posted on the websites of the Stock

Exchange and the Company.

The Nomination Comite is responsible for formulating policy

and making recomendations to the Board on nomination,

apointment and re-apointment of Directors, and Board

sucesion pursuant to the Nomination Policy adopted by the

Company.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

提名政策旨在协助提名委员会根据董事会

多元化政策物色及提名合适的董事候选

人，并就(i)提名新董事以填补董事会的临

时空缺；(i)向董事及股东提出建议以拟于

股东大会选举或重选任何董事；及(i)股

东就选举新董事之提名列明提名标准及提

名程序。

提名委员会可从其认为合适的任何途径

物色候选人，并通过考虑多项因素对彼等

进行评估，包括其专业知识、行业及业务

经验、投入时间、对董事会多元化的潜在

贡献、与本集团的重大利益冲突（如有）

及独立性（就独立非执行董事而言）。委

员会其后将向董事会建议适当人选以审议

其委任。就将于股东周年大会（「股东周年

大会」）上退任的现任董事之连任，委员会

将审阅董事退任，并据此向董事会提出建

议。

于本年度内，提名委员会所履行之工作概

要载列如下：

、人数、组成及多

元化；

i. 检讨董事会多元化政策；

i. 检讨有关董事会获得独立意见而实行

之机制；

iv. 检讨独立非执行董事之独立性；

v. 检讨董事履行其董事职责所投入之时

间；

vi. 就于2024股东周年大会上重选董事

向董事会提出建议；及

vi. 检讨董事会层面的性别多元化目标。

The Nomination Policy aims at asisting the Nomination

Comite in identifying and nominating suitable candidates for

directorship based on the Board Diversity Policy and sets out

the nomination criteria and the nomination procedures for (i)

nominating new Director to fil a casual vacancy on the Board;

(i) making recomendation to Directors and Shareholders

regarding any Director proposed for election or re-election at

general meting; and (i) nomination by Shareholders on

election of new Director.

The Nomination Comite may identify potential candidates

from any source as it may consider apropriate and evaluate

them by considering various factors, including their profesional

expertise, industry and busines experience, time comitments,

potential contributions to board diversity, material conflict of

interest with the Group (if any) and independence (for INEDs).

The Comite wil then make recomendation of suitable

candidates to the Board for consideration of apointment. In

case of re-apointment of existing Directors who wil retire at

anual general metings (“AGM”), the Comite wil review

the retirement of Directors and make recomendations to the

Board acordingly.

A sumary of the work performed by the Nomination

Comite during the Year is set out as folows:

, size, composition and diversity of

the Board;

i. reviewed the Board Diversity Policy;

i. reviewed the mechanisms implemented regarding

independent views available to the Board;

iv. reviewed the independence of the INEDs;

’ time comitment in performing their

duties as Directors;

vi. made recomendation to the Board on the re-election of

Directors at the 2024 AGM; and

vi. reviewed the gender diversity target at Board level.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

5. 企业管治委员会

企业管治委员会（「企业管治委员会」）

由五名成员组成，即执行董事范敏嫦女士

（委员会主席）、独立非执行董事招健晖

先生及伍海于先生、一名公司秘书职能代

表及一名财务及会计职能代表。

企业管治委员会之具体书面职权范围可于

本公司网站查阅。企业管治委员会之主要

职责为(i)制定及检讨本公司在企业管治方

面之政策及常规（「企业管治政策」），并向

董事会提出建议；(i)检讨及监察本公司在

遵守法规及监管规定方面之政策及常规；

(i)制定、检讨及监察董事及本集团相关

雇员买卖本公司证券所适用之行为守则；

(iv)检讨及监察董事及高级管理人员之培

训及持续专业发展；及(v)检讨本公司遵

守企业管治守则及于本年报内之披露之情

况。

于本年度内，企业管治委员会所履行之工

作概要载列如下：

i. 检讨在遵守法规及监管规定方面之政

策及常规；

i. 检讨董事及高级管理人员之培训及持

续专业发展；

iv. 检讨董事及本集团相关雇员之适用行

为守则；及

v. 检讨本公司遵守企业管治守则之情况

及于企业管治报告内之披露。

5. Corporate Governance Comite

The Corporate Governance Comite (“CG Comite”)

consists of five members, namely Ms. Fan Man Seung, Vanesa

(Chairperson of the Comite), being an Executive Director,

Mr. Chiu Kin Fai and Mr. Ng Hoi Yue, both being INEDs, a

representative from company secretarial function and a

representative from finance and acounts function.

The specific writen terms of reference of the CG Comite is

available on the Company’s website. The primary duties of the

CG Comite are (i) developing and reviewing the policies

and practices on corporate governance of the Company (“CG

Policy”) and making recomendations to the Board; (i)

reviewing and monitoring the policies and practices of the

Company on compliance with legal and regulatory

requirements; (i) developing, reviewing and monitoring the

codes of conduct aplicable to Directors and relevant

employes of the Group regarding dealings in the Company’s

securities; (iv) reviewing and monitoring the training and

continuous profesional development of Directors and senior

management; and (v) reviewing the Company’s compliance

with the CG Code and disclosure in this anual report.

A sumary of the work performed by the CG Comite during

the Year is set out as folows:

;

i. reviewed the policies and practices on compliance with

legal and regulatory requirements;

i. reviewed the training and continuous profesional

development of Directors and senior management;

iv. reviewed the codes of conduct aplicable to Directors and

relevant employes of the Group; and

’s compliance with the CG Code

and disclosure in Corporate Governance Report.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

公司秘书

于本年度内，公司秘书（为本公司雇员）已妥

为遵守上市规则第3.29条之规定，接受不少于

15小时之相关专业培训。

董事之证券交易

本公司已采纳欧化证券守则作为其自订之有关

董事进行证券交易之行为守则，其条款不逊于

上市规则附录C3所载之上市发行人董事进行

证券交易的标准守则之规定标准。经向所有董

事作出特定查询后，彼等全体确认，彼等于本

年度已遵守欧化证券守则所载之买卖标准。

问责及核数

财务汇报

董事知悉彼等负责编制本集团之年度综合财务

报表及上市规则所规定之其他财务披露事项。

管理层已每月向董事会全体成员提供最新之内

部综合财务报表，以提供有关本集团之表现、

状况及前景的持平及易于理解的评估。

于编制本年度综合财务报表时，董事会已采纳

适用之会计政策，并贯彻应用该等政策、作出

审慎及合理之判断及估计，并确保综合财务报

表按「持续经营」基准编制（于需要时作出支持

性假设或条件）并真实呈列本集团于本年度之

财务状况。管理层已向董事会提供有关综合财

务报表之充份解释及资料以使董事会就向其提

交以供批准之财务及其他资料作出知情评估。

本公司之独立核数师已就彼等之汇报责任于独

立核数师报告内作出声明。

COMPANY SECRETARY

During the Year, the Company Secretary, being an employe of the

Company, duly complied with Rule 3.29 of the Listing Rules by

taking no les than 15 hours of relevant profesional training.

SECURITIES TRANSACTIONS OF DIRECTORS

The Company has adopted Ulferts Securities Code as its own code

of conduct regarding securities transactions by Directors on no les

exacting terms than the required standard as set out in Apendix

C3 to the Listing Rules regarding the Model Code for Securities

Transactions by Directors of Listed Isuers. Having made specific

enquiry of al Directors, al of them confirmed that they had

complied with the required standard of dealings as set out in the

Ulferts Securities Code throughout the Year.

ACOUNTABILITY AND AUDIT

Financial Reporting

The Directors acknowledged their responsibilities to prepare the

anual consolidated financial statements of the Group and other

financial disclosures required under the Listing Rules. The

management has provided al members of the Board with monthly

updates on internal consolidated financial statements which give a

balanced and understandable asesment of the Group’s

performance, position and prospects.

In preparing the consolidated financial statements for the Year, the

Board adopted apropriate acounting policies and aplied them

consistently, made judgment and estimates that were prudent and

reasonable and ensured the consolidated financial statements were

prepared on a “going concern” basis (with suporting asumptions

or qualifications as necesary) and showed a true view of the state

of afairs of the Group for the Year. The management provided

suficient explanation and information to the Board on the

consolidated financial statements to enable it to make an informed

asesment of the financial and other information put before it for

aproval. The independent auditor of the Company made a

statement about their reporting responsibilities in the Independent

Auditor’s Report.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部监控

A. 宗旨及目标

内部监控乃成功经营及日常业务营运之基

础，并能协助公司达成其业务目标。适当

及有效的风险管理及内部监控系统（「风险

监控系统」）旨在管理而非消除未能实现业

务目标的风险，并仅可就重大错误陈述或

损失提供合理而非绝对保证。

风险监控系统之主要目标包括：

、准确

性及有效性；

、程序、法规及法律；

及

本集团之内部监控政策及程序定期更新，

主要目标为就风险监控系统之基本框架提

供一般指引及意见。

于本年度，本公司已检讨(i)本集团之内部

监控政策及程序，涵盖管治、营运、财务

及合规监控；及(i)主要附属公司之风险

管理职能。

B. 内部监控

风险监控系统的监控架构载列如下：

1. 管治监控

董事会董事会

• 负责整个风险监控系统并审阅其

有效性；

• 在审核委员会协助下持续监督风

险监控系统；

RISK MANAGEMENT AND INTERNAL CONTROL

A. Goals and Objectives

Internal control is fundamental to the sucesful operation and

day-to-day runing of a busines and it asists a company in

achieving its busines objectives. The apropriate and

efective risk management and internal control systems (“Risk

Control Systems”) are designed to manage rather than

eliminate risks of failure to achieve busines objectives, and

can only provide reasonable, but not absolute, asurance

against material mistatement or los.

The key objectives of the Risk Control Systems include:

;

, acuracy and validity of financial

records and reports;

, procedures, regulations

and laws; and

• promoting efectivenes and eficiency of operations.

Internal control policies and procedures within the Group are

updated regularly with the primary objective of providing

general guidance and recomendations on a basic framework

of Risk Control Systems.

A review has ben conducted on (i) the Group’s internal control

measures and procedures covering governance, operational,

financial and compliance controls; and (i) risk management

functions in the principal subsidiaries for the Year.

B. Internal Control

The control structure of the Risk Control Systems is set out as

folows:

1. Governance Controls

The Board

• responsible for the overal Risk Control Systems and

reviewing their efectivenes;

• overse the Risk Control Systems on an ongoing basis

with the asistance of the Audit Comite;

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

• 确保风险监控系统维持合适及有

效性；

• 制定有明确责任及权限的管理架

构；及

• 厘定本公司就达致战略目标所愿

承担之重大风险（包括环境、社

会及管治风险）之性质及程度，

并制定本集团之风险管理策略。

审核委员会审核委员会

• 每年检讨并与管理层讨论风险监

控系统，以确保管理层履行其职

责以维持风险监控系统之有效

性。该讨论包括本集团会计、内

部审核及财务申报职能之资源、

员工资格及经验、培训课程及预

算之充足性；

（包括环境、社会

及管治风险）之性质及程度，以

及本公司应对其业务及外部环境

变化之能力；

• 考虑内部或独立核数师提出有

关内部监控事宜的重要发现（如

有）并向董事会提出建议；及

• 每年检讨并讨论内部及独立核数

师发现及提出之重大监控失效或

缺陷。

执行委员会执行委员会

、社会及管治相关风险

监控系统之有效性，并向审核委

员会报告供其审阅。

• ensure the maintenance of apropriate and efective

Risk Control Systems;

• define management structure with clear lines of

responsibility and limits of authority; and

• determine the nature and extent of significant risks

(including ESG risks) that the Group is wiling to take

in achieving the strategic objectives and formulate the

Group’s risk management strategies.

Audit Comite

• review and discus the Risk Control Systems with the

management anualy to ensure that the management

has performed its duty to maintain efective Risk

Control Systems. This discusion includes the

adequacy of resources, staf qualification and

experience, training programs and budget of the

Group’s acounting, internal audit and financial

reporting function;

• review the nature and extent of significant risks

(including ESG risks), and the Group’s ability to

respond to changes in its busines and the external

environment;

• consider major findings on internal control maters (if

any) raised by internal or independent auditor and

make recomendations to the Board; and

• review and discus anualy with the significant

control failings or weakneses that are identified and

raised by the internal and independent auditors.

Executive Comite

• review the efectivenes of ESG-related Risk Control

Systems and report to the Audit Comite for its

review.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

管理层（包括董事总经理、业务单管理层（包括董事总经理、业务单

位、部门及分部主管）位、部门及分部主管）

• 设计及实行由高级管理层及董事

会正式批准之风险监控系统政策

及程序；

，并确保

该系统得以有效执行；

• 监察风险并采取措施降低日常营

运风险；

• 对内部或独立核数师提出之有关

内部监控事宜之发现作出及时回

应及跟进；及

• 就风险监控系统之有效性向董事

会作出书面确认。

内部审核部门内部审核部门

• 对风险监控系统所有重要监控之

充足性及有效性进行抽样分析及

独立评价；

，向管理

层报告有关审核之发现或不规范

行为（如有），及就采取必要步

骤及行动向彼等提供意见；及

• 定期向审核委员会及董事会汇报

内部审核检讨之结果及协定执行

之计划。

The management (includes Managing Director, heads of

busines units, departments and divisions)

• design and implement the Risk Control Systems policy

and procedures duly endorsed by senior management

and the Board;

• monitor the Risk Control Systems properly and ensure

that they are executed efectively;

• monitor risks and take measures to mitigate risks in

their day-to-day operations;

, and folow up the findings

on internal control maters raised by internal or

independent auditors; and

• provide writen confirmation to the Board on the

efectivenes of the Risk Control Systems.

Internal Audit Department

• cary out the analysis on sample basis and independent

apraisal of adequacy and efectivenes of the Risk

Control Systems in respect of controls of al material

aspects;

• alert the management on the audit review findings or

iregularities, if any, and advise them on the implementation

of necesary steps and actions to enhance the internal

controls of the Group; and

• report the results of internal audit reviews and agred

action plans to the Audit Comite and the Board on

regular basis.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

2. 营运监控

：管理层与相关员工

进行沟通，并审阅风险监控系统

相关文件及评估本集团风险监控

系统设计中所发现之任何不足，

就改善措施提出建议及评估实施

有关建议之有效性（倘适用）。

每年向审核委员会呈报对风险监

控系统审阅的范围及结果，并经

其审阅。

i. 程序手册及运作指引：妥为制定

以保障资产，以免未经授权使用

或处置，并确保遵守适用法律、

规则及法规存置适当会计记录，

以提供可靠财务资料供内部使用

及╱或对外刊发。

i. 采购：本集团保留一份采购库存

之经批准的供应商清单。所有供

应商及其付款条款均由董事总经

理预先批准并记录于系统。计及

库存水平及销售预测后，董事总

经理规定每月的库存采购量。库

存供应策略乃基于库存项目的老

化状况及其条件。所有寄售项目

均由董事总经理根据具体情况批

准。

iv. 品质监控：从挑选家私供应商及

产品供应的采购阶段开始：

• 供应商及生产商须提供合

规证明，例如测试报告、原

材料证书及针对电子零件

之文件。

• 向任何新家私供应商下达

采购订单前，采购团队会评

估有关供应商之工艺、产品

质量及其于行内的声誉。

2. Operational Controls

: The management comunicates

with relevant staf, reviews relevant documentation of

the Risk Control Systems and evaluates findings of

any deficiencies in the design of the Group’s Risk

Control Systems, provides recomendations for

improvement and aseses the efectivenes of

implementation of such recomendations, where

apropriate. The scope and findings of review on the

Risk Control Systems wil be reported to and reviewed

by the Audit Comite anualy.

i. Procedure manuals and operational guidelines:

They are in place to safeguard the asets against

unauthorized use or disposition and ensure

maintenance of proper acounting records that are in

compliance with the aplicable laws, rules and

regulations for the provision of reliable financial that

are information for internal use and/or external

publication.

i. Procurement: The Group maintains a list of aproved

supliers for purchase of inventory. Al supliers and

their payment terms are pre-aproved by Managing

Director and recorded in systems. Managing Director

stipulates the amount of inventory purchase each

month after taking into acount inventory level and

sales forecast. Inventory provision policy is based on

aging position of inventory items and their condition.

Al consignment items are aproved by Managing

Director on a case-by-case basis.

iv. Quality control: starting from procurement stage in

selection of furniture supliers and product ofering:

• Supliers and manufacturers are required to

produce evidence of compliance such as test

reports, raw material supliers’ certificates and

documents on electrical parts.

• Before placing purchase orders with any new

furniture supliers, the procurement team wil

ases their workmanship and product quality as

wel as their reputation in the industry.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

• 对于通常首次于国际家私

展销会展览的新设计产品，

采购团队会检测产品工艺

及安全或质量问题。采购团

队定期与检查维修团队举

行会议，就产品的任何质量

问题交换意见、讨论及解决

问题。我们亦不时聘用独立

第三方对中华人民共和国

生产品进行检测。

，工程团队在

外判生产商工厂内进行装

运前检测，透过随机抽样检

查成品之工艺及其他规格

（如尺寸、标签及包装），

以核实制成品批次在付运

前符合有关规格。

，物流

团队会于产品付运至仓库

后检查产品的数量、运输标

志及包装状况。倘若本公司

发现集装箱有任何损坏，物

流团队将通知保险经纪人

并确定检验员是否须参与

集装箱拆箱。拆箱时，物流

团队将检查包装状况寻找

瑕疵。新型号产品或来自新

供应商之产品在运抵店舖

上架之前，采购及销售团队

会对有关产品作出检查。

• 倘若任何产品因生产缺陷

而接到投诉，采购团队会连

同检查维修团队一同决定

是否要检查同一批货物同

一产品型号的其余货品，查

明同一批货物是否有类似

的生产缺陷。

• 缺陷一经发现便会向管理

层报告，而销售总监将决定

是否提出保险索赔及╱或

联络相关供应商讨适当

补救措施。

• For products of new design which are usualy first

released in the international furniture exhibitions

and fairs, the procurement team wil inspect the

products for workmanship and safety or quality

isue. Regular metings are held betwen the

procurement team and the inspection and repair

team to exchange, discus and resolve any

quality isue with the products. We also engage

independent third parties from time to time to

inspect products manufactured in the People’s

Republic of China.

, the project team

conducts pre-shipment inspection at the factory

of our outsourced manufacturers by checking of

random samples of the finished products on

workmanship and other specifications such as

size, labeling and packaging to verify that the

finished lots conform to such specifications

before delivery.

• When the cargos of our products are shiped to

Hong Kong, the logistics team wil check the

quantity, shiping mark and package condition of

the products upon their delivery to our warehouse.

If the Company discovers there is any damage to

the container, our logistics team wil inform the

insurance broker and se if surveyors ned to

atend the devaning of the container. When

devaning, the logistics team wil examine the

package condition to lok for defect. For products

of new model or from new suplier, our

procurement and sales team wil perform checking

when the gods arive at the store for display.

• If any complaint is received in respect of any

product which is atributable to manufacturing

defect, the procurement team in conjunction with

the inspection and repair team would make a

decision as to whether or not to inspect other

pieces of the same product model from the same

shipment to se if similar manufacturing defect

ocurs in the same batch of shipment.

• Our management wil be informed if defects are

found and our sales director wil decide whether

to proced with insurance claim and/or liaise with

the relevant suplier for negotiation of apropriate

remedy.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

：贴现政策

和信贷政策到位。所有折扣必须

由管理层预先批准。零售客户不

会获得任何信贷。退款必须获得

管理层批准。向经销商寄售欧化

宝╱斯林百兰产品亦必须获董事

总经理的批准。

vi. 管理资讯系统及技术：

，允许密切

追踪本集团业务之各项输

入及输出，如存货、产品、

客户资料系统及人力资源。

其亦于授权系统追踪审核

程序，据此，授权许可及责

任获明确识别及风险监控

系统可存置足够记录。

• 透明的信息流及时提醒管

理层任何偏差。以过往数据

库为基准及与之比较亦为

发现不寻常活动之检测工

具。

vi. 报告及差异分析：定期对各经营

分部进行报告及分析，故可易于

了解各销售点及各产品类别之表

现。

vi. 保障资产：投购多项一般保险，

包括为办公室、仓库及零售店资

产投购之一般意外险，以防盗

窃、抢劫、火灾及水灾。此外亦

为无法预料的营运风险投购保险

及就由供应商或生产商运送之货

物付运（并非按到岸（成本加保

险费加运费）条款）投购水险。

每年至少进行一次盘点，并且可

由营运主管规定周期计数。每日

于零售店清点现金并进行对账。

: Discount policy

and credit policy are in place. Al discounts ofered

must be pre-aproved by management. No credit is

given to retail customers. Gods refund must be

aproved by management. Consignment of Ulfenbo/

Slumberland products to dealers must be aproved

by Managing Director.

vi. Management information system and technology:

, it alows

close tracking of various inputs and outputs

of the Group’s busines such as inventory,

products, customer information system and

human resources. It also tracks audit trails in the

authorization system under which permisions and

responsibility of authorization are clearly identified

and adequate records can be maintained in the

Risk Control Systems.

• The transparent information flow alerts the

management promptly of any deviations.

Benchmarking with historical database and

comparisons with the same also act as a

detecting device for spoting unusual activities.

vi. Reports and variance analysis: Reports and analysis

of each operating segment are conducted on regular

basis such that the performance of each POS and

each product category can be easily acesible.

vi. Safeguarding of asets: A number of general

insurance policies are maintained including general

acident insurance on the aset in ofice, warehouse,

retail stores against robery, burglary, fire and

floding. Insurance for unexpected operational risks

and marine insurance for cargo shipment from

supliers or manufacturers which are not on CIF

(Cost, Insurance and Freight) terms are also

maintained. Stocktake is conducted at least once a

year and cycle counts may be prescribed by

operation head. Daily cash count at retail shops and

reconciliation is conducted.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

3. 财务监控

，确保全

面、准确及适时记录会计及管理

资料；

i. 所有资本及收入项目之年度预算

及季度预测编制后，均须先获管

理层批准方可采纳；

i. 管理层严密监控业务活动并每月

将经营之财务业绩与预算╱预测

进行对比检讨；

iv. 为管理层编制收入、贸易应收款

项账龄及应收债项账龄的定期

报告、存货账龄以及内部财务报

告，对本集团的财务表现给予持

平及可理解的评估；

v. 每月向管理层及全体董事提供内

部财务报表的更新，其中载有本

集团表现、财务状况、流动资金

及前景的持平及易于理解的评

估，并具有充足详情；

vi. 每月进行银行对账，以识别未记

录的银行交易；

vi. 独立核数师进行年度审核以确保

综合财务报表乃根据公认会计原

则、本集团之会计政策及适用的

法律及法规编制；及

vi. 审阅每日所得的资金报告，以就

现金流量与预算╱预测的对比进

行监控。

4. 合规监控

以在内部工作小组协助下（如需

要）确保任何一名或多名主要人

员得悉的任何重大资料须予及时

识别、评估及提交（倘适用）至

董事会。董事会须就披露（如需

要）作出适时决定，并采取适当

措施将内幕消息保密，直至妥善

发布内幕消息为止；

3. Financial Controls

i. proper controls are in place for the recording of

complete, acurate and timely acounting and

management information;

i. anual budget and quarterly forecast on al capital

and revenue items are prepared and aproved by the

management before being adopted;

i. the management monitors the busines activities

closely and reviews monthly financial results of

operations against budgets/forecast;

iv. regular reports on revenue, trade receivables’ ageing

and debtors’ ageing, stock ageing and internal financial

reports are prepared to the management which give a

balanced and understandable asesment of the

Group’s financial performance;

v. monthly updates on internal financial statements are

provided to management and al Directors which give

a balanced and understandable asesment of the

Group’s performance, financial position, liquidity and

prospects in suficient details;

vi. bank reconciliation is performed on monthly basis to

identify unrecorded bank transactions;

vi. anual audit by independent auditor is caried out to

ensure that the consolidated financial statements are

prepared in acordance with generaly acepted

acounting principles, the Group’s acounting

policies and the aplicable laws and regulations; and

vi. daily available fund report is reviewed to monitor the

cash flows against budgets/forecast.

4. Compliance Controls

i. Systems and procedures on disclosure of inside

information to ensure, with the asistance of an internal

work team (if required), that any material information

which comes to the knowledge of any one or more

oficers should be promptly identified, asesed and

escalated, where apropriate, for the atention of the

Board. The Board shal make timely decisions on

disclosure, if necesary, and take apropriate measures

to preserve confidentiality of inside information until

proper disemination of inside information;

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

i. 有关遵守法律及监管规定之政策

与常规会由董事会委派之企业

管治委员会定期检讨及监察，确

保本集团遵守所有适用法律、法

规、规则及规例，并跟上任何法

律发展；

i. 设立持续关连交易合规委员会以

监察、监控及定期检讨本集团之

关连交易及持续关连交易，并确

保妥为符合一切相关法律及法

规、上市规则及披露规定；

iv. 制定举报政策，旨在为本集团雇

员及与本集团有业务往来的相关

第三方（如客户及供应商）提供

举报渠道及指引，以保密方式就

本集团内部的任何可疑不当行为

或舞弊提出关注及匿名举报。由

董事会授权的审核委员会须确保

作出适当安排，以公平及独立调

查所提出的任何疑虑，采取适当

后续行动，并在认为合适的情况

下提供其他建议；

，以概述本集团

对贿赂及贪污的零容忍立场，并

协助雇员识别可能导致或疑似涉

及贪污或不道德商业行为的情

况，从而避免有关明确禁止的行

为，及于必要时尽快寻求指引，

或通过适当举报渠道向管理层报

告任何合理怀疑之贪污个案或任

何有关企图；及

vi. 制定反洗钱及反恐融资政策及程

序，以载列打击洗钱及为恐怖主

义融资犯罪的总体框架。其提供

指导方针，以防止本集团的雇员

及顾客╱客户╱供应商╱供货

商╱承包商被滥用于洗钱、恐怖

主义融资或其他金融犯罪，并载

明若干潜在可疑交易╱活动的迹

象，供雇员参考。

i. Policies and practices on compliance with legal and

regulatory requirements which shal be reviewed and

monitored regularly by the CG Comite as delegated

by the Board in order to ensure that the Group is in

compliance with al the aplicable laws, statues, rules

and regulations and kep up on any legal developments;

i. Continuing Conected Transaction Compliance

Comite is established to monitor, control and

regularly review conected transactions and continuing

conected transactions of the Group and ensure proper

compliance with al relevant laws and regulations, the

Listing Rules and disclosure requirements;

iv. Whistle-blowing policy is established to provide

reporting chanels and guidance for employes and

related third parties who have busines dealings with

the Group (e.g. customers and supliers) to raise

concerns and anonymity, in confidence, about any

suspected misconduct or malpractice within the

Group. The Audit Comite, delegated by the Board,

shal ensure that proper arangements are in place for

fair and independent investigation of any concerns

raised, apropriate folow-up actions are taken and

other recomendations are provided, if thinks fit;

v. Anti-coruption policy is established to outline the

Group’s zero-tolerance stance against bribery and

coruption and asists employes in recognizing

circumstances that may lead to or give the apearance

of being involved in coruption or unethical busines

conduct, so as to avoid such conduct which is clearly

prohibited, and to promptly sek guidance where

necesary or report any reasonably suspected case of

coruption or any atempts thereof, to the management

through an apropriate reporting chanel; and

vi. Anti-money laundering and counter-terorist

financing policy and procedures is established to

set out the general framework for combating crime

against money laundering and financing of terorism.

It provides guideline to prevent the Group’s employes

and clients/customers/supliers/vendors/contractors

from being misused for money laundering, terorist

financing or other financial crime and has set

out some indications of potentialy suspicious

transactions/activities for employes’ reference.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

检讨内部监控

由内部审核部门定期测试内部监控的有效性。

内部审核检讨及经协定之执行计划应适时向审

核委员会及董事会汇报。

C. 风险管理

1. 风险管理程序

管理层定期检讨本集团面临的整体

风险及市场环境变化。风险管理程序

包括风险识别、评估、管理及监控措

施。

管理层获委派于其责任及权力范围

内识别、分析、评估、应对、监察及

传达与任何活动、职务或程序有关风

险。董事会及管理层根据(i)风险对本

集团财务业绩造成之影响之严重性；

(i)风险发生之概率及频率；及(i)风

险发生之速度或速率，对风险进行评

估。

根据风险评估，本公司将按以下方式

管理风险：

(cid:129) 风险消除－管理层可识别及实施

若干变动或监控，以完全消除风

险。

(cid:129) 减低风险水平－管理层可实施风

险缓解计划，旨在使风险之可能

性、速度或严重性降低至可接受

水平，或就潜在亏损情境制定应

变方案。

(cid:129) 风险监控及监察－涉及对可接纳

风险及如何应对不可接纳风险作

出决定；而作为管理风险之一部

分，对涉及造成损失或接近损失

之事故及其他情况将进行调查并

妥为存档。

(cid:129) 维持风险水平－管理层可确定基

于风险评级属于低而风险属可接

受水平而毋须采取任何措施以及

作为风险管理计划的一部分，将

继续监察风险以确保风险不会上

升至不可接受水平。

Review of Internal Controls

Efectivenes of internal controls is tested by Internal Audit

Department regularly. Internal audit reviews and agred action

plans should be reported to the Audit Comite and the Board on

timely basis.

C. Risk Management

1. Risk Management Proces

The management regularly reviews overal risks facing by

the Group and changes in market environment. The risk

management proces includes risk identification,

evaluation, management and control measures.

The management is entrusted with duties to identify,

analyze, evaluate, respond, monitor and comunicate

risks asociated with any activity, function or proces

within its scope of responsibility and authority. Risks are

evaluated by the Board and management based on (i) the

severity of the impact of the risks on the Group’s financial

results; (i) the probability and frequency that the risks wil

ocur; and (i) the velocity or sped at which risks can

ocur.

Based on the risk evaluation, the Company wil manage

the risks as folows:

(cid:129) Risk elimination – the management may identify and

implement certain changes or controls that in efect

eliminate the risk entirely.

(cid:129) Risk mitigation – the management may implement

risk mitigation plan designed to reduce the likelihod,

velocity or severity of the risk to an aceptable level

or contingency plan for posible los scenarios.

(cid:129) Risk control and monitoring – it involves making

decisions regarding which risks are aceptable and

how to adres those that are not; acidents and

other situations involving los or near-los wil be

investigated and properly documented as part of the

efort to manage risks.

(cid:129) Risk retention – the management may decide that the

risk rating is low enough that the risk is at aceptable

level and no action is required and the risk wil

continue to be monitored as part of the risk

management program to ensure the level of risk does

not increase to an unaceptable level.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

2. 重大风险及策略

本集团已透过风险识别及评估程序识

别若干重大风险（包括环境、社会及

管治风险）。本集团所面临的该等重

大风险以及其主要策略╱控制措施载

列如下：

、激烈的市场竞争以及i. 经济下行、激烈的市场竞争以及

对手之间的价格战导致消费需求对手之间的价格战导致消费需求

下降下降

面对不利的市场状况，本集团：

• 积极管理本集团的地域据

点并开发包括线上购物在

内的代替销售渠道；

包括人力资源精简计划、与

业主协商租金优惠╱减免、

合并及关闭亏损陈列室；

• 提供更多促销折扣以提高

销售；及

• 引入新品牌及提升协同效应

以获得新市场分部及渠道。

i. 依赖香港市场i. 依赖香港市场

为分散市场风险，本集团开发在

线选择，不受地域限制。

2. Significant Risks and Strategies

Certain significant risks (including ESG risks) have ben

identified through the proces of risk identification and

asesment. Such significant risks of the Group and their

key strategies/control measures are set out below:

i. Decline in consumption demand resulted from downturn in

economic, ken market competition and price war among

the rivals

Facing the unfavorable market situation, the Group:

’s geographical

presences and develops alternative sales chanel

including online shoping;

• optimizes busines operations and shop

establishments;

• takes stringent cost control measures including

human resources streamline plan, rental concesion/

reduction negotiation with landlord, consolidation

and close los-making showroms

;

;

and

• introduces new products and improves synergy

to gain new market segment and chanels.

i. Reliance on Hong Kong market

To diversify the market exposure, the Group explores

online option with no teritorial limitation.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

i. 店舖位置及租金开支i. 店舖位置及租金开支

店舖租金始终是本集团的主要成

本组成部分。店舖租金的重大波

动可能会影响本集团的盈利能

力。本公司力求通过以下方式监

察及监控租金开支：

• 与业主及发展商建立良好

关系，及时了解附近物业的

租金情况，以便在需要时更

换陈列室。

• 在合理水平上探索具有良

好潜力的其他地点。亦会评

估附近竞争对手的客流量

及相对位置。

，以确定

财务可行性。

• 密切监控个体店舖的业绩

和盈利能力，以厘定其续期

选择。

以在设立长期陈列室前进

一步了解该地的人流量及

消费能力。

• 严谨地检讨及巩固其销售

点及路演，以考虑消费减少

的影响。

，并寻

求在租赁协议中引入中断

条款，以在业务进一步低迷

情况下提供灵活性。

• 重新组织和优化仓库空间

的使用，以减少仓库租金。

i. Shop location and rental expenses

Shop rental is always the key cost component of the

Group. The significant fluctuation of shop rents may

afect the Group’s profitability. The Company seks to

monitor and control rental expenses in the folowing

ways:

• Establish god relationship with landlords and

developers, kep abreast of rental of premises in

the vicinity to cater for showrom replacement, if

required.

• Explore other locations with god potential at

reasonable level. Trafic and relative position to

competitors nearby are also evaluated.

• Perform profitability forecast to determine

financial viability.

• Closely monitor individual shop performance and

profitability to determine their renewal options.

• Set up pop up stores at low rent to learn more

about the fot trafic and spending power of the

location before seting up a long-term showrom.

• Criticaly review and consolidate its POS and

roadshows to take into acount the impact of

decline in consumption.

• Negotiate with landlords for rental reduction and

sek to introduce break clause in the tenancy

agrements to provide flexibility in case of further

downturn in busines.

• Reorganize and optimize the use of warehouse

space to reduce warehouse rental.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

iv. 产品选择iv. 产品选择

产品选择乃本集团应关注区域，

以确保我们在竞争中保持领先地

位：

• 本集团维持深谙市场趋势

的高质素采购团队。

，以审查

销售趋势及产品市场反应。

，以了

解最新产品趋势及市场资

讯。

• 收集客户对产品提升的反

馈。

v. 存货周转管理v. 存货周转管理

更高或更快的存货周转会降低现

金转换周期。本集团已制定有效

的存货周转管理：

• 定期审查库存账龄状况以

及与销售预测及市场趋势

比较。

• 与制造商保持密切的业务

关系及沟通，以争取最佳与

及时之供应。

• 为库存账龄较长的物品进

行议价销售。

• 甄选并无最低订单量的供

应商。

vi. 欺诈者通过深度学习人工智能模vi. 欺诈者通过深度学习人工智能模

型抓住机会生成深度伪造并将其型抓住机会生成深度伪造并将其

用于身份欺诈及其他类型的诈骗用于身份欺诈及其他类型的诈骗

，并在遵

循指示及进行付款之前反

覆确认。

• 及时了解及教育员工有关

最新的网络威胁及欺诈。

iv. Product selection

Product selection is the area where the Group should

focus on in order to make sure that we stay ahead of

the competition:

• The Group maintains a high quality purchasing

team with god market trend knowledge.

• Regular sales meting to review the sales trend

and market response to products.

• Visit supliers and furniture fairs to kep abreast

of latest product trend and market information.

• Colect customer fedback on product improvements.

v. Inventories turnover management

A higher, or quicker, inventory turnover decreases the

cash conversion cycle. An efective inventories

turnover management is in place:

• Regular review on inventory ageing position and

compare with sales forecast and market trend.

• Maintain close busines relationship and

comunication with manufacturers to strive for

optimal and timely suply.

• Hold bargain sale for long aged items.

• Select supliers that have no minimum order

quantity.

vi. Fraudsters seized the oportunity to generate depfakes

with dep learning artificial inteligence models and use

them for identity fraud and other kinds of scams

• Take extra precautions and double confirm before

folowing instructions and make payments.

• Stay informed and educate staf on the latest

cyber threats and fraud.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

vi. 网vi. 网络安全风险络安全风险

• 本公司会定期审视资讯科

技设施并修补漏洞。

• 具风险的外部互联网协议

地址会遭阻截。

• 电子邮件会过滤垃圾邮件

及恶意软件，并提供危险邮

件附件相关培训。

• 在所有计算机上安装特定

勒索软件╱病毒检测软件。

• 本集团严格控制及定期检

讨其系统的访问权限。

，以进行恢复。

vi. 贸易之可收回性vi. 贸易之可收回性

• 新客户的信贷额度及期限

由财务总监及╱或董事总

经理批准。

• 定期检讨及密切监控应收

款项的账龄状况。

D. 管理层确认

董事会确认已接获管理层于本年度就本集

团之风险监控系统成效之确认书。审核委

员会及董事会经检讨风险监控系统后，并

不知悉任何将对本集团风险监控系统在营

运、财务及合规方面之成效及充足性产生

重大不利影响之重大事宜。

vi. Cyber security risk

’s information technology

infrastructure is regularly scaned and patched.

• Risky external Internet Protocol adreses are

blocked.

• Emails are filtered for spam and malware and

training about dangerous email atachments are

provided.

/virus detection

software in al computers.

’s systems are strictly

controled and regularly reviewed.

• Regular backups of data for recovery.

• Kep software up to date.

vi. Colectability of trade

• Credit limit and period of new customers is

aproved by Financial Controler, and/or

Managing Director.

• Review regularly and closely monitor ageing

position of receivables.

D. Management Confirmation

The Board acknowledged that it had received a confirmation

from the management on the efectivenes of the Risk Control

Systems of the Group for the Year. The Audit Comite and the

Board, upon reviewing the Risk Control Systems, were not

aware of any significant isues that would have a material

adverse impact on the efectivenes and adequacy of the

Group’s operational, financial and compliance areas of the Risk

Control Systems.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

股息政策

本公司已采纳股息政策，订明董事会厘定将分

配予股东之适当股息金额之原则。本公司拟根

据其股东应占之盈利，向股东支付定期中期及

末期股息（视情况而定），当中已考虑该政策

所载因素，其中包括(i)业务营运之现金流量要

求；(i)可用现金、金融负债和资本承诺；(i)

市场环境和挑战；及(iv)未来的发展和投资机

会。宣派股息或就此派付之建议须遵守所有

适用法律、规则及规例，包括但不限于上市规

则、公司条例及章程细则。

与股东之沟通

本公司的股东传讯政策（可于本公司网站查

阅）规定与股东（个人及机构）以及在适当情

况下与整个投资界保持续有效沟通的策略、

实务及承诺，以使彼等与本公司保持沟通联

系，并在知情况下行使彼等作为股东的权

利。为此，本公司致力确保全体股东可随时及

及时取得本集团所有公开资料。为推动与股

东及投资界的沟通，本公司已建立多个沟通

渠道，详情如下：(i)举行股东周年大会及可

能就特定目的召开之股东特别大会（如有），

借以提供机会让股东直接与董事会沟通；(i)

根据上市规则之规定刊发公告、年报、中期报

告及╱或通函及提供本集团最新资料之新闻

稿；(i)发放本集团之最新资料于本公司网站

htps:/w.UlfertsIntl.com；(iv)不时举行记

者招待会；及(v)于必要时与投资者及分析员会

面。

本公司于公布财务业绩时作出全面发布，及不

时与机构股东对话。本公司欢迎股东及投资者

浏览本公司网站以透过投资者关系部门查询，

该部门之联络详情可于本公司网站及本年报

「公司资料及重要日期」一节查阅。

DIVIDEND POLICY

The Company had adopted a dividend policy seting out the

principles for the Board to determine apropriate amount of

dividend to be distributed to the Shareholders. The Company

intends to provide Shareholders with regular interim and final

dividends (as the case may be) based on the earnings atributable

to its Shareholders after taking into consideration of the factors as

stated in the policy, including inter alia, (i) cash flow requirements

for busines operations; (i) cash available, financial liabilities and

capital comitment; (i) market environment and chalenges; and

(iv) future development and investment oportunities. The

declaration of dividends or recomendation on such payment shal

be subject to al aplicable laws, rules and regulations including

but not limited to the Listing Rules, the Companies Ordinance and

the Articles of Asociation.

COMUNICATION WITH SHAREHOLDERS

The Company’s Shareholders’ Comunication Policy (available on

the website of the Company) sets out the strategies, practices and

comitment for maintaining ongoing and efective comunication

with Shareholders, both individual and institutional, and in

apropriate circumstances, the investment comunity at large so as

to enable them to engage with the Company and exercise their rights

as Shareholders in an informed maner. To this end, the Company

strives to ensure that al Shareholders have ready and timely aces

to al publicly available information of the Group. To facilitate

comunication with the Shareholders and the investment comunity,

the Company has established various comunication chanels, as

folows: (i) the holding of AGMs and extraordinary general metings,

if any, which may be convened for specific purposes to provide

oportunities for the Shareholders to comunicate directly with the

Board; (i) the publication of anouncements, anual reports, interim

reports and/or circulars as required under the Listing Rules and

pres releases providing updated information of the Group; (i) the

availability of latest information of the Group on the Company’s

website at htps:/w.UlfertsIntl.com; (iv) the holding of pres

conference(s) from time to time; and (v) meting with investors and

analysts when necesary.

General presentations are made by the Company when financial

results are anounced and dialogue with institutional Shareholders

is made from time to time. Shareholders and investors are welcome

to visit the Company’s website to raise enquiries through our

Investor Relations Department whose contact details are available

on the Company’s website and the “Corporate Information and Key

Dates” section of this anual report.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会主席及董事会委员会主席╱成员、适

当的管理行政人员及独立核数师（视乎情况而

定）均会出席股东大会，以回答股东提问。

本公司须每年检讨股东传讯政策以确保其实施

及成效。经考虑现有多种沟通及参与渠道，董

事会信纳股东传讯政策于本年度妥善实施及持

续有效。

股东之权利

根据企业管治守则须予披露之若干股东权利之

摘要如下：

召集╱召开股东大会之权利

倘股东拥有占全体有权于股东大会上投票之股

东之总投票权最少5%，则可要求董事召开本

公司股东大会。提出要求的股东必须在其要求

中说明大会上所要处理事宜的一般性质，并可

纳入会议上动议的决议案文件内。要求可包含

多份格式相似之文件，并可以列印本或电子版

本送至本公司注册办事处予公司秘书且必须经

提出要求的股东确认。董事会于核实该要求后

21日内召开股东大会。相关大会须于不超过召

开大会通告日期后28日之日期举行且相关通告

必须包含决议案之通告。

倘董事未按以上所述于21日内召开股东大会，

则占全体该等股东的总投票权过半数的股东，

可自行召开股东大会，但如此召开之大会须在

董事收到召开大会要求后不超过三个月举行。

The Chairman of the Board and the chairman/members of the Board

Comites, apropriate management executives and the

independent auditor (as the case may be) are available to atend

the general metings to answer questions from the Shareholders.

The Company shal review the Shareholders’ Comunication Policy

anualy to ensure its implementation and efectivenes. Having

considered the multiple chanels of comunication and

engagement in place, the Board is satisfied that the Shareholders’

Comunication Policy was properly in place during the Year and

remains efective.

SHAREHOLDERS’ RIGHTS

Set out below is a sumary of certain rights of the Shareholders as

required to be disclosed pursuant to the CG Code:

Right to Convene/Cal General Metings

Shareholders representing at least 5% of the total voting rights of al

Shareholders having a right to vote at general metings may

request the Directors to cal a general meting of the Company. The

requesting Shareholders must state in their request the general

nature of the busines to be dealt with and may include the text of a

resolution to be moved at the meting. The request may consist of

several documents in like form and may be sent to the registered

ofice of Company for the atention of the Company Secretary in

hard copy form or in electronic form and must be authenticated by

the requesting Shareholders. Having verified request, the Board wil

convene a general meting within 21 days. Such meting must be

held on a date not more than 28 days after the date of the notice

convening the meting and such notice must include notice of the

resolution.

If the Directors do not within 21 days as stated above to cal a

general meting, the requesting Shareholders representing more

than one half of the total voting rights of al of them, may

themselves cal a general meting, but the meting so convened

must be caled for a date not more than 3 months after the Directors

become subject to the requirement to cal a meting.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

于股东周年大会上提呈建议

(i)占全体有投票权的股东最少2.5%之股东；

或(i)最少50名有权于股东周年大会上就决议

案投票之股东可要求本公司发出关于将在该会

议上动议决议案的通告。该要求须指出有待于

股东周年大会上动议之决议案，须经相关股东

认证并不迟于相关股东周年大会或（如较后）寄

发股东周年大会通告时间前6个星期以列印本

或电子版送至本公司予公司秘书。

提名他人参选董事

股东提名他人参选董事之程序可于本公司网站

查阅。

股东查询

股东可向本公司之股份过户登记处联合证券登

记有限公司查询彼等之持股情况。股东之其他

查询可向本公司投资者关系部门作出。

组织章程文件

于本年度，本公司的组织章程文件并无重大变

动。

核数师之独立性及酬金

审核委员会获授权根据适用之准则审阅及监察

核数师之独立性，以确保综合财务报表审核程

序之客观性及有效性。审核委员会成员认为，

安永会计师事务所（「安永」）属独立人士并建议

董事会于2025年股东周年大会上提呈续聘其

为本公司之独立核数师。于本年度内，安永曾

向本集团提供核数及非核数服务。于本年度，

就安永提供之核数服务及非核数服务之费用分

别为700,000港元及零港元。

Puting Forward Proposals at AGMs

Shareholder(s) representing (i) at least 2.5% of the total voting

rights of al Shareholders; or (i) at least 50 Shareholders having a

right to vote on the resolution at the AGM may request the Company

to circulate a notice of a resolution to be moved at that meting.

Such request must identify the resolution to be moved at the AGM,

must be authenticated by the relevant Shareholder(s) and sent to

the Company for the atention of the Company Secretary in hard

copy form or in electronic form not later than 6 weks before the

relevant AGM or if later, the time when the notice of AGM is

despatched.

Proposing a Person for Election as a Director

The procedures for the Shareholders to propose a person for

election as a Director are available for viewing on the Company’s

website.

Enquires from Shareholders

Shareholders should direct their enquiries about their shareholdings

to the Company’s share registrar, Union Registrars Limited. Other

Shareholders’ enquiries can be directed to the Investor Relations

Department of the Company.

CONSTITUTIONAL DOCUMENTS

There were no significant changes in the Company’s constitutional

documents during the Year.

AUDITOR’S INDEPENDENCE AND REMUNERATION

The Audit Comite is mandated to review and monitor the

independence of the auditor to ensure objectivity and the

efectivenes of the audit proces of the consolidated financial

statements in acordance with aplicable standards. Members of

the Audit Comite were of the view that Mesrs. Ernst & Young

(“EY”) was independent and recomended the Board to propose its

re-apointment as the Company’s independent auditor at the 2025

AGM. During the Year, EY had rendered audit and non-audit

services to the Group. The fes in respect of audit and non-audit

services provided by EY for the Year amounted to HK$700,000 and

nil, respectively.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

To the members of Ulferts International Limited

(Incorporated in Hong Kong with limited liability)

Opinion

We have audited the consolidated financial statements of Ulferts

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

“Group”) set out on pages 63 to 135, which comprise the

consolidated statement of financial position as at 31 March 2025,

and the consolidated statement of profit or los and other

comprehensive income, the consolidated statement of changes in

equity and the consolidated statement of cash flows for the year

then ended, and notes to the consolidated financial statements,

including material acounting policy information.

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

fair view of the consolidated financial position of the Group as at 31

March 2025, and of its consolidated financial performance and its

consolidated cash flows for the year then ended in acordance with

HKFRS Acounting Standards as isued by the Hong Kong Institute

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

prepared in compliance with the 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.

致欧化国际有限公司股东

（于香港注册成立之有限公司）

意见

我们已审计列载于第63页至第135页的欧化国

际有限公司（「贵公司」）及其附属公司（「贵集

团」）的综合财务报表，此综合财务报表包括于

2025年3月31日的综合财务状况表与截至该

日止年度的综合损益及其他全面收益表、综合

权益变动表及综合现金流量表，以及综合财务

报表附注，包括重大会计政策资料。

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》真实而公允地反映了贵

集团于2025年3月31日的综合财务状况及截

至该日止年度的综合财务表现及综合现金流

量，并已遵照香港《公司条例》的披露规定妥为

编制。

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」部分中作进一

步阐述。根据香港会计师公会颁布的《专业会

计师道德守则》（「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。

Key audit matter 关键审计事项	How our audit addressed the key audit matter 我们的审计如何处理关键审计事项

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit maters

Key audit maters are those maters that, in our profesional

judgement, were of most significance in our audit of the

consolidated financial statements of the curent period. These

maters were adresed in the context of our audit of the

consolidated financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate opinion on these

maters. For each mater below, our description of how our audit

adresed the mater is provided in that context.

We have fulfiled the responsibilities described in the Auditor’s

responsibilities for the audit of the consolidated financial statements

section of our report, including in relation to these maters.

Acordingly, our audit included the performance of procedures

designed to respond to our asesment of the risks of material

mistatement of the consolidated financial statements. The results

of our audit procedures, including the procedures performed to

adres the maters below, provide the basis for our audit opinion

on the acompanying consolidated financial statements.

Write-down of inventories to net realisable value

撇减存货至可变现净值

The Group had inventories with a carying amount of

aproximately HK$30,230,000 as at 31 March 2025.

The Group periodicaly reviews the net realisable

value of inventories to determine whether any write-

down of inventories to their net realisable value is

required. In estimating the net realisable value of

inventories, the Group considers, inter alia, the nature,

ageing and condition of inventories, curent market

condition and other relevant factors.

贵集团于2025年3月31日有账面值约30,230,000港元

之存货。贵集团对存货之可变现净值进行定期审查，以

厘定是否需要将存货撇减至可变现净值。于估计存货之可

变现净值时，本集团会考虑（其中包括）存货之性质、库龄

及状态、现行市况及其他有关因素。

We evaluated management’s asesment of whether

the Group’s inventories were stated at the lower

of cost and net realisable value. Our procedures

included evaluating the methodologies, inputs and

asumptions used by the Group in determining the net

realisable value of inventories and the write-down of

inventories required, with reference to, inter alia, the

nature, ageing and condition of inventories, historical

and subsequent sales information, and curent market

condition.

我们已评核管理层就贵集团之存货是否按成本与可变现

净值之间的较低值呈列所作之评估。我们的评核程序包括

评核贵集团在厘定存货之可变现净值及所需之存货撇减

时所运用之方法、输入数据及假设，当中参考（其中包括）

存货之性质、库龄及状态，过往及往后销售资料，以及现

行市况。

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

些事项是在对综合财务报表整体进行审计并形

成意见的背景下进行处理的，我们不对这些事

项提供单独的意见。我们对下述每一事项在审

计中是如何应对的描述也以此为背景。

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」部分阐述的责任，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为应对评估的综合财务报

表重大错报风险而设计的审计程序。我们执行

审计程序的结果，包括应对下述关键审计事项

所执行的程序，为综合财务报表整体发表审计

意见提供了基础。

Key audit matter 关键审计事项	How our audit addressed the key audit matter 我们的审计如何处理关键审计事项

Key audit matter 关键审计事项	How our audit addressed the key audit matter 我们的审计如何处理关键审计事项

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit maters (continued)

Write-down of inventories to net realisable value (continued)

撇减存货至可变现净值（续）

The determination of the net realisable value of

inventories requires management to make significant

asumptions and estimates that afect the reported

amount of inventories and related disclosures.

厘定存货之可变现净值需要管理层作出重大假设及估计，

其可影响存货之申报金额及相关披露。

We focused on this mater due to the magnitude of the

balance involved and the significant acounting

judgements and estimates required in estimating the

net realisable value of inventories.

由于有关结余之金额庞大，且估计存货之可变现净值需要

运用重大会计判断及估计，故我们把注意力放在这事项。

The related disclosures are included in notes 3 and 14

to the consolidated financial statements.

相关披露资料载于综合财务报表附注3及14。

Impairment asesment on property, plant and equipment and right-of-use asets

物业、厂房及设备以及使用权资产之减值评估

The Group’s management performed impairment

asesment on property, plant and equipment and

right-of-use asets as they considered that there

were indicators of impairment of property, plant and

equipment and right-of-use asets as at 31 March

2025 due to loses recorded by the Group for the

year. The recoverable amounts of property, plant and

equipment and right-of-use asets were estimated

based on value-in-use calculations.

由于贵集团于本年度录得亏损，贵集团管理层认为物

业、厂房及设备以及使用权资产于2025年3月31日出现

减值迹象，故对物业、厂房及设备以及使用权资产进行减

值评估。物业、厂房及设备以及使用权资产之可收回金额

乃根据使用价值计算作出估计。

We evaluated the Group’s policy and procedures

in identifying impairment indicators and asesed

management’s significant asumptions used in

the value-in-use calculations by (i) comparing the

budgeted turnover and operating expenses with

historical results; (i) asesing the sensitivity of

management’s estimates and asumptions used in

evaluating whether a reasonably posible change

in asumptions could cause the carying amounts

to exced their recoverable amounts; and (i) we

also involved our internal valuation specialists to

asist us in asesing the valuation methodology and

calculation of the value-in-use, including the discount

rate.

我们透过(i)比较预算营业额及经营开支与历史业绩；(i)评

估管理层于评估假设的合理可能变动是否会导致账面值超

过其可收回金额时使用的估计及假设的敏感度；及(i)我

们亦委聘内部估值专家协助我们评估值方法及计算使用

价值（包括贴现率），评估贵集团于确定减值指标之政策

及程序，及评估管理层于使用价值计算中所用的重大假设。

关键审计事项（续）

Key audit matter 关键审计事项	How our audit addressed the key audit matter 我们的审计如何处理关键审计事项

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审计事项（续）

载于年度报告内其他信息

贵公司董事须对其他信息负责。其他信息包括

刊载于年度报告内的信息，但不包括综合财务

报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他信

息，我们亦不对该等其他信息发表任何形式的

鉴证结论。

结合我们对综合财务报表的审计，我们的责任

是阅读其他信息，在此过程中，考虑其他信息

是否与综合财务报表或我们在审计过程中所瞭

解的情况存在重大抵触或者似乎存在重大错报

的情况。基于我们已执行的工作，如果我们认

为其他信息存在重大错报，我们需要报告该事

实。在这方面，我们没有任何报告。

Key Audit Maters (continued)

Impairment asesment on property, plant and equipment and right-of-use asets (continued)

物业、厂房及设备以及使用权资产之减值评估（续）

During the year, the Group recorded impairment of

property, plant and equipment and right-of-use asets

of HK$1,715,000 and HK$14,367,000, respectively,

to reduce the carying amounts of these asets to the

recoverable amounts.

年内，贵集团录得物业、厂房及设备以及使用权资产减

值分别为1,715,000港元及14,367,000港元，以将该等

资产的账面值减少至可回收金额。

Significant judgements and estimates were involved

in the asesment of the recoverable amounts of the

property, plant and equipment and right-of-use asets.

评估物业、厂房及设备以及使用权资产之可收回金额涉及

重大判断及估计。

The related disclosures are included in notes 3, 12

and 13 to the consolidated financial statements.

相关披露资料载于综合财务报表附注3、12及13。

In adition, we evaluated the adequacy of financial

statement disclosures relating to impairment of

property, plant and equipment and right-of-use asets.

此外，我们评估财务报表是否充分披露物业、厂房及设备

以及使用权资产之减值。

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.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

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 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.

Auditor’s responsibilities for the audit of the

consolidated financial statements

Our objectives are to obtain reasonable asurance about whether

the consolidated financial statements as a whole are fre from

material mistatement, whether due to fraud or eror, and to isue

an auditor’s report that includes our opinion. Our report is made

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

Hong Kong Companies Ordinance, and for no other purpose. We do

not asume responsibility towards or acept liability to any other

person for the contents of this report.

Reasonable asurance is a high level of asurance, but is not a

guarante that an audit conducted in acordance with HKSAs wil

always detect a material mistatement when it exists. Mistatements

can arise from fraud or eror and are considered material if,

individualy or in the agregate, they could reasonably be expected

to influence the economic decisions of users taken on the basis of

these consolidated financial statements.

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》拟备真实而公允的综合财务报表，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报所需的内部控制负

责。

在拟备综合财务报表时，董事负责评估贵集

团持续经营的能力，并在适用情况下披露与持

续经营有关的事项，以及使用持续经营为会计

基础，除非董事有意将贵集团清盘或停止经

营，或别无其他实际的替代方案。

审核委员会协助贵公司董事履行职责，监

督贵集团的财务报告过程。

核数师就审计综合财务报表承担的

责任

我们的目标是对综合财务报表整体是否不存在

由于欺诈或错误而导致的重大错误陈述取得合

理保证，并出具包括我们意见的核数师报告。

我们根据香港《公司条例》第405条仅对全体

股东作出报告，除此以外，本报告并无其他用

途。我们不会就核数师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

报存在时总能发现。错报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，则有关的错报可被视作重大。

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Auditor’s responsibilities for the audit of the

consolidated financial statements (continued)

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.

, 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.

核数师就审计综合财务报表承担的

责任（续）

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：

(cid:129) 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报的风险，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

报的风险高于未能发现因错误而导致的重

大错报的风险。

(cid:129) 了解与审计相关的内部控制，以设计适当

的审计程序，但目的并非对贵集团内部

控制的有效性发表意见。

(cid:129) 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。

(cid:129) 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

师报告止日所取得的审计凭证。然而，未

来事项或情况可能导致贵集团不能持续

经营。

(cid:129) 评价综合财务报表包括披露的整体列报方

式、结构和内容，以及综合财务报表是否

公允反映交易及事项。

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Auditor’s responsibilities for the audit of the

consolidated financial statements (continued)

• 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 Chung Chi Ming (practising certificate number:

P06758).

Ernst & Young

Certified Public Acountants

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

25 June 2025

核数师就审计综合财务报表承担的

责任（续）

(cid:129) 就贵集团内实体或业务单位的财务信息

策划并进行集团审计以获取充足、适当的

审计凭证，就综合财务报表奠定意见之基

础。我们负责领导、督导及检讨就集团审

计进行之审计工作。我们为审计意见承担

全部责任。

除其他事项外，我们与审核委员会沟通了计划

的审计范围、时间安排、重大审计发现等，包

括我们在审计中识别出内部控制的任何重大缺

陷。

我们还向审核委员会提交声明，说明我们已符

合有关独立性的相关专业道德要求，并与他们

沟通有可能合理地被认为会影响我们独立性的

所有关系及其他事项，以及在适用的情况下，

为消除所适用的威胁或保障而采取的行动。

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，除非法律或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钟

志明（执业证书编号：P06758）。

安永会计师事务所

执业会计师

香港鲗鱼涌

英皇道979号

太古坊一座27楼

2025年6月25日

		2025	2024
	Notes 附注	HK$’000 千港元	HK$’000 千港元
153,021
(64,717)
88,304
4,321
(88,762)
(22,318)
(16,082)
(1,645)
(36,182)
(4,836)
(41,018)
(41,018)
(5.13)

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

Year ended 31 March 2025 截至2025年3月31日止年度

		2025	2024
	Notes 附注	HK$’000 千港元	HK$’000 千港元
308
–
1,676
–
1,984
30,230
2,258
16,980
27,268
76,736
1,012
25,463
16,595
7,972
1,090
52,132
24,604
26,588
1,871
1,024
2,895
23,693

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

31 March 2025 2025年3月31日

		2025	2024
	Note 附注	HK$’000 千港元	HK$’000 千港元
110,337
(86,644)
23,693

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

31 March 2025 2025年3月31日

Yeung Ching Long, AlexanderChan Chuen Yin

杨政龙陈传贤

DirectorDirector

董事董事

	Share capital 股本	Accumulated losses 累计亏损	Total equity 权益总额
	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元

110,337	(45,626)	64,711
–	(41,018)	(41,018)
110,337	(86,644)	23,693

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

Year ended 31 March 2025 截至2025年3月31日止年度

At 1 April 2023 于2023年4月1日110,337(20,620)89,717

Los and total comprehensive los for the year

年内亏损及全面亏损总额

–(25,006)(25,006)

At 31 March 2024 and 1 April 2024

于2024年3月31日及2024年4月1日

Los and total comprehensive los for the year

年内亏损及全面亏损总额

At 31 March 2025 于2025年3月31日

		2025	2024
	Notes 附注	HK$’000 千港元	HK$’000 千港元
(36,182)
1,645
(716)
1,867
24,783
1,715
14,367
(170)
(2,481)
4,828
13,378
1,813
2,764
(1,273)
(2,187)
(1,262)
18,061
716
–
18,777

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

Year ended 31 March 2025 截至2025年3月31日止年度

	2025	2024
	HK$’000 千港元	HK$’000 千港元
(838)
(32,384)
(1,645)
(34,029)
(16,090)
43,358
27,268
27,268

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

Year ended 31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

1. CORPORATE AND GROUP INFORMATION

Ulferts International Limited (the “Company”) is a limited

liability company incorporated in Hong Kong. The registered

ofice of the Company is located at Units 1905-07, 19th Flor,

Emperor Group Centre, 288 Henesy Road, Wanchai, Hong

Kong.

The Company’s shares have ben listed on the Main Board of

The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”) since 29 January 2018.

The Company is an investment holding company. During the

year, the Company’s subsidiaries were involved in the folowing

principal activities:

• retail of imported furniture

• wholesale of imported furniture

“special projects”)

The imediate holding company of the Company is Ulferts

International Group Holdings Limited, which is incorporated in

the British Virgin Islands (“BVI”).

In the opinion of the directors of the Company, Albert Yeung

Investments Holdings Limited (“AY Investments Holdings”)

(incorporated in the BVI) is the ultimate holding company of the

Company which is in turn held by First Trust Management AG

acting as the truste of Albert Yeung Investments Discretionary

Trust, a private discretionary trust set up by Dr. Yeung Sau

Shing, Albert (“Dr. Yeung”).

For the purpose of these consolidated financial statements, al

companies directly or indirectly controled by respective private

discretionary trusts set up by Dr. Yeung other than the Group

are colectively refered to as the “Emperor Group”.

1. 公司及集团资料

欧化国际有限公司（「本公司」）于香港注

册成立之有限责任公司。本公司注册办事

处地址位于香港湾仔轩尼诗道288号英皇

集团中心19楼1905-07室。

本公司股份自2018年1月29日起在香港

联合交易所有限公司（「联交所」）主板上

市。

本公司为投资控股公司。年内，本集团附

属公司从事以下主要业务：

(cid:129) 进口家私零售

(cid:129) 进口家私批发

(cid:129) 项目销售（「工程项目」）

本公司的直接控股公司为于英属处女群岛

（「英属处女群岛」）注册成立的欧化国际

集团控股有限公司。

本公司董事认为，于英属处女群岛注册成立

的杨受成投资控股有限公司（「杨受成投资

控股」）为本公司的最终控股公司。杨受成

投资控股由First Trust Management AG作

为Albert Yeung Investments Discretionary

Trust之受托人持有，该信托为杨受成博士

（「杨博士」）所设立之私人酌情信托。

就该等综合财务报表而言，所有受杨博士

所设立各自私人酌情信托直接或间接控制

而非受本集团控制之公司统称为「英皇集

团」。

Name 名称	Place of incorporation/ operation 注册成立╱经营地点	Issued ordinary share capital 已发行普通股本	Percentage of equity attributable to the Company 本公司应占权益百分比		Principal activities 主要业务
Name 名称	Place of incorporation/ operation 注册成立╱经营地点	Issued ordinary share capital 已发行普通股本	Direct 直接	Indirect 间接

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

有关附属公司之资料

本公司主要附属公司之详情如下：

董事认为，上表所列之本公司附属公司乃

主要影响年度业绩或构成本集团资产净值

重大部分之附属公司。董事认为，提供其

他附属公司之详情会导致篇幅过于冗长。

1. CORPORATE AND GROUP INFORMATION (continued)

Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as

folows:

Ulferts International

Investment Limited

欧化国际投资有限公司

BVI

英属处女群岛

US$1

1美元

100%–Investment holding

投资控股

Ulferts of Sweden

(Far East) Limited

瑞典欧化（远东）

有限公司

Hong Kong

香港

HK$350,000

350,000港元

–100%Retail and wholesale

of imported

furniture, and

special projects

进口家私零售与批发及

工程项目

Ulferts of Sweden

(Macau) Limited

瑞典欧化（澳门）

有限公司

Macau

澳门

MOP25,000

25,000澳门元

–100%Liaising with project

customers in Macau

联络澳门项目客户

Mighty Wish Limited

权望有限公司

Hong Kong

香港

HK$1,000,000

1,000,000港元

–100%Provision of group

tenancy agent

services

提供集团租赁代理

服务

The above table lists the subsidiaries of the Company which, in

the opinion of the directors, principaly afected the results for

the year or formed a substantial portion of the net asets of the

Group. To give details of other subsidiaries would, in the

opinion of the directors, result in particulars of excesive

length.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

2. 会计政策

2.1 编制基准

此等综合财务报表已根据香港会计师

公会（「香港会计师公会」）所颁布之

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）以及香港

公司条例予以编制。综合财务报表乃

按历史成本法编制。此综合财务报表

均以港元（「港元」）呈列，而除另有

说明者外，全部价值均调整至最接近

千元（「千港元」）。

合并基准

综合财务报表包括本公司及其附属公

司（统称「本集团」）于截至2025年

3月31日止年度之财务报表。附属公

司为本公司直接或间接控制之一个实

体（包括结构性实体）。倘本集团透

过参与被投资方业务而享有或有权取

得被投资方之可变回报，且有能力行

使在被投资方权利影响有关回报，则

本集团拥有该实体之控制权（即现时

赋予本集团指令被投资方相关活动之

权利）。

一般情况下，有一个推定，即多数投

票权形成控制权。倘本公司拥有之被

投资方投票权或类似权利低于过半

数，则评估本公司对被投资方是否有

权力时，本集团会考虑所有相关事宜

及情况，包括：

(a) 与该等被投资方其他投票持有人

之合约安排；

(b) 从其他合约安排中产生之权利；

及

附属公司之财务报表乃按本公司相

同报告期及一致之会计政策编制。附

属公司之业绩乃自本集团取得控制权

之日起予以合并，并继续纳入合并范

围，直至不再被控制为止。

2. ACOUNTING POLICIES

2.1 BASIS OF PREPARATION

These consolidated 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 Hong Kong Companies Ordinance. They have

ben prepared under the historical cost convention. These

consolidated financial statements are presented in Hong

Kong dolars (“HK$”) and al values are rounded to the

nearest thousand (“HK$’000”) except when otherwise

indicated.

Basis of consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries (colectively

refered to as the “Group”) for the year ended 31 March

2025. A subsidiary is an entity (including a structured

entity), directly or indirectly, controled by the Company.

Control is achieved when the Group is exposed, or has

rights, to variable returns from its involvement with the

investe and has the ability to afect those returns through

its power over the investe (i.e., existing rights that give the

Group the curent ability to direct the relevant activities of

the investe).

Generaly, there is a presumption that a majority of voting

rights results in control. When the Company has les than a

majority of the voting or similar rights of an investe, the

Group considers al relevant facts and circumstances in

asesing whether it has power over an investe, including:

(a) the contractual arangement with the other vote

holders of the investe;

(b) rights arising from other contractual arangements;

and

The financial statements of the subsidiaries are prepared

for the same reporting period as the Company, using

consistent acounting policies. The results of subsidiaries

are consolidated from the date on which the Group

obtains control, and continue to be consolidated until the

date that such control ceases.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.1 编制基准（续）

合并基准（续）

与本集团成员公司间交易有关之所有

集团内资产及负债、权益、收入、开

支及现金流量均于综合账目时悉数对

销。

倘事实及情况显示上文所述之三项

控制因素之一项或多项出现变动，本

集团会重新评估其是否控制被投资公

司。未失去控制权之附属公司所有权

权益变动入账为权益交易。

倘本集团失去对一间附属公司的控制

权，则其终止确认相关资产（包括商

誉）、负债、任何非控股权益及汇兑

波动储备；并于损益确认任何保留投

资之公平值及任何因此产生之盈余或

亏绌。先前于其他全面收益内确认之

本集团应占部分应重新分类为损益或

保留溢利（如适用），按犹如本集团

已直接出售相关资产及负债时之基准

予以确认。

2.2 会计政策及披露之变动

本集团已于本年度综合财务报表中首

次采纳以下经修订之香港财务报告准

则会计准则。

香港财务报告准则

第16号之修订本

售后租回之

租赁负债

香港会计准则

第1号之修订本

分类负债为流

动或非流动

（「2020年

修订本」）

香港会计准则

第1号之修订本

附带契诺之

非流动负债

（「2022年

修订本」）

香港会计准则

第7号及香港

财务报告准则

第7号之修订本

供应商融资安排

2. ACOUNTING POLICIES (continued)

2.1 BASIS OF PREPARATION (continued)

Basis of consolidation (continued)

Al intra-group asets and liabilities, equity, income,

expenses and cash flows relating to transactions betwen

members of the Group are eliminated in ful on consolidation.

The Group reaseses whether or not it controls an investe

if facts and circumstances indicate that there are changes

to one or more of the thre elements of control described

above. A change in the ownership interest of a subsidiary,

without a los of control, is acounted for as an equity

transaction.

If the Group loses control over a subsidiary, it derecognises

the related asets (including godwil), liabilities, any

non-controling interest and the exchange fluctuation

reserve; and recognises the fair value of any investment

retained and any resulting surplus or deficit in profit or los.

The Group’s share of components previously recognised in

other comprehensive income is reclasified to profit or los

or retained profits, as apropriate, on the same basis as

would be required if the Group had directly disposed of the

related asets or liabilities.

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 consolidated financial statements.

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities as

Curent or Non-curent

(the “2020 Amendments”)

Amendments to HKAS 1Non-curent Liabilities with

Covenants (the “2022

Amendments”)

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.2 会计政策及披露之变动（续）

经修订香港财务报告准则会计准则之

性质及影响载述如下：

(a) 香港财务报告准则第16号之修

订本订明计量售后租回交易产生

之租赁负债所用的卖方－承租人

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

之日起并无可变租赁付款不依赖

指数或利率的售后租回交易，该

等修订本对本集团的财务状况或

表现并无任何影响。

(b) 2020年修订本厘清将负债分类

为流动或非流动之规定，包括递

延结算之权利及递延之权利必须

于报告期末存在之涵义。负债的

分类不受该实体行使权利延迟结

算的可能性所影响。该等修订亦

厘清负债可于其本身之股本工具

中结算，而倘可换股负债之兑换

权本身作为股本工具入账，则负

债之条款不得影响其分类。2022

年修订本以进一步澄清，在由贷

款安排产生之负债之契诺中，仅

实体必须于报告日期或之前遵守

的该等契诺影响将该负债分类为

流动或非流动。须就实体于报告

期末后12个月内遵守未来契诺

之非流动负债作出额外披露。

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，并得出结论认为其负债

的流动或非流动分类于首次应用

该等修订本时维持不变。因此，

该等修订本对本集团的财务状况

或表现并无任何影响。

2. ACOUNTING POLICIES (continued)

2.2 CHANGES IN ACOUNTING POLICIES AND DISCLOSURES

(continued)

The nature and the impact of the revised HKFRS

Acounting Standards are described below:

(a) Amendments to HKFRS 16 specify the requirements

that a seler-lese uses in measuring the lease liability

arising in a sale and leaseback transaction to ensure the

seler-lese does not recognise any amount of the gain

or los that relates to the right of use it retains. Since the

Group has no sale and leaseback transactions with

variable lease payments that do not depend on an index

or a rate ocuring from the date of initial aplication of

HKFRS 16, the amendments did not have any impact on

the financial position or performance of the Group.

(b) The 2020 Amendments clarify the requirements for

clasifying liabilities as curent or non-curent, including

what is meant by a right to defer setlement and that a

right to defer must exist at the end of the reporting

period. Clasification of a liability is unafected by the

likelihod that the entity wil exercise its right to defer

setlement. The amendments also clarify that a liability

can be setled in its own equity instruments, and that

only if a conversion option in a convertible liability is

itself acounted for as an equity instrument would the

terms of a liability not impact its clasification. The 2022

Amendments further clarify that, among covenants of a

liability arising from a loan arangement, only those with

which an entity must comply on or before the reporting

date afect the clasification of that liability as curent or

non-curent. Aditional disclosures are required for non-

curent liabilities that are subject to the entity complying

with future covenants within 12 months after the

reporting period.

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.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.2 会计政策及披露之变动（续）

报告准则第7号之修订本厘清供

应商融资安排之特点并规定须额

外披露该等安排。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的

影响。由于本集团并无供应商融

资安排，该等修订本对本集团综

合财务报表并无任何影响。

2.3 已颁布但尚未生效之香港财务报

告准则会计准则

本集团并未于该等综合财务报表中应

用以下已颁布但尚未生效之新订及经

修订香港财务报告准则会计准则。本集

团拟于该等新订及经修订香港财务报

告准则会计准则（如适用）生效时予以

应用。

香港财务报告准则

第18号

财务报表呈列

及披露

香港财务报告准则

第19号

非公共受托责任

附属公司：

披露

香港财务报告

准则第9号及香

港财务报告准则

第7号之修订本

金融工具之分类

及计量之修订

本

香港财务报告

准则第9号及香

港财务报告准则

第7号之修订本

涉及依赖自然能

源生产电力之

合约

香港财务报告

准则第10号及

香港会计准则第

28号之修订本

投资者与其联营

公司或合营企

业间出售或注

入资产

香港会计准则第

21号之修订本

缺少可交换性

香港财务报告

准则会计准则之

年度改进－第11

卷

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

号之修订本

2. ACOUNTING POLICIES (continued)

2.2 CHANGES IN ACOUNTING POLICIES AND DISCLOSURES

(continued)

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 consolidated

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 consolidated financial statements.

The Group intends to aply these new and revised HKFRS

Acounting Standards, if aplicable, when they become

efective.

HKFRS 18Presentation and Disclosure in

Financial Statements

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

Amendments to

HKFRS 9

and HKFRS 7

Amendments to the

Clasification and

Measurement of Financial

Instruments

Amendments to

HKFRS 9

and HKFRS 7

Contracts Referencing Nature-

dependent Electricity

Amendments to

HKFRS 10

and HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKAS 21Lack of Exchangeability

Anual Improvements to

HKFRS Acounting

Standards – Volume 11

Amendments to HKFRS 1,

HKFRS 7, HKFRS 9, HKFRS

10 and HKAS 7

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

2. 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 2027

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

statement of profit or los and other comprehensive

income, including specified totals and subtotals. Entities

are required to clasify al income and expenses within the

statement of profit or los and other comprehensive

income 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

consolidated financial statements.

（续）

2.3 已颁布但尚未生效之香港财务报

告准则会计准则（续）

于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

未厘定强制生效日期，惟仍可供采

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号财务报表之呈列。在

沿用香港会计准则第1号若干章节且

只作有限变动之同时，香港财务报告

准则第18号引入有关于损益及其他

全面收益表内呈列之新规定，包括指

定的总计及小计项目。实体须将损益

及其他全面收益表内之所有收入及开

支分类为以下五个类别之一：经营、

投资、融资、所得税及已终止经营业

务，并呈列两个新定义的小计项目。

其亦要求在独立附注中披露由管理层

定义之业绩计量，并加强有关主要财

务报表及附注中资料之分组（汇总及

分解）及列报位置之规定。先前包含

于香港会计准则第1号之部分规定已

移至香港会计准则第8号会计政策、

会计估计变动及差错，后者更名为

香港会计准则第8号财务报表之编制

基准。由于颁布香港财务报告准则第

18号，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之修订。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

会计准则之相应修订于2027年1月1

日或之后开始之年度期间生效，并允

许提早应用。需要追溯应用。本集团

现正分析新规定，并正评估香港财务

报告准则第18号对本集团综合财务

报表之呈列及披露之影响。

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.3 已颁布但尚未生效之香港财务报

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

仍可应用其他香港财务报告准则会计

准则之确认、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

表所界定之附属公司，不能负有公共

受托责任，且其（最终或中间）母公

司必须遵循香港财务报告准则会计准

则编制供公众使用之综合财务报表。

允许提早应用。由于本公司为上市公

司，故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号之修订本金融工具之

分类及计量之修订本厘清终止确认

金融资产或金融负债之日期，并引入

一项会计政策选择，在符合特定条件

情况下，可终止确认于结算日期前透

过电子支付系统结算之金融负债。该

等修订本阐明如何评估具有环境、社

会及管治及其他类似或然特征之金融

资产之合约现金流量特征。此外，该

等修订本澄清有关对具有无追索权特

征之金融资产及合约挂钩工具的分类

规定。该等修订本亦包括对指定为透

过其他全面收益按公平值计量之股本

工具投资以及具有或然特征之金融工

具之额外披露。该等修订本须追溯应

用，并对首次应用日期之期初保留溢

利（或权益之其他组成部分）作出调

整。过往期间毋须重列，且仅可在不

使用事后证明之情况下重列。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之修订。预期该

等修订本不会对本集团综合财务报表

产生任何重大影响。

2. 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 profits (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 consolidated financial statements.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.3 已颁布但尚未生效之香港财务报

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号之修订本涉及依赖自

然能源生产电力之合约阐明适用范围

内合约「自用」规定之应用，并修订

范围内合约现金流量对冲关系中被对

冲项目之指定规定。该等修订本亦包

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

现金流量之影响。与自用例外情况相

关之修订本应追溯应用。过往期间毋

须重列，且仅可在不使用事后证明之

情况下重列。与对冲会计相关之修订

本应未来适用于首次应用日期或之后

指定之新对冲关系。允许提早应用。

香港财务报告准则第9号及香港财

务报告准则第7号之修订本应同时应

用。预期该等修订本不会对本集团综

合财务报表产生任何重大影响。

香港财务报告准则第10号及香港会

计准则第28号之修订本处理香港财

务报告准则第10号与香港会计准则

第28号在处理投资者与其联营公司

或合营企业之间之资产出售或注资

时的规定的不一致性。该等修订本规

定，当所出售或注入之资产构成一项

业务时，须全数确认下游交易产生之

收益或亏损。就涉及不构成业务之资

产交易而言，交易产生之收益或亏损

仅以不相关投资者于该联营公司或合

营企业之权益为限，于投资者之损益

内确认。该等修订本将按未来适用基

准应用。香港会计师公会已撤销香港

财务报告准则第10号及香港会计准

则第28号之修订本之先前强制生效

日期。然而，该等修订本现时可供采

纳。

2. 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” requirement 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 those 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 consolidated

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.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.3 已颁布但尚未生效之香港财务报

告准则会计准则（续）

香港会计准则第21号之修订本订明

实体应如何评估某种货币是否可兑换

为另一种货币，以及在缺乏可交换性

之情况下，实体应如何估计于计量日

期之即期汇率。该等修订本要求披露

让财务报表使用者能够了解货币不可

兑换之影响之资料。允许提早应用。

于应用该等修订本时，实体不能重列

比较资料。初始应用该等修订本之任

何累计影响应于初始应用当日确认为

对保留溢利期初结余之调整或对权益

单独组成部分中累积之汇兑差额累计

金额之调整（如适用）。预期该等修

订本不会对本集团综合财务报表产生

任何重大影响。

香港财务报告准则会计准则之年度

改进－第11卷载列香港财务报告准

则第1号、香港财务报告准则第7号

（及随附有关香港财务报告准则第7

号之实施指引）、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号之修订本。预期

适用于本集团之修订本详述如下：

(cid:129) 香港财务报告准则第7号金融工

具：披露：该等修订本已更新香

港财务报告准则第7号第B38段

及香港财务报告准则第7号之实

施指引第IG1、IG14及IG20B段

之若干措辞，以简化或达致与该

准则其他段落及╱或其他准则所

用概念及术语之一致性。此外，

该等修订本澄清，香港财务报告

准则第7号之实施指引并不一定

阐述香港财务报告准则第7号之

引用段落之所有规定，亦不增加

额外规定。允许提早应用。预期

该等修订本不会对本集团综合财

务报表产生任何重大影响。

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE HKFRS ACOUNTING

STANDARDS (continued)

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 profits 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 consolidated financial statements.

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 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 expected to have any

significant impact on the Group’s consolidated

financial statements.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.3 已颁布但尚未生效之香港财务报

告准则会计准则（续）

(cid:129) 香港财务报告准则第9号金融工

具：该等修订本澄清，当承租人

厘定租赁负债已按照香港财务报

告准则第9号获解除时，承租人须

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

此产生之收益或亏损。此外，该等

修订本已更新香港财务报告准则

第9号第5.1.3段及香港财务报告

准则第9号附录A之若干措辞，以

消除潜在混淆。允许提早应用。预

期该等修订本不会对本集团综合

财务报表产生任何重大影响。

(cid:129) 香港财务报告准则第10号综合

财务报表：该等修订本澄清，香

港财务报告准则第10号第B74

段所述之关系仅为投资者与作为

投资者实际代理人之其他方之

间可能存在之各种关系的一个例

子，从而消除与香港财务报告准

则第10号第B73段规定之不一

致之处。允许提早应用。预期该

等修订本不会对本集团综合财务

报表产生任何重大影响。

(cid:129) 香港会计准则第7号现金流量

表：继先前删除「成本法」一词之

定义后，该等修订本将香港会计

准则第7号第37段中之「成本法」

一词替换为「按成本」。允许提早

应用。预期该等修订本不会对本

集团综合财务报表产生任何影响。

2.4 重大会计政策

非金融资产减值

倘存在减值迹象，或须对资产（存

货、递延税项资产及金融资产除外）

进行年度减值测试，则会估计资产的

可收回金额。资产的可收回金额为资

产或现金产生单位的使用价值与公平

值减出售成本的较高者，并按个别资

产厘定，除非资产并无产生基本上独

立于其他资产或资产组别的现金流

入，在此情况下，可收回金额按资产

所属的现金产生单位厘定。

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE HKFRS ACOUNTING

STANDARDS (continued)

: 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 consolidated 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 consolidated financial statements.

: 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 consolidated financial

statements.

2.4 MATERIAL ACOUNTING POLICIES

Impairment of non-financial asets

Where an indication of impairment exists, or when anual

impairment testing for an aset is required (other than

inventories, defered tax asets and financial asets), the

aset’s recoverable amount is estimated. An aset’s

recoverable amount is the higher of the aset’s or

cash-generating unit’s value in use and its fair value les

costs of disposal, and is determined for an individual

aset, unles the aset does not generate cash inflows

that are largely independent of those from other asets or

groups of asets, in which case the recoverable amount is

determined for the cash-generating unit to which the aset

belongs.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

非金融资产减值（续）

仅当资产之账面值超过其可收回金额

时，减值亏损方予确认。评估使用价

值时估计未来现金流量乃使用可反映

当时市场对金钱价值之评估及该项资

产特有风险之除税前折现率折现至其

现值。减值亏损于所产生期间在损益

内扣除。

于各报告期末会评定是否有现象显示

之前已确认之减值亏损不再存在或减

少。倘出现该等迹象，则可收回金额

会予以估计。仅当用以厘定资产之可

收回金额之估计出现变动时，先前确

认之资产减值亏损（商誉除外）方会

拨回，惟不得超过倘过往年度并无就

资产确认减损而厘定之账面值（经扣

除任何折旧）。拨回之减值亏损于所

产生期间计入损益表。

关联方

以下人士于下列情况将被视为与本集

团有关连：

(a) 倘为以下人士或其亲属而该人士

(i) 控制或共同控制本集团；

(i) 对本集团有重大影响；或

(i) 为本集团或本集团母公司

之主要管理层成员；

或

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Impairment of non-financial asets (continued)

An impairment los is recognised only if the carying

amount of an aset exceds its recoverable amount. In

asesing value in use, the estimated future cash flows are

discounted to their present value using a pre-tax discount

rate that reflects curent market asesments of the time

value of money and the risks specific to the aset. An

impairment los is charged to profit or los in the period in

which it arises.

An asesment is made at the end of each reporting

period as to whether there is an indication that previously

recognised impairment loses may no longer exist or may

have decreased. If such an indication exists, the

recoverable amount is estimated. A previously recognised

impairment los of an aset other than godwil is reversed

only if there has ben a change in the estimates used to

determine the recoverable amount of that aset, but not to

an amount higher than the carying amount that would

have ben determined (net of any depreciation) had no

impairment los ben recognised for the aset in prior

years. A reversal of such an impairment los is credited to

profit or los in the period in which it arises.

Related parties

A party is considered to be related to the Group if:

(a) the party is a person or a close member of that

person’s family and that person

(i) has control or joint control over the Group;

(i) has significant influence over the Group; or

(i) is a member of the key management personel of

the Group or of a parent of the Group;

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

关联方（续）

(b) 该人士为符合下列任何条件之实

体：

(i) 该实体与本集团为属同一

集团之成员公司；

(i) 该实体为另一实体（或另一

实体之母公司、附属公司或

同系附属公司）之联营公司

或合营企业；

(i) 该实体与本集团为同一第

三方之合营企业；

(iv) 该实体为一名第三方实体

之合营企业，而另一实体为

该第三方实体之联营公司；

(v) 该实体为本集团或与本集

团有关连之实体就雇员利

益设立之离职后福利计划；

(vi) 该实体受由(a)项所列人士

控制或共同控制；

(vi) 于(a)(i)项所列人士对该实

体具有重大影响力或为该

实体（或该实体之母公司）

之主要管理层成员；及

(vi) 该实体或同集团之任何成

员公司向本集团或本集团

母公司提供主要管理人员

服务。

物业、厂房及设备与折旧

物业、厂房及设备乃按成本减累积折

旧及任何减值亏损列账。物业、厂房

及设备项目之成本包括其购买价及令

该项资产达至其运作状况及运送至其

预期使用位置之任何直接应占成本。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Related parties (continued)

(b) the party is an entity where any of the folowing

conditions aplies:

(i) the entity and the Group are members of the

same group;

(i) one entity is an asociate or joint venture of the

other entity (or of a parent, subsidiary or felow

subsidiary of the other entity);

(i) the entity and the Group are joint ventures of the

same third party;

(iv) one entity is a joint venture of a third entity and

the other entity is an asociate of the third entity;

(v) the entity is a post-employment benefit plan for

the benefit of employes of either the Group or

an entity related to the Group;

(vi) the entity is controled or jointly controled by a

person identified in (a);

(vi) a person identified in (a)(i) has significant

influence over the entity or is a member of the

key management personel of the entity (or of a

parent of the entity); and

(vi) the entity, or any member of a group of which it is

a part, provides key management personel

services to the Group or to the parent of the

Group.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost les

acumulated depreciation and any impairment loses. The

cost of an item of property, plant and equipment

comprises its purchase price and any directly atributable

costs of bringing the aset to its working condition and

location for its intended use.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

物业、厂房及设备与折旧（续）

物业、厂房及设备项目投入运作后产

生之支出，如修理与维护费用等，一

般均会于该等支出产生期间在损益内

扣除。于满足确认标准情况下，重大

检修支出将拨充资本，计入资产账面

值作为重置处理。物业、厂房及设备

之重要部分须按阶段重置，本集团将

有关部分确认为分别拥有特定可使用

年期之个别资产，并相应作出折旧。

折旧乃按各物业、厂房及设备项目之

估计可使用年期以直线法撇销其成本

至剩余价值。就此所使用之主要年率

如下：

租赁物业装修租赁期内

家私、装置及设备 20% – 33

/3%

汽车 20%

倘物业、厂房及设备项目各部分之可

使用年期并不相同，该项目各部分之

成本将按合理基础在各部分之间分

配，而每部分将作个别折旧。剩余价

值、可使用年期及折旧方法至少于各

财政年度年结日予以检讨，在适当情

况下加以调整。

物业、厂房及设备项目，包括首次确

认之任何重要部分于已出售或预期其

使用或出售不再产生未来经济利益时

终止确认。于终止确认资产年度在损

益中确认之任何出售或报废盈亏，乃

有关资产之出售所得款项净额与账面

值之差额。

租赁

本集团于合约开始时评估合约是否为

或包含租赁。倘合约为换取代价而给

予在一段时间内控制可识别资产使用

的权利，则该合约属于或包含租赁。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Property, plant and equipment and depreciation (continued)

Expenditure incured after items of property, plant and

equipment have ben put into operation, such as repairs

and maintenance, is normaly charged to profit or los in the

period in which it is incured. In situations where the

recognition criteria are satisfied, the expenditure for a major

inspection is capitalised in the carying amount of the aset

as a replacement. Where significant parts of property, plant

and equipment are required to be replaced at intervals, the

Group recognises such parts as individual asets with

specific useful lives and depreciates them acordingly.

Depreciation is calculated on the straight-line basis to

write of the cost of each item of property, plant and

equipment to its residual value over its estimated useful

life. The principal anual rates used for this purpose are

as folows:

Leasehold improvements Over the lease terms

Furniture, fixtures and equipment 20% – 33

/3%

Motor vehicles 20%

Where parts of an item of property, plant and equipment

have diferent useful lives, the cost of that item is alocated

on a reasonable basis among the parts and each part is

depreciated separately. Residual values, useful lives and

the depreciation method are reviewed, and adjusted if

apropriate, at least at each financial year end.

An item of property, plant and equipment including any

significant part initialy recognised is derecognised upon

disposal or when no future economic benefits are

expected from its use or disposal. Any gain or los on

disposal or retirement recognised in profit or los in the

year the aset is derecognised is the diference betwen

the net sales proceds and the carying amount of the

relevant aset.

Leases

The Group aseses at contract inception whether a

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

a lease if the contract conveys the right to control the use

of an identified aset for a period of time in exchange for

consideration.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

租赁（续）

本集团作为承租人本集团作为承租人

本集团对所有租赁（惟短期租赁及低

价值资产租赁除外）采取单一确认及

计量方法。本集团确认租赁负债以作

出租赁付款，而使用权资产指使用相

关资产的权利。

(a) 使用权资产

使用权资产于租赁开始日期（即

相关资产可供使用当日）确认。

使用权资产按成本计量，减去累

计折旧及任何减值亏损，并就租

赁负债的任何重新计量作出调

整。使用权资产成本包括已确认

租赁负债的款额、已产生初始直

接成本及于开始日期或之前作出

的租赁款项减任何已收租赁奖

励。使用权资产于租期及资产估

计可使用年期之较短者按直线法

进行折旧。

倘租赁资产的拥有权于租期结束

前转让予本集团或成本反映行使

购买选择权，则按资产估计可使

用年期计算折旧。

(b) 租赁负债

租赁负债于租赁开始日期以租期

内作出的租赁付款现值确认。租

赁付款包括定额付款（含实质定

额款项）减任何应收租赁优惠款

项、取决于指数或利率的可变租

赁付款以及预期根据剩余价值担

保支付的金额。租赁付款亦包括

本集团合理确定行使的购买选择

权的行使价及倘租期反映本集团

正行使选择权终止，有关终止租

赁支付的罚款。不取决于指数或

利率的可变租赁付款于出现触发

付款的事件或条件的期间内确认

为支出。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Leases (continued)

Group as a lese

The Group aplies a single recognition and measurement

aproach for al leases, except for short-term leases and

leases of low-value asets. The Group recognises lease

liabilities to make lease payments and right-of-use asets

representing the right to use the underlying asets.

(a) Right-of-use asets

Right-of-use asets are recognised at the comencement

date of the lease (that is the date the underlying aset is

available for use). Right-of-use asets are measured at

cost, les acumulated depreciation and any impairment

loses, and adjusted for any remeasurement of lease

liabilities. The cost of right-of-use asets includes the

amount of lease liabilities recognised, initial direct costs

incured, and lease payments made at or before the

comencement date les any lease incentives received.

Right-of-use asets are depreciated on a straight-line basis

over the shorter of the lease terms and the estimated

useful lives of the asets.

If ownership of the leased aset transfers to the Group

by the end of the lease term or the cost reflects the

exercise of a purchase option, depreciation is

calculated using the estimated useful life of the aset.

(b) Lease liabilities

Lease liabilities are recognised at the comencement

date of the lease at the present value of lease

payments to be made over the lease term. The lease

payments include fixed payments (including

in-substance fixed payments) les any lease

incentives receivable, variable lease payments that

depend on an index or a rate, and amounts expected

to be paid under residual value guarantes. The lease

payments also include the exercise price of a

purchase option reasonably certain to be exercised

by the Group and payments of penalties for

termination of a lease, if the lease term reflects the

Group exercising the option to terminate. The variable

lease payments that do not depend on an index or a

rate are recognised as an expense in the period in

which the event or condition that trigers the payment

ocurs.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

租赁（续）

本集团作为承租人本集团作为承租人（续）

(b) 租赁负债（续）

计算租赁付款现值时，因租赁隐

含的利率难以厘定，则本集团使

用租赁开始日期的增量借款利率

计算。于开始日期后，租赁负债

金额的增加反映利息的增加，并

因租赁付款而减少。此外，倘有

任何修改（即租期变更、租赁付

款变更（例如指数或利率变动导

致对未来租赁付款发生变化）或

购买相关资产的选择权评估的变

更）则重新计量租赁负债的账面

值。

本集团对其机器及设备短期租赁

（即自开始日期起计租期为12

个月或以下且并不包含购买权之

租赁）应用确认短期租赁豁免。

倘本集团就低价值资产订立租

赁，则本集团决定是否按个别租

赁基准将租赁资本化。短期租赁

的租赁付款和低价值资产的租

赁在租赁期内按直线法确认为开

支。

本集团作为出租人本集团作为出租人

当本集团作为出租人时，其于租赁开

始时（或发生租赁变更时）将其各项

租赁分类为经营租赁或融资租赁。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Leases (continued)

Group as a lese (continued)

(b) Lease liabilities (continued)

In calculating the present value of lease payments, the

Group uses its incremental borowing rate at the lease

comencement date because the interest rate implicit

in the lease is not readily determinable. After the

comencement date, the amount of lease liabilities is

increased to reflect the acretion of interest and

reduced for the lease payments made. In adition, the

carying amount of lease liabilities is remeasured if

there is a modification, a change in the lease term, a

change in lease payments (e.g., a change to future

lease payments resulting from a change in an index or

rate) or a change in asesment of an option to

purchase the underlying aset.

The Group aplies the short-term lease recognition

exemption to its short-term leases of machinery and

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). When the

Group enters into a lease in respect of a low-value

aset, the Group decides whether to capitalise the

lease on a lease-by-lease basis. Lease payments on

short-term leases and leases of low-value asets are

recognised as an expense on a straight-line basis

over the lease term.

Group as a lesor

When the Group acts as a lesor, it clasifies at lease

inception (or when there is a lease modification) each of

its leases as either an operating lease or a finance lease.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

租赁（续）

本集团作为出租人本集团作为出租人（续）

本集团并未转让资产所有权所附带的

绝大部分风险及回报的租赁归类为经

营租赁。倘合约包括租赁及非租赁部

分，本集团根据相对独立的售价基准

将合约代价分配予各部分。租金收入

于租期内按直线法列账，并因其经营

性质之故于损益列作收入。于磋商及

安排经营租赁时产生的初始直接成本

乃计入租赁资产的账面值，并于租期

内按相同方法确认为租金收入。或然

租金乃于所赚取的期间内确认为收

入。

转移承租人相关资产所有权附带的绝

大部分风险及回报的租赁入账为融资

租赁。

于开始日期，租赁资产的成本按租

赁付款及相关付款（包括初始直接成

本）的现值资本化，并按相等于租赁

投资净额的应收款项呈列。该等租赁

之融资成本自损益扣除，以于租期内

提供固定期扣除率。

本集团为中间出租人时，转租乃参考

主租赁产生的使用权资产分类为融资

租赁或经营租赁。倘主租赁为本集团

将资产负债表确认豁免应用于其中的

短期租赁，则本集团将转租分类为经

营租赁。

金融资产

首次确认及计量首次确认及计量

本集团之金融资产于首次确认时分类

为其后以摊销成本计量。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Leases (continued)

Group as a lesor (continued)

Leases in which the Group does not transfer substantialy

al the risks and rewards incidental to ownership of an

aset are clasified as operating leases. When a contract

contains lease and non-lease components, the Group

alocates the consideration in the contract to each

component on a relative stand-alone seling price basis.

Rental income is acounted for on a straight-line basis

over the lease terms and is included in revenue in profit or

los due to its operating nature. Initial direct costs

incured in negotiating and aranging an operating lease

are aded to the carying amount of the leased aset and

recognised over the lease term on the same basis as

rental income. Contingent rents are recognised as revenue

in the period in which they are earned.

Leases that transfer substantialy al the risks and rewards

incidental to ownership of an underlying aset to the

lese are acounted for as finance leases.

At the comencement date, the cost of the leased aset is

capitalised at the present value of the lease payments and

related payments (including the initial direct costs), and

presented as a receivable at an amount equal to the net

investment in the lease. The finance costs of such leases

are charged to profit or los so as to provide a constant

periodic rate of charge over the lease terms.

When the Group is an intermediate lesor, a sublease is

clasified as a finance lease or operating lease with

reference to the right-of-use aset arising from the head

lease. If the head lease is a short-term lease to which the

Group aplies the on-balance shet recognition

exemption, the Group clasifies the sublease as an

operating lease.

Financial asets

Initial recognition and measurement

Financial asets of the Group are clasified, at initial

recognition, as subsequently measured at amortised cost.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

金融资产（续）

首次确认及计量首次确认及计量（续）

于首次确认时对金融资产分类乃取决

于金融资产之合约现金流量特征，以

及本集团管理该等金融资产之业务模

式。除不包含重大融资部份或本集团

已应用简易实务处理方法不对重大融

资部份之影响作出调整之贸易应收款

项外，本集团首次按公平值加（就并

非透过损益按公平值计量之金融资产

而言）交易成本计量金融资产。不包

含重大融资部份或本集团已应用简易

实务处理方法之贸易应收款项根据下

文「收入确认」所载政策，按根据香

港财务报告准则第15号所厘定之交

易价格计量。

为使金融资产按摊销成本或透过其他

全面收益按公平值计量进行分类及计

量，需就未偿还本金产生纯粹支付本

金及利息（「纯粹支付本金及利息」）

的现金流量。并非按纯粹支付本金及

利息的现金流量的金融资产则透过损

益按公平值分类及计量，而不论业务

模式。

本集团管理金融资产之业务模式，乃

指其管理金融资产从而产生现金流

量之方法。业务模式决定现金流量将

来自收取合约现金流量、出售金融资

产，或两者兼得。按摊销成本分类及

计量的金融资产于以持有金融资产为

目标的业务模式内持有，旨在收取合

约现金流量，而按透过其他全面收益

按公平值分类及计量的金融资产于旨

在持有以收取合约现金流量及出售的

业务模式内持有。并非以上述业务模

式内持有的金融资产按透过损益按公

平值分类及计量。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Financial asets (continued)

Initial recognition and measurement (continued)

The clasification of financial asets at initial recognition

depends on the financial aset’s contractual cash flow

characteristics and the Group’s busines model for

managing them. With the exception of trade receivables

that do not contain a significant financing component or

for which the Group has aplied the practical expedient of

not adjusting the efect of a significant financing

component, the Group initialy measures a financial aset

at its fair value, plus in the case of a financial aset not at

fair value through profit or los, transaction costs. Trade

receivables that do not contain a significant financing

component or for which the Group has aplied the

practical expedient are measured at the transaction price

determined under HKFRS 15 in acordance with the

policies set out for “Revenue recognition” below.

In order for a financial aset to be clasified and

measured at amortised cost or fair value through other

comprehensive income, it neds to give rise to cash flows

that are solely payments of principal and interest (“SPI”)

on the principal amount outstanding. Financial asets with

cash flows that are not SPI are clasified and measured

at fair value through profit or los, irespective of the

busines model.

The Group’s busines model for managing financial asets

refers to how it manages its financial asets in order to

generate cash flows. The busines model determines

whether cash flows wil result from colecting contractual

cash flows, seling the financial asets, or both. Financial

asets clasified and measured at amortised cost are held

within a busines model with the objective to hold financial

asets in order to colect contractual cash flows, while

financial asets clasified and measured at fair value

through other comprehensive income are held within a

busines model with the objective of both holding to

colect contractual cash flows and seling. Financial asets

which are not held within the aforementioned busines

models are clasified and measured at fair value through

profit or los.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

金融资产（续）

首次确认及计量首次确认及计量（续）

金融资产买卖须于市场规例或惯例一

般设定之期间内交付资产，于交易日

（即本集团承诺购买或出售资产之日

期）确认。

其后计量以摊销成本计量之金融资产其后计量以摊销成本计量之金融资产

（债务工具）（债务工具）

以摊销成本计量之金融资产其后采用

实际利息法计量，并可计提减值。当

资产被终止确认、变更或减值，则收

益及亏损于损益内确认。

终止确认金融资产

金融资产（或一项金融资产之一部分

或一组类似金融资产之一部分（如适

用）在下列情况将终止确认（即自本

集团综合财务状况表中剔除）：

(cid:129) 收取该项资产所得现金流量之权

利经已届满；或

(cid:129) 本集团已转让其收取该项资产所

得现金流量之权利，或已承担一

项责任，在未有严重拖延之情况

下，根据一项「转付」安排向第

三方全数支付已收取之现金流

量；及(a)本集团已转让该项资

产之绝大部分风险及回报；或

(b)本集团并无转让或保留该项

资产绝大部分风险及回报，但已

转让该项资产之控制权。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Financial asets (continued)

Initial recognition and measurement (continued)

Purchases or sales of financial asets that require delivery of

asets within the period generaly established by regulation

or convention in the marketplace are recognised on the trade

date, that is, the date that the Group comits to purchase or

sel the aset.

Subsequent measurement of financial asets at amortised

cost (debt instruments)

Financial asets at amortised cost are subsequently

measured using the efective interest method and are

subject to impairment. Gains and loses are recognised in

profit or los when the aset is derecognised, modified or

impaired.

Derecognition of financial asets

A financial aset (or, where aplicable, a part of a

financial aset or part of a group of similar financial

asets) is primarily derecognised (i.e., removed from the

Group’s consolidated statement of financial position)

when:

• the rights to receive cash flows from the aset have

expired; or

• the Group has transfered its rights to receive cash

flows from the aset or has asumed an obligation to

pay the received cash flows in ful without material

delay to a third party under a “pas-through”

arangement; and either (a) the Group has transfered

substantialy al the risks and rewards of the aset, or

(b) the Group has neither transfered nor retained

substantialy al the risks and rewards of the aset, but

has transfered control of the aset.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

终止确认金融资产（续）

倘本集团已转让其收取资产所得现金

流量之权利，或已订立转付安排，则

会评估其是否保留该项资产拥有权之

风险及回报以及保留之程度。倘本集

团并无转让亦无保留该项资产之绝大

部分风险及回报，亦无转让该项资产

之控制权，其只要有持续参与便会继

续确认被转让资产。在此情况下，本

集团亦确认相关负债。被转让资产及

相关负债按反映本集团所保留权利及

责任之基准计量。

就透过向被转让资产提供担保之方式

持续参与而言，有关被转让资产按资

产原账面值与本集团可能须支付之最

高代价金额之较低者计量。

金融资产减值

本集团就所有并非按透过损益按公平

值持有之债务工具确认预期信贷亏损

（「预期信贷亏损」）拨备。预期信贷

亏损按根据合约到期之合约现金流

量与本集团预期收取之所有现金流量

（按原实际利率之约数贴现）之间的

差额。预期现金流量将包括出售属于

合约条款整体部份之已持有抵押品或

其他加强信贷安排带来之现金流量。

一般方法一般方法

预期信贷亏损分两个阶段确认。对于

自首次确认以来信贷风险并无大幅增

加之信贷风险承担而言，预期信贷亏

损乃就由于未来12个月内可能发生

之违约事件而产生信贷亏损而计提拨

备（12个月预期信贷亏损）。对于自

首次确认以来信贷风险已大幅增加

之信贷风险承担而言，则须就预期于

风险承担之余下年期内产生之信贷亏

损作出亏损拨备，而不论违约之时间

（全期预期信贷亏损）。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Derecognition of financial asets (continued)

When the Group has transfered its rights to receive cash

flows from an aset or has entered into a pas-through

arangement, it evaluates if, and to what extent, it has

retained the risk and rewards of ownership of the aset.

When it has neither transfered nor retained substantialy

al the risks and rewards of the aset nor transfered

control of the aset, the Group continues to recognise the

transfered aset to the extent of the Group’s continuing

involvement. In that case, the Group also recognises an

asociated liability. The transfered aset and the

asociated liability are measured on a basis that reflects

the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarante

over the transfered aset is measured at the lower of the

original carying amount of the aset and the maximum

amount of consideration that the Group could be required

to repay.

Impairment of financial asets

The Group recognises an alowance for expected credit

loses (“ECLs”) for al debt instruments not held at fair

value through profit or los. ECLs are based on the

diference betwen the contractual cash flows due in

acordance with the contract and al the cash flows that

the Group expects to receive, discounted at an

aproximation of the original efective interest rate. The

expected cash flows wil include cash flows from the sale

of colateral held or other credit enhancements that are

integral to the contractual terms.

General aproach

ECLs are recognised in two stages. For credit exposures

for which there has not ben a significant increase in

credit risk since initial recognition, ECLs are provided for

credit loses that result from default events that are

posible within the next 12 months (a 12-month ECL). For

those credit exposures for which there has ben a

significant increase in credit risk since initial recognition, a

los alowance is required for credit loses expected over

the remaining life of the exposure, irespective of the

timing of the default (a lifetime ECL).

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

金融资产减值（续）

一般方法一般方法（续）

于各报告日期，本集团评估金融工具

之信贷风险有否自首次确认以来大幅

增加。在作出评估时，本集团将金融

工具于报告日期已产生之违约风险与

金融工具于首次确认日期已产生之违

约风险比较，并考虑在毋须付出不必

要成本或努力下可得之合理及有根据

的资料，包括过往及前瞻性资料。本

集团认为，当合约付款逾期超过30

日，则信贷风险大幅增加。

当合约付款逾期90日，本集团便会

视金融资产遭违约。然而，在某些情

况下，当有内部或外部资料显示本集

团不大可能于考虑本集团所持有之任

何加强信贷安排前全数收取未支付合

约金额时，本集团亦可视金融资产为

遭违约。当无法合约预期可收回合约

现金流量时，便撇销金融资产。

以摊销成本计量之金融资产须根据一

般方法计提减值，并在以下计量预期

信贷亏损之阶段内分类，惟下文详述

应用简易方法之贸易应收款项除外。

第一阶段－自首次确认以来信贷风

险并无大幅增加以及亏

损拨备按相等于12个

月预期信贷亏损之数额

计量之金融工具

第二阶段－自首次确认以来信贷风

险大幅增加但并非信贷

减值金融资产以及亏损

拨备按相等于全期预期

信贷亏损之数额计量之

金融工具

第三阶段－于报告日期为信贷减值

（但并非已购买或已产

生之信贷减值）以及亏

损拨备按相等于全期预

期信贷亏损之数额计量

之金融资产

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Impairment of financial asets (continued)

General aproach (continued)

At each reporting date, the Group aseses whether the

credit risk on a financial instrument has increased

significantly since initial recognition. When making the

asesment, the Group compares the risk of a default

ocuring on the financial instrument as at the reporting

date with the risk of a default ocuring on the financial

instrument as at the date of initial recognition and considers

reasonable and suportable information that is available

without undue cost or efort, including historical and

forward-loking information. The Group considers that there

has ben a significant increase in credit risk when

contractual payments are more than 30 days past due.

The Group considers a financial aset in default when

contractual payments are 90 days past due. However, in

certain cases, the Group may also consider a financial aset

to be in default when internal or external information

indicates that the Group is unlikely to receive the outstanding

contractual amounts in ful before taking into acount any

credit enhancements held by the Group. A financial aset is

writen of when there is no reasonable expectation of

recovering the contractual cash flows.

Financial asets at amortised cost are subject to

impairment under the general aproach and they are

clasified within the folowing stages for measurement of

ECLs except for trade receivables which aply the

simplified aproach as detailed below.

Stage 1 – Financial instruments for which credit risk has

not increased significantly since initial

recognition and for which the los alowance

is measured at an amount equal to 12-month

ECLs

Stage 2 – Financial instruments for which credit risk has

increased significantly since initial recognition

but that are not credit-impaired financial

asets and for which the los alowance is

measured at an amount equal to lifetime ECLs

Stage 3 – Financial asets that are credit-impaired at the

reporting date (but that are not purchased or

originated credit-impaired) and for which the

los alowance is measured at an amount

equal to lifetime ECLs

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

金融资产减值（续）

简化方法简化方法

就不包含重大融资部份之贸易应收款

项而言，或当本集团应用简易实务处

理方法不对重大融资部份之影响作出

调整时，本集团在计算预期信贷亏损

时会应用简化方法。在简化方法下，

本集团并不追踪信贷风险之变动，但

会根据于各报告日期之全期预期信贷

亏损确认亏损拨备。本集团已建立一

个拨备矩阵，乃建基于其过往信贷亏

损经验，并已就债务人特定及经济环

境之前瞻性因素作出调整。

金融负债

首次确认及计量首次确认及计量

本集团之金融负债于首次确认时适当

地分类为贷款及借款或应付账款。

所有金融负债于首次确认时按公平值

计量，如属贷款及借款及应付账款，

则扣除直接应占交易成本。

其后计量以摊销成本计量之金融负债其后计量以摊销成本计量之金融负债

（贸易及其他应付款项，以及借款）（贸易及其他应付款项，以及借款）

于首次确认后，贸易应付款项及其他

应付款项、计息贷款及借款其后以实

际利率法按摊销成本计量，除非折现

之影响甚微，在此情况下，则按成本

列账。有关收益及亏损于负债终止确

认时透过实际利率摊销过程在损益确

认。

摊销成本经计及收购之任何折让或溢

价以及属于实际利率组成部分之费用

或成本后计算。实际利率摊销计入损

益中。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Impairment of financial asets (continued)

Simplified aproach

For trade receivables that do not contain a significant

financing component or when the Group aplies the

practical expedient of not adjusting the efect of a

significant financing component, the Group aplies the

simplified aproach in calculating ECLs. Under the

simplified aproach, the Group does not track changes in

credit risk, but instead recognises a los alowance based

on lifetime ECLs at each reporting date. The Group has

established a provision matrix that is based on its historical

credit los experience, adjusted for forward-loking factors

specific to the debtors and the economic environment.

Financial liabilities

Initial recognition and measurement

Financial liabilities of the Group are clasified, at initial

recognition, as loans and borowings, or payables, as

apropriate.

Al financial liabilities are recognised initialy at fair value

and, in the case of loans and borowings, and payables,

net of directly atributable transaction costs.

Subsequent measurement of financial liabilities at amortised

cost (trade and other payables, and borowings)

After initial recognition, trade and other payables, and

interest-bearing borowings are subsequently measured at

amortised cost, using the efective interest rate method

unles the efect of discounting would be imaterial, in

which case they are stated at cost. Gains and loses are

recognised in profit or los when the liabilities are

derecognised as wel as through the efective interest rate

amortisation proces.

Amortised cost is calculated by taking into acount any

discount or premium on acquisition and fes or costs that

are an integral part of the efective interest rate. The

efective interest rate amortisation is included in profit or

los.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

终止确认金融负债

金融负债于该负债项下之责任解除或

撤销或届满时终止确认。

倘现有金融负债被另一项来自同一贷

款人以条款截然不同之金融负债所取

代，或现有负债之条款被大幅修订，

该等交换或修订以终止确认原负债及

确认新负债处理，相关账面值之间之

差额于损益内确认。

抵销金融工具

倘现时有可执行之合法权利抵销已确

认金额，并且拟以净额基准进行结算

或同时将资产变现及清偿负债，方可

将金融资产及金融负债抵销，而净额

于财务状况表呈报。

存货

存货以成本与可变现净值两者之较

低者入账。成本乃按加权平均基准厘

定。可变现净值乃根据估计售价减去

任何将在出售过程产生之估计成本计

算。

现金及现金等价物

综合财务状况表的现金及现金等价物

包括手头现金及银行存款，以及期限

一般在三个月以内可随时转换为已知

金额现金的短期高流动性存款，其价

值变动风险不重大，并为满足短期现

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

界定的短期存款，减须按要求偿还并

构成本集团现金管理一部分的银行透

支。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Derecognition of financial liabilities

A financial liability is derecognised when the obligation

under the liability is discharged or canceled, or expires.

When an existing financial liability is replaced by another

from the same lender on substantialy diferent terms, or

the terms of an existing liability are substantialy modified,

such an exchange or modification is treated as a

derecognition of the original liability and a recognition of a

new liability, and the diference betwen the respective

carying amounts is recognised in profit or los.

Ofseting of financial instruments

Financial asets and financial liabilities are ofset and the

net amount is reported in the statement of financial

position if there is a curently enforceable legal right to

ofset the recognised amounts and there is an intention to

setle on a net basis, or to realise the asets and setle the

liabilities simultaneously.

Inventories

Inventories are stated at the lower of cost and net

realisable value. Cost is determined on the weighted

average basis. Net realisable value is based on estimated

seling prices les any estimated costs to be incured in

the proces of disposal.

Cash and cash equivalents

Cash and cash equivalents in the consolidated statement

of financial position comprise cash on hand and at banks,

and short-term highly liquid deposits with a maturity of

generaly within thre months that are readily convertible

into known amounts of cash, subject to an insignificant risk

of changes in value and held for the purpose of meting

short-term cash comitments.

For the purpose of the consolidated statement of cash

flows, cash and cash equivalents comprise cash on hand

and at banks, and short-term deposits as defined above,

les bank overdrafts which are repayable on demand and

form an integral part of the Group’s cash management.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

拨备

倘因过往事件须承担现时责任（法定

或推定责任）而履行责任很可能导致

未来资源外流，则拨备予以确认，惟

责任数额必须能可靠估计。

倘折现影响重大，则确认拨备之数额

为预期履行责任所需之未来开支于报

告期末之现值。随时间流逝使折现

值增加之款项计入损益。

按经营租赁条款因须在租赁期末修

复租赁之物业而产生合约责任时，予

以确认修复成本拨备。于报告期末使

用估计现金流量以预期清偿责任之成

本价值作出修复成本拨备，而等值资

产会予以确认并按经营租赁期折旧。

估计未来修复成本至少于每个财政年

度末检讨及调整（如适用）。

所得税

所得税包括即期及递延税项。与损益

以外确认之项目相关之所得税于损益

以外，在其他全面收益或直接于权益

确认。

即期税项资产及负债乃按预期自税务

机构退回或付予税务机构之金额根据

截至报告期末已实施或实质上已实施

之税率（及税法）计算，并考虑本集

团经营所在国家╱司法权区之现行诠

释及惯例。

递延税项使用负债法按报告期末之资

产及负债税基与其作财务申报之账面

值之间之所有暂时性差额作出拨备。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Provisions

A provision is recognised when a present obligation (legal

or constructive) has arisen as a result of a past event and

it is probable that a future outflow of resources wil be

required to setle the obligation, provided that a reliable

estimate can be made of the amount of the obligation.

When the efect of discounting is material, the amount

recognised for a provision is the present value at the end

of the reporting period of the future expenditures expected

to be required to setle the obligation. The increase in the

discounted present value amount arising from the pasage

of time is included in profit or los.

A provision for reinstatement costs is recognised when a

contractual obligation under the terms of an operating

lease has arisen to reinstate a leased property at the end

of the lease. Reinstatement costs are provided at the value

of the expected costs to setle the obligation at the end of

the reporting period using estimated cash flows and an

equivalent aset is recognised and depreciated over the

term of the operating lease. The estimated future costs of

reinstatement are reviewed, and adjusted if apropriate, at

least at each financial year end.

Income tax

Income tax comprises curent and defered tax. Income

tax relating to items recognised outside profit or los is

recognised outside profit or los, either in other

comprehensive income or directly in equity.

Curent tax asets and liabilities are measured at the

amount expected to be recovered from or paid to the

taxation authorities, based on tax rates (and tax laws) that

have ben enacted or substantively enacted by the end of

the reporting period, taking into consideration

interpretations and practices prevailing in the countries/

jurisdictions in which the Group operates.

Defered tax is provided, using the liability method, on al

temporary diferences at the end of the reporting period

betwen the tax bases of asets and liabilities and their

carying amounts for financial reporting purposes.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

所得税（续）

所有应课税暂时性差额，均被确认为

递延税项负债，惟下述情况除外：

(cid:129) 因商誉或并非业务合并交易之资

产或负债之初步确认而产生，且

于交易时并不影响会计溢利及应

课税溢利或亏损，及并无产生相

等之应课税及可扣减暂时差额；

及

(cid:129) 就于附属公司之投资所产生之应

课税暂时性差额而言，暂时性差

额拨回时间可受控制，而暂时性

差额于可见将来可能不会拨回。

所有可扣减暂时性差额及未动用税项

抵免与任何未动用税务亏损之结转，

均被确认为递延税项资产。倘应课税

溢利可用于抵销可扣减暂时性差额，

以及未动用税项抵免及未动税务亏损

之结转可予动用，则递延税项资产会

予以确认，惟下述情况除外：

(cid:129) 因有关可扣减暂时性差额之递延

税项资产源自初次确认一项交

易（非业务合并）中之资产或负

债，并于交易时不会影响会计溢

利或应课税溢利或亏损，且不会

产生相等的应课税及可扣减暂时

差额；及

(cid:129) 就于附属公司之投资所产生之可

扣减暂时性差额而言，递延税项

资产仅于暂时性差额于可见将来

可能拨回且应课税溢利将用以

抵销暂时性差额时，方会予以确

认。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Income tax (continued)

Defered tax liabilities are recognised for al taxable

temporary diferences, except:

• when the defered tax liability arises from the initial

recognition of godwil or an aset or liability in a

transaction that is not a busines combination and, at

the time of the transaction, afects neither the

acounting profit nor taxable profit or los and does not

give rise to equal taxable and deductible temporary

diferences; and

• in respect of taxable temporary diferences asociated

with investments in subsidiaries, when the timing of the

reversal of the temporary diferences can be controled

and it is probable that the temporary diferences wil

not reverse in the foreseable future.

Defered tax asets are recognised for al deductible

temporary diferences, and the caryforward of unused tax

credits and any unused tax loses. Defered tax asets are

recognised to the extent that it is probable that taxable

profit wil be available against which the deductible

temporary diferences, and the caryforward of unused tax

credits and unused tax loses can be utilised, except:

• when the defered tax aset relating to the deductible

temporary diferences arises from the initial recognition of

an aset or liability in a transaction that is not a busines

combination and, at the time of the transaction, afects

neither the acounting profit nor taxable profit or los and

does not give rise to equal taxable and deductible

temporary diferences; and

• in respect of deductible temporary diferences

asociated with investments in subsidiaries, defered

tax asets are only recognised to the extent that it is

probable that the temporary diferences wil reverse in

the foreseable future and taxable profit wil be

available against which the temporary diferences can

be utilised.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

所得税（续）

递延税项资产之账面值于报告期末检

讨，并扣减至不再可能有足够应课税

溢利用于扣减所有或部分将予动用之

递延税项资产为止。未确认递延税项

资产于报告期末重估，并确认至可能

有足够应课税溢利将用于扣减所有或

部分将予收回之递延税项资产。

递延税项资产及负债以预期适用于资

产变现或负债清还期间之税率计量，

并基于报告期末已颁布或实质上颁布

之税率（及税法）计算。

倘（及仅于）本集团具有可依法强制

执行的权利，可使用即期税项资产抵

销即期税项负债，且递延税项资产与

递延税项负债是关于同一税务机关就

同一应课税实体所征收的所得税或就

计划于各段未来期间（而预期在有关

期间内将结清或收回大额的递延税项

负债或资产）以净额基准结算即期税

项负债与资产或同时变现资产及结清

负债之不同应课税实体所征收的所得

税时，则递延所得税资产及递延所得

税负债可相互抵销。

收入确认

客户合约收入客户合约收入

客户合约收入于商品或服务的控制权

转移至客户时确认，有关金额反映本

集团预期就交换该等货品或服务有权

获得的代价。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Income tax (continued)

The carying amount of defered tax asets is reviewed at

the end of the reporting period and reduced to the extent

that it is no longer probable that suficient taxable profit

wil be available to alow al or part of the defered tax

aset to be utilised. Unrecognised defered tax asets are

reasesed at the end of the reporting period and are

recognised to the extent that it has become probable that

suficient taxable profit wil be available to alow al or part

of the defered tax aset to be recovered.

Defered tax asets and liabilities are measured at the tax

rates that are expected to aply to the period when the

aset is realised or the liability is setled, based on tax

rates (and tax laws) that have ben enacted or

substantively enacted by the end of the reporting period.

Defered tax asets and defered tax liabilities are ofset if

and only if the Group has a legaly enforceable right to set

of curent tax asets and curent tax liabilities and the

defered tax asets and defered tax liabilities relate to

income taxes levied by the same taxation authority on

either the same taxable entity or diferent taxable entities

which intend either to setle curent tax liabilities and

asets on a net basis, or to realise the asets and setle

liabilities simultaneously, in each future period in which

significant amounts of defered tax liabilities or asets are

expected to be setled or recovered.

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognised

when control of gods or services is transfered to the

customers at an amount that reflects the consideration to

which the Group expects to be entitled in exchange for

those gods or services.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

收入确认（续）

客户合约收入客户合约收入（续）

当合约中的代价包括可变金额时，估

计代价金额将为本集团有权以换取将

货品或服务转移至客户的金额。可变

代价在合约开始时估计并受到限制，

直至与可变代价相关的不确定性其后

得以解决时，很有可能所确认累计收

入金额中不会出现重大收入转拨。

倘合约中包含为客户提供向客户转让

货物或服务超过一年的重大融资利益

的融资部分，则收入按应收款项的现

值计量，并使用本集团与客户于合约

开始时进行的单独融资交易所反映的

贴现率贴现。倘合约中包含为本集团

提供超过一年而具有重大财务利益的

融资部分，则根据合约确认的收入包

括按实际利率法计算的合约负债所附

加的利息开支。就客户付款与转让承

诺商品或服务之间的期限为一年或更

短的合约而言，交易价不会使用香港

财务报告准则第15号的实际权宜法

就重大融资部分作出调整。

(cid:129) 销售货品

销售货品的收入于资产的控制权

转让予客户的时间点确认，有关

时点通常为交付货品时。

其他收入其他收入

其他服务收入随著时间的推移采用输

出法确认，以按完全满意相关服务计

量本集团的服务进度。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

When the consideration in a contract includes a variable

amount, the amount of consideration is estimated to which

the Group wil be entitled in exchange for transfering the

gods or services to the customer. The variable

consideration is estimated at contract inception and

constrained until it is highly probable that a significant

revenue reversal in the amount of cumulative revenue

recognised wil not ocur when the asociated uncertainty

with the variable consideration is subsequently resolved.

When the contract contains a financing component which

provides the customer with a significant benefit of financing

the transfer of gods or services to the customer for more

than one year, revenue is measured at the present value of

the amount receivable, discounted using the discount rate

that would be reflected in a separate financing transaction

betwen the Group and the customer at contract inception.

When the contract contains a financing component which

provides the Group with a significant financial benefit for

more than one year, revenue recognised under the contract

includes the interest expense acreted on the contract

liability under the efective interest method. For a contract

where the period betwen the payment by the customer

and the transfer of the promised gods or services is one

year or les, the transaction price is not adjusted for the

efects of a significant financing component, using the

practical expedient in HKFRS 15.

• Sale of gods

Revenue from the sale of gods is recognised at the

point in time when control of the aset is transfered

to the customer, generaly upon delivery of the gods.

Other income

Other service income is recognised over time, using an

output method to measure the Group’s progres towards

complete satisfaction of the relevant services.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

收入确认（续）

其他收入其他收入（续）

利息收入按应计基准及以实际利率

法，透过采用将金融工具在预期可使

用年期（或较短期间）（倘适用）的估

计未来现金收入准确贴现至金融资产

的账面净值的比率予以确认。

合约负债

合约负债于本集团将相关货品或服务

转让前向客户收取付款或付款到期时

（以较早者为准）确认。合约负债于

本集团根据合约履行时（即转让相关

货品或服务之控制权予客户时）确认

为收益。

雇员福利

退休福利计划退休福利计划

本集团根据香港职业退休计划条例，

为所有合资格参与该计划之雇员设有

职业退休计划。根据香港强制性公积

金计划条例，该退休计划已获豁免。

当雇员于可全数享有本集团所作之雇

主供款之前退出该计划，本集团应付

之持续供款于没收雇主供款之相关金

额中扣除。

本集团亦根据香港强制性公积金计划

条例设有一项定额供款强制性公积金

退休福利计划（「强积金计划」），以

供该等合资格参加强积金计划之雇员

参与。本集团所作之雇主供款于向强

积金计划作出供款时全数归雇员所

有。

该等计划所作出之供款乃按雇员基

本薪金之百分比计算，并于依照强积

金计划之规则缴纳供款时在损益中扣

除。该等计划之资产乃与本集团之资

产分开，由独立管理基金持有。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Revenue recognition (continued)

Other income (continued)

Interest income is recognised on an acrual basis using

the efective interest method by aplying the rate that

exactly discounts the estimated future cash receipts over

the expected life of the financial instrument or a shorter

period, when apropriate, to the net carying amount of

the financial aset.

Contract liabilities

A contract liability is recognised when a payment is

received or a payment is due (whichever is earlier) from a

customer before the Group transfers the related gods or

services. Contract liabilities are recognised as revenue

when the Group performs under the contract (i.e., transfers

control of the related gods or services to the customer).

Employe benefits

Retirement benefit schemes

The Group operates an ocupational retirement scheme

registered under the Hong Kong Ocupational Retirement

Schemes Ordinance for those employes who are eligible to

participate in the scheme. This scheme has ben granted

exemption under the Hong Kong Mandatory Provident Fund

Schemes Ordinance. When an employe leaves the scheme

before his/her interest in the Group’s employer contributions

vesting fuly, the ongoing contributions payable by the

Group are reduced by the relevant amount of the forfeited

employer’s contributions.

The Group also operates a defined contribution Mandatory

Provident Fund retirement benefit scheme (the “MPF

Scheme”) under the Hong Kong Mandatory Provident Fund

Schemes Ordinance for those employes who are eligible to

participate in the MPF Scheme. The Group’s employer

contributions vest fuly with the employes when contributed

into the MPF Scheme.

Contributions to these schemes are made based on a

percentage of the employes’ basic salaries and are

charged to profit or los as they become payable in

acordance with the rules of the schemes. The asets of

these schemes are held separately from those of the

Group in independently administered funds.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

2.4 重大会计政策（续）

外币

财务报表以港元呈列，港元即本公司

之功能货币。本集团内之各实体决定

其功能货币且各实体之财务报表项目

均使用功能货币计量。本集团各实体

所记录之外币交易初步使用交易日期

之现行功能货币之汇率换算入账。以

外币计值之货币资产及负债，按有关

功能货币于报告期末之汇率换算。因

结算或换算货币项目而导致之汇兑差

额于损益确认。

按历史成本以外币计量之非货币项

目，采用初步交易日期之汇率换算。

于厘定初步确认相关资产、开支或收

入及终止确认与预付代价有关的非货

币资产或非货币负债所用的汇率时，

初始交易日期为本集团初步确认预付

代价产生的非货币资产或非货币负债

当日。倘若涉及多笔预付款项或预收

款项，则本集团须厘定每次支付或收

取预付代价的交易日期。

3. 重大会计判断及估计

编制本集团综合财务报表时，管理层需要

作出会影响收入、开支、资产及负债呈报

金额及其相关披露以及或然负债披露之判

断、估计及假设。该等假设及估计之不确

定性可能导致日后须就受影响之资产或负

债账面值作出重大调整。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES (continued)

Foreign curencies

These financial statements are presented in Hong Kong

dolars, which is the Company’s functional curency. Each

entity in the Group determines its own functional curency

and items included in the financial statements of each

entity are measured using that functional curency.

Foreign curency transactions recorded by the entities in

the Group are initialy recorded using their respective

functional curency rates prevailing at the dates of the

transactions. Monetary asets and liabilities denominated

in foreign curencies are translated at the functional

curency rates of exchange ruling at the end of the

reporting period. Diferences arising on setlement or

translation of monetary items are recognised in profit or

los.

Non-monetary items that are measured in terms of

historical cost in a foreign curency are translated using

the exchange rates at the date of the initial transactions.

In determining the exchange rate on initial recognition of

the related aset, expense or income on the derecognition

of a non-monetary aset or non-monetary liability relating

to an advance consideration, the date of initial transaction

is the date on which the Group initialy recognises the

non-monetary aset or non-monetary liability arising from

the advance consideration. If there are multiple payments

or receipts in advance, the Group determines the

transaction date for each payment or receipt of the

advance consideration.

3. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES

The preparation of the Group’s consolidated financial

statements requires management to make judgements,

estimates and asumptions that afect the reported amounts of

revenues, expenses, asets and liabilities, and their

acompanying disclosures, and the disclosure of contingent

liabilities. Uncertainty about these asumptions and estimates

could result in outcomes that could require a material

adjustment to the carying amounts of the asets or liabilities

afected in the future.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

估计不确定性

下文所讨论有关于报告期末就估计不确定

性之未来及其他主要来源之主要假设存在

可导致资产与负债账面值于下一财务年度

需要作出重大调整之重大风险，兹描述如

下。

非金融资产减值

本集团于报告期末就所有非金融资产（包

括使用权资产）评估是否有任何减值迹

象。有限定使用年期之非金融资产于有迹

象显示账面值不可收回之情况下作减值测

试。倘资产之账面值或现金产生单位超过

其可收回金额（即公平值减出售成本或使

用价值之较高者），则该资产出现减值。

公平值减出售成本乃根据同类资产公平交

易中自具约束力之出售交易所得数据或可

观察市价减出售资产之增加成本计算。倘

采用使用价值计算方式，则管理层必须估

计来自资产或现金产生单位之预期未来现

金流量及选取适当之折现率以计算该等现

金流量之现值。

修复成本拨备

本集团于报告期末按清偿租赁条款下之相

关合约责任所产生之预期成本之估计对经

营租赁下之若干租赁物业有关之本集团应

占复原成本作出拨备，当中存在不确定因

素并可能与予产生之实际成本有差异。于

厘定将产生之预期成本时须作出重大判断

及估计，当中包括参考过往经验及可用资

料作出多种假设。其进一步详情载于综合

财务报表附注19。

3. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (continued)

Estimation uncertainty

The key asumptions concerning the future and other key

sources of estimation uncertainty at the end of the reporting

period, that have a significant risk of causing a material

adjustment to the carying amounts of asets and liabilities

within the next financial year, are described below.

Impairment of non-financial asets

The Group aseses whether there are any indicators of

impairment for al non-financial asets (including the

right-of-use asets) at the end of the reporting period.

Non-financial asets with finite useful lives are tested for

impairment when there are indicators that the carying amounts

may not be recoverable. An impairment exists when the

carying value of an aset or a cash-generating unit exceds

its recoverable amount, which is the higher of its fair value les

costs of disposal and its value in use. The calculation of the

fair value les costs of disposal is based on available data from

binding sales transactions in an arm’s length transaction of

similar asets or observable market prices les incremental

costs for disposing of the aset. When value in use calculations

are undertaken, management must estimate the expected

future cash flows from the aset or cash-generating unit and

chose a suitable discount rate in order to calculate the

present value of those cash flows.

Provisions for reinstatement costs

The Group makes provisions for reinstatement costs asociated

with certain leased properties under operating leases

atributable to the Group based on the estimates of the

expected costs to be incured to setle the relevant contractual

obligations under the terms of the leases at the end of the

reporting period, which are subject to uncertainties and might

difer from the actual costs to be incured. Significant

judgements and estimates are required, including, inter alia,

making various asumptions with reference to past experience

and available information to determine the expected costs to

be incured. Further details are included in note 19 to the

consolidated financial statements.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

估计不确定性（续）

存货之可变现净值

本集团定期评估存货之可变现净值以厘定

是否须将任何存货撇减至可变现净值。于

估计存货之可变现净值时，本集团会考虑

（其中包括）存货之性质、库龄及状态、现

行市况及其他有关因素。根据有关评估，

倘存货账面值跌至低于其估计可变现净

值，则存货将予以撇减。由于市场及经济

环境及顾客偏好不断变化，货品实际适销

性及可变现实际售价或会与初始估计有所

不同，而此估计之差额可能对损益造成影

响。

有关贸易应收款项之预期信贷亏损拨

备

本集团使用拨备矩阵计算有关贸易应收款

项的预期信贷亏损。拨备率乃按多个具有

类似损失模式的客户分部分组的逾期日数

得出。

拨备矩阵初步按本集团的历史可观察违约

率得出。本集团将就前瞻性资料校正矩阵

以调整历史信贷亏损经验。例如，倘预测

经济状况预期将下一年度转差，而可导致

违约数目增加，则会调整历史违约率。于

各报告日期，历史可观察违约率获更新，

且分析前瞻性估计的变动。

评估历史可观察违约率、预测经济状况及

预期信贷亏损之间的关系属重大估计。预

期信贷亏损的金额对情况及预测经济状况

的变动属敏感。本集团的历史信贷亏损经

验及经济状况预测亦未必代表一位客户于

日后的实际违约情况。

3. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (continued)

Estimation uncertainty (continued)

Net realisable value of inventories

The Group periodicaly reviews the net realisable value of

inventories to determine whether any write-down of inventories

to net reliable value is required. In estimating the net realisable

value of inventories, the Group considers, inter alia, the nature,

ageing and condition of inventories, curent market condition

and other relevant factors. Based on such asesment,

write-down of inventories wil be made when the carying

amount of inventories declines below their estimated net

realisable value. Due to changes in market and economic

environment and customers’ preference, actual saleability of

inventories and actual seling prices that could be realised

might be diferent from the original estimation and profit or los

could be afected by diferences in these estimations.

Provision for expected credit loses on trade receivables

The Group uses a provision matrix to calculate ECLs for trade

receivables. The provision rates are based on days past due

for groupings of various customer segments that have similar

los paterns.

The provision matrix is initialy based on the Group’s historical

observed default rates. The Group wil calibrate the matrix to

adjust the historical credit los experience with forward-loking

information. For instance, if forecast economic conditions are

expected to deteriorate over the next year which can lead to an

increased number of defaults, the historical default rates are

adjusted. At each reporting date, the historical observed

default rates are updated and changes in the forward-loking

estimates are analysed.

The asesment of the corelation among historical observed

default rates, forecast economic conditions and ECLs is a

significant estimate. The amount of ECLs is sensitive to

changes in circumstances and forecast economic conditions.

The Group’s historical credit los experience and forecast of

economic conditions may also not be representative of a

customer’s actual default in the future.

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

（续）

估计不确定性（续）

租赁－估算增量借款利率

本集团无法轻易厘定租赁内所隐含的利

率，因此，使用增量借款利率（「增量借

款利率」）计量租赁负债。增量借款利率

为本集团于类似经济环境中为取得与使用

权资产价值相近之资产，而以类似抵押品

于类似期间借入所需资金应支付之利率。

因此，增量借款利率反映了本集团「应支

付」的利率，当无可观察利率时（如就并无

订立融资交易之附属公司而言）或当须对

利率进行调整以反映租赁之条款及条件时

（如当租赁并非以附属公司之功能货币订

立时），则须作出利率估计。当可观察输

入数据（如市场利率）可用时，本集团使用

可观察输入数据估算增量借款利率并须作

出若干实体特定的估计（如附属公司单独

的信贷评级）。

4. 经营分部资料

本集团主要经营进口家私零售与批发及工

程项目。就资源分配及表现评估而言，向

本集团主要经营决策者汇报之资料，侧重

于本集团之整体经营业绩，因为本集团之

资源已整合且并无分散经营分部资料可提

供。因此，并无呈列经营分部资料。

地区资料

(a) 来自外部客户之收入

于截至2025年及2024年3月31日止

年度，本集团来自外部客户之收入按

客户所在地或按本集团获得收入之若

干重要流程╱资源之所在地绝大部分

来自香港。

(b) 非流动资产

本集团于报告期末之非流动资产按资

产所处位置全部均位于香港。

有关主要客户之资料

截至2025年及2024年3月31日止年度，

概无来自单一外部客户交易之收入占本集

团总收入10%或以上。

3. SIGNIFICANT ACOUNTING JUDGEMENTS AND

ESTIMATES (continued)

Estimation uncertainty (continued)

Leases – Estimating the incremental borowing rate

The Group canot readily determine the interest rate implicit in a

lease, and therefore, it uses an incremental borowing rate (“IBR”)

to measure lease liabilities. The IBR is the rate of interest that the

Group would have to pay to borow over a similar term, and with a

similar security, the funds necesary to obtain an aset of a similar

value to the right-of-use aset in a similar economic environment.

The IBR therefore reflects what the Group “would have to pay”,

which requires estimation when no observable rates are available

(such as for subsidiaries that do not enter into financing

transactions) or when it neds to be adjusted to reflect the terms

and conditions of the lease (for example, when leases are not in the

subsidiary’s functional curency). The Group estimates the IBR

using observable inputs (such as market interest rates) when

available and is required to make certain entity-specific estimates

(such as the subsidiary’s stand-alone credit rating).

4. OPERATING SEGMENT INFORMATION

The Group principaly focuses on the retail and wholesale of imported

furniture, and special projects. Information reported to the Group’s

chief operating decision maker, for the purpose of resource alocation

and performance asesment, focuses on the operating results of the

Group as a whole as the Group’s resources are integrated and no

discrete operating segment information is available. Acordingly, no

operating segment information is presented.

Geographical information

(a) Revenue from external customers

Substantialy al of the Group’s revenues from external

customers during the years ended 31 March 2025 and

2024 were atributed to Hong Kong based on the location

of the customers or the location of certain key proceses/

resources from which the Group derived the revenues.

(b) Non-curent asets

Al of the Group’s non-curent asets as at the end of the

reporting period were located in Hong Kong based on the

location of the asets.

Information about major customers

No revenues from transactions with a single external customer

for the years ended 31 March 2025 and 2024 amounted to 10%

or more of the total revenue of the Group.

	2025	2024
	HK$’000 千港元	HK$’000 千港元
145,075
6,428
1,518
153,021

	2025	2024
	HK$’000 千港元	HK$’000 千港元
153,021
153,021

	2025	2024
	HK$’000 千港元	HK$’000 千港元
11,079
13
11,092

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

、其他收入及收益

收入分析如下：

客户合约收入

(i) 细分收入资料

下表显示本报告期间确认之收入金额，其

计入报告期初合约负债并于过往期间履行

履约责任确认：

5. REVENUE, OTHER INCOME AND GAINS

An analysis of revenue is as folows:

Revenue from contracts with customers

(i) Disagregated revenue information

The folowing table shows the amounts of revenue

recognised in the curent reporting period that were

included in the contract liabilities at the begining of the

reporting period and recognised from performance

obligations satisfied in previous periods:

	2025	2024
	HK$’000 千港元	HK$’000 千港元
2,083
716
1,522
4,321

	2025	2024
	HK$’000 千港元	HK$’000 千港元
1,645

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

、其他收入及收益（续）

客户合约收入（续）

(i) 履约责任

有关本集团履约责任之资料概述如

下：

销售货品

履约责任通常于货品交付后达成。就家私

零售而言，客户通常须提前及╱或于交付

后付款。就家私批发而言，付款一般于结

算之日起30至60日内到期。就项目销售

而言，付款一般按相关方根据各协议所载

协定的条款到期。

其他收入及收益分析如下：

6. 财务成本

5. REVENUE, OTHER INCOME AND GAINS (continued)

Revenue from contracts with customers (continued)

(i) Performance obligations

Information about the Group’s performance obligations is

sumarised below:

Sale of gods

The performance obligation is generaly satisfied upon delivery

of gods. For retail sale of furniture, payment in advance and/or

upon delivery by customers is normaly required. For wholesale

of furniture, payment is generaly due within 30 to 60 days from

the date of biling. For project sales, payment is generaly due

based on terms agred by relevant parties as set out in the

respective agrements.

An analysis of other income and gains is as folows:

6. FINANCE COSTS

		2025	2024
	Notes 附注	HK$’000 千港元	HK$’000 千港元
67,198
(2,481)
64,717
700
1,867
24,783
10,027
35,681
1,674
37,355
1,715
14,367
(170)
(18)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

7. 除税前亏损

本集团除税前亏损已扣除╱（抵免）下列各

项：

本集团并无可用作雇主以减低现有供款

水平之没收供款。

^ 计入综合损益及其他全面收益表内「其

他开支」。

7. LOS BEFORE TAX

The Group’s los before tax is arived at after charging/

(crediting):

* There are no forfeited contributions that may be used by the

Group as the employer to reduce the existing level of

contributions.

Included in “Other expenses” in the consolidated statement of

profit or los and other comprehensive income.

	2025	2024
	HK$’000 千港元	HK$’000 千港元
1,145
2,853
120
2,973
4,118

	2025	2024
	HK$’000 千港元	HK$’000 千港元
160
160
160
480

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

8. 董事及最高行政人员酬金

根据联交所证券上市规则、香港公司条例

第383(1)(a)、(b)、(c)及(f)条以及香港公

司（披露董事利益资料）规例第2部所披露

于年内本集团董事及最高行政人员酬金如

下：

(a) 独立非执行董事

年内，已付独立非执行董事之袍金如

下：

年内并无应付独立非执行董事之其他

薪酬（2024年：无）。

8. DIRECTORS’ AND CHIEF EXECUTIVE’S

REMUNERATION

Directors’ and chief executive’s remuneration of the Group for

the year, disclosed pursuant to the Rules Governing the Listing

of Securities on the Stock Exchange, section 383(1)(a), (b), (c)

and (f) of the Hong Kong Companies Ordinance and Part 2 of

the Hong Kong Companies (Disclosure of Information about

Benefits of Directors) Regulation, is as folows:

(a) Independent non-executive directors

The fes paid to independent non-executive directors

during the year were as folows:

There were no other emoluments payable to the

independent non-executive directors during the year

(2024: Nil).

Fees 袍金	Salaries and allowances 薪金及津贴	Discretionary bonuses 酌情花红	Pension scheme contributions 退休金计划供款	Total remuneration 酬金总额
HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元
133	1,484	–	60	1,677
133	1,369	–	60	1,562
133	–	–	–	133
133	–	–	–	133
133	–	–	–	133
665	2,853	–	120	3,638

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

(b) 执行董事及最高行政人员

^ 于2024年4月1日获委任为本公

司董事会（「董事会」）主席及执行

董事。

* 于2025年4月1日从执行董事及

执行委员会成员之职务退休。

年内，概无董事或最高行政人员根据

任何安排放弃或同意放弃任何酬金。

8. DIRECTORS’ AND CHIEF EXECUTIVE’S

REMUNERATION (continued)

(b) Executive directors and the chief executive

Executive director and the managing director:

执行董事及董事总经理：

Chan Chuen Yin

陈传贤1501,542–601,752

Executive director and the general manager:

执行董事及总经理：

Mok Fung Lin, Ivy 莫凤莲1501,369–601,579

Executive directors: 执行董事：

Wong Chi Fai 黄志辉150–150

Fan Man Seung, Vanesa 范敏嫦150–150

Total 总计6002,911–1203,631

Apointed as the Chairman of the board of director of the

Company (“Board”) and executive director on 1 April

* Retired from the positions of executive director and

member of the executive comite on 1 April 2025

There was no arangement under which a director or the

chief executive waived or agred to waive any

remuneration during the year.

	2025	2024
	HK$’000 千港元	HK$’000 千港元
2,425
–
81
2,506

Number of employees 雇员人数
	2025	2024
3
3

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

9. FIVE HIGHEST PAID EMPLOYES

The five highest paid employes of the Group during the year

included two directors (2024: two directors), details of whose

remuneration are set out in note 8 above. Details of the

remuneration for the year of the remaining thre (2024: thre)

highest paid employes who are neither a director nor chief

executive of the Company are as folows:

The number of non-director and non-chief executive highest

paid employes whose remuneration fel within the folowing

bands is as folows:

During the year, no emolument was paid or payable by the

Group to the non-director and non-chief executive highest paid

employes as an inducement to join or upon joining the Group

or as compensation for the los of ofice (2024: Nil).

9. 五名最高薪雇员

年内，本集团五名最高薪雇员包括两名

董事（2024年：两名董事），其酬金详情

载于上文附注8。其余三名（2024年：三

名）并非本公司董事又非最高行政人员之

最高薪雇员于年内之酬金详情如下：

酬金在下列范围内之非董事及非最高行政

人员之最高薪雇员人数如下：

年内，本集团并无向非董事及非最高行政

人员之最高薪酬雇员支付或应付任何酬

金，作为吸引加入本集团或于加入本集团

后之奖励或离职赔偿（2024年：无）。

	2025	2024
	HK$’000 千港元	HK$’000 千港元
–
4,836
4,836

	2025	2024
	HK$’000 千港元	HK$’000 千港元
(36,182)
(5,970)
–
(118)
13
5,078
4,836
997
4,836

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

10. 所得税

由于本集团于截至2025年3月31日止年

度并无产生任何源自香港的应课税溢利，

因此并无作出香港利得税拨备（2024年：

无）。

按香港法定税率（本公司及本集团大部分

经营附属公司所在司法权区及╱或营运地

点之法定税率）计算适用于除税前亏损之

税项开支与按本集团实际税率计算之税项

抵免对账如下：

10. INCOME TAX

No provision for Hong Kong profits tax has ben made as the

Group did not generate any asesable profits arising in Hong

Kong during the year ended 31 March 2025 (2024: Nil).

A reconciliation of the tax credit aplicable to los before tax at

the Hong Kong statutory tax rate (statutory tax rate for the

jurisdiction in which the Company and the majority of the

Group’s operating subsidiaries are domiciled and/or operate) to

the tax expenses at the Group’s efective tax rate is as folows:

	2025	2024
	HK$’000 千港元	HK$’000 千港元
(41,018)

Number of shares 股份数目
	2025	2024
800,000,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

11. 母公司普通股权益拥有人应占每

股亏损

每股基本亏损乃根据年内母公司普通股权

益拥有人应占亏损及年内已发行普通股

加权平均数800,000,000股（2024年：

800,000,000股）计算。

本集团于截至2025年及2024年3月31日

止年度并无具潜在摊薄作用之已发行普通

股。

下列为用作计算每股基本及摊薄亏损之数

据：

11. LOS PER SHARE ATRIBUTABLE TO ORDINARY

EQUITY HOLDERS OF THE PARENT

The calculation of the basic los per share amount is based on

the los for the year atributable to ordinary equity holders of

the parent, and the weighted average number of ordinary

shares of 800,000,000 (2024: 800,000,000) in isue during the

year.

The Group had no potentialy dilutive ordinary shares in isue

during the years ended 31 March 2025 and 2024.

The calculation of basic and diluted los per share is based

on:

Leasehold improvements 租赁物业装修	Furniture, fixtures and equipment 家私、装置及设备	Motor vehicles 汽车	Total 总计
HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元
65,986	8,566	2,603	77,155
(65,325)	(6,684)	(2,094)	(74,103)
661	1,882	509	3,052
661	1,882	509	3,052
838	–	–	838
(917)	(749)	(201)	(1,867)
(582)	(1,133)	–	(1,715)
–	–	308	308
66,122	8,546	2,603	77,271
(66,122)	(8,546)	(2,295)	(76,963)
–	–	308	308

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

、厂房及设备12. PROPERTY, PLANT AND EQUIPMENT

	Leasehold improvements 租赁物业装修	Furniture, fixtures and equipment 家私、装置及设备	Motor vehicles 汽车	Total 总计
	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

、厂房及设备（续）

于截至2025年3月31日止年度，由于

本集团之经营表现欠佳，本集团参考其

估计可收回金额分别确认年度减值亏损

1,715,000港元（2024年：442,000港元）

及14,367,000港元（2024年：4,775,000

港元），以撇减该等物业、厂房及设备项目

及使用权资产之账面值。可收回金额之估

计乃根据使用价值计算以及所应用之折现

率为15.2%（2024年：25.7%）。

12. PROPERTY, PLANT AND EQUIPMENT (continued)

31 March 2024 2024年3月31日

At 1 April 2023: 于2023年4月1日：

Cost 成本66,0096,5282,60375,140

Acumulated depreciation and impairment

累计折旧及减值

(64,277)(5,682)(1,893)(71,852)

Net carying amount 账面净值1,7328467103,288

At 1 April 2023, net of acumulated depreciation

于2023年4月1日，扣除累计折旧

1,7328467103,288

Aditions 添置5872,054–2,641

Depreciation provided during the year

年内折旧拨备

(1,543)(691)(201)(2,435)

Impairment 减值(115)(327)–(442)

At 31 March 2024, net of acumulated depreciation

and impairment

于2024年3月31日，扣除累计折旧及减值

6611,8825093,052

At 31 March 2024: 于2024年3月31日：

Cost 成本65,9868,5662,60377,155

Acumulated depreciation and impairment

累计折旧及减值

(65,325)(6,684)(2,094)(74,103)

Net carying amount 账面净值6611,8825093,052

During the year ended 31 March 2025, due to the unfavourable

operating performance of the Group, the Group recognised

impairment loses for the year of HK$1,715,000 (2024:

HK$442,000) and HK$14,367,000 (2024: HK$4,775,000) with

reference to their estimated recoverable amounts to write down

the carying amounts of these items of property, plant and

equipment and right-of-use asets, respectively. The estimates of

the recoverable amount were based on the value-in-use and the

discount rate aplied is 15.2% (2024: 25.7%).

Properties and equipment 物业及设备
HK$’000 千港元

27,460
11,690
(24,783)
(14,367)
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

13. 租赁

本集团作为承租人

本集团拥有用于其营运之若干办公物业、

零售店、仓库及设备。物业及设备之租期

通常为十八个月至五年。

(a) 使用权资产

年内本集团使用权资产之账面值及变

动载列如下：

13. LEASES

The Group as a lese

The Group has lease contracts for certain of its ofice

properties, retail stores, warehouses and equipment used in its

operations. Leases of properties and equipment generaly have

lease terms of 18 months to 5 years.

(a) Right-of-use asets

The carying amount of the Group’s right-of-use asets

and the movements during the year are as folows:

At 1 April 2023 于2023年4月1日49,794

Aditions 添置14,164

Lease modification 租赁修订(223)

Depreciation charge 折旧支出(31,500)

Impairment 减值(4,775)

At 31 March 2024 and 1 April 2024 于2024年3月31日及2024年4月1日

Aditions 添置

Depreciation charge 折旧支出

Impairment 减值

At 31 March 2025 于2025年3月31日

	2025	2024
	HK$’000 千港元	HK$’000 千港元
39,189
11,661
–
1,645
(34,029)
18,466
16,595
1,871

	2025	2024
	HK$’000 千港元	HK$’000 千港元
16,595
1,561
310
18,466

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

本集团作为承租人（续）

(b) 租赁负债

年内租赁负债之账面值及变动载列如

下：

租赁负债之到期日分析于综合财务报

表附注28披露。

13. LEASES (continued)

The Group as a lese (continued)

(b) Lease liabilities

The carying amount of lease liabilities and the movements

during the year are as folows:

The maturity analysis of lease liabilities is disclosed in

note 28 to the consolidated financial statements.

	2025	2024
	HK$’000 千港元	HK$’000 千港元
1,645
24,783
9,927
100
36,455

	Payable within five years 五年内支付	Payable after five years 五年后支付	Total 总计
	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元
	1,128	–	1,128

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

本集团作为承租人（续）

下：

(d) 租赁现金流出总额于综合财务报表附

注23(c)披露。

(e) 续租选择权

本集团拥有若干包含续租选择权的租

赁合约。该等选择权由管理层磋商以

灵活管理租赁资产组合并与本集团的

业务需求相符。下文载列与续租选择

权行使日期后期间相关的未贴现潜

在未来租金付款（不包括在租赁条款

内）：

13. LEASES (continued)

The Group as a lese (continued)

leases are as folows:

(d) The total cash outflow for leases is disclosed in note 23(c)

to the consolidated financial statements.

(e) Extension options

The Group has several lease contracts that include

extension options. These options are negotiated by

management to provide flexibility in managing the

leased-aset portfolio and they are aligned with the

Group’s busines neds. Set out below are the

undiscounted potential future rental payments relating to

periods folowing the exercise date of extension options

that are not included in the lease terms:

	Payable within five years 五年内支付	Payable after five years 五年后支付	Total 总计
	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元

	2025	2024
	HK$’000 千港元	HK$’000 千港元
678

	2025	2024
	HK$’000 千港元	HK$’000 千港元
30,230

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

本集团作为承租人（续）

(e) 续租选择权（续）

本集团作为出租人

本集团根据融资租赁安排分租停车场，商

定租期为一年。

于2025年3月31日，本集团与其租户不

可撤销融资租赁下于未来期间应收未贴现

租金付款如下：

14. 存货

13. LEASES (continued)

The Group as a lese (continued)

(e) Extension options (continued)

31 March 2024 2024年3月31日

Extension options expected not to be exercised

预期未获行使之续租选择权

4,998–4,998

The Group as a lesor

The Group subleases a carpark under a finance lease

arangement, with the lease negotiated for a term of one year.

As at 31 March 2025, the undiscounted lease payments

receivable by the Group in future periods under a non-cancelable

finance lease with its tenant is as folows:

14. INVENTORIES

	2025	2024
	HK$’000 千港元	HK$’000 千港元
2,425
(167)
2,258

	2025	2024
	HK$’000 千港元	HK$’000 千港元
1,741
451
66
2,258

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

15. 贸易应收款项

本集团之零售销货通常以现金支付或以

主要信用卡╱扣账卡形式支付，往来银行

或其他金融机构通常会于7至30日内结

算。本集团与其批发客户及项目客户之贸

易条款主要为以信贷方式结账，惟新客户

一般情况下须按预付及╱或交货付款方

式结算。该等客户之信贷期一般为一至两

个月，可为主要的项目客户最多延长至六

个月或按相关方根据各协议所载协定之期

限。本集团力求严格控制其未清偿之应收

款项，并由高级管理层审阅逾期结欠。本

集团并无就其贸易应收款项结余持有任何

抵押品或其他信用提升措施。贸易应收款

项为不计息。

于报告期末，本集团贸易应收款项（扣除

亏损拨备）按发票日期之账龄分析如下：

15. TRADE RECEIVABLES

The Group’s retail sales are usualy paid in cash or by major

credit/debit cards, with the setlement from the coresponding

banks or other financial institutions normaly within 7 to 30

days. The Group’s trading terms with its wholesale and project

customers are mainly on credit, except for new customers,

where payment in advance and/or upon delivery is normaly

required. The credit period for these customers is generaly

one to two months, extending up to six months for major

project customers, or based on terms agred by the relevant

parties as set out in the respective agrements. The Group

seks to maintain strict control over its outstanding receivables

and overdue balances are reviewed by senior management.

The Group does not hold any colateral or other credit

enhancements over its trade receivable balances. Trade

receivables are non-interest-bearing.

An ageing analysis of the trade receivables of the Group as at

the end of the reporting period, based on the invoice date and

net of los alowance, is as folows:

	2025	2024
	HK$’000 千港元	HK$’000 千港元
337
(170)
167


Current 即期	Less than 1 month 少于一个月	1 to 3 months 一至三个月	Over 3 months 三个月以上	Total 总计
1.73%	10.94%	21.88%	–	6.89%
1,561	448	416	–	2,425
27	49	91	–	167

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

贸易应收款项减值亏损拨备之变动载列如

下：

于各报告日期均采用拨备矩阵进行减值分

析，以计量预期信贷亏损。拨备率乃基于

就多个客户分部进行分组而逾期的日数计

算。该计算反映于报告日期可得的有关过

往事件、现况及未来经济状况预测（如适

当）的资料。

下文载列使用拨备矩阵得出本集团贸易应

收款项面临的信贷风险的资料：

15. TRADE RECEIVABLES (continued)

The movements in the los alowance for impairment of trade

receivables are as folows:

An impairment analysis is performed at each reporting date

using a provision matrix to measure expected credit loses.

The provision rates are based on days past due for groupings

of various customer segments. The calculation reflects

information that is available at the reporting date about past

events, curent conditions and forecasts of future economic

conditions, as apropriate.

Set out below is the information about the credit risk exposure

on the Group’s trade receivables using a provision matrix:

Past due 逾期
	Current 即期	Less than 1 month 少于一个月	1 to 3 months 一至三个月	Over 3 months 三个月以上	Total 总计

	2025	2024
	HK$’000 千港元	HK$’000 千港元
3,040
15,616
18,656
(1,676)
16,980

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

、按金及其他应收款项

，应收若干英皇

集团成员公司款项约2,059,000港元

（2024年：2,025,000港元）计入本集团

按金及其他应收款项，属无抵押、免息

及须按要求偿还。

于2025年及2024年3月31日计入上述结

余内之金融资产概无逾期亦无减值。计入

上述结余之金融资产与近期并无拖欠还款

记录及逾期款项的按金及其他应收款项有

关。其可收回性乃经参考债务人的信贷状

况评估，及于2025年及2024年3月31日

的预期信贷亏损被管理层视为较小。

15. TRADE RECEIVABLES (continued)

31 March 2024 2024年3月31日

Expected credit los rate 预期信贷亏损率0.19%10.74%22.88%33.23%7.95%

Gros carying amount (HK$’000)

总账面值（千港元）

2,6465407303224,238

Expected credit loses (HK$’000)

预期信贷亏损（千港元）

16. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES

’s deposits and other receivables were

amounts due from certain members of the Emperor Group of

aproximately HK$2,059,000 as at 31 March 2025 (2024:

HK$2,025,000) which are unsecured, non-interest-bearing and

repayable on demand.

None of the financial asets included in the above balances

was either past due or impaired as at 31 March 2025 and

2024. The financial asets included in the above balances

related to deposits and other receivables for which there was

no recent history of default and past due amounts. Their

recoverability was asesed with reference to the credit status

of the debtors, and the expected credit los as at 31 March

2025 and 2024 was considered by management to be minimal.

	2025	2024
	HK$’000 千港元	HK$’000 千港元
955
31
26
1,012

	2025	2024
	HK$’000 千港元	HK$’000 千港元
51
562
613

		2025	2024
	Notes 附注	HK$’000 千港元	HK$’000 千港元
11,388
14,075
25,463

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

17. 贸易应付款项及应付票据

于报告期末，贸易应付款项及应付票据按

发票日期之账龄分析如下：

贸易应付款项及应付票据为不计息且一般

须于60日至120日内结清。

本集团贸易应付款项及应付票据包括以下

列外币计值之款项：

18. 其他应付款项及应计费用

17. TRADE AND BILS PAYABLES

An ageing analysis of the trade and bils payables as at the

end of the reporting period, based on the invoice date, is as

folows:

The trade and bils payables are non-interest-bearing and are

normaly setled on terms of 60 to 120 days.

The Group’s trade and bils payables include amounts

denominated in the folowing foreign curencies:

18. OTHER PAYABLES AND ACRUALS

	31 March 2025 2025年 3月31日	31 March 2024 2024年 3月31日	1 April 2023 2023年 4月1日
	HK$’ 000 千港元	HK$’ 000 千港元	HK$’ 000 千港元
13,873
202
14,075

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

附注：

(a) 于2025年3月31日应付英皇集团成员

公司款项约2,628,000港元（2024年：

2,042,000港元）计入本集团其他应付款

项及应计费用。该等款项为无抵押、免

息及须按要求偿还。除上述者外，其他

应付款项为免息，平均期限为一个月。

(b) 合约负债之详情载列如下：

合约负债包括提前交付商品收取的代价

及销售礼券。于2025年3月31日合约

负债减少乃主要由于年末就商品销售已

收客户短期垫款减少所致。于2024年

3月31日合约负债增加乃主要由于年

末就商品销售已收客户短期垫款增加所

致。

19. 拨备

根据有关租赁协议条款，本集团作为经营

租赁项下若干物业之承租人于有关租赁期

结束╱终止时，有责任修复其租用物业至

原状或至各自租赁协议所规定之状况，费

用由本集团承担。

18. OTHER PAYABLES AND ACRUALS (continued)

Notes:

(a) Included in the Group’s other payables and acruals was an

amount due to a member of the Emperor Group of

aproximately HK$2,628,000 as at 31 March 2025 (2024:

HK$2,042,000), which is unsecured, non-interest-bearing and

repayable on demand. Except for the above, other payables

are non-interest-bearing and have an average term of one

month.

(b) Details of contract liabilities are as folows:

Contract liabilities include consideration received in advance

of the delivery of gods and for the sale of gift vouchers. The

decrease in contract liabilities as at 31 March 2025 was

mainly due to the decrease in short-term advances received

from customers in relation to the sales of gods at the end of

the year. The increase in contract liabilities as at 31 March

2024 was mainly due to the increase in short-term advances

received from customers in relation to the sales of gods at

the end of the year.

19. PROVISIONS

Pursuant to the terms of the relevant tenancy agrements, the

Group, as the lese of certain properties under operating

leases, has the obligations to reinstate its leased properties to

their original state or to a condition as specified in the

respective tenancy agrements at the cost of the Group at the

end/upon the termination of the relevant lease terms.

	2025	2024
	HK$’000 千港元	HK$’000 千港元
10,258
198
(1,460)
–
8,996
(1,024)
7,972

Depreciation in excess of related depreciation allowance 超过有关折旧拨备之折旧
	Note 附注	HK$’000 千港元

4,836
(4,836)
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

修复成本拨备

修复成本拨备乃根据本公司董事参考过往

经验及可用资料作出之假设及估计而厘

定。该等假设及估计至少于每个财政年度

末检讨及修改（如适用）。

20. 递延税项资产

递延税项资产于年内之变动如下：

19. PROVISIONS (continued)

Provisions for reinstatement costs

The provisions for reinstatement costs were determined based

on certain asumptions and estimates made by the directors of

the Company with reference to past experience and available

information. The asumptions and estimates are reviewed, and

revised where apropriate, at least at each financial year end.

20. DEFERED TAX ASETS

The movements in defered tax asets during the year are as

folows:

At 1 April 2023 于2023年4月1日5,182

Defered tax charged to profit or los during the year

年内于损益扣除之递延税项

10(346)

At 31 March 2024 and 1 April 2024 于2024年3月31日及2024年4月1日

Defered tax charged to profit or los during the year

年内于损益扣除之递延税项

At 31 March 2025 于2025年3月31日

	2025	2024
	HK$’000 千港元	HK$’000 千港元
110,337

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

于2025年3月31日，本集团于香港产生

之税项亏损69,782,000港元（2024年：

39,203,000港元）可无限期结转以抵销产

生亏损之本公司之未来应课税溢利。本集

团并无就税项亏损确认递延税项资产，原

因为该等亏损产生于一间当前认为不大可

能产生应课税溢利以抵销可动用之税项亏

损之附属公司。

21. 股本

股份

22. 购股权计划

本公司于2018年1月8日采纳一项购股权

计划（「购股权计划」）。

购股权计划之主要条款概述如下：

(a) 购股权计划之目的

为使本集团能吸引、挽留及激励有才

干之合资格参与者以谋求本集团之未

来发展及拓展。

(b) 合资格人士

购股权计划之合资格参与者包括本集

团任何成员公司之任何董事（包括任

何执行或独立非执行董事）、任何雇

员、受益人或受益对象包括本集团任

何雇员或业务联系人的信托的任何信

托人，本集团任何顾问或咨询人，本

集团任何商品及╱或服务之供应商或

董事会全权酌情认为对本集团有贡献

或可能会作出贡献之任何其他人士。

20. DEFERED TAX ASETS (continued)

As at 31 March 2025, the Group had tax loses arising in Hong

Kong of HK$69,782,000 (2024: HK$39,203,000) that may be

caried forward indefinitely for ofseting against future taxable

profits of the company in which the loses arose. Defered tax

asets have not ben recognised in respect of the tax loses

as they have arisen in a subsidiary that it is curently not

considered probable that taxable profits wil be available

against which the tax loses can be utilised.

21. SHARE CAPITAL

22. SHARE OPTION SCHEME

The Company adopted a share option scheme (“Share Option

Scheme”) on 8 January 2018.

The principal terms of the Share Option Scheme are sumarised

as folows:

(a) Purpose of the Share Option Scheme

To enable the Group to atract, retain and motivate talented

eligible participants to strive for future developments and

expansion of the Group.

(b) Eligibility

Eligible participants of the Share Option Scheme include

any director, including any executive or independent

non-executive director, any employe of any member of the

Group, any truste of a trust whose beneficiaries or objects

include any employe or busines asociate of the Group,

any adviser or consultant to the Group, any provider of

gods and / or services to the Group, or any other person

who the Board considers, in its sole discretion, has

contributed or may contribute to the Group.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

总数

可供发行之股份总数：80,000,000

股，相当于本年报日期已发行股份总

数的10%。

(d) 根据购股权计划下每名合资格参

与者可获授权益上限

(i) 除非获股东批准，否则在任何12

个月期间内总计不得超过已发行

股份总数之1%；及

(i) 于任何12个月期间内向主要股

东或独立非执行董事或彼等各自

之联系人授出之购股权，若超过

已发行股份之0.1%及价值超过

5,000,000港元须经股东批准。

(e) 购股权计划项下承授人可行使购

股权之期限

自授出购股权日期起至董事会厘定之

有关日期之任何时间，惟于任何情况

下，不得超过授出日期起计10年。

(f) 购股权计划项下获授出之购股权

之归属期

除非董事会另行厘定，否则并无归属

期。

(g) (i) 申请或接纳购股权时所须缴付的

金额：1.00港元；

(i) 必须或可能付款或通知付款之期

间：授出日期起计28日内；及

(i) 作付款或通知付款用途的贷款偿

还期限：不适用。

22. SHARE OPTION SCHEME (continued)

Option Scheme

Total number of shares available for isue: 80,000,000

shares, representing 10% of the total number of isued

shares as at the date of this anual report.

(d) Maximum entitlement of each eligible participant under the

Share Option Scheme

(i) in agregate not to exced 1% of the total number of

the shares in isue in any 12-month period unles

aproved by the shareholders; and

(i) options granted to substantial shareholders or

independent non-executive directors or their respective

asociates in any 12-month period exceding 0.1% of

the shares in isue and with a value in exces of

HK$5,000,000 must be aproved by the shareholders.

(e) Period within which options may be exercised by the

grante under the Share Option Scheme

At any time from the date of grant of the option to such a

date determined by the Board but in any event not

exceding 10 years from the date of grant.

(f) Vesting period for options granted under the Share Option

Scheme

No vesting period unles otherwise determined by the

Board.

(g) (i) Amount payable on aplication or aceptance of the

option: HK$1.00;

(i) The period within which payments or cals must or

may be made: Within 28 days from the date of grant;

and

(i) Period within which loans for such purposes of the

payments or cals must be repaid: Not aplicable.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

(h) 厘定行使价之基准

行使价乃由董事会厘定，惟不得低于

下列较高者：(a)于授出日期如每日

联交所报价表上所示本公司股份之收

市价；及(b)于紧接授出日期前五个

营业日如联交所每日报价表上所示本

公司股份之平均联交所收市价。

(i) 购股权计划余下年期

约2.5年（于2028年1月7日届满）

自购股权计划获通过之日起，概无购股权

根据购股权计划获授出。

23. 综合现金流量表附注

(a) 主要非现金交易

(i) 截至2025年3月31日止年度，

就本集团若干租用物业所作出

之修复成本确认额外拨备约

198,000港元（2024年：96,000

港元），有关款项确认为本集团

相关物业、厂房及设备成本之一

部分，并于年内呈列为本集团之

租赁物业装修添置。

(i) 于年内，本集团就租用物业之租

赁安排分别拥有使用权资产及租

赁负债之非现金添置11,661,000

港元（2024年：13,941,000港

元）及11,661,000港元（2024

年：13,941,000港元）。

22. SHARE OPTION SCHEME (continued)

(h) Basis for determining the exercise price

The exercise price is determined by the Board and wil not

be les than the higher of (a) the closing price of the shares

as stated in the Stock Exchange’s daily quotation shet on

the date of grant; and (b) the average Stock Exchange

closing price of the shares as stated in the Stock

Exchange’s daily quotation shets for the five busines

days imediately preceding the date of grant.

(i) The remaining life of the Share Option Scheme

Aproximately 2.5 years (expiring on 7 January 2028)

No share option has ben granted under the Share Option

Scheme since the adoption date of the Share Option Scheme.

23. NOTES TO THE CONSOLIDATED STATEMENT OF CASH

FLOWS

(a) Major non-cash transactions

(i) During the year ended 31 March 2025, aditional

provisions for reinstatement costs in respect of certain

leased properties of the Group amounting to

aproximately HK$198,000 (2024: HK$96,000) were

recognised and these amounts were recognised as

part of the cost of related property, plant and

equipment of the Group and reflected as aditions to

leasehold improvements of the Group during the year.

(i) During the year, the Group had non-cash aditions to

right-of-use asets and lease liabilities of HK$11,661,000

(2024: HK$13,941,000) and HK$11,661,000 (2024:

HK$13,941,000), respectively, in respect of lease

arangements for leased properties.

Lease liabilities 租赁负债
HK$’000 千港元
39,189
(34,029)
11,661
1,645
18,466

Lease liabilities 租赁负债
HK$’000 千港元

	2025	2024
	HK$’000 千港元	HK$’000 千港元
10,027
34,029
44,056

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

(b) 融资活动产生之负债之变动

计入综合现金流量表之租赁之现金流

出总额载列如下：

23. NOTES TO THE CONSOLIDATED STATEMENT OF CASH

FLOWS (continued)

(b) Changes in liabilities arising from financing activities

31 March 2024 2024年3月31日

At 1 April 2023 于2023年4月1日66,892

Changes from financing cash flows 融资现金流量之变动(44,138)

New leases 新租赁13,941

Lease modification 租赁修订(223)

Interest expense 利息开支2,717

At 31 March 2024 于2024年3月31日39,189

The total cash outflow for leases included in the

consolidated statement of cash flows is as folows:

		2025	2024
	Notes 附注	HK$’000 千港元	HK$’000 千港元
654
216
2,108
2,494
390
278
4,278

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

24. 关联方交易

(a) 除该等综合财务报表其他地方所详述

之交易、安排及结余外，本集团于年

内与若干本公司董事及英皇集团成员

公司有以下交易：

下文附注(i)、(i)及(vi)载列之相关

联方交易主要构成上市规则第14A章

所界定之持续关连交易。

附注：

(i) 商品销售乃基于由相关方按相关协

议所载协定之条款进行。

(i) 于本年度，本集团就租赁若干办

公室物业及零售店铺与若干英皇

集团成员公司订立为期两至三年

之若干租赁安排。于2025年3月

31日，使用权资产及租赁负债分

别为1,796,000港元（2024年：

4,128,000港元）及2,337,000港元

（2024年：4,228,000港元）。

(i) 收取之行政开支乃参考该相关方产

生之成本偿付。

(iv) 所收取之财务顾问费按载列于各协

议之条款收取。

(v) 公司秘书费乃根据各协议所载之条

款收取。

(vi) 租金开支乃根据租赁协议所载之条

款收取。

24. RELATED PARTY TRANSACTIONS

(a) In adition to the transactions, arangements and balances

detailed elsewhere in these consolidated financial

statements, the Group had the folowing transactions with

certain directors of the Company and members of the

Emperor Group during the year:

The underlying related party transactions as set out in

notes (i), (i) and (vi) below mainly constitute continuing

conected transactions as defined in Chapter 14A of the

Listing Rules.

Notes:

(i) The sales of gods were on terms agred by the relevant

parties as set out in the respective agrements.

(i) During the year, the Group had certain lease arangements

ranging from two to thre years with certain members of

the Emperor Group in conection with the leasing of

certain ofice properties and retail stores. The right-of-use

asets and lease liabilities as at 31 March 2025 were

HK$1,796,000 (2024: HK$4,128,000) and HK$2,337,000

(2024: HK$4,228,000), respectively.

(i) The reimbursement of administrative expenses was

charged with reference to the costs incured by the

relevant party.

(iv) The financial advisory fes were charged based on terms

as set out in the respective agrement.

(v) The company secretarial fes were charged based on

terms as set out in the respective agrement.

(vi) The rental expenses were charged based on terms as set

out in the lease agrement.

	2025	2024
	HK$’000 千港元	HK$’000 千港元
1,145
5,278
201
5,479
6,624

	2025	2024
	HK$’000 千港元	HK$’000 千港元
2,187

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

(b) 计入本公司流动资产之应收直接控股

公司之款项为无抵押、免息及须按要

求偿还。

董事及最高行政人员酬金之其他详情

载于综合财务报表附注8。

25. 或然负债

于2025年3月31日，本集团并未于综合

财务报表作出拨备之或然负债如下：

24. RELATED PARTY TRANSACTIONS (continued)

(b) The amount due from the imediate holding company

included in the Company’s curent asets is unsecured,

interest-fre and repayable on demand.

Further details of directors’ and the chief executive’s

emoluments are included in note 8 to the consolidated

financial statements.

25. CONTINGENT LIABILITIES

As at 31 March 2025, contingent liabilities not provided for by

the Group in the consolidated financial statements were as

folows:

Financial assets at amortised cost 按摊销成本计量之金融资产
	2025	2024
	HK$’000 千港元	HK$’000 千港元
2,258
15,616
27,268
45,142

Financial liabilities at amortised cost 按摊销成本计量之金融负债
	2025	2024
	HK$’000 千港元	HK$’000 千港元
1,012
9,631
18,466
29,109

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

26. 按类别划分之金融工具

各类别金融工具于报告期末之账面值如

下：

金融资产

金融负债

27. 金融工具之公平值及公平值等级

于报告期末，本集团之金融资产及金融负

债之账面值合理地与其公平值相若。

金融资产及负债之公平值按工具于自愿双

方之间之现时交易（强迫或因清盘出售除

外）中所交换之金额入账。以下方法及假

设乃用于估计公平值：

26. FINANCIAL INSTRUMENTS BY CATEGORY

The carying amounts of each of the categories of financial

instruments as at the end of the reporting period are as folows:

Financial asets

Financial liabilities

27. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS

At the end of the reporting period, the carying amounts of the

Group’s financial asets and financial liabilities reasonably

aproximated to their fair values.

The fair values of the financial asets and liabilities are

included at the amount at which the instrument could be

exchanged in a curent transaction betwen wiling parties,

other than in a forced or liquidation sale. The folowing

methods and asumptions were used to estimate the fair

values:

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

27. 金融工具之公平值及公平值等级

（续）

现金及现金等价物、贸易应收款项、计入

预付款项、按金及其他应收款项的金融资

产、贸易应付款项及应付票据及计入其他

应付款项及应计费用的金融负债的公平值

与其账面值相若，主要由于该等工具的短

期到期日╱应要求条款偿还或因贴现影响

并不重大。

计入预付款项、按金及其他应收款项的金

融资产的非流动部分的公平值已计算及评

估，主要采用条款、信贷风险及剩余期限

（如适用）相若的工具的现行利率贴现预

期未来现金流量。于2025年及2024年3

月31日，本集团本身的不履约风险导致的

公平值变动被评估为并不重大。

28. 财务风险管理目标及政策

本集团之主要金融工具包括现金及现金等

价物。此等金融工具之主要目的是为本集

团之经营业务筹集资金。本集团拥有多项

其他金融资产及负债，如贸易应收款项、

计入预付款项、按金及其他应收款项内之

金融资产、贸易应付款项及应付票据以及

计入其他应付款项及应计费用的金融负债

以及其他金融负债，均主要直接来自经营

业务。

本集团金融工具产生之主要风险为外汇风

险、信贷风险及流动资金风险。董事会检

讨及批核管理各种有关风险之政策，有关

风险概述如下。

外汇风险

本集团须承受交易货币风险。该等风险主

要来自本集团营运单位作出之采购及本集

团以欧元及美元计值之若干货币负债（即

该等单位功能货币以外之货币）。于截至

2025年3月31日止年度，本集团进行之

若干采购乃以欧元计值，与有关经营单位

之功能货币有别。本公司董事预期美元兑

港元汇率将不会有任何重大波动，因为

港元与美元挂钩，只会于小幅度范围内上

落。

27. FAIR VALUE AND FAIR VALUE HIERARCHY OF

FINANCIAL INSTRUMENTS (continued)

The fair values of cash and cash equivalents, trade receivables,

financial asets included in prepayments, deposits and other

receivables, trade and bils payables, and financial liabilities

included in other payables and acruals aproximate to their

carying amounts largely due to the short-term maturities/

repayable on demand clause of these instruments or because

the efect of discounting is not material.

The fair values of the non-curent portion of financial asets

included in prepayments, deposits and other receivables had

ben calculated and asesed mainly by discounting the

expected future cash flows using rates curently available for

instruments with similar terms, credit risk and remaining

maturities, as apropriate. The changes in fair value as a result

of the Group’s own non-performance risk as at 31 March 2025

and 2024 were asesed to be insignificant.

28. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES

The Group’s principal financial instruments comprise cash and

cash equivalents. The main purpose of these financial

instruments is to raise finance for the Group’s operations. The

Group has various other financial asets and liabilities such as

trade receivables, financial asets included in prepayments,

deposits and other receivables, trade and bils payables and

financial liabilities included in other payables and acruals,

and other financial liabilities, which mainly arise directly from

its operations.

The main risks arising from the Group’s financial instruments

are foreign curency risk, credit risk and liquidity risk. The

Board reviews and agres policies for managing each of these

risks and they are sumarised below.

Foreign curency risk

The Group has transactional curency exposures. Such

exposures primarily arise from purchases by the Group’s

operating units and certain monetary liabilities of the Group

denominated in EUR and US$, being curencies other than the

units’ functional curency. For the year ended 31 March 2025,

certain purchases of the Group were denominated in EUR, which

is diferent from the functional curencies of the respective

operating units. The directors of the Company do not expect any

significant movements in the US$/HK$ exchange rate as the

HK$ is peged to the US$ within a narow band.

	Increase/ (decrease) in EUR exchange rate 欧元汇率增加╱（减少）	Increase/ (decrease) in loss before tax 除税前亏损增加╱（减少）
	%	HK$’000 千港元
	5	28
	(5)	(28)

	Increase/ (decrease) in EUR exchange rate 欧元汇率增加╱（减少）	Increase/ (decrease) in loss before tax 除税前溢利增加╱（减少）
	%	HK$’000 千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

外汇风险（续）

下表显示于报告期末在所有其他变量保持

不变之情况下，本集团除税前亏损对欧元

汇率可能出现之合理波动（因货币资产及

负债之公平值变动）之敏感度。

本公司董事认为，本集团于2025年及

2024年3月31日之外币风险并不重大。

信贷风险

本集团仅与获认可且信誉良好之第三方进

行信贷买卖。本集团之政策为，所有意

进行信贷买卖之客户均须通过信贷核实程

序。此外，应收款项结余乃按持续经营基

准进行监控，而本集团面对之坏账风险不

大。

28. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Foreign curency risk (continued)

The folowing table demonstrates the sensitivity at the end of

the reporting period to a reasonably posible change in the

EUR exchange rate, with al other variables held constant, of

the Group’s los before tax (due to changes in the fair value of

monetary asets and liabilities).

31 March 2024 2024年3月31日

If HK$ weakens against EUR 倘港元兑欧元贬值561

If HK$ strengthens against EUR 倘港元兑欧元升值(5)(61)

The directors of the Company consider that the Group’s

exposure on foreign curency risk as at 31 March 2025 and

2024 was not significant.

Credit risk

The Group trades on credit terms primarily with recognised and

creditworthy third parties. It is the Group’s general policy that

customers who wish to trade on credit terms are subject to

credit verification procedures. In adition, receivable balances

are monitored on an ongoing basis and the Group’s exposure

to bad debts is not significant.

12-month ECLs 12个月预期信贷亏损	Lifetime ECLs 全期预期信贷亏损
Stage 1 第一阶段	Stage 2 第二阶段	Stage 3 第三阶段	Simplified approach 简化方法	Total 总计
HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元
–	–	–	2,425	2,425
15,616	–	–	–	15,616
27,268	–	–	–	27,268
42,884	–	–	2,425	45,309

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

信贷风险（续）

最大风险及年末阶段

下表载列于3月31日根据本集团信贷政策

的信贷质素及所承受的最大信贷风险（除

非无需付出不必要成本或努力而可获得其

他资料，否则主要基于已逾期资料）及年

末阶段分类。所呈列金额为金融资产的总

账面值。

28. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Credit risk (continued)

Maximum exposure and year-end staging

The tables below show the credit quality and the maximum

exposure to credit risk based on the Group’s credit policy,

which is mainly based on past due information unles other

information is available without undue cost or efort, and

year-end staging clasification as at 31 March. The amounts

presented are gros carying amounts for financial asets.

	12-month ECLs 12个月预期信贷亏损	Lifetime ECLs 全期预期信贷亏损
	Stage 1 第一阶段	Stage 2 第二阶段	Stage 3 第三阶段	Simplified approach 简化方法	Total 总计
	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

信贷风险（续）

最大风险及年末阶段（续）

* 本集团就贸易应收款项应用简化减值方

法，进一步详情于综合财务报表附注15

披露。

计入预付款项、按金及其他应收款项的

金融资产的信贷质量在未逾期时被视为

「正常」，并且概无资料显示金融资产自

最初确认以来信贷风险显著增加。

流动资金风险

本集团旨在保持充足之资金以满足与其金

融负债有关之承担。本集团高级管理层考

虑本集团金融负债与金融资产之到期情况

及经营业务之预测现金流量，按持续经营

基准密切监控现金流量。

28. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Credit risk (continued)

Maximum exposure and year-end staging (continued)

31 March 2024 2024年3月31日

Trade receivables 贸易应收款项–4,2384,238

Financial asets included in prepayments,

deposits and other receivables

计入预付款项、按金及其他应收款项的

金融资产

– Normal －正常19,572–19,572

Cash and cash equivalents

现金及现金等价物

– Not yet past due －尚未逾期43,358–43,358

62,930–4,23867,168

, the Group aplies the simplified

aproach for impairment, further detailed information is

disclosed in note 15 to the consolidated financial statements.

The credit quality of the financial asets included in

prepayments, deposits and other receivables is considered to

be “normal” when they are not past due and there is no

information indicating that the financial asets had a significant

increase in credit risk since initial recognition.

Liquidity risk

The Group’s objective is to maintain adequate funds to met

comitments asociated with its financial liabilities. Cash flows

of the Group are closely monitored by senior management on

an on-going basis, considering the maturity of the Group’s

financial liabilities and financial asets, and projected cash

flows from operations.

On demand 按要求	Less than 1 year 少于一年	1 to 5 years 一至五年	Total 总计
HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元
–	1,012	–	1,012
2,628	7,003	–	9,631
–	17,122	1,915	19,037
2,628	25,137	1,915	29,680

	On demand 按要求	Less than 1 year 少于一年	1 to 5 years 一至五年	Total 总计
	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

流动资金风险（续）

本集团于报告期末之金融负债基于已订约

未折现付款之到期情况如下：

本集团之银行融资总额约为87,000,000

港元（2024年：97,000,000港元），且

于2025年3月31日并无动用（2024年：

6,861,000港元）。

28. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Liquidity risk (continued)

The maturity profile of the Group’s financial liabilities as at the

end of the reporting period, based on the contractual

undiscounted payments, is as folows:

31 March 2024 2024年3月31日

Trade and bils payables 贸易应付款项及

应付票据

–2,285–2,285

Financial liabilities included in other

payables and acruals

计入其他应付款项及应计费用的金融负债

2,0426,362–8,404

Lease liabilities 租赁负债–29,56411,18240,746

2,04238,21111,18251,435

The Group had agregate banking facilities amounting to

aproximately HK$87,000,000 (2024: HK$97,000,000), which

were not utilised as at 31 March 2025 (2024: HK$6,861,000).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

资本管理

本集团资本管理之主要目标为确保本集团

有能力继续按持续经营方式营运，并维持

稳健之资本比率，以支持其业务及尽量提

高股东价值。

本集团根据经济状况之变化及相关资产之

风险特点管理资本架构并作出调整。为维

持或调整资本架构，本集团可能调整派付

予股东之股息，退还资本予股东或发行新

股份。于截至2025年及2024年3月31日

止年度，本集团管理资本之目标、政策或

程序并无出现变动。

于编制综合财务报表时，本公司董事已审

慎考虑本集团营运的流动资金需求、本集

团表现及可用融资来源，以评估本集团是

否拥有充足财务资源以持续经营。本公司

董事已审阅管理层编制涵盖自2025年3

月31日起计十二个月之本集团现金流量

预测。本公司董事认为，本集团将拥有充

足营运资金以履行其自2025年3月31日

起未来十二个月内到期之财务责任。因

此，本公司董事认为按持续经营基准编制

综合财务报表属适当。

28. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (continued)

Capital management

The primary objectives of the Group’s capital management are

to safeguard the Group’s ability to continue as a going concern

and to maintain healthy capital ratios in order to suport its

busines and maximise shareholders’ value.

The Group manages its capital structure and makes adjustments

to it in light of changes in economic conditions and the risk

characteristics of the underlying asets. To maintain or adjust

the capital structure, the Group may adjust the dividend

payment to shareholders, return capital to shareholders or isue

new shares. No changes were made in the objectives, policies

or proceses for managing capital during the years ended 31

March 2025 and 2024.

In preparing the consolidated financial statements, the

directors of the Company have given careful consideration of

the liquidity requirement for the Group’s operations, the

performance of the Group and available sources of financing in

asesing whether the Group has suficient financial resources

to continue as a going concern. The directors of the Company

have reviewed the Group’s cash flow projections prepared by

management which covers a period of twelve months from 31

March 2025. The directors of the Company consider that the

Group wil have suficient working capital to met its financial

obligations as and when they fal due in the next twelve months

from 31 March 2025. Acordingly, the directors of the

Company consider it is apropriate to prepare the

consolidated financial statements on a going concern basis.

	2025	2024
	HK$’000 千港元	HK$’000 千港元
296
–
3
113
12,001
12,117
600
11,517
11,813
11,813
110,337
(98,524)
11,813

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

29. 本公司之财务状况表

于报告期末有关本公司财务状况表之资料

如下：

29. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY

Information about the statement of financial position of the

Company at the end of the reporting period is as folows:

Yeung Ching Long, AlexanderChan Chuen Yin

杨政龙陈传贤

DirectorDirector

董事董事

Retained profits/ (Accumulated losses) 保留溢利╱ （累计亏损）
HK$’ 000 千港元

5,051
(103,575)
(98,524)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

31 March 2025 截至2025年3月31日止年度

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

（续）

附注：

本公司之保留溢利╱（累计亏损）变动概述如

下：

30. 批准财务报表

综合财务报表已于2025年6月25日获董

事会批准及授权刊发。

29. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY (Continued)

Note:

A sumary of the movements in the Company’s retained profits/

(acumulated loses) is as folows:

At 1 April 2023 于2023年4月1日3,504

Profit and total comprehensive income for the year 年内溢利及全面收益总额1,547

At 31 March 2024 and at 1 April 2024 于2024年3月31日及2024年4月1日

Los and total comprehensive los for the year 年内亏损及全面亏损总额

At 31 March 2025 于2025年3月31日

30. APROVAL OF THE FINANCIAL STATEMENTS

The consolidated financial statements were aproved and

authorised for isue by the Board on 25 June 2025.

For the year ended 31 March 截至3月31日止年度
	2021 二零二一年	2022 二零二二年	2023 二零二三年	2024 二零二四年	2025 二零二五年
	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元
153,021
(36,182)
(4,836)
(41,018)

As at 31 March 于3月31日
	2021 二零二一年	2022 二零二二年	2023 二零二三年	2024 二零二四年	2025 二零二五年
	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元	HK$’000 千港元
78,720
(55,027)
23,693
23,693

Ulferts International Limited 欧化国际有限公司

Anual Report 2024/2025 年报

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

The folowing table sumarises the results, asets and liabilities of

the Group for the years ended 31 March 2021, 2022, 2023, 2024

and 2025:

下表概列本集团于截至2021年、2022年、2023

年、2024年及2025年3月31日止年度之业

绩、资产及负债：

CONTENTS

目录

CORPORATE INFORMATION AND KEY DATES

公司资料及重要日期

Email: ir1711@EmperorGroup.com

CORPORATE INFORMATION AND KEY DATES

公司资料及重要日期

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员之履历

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员之履历

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员之履历

Code: 73) until 30 June 2023. Mr. Ng has ben practising as a

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

Note: These Shares were held by Ulferts International Group

DIRECTORS’ REPORT

董事会报告

Note: Emperor International, Emperor E Hotel, Emperor W&J,

DIRECTORS’ REPORT

董事会报告

Note: These Shares were the same Shares of which Mr. Alex Yeung had

DIRECTORS’ REPORT

董事会报告

Date:30 September 2024

Parties:(1) Great Blom Corporation Limited

Term:From 1 October 2024 to 30 September

Nature:Great Blom as tenant entered into a

DIRECTORS’ REPORT

董事会报告

Anouncement:30 September 2024

Group:

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

Note:

1. Mr. Alex Yeung was apointed as Executive Director on 1 April

2024. He was also apointed as the Chairman of the Board, the

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT

企业管治报告

Company:

CORPORATE GOVERNANCE REPORT